MIRA INFORM REPORT
|
Report
Date : |
03.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
REGENT DRUGS LIMITED |
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Registered
Office : |
C-215 Defence Colony, New Delhi-110024 |
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Country
: |
India |
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Financials
(as on) : |
31.12.2004 |
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Date
of Incorporation : |
26.04.2002 |
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Com.
Reg. No.: |
55-138679 |
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CIN
No.: [Company Identification No.] |
U74899DL2005PLC138679 |
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TAN
No.: [Tax Deduction & Collection Account No.] |
DELR12387E |
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PAN
No.: [Permanent Account No.] |
AAATR9882R |
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Legal
Form : |
A Closely Held Public Limited Liability Company. |
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Line
of Business : |
Manufacturers
of Active Pharmaceutical Ingredients (API’s) and Intermediates |
RATING & COMMENTS
|
MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum
Credit Limit : |
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Status
: |
New
Company |
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Payment
Behaviour : |
Slow |
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Litigation
: |
Clear |
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Comments
: |
Subject is comparatively
a new Company engaged in manufacturing and marketing of Bulk drugs and
intermediates. As reported, the
Company has been acquired by M/s Tava Pharmaceutical Industries Limited,
Israel. Currently the Company does not have any track record of
performance. During initial year of its operations, it has incurred some
losses. Payments are reported as slow. However, the Company may be considered
for small business dealings initially, at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
C-215 Defence Colony, New Delhi-110024 |
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Head
Office : |
13th Milestone, Delhi Mathura Road, Faridabad –
121 003, Haryana, India |
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Tel.
No.: |
91-129-2258945 to 2258945 |
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Fax
No.: |
91-129-2274362 |
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Email
: |
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Website
: |
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Location: |
Industrial |
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Factory : |
Plot No. A-2, A-2, A-2/1,A-2/2, UPSIDC Industrial Area,
Gujraula-244235, District J p Nagar, Uttar Pradesh |
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Tel.
No.: |
91-5924-252590 to 252593 |
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Fax
No.: |
91-59245252314 |
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Area: |
26.5 hectors |
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Location: |
Industrial |
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Administrative
Office : |
8,
Bahadur Shah Zafar Marg, New Delhi – 110 002, India. |
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Tel.
No.: |
91-11-23316791 / 23716811 /23716663 |
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Fax
No.: |
91-11-51509449 / 23350993 |
DIRECTORS
|
Name : |
Mr. Vijay
Kumar Batra |
|
Designation
: |
Managing
Director |
|
Address
: |
161,
Dayanand Vihar, Vikas Marg Extension, Delhi – 110 092, India. |
|
Date
of Birth/Age : |
13th
March, 1947 |
|
Qualification
: |
B. Tech |
|
Experience
: |
36 Years |
|
Date
of Appointment : |
26th
April, 2002 |
|
Previous Employment : |
President
and Wholetime Director in J K Ph Drugs and Pharmachem Limited |
|
|
|
|
Name : |
Dr.
Gilead Fortuna |
|
Designation
: |
Director |
|
Address
: |
54,
Sweden Street, Haifa, Israel - 34980 |
|
Date
of Birth/Age : |
4th
August, 1941 |
|
Date
of Appointment : |
1st
August, 2003 |
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|
|
|
Name : |
Mr. David
Kadmon |
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Designation
: |
Director |
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Address
: |
Post Box
No. 1307, Ganyavne 70800, Israel |
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Date
of Birth/Age : |
31st
July, 1950 |
|
Date
of Appointment : |
01st
August, 2003 |
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|
|
|
Name : |
Mr.
Sanjay Khatau Asher |
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Designation
: |
Director |
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Address
: |
32 Modi
Street, Fort, Mumbai – 400001, Maharashtra, India |
|
Date
of Birth/Age : |
26th
November, 1963 |
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Date
of Appointment : |
1st
August, 2003 |
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|
|
|
Name : |
Mr.
Rajesh Kumar Goel |
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Designation
: |
Company
Secretary |
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Address
: |
House No.
