MIRA INFORM
REPORT
|
Report
Date : |
27.11.2007 |
IDENTIFICATION DETAILS
|
Name : |
VASUDHA
PHARMA CHEM LIMITED |
|
|
|
|
Registered
Office : |
78-A,
Vengal Rao Nagar, Hyderabad – 500038, Andhra Pradesh |
|
|
|
|
Country
: |
India |
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|
|
|
Financials
(as on) : |
31.03.2007 |
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|
|
|
Date
of Incorporation : |
20.12.1994 |
|
|
|
|
Com.
Reg. No.: |
01-19021 |
|
|
|
|
CIN
No.: [Company
Identification No.] |
U24230AP1994PLC019021 |
|
|
|
|
TAN
No.: [Tax
Deduction & Collection Account No.] |
HYDV00799B |
|
|
|
|
Legal
Form : |
A Closely held
public limited liability company. |
|
|
|
|
Line
of Business : |
Manufacturers of drugs and drug intermediates |
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 |
|
Maximum
Credit Limit : |
USD
1486068 |
|
|
|
|
Status
: |
Satisfactory
|
|
|
|
|
Payment
Behaviour : |
Usually
Correct |
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|
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Litigation
: |
Clear |
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|
Comments
: |
Subject is well established and reputed company having
satisfactory track. Trade relations are fair. Financial Position is good.
Payments are usually correct and as per commitments. The company can be considered
good for any normal business dealings. It can be regarded as a promising business partners in a
medium to long run. |
LOCATIONS
|
Registered
Office : |
78-A,
Vengal Rao Nagar, Hyderabad – 500038, Andhra Pradesh, India |
|
Tel.
No.: |
91-40-23711717/23812046 |
|
Fax
No.: |
91-40-23811576/
23706696 |
|
E-Mail
: |
|
|
Website
: |
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|
Area : |
Rented |
|
Location : |
Residential |
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|
|
|
Factory
1 : |
Plot 39/A & B, Phase I, I. D.A., Jeedimetla Village,
Hyderabad - 500 855, Andhra Pradesh, India |
|
Tel.
No.: |
91-40-23095056 ,
23095898 |
DIRECTORS
|
Name : |
Mr. M. V.
Rama Raju |
|
Designation
: |
Chairman
and Managing Director |
|
Address
: |
78-A,
Vengal Rao Nagar, Hyderabad – 500038, Andhra Pradesh, India |
|
Date
of Birth : |
15.06.1946 |
|
Experience
: |
30 Years |
|
Date
of Appointment : |
03.09.2004 |
|
Email |
|
|
|
|
|
Name : |
Mr. M. V.
S. Raju |
|
Designation
: |
Director |
|
Address
: |
E-17,
Vikrampuri Colony, Secunderabad-500009, Andhra Pradesh |
|
Qualification
: |
M.Sc. |
|
Date
of Birth : |
10.05.1946 |
|
Experience
: |
20 Years. |
|
Date
of Appointment : |
30.06.2001 |
|
Date
of Ceasing : |
11.03.2005 |
|
|
|
|
Name : |
Mr. Ashok
Srinivas Raju Manthena |
|
Designation
: |
Whole
time Director |
|
Address
: |
78-A, Vengal
Rao Nagar, Hyderabad – 500038, Andhra Pradesh, India |
|
Qualification
: |
Chemical
Engineer |
|
Date
of Birth : |
26.03.1972 |
|
Experience
: |
7 Years. |
|
Date
of Appointment : |
24.06.1998 |
|
Other
Directorship : |
Shri Ram
Chlorochem Limited CIN : U24100AP1996PLC Designation
: Managing Director Vasudha
Organics Limited CIN :
U24230AP2003PLC041857 Designation
: Director Vasudha
Homes Limited CIN :
U70102AP2003PLC041857 Designation
: Director |
|
|
|
|
Name : |
Mr.
Anand Manthena |
|
Designation
: |
Director |
|
Address
: |
78-A,
Vengal Rao Nagar, Hyderabad – 500038, Andra Pradesh, India |
|
Qualification
: |
M.B.A |
|
Date
of Birth : |
10.06.1974 |
|
Experience
: |
6 Years. |
|
Date
of Appointment : |
16.03.1998 |
|
Other
Directorship : |
Shri Ram Chlorochem
Limited CIN :
U24100AP1996PLC Designation
: Managing Director Vasudha
Organics Limited CIN :
U24230AP2003PLC041857 Designation
: Director Vasudha
Homes Limited CIN :
U70102AP2003PLC041857 Designation
: Director |
|
|
|
|
Name : |
Mr. Satyanarain
Kanchal |
|
Designation
: |
Director |
|
Address
: |
Flat
No.3E, Altas Apartments, Road No.10, Banjara Hills, Hyderabad, Andhra Pradesh |
|
Date
of Birth : |
22.11.1945 |
|
Date
of Appointment : |
30.09.2005 |
|
|
|
|
Name : |
Mr. G.
