MIRA
INFORM REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SYNERGY EXPORTS PRIVATE LIMITED |
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Formerly Known
As : |
SYNERGY EXIM PRIVATE LIMITED |
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Registered
Office : |
Office No.26/28 and 30, 4th Floor, Galleria Building, Near Karve Statue,
Kothrud, Pune – 411038, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 (Provisional) |
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Date of Incorporation
: |
23.01.2001 |
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Com. Reg. No.: |
015799 |
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Capital
Investment / Paid-up Capital : |
Rs.0.950
Million |
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IEC No.: |
3101000769 |
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CIN No.: [Company Identification
No.] |
U51909PN2001PTC015799 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES06611D |
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PAN No.: [Permanent Account No.] |
AAFCS1611K |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Export of Turn Key Projects in Edible Oil Industry, Soap and
Detergent, Rice Par Boiling Units, Rice Processing Plants, Animal and Poultry
Feed Plants, Food Industry, Grain Storage System-Silo, Project Engineering,
Process Consultancy Machinery and Engineering Spares Exporter. |
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|
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No. of Employees
: |
15 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. The valuation report provided is of a
lesser value than the proposal amount. The networth statement however seems
to be satisfactory. No complaints have been heard from indirect or market
sources. It would be advisable to take adequate securities while dealing with
the subject. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Name : |
Mr. P. M. Mahabaley |
|
Designation : |
Commercial Manager |
|
Contact No.: |
91-9689892603/ 9881916006 |
|
Date : |
15.06.2011 |
|
Email : |
LOCATIONS
|
Registered Office : |
Office No.26/28 and 30, 4th Floor, Galleria Building, Near Karve Statue,
Kothrud, Pune – 411038, Maharashtra, India |
|
Tel. No.: |
91-20-25454404/ 65008905 |
|
Mobile No.: |
91-9689892603 (Mr. Mahabaley) |
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Fax No.: |
91-20-25455640 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
|
Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Sunil Kulkarni |
|
Designation : |
Director |
|
Address : |
Flat No.3, Lata Sadan, 15 United Western Housing Society, Karve Nagar,
Pune – 411052, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1959 |
|
Qualification : |
B.Sc. (Chemistry) B. Sc. Tech (Oils) M. Tech DBM, DMSM |
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Experience : |
26 years |
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Tel No.: |
91-20-25410670 |
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Mobile No.: |
91-9823290742 |
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PAN No.: |
AGOPK9759G |
|
Annual Income (As per ITR date: 31.03.2010) |
Rs.0.707 Million |
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|
|
|
Name : |
Mrs. Varsha Sunil Kulkarni |
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Designation : |
Director |
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Address : |
Flat No.3, Lata Sadan, 15 United Western Housing Society, Karve Nagar,
Pune – 411052, Maharashtra, India |
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Date of Birth/Age : |
22.09.1966 |
|
Qualification : |
B.A. (English) |
|
Experience : |
7 Years |
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Tel No.: |
91-20-25410670 |
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Mobile No.: |
91-9922112367 |
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PAN No.: |
AGOPK9759G |
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Annual Income (As per ITR date: 31.03.2010) |
Rs.0.737 Million |
KEY EXECUTIVES
|
Name : |
Mr. P. M. Mahabaley |
|
Designation : |
Commercial Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2010)
|
Names of Shareholders |
|
No. of Shares |
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|
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|
Sunil Kulkarni |
|
47500 |
|
Varsha Kulkarni |
|
47500 |
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Total |
|
95000 |
BUSINESS DETAILS
|
Line of Business : |
Export of Turn Key Projects in Edible Oil Industry, Soap and
Detergent, Rice Par Boiling Units, Rice Processing Plants, Animal and Poultry
Feed Plants, Food Industry, Grain Storage System-Silo, Project Engineering,
Process Consultancy Machinery and Engineering Spares Exporter. |
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Exports : |
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Products : |
· Poultry and Animal Feed Plant · Oil Refinery and Processing Plant Up Gradation · Rice Par Boiling Plant · Engineering Goods ·
Engineering Equipments |
|
Countries : |
· South Africa · Nigeria · Burundi · Malaysia ·
Dubai |
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Terms : |
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Selling : |
L/C, Cash (At Sight) |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
End Users · Evertrade International Ventures (Pty) Limited · SHB, Bohicon · Eco Water Management Limited · Savonor SRPL Chussee D/Uvira, Quarter Industrial-1, Bujumbura · Ecooil SDN BDH, Johar, Malysia · Afri Ventures FZF |
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No. of Employees : |
15 (Approximately) |
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Bankers : |
· Industrial Development Bank of India, City SME LBS Road, Pune – 411030, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Sunil Shanoy and Associates Chartered Accountant |
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Address : |
Gajlaxmi, Pulachi Wadi, Deccan Gymkhana, Pune – 411004, Maharashtra,
India |
