MIRA
INFORM REPORT
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Report Date : |
01.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AJANTA PHARMA LIMITED |
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Registered Office : |
Ajanta House 98 Government Industrial, Area Charkop,
Kandivli (West), Mumbai-400067 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.12.1979 |
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Com. Reg. No.: |
11-22059 |
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CIN No.: [Company
Identification No.] |
L24230MH1979PLC022059 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA08396D/MUMA19462C |
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PAN No.: [Permanent
Account No.] |
AAACA5579P |
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Legal Form : |
Public Limited Liability Company. The company’s Shares are listed on the stock exchange. |
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Products in the form of Tablets, Capsules, Liquids, Injectables, Powders and Others. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4800000 |
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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 new established company having satisfactory track. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory – I : |
Ajanta House 98 Government
Industrial, Area Charkop, Kandivli (West), Mumbai-400067, India |
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Tel. No. |
91-22-8682409/3718/3945 |
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Fax No. |
91-22-8683930/2848 |
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E-Mail |
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Website |
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Factory II : |
B-4, B-5, B-6 MIDC Industrial
Area, Paithan, Aurangabad-431128, Maharashtra |
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Tel. No.: |
91-2431-233092 |
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Fax No.: |
91-2431-232088 |
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Factory III : |
31-O, MIDC Industrial Area, Chikalthana, Aurangabad-431210, Maharashtra, India |
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Tel. No.: |
91-240-22485851 |
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Fax No.: |
91-240-22485850 |
DIRECTORS
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Name : |
Mr. Mannalal B. Agrawal |
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Designation : |
Chairman |
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Address : |
“Gangotri”, Mangal Kiran
Co-Operative Society, Irish Park, Juhu, Mumbai – 400049, Maharashtra, Tel. No:91-22-26208338 Mobile no.: 9821028676 |
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Qualification : |
B.Com |
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Name : |
Mr. Purushottam B. Agarwal |
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Designation : |
Managing Director |
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Address : |
“Gangotri”, Mangal Kiran
Co-Operative Society, Irish Park, Juhu, Mumbai – 400049, Maharashtra Tel no.: 91-22-26208338 Mobile no. 9821028338 |
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Qualification : |
B Pharma |
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Name : |
Mr. Madhusudan B. Agarwal |
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Designation : |
Joint Managing Director |
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Address : |
“Gangotri”, Mangal Kiran
Co-Operative Society, Irish Park, Juhu, Mumbai – 400049, Maharashtra TEL NO.: 91-22-26208338 Mobile no.: 9820028338 |
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Name : |
Mr. Yogesh M. Agarwal |
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Designation : |
Director |
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Address : |
“Gangotri”, Mangal Kiran
Co-Operative Society, Irish Park, Juhu, Mumbai – 400049, Maharashtra Tel.No. 91-22-26208338 Mobile No. 9821090376 |
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Qualification : |
B.Sc (USA) |
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Name : |
Dr. Anil Kumar |
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Designation : |
Director |
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Address : |
3 D, Vaishali Nagra, 402/201,
Near Shirin Theature, 7 Rasta, Mahalaxmi, Mumbai – 400011, Maharashtra Tel.No. 91-22-24530339 Mobile No. 9820280402 |
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Qualification : |
MD (Cardiology) |
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Experience : |
Renowned Cardiologist attached
to Bombay Hospital |
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Name : |
Mr. Vikramaditya Ugra |
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Designation : |
Nominee Director, Exim Bank |
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Name : |
Mr. J. G. Kinare |
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Designation : |
Nominee Director, IDBI Bank |
KEY EXECUTIVES
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Name : |
Mr. C. Napoleon |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters
Holding |
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>
Promoters |
72,43,343 |
61.86 |
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>
Foreign Promoters |
NIL |
NIL |
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Mutual
Funds |
NIL |
NIL |
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Banks,
Financial Institutions, Insurance Companies (Central/State
Govt. Institutions/Non-Government Institutions) |
3,90,100 |
3.33 |
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Private
Corporate Bodies |
10,76,859 |
9.20 |
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Indian
Public |
29,62,883 |
25.30 |
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NRIs/OCBs |
20,234 |
0.18 |
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In
Clearance |
15,081 |
0.13 |
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TOTAL |
1,17,08,500 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pharmaceutical Products in the form of Tablets, Capsules, Liquids, Injectables, Powders and Others. |
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Products : |
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Exports : |
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Countries : |
Africa, Latin, America, Europe etc. |
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Terms : |
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Selling : |
L/C, Cash and Credit (30/60/90/120 days) terms. |
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Purchasing : |
L/C, Cash and Credit
(30/60/90/120 days) terms. |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Tablets |
Million Nos |
900 |
594.07 |
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Capsules |
Million Nos |
300 |
251.50 |
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Liquids |
Million Nos |
4 |
12.99 |
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Powder |
Million Nos |
21 |
22.93 |
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Injectibles |
Million Nos |
-- |
7.65 |
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Ointment |
Million Nos |
-- |
1.80 |
GENERAL
INFORMATION
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Suppliers : |
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No. of Employees : |
600 |
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Bankers : |
Bank of India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kapoor and Parekh Associates Chartered Accountants |
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Associates : |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 150.000 millions |
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1,50,00,000 |
Preference Shares |
Rs. 10/- each |
Rs. 150.000 millions |
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Total
