MIRA
INFORM REPORT
|
Report Date : |
31.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
STRIDES ARCOLAB LIMITED |
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Registered Office : |
Strides House, Bilekahalli, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
28.06.1990 |
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Com. Reg. No.: |
11-57062 |
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CIN No.: [Company Identification No.] |
L24230MH1990PLC057062 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMS36534B |
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PAN No.: [Permanent Account No.] |
AADCS8104P |
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Legal Form : |
Public Limited Liability company. The company’s Shares are
listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and marketing of all types of Bulk Drugs,
Pharmaceuticals, etc. |
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 13000000 |
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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 reported as 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
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Registered Office : |
Strides House, Bilekahalli, |
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Tel. No.: |
91-80-26581343/44 / 57580738
/ 39 / 57580000 |
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Fax No.: |
91-80-26583538/4330 / 57580700
/ 800 |
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E-Mail : |
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Website : |
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Factory 1 : |
Soft Gelatin Capsules ‘ Contract Research and Manufacturing 120 A and B, Baikampady, New
Mangalore-575011, Karnataka Strides Incorporation 37, Veronica Avenue, Somerset
NJ 08873, New Jersey-08873, Tablets and Hard Gelatin Capsules ‘ Caryl Laboratories Limited 238, Sarakki,
Bangalore-560078, Karnataka Solara SA De CV AV. Paseo De Sterile Product Bilekahalli, Antibiotics Bilekahalli, Global Remedies Limited 124, Sipcot Industrial
Complex, Hosur-635126, Tamilnadu Infabra Industria Farmaceutica Limiteda. AV, Das |
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Warehouse : |
Plot No. 62, Sector – 1, Nerul, Navi Mumbai – 400 706, |
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Overseas
Offices : |
Located at :
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DIRECTORS
|
Name : |
Mr. Deepak Vaidya |
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Designation : |
Chairman (Non-Executive) |
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Name : |
Mr. Arun Kumar |
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Designation : |
Executive Vice Chairman & Managing Director (Executive
& Promoter) |
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Qualification |
B.Com., PGDBM |
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Date
of Joining |
June 1990 |
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Previous
Employment |
British Pharmaceutical
Laboratories |
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Name : |
Mr. K.R. Ravishankar |
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Designation : |
Executive Director (Executive & Promoter) |
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Qualification |
B.Sc. (Part) |
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Date
of Joining |
June, 1990 |
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Previous
Employment |
Enterpreneur |
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Name : |
Mr. R.S. Prasad |
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Designation : |
Executive Director & Chief Executive Officer
(Executive) - since resigned |
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Name : |
Mr. Virtanes Saatci |
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Designation : |
Director (Non-Executive) |
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Name : |
Dr. Francis J. Pinto |
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Designation : |
Director (Non-Executive) |
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Name : |
Dr. Ronald Ling |
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Designation : |
Director (Non-Executive) |
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Name : |
Mr. Elcemar Almeida |
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Designation : |
Director (Non-Executive) |
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Name : |
Mr. D.G. Prasad |
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Designation : |
Director (Non-Executive & Independent) representing Export Import Bank of |
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Name : |
Mr. M.R. Umarji |
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Designation : |
Director (Non-Executive & Independent) |
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Name : |
Mr. A.K. Nair |
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Designation : |
Director (Non-Executive & Independent) |
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Name : |
Mr. P.M. Thampi |
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Designation : |
Director (Non-Executive & Independent) |
KEY EXECUTIVES
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Audit Committee: |
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Mr.
M.R. Umarji |
Chairman
& Member |
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Mr.
D.G. Prasad |
Member |
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Mr.
A.K. Nair |
Member |
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Mr.
P.M. Thampi |
Member |
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Mr.
Deepak Vaidya |
Member |
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Dr.
Ronald Ling |
Member |
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Shareholders'/Investors' Grievances
Committee: |
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Mr.
Deepak Vaidya |
Chairman & Member |
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Mr. M.R.
Umarji |
Member |
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Mr.
K.R. Ravishankar |
Member |
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Remuneration Committee |
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Mr.
Deepak Vaidya |
Chairman & Member |
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Mr.
Virtanes Saatci |
Member |
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Mr.
M.R. Umarji |
Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Category
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No. of shares
|
% of shareholding
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A.
Promoters' Holding |
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1.
Indian Promoters |
7,121,613 |
20.37
% |
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Foreign
Promoters |
Nil |
Nil |
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2.
Person acting in concert |
Nil |
Nil |
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Foreign
Promoters |
Nil |
Nil |
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Subtotal - A |
7,121,613 |
20.37 % |
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B.
