MIRA
INFORM REPORT
|
Report Date : |
09.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SYNTHITE INDUSTRIAL CHEMICALS LIMITED |
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|
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Registered Office : |
39/1799 Ajay
Vihar, M.G. Road, Ernakulam-682 016, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.07.1970 |
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Com. Reg. No.: |
U24299KL1970PLC002294 |
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CIN No.: [Company
Identification No.] |
09 - 002294 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNS02494C |
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PAN No.: [Permanent
Account No.] |
AADCS5616E |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacture, Purchase,
Import, Export, Manipulate treat and otherwise deal in Organic Aldahydes,
Synthetic Industrial Chemicals, Essential Oils, Oleoresins, Aromatic Oils,
Perfumary Compounds and Flavouring Substances |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 16000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well-established and reputed company and a leading manufacturer of Oleoresins and Essential Oils. Available information indicates high financial responsibility of the company. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business
dealings. |
LOCATIONS
|
Registered
Office / Corporate Headquarters : |
39/1799 Ajay
Vihar, M.G. Road, Ernakulam-682 016, Kerala, India |
|
Tel. No.: |
91-484-2375294 /
3012222 / 3012222 /2378503 / 2375294 |
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Fax No.: |
91-484-2378801 |
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E-Mail : |
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Websites : |
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Corporate Office : |
Synthite Valley, Kolenchery - 682 311, Kerala, India. |
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Tel. No.: |
91-484-2760285 / 3051200 / 3051201 / 3051208 |
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Fax No.: |
91-484-3051351 |
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Websites : |
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Factory : |
Synthite Valley
Kadayiruppu Kolenchery – 682 311 India |
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Fragrance
Division: |
Marudur, Karamadai –
641 104, Tamil Nadu, India |
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Tel. No.: |
91-4254-2272299 /
2272542 |
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Fax No.: |
91-4254-2272889 |
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E-Mail : |
synthitefrg@satyam.net.in |
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Harihar Division
: |
Kumarapatanam, Harihar
- 581 123, Karnataka, India |
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Tel. No.: |
91-8373-20449
/ 242058 / 240449 |
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Fax No.: |
91-8373-240448 |
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E-Mail : |
synthite_hrr@rediffmail.com |
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Potpourri
Division : |
Synthite Valley, Kolenchery
- 682 311, Kerala, India. |
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Tel. No.: |
91-484-2761183 /
3051200 / 3051201 / 3051208 |
|
Fax No.: |
91-484-2760367 /
3051351 |
DIRECTORS
|
Name : |
Mr. C.V. Jacob |
|
Designation : |
Managing Director |
|
Address: |
Nechupdam
Kadayiruppu, Kolenchery, Cochin – 682
311, Ernakulam, Kerala, India |
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Date of
Birth/Age : |
27/09/1933 |
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Date of
Appointment : |
03/03/1972 |
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E-Mail: |
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Name : |
Mr. George Paul |
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Designation : |
Whole Time
Director |
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Address: |
Embassery 39/64,
Banerji Road, Cochin – 682 018, Ernakulam, Kerala, India |
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Date of
Birth/Age : |
27/11/1949 |
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Date of
Appointment : |
26/09/1977 |
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E-Mail: |
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Name : |
Mr. Mani Varghese |
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Designation : |
Whole Time
Director |
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Address: |
29/752
Cheruparambath Road, Koavanthra, Cochin – 682 020, Ernakulam, Kerala, India |
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Date of
Birth/Age : |
05/04/1957 |
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Date of
Appointment : |
30/09/1983 |
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E-Mail: |
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Name : |
Mr. Varghese
Jacob |
|
Designation : |
Whole Time
Director |
|
Address: |
Nechupdam
Kadayiruppu, Kolenchery, Cochin – 682 311, Ernakulam, Kerala, India |
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Date of
Birth/Age : |
21/03/1961 |
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Date of
Appointment : |
31/12/1985 |
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E-Mail: |
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Name : |
Mr. Aju Jacob |
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Designation : |
Whole Time
Director |
|
Address: |
Nechupdam
Kadayiruppu, Kolenchery, Cochin – 682 311, Ernakulam, Kerala, India |
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Date of
Birth/Age : |
29/05/1964 |
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Date of
Appointment : |
05/01/1987 |
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E-Mail: |
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Name : |
Mr. Ninan Philip |
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Designation : |
Director |
|
Address: |
310 Panampilly
Nagar, Perumanoor, Cochin – 682 025, Ernakulam, Kerala, India |
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Date of
Birth/Age : |
07/10/1956 |
|
Date of
Appointment : |
31/12/1985 |
KEY EXECUTIVES
|
Name : |
Mr. K O Kuriachan
|
|
Designation : |
Practicing
Company Secretary |
|
Address : |
3-B, Jerusalem Residency,
Blossom Cochin Road, Elamkulam, Kadavanthra, Cochin – 682 020, Kerala, India |
|
Tel. No.: |
91-484-2205427/
2204717 |
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Mobile No.: |
91-9847034337 |
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|
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|
Name : |
Mr. Salas K.