Ranga Raju |
|
Designation
: |
Director |
|
Address
: |
Juvvalapalem
PO, Kalla Mandal, West Godavari, Andhra Pradesh |
|
Date
of Birth : |
10.06.1952 |
|
Date
of Appointment : |
30.07.2004 |
|
|
|
|
Name : |
Dr.
Sambasiva Ramachandran |
|
Designation
: |
Director |
|
Address
: |
274,
Tulasi Apartments, S R Nagar Colony, Hyderabad-500073, Andhra Pradesh |
|
Date
of Birth : |
10.06.1929 |
|
Date
of Appointment : |
04.09.2003 |
|
|
|
|
Name : |
Mr.
Jagadeeswara Varma Raju Vegesana |
|
Designation
: |
Additional
Director |
|
Address
: |
8-3-169/43,
Siddartha Nagar, Behind Vengalrao Nagar, Hyderabad-500038, Andhra Pradesh |
|
Date
of Birth : |
10.08.1955 |
|
Date
of Appointment : |
26.12.2006 |
|
|
|
|
Name : |
Mr.
Venkata Subramanyam Raju Penmetsa |
|
Designation
: |
Director |
|
Address
: |
02-010 /
3 / 7, Lakshmi Nagar Colony, Suraram, MIDA, Jeedimetla, Hyderabad – 500055,
Andhra Pradesh |
|
Date
of Birth : |
05.08.1969 |
|
Date
of Appointment : |
26.12.2006 |
|
|
|
|
Name : |
Mr.
Krishnam Raju Manthena |
|
Designation
: |
Director |
|
Address
: |
Door No.
24-8-2, Sreerama Puram, Shimavaram -534202, Andhra Pradesh |
|
Date
of Birth : |
22.07.1939 |
|
Date
of Appointment : |
30.09.2006 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. M. V. Rama Raju |
7500 |
|
Mr. M.
Varalakshmi |
2500 |
|
Mr. M.
Ashok Srinivas Raju |
2500 |
|
Mr.
Sivarama Raju |
3000 |
|
Mr. G.
Ranga Raju |
500 |
|
Mr. D. V.
Subba Raju |
4000 |
|
Mr. G.
Satyanarayana Raju |
3500 |
|
Mr. M.
Anand |
2500 |
|
Mr. M.
Aruna |
2500 |
|
Mr. D.
Suryanarayana Raju |
500 |
|
Mr. P.
Venkayamma |
2000 |
|
Mr. M.
Kama Raju |
5000 |
|
Mr. M.
Rama Raju |
700 |
|
Mr. J.
Seetarama Raju |
3500 |
|
Mr. A. V.
Satyanarayana Raju |
3500 |
|
Mr. K.
Rama Raju |
3500 |
|
Mr. M.
Venkata Raju |
3500 |
|
Mr. P.
Subba Raju |
3500 |
|
Mr. G.
Naga Raju |
3000 |
|
Mr.
Balarama Raju |
3500 |
|
Mr. R.
Soma Raju |
3000 |
|
Mr. G.
Latchi Raju |
3500 |
|
Mr. K.
Kalivara Prasad |
2000 |
|
Mr. G. C.
Sekhar Raju |
680 |
As on 31.03.2006
|
Names of Shareholders |
Percentage of holding |
|
Bodies Corporate |
1.57 |
|
Directors
or their relatives |
70.93 |
|
Other top
50 shareholders |
7.63 |
|
Others |
19.87 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturers of drugs and drug intermediates |
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Products
: |
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Exports
to : |
Europe |
GENERAL INFORMATION
|
No. of
Employees : |
900 |
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|
|
|
Bankers
: |
Ř Union Bank of India IFC Branch,
Somajiguda, Hyderabad - 500 482, Andhra Pradesh, India Ř Citi Bank N.A., Ground Floor, G Pulla
Reddy Building, Somajiguda, Hyderabad-500016, Andhra Pradesh, India |
|
|
|
|
Banking Relations : |
-- |
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|
|
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Auditors
: |
|
|
Name : |
Paturi
& Associates Chartered
Accountants |
|
Address : |
203, Drystal
Residency, Jayprakash Nagar, Opposite Lane : State Home Bus Stop,
Yellareddyguda, Hyderabad 500 073,
Andra Pradesh, India |
|
Tel. No. : |
91-40-23746430 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.
