MIRA
INFORM REPORT
|
Report Date : |
31.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SYNGENE INTERNATIONAL LIMITED |
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Registered Office : |
20th KM, Hosur Road, Electronic City P. O. Bangalore-560100,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.11.1993 |
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Com. Reg. No.: |
08-14937 |
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CIN No.: [Company
Identification No.] |
U51909KA1993PLC014937 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS02580E |
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PAN No.: [Permanent
Account No.] |
AABCS9936M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 7700000 |
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Status : |
Very Good |
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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 biotechnology research company. Trade relations are
reported as fair. Financial position is good. The company is faring well.
It’s payments are usually correct and as per commitments. |
INFORMATION PARTED
BY
|
Name : |
Mr. Giri |
|
Designation : |
Deputy Manager |
|
Date : |
30.07.2008 |
LOCATIONS
|
Registered Office : |
20th KM, Hosur Road, Electronic City P. O.
Bangalore-560100, Karnataka, India |
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Tel. No.: |
91-80-28082808/ 2852343 |
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E-Mail : |
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Website : |
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Area : |
Owned |
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Factory : |
Plot No. 1013C, Bommasandra Industrial Estate, Bangalore-560100,
Karnataka, India |
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Area : |
Owned |
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Factory : |
Plot No. 2/3 Biocon Park Bomansandra, Bangalore-560100, Karnataka,
India |
|
Area : |
Owned |
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Branch office : |
No. 15 Narmada Apartment,
Alaknanda, New India-110019, India |
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Tel. No.: |
91-11-26449819 |
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E-Mail : |
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Branch office : |
No. 49/1, Rastra Guru Apartment,
Nagar Bazar, Dum Dum, Kolkata-700028, West Bengal, India |
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Tel. No.: |
91-33-25501299 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Kiran Mazumor Shaw |
|
Designation : |
Director |
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Address : |
Glenmore, Huskur Gate, Office 20th, Kmohosur Road,
Electronic Ctly p.o. Bangalore-560100, Karnataka, India |
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Date of Birth/Age : |
23.03.1953 |
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Date of Appointment : |
18.11.1993 |
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|
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|
Name : |
Mr. J. M Shah |
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Designation : |
Director |
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Address : |
Glenmore, Huskur Gate, Office 20th, Kmohosur Road,
Electronic Ctly p.o. Bangalore-560100, Karnataka, India |
|
Date of Birth/Age : |
12.04.1949 |
|
Date of Appointment : |
24.03.2000 |
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|
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|
Name : |
Mr. Neville Bain |
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Designation : |
Director |
|
Address : |
High Trees Vaventoish Road, Way Bridge, Sureey Kt – 130JX, United
Kingdom |
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Date of Birth/Age : |
14.07.1940 |
|
Date of Appointment : |
29.06.2000 |
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|
|
|
Name : |
Mr. Catherine Rosenberg |
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Designation : |
Director |
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Address : |
565, Hemings Way, PL Waterloo, On N 21171, Canada |
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Date of Birth/Age : |
23.05.1961 |
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Date of Appointment : |
08.08.2000 |
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|
|
|
Name : |
Mr. Charles Cooney |
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Designation : |
Director |
|
Address : |
35, Chestnut Palace, Brooklinge, USA |
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Date of Birth/Age : |
09.11.1944 |
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Date of Appointment : |
19.01.2001 |
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|
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|
Name : |
Mr. Ravi Mazumdar |
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Designation : |