Francis |
|
Designation : |
Secretary |
|
Address: |
Synthite State
QTS., Kadayiruppu Kolenchery, Cochin – 682 311, Ernakulam, Kerala, India |
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Date of
Birth/Age : |
31/05/1962 |
|
Date of
Appointment : |
10/12/1996 |
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E-Mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
|
Mr. E. P. John |
1588 |
|
Mr. C. J. George |
4470 |
|
Mr. C.V. Jacob |
7020 |
|
Mr. Aleyamma
Jacob |
7200 |
|
Mr. Varghese
Jacob |
4395 |
|
Mrs. Jeena Mathew |
4528 |
|
Mr. George Paul |
1608 |
|
Mrs. Marry George
|
3600 |
|
Mr. K P George |
3600 |
|
Mrs. Beena George |
2640 |
|
Mr. Aju Jacob |
5000 |
|
Mr. K P George |
3550 |
|
Mrs. Sara George |
1200 |
|
Mr. Anil Paul George |
1250 |
|
Mr. Mariamma
Paulose |
400 |
|
Mr. C P Peter |
2400 |
|
Mrs. Liia George |
1284 |
|
Mr. Thampy Koshy |
334 |
|
Mr. Elvy Ninan |
1380 |
|
Mr. Anney Peter |
2400 |
|
Mr. Joha George |
4350 |
|
Mrs. Minna George |
1000 |
|
Mrs. Minnie Sajeev |
2400 |
|
Mr. Mercy John |
1400 |
|
Mr. Mariam George |
1980 |
|
Mr. Mani Vargese |
2700 |
|
Herbal Isolates
Private Limited |
300 |
|
Mrs. Mini
Varghese |
3000 |
|
Mr. Ninan Philip |
300 |
|
Mr. Paulose John |
1600 |
|
Mr. Joseph John |
1660 |
|
Mrs. Neelam
Varghese |
2700 |
|
Mr. Philip Ninan |
660 |
|
Mr. Jacob Ninan |
660 |
|
Mrs. Pooja Mani |
1350 |
|
Mr. Ashok Mani |
1350 |
|
Mr. Rehana Jacob |
3000 |
|
Mr. Paole George |
2200 |
|
Mr. George Mathew |
742 |
|
Mr. Anjana
Abraham |
1338 |
|
Mrs. Miria George |
1400 |
|
Mrs. Bindu
Gladson |
1500 |
|
Mr. P U
Mariakutty |
1000 |
|
Mr. Elizebath
Issac |
1200 |
|
Mrs. Neethi
Varghese |
2700 |
|
Mr. Rishal George |
700 |
|
Mr. Rahul George |
700 |
|
Mr. Wilson Chacko |
300 |
|
Mr. Junu Joseph |
1668 |
|
Mr. Jacob Issac |
3595 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
|
Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non – Resident
Indian(s) Or Overseas Corporate Bodies Or Others |
14.00 |
|
Directors or relative of directors |
59.00 |
|
Others |
27.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacture, Purchase,
Import, Export, Manipulate treat and otherwise deal in Organic Aldahydes,
Synthetic Industrial Chemicals, Essential Oils, Oleoresins, Aromatic Oils,
Perfumary Compounds and Flavouring Substances |
|
|
|
|
Products with
ITC Code : |
·
Spice
Oleoresins – 3301.90 ·
Essential
Oils – 3301.29 ·
Dried
Flowers – 0603.90 ·
Floral
Concentrates – 3301.29 |
PRODUCTION STATUS
|
Particulars |
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|
|
Actual
Production |
|
Essential Oils |
|
|
|
122 M. T. |
|
Oleoresins |
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|
2408 M. T. |
|
Floral Concretes |
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|
|
2 M. T. |
GENERAL
INFORMATION
|
Suppliers : |
·
Vitech
Enviro Systems (Private) Limited, Madras ·
Vani Fab
Engineers (Private) Limited, Hyderabad ·
Spice Mill,
Kadayiruppu ·
Herbal
Isolates (Private) Limited, Pancode ·
Sree Venkateswara
Engineering Industries, Karamadai ·
Neo Pack
Industries, S. Kalamassery, Kerala ·
Tech Steel
Products Limited, Bangalore ·
Able
Manufacturers, Medak, Andhra Pradesh ·
G. M.
Engineering, Rajkot ·
Krishna
Granite Stone Factory, Coimbatore ·
Microteek Engineering
Systems, Coimbatore ·
Sri Reviraj
Computer Forms (Private) Limited, Coimbatore ·
Venkateswara
Blue Metails, Karamadai ·
Yashvin
Filters, Chennai ·
Supreme
Pharmaceuticals, Mysore |
|
|
|
|
No. of
Employees : |
300 |
|
|
|
|
Bankers : |
·
Service Co-operative
