MIRA INFORM REPORT

 

 

Report Date :

31.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SYNECHRON LIMITED

 

 

Registered Office :

Suite 110 St. Clements House, 27-28 Clements Lane London EC4N 7AE

 

 

Country :

United Kingdom

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

02.10.2002

 

 

Com. Reg. No.:

04551868

 

 

Legal Form :

Private limited with Share Capital

 

 

Line of Business :

Subject is engaged in Software consultancy and supply, Hardware consultancy, Information technology consultancy activities

 

 

No. of Employee :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

United Kingdom

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

UNITED KINGDOM ECONOMIC OVERVIEW

 

The UK, a leading trading power and financial center, is the third largest economy in Europe after Germany and France. Over the past two decades, the government has greatly reduced public ownership. Agriculture is intensive, highly mechanized, and efficient by European standards, producing about 60% of food needs with less than 2% of the labor force. The UK has large coal, natural gas, and oil resources, but its oil and natural gas reserves are declining and the UK became a net importer of energy in 2005. Services, particularly banking, insurance, and business services, are key drivers of British GDP growth. Manufacturing, meanwhile, has declined in importance but still accounts for about 10% of economic output. After emerging from recession in 1992, Britain's economy enjoyed the longest period of expansion on record during which time growth outpaced most of Western Europe. In 2008, however, the global financial crisis hit the economy particularly hard, due to the importance of its financial sector. Falling home prices, high consumer debt, and the global economic slowdown compounded Britain's economic problems, pushing the economy into recession in the latter half of 2008 and prompting the then BROWN (Labour) government to implement a number of measures to stimulate the economy and stabilize the financial markets; these included nationalizing parts of the banking system, temporarily cutting taxes, suspending public sector borrowing rules, and moving forward public spending on capital projects. Facing burgeoning public deficits and debt levels, in 2010 the CAMERON-led coalition government (between Conservatives and Liberal Democrats) initiated a five-year austerity program, which aimed to lower London's budget deficit from about 11% of GDP in 2010 to nearly 1% by 2015. In November 2011, Chancellor of the Exchequer George OSBORNE announced additional austerity measures through 2017 largely due to the euro-zone debt crisis. The CAMERON government raised the value added tax from 17.5% to 20% in 2011. It has pledged to reduce the corporation tax rate to 21% by 2014. The Bank of England (BoE) implemented an asset purchase program of £375 billion (approximately $605 billion) as of December 2013. During times of economic crisis, the BoE coordinates interest rate moves with the European Central Bank, but Britain remains outside the European Economic and Monetary Union (EMU). In 2012, weak consumer spending and subdued business investment weighed on the economy, however, in 2013 GDP grew 1.4%, accelerating unexpectedly in the second half of the year because of greater consumer spending and a recovering housing market. The budget deficit is falling but remains high at nearly 7% and public debt has continued to increase.

 

Source : CIA

 

Company identification

 

SYNECHRON LIMITED

Telephone

 

SUITE 110 ST. CLEMENTS HOUSE

Fax

-

27-28 CLEMENTS LANE

Website

www.synechron.com

LONDON

 

 

EC4N 7AE

 

 

United Kingdom

 

 

 

 

 

Company Number:         04551868

Status:

Active - Accounts Filed

Foundation:                      02/10/2002

 

 

 

 

Comments

 

No exact match CCJs are recorded against the company. The company saw an increase in their Cash Balance of 64.4% during the latest trading period. The audit report contains no adverse comments.

 

Net Worth decreased by 81.2% during the latest trading period. A 33.1% decline in Total Assets occurred during the latest trading period. The movement in accumulated earnings would indicate that the company incurred a loss after tax and other appropriations, including dividends.

 

There has been no significant change in the company’s credit rating. There has been no significant change in the company’s credit limit. There is insufficient data to indicate a change in this company’s percentage of sales. There is insufficient data to indicate a change in this company’s pre-tax profit. No recent changes in directorship are recorded. The company is part of a group. The company has changed its registered address recently. The company was established over 12 years ago.

 

 

Basic information

 

Legal form

 

Private limited with Share Capital

 

 

Foundation

 

02/10/2002

 

 

Company No.

 

04551868

 

 

Previous Names

 

Date of Change                        Previous Name

13/08/2004                                FUSION INFOTECH LIMITED

 

 

Shareholders

 

Name

Currency

Number of shares

Share type

Nominal value

SYNECHRON HOLDINGS INC BVI

GBP

80,000

ORDINARY

10

SYNECHRON TECHNOLOGIES PVT LTD

GBP

1,000

ORDINARY

10

Total Share Capital

GBP 810,000

 

 

Management

 

Directors

Name

Address:

Date of

birth

Nationality

Appointment date

Mr Faisal Husain

Villa L 33 The Palm Jumeirah, Dubai

27/04/1974

Indian

18/01/2008

Mr Zia Bhutta

10940 Hawks Vista Street, Plantation,

Florida 33324

04/02/1972

American

18/01/2008

 

Company Secretary

Name

Address:

Appointment date

Tanveer Saulat

Flat No. B-101 1st Floor Building No B, S Silver W, S No. 81, H. No 1+4b+5a/5a/3, Mundhwa, Pune

02/10/2002

 

Other Known Addresses

 

49 Queen Victoria Street, London EC4N 4SA

Suite 110, St. Clements House, 27 Clement's Lane, London EC4N 7AE

 

 

Company relationships

 

Company No.

Name

Status

Country

Ultimate parent

            SYNECHRON HOLDINGS INC                          Other

-                                    

 

Business activities

 

Main activity

Principal Activity

Software consultancy and supply.

