MIRA
INFORM REPORT
|
Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYNERGYTECH AUTOMATION PRIVATE LIMITED |
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Registered Office : |
Gut No. 205, Kasurdi, Khed Shivapr, Saswad Road, TQ Bhor, District
Pune-412205, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.12.2003 |
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Com. Reg. No.: |
18689 |
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CIN No.: [Company
Identification No.] |
U29119PN2003PTC018689 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES15138E |
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PAN No.: [Permanent
Account No.] |
AAHCS9857M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Material Handling Equipments
and Welding Fixtures. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 24000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. It’s trade relations are fair. Payments are reported as slow but
correct. However the company can be considered for small to mediocre business
dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Dhananjay Sirsikar |
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Designation : |
Director |
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Contact No.: |
91-9822614720 |
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Date : |
07.07.2008 |
LOCATIONS
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Registered Office/ Factory : |
Gut No. 205, Kasurdi, Khed Shivapr, Saswad Road, TQ Bhor, District
Pune-412205, Maharashtra, India |
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Mobile No.: |
91-9881147037 |
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Fax No.: |
91-2113-281800 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq ft (Owned) |
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Marketing Office : |
31, Swati Society, Near Telephone Exchange, Dhanakawadi, Pune-411043,
Maharashtra, India |
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Tel. No.: |
91-20-24378901 |
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Fax No.: |
91-20-24378900 |
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E-Mail : |
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Website : |
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Area : |
1500 sq ft (Rented) |
DIRECTORS
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Name : |
Mr. Milind Manohar Padole |
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Designation : |
Director |
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Address : |
M-3, Konark Pooram, Kondhwa, Pune-411048, Maharashtra, India |
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Name : |
Mr. Dhananjay Sirsikar |
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Designation : |
Director |
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Mobile No.: |
91-9822614720 |
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Address: |
5/10, Amolak Apartments, Kanchanganga Society, Bibwesadi, Pune-411037,
Maharashtra, India |
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Name : |
Mr. Narendra Choudhari |
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Designation : |
Director |
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Address : |
31, Swati Housing Society, Dhankawadi, Pune-411043, Maharashtra, India |
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Name : |
Mr. Sanjay Jalkkal |
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Designation : |
Director |
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Address : |
E-1/ 17, New Friends Housing Society, Paud Road, Kothrud, Pune-411038,
Maharashtra, India |
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Name : |
Mr. Sudheer Gavankar |
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Designation : |
Director |
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Address : |
S. No. 55 / 7B, Ganesh Garden, Flat No. 10, Wing A, Building A, Wadgaon
(B), Pune-411041, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.02.2007
|
List of Allottees |
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No. of Shares Allotted |
|
Dhananjay Narharrao Sirsikar |
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6250 |
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Narendra Madhav Choudhari |
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6250 |
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Sanjay Vithal Jakkal |
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6000 |
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Sudheer Suresh Gavankar |
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6250 |
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Total |
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24750 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Material Handling Equipments
and Welding Fixtures. |
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Products : |
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Exports : |
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Countries : |
Germany and Italy |
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Imports : |
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Products : |
Robots |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit ( 60 Days) |
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Purchasing : |
L/C, Cash, Credit ( 60 Days) |
GENERAL
INFORMATION
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Customers : |
OEM’s and Manufacturer
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No. of Employees : |
100 |
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Bankers : |
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Facilities : |
CC Rs. 4.000 Millions from Dena Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ketkar and Shah Chartered Accountant |
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Address : |
S. No. 20 B, Plot No. 11, Erandwana, Pune-411004, Maharashtra, India |
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Name : |
Joshi and Apte Company Chartered Accountant |
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Address : |
Pune |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs. 100/- each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs. 100/-
each |
Rs. 3.000
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 |
3.000 |
0.525 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.962 |
0.588 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.962 |
1.113 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
11.129 |
3.166 |
0.814 |
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2] Unsecured Loans |
2.439 |
0.000 |
0.000 |
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TOTAL BORROWING |
13.568 |
3.166 |
0.814 |
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DEFERRED TAX LIABILITIES |
0.106 |
0.000 |
0.000 |
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TOTAL |
18.636 |
4.279 |
0.914 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.099 |
2.449 |
0.797 |
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Capital work-in-progress |
0.152 |
0.000 |
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 |
6.017
|
3.121 |
0.798 |
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Sundry Debtors |
8.429
|
3.717 |
1.324 |
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Cash & Bank Balances |
1.337
|
0.005 |
0.273 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.399
|
2.902 |
