MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHEMINNOVA REMEDIES PRIVATE LIMITED |
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Registered Office : |
Plot No. 15, IDA, Blanagar, Hyderabad – 500037. Andhra Pradesh. |
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Country : |
India |
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Financials (as on) : |
31.03.2002 |
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Date of Incorporation : |
24.01.2000 |
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Com. Reg. No.: |
01-033347 |
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CIN No.: [Company
Identification No.] |
U24230AP2000PTC033347 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDC00794D |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Manufacturing of Pharmaceuticals, Medicinal Chemicals and Botanical
Products |
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 20000 |
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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 records. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payment are usually
correct and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 15, IDA, Blanagar, Hyderabad – 500037. Andhra Pradesh. |
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Tel. No.: |
91-40-23079834/23078690/23079081 |
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Fax No.: |
91-40-230766762/3078269 |
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E-Mail : |
info@cheminnova.com,seshgirirao@cheminnova.com, vasu@cheminnova.com,deepak@cheminnova.com, sridhar@cheminnova.com |
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Website : |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Seshgiri Rao. M |
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Designation : |
Managing Director |
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Name : |
Mr. Vasudev Rao |
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Designation : |
Executive Director |
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Name : |
Mrs. Sudhavani |
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Designation : |
Director |
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Name : |
Mr. S. Prashanth |
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Designation : |
Director |
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Name : |
Mr. Gopala Krishna Murthy Drug Control (retd.) |
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Designation : |
Director of Advisory Board |
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Name : |
Mr. J.A.S. Giri Chairman M/s Sang Froid Remedies Limited |
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Designation : |
Director of Advisory Board |
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Name : |
Mr. V. Ajaya Kumar MD, M/s Curee Pharmaceuticals |
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Designation : |
Director of Advisory Board |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Pharmaceuticals, Medicinal Chemicals and Botanical
Products |
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Products : |
List of Liquid Product :
List Of Tablet Product :
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GENERAL
INFORMATION
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Customers : |
M/s Alembic Limited M/s Bayer India Limited M/s Cadila Pharmaceuticals M/s Dr. Reddy’s Rea Foundation M/s Divine Laboratories M/s Elysium Pharmaceuticals Limited M/s Glaxo India Limited M/s German Remedies Limited M/s Glenmark Pharmaceutical Limited M/s Indian Immunological Limited M/s Medley Pharmaceuticals Limited M/s Natco Pharma Limited M/s Raptakos, Brett & Co. Limited M/s Rallis India limited M/s Sarabhai Chemicals Limited M/s Strides Arcolab Limited M/s Siris India Limited M/s TTK Pharma Limited M/s Unichem Laboratories Limited M/s Wyeth Lederl Limited M/s Wockhardt Veterinary Limited M/s Zydus Aqrovet India Limited |
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No. of Employees : |
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Bankers : |
State Bank Of Hyderabad, Balanagar Branch, Balanagar, Hyderabad – 500037. |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
K S Ramakrishna & Co. Andhra Pradesh |
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Memberships : |
Lions Club Internationsl Navya Nataka Samiti - Chairman Indian Pharmaceutical Association – Vice President Indian Pharmaceutical Association (Centrel) |
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Associates : |
M/s American Remedies Limited M/s Dr. Reddy’s Laboratories M/s Ajanta Pharma Limited m/S Bacto Chem Laboratories M/s Fine Chem Laboratories M/s Cheminnova Remedies Private Limited - Unit-I M/s Cheminnova Remedies private Limited - Unit-II |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Share |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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664400 |
Equity Share |
Rs. 10/-
each |
Rs.6.644
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
A with latest Financials will
be sent soon.
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SOURCES OF FUNDS |
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31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.264 |
2.054 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.727 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(0.048) |
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NETWORTH |
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5.991 |
2.006 |
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LOAN FUNDS |
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1] Secured Loans |
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11.797 |
6.030 |
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2] Unsecured Loans |
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4.780 |
2.410 |
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TOTAL BORROWING |
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16.577 |
8.440 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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22.568 |
10.446 |
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FIXED ASSETS [Net Block] |
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16.676 |
8.724 |
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Capital work-in-progress |
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Total
Current Assets |
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20.914 |
6.887 |
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Total
Current Liabilities |
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15.142 |
5.193 |
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Net Current Assets |
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5.772 |
1.694 |
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MISCELLANEOUS EXPENSES |
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0.120 |
0.028 |
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TOTAL |
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22.568 |
10.446 |
KEY RATIOS
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PARTICULARS |
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31.03.2002 |
31.03.2001 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.29 |
6.79 |
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Current Ratio (Current Asset/Current Liability) |
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1.38 |
1.32 |
LOCAL AGENCY
FURTHER INFORMATION
As per Website Details
The
Company M/s. Cheminnova Remedies Pvt. Ltd. Was formerly known as M/s. American Remedies
Ltd. having its Registered Office at Chennai. Mr. M.Seshgiri Rao was the
Resident Director of M/s. American Remedies Ltd., Hyderabad. After the merger
of M/s. American Remedies Ltd. into M/s. Reddy’s Laboratories Ltd. the
Hyderabad Unit was taken over by M/s. Cheminnova Remedies Pvt. Ltd. for which
Mr. M.Seshgiri Rao is the Managing Director,
Mr. Vasudev Rao as working Director, Mrs. Sudhavani and Mr.S.Prashanth as
Directors.