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Mobile No.: |
91-9890946372 |
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Tel No.: |
91-20-25533466 |
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Email : |
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Collaborators : |
· Toilet Soap Finished Line – Machinery Supplier · Soap Packing Machine · Steam Boiler (Solid Fuel) (India) · Steam Turbine · Grain Silos and Conveying System Supplier (USA/ Europe) · Sourcing Agency |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Share |
Rs.10/- each |
Rs.1.000 Million |
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000 |
Equity Share |
Rs.10/- each |
Rs.0.950
Million |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (Provisional) |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
0.950 |
0.950 |
0.950 |
1.075 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.228 |
2.237 |
2.197 |
0.601 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.178 |
3.187 |
3.147 |
1.676 |
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
1.524 |
3.710 |
1.957 |
1.647 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.925 |
0.250 |
|
|
TOTAL BORROWING |
1.524 |
3.710 |
2.882 |
1.897 |
|
|
DEFERRED TAX LIABILITIES |
0.089 |
0.089 |
0.057 |
0.023 |
|
|
|
|
|
|
|
|
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TOTAL |
7.791 |
6.986 |
6.086 |
3.596 |
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|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
2.703 |
1.282 |
1.598 |
0.261 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
INVESTMENT |
3.190 |
0.000 |
0.000 |
0.560 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
4.421
|
4.309
|
0.166 |
0.139 |
|
|
Sundry Debtors |
3.387
|
1.132
|
1.122 |
0.519 |
|
|
Cash & Bank Balances |
4.847
|
3.526
|
3.502 |
3.336 |
|
|
Other Current Assets |
3.320
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.794
|
2.563
|
2.756 |
1.648 |
|
Total
Current Assets |
30.769
|
11.530 |
7.546 |
5.642 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Sundry Creditor |
1.998
|
0.604
|
0.241 |
2.485 |
|
|
Other Current Liabilities |
26.570
|
4.371
|
1.985 |
0.000 |
|
|
Provisions |
0.303
|
0.851
|
0.832 |
0.382 |
|
Total
Current Liabilities |
28.871
|
5.826
|
3.058 |
2.867 |
|
|
Net Current Assets |
1.898
|
5.704
|
4.488 |
2.775 |
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
TOTAL |
7.791 |
6.986 |
6.086 |
3.596 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (Provisional) |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
Export Sales |
26.602 |
15.318 |
49.128 |
5.533 |
|
|
|
Export Consultancy |
8.861 |
9.066 |
2.606 |
2.353 |
|
|
|
Domestic Consultancy |
0.000 |
0.000 |
0.225 |
0.050 |
|
|
|
Inland Sales |
0.000 |
1.299 |
0.000 |
0.000 |
|
|
|
|
35.463 |
25.683 |
51.959 |
7.936 |
|
|
|
Foreign Exchange Relisation |
0.371 |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.214 |
0.350 |
0.143 |
0.132 |
|
|
|
TOTAL (A) |
36.048 |
26.033 |
52.102 |
8.068 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
Cost of Goods Sold |
|
10.567 |
31.841 |
3.506 |
|
|
|
Direct Costs |
|
2.678 |
5.276 |
0.695 |
|
|
|
Employee Costs |
|
4.155 |
3.387 |
0.451 |
|
|
|
Selling and Administrative Costs |
|
7.788 |
8.271 |
3.041 |
|
|
|
Loss on Repurchases of Mutual Funds |
|
0.000 |
0.134 |
0.000 |
|
|
|
TOTAL (B) |
32.657 |
25.188 |
48.909 |
7.693 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)
(C) |
(Including
Financial Expenses) |
0.845 |
3.193 |
0.375 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
0.265 |
0.402 |
0.114 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.391 |
0.580 |
2.791 |
0.261 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.300 |
0.427 |
0.334 |
0.069 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.091 |
0.153 |
2.457 |
0.192 |
|
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.100 |
0.112 |
0.866 |
0.082 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.991 |
0.041 |
1.591 |
0.110 |
|
|
|
|
|
|
|
|
|
|
Less/ Add |
(SHORT)/ EXCESS
PROVISION ON INCOME TAX EARLIER YEARS |
NA |
0.000 |
0.005 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
2.197 |
0.601 |
0.491 |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2.238 |
2.197 |
0.601 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
Export Earnings |
NA |
24.384 |
51.734 |
NA |
|
|
TOTAL EARNINGS |
NA |
24.384 |
51.734 |
NA |
|
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
NA |
0.138 |
1.527 |
NA |
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.48 |
0.43 |
16.80 |
1.37 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (Provisional) |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.30
|
0.16 |
3.05 |
1.36 |
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.72
|
0.60 |
4.73 |
2.42 |
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.23
|
1.19 |
26.87 |
3.25 |
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.05 |
0.78 |
0.11 |
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.92
|
2.99 |
1.89 |
2.84 |
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
1.98 |
2.47 |
1.97 |
LOCAL AGENCY FURTHER INFORMATION
OPERATING STATEMENT
(RS.
IN MILLIONS)
|
Particulars
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimated) |
(Projected) |
|
|
Gross Sales |
|
|
|
|
Domestic Sales |
0.221 |
3.500 |
4.000 |
|
Export Sales |
26.751 |
170.400 |
200.425 |
|
|
|
|
|
|
Gross Sales |
26.972 |
173.900 |
204.425 |
|
|
|
|
|
|
Less : Excise Duty |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Add: Other Operating Income |
8.861 |
7.500 |
8.000 |
|
|
|
|
|
|
Net Sales |
35.833 |
181.400 |
212.425 |
|
|
|
|
|
|
% rise [+] or fall [-] in net sales as compared to
previous year |
37.64% |
406.24% |
17.10% |
|
|
|
|
|
|
Cost
of Sales |
|
|
|
|
|
|
|
|
|
Raw Materials Consumed |
|
|
|
|
-
Imported |
0.000 |
0.000 |
0.000 |
|
-
Indigenous |
20.018 |
130.561 |
153.513 |
|
|
|
|
|
|
Others Stores and Spares |
|
|
|
|
-
Imported |
0.000 |
0.000 |
0.000 |
|
-
Indigenous |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Power and Fuel |
0.000 |
0.000 |
0.000 |
|