10/- each |
Rs. 250.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.
10/- each |
Rs220.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
220.000 |
100.000 |
82.409 |
|
|
2] Share
Application Money |
0.000 |
15.100 |
0.000 |
|
|
3]
Reserves & Surplus |
151.517 |
107.280 |
82.254 |
|
NETWORTH
|
371.517 |
222.380 |
164.663 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
178.448 |
192.216 |
112.718 |
|
|
2]
Unsecured Loans |
29.922 |
29.922 |
30.932 |
|
TOTAL
BORROWING
|
208.370 |
222.138 |
143.650 |
|
|
DEFERRED
TAX LIABILITIES |
15.463 |
17.075 |
20.827 |
|
|
|
|
|
|
|
TOTAL
|
595.350 |
461.593 |
329.140 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
222.534 |
217.445 |
149.441 |
|
Capital work-in-progress
|
110.297 |
45.131 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.050 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
159.556
|
123.356
|
83.167
|
|
|
Sundry Debtors
|
391.475
|
266.487
|
240.073
|
|
|
Cash & Bank Balances
|
10.347
|
13.396
|
0.511
|
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances
|
88.914
|
68.726
|
44.822
|
Total Current Assets
|
650.292
|
471.965
|
368.573
|
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
379.336
|
267.243
|
189.021
|
|
|
Provisions
|
8.437
|
5.753
|
0.000
|
Total Current Liabilities
|
387.773
|
272.996
|
189.021
|
|
Net
Current Assets
|
262.519
|
198.969
|
179.552
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.048 |
0.097 |
|
|
|
|
|
|
|
TOTAL
|
595.350 |
461.593 |
329.140 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales
Turnover |
1541.238 |
1226.549 |
830.641 |
|
|
Other Income |
2.038 |
3.368 |
12.014 |
|
|
Total
Income |
1543.276 |
1229.917 |
842.655 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
68.959 |
37.358 |
26.481 |
|
|
Provision for Taxation |
44.238 |
0.000 |
11.144 |
|
|
Profit/(Loss) After Tax |
24.721 |
37.358 |
15.337 |
|
|
|
|
|
|
|
|
Total
Earnings |
NA |
NA |
265.980 |
|
|
|
|
|
|
|
|
Imports
: |
|
|
|
|
|
|
Stores & Spares |
NA |
NA |
89.946 |
|
Total
Imports |
NA |
NA |
89.946 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
NA |
NA |
666.141 |
|
|
Administrative Expenses |
NA |
NA |
32.462 |
|
|
Raw Material Consumed |
893.653 |
750.640 |
NA |
|
|
Consumption of stores and spares parts |
26.983 |
14.938 |
NA |
|
|
Increase/(Decrease) in Finished Goods |
(15.461) |
(0.280) |
NA |
|
|
Salaries, Wages, Bonus, etc. |
30.975 |
28.993 |
27.266 |
|
|
Managerial Remuneration |
3.525 |
3.200 |
NA |
|
|
Payment to Auditors |
0.073 |
0.044 |
NA |
|
|
Interest |
16.257 |
9.589 |
6.711 |
|
|
Insurance Expenses |
5.561 |
5.038 |
NA |
|
|
Power & Fuel |
23.249 |
19.746 |
NA |
|
|
Depreciation & Amortization |
21.333 |
17.306 |
14.940 |
|
|
Other Expenditure |
0.000 |
343.344 |
68.653 |
|
Total
Expenditure |
100.973 |
1192.559 |
816.174 |
|
KEY
RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
PAT / Total Income
|
(%)
|
1.60 |
3.04
|
1.82
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
4.47 |
3.04
|
3.14
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
7.90 |
5.42
|
5.11
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.18 |
0.17
|
0.16
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.04 |
2.23
|
2.02
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
1.67 |
1.73
|
1.95
|
LOCAL AGENCY FURTHER
INFORMATION
Form 8 Particular for creation or
modification of charges
|
Name
of the company |
VASUDHA
PHARMA CHEM LIMITED |
|
Presented
By |
Jointly
by the company and by the banker. |
|
1) Date and
description of instrument creating the change |
1. Letter
of hypothecation of bills 2. Trust
Receipt 3.
