MIRA INFORM REPORT
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Report Date : |
15.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SYNERGY DIAGNOSTICS PRIVATE LIMITED |
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Registered Office : |
127-128, Laxmi Market, 1st Floor, Vartak Nagar, Thane-400606,
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.10.2000 |
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Com. Reg. No.: |
11-129252 |
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CIN No.: [Company
Identification No.] |
U85195MH2000PTC129252 |
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IEC No.: |
0300048106 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES09252A |
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PAN No.: [Permanent
Account No.] |
AAECS9451N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader and Importer of Life Saving Drugs and Medicines. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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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Maximum Credit Limit : |
USD 274744 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. General financial
position is good. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. M.K. Panda |
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Designation : |
Accounts Manager |
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Date : |
14.04.2011 |
LOCATIONS
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Registered Office : |
127-128-129, Laxmi Market, Vartak Nagar, Thane (West), |
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Tel. No.: |
91-22-41424040/ 25888153/ 25888144 |
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Fax No.: |
91-22-25855120 |
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E-Mail : |
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Website : |
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Area : |
1600 sq ft |
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Location : |
Owned |
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Warehouse : |
1/ 2/ 3/ 4, Adarsh Apartment, Sector 20/C, Airoli, Navi Mumbai, |
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Tel. No.: |
91-22-65114172 |
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Area : |
1000 sq ft |
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Location : |
Owned |
DIRECTORS
AS ON 29.09.2010
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Name : |
Mr. Sanjay Bawsay |
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Designation : |
Director |
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Address : |
AL/6/3/14, Ashiana Apartments, Sector-5, Airoli, Navi Mumbai-400708, |
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Date of
Birth/Age : |
25.10.1957 |
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Qualification : |
B.A. with DBM |
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Date of Appointment : |
19.10.2000 |
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Name : |
Mrs. Madhavi Bawsay |
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Designation : |
Chairman cum Managing Director |
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Address : |
AL/6/3/14, Ashiana Apartments, Sector-5, Airoli, Navi Mumbai-400708, |
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Date of
Birth/Age : |
09.12.1958 |
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Qualification : |
Diploma in Nursing |
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Date of Appointment : |
29.01.2001 |
KEY EXECUTIVES
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Name : |
Mr. M.K. Panda |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Sanjay Bawsay |
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9000 |
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Madhavi Bawsay |
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5250 |
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Total |
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14250 |
AS ON 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Life Saving Drugs and Medicines. |
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Agencies Held : |
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Imports : |
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Products : |
Drugs and Medicines |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit (30 days, 60 days,
90 days) |
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Purchasing : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
300 ( Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shyam S. Mhaskar Chartered Accountants |
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Address : |
31, 2nd Floor, Laxmi Niwas CHS, Naupada, Thane (West) – 400
602, |
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Tel. No.: |
91-22-25376574 / 25421615 |
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Associates : |
Address: 127 – 128, Laxmi Market, 1st
Floor, Vartak Nagar, Thane – 400606, Line of Business: Manufacturer of Drugs.
