MIRA
INFORM REPORT
|
Report Date : |
08.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SYNTHITE INDUSTRIES LIMITED |
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Formerly Known
As : |
SYNTHITE INDUSTRIAL CHEMICALS LIMITED (w.e.f 19.09.2008) SYNTHITE INDUSTRIAL CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.07.1970 |
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Com. Reg. No.: |
09-002294 |
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Capital
Investment / Paid-up Capital : |
Rs.10.590 Millions |
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CIN No.: [Company Identification
No.] |
U24299KL1970PLC002294 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHNS02494C |
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PAN No.: [Permanent Account No.] |
AADCS5616E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer a Wide Spectrum of Spice Products including Oleoresins,
Essential Oils, Natural Food Colors, Health Ingredients, Herb Extracts etc. |
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No. of Employees
: |
2500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 26966000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
March 19, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
March 19, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh Mohan |
|
Designation : |
Lead Corporate Finance |
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Contact No.: |
91-484-32889016 |
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Date : |
04.09.2014 |
LOCATIONS
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Registered Office : |
39/1799 Ajay Viharam G Road, Ernakulam – 682016, Kerala, India |
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Tel. No.: |
91-484-2375294 / 3012222 / 2378503 / 2375294 |
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Fax No.: |
91-484-2378801 |
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E-Mail : |
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Website : |
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Corporate Office / Potpourri Division / Factory : |
Synthite Valley, Kolenchery – 682311, Kerala, India |
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Tel. No.: |
91-484-2760285 / 3051200 / 3051201 / 3051208 / 2761183 |
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Fax No.: |
91-484-3051351 |
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E-Mail : |
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Location : |
Owned |
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Fragrance Division : |
Marudur, Karamadai – 641104, Tamilnadu, India |
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Tel. No.: |
91-4254-227229 9 /2272542 |
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Fax No.: |
91-4254-2272889 |
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E-Mail : |
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Harihar Division : |
Kumarapatanam, Harihar – 581123, Karnataka, India |
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Tel. No.: |
91-8373-20449 / 242058 / 240449 |
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Fax No.: |
91-8373-240448 |
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E-Mail : |
DIRECTORS
As on 25.09.2013
|
Name : |
Mr. Jacob Chennakatu Varkey |
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Designation : |
Managing Director |
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Address : |
Nechupdam Kadayiruppu, Kolenchery, Cochin – 682 311, Ernakulam, Kerala, India |
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Date of Birth/Age : |
27.09.1933 |
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Experience : |
57 Years |
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Date of Appointment : |
03.03.1972 |
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PAN No. : |
AAWPJ5618D |
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DIN No.: |
00030106 |
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Name : |
Mr. George Paul |
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Designation : |
Whole Time Director |
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Address : |
Embassery 39/64, Banerji Road, Cochin – 682 018, Ernakulam, Kerala,
India |
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Date of Birth/Age : |
27.11.1949 |
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Qualification : |
B.Sc |
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Experience : |
32 Years |
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Date of Appointment : |
26.09.1977 |
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PAN No. : |
ABGPP9054J |
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DIN No.: |
00030530 |
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Name : |
Mr. Mani Varghese |
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Designation : |
Whole Time Director |
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Address : |
29/752 Cheruparambath Road, Koavanthra, Cochin – 682 020, Ernakulam,
Kerala, India |
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Date of Birth/Age : |
05.04.1957 |
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Qualification : |
C.A |
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Experience : |
29 Years |
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Date of Appointment : |
30.09.1983 |
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PAN No. : |
ABNPV1132C |