Director |
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Address : |
565, Heming Way Havan, Pl Waterloo on N – 2T174, Canada |
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Date of Birth/Age : |
17.04.1955 |
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Date of Appointment : |
27.07.2004 |
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Date of Ceasing: |
19.07.2005 |
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|
|
|
Name : |
Mr. Catherine Rosenberg |
|
Designation : |
Director |
|
Address : |
565, Heming Way Havan, Pl Waterloo on N – 2T174, Canada |
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Date of Birth/Age : |
23.05.1961 |
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Date of Appointment : |
27.07.2004 |
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Date of Ceasing: |
20.10.2004 |
KEY EXECUTIVES
|
Name : |
Ms. Sridevi J |
|
Designation : |
Secretary |
|
Address : |
1925 South End C Road, Jaya Nagar, 9th Block,
Bangalore-560069, Karnataka, India |
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Date of Birth/Age : |
09.09.1971 |
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Date of Appointment : |
04.04.2001 |
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Date of Ceasing : |
30.06.2005 |
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|
|
|
Name : |
Mr. Kiran Kumar G |
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Designation : |
Secretary |
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Address : |
201, Mayur Residency, Rama Temple, Street, New Thippasanora,
Bangalore-560075, Karnataka, India |
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Date of Birth/Age : |
21.07.1978 |
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Date of Appointment : |
01.07.2005 |
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|
|
|
Name : |
Mr. Giri |
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Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 20.07.2005
|
Names of Shareholders |
|
No. of Shares |
|
Kiran Masumadar Shaw |
|
10 |
|
Kumud Sampath |
|
10 |
|
Arun Chandavarkar |
|
10 |
|
Shri Kumar Suryanar |
|
10 |
|
Ajay Bharadwaj |
|
10 |
|
Murlikrishnana K. N |
|
10 |
|
Gautam Das |
|
10 |
|
Prasad K |
|
10 |
|
Rajgopal N |
|
10 |
|
Ramchandran J |
|
10 |
|
Parag Saxena |
|
10 |
|
Ravi Mazumdar |
|
10 |
|
Anand Kumar |
|
10 |
|
Suresh Subramani |
|
10 |
|
Dev Mazumdar |
|
10 |
|
Sunne Rossell |
|
10 |
|
Charles Cooney |
|
10 |
|
Biocon Limited |
|
28574830 |
|
Total |
|
28575000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Bodies corporate (not mentioned above) |
|
99.99 |
|
Directors or relatives of directors |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Products |
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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 : |
Lab Chemicals and Machinery |
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Countries : |
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Terms : |
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Selling : |
Credit ( 30 Days) |
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Purchasing : |
Credit ( 30 Days) |
GENERAL
INFORMATION
|
Customers : |
Manufacturer |
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No. of Employees : |
1000 (Office 100, Factory 900) |
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
S R. Batliboi and Associates Chartered Accountant |
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Address : |
Divyashree Chambers, Langford Town, Bangalore-560025, Karnataka, India |
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Name : |
ERNST and Young Company Chartered Accountant |
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Associates/Subsidiaries : |
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Holding Company : |
Biocon Limited U00309KA1978PLC003417 |
CAPITAL STRUCTURE
As on 18.07.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3500000 |
Equity Shares |
Rs. 10/- each |
Rs. 35.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2875000 |
Equity Shares |
Rs. 10/-
each |
Rs. 28.750
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
28.750 |
28.750 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1517.823 |
1021.172 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1546.573 |
1049.922 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
24.701 |
17.586 |
|
|
|
|
|
|
|
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TOTAL |
|
1571.274 |
1067.508 |
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
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FIXED ASSETS [Net Block] |
|
745.646 |
547.589 |
|
|
Capital work-in-progress |
|
357.465 |
31.856 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
495.218 |
486.737 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
95.828
|
51.774 |
|
|
Sundry Debtors |
|
274.359
