MIRA
INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYNERGIC INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No.6/16, Flat No.9, Raghudurg Apartment, Dixit Petrol Pump Lane,
Karve Road, Pune – 411 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.09.1993 |
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Com. Reg. No.: |
11-74100 |
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CIN No.: [Company
Identification No.] |
U40100MH1993PTC074100 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES03202d |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Exporters and Installers of Solar systems for water
heaters and electrical works. |
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 6000 |
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Status : |
Small Company |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established manufacturer of Solar Equipments. Trade
relations are fair. Payments are usually correct and as per commitment.
Profit margin is low. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office Factory : |
Plot No.6/16, Flat No.9, Raghudurg Apartment, Dixit Petrol Pump Lane, Karve
Road, Pune – 411 004, Maharashtra, India |
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Tel. No.: |
91-20-25423481 |
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Fax No.: |
91-20-25466384 |
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E-Mail : |
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Sales Office : |
Office No.3, 2nd Floor, 7/10 Botawala Building Horniman
Circle Fort. Mumbai – 400 023, Maharashtra, India |
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Tel. No.: |
91-22-22677617/ 22677668 |
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E-Mail : |
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Factory : |
Sarve No.166, Shop No.4. Dalvi Industrial Estate, Back to Ganesh
Karyala, Near Nanded Phata, Pune, Maharashtra, India |
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Tel. No.: |
91-20-64705321 |
DIRECTORS
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Name : |
Mrs. Veena Dileep Deshpande |
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Designation : |
Director |
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Address : |
Shankarvrinda Housing Society, Kothrud, Pune -411 004, Maharashtra,
India |
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Date of Birth/Age : |
18.07.1956 |
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Date of Appointment : |
24.09.1993 |
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Name : |
Mr. Dilip R. Limaye |
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Designation : |
Director |
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Address : |
111, Presidential Boulevard, Halacynwood, PA – 190 004, USA, India |
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Date of Birth/Age : |
04.08.1943 |
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Date of Appointment : |
24.09.1993 |
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Name : |
Mr. Vikram R. Limaye |
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Designation : |
Director |
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Address : |
1786, Wain Wright Drive, Restone, VA – 22090, USA, India |
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Date of Birth/Age : |
24.05.1963 |
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Date of Appointment : |
24.09.1993 |
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Name : |
Mr. Vasu R |
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Designation : |
Director |
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Address : |
S-1, 2nd Floor, Rajatha Manor, 30, Patlamma Temle, Street
Basavas, Banglore – 560 004, Karnataka |
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Date of Birth/Age : |
30.12.1952 |
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Date of Appointment : |
16.07.1999 |
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Name : |
Mr. Shishir Jayantilal Khandelwala |
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Designation : |
Director |
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Address : |
B/403, Milton Apartment, Azad Road, Juhu Koliwade, Satacruz-(West),
Mumbai – 400 049, Maharashtra, India |
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Date of Birth/Age : |
03.05.1953 |
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Date of Appointment : |
25.01.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Veena Dileep Deshpande |
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10000 |
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Mr. Dilip R. Limaye |
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80000 |
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Mr. Vikram R. Limaye |
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10000 |
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Total |
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100000 |
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(As On
18.06.2008) |
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Names of Allottees |
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No. of Shares |
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Mr. Shishir Jayantilal Khandelwala |
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50000 |
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Total |
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50000 |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Exporters and Installers of Solar systems for water
heaters and electrical works. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
Hospitals
Hotel
Health Club
Residential
Complex
Dairy
Industries
Street Lighting
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No. of Employees : |
20 |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. S. Godbole and Associate Chartered Accountants |
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Address : |
67/2, Uberoi House, Nal Stop, Karve Road, Pune – 411 004, Maharshtra,
India |
CAPITAL STRUCTURE
(As On 29.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.622 |
0.622 |
0.622 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.415) |
(0.554) |
(0.494) |
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NETWORTH |
1.207 |
1.068 |
1.128 |
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LOAN FUNDS |
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1] Secured Loans |
1.116 |
0.833 |
0.021 |
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2] Unsecured Loans |
0.755 |
0.540 |
0.609 |
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TOTAL BORROWING |
1.871 |
1.373 |
0.630 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
3.078 |
2.441 |
1.758 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.132 |
0.138 |
0.078 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.393 |
0.001 |
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 |
1.244
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1.074 |
1.082 |
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Sundry Debtors |
3.652
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1.352 |
2.663 |
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Cash & Bank Balances |
0.078
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0.251 |
0.094 |
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Other Current Assets |
