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Report No. : |
300754 |
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Report Date : |
07.01.2015 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
FUSION INFOTECH LIMITED |
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Registered Office : |
Suite 110 St. Clements House, 27-28 Clements Lane, London, EC4N 7AE |
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Country : |
United Kingdom |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
02.10.2002 |
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Com. Reg. No.: |
04551868 |
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Legal Form : |
Private Limited with Share Capital |
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Line of Business : |
· Software Consultancy and Supply · Hardware Consultancy · Information Technology Consultancy Activities |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 |
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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 |
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 |
SYNECHRON LIMITED
SUITE 110 ST. CLEMENTS HOUSE
27-28 CLEMENTS LANE
LONDON, EC4N 7AE,
UNITED KINGDOM
Telephone +44.203.207.9046
Fax +44.203.207.9100
Website www.synechron.com
Company Number: 04551868
Foundation: 02/10/2002
Status: Active
- Accounts Filed
VAT No: N/A
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 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.
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 |
Nominee 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 ADDRESS
49 Queen Victoria Street,
London EC4N 4SA
Suite 110, St. Clements
House, 27 Clement's Lane, London EC4N 7AE
|
Company No. |
Name |
Status |
Country |
|
Ultimate parent |
|||
|
_- |
SYNECHRON HOLDINGS INC |
Other |
|
Main Activity
Principal Activity Software
consultancy and supply.
SIC03 Hardware
consultancy
SIC07 Information
technology consultancy activities
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 |
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 |
Country Court Judgments (CCJs)
There are no County Court Judgments listed against this company
Profit & Loss
|
|
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 |
- |
- |
- |
- |
|
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
|
|
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
|
|
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
|
|
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
|
|
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 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
|
|
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% |
Remarks
Only abbreviated accounts have been filled. The post appropriation loss for 2012/13 amounted to GBP 512,394 (2011/12 Loss GBP 272,445) The general financial position has weakened somewhat but the apparent loses have been well covered by capital and reserves. Was unable to make contact with company for interview. Company is believed to be trading from address given below. Remains to be seen how the company performed during 2013/14 trading period.
Next accounts due to be filled by 31/12/2014 (Overdue)
Activity: Technology consulting & outsourcing company
Trading Address (Not Confirmed): Suite 110, St. Clements House, 27-28 Clements Lane, London - EC4N 7AE
Branches: Worldwide
Employees: Few Staff
Bank: HSBC Bank PLC
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.39 |
|
|
1 |
Rs.96.72 |
|
Euro |
1 |
Rs.75.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.