MIRA INFORM REPORT
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Report Date : |
12.09.2007 |
IDENTIFICATION DETAILS
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Name : |
NATURAL
REMEDIES PRIVATE LIMITED |
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Registered Office : |
“ |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.04.1998 |
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Com. Reg. No.: |
08-23573 |
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CIN No.: [Company
Identification No.] |
U24232KA1998PTC023573 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN00659B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture and sale of health / pharmaceutical preparations, out of natural Inputs/herbs, for both human and veterinary/animal consumption, as per standards of W.H.O., G.M.P., U.S.F.D.A., T.G.A. / Australia, M.C.A. Europe 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 490000 |
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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 company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. 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 / Corporate Office : |
“ |
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Tel. No.: |
91-80-41858888 / 26535891 / 40208888 |
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Fax No.: |
91-80-26535889 /40208885 |
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E-Mail : |
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Website : |
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Area
: |
4000
sq. fts |
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Location: |
Owned |
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Factory
/ R & D Centre / Export Oriented Unit : |
Plot No.
5-B, Veerasandra Industrial Area, 19th K M Stone, |
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Tel. No.: |
91-80-41859999 / 27832265 |
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Fax No.: |
91-80-27834369 |
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E-Mail : |
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Area : |
65000
sq ft. on 100000 sq. ft. land area |
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Location: |
Owned |
DIRECTORS
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Name : |
Mr. Ravindra Kumar Agarwal |
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Designation : |
Chairman and Managing Director |
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Address : |
16, |
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Date of Birth/Age : |
29.08.1937 |
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Date of Appointment : |
30.08.2002 |
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Name : |
Mr. Anurag Agarwal |
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Designation : |
Director and Chief operating officer |
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Address : |
16, |
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Date of Birth/Age : |
19.07.1963 |
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Date of Appointment : |
01.04.1998 |
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Name : |
Mr. Kartikey Agarwal |
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Designation : |
Director |
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Address : |
17, |
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Date of Birth/Age : |
18.05.1959 |
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Date of Appointment : |
30.08.2002 |
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Name : |
Dr. Amit Agarwal |
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Designation : |
Director |
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Address : |
30, |
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Date of Birth/Age : |
24.01.1969 |
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Date of Appointment : |
01.01.2000 |
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Name : |
Mr. T D Sivakumar |
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Designation : |
Director |
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Address : |
No. 19, |
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Date of Birth/Age : |
22.07.1973 |
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Date of Appointment : |
28.12.2006 |
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Other Directorship : |
Protechem Industries [ L15319PY1987PLC000533 |
KEY EXECUTIVES
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Name : |
Mr. S. R. Ravi |
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Designation : |
Company Secretary |
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Address : |
No. 30 A G S Colony, Anand Nagar, |
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Date of Birth/Age : |
26.06.1956 |
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Date of Appointment : |
31.01.2004 |
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Name : |
Mr. T. K. Padmanabhan |
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Designation : |
General Manager and Company
Secretary |
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Name : |
Mr. Govindappa Srinivasaiah |
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Designation : |
Company secretary |
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Address : |
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Date of Birth/Age : |
08.12.1965 |
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Date of Appointment : |
07.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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R. K. Agarwal |
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883112 |
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Katikey Agarwal – HUF |
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640000 |
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Anurag Agarwal |
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896445 |
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Abha Agarwal |
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161333 |
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Renu Agarwal |
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134667 |
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Savita Agarwal |
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108000 |
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Amit Agarwal |
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108000 |
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R. K. Agarwal - HUF |
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185335 |
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Katikey Agarwal |
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1 |
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Neetu Agarwal |
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1 |
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Siddarth Agarwal |
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234889 |
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Aditya Agarwal |
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328224 |
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Ayush Agarwal |
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166668 |
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Mayank Agarwal |
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166668 |
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Divya Sangal |
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1 |
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Jyotsna Agarwal |
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1 |
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Chandra Satish |
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1 |
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Sujata Parekh |
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1 |
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Sunil Parikh |
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1 |
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Total |
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4013348 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and sale of health / pharmaceutical preparations, out of natural Inputs/herbs, for both human and veterinary/animal consumption, as per standards of W.H.O., G.M.P., U.S.F.D.A., T.G.A. / Australia, M.C.A. Europe etc. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Material / Chemicals |
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Countries : |
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Terms : |
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Selling : |
L/C at sight, L/C (90 days), Credit (30-60 days) |
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Purchasing : |
L/C at sight, L/C (30 days), Credit (30-60 days) |
GENERAL INFORMATION
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Suppliers : |
Ř Rollatainers Limited, Bangalore-562123 Ř
Nathimal, Ř Karthik Electricals Ř Tru Dimensions Ř Resins and solvents Ř Essel Propack Limited Ř Foils Propack Limited Ř Speciality Cans India P Limited Ř Shree Rama Multi Tech Limited |
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Customers : |
Ř
Gold Mohur Feeds, Ř
Johnson and |
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No. of Employees : |
270 |
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Bankers : |
·
State Bank of ·
Export Import Bank
of Ramanashree Arcade, 4th
Floor, |
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Facilities : |
Note : Term Loans from Financial Institutions: A)
Term Loan from Export Import Bank of India Rs.