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Rs. 300.000 millions |
Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,18,61,800 |
Equity Shares of |
Rs. 10/- each |
Rs. 118.618 millions |
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,17,08,500 |
Equity Shares of |
Rs. 10/- each |
Rs. 117.085 millions |
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Add |
1,53,300 Share Forfeited- Amount
originally paid up |
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Rs. 0.876 million |
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Total |
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Rs. 117.961 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
117.961 |
117.961 |
117.961 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1088.193 |
978.533 |
895.095 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1206.154 |
1096.494 |
1013.056 |
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LOAN FUNDS |
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1] Secured Loans |
841.766 |
686.089 |
748.907 |
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2] Unsecured Loans |
243.033 |
141.531 |
51.793 |
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TOTAL BORROWING |
1084.799 |
827.620 |
800.700 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2290.953 |
1924.114 |
1813.756 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
563.719 |
499.071 |
468.496 |
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Capital work-in-progress |
134.409 |
0.000 |
0.000 |
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INVESTMENT |
165.268 |
149.549 |
149.462 |
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DEFERREX TAX ASSETS |
85.530 |
123.899 |
135.426 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
689.342
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627.601 |
604.269
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Sundry Debtors |
757.186
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693.470 |
596.254
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Cash & Bank Balances |
60.633
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23.394 |
13.406
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
265.614
|
105.303 |
76.299
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Total
Current Assets |
1772.775
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1449.768 |
1290.228 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
365.250
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268.955 |
229.144
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Provisions |
65.498
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29.218 |
0.642
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Total
Current Liabilities |
430.748
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298.173 |
229.786 |
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Net Current Assets |
1342.027
|
1151.595 |
1060.372
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2290.953 |
1924.114 |
1813.756 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
2386.896 |
2060.112 |
1762.091 |
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Other Income |
6.299 |
2.896 |
0.000 |
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Total Income |
2393.195 |
2063.008 |
1762.091 |
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Profit/(Loss) Before Tax |
183.731 |
118.571 |
65.362 |
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Provision for Taxation |
46.674 |
15.107 |
9.023 |
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Profit/(Loss) After Tax |
137.057 |
103.464 |
74.385 |
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Earnings in Foreign Currency : |
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FOB value of
Exports |
950.255 |
1116.334 |
NA |
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Freight &
Insurance |
39.163 |
47.937 |
NA |
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Technology
transfer fees |
1.546 |
0.000 |
NA |
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Total Earnings |
990.964 |
1164.271 |
NA |
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Imports : |
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Raw Materials |
133.700 |
112.329 |
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Traded Goods |
3.600 |
1.996 |
86.313 |
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Capital Goods |
17.744 |
5.214 |
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Total Imports |
155.044 |
119.539 |
86.313 |
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Expenditures : |
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Cost of
Materials/Goods |
1365.069 |
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Personnel
Expenses |
196.699 |
152.668 |
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Interest |
115.568 |
111.445 |
1696.729 |
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Other Expenses |
464.354 |
464.128 |
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Depreciation |
67.774 |
61.889 |
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Total Expenditure |
2209.464 |
1944.437 |
1696.729 |
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QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2007 |
30.09.2007 |
|
Type |
|
1ST
Quarter |
2nd
Quarter |
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Sales Turnover |
|
575.000
|
701.700
|
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Other Income |
|
0.700
|
0.900
|
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Total Income |
|
575.700
|
702.600
|
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Total Expediture |
|
491.300
|
600.800
|
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Operating Profit |
|
84.400
|
101.800
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Interest |
|
32.400
|
34.600
|
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Gross Profit |
|
52.000
|
67.200
|
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Depreciation |
|
16.100
|
17.800
|
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Tax |
|
0.900
|
3.200
|
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Reported PAT |
|
22.900
|
28.100
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KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.83 |
0.77 |
0.51 |
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Long Term Debt-Equity Ratio |
0.37 |
0.35 |
0.29 |
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Current Ratio |
1.92 |
2.13 |
2.43 |
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TURNOVER RATIOS |
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Fixed Assets |
2.65 |
2.52 |
1.81 |
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Inventory |
3.75 |
3.45 |
3.35 |
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Debtors |
3.41 |
3.29 |
3.07 |
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Interest Cover Ratio |
2.59 |
2.06 |
1.71 |
|
Operating Profit Margin(%) |
14.85 |
13.74 |
12.10 |
|
Profit Before Interest And Tax Margin(%) |
12.11 |
10.83 |
8.78 |
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Cash Profit Margin(%) |
8.29 |
7.79 |
7.48 |
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Adjusted Net Profit Margin(%) |
5.55 |
4.87 |
4.16 |
|
Return On Capital Employed(%) |
14.20 |
12.31 |
7.59 |
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Return On Net Worth(%) |
11.91 |
9.81 |
5.43 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS:
The company has achieved excellent performance recording overall growth better
than the industry average The total income increased by 16% whereas Profit Before
Tax has grown 55% and Profit After Tax jumped 32% over the previous year. The
brand and specialty focus enabled the company to achieve leadership position in
many of its product categories. The company continued to add more markets and
products ensuring healthy growth. The company improved its presence in the
domestic market, which holds strong potential for the coming years with focus
on specialty segments.