Hypothecation (goods) Agreement 4. Letter
of Lien (Deposits) All
dated: 22.09.2005 |
|
2) Amount
secured by the charge/amount owing on the securities of charge |
Adhoc
Import L C Limits Rs.20.000 millions |
|
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 |
The goods
received under the adhoc import LC Limit are to be hypothecation to Union
Bank of India |
|
4) Gist
of the terms and conditions and extent and operation of the charge. |
1.
Hypothecation of goods imported under import LC in respect of Adhoc Limits
sanctioned by the bank. 2. Cash margin
of 25% (10% payable at the time of the opening of LC and 15% at the time of
acceptance of LC) 3. The
Adhoc LC Limits sanctioned is for 3 months 4.
Interest Rate: 12.25% on outstanding amount or such other rates as prescribed
by the Bank from time to time. |
|
5) Name
and Address and description of the person entitled to the charge. |
Union
Bank of India Somajiguda
Branch, Hyderabad |
|
6)
Date and brief description of
instrument modifying the charge |
NA |
|
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. |
NA |
|
Corporation
identity number or foreign company registrations number of the company |
U24230AP1994PLC019021 |
|
Name of
the company |
VASUDHA PHARMA CHEM LIMITED |
|
Address |
78-A, Vengal Rao Nagar, Hyderabad – 500038, Andhra Pradesh |
|
This Form
is for |
Creation of charge |
|
Type of
Charges |
Others |
|
Particular
of the charge holder |
ICICI Bank Limited ICICI Bank Tower, 1-11-256, egumpet, Level 4, Hyderabad –
500016, Andhra Pradesh E-Mail: moguluru.raghuram@icicibank.com |
|
Amount
Secure by the charge |
Rs.120.000 millions |
|
Date of
instrument creating the charge |
09.06.2007 |
HISTORY
Subject was incorporated on 20th December, 1994
at Hyderabad in Andhra Pradesh having Company Registration Number 19021.
In 1972 Mr. M. V. Rama Raju the Chief Promoter of the company
had started his professional carrier in South India Research Institute [SIRIS],
Hyderabad, Andhra Pradesh, India as a manufacturing chemist. During his five years career with Siris, he
became well acquainted with the process of Analgin, Niacinamide, Ethyl
Nicotinate, Benzyl Nicotinate etc., biological products like Peptone, Pepaine
and Heparin.
In 1977, he promoted Aravind Chemical Industries [ACI]. It manufactured Niacin an intermediate for
Niacinamide, B-complex vitamin, Isonicotinic acid-on intermediate for
Isoniazid, Dr. Karanth Laboratories and
Pfizer India Limited, Mumbai.
ACI also manufactured ‘Thiosemicarbazide’ – a drug
Intermediate for Thiacaetazone and Sulphamethizole for export to European
countries.
In 1990, ACI started R & D activities and consultancy
services for execution of projects on turnkey basis.
The ACI has to its credit the following two molecules
developed in its R & D laboratory / pilot plant :
> Phenylpropanolamine
Hydrochloride
> Flutamide
In 1979, Mr. M. V. Rama Raju promoted Hy-Fabs a chemical
equipment fabrication company. Besides manufacturing chemical equipment for
captive use in his plant and also supplied chemical equipment like Reactors,
Centrifuges, Heat Exchangers, Leaf Filters, Tray Driers etc., to various
reputed Bulk Drugs and Pharmaceutical Industries.
In 1984, Mr. M. V. Rama Raju with a few business associates,
has also promoted HICEL Pharma [Private] Limited to manufacture exclusively
Analgin, initially produced 100 tons and finally the plant reached 300 tons
capacity with highest turnover Rs. 70 million [US $ 2.4 million]. He acted as its Managing Director from its
inception.
Mr. M. V. Rama Raju has finally launched broad based
activities by merging the following inherent strengths of his companies.
> R &
D and production of bulk drugs and intermediates
> Chemical
Equipment Designing
> Product
and Project Consultancy
And promoted the company with the following objects :
> To
establish a most modern US FDA oriented Bulk Drug plant to produce multi
products meeting International standards.
> Strengthen
R & D efforts by including more scientists and a better equipped R & D
facility to develop new molecules / methods.
> Undertake
manufacture of Bulk Drugs and drug intermediates based on customer requirement.
> Provide
product and project consultancy for bulk drug industry and global customers.
The company has developed new products of high values and
showing hard to create demand for these products both in domestic and export
markets in order to increase company’s share in bulk drug market.
Particulars of
Capacity and Production :
As the product mix is changing form time to time it is not
possible to give statistical data relating to installed capacituy of the
industrial units.
