MIRA
INFORM REPORT
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Report Date : |
12.01.2011 |
IDENTIFICATION DETAILS
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Name : |
SYNERGYTECH AUTOMATION PRIVATE LIMITED |
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Registered Office : |
Gat No.205, A/P - Kasurdi, Khed Shivapur, Saswad Road, Taluka Bhor,
District Pune – 412 205, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
26.12.2003 |
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Com. Reg. No.: |
11-018689 |
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CIN No.: [Company
Identification No.] |
U29119PN2003PTC018689 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNES15138E |
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PAN No.: [Permanent
Account No.] |
AAHCS9857M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Material Handling Equipments
and Welding Fixtures. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 46000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 |
LOCATIONS
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Registered Office/ Factory : |
Gat No.205, A/P - Kasurdi, Khed Shivapur, Saswad Road, Taluka Bhor,
District Pune – 412 205, Maharashtra, India |
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Tel. No.: |
91-9881147037 |
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Fax No.: |
91-2113-281800 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq ft |
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Location : |
Owned |
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Marketing Office : |
‘Indu Smruti’, Plot No.31, Swati Society, Near Telephone Exchange,
Dhanakawadi, Pune – 411 043, |
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Tel. No.: |
91-20-24378901 / 30908828 / 24378900 |
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Fax No.: |
91-20-24378900 |
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E-Mail : |
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Website : |
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Area : |
1500 sq ft |
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Location : |
Rented |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Narendra Mahadev Chaudhari |
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Designation : |
Managing Director |
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Address : |
31, Swati Housing Society, Dhankawadi, Pune – 411 043, |
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Date of Birth/Age : |
05.12.1971 |
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Date of Appointment : |
26.12.2003 |
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DIN No.: |
01839201 |
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Name : |
Mr. Dhananjay Narharrao Sirsikar |
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Designation : |
Director |
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Address : |
Flat No.5, Amolak, Apartments, Kanchanganga Society, Bibwewadi, Pune
- 411 037, |
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Date of Birth/Age : |
31.07.1968 |
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Date of Appointment : |
26.12.2003 |
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DIN No.: |
01839176 |
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Name : |
Mr. Sanjay Vithal Jakkal |
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Designation : |
Director |
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Address : |
E-1/17, New |
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Date of Birth/Age : |
25.10.1966 |
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Date of Appointment : |
26.12.2003 |
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DIN No.: |
01826668 |
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Name : |
Mr. Sudheer Suresh Gavankar |
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Designation : |
Director |
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Address : |
S.No.55/ 7 B, |
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Date of Birth/Age : |
18.10.1972 |
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Date of Appointment : |
26.12.2003 |
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DIN No.: |
01839223 |
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Name : |
Mr. Ashok Ramchandra Dalvi |
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Designation : |
Director |
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Address : |
S.No.47, Sunita Nagar, Near Tata Guard Room, Wadgaon Sheri, Pune – 411
014, |
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Date of Birth/Age : |
10.11.1963 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
02200095 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
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Dhananjay Narharrao Sirsikar |
7500 |
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Narendra Madhav Choudhari |
7500 |
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Sanjay Vithal Jakkal |
7500 |
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Sudheer Suresh Gavankar |
7500 |
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Reetarani Chaudhari |
6000 |
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Sumedha Sirsikar |
6000 |
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Usha Jakkal |
6000 |
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Chrusheela Gavankar |
6000 |
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Total |
54000 |
As on 30.09.2010
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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 : |
Manufacturer, Exporter and Importer of Material Handling Equipments
and Welding Fixtures. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Robots |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit ( 60 Days) |
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Purchasing : |
L/C, Cash, Credit ( 60 Days) |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
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Actual
Production |
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Jigs and Fixtures |
Nos. |
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6449 |
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Set |
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3 |
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MTR |
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15 |
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KG |
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3317 |
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Rail System |
Nos. |
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4033 |
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MTR |
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1781.7 |
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Set |
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31 |
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Conveyors |
Nos. |
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10 |
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Set |
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61 |
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M.S. Scrap |
KG |
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13447 |
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Control Pannel |
Nos. |
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115 |
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Parts for Jigs and Fixtures Other |
Nos. |
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73 |
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Parts for Jigs and Fixtures Other |
Nos. |
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2 |
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Total
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29337.7 |