1362, Sector –37, Faridabad – 121 003, Haryana |
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Date
of Birth/Age : |
23rd
December, 1968 |
|
Date
of Appointment : |
10th
September, 2003 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Teva
Pharmaceuticals Finance Netherlands B V |
20685244 |
|
Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Asher
Khatau Sanjay [2nd Holder] |
1 |
|
Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Ramchandran
Madhvi [2nd Holder] |
1 |
|
Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Chowdhury
Malashree [2nd Holder] |
1 |
|
Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Mehta
Shraddha [2nd Holder] |
1 |
|
Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Pardi
Wala Armi N [2nd Holder] |
1 |
|
Teva
Pharmaceuticals Finance Netherlands B V [1st Holder] Asher
Prashant [2nd Holder] |
1 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturers
of Active Pharmaceutical Ingredients (API’s) and Intermediates |
|
|
|
|
Products
: |
Ø Advanced Intermediates of Anti
bacterial Drugs Ø CNS and Anti Hypertensive Drugs Ø Anti Inflammatory Drugs Ø Anti Cholesterol Drugs Ø
Anti
Coagulant Drug |
|
|
|
|
Terms
: |
|
|
Selling : |
Cash, L/C and
Credit |
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|
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Purchasing : |
Cash, L/C and Credit |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Bulk
Drugs and Intermediates |
MT |
|
41.6 |
18.39 |
GENERAL INFORMATION
|
Customers
: |
Wholesalers and Manufacturers |
|
|
|
|
No. of
Employees : |
4 |
|
|
|
|
Bankers
: |
Not
Divulged |
|
|
|
|
Facilities : |
- |
|
|
|
|
Banking Relations : |
Satisfactory |
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|
|
|
Auditors
: |
Price
Waterhouse Chartered Accountants |
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|
|
|
Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2,10,00,000 |
Equity
Share |
Rs. 10/- Each |
Rs. 210.000 Million |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
2,06,85,250 |
Equity Share
|
Rs. 10/- Each |
Rs. 206.853 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2004 |
31.12.2003 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
206.853 |
206.853 |
0.500 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4]
(Accumulated Losses) |
(130.251) |
(17.275) |
0.000 |
|
NETWORTH
|
76.602 |
189.578 |
0.500 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.822 |
0.000 |
|
|
2]
Unsecured Loans |
288.746 |
185.245 |
0.000 |
|
TOTAL
BORROWING
|
288.746 |
186.067 |
0.000 |
|
|
DEFERRED
TAX LIABILITIES |
12.502 |
2.921 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
377.850 |
378.566 |
0.500 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
278.573 |
178.944 |
0.000 |
|
Capital work-in-progress
|
11.325 |
10.487 |
0.000 |
|
|
|
|
|
|
|
INTANGIBLE ASSETS
|
0.000 |
110.867 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
86.613
|
70.039
|
0.000 |
|
|
Sundry Debtors
|
63.723
|
18.340
|
0.000 |
|
|
Cash & Bank Balances
|
94.824
|
89.322
|
0.592 |
|
|
Other Current Assets
|
8.457
|
14.049
|
0.000 |
|
|
Loans & Advances
|
10.926
|
13.363
|
0.000 |
Total Current Assets
|
264.543 |
205.113
|
0.592 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
174.098
|
122.940
|
0.483 |
|
|
Provisions
|
2.493
|
3.905
|
0.000 |
Total Current Liabilities
|
176.591 |
126.845
|
0.483 |
|
Net
Current Assets
|
87.952 |
78.268
|
0.109 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.391 |
|
|
|
|
|
|
|
TOTAL
|
377.850 |
378.566 |
0.500 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.12.2004 |
31.12.2003 |
Sales Turnover [including other income]
|
|
613.783 |
156.405 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
0.911 |
(14.354) |
Provision for Taxation
|
|
(14.502) |
2.921 |
Profit/(Loss) After Tax
|
|
(15.413) |
(17.275) |
|
|
|
|
|
Total Expenditure
|
|
588.859 |
158.275 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2004 |
31.12.2003 |
31.03.2003 |
PAT / Total Income
|
(%)
|
(2.51) |
(11.05) |
--
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
0.16 |
(9.23) |
--
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
0.13 |
(2.75) |
--
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.00 |
(0.07) |
--
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
2.25 |
1.51 |
0.97
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.50 |
1.62 |
1.23
|
LOCAL AGENCY FURTHER INFORMATION
The company was originally incorporated in Kolkata having
company registration No. 21-94558 and the registered office was transferred to
Delhi w.e.f. 13/07/2005
Subject import raw materials and chemicals, spares
Subject reportedly exports medicines and sells locally
About Tava
With its manpower strength of over 14,000 employees
Teva Pharmaceuticals Industries Limited is a global healthcare group, with
headquarters located in Israel.