63.066 millions B)
(Previous Year Rs. 50.050 millions and technology
Development Board Rs. 22.500 millions ( Previous Year Rs. 15.000 millions)
are secured by first paripassu charge on entire moveable fixed assets and
immovable properties of the company both present and future along with
personal guarantee of three directors. ii) Loan From Bank: Working capital Loan from State Bank of
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Harish Kumar Dogra Chartered Accountants |
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Address : |
No. 384, 17th Main,
4’T, Block, Jayanagar Bangalore – 560 041, |
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Associates/Subsidiaries : |
Ř
Indian Herbs Concentrate
Private Limited Ř
Blonat Private
Limited Ř Artech Furnishers and Interiors Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4013348 |
Equity Shares |
Rs.10/- each |
Rs.40.133 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.133 |
40.133 |
40.133 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
83.354 |
55.531 |
34.152 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
123.487 |
95.664 |
74.285 |
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LOAN FUNDS |
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1] Secured Loans |
196.507 |
154.359 |
120.966 |
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2] Unsecured Loans |
15.995 |
11.796 |
11.439 |
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TOTAL BORROWING |
212.502 |
166.155 |
132.405 |
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DEFERRED TAX LIABILITIES |
18.095 |
16.324 |
13.407 |
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TOTAL |
354.084 |
278.143 |
220.097 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
113.318 |
96.817 |
89.224 |
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Capital work-in-progress |
0.317 |
0.704 |
1.984 |
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Intangible Assets |
3.831 |
0.853 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
155.911 |
114.739 |
84.918 |
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Sundry Debtors |
80.568 |
55.478 |
53.869 |
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Cash & Bank Balances |
18.753 |
40.478 |
9.770 |
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Other Current Assets |
0.000 |
0.000 |
19.450 |
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Loans & Advances |
55.021 |
19.706 |
0.000 |
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Total
Current Assets |
310.253
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230.401 |
168.007 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
76.447 |
54.675 |
44.826 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
76.447
|
54.675 |
44.826 |
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Net Current Assets |
233.806 |
175.726 |
123.181 |
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MISCELLANEOUS EXPENSES |
2.812 |
4.043 |
5.708 |
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TOTAL |
354.084 |
278.143 |
220.097 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
417.580 |
302.488 |
296.876 |
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Other Income |
4.764 |
2.109 |
1.470 |
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Total Income |
422.344 |
304.597 |
298.346 |
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Profit/(Loss) Before Tax |
33.465 |
25.141 |
20.897 |
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Provision for Taxation |
5.642 |
3.763 |
3.443 |
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Profit/(Loss) After Tax |
27.823 |
21.378 |
17.454 |
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Imports (on CIF Basis): |
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Raw
Materials |
3.347 |
0.997 |
0.342 |
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Stores & Spares |
0.883 |
0.035 |
0.066 |
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Capital Goods |
5.559 |
1.883 |
4.843 |
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Total Import |
9.789 |
5.832 |
5.251 |
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FOB |
95.965 |
69.107 |
99.353 |
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Expenditures : |
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Cost of materials |
127.667 |
82.222 |
102.068 |
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Excise Duty |
16.949 |
17.296 |
19.063 |
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Employees Cost |
45.712 |
35.679 |
32.301 |
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Operating
Selling and Other Expenses |
168.419 |
120.731 |
103.371 |
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Provision for Impairment of assets |
1.095 |
0.000 |
0.000 |
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Financial charges |
19.128 |
14.214 |
15.186 |
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Depreciation & Amortization |
9.907 |
8.770 |
5.643 |
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Total Expenditure |
388.877 |
278.912 |
277.632 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
6.58 |
7.01 |
5.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
8.01 |
8.31 |
7.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.89 |
7.66 |
8.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.26 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.30 |
2.30 |
2.38 |
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Current Ratio (Current Asset/Current Liability) |
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4.06 |
4.21 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
DIRECTOR
REPORTS:
Performance
of the company:
The directors have pleasure in informing that the company
has recorded as outstanding performance during the year 2005 – 06.
