MIRA
INFORM REPORT
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Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYNERGY RENEWABLE ENERGY PRIVATE LIMITED |
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Formerly Known As : |
SYNERGY INFOWAY PRIVATE LIMITED |
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Registered Office : |
Trishul Building, 35 Rowland Road, Kolkata – 700 020, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.09.1999 |
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Com. Reg. No.: |
21.90366 |
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CIN No.: [Company
Identification No.] |
U72200WB1999PTC090366 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
Cals13468a |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Solar Water Heater System |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Payments are correct and as per commitments. General financial position is satisfactory. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory: |
Trishul Building, 35 Rowland Road, Kolkata – 700 020, West Bengal,
India |
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Tel. No.: |
91-33-24745146 / 24851362 / 32502422 / 24545144 |
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Fax No.: |
91-33-24851362 / 24745146 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Cecil Antony |
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Designation : |
Director |
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Address : |
C -3/4, CMDA Housing Complex, 93 A, Prince Golam MD. Shah Raod,
Jadavpur, Kolkata – 700 095, West Bengal, India |
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Date of Birth/Age : |
25.05.1967 |
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Date of Appointment : |
29.09.1999 |
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E-Mail: |
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Name : |
Mr. Francis Antony |
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Designation : |
Director |
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Address : |
32 Sukanto Path, City Center, Durgapur – 4713 216, West Bengal, India |
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Date of Birth/Age : |
28.08.1969 |
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Date of Appointment : |
16.07.2005 |
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E-Mail: |
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Name : |
Mr. Amitabh Kumar Gupta |
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Designation : |
Director |
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Address : |
24 Sukanta Path City Center, Durgapur – 713 216, West Bengal, India |
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Date of Birth/Age : |
19.12.1966 |
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Date of Appointment : |
16.07.2005 |
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E-Mail: |
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Name : |
Mr. Prashant Kumar |
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Designation : |
Director |
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Address : |
4/25, Jatin Nath Das path, Sail Co-operative Housing Complex, City Center,
Durgapur -713 216, West Bengal, India |
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Date of Birth/Age : |
07.04.1967 |
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Date of Appointment : |
16.07.2005 |
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E-Mail: |
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Name : |
Mr. Birendra Kumar |
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Designation : |
Director |
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Address : |
32 Sukanta Path, City Center, Durgapur – 4713 216, West Bengal, India |
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Date of Birth/Age : |
05.08.1963 |
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Date of Appointment : |
28.02.2002 |
KEY EXECUTIVES
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Name : |
M/s BKG and Company |
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Designation : |
Company Secretary |
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Address : |
11 A, Esplanade East, 1st Floor, Kolkata – 700 020, West
Bengal, India |
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Tel No.: |
91-33-22108760 |
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Mobile No.: |
91-9830145662 |
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E-Mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.03.2005) |
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No. of Shares |
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Mr. Cecil Antony |
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5800 |
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Mr. Birendra Kumar |
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3000 |
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Mrs. Anindita Das |
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1000 |
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Mrs. Anirudha Singh |
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1000 |
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Mr. Krishnashis Sarkar |
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1000 |
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Mr. Rajveer Salujasingh |
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1250 |
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Mr. Samar Kr Bose |
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3000 |
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Mrs. Leena Gupta |
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750 |
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Mr. Prabhakar Rao |
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750 |
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Mr. Rajendra Prasad |
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1000 |
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Mr. Jayant Kumar Parkhi |
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7000 |
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Mrs. Mary Cecil |
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1000 |
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Ms. Kiran Kumari |
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1500 |
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Mr. Prashant Kumar |
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500 |
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Mrs. Ritu Francis |
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2000 |
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Synergy Educare Private Limited |
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1000 |
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Synergy Hi-Techser |
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8500 |
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Synergy Informatic Services Private Limited |
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3000 |
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Synergy Technical Services Private Limited |
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3700 |
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Other |
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2750 |
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Total
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49500 |
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Name of Allottee
(As on 31.03.2007) |
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No. of Shares |