Bank Limited, Aikaranadu · Ernakulam District Co-operative Bank Limited, Kolenchery – 682 311, Kerala, India ·
Aikaranadu
Service Co-Operative Bank Limited ·
State Bank
of Tranvancore, Kolenchery Main Branch, Kolenchery, Ernakulam-682 311, Kerala,
India ·
Union Bank
of India, Overseas Branch, M G Road, Ernakulam-682 311, Kerala, India |
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|
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Banking Relations : |
Good |
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Auditors : |
|
|
Name : |
Elias George
& Company Chartered
Accountants Accountants |
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Address: |
1st Floor,
B-16, HIG Apartments, Gandhinagar, Cochin – 682 020, Kerala, India |
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E-mail : |
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Group
Companies : |
·
Herbal Isolates (P) Limited. ·
Synthite Exports Private Limited. |
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Group Ventures
: |
·
Riviera Suites |
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|
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Subsidiaries : |
·
Sijmak Oils Limited CIN :{U15142KL1977PLC002933} Address
:Kakkancherry, Chelembra – 673 634, Malappuram District ·
Synthite Properties and Investment Limited CIN : {U70101KL1993PLC007482} Address
: Pandit Karuppan Road, Thevara, Cochin - 682 013 |
|
|
·
|
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
105900 |
Equity Shares |
Rs. 100/- each |
Rs.10.590
millions |
`
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.590 |
10.590 |
10.590 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3118.193 |
2921.408 |
2671.507 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3128.783 |
2931.998 |
2682.097 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
703.026 |
227.557 |
177.298 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
23.188 |
|
|
TOTAL BORROWING |
703.026 |
227.557 |
200.486 |
|
|
DEFERRED TAX LIABILITIES |
33.627 |
23.705 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3865.436 |
3183.260 |
2882.583 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
908.104 |
572.310 |
473.197 |
|
|
Capital work-in-progress |
186.750 |
141.302 |
44.106 |
|
|
|
|
|
|
|
|
INVESTMENT |
566.967 |
938.387 |
949.497 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1294.321
|
727.106 |
692.156 |
|
|
Sundry Debtors |
800.794
|
684.386 |
664.798 |
|
|
Cash & Bank Balances |
49.584
|
40.260 |
50.007 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
375.597
|
329.580 |
235.740 |
|
Total
Current Assets |
2520.296
|
1781.332 |
1642.701 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
303.236
|
227.295 |
226.918 |
|
|
Provisions |
13.445
|
22.776 |
0.000 |
|
Total
Current Liabilities |
316.681
|
250.071 |
226.918 |
|
|
Net Current Assets |
2203.615
|
1531.261 |
1415.783 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3865.436 |
3183.260 |
2882.583 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
2583.444 |
2385.941 |
2246.120 |
|
|
Other Income |
117.864 |
147.858 |
160.726 |
|
|
Total Income |
2701.308 |
2533.799 |
2406.846 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
360.141 |
426.832 |
647.217 |
|
|
Provision for Taxation |
115.075 |
122.590 |
118.692 |
|
|
Profit/(Loss) After Tax |
245.066 |
304.242 |
528.525 |
|
|
|
|
|
|
|
|
Export Value |
2154.999 |
2385.941 |
2246.120 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
2035.808 |
1570.312 |
1406.383 |
|
|
Purchases made for re-sale |
61.084 |
247.587 |
141.455 |
|
|
Consumption of stores and spares parts |