GENERAL INFORMATION
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Customers : |
OEM’s and Manufacturer
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No. of Employees : |
25 (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 : |
Joshi and Apte and Company Chartered Accountants |
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Address : |
“Dwarka”, First Floor, 2 Phatak Baug Society, 999, Navi Peth, Pune –
411 030, |
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Tel No: |
91-20-24533188 |
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Fax No: |
91-20-24532991 |
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E-mail: |
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Web site: |
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PAN No.: |
AAAFJ9696H |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/-each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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54000 |
Equity Shares |
Rs.100/-each |
Rs.5.400
Millions |
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As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs.100/-each |
Rs.6.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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54000 |
Equity Shares |
Rs.100/-each |
Rs.5.400
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 |
5.400 |
5.400 |
3.000 |
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2] Share Application Money |
0.600 |
0.600 |
0.000 |
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3] Reserves & Surplus |
5.564 |
4.601 |
1.708 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.564 |
10.601 |
4.708 |
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LOAN FUNDS |
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1] Secured Loans |
29.761 |
16.553 |
15.618 |
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2] Unsecured Loans |
0.489 |
0.589 |
2.939 |
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TOTAL BORROWING |
30.250 |
17.142 |
18.557 |
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DEFERRED TAX LIABILITIES |
0.467 |
0.517 |
0.000 |
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TOTAL |
42.281 |
28.260 |
23.265 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
30.362 |
28.107 |
24.691 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.218 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
11.950
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11.443
|
4.285 |
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Sundry Debtors |
28.688
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20.425
|
13.135 |
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Cash & Bank Balances |
4.334
|
2.914
|
2.705 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
8.730
|
6.406
|
3.098 |
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Total
Current Assets |
53.702
|
41.188
|
23.223 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
21.973
|
25.432 |
17.875 |
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Other Current Liabilities |
8.278
|
7.535
|
2.017 |
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Provisions |
11.532
|
8.069
|
4.975 |
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Total
Current Liabilities |
41.783
|
41.036
|
24.867 |
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Net Current Assets |
11.919
|
0.152
|
(1.644) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.281 |
28.260 |
23.265 |
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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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Income |
NA |
117.497 |
85.801 |
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Other Income |
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|
7.044 |
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TOTAL
(A) |
NA |
117.497 |
92.845 |
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Less |
EXPENSES |
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NA |
|
68.827 |
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Employees emoluments |
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|
10.374 |
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Sales, administration and other expenses |
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|
6.753 |
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TOTAL (B) |
NA |
101.236
(including finance expenses) |
85.954 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
|
6.891 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
|
1.769 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.805 |
10.442 |
5.122 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.734 |
4.623 |
3.333 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.071 |
5.819 |
1.789 |
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Less |
TAX (H) |
1.108 |
2.926 |
2.043 |
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PROFIT AFTER TAX
(G-H) (I) |
0.963 |
2.893 |
(0.254) |
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Earnings Per
Share (Rs.) |
17.83 |
53.57 |
(8.46) |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
2.46
|
(0.27) |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
2.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.46
|
8.40
|
3.73 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.54
|
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.23
|
5.49
|
9.22 |
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Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.00
|
0.93 |
LOCAL AGENCY FURTHER INFORMATION
Note:
Registered office of the company has been shifted from Pune
- 411043, Maharashtra
REVIEW OF BUSINESS
OPERATIONS:
During the period, the company has registered a negative growth rate mainly
due to increase in operating expenses incurred by the company. There is
marginal increase in the sales as compared to the previous year. The Board of
Directors are taking all necessary measures so as to increase the profits of
the company by initiating cost reduction and sales promotion measures, the
benefits of which shall be derived in the coming years.
FORM 8
|
Corporate
identity number of the company |
U29119PN2003PTC018689 |
|
Name of the
company |
SYNERGYTECH AUTOMATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No.205, A/P - Kasurdi, Khed Shivapur, Saswad Road, Taluka Bhor,
District Pune – 412 205, Maharashtra, India E-Mail: dhananjay@synergytechs.com |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90086725 |
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Type of charge |
Book Debts Movable Property Others
(Goods) |
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Particular of
charge holder |
Dena Bank, Sadashiv Peth Branch, Sadashiv Peth, Pune-411030, E-Mail: prashanttidke@gmail.com |
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Nature of
description of the instrument creating or modifying the charge |
Unattested memorandum
of modification of hypothecation agreement from companies |
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Date of
instrument Creating the charge |
14/06/2010 |
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Amount secured by
the charge |
Rs.20.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As per banks
norms prevailing at relevant time Terms of
Repayment: On demand being
working capital facilities (including LC and BG). Margin: As per Bank's
usual terms prevalent at times. Extent and
Operation of the charge: The Banks charge
to remain in force during the continuance of the Credit facilities to the
extent of Rs.20.000 millions. |
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Short particulars
of the property charged |
All stocks of Raw
Materials, Goods in Progress and Finished Goods, Book Debts etc. All tangible,
movable properties and assets of the borrower and lying at their premises/ factories at Gat No.
