MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SYNERGY PUNCHING PRIVATE LIMITED |
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Registered Office : |
No.2 II Cross, S M Road Behind Banashankari Kalyana Mantappa,
Dasarahalli, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.02.2001 |
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Com. Reg. No.: |
08-28682 |
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CIN No.: [Company
Identification No.] |
U29299KA2001PTC028682 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS0544F |
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Legal Form : |
Private limited liability company |
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Line of Business : |
To create technologically advanced one stop solution for well
finished CNC punched precision sheet metals |
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 : |
USD 46320 |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having satisfactory
track. Trade relations are fair. 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 : |
No.2 II Cross, S M Road Behind Banashankari Kalyana Mantappa,
Dasarahalli, |
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Tel. No.: |
91-80-28364295 |
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E-Mail : |
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Website : |
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Head Office : |
#337 9th Cross 4th Phase Peenya Industrial Area,
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Tel. No.: |
91-80-28364295 |
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E-Mail : |
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Corporate Office : |
# A3 and A 4, Peenya Industrial 2nd Phase, |
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Tel. No.: |
91-80-28364295 |
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Fax No.: |
91-80-28364211 |
DIRECTORS
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Name : |
Mr. Siddappa Nagaraju |
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Designation : |
Director |
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Address : |
No. 21/17 4th |
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Date of Birth/Age : |
01.07.1967 |
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Date of Appointment : |
27.02.2001 |
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Name : |
Ms. Zareena Chand Basha |
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Designation : |
Director |
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Address : |
No.,14 Officers Model Colony, Off- |
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Date of Birth/Age : |
01.06.1968 |
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Date of Appointment : |
27.02.2001 |
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Name : |
Mr. Kenchappa |
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Designation : |
Director |
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Address : |
Krishnapura Layout, Nelamangala Taluk, |
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Date of Birth/Age : |
08.10.1948 |
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Date of Appointment : |
27.02.2001 |
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Name : |
Mr. M Hemachandra Reddy |
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Designation : |
Director |
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Address : |
Penpligunbla Pall, Paipalli Post, Kanipakam Via, Chittur District |
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Date of Birth/Age : |
10.06.1972 |
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Date of Appointment : |
27.10.2001 |
KEY EXECUTIVES
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Name : |
Ms. Sudha T K |
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Designation : |
Secretary |
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Address : |
1500, 17th A Main, 2nd Cross, 2nd
Phase, J P Nagar, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. S Nagaraju |
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2750 |
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Mrs. Zareena Chand Basha |
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2500 |
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Mrs. S Radha |
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2250 |
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Mr. Siddappa |
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2250 |
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Mrs. Rajamma |
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813 |
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Mr. R Shivakumar |
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1750 |
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Mr. Onkaraswamy |
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1250 |
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Mrs. Gowaramma |
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812 |
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Mr. Kenchappa |
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2500 |
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Mr. K Shubhakar |
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2500 |
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Mr. K ChandraPrabha |
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1250 |
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Ms. Sumaiya Chand |
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625 |
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Mrs. Fharana Noorulla |
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5875 |
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Mr. Noorulla |
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2875 |
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Mr. M Hemachandra Reddy |
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5500 |
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Mr. Jayachandra Reddy |
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4500 |
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Total |
40000 |
Equity Shares breakup (percentage of total Equity):
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S.No. |
Category |
Percentage |
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1 |
Bodies corporate |
100.00 |
BUSINESS DETAILS
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Line of Business : |
To create technologically advanced one stop solution for well
finished CNC punched precision sheet metals |
GENERAL INFORMATION
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Suppliers : |
· Amogha Family Restaurant · Anu Chen Tech Private Limited · Beger Paints India Limited · Cargo Tarpaulin Industries · City Info services Private limited · Devi Fabricators · Edge Bright Plastic Prod P Limited · Ganesh Enterprises ·
· G K Steel |