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CAPITAL STRUCTURE
As on 31.03.201
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14250 |
Equity Shares |
Rs.100/-
each |
Rs.1.425
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.425 |
1.425 |
1.425 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
67.261 |
24.539 |
8.923 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
68.686 |
25.964 |
10.348 |
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LOAN FUNDS |
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1] Secured Loans |
69.927 |
13.104 |
9.917 |
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2] Unsecured Loans |
1.377 |
6.090 |
10.834 |
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TOTAL BORROWING |
71.304 |
19.194 |
20.751 |
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DEFERRED TAX LIABILITIES |
0.288 |
0.155 |
0.123 |
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TOTAL |
140.278 |
45.313 |
31.222 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.486 |
11.247 |
12.125 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.875 |
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 |
68.195
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25.011
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18.844 |
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Sundry Debtors |
60.669
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26.397
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18.103 |
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Cash & Bank Balances |
15.820
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1.704
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7.229 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
84.614
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15.622
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6.877 |
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Total
Current Assets |
229.298
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68.734
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51.053 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
52.677
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6.365
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27.938 |
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Other Current Liabilities |
4.605
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5.500
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0.000 |
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Provisions |
50.105
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22.809
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4.026 |
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Total
Current Liabilities |
107.387
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34.674
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31.964 |
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Net Current Assets |
121.911
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34.060
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19.089 |
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MISCELLANEOUS EXPENSES |
0.006 |
0.006 |
0.008 |
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TOTAL |
140.278 |
45.313 |
31.222 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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TOTAL (A) |
410.200 |
201.100 |
132.300 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
72.359 |
29.356 |
8.044 |
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Less |
FINANCIAL
EXPENSES (D) |
2.518 |
2.848 |
3.564 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
69.841 |
26.508 |
4.480 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.379 |
1.025 |
1.189 |
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PROFIT BEFORE
TAX (E-F) (G) |
68.462 |
25.483 |
3.291 |
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Less |
TAX (I) |
25.132 |
9.868 |
1.145 |
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PROFIT AFTER TAX
(G-I) (J) |
43.330 |
15.615 |
2.146 |
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IMPORTS |
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Raw Materials |
298.536 |
128.887 |
77.125 |
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TOTAL IMPORTS |
298.536 |
128.887 |
206.012 |
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Earnings Per
Share (Rs.) |
3040.71 |
1095.83 |
-- |
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Expected Sales (2010-2011) : Rs.550.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
10.56
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7.76
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1.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA
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2.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.32
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31.86
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5.21 |
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Return on Investment (ROI) (PBT/Networth) |
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0.99
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0.98
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0.32 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.60
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2.07
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5.09 |
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Current Ratio (Current Asset/Current Liability) |
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2.13
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1.98
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1.60 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
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Particulars
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Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
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Sundry Creditors other than SSIU |
52.677
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6.365
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27.938 |
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FINANCIAL HIGHLIGHTS:
The turnover of the company for the year 2009-10 almost doubled and reached to Rs.410.200 Millions from the earlier years turnover of Rs.201.100 Millions. There was a substantial increase in the profit of the company in this year 2009-10 which was 68.462 Millions as against last year's profit of Rs.25.483 Millions.
The Company has earned a Profit after Tax of Rs.43.330 Millions as against last year's Profit of Rs.15.615 Millions in the last year, with an increase in the Earning per Share from Rs.1095.83 in the last year to Rs.304.071 in this year.
FIXED ASSETS:
- Land
- Office Premises
- Godown
- Office Equipments
- Furniture and Fixtures
- Plant and Machinery
- Vehicles
- Computers
TRADE REFERENCES:
- Hindustan Aeronautics Limited,
- Vardhman Bio Pharma and Genetics Private Limited
- Shreeji Distributor (Pharma) Private Limited
FORM 8:
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Corporate
identity number of the company |
U85195MH2000PTC129252 |
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This form is for |
Creation of
charge |
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Name of the
company |
SYNERGY DIAGNOSTICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
127 – 128, Laxmi Market, 1st Floor, Vartak Nagar, Thane –
400606, |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Bank of |
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Nature of
description of the instrument creating or modifying the charge |
AGREEMENT OF Hypothecation
for Consumer Loan in Respect of Vehicles |
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Date of
instrument Creating the charge |
09.03.2010 |
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Amount secured by
the charge |
Rs.0.390 million |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 19.25% p.a. / 2.75% below BPLR Terms of
Repayment: 36 equal monthly
installments of Rs. 0.012 Million Margin: NA Extent and
Operation of the charge: The said charge is
a Hypothecation charge of Rs. 0.390 million. to secure vehicle |
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Short particulars
of the property charged |
TATA Model – 207
DI / 31 CC PSAW EX BSR II |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90155370 |
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Corporate
identity number of the company |
U85195MH2000PTC129252 |
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Name of the
company |
SYNERGY DIAGNOSTICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
CIN No.:
U65191PN1943PLC007308 Ratnakar Bank
Limited, Shahupuri, E-Mail: ratnakarbank@eth.net |
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Nature of
description of the instrument creating or modifying the charge |
Deed of Further
Charge |
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Date of
instrument Creating the charge |
03.12.2008 |
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Amount secured by
the charge |
Rs.9.300 millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @ 16.50%
p.a. at monthly rest. Terms of
Repayment: Payable along
with @16.50% p.a. payable monthly rest. Margin: 25% and 10% (By
way of Fixed Deposit) Extent and
Operation of the charge: The said charge
is a mortgage charge on the company’s property situated at Shop No.127, 128
and 129, 1st Floor, Laxmi Market, Vartak Nagar, Thane and Flat No.
