MIRA
INFORM REPORT
|
Report Date : |
24th
May 2006 |
IDENTIFICATION
DETAILS
|
Name : |
CORE
HEALTHCARE LIMITED |
|
|
|
|
Formerly Known As : |
CORE
PAREANTERALS LIMITED |
|
|
|
|
Registered Office : |
9th Floor, "Corporate
Towers", Off. C. G. Road, Near Parimal Crossing, Ellisbridge, Ahmedabad
– 380 006, Gujarat, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
28th
August, 1986 |
|
|
|
|
Com. Reg. No.: |
04-8924 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24110GJ1986PTC008924 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMC00479D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACC6252H |
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|
|
|
Legal Form : |
Public
limited liability company. The
company's shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business : |
Engaged
in manufacturing and selling of intravenous solution, water for injection and
injectables, syringes, disposable plastic infusion sets, tablets and liquids |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed
to be exercised |
Credit not recommended |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow
and Delayed |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Financial
position is poor. Payments are reported as slow and delayed. Management is
trying for restructuring with an established company called Nirma Limited. In
view of difficult ways and means position of the company, it woul be prudent
to be deal with the company on fully safe and secured trade terms and
condition, only. |
LOCATIONS
|
Registered Office : |
9th Floor, "Corporate
Towers", Off. C. G. Road, Near Parimal Crossing, Ellisbridge, Ahmedabad
– 380 006, Gujarat, India |
|
Tel. No.: |
91-79-2656 0771 |
|
Fax No.: |
91-79-2642 0239/26565879 |
|
E-Mail : |
|
|
Telex |
121-6081 |
|
Website : |
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|
|
|
|
Factory : |
Ø
Village
Rajpur, Taluka Kadi, District Mehsana, Gujarat Ø
Village
Sachana, Taluka Viramgam, District Ahmedabad, Gujarat |
DIRECTORS
|
Name : |
Mr. Pankaj V Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kamlesh J Shah |
|
Designation : |
Director & Company Secretary |
|
|
|
|
Name : |
Mr. Kanak A Kher |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bharat N Desai |
|
Designation : |
Additional Director |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
promoters' holdings
|
|
|
|
Indian
Promoters |
19408616 |
54.22 |
|
Persons
Acting in Concert |
6010 |
0.02 |
|
|
|
|
non promoter's holdings
|
|
|
|
Mutual
Funds and UTI |
23770 |
0.07 |
|
Banks,
Financial Institutions and Insurance
Companies |
12630 |
0.04 |
|
FIIs |
99354 |
0.28 |
|
|
|
|
others
|
|
|
|
GDR /
ADR |
2552338 |
7.13 |
|
NRIs /
OCBs / Foreign Others |
2596240 |
7.25 |
|
|
|
|
any other
|
|
|
|
General
Public |
11094718 |
31.00 |
BUSINESS DETAILS
|
Line of Business : |
Engaged
in manufacturing and selling of intravenous solution, water for injection and
injectables, syringes, disposable plastic infusion sets, tablets and liquids |
|
|
|
|
Products : |
Item Code No. Product Description
300320 Large Volume
Parenterals 300320 Small Volume
Parenterals 90183100 Syringes 90183909 Intravenous
Infusion Sets 90183909 Blood Bags 90183909 CAPD Bags |
|
|
|
|
Imports from : |
Australia,
Austria, France, Germany, Italy, Japan, Korea, Netherlands, Singapore and
Switzerland |
|
|
|
|
Terms : |
|
|
Purchasing : |
L/C,
D/A, D/P and Credit terms |
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity (In Millions |
Actual Production (In Millions |
|
Infusions |
Nos. |
205.2 |
70.491 |
|
Injectibles |
Nos. |
598.5 |
221.773 |
|
Disposables
(Syringes, Needles & Plastic Infusion Sets) |
Nos. |
586.0 |
131.382 |
|
Orals
(Tablets & Capsules) |
Nos. |
2194.5 |
126.494 |
|
Liquids
|
Ltrs. |
1.050 |
0.233 |
|
Others
(Blood Bags + CAPD Bag + Glycine) |
Nos. |
5.6 |
0.160 |
GENERAL
INFORMATION
|
No. of Employees : |
3175 |
|
|
|
|
Bankers : |
Ø
Bank
of Baroda Ø
Dena
Bank Ø
State
Bank of India Ø
Credit
Lyonnais Ø
HDFC
Bank Limited Ø
Standard
Chartered Grindlays Bank Limited |
|
|
|
|
|
|
|
Banking Relations : |
Unknown
|
|
|
|
|
Auditors : |
Shah
& Shah Associates Chartered
Accountants Ahmedabad,
Gujarat |
|
|
|
|
Subsidiaries |
Ø
Core
Pharmasanoat, Uzbekistan Ø
Span
Medicals Limited Ø
Core
Ukraine Limited |
|
|
|
|
Membership : |
Confederation
of Indian Industry |
|
|
|
|
Associates : |
Ø
Core
Healthcare Gulf Limited, Dubai Ø
Core
Laboratories Limited Ø
Core
Medical Limited Ø
Core
Finance Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.