Mr.
C.Gopala Krishna Murthy, Drug Control (retd.) ., Mr. J.A.S. Giri, Chairman M/s.
Sang Froid Remedies Ltd. Mr. V.Ajaya Kumar, Managing Director, M/s. Curee
Pharmaceuticals Ltd. are in Directors of Advisory Board.
Company Porfile :
M/S.
CHEMINNOVA REMEDIES PVT. LTD has two manufacturing units,
UNIT
I situated at 15, IDA, Balanagar, Hyderabad –37 was incorporated on
24-01-2000
UNIT
II situated at 8-23, Sy. No. 296/7/6 SVCIE IDA, Bollaram, Jinnaram Mandal,
Medak – Dist. Has commenced production on 14-11-2002.
Mr.
M.Seshgiri Rao is the Managing Director of the Group having 40 Years of rich
Industry experience in the manufacturing of various Biological and
Bacteriological Products, Herbal Extracts, Formulations.
Company
is ISO-9001-2000 Certified.
Certification by AQA USA.
The
Philosophy of a company is guided by the man at the helm of its affiars. Mr.
Seshagiri Rao. M, Managing Director, is a widely recognized person in the
pharmaceutical Industry.
Before
the merger of M/s. American Remedies Ltd., into M/s. Reddy’s Laboratories he
was the Resident Director. His yeoman services and unstinting efforts made the
company scale new heights. A man of deep commitment and high degree of
integrity, Mr. Seshagiri Rao, has four decades of rich industry experience.
He
was instrumental in the smooth functioning of American Remedies while it was in
existence. He is deeply committed to social service and believes in the
principle "Service to mankind is service to God". He has a passion
for the art and culture of the land and striving hard in this area. Mr.
Seshagiri Rao.M is the Deputy District Governor and Zone Chairman of Lions Club
International, Chairman of Navya Nataka Samithi, which promotes cultural
activities, was Vice President of Indian Pharmaceutical association and member
of Indian pharmaceutical association (Central). He has to his credit still many
more laurels.
The Industry was awarded with various awards such as:
- Best SSI Unit award by Governor of
Andhra Pradesh, Shri Krishna Kant.
- Udyog Ratna award by President of
India, H.E. Dr. Shanker Dayal Sharma.
- Udyog Shree award by Finance Minister
Dr.Manmohan Singh.
- Navratan Udyog Shree award by
Shri.Pranab Mukharjee.
- “Gem of Hyderabad” award by Chief
Minister of Andhra Pradesh.
Team
Cheminnova
Remedies Pvt. Ltd has an efficient team led by the Managing Director. Mr. Seshgiri
Rao. M, has 40 yrs of rich industry experience in manufacturing various
biological and Bacteriological products, herbal extracts and formulations is
providing the much needed direction to the company. As the resident director of
M/s. American Remedies Ltd., he brought laurels to the company with his acumen
and managerial qualities.
The
Team in action comprises of men who are highly qualified, richly experienced
and widely recognized.
Accounts Mr. Pavan Kumar
Administrative Officer Mr. C.K. Subrahmanyam, (M.com)
Asst. Manager Q.A. Mr. C.H. Srinivas
Managing Director Mr. M. Seshgiri Rao
Director Mr. M. Vasudev Rao
Works Manager Mr. A. Sridhar
Plant Manager Mr. Vinay Kumar
Manager Commercial Mr. Deepak S. Toshniwal
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Name of the Company |
M/s
CHEMINNOVA REMEDIES PRIVATE LIMITED |
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Presented by |
Mr.
M. Vasudev Rao, Director |
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1. Date and description of the instrumental
creating the charge |
30th March, 2000 Agreement for Loan for Overall Limits Agreement of Hypothecation Agreement for Overall limits Memorandum of Deposits of Title Deeds |
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2) Amount secured by the charge/amount owning on
security of the charge |
CC - Rs. 6.100 milllions ODBCC – Rs. 2.500
Millions Term Loan – RS. 4.100
Millions ----------------- Rs.
7.200 Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Hypothecation
goods stock. Raw-materials, created out of Bank Finance |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Margin 25% Interest 2% over SBH PLR
Minimum of 13.25% |
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of Hyderabad Balanagar Branch, Balanagar, Hyderabad – 500037. |
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6) Date and brief description
of instrument modifying the charge |
29th December, 2005 Agreement of Hypothecation of Good and Assets – C.2 Supplemental Agreement of Loan for Increase in the Overall Limit –
C.1-A Letter Regarding the Grant of Individual Limits within the Overall
Limit – C.5 |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
The existing limits of Rs.20.200Millions have been revised from time
to time to Rs. 50.345 Millions as detailed below. Cash Credit
(Hypothecation) Rs.35.000 Millions Term Loan Rs. 2.145
Millions Bank Guarantee (Adhoc) Rs.
5.000 Millions Letter of Credit Rs. 8.200
Millions
------------------------------ Rs. 50.345 Millions |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.14 |
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UK Pound |
1 |
Rs.84.71 |
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Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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