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Multicoat Vinimay Private Limited |
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600 |
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Swarana Marketing Private Limited |
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1000 |
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Credence Tradelinks Private Limited |
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1500 |
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Jupiter Goods Private Limited |
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1000 |
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Delta Goods Private Limited |
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1000 |
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Shruti Barter Private Limited |
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1000 |
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Carmine Marketing Private Limited |
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3000 |
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Srijal Marketing Private Limited |
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1500 |
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ARP Securities Limited |
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1500 |
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Synergy Technical Services Private Limited |
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2500 |
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Total
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14600 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
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Category |
Percentage |
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Bodies Corporate |
50.62 |
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Directors or relative of directors |
35.41 |
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Other top fifty (50) shareholders |
13.97 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Solar Water Heater System |
GENERAL
INFORMATION
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No. of Employees : |
25 |
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Bankers : |
· United Bank of India, Gariahat Branch, 26/26/7, Hindustan Park, Kolkata – 700 029, West Bengal, India · Syndicate Bank, Sunny Park Branch, Kolkata – 700 029, West Bengal, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S Baran And Company Chartered Accountants |
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Address : |
80 A, Chetla Road, Kolkata – 700 027, West Bengal, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
31.03.2007):
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
69050 |
Equity Shares |
Rs. 100/- each |
Rs. 6.905
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.905 |
5.445 |
4.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.595 |
4.455 |
0.000 |
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4] (Accumulated Losses) |
[2.738] |
[0.474] |
[0.480] |
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NETWORTH |
21.762 |
9.426 |
4.470 |
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LOAN FUNDS |
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1] Secured Loans |
82.313 |
42.273 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
82.313 |
42.273 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
104.075 |
51.699 |
4.470 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
81.232 |
40.669 |
2.332 |
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Capital work-in-progress |
0.000 |
8.597 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
30.402
|
5.232 |
0.413 |
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Sundry Debtors |
3.505
|
4.669 |
0.044 |
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Cash & Bank Balances |
8.074
|
3.560 |
0.417 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.500
|
1.540 |
1.257 |
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Total
Current Assets |
44.481
|
15.001 |
2.131 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21.850
|
13.588 |
1.058 |
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Provisions |
0.017
|
0.047 |
0.002 |
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Total
Current Liabilities |
21.867
|
13.635 |
1.060 |
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Net Current Assets |
22.614
|
1.366 |
1.071 |
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MISCELLANEOUS EXPENSES |
0.229 |
1.067 |
1.067 |
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TOTAL |
104.075 |
51.699 |
4.470 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
30.529 |
6.485 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
30.529 |
6.485 |
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Profit/(Loss) Before Tax |
|
0.246 |
0.050 |
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Provision for Taxation |
|
0.137 |
0.044 |
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Profit/(Loss) After Tax |
|
0.109 |
0.006 |
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Total Expenditure |
|
30.283 |
6.435 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.35
|
0.10 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.81
|
0.77 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.20
|
0.08 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.79
|
5.93 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
|
2.03
|
1.10 |
2.01 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the company |
SYNERGY RENEWABLE ENERGY PRIVATE LIMITED |
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Presented By |
Syndicate Bank |
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1) Date and description of instrument creating the change |
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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 |
First charge on
all the goods, stock, raw material, finished goods and unfinished goods,
movable property of any kind plant
and machinery, fixtures, implements, fittings and other installation, furniture, vehicles, computer and all
other articles and thing more particularly described in schedule – III A and B both present and
future or which may at any time hereafter
be brought into stores or be
in \or about the borrower
factory at durgapur dist. Burdwan or wherever else
the same may be held and all the borrower present and future
other debts, outstanding monies, receivables, claims, bills, contract,
securities, investment and goodwill. Leasehold land admeasuring about 4.00 A Creps more
or less in C .S Dag No/ 222 (P),
Khaitan No. 1, J L 47, Touz No. 13 of Mouz a Kamalpur , parganas – shegarh, P
S Durgapur -16, District, Burdwan
detailed in Indenture of lease
No. 709 of 2005 between governor of
date of West Bengal and the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The said goods,
plant machinery and all sales realization and insurance proceeds shall be
held as banks exclusive property and the borrower shall not create any charge
or lien affecting them or any part thereof . The title deeds shall
be held as security until the clearance of the financial facilities now
granted or to be granted
hereafter and will be in
addition to other securities that may be offered or given from time to time. The security is
not to be considered exhausted merely
by reason of the account being
brought credit at any timer. Bank is
entitled to take possession
seize, appoint receivers
and or sell the
securities without intervention of court and apply the net proceeds towards liquidation of dues to the bank. Interest @ 12.00
% p.a or such other rate as may be charge by the bank from time to time.