Production during the year 2004-05 is 315068 Kgs.
Company’s
fixed assets include Land, Buildings, Plant and machinery, Miscellaneous fixed
assets, Boiler, Generator, Lab Equipments, Electrical Installations, Borewell,
Pollution Equipment, Fire Fighting Equipment, Office Equipmetn, Furniture and
Fixtures, Vehicles.
AS PER WEBSITE
Subject is a Company promoted by a team of
accomplished technocrats for Bulk Drug industry with a total capital of Rupees
153 million ( US $ 5Million).
All the promoters of subject has
an accumulated experience in various areas of Bulk Drug industry such as
Research and Development (R& D), Production, Designing, and Fabrication of
Equipment, Quality Control, materials and Marketing.
Subject established manufacturing unit at Jeedimetla, Hyderabad (The Bulk Drug
capital of India).
Jeedimetla is a prime industrial area with all infra structural facilities like
Communications, Transport, Power, Potable Water etc.
HISTORICAL BACKGROUND
OF THE COMPANY:
In 1972 Mr. M.V Rama Raju the chief promoter of
subject has started his
professional carrier in South India Research Institute SIRIS, Hyderabad, India as a Manufacturing chemist. During his five years
career with Siris, well acquainted with the
process of Analgin, Niacinamide, Ethyl Nicotinate, Benzyl
Nicotinate etc., biological
products like Peptone, Pepaine and Heparin.
In 1977, he promoted Aravind Chemical Industries
(ACI). Manufactured Niacin
an intermediate for Niacinamide,
B - complex vitamin, Isonicotinic acid-on intermediate for Isoniazid.
Dr. Karanth Laboratories and Pfizer India Ltd., Bombay.
ACI also manufactured 'Thiosemicarbazide' - a drug
Intermediate for Thiacaetazone and Sulphamethizole for export to European
countries.
In 1990,ACI started R& D activities and
consultancy services for execution of projects on turnkey basis.
The ACI
has to its credit the following two molecules developed in its R & D
laboratory/pilot plant:
- Phenylpropanolamine
Hydrochloride
- Flutamide
In 1979,
Mr. M.V Rama Raju promoted
Hy-Fabs a chemical Equipment
Fabrication Company.Besides manufacturing chemical equipment for captive use in
his plant and also supplied chemical equipment like Reactors, Centrifuges, heat
Exchangers, Leaf Filters, Tray Driers etc., to various reputed Bulk Drugs and
Pharmaceutical Industries.
In 1984, Mr. M.V Rama Raju with a few business
associates, has also promoted HICEL PHARMA(P) LTD. to
manufacture exclusively Analgin,
initially produced 100 tons and finally the plant reached 300 tons capacity
with highest turnover Rs. 70 million (US $ 2.4 million). He acted as its
Managing Director from its inception.
Mr. M.V. Rama Raju has finally launched broad based
activities by merging the following inherent strengths of his Companies.
- R & D and
production of Bulk Drugs & Intermediates.
- Chemical Equipment
Designing.
- Product &
Project Consultancy for Bulk Drugs.
And promoted subject with the following objects:
v
To establish a most modern US FDA oriented Bulk Drug plant to
produce multi products meeting International standards.
v
Strengthen R & D efforts by including more scientists and a
better equipped R & D facility to develop new molecules/methods.
v
Undertake manufacture of Bulk Drugs and drug intermediates based
on customer requirement.
v
Provide Product and project consultancy for Bulk Drug Industry and
Global Customers.
CMT REPORT [Corruption, Money laundering &
Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No
records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations,
prosecutions or other official proceeding for making any prohibited payments or
other improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been formally
charged or convicted by a competent governmental authority for any financial
crime or under any formal investigation by a competent government authority for
any violation of anti-corruption laws or international anti-money laundering
laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors
often have been predictive and in some cases have created vulnerabilities to
credit deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.68 |
|
UK Pound |
1 |
Rs.81.95 |
|
Euro |
1 |
Rs.58.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This
score serves as a reference to assess SC’s credit risk and to set the amount of
credit to be extended. It is calculated from a composite of weighted scores obtained
from each of the major sections of this report. The assessed factors and their
relative weights (as indicated through %) are as follows:
Financial condition (40%) Ownership background
(20%) Payment record (10%)
Credit history (10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for
credit transaction. It has above average (strong) capability for payment of
interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight
in credit consideration. Capability to overcome financial difficulties seems
comparatively below average/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 |