MIRA
INFORM REPORT
|
Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SYNCOM HEALTHCARE LIMITED |
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Registered Office : |
221, Vyapar Bhawan, P. D’mello Road, Mumbai – 400009, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.07.2002 |
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Com. Reg. No.: |
11-136652 |
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CIN No.: [Company
Identification No.] |
L51397MH2002PLC136652 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS38639G |
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PAN No.: [Permanent
Account No.] |
AATFS5263J |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer and trader of pharmaceuticals, medicine, drugs, etc. |
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 390000 |
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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.
Trade relations are fair. Business is active. Payments are reported as
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 : |
221, Vyapar Bhawan, P. D’mello Road, Mumbai – 400009, Maharashtra,
India |
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Tel. No.: |
91-22-23725193 |
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E-Mail : |
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Website : |
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Head Office : |
351, Saket Nagar, Indore – 452001, Madhya Pradesh, India |
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Corporate Office : |
‘Syncom House’ 293/2, Niranjanpur, Dewas Naka, AB Road, Indore -
452010, Madhya Pradesh, India |
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Tel. No.: |
91-731-2577471 to 73 / 2704381 |
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Fax No.: |
91-731-2577470 / 2704380 |
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E-Mail : |
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Factory : |
D – 42, UPSIDC Industrial Area, Selaqui, Dehradun - 248197,
Uttarakhand |
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Tel. No.: |
91-135-2699131 / 2699017 |
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Fax No.: |
91-135-2698220 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ajay Shankarlal Bankda |
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Designation : |
Chairman cum Managing Director |
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Address : |
‘Syncom House’ 293/1, Niranjanpur, Dewas Naka, AB Road, Indore - 452010,
Madhya Pradesh, India |
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Date of Birth/Age : |
26.09.1960 |
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Date of Appointment : |
29.07.2002 |
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Name : |
Ms. Jyoti Bankda |
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Designation : |
Whole Time Director |
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Address : |
351, Saket Nagar, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
25-07.1967 |
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Date of Appointment : |
29.09.2002 |
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Name : |
Mr. Jagdish Prasad Bagaria |
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Designation : |
Director |
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Address : |
221, Vyapar Bhawan, P. D’mello Road, Mumbai – 400009, Maharashtra,
India |
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Date of Birth/Age : |
06.10.1947 |
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Date of Appointment : |
29.07.2002 |
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Name : |
Mr. Akhilesh Rathi |
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Designation : |
Director |
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Address : |
202, Surya Sadhana, A. B. Road, Indore – 452001, Madhya Pradesh, India
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Date of Birth/Age : |
26.12.1965 |
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Date of Appointment : |
24.09.2002 |
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Name : |
Ms. Ritu Ghuwalewala |
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Designation : |
Director |
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Address : |
Babadeep Complex, 7/1 Maharani Road, Indore – 452001, Madhya Pradesh,
India |
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Date of Birth/Age : |
02.05.1984 |
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Date of Appointment : |
24.09.2002 |
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Date of Ceasing : |
29.03.2003 |
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Name : |
Mr. Rohit Dubey |
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Designation : |
Director |
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Address : |
19/1, Racecourse Road, Indore, Madhya Pradesh, India |
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Date of Birth/Age : |
08.10.1961 |
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Date of Appointment : |
24.09.2002 |
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Date of Ceasing : |
29.03.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Ajay Bankda |
|
475000 |
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Jyoti Bankda |
|
274770 |
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Jagdish Prasad Bagaria |
|
100 |
|
G. V. Ahuja |
|
10 |
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Uma Devi Bagaria |
|
100 |
|
Avinash Shivankar |
|
10 |
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Manish Kamdar |
|
10 |
|
Biowin Pharma India Limited |
|
25000 |
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Asha Ghuwalewala |
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20000 |
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
99.99 |
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Other top fifty shareholders |
|
0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and trader of pharmaceuticals, medicine, drugs, etc. |
GENERAL
INFORMATION
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Bankers : |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Sanjay Mehta and Associates Chartered Accountants |
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Address : |
204-206, Modi Tower, M. T. H. Compound, Indore – 452001, Madhya
Pradesh, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 61.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,865,490 |
Equity Shares |
Rs. 10/- each |
Rs. 58.655
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
|
58.655 |
49.417 |
|
|
2] Share Application Money |
|
0.000 |
1.757 |
|
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3] Reserves & Surplus |
|
39.634 |
10.652 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
98.289 |
61.826 |
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LOAN FUNDS |
