MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION DETAILS
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Name : |
VENUS REMEDIES
LIMITED |
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Formerly Known
As : |
VENUS GLUCOSE PRIVATE LIMITED |
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Registered Office : |
S.C.O. 857, 2nd Floor, C No. 10,
NAC Manimajra, Chandigarh – 160101, India |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
15.09.1989 |
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Com. Reg. No.: |
53-9705 |
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CIN No.: [Company
Identification No.] |
L24232CH1989PLC009705 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLV10517D |
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PAN No.: [Permanent
Account No.] |
AAACV6524H |
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Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of
Pharmaceutical Formulations. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Good |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having fine track. Trade relations are fair. Financial
position is good. Payments are correct and as per commitments. The company has
been doing well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
S.C.O. 857, 2nd Floor, C No.
10, NAC Manimajra, Chandigarh – 160101, India |
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Tel. No.: |
91-172-561244 |
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Fax No.: |
91-172-565566 |
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E-Mail : |
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Website : |
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Corporate
Office/ Factory1: |
51-52, Industrial
Area, Phase – 1, Panchkula – 134 113, Haryana |
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Tel. No.: |
91-172-2590113,
2590114, 2561244, 2565577 |
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Fax No.: |
91-172-2565566 |
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E-Mail : |
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Factory 2: |
Village Bhatoli
Kalan, Near Jharmajri, Export Promotion Park, P.O. Baddi, Tehsil Nalagarh,
District, Solan - 173205 Himachal Padesh, India |
DIRECTORS
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Name : |
Mr. Pawan
Chaudhary |
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Designation : |
Managing Director |
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Name : |
Mr. Peeyush Jain |
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Designation : |
Executive Director |
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Name : |
Mr. Manu
Chaudhary |
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Designation : |
Managing Director |
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Name : |
Mr. Jagdish
Chander |
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Designation : |
Director |
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Name : |
Mr. Ashutosh Jain |
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Designation : |
Executive Director |
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Name : |
Mr. Gilbert
Wenzel |
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Designation : |
Director |
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Name : |
Mr. Anil Gulati |
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Designation : |
Director |
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Name : |
Dr. S. K. Chadha |
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Designation : |
Director |
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Name : |
Mr. Raj Kumar Chaudhary |
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Designation : |
Director |
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Name : |
Mr. Hari Pal Varma |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Amarjit Kaur |
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Designation : |
Company Secretary |
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audit
committee :-
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Mr. Jagdish Chander Mr. S. K. Chaddha
Mr. Pawan
Chaudhary |
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EXECUTIVE
COMMITTEES |
Product
Development Committee EDP
Committee GMP
Committee HRD
Committee Share
Transfer & Shareholders Grievance Committee Remuneration
Committee |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of
Pharmaceutical Formulations. |
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Products : |
Pharmaceutical
Formulations ·
Anti-Cancer
Sections ·
Cephalosporin
Section ·
I. V. Fluids
Sections ·
Small Volume
Sections ·
Tablet/Capsules
Sections ·
Oncology
Section ·
Dry Powder
Section ·
Future Focus
Therapies ·
SVP
(Injections/Ampoules) |
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Exports to : |
Nepal, Yemen,
Ukraine, Estonia and Lebanon |
GENERAL INFORMATION
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No. of Employees : |
110 |
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Bankers : |
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Facilities : |
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Banking Relations : |
Satisfactory |
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Auditors : |
statutory
auditors
J. K. Jain &
Associates Chartered
Accountants internal
auditors
Prem Garg &
Associates Chartered
Accountants |
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Associates/Subsidiaries : |
Venus Pharma Gmbh Am Bahnnof F 1-3,
D-59368, Werne, Germany Website : http://www.venuspharma.de |
CAPITAL STRUCTURE
Authorised
Capital :
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No. of Shares |
Type |
Value |
Amount |
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12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000
millions |
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Issued,
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8453423 |
Equity Shares |
Rs.10/- each |
Rs.84.534
millions |
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Less :- 200 Equity Share Forfeited |
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Rs.0.002 million |
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Total |
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Rs.84.532
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
84.532 |
84.307 |
84.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
850.840 |
501.190 |
235.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
935.372 |
585.497 |
319.500 |
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LOAN FUNDS |
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1] Secured Loans |
475.363 |
331.953 |
215.900 |
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2] Unsecured Loans |
481.811 |
518.531 |
0.600 |
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TOTAL BORROWING |
957.174 |
850.484 |
216.500 |
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DEFERRED TAX LIABILITIES |
41.817 |
20.723 |
0.000 |
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TOTAL |
1934.363 |
1456.704 |
536.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1192.805 |
508.355 |
234.500 |
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Capital work-in-progress |
14.015 |
417.385 |
63.800 |
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INVESTMENT |
