MIRA
INFORM REPORT
|
Report Date : |
30th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
CIRON
DRUGS AND PHARMCEUTICALS PRIVATE LIMITED |
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Registered Office : |
Alpha Apartments, M. G. Road, Vile Parle (West), Mumbai - 400 057,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
04.06.1990 |
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Com. Reg. No.: |
11-56735 |
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CIN No.: [Company
Identification No.] |
U24246MH1990PTC056735 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC04421E |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer,
Exporter and Importer of Liquid Inject, Sterile Powder Injectables and
Capsules. To
carry on the business of all kinds of pharmaceuticals medicines and drugs
preparations, perfumeries, toiletries, bulk drugs, life saving drugs and
products, allied thereto and resulting thereform. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
100000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are fair. Business is active. Payments are usually correct and as
per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Alpha Apartments, M. G. Road, Vile Parle (West), Mumbai - 400 057,
Maharashtra, India |
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Tel. No.: |
91-22-26789322/
26780659
/ 26781668 / 26781138 |
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Fax No.: |
91-22-26780784/
26780784 |
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E-Mail : |
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Website : |
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Corporate
Office : |
C/o
Oboi Laboratories, Prabhat Nagar, Jogeshwari, Mumbai - 400 102, Maharashtra,
India |
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Tel.
No.: |
91 -
22 - 26780659 / 26781668 / 26781138 |
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Fax
No.: |
91 -
22 - 26780784 |
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Factory
1 : |
N-118,
MIDC, Tarapur, Boisar- 401 506, Maharashtra, India |
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Area : |
14000
sq.fts |
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Location : |
Owned |
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DIRECTORS
|
Name : |
Ms.
Maya Kirti Shah |
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Designation : |
Director
|
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Address : |
Alpha Apartments, M. G. Road, Vile Parle (West), Mumbai – 400 057,
Maharashtra, India |
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Date of Birth/Age : |
03.11.1961 |
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Date of Appointment : |
04.06.1990 |
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Date of Ceasing : |
18.06.2005 |
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|
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Name : |
Mr.
Ratanshi Talakshi Shah |
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Designation : |
Director
|
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Address : |
Rang
Bhavan, M G Road, Cross Lane, Vile Parle (East), Mumbai – 400 057,
Maharashtra, India |
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Date of Birth/Age : |
05.01.1943 |
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Date of Appointment : |
02.07.1990 |
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Name : |
Mr..
Manubhai Talakshi Shah |
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Designation : |
Director
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Address : |
Alpha Apartments, M. G. Road, Vile Parle (West), Mumbai - 400 057,
Maharashtra, India |
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Date of Birth/Age : |
16.01.1952 |
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Date of Appointment : |
02.07.1990 |
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Date of Ceasing : |
18.06.2005 |
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Name : |
Mr.
Samir Ratanshi Shah |
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Designation : |
Director
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Address : |
Rang
Bhavan, M G Road, Cross Lane, Vile Parle (East), Mumbai – 400 057,
Maharashtra, India |
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Date of Birth/Age : |
14.11.1972 |
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Date of Appointment : |
10.07.2000 |
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Name : |
Ms.
Kirti Talakshi Shah |
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Designation : |
Director
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Address : |
Alpha Apartments, M. G. Road, Vile Parle (West), Mumbai - 400 057,
Maharashtra, India |
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Date of Birth/Age : |
10.02.1961 |
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Date of Appointment : |
18.06.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
|
|
|
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Mr.
Kiran R Shah |
|
4963 |
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Mrs.
Maya K Shah |
|
3287 |
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Mrs.
Kavita M Shah |
|
2776 |
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Mr.
Panbal T Shah |
|
175 |
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Mr.
Kayur R Shah |
|
5780 |
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Mr.
Ratanshi T Shah |
|
5780 |
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Mr.
Kirti T Shah |
|
4930 |
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Mr.
Samir R Shah |
|
7170 |
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Mrs.
Deepa D Shah |
|
1100 |
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Mr.
Manu T Shah |
|
4450 |
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Mr.
Dhanji T Shah |
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1890 |
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Mr.
Mahesh Mokhe |
|
100 |
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Mr.
