1. Summary Information
|
|
|
Country |
|
|
Company Name |
SYNOPRENE POLYMERS PRIVATE LIMITED |
Principal Name 1 |
Mr. Rajeev Narayan Nair |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Jatin Harilal Somaiya |
|
|
|
Registration # |
11-127254 |
|
Street Address |
B/6/9, Apoorva Industrial Complex, Asan Gaon, Shahapur, Thane – 421
601, |
||
|
Established Date |
19.06.2000 |
SIC Code |
-- |
|
Telephone# |
91-2527-240556 / 91-22-25614393 / 94 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-25614395 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Polymer Compounds |
|
|
# of employees |
80 [Approximately] |
Product Name 2 |
PVC Polymer Compounds |
|
Paid up capital |
Rs.30,000,000/- |
Product Name 3 |
Thermally Stable PVC Polymer Compounds |
|
Shareholders |
-- |
Banking |
IDBI Bank Limited Bank
of |
|
Public Limited Corp. |
No |
Business Period |
11 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba [45] |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
314,612,000 |
Current Liabilities |
255,101,000 |
|
Inventories |
185,602,000 |
Long-term Liabilities |
248,847,000 |
|
Fixed Assets |
59,117,000 |
Other Liabilities |
9,788,000 |
|
Deferred Assets |
0 |
Total Liabilities |
513,736,000 |
|
Invest& other Assets |
18,131,000 |
Retained Earnings |
32,342,000 |
|
|
|
Net Worth |
63,726,000 |
|
Total Assets |
577,462,000 |
Total Liab. & Equity |
577,462,000 |
|
Total Assets (Previous Year) |
425,609,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
864,920,000 |
Net Profit |
2,006,000 |
|
Sales(Previous yr) |
658,583,000 |
Net Profit(Prev.yr) |
12,187,000 |
MIRA
INFORM REPORT
|
Report Date : |
08.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SYNOPRENE POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
B/6/9, Apoorva Industrial Complex, Asan Gaon, Shahapur, Thane – 421
601, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
19.06.2000 |
|
|
|
|
Com. Reg. No.: |
11-127254 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24134MH2000PTC127254 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM2227C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECS9682D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business : |
Manufacturer and Exporter of Polymer Compounds like PVC Polymer Compounds
conducting PVC Polymer Compounds and Thermally Stable PVC Polymer Compounds. |
|
|
|
|
No. of Employees
: |
80 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
|
|
|
|
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
Maximum Credit Limit : |
USD 254000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Ms. Uma |
|
Designation : |
Key Executive |
|
Contact No.: |
91-22-25614393 |
|
Date : |
05.08.2011 |
|
|
|
|
Name : |
Mr. Jatin Somaiya |
|
Designation : |
Director |
|
Contact No.: |
91-9892270073 |
|
Date : |
03.08.2011 |
LOCATIONS
|
Registered Office/ Factory : |
B/6/9, Apoorva Industrial Complex, Asan Gaon, Shahapur, Thane – 421
601, |
|
Tel. No.: |
91-2527-240556 / 91-22-25614393 / 94 |
|
Mobile No.: |
91-9892270073 (Mr. Jatin Somaiya) 91-9223372607 (Customer Care) |
|
Fax No.: |
91-22-25614395 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
13000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Located at: v
J-79-82, Atgaon Industrial Premises, Shapur, Thane
- 421602 |
|
Location: |
Owned |
|
|
|
|
Corporate Office : |
201-A, |
|
Tel. No.: |
91-22-25614393/ 94 |
|
Fax No.: |
91-22-25614395 |
DIRECTORS
|
Name : |
Mr. Rajeev Narayan Nair |
|
Designation : |
Director |
|
Address : |
A/104, Sai Ganesh Kutir, Vijay Nagar, Kalyan (East), Kalyan – 421306, |
|
Date of Birth/Age : |
10.02.1976 |
|
Qualification : |
MBA |
|
Date of Appointment : |
14.02.2007 |
|
DIN : |
00872227 |
|
|
|
|
Name : |
Mr. Jatin Harilal Somaiya |
|
Designation : |
Director |
|
Address : |
2003, 20th Floor, Tridev Apartments, Bhakti Marg, Opposite
Vardhanar Nagar, Mulund (West), Mumbai – 400 080, |
|
Date of Birth/Age : |
03.03.1973 |
|
Qualification : |
MBA |
|
Date of Appointment : |
19.06.2000 |
|
DIN : |
01486690 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2008
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
Jatin Harilal Somaiya |
397700 |
|
Trupti Jatin Somaiya |
10000 |
|
Daksha N Mehta |
600 |
|
Dipsingh H. Jadeja |
600 |
|
Jitendra P. Shiyad |
600 |
|
Lata Vyas |
600 |
|
Sanjay C. Bakrani |
600 |
|
Total
|
410700 |
As on 31.03.2009
|
Names of Allottees (Equity Shares) |
|
No. of Shares |
|
Bubna Stock Broking Private Limited, Kolkata |
|
64000 |
|
Fairmont Venture Private Limited, Mumbai |
|
20000 |
|
Goyal Finance Limited, |
|
130000 |
|
Kalpindra Multi Trade Private Limited, Thane |
|
75000 |
|
Nimbus Industries Limited, Mumbai |
|
26000 |
|
REL Internationals Limited,Ahmedabad |
|
95650 |
|
Teri Towel Industries Limited, Mumbai |
|
60000 |
|
Total |
|
470650 |
As on 06.09.2008
|
Category |
|
Percentage of Holding |
|
Directors
or relatives of directors |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polymer Compounds like PVC Polymer
Compounds conducting PVC Polymer Compounds and Thermally Stable PVC Polymer
Compounds. |
||||
|
|
|
||||
|
Products : |
v Cross Linked Polyethylene (XLPE) v Thermoplastic Elastomers (TPE) v Thermoplastic Vulcanizates (TPV) |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||
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No. of Employees : |
80 [Approximately] |
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Bankers : |
|
||||||||||||||||||
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
A.H. Nagada and Associates Chartered Accountants |