Direct Wages (Factory Wages and Salaries) |
0.000 |
0.000 |
0.000 |
|
Repairs and Maintenance |
0.000 |
0.000 |
0.000 |
|
Other Manufacturing Expenses |
0.000 |
0.000 |
0.000 |
|
Depreciation |
0.300 |
0.200 |
0.150 |
|
|
|
|
|
|
Sub
Total |
20.318 |
130.761 |
153.663 |
|
|
|
|
|
|
Add: Opening Stock-In-Process |
0.000 |
0.000 |
0.000 |
|
Less: Closing Stock-In-Process |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Cost
of Production |
20.318 |
130.761 |
153.663 |
|
COP
as % Gross Sales |
75.33% |
75.19% |
75.17% |
|
|
|
|
|
|
Add: Opening Stock of Finished Goods |
4.310 |
4.0421 |
9.500 |
|
Deduct: Closing Stock of Finished Goods |
4.421 |
9.500 |
10.500 |
|
|
|
|
|
|
SUB TOTAL (Total
cost of sales) |
20.207 |
125.682 |
152.663 |
|
Cost
of Sales as % of Gross Sales |
74.92% |
72.27% |
74.68% |
|
|
|
|
|
|
Selling, General and Administrative Expenses |
12.408 |
40.661 |
44.934 |
|
|
|
|
|
|
Sub
Total |
|
|
|
|
|
|
|
|
|
Profit before interests and Tax (PBIT) |
3.218 |
15.057 |
14.828 |
|
PBIT as % of Gross Sales |
11.93% |
8.66% |
7.25% |
|
|
|
|
|
|
Interests and Other Financial Charges |
0.342 |
2.229 |
2.620 |
|
Interests and Financial Charge as % of Sales |
1.27% |
1.28% |
1.28% |
|
|
|
|
|
|
Operating profit Before Tax (OBT) |
2.876 |
12.828 |
12.208 |
|
OPBT as % of Gross sales |
10.66% |
7.38% |
5.97% |
|
|
|
|
|
|
Non Operating Income |
0.215 |
0.580 |
0.580 |
|
|
|
|
|
|
Non Operating Expenses |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Net
of Non-operating Income and Expenses |
0.215 |
0.580 |
0.580 |
|
|
|
|
|
|
Profit
before Tax/ Loss [PBT] |
3.091 |
13.408 |
12.788 |
|
|
|
|
|
|
Provision for taxes |
0.100 |
4.143 |
3.102 |
|
|
|
|
|
|
Net
Profit / Loss [PAT] |
2.991 |
9.265 |
9.686 |
|
PAT as % of Gross sales |
11.09% |
5.33% |
4.74% |
|
|
|
|
|
|
Retained Profit |
2.991 |
9.265 |
9.686 |
------------------------------------------------------------------------------------------------------------------------------
BALANCE SHEET
(RS. IN MILLIONS)
|
Particulars
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimated) |
(Projected) |
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
Short Term Borrowing from Bank |
|
|
|
|
i. From Application Bank |
1.524 |
30.000 |
30.000 |
|
ii. From Other Banks |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
SUB
TOTAL (A) |
1.524 |
30.000 |
30.000 |
|
|
|
|
|
|
Short Term Borrowings From Others |
0.000 |
0.000 |
0.000 |
|
Sundry Creditors (Trader) |
1.998 |
2.655 |
3.528 |
|
Advances Payment from customers |
26.550 |
4.500 |
0.500 |
|
Provision For Taxes |
0.100 |
4.243 |
7.345 |
|
Creditor for Expenses |
0.000 |
0.000 |
0.000 |
|
Dividend Payable |
0.000 |
0.000 |
0.000 |
|
Other Statutory Liabilities (due within one years) |
0.000 |
0.000 |
0.000 |
|
Installments of term loans and Deferred Payment Credits |
0.000 |
0.000 |
0.000 |
|
Other current Liabilities and Provisions (due within one
years) |
0.224 |
1.045 |
1.545 |
|
|
|
|
|
|
SUB
TOTAL (B) |
28.872 |
12.443 |
12.918 |
|
|
|
|
|
|
TOTAL
CURRENT LIABILITIES |
30.396 |
42.443 |
42.918 |
|
|
|
|
|
|
TERM
LIABILITIES |
|
|
|
|
|
|
|
|
|
Debentures |
0.000 |
0.000 |
0.000 |
|
Redeemable Preference Shares |
0.000 |
0.000 |
0.000 |
|
Term Loans |
0.000 |
0.000 |
0.000 |
|
Deferred Payment Credits |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
Term Deposit |
0.000 |
0.000 |
0.000 |
|
Deferred Tax Liability |
0.089 |
0.000 |
0.000 |
|
Other Term Liabilities |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL
TERM LIABILITIES |
0.089 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL
OF OUTSIDE LIABILITIES |
30.485 |
42.443 |
42.918 |
|
|
|
|
|
|
NET
WORTH |
|
|
|
|
Ordinary Shares Capital |
0.950 |
0.950 |
0.950 |
|
Application Money |
0.000 |
0.000 |
0.000 |
|
Partner’s Current A/c |
0.000 |
0.000 |
0.000 |
|
General Reserve |
0.000 |
0.000 |
0.000 |
|
Revolution Reserve |
0.000 |
0.000 |
0.000 |
|
Reserves and Surplus |
0.000 |
0.000 |
0.000 |
|
Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
Share Premium Account |
0.000 |
0.000 |
0.000 |
|
Surplus (+) or deficit (-) in Profit and Loss Account |
5.228 |
14.493 |
24.179 |
|
|
|
|
|
|
TOTAL
NET WORTH |
6.178 |
15.443 |
25.129 |
|
|
|
|
|
|
TOTAL
LIABILITIES |
36.663 |
57.886 |
68.047 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and Bank Balance |
4.847 |
1.000 |
1.000 |
|
Investments [Other than long term investments] |
0.000 |
0.000 |
0.000 |
|
Receivables other than deferred and exports |
0.000 |
0.000 |
0.000 |
|
Export receivables |
3.387 |
17.289 |
20.250 |
|
Government and other Trustee securities |
0.000 |
0.000 |
0.000 |
|
Fixed deposit with bank |
3.190 |
3.190 |
3.190 |
|
Domestic receivable Including BP/ BD |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
INVENTORY |
|
|
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
- Imported |
0.000 |
0.000 |
0.000 |
|
- Indigenous |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Stock in Process |
0.000 |
0.000 |
0.000 |
|
Finished Goods |
4.421 |
9.500 |
10.500 |
|
Other Consumable Spares |
0.000 |
0.000 |
0.000 |
|
Advances to suppliers |
0.000 |
0.000 |
0.000 |
|
Advance Payment of Taxes |
0.000 |
0.000 |
0.000 |
|
Other Current Assets |
18.115 |
24.428 |
30.779 |
|
|
|
|
|
|
TOTAL
CURRENT ASSETS |
33.960 |
55.407 |
65.719 |
|
|
|
|
|
|
FIXED
ASSETS |
|
|
|
|
|
|
|
|
|
Gross Block (Land and Building Machinery) |
2.703 |
2.479 |
2.328 |
|
Depreciation to date |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
NET
BLOCK |
2.703 |
2.479 |
2.328 |
|
|
|
|
|
|
OTHER
NON CURRENT ASSETS |
|
|
|
|
|
|
|
|
|
Investments in sub |
0.000 |
0.000 |
0.000 |
|
Advances to suppliers of Capital goods and contractors |
0.000 |
0.000 |
0.000 |
|
Investment in Others |
0.000 |
0.000 |
0.000 |
|
Other Non-Current Investment |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL
OTHER NON CURRENT ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
TOTAL
ASSETS |
36.663 |
57.886 |
68.047 |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE
STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES
(RS.