During the years under review, the company achieved a sale
Turnover of Rs. 417.500 millions against Rs. 302.500 millions during the
previous year. The Profit before Tax increased from Rs. 25.100 millions to Rs.
33.400 millions during the year under review the profit after for the year
under review is Rs. 27.800 millions compared to Rs. 21.400 millions in the
previous year.
The director have pleasure in informing that the company has
purchased 85.73 acres of land at Anniylaam Village, Denkanikotai Taluk, Krishnagiri
District, Tamuil Nadu for its expansion activities.
Conversation
of Energy:
The company gives high priority for conversation of energy
through installation of energy efficient equipment, better supervision and
training of employees to economize on the usage of electricity. The requisite
information in terms of section 217(1) (e) of the companies Act, 1956 read with
the companies (disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 is furnished below:
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Energy Conversation measures taken |
Better maintenance of energy supply System to avoid
transmission losses |
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Additional investment and proposals if any being
implemented for reduction of conversation of energy |
Regular maintenance of energy supply met as part of total
maintenance expense |
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Impact of measure at (a) and (b) above for reduction of
energy consumption and consequent impact on the cost of production of goods; |
Better utilization of available power. |
Research
and development, Technology Absorption, Adaptation and innovation:
The company’s R and D center which is recognized by the
department of scientific and industrial Research, Government of India has over
the years introduced effective herbal products for the veterinary and human
health segment. Clinical trials in respect of new and exciting products for
treatment of life – style related disorders in the human health segment are
underway.
The company R and D center is engaged in constant innovation
and improvement of its existing products and processes for the benefit of the
veterinary and human health segment.
Financial
Assistance:
The directors have pleasure in informing that the state bank
of
Export Import Bank of
Technology Development Board (TDB) Department of Science and
Technology has disbursed 2nd Installment of Rs. 7.500 millions
during the year under review and 3rd and final installments of Rs.
5.000 millions has been received in August 2006, the directors have pleasure in
informing that the project” developmental and commercial production of
polyhedral anti allergic preparation called as NRA2 is complete and product was
launched on 11.05.2006 at new Delhi on the Technology Day” celebrated by TDB.
The director takes this opportunity tio place on record
their gratitude and sincere thanks to the State Bank of
Fixed
Assets:
·
Land
·
Building
·
Furniture and Fixtures
·
Vehicles
·
Office equipment
Work in Progress:-
·
Building
·
Plant and Machinery
·
Electrical Installation
Bankers Charges Report as per Registry
|
Name of the company |
NATURAL REMEDIES PRIVATE
LIMITED |
|
Presented
By |
State Bank of NATURAL REMEDIES PRIVATE
LIMITED |
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1) Date and description of instrument creating the change |
All the above
pertain to same charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 31.000
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 |
Whole of the borrower’s
movable assets like finished goods, raw materials, stores and consumable,
packaging materials and receivables. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
: 2.25 % above SBAR with a minimum of 15.25 % plus interest Tax of 0.30 % The above rate is
subject to changed as and when there is change. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
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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. |
By the above the
amount secured by the charge stands increased from Rs. 79.500 Millions to Rs.