53.995 |
17.712 |
12.554 |
|
|
Increase/(Decrease) in Finished Goods |
[340.145] |
[200.975] |
28.340 |
|
|
Salaries, Wages, Bonus, etc. |
62.685 |
67.099 |
52.289 |
|
|
Managerial Remuneration |
15.124 |
10.135 |
6.828 |
|
|
Payment to Auditors |
0.393 |
0.356 |
0.303 |
|
|
Interest |
27.988 |
6.141 |
2.520 |
|
|
Insurance Expenses |
4.005 |
4.274 |
4.444 |
|
|
Power & Fuel |
53.047 |
53.158 |
43.719 |
|
|
Depreciation & Amortization |
85.367 |
62.807 |
60.794 |
|
|
Other Expenditure |
281.816 |
268.361 |
NA |
|
Total Expenditure |
2341.167 |
2106.967 |
1759.629 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
9.07
|
12.01 |
21.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.94
|
17.89 |
28.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.61
|
12.43 |
20.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.15 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.36
|
0.16 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.96
|
7.12 |
7.24 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
In 1972, members of an enterprising family set up a plant for producing
oleoresins at ‘Synthite Valley’ in Kochi (then Cochin). Through trial, error and
support from clients, they standardised the production of oleoresin black
pepper.
The
essential oil of black pepper generated as a co-product in the process aroused
their interest in essential oils. There was no looking back from then on.
Oleoresins, essential oils, natural food colours.
1980
Recognised as an export house by the Government of India.
1984
Herbal Isolates was set up for the manufacture of dehydrated green
pepper, pepper in brine, sterilised spices, essential oils, etc.
1986
A fragrance division, at Muradur, Coimbatore was set up for producing
floral concretes and absolutes of jasmine, tuberose and mimosa with technical
collaboration with Cal-Pfizer, France.
1991
The in-house research laboratory was recognised by the Department of
Science and Technology, Government of India.
1992
Subject acquires Sijmak Oils Limited., Calicut.
1993
The research lab was upgraded and rechristened the CU Varkey Centre for
Research and Quality Assurance.
1993
Subject diversified into housing, with Synthite Properties and
Investments and then into hospitality, starting Riviera Suites, Kerala’s first
apartment hotel.
1994
First Indian company in the food sector to obtain ISO 9002 certification
from BSI. U.K.
1997
Quality systems got upgraded to ISO 9001: 1994, by BSI, UK.
2000
Synthite Exports Private Limited comes into being.
2004
ISO 9001: 2000 certification, from BSI, UK.
2005
NABL Accreditation of the Laboratory as per ISO/IEC:17025:1999
Today
A US $61 million
company with a manufacturing capacity of 40,000 tonnes, spread at 5 locations.
Agri Division
During the year,
the company started the agriculture division mainly for undertaking vanilla
cultivation. The company has taken about 100 acres of land at Athirampally on
license basis from Plantation Corporation of Kerala Limited for 14 years and
completed cultivation of vanilla in the entire area which is expected to start
yielding from 2005-2006 year onwards.
Subsidiary Companies:
The audited accounts of Sijmak Oils Limited
and Synthite properties and Investments Limited, the subsidiaries of the
company, along with the statement required under Section 212 of Companies Act,
1956 are annexed.
· The document are required under section 212 of the companies Act, 1956 in respect of the subsidiary company’s viz Sijmak Oils Limited and Synthite properties and Investments Limited are attached herewith.