MANAGEMENT DISCUSSION AND
ANALYSIS:
The Management Discussion and analysis of the operations of the company is
provided in a separate section and forms part of this report.
OVERSEAS VENTURE:
The performance of Mauritius subsidiary has further improved with all round
growth in its markets. During the year the company has increased it's holding
in Mauritius subsidiary from 90.86% to 96.23% by buying out from an existing
shareholder. This will be major benefit for the company in the long term with
the consistent improvement in performance.
During the year, the company handed over the management of Joint Venture in
Turkmenistan to the local partner, which is the arm of Ministry of Health
Government of Turkmenistan. With this most of the representatives of the
company have been called back and absorbed in the regular operations.
The
performance of the Turkmenistan JV remains an area of concern and the company
is evaluating options for exit from the JV.
PERFORMANCE:
Ajanta Pharma has emerged as one of the fastest growing companies in speciality
segments. The consistent growth in total income during last 5 years at
Compounded Annual Growth Rate (CAGR) of 24% was the result of speciality focus
and brand promotions worldwide, which enabled higher margins. This was
reflected in Net Profit moving faster with CAGR of 57% for last 5 years.
Innovative
formulations & early to market facilitated better growth over the years. It
will continue to be the driving force in future. The benefits of economies of
scale are clearly reflecting in the performance and will help them to improve
it further.
OVERVIEW & OUTLOOK:
Indian
pharma market is ranked globally 4th by volume, 13th in value terms and among
the top 20 global exporters. With robust growth of around 18% (February 07
MAT), the Indian pharma industry is going to increase its share in the world
market. The Specialist-driven products contributed 62% of the growth in 2006.
Their speciality focus therefore, makes them a 'Class Apart in Healthcare', and
they will continue to work on more speciality segments in the coming years.
They are also looking for in licensing and acquisition opportunities for
accelerated growth.
Increasing
incidence of lifestyle diseases, large number of products going off patent and
India's competitive edge in CRAMS offer immense growth opportunities for Indian
pharma industry. However, increasing pricing pressures, intense competition and
recurring litigations pose major threats while going forward.
Risk
of delays in product filings, project implementations, product obsolescence and
concerns on frequent policy changes and Government interventions remains. They
regularly review cost, projects, timelines and their rich past experience will
enable them to overcome the threats and concerns. They have taken adequate
insurance for all the assets of the company. Proper control mechanism through
well laid out systems and procedures with regular audits ensures internal
control in the company.
A
strong team of 1300 Ajantaites from different nationalities drives growth of
the company. Their sound HR policies ensure high motivation level and better
performance of the team.
CONTINGENT
LIABILITIES
- Bill
discounted Rs. 19.116 Millions
- Excise
demands disputed by the Company pending in appeal Rs.0.060 Millions paid
under protest Rs. Nil
- Income tax
demands disputed by the Company pending in appeal Rs.8.759 Millions paid
under protest Rs. Nil.
- Custom duty
on import under Advance License Scheme, pending fulfillment of export
obligation is Rs. 38.711 Millions.
- Estimated
amount of contracts remaining to be executed on capital account and not
provided for, net of advances Rs. 29.289 Millions.