Specializing in API’s and finished form of
pharmaceuticals, Teva is among the largest generic pharmaceutical companies in
the world.
Teva has manufacturing bases for API’s and
pharmaceuticals spread out in various parts of the world with its units in
Israel, USA, Europe and India.
With its main focus of business in US and
Europe, Teva has spread its wings in Far east and Latin America too.
Not only this, Teva is a leader in innovative
drug for Multiple Sclerosis.
With an aim to stay ahead always Teva is
focusing in the field of neurological and auto immune diseases.
Vision
(Teva)
Teva is a global
Israel-based pharmaceutical company. Its vision is to become one of the world’s
leading pharmaceutical companies, by being the undisputed leader in the global
generics industry and by developing a global franchise in selected innovative
products originating from Israeli science.
Teva differentiates itself by balancing its portfolio with
generic and innovative activities, by the strategic depth of its vertical
integration, by combining local customer responsiveness with a “global edge”
and by successfully managing profitable growth and complexity.
Teva’s success lies in the leadership of its management, the
skills and devotion of its people, the quality of its offerings and its focus
on customers and patients.
Director :
V.K. Batra, Managing Director
B.Tech (Chemical Engg.) from IIT,
Delhi, heading the Company since 1988, having experience of more than 36 years
in projects and operations for reputed companies in India with about 12 years
as head of the unit/company for Drugs & Pharmaceuticals.
Dr. Vinod Kansal, Head of R&D
PhD (Chemistry), heading the R&D Centre
since 2004, having a rich experience of about 24 years in the field of research
& development at different research institutes in India and abroad,
followed by varied and vast experience of process development of APIs at the
research centres of reputed companies in India.
Dr. N.C. Tewari, Sr. Vice President
(Works)
PhD (Chemistry), heading the factory
activities since 1996, having experience of about 31 years in quality
assurance, R&D and manufacturing activities in reputed companies in India.
Manufacturing Infrastructure :
RDL’s infrastructure comprises of six well-laid
manufacturing units for intermediates and APIs. Three new units meeting all the
requirements of cGMP have been built during the last one and a half years.
Spread over an area of 26.5 hectare, the location has substantial scope for
future expansions.
With the commitment to excellence and
quality, the manufacturing units are supported by integrated utilities and well
equipped quality control laboratories. All units and the entire infrastructure
are well equipped with desirable safety systems.
The manufacturing units at RDL are managed by
the dedicated and committed team of professionals in the fields of science,
technology and engineering, who are undoubtedly transforming vision of RDL into
reality.
Press Clippings
Source: The Hindu dated December 29, 2005
Teva inaugurates R & D facility in Noida- Plans tie-ups
with Indias cos for clinical research
New Delhi, December 28
The world’s largest generic company, Teva Pharmaceutical
Industries Limited, is stepping up its presence in India.
Besides setting up a new research and development (R and D)
center here, it is also planning to enter into partnerships with Indian
firms for biotechnology and conducting
clinical research.
Speaking to newspersons after the inauguration of the R and
D center in greater Noida, Mr. Aharon Yaari, President & CEO, Active
Pharmaceutical Ingredient (API), Division – Teva Group, said, “India plays an
important part in our development programmers and we are looking at collaborations with Indian companies in
clinical programme and cutting edge scientific areas like biotechnology”.
Initially, studies could be conducted on drugs for the
central nervous system (CNS) and later other therapeutic segments could be added.
“We would also look at collaborating with India research
institutes,” said Mr. Lazer Bezdin, Country Manager of Teva in India.
Here the company is operating through its wholly owned
subsidiary, Regent Drugs Limited that it acquired in 2003
The Israel based company is currently focusing on the API
business and so would the new research center, which has been set up with an
initial investment of $ 3 million- $ 4 million.
The center would start with 60 scientists that would go up
to 125 in three to four years. Teva has close to half –a dozen R and D centers globally and the facility in
India is the third largest after Israel and Hungary.