17.500 Millions Rate of interest : CC – 2 % above
SBAR : effective rate 12.75 % p.a. with monthly rests, EPC / FBD as advised
by RBI Margin 25 % on
RM/SIP/LC/BG and 40 % on book debts and receivables Repayment on demand : Security of all
present and future goods, book debts and all other movable assets of the
borrower including documents of title to goods, outstanding monies, receivables
including receivables by way of cash assistance and / or cash incentives
under the cash incentives scheme or any other scheme, claims, including
claims by way of refund of customs / excise duties under the duty draw back
credit scheme or any other sachem bills, invoice, documents, contract,
insurance policies, guarantees engagements, securities, investments, rights
by way of first charge and hypothecation of the present machinery listed in
the schedule thereto and all future machinery by way of second chare,
belonging to or in the possession or under the control of the borrower
wherever lying, stored and kept and whether in possession of the bank of any
third party whether in India or elsewhere through out the world including all
such goods, other movable assets as may be in course of shipment, transit or
delivery, by way of first charge already obtained will continue for the
increased limit of Rs. 107.500 Millions All other terms
and conditions remain unchanged. |
|
This form is for |
Creation of
charge |
|
Charge
identification number of the charge to be modified |
90198036 |
|
Corporate
identity number of the company |
U24232KA1998PTC023573 |
|
Name of the
company |
NATURAL
REMEDIES PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
“ |
|
Type of charge |
Immovable Property |
Note
to Accounts:
- Liability towards gratuity is covered by a policy taken by the company with life Insurance Corporation of India based on actuarial valuation for the period 01.04.2005 to 31.03..2006.
- Leave encashment payable to employees as on 31.03.2006 is Rs. 0.967 millions.
- As per the method of accounting consistently followed by the company, the excise duty on finished goods not cleared from the factory as on 31.03.2006 is estimated at Rs. 0.169 millions and has been provided in issued by the Institute of chartered Accountants of India. This method of valuation has on impact on the profit of the company. (previous year Rs. 0.218 millions)
- Expenses of Rs. 18.897 millions (previous Year Rs. 17.050 millions) relating to Research and Development activities of the Company have been included under the relevant heads in the Profit and Loss Account. Capital expenditure for Research and Development activities incurred during the year is Rs. 8.083 millions (Previous Year Rs. 9.407 millions).
- During the year the company has amortized an amount of Rs. 1.220 millions (Previous year Rs. 1.653 millions) as product development expenditure out of Rs. 5.661 millions (previous year 5.661 millions) treated as Deferred Revenue Expenditure as at 31.03.2004.
- During the year the company has capitalized Rs. 3.148 millions (Previous year Rs. 0.853 millions) being expenditure relating to development of new products as intangible assets, and to be amortized over a period on review of its expected future benefits. During the year company amortized Rs. 1.706 millions out of Rs. 0.853 millions recognized as Intangible assets as on 31.03.2005.
- A director and his family members holding 33.32% of equity shares in the company had filed a petition before the Honourable Company Law Board, Chennai, under section 397, 398, 402 and 409 of the Companies Act 1956. the Honourable Company Law Board in its order dated 16.05.2005 has ordered for a division of the company. The company and the majority shareholders have preferred an appeal in the Hon’ble High Court of Karnataka against the order of the hon’ble Company Law Board, The minority shareholders have also appealed against the said order. The Hon’ble High court of Karnataka has stayed the order of the company Law Board indefinitely pending disposal of the Appeals.
- Separate accounts and records are maintained by the EOU for accounting all expenses and income attributable to the EOU. However corporate /common expenses of the Non- EOU business are allocated to the export oriented unit on a reasonable basis as per company’s policy.