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DIN No.: |
00030972 |
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Name : |
Mr. Ninan Philip Modayil |
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Designation : |
Director |
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Address : |
310 Panampilly Nagar, Perumanoor, Cochin – 682 025, Ernakulam, Kerala,
India |
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Date of Birth/Age : |
07.10.1956 |
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Date of Appointment : |
31.12.1985 |
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DIN No.: |
00030445 |
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Name : |
Dr. Varghese Jacob |
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Designation : |
Whole Time Director |
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Address : |
Nechupdam Kadayiruppu, Kolenchery, Cochin – 682 311, Ernakulam,
Kerala, India |
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Date of Birth/Age : |
21.03.1961 |
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Qualification : |
B.Com, Ph.D |
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Experience : |
24 Years |
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Date of Appointment : |
31.12.1985 |
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PAN No. : |
AAWPJ5617N |
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DIN No.: |
00030179 |
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Name : |
Mr. Aju Jacob |
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Designation : |
Whole Time Director |
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Address : |
Nechupdam Kadayiruppu, Kolenchery, Cochin – 682 311, Ernakulam,
Kerala, India |
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Date of Birth/Age : |
29.05.1964 |
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Qualification : |
B.Tech |
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Experience : |
22 Years |
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Date of Appointment : |
05.01.1987 |
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PAN No. : |
ACNPJ7961N |
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DIN No.: |
00030332 |
KEY EXECUTIVES
|
Name : |
Mr. Salas
Kannanchira Francis |
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Designation : |
Company Secretary
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Address : |
Synthite State
QTS., |
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Date of Birth/Age : |
31.05.1962 |
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Date of Appointment : |
10.12.1996 |
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Pan No.: |
AADPF3870G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
As on 25.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
2.27 |
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Bodies corporate |
11.61 |
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Directors or relatives of Directors |
62.22 |
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Other top fifty shareholders |
23.90 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer a Wide Spectrum of Spice Products including
Oleoresins, Essential Oils, Natural Food Colors, Health Ingredients, Herb
Extracts etc. |
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Products : |
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Exports : |
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Products : |
Ř Essential Oils Ř Natural Food Colors Ř Health Ingredients Ř Herb
Extracts |
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Countries : |
Ř Europe Ř China Ř USA Ř Middle East
Country |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Ř Sri Lanka Ř China |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
2500 (Approximately) |
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Bankers : |
Ř DBS Bank Ř ICICI Bank Ř Federal Bank Ř State Bank of
Travencore Ř Standard Charted
Bank, 19 Rajaji Salai, Chennai – 600001, Tamilnadu, India |
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Facilities : |
Ř CC
Rs. 3000.000 Millions From Standard Charted Bank Ř CC
Rs. 3000.000 Millions From DBS Bank Ř CC
Rs. 3000.000 Millions From ICICI Bank Ř CC
Rs. 3000.000 Millions From Federal Bank Ř CC Rs. 3000.000 Millions From State Bank of Travencore
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Elias George and
Company Chartered Accountants
|
|
Address : |
B-16, HIG Avenue,
Gandhinagar, Cochin – 682020, Kerala, India |
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Tel. No.: |
91-484-2204008/2206648 |
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Fax No.: |
91-484-2204008 |
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E-Mail : |
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PAN No.: |
AAAFE5440J4 |
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Subsidiaries : |
Ř Herbal Isolates
Private Limited Ř Synthite Exports
Limited Ř Synthite (USA)
Inc Ř Spice Mill Ř
Synthite (Xinjiang) Bio Tech Company Limited,
China Ř
Synthite Lanka Private Limited |
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|
|
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Joint Venture : |
Ř
Symega Savoury Technology Limited Ř
Symega Flavours (India) Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
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|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105900 |
Equity Shares |
Rs.100/- each |