IN MILLIONS)
|
Particulars
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimated) |
(Projected) |
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
A CURRENT ASSETS |
|
|
|
|
Raw Materials |
|
|
|
|
[a] Imported |
0.000 |
0.000 |
0.000 |
|
Months Consumption |
0.000 |
0.000 |
0.000 |
|
[b] Indigenous |
0.000 |
0.000 |
0.000 |
|
Months Consumption |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Other consumable spares |
|
|
|
|
Excluding those included 1 above |
|
|
|
|
[a] Imported |
0.000 |
0.000 |
0.000 |
|
Months Consumption |
0.000 |
0.000 |
0.000 |
|
[b] Indigenous |
0.000 |
0.000 |
0.000 |
|
Months Consumption |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Stock in process |
0.000 |
0.000 |
0.000 |
|
Months cost of production |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Finished goods |
4.421 |
9.500 |
10.500 |
|
Months cost of sales |
2.63 |
0.91 |
0.83 |
|
|
|
|
|
|
Receivable other than export and deferred receivables
[including bills purchased and discounted by bankers] |
0.000 |
0.000 |
0.000 |
|
Months domestic sales |
0.000 |
0.000 |
0.000 |
|
[excluding deferred payment sales] |
|
|
|
|
|
|
|
|
|
Export receivables [including bills purchased
and discounted by bankers] |
3.387 |
17.289 |
20.250 |
|
(Months Export Sales) |
1.52 |
1.22 |
1.21 |
|
|
|
|
|
|
B CURRENT LIABILITIES |
|
|
|
|
[Other than bank borrowing for working
capital] |
|
|
|
|
|
|
|
|
|
Trade Creditors |
1.998 |
2.655 |
3.528 |
|
Month’s Trade Creditors |
1.20 |
0.24 |
0.28 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION OF
MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL
(RS IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimated) |
(Projected) |
|
|
|
|
|
|
|
Total current assets |
33.960 |
55.407 |
65.719 |
|
|
|
|
|
|
Others Current Liabilities |
28.872 |
12.443 |
12.918 |
|
[Other than bank borrowings and T L Installment] |
|
|
|
|
|
|
|
|
|
Working capital gap [WCG] |
5.088 |
42.964 |
52.801 |
|
|
|
|
|
|
Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables |
7.643 |
9.530 |
11.367 |
|
|
|
|
|
|
Actual/ Projected net working capital |
3.564 |
12.964 |
22.801 |
|
|
|
|
|
|
Item 3 minus item 4 |
(2.555) |
33.435 |
41.434 |
|
|
|
|
|
|
Item 3 minus item 5 |
1.524 |
30.000 |
30.000 |
|
|
|
|
|
|
Maximum permissible bank finance |
(2.555) |
30.000 |
300.000 |
|
|
|
|
|
|
Excess borrowings, if any representing shortfall in NWC |
4.079 |
NIL |
NIL |
------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF FINANCIAL POSITION
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Estimated) |
(Projected) |
|
|
|
A. Profile Analysis |
||
|
Total Assets (Tangible) |
36.663 |
57.886 |
68.047 |
|
Total Outside Liabilities (TOL) |
30.485 |
42.443 |
42.918 |
|
Tangible Networth (TNW) |
6.178 |
15.443 |
25.129 |
|
Net Sales |
35.833 |
181.400 |
212.425 |
|
PBDIT |
3.518 |
15.257 |
14.978 |
|
Operating Profit (OPBT) |
2.876 |
12.828 |
12.208 |
|
Net Profit |
2.991 |
9.265 |
9.686 |
|
Gross Cash Accruals |
3.291 |
9.465 |
9.836 |
|
Term Liabilities to Gross cash Accruals |
0.000 |
0.000 |
0.000 |
|
Net Working Capital |
3.564 |
12.964 |
22.801 |
|
% of NWC to Current Assets |
10.49% |
23.40% |
34.69% |
|
Current Assets to Net Sales |
94.77% |
30.54% |
30.94% |
|
|
|
|
|
|
|
B. Liquidity Analysis |
||
|
Current Ratio |
1.12 |
1.31 |
1.53 |
|
Quick Ratio |
0.97 |
1.08 |
1.29 |
|
|
|
|
|
|
|
C. Profitability Analysis |
||
|
PBDIT/ Net Sales (%) |
9.82% |
8.41% |
7.05% |
|
OPBT/ Net Sales (%) |
8.03% |
7.07% |
5.75% |
|
Net Profit / Met Sales (%) |
8.35% |
5.11% |
4.56% |
|
Return on Assets (%) |
8.16% |
16.01% |
14.23% |
|
Retained profit/ Net Profit (%) |
100.00% |
100.00% |
100.00% |
|
Return on Net Worth (%) |
48.41% |
59.99% |
38.55% |
|
|
|
|
|
|
|
D. Activity Analysis (In Days) |
||
|
Receivable Turnover – Domestic |
0 |
0 |
0 |
|
Receivable Turnover - Export |
46 |
37 |
37 |
|
Inventory Turnover |
60 |
20 |
19 |
|
Accounts Payables Turnover |
36 |
7 |
8 |
|
Fixed Assets Turnover Ratio |
13.26 |
73.17 |
91.25 |
|
|
|
|
|
|
|
E. Growth Ratios |
||
|
Net Sales Growth (%) |
37.64% |
406.24% |
17.10% |
|
Net Profit Growth (%) |
7377.50% |
209.76% |
4.54% |
|
Net worth Growth (%) |
93.85% |
149.97% |
62.72% |
|
|
|
|
|
|
|
F. Leverage and other Ratios |
||
|
TOL/ TNW |
4.93 |
2.75 |
1.71 |
|
DER |
0.01 |
0.00 |
0.00 |
|
DSCR |
10.62 |
5.25 |
4.75 |
|
CFDSCR |
5.32 |
0.77 |
0.78 |
|
FACR |
30.37 |
-- |
-- |
|
Net Operating cash Flow (NOCF) |
18.18 |
17.14 |
20.39 |
|
Interests Cover |
10.29 |
6.84 |
5.72 |
|
CFICR |
5.32 |
0.77 |
0.78 |
------------------------------------------------------------------------------------------------------------------------------
FUND FLOW STATEMENT
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Estimated) |
(Projected) |
||
|
|
|
|
|
|
|
Profit After Tax |
2.991 |
9.265 |
9.686 |
0.000 |
|
|
|
|
|
|
|
Depreciation |
0.300 |
0.200 |
0.150 |
0.000 |
|
|
|
|
|
|
|
Dividend |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Funds from Operations
|
3.291 |
9.465 |
9.836 |
0.000 |
|
|
|
|
|
|
|
Long Term sources: |
|
|
|
|
|
- Change in Capital |
0.000 |
0.000 |
0.000 |
(0.950) |
|
- Net Change in Reserve |
0.000 |
0.000 |
0.000 |
(24.179) |
|
Change in term Loans |
0.000 |
(0.089) |
0.000 |
0.000 |
|
|
|
|
|
|
|
Total Sources (+)/
Deficit (-) |
3.291 |
9.376 |
9.836 |
(25.129) |
|
|
|
|
|
|
|
Long
term Uses : |
|
|
|
|
|
Net change in Fixed Assets |
1.691 |
(0.024) |
(0.001) |
(2.328) |
|
Change in Other Non current Assets (Including Investments) |
0.000 |
0.000 |
0.000 |
0.000 |
|
Change in Investment in Group Companies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Change in Intangible |
0.000 |
0.000 |
0.000 |
0.000 |
|
Contribution to working capital |
1.600 |
9.400 |
9.837 |
(22.801) |
|
|
|
|
|
|
|
Short
Term Uses |
|
|
|
|
|
Change in Net working Assets |
2.398 |
18.981 |
3.961 |
(30.750) |
|
Change in Other current assets |
15.551 |
6.313 |
6.351 |
(30.779) |
|
|
|
|
|
|
|
Short Term sources |
|
|
|
|
|
Change in Other Current Liabilities |
23.046 |
(16.429) |
0.475 |
(12.918) |
|
Change in Bank Borrowings/ Loans |
(2.186) |
28.476 |
0.000 |
(30.000) |
|
|
|
|
|
|
|
Net Deficit/ surplus
in ST Sources |
2.911 |
(13.247) |
(9.837) |
18.611 |
|
|
|
|
|
|
|
Net Movement in
Liquid Assets |
4.511 |
(3.847) |
0.000 |
(4.190) |
|
Change in Cash |
1.321 |
(3.847) |
0.000 |
(1.000) |
|
Change in Marketable Investments |
3.190 |
0.000 |
0.000 |
(3.190) |
|
|
|
|
|
|
|
Net Movement in
Liquid Assets |
4.511 |
(3.847) |
0.000 |
(4.190) |
------------------------------------------------------------------------------------------------------------------------------
CASH FLOW STATEMENT
(RS.