Non Promoters Holding |
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3.
Institutional Investors |
2,614,914 |
7.48
% |
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a.
Mutual Funds & DTI |
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b.
Banks, Financial Institutions, Insurance Companies (Central /State Govt.
Institutions. Non Govt. Institutions) |
62730 |
0.18
% |
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c.
Foreign Institutional Investors |
7975475 |
22.82
% |
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Subtotal - B |
10653119 |
30.48 % |
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4.
Others |
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a.
Private Corporate Bodies |
458692 |
1.31 % |
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b.
Indian Public |
2045395 |
5.85 % |
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c.
Non Resident Indians |
309101 |
0.89 % |
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d.
Any Other (Please specify) |
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Foreign
Companies |
14366369 |
41.10 % |
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Subtotal
- C |
17179557 |
49.15 % |
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GRAND
TOTAL (A + B + C) |
34954289 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and marketing of all types of Bulk Drugs,
Pharmaceuticals, etc. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Actual Production |
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Tablets |
(in
000’s) |
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1232074 |
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Capsules |
(in
000’s) |
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521117 |
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Injections |
(in
000’s) |
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|
22527 |
GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
800 |
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Bankers : |
·
Dena Bank, Navi Mumbai, ·
State Bank of ·
Corporation Bank, Navi Mumbai, ·
The South Indian Bank, Navi Mumbai, ·
Corporation Bank, Navi Mumbai, ·
Canara Bank, Navi Mumbai, ·
Industrial Development Bank of |
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Facilities
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name
: |
Deloitte Haskins and Sells Chartered Accountants |
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Address
: |
70/3, |
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Memberships : |
Confederation of Indian Industry |
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Subsidiaries : |
Global Remedies Limited - Quantum Life Sciences Private Limited - Strides Research & Specialty Chemicals Limited - Strides Arcolab (FA) Limited (Disposed w.e.f. 28.07.05) Strides Inc - Arcolab SA Limited - Strides Africa Limited - Strides Arcolab ( Pharma Strides Latina SA, Upto 30.09.04 - Wholly Owned Subsidiary 01.10.04 to 04.02.05 Associate On and after 05.02.05 Subsidiary Cellofarm Limited - Upto 30.09.04 - Associate On and after 01.10.04 - Wholly Owned Subsidiary of Strides
Solara S.A de C.V - Upto 30.09.04 - Subsidiary On and after 01.10.04 - Subsidiary of Strides Infabra Industrie Farmaceutica Limited - Upto 30.09.04 - Subsidiary Merged with Cellofarm Limiteda - Strides SA Pharmaceutical Pty Limited Medgene Pharmaceuticals Private Limited India, w.e.f
16.12.05 |
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Joint Venture : |
Akorn Strides |
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Associates : |
Arcolab India Private Limited Keerthapathi Ravishankar - HUF Mrs. Deepa Arunkumar Mrs. K. Saraswathi Vedic Elements Private Limited Net Equity Ventures Private Limited Agnus Holdings Private Limited Strides Technical Services Limited Nous Infosystems Private Limited Everron Systems ( |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 430.000 Millions |
|
620000 |
Cumulative Redeemable Preference Shares |
Rs. 1000 each |
Rs. 620.000 Millions |
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Total
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Rs.
1050.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
34954289 |
Equity Shares |
Rs. 10/- each |
Rs.
349.540 Millions |
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i)
3,068,875 equity shares of Rs.10 each were allotted to the Promoter and their
Associate Companies on exercising of the Warrants ii)
210,955 equity shares of Rs.10 each were allotted to the share holders of
Bombay Drugs & Pharmas Limited consequent to amalgamation iii)
1,251,000 equity shares of Rs.10 each were issued as bonus shares by
capitalisation of general reserves iv)
1,912,500 equity shares of Rs.10 each were issued consequent to amalgamation
to the shareholders of Erstwhile Remed Laboratories ( v)
50,000 equity shares of Rs.10 each has been issued for consideration other
than cash |
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|
491606 |
6% cumulative redeemable preference shares |
Rs.
1000/- each |
Rs.