244.695 |
230.238 |
20.700 |
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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 |
277.755
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180.762 |
142.700 |
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Sundry Debtors |
164.897
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93.892 |
75.600 |
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Cash & Bank Balances |
10.517
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29.154 |
5.500 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
175.459
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77.541 |
36.200 |
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Total Current Assets |
628.628
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381.349 |
260.000 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
76.976
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47.811 |
48.600 |
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Provisions |
106.322
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85.064 |
38.200 |
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Total Current Liabilities |
183.298
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132.875 |
86.800 |
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Net Current Assets |
445.330
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248.474 |
173.200 |
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MISCELLANEOUS EXPENSES |
37.518 |
52.252 |
43.800 |
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TOTAL |
1934.363 |
1456.704 |
536.000 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
2154.350 |
1447.534 |
920.700 |
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Other Income |
0.000 |
0.000 |
0.800 |
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Total
Income |
2154.350 |
1447.534 |
921.500 |
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Profit/(Loss)
Before Tax |
460.411 |
334.118 |
184.000 |
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Provision for
Taxation |
75.244 |
46..681 |
21.800 |
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Profit/(Loss)
After Tax |
385.167 |
287.437 |
162.200 |
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Export Value |
USD 10458830 |
USD 4314440 |
NA |
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Import Value |
199.988 |
95.597 |
NA |
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Expenditures : |
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Cost of Goods Sold |
1287.982 |
868.558 |
694.800 |
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Manufacturing Expenses |
51.745 |
28.165 |
5.300 |
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Administrative Expenses |
71.990 |
57.729 |
0.000 |
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Selling and Distributors Expenses |
125.589 |
65.353 |
43.700 |
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Research and Development Expenses |
51.551 |
30.715 |
0.000 |
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Miscellaneous Expenses |
14.734 |
13.509 |
7.500 |
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Interest and Financial Charge |
47.596 |
27.918 |
19.300 |
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Depreciation & Amortization |
42.752 |
21.469 |
9.200 |
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Other Expenditure |
0.000 |
0.000 |
(42.300) |
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Total Expenditure |
1693.939 |
1113.416 |
737.500 |
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QUARTERLY
RESULTS
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PARTICULARS |
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30.06.2008 1st Quarter |
30.09.2008 2nd Quarter |
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Sales Turnover |
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660.300 |
699.500 |
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Other Income |
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1.000 |
0.200 |
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Total Income |
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661.300 |
699.700 |
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Total Expenditure |
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500.300 |
536.500 |
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Operating Profit |
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161.000 |
163.200 |
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Interest |
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16.900 |
18.200 |
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Gross Profit |
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144.100 |
145.000 |
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Depreciation |
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14.700 |
14.400 |
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Tax |
|
14.700 |
14.800 |
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Reported PAT |
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114.700 |
115.800 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
17.88
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19.86 |
17.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
21.37
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23.08 |
19.98 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.28
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3.83 |
37.21 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.49
|
0.57 |
0.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.22
|
1.68 |
0.95 |
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Current Ratio (Current Asset/Current Liability) |
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3.43
|
2.87 |
2.99 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Incorporated in 1989 as Venus Glucose Private Limited, the
company was converted into public limited company in 1994 and then changed into
Venus Remedies Limited. The company was promoted and managed by Chaudhary &
Family. The company was mainly engaged in I/V fluids & injectables,
ceftazidime, amlodipine, gliclazide, lisinopril.
The production was started in 1991 with Intravenous/Intramuscular injectible
forms at Panchkula district at Haryana. In 1994 it introduced Eye/Ear/Nose
drops. The company received the certificate as 'WHO-GMP' as specified by WHO,
Geneva. Venus Remedies set up a Cephalosporin project with an Australian
collaboration with US-FDA standards at a cost of Rs.4.5 crores. The company is
manufacturing injections for the top companies like Panacea Biotech Limited,
Morepan Labortories Limited etc.
In 2001 with the help of Product Development Committee (PDC) Venus Remedies had
introduced 13 new products in the Animal Health Division namely Megox-3000,
Paroxin-3000, Pisa-3000, Mical, Ronid, Dexolyte and Detox.
OPERATIONS:
2007-08 has been a most eventful year for the Company in which tremendous progress has been made in the desired direction towards achievement of their long term objectives and targets. The whole team of company has once again set high standards of achievements in terms of targets and wealth creation for the Company, be it in the form of creating exclusive infrastructure, generating IPR wealth, developing innovative products or cloning of a dedicated and empowered team.