0.000
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0.000 |
0.001 |
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Loans & Advances |
1.058
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1.049 |
0.336 |
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Total
Current Assets |
6.032
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3.726 |
4.176 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.658
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1.694 |
2.455 |
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Provisions |
0.105
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0.137 |
0.392 |
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Total
Current Liabilities |
3.763
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1.831 |
2.847 |
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Net Current Assets |
2.269
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1.895 |
1.329 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX NET |
0.284 |
0.407 |
0.351 |
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TOTAL |
3.078 |
2.441 |
1.758 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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12.479 |
4.415 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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12.479 |
4.415 |
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Profit/(Loss) Before Tax |
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0.364 |
(0.095) |
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Provision for Taxation |
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0.093 |
0.000 |
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Profit/(Loss) After Tax |
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0.271 |
(0.095) |
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Earnings in Foreign Currency : |
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N.A |
183440 |
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Expenditures : |
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Depreciation & Amortization |
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0.016 |
0.010 |
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Other Expenditure |
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12.099 |
4.500 |
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Total Expenditure |
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12.115 |
4.510 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.71
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2.15 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
2.91
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2.15 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.90
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2.45 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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0.30
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0.08 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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4.66
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3.00 |
3.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.60
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2.03 |
1.46 |
LOCAL AGENCY
FURTHER INFORMATION
About us
Subject has been active in the field of solar thermal systems and PV based
technologies, since it's inception in the year 1992. They have over 3500
successful installations performing to the fullest satisfaction of their proud
owners. Subject has catered to the needs of various types of consumers - homes,
hospitals, hotels, hostels, dairies and industries.
Subject's mission is to contribute to the reduction in environmental pollution
by utilizing renewable sources of energy, there by improving the quality of
life for individuals while simultaneously providing attractive returns to its
customers and investors.
Subject has a team of dedicated, skilled and experienced professionals, ready
to deliver prompt and appropriate water heating and lighting solutions through
solar technology. Subject has cultivated and established it's brand through
quality of the product as well as services and support.
Subject is promoted by Mr. Dilip Limaye who is based in USA. Mr. Limaye has
been a senior advisor to international organizations such as World Bank,
International Finance Corporation, United Nations, USAID, etc. and has
conducted a number of projects for these organizations.
Mr. Limaye has established number of international organizations in a wide
range of fields including energy efficiency, renewable energy, global climate
change. Mr. Limaye has successfully implemented business models in the fields
of renewable energy and energy services.
Mr. Limaye is IIT Gold Medalist from Mumbai (India). After doing his MS from
Cornell University USA
He has completed his PhD from University of Pennsylvania. Mr Limaye has
published 6 Books and presented over50 technical papers at national and
international conferences.
Subject has tied up with Jiawei Solar china (Shenzhen) Company Limited. For
marketing their panels and other products in the Indian market. Jiawei solar is
one of the largest in the world in the field of Photovoltaic and is proposing
to come up with an IPO in US markets very soon.
Today, Subject is geared to meet the challenges posed by various factors in the
Indian economy and particularly in the power sector. The pursuit of
economical and dependable sources of power for industrial as well as domestic
applications has thrown up new challenges which Subject is gearing to meet
effectively. Subject is poised to perform a vital and effective role in the
field of solar energy and its applications, thus fulfilling its commitment
towards the society and nation.
News Announcements
During the last 12 months
- Installed 250 nos. of solar street lights.
- Installed 283 nos. solar home lights.
- Sold 2650 nos. of solar lanters to govt. organization viz.
- Ministry of Non-conventional Energy Sources (MNES) Maharashtra
Energy Development Agency.
- Municipal Corporations.
- Zilla Parishad
2007-2008
- Developed power LED based Home Light system (With built-in
mobile charger facility)
- Developed power LED based Street Light systems (which are
brighter and cheaper than
- Conventional CFL Solar Street lights)
- Developed Solar Sea Float Blinker.
- Developed Solar Hoarding lights.
- Developed Solar Cool Caps
- Developed Solar Battery Charger for Hearings Aid
- Developed Solar Mobile charger
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
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Indian Rupees |
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US Dollar |
1 |
Rs.47.59 |
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UK Pound |
1 |
Rs.74.55 |
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Euro |
1 |
Rs.60.57 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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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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36 |
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 |
|
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 |
|
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, we have no basis upon which to
recommend credit dealings |
No Rating |
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