Beside, the company has a manufacturing facility at Gajrola
in Uttar Pradesh for APIs that caters to Teva’s global requirements.
This was inherited
through the Regent acquistion with an investment of over $ 10 million.
“About 10 molecules
for various therapeutic segments including infections diseases, antidepressants
and CNS products worth $ 20 million- $ 30 million are sourced by the parent
company
From regent. Another three new molecules will be added next
year”. Said Mr. V K Batra, Managing Director
He further added that the strategy for entering the
formulation business has not yet been finalized.
On acquisitions in India Mr. Yaari said the company is at
the moment, looking at organic growth. “However, if at any point the company
feels that acquisitions is the right way forward, we will do so” he said.
Some
months ago the market was abuzz with talks of Teva scouting for a generic
company in India.
Early this year it announced a $7.4 billion purchase of the
US-based Ivaxz Corporation helping it regain the No 1 global slot, bypassing
rival Novartis.
Source: Business World
World and US No 1 generics players, the $3.8 billion Teva,
has its subsidiary in Faridabad, an hours drive from Delhi. Regent Drugs
prefers to operate discreetly. It
belonged to the JK Group , and supplied raw materials to Teva. Last year
when the plant went under, Teva acquired it .
Quality
Control
Quality Policy
·
RDL earnestly believes
that QUALITY is not an event, a decision or a programme
with starting and finishing dates. It is an ongoing world class performance,
integrating excellence into manufacturing, planning, research & development
and marketing, in our inter-relationship with our internal & external
customers, suppliers and among ourselves.
Quality Assurance
RDL
believes that Quality is of prime importance to make a mark in global markets.
Therefore, a well-laid quality system is in place. From defining stringent
inspection to testing procedures of raw materials, our in-process quality
control lab works round the clock.
At every stage of our manufacturing processes, our quality system ensures
proper monitoring and controlling. In fact quality is not a departmental
obligation; it is significant to each and every aspect of the organisation.
With
stringent cGMP standards that are implemented at every stage of manufacturing,
our quality control laboratory is well equipped with most sophisticated
instruments.
Safety and Fire Protection Management
Safety Policy
·
To conduct activities in
such a way as to ensure full safety of infrastructure, health and safety of its
employees and other persons working in the factory as well as general public
residing in the town outside the factory.
Standard
safety procedures are available for desired safety practices. With the full
implementation of safety practices and proper monitoring, regular safety
awareness programmes are organised
to make our safety policy more effective.
Entire
plant is supported by efficient fire hydrant system with substantial reserved
water storage capacity. To ensure full safety there is adequate provision of
fire extinguishers and water sprinklers at fire prone locations.
Fire
protection management is an effort to ensure the excellent level of safety of RDL’s employees and the general public inside and outside
the premises.
Environmental
Management Systems
Environmental Mission
To continuously
improve policies, programs and behaviours concerning
the environment and health bearing in mind the technical and scientific
development, needs of consumers and expectations of society and taking existing
legislation as a starting point.
Not only this, we organize training programmes for employees to encourage responsibility
towards immediate physical environment.
By this, we prevent the emission of waste material and we keep soil,
under-soil or underground water pollution free.
Environmental management
system infrastructure
·
For biodegradable
treatment: Well designed effluent treatment plant with primary and secondary
treatment facilities for the industrial effluent and the domestic biodegradable
effluent.
·
For
non-biodegradable treatment: Large solar evaporation ponds for non-biodegradable
streams of effluent.
·
With
well-designed emission systems from boilers and stand by power generators
·
Proper
scrubbing systems in different units to contain obnoxious vapors emitting from
some reactions
To maintain the ecological balance we ensure
continuous plantation of trees every year
Teva Pharmaceuticals Finance
Nederland NV, Nederland
The subject acquired the
Bulk Drugs business (API undertaking) of J K Drugs and Pharmaceuticals Limited
pursuant to a Scheme of Arrangement filed in the Honourable High Court, Kolkata
under Sections 391-394 of the Companies Act, 1956 and Ordered on 10th
March, 2003.
In August 2003 the
subject was acquired by Teva Pharmaceuticals Industries Limited, Israel for
cash to manufacture specific intermediate chemical substances for use by the
Teva Group in its API materials.
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.44.84 |
|
UK Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT
LINES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
31 |
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 |
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 |