IN MILLIONS)
|
Particulars |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Estimated) |
(Projected) |
||
|
|
|
|
|
|
|
OPERATING SECTOR
|
|
|
|
|
|
Net Sales |
35.833 |
181.400 |
212.425 |
0.000 |
|
Debtors (Trade) |
2.287 |
13.902 |
2.961 |
(20.250) |
|
|
|
|
|
|
|
Cash From sales |
33.546 |
167.498 |
209.464 |
20.250 |
|
|
|
|
|
|
|
Cost- Interests and
financial charges |
0.342 |
2.229 |
2.620 |
0.000 |
|
|
|
|
|
|
|
Expenses on stock Purchases |
20.018 |
130.561 |
153.513 |
0.000 |
|
Trade Creditors |
(1.395) |
(0.657) |
(0.873) |
3.528 |
|
Manufacturing Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Cash Cost of Sales |
18.965 |
132.133 |
155.260 |
3.528 |
|
|
|
|
|
|
|
Expenses for Inc./ Dec. In Stocks |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Cash
From Assets Conversion Cycle |
14.581 |
35.365 |
54.204 |
16.722 |
|
Selling, General and Administrative Expenses |
12.408 |
40.661 |
44.934 |
0.000 |
|
Advance payments |
9.922 |
8.459 |
6.351 |
(27.279) |
|
Advance received |
(22.521) |
22.050 |
4.000 |
0.500 |
|
Taxation |
0.100 |
4.143 |
3.102 |
0.000 |
|
Dividends |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Cash From
Operations |
14.672 |
(39.948) |
(4.183) |
43.501 |
|
Other Current Assets |
5.629 |
(2.146) |
0.000 |
(3.500) |
|
Other Current Liabilities |
0.870 |
(4.964) |
(3.602) |
8.890 |
|
Other Income/ Expenses (Net) |
(0.215) |
(0.580) |
(0.580) |
0.000 |
|
|
|
|
|
|
|
Net Cash from
Operations |
8.388 |
(32.258) |
(0.001) |
38.111 |
|
|
|
|
|
|
|
INVESTMENT
SECTOR |
|
|
|
|
|
Capital Expenditures |
1.691 |
(0.024) |
(0.001) |
(2.328) |
|
Investment in Group companies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Intangible / Other Term Assets |
0.000 |
0.000 |
0.000 |
0.000 |
|
Cash Before Funding
|
6.697 |
(32.234) |
0.000 |
40.439 |
|
|
|
|
|
|
|
FINANCING SECTOR
|
|
|
|
|
|
Dues to Banks |
(2.186) |
28.476 |
0.000 |
(30.000) |
|
Short term Debts |
0.000 |
0.000 |
0.000 |
0.000 |
|
Term Debts |
0.000 |
(0.089) |
0.000 |
0.000 |
|
Equity |
0.000 |
0.000 |
0.000 |
(0.950) |
|
Other Loans and Reserve |
0.000 |
0.000 |
0.000 |
(24.179) |
|
Total |
(2.186) |
28.387 |
0.000 |
(55.129) |
|
|
|
|
|
|
|
Movement in Cash
assets |
4.511 |
(3.847) |
0.000 |
(4.190) |
|
|
|
|
|
|
|
Cash and Bank balance |
1.321 |
(3.847) |
0.000 |
(1.000) |
|
Investments (Other Than Loans term) |
3.190 |
0.000 |
0.000 |
(3.190) |
|
|
|
|
|
|
|
Movement in Cash
assets |
4.511 |
(3.847) |
0.000 |
(4.190) |
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES AS ON 21.12.2010.
(MRS.
VARSHA SUNIL KULKARNI)
(RS.
IN MILLIONS)
BANK
ACCOUNT DETAILS
|
Bank |
Branch |
SB/CA/CC/OD/ A/c No. |
Present Balance (As on 21.12.2010) |
|
|
|
|
|
|
IDBI Bank |
Ganeshnagar |
58810010011602 |
0.251 |
|
IDBI Bank |
Ganeshnagar |
58810400028635 |
0.031 |
|
IDBI Bank |
Ganeshnagar |
5881802000015 |
0.064 |
DETAILS OF ASSETS
IMMOVABLE
PROPERTY
|
Assets |
Own/ Joint Name |
Freehold or Leasehold |
Location/ Address |
Present cost |
Whether Encumbered (Give details) |
|
|
|
|
|
|
|
|
3 Flat /House |
Jointly Owned
with Mrs. Varsha Kulkarni |
Freehold |
3 Lata Sadan, 15
United Western Society, Karve Nagar, Pune - 411052 |
11.660 |
IDBI |
MOVABLE
PROPERTY
TERM
DEPOSIT
|
Deposit Receipt No. |
Bank/ Branch |
Amount and Date of Receipt |
Maturity Date |
Maturity Amount |
|
|
|
|
|
|
|
765767 |
IDBI –
Ganeshnagar |
0.200 13.10.2006 |
13.01.2012 |
0.303 |
|
765765 |
IDBI –
Ganeshnagar |
0.300 13.10.2006 |
13.01.2012 |
0.455 |
|
765766 |
IDBI –
Ganeshnagar |
0.300 13.10.2006 |
13.01.2012 |
0.455 |
INVESTMENT
IN GOVERNMENT SECURITY LIKE PPF/ NSC/ KVP/ IVP ETC
|
Nature of security |
Certificate No. |
Date of Purchases |
Issuing Office/ Post Office |
Face Value |
|
|
|
|
|
|
|
PPF |
15590 |
12.03.2001 |
Sub Post Master,
Kothrud |
0.197 |
|
|
|
|
|
|
INSURANCE
POLICES
|
Name of Company |
Policy No. |
Date of Issue |
Sum Assured |
Annual Premium |
Premium Paid upto what period |
|
|
|
|
|
|
|
|
LIC |
955819393 |
28.12.2004 |
0.100 |
0.009 |
2010 |
|
LIC |
955819394 |
28.12.2004 |
0.100 |
0.009 |
2010 |
|
LIC |
955819395 |
28.12.2004 |
0.100 |
0.009 |
2010 |
|
LIC |
955819346 |
28.12.2004 |
0.100 |
0.009 |
2010 |
|
LIC |
955820975 |
28.12.2004 |
0.100 |
0.009 |
2010 |
|
|
|
|
|
|
|
SHARES
/ DEBENTURES/ MUTUAL FUND ETC.
|
Name of the Company |
No. of shares |
In Charged/ Pledged, the nature and extent of
charge/ Pledge |
Current Market Value |
|
|
|
|
|
|
Synergy Exports
Private Limited |
45000 |
Nil |
0.450 |
|
|
|
|
|
DETAILS OF LIABILITIES
AS GUARANTOR
|
Name of Person/ Company to whom |
Name of Bank/ Financial Institute |
Guarantee Amount |
Present Status of Account (Performing/ NPA) |
Outstanding Balance |
|
|
|
|
|
|
|
Synergy Exports
Private Limited |
IDBI |
OC Rs.2.500 Millions PC Rs.7.500
Millions |
Performing |
OC 904,661 Dr. PC $56250 |
|
|
|
|
|
|
------------------------------------------------------------------------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES AS ON 21.12.2010.