Items for which
the Company is contingently liable.
|
Particulars |
31.03.2005 |
31.03.2004 |
|
Guarantee given
to the Bank on behalf of Subsidiary Company |
Rs. 60.000 Millions |
Rs. 60.000 Millions |
|
Claims against
the company not acknowledged as debts |
Rs. 12.586 Millions |
Rs.12.586 Millions |
|
Others |
Rs. 20.528 Millions |
-- |
The company is an export-oriented unit and more than 90% of the revenue is generated from export. Entire manufacturing facilities of the company are located in India, more than 90% of revenue is from manufacture a sale of spice oils and oleoresins. Revenue attributable to the geographical segment based on the location of the company of the customers as follows:
|
Geographical Location |
Revenue From External Customers |
Result by Location of Customers |
|
North America |
Rs. 524.439
Millions |
Rs. 69.435 Millions |
|
Europe |
Rs. 724.355
Millions |
Rs. 95.904
Millions |
|
Asia |
Rs. 546.253
Millions |
Rs. 72.323
Millions |
|
India |
Rs. 261.647
Millions |
Rs. 34.557
Millions |
|
Rest of the World |
Rs. 189.423
Millions |
Rs. 25.079
Millions |
|
Geographical Location |
Carrying Amount of Segment Assets by
Location |
Carrying Amount of Segment Liabilities by
Location |
|
North America |
Rs. 115.709
Millions |
Rs. 0.056
Millions |
|
Europe |
Rs. 206.653
Millions |
Rs. 0.095
Millions |
|
Asia |
Rs. 176.260
Millions |
Rs. 0.115
Millions |
|
India |
Rs. 48.077
Millions |
Rs. 2.983 Millions |
|
Rest of the World |
Rs. 90.859
Millions |
Rs. 0.313
Millions |
The company’s Deposits
with Banks other than Scheduled banks are as Follows:
|
|
Balance O/S on 31.03.2205 |
Maximum Amount O/S during the year |
Balance O/S on 31.03.2004 |
Maximum Amount O/S during the year |
|
Aikaranadu
Services Co-Operative Bank Limited |
Rs. 0.500
Millions |
Rs. 0.500
Millions |
Rs. 1.000
Millions |
Rs. 1.000 Millions |
|
Ernakulam Dist.
Co-operative Bank Limited |
Rs. 0.500
Millions |
Rs. 0.500
Millions |
Rs. 1.000
Millions |
Rs. 1.000
Millions |
FIXED ASSETS:
· Land and Building,
· Plant and Machinery,
· Furniture and Fixture,
· Equipments, and
· Vehicle etc.
FORM 8:-
|
Name of the
company |
SYNTHITE INDUSTRIAL CHEMICALS LIMITED |
|
Presented By |
Mr. Sales K Francis |
|
1) Date and
description of instrument creating the change |
Hypothecation
(goods) Agreement dated 01.06.2005 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 60.000
millions |
|
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 goods of imported black pepper procured under letter of guarantee issued
by the bank, and its semi finished goods, and finished goods product of
imported black pepper belonging to the borrower which now or hereafter from
time to time, during this security shall be brought in, stored or to be in or
about the borrower premises or Godown at Synthite Valley, Kadayiruppu or in
the Godown / premises hired by the borrower. |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
The charge will
be lapsed on expiry of the letter of guarantee to be issued |
|
5) Name and
Address and description of the person entitled to the charge. |
Union Bank of
India, Overseas Branch, M G Road, Ernakulam |
|
6) Date and brief description of instrument
modifying the charge |
NA |
|
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. |
NA |
|
Corporate identity
number of the company |
U24299KL1970PLC002294 |
|
Name of the
company |
SYNTHITE
INDUSTRIAL CHEMICALS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
39/1799 Ajay
Vihar, M.G. Road, Ernakulam-682 016, Kerala, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of
Tranvancore Address:
Kolenchery Main Branch, Kolenchery, Ernakulam-682 311, Kerala, India E-Mail: kolenchery@sbt.co.in |
|
Nature of
instrument creating charge |
·
Memorandum
of deposit for creation of charge for term loan / overall working capital
limit dated 21.03.2007 ·
Letter dated
22.03.2007 (3 nos. ) evidencing deposit of title deeds on 21.03.2007 |
|
Date of
instrument Creating the charge |
21.03.2007 |
|
Amount secured by
the charge |
Rs. 112.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Interest rate:
upto 180 days 7.75% or 1% above 6 months LIBOR prevailing at the time of
availment. The rates are subject to revision as may be decided by the bank
from time to time. Terms of Repayment : As per agreement Margin : ·
Raw
Materials 25% ·
Stock in
process 25% ·
Finished
goods 25% Extent and Operation of the charge : Creation
equitable mortgage by depositing title deeds of the immovable properties as
collateral security for the credit facilities availed by the borrower ·
Sale deed
1931/87 dated 29.07.1987 and registered on 30.07.1987 at Mettupalayam SRO SY.