A-6 / 3/ 14, Ashiana Apartments, Sector – 5, Airoli, Navi Mumbai belonging to
company’s Director Mr. Sanjay Bawsay to secure the increased cash credit
limit of Rs.7.500 millions from the earlier limit of Rs.5.000 millions making
aggregate mortgage for all loans and credit of Rs.22.775 millions. |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
20.11.2006 |
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Particulars of
the present modification |
With this
modification the original hypothecation charge for cash credit facility
advanced by the Bank of Rs.1.000 million increased to Rs.3.000 millions
further increased to Rs.5.000 millions now increased to Rs.7.500 millions
resulting the original mortgage charge of Rs.2.800 millions increased to
Rs.4.800 millions further increased to Rs.6.800 millions on 20.11.2006 being
further increased to Rs.9.300 millions. |
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Corporate
identity number of the company |
U85195MH2000PTC129252 |
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Name of the
company |
SYNERGY DIAGNOSTICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
127 – 128, Laxmi Market, 1st Floor, Vartak Nagar, Thane –
400606, |
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This form is for |
Modification of
charge |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
BANK OF |
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Nature of
instrument creating charge |
Supplemental Deed
of Hypothecation |
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Date of
instrument Creating the charge |
18/12/2010 |
|
Amount secured by
the charge |
Rs.150.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 1. For Cash
Credit @2.75% Over Br Presently 11.25% P.A. 2. For Wcdl
@3.75% Over Br Presently 12.25% P.A. Terms of
Repayment Repayable With
Interest @2.75% Over Br Presently 11.25% P.A. With Monthly Rest For Cash
Credit Facility and For Wcdl For 6 Months @3.75% Over Br Presently @ 12.25%
P.A. With Monthly Rest. Margin 1. Cash Credit -
25% Against Stock - 40% Against
Book Debts 2. Inland/Foreign
- Bank Guarantee - 20% 3. Inland/Foreign
- Letter Of Credit - 20% Extent and
Operation of the charge By This
Modification Original Hypothecation Charge Of Rs.80.000 Millions Dated 17.12.2009
Increased To Rs.105.000 Millions On 20.08.2010 Further Increased To
Rs.125.000 Millions On 27.08.2010 And Reduced To Rs.100.000 Millions Now
Increased To Rs.150.000 Millions Comprising Of Wcfbl - 5 Crores, Wcdl –
50.000 Millions (6 Months) and Nfbl – 50.000 Millions (Lc-4.500.000 Millions
and Bg .500.000 Millions) |
|
Short particulars
of the property charged |
All Tangible
Movable Machineries Installed In Borrower's Premises Godown At Gala No 127 To
129 Laxmi Market, Vartak Nagar, Thane and Shop No 1 To 4 Plot No.8-81, Sector
- 20 Airoli Navi Mumbai All Tangible Movable Properties Assets and Stocks Of
Raw Material Situtaed At Gala No 127 To 129 Laxmi Market Vartak Nagar Thane
and Shop No 1 To 4 Plot No. 8-81 Sector -20 Airoli Navi Mumbai All Present
And Future Book Debts Outstandings |
|
Date of
instrument modifying the charge |
18/12/2010 |
|
Particulars of
the present modification |
With This
Modification The Original Hypothecation Charge Of Rs.80.000 Millions Increased
To Rs.105.000 Millions Further Increased To Rs.125.000 Millions Reduced To
Rs.100.000 Millions Now Increased To Rs.150.000 Millions |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.48 |
|
|
1 |
Rs.72.36 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.