Rs.10.590 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.590 |
10.590 |
10.590 |
|
(b) Reserves & Surplus |
6,730.937 |
5,910.168 |
5,020.680 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
6,741.527 |
5,920.758 |
5,031.270 |
|
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|
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|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
405.928 |
17.695 |
2.785 |
|
(b) Deferred tax liabilities
(Net) |
11.721 |
10.592 |
68.937 |
|
(c) Other long term liabilities |
3.500 |
0.000 |
0.000 |
|
(d) long-term provisions |
21.133 |
20.161 |
17.788 |
|
Total Non-current Liabilities (3) |
442.282 |
48.448 |
89.510 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,932.266 |
1,682.067 |
1,196.497 |
|
(b) Trade payables |
505.436 |
476.369 |
720.351 |
|
(c) Other current liabilities |
325.279 |
183.021 |
141.205 |
|
(d) Short-term provisions |
13.310 |
27.194 |
51.630 |
|
Total Current Liabilities (4) |
2,776.291 |
2,368.651 |
2,109.683 |
|
|
|
|
|
|
TOTAL |
9,960.100 |
8,337.857 |
7,230.463 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,599.747 |
1,393.941 |
1,491.215 |
|
(ii) Intangible Assets |
32.958 |
18.551 |
25.640 |
|
(iii) Capital work-in-progress |
465.631 |
88.311 |
64.824 |
|
(iv) Intangible assets under
development |
0.000 |
0.095 |
0.000 |
|
(b) Non-current Investments |
948.958 |
797.949 |
486.930 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
238.235 |
31.511 |
33.830 |
|
(e) Other Non-current assets |
3.581 |
4.432 |
8.584 |
|
Total Non-Current Assets |
3,289.110 |
2,334.790 |
2,111.023 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
496.653 |
501.624 |
343.613 |
|
(b) Inventories |
2,784.929 |
2,467.241 |
2,411.917 |
|
(c) Trade receivables |
2,175.935 |
2,088.120 |
1,366.651 |
|
(d) Cash and cash equivalents |
327.049 |
92.960 |
371.862 |
|
(e) Short-term loans and
advances |
859.803 |
840.222 |
614.571 |
|
(f) Other current assets |
26.621 |
12.900 |
10.826 |
|
Total Current Assets |
6,670.990 |
6,003.067 |
5,119.440 |
|
|
|
|
|
|
TOTAL |
9,960.100 |
8,337.857 |
7,230.463 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9109.167 |
8642.207 |
5768.017 |
|
|
|
Other Income |
144.498 |
117.999 |
783.923 |
|
|
|
TOTAL |
9253.665 |
8760.206 |
6551.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6011.556 |
5991.542 |
4240.741 |
|
|
|
Purchases of Stock-in-Trade |
15.951 |
7.889 |
131.181 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(19.926) |
(187.384) |
(477.030) |
|
|
|
Employees benefits expense |
435.792 |
339.256 |
264.642 |
|
|
|
Other expenses |
1333.343 |
1038.751 |
716.899 |
|
|
|
TOTAL |
7776.716 |
7190.054 |
4876.433 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1476.949 |
1570.152 |
1675.507 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
85.687 |
46.653 |
6.168 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1391.262 |
1523.499 |
1669.339 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
206.975 |
206.509 |
228.028 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1184.287 |
1316.990 |
1441.311 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
351.129 |
353.654 |
377.387 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
833.158 |
963.336 |
1063.924 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1028.800 |
235.800 |
85.700 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
83.400 |
96.400 |
8400.000 |
|
|
|
Dividend |
10.600 |
63.500 |
63.500 |
|
|
|
Tax on Dividend |
1.800 |
10.300 |
10.400 |
|
|
BALANCE CARRIED
TO THE B/S |
1766.200 |
1028.900 |
235.800 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
7867.00 |
9097.00 |
10047.00 |
|
|
Particulars |
|
|
31.03.2014 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
10000.000 |
|
|
|
|
|
The above information has been parted by Mr. Rajesh Mohan
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.00
|
10.99 |
16.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.00
|
15.23 |
24.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.86
|
17.67 |
21.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.22 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.35
|
0.29 |
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
2.53 |
2.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
10.590 |
10.590 |
10.590 |
|
Reserves & Surplus |
5020.680 |
5910.168 |
6730.937 |
|
Net
worth |
5,031.270 |
5,920.758 |
6,741.527 |
|
|
|
|
|
|
long-term borrowings |
2.785 |
17.695 |
405.928 |
|
Short term borrowings |
1196.497 |
1682.067 |
1932.266 |
|
Total
borrowings |
1,199.282 |
1,699.762 |
2,338.194 |
|
Debt/Equity
ratio |
0.238 |
0.287 |
0.347 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
5768.017 |
8642.207 |
9109.167 |
|
|
|
49.830 |
5.403 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
5768.017 |
8642.207 |
9109.167 |
|
Profit |
1063.924 |
963.336 |
833.158 |
|
|
18.45% |
11.15% |
9.15% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10413406 |
27/02/2013 |
90,125,000.00 |
ANDHRA BANK |
AJAY VIHAR, M.G. ROAD, ERNAKULAM, Kerala - 682016, INDIA |
B71321855 |
|
2 |
10388114 |
12/10/2012 |
500,000,000.00 |
DBS BANK LIMITED |
806, ANNA SALAI, CHENNAI, Tamil Nadu - 600002, INDIA |
B62610613 |
|
3 |
10377312 |
11/09/2012 |
50,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B58416009 |
|
4 |
10375255 |
18/04/2013 * |
1,480,000,000.00 |
Union Bank of India |
Overseas Branch, M G Road, Ernakulam, Kerala - 682035, INDIA |
B75000976 |
|
5 |
10375947 |
30/07/2012 |
750,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B57890980 |
|
6 |
10264530 |
28/11/2013 * |
1,250,000,000.00 |
Standard Chartered Bank |
19 Rajaji Salai, Chennai, Tamil Nadu - 600001, INDIA |
B94507308 |
|
7 |
10261949 |
26/11/2010 |
30,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH ERNAKULAM,FIRST FLOOR, VANKARATH TOWERS,BYEPASS
JUNCTION , PADIVATTOM, KOCHI, Kerala - 682024, INDIA |
B03777604 |
|
8 |
10195123 |
11/09/2012 * |
500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B58469669 |
|
9 |
10109117 |
25/04/2008 |
150,000,000.00 |
Union Bank of India |
Overseas Branch, Ernakulam, Kochi, Kerala - 682035, INDIA |
A40681371 |
|
10 |
10033904 |
30/04/2013 * |
1,360,000,000.00 |
CITIBANK N. A. |
Photofast House, Door No.38/1581, M.G Road, Padma Junction, Cochin,
Kerala - 682035, INDIA |
B74631524 |
|
1 |
10007148 |
19/11/2012 * |
530,000,000.00 |
STATE BANK OF TRAVANCORE |
Kolenchery Main Branch, Kolenchery, Ernakulam, Kerala - 682311, INDIA |
B64022775 |
|
12 |
90020721 |
01/06/2005 |
60,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH, M.G. ROAD, ERNAKULAM, Kerala, INDIA |
- |
|
13 |
90016581 |
26/09/2006 * |
101,000,000.00 |
Union Bank of India |
Overseas Branch, M G Road, Ernakulam, Ernakulam, |
- |
|
14 |
90015656 |
22/12/2011 * |
1,120,000,000.00 |
Union Bank of India |
Overseas Branch, M G Road, Ernakulam, Kerala - 682035, INDIA |
B32282022 |
|
15 |
90015538 |
07/11/1985 |
527,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU, KADAYIRUPPU, Kerala, INDIA |
- |
|
16 |
90015515 |
10/05/1985 |
1,000,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU, KADAYIRUPPU, Kerala, INDIA |
- |
|
17 |
90015496 |
24/01/1985 |
150,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU, KADAYIRUPPU, Kerala, INDIA |
- |
|
18 |
90015449 |
04/05/2000 * |
300,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU, KADAYIRUPPU, Kerala, INDIA |
- |
|
19 |
90015384 |
29/03/1983 |
100,000.00 |
UNION BANK OF INDIA |
KADEYIRUPPU, ERNAKULAM, Kerala, INDIA |
- |
|
20 |
90015336 |
05/10/1981 |
200,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU BRANCH, KADAYIRUPPU, Kerala, INDIA |
- |
|
21 |
90015308 |
03/05/1984 * |
900,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU, KADAYIRUPPU, Kerala, INDIA |
- |
|
22 |
90015281 |
20/12/1979 * |
250,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU BRANCH, ERNAKULAM, Kerala, INDIA |
- |
|
23 |
90015280 |
14/08/1979 |
250,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU BRANCH, KADAYIRUPPU, Kerala, INDIA |
- |
|
24 |
90015135 |
01/07/1972 |
350,000.00 |
UNION BANK OF INDIA |
KADAYIRUPPU, KADAYIRUPPU, Kerala, INDIA |
- |
* Date of charge modification
BUSINESS
During the year
2012-2013, the Company witnessed stiff competition under volatile markets. Though
the company continued to see growth across some markets, the marginal growth
rate was only 5% as against 33.7% in the previous year. The export revenues
aggregated to Rs.6710.000 millions, up by only 2.6% as against 50% in the
previous year. The Profit before Interest, Depreciation, Taxes and Amortization
(PBIDTA) was decreased by 5.9% amounting to Rs. 1476.900 millions as against
Rs.1570.100 millions in the previous year. The net profit before exceptional
items and tax decreased by 10.61% at Rs. 1180.000 millions as against
Rs.1320.000 millions in the previous year. The significant investments made by
the company in plant and machinery over the past few years are yet to be fully
realized. In view of the changing business environment, the Board is in the
process of redrafting the Company’s business plan and strategy.
AWARDS/RECOGNITIONS:
The company has
been the proud recipient of the following awards and recognitions-
·
WINNER’ for the Outstanding Safety Performance Award
(Large Size Industries – Chemical) instituted by the National Safety Council.
·
Bio Ingredients Synthite Valley, Kolenchery has
been declared as 2nd Prize winner for the Government of Kerala Safety Awards
2012 in the category of large factories.
·
Golden Achievement Awarding Business - 2012
instituted by Institute of Economic Studies, Malaysia.
SUBSIDIARYCOMPANIES
Synthite (USA)
Inc., a wholly owned subsidiary of the company has incurred a net loss of
Rs.7.923 millions during the financial year ended December 31, 2012. Synthite
Lanka Private Limited., a wholly owned subsidiary in Sri Lanka, has achieved a
total turnover of Rs.182.800 millions and a net profit of Rs.1.829 millions
during the financial year ended March 31, 2013. Synthite (Xinjiang) Bio Tech
Company Limited, the wholly owned subsidiary in China, has achieved a total
turnover of Rs.260.700 millions and a net loss of Rs.031.7 millions during the
financial year ended December 31, 2012. Synthite Brazil Importance and
Exportacao Limited was incorporated in the last quarter of 2012 2013 and has
not commenced its commercial operations. Depreciation in rupee has led to an
overrun on CAPEX and investments in the overseas entities. The Directors do not
expect any gain from the investments in the foreseeable future due to the
change in the market condition. This has led to the cancellation of the major
expansion plans of the Company, abroad.
FIXED ASSETS
œ
Land
œ
Building
œ
Plant and Machinery
œ
Furniture and Fixtures
œ
Vehicles
œ
Computer Software
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 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.60.44 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done
by: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.