500.000 millions |
|
50000000 |
Preference Shares |
Rs.10/- each |
Rs.
500.000 millions |
|
|
GRAND TOTAL |
|
Rs.1000.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
26756676 |
Equity Shares of Rs.10/- each [fully
paid-up] |
|
Rs.267.567 millions |
|
9037000 |
Equity Shares of Rs.10/- each [Rs.8/-
paid-up] |
|
Rs.
72.296 millions |
|
Add : |
Amount Received on Forfeited Shares |
|
Rs.
0.016 millions |
|
|
GRAND TOTAL |
|
Rs.339.879
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
339.900 |
339.900 |
339.900 |
|
|
3] Reserves & Surplus |
(9951.700) |
(8492.100) |
(6997.900) |
|
|
NETWORTH |
(9611.800) |
(8152.200) |
(6658.000) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18025.900 |
16918.900 |
15647.100 |
|
|
2] Unsecured Loans |
392.200 |
418.800 |
445.700 |
|
|
TOTAL BORROWING |
18418.100 |
17337.700 |
16092.800 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
8806.300 |
9185.500 |
9434.800 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5220.600 |
5720.800 |
6285.400 |
|
|
Capital work-in-progress |
708.200 |
708.100 |
708.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
411.00 |
554.300 |
554.300 |
|
|
DEFERREX TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
57.000
|
81.700 |
146.500 |
|
|
Sundry Debtors |
48.500
|
77.400 |
90.300 |
|
|
Cash & Bank Balances |
34.200
|
55.900 |
43.600 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
545.900
|
551.700 |
549.700 |
|
Total Current Assets |
685.600
|
766.700 |
830.100 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
450.300
|
576.300 |
761.600 |
|
|
Provisions |
8.500
|
14.900 |
16.900 |
|
Total Current Liabilities |
458.800
|
591.200 |
778.500 |
|
|
Net Current Assets |
226.800
|
175.500 |
51.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
2239.700 |
2026.800 |
1835.400 |
|
|
|
|
|
|
|
|
TOTAL |
8806.300 |
9185.500 |
9434.800 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
1294.900 |
1205.600 |
2290.700 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
(1459.600) |
(1494.200) |
(958.600) |
|
Provision
for Taxation |
0.000 |
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
(1459.600) |
(1494.200) |
(958.600) |
|
|
|
|
|
|
Total
Expenditure |
1142.200 |
1043.700 |
1588.900 |
QUARTERLY
/ SUMMARISED RESULTS
|
PARTICULARS |
30.06.2005 |
30.09.2005 |
31.12.2005 |
|
Type |
1st
Qtr |
2nd
Qtr |
3rd
Qtr |
|
Sales Turnover |
170.20 |
187.70 |
152.30 |
|
Other Income |
00.30 |
02.40 |
16.90 |
|
Total Income |
170.50 |
190.10 |
169.20 |
|
Total Expenditure |
167.00 |
183.40 |
211.80 |
|
Operating Profit |
03.50 |
06.70 |
-42.60 |
|
Interest |
275.50 |
278.90 |
287.30 |
|
Gross Profit |
-272.00 |
-272.20 |
-329.90 |
|
Depreciation |
108.10 |
116.50 |
111.90 |
|
Tax |
00.00 |
00.00 |
00.00 |
|
Reported PAT |
-380.10 |
-388.70 |
-441.80 |
200506 Quarter 1 : Expenditure includes (Increase)/Decrease
in stock in Trade Rs 11.508 million Consumption of Raw Material Rs 54.887
million Staff Cost Rs 8.646 million Marketing Expenses Rs 12.295 million Other
expenditure Rs 79.644 million Depreciation indicates Depreciation & Misc.
Expenses W. Off EPS is Basic & Diluted Status of Investor Complaints for
the quarter ended June 30, 2005 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 26 Complaints disposed off
during the quarter 26 Complaints unresolved at the end of the quarter Nil 1.
