MIRA
INFORM REPORT
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Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYNOPRENE POLYMERS PRIVATE LIMITED |
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Registered Office : |
B/6/9, Apurva Industrial Complex, Asan Gaon, Thane – 421601,
Maharashtra |
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Country : |
India |
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Date of Incorporation : |
19.06.2000 |
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Com. Reg. No.: |
127254 |
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CIN No.: [Company
Identification No.] |
U24134MH2000PTC127254 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM2227C |
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PAN No.: [Permanent
Account No.] |
AAECS9682D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Polymer Compounds. |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Though Subject was incorporated in the year 2000 it has not filed any
financials with the Government departments till date. The Management parted some
general information, but declined to part with financials. Trade relations
are reported as fair. Payments are however reported as Slow but Correct. The Company can be considered for Small to mediocre business dealings
at usual trade terms and conditions with Slight caution initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Rajiv Nair |
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Designation : |
Director |
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Contact No.: |
91-9223372602 |
LOCATIONS
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Registered Office : |
B/6/9, Apurva Industrial Complex, Asan Gaon, Thane – 421601,
Maharashtra, India |
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E-Mail : |
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Website : |
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Area : |
730 Sq. ft. |
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Location : |
Leased |
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Factory : |
53, Sanskruti Prasad, Ram Maruti Road, Thane (West), 400602,
Maharashtra, India. |
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Tel. No.: |
91-22-25334380, 25334393 |
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Fax No.: |
91-22-25334380 |
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Location : |
Owned |
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Factory : |
Audgaon, Near to Nasik |
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Location: |
Owned |
DIRECTORS
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Name : |
Mr. Rajiv Narayan Nair |
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Designation : |
Director |
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Address : |
A/104, Sai Ganesh Kutir, Vijay Nagar, Kalyan (East), Mumbai – 421306,
Maharashtra, India |
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Date of Birth/Age : |
10.02.1976 |
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Qualification : |
B. Com |
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Date of Appointment : |
14.02.2007 |
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Name : |
Mr. Jatin Somaiya |
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Designation : |
Director |
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Address : |
31, Neeta Apartment, Bhakti Marg, Mulund (West), Mumbai – 400 080,
Maharashtra, India |
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Date of Birth/Age : |
35 Years |
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Qualification : |
B. Com |
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Date of Appointment : |
14.02.2007 |
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Name : |
Mr. Raju Navani |
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Designation : |
Director |
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Address : |
Flat No. C-7, Mirani Nagar, Kopri Colony, Thane (East), Maharashtra,
India |
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Date of Birth/Age : |
25.08.1967 |
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Qualification : |
B. Com |
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Date of Appointment : |
14.02.2007 |
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Name : |
Mr. Mohan Anant Mulye |
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Designation : |
Director |
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Address : |
A/204, Sanmitra Co. Op. Soc; Kopri Road, Naupada, Thane (West), Mumbai
– 400602, Maharashtra, India |
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Date of Birth/Age : |
05.02.1978 |
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Qualification : |
Mech. Engg |
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Date of Appointment : |
14.02.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 16.06.2000
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Names of Shareholders |
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Mr. Ravindra Hing Wala |
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Mr. Jatin Somaiya |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Polymer Compounds. |
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Exports : |
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Countries : |
v Gulf Countries v European
Countries |
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Imports : |
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Products : |
Resins |
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Countries : |
v Korea v China |
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Terms : |
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Selling : |
L/C, Cash / Credit |
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Purchasing : |
L/C, Cash / Credit |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
60 |
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Bankers : |
v Bank of India,
Churchgate Branch v Indian Overseas
Bank, Arjun Towers, Gokhale Road, Naupada, Thane – 400602, Maharashtra, India |
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Facilities : |
C/C, Rs. 94.500 millions. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
A H Nagada, Chartered Accountants |
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Address : |
Mulund |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,00,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.500
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
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Sales Turnover |
900.000 |
403.100 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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This form is for |
