MIRA INFORM REPORT

 

 

Report Date :

31.12.2014

 

IDENTIFICATION DETAILS

 

Name :

SYNECHRON TECHNOLOGIES NETHERLANDS B.V.

 

 

Registered Office :

Hullenbergweg 361 1101CP Amsterdam

 

 

Country :

Netherlands

 

 

Date of Incorporation :

22.01.2009

 

 

Com. Reg. No.:

34323865

 

 

Legal Form :

Besloten Vennootschap

 

 

Line of Business :

Wholesale of computers, peripheral equipment and software (4651) Writing, producing and publishing of software (6201)

 

 

No. of Employee :

10

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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)

Netherlands

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

NETHERLANDS ECONOMIC OVERVIEW

 

Netherlands is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, sizable trade surplus, and important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. The Dutch financial sector suffered as a result of the global financial crisis, due in part to the high exposure of some Dutch banks to US mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009. To recover, the government sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing austerity measures in early 2011, mainly reducting expenditures, which resulted in an improved budget deficit in 2011. However, in 2012 tax revenues dropped, GDP contracted, and the budget deficit deteriorated. In 2013, the government budget deficit decreased to 3.3% of GDP due to increased government revenue from higher taxes. However, spending on social benefits also increased, due to a rise in unemployment benefits and payments for pensions. The high unemployment rate and tax increases have contributed to continued decreases in household disposable income, causing the Dutch economy to contract.

 

Source : CIA

 

 

Summary

 

Company name

Synechron Technologies Netherlands B.V.

Operative address

Hullenbergweg 361 1101CP Amsterdam

Netherlands

 

Legal form

Besloten Vennootschap

Registration number

KvK-nummer: 34323865

VAT-number

820345520

 

Year

2013

Mutation

2012

Mutation

2011

Fixed assets

10.300

        173,72

3.763

 

 

Total receivables

620.463

          71,17

362.482          

-55,58

816.042

 

 

 

 

 

 

Total equity

-217.047

        -497,40

-36.332

-138,90

93.409

Short term liabilities

1.521.940

        117,05

701.203          

-16,69

841.683

 

 

 

 

 

 

Working capital

-227.347

        -467,02

-40.095

-142,92

93.409

Quick ratio

0,85

          -9,57

   0,94 

-15,32

1,11

 

 

 

Contact information

 

Company name

Synechron Technologies Netherlands B.V.

Trade names

Synechron Technologies Netherlands B.V.

Operative address

Hullenbergweg 361

1101CP Amsterdam

Netherlands

Correspondence address

Hullenbergweg 361

1101CP Amsterdam

Netherlands

Mobile number

0643725660

Email address

parag.deshpande@synechron.com

 

Registration

 

Registration number

KvK-nummer: 34323865

Branch number

000017038650

VAT-number

820345520

Status

Active

First registration company register

2009-01-23

Memorandum

2009-01-22

Establishment date

2009-01-22

Legal form

Besloten Vennootschap

Last proposed admendment

2011-12-06

Issued placed capital

EUR 18.000

Paid up share capital

EUR 18.000

Activities

 

SBI

Wholesale of computers, peripheral equipment and software (4651)

Writing, producing and publishing of software (6201)

Exporter

No

Importer

No

Goal

Automatiseringsbureau, het ontwikkelen van en de groothandel in software

Relations

 

Shareholders

Naam: Synechron Holdings Inc.

Bezoekadres: Woodbourne Hall, Road Town, Tortola, Britse Maagdeneilanden

Ingeschreven in: Registry of Corporate Affairs Tortola, Britse Maagdeneilanden onder nummer 486535

Enig aandeelhouder sedert: 07-12-2011 (datum registratie: 07-01-2012)

Companies on same address

Double Effect B.V.

Registration number: 272573330000

 

Relations

 

Shareholders

Naam: Synechron Holdings Inc.

Bezoekadres: Woodbourne Hall, Road Town, Tortola, Britse Maagdeneilanden

Ingeschreven in: Registry of Corporate Affairs Tortola, Britse Maagdeneilanden onder nummer 486535

Enig aandeelhouder sedert: 07-12-2011 (datum registratie: 07-01-2012)

Companies on same address

Double Effect B.V.

Registration number: 272573330000

 

Management

Active management

T.J. Saulat (Tanveer Jehangir)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2009-01-22

Date of birth: 1972-12-16, Bhopal, IN

Z.Y.B. Bhutta (Zia Younis Bhutta)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2011-01-01

Date of birth: 1972-02-04, Nairobi, KE

S.F. Husain (Syed Faisal)

Netherlands

Competence: Fully authorized

Function: Manager

Starting date: 2011-07-01

Date of birth: 1974-04-27, Eku, NG

P.V. Deshpande (Parag Vilas)

Netherlands

Competence: Fully authorized

Function: Proxy

Starting date: 2012-02-28

Date of birth: 1980-02-06, Nagpur, IN

 

 

 

Employees

 

 

 

 

 

 

Year

2014

2013

2012

2011

Total

10

22

17

3

 

 

 

 

Payments

 

Description                  Slow

 

 

Key figures

 

 

Year

2013

2012

2011

2010

Quick ratio

0,85

0,94

1,11

0,40

Current ratio

0,85

0,94

1,11

0,40

 

 

 

 

 

Working capital/ balance total

-0,17

-0,06

0,10

-1,50

Equity / balance total

-0,17

-0,05

0,10

-1,50

Equity / Fixed assets

-21,07

-9,66

 

 

Equity / liabilities

-0,14

-0,05

0,11

-0,60

Balance total / liabilities

0,86

0,95

1,11

0,40

 

 

 

 

 

Working capital

-227.347

-40.095

93.409

-3.188

Equity

-217.047

-36.332

93.409

-3.188

Mutation equity

-497,40

-138,90

3.030,02

 

Mutation short term liabilities

117,05

-16,69

15.727,06

 

 

Summary                                             The 2013 financial result structure is a negative working captial of -227.347 euro, which is inagreement with -17 % of the total assets of the company.