The multi-dimensional growth of the Company is evident in above numbers where
not only there is increase in Sales, but also the Reserves and Surplus for
future growth plans of the Company. During 2007-2008 the Sales recorded a
growth percentage of approx. 51.26% on last year sales with an increase of
approx. 31.25% in P.A.T
This growth in general can be attributed to the following driving
factors:
- Expansion of Domestic markets in 22 Indian States with further penetration in interiors of all regions at 300 headquarters as on 31.03.2008 manned by approx.365 personnel.
- Opening of new Export markets in Africa and CIS.
- Launch of new Specialty products from the 4 new Sections inaugurated and put into commercial operation during the year.
- Greater market penetration for Research Products launched by the Company.
- Timely completion of all major Projects of the Company for giving impetus to sales at the right time.
- R&D Wing keeping a steady flow of product pipeline ready for commercial launch from the new section as per the marketing requirements.
- All marketing teams meeting their targets as per plan with a focused and goal oriented approach.
MANAGEMENT DISCUSSION & ANALYSIS
INDUSTRY STRUCTURE & DEVELOPMENT: AN OVERVIEW
The year 2007-08 saw a lot of upheaval in the Indian
Pharmaceutical Industry. The stiff competition and heavy spending on R&D as
well as marketing is putting some pressure on pharma segment but, despite all the
negative influences, the sector recorded a two digit growth rate of approx.13%
on 2006 sales. This reflects that the Pharmaceutical sector holds great
potential and is fast evolving into a central hub of activity for the global
pharma industry. The Indian Companies are fast spreading their wings across the
globe and giving a tough time to their competitors overseas by providing cost
effective formulations. The number of DMF flings and registration dossiers has
multiplied more than two times in the lasts years.
According to ORG projections, the home industry is poised to grow at 12-14%
over the next 15 years and is likely to touch USD 30 billion by the year 2020
as against USD 8.4 billion for 2007-08. The pharmaceutical sector is adding
substantial amount to country's export earnings and the segment is known as net
foreign exchange earner. With its focus on Exports, attracting contract
manufacturing from cost-cutting MNCs, developing cutting edge technology and
innovative products and low cost of production, the Indian Pharma industry is
ready to grow by leaps and bounds in the coming years. Mergers and Acquisitions
in domestic industry would further help in consolidation of Pharmaceutical
sector and help in organized operations of the industry.
R&D is coming up as a fast growing segment of Pharma Industry. The R&D
spend of top 10 companies of India have been rising, looking in to the future
growth prospects. The value addition in terms of innovative product basket will
be in addition to the cost benefits of Indian pharma industry and help in
attracting innovator Multinational Companies to join hand with Indian SMEs. The
MNCs in global market are fast recognizing the huge potential markets in India
as well as the benefits of cost effective manufacturing here. They have seen a
number of foreign Multinationals entering the Indian markets through
partnerships, collaborations, joint ventures or marketing Tie-up with Indian
Companies. The latest trend of contract manufacturing for MNCs from Regulated
markets with complete Quality certifications from respective authorities is
also fast catching up with the SMEs, giving them a wide platform for expansion
of operations on a global scale and an opportunity to launch exclusive product
range in partnership with market leaders.
It can be then safely presumed that the future prospects of Indian
Pharmaceutical Industry are very bright, specifically in contract manufacturing
and Research area with a large number of global companies preferring to
outsource their production to India.
OPPORTUNITIES
The overall industry scenario is
very conducive to the growth plans of Venus. The Company's long-term projects
and the Mission 2010 are all aligned with the growth trends and patterns of
overall Industry and the Company is progressively working towards attainment of
its long term goals. The Company is now fast evolving into a global entity and
has started making its mark in foreign markets. The main growth opportunities
for the coming times may be short listed as follows:
The Company's focused approach will lead to optimizing its core strengths i.e.
specialization in Critical Care Products and help in conserving its resources,
time, efforts and energy.
EU GMP certification for the manufacturing facilities is the gateway for
getting Site Change orders from 36 countries of European Union and other
regulated markets like Canada & Mexico.
The 200 Product dossiers fled in previous years have started yielding results
and the registrations from Latin America, Africa, South East Asia and the
Middle East have started flowing in, thus providing a huge platform for
expansion of International business of the Company.
Venus Medicine Research Centre, an exclusive R&D structure spread over
40,000 sq. ft covered area with 7 dedicated laboratories and 8 pilot plant
facilities, is a power house for generating innovative Product pipeline for
future expansion of the Company.