- Future cash
outflows in respect of Bills discounted are dependant on dishonour of
bills , in respect of liability under clause (ii) to (iv) is dependant on
decisions by relevant authorities of respective disputes & in respect
of clause (v) is dependant on terms agreed upon with the parties.
FIXED
ASSETS
- Land &
Site Development
- Buildings
- Plant &
Machinery
- Furniture
& Fixtures
- Office
- Equipments
- Vehicles
- Computers
AS PER
WEBSITE:
Subject is an emerging, global pharmaceutical company with
proven capabilities in the areas of product research, manufacturing &
marketing.
Over the years, subject has emerged as one of the fastest growing Indian
pharmaceutical companies. Their focus on specialty segments in India and
simultaneous opening of newer markets abroad has helped them maintain the
growth. They are firmly establishing their brands in each market for sustained
sales. Ajanta has established strong capabilities in the international market
with exports contributing a substantial part of the total revenues.
Ajanta
was incorporated in 1973 and has since moved up the value chain from being a
small manufacturer to a vibrant marketing and research-oriented company. Ajanta
is now one of the leading pharmaceutical companies from India.
Their
manufacturing capability includes a wide range of therapeutic products covering
segments like Anti-retrovirals, Anti-malarials, Cardiovascular, Dermatology and
Ophthalmology among others. They also market OTC products in many international
markets that include some nature-based remedies.
Given
their strong emphasis on product quality and service, Ajanta Pharma has been
approved to supply medicines to various Government Institutions like Health
Departments, Defence services and hospitals in India. Ajanta is also certified
supplier to many big institutions and voluntary organizations like MSF and PSF,
within and outside the country.
Ajanta is committed to develop new technologies. They have
been able to launch products with enhanced release profiles to ensure better
treatment compliance and dosage convenience
Ajanta's Mission
Human Values, Integrity
Strong dedicated teamwork towards achieving
common objectives. , Prevalence of Truth with fulfilled
expectations and commitments.
Trust, Discipline
The pillar of their organization responsible
for their growth and success , Adherence to prescribed regulations, proper
conduct and action maintained by correction and training.
Competency, Creativity
Performing better than the competitors in
every action and thereby scaling higher altitudes. , Novel ideas and
directives adding value to their organization.
Transparency, Excellence
Willing to share information and differences
within the organization. , Desire to better the best.
Code
of conduct:
FOR DIRECTORS AND SENIOR
MANAGEMENT
The Board of Directors (the
“Board”) and the senior management of Ajanta Pharma Limited all over the world
in all areas, regions and functions, subscribe to the following Code of Conduct
adopted by the Board. They would
1. Use
due care and diligence in performing their duties of office and in exercising
their powers attached to that office;
2. Act honestly and use their powers of office, in good faith
and in the best interests of Ajanta Pharma Limited as a whole;
3. Not
make improper use of information nor take improper advantage of their position
as a Director;
4. Not allow personal interests to conflict
with the interests of Ajanta Pharma Limited;
5. Not engage in any business relationship
or activity which may be in conflict of interest of Ajanta Pharma Limited;
Indian
Operations:
For
last many years, exports have contributed a major share of Ajanta's total
sales. However, India still continues to be their biggest single market. Their
three divisions: Prescription drugs, OTC and Institution sales continue to grow
and keep pace with the exports.
The
prescription drugs division is focused on marketing products in the niche
segments. With a focus on Cardiology, Ophthalmology and Dermatology, Ajanta is
one of the fastest growing companies in the respective segments. They have
benchmarked themselves to be among the first to offer new products to the
doctors. Three separate marketing teams ensure a concentrated effort for each
product range. The marketing teams have created a strong brand recall with
doctors and few products are brand leaders in their segments.
Ajanta
started its operations as an OTC products company. The team has established
strong presence in the rural markets. The first brand of their company, Pinkoo
Gripe Water, continues to be one of the leading products in the market. Despite
the intense competition in the OTC market, the team continues to perform with
many innovative marketing schemes and sincere dedication to the company.
They
have an established record for being a preferred and quality supplier to many
institutions in India. They supply to many Government Institutions like Defense,
State and National Government hospital purchase schemes. They are also approved
to supply to many international NGOs and aid agencies that operate in India.
Their
marketing field force consists of more than 700 people reaching out to 75,000
doctors and 125,000 pharmacies. To service the three teams, they have a
developed excellent logistics and IT infrastructure. All the warehouses,
stockists and distribution agents are connected online through ERP system. This
ensures efficient stock monitoring, allowing them to be responsive to custom
Global
operatins:
Major
part of their sales is contributed by the global operations. Starting on a very
small note with first sale to Afghanistan in 1990, they now export to over 50
countries around the world. Their operations cover countries in Asia, Africa,
Latin America and Europe. They have a multinational and multi-cultural
workforce to market their products in these counties.