491.610 Millions |
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Total
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Rs. 841.610
Millions |
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FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2005 12 months |
31.12.2004 15 months |
30.09.2003 18 months |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
841.150 |
337.580 |
366.890 |
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2] Share Application Money |
35.740 |
0.000 |
102.980 |
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3] Reserves & Surplus |
2536.200 |
2043.640 |
1968.970 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3413.090 |
2381.220 |
2438.840 |
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LOAN FUNDS |
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1] Secured Loans |
1180.620 |
1940.300 |
1522.780 |
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2] Unsecured Loans |
2003.500 |
176.670 |
260.050 |
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TOTAL
BORROWING |
3184.120 |
2116.970 |
1782.830 |
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DEFERRED TAX LIABILITIES |
109.500 |
134.300 |
107.600 |
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TOTAL |
6706.710 |
4632.490 |
4329.270 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1260.770 |
922.650 |
925.800 |
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Capital work-in-progress |
446.770 |
274.250 |
13.270 |
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INVESTMENT |
2704.610 |
1770.810 |
1259.550 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
502.780
|
270.290 |
243.560 |
|
|
Sundry Debtors |
1206.170
|
1215.720 |
1467.550 |
|
|
Cash & Bank Balances |
777.510
|
156.260 |
98.970 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
919.550
|
803.290 |
949.090 |
|
Total Current Assets |
3406.010
|
2445.560 |
2759.170 |
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Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
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|
Current Liabilities |
853.160
|
597.090 |
730.480 |
|
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Provisions |
258.290
|
183.690 |
39.020 |
|
Total Current Liabilities |
1111.450
|
780.780 |
769.500 |
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Net Current Assets |
2294.560
|
1664.780 |
1989.670 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
140.980 |
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TOTAL |
6706.710 |
4632.490 |
4329.270 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.12.2005 12 months |
31.12.2004 15 months |
30.09.2003 18 months |
|
|
Sales Turnover |
3310.720 |
3053.120 |
2764.130 |
|
|
Other Income |
27.120 |
8.510 |
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Total Income |
3337.840 |
3061.630 |
2764.130 |
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Profit/(Loss) Before Tax |
486.850 |
396.480 |
8.270 |
|
|
Provision for Taxation |
25.760 |
104.890 |
(54.90) |
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Profit/(Loss) After Tax |
461.090 |
291.590 |
63.170 |
|
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Earnings in Foreign Currency : |
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FOB
Value of Exports of Goods |
2624.130 |
2625.700 |
|
|
|
Development
Income |
442.210 |
119.900 |
|
|
|
|
35.470 |
35.480 |
|
|
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Interest
|
29.260 |
0.000 |
|
|
|
Local sales (proceeds received / receivable in Foreign
Currency) |
253.000 |
40.940 |
|
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Total Earnings |
3384.070 |
2822.020 |
2482.770 |
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Imports : |
|
|
|
|
|
|
Raw Materials |
588.010 |
581.090 |
7.780 |
|
|
Capital Goods |
186.920 |
58.620 |
539.480 |
|
|
Others |
3.540 |
42.060 |
|
|
Total Imports |
778.470 |
681.770 |
547.260 |
|
|
|
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|
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Expenditures : |
|
|
|
|
|
|
Materials
consumed |
1,542.040 |
1,538.620 |
1477.870 |
|
|
(Increase)/Decrease
in stock |
(55.800) |
(4.810) |
64.680 |
|
|
Personnel
cost |
277.250 |
191.260 |
131.520 |
|
|
Operating
and other expenses |
788.710 |
562.700 |
585.240 |
|
|
Finance
charges |
174.090 |
256.630 |
309.200 |
|
Total Expenditure |
1240.050 |
1010.590 |
2568.510 |
|
SUMMARISED
RESULTS
|
PARTICULARS |
|
|
31.12.2006 |
|
Type |
|
|
Full
Year |
|
Sales
Turnover |
|
|
4550.900 |
|
Other
Income |
|
|
00.000 |
|
Total
Income |
|
|
4550.900 |
|
Total
Expenditure |
|
|
3770.500 |
|
Operating
Profit |
|
|
780.400 |
|
Interest |
|
|
198.900 |
|
Gross