Navinchand Shah |
|
100 |
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Mr.
Mahesh M Upadhyay |
|
100 |
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Mr.
Talakshi P Shah |
|
3940 |
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Ms.
Bhakti M Shah |
|
3600 |
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Mst.
Nishith M Shah |
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2330 |
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Ms.
Rajvi K Shah |
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1920 |
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Mst.
Dhaval K Shah |
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3010 |
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Mr.
Arvind D Shah |
|
100 |
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Mrs.
Falguni S Shah |
|
840 |
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Ms.
Dhruvi S Shah |
|
1640 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of Liquid Inject, Sterile Powder Injectables and
Capsules. To
carry on the business of all kinds of pharmaceuticals medicines and drugs
preparations, perfumeries, toiletries, bulk drugs, life saving drugs and
products, allied thereto and resulting thereform. |
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Products : |
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Exports to : |
Europe
and Africa |
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Imports from : |
Far
East and Europe |
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Terms : |
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Purchasing : |
D/A or
D/P terms |
PRODUCTION
STATUS
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Particulars |
|
Unit |
Installed Capacity |
Actual Production |
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|
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Liquid Orals and Syrups |
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Millions Ltrs. |
1500 |
35.290 |
|
Tablets |
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Nos. in Lacs |
-- |
2032.002 |
|
Injectables
|
|
Nos. in Lacs |
240 |
22.750 |
|
Capsules |
|
Millions |
120 |
-- |
GENERAL INFORMATION
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No. of Employees : |
Around
50 |
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Bankers : |
Saraswat
Cooperative Bank Limited, Goregaon West, Mumbai - 400 063, Maharashtra, India
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Banking Relations : |
Satisfactory
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Auditors : |
Raman
S Shah and Associates Chartered
Accountants Mumbai,
Maharashtra, India |
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Associates : |
(engaged in manufacturing
of pharmaceuticals, capsules etc.)
(engaged in manufacturing
of pharmaceuticals, capsules etc.)
(engaged in manufacturing
of pharmaceuticals, capsules etc.)
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000 |
Equity
Shares |
Rs. 100/- |
Rs. 6.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000 |
Equity
Shares |
Rs. 100/- |
Rs. 6.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
6.000 |
6.000 |
6.000 |
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|
2] Reserves & Surplus |
18.453 |
14.724 |
15.242 |
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NETWORTH |
24.453 |
20.724 |
21.242 |
|
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LOAN FUNDS |
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|
|
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1] Secured Loans |
9.204 |
5.801 |
6.575 |
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2] Unsecured Loans |
8.951 |
10.346 |
6.855 |
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TOTAL BORROWING |
18.155 |
16.147 |
13.430 |
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DEFERRED TAX LIABILITIES |
4.577 |
3.816 |
0.000 |
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|
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TOTAL |
47.185 |
40.687 |
34.672 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
26.948 |
25.241 |
14.538 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
12.519
|
10.399 |
9.370 |
|
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Sundry Debtors |
20.809
|
21.599 |
13.265 |
|
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Cash & Bank Balances |
4.306
|
8.978 |
6.159 |
|
|
Loans & Advances |
5.966
|
4.866 |
3.339 |
|
Total Current Assets |
43.600
|
45.842 |
32.133 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
23.373
|
30.406 |
12.009 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total Current Liabilities |
23.373
|
30.406 |
12.009 |
|
|
Net Current Assets |
20.227
|
15.436 |
20.124 |
|
|
|
|
|
|
|
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TOTAL |
47.185 |
40.687 |
37.672 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
Sales Turnover [including other income] |
98.838 |
90.879 |
64.764 |
|
|
|
|
|
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Profit/(Loss)
Before Tax |
5.344 |
4.396 |
16.277 |
|
Provision
for Taxation |
1.616 |
1.626 |
0.700 |
|
Profit/(Loss)
After Tax |
3.728 |
2.770 |
15.577 |
|
|
|
|
|
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Export
Value |
43.390 |
95.525 |
26.200 |
|
|
|
|
|
|
Import
Value |
NA |
3.910 |
2.898 |
|
|
|
|
|
|
Total
Expenditure |
93.554 |
86.483 |
48.906 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
3.77
|
3.05 |
24.05 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
5.40
|
4.83 |
25.13 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
7.57
|
6.18 |
34.87 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.21 |
0.76 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.88
|
3.43 |
2.34 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
1.86
|
1.50 |
2.67 |
LOCAL AGENCY
FURTHER INFORMATION
Profile
Almost four decades of experience since its inception in 1966, have
taken the CIRON Group from strength to strength in the health care business.