(MR.
SUNIL KULKARNI)
(RS.
IN MILLIONS)
BANK
ACCOUNT DETAILS
|
Bank |
Branch |
SB/CA/CC/OD/ A/c No. |
Present Balance (As on 21.12.2010) |
|
|
|
|
|
|
IDBI Bank |
Ganeshnagar |
58810010011029 |
0.039 |
|
IDBI Bank |
Ganeshnagar |
5881040028644 |
0.151 |
|
|
|
|
|
DETAILS OF ASSETS
IMMOVABLE
PROPERTY
|
Assets |
Own/ Joint Name |
Area (Sq. Ft.) |
Freehold or Leasehold |
Location/ Address |
Present cost |
|
|
|
|
|
|
|
|
Commercial |
Owned |
1000 including
of 3 Office |
Freehold |
Office No.26, 28
& 30, 4th Floor, Galleria Building, Near Karve Statue, Karve
Road, Kothrud, Pune – 411038, India |
(26)-Rs.2.040
Millions (28)- Rs.2.040
Millions (30)-Rs.3.120
Millions |
|
Offices at Galleria Building is rented to Synergy Exports Private
Limited |
|||||
MOVABLE
PROPERTY
TERM
DEPOSIT
|
Deposit Receipt No. |
Bank/ Branch |
Amount and Date of Receipt |
Maturity Date |
Maturity Amount |
|
|
|
|
|
|
|
588107000037563 |
IDBI –
Ganeshnagar |
0.500 17.03.2010 |
17.04.2012 |
0.581 |
|
588107000038526 |
IDBI –
Ganeshnagar |
0.500 06.05.2012 |
06.06.2012 |
0.581 |
|
|
|
|
|
|
INVESTMENT
IN GOVERNMENT SECURITY LIKE PPF/ NSC/ KVP/ IVP ETC
|
Nature of security |
Certificate No. |
Date of Purchases |
Issuing Office/ Post Office |
Face Value |
|
|
|
|
|
|
|
PPF |
15589 |
13.03.2001 |
Kothrud P.O. |
0.161 |
|
|
|
|
|
|
INSURANCE
POLICES
|
Name of Company |
Policy No. |
Date of Issue |
Sum Assured |
Annual Premium |
Premium Paid upto what period |
|
|
|
|
|
|
|
|
LIC |
95581816 |
28.12.2004 |
0.100 |
0.072 |
2010 |
|
LIC |
95581817 |
28.12.2004 |
0.100 |
0.072 |
2010 |
|
LIC |
955819501 |
28.12.2004 |
0.100 |
0.072 |
2010 |
SHARES
/ DEBENTURES/ MUTUAL FUND ETC.
|
Name of the Company |
No. of shares |
In Charged/ Pledged, the nature and extent of
charge/ Pledge |
Current Market Value |
|
|
|
|
|
|
Reliance Mutual
Fund |
88.947 Units |
Nil |
0.042 |
|
Synergy Exports
Private Limited |
50000 |
Nil |
0.500 |
DETAILS OF LIABILITIES
AS
GUARANTOR
|
Name of Person/ Company to whom |
Name of Bank/ Financial Institute |
Guarantee Amount |
Present Status of Account (Performing/ NPA) |
Outstanding Balance |
|
|
|
|
|
|
|
Synergy Exports
Private Limited |
IDBI |
OC Rs.2.500
Millions PC Rs.7.500
Millions |
Performing |
OC 904,661 Dr. PC $56250 |
|
|
|
|
|
|
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
They
inspected the property mentioned below on 07.12.2010, so as to assess the value
of the immovable assets present there in presence of Mr. Mahabale
|
Party Interested in Valuation |
M/s Synergy Exports Private Limited |
|
|
|
|
Name of the Owner |
Mrs. Varsha S. Kulkarni and Mr. Sunil P. Kulkarni |
|
|
|
|
Purpose of Valuation |
Bank Loan purpose with Industrial Development Bank of India, Branch:
SME, Pune |
|
|
|
|
Location of the property |
Office No.26, Fourth Floor, Galleria Condominium, S. No.132, H. No.14
to 18/2, CTS No.754, Karve Road, Kothrud, Pune. |
|
|
|
|
Near by Landmark |
Above Loot Show Room and Next to Vidya Sahakari Bank |
|
|
|
|
Property boundaries |
East: By S. No.132/13B West: By S. No.132/14-18/1 South: By Karve Road North: By S. No.132/10B + 11+ 13A |
|
|
|
|
Brief Description of the property
|
|
|
|
|
|
Nature and Locality |
This property is in the form of office on forth floor situated in
Middle class locality in Commercial area |
|
Tenure |
Freehold |
|
Proximity of civic Amenities |
Within 1-2km range of the property |
|
Potential Hazards (If any) |
Not anticipated |
|
Area of Plot |
NA |
|
|
|
|
Brief Specification |
It is a G/P + 5 Storied usual RCC framed structure with RCC Slab
having ceramic flooring, luster paint internally, casing capping electrification,
T. W. door frame with solid core flush door, powder coated aluminium sliding
windows with M S grills, etc. overall appearance of the office is good,
architectural quality of the building is good. Lift is provided Documented built up area of Office = 275 sft. |
|
|
|
|
Age of the Building |
@ 6 years old |
|
|
|
|
Future Life of the Building |
@ 69 years under normal condition |
|
|
|
|
Value of Land |
Value of land is not considered separately as this is an ownership type
tenement. Value of construction is based on composite rate method. |
|
|
|
|
Depreciation of Construction |
Depreciation factor = (6/75) = 0.08 % of depreciation 8 % Taking
replacement cost of construction = Rs.850/- per sft Hence rate of depreciation =Rs.850 x 0.08 = Rs.68/- per sft …(d) Hence amount of depreciation = BUA x (d) 275 x 68 Rs.18700.00 |
|
|
|
|
Market rate enquiry |
Market rate enquiry from Website www.99acres.com Rate for Commercial
Office Rs.6500/-per sft (page enclosed) |
|
|
|
|
Value of construction |
A] Documented built up area of office 275 sft Rate adopted = Rs.7000/- per sft. Hence value = Value of construction — depreciation = (275 x 7000)- 18700.00 = Rs.1925000.00- 18700.00 = Rs.1906300.00 B] Immovable furniture such as cupboards, fall ceiling computer tables
etc. Rate adopted = Rs.500/- per sft Hence value = 275 x 500 = Rs.137500.00 Total value = A + B = Rs.2043800.00 Say Rs.2.040 Millions |
|
|
|
|
Fair market value |
Ras.2.040 Millions |
|
|
|
|
Govt. Guideline Rate |
For stamp duty purpose the Govt. of Maharashtra has fixed the rate for
office in this area is Rs.55000/- sqm This building is 6 years old. Considering 10 % depreciation, rate is
49500/- per sqm. The Govt. guideline value are for Stamp duty purpose, they are
generally constant along a particular road i.e. it doesn‘t take into account
the advantage of particulars property Vis-à-vis its location. Rates of Plots
vary from site to site and within a site from micro-site to micro-site. That
is why their valuation differs from government stamp duty ready reckoner
rate. |
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
They
inspected the property mentioned below on 07.12.2010, so as to assess the value
of the immovable assets present there in presence of Mr. Mahabale
|
Party Interested in Valuation |
M/s Synergy Exports Private Limited |
|
|
|
|
Name of the Owner |
Mrs. Varsha S. Kulkarni and Mr. Sunil P. Kulkarni |
|
|
|
|
Purpose of Valuation |
Bank Loan purpose with Industrial Development Bank of India, Branch:
SME, Pune |
|
|
|
|
Location of the property |
Office No.28, Fourth Floor, Galleria Condominium, S. No.132, H. No.14
to 18/2, CTS No.754, Karve Road, Kothrud, Pune. |
|
|
|
|
Near by Landmark |