|
Address : |
2, New Laxmi Niwas, |
|
Tel. No.: |
91-22-25900870 / 71 |
|
E-Mail : |
|
|
PAN No.: |
ABZPN0360J |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
30.000 |
4.157 |
|
|
2] Share Application Money |
1.384 |
0.484 |
0.000 |
|
|
3] Reserves & Surplus |
32.342 |
30.336 |
21.550 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
63.726 |
60.820 |
25.707 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
201.592 |
179.316 |
125.090 |
|
|
2] Unsecured Loans |
47.255 |
51.909 |
55.029 |
|
|
TOTAL BORROWING |
248.847 |
231.225 |
180.119 |
|
|
DEFERRED TAX LIABILITIES |
5.099 |
4.832 |
3.507 |
|
|
|
|
|
|
|
|
TOTAL |
317.672 |
296.877 |
209.333 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
59.117 |
62.507 |
63.839 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
17.748 |
6.278 |
1.827 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
185.602
|
135.467
|
90.341
|
|
|
Sundry Debtors |
295.753
|
203.415
|
154.929
|
|
|
Cash & Bank Balances |
0.347
|
0.925
|
0.088
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
18.512
|
16.185
|
12.015
|
|
Total
Current Assets |
500.214
|
355.992
|
257.373 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.929
|
|
|
Current Liabilities |
255.101
|
124.060
|
110.934
|
|
|
Provisions |
4.689
|
4.672
|
2.524
|
|
Total
Current Liabilities |
259.790
|
128.732
|
114.387
|
|
|
Net Current Assets |
240.424
|
227.260
|
142.986
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.383 |
0.832 |
0.681 |
|
|
|
|
|
|
|
|
TOTAL |
317.672 |
296.877 |
209.333 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income [Sales] |
864.920 |
658.583 |
401.253 |
|
|
|
Other Income |
0.935 |
0.653 |
0.737 |
|
|
|
TOTAL (A) |
865.855 |
659.236 |
401.990 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
852.507 |
636.283 |
386.864 |
|
|
|
Administrative and other Expenses |
12.902 |
12.983 |
13.078 |
|
|
|
Increase / Decrease in Stocks |
[50.135] |
[45.125] |
[32.276] |
|
|
|
TOTAL (B) |
815.274 |
604.141 |
367.666 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
50.581 |
55.095 |
34.324 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
43.376 |
34.228 |
17.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.205 |
20.867 |
16.967 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.931 |
5.009 |
3.495 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2.274 |
15.858 |
13.472 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.268 |
3.671 |
4.981 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2.006 |
12.187 |
8.491 |
|
|
|
|
|
|
|
|
|
Less |
Short Excess
Provision for tax |
0.000 |
0.193 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
22.180 |
10.186 |
1.695 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
24.186 |
22.180 |
10.186 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.89 |
29.67 |
20.67 |
|
|
Particulars |
|
|
31.03.2011 |
|
|
|
|
|
|
Sales Turnover [Approximately] |
|
|
1000.000 |
|
|
|
|
|
The above information has been parted by Ms. Uma [Key Executive]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.23
|
1.85 |
2.11
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.26
|
2.41 |
3.36
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.41
|
3.79 |
4.19
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.26 |
0.52
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.98
|
5.92 |
11.46
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.92
|
2.76 |
2.25
|
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Name of the company |
SYNOPRENE POLYMERS PRIVATE LIMITED |
|
1) Date and description of instrument creating the change |
Memorandum of Deposit of Title Deed dated 21.10.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.376 millions |
|
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 |
Mortgage of gala No.6,7,8 and 9 situated at Apurva Industrial
Complex, |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest BPLR + 0.25% i.e. 11.25% |
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank, Thane (West) Branch |
|
6) Date and brief description of instrument modifying the charge. |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
FIXED ASSETS:
v
Industrial Gala
v
Land and Building
v
Plant and Machinery
v
Air Conditioner
v
Computer
v
Water Purifier
v
v
Printer
v
v
Motor Car
v
Fingerprint Attendance
System
WEBSITE DETAILS:
Profile
An ISO 9001:2000 certified company, Subject is a leading
manufacturer and exporter of hi-performance, cost effective and import substitute
compounds of PVC, flexible thermoplastic elastomers, thermoplastic rubber,
thermoplastic olefins, thermoplastic urethanes, engineering filled PP Compounds
and masterbatches. Ever since inception in 1994, the company has been
successfully able to create a niche for itself in both the national and
international markets.
Available under the brand name of Synoprene, their products are known for their
superior quality and international standards. The products that they offer are
used in various industrial applications such as Automotive, Wire and Cables,
Footwear, Packaging, Medical and Home Appliance Industries. They make a
constant effort to technologically upgrade their products so that they are able
to keep pace with the global advancements. Their customization capabilities
have enabled them to maintain a commendable position in the international
market.
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.80 |
|
|
1 |
Rs.72.85 |
|
Euro |
1 |
Rs.63.11 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.