The small company started by Mr. R.T. Shah has grown into large and dynamic
Group which currently occupies a leading position in the fields of pharmaceutical
formulations manufacturing and export.
Headquartered in Mumbai, India, with
manufacturing units in Tarapur, CIRON Group has built up a reputation for
excellence on the foundations of consistently high quality, a constantly
expanding product portfolio, timely deliveries and state-of-the-art manufacturing facilities, conforming
to the most demanding international standards.
This unflagging commitment to quality and
customer satisfaction has won the group a high penetration rate in the domestic
market and has also carved a significant global niche for its products. Today
Ciron boasts an overseas presence in over 36 countries.
Since its establishment CIRON is amongst a
leading manufacturer and exporter of pharmaceutical formulations such as
tablets, capsules, syrups, injections, ointments and powders. Since then with
its own efforts & backing by its directors who themselves are pharmacy
graduates, expanded its product range & improved on quality thereby making
it market friendly in India & abroad.
Besides the generic formulations, a number of
products in its own brand name are also produced and exported. In our endeavor
to make available the best quality of medicines to alleviate the sufferings of
mankind, we offer products of international standards & keep strict control
over quality at every stage.
Foreseeing that survival in 90’s would depend
on being able to manufacture products as good as those available in the world,
CIRON in 2001 renovated its plant and adopted GMP. CIRON invests almost 40% of
its annual profits in latest plant and machinery and training of technical
personnel ensuring continuous up gradation of quality of its products in line
with world class technology.
CIRON set itself a goal of introducing a range
of specialized products base on leading technologies available globally. CIRON
to day exports its products to United States of America, the United Kingdom,
France, Belgium, Germany, Switzerland, Denmark, Russia, the Netherlands, the
Philippines, Nigeria, Ghana, Niger, Sudan, Kenya, Zaire, Benin, Mali, Cameroon,
Vietnam, Costa Rica, Djibouti, the Dominican Republic, Panama, Papua New
Guinea, Yemen and Vietnam & others.
The congenial environment; well built
infrastructure; energetic & highly competent technical staff and workforce;
unique human relationship; efficient & committed management support in
practicing up-to-date Quality Management Systems; resulted in meeting highest
quality standards, safety and productivity.
Currently, the CIRON Group comprises the
flagship company Ciron Drugs & Pharmaceuticals Pvt. Ltd., as well as
Healthy Life Pharma Pvt. Ltd. and Oboi Laboratories. The CIRON team, headed by
able and experienced managers, comprises over 50 well-qualified technical
personnel and 200 workmen - all dedicated to delivering the highest possible
levels of customer satisfaction.
The CIRON Group's strong manufacturing
competence, its committed team and its continuous pursuit of total quality are
all focussed on further expanding CIRONS large base of satisfied clients and
fulfilling its objective of becoming a world leader in formulations for the
pharmaceutical industry.
The formulation (drug
in a ready-to-consume form such as tablet) in the generic market is referred to
as Abbreviated New Drug Application (ANDA). It is called ANDA because the
generic manufacturer does not have to go through the elaborate clinical trials
that the original patent-holder would have to go through. Since the properties
of the drug are already known, the trials for generics are limited when
compared to a new drug.
The US regulatory
authority looks at aspects such as bioequivalence (the rate at which the drug
is absorbed in the bloodstream) when granting approval to a generic
formulation. This is to make sure that the generic drug performs with the same
effectiveness as the branded drug in the human body. ANDA approvals are not an
easy affair. The costs and delays are a factor to reckon with. As in the case
of the bulk drugs, the manufacturing facilities have to be approved by the US
regulatory authorities.