They have opened their own marketing offices in many
countries they operate and support their brands with local marketing and
advertising strategies.
Today,
Ajanta has an expansive and self-operated marketing network in these countries.
This way they have planned the business operations overseas with a focused
approach on fast and prompt delivery and follow-up programs. Their product
range in these markets is customized to the health requirement of each country.
They take every possible care to ascertain that they provide the customers and
business associates with optimum benefits by promoting the product through
professional medical representatives. This has helped them to penetrate the
markets more extensively and efficiently.
Their
subsidiary in Mauritius produces dosage forms like tablets, capsules and
Injections. The company employs about 75 locals and caters to the African
continent. This is an ideal springboard into Africa given the political and
economical climate in the country.
The
Joint Venture in Turkmenistan produces tablets, capsules, injections, powders
and ointments. They employ over 100 local staff and workers. The Joint Venture
caters to the local market and has a predominant position in the healthcare
industry of the country.
Global Operations at a glance
Reserch
and development:
Ajanta
Pharma is committed to research as a means of developing innovative and
effective medicines. Research drives the company's plans to evolve into a
global pharmaceutical giant. A focused effort in well-defined areas and an
abiding interest in new technology are key features of research efforts.
A dedicated team of 60 research scientists is continuously
working towards development of novel formulations. Their R&D center is
equipped with latest laboratory equipment to formulate and develop new
technological innovations.
They
are working on pioneering innovation in controlled released patentable
formulations besides developing the formulations as per the requirements of the
market.
Apart
from working on improving the quality standards of the existing products,
R&D is committed towards development of new formulations and Novel Drug
Delivery System. It plays a vital supportive role for other corporate functions
as well such as quality assurance and regulatory affairs.
R&D
activities are cornered around three main aspects of research namely:
•
NDDS (New Drug Delivery System) - Involves taking an existing
molecule and modifying the delivery/release pattern for
better/targeted efficacy of the product.
•
Formulation and Development – A team of scientists is continuously
working on newer formulations to launch as required by
the respective marketing teams. With a
deadline-oriented work-profile, this team has high
responsibility to ensure that it meets the quality
parameters while adhering to the time schedule. The current focus
is on developing products in the categories of
Anti-HIV, Anti-Malarials, Dermatology, Cardiology and
Ophthalmology.
•
Herbal / Nutraceutical – They have a wide range of
Nutraceutical and natural products. They have developed this range by
standardizing the extracts so that consistent level of quality is achieved in
each and every pack that is produced.
They are committed to research and development with a vision
to create path-breaking health-care solutions. They are proud of the innovative
health care products that they bring to the market. It ensures self-reliance
and stringent quality control standards resulting in a host of innovative
products.
Manufacturing
Facilities:
An
Organizations' capabilities and objectives are strongly reflected in the product
it manufactures. The manufacturing competencies and facilities echo the ability
to implement its R&D strengths.
Ajanta has set-up world-class manufacturing facilities in
three countries: India, Mauritius and Turkmenistan that are equipped with state-of-the-art
infrastructure. The plants have the capacity to handle a flexible product mix
and ensure quick product changeovers. They have the capability to manufacture
various dosage forms in the plants like tablets, capsules, injections,
ointments and powders
The plants are designed to cater to the requirements of the various national
and international regulatory bodies. The facilities have been audited and
approved for compliance with international Current Good Manufacturing Practices
(cGMP) as laid down by WHO.
Delivering quality products is their topmost concern and their foremost
responsibility. Their quality control team checks each batch of every product
as per the established Standard Operating Procedures (SOPs). Modern analytical
instruments for in-house testing ensure undiluted quality and consistency. The
team members are well qualified and specially trained for the activities of the
department.
Strict
controls are established to ensure that there are no lapses in the entire
manufacturing and quality check processes. Their quality assurance team
monitors the processes. They constantly update themselves on the developments
in the industry and upgrade internal parameters to make sure products of
highest quality are manufactured at the plants.
Business opportunities:
Ajanta Pharma,
in its endeavor to spread across the globe, has devised an active program of
business development with the following strategic focus:
- In-licensing of innovative exclusive
products
- Partnerships and strategic alliances in
research and development
Acquisition
of products with strong growth potential
Ajanta's
activities are focused on the following key therapeutic areas:
- Cardiology
- Dermatology
- Ophthalmology
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 records 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.39.67 |
|
UK Pound |
1 |
Rs.81.78 |
|
Euro |
1 |
Rs.58.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|