Previous years / Quarters figures have been regrouped/rearranged wherever
necessary. 2. The above results were taken on record by the Board of Directors
at its meeting held on June 30, 2005. 3. During the year no provision for
interest amounting to Rs 56.877 million (cumulative till June 30, 2005 Rs
1447.112 million) on certain borrowings has been made as per the practice
followed in the earlier years. 4. As per the consistent accounting policy interest
of Rs 53.202 million(cumulative till June 30, 2005 Rs 2292.839 million) on
borrowing for the power project and utilities thereon, which have not been
commissioned and are held for divestment has not been charged to Profit &
Loss account and the same has been treated as deferred revenue expenditure. The
same value will be appropriately dealt with upon the divestment of the project.
5. No provision for diminution in the value of 2,14,965 equity shares costing
Rs 10.999 million in subsidiary Company ha been made in the accounts. 6. No
effect of subsidiary Company's performance is reflected in this results hence
no provision for diminution in recoverable i.e. outstanding loan Rs 525.456
million and trade debts Rs 19.572 million is made. 7. Since the Company has one
segment of activity namely, Pharmaceuticals and Healthcare, it will not be
necessary to furnish the data segment wise.
200509 Quarter 2 : Expenditure Includes (Increase)/Decrease
in stock in Trade Rs (2.671) million Consumption of Raw Material Rs 73.533
million Staff Cost Rs 9.367 million Marketing Expenses Rs 11.180 million Other
expenditure Rs 90.970 million Depreciation Indicates Depreciation & Misc.
Expenses W. Off EPS is Basic & Diluted Status of Investor Complaints for
the quarter ended September 30, 2005 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 19 Complaints disposed off
during the quarter 19 Complaints unresolved at the end of the quarter Nil 1.
Previous years / Quarters figures have been regrouped / rearranged wherever
necessary. 2. The above results were taken on record by the Board of Directors
at its meeting held on October 29, 2005. 3. During the year no provision for
interest amounting to Rs 57.492 million (cumulative till September 30, 2005 Rs
1504.604 million) on certain borrowings has been made as per the practice
followed in the earlier years. 4. As per the consistent accounting policy
interest of Rs 53.202 million(cumulative till September 30, 2005 Rs 2346.041
million) on borrowing for the power project and utilities thereon, which have
not been commissioned and are held for divestment has not been charged to
Profit and Loss account and the same has been treated as deferred revenue
expenditure. The same value will be appropriately dealt with upon the
divestment of the project. 5. No provision for diminution in the value of
2,14,965 equity shares costing Rs 10.999 million in subsidiary Company has been
made in accounts. 6. No effect of subsidiary Companys performance is reflected
in this results hence no provision for diminution in recoverable i.e.
outstanding loan Rs 525.456 million and trade debts Rs 19.572 million is made.
7. Since the Company has one segment of activity namely, Pharmaceuticals and
Healthcare, it will not be necessary to furnish the data segment wise
200512 Quarter 3 : Expenditure Includes (Increase)/Decrease
in Stock in Trade Rs 10.932 million Consumption of Raw Material Rs 50.239
million Staff Cost Rs 18.185 million Marketing Expenses Rs 8.838 million Other Expenditure
Rs 97.035 million Depreciation indicates Depreciation & Misc. Expenses W.
Off Prior Period Items indicates Prior Period Adjustments EPS is Basic &
Diluted Status of Investor Complaints for the quarter ended December 31, 2005
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 32 Complaints disposed off during the quarter 17 Complaints
unresolved at the end of the quarter 15 1. Previous year's / Quarter's figures
have been regrouped / rearranged wherever necessary. 2. The above results were
taken on record by the Board of Directors at its meeting held on January 31,
2006. 3. During the quarter no provision for interest amounting to Rs 57.480
million (cumulative till December 31, 2005, Rs 1562.084 million) on certain
borrowings has been made as per the practice followed in the earlier years. 4.
