MIRA
INFORM REPORT
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Report Date : |
14.03.11 |
IDENTIFICATION DETAILS
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Name : |
SYNOPRENE POLYMERS PRIVATE LIMITED |
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Registered Office : |
B/6/9, Apurva Industrial Complex, Asan Gaon, Shapur, Thane – 421 601, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
19.06.2000 |
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Com. Reg. No.: |
11-127254 |
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CIN No.: [Company
Identification No.] |
U24134MH2000PTC127254 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM2227C |
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PAN No.: [Permanent
Account No.] |
AAECS9682D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Polymer Compounds. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 102800 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company having moderate track. The management has not filed latest financials
of the company with the government departments. However, trade relations are reported
as fair. Business is active. Payments are reported to be usually correct. The company can be considered for business dealings with slight
caution. |
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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
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Name : |
Ms. Uma |
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Designation : |
Operator |
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Date : |
08.03.2011 |
LOCATIONS
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Registered Office/ Factory : |
B/6/9, Apurva Industrial Complex, Asan Gaon, Shapur, Thane – 421 601, |
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Tel. No.: |
91-2527-240556 / 91-22-25614393/ 94 |
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Mobile No.: |
91-9892270073 (Mr. Jatin Somaiya) 91-9223372607 (Customer Care) |
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Fax No.: |
91-22-25614395 |
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E-Mail : |
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Website : |
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Area : |
13000 Sq. ft. |
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Location : |
Owned |
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Factory 2 : |
Located at: v
J-79-82, Atgaon Industrial Premises, Shapur,
Thane - 421602 |
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Location: |
Owned |
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Corporate Office : |
201-A, |
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Tel. No.: |
91-22-25614393/ 94 |
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Fax No.: |
91-22-25614395 |
DIRECTORS
As on 06.09.2008
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Name : |
Mr. Rajeev Narayan Nair |
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Designation : |
Director |
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Address : |
A/104, Sai Ganesh Kutir, Vijay Nagar, Kalyan (East), Kalyan – 421306, |
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Date of Birth/Age : |
10.02.1976 |
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Qualification : |
MBA |
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Date of Appointment : |
14.02.2007 |
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DIN : |
00872227 |
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Name : |
Mr. Jatin Harilal Somaiya |
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Designation : |
Director |
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Address : |
2003, 20th Floor, Tridev Apartments, Bhakti Marg, Opposite
Vardhanar Nagar, Mulund (West), Mumbai – 400 080, |
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Date of Birth/Age : |
03.03.1973 |
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Qualification : |
MBA |
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Date of Appointment : |
19.06.2000 |
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DIN : |
01486690 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.09.2008
|
Names of Shareholders (Equity Shares) |
No. of Shares |
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Jatin Harilal Somaiya |
397700 |
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Trupti Jatin Somaiya |
10000 |
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Daksha N Mehta |
600 |
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Dipsingh H. Jadeja |
600 |
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Jitendra P. Shiyad |
600 |
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Lata Vyas |
600 |
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Sanjay C. Bakrani |
600 |
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Total
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410700 |
As on 31.03.2009
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Names of Allottees (Equity Shares) |
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No. of Shares |
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Bubna Stock Broking Private Limited, Kolkata |
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64000 |
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Fairmont Venture Private Limited, Mumbai |
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20000 |
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Goyal Finance Limited, |
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130000 |
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Kalpindra Multi Trade Private Limited, Thane |
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75000 |
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Nimbus Industries Limited, Mumbai |
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26000 |
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REL Internationals Limited,Ahmedabad |
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95650 |
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Teri Towel Industries Limited, Mumbai |
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60000 |
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Total |
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470650 |
As on 06.09.2008
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Category |
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Percentage of Holding |
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Directors
or relatives of directors |
|
100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Polymer Compounds. |
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Products : |
v Cross Linked Polyethylene (XLPE) v Thermoplastic Elastomers (TPE) v Thermoplastic Vulcanizates (TPV) |
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GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
75 (In office – 15, In factory – 60) (Approximately) |
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Bankers : |
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Facilities : |
Unsecured Loans :
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.H. Nagada and Associates Chartered Accountants |
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Address : |
2, New Laxmi Niwas, |
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Tel. No.: |
91-22-25900870 / 71 |
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E-Mail : |
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PAN No.: |
ABZPN0360J |
CAPITAL STRUCTURE
As on 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
995,000 |
Equity Shares |
Rs.10/- each |
Rs.9.950 million
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|
5,000 |
Preference Shares |
Rs.10/- each |
Rs.0.050 million
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Total |
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Rs.