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1] Secured Loans |
|
151.227 |
49.645 |
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2] Unsecured Loans |
|
50.612 |
2.496 |
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TOTAL BORROWING |
|
201.839 |
52.141 |
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DEFERRED TAX LIABILITIES |
|
2.712 |
1.914 |
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TOTAL |
|
302.840 |
115.881 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
141.174 |
7.148 |
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Capital work-in-progress |
|
32.533 |
55.341 |
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INVESTMENT |
|
0.037 |
0.037 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
46.910 |
15.799 |
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Sundry Debtors |
|
157.551 |
47.168 |
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Cash & Bank Balances |
|
0.431 |
1.128 |
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Other Current Assets |
|
1.822 |
1.050 |
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Loans & Advances |
|
7.235 |
8.662 |
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Total
Current Assets |
|
213.949 |
73.807 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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78.638 |
21.759 |
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Provisions |
|
9.538 |
3.670 |
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Total
Current Liabilities |
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88.176 |
25.429 |
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Net Current Assets |
|
125.773 |
48.378 |
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MISCELLANEOUS EXPENSES |
|
3.323 |
4.976 |
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TOTAL |
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302.840 |
115.881 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
301.846 |
190.056 |
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Other Income |
|
0.189 |
0.010 |
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Total Income |
|
302.035 |
190.066 |
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Profit/(Loss) Before Tax |
|
33.138 |
3.220 |
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Provision for Taxation |
|
5.639 |
0.594 |
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Profit/(Loss) After Tax |
|
27.499 |
2.626 |
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Expenditures : |
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Raw Material Consumed |
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76.289 |
0.000 |
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Purchases made for re-sale |
|
105.789 |
139.842 |
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Consumption of stores and spares parts |
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0.000 |
0.644 |
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Increase/(Decrease) in Finished Goods |
|
[5.223] |
[3.269] |
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Salaries, Wages, Bonus, etc. |
|
40.705 |
23.787 |
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Managerial Remuneration |
|
0.821 |
0.698 |
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Payment to Auditors |
|
0.079 |
0.067 |
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Interest |
|
9.527 |
1.014 |
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Insurance Expenses |
|
0.624 |
0.141 |
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Power & Fuel |
|
2.574 |
0.379 |
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Depreciation & Amortization |
|
8.976 |
3.507 |
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Other Expenditure |
|
28.738 |
20.037 |
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Total Expenditure |
|
268.899 |
186.847 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
9.10 |
1.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
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10.98 |
1.69 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
9.33 |
3.98 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.34 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
2.95 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.43 |
2.90 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Patent Trademark and Design
- Copy Right
- Computer
- Motor Car
- Electric Facture
- Furniture and Fixture
- Mobile Instrument
- Office Equipment
- Photocopy Machine
- Strapping Machine
Bankers Charges
Report as per Registry
|
Name of the company |
SYNCOM
HEALTHCARE LIMITED |
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Presented By |
Mr. Ajay S Bankda, Managing Director |
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1) Date and description of instrument creating the change |
Term Loan
agreement Hypothecation
agreement General counter
Guarantee Memorandum of
Oral Assets All above
documents constitute a single charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit
Hypothecation of Stock of Rs. 15 Millions Cash Credit –
Hypothecation of Book debts of Rs. 15.000 Millions Subject to max
Rs. 15 Millions Term loan limits
of Rs. 93 Millions Inland Guarantee
Limits Rs. 0.500 Million |
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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 |
All Stock of raw
materials, finished goods, stock in progress, stores and spares, packing
materials etc. at the borrower’s premises at Plot No. D – 42, Selaqui
Industrial Estate, Dehradun Including goods in transit / shipment and / or
elsewhere
Outstanding
moneys, book debts and receivables etc. For term loan
limit of Rs. 93 Millions Hypothecation of
Plant and Machinery installed at the factory premises at D – 42, Selaqui,
Dehradun Equitable
mortgage by deposit of the title deeds of the company’s immovable properties
comprising land and building situate at D – 42 Selaqui, Dehradun Common Collateral
security for all the facilities Equitable
mortgage by deposit of the title deeds of the company’s immovable properties
comprising land and building and other structures, machinery and plant and
other fixtures and fitting erected or installed thereon situate at D – 42,
Selaqui, Dehradun. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
For cash credit
limits of Rs. 15 Millions |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India Khajrana Branch,
202, Saket, Indore – 452001, Madhya Pradesh, India |
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6) Date and brief description of instrument modifying the charge |
Agreement
supplemental to the hypothecation cum loan agreement dated 23.12.2005 |
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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. |
The existing
charge has been extended for facilities enhanced from Rs. 108 Millions to Rs.