Profit |
|
|
581.500 |
|
Depreciation |
|
|
164.100 |
|
Tax |
|
|
18.900 |
|
Reported
PAT |
|
|
361.800 |
|
Dividend
(%) |
|
|
200.000 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
31.03.2007 |
|
Type |
|
|
1st
Qtr |
|
Sales
Turnover |
|
|
1060.700 |
|
Other
Income |
|
|
34.500 |
|
Total
Income |
|
|
1095.200 |
|
Total
Expenditure |
|
|
860.800 |
|
Operating
Profit |
|
|
234.400 |
|
Interest |
|
|
59.600 |
|
Gross
Profit |
|
|
174.800 |
|
Depreciation |
|
|
45.300 |
|
Tax |
|
|
48.300 |
|
Reported
PAT |
|
|
77.600 |
200703
Quarter 1 –
EPS is Basic Status of Investor Complaints for the quarter ended
March 31, 2007 Complaints Pending at the beginning of the quarter Nil
Complaints Received during the quarter 13 Complaints disposed off during the
quarter 13 Complaints unresolved at the end of the quarter Nil 1. The above
standalone results of the Company were reviewed by the Audit Committee and
taken on record by the Board of Directors at their meeting held on April 26,
2007. 2. The statutory auditors have carried out a limited review of the
standalone unaudited results. 3. During the quarter the following companies
were incorporated as subsidiaries of Strides Arcolab International Limited, a
wholly owned subsidiary of the Company: a. Strides Arcolab Hong Kong Limited,
Hong Kong b. Strides Arcolab Malayasia Sdn BhD,
KEY
RATIOS
|
PARTICULARS |
31.12.2005 12 months |
31.12.2004 15 months |
30.09.2003 18 months |
|
Debt Equity Ratio |
0.92 |
0.83 |
0.65 |
|
Long Term Debt Equity Ratio |
0.92 |
0.83 |
0.65 |
|
Current Ratio |
2.69 |
2.75 |
2.66 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.93 |
1.76 |
1.30 |
|
Inventory |
8.23 |
9.28 |
4.94 |
|
Debtors |
2.63 |
1.78 |
1.47 |
|
Interest Cover Ratio |
2.97 |
2.31 |
1.03 |
|
Operating Profit Margin (%) |
26.98 |
27.52 |
17.20 |
|
Profit Before Interest and Tax Margin (%) |
23.06 |
23.47 |
12.32 |
|
Cash Profit Margin (%) |
18.40 |
13.84 |
7.24 |
|
Adjusted Net Profit Margin (%) |
14.49 |
9.78 |
2.36 |
|
Return on Capital Employed (%) |
13.28 |
13.21 |
5.58 |
|
Return on Net Worth (%) |
16.92 |
9.93 |
1.43 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.331.95/- |
|
Low |
Rs.320.00/- |
LOCAL AGENCY FURTHER INFORMATION
FIXED
ASSETS
The company’s fixed assets of important value include
HISTORY
Strides Arcolab since its inception in 1990, has continously
consolidated its position at the leading edge of the International Generic
Pharmaceutical and Nutritional industry. Today, it is a multi-million dollar integrated
manufacturer, with a comprehensive product range that covers virtually all
dosage forms and therapeutic categories. Its pharmaceutical range of products
are manufactured in state of the art ISO certified plants which conform to the
strictest WHO-GMP guidelines.
The subsidiaries of Strides Arcolab are Global Remedies Limited, Strides
Research and Specialty Chemicals Limited, Arcolab Limited SA Switzerland,
Strides Acrolab FA Limited UAE, Strides Inc USA, Strides SA Pharmaceuticals Pty
Limited Republic of South Africa, Strides Africa Limited British Virgin Islands
and Quantum Life Sciences Private Limited
Subsequent to investments in soft gelatin technology, with plants in
During 1999-2000, the company, to accelerate entry into new markets established
Pentagon Exim, a 100% subsidiary in UAE. Pentagon Exim will spearhead the
company's entry into GCC markets and parts of
The company is in the process of completing investments in
The company has hived off its CRAM Division to Strides Research & Speciality
Chemicals Limited, a 100% subsidiary of the Company in 2002-03.
In the year 2002-03 the company has signed an Memorandum of Understanding with
Ribbon SRL Italy for setting up a 50:50 joint venture to manufacture and market
Cephalosporin formulations for the regulated markets. This facility will be set
up in
The company has set up Akron-Strides LLC,
During 2003-04 the LATAM operations in
In 2005, The company has made acquisitions in
The company has expanded its Anti TB Facility at
During the year, the company has increased its stake from 40% to 52.5% i
February 2005 and further increased to 67& in May 2005 in Strides Latina
S.A Uruguay. And the company has acquired Strides Arcolab(UK) Limited,
Turnover and Profits:
The total income during the year under review was Rs.3337.84 million as against
Rs.3061.63 million in the previous period (15 months). The Profit After Tax
(PAT) for the 12 month year ended 31st December, 2005 was Rs.461.09 million as
against Rs.291.59 million for the 15 month period ended 31st December, 2004.
The results for the current year are not strictly comparable with that of the
previous period which was for 15 months ended December 31, 2004.