10.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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410,700 |
Equity Shares |
Rs.10/- each |
Rs.4.107 million
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5,000 |
Preference Shares |
Rs.10/- each |
Rs.0.050 million
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Total |
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Rs.
4.157 million |
Note :
- 4,10,700 (45,000) equity shares of Rs.10/-each fully paid up (of the
above 10,000 equity shares f Rs.10/-each were issued for considerations
other than cash at a premium of Rs.500/-each for takeover of business)
- 5,000 preference shares of Rs.10/-each fully paid up share
application money.
After 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 million
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,000,000 |
Equity Shares |
Rs.10/- each |
Rs.3.000 million
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.157 |
0.000 |
0.500 |
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2] Share Application Money |
0.000 |
3.757 |
0.000 |
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3] Reserves & Surplus |
21.550 |
6.589 |
6.060 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.707 |
10.346 |
6.560 |
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LOAN FUNDS |
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1] Secured Loans |
125.090 |
57.086 |
16.559 |
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2] Unsecured Loans |
55.029 |
10.695 |
6.200 |
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TOTAL BORROWING |
180.119 |
67.781 |
22.759 |
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DEFERRED TAX LIABILITIES |
3.507 |
0.355 |
0.000 |
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TOTAL |
209.333 |
78.482 |
29.319 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.839 |
6.686 |
2.967 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.827 |
2.181 |
1.015 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
90.341
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38.048
|
21.741 |
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Sundry Debtors |
154.929
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23.895
|
10.460 |
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Cash & Bank Balances |
0.088
|
0.097
|
0.139 |
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Other Current Assets |
0.000
|
0.000
|
0.644 |
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Loans & Advances |
12.015
|
26.242
|
0.121 |
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Total
Current Assets |
257.373
|
88.282
|
33.105 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
0.929
|
1.398
|
7.030 |
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Sundry Creditors |
110.934
|
16.600
|
0.000 |
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Provisions |
2.524
|
0.667
|
0.756 |
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Total
Current Liabilities |
114.387
|
18.665
|
7.786 |
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Net Current Assets |
142.986
|
69.615
|
25.319 |
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MISCELLANEOUS EXPENSES |
0.681 |
0.000 |
0.018 |
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TOTAL |
209.333 |
78.482 |
29.319 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SALES |
401.253 |
172.250 |
56.052 |
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Less |
EXPENSES (Including
Finance and Depreciation Expenses) |
387.781 |
171.019 |
55.490 |
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PROFIT BEFORE
TAX |
13.472 |
1.231 |
0.562 |
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Less |
TAX |
4.981 |
0.702 |
0.050 |
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PROFIT AFTER TAX
|
8.491 |
0.529 |
0.512 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.694 |
1.165 |
0.653 |
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BALANCE CARRIED
TO THE B/S |
10.185 |
1.694 |
1.165 |
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Earnings Per
Share (Rs.) |
20.67 |
11.76 |
11.38 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
2.12
|
0.31 |
0.91 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.19
|
1.30 |
1.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.12 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
11.46
|
8.36 |
4.66 |
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Current Ratio (Current Asset/Current Liability) |
|
2.25
|
4.73 |
4.25 |
LOCAL AGENCY FURTHER INFORMATION
Operating Results
and Business :
The company continued to see strong and profitable growth in the
financial year 2007-2008 and bigger successive opportunity in following years by
good performance in the existing areas of business. For the financial year
ended 31.03.2008, the revenue income has increased from Rs.172.250 millions to
Rs.401.253 millions, a growth of 132.95% over the previous financial year. The
company has achieved an aggregate income of Rs.13.472 million registering an
increase of 993.66% over the previous year.
Form 8
|
Name of the company |
SYNOPRENE POLYMERS PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Memorandum of Deposit of Title Deed dated 21.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 20.376 millions |
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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 |
Mortgage of gala No.6,7,8 and 9 situated at Apurva
Industrial Complex, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest BPLR + 0.25% i.e. 11.25% |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank, Thane (West) Branch |
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6) Date and brief description of instrument modifying the charge. |
NA |
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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.45.21 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.