Products
- Indictable
- Liquids
- Externals
- Eye and Ear Drops
- Tablets
- Capsules and Dry Syrups
A Comprehensive Product Range:
Ciron manufactures a wide range of formulations at its independent,
state-of-the-art manufacturing facilities. All products can be supplied in the
various permitted/suitable dosages and in required pack sizes in the form of
small volume liquid parenterals, dry powder injectables, tablets (uncoated,
sugar coated, enteric coated, film coated, chewable, lozenges, sustained
release and dispersible forms), capsules, dry syrups, liquid orals, sterile eye
drops and ear drops and topical lotions for external applications. Therapeutic
Categories
They are supplied under Ciron's own brand names, the customer's brand
names, generic names or neutral labels and include:
Injectables
Available in both
liquid and powder form, as antibiotics like Ampicillin, Penicillin,
Cephalosporin and Chlorampenicol, as well as anti-malerials, anti-ulcers,
anesthetics, pain Killers, multivitamins and many more.
Liquids
Available as high
quality syrups, suspensions and solutions, as expectorants, antacids,
anti-diarrhoeals, antibiotics, tonics and vitamin supplements.
Externals
These include Antifungal and Antibacterial like
Clotrimoxazole, Povidone Iodine and Lindane, amongst others.
Eye Drops
Gentamycin,
Chloramphenicol, Ciprofloxacin and many more available in glass vials as well
as in sterilized plastic bottles with effective, attractive packaging.
Tablets
Available for a spectrum of applications in
a wide range of forms: uncoated, sugar coated, enteric coated, film coated,
chewable, lozenges, sustained release and dispersible
The
Company’s Fixed Assets of important value includes:
- Land
- Building
- Plant and Machinery
- Laboratory Equipments
- Electrical Installation
- Furniture and Fixtures
- Office Equipments
- Tools, Dies and Jigs
- Vehicles
- Computers
- Air Conditioners
Bankers
Charges Report as per Registry
Name of the Company : Ciron Drugs and
Pharmaceuticals Private Limited
Presented by : -- Bank of India, Malad (West), Mumbai
|
1.
Date and description of the instrument creating or evidencing the charge
|
Agreement
of hypothecation of plant and machinery, stocks and book debts dated
09.05.2001 |
||||||||||||
|
2. Amount
secured by the charge /amount owing on security of the charge |
Rs.
7.500 millions |
||||||||||||
|
3.
Short Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
Hypothecation
of all the movable machineries and plant present and future whether installed
or lying loose or in cases. Hypothecation
of all stock of raw material such as pharmaceuticals products such as
injections, tablets, syrups and drugs and related raw material finished
goods, semi finished goods, spares parts, components, etc. All
the present and future book debts, outstanding, monies, receivables, claims
bills which are now due to or hereafter become due and owing in course of
business. |
||||||||||||
|
4.
Gist of the terms and conditions and extent and operation of the charge. |
The
above property is held as security to secure various working capital credit
facilities granted by bank of Rs. 7.500 millions to the company together with
interest charges, expenses etc, detailed as under
Interest
@ 4% above ongoing PLR Rate minimum @ 16% shall be charged at quarterly
rests. Margins
25% against raw material, 30% against semi finished goods and 40% against
book debts |
||||||||||||
|
5.
Names, address and description of the
persons entitled to charge |
Bank
of India S V
Road, Malad (West) Branch, Mumbai – 400 064, Maharashtra, India |
||||||||||||
|
6.
Date and brief description of instrument modifying the charge |
Supplemental
deed of hypothecation dated 16.07.2003 |
||||||||||||
|
7.
