Sriven Multi-Tech Ltd - Stock Valuation and Financial Performance

Sriven Multi-Tech was incorporated on April 17, 1995 as a public limited company and came out with a public issue on January 1, 1996. Earlier known as Boss Industries, it acquired its present name with effect from November 10, 1999. Studios were set up at Hyderabad in India and development centres in Hyderabad, Mumbai and Bengaluru in India, and Los Angeles in the US; apart from these, support and marketing offices at Chennai, Kolkata and New Delhi in India, UAE and Toronto in Canada were also set up. The company was instrumental in setting up rail information kiosks - RAPIDS - at Railway reservation counters in Chennai, Bengaluru, Kolkata, Pune Secundrabad, Mumbai, and other places. A unique way of mass communication was created when it created a kiosk for the Union minister of state for urban development in Andhra Pradesh to keep in touch with the people in his constituency. It had tied up with Athletics Australia to develop content and deploy kiosks to reach out to tourists and sport lovers.

Catering to the 3-D and visual effects needs of the worldwide entertainment industry through its subsidiary in USA, Station X Studios Entertainment, Inc, in which the company holds 51% stake. It had formed a 49:51 joint venture (JV) company called Powersurfer Interactive India with BSES Telecom (Mumbai) -- a subsidiary of BSES, to set up 100 E-marts in Mumbai connected through fiber-optic cables. The client list consisted of names like Jet Airways, Bennett, Coleman & Co., ZEE Telefilms, Andhra Bank, Department of Tourism, and Government of Andhra Pradesh.

Business areas of the company:

The company has been engaged in software development, multimedia development, digital animation and providing kiosk solutions.

Milestones:

1995 - The company was incorporated on April 17, as a public limited company and obtained Certificate of commencement of business on May 5. The company set up a project with the installed capacity for manufacturing ball bearings and taper roller bearings. It entered into an agreement with KSA Consultants for its architectural & civil engineering. The company entered into an lease agreement with Lessor, for its corporate office under a interest free lease deposit of Rs 65 lakh. The company entered into a Memorandum of Understanding with the Registrars to the Issue for attending to the complaints received in respect of public issue for a period of six months from the date of allotment. MOU dated 30th May, from Libord Finance Limited and from Blue Blends Finance stipulating the terms and conditions to act as Lead Managers to the Issue and the acceptance thereof. MOU dated 10th day of July from XL Softech Consultants stipulating the terms and conditions to act as Registrars to the Issue.

1997 - During the year the company was still in the process of setting up the project and no commercial activities were started. Hence no profit and loss account was prepared.  

1998 - The market conditions in the manufacturing sector of bearings industry were very depressed. The company has not accepted any deposits from the public during the year under review within the meaning of section 58A of the Companies Act, 1956 and the rules thereunder. 

1999 Sriveni Multi-Tech (formerly known as Boss Industries), a Hyderabad-based IT firm, entered into an agreement with Raymond Karsan Associates (RKA) of USA, one of the leading human resources consultancy organisations, for outright purchase of their software, Searcher. 

Sriven Infotech Ltd, a Hyderabad-based software company along with a group of acquirers -- Dr. Neeraj Multimedia Studio (DNMSPL) and Sriven Employees Foundation Trust (SEFT), are in the process of acquiring Boss Industries Ltd (BIL). The promoters of Sriven Infotech have decided to collaborate with Boss Industries through a common platform leveraging BIL's software development capabilities. 

2000 - The company entered into an agreement with BSES Telecom, Bangalore (a subsidiary of BSES Ltd, Mumbai) to float a joint venture company with an equity particiable of 49:51 to support BSES Telecom Ltd, in the I.S.P. business. Hyderabad-based Sriven Multi-Tech Ltd tied up with Mumbai-based BSES Telecom Ltd (BTL) to float a JV company called Powersurfer Interactive Ltd, to set up a network for providing information on entertainment, e-commerce, tourism development, Railways and banking with ATMs in Mumbai. The company has acquired Station X Studios LIC, a Hollywood-based 3D animation studio. The company entered into an exclusive fiveyear agreement with Emirates Telecommunication Corporation, UAE, to launch Gulfstream -- a multilingual multimedia portal in six months' time.  

2001 - The Company received the Letter of Intent from Emirates Telecommunications Corporations. Sriven would be developing content for a e-mag on a revenue-sharing basis in the ratio of 40:60.

Clients:

• Apollo Group of Hospitals • Essar Steel • G.T.N Textiles • Hindustan Lever Ltd • Jet Airways • SQL Star International • Super Gas • The Times of India • Zee Television