SIC03

Hardware consultancy

SIC07

Information technology consultancy activities

 

 

Economic data

 

Turnover and Employees

 

Date of Accounts

Turnover

Employees

31/03/2011

Not Stated

Not Stated

31/03/2012

Not Stated

Not Stated

31/03/2013

Not Stated

Not Stated

 

 

Supplementary data

 

Auditor

 

Auditor name

 

SOPHER & CO

 

Events

 

Company history

Date

Action

14/04/2010

Mr V. Khokale has left the board

14/04/2010

New Board Member SEC CO LIMITED appointed

01/10/2010

New Accounts Filed

19/10/2010

Annual Returns

19/11/2010

Change in Reg.Office

19/11/2010

Change of Company Postcode

16/08/2011

New Board Member A. Melarkode appointed

21/09/2011

New Accounts Filed

22/10/2011

Annual Returns

20/10/2012

Annual Returns

15/01/2013

New Accounts Filed

15/01/2013

New Accounts Filed

05/02/2013

A. Melarkode has left the board

07/05/2013

SEC CO LIMITED has left the board

17/10/2013

Change in Reg.Office

25/10/2013

Annual Returns

10/01/2014

New Accounts Filed

10/01/2014

New Accounts Filed

10/04/2014

Change in Reg.Office

10/10/2014

Annual Returns

 

County Court Judgments (CCJs)

There are no County Court Judgments listed against this company

 

Accounts

 

Profit & Loss

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Turnover

0

0

0

0

Export

-

-

-

-

Cost of Sales

-

-

-

-

Gross Profit

-

-

-

-

Wages And Salaries

0

0

0

0

Directors Emoluments

-

-

-

-

Operating Profit

-

-

-

-

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Depreciation

1,288

503

212

0

Audit Fees

-

-

-

-

Interests Payments

-

-

-

-

Pre Tax Profit

0

0

0

0

Taxation

-

-

-

-

Profit After Tax

-

-

-

-

Dividends Payable

-

-

-

-

Retained Profit

-

-

-

-

 

Balance Sheet

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Tangible Assets

829,862

829,045

10,949

0

Intangible Assets

0

0

0

0

Total Fixed Assets

829,862

829,045

10,949

0

Stock

0

0

0

0

Trade Debtors

33,914

496,080

424,239

241,797

Cash

38,762

23,571

41,585

4,685

Other Debtors

0

0

0

0

Miscellaneous Current Assets

0

0

0

0

Total Current Assets

72,676

519,651

465,824

246,482

Trade Creditors

783,614

717,378

401,010

106,061

Bank Loans and Overdraft

0

0

0

0

Other Short Term Finance

0

0

0

0

Miscellaneous Current Liabilities

0

0

0

0

Total Current Liabilities

783,614

717,378

401,010

106,061

Bank Loans and Overdrafts LTL

0

0

0

94,091

Other Long Term Finance

0

0

0

0

Total Long Term Liabilities

0

0

0

94,091

 

Capital & Reserves

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Called Up Share Capital

810,000

810,000

10,000

10,000

P and L Account Reserve

-719,076

-206,682

65,763

36,330

Revaluation Reserve

0

0

0

0

Sundry Reserves

28,000

28,000

0

0

Shareholders Funds

118,924

631,318

75,763

46,330

 

 

Other Financial Items

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Net Worth

118,924

631,318

75,763

46,330

Working Capital

-710,938

-197,727

64,814

140,421

Total Assets

902,538

1,348,696

476,773

246,482

Total Liabilities

783,614

717,378

401,010

200,152

Net Assets

118,924

631,318

75,763

46,330

 

Cash Flow

 

 

31/03/2013

31/03/2012

31/03/2011

31/03/2010

 

52

52

52

52

 

GBP

GBP

GBP

GBP

 

Group: No

Group: No

Group: No

Group: No

Net Cash Flow from Operations

0

0

0

0

Net Cash Flow before Financing

0

0

0

0

Net Cash Flow from Financing

0

0

0

0

Increase in Cash

15,191

-18,014

36,900

-91,207

 

Miscellaneous

 

 

31/03/2013

52

GBP Group: No

31/03/2012

52

GBP Group: No

31/03/2011

52

GBP Group: No

31/03/2010

52

GBP Group: No

Capital Employed

118,924

631,318

75,763

140,421

 

 

Financial Ratios

 

Name

31/03/2013

31/03/2012

31/03/2011

31/03/2010

Pre Tax Profit Margin

0.0%

0.0%

0.0%

0.0%

Current Ration

0.09

0.72

1.16

2.32

Sales or Net Working Capital

0.00

0.00

0.00

0.00

Gearing

0.00 %

0.00 %

0.00 %

203.09 %

Equity

13.18%

46.81 %

15.89%

18.80%

Creditor Days

0.00

0.00

0.00

0.00

Debtor Days

0.00

0.00

0.00

0.00

Liquidity or Acid test

0.09

0.72

1.16

2.32

Return on Capital Employed

0.0%

0.0%

0.0%

0.0%

Return on Total Assets Employed

0.0%

0.0%

0.0%

0.0%

Current Debt Ratio

6.58 %

1.13%

5.29 %

2.28 %

Total Debt Ratio

6.58 %

1.13%

5.29 %

4.32 %

Stock Turnover Ratio

0.0%

0.0%

0.0%

0.0%

Return on Net Assets Employed

0.0%

0.0%

0.0%

0.0%

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.74

UK Pound

1

Rs.98.87

Euro

1

Rs.77.32

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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 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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.