MIRA
INFORM REPORT
|
Report Date : |
07.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
NITIN LIFESCIENCES LIMITED |
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Registered Office : |
Village Kunja, Rampur Ghat Road, Near Mahan Milk Plant, Poanta Sahib -
173025, Himachal Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
03.03.2005 |
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Com. Reg. No.: |
06-28049 |
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CIN No.: [Company
Identification No.] |
U73100HP2005PLC028049 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKN01851D |
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PAN No.: [Permanent
Account No.] |
AACCN0725G |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
To carry on the Research and Development of pharmaceutical
formulations in all lines of medicines surgery, medical sciences and to
provide technology for formulation of drugs, pharmaceuticals, medicines and
life saving. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
79000 |
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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 an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Village Kunja, Rampur Ghat Road, Near Mahan Milk Plant, Poanta Sahib -
173025, Himachal Pradesh, India |
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Tel No.: |
91-1704-225857 |
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Fax No.: |
91-1704-225857 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Nitin Sobti |
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Designation : |
Director |
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Address : |
8-R, Model Town, Karnal – 132001, Haryana, India |
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Date of Appointment : |
03.03.2005 |
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Name : |
Mr. Chetan Sobti |
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Designation : |
Director |
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Address : |
8-R, Model Town, Karnal – 132001, Haryana, India |
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Date of Appointment : |
03.03.2005 |
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Name : |
Mr. Manmohan Sobti |
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Designation : |
Director |
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Address : |
8-R, Model Town, Karnal – 132001, Haryana, India |
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Date of Appointment : |
03.03.2005 |
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Name : |
Mr. Amarbir Singh |
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Designation : |
Director |
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Address : |
560, Sector – 6, Karnal – 132001 |
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Date of Appointment : |
13.05.2005 |
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Name : |
Mr. Manpreet Singh |
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Designation : |
Director |
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Address : |
375, Sector – 8, Karnal - 132001 |
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Date of Appointment : |
13.05.2005 |
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Name : |
Mr. Rajesh Bahl |
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Designation : |
Director |
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Address : |
2211, Sector – 13, Karnal - 132001 |
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Date of Appointment : |
03.03.2005 |
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Name : |
Mr. Tarun Batra |
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Designation : |
Director |
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Address : |
1085, Sector – 6, Karnal - 132001 |
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Date of Appointment : |
03.03.2005 |
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Name : |
Mr. Ajay Nautial |
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Designation : |
Director |
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Address : |
28404, 205, Ward No. 11, Devin Nagar, Poanta Sahim – 173205, Himachal
Pradesh, India |
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Date of Birth/Age : |
22.10.1974 |
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Date of Appointment : |
15.09.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Nitin Sobti |
|
7000 |
|
Cetan Sobti |
|
6000 |
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Manmohan Sobti |
|
7000 |
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Kiran Sobti |
|
6000 |
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Aradhana Sobti |
|
6000 |
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Richa Sobti |
|
6000 |
|
Nitin Pharmaceuticals Private Limited |
|
669400 |
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Rittin Sobti |
|
100 |
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Pavni Sobti |
|
6000 |
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Bhavya Sobti |
|
6000 |
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Total |
|
719500 |
AS ON 28.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on the Research and Development of pharmaceutical
formulations in all lines of medicines surgery, medical sciences and to
provide technology for formulation of drugs, pharmaceuticals, medicines and
life saving. |
GENERAL
INFORMATION
|
Bankers : |
State Bank of
India, Specialised Commercial Branch, Dr. Ambedkar Chowk, Karnal [132001],
Haryana |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bahl and Batra Chartered Accountants |
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Address : |
2211, Sector – 13, Urban Estate, Karnal – 132001, Haryana, India |
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Holding Company
: |
Nitin Pharmaceuticals Private Limited Address : 92-93, Sector – 3,
H.S.I.D.C., G.T. Road, Karnal - 132001, Haryana, India Tel No.: 91-184-2221590 Fax No.: 91-184-2221591 Email Website : info@nitinpharma.com Website : http://www.nitinpharma.com |
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CAPITAL STRUCTURE
AS ON 28.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/-each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/-each |
Rs. 10.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 [Not Available] |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
-- |
10.000 |
0.500 |
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|
2] Share Application Money |
-- |
0.000 |
0.000 |
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3] Reserves & Surplus |
-- |
9.746 |
0.000 |
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4] (Accumulated Losses) |