Facility granted : OSL : Rs. 26.800 millions
SODH : Rs. 26.400 millions BG : Rs. 5.000 millions (Sublimit of SODH) |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank,
Sunny Park Branch, Kolkata |
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Corporate
identity number of the company |
U7220WB1999PTC090366 |
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Name of the
company |
SYNERGY RENEWABLE
ENERGY PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Trishul Building, 35 Rowland Road, Kolkata – 700 020, West Bengal,
India |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable Property · Book Debts · Movable Property · Floating Charge |
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Particular of
charge holder |
United Bank of
India Address : Gariahat Branch,
26/26/7, Hindustan Park, Kolkata – 700 029, West Bengal, India E-Mail: |
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Nature of
instrument creating charge |
Equitable
mortgage by deposit of title deeds (no instrument was executed) |
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Date of
instrument Creating the charge |
22.01.2007 |
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Amount secured by
the charge |
Rs. 59.800
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : Interest @ 6%
above rBI Rate subject to min
of 14% p.a with monthly rests or at such other rate as may be communicated to
the borrower by the bank from time to time. Terms of Repayment : Cash credit :
Repayable on demand Term Loan 15
equal quarterly installments of Rs. 2.547 millions starting from 1st
day of July, interest is to serviced monthly as and when due. Margin : As per bank
guidelines Extent and Operation of the charge : The assets of the
company shall stand hypothecated in favour of the united bank of India by way
of first charge ranking pari-passu with syndicated bank, sunny park branch,
Kolkata – 700 019, West Bengal, India Others : The hypothecation
assets and all dales realization and insurance proceeds thereof and all the
book debts and realization thereof
and all the documents under this security shall be held as the bank
exclusive property specifically appropriated to this security and the
company will not create any mortgage
charge lien or encumbrance affecting
the same. The hypothecation
goods and all plant and machinery etc
shall be kept in good condition and fully insured against loss or damage
under bank clause. |
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Short Particulars of the property charged |
Hypothecation of
entire stocks of raw materials WIP, finished goods, stores and spares etc and
other movables including all plant and machinery which now or hereafter during the continuance of this security
stored or to be stored at the company
premises / Godown / factories situated at Kamalpur, Durgapur, West Bengal or
wherever the same may be and also present and future book debts, receivable,
claims, and other current assets of the company. |
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Particulars of
the present modification |
The existing
overall credit facilities of Rs. 59.800 millions has been additionally
secured by equitable mortgage of land admeasuring 8 Acres more or less C S
Plot No. 222 (P), Khaitan No. 1 J L No. 47, situated at Pargana Shergarh, p S Durgapur, S R O City centre
Durgapur, District Burdwan in the
state of West Bengal together with all buildings , structures, shed etc
thereon all other terms and conditions remain unaltered. |
WEBSITE DETAILS: -
Synergy', as the name suggests is an attempt to bring together various aspects that would collectively contribute in bringing prosperity to the society and taking the country forward. The Synergy Group has been relentlessly working towards this goal since 1991. It has presence in the fields of Education and Consultancy, Agriculture, Marine Services and Renewable Energy. With manpower spanning over 250 employees, the organization reaches into Durgapur, Asansol,Kulti, Chittaranjan, Adra, Memari, Rampurhat, Suri, Triveni, Katwa and Kolkata
Mission
Generating employment. Bringing alternate sources of energy for usage as against the conventional sources. Making this world greener and cleaner. Providing quality education and services of very high standards. Providing consultancy services. In a nutshell Synergy works improving the economy of the country.