No. 74 area , area 2.80 acres ·
Sales deed
1815/89 of 14.06.1989 registered on 16.06.1989 at Mettupalayam SRO Sy. No.
75/1 area 12.62 acres ·
Sale deed
794/92 dated 26.02.1992 registered on 27.02.1992 at Mettupalyam SRO, Sy. No.
74 area 2.62 acres. |
|
Short Particulars
of the property charged |
Immovable
Properties covered under ·
Sale Deed 1931/87
dated 29.07.1987 and registered on 30.07.1987 at Mettupalayam SRO, Sy. No.
74, area 2.80 acres ·
Sale deed
1815/89 of 14/06/1989 registered on 16.06.1989 at Mettupalyam SRO Sy. No.
75/1 area 12.62 acres ·
Sale deed
794/92 dated 26.02.1992 registered on 27.02.1992 at Mettupalyam SRO Sy. No.
74 area 2.62 acres. |
|
Particulars of
the present modification |
Created equitable
mortgage on immovable properties by way of collateral security for the credit
facilities availed of by the borrower ·
Working
capital facility Rs. 100.000 ·
Letter of
credit Rs. 7.500 millions ·
Bank
guarantees Rs. 5.000 millions aggregating to Rs. 112.500 millions together
with interest thereon and all costs and charges. |
WEBSITE DETAILS
:
Subject is situated in Kerala, India, one of the spice
capitals of the world. Its prime facilities are in Kochi, the largest Indian
spice trading port and once a part of the famed Indian spice route to the west.
- Synthite's strategic location where the
finest spices grow helps preservation of quality, optimisation of costs
and provides control over processing.
- Synthite's strength in sourcing, not
just from Kerala but across the globe, makes them very competitive.
Subject processes 60,000 metric tonnes of raw materials at multi
locations.
- Subject pioneered a role in backward
integration by providing high yielding seedlings- to name a few, paprika,
marigold, vanilla etc. Contract farms were set up to ensure raw materials
free of contaminants.
- Not only does subject develop the key
ingredients for the flavour and fragrance industry, they research and
develop the entire process for their manufacture -giving it the
flexibility to improve the functionality of the end product and tailor it
to their customers' exacting needs.
- The company quality control and quality
assurance start from the procurement of the raw materials and ends with
the dispatch of the product. ISO 9001:2000, HACCP and Kosher
certifications demonstrate their total commitment to QC/QA.
- Research is an inherent strength of
Synthite- with an in-house, well equipped, contemporary R and D laboratory
recognised by the Ministry of Science and Technology, Government of India.
- They are the preferred choice of the
leading flavour houses of the world with their ability to provide
virtually all spice based ingredients.
- Subject is also a winner of 5 National
Awards for outstanding export performance, and a Star Export House
recognised by the Ministry of Commerce, Government of India.
GROUP COMPANIES:
Synthite's group companies are integral to its evolution towards a
complete food solutions provider.
Herbal
Isolates Private Limited.
A supporting manufacturer for Synthite.
Sijmak
Oils Limited.
Another arm of Subject in the Northern part of Kerala.
Synthite
Exports Private Limited.
Established to promote exports in traded items
Group
Ventures : Hospitality
The recent past has seen subject diversifying into the
hospitality business.
Kerala's first apartment hotel called Riviera Suites
in Kochi was their first hospitality venture. A 5 star luxury resort also in
Kochi - Kumbalam Backwater Village - is scheduled for completion by 2006.
Group Ventures : Properties and Investments.
A recent venture, Synthite Properties and Investments,
make investments in real estate.
This diversification, though not directly related to
their core competence, is fast becoming a new strength at Synthite.
Group Ventures : Non
conventional Energy
As part of their continuous value optimisation strategy, subject
exploits non conventional energy as a power source for its manufacturing.
Besides windmills at their fragrance division at
Marudur in Tamil Nadu, they have co-generation of steam and electricity by
using their own agro waste.
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 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.43.37 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.68.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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 |
|