-- |
0.000 |
0.000 |
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NETWORTH |
-- |
19.746 |
0.500 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
-- |
28.122 |
0.000 |
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2] Unsecured Loans |
-- |
0.000 |
0.035 |
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TOTAL BORROWING |
-- |
28.122 |
0.035 |
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DEFERRED TAX LIABILITIES |
-- |
1.217 |
0.000 |
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TOTAL |
-- |
49.085 |
0.535 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
-- |
41.509 |
0.194 |
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Capital work-in-progress |
-- |
0.000 |
0.000 |
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INVESTMENT |
-- |
0.450 |
0.003 |
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DEFERREX TAX ASSETS |
-- |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
--
|
12.522 |
0.000 |
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Sundry Debtors |
--
|
19.544 |
0.000 |
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Cash & Bank Balances |
--
|
0.247 |
0.298 |
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Other Current Assets |
--
|
0.107 |
0.000 |
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Loans & Advances |
--
|
2.361 |
0.000 |
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Total
Current Assets |
--
|
34.781 |
0.298 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
--
|
27.502 |
0.005 |
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Provisions |
--
|
1.100 |
0.000 |
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Total
Current Liabilities |
--
|
28.602 |
0.005 |
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Net Current Assets |
--
|
6.179 |
0.293 |
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MISCELLANEOUS EXPENSES |
-- |
0.947 |
0.045 |
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TOTAL |
-- |
49.085 |
0.535 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 [Not Available] |
|
|
Sales Turnover |
600.813 |
45.437 |
-- |
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Other Income |
8.270 |
1.754 |
-- |
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Total Income |
609.083 |
47.191 |
-- |
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Profit/(Loss) Before Tax |
111.909 |
11.976 |
-- |
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Provision for Taxation |
14.005 |
2.230 |
-- |
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Profit/(Loss) After Tax |
97.904 |
9.746 |
-- |
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Expenditures : |
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Raw Material Consumed |
456.603 |
34.297 |
-- |
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Increase/(Decrease) in Finished Goods |
0.572 |
[5.577] |
-- |
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Salaries, Wages, Bonus, etc. |
11.794 |
1.175 |
-- |
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Managerial Remuneration |
0.140 |
0.033 |
-- |
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Payment to Auditors |
0.020 |
0.016 |
-- |
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Interest |
3.906 |
1.274 |
-- |
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Insurance Expenses |
0.486 |
0.021 |
-- |
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Power & Fuel |
15.344 |
2.352 |
-- |
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Depreciation & Amortization |
2.383 |
0.594 |
-- |
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Other Expenditure |
5.926 |
1.030 |
-- |
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Total Expenditure |
497.174 |
35.215 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
16.07
|
20.65 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
18.63
|
26.36 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
15.70 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
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0.61 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
NA
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2.87 |
0.08 |
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Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.22 |
59.60 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
NITIN
LIFESCIENCES LIMITED |
|
Presented By |
Mr. M. M. Sobti, Director |
|
1) Date and description of instrument creating the change |
General Agreement
for MTL dated 15.07.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 26.500
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 of
all kind of stocks, machinery moveable, book debts and other assets and also
secured by the first charge on the entire fixed assets of the company.
equitable mortgage of factory land and building measuring 7 bighe 7 biswas in
the name of the company situated at Village Kunja, Himachal Pradesh |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 0.25 %
below SBAR Effective rate 10.00 % p.a. with monthly rest. Margin :39.77 % MTL is repayable
in 59 monthly installments of Rs. 0.442 Million w.e.f. 01.04.2006. last
instalment will be of Rs. 0.422 Million
|
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Specialised Commercial Branch, Dr. Ambedkar Chowk, Karnal [132001],
Haryana |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U73100HP2005PLC028049 |
|
Name of the
company |
NITIN LIFESCIENCES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Village Kunja, Rampur Ghat Road, Near Mahan Milk Plant, Poanta Sahib -
173025, Himachal Pradesh, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Director of
Industries of Himachal Pradesh, Through District Industries Centre, Sirmour -
173001, Himachal Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation for Central Capital Investment Subsidy dated 11.02.2008 Agreement for
availing Central Capital Investment Subsidy dated 11.02.2008 |
|
Date of
instrument Creating the charge |
11.02.2008 |
|
Amount secured by
the charge |
Rs. 3.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Agreement
Central Capital Investment Subsidy of the applicable scheme. Terms of
Repayment Repayment in case
of default by the company as per clauses 2 [IV] of the agreement of availing
central capital investment subsidy dated 11.02.2008 Extent and
Operation of the charge As per terms and
conditions of the agreement |
|
Short particulars
of the property charged |
Land, building
and machinery of the company situated at village Kunja, Rampur Ghat Road,
Paonta Sahib, Himachal Pradesh |
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.39.97 |
|
UK Pound |
1 |
Rs.79.78 |
|
Euro |
1 |
Rs.62.60 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--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 |
|