Above Loot Show Room and Next to Vidya Sahakari Bank |
|
|
|
|
Property boundaries |
East: By S. No.132/13B West: By S. No.132/14-18/1 South: By Karve Road North: By S. No.132/10B + 11+ 13A |
|
|
|
|
Brief Description of the property
|
|
|
|
|
|
Nature and Locality |
This property is in the form of office on forth floor situated in Middle
class locality in Commercial area |
|
Tenure |
Freehold |
|
Proximity of civic Amenities |
Within 1-2km range of the property |
|
Potential Hazards (If any) |
Not anticipated |
|
Area of Plot |
NA |
|
|
|
|
Brief Specification |
It is a G/P + 5 Storied usual RCC framed structure with RCC Slab
having ceramic flooring, luster paint internally, casing capping
electrification, T. W. door frame with solid core flush door, powder coated
aluminium sliding windows with M S grills, etc. overall appearance of the
office is good, architectural quality of the building is good. Lift is provided Documented built up area of Office = 275 sft. |
|
|
|
|
Age of the Building |
@ 6 years old |
|
|
|
|
Future Life of the Building |
@ 69 years under normal condition |
|
|
|
|
Value of Land |
Value of land is not considered separately as this is an ownership
type tenement. Value of construction is based on composite rate method. |
|
|
|
|
Depreciation of Construction |
Depreciation factor = (6/75) = 0.08 % of depreciation 8 % Taking
replacement cost of construction = Rs.850/- per sft Hence rate of depreciation =Rs.850 x 0.08 = Rs.68/- per sft …(d) Hence amount of depreciation = BUA x (d) 275 x 68 Rs.18700.00 |
|
|
|
|
Market rate enquiry |
Market rate enquiry from Website www.99acres.com Rate for Commercial
Office Rs.6500/-per sft (page enclosed) |
|
|
|
|
Value of construction |
A] Documented built up area of office 275 sft Rate adopted = Rs.7000/- per sft. Hence value = Value of construction — depreciation = (275 x 7000)- 18700.00 = Rs.1925000.00- 18700.00 = Rs.1906300.00 B] Immovable furniture such as cupboards, fall ceiling computer tables
etc. Rate adopted = Rs.500/- per sft Hence value = 275 x 500 = Rs.137500.00 Total value = A + B = Rs.2043800.00 7 Say Rs.2.040 Millions |
|
|
|
|
Fair market value |
Ras.2.040 Millions |
|
|
|
|
Govt. Guideline Rate |
For stamp duty purpose the Govt. of Maharashtra has fixed the rate for
office in this area is Rs.55000/- sqm This building is 6 years old. Considering 10 % depreciation, rate is
49500/- per sqm. The Govt. guideline value are for Stamp duty purpose, they are
generally constant along a particular road i.e. it doesn‘t take into account
the advantage of particulars property Vis-à-vis its location. Rates of Plots
vary from site to site and within a site from micro-site to micro-site. That
is why their valuation differs from government stamp duty ready reckoner
rate. |
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
They
inspected the property mentioned below on 07.12.2010, so as to assess the value
of the immovable assets present there in presence of Mr. Mahabale
|
Party Interested in Valuation |
M/s Synergy Exports Private Limited |
|
|
|
|
Name of the Owner |
Mrs. Varsha S. Kulkarni and Mr. Sunil P. Kulkarni |
|
|
|
|
Purpose of Valuation |
Bank Loan purpose with Industrial Development Bank of India, Branch:
SME, Pune |
|
|
|
|
Location of the property |
Office No.30, Fourth Floor, Galleria Condominium, S. No.132, H. No.14
to 18/2, CTS No.754, Karve Road, Kothrud, Pune. |
|
|
|
|
Near by Landmark |
Above Loot Show Room and Next to Vidya Sahakari Bank |
|
|
|
|
Property boundaries |
East: By S. No.132/13B West: By S. No.132/14-18/1 South: By Karve Road North: By S. No.132/10B + 11+ 13A |
|
|
|
|
Brief Description of the property
|
|
|
|
|
|
Nature and Locality |
This property is in the form of office on forth floor situated in
Middle class locality in Commercial area |
|
Tenure |
Freehold |
|
Proximity of civic Amenities |
Within 1-2km range of the property |
|
Potential Hazards (If any) |
Not anticipated |
|
Area of Plot |
NA |
|
|
|
|
Brief Specification |
It is a G/P + 5 Storied usual RCC framed structure with RCC Slab
having ceramic flooring, luster paint internally, casing capping electrification,
T. W. door frame with solid core flush door, powder coated aluminium sliding
windows with M S grills, etc. overall appearance of the office is good,
architectural quality of the building is good. Lift is provided Documented built up area of Office = 450 sft. |
|
|
|
|
Age of the Building |
@ 6 years old |
|
|
|
|
Future Life of the Building |
@ 69 years under normal condition |
|
|
|
|
Value of Land |
Value of land is not considered separately as this is an ownership type
tenement. Value of construction is based on composite rate method. |
|
|
|
|
Depreciation of Construction |
Depreciation factor = (6/75) = 0.08 % of depreciation 8 % Taking
replacement cost of construction = Rs.850/- per sft Hence rate of depreciation =Rs.850 x 0.08 = Rs.68/- per sft …(d) Hence amount of depreciation = BUA x (d) 450 x 68 Rs.30600.00 |
|
|
|
|
Market rate enquiry |
Market rate enquiry from Website www.99acres.com Rate for Commercial
Office Rs.6500/-per sft (page enclosed) |
|
|
|
|
Value of construction |
Documented built up area of office =450 sft Rate adopted = Rs.7000/- per sft. Hence value = Value of construction — depreciation = (450 x 7000)- 30600.00 = Rs.3150000.00 – 30600.00 = Rs.3119400.00 Say Rs.3.120 Millions |
|
|
|
|
Fair market value |
Ras.3.120 Millions |
|
|
|
|
Govt. Guideline Rate |
For stamp duty purpose the Govt. of Maharashtra has fixed the rate for
office in this area is Rs.55000/- sqm This building is 6 years old. Considering 10 % depreciation, rate is 49500/-
per sqm. The Govt. guideline value are for Stamp duty purpose, they are
generally constant along a particular road i.e. it doesn‘t take into account
the advantage of particulars property Vis-à-vis its location. Rates of Plots
vary from site to site and within a site from micro-site to micro-site. That
is why their valuation differs from government stamp duty ready reckoner
rate. |
------------------------------------------------------------------------------------------------------------------------------
VALUATION REPORT
They
inspected the property mentioned below on 07.12.2010, so as to assess the value
of the immovable assets present there in presence of Mr. Mahabale
|
Name of the Owner |
Mr. Sunil P. Kulkarni and Mrs.