0.020 |
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Total
Current Assets |
18.182
|
9.745 |
2.415 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.684
|
7.352 |
2.470 |
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Provisions |
0.113
|
0.591 |
0.000 |
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Total
Current Liabilities |
16.797
|
7.943 |
2.470 |
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Net Current Assets |
1.385
|
1.802 |
[0.055] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.028 |
0.032 |
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Reserves and Surplus |
0.000 |
0.000 |
0.140 |
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TOTAL |
18.636 |
4.279 |
0.914 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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40.241 |
40.611 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
40.241 |
40.611 |
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Profit/(Loss) Before Tax |
|
1.593 |
1.320 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.593 |
1.32 |
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Expenditures : |
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Depreciation & Amortization |
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0.938 |
0.572 |
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Other Expenditure |
|
37.710 |
38.719 |
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Total Expenditure |
|
38.648 |
39.291 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
3.96
|
3.25 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
3.96
|
3.25 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.52
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10.82 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
1.19 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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6.12
|
9.98 |
32.84 |
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Current Ratio (Current Asset/Current Liability) |
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1.08
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1.23 |
0.98 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
SYNERGYTECH AUTOMATION PRIVATE LIMITED |
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Presented By |
Dena Bank, Sadashiv Peth Branch, Sadashiv Peth, Pune-411030,
Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation
(Goods, book debts and other movable assets to secure multiple facilities)
dated 18.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.200 Million To secure Cash
Credit facility |
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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 |
Goods: Hypothecation of
raw materials, goods in process, and finished goods, consumable stores and
spares, packing material etc. both present and future, now being or hereafter
during the continuance of this agreement brought into or upon or now or
hereafter iln the course of transit to any godowns, jathas or place whatever
or wheresoever in the possession or occupation of the Borrower. Moveable And Other Assets All the tangible
moveable properties and assets of the Borrower of whatsoever nature including
Plant and Machinery, tools and accessories, stores, spares, relating to the Plant
and Machinery, furniture, articles, office equipments. Computer and things
belonging to the Borrower and lying and being at their premises/ factories at
Pune being movable properties and capable of passing by delivery, both
present in cases and now being or at any time hereinafter during the incourse
of transit to the Borrower at Pune either by way of substitution or in
addition on other place whatsoever and whenever in the possession of
occupation of the Borrower. Book Debts Lastly all the
present and future Book Debts. All the present and future book debts,
outstanding, moneys, receivables, claims, bills rights to or in moveable,
properties and moveable the borrower or which may at any time hereafter
during the continuance of this security become due, owing, payable or
belonging to the borrower or which may at any time hereafter during htek
continuance of this security become due, owing, payable or belonging the
borrower in the course of its business by each Department Central or State or
Indian railways, any Government Department or office or any Municipal or
local or public or semi-government body or authority or any body corporate or
undertaking or project or whatever in public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 11%
p.a. Margin – 25% All other terms
and conditions as per Clause No. 1 to 22 of the Agreement of Hypothecation
(Goods, Book Debts and Other Moveable assets to secure multiple facilities)
dated 18.03.2004 |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank, Sadashiv Peth Branch, Sadashiv Peth, Pune-411030,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
Unattested Memorandum
of Modification of Hypothecation Agreement from Companies, dated 09.06.2005 |
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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. |
By way of this
agreement, fresh Bank Guarantee limit is made available to the Company to the
extent of Rs. 1.000 Million Thus, hypothecation on goods, book debts and
other moveable assets has also been extended to Bank Guarantee limits sanctioned
as per agreement dated 09.06.2005 All the other
terms and conditions as per clause no. 1 to 3 of the enclosed agreement. (Herrinafter referred to as the Third Modification) By Agreement
dated 01.07.2004, Cash Credit Limit available to the Company was increased
from Rs. 0.200 Million to Rs. 0.600 Million (Herrinafter referred to as the Third Modification) By way of this
agreement, Cash Credit limit available to the Company has been increased from
Rs. 0.600 Million to rs. 2.500 Million All the other
terms and conditions as per clause No. 1 to 3 of the enclosed agreement. (Herrinafter referred to as the Third Modification) |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U29119PN2003PTC018689 |
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Name of the
company |
SYNERGYTECH AUTOMATION PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Gut No. 205, Kasurdi, Khed Shivapr, Saswad Road, TQ Bhor, District Pune-412205,
Maharashtra, India |
|
Type of charge |
Immovable
Property Movable Property Others |
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Particular of
charge holder |
Small Industrial
Development Bank of India, Suryakrian Office Building, 1st Floor, C-8,
Mumbai-Pune Road, Chinchwad, Pune-411019, Maharashtra, 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 |
26.10.2007 |
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Amount secured by
the charge |
Rs. 7.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of
Repayment In case of invocation
of Guarantee the liability under the facility would be converted into fund
based facililty under direct credit scheme of SIDBI and outstanding amount
shall be paid with interest with monthly rests. Margin In case of Bank
Guarantee -20% Extent and
Operation of the charge
|
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Short particulars
of the property charged |
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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.43.13 |
|
UK Pound |
1 |
Rs.85.02 |
|
Euro |
1 |
Rs.67.77 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
|