108.500 Millions by addition thereto of bank Guarantee facilities of Rs.
0.500 Million as follows : Hypothecation of
all Plant and Machinery, Furniture and Fixture both present and future at
Plot No. D – 42, Selaqui Industrial Estate, Dehradun [UA] Hypothecation of
all stock of raw materials, finished goods, stock in progress, stores and
spares, packing material etc. at the borrower’s premises at Plot No. Plot No. D – 42, Selaqui Industrial
Estate, Dehradun [UA] including goods in transit / shipment, outstanding
moneys, book debts and receivable etc.
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
80028452 |
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Corporate
identity number of the company |
L51397MH2002PLC136652 |
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Name of the
company |
SYNCOM HEALTHCARE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
221, Vyapar Bhawan, P. D’mello Road, Mumbai – 400009, Maharashtra,
India |
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Type of charge |
|
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Particular of charge
holder |
Bank of India Khajrana Branch,
202, Saket, Indore – 452001, Madhya Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
|
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Date of
instrument Creating the charge |
08.03.2007 |
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Amount secured by
the charge |
Rs. 1.560
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1.25 % below BPLR
minimum 11.25 % p.a. for Term Loan Rs. 113.000 Millions and Working Capital
Facilities of Rs. 47.500 Millions Terms of Repayment Working Capital
Rs. 42.500 Millions is repayable on demand Term Loan Rs. 93
Millions is payable as per original sanction Term loan Rs. 20
Millions is Repayable in 57 monthly installments Margin On Term Loan 35 %
On Cash Credit
against Hypothecation of Stock 25 % On Cash Credit
against Hypothecation of Book Debts 40 % Extent and Operation of the charge Extension of
First charge in the form of Equitable Mortgage of Land and Building situated
at D – 42, Selaquie Industrial Estate, Dehradoon and extension of first
charge in the form of hypothecation of company’s movable properties including
but not limited to Stocks, Book debts and plant and machinery. The extent and
operation of the charge is upto Rs. 156 Millions i.e. the cumulative total of
sanctioned facilities and charge and damages thereon. |
|
Short particulars
of the property charged |
Immovable Property comprising land and building and
other structure, fixed machinery and plant and other fixtures and fittings erected
or installed thereon both present and future situated at D – 42, Selaqui,
Dehradun, Uttaranchal for Term Loan. Current assets
comprising of but not limited to Book Debts and Stock in Hand for Working
Capital Facilities. |
|
Date of latest
modification prior to the present modification |
23.01.2006 |
|
Particulars of
the present modification |
Increase of Term
Loan secured by charge from Rs. 93 Millions to Rs. 113 Millions and interest
and charges thereon. Increase in
Working Capital Limits secured by charge over Hypothecation over Stock and Book Debts from Rs. 15 Millions
to Rs. 42.500 Millions and interest and charges thereon. |
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.40.07 |
|
UK Pound |
1 |
Rs.77.98 |
|
Euro |
1 |
Rs.59.02 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|