Creation of charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24134MH2000PTC127254 |
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Name of the company |
SYNOPRENE POLYMERS PRIVATE LIMITED |
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Address |
B/6/9, Apurva Industrial Complex, Asan Gaon, Thane – 421601,
Maharashtra, India |
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Type of Charges |
v Book Debts v Movable property
(not being pledge) |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Bank of India Address: Churchgate Branch, Mumbai South Zone, Jamshetji Tata Road, Eros Building, Mumbai – 400020, Maharashtra, India |
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Nature or description of the instrument creating or modifying the charge |
Hypothecation Cum Loan Agreement (Plant and Machinery, Stocks and Book Debts) |
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Date of the instrument creating charge |
24.02.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 120.500 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest Interest at the rate of 1% below The Bank’s Bench Mark Prime Lending Rate (BPLR) Rising or Falling, with a minimum of 11.5% p.a. (b) Terms of repayment Term Loan : Repayable in 60 EMI of Rs. 571808/- Cash Credit (Stocks and Book Debts) / EPC / FBP / FBD : On Demand (c) Margin As Per Sanction Terms (d) Extent and operation of the charge To Secure Various Facilities Aggregating to Rs. 120.500 millions granted by the Bank as under: (1) Term Loan : Rs. 26.000 millions (2) Cash Credit (Stocks) : Rs. 29.500 millions (3) Cash Credit (Book Debts) : Rs. 35.000 millions (4) EPC / FBP / FBD : Rs. 30.000 millions |
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Short particulars of the Property charged |
The Borrower Hypothecates by way of first charge in favour of the bank: (1) Machineries i.e. Twin Screw Automatic Pelletising Set 2 Sets, Extrusion set with kneader (Manual) – 4 sets, Automatic Pelletising Set – 1 Set and High Speed mixture – 2 Nos. (2) Stocks namely PVC Resin, DOP, CPW, Antimony Trioxide and other chemicals stored at Mumbai or wherever else the same may be. (3) All the Present and Future Book Debts, Outstandings, Money Receivables, Claims, Bills Due and Owing. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
Form 8
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Name of the company |
SYNOPRENE POLYMERS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Letter of Hypothecation dated 28.09.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.376 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1. Stock of Raw materials, Work In Progress, Finished goods lying in factory premises at Gala No.6 to 9, Apurva Industrial Complex, Asan Gaon, Dist. Thane along with present and future receivables of the Company. 2. Plant and machinery (existing as well as to be purchased in future) and other fixed assets of the company lying at the factory premises at Gala No. 6 to 9. Apurva Industrial Complex, Asan Gaon, Dist. Thane |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin: Stock 25% Book Debts 50% Rate of Interest BPLR + 0.25% i.e. 11.25% |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank, Thane (West) Branch |
Table
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Parameters |
Details |
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Statutory
Approvals |
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Income Tax Registration PAN |
AAECS9682D |
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Central Sales Tax Registration |
27550391477 |
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State Sales Tax Registration |
2755039477 |
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VAT Registration |
27550391477 V |
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Import Export Code |
0306021587 |
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Name Of Bank |
Bank of India |
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Current Account Number |
001030110000012 |
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Account Since |
2 Years |
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Trade
Affiliations |
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SSI Registration |
Yes |
Trade References
v Supreme Industries Limited, Noida Co. Op. Office in Mumbai
v Cable Corporation of India, Mumbai
v Consult Technic India Private Limited, Faridabad
Profile
Subject is an ISO 9002 Certified Company, established in 1994, is one of the fastest growing company specialized in the manufacturing of Hi performance, cost effective and import substitute compounds of PVC, Thermoplastic Elastomers, Thermoplastic Rubber, Thermoplastic Olefins, Engineering filled PP Compounds and Master batches.
The company has set internationally high standards and guidelines for meeting
the quality parameters. Stringent quality control & functional tests are
conducted to ensure that the product meets the customers quality
specifications.
The company has a well-knit team of qualified & trained technical staff
with years of experience who has the requisite knowledge and experience to
execute the jobs to perfection.
The compounds manufactured by the company are sold under the trademark as
"SynopreneTM".
The company's products have found applications in various industrial segments
such as Automotive, Wire and Cables, Footwear, Packaging, Medical and Home
Appliance Industries.
The Endeavor of the company is to entrench the position and foray into the international
markets. They are determined to progress towards globalization and capitalize
on the emerging opportunities in the local markets.
Research & Development
The company lays tremendous emphasis on the product quality and keeping in line
with this has set up its in house state of art laboratory.
Constant Research & Development has enabled the company to indigenously manufacture various compounds imported by the country in Polymer industry.
Quality Policy
Its the constant endeavor to identify and formulate innovative and cost effective compounds for existing and new applications.
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 :
The 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.
The 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 41.38 |
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UK Pound |
1 |
Rs. 80.76 |
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Euro |
1 |
Rs. 63.89 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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30 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, they have no basis upon which to
recommend credit dealings |
No Rating |
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