As per the consistent accounting policy interest of Rs 53.202 million
(cumulative till December 31, 2005 Rs 2399.243 million) on borrowing for the
power project and utilities thereon, which have not been commissioned and are
held for divestment has not been charged to Profit and Loss account and the
same has been treated as deferred revenue expenditure. The same value will be
appropriately dealt with upon the divestment of the project. 5. No provision
for diminution in the value of 2,14,965 equity shares costing Rs 10.999 million
in subsidiary Company has been made in accounts. 6. No effect of subsidiary
Company's performance is reflected in this results hence no provision for
diminution in recoverable i.e. outstanding loan Rs 530.586 million and trade
debts Rs 19.572 million is made. 7. Since the Company has one segment of
activity namely, Pharmaceuticals and Healthcare, it will not be necessary to
furnish the data segment wise. 8. The Company has submitted a Scheme of
Compromise & Arrangement with the Hon'ble High Court of Gujarat, pursuant
to which certain undertakings of the Company located at Sachana is to be
demerged with appointed date December 01, 2004. However pending approval of the
Scheme by the High Court, no effect of the Scheme have been given in the
accounts.
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt-Equity
Ratio |
0.00 |
0.00 |
0.00 |
|
Long
Term Debt-Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current
Ratio |
0.41 |
0.40 |
0.34 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
0.11 |
0.13 |
0.18 |
|
Inventory |
15.20 |
10.75 |
12.66 |
|
Debtors |
16.74 |
14.63 |
21.56 |
|
Interest
Cover Ratio |
-0.27 |
-0.26 |
-0.23 |
|
Operating
Profit Margin(%) |
14.49 |
13.20 |
12.54 |
|
Profit
Before Interest And Tax Margin(%) |
-29.23 |
-25.41 |
-16.09 |
|
Cash
Profit Margin(%) |
-94.76 |
-83.19 |
-58.99 |
|
Adjusted
Net Profit Margin(%) |
-138.48 |
-121.80 |
-87.62 |
|
Return
On Capital Employed(%) |
0.00 |
0.00 |
0.00 |
|
Return
On Net Worth(%) |
0.00 |
0.00 |
0.00 |
STOCK PRICES
|
Face
Value |
Rs.
10/- |
|
High |
Rs.
9.00 |
|
Low |
Rs.
8.58 |
LOCAL AGENCY
FURTHER INFORMATION
Core Healthcare Limited (CHL) (formerly
Core Parenterals), was incorporated in Aug.'86 as a public limited company and
has been promoted by B R Handa and Sunil Kumar Handa. CHL is the largest
exporter of intravenous fluids (IV fluids) in the country and the world's
fifth-largest manufacturer. It has a wide product range in the areas of
pharmaceuticals, renal care plasma volume expanders, TPN, irrigation and blood
substitutes; it also manufactures sterile water.
To manufacture better quality products, it has acquired equipment from
Rommelag, Switzerland. More than 35% of the company's production caters to
markets in more than 40 countries in Asia, the Pacific region, Africa, Europe,
east Europe, the Gulf and the Latin American countries. The first Indian
pharmaceutical company to receive the ISO certification. CHL set up a drug
plant in Srilanka to manufacture life-saving drugs like IV fluids and
pharmaceutical preparations.
The company has completed two international turnkey projects - first one
in Myanmar during May, 1999 and the second being in Malaysia during July,
1999.
The Joint Venture project for manufacture of IV fluids in Uzbekistan
commenced its commercial production in August 1999. Due to erosion of networth
the company was refered to BIFR for financial resturcturing.
OPERATIONS
The company continued its focus on contract manufacturing; therefore, the
company's income is mainly from conversion charges as a result of which total
sales income stands reduced as compared with the previous year. However, the
company was able to maintain its sales in terms of quantity.
The company continued to maintain standards across various operating
parameters like efficiencies, productivity, throughput time, working capital
management, costs, market presence and pricing. In spite of the working capital
availability constraint, the company maintained the value of the assets and
continued running the plant at optimum level - to minimize the administrative cost
and to maximise the production as much possible. It also received the
IS09001-2000 certification during the current year, duly renewed for the next
three years, and continues to strictly adhere to WHO GMP norms ensuring that
its products match the highest international quality standards.
The company's workforce continues to work with dedication and motivation
towards achieving the objectives of the Company
Subject is the largest exporter of
intravenous fluids (IV fluids) in the country and the worlds' fifth largest
manufacturer.
It has a wide product range in the areas of
pharmaceuticals, renal care plasma volume expanders, TPN, Irrigation and blood
substitutes, etc. It also manufactures
sterile water.
The company’s products are approved by the
ISO. The company has been accredited with prestigious ISO 9002 Certification
The company imports raw materials,
components & spares, capital goods, packing materials and goods for
re-sale.
The companies fixed assets of important
value include Freehold Land, Building, Plant & Machinery, Electrical
Installations, Furniture & Office Equipments, Vehicles and Data Processing
Equipments
OPERATIONS
The company continued its focus on contract manufacturing; therefore, the
company's income is mainly from conversion charges as a result of which total
sales income stands reduced as compared with the previous year. However, the
company was able to maintain its sales in terms of quantity.
