MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SYRMA TECHNOLOGY PRIVATE LIMITED |
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Registered Office : |
C – 1, Udyog Sadan 3, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.08.2004 |
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Com. Reg. No.: |
11-148165 |
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CIN No.: [Company
Identification No.] |
U30007MH2004PTC148165 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS45407F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Precision Coils, RFID and Magnetics. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD12000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
C – 1, Udyog Sadan 3, |
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Tel. No.: |
91-22-40363000/ 28290196 |
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Fax No.: |
91-22-28291176 |
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E-Mail : |
syrmatech@tandoninfo.com |
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Head Office : |
Unit 15-18, MSDF Block V, SDF II, Phase II, Mepz- Sez,
Tambaram, Chennai – 600 045, |
DIRECTORS
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Name : |
Mr. Vivek Mangaonkar |
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Designation : |
Director |
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Address : |
A-7, Shri Sai Vishram , Co-operative Housing Society, Kander Pada,
Dahisar, Mumbai- 400068, |
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Date of Birth/Age : |
07.06.1959 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mr. Pawan Kumar Chopra |
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Designation : |
Director |
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Address : |
24/1, |
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Date of Birth/Age : |
12.07.1940 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mrs. Geeta Chopra |
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Designation : |
Director |
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Address : |
24/1, |
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Date of Birth/Age : |
30.05.1943 |
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Date of Appointment : |
23.08.2004 |
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Name : |
Mr. Tandon Vivek |
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Designation : |
Director |
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Address : |
22576, |
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Date of Birth/Age : |
17.10.1976 |
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Date of Appointment : |
16.11.2004 |
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Name : |
Mr. Dabhoiwala Framroze Bomy |
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Designation : |
Director |
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Address : |
14-B, |
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Date of Birth/Age : |
02.12.1943 |
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Date of Appointment : |
16.11.2004 |
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Name : |
Mr. Sandeep Tandon |
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Designation : |
Director |
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Address : |
37, Meery Niketan, |
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Date of Birth/Age : |
17.05.1969 |
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Date of Appointment : |
29.12.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Tandon Kumari Veena |
1000 |
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J. T. Holdings Private Limited |
249000 |
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Total |
250000 |
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Equity share breakup
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Category |
Percentage |
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Bodies Corporate |
99.60 |
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Directors or relatives of Director |
0.40 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Precision Coils, RFID and Magnetics. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
Not Available |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Surendra and Company Chartered Accountant |
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Address : |
9, Bharat House, 2nd Floor, 104, Mumbai Samachar Marg,
Mumbai- 400001, Maharashtra, India. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.583 |
0.293 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.083 |
2.793 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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41.364 |
9.958 |
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TOTAL BORROWING |
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41.364 |
9.958 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.038 |
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Business Purchase Liability |
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0.000 |
10.957 |
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TOTAL |
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44.447 |
23.746 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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8.286 |
8.039 |
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Capital work-in-progress |
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19.585 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.313 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.834 |
5.361 |
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Sundry Debtors |
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22.293 |
13.335 |
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Cash & Bank Balances |
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0.388 |
1.170 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.974 |
4.771 |
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Total
Current Assets |
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34.489 |
24.637 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.070 |
7.930 |
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Provisions |
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1.843 |
1.000 |
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Total
Current Liabilities |
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17.913 |
8.930 |
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Net Current Assets |
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16.576 |
15.707 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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44.447 |
23.746 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Total Income |
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97.763 |
19.407 |
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Profit/(Loss) Before Tax |
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0.890 |
0.486 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.890 |
0.486 |
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Total Earnings |
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4.365 |
0.126 |
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Expenditures : |
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Interest |
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1.337 |
0.329 |
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Depreciation & Amortization |
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1.151 |
0.750 |
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Other Expenditure |
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2.488 |
1.079 |
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Total Expenditure |
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96.873 |
18.921 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.91 |
2.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.91 |
2.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.08 |
1.49 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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19.22 |
6.76 |
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Current Ratio (Current Asset/Current Liability) |
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1.93 |
2.76 |
LOCAL AGENCY FURTHER INFORMATION
Company profile:
Passive RFID Tags, Precision Coils and Magnetics Manufacturing Company: Syrmatech
Subject (Syrmatech)
is a globally leading supplier and manufacturer of RFID (RFID Passive Tags),
Precision Coils and Magnetics and belongs to Tandon Technology
Venture . Located at
The company employs advanced technology, experienced professionals and
state-of-the-art manufacturing capabilities to bring out the most precise and
cost effective technology products in an ISO 9001:2000 Quality System
Environment. Precision Coils manufactured by Syrma are exported to Fortune 500
companies and find their application in
Syrma design, engineer and manufacture RFID Tags. Syrma manufactures it’s tags
with any IC’s offered by Semiconductor companies like Philips, EM Marin, Atmel,
Texas, Microchip, ST Micro or any other manufacturer.
The RFID Passive Tags offered by subject find application in Asset Tracking,
Animal Identification, Access Control, Waste Management, Sports timing or any
other Identification or Tracking Application. Subject has a pool of young
talented Engineers who engage with the Customers and develop RFID Tags for
niche applications like Laundry, High Temperature, High Humidity and Rugged
Environment Applications. Subject’s Engineers select the material for relevant
application. Subject offers tags for Metal Environment too.
Subject offers tags in different delivery formats like, Molded Tags, Potted
Tags, Key Fobs, Wrist Bands, Tube Tags / Glass Tags,
Labels, Clamshell Cards etc. Subject shall soon be launching Contact
less Cards.
Subject with its group expertise on Software is poised for giving total
solution to the Customer. Subject offers Customized Magnetic Component
for Telecom, Power, Lighting or any other application. Our Design and
Manufacturing experience helps in offering Products for exacting applications.
We offer bobbin type and toroidal Magnetic Components in SMD and PTH versions.
Our Engineers develop products from Ferrites to Nanocrystalline Material in
simple and complex builds. Subject manufactures ROHS Compliant Products.
Electronics Company:
Precision Coils, RFID Tags & Magnetics Manufacturer
RFID Solutions
Provider: RFID Tags, RFID Cards, RFID Labels Supplier
Subject is a leading
Electronics Manufacturing Company manufacturing Precision Coils RFID Tags and Magnetics
for various industrial applications.
The company is a subsidiary of Tandon associates, the pioneers in the
manufacture of HDD heads. Over the years, Syrmatech has been supplying
Precision Coils, Magnetics and RFID to leading OEM's from across the world.
With manufacturing plants throughout
By leveraging its technology expertise, infrastructure capabilities and
location advantages, Subject has been able to manufacture products of the
highest standards to its discerning customers.
Located in the
Special Economic Zone at
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.75 |
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1 |
Rs.81.63 |
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Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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