|
162.730 |
|
|
Cash & Bank Balances |
|
0.036
|
0.007 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
45.007
|
11.803 |
|
Total
Current Assets |
|
415.230
|
226.314 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
425.193
|
198.912 |
|
|
Provisions |
|
17.092
|
26.076 |
|
Total
Current Liabilities |
|
442.285
|
224.988 |
|
|
Net Current Assets |
|
[27.055]
|
1.326 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1571.274 |
1067.508 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
|
1281.987 |
965.676 |
|
|
Other Income |
|
33.981 |
16.054 |
|
|
Total Income |
|
1315.968 |
981.730 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
512.182 |
483.618 |
|
|
Provision for Taxation |
|
15.531 |
31.511 |
|
|
Profit/(Loss) After Tax |
|
496.651 |
452.107 |
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Sale of goods manufactured |
|
316.060 |
213.862 |
|
|
Sale of goods traded |
|
965.927 |
751.814 |
|
|
Other Earnings |
|
0.000 |
0.000 |
|
Total Earnings |
|
1281.987 |
965.676 |
|
|
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Expenditures : |
|
|
|
|
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|
Raw Material Consumed |
|
349.060 |
204.215 |
|
|
Salaries, Wages, Bonus, etc. |
|
261.855 |
172.298 |
|
|
Payment to Auditors |
|
0.588 |
0.415 |
|
|
Interest |
|
0.866 |
0.557 |
|
|
Insurance Expenses |
|
1.831 |
1.242 |
|
|
Power & Fuel |
|
36.205 |
28.247 |
|
|
Depreciation & Amortization |
|
71.578 |
59.279 |
|
|
Other Expenditure |
|
81.803 |
31.859 |
|
Total Expenditure |
|
803.786 |
498.112 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
37.74 |
46.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
39.95 |
50.08 |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
44.12 |
62.49 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.33 |
0.46 |
|
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.29 |
0.21 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
0.94 |
0.12 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was incorporated on 18th November, 1993 at
Bangalore in Karnataka having Company Registration Number 14937.
Subject was established in 1994 as a subsidiary of Biocon. It is a
chemical synthetic Custom Research Company (CRC). It is the first Indian
biotechnology CRC special export status by the Government of India.
Lead by its synthetic chemistry divisions, it specialises in developing
the organic molecules through multi-step synthesis involving diverse and
complex extending its expertise to molecular biology, it has also developed an
important and mamalian host systems.
Collaborative work underlines its work ethos. Its team of highly skilled
closely interacts with its global clients to offer them quality services with
part to confidentially, time-lines and cost effectiveness.
Trade References:
- Bristol
Myersquiebb. USA
- Alpha Aesar,
UK
- Aslra Zenca,
USA
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51909KA1993PLC014937 |
|
Name of the
company |
SYNGENE INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
20th KM, Hosur Road, Electronic City P. O. Bangalore-560100,
Karnataka, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of
India, Overseas Branch, St. Marks Road, LHO Compound, Bangalore-560001,
Karnataka, India |
|
Nature of description
of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Goods and Assets From C-2; And Letter Regarding Grant Of
Individual Limits Within the Overall Limit Form C-5 (Both the above pertain
to the same charge) |
|
Date of
instrument Creating the charge |
28.02.2008 |
|
Amount secured by
the charge |
Rs. 800.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 1)
PCFC/ EBR –
At 110 BPS Over 6 months LIBOR 2)
EPC : At
3.00% Below SBAR With a minimum of 9.75% p.a. rising or falling therewith, on
daily Products with monthly rests these interest rates are subject to change as per RBI Guidelines or change in
SBAR. Penal interest for non compliance of terms of sanction : Max 2% per
annum over the normal rate. Wherever expendient, intt Rate is Directly linked to CRA of the
Borrower. Terms of
Repayment Working Capital
Facility Repayable on demand. Margin EPC/ PCF – 5.00% Extent and
Operation of the charge Exclusive First
charge on the Assets of the Company and to the Full Extension Others EPC/ PCFC Limit
of Rs. 800.000 Millions |
|
Short particulars
of the property charged |
Hypothecation of
Present and future all of the Borrower’s stock of raw materials, Semifinished
and Finished goods, book debts, bills, claims, receivables, outstanding
moneys, plant and machineries, other movable assets etc. wherever situate,
held or stored or in transit or in the custody of any third party. |
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 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.42.47 |
|
UK Pound |
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.66.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|