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Customers : |
· Dickinson Fowler Limited · Dovetail Furniture Private Limited · Feather Lite Products Private Limited ·
Fowler Westrap · Global Ele Tech Limited · Inger Soll Rand (I) Limited · Karnataka Housing Board ·
Kewaunee Scientific Corp · Labway Scientific India Private Limited · Modular Rack System |
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Bankers : |
State Bank of Address: SME Branch CCI Layout 2nd Main Tumkur,
Tumkur – 572 102, Email : gss_comsecy@rediffmail.com |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K R Aithal and Company Chartered Accountants |
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Address : |
No. 88, 2nd Floor, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity shares |
Rs. 100/- each |
Rs.4.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity shares |
Rs. 100/- each |
Rs.4.000 millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.400 |
0.400 |
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3] Reserves & Surplus |
7.580 |
2.242 |
1.639 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.580 |
4.642 |
4.039 |
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LOAN FUNDS |
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1] Secured Loans |
18.400 |
17.797 |
2.260 |
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2] Unsecured Loans |
0.000 |
4.217 |
2.767 |
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TOTAL BORROWING |
18.400 |
22.014 |
5.027 |
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DEFERRED TAX LIABILITIES |
2.065 |
1.695 |
0.000 |
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TOTAL |
32.045 |
28.351 |
9.066 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.566 |
22.359 |
6.042 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.011 |
0.010 |
0.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.538
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2.936 |
0.964 |
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Sundry Debtors |
31.169
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9.381 |
7.019 |
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Cash & Bank Balances |
4.729
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4.748 |
2.015 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.209
|
0.924 |
0.518 |
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Total
Current Assets |
43.645
|
17.989 |
10.516 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
34.649
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12.049 |
7.553 |
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Provisions |
1.560
|
0.000 |
0.000 |
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Total
Current Liabilities |
36.209
|
12.049 |
7.553 |
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Net Current Assets |
7.436
|
5.940 |
2.963 |
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MISCELLANEOUS EXPENSES |
0.032 |
0.042 |
0.051 |
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TOTAL |
32.045 |
28.351 |
9.066 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
80.470 |
39.650 |
24.014 |
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Other Income |
0.279 |
0.231 |
0.024 |
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Total Income |
80.749 |
39.881 |
24.038 |
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Profit/(Loss) Before Tax |
6.075 |
2.498 |
0.926 |
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Provision for Taxation |
1.750 |
0.200 |
0.075 |
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Profit/(Loss) After Tax |
4.325 |
2.298 |
0.851 |
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Expenditures : |
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Financial Charges |
2.367 |
1.235 |
0.519 |
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Depreciation & Amortization |
1.973 |
0.628 |
0.536 |
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Other Expenditure |
65.994 |
33.657 |
21.002 |
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Total Expenditure |
70.334 |
35.520 |
22.057 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
5.35
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5.76 |
3.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.54
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6.30 |
3.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.90
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98.27 |
5.59 |
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Return on Investment (ROI) (PBT/Networth) |
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0.52
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0.53 |
0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.71
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7.33 |
3.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.39
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1.49 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
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Corporation identity number or foreign company registrations number of
the company |
U29299KA2001PTC028682 |
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Name of the company |
Synergy Punching Private Limited |
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Address |
No.2 II Cross, S M Road Behind
Banashankari Kalyana Mantappa, Dasarahalli, |
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This Form is for |
Modification of charge |
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Type of Charges |
· Immovable property · Book debts · Movable property |
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Particular of the charge holder
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State Bank of Address: SME Branch CCI Layout 2nd Main Tumkur,
Tumkur – 572 102, Email : gss_comsecy@rediffmail.com |
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Nature or description of the instrument creating charge |
· Agreement for hypothecation · Letter of indemnity in respect of discount or purchase of usance bills/ demand from Companies · Letter of Extension of equitable Mortgage |
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Date of the instrument creating charge |
15.06.2007 |
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Amount Secure by the charge |
Rs. 62.200 millions |
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Brief of the principal terms and conditions and extent and operation
of the charge |
Rate
of interest: · Cash Credit – 0.25% over the Bank PLR with minimum of 13.50% p.a · Stand by line of credit at 14.50% p.a Term of Repayment: Repayable on Demand Margin: 25% Extent and operation of the charge: The charge on the assets being charges shall operate to the extent of Rs. 62.200 millions plus interest, costs, commission, expenses and other charges thereon. |
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Shot particular of the property charged (including location of the
property) |