Particular of modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
By
supplemental deed of hypothecation dated 16.07.2003. Hypothecation plant and
machinery, stocks and book debts has now increased from Rs. 7.500 million to
Rs. 17.500 million detailed as under
Interest
@ 1.25% p.a. over and above PLR rate with a minimum of @ 12.25% p.a. shall be
charged at monthly rests. Term
Loan Interest @ 1.25% p.a. over and above PLR Rate with a minmum of 13.25 %
p.a. shall be charged at monthly rets Term
Loan to be repaid quarterly instalments of Rs. 0.500 millions each commencing
from September 2003. Earlier
charge was modified on 17.09.2002 for additional security of equitable
mortgage by deposit of title deeds of the company immovable properties. |
About Sister Concern
OBOI LABORATORIES PRIVATE LIMITED
Registered Office
1 Prabhat Nagar, Jogeshwari, Mumbai-400102, Maharashtra, India
Tel. No. : 91-22-26780659/1138/1668
Fax No.: 91-22-26780784
Email : ciron@vsnl.com
Date of Incorporation: 08.071985
Incorporation Nos.: 11-36765
Line of Business: Manufacturer, Seller, Importer,
Exporter, Distributor and Represent of all types of Chemicals, Fine Chemicals,
Pharmaceutical Products, Laboratory Chemicals, Drugs, Acids, Chlorides,
Fluorides, Metallic Oxides, Synthetics, Pharmaceuticals, Insecticides, Gums,
Deodorants, etc.
As Per Web
Profile
Oboi Laboratories is proud to introduce itself as the marketing
wing of the Ciron Group - a fully integrated specialty pharmaceutical
formulations group engaged in researching, developing, manufacturing and
marketing a spectrum of pharmaceutical formulations in India.
Since its inception Oboi has been wholly focused on the twin objectives
of availability and affordability. We seek to serve the broadest possible
spectrum of patients of all economic strata by bringing them a formulations
portfolio across a wide range of therapeutic areas and at the most reasonable costs.
Every product is backed by the Ciron Group’s reputation for consistent
quality and constant innovation. Headquartered in Mumbai, the Group comprises
of Ciron Drugs & Pharmaceuticals Pvt. Ltd. State-of-the-art WHO GMP certified manufacturing units
are located in Tarapur. The Ciron Group is dedicated to delivering the highest
possible levels of customer satisfaction, through top quality, an expanding a
range of pharmaceutical formulations and timely deliveries.
“As a vital part of the exciting, high growth-oriented Ciron Group, Oboi
is building a marketing team that is truly without limits. We have seen steady
growth through the years and believe the time is now ripe for a sustained
penetration of the Indian market.
Thus, we have a vision and are looking for the right people to turn it
into a reality. We seek energetic and creative people who are looking towards
taking our products the length and breath of the country to hospitals, doctors,
pharmacies and patients. In return, we offer every Oboite a host of advantages
like financial assistance, flexible policies, tremendous marketing support and
much more – this is your opportunity to grow in accordance with your own dreams
and ability.
With Oboi, yours will be the chance to work independently and be the
leader of your own destiny. Ours will be on-going and comprehensive back-up
marketing and communication support. Together, we’ll be partners in progress
and combine sound business with the joy of bringing solace to sick people.
Read on to discover more Oboi advantages and the tremendous
opportunities that lie before you. Then make an informed decision about whether
you want to become part of the Oboi family – a family that thrives on the
dynamic challenges of excellence.”
Products
It is a rapidly progressing pharmaceutical formulation company engaged
in manufacturing of international quality pharmaceutical formulations under
WHO-GMP guide lines. Our manufacturing plant is equipped to manufacture
tablets, Capsules, Dry-Syrups, Injectables, Eye and Ear Drops, hygiene
products, natural health medicines and having all the facilities of in house
testing and R & D.
Our main focus is the customer. We understand the importance of meeting
unique product specifications and our goal is to satisfy particular needs of
each customer, our ability to adopt products to specific form and blending
requirements reflects this commitment to responsive service. Above all, we
understand the importance of timely delivery and total customer satisfaction.
Contact
CORPORATE OFFICE :
1, Prabhat Nagar, Ground
Floor, Jogeshwari (West), Mumbai - 400 102, Maharashtra, India
Phone : 91-22-2678 0659 /
1138 / 1668
Fax : 91-22-2678 0784
Email : ciron@vsnl.com
US BRANCH OFFICE :
CIRON INC.
Contact Person: Mr.
Keyur R. Shah
31, Jeffrey Circle, Dayton
, NJ 08810 ,USA.
Tel ; 1- 732- 355 – 9930
Cell : 1-732 – 688 – 9688
MANUFACTURING UNITS
:
N-118, M.I.D.C., Tarapur, Boisar,
Dist. Thane - 401 506, Maharashtra,
India
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.44.17 |
|
UK
Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|