The Company is poised for significant growth in the years to come with its key competitive
advantages of manufacturing strength, strong marketing base and regulatory
strength and the ability to respond positively to the opportunities that
emerge. The Company has implemented a robust growth strategy over the last 5-7
years for the export of generics to regulated markets which has centred around
consolidating its manufacturing capacity, not only in
Investments / Subsidiaries:
During the year under review, the Company increased its stake from 40% to 52.5%
in February, 2005 and further increased to 67% in May, 2005 in Strides Latina
S.A.,
Further, the Company acquired Strides Arcolab (UK) Limited in the
Also, the Company had acquired a 90% stake in Medgene Pharmaceuticals Private
Limited, a
Pursuant to the new norms of approving authorities in regulated markets, the
Company had put up a new dedicated facility in respect of Cephalosporin based
injectibles in its wholly owned subsidiary Quantum Life Sciences Private
Limited.
Consequently the Company has increased its investment in the share capital of
the subsidiary by Rs.125.90 million by part conversion of its loan into equity.
Following this, the Company has transferred certain know-how for Cephalosporin
to its subsidiary for a consideration.
The Company has received approval under Section 212(8) of the Companies Act,
1956 from the Department of Company Affairs,
Approvals and Accreditions:
During the year under review, the Company was intimated by the USFDA that its
manufacturing site in
AS PER
WEBSITE
An Overview:
Established
in 1990, Strides is one of
They
have 13 world-class plants in
They
are among the world’s top 5 soft gel capsule manufacturers with plants in
Their
R&D interweave offers end-to-end solutions from concept to delivery and a
go-to-market pipeline of products that are patent non-infringing formulations
across dosage forms.
They have
marketing presence in 55 countries. This broad network facilitates partnering
with global organisations ranging from Unicef, UNDP, Global TB Drug Facility,
The Clinton Foundation to European and American pharma giants and even private
labelers and distribution chains.
In
addition, they undertake Contract Research & Manufacturing of Specialty
Chemicals.
Leadership through partnering:
As
pharma companies reach out to enhance their strength and competitiveness, their
key requirement is for a synergistic partner. A partner who is truly global in
skill sets, R&D, manufacturing practices and in attitude and vision.
At
Strides, they are all that and more – because they believe in “Leadership
through Partnering”. They are partners to more than 10 of the world’s top 50
pharma majors in
Their
ethos centers around customer focus and rapid response. Over the last decade,
they have systematically strengthened their capabilities in understanding and
aligning their selves with their partner’s needs. Through product innovation,
manufacturing, operational flexibilities and leveraging their IP in formulation
technologies, they have significantly enhanced their partner’s marketing
leadership.
Product
ORAL
DOSAGE FOR
Immunosuppressants
Anti-retroviral drugs
Anti-tuberculosis
product
Anti-malarial drugs
Antibiotics and anti-infectives
Other anti-infectives
Anti –anginal & anti- hypertensive drugs
Hypolipidaemic
Agents (Cholesterol Reducing Agents)
Gastrointestinal Agents
Anti-emetics
NSAIDs /Analgesics
Steroids and Hormones
Anti-allergic drugs
Vitamins/Minerals and Calcium regulators
STERILE
PRODUCTS
Immunosuppressant
Anti-tuberculosis
agents
Anti-malarial
Antibiotics and
anti-infectives
Steroids and
Hormones
Antispasmodic/
muscle relaxants
Gastrointestinal Agents
BETA
LACTAMS
Beta Lactams
CEPHALOSPORINS
Cephalosporins
PRESS RELEASE
Strides
Arcolab receives USFDA approval for its Sterile Facility in Bangalore
In a statement, Mr.Arun Kumar – Vice Chairman and Managing
Director of Strides Arcolab stated that the USFDA approval of the sterile
facility in Bangalore is an important milestone for the Company’s US strategy,
as this Pre-Approval Inspection [PAI] will support the product submissions for
sterile injectables with the FDA.
About The Sterile Facility
The
sterile facility in
About Strides Arcolab
Strides,
listed on the Bombay Stock Exchange Limited [532531] and National Stock
Exchange of India Limited (STAR), is one of
Strides
has 14 manufacturing plants spread across the
Strides
Arcolab receives USFDA approval for its Sterile Facility in
In a statement, Mr.Arun Kumar – Vice Chairman and Managing
Director of Strides Arcolab stated that the USFDA approval of the sterile
facility in Bangalore is an important milestone for the Company’s US strategy,
as this Pre-Approval Inspection [PAI] will support the product submissions for
sterile injectables with the FDA.
About The Sterile Facility
The
sterile facility in
About Strides Arcolab
Strides,
listed on the Bombay Stock Exchange Limited [532531] and National Stock
Exchange of India Limited (STAR), is one of
Strides
has 14 manufacturing plants spread across the
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
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.40.54 |
|
|
1 |
Rs.80.21 |
|
Euro |
1 |
Rs.54.51 |
SCORE & RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
|
51 |
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 |
|