Varsha S. Kulkarni |
|
|
|
|
Purpose of Valuation |
Bank Loan purpose with Industrial Development Bank of India, Branch:
SME, Pune |
|
|
|
|
Location of the property |
Flat No.3, 1st Floor, above stilt, Lata Sadam, United
Western co-op. Housing Society Limited, Plot No.15, S. No.42, 43, CTS
No.1227, Karve Nagar, Hingne Bk., Pune.
|
|
|
|
|
Near by Landmark |
Next to right side lane to Tathwade Udyan |
|
|
|
|
Name of the developers |
M/s. M. G. Construction |
|
|
|
|
Property boundaries |
East: By Plot No.16 West: By Plot No.14 South: By 20’ Road North: By Plot No.12 and 13 |
|
|
|
|
Brief Description of the property
|
|
|
|
|
|
Nature and Locality |
This property is in the form of Flat on 1st Floor
above stilt situated in Middle class
locality in residential area |
|
Tenure |
Ownership Type |
|
Proximity of civic Amenities |
Within 1-2km range of the property |
|
Potential Hazards (If any) |
Not anticipated |
|
Area of Plot |
NA |
|
|
|
|
Brief Specification |
It is a P+S+3 Storied usual RCC framed structure with RCC Slab having
marbogranite flooring, luster paint internally, concealed electrification,
concealed plumbing, marble flooring in bathroom with dado up to full height,
T.W. door frame with solid core flush full height, T. W. door frame with
solid core flush door, powder coated aluminium sliding and marble sill
windows with safety grills, kirtchen platform is of kadappa top with dado up
to full height etc. Overall appearance of the flat is average. Architectural
quality of the building is average. Special Amenities Such as lift, Parking and three Panel solar water
Heaters etc. have been provided. Documented built up area of Office = 1660 sft. Area of Car Parking = 176 sft. |
|
|
|
|
Age of the Building |
Reportedly 08 years old (This is based on oral information given by the borrower. No
documentary proof was given by the owner to show the exact year of
construction) |
|
|
|
|
Future Life of the Building |
@ 67 years under normal condition |
|
|
|
|
Value of Land |
Value of land is not considered separately as this is an ownership
type tenement. Value of construction is based on composite rate method. |
|
|
|
|
Depreciation of Construction |
Depreciation factor = (8/75) = 0.11 % of depreciation 11% Taking replacement
cost of construction = Rs.850/- per sft Hence rate of depreciation =Rs.850 x 0.11 = Rs.94/- per sft …(d) Hence amount of depreciation = BUA x (d) 1660 x 94.00 Rs.0.156 Million |
|
|
|
|
Value of construction |
A] Documented built up area of Flat = 1660 sft Rate adopted = Rs.6,500/- per sft. Hence value = Value of construction — depreciation = (1660 x 6500)- 1,56,040.00 = Rs.10.790 Millions – Rs.0.156 Million = Rs.10.634 Millions B] Area of car parking = 176 sft. Lump sum value = Rs.0.200 Million C] Immovable furniture such as kitchen cabinets, trolleys, wardrobes
in bedroom, wall unit in hail, false ceiling etc. Rate adopted = Rs.500/- per sft. Hence value BUA x Rate = 1660 x
500.00 Rs.0.830 Million Total value = A + B + C Rs.11.664 Millions Say = Rs.11.660 Millions |
|
|
|
|
Fair market value |
Ras.11.660 Millions |
|
|
|
|
Govt. Guideline Rate |
For stamp duty purpose the Govt. of Maharashtra has fixed the rate for
office in this area is Rs.55000/- sqm This building is 8 years old. Considering 10 % depreciation, rate is
33660/- per sqm. The Govt. guideline value are for Stamp duty purpose, they are
generally constant along a particular road i.e. it doesn‘t take into account
the advantage of particulars property Vis-à-vis its location. Rates of Plots
vary from site to site and within a site from micro-site to micro-site. That
is why their valuation differs from government stamp duty ready reckoner
rate. |
------------------------------------------------------------------------------------------------------------------------------
PERFORMANCE
The company achieved a turnover of Rs.25.683 Millions (Previous year
Rs.51.959 Millions). The world wide recession has hit them badly during the
year. They also had to spent a lot on additional salaries and foreign traveling
to retain the business, to survive and get the orders even with low margins
without which the situation could have been worse. The result is of course very
meager profit for the year. However they are confident that year 2010-11 will
be a better year and they will recoup all the loss of profits they had in the
year 2009-10.
------------------------------------------------------------------------------------------------------------------------------
TRADE REFERENCE:
|
Name |
Contact Person |
City |
Tel No. |
|
|
|
|
|
|
Alfa Laval
Limited |
Mr. Mayank Nagar
|
Indore |
91-9826825630 |
|
Alfa Rntech Guj.
Private Limited |
Mr. Anil Vaisha |
Ahmedabad |
91-9825069312 |
|
Neotech Projects
Private Limited |
Mr. Raj Nariyani
|
Vadodara |
91-9824076771 |
|
Spriex Marshall
Private Limited |
Mr. Kumal
Bongirwar |
Pune |
91-9822311906 |
|
Industrial
Mineral |
Mr. Nirav Shah |
Pune |
91-9890025127 |
------------------------------------------------------------------------------------------------------------------------------
FIXED ASSETS:
· Furniture and Fixtures
· Office Equipments
· Car
· Computers
· Software
· Vehicles
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.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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.