- Contingent Liabilities:
|
Description |
For 31.03.2006 |
For 31.03.2005 |
|
Contingent Liabilities not provided for in respect of - Bank Guarantees given to Customs/ Excise authorities - Bond to the Assistant Commissioner of Customs, towards import of capital goods under EPCG license -
Export performance bond in favour of
development commissioner |
0.388 millions 6.283 millions 7.110 millions |
0.620 millions 6.283 millions 7.110 millions |
WEBSITES
DETAILS ATTACHED:
Corporate:
Over 50 years of their existence in herbal health care has enlivened
their experience of medicinal research working with nature. Combining the
tenets of fundamental science with Herbs to develop safe and efficacious
medicines has been their credo.
Natural Remedies a pioneer in phytopharmaceuticals is today credited
with integrating a scientific approach to the search of medicines and health
supplements ensuring purity, safety and affordability.
Natural Remedies formerly known as Indian Herbs was founded in
1951, by the late Sri. Ramlal Agarwal, an entrepreneur with a profound
knowledge on herbs and their medicinal benefits. He is also credited to being
the first individual to apply the sound principles of Herbal science in
veterinary health care.
Over the years they have diversified with their solutions, that
blend the understanding of the benefits of medicinal herbs with modern science
to develop and provide herbal veterinary medicines, human health supplements
and standardized herbal extracts.
Their Chairman and Managing Director, Mr. R.K. Agarwal has ensured
their investments in R and D spring desired results in the progress of
scientifically proven herbal medicines and supplements. His vision on the
potential of herbal ingredients for specific use in the dietary supplement
industry, coupled with his knowledge of Ayurveda has helped the organization
enter the foray of herbal extracts and develop exciting ingredients and
formulations for the natural products industry.
Natural Remedies has an R and D center, with a lab capacity of
8000 sq.fts. With an investment exceeding US $ 1 million.
Natural Remedies’ state-of-the-art R and D center is a complete
research facility with independent Phytochemistry, Pharmacology, Microbiology,
Bio-assay, Formulation and Development and Quality Control laboratories, which
work together with a multidisciplinary approach at various stages of product
research and development.
These departments are driven with a true sense of scientific
temper, by more than 60 scientists from various disciplines, who ensure that
their research and development programme is truly international and adheres to
guidelines established by the WHO, US-DSHEA, TGA and other regulatory bodies.
The Natural Remedies R and D center holds the reputed accreditation
from the Indian systems of Medicine and Homeopathy, Ministry of Health and
Family Welfare, and Government of India and is recognized by the Department of
Scientific and Industrial Research, Government of India. Natural Remedies'
manufacturing plants are fully GMP compliant and have state-of-the-art
manufacturing equipments.
While partnering with Natural Remedies, you are assured of true
commitment from management, strong top-tier customer relationships, global
presence, end-to-end solutions, excellence in manufacturing and a reputation
for quality, efficacy and safety.
Milestones
Topicure- The first herbal veterinary aerosol
spray introduced to the Indian market
Involon - Veterinary effervescent bolus, the
first of its kind in the Indian market
Phytochemical
Reference Standards- First Indian Company to offer a
single repository of primary phytochemical reference standards for commercial
scale and standardization of medicinal plants and their products
JNR- The
Journal of Natural Remedies dedicated to medicinal plant research and is
indexed in several International databases. Natural Remedies is the first to do
so
Bioactive compounds- Isolated 12 different
bioactive compounds from Indian medicinal plants following bioactivity guided
fractionation
Novel method- Developed novel methods of evaluating
natural products for enzyme inhibitory activity
Novel phytocompounds- Isolated several novel
phytocompounds hitherto unreported from a popular Indian medicinal plant
Pioneering GC Method- Developed a single run Gas
Chromatography method for estimation of 29 different pesticide residues
Anti-allergy-
Developed an anti-allergic preparation NRA2, which is apparently the only
herbal product; thoroughly investigated in terms of safety, toxicity, efficacy
and standardization
Herbal veterinary products- Natural Remedies Private.
Limited. is the first company in the country to introduce herbal veterinary
products
Patents- Filed over nine patents on Herbal
formulations
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.40.58 |
|
|
1 |
Rs.82.22 |
|
Euro |
1 |
Rs.55.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|