· Hypothecation of raw material, in process and finished stocks, movable machinery, equipment, tools, stores and spares, consumer articles and accessories located at 337, 9 Cross, 4 Phase, Peenya Industrial Areas, Bangalore and Company’s Godown at Tumkur · Creation of equitable Mortgage by way off deposit of title deeds of immovable properties of the company as detailed in schedule –A and B of Letter of deposit of title deeds, attached to this form and which form part of this document. |
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Particulars of the present modification |
The credit limit enhanced from Rs. 26.500 millions to Rs. 62.200 millions as below: · (CC hypothecation Rs. 27.000 millions, LC Bills discounting – Rs. 20.000 millions stand by limit Rs. 2.700 millions and existing limits of BG – Rs .2.500 millions and TL – Rs. 10.000 millions remains same) · Extension of Equitable Mortgage by way of deposit of title deeds of immovable properties of the company as detailed in Scheduled – A and B Letter of deposits of title deeds, attached to this form and which form part of this document. All other terms and conditions remain same. |
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Name of the
company |
M/s. Synergy Punching Private Limited |
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Presented
By |
M/s Synergy
Punching Private Limited |
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1) Date and
description of instrument creating the change |
26.06.2001 · Agreement for cash credit hypothecation of goods · D P Note Delivery letter · Letter of undertaking |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 3.000
millions |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
stocks of raw materials, semi finished goods, finished goods and consumable
stored at the godowns or premises of the company a No. 337, IV Cross, IV
Phase, Peenya Industrial Area, |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Renewable annually and the interest
chargeable at the rate of 16.5% p.a. |
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5) Name and Address
and description of the person entitled to the charge. |
State Bank of Address: SSI Branch, Tumkur |
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Name of the
company |
M/s. Synergy Punching Private Limited |
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Presented
By |
M/s Synergy
Punching Private Limited |
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1) Date and
description of instrument creating the change |
20.03.2003 (registered on
25.04.2003 vide doc number 18 and 19) · Article of agreement : Medium Term Loan against pledge of Movable Machinery · Agreement for Cash Credit : Hypothecation of Goods · Indemnity for purchase / discount of Usance / demand Bills/ Cheques – for companies (All documents related to a single charge) |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
· Hypothecation of one CNC press brake model with controller, servo motor ball screw and accessories as detailed in schedule – B to the agreement · Hypothecation of sheet metal components, Cabinets, manufactures on CNC Turret Punch Press, etc stored at the premises of the company at No. 337, IV Phase, Peenya Industrial Area, Bangalore – 560 058 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
The term Loan is repayable in 35 monthly installments
of Rs. 0.029 millions each and Rs. 0.035 millions at the 36th
installments along with interest at 2% above / below SBM PLR with a minimum
of 13.75% per annum. The Cash Credit repayable on demand and
that the rate of interest chargeable shall be 13.75% per annum. |
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5) Name and
Address and description of the person entitled to the charge. |
State Bank of Address: SSI Branch, Tumkur |
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6) Date and brief description of instrument
modifying the charge |
13.01.2005 · Agreement for Cash Credit hypothecation of goods) · Agreement for Cash Cr5edit (Hypothecation of Debts and Assets) · Agreement for Advance (For Hypothecation 4/08 pledge by borrowers) · Letter of undertaking by company not to create further charge over its property and assets (All relates to a single charge) |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
Credit facilities
have been enhanced from Rs. 2.550 millions to Rs. 6.550 millions as detailed
below and that the rate of interest has been reduced from 13.75% per annum to
1 % above SBM PLR with a minimum of 12% per annum monthly rests and that all
other terms and conditions continues to operate:
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FIXED ASSETS:
· Plant and machinery
· Measuring instrument
· Electrical installation
· Diesel generator set
· Work tables and racks
· Software machine
· Computer
· Fax Machine
· Type writer
· Weighing scale
· Vehicle
· EPABX
· Printer
· Indica car
· Land
· Building
· Plant and machinery
· Dies and punches
· Building WIP
WEBSITES DETAILS:
Vision
Their vision at Synergy Punching Private Limited, is to create technologically
advanced one stop solution for well finished CNC punched precision sheet metals
components, cabinets and assemblies. They envisage to be partners in progress
with progressive industries by working with them in concurrent engineering
processes.
Products
They deal in CNC punched precision sheet metal components and assemblies for
the following areas:
·
Electronics and communications industries
·
Control panels
·
Enclosures
·
Kiosks
·
Power supply cabinets
·
Interior decorative industries
·
They cater to the needs of all sheet metal
components and assemblies of interior decorative industries and earth moving
equipment industries
·
They manufacture canopies, skids and
allied heavy fabrication assemblies
·
Office interiors for software industries.
Assets
Technically experienced engineers in the field for 15 years are the main promoters of the venture. They are equipped with a modern plant housed in 16,000 sq.ft and a well constructed factory located in the heart of Peenya Industrial Area. Their assets are enumerated below:
·
Committed skilled and semi skilled workforce
·
Technically qualified engineers
·
A team of 120 workers.
Customers
They deliver high variety and highly accurate sheet metal components and
assemblies. Within a short span of time, they have already built up an
impressive quality conscious small client list, and the number has been
increasing with time. Some of their valued customers are as follows:
·
Tyco Electronics Limited
·
Valere Power Limited
·
Tejas India Limited
·
Kewaunee Scientific India Limited
·
Dovetal Private Limited
·
United Telecom Limited.
OTHER INFORMATION:
Name: Ms. Sudha T K
Designation: Secretary
Address: 1500, 17th A
J P Nagar,
Tel No: 91-80-22455141 / 26534024
E Mail: Gss_comsecy@rediffmail.com
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.56 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|