The working capital has diminished with -467.02 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.

The deterioration between 2012 and 2013 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2013 was 0.85. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.

The quick ratio in 2013 of the company was 0.85. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

The 2012 financial result structure is a negative working captial of -40.095 euro, which is in agreement with -6 % of the total assets of the company.

The working capital has diminished with -142.92 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.

The deterioration between 2011 and 2012 has mainly been caused by an increase of the current liabilities.

The current ratio of the company in 2012 was 0.94. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.

The quick ratio in 2012 of the company was 0.94. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

 

 

 

 

 

 

Financial statement

 

Last annual account

2013

Remark annual account

The company is obliged to file its financial statements.

Type of annual account

Corporate

Annual account

Synechron Technologies Netherlands B.V.

Hullenbergweg 361

1101CP Amsterdam

Netherlands

Registration number: 343238650000

 

Balance

 

Year

2013

2012

2011

2010

End date

2013-03-31

2012-03-31

2011-03-31

2010-03-31

Tangible fixed assets

10.300

3.763

 

 

Fixed assets

10.300

3.763

 

 

Total receivables

620.463

362.482

816.042

770

Liquid funds

674.130

298.626

119.050

1.360

Current assets

1.294.593

661.108

935.092

2.130

Total assets

1.304.893

664.871

935.092

2.130

 

 

 

 

 

Issued capital

18.000

18.000

18.000

18.000

Other reserves

-235.047

-54.332

75.409

-21.188

Total reserves

-235.047

-54.332

75.409

-21.188

Total equity

-217.047

-36.332

93.409

-3.188

Short term liabilities

1.521.940

701.203

841.683

5.318

Total short and long term liabilities

1.521.940

701.203

841.683

5.318

Total liabilities

1.304.893

664.871

935.092

2.130

                    

Summary                                                 The total assets of the company increased with 96.26 % between 2012 and 2013.

The total asset increase is retrievable in the fixed asset growth of 173.72 %. Asset growth is in contrasts with the net worth decline of -497.4 %. The company's indebtedness has, therefore, increased with 117.05 %.

In 2013 the assets of the company were 0.79 % composed of fixed assets and 99.21 % by current assets. The assets are being financed by an equity of -16.63 %, and total debt of 116.63 %.

The total assets of the company decreased with -28.9 % between 2011 and 2012. Assets reduction is explained by a Net Worth decrease of -138.9 %, and an indebtedness reduction of -16.69 %.

In 2012 the assets of the company were 0.57 % composed of fixed assets and 99.43 % by current assets. The assets are being financed by an equity of -5.46 %, and total debt of 105.46 %.

 

 

 

 

Analysis

Branch (SBI)

Wholesale trade (no motor vehicles and motorcycles) (46)

Region

 

Groot Amsterdam

In the Netherlands 109662 of the companies are registered with the SBI code 46

In the region Groot Amsterdam 10512 of the companies are registered with the SBI code 46

In the Netherlands 2387 of the bankrupcties are published within this sector

In the region Groot Amsterdam 209 of the bankruptcies are published within this sector

The risk of this specific sector in the Netherlands is normal

The risk of this specific sector in the region Groot Amsterdam is normal

 

Publications

 

Filings

28-03-2014: De jaarrekening over 2013 (gebroken boekjaar) is gepubliceerd.

10-04-2013: De jaarrekening over 2012 (gebroken boekjaar) is gepubliceerd.

03-11-2011: De jaarrekening over 2011 (gebroken boekjaar) is gepubliceerd.

21-09-2011: De jaarrekening over 2010 (gebroken boekjaar) is gepubliceerd.

Functions

18-06-2013: Per 09-06-2013 is gevolmachtigde Raymond Pierre Vuijst uit functie getreden.

18-06-2013: Per 09-06-2013 is gevolmachtigde Sander Baauw uit functie getreden.

23-11-2012: Per 01-05-2012 is gevolmachtigde Sander Baauw in functie getreden.

23-11-2012: Per 01-05-2012 is gevolmachtigde Raymond Pierre Vuijst in functie getreden.

 

23-11-2012: Per 01-05-2012 is bestuurder Raymond Pierre Vuijst uit functie getreden.

23-11-2012: Per 01-05-2012 is bestuurder Sander Baauw uit functie getreden

08-05-2012: Per 01-05-2012 is bestuurder Raymond Pierre Vuijst in functie getreden.

08-05-2012: Per 01-05-2012 is bestuurder Sander Baauw in functie getreden.

01-03-2012: Per 28-02-2012 is gevolmachtigde Parag Vilas Deshpande in functie getreden.

08-12-2011: Per 01-07-2011 is bestuurder Syed Faisal Husain in functie getreden.

11-02-2011: Per 01-01-2011 is bestuurder Zia Younis Bhutta Bhutta in functie getreden. 11-02-2011: Per 31-12-2010 is bestuurder 34186056 Compliance & Management Services International Ltd uit functie getreden

Amendments

08-12-2011: Per 6-12-2011 is de bevoegdheid van Bestuurder Zia Younis Bhutta Bhutta

gewijzigd.

08-12-2011: Per 22-1-2009 is de bevoegdheid van Bestuurder Tanveer Jehangir Saulat gewijzigd.

08-12-2011: Per 6-12-2011 statuten gewijzigd

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.75

UK Pound

1

Rs.98.88

Euro

1

Rs.77.32

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

ANK

 

 

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.