MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SYNDICATE WIPER SYSTEMS PRIVATE LIMITED |
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Formerly Known As : |
BOMBAY COMMERCIAL SYNDICATE |
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Registered Office : |
23 Zakaria Aghadi Estate, Marol-Maroshi Road, Marol, Andheri (East),
Mumbai – 400059, Maharashtra |
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Country : |
India |
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Date of Incorporation : |
14.09.2007 |
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Com. Reg. No.: |
174156 |
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CIN No.: [Company
Identification No.] |
U35990MH2007PTC174156 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Importer of Wiper Arms and Blades, Gauge Oil Levels,
Wiper Link Assembly etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Sunil Shaik, Account Manager Parted business details of the
company. Syndicate Wiper Systems Private Limited is successor of Bombay
Commercial Syndicate, a well established partnership concern. Trade relations are fair. Payments are correct and as per commitments. The company is doing well. It can be considered good for any normal business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered/ Head Office : |
23 Zakaria Aghadi Estate, Marol-Maroshi Road, Marol, Andheri (East),
Mumbai – 400059, Maharashtra, India |
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Tel. No.: |
91-22-29207531-32-33-34 |
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Fax No.: |
91-22-29206089 |
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E-Mail : |
synwipe@vsnl.com, bcs_ho@sndicatewiper.com,
ho@syndicatewiper.com |
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Website : |
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Corporate Office : |
8/9, New Nandu Industrial Estate, Mahakali Caves Road, Andheri (East),
Mumbai – 400093, Maharashtra, India |
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Factory : |
Plant 1 A-416, TTC Industrial Area, MIDC, Thane Belapur Road, Mahape, Navi
Mumbai – 400701, Maharashtra, India Tel No.:91-22-27781327/ 36/ 2328 Fax No.:91-22-27781740 Email : bcs_mahape@sndicatewiper.com Plant 2 A123/124, TTC Industrial Area, MIDC, Thane Belapur Road, Pawne, Navi
Mumbai – 400705, Maharashtra, India Tel No.:91-22-27687139/ 14289 Fax No.:91-22-27615770 Email : bcs_pawne@sndicatewiper.com Plant 3 8/9, New Nandu Industrial Estate, Mahakali Caves Road, Andheri (East),
Mumbai – 400093, Maharashtra, India Tel No.:91-22-26870492 Fax No.:91-22-26870630 |
DIRECTORS
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Name : |
Mr. J. S. Chandhok |
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Designation : |
Director |
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Address : |
Rushi Tower, Swami Samarth Nagar, Lokhandwala, Andheri (West), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
90 years |
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Experience : |
60 years |
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Name : |
Mr. L. S. Chandhok |
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Designation : |
Director |
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Address : |
Rushi Tower, Swami Samarth Nagar, Lokhandwala, Andheri (West), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
51 years |
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Name : |
Mr. P. S. Chandhok |
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Designation : |
Director |
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Address : |
Rushi Tower, Swami Samarth Nagar, Lokhandwala, Andheri (West), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
50 years |
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Name : |
Mrs. Jatinder Kaur |
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Designation : |
Director |
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Address : |
Rushi Tower, Swami Samarth Nagar, Lokhandwala, Andheri (West), Mumbai, Maharashtra, India |
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Date of Birth/Age : |
44 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Importer of Wiper Arms and Blades, Gauge Oil Levels,
Wiper Link Assembly etc. |
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Products : |
· Wiper Arms and
Blades · Gauge Oil Levels · Wiper Link
Assembly |
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Exports : |
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Products : |
Wiper Blades |
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Countries : |
· USA · Mauritius · Tanzania · Sri
Lanka |
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Imports : |
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Products : |
Wiper Rubber |
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Countries : |
· Japan · Korea |
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Terms : |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Suppliers : |
The Company Supply Wiper Arm and Blades to all Indian Vehicle Manufacturers. |
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Customers : |
CARS v Maruti Udyog Limited (Suzuki) v Hyundai Motor India Limited v TATA Motors (Car Div) v FIAT India. v Daewoo Motors v Honda Siel (OLG) v Ford India v General Motors India v Lotus Cars (UK) v Proton (Malaysia) v Mahindra & Mahindra v Hindustan Motors v Reva Electric Car Co. TRUCKS / BUSES v
TATA Motors (Truck Div) v
Ashok Leyland v
Eicher Mitsubishi v
MAN Force Motors Limited v
Asia Motor Works v
Swaraj Mazda v
Force Motors v
Volvo (Under Development) v
Mahindra International v
Coach Body Builders v
ACGL Bus Body Builders v
ELGI Equipments 3 Wheelers v
Bajaj Auto v
Piaggio Greaves v
Scooter India |
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No. of Employees : |
500 |
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Bankers : |
· Oriental Bank of Commerce Leamington Road Branch, Mumbai, Maharashtra, India Facility : Credit Limit : Rs. 50.000 millions · HDFC Bank Limited Andheri (West), Mumbai, Maharashtra, India Facility : Credit Limit : Rs. 10.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Prafull M. Joshi and Company Chartered Accountants, |
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Address : |
Mahavir Mansion, Dhobhi Talao, Mumbai, Maharashtra, India |
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Tel No.: |
91-22-22061692 |
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Fax No.: |
91-22-22031219 |
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Associates/Subsidiaries : |
Syndicate Exhaust
Systems (Private) Limited 390, Takur Budruk, Vadgaon, Next to Tetra Pack, Vadgaon Pune, Maharashtra, India Syndicate Auto
Components Uttranchal |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
(Management Claims)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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600.000 |
550.000 |
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Expected Sales (2008-09): Rs.650.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
· TATA
· Maruti Udyog Limited
· Hyundai Motors India Limited
· Ashok Layland Limited
· Daewoo Motors Limited
· Fiat India Limited
· Honda Siel Limited
· Telco Limited
· Eicher Motors Limited
· Swaraj Mazda
· Mahindra Nissan
· Mahindra & Mahindra
· Hindustan Motors
· Bajaj Tempo Limited
· Bajaj Auto Limited
· Elgi Equipments Limited
· Coach Body Builders
· Ford, GM, Volvo (Under Development)
As per website details
Profile
Largest manufacturer of windshield wiper arms and blades in India, since
1964.
Vision and mission is highest levels of Customer Satisfaction
Advanced facilities for manufacturing and development
Quality systems certified to ISO/TS:16949:2002
Obtained 100PPM certification from Hyundai Motor India Ltd.
World class Products:-
Strategic alliance with Fukoku, Japan for wiper rubber elements
International design of Wiper blade frame
Long life capability for performance
Their Customer
Philosophy:-
SYNDICATE®
specializes in the production and marketing of high-quality windshield wiper
arm and blade and makes a major contribution to safer driving. It assures
superior quality and is used in a wide range of heavy and light commercial
vehicles as Original Equipment SYNDICATE® wipers have earned a lot of trust
which is illustrated by the fact that vehicle manufacturers use their wiper
arms and blades as the standard original equipment in their vehicles
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.44 |
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UK Pound |
1 |
Rs.79.62 |
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Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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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54 |
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, we have no basis upon which to
recommend credit dealings |
No Rating |
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