The company continued to maintain standards across various operating parameters
like efficiencies, productivity, throughput time, working capital management,
costs, market presence and pricing. In spite of the working capital
availability constraint, the company maintained the value of the assets and
continued running the plant at optimum level - to minimize the administrative
cost and to maximise the production as much possible. It also received the
IS09001-2000 certification during the current year, duly renewed for the next
three years, and continues to strictly adhere to WHO GMP norms ensuring that
its products match the highest international quality standards.
The company's workforce continues to work with dedication and motivation
towards achieving the objectives of the Company
AS
PER WEBSITE
Core Healthcare IV fluid bottle output at 1 billion
Our
Bureau
NEW
DELHI, Aug. 15
CORE
Healthcare Ltd has touched the one billion mark in terms of intravenous (IV)
fluid bottles produced.
In
a statement, the Ahmedabad-based company, with a 40 per cent market share,
attributed its achievement to its distribution network, quality of products and
international operations.
Core
Healthcare commenced operations about 14 years ago with a plant capacity of 60
lakh bottles per annum. According to company officials, growth in production
was triggered by the quality of its products. Its clientele includes corporate
hospitals, defence services, Central and State Government-run hospitals,
besides international aid agencies such as UNICEF, WHO, UNHRC and the Red
Cross.
The
company has about 600 outlets across the country and its products are exported
to more than 70 countries, including Latin America, Africa, West Asia and
Europe, the statement said.
Nirma to take over Core Healthcare
Our
Bureau
Ahmedabad
, Dec. 17
CORE
Healthcare Ltd, the Ahmedabad-based parenterals manufacturing company that went
sick, will soon be taken over by Nirma Ltd following a memorandum of
understanding to transfer the management and assets to the detergent major.
In
a tripartite deal, the Asset Reconstruction Company Ltd (Arcil), which had
taken over 60 per cent of the liabilities of Core Healthcare, will work with
other lenders of the company over the next three months to formulate the
modalities of the transfer to Nirma.
"Nirma
will make a one-time settlement to the lenders and clear other liabilities.
Core Healthcare and Arcil have made the arrangement to maximise the realisation
by lenders, provide shareholders a growth opportunity and to all other
stakeholders of the company," a joint statement by Core and Arcil said on
Thursday.
Senior
Arcil officials declined to speculate on the final value of the deal, saying
that the figures would be worked out in the next three months. Arcil had taken
over nearly 60 per cent of the Rs 650-crore liability of the company.
The
Core Healthcare Chairman, Mr Sushil Handa, said that the company had been
struggling in the last few years but kept its position in the markets as a
premier manufacturer of parenterals.
"We
built the company, and we are also responsible for its downfall within a short
period. An extremely aggressive growth strategy, combined with external factors
such as high-cost debts and the business environment led to the downfall of the
company that retained its market leadership despite slipping into the red. We
now hope that the company will regain its position," Mr Handa said.
Started
in 1985 with an investment of Rs 4.5 crore, Core Healthcare grew at a 75
compound annual growth rate between 1988 and 1995 and at its peak, the company
had a market capitalisation in excess of Rs 1,500 crore.
It is in
trade terms with :
Ø
Advanced
Microdevices
Ø
AKM
Engineers
Ø
Anabond
Limited
Ø
AS
& T India Limited
Ø
Avichal
Press
Ø
Creative
Printers
Ø
Devang
Engineering Company
Ø
Dynamatrix
Ø
Indiana
Ø
Mandali
Packaging
Ø
Megh
Plastic
Ø
Naman
Enterprise
Ø
Navkar
Packaging
Ø
Panacea
Plast
Ø
Patwa
& Sons
Ø
Pharma
Care
Ø
Pooja
Packaging
Ø
Pooja
Plastics
Ø
R.
K. Label Manufacturing Company
Ø
R.
Plastic Industries
Ø
Rajdeep
Pack
Ø
Ravish
Print Pack
Ø
S.
Patel & Company
Ø
Sahyog
Plastic
Ø
Shital
Chemical
Ø
Shraman
Rubbers
Ø
Shree
Kamlesh
Ø
Shree
Padma Print & Pack
Ø
Shreenath
Pack
Ø
Shreerangam
Packaging
Ø
Tirupati
Starch & Chemical
Ø
Vishal
Industries
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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 records 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.45.85 |
|
UK
Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.62 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
10 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |