MIRA INFORM REPORT
|
Report No. : |
337361 |
|
Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SYNECHRON TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Formerly Known
As : |
FUSION TECHNOLOGIES (I) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Cedar Building International Tech Park Pune, Plot No.18, Rajiv Gandhi Infotech
Park, Hinjewadi Phase III, Pune - 411057, Maharashtra |
|
Tel. No.: |
Not Available |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
04.04.2001 |
|
|
|
|
Com. Reg. No.: |
11-016029 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.998 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72200PN2001PTC016029 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAICS2894R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Software Development Service. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is subsidiary of “SYNECHRON HOLDINGS Inc.” Virgin Islands
British. It is well-established company having a satisfactory track record. During FY14, the revenue of Synechron Technologies Private Limited
stood at Rs. 4344.600 Million (compared to Rs. 3742.200 Million in FY13)
registered top line growth of 16.09%, while net profit of the company stood
at Rs. 602.400 Million in FY14 (compared to Rs. 551.000 Million FY13). Further, rating take consideration on company healthy reserves,
capital structure marked by above average debt protection metrics and strong
financial and managerial support from its holding company. Trade relations are reported as fair. Business is active. Payment
terms are reported regular as per commitment. The company can be considered good for normal business dealing at its
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term Bank Facilities = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
November, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
November, 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
31-03-2013.
INFORMATION DECLINED BY
Management non-cooperative: 91-20-30513400
LOCATIONS
|
Registered Office : |
Cedar Building International Tech Park Pune, Plot No.18, Rajiv Gandhi Infotech
Park, Hinjewadi Phase III, Pune - 411057, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
tanveers@synechron.com |
DIRECTORS
As on 24.09.2014
|
Name : |
Mr. Tanveer Jehangir Saulat |
|
Designation : |
Director |
|
Address : |
Silver Wood, Pingle Wasti, S. No. 81/1/1, Mundhwa, Pune-411036,
Maharashtra, India |
|
Date of Birth/Age : |
16.12.1972 |
|
Date of Appointment : |
04.04.2001 |
|
Din No.: |
00337333 |
|
|
|
|
Name : |
Mr. Syed Faisal Husain |
|
Designation : |
Director |
|
Address : |
Flat 1102, Marsa Dubai, Dubai-450590, United Arab Emirates |
|
Date of Birth/Age : |
24.07.1974 |
|
Date of Appointment : |
01.09.2002 |
|
Din No.: |
01565329 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 24.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Tanveer Jehangir Saulat |
530 |
0.53 |
|
Syed Faisal Husain |
530 |
0.53 |
|
Synechron Holdings Inc., Islands |
98919 |
98.94 |
|
|
|
|
|
Total |
99979 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 24.09.2014
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
98.94 |
|
Directors or relatives of Directors |
98.94 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Software Development Service. |
|
|
|
|
Products : |
Not Available |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
BBSR and Company Chartered Accountants |
|
Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic,
Bund Garden Road, Pune-411001, Maharashtra, India |
|
PAN No: |
AAKFB4397F |
|
|
|
|
Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company: |
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Fellow Subsidiary Company: |
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Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives: |
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CAPITAL STRUCTURE
As on 24.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.100/- each |
Rs. 10.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99979 |
Equity Shares |
Rs.100/- each |
Rs. 9.998
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
9.998 |
9.998 |
9.998 |
|
(b) Reserves & Surplus |
2546.048 |
1943.569 |
1392.483 |
|
(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) |
2556.046 |
1953.567 |
1402.481 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
57.352 |
101.760 |
113.199 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
30.673 |
13.770 |
19.739 |
|
(d) long-term
provisions |
194.087 |
157.929 |
97.744 |
|
Total Non-current
Liabilities (3) |
282.112 |
273.459 |
230.682 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
699.169 |
576.526 |
387.155 |
|
(b) Trade
payables |
84.939 |
71.052 |
63.978 |
|
(c) Other
current liabilities |
201.032 |
131.716 |
106.932 |
|
(d) Short-term
provisions |
27.381 |
18.626 |
22.971 |
|
Total Current
Liabilities (4) |
1012.521 |
797.920 |
581.036 |
|
|
|
|
|
|
TOTAL |
3850.679 |
3024.946 |
2214.199 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
405.385 |
249.518 |
262.619 |
|
(ii)
Intangible Assets |
14.137 |
26.620 |
15.285 |
|
(iii)
Capital work-in-progress |
49.714 |
0.132 |
|
|
(iv)
Intangible assets under development |
0.000 |
3.917 |
6.150 |
|
(b) Non-current Investments |
5.134 |
5.134 |
5.134 |
|
(c) Deferred tax assets (net) |
72.504 |
57.526 |
42.506 |
|
(d) Long-term Loan and Advances |
480.327 |
335.450 |
190.021 |
|
(e) Other
Non-current assets |
23.392 |
74.690 |
3.616 |
|
Total Non-Current
Assets |
1050.593 |
752.987 |
525.331 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
2308.908 |
2013.599 |
1397.042 |
|
(d) Cash
and cash equivalents |
379.512 |
180.133 |
189.623 |
|
(e)
Short-term loans and advances |
103.849 |
76.502 |
99.005 |
|
(f) Other
current assets |
7.817 |
1.725 |
3.198 |
|
Total
Current Assets |
2800.086 |
2271.959 |
1688.868 |
|
|
|
|
|
|
TOTAL |
3850.679 |
3024.946 |
2214.199 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
4344.675 |
3742.202 |
2995.700 |
|
|
Other Income |
175.095 |
80.852 |
102.610 |
|
|
TOTAL
|
4519.770 |
3823.054 |
3098.310 |
|
|
|
|
|
|
|
Less |
TOTAL
EXPENSES |
3609.432 |
3071.196 |
2393.950 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
910.338 |
751.858 |
704.360 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
31.352 |
46.346 |
73.740 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
878.986 |
705.512 |
630.620 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
131.099 |
136.023 |
155.410 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
747.887 |
569.489 |
475.221 |
|
|
|
|
|
|
|
Less |
TAX |
145.408 |
18.403 |
36.191 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
602.479 |
551.086 |
439.030 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6026.05 |
5512.01 |
739.03 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
45.468 |
50.857 |
49.519 |
|
Cash generated from operations |
361.690 |
38.480 |
129.457 |
|
Net cash flow from operating activity |
N.A |
N.A |
N.A |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
13.87 |
14.73 |
14.66 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.95 |
20.09 |
23.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.09 |
19.25 |
22.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.29 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.31 |
0.37 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.77 |
2.85 |
2.91 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
9.998 |
9.998 |
9.998 |
|
Reserves & Surplus |
1392.483 |
1943.569 |
2546.048 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1402.481 |
1953.567 |
2556.046 |
|
|
|
|
|
|
long-term borrowings |
113.199 |
101.760 |
57.352 |
|
Short term borrowings |
387.155 |
576.526 |
699.169 |
|
Current maturities of
long-term debts |
49.519 |
50.857 |
45.468 |
|
Total
borrowings |
549.873 |
729.143 |
801.989 |
|
Debt/Equity
ratio |
0.392 |
0.373 |
0.314 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2995.700 |
3742.202 |
4344.675 |
|
|
|
24.919 |
16.099 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
2995.700 |
3742.202 |
4344.675 |
|
Profit |
439.030 |
551.086 |
602.479 |
|
|
14.66% |
14.73% |
13.87% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs In
Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Term loans from
banks |
57.352 |
101.760 |
|
Total |
57.352 |
101.760 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10426768 |
08/04/2015 * |
1,300,000,000.00 |
State Bank of
India |
Tara Chambers,
2nd Floor Near Marriaai Police, Chowky, Old Pune Mumbai Highway, Pune 411003,
Maharashtra , India |
C49933096 |
FIXED ASSETS
- Building
- Furniture and
fixture
- Vehicle
- Motor vehicle
- Office
equipment
- Computer
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.65.22 |
|
|
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
KSH |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.