Synergy group is run by people with extensive experience, market understanding and assessment ability. It is their hard work and joint pool of experience that contributes to the success of the group.
Renewable Energy
This wing of the Synergy group works towards producing renewable energy that would check the usage of conventional sources of energy and help in making the environment greener and cleaner. It operates predominantly in the areas of Solar Photovoltaic Module (SPV), Solar Water Heating Systems and Bio Mass Plants.
Solar
Conventional energy resources are depleting faster than mankind had envisioned. With increasing population and faster life, the demands on these conventional sources of energy have increased manifold. The increased demands have consequently led to environmental pollution, global warming and depletion of the earth's protective ozone layer. And unless they react to this condition at the earliest and switch over to alternate sources of energy, their future generation is sure to suffer.
Recognizing the gravity of the situation Synergy group has sought to address this by entering the field of renewable energy.
Synergy Group is a young, fast diversifying organization with interests in Marine Services, Education, Agro Business and now renewable energy.
Solar Customers
Benefits
Cut down on the electricity bills. A 100 lpd system is capable of saving about Rs 600/- per month considering electricity cost at Rs 3.50 per unit (Source: WBREDA). This means over a period of time the investment in Solar Water Heating System will get reimbursed.
Availability of pre-heated water at the turn of the tap is of immense help when it comes to cooking purposes. The pre heated water reduces cooking time and saves on precious LPG gas. Understanding that the average water requirement in every household in 8-10 liters per day, the saving on every LPG cylinder is Rs 50-70 per month.
When pre heated water is used for washing clothes it reduces the surface tension of the clothes, which makes detergent/soap permeability easier. This reduces the amount of soap required thereby saving money on the same.
Synergy water Heating System does not require any maintenance apart from cleaning of the collectors. For this Synergy will carry out free clean up service for 2 years from the date of purchase.
With its extensive experience, Synergy has eliminated all possible problems experienced in the design and operation of the product thus resulting in a near perfect product.
The long warranty period gives full confidence to the customer about the product quality.
Synergy water heating systems are provided with very sturdy tank and collector legs to withstand the wind load and atmospheric corrosion. This ensures the product has a long life.
The easy design of synergy water heating system makes installation easy, even by the customer.
The material used for the product ensures longer life for the product.
The inner SS tank is directly supported by the tank stand, which prevents sagging of the insulation layer. This ensures minimum overnight drop in temperature.
SYNERGY
BIOTECHNOLOGIES LIMITED.
Empowered by Nature
Synergy Biotechnologies Limited. Bio Flora Park a division of Synergy Group engaged in Plant Tissue Culture , Nurseries and allied Hi-tech horticulture related projects. Synergy Biotechnologies Limited, is located at Borgoria village near Durgapur, West Bengal on 30 acres of land with world class facilities of Plant Tissue Culture lab, Nurseries, Poly houses and net houses for tissue culture Banana and Ornamental plants production for Export and Domestic market. TISSUE CULTURE BANANA Synergy Biotechnologies Limited. produces high yielding tissue culture banana variety G-9 for domestic market from virus indexed cultures. They would be supplying tissue culture in net pot and poly bag stage. Tissue culture banana has its vigor manifest in better growth and performance in the field. The crop is likely to bloom uniform and mature earlier than the sucker raised crop.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 42.20 |
|
UK Pound |
1 |
Rs. 81.48 |
|
Euro |
1 |
Rs. 64.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
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
|
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. |
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 |
|