205, Kasurdi Khed Shivapur Taluka Bhor
District Pune |
|
Date of latest
modification prior to the present modification |
18/03/2009 |
|
Particulars of
the present modification |
Bank has reduced
the Bank Guarantee from Rs.7.500 millions to Rs.25.000 millions and it has
been sanctioned a fresh Letter of Credit (Foreign) facility of Rs.5.000
millions. The amount of charge held by the remains unchanged at Rs.20.000
millions. |
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Name of the company
|
SYNERGYTECH AUTOMATION PRIVATE LIMITED |
|
Presented By |
Dena Bank, Sadashiv Peth Branch, Sadashiv Peth, Pune-411030, |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation (Goods, book debts and other movable assets to secure multiple
facilities) dated 18.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.200 Million To secure Cash
Credit facility |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Goods: Hypothecation of
raw materials, goods in process, and finished goods, consumable stores and
spares, packing material etc. both present and future, now being or hereafter
during the continuance of this agreement brought into or upon or now or
hereafter iln the course of transit to any godowns, jathas or place whatever
or wheresoever in the possession or occupation of the Borrower. Moveable And Other Assets All the tangible
moveable properties and assets of the Borrower of whatsoever nature including
Plant and Machinery, tools and accessories, stores, spares, relating to the
Plant and Machinery, furniture, articles, office equipments. Computer and
things belonging to the Borrower and lying and being at their premises/
factories at Pune being movable properties and capable of passing by
delivery, both present in cases and now being or at any time hereinafter
during the incourse of transit to the Borrower at Pune either by way of
substitution or in addition on other place whatsoever and whenever in the
possession of occupation of the Borrower. Book Debts Lastly all the
present and future Book Debts. All the present and future book debts,
outstanding, moneys, receivables, claims, bills rights to or in moveable,
properties and moveable the borrower or which may at any time hereafter during
the continuance of this security become due, owing, payable or belonging to
the borrower or which may at any time hereafter during htek continuance of
this security become due, owing, payable or belonging the borrower in the
course of its business by each Department Central or State or Indian
railways, any Government Department or office or any Municipal or local or
public or semi-government body or authority or any body corporate or
undertaking or project or whatever in public sector. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 11%
p.a. Margin – 25% All other terms
and conditions as per Clause No. 1 to 22 of the Agreement of Hypothecation
(Goods, Book Debts and Other Moveable assets to secure multiple facilities)
dated 18.03.2004 |
|
5) Name and Address and description of the person entitled to the charge. |
Dena Bank, Sadashiv Peth Branch, Sadashiv Peth, Pune-411030, |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10073555 |
|
Corporate
identity number of the company |
U29119PN2003PTC018689 |
|
Name of the
company |
SYNERGYTECH AUTOMATION PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gut No. 205, Kasurdi, Khed Shivapr, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Immovable
Property Movable Property Others: Fixed Deposit |
|
Nature of
description of the instrument creating or modifying the charge |
Small Industrial
Development Bank of India, Suryakrian Office Building, 1st Floor, C-8,
Mumbai-Pune Road, Chinchwad, Pune-411019, Maharashtra, India |
|
Date of
instrument Creating the charge |
03.06.2009 |
|
Amount secured by
the charge |
Rs.7.500 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Commission.
Terms of
Repayment In case of invocation
of Guarantee the liability under the facility would be converted into fund
based facililty under direct credit scheme of SIDBI and outstanding amount
shall be paid with interest with monthly rests. Margin In case of Bank
Guarantee -20% Extent and
Operation of the charge
|
|
Short particulars
of the property charged |
1. First charge by
way of hypothecation over the movables of the company in consideration of the
financial assistance. 2. Lien marked in
favourof SIDBI on fixed deposite of Rs. 1.500 Millions. 3. first charge
by way of mortage of the plot of land at gat no.205, A/P Kasurdi, Khed
Shivarur, |
|
Particulars of
the present modification |
By this present
modification the bank guarantee by SIDBI on behalf of the company, is
extended for 1 year from 03.06.2009 to 02.06.2010. |
CONTINGENT
LIABILITY (As on 31.03.2010)
·
Contingent liabilities on account of bank guarantee
issued by the company’s banker Rs.0.601 Million.
FIXED ASSETS:
- Land
- Plant and
Machinery
- Vehicles
- Computers and
Computer Software
- Office
Equipments
- Electrical
Installations
- Furniture and
Fittings
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.45.32 |
|
|
1 |
Rs.70.54 |
|
Euro |
1 |
Rs.58.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.