The Company is fast penetrating each state of India and will be having 500
headquarters in place by end of FY 2009 with a field force of 650
personnel.
Timely completion of all major expansion projects will help in getting the
desired results as per planned strategies of the Company.
The Company now has world class infrastructure with International certifications
giving it the edge over competitors for attracting foreign MNCs for
collaborations.
Venus Pharma GmbH, the Wholly owned subsidiary of the Company will be the gate
way to Middle East and Europe.
The 1000 plus force of Venus will be 1400 by end of FY 2009 with fast action at
all levels for consolidation of all functions and systems of the Company and a
committed task force in place for taking care of future growth
strategies.
The Research Products of the Company have a huge potential in regulated markets
for which their Out licensing proposals are under consideration.
THREATS
The growth trend achieved by the Company in the last 4 years has been
strictly as per plans and they have been able to meet the targets by realigning
the strategies as per requirement in case of bottlenecks. Since the Company is
focused in its core area of Injectibles only, the risks are also limited.
Further, the Company has laid a solid foundation for its future growth plans,
keeping in mind the likely trends five years from hence. The Company does not
fore see any visible threat to its plans as on date.
SEGMENT WISE PERFORMANCE
The Company caters to only one business segment, i.e. Pharmaceutical
formulations since inception. The activities in which the Company is engaged
are governed by the inherent set of risks and rewards of this Industry.
The Company has made steady progress in the last one year the watchful eyes of
the management for immediate corrective action whenever there was a bottleneck
and with the sincere efforts of a dedicated team brimming over with passion to
realize the vision of the management. The Company has already proved its
abilities to face stringent customer and regulatory Audits of manufacturing and
Quality Systems, continuous improvement on both human and structural level to
upgrade as per international requirements and to attract and retain talent with
the Company, The year saw creation of many new mile stones like completion of
Baddi Project, setting up of an exclusive Research Centre, EU - GMP
accreditation, entry into new segments with new product launches from new
facilities, etc.
OUTLOOK
The growth chart of
the Company has been consistent and the road map to achieving Mission 2010 is
all set. The required infrastructure, technology,
Systems and strategies are all in place for the big jump. Consistently for last
three years, the Company has recorded more than 50% yoy growth. During 2008-09,
the focus will be on human capital development and marketing. Hence, with all
corners sealed properly and in a planned manner, Venus will seek to realize its
goals slowly and steadily. The business model of the Company has so far proved
to be matching the speed of desired growth rate. The International Business of
the Company will be opening up in a big way once the dossier registrations are
through and the new headquarters of Domestic marketing will ensure market
penetration in india. New and innovative products will provide the edge over
competition and excellent services with world class quality will ensure
attracting the best of global Companies to Venus as customers.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The
complete financial performance of the Company was reviewed by the Board and it
finds the Company in good financial health. The Company has kept its promise of
more than 50% year on year growth in turnover and registered steady growth in
all spheres of activity during the closed financial year. The Sales recorded an
increase by 51.26% vis a vis a projection of 50% increase. The Gross margins
improved to 39.70% against 38.50% last year. The net OPM was 25.78% and PAT
18.03%, after writing off all expenses on Research and Development from the
Profit and Loss Account as per AS 26. The Company had been deferring part of
Development expenses of Research to be written off in next 5 years, under AS 8.
The Cost of Material consumed at 60.30% has improved by 1.20% over last years
consumption percentage due to the economies of scale, import of material
against Advance License for Exports and effect of new products launched with
better margins.
The Fixed Assets block of the company has increased substantially to INR
1192.800 Millions (By approx. 135%) over last years Gross Block of Rs.508.400
Millions, but the depreciation is less proportionately, since the Baddi project
and R&D centre have attracted depreciation for proportionate period only
after their commercial operation.
The Company's Debtors Turnover ratio is 12.95 which shows that the Company has
receivables outstanding for only 28 days while the Creditors are for approx. 10
days. The Company has almost maintained its Working Capital Turnover ratio at
11.43% while the Inventory Turnover ratio is 7.69 times. The Capital turnover
Ratio has also improved tremendously from 16.75 to 25.27.
The Financial costs were kept under tight control and were managed at 2.23% of
sales as against 1.98% last year, which is commendable, given the inflation
rate. The average Sales per employee was Rs.2.342 Millions as against Rs.2.074
Millions in 2006-07 while profit per employee increased to Rs.0.505 Millions
from 0.490 Millions in 2006-07, even though the strength of Company has
increased to 912 persons as on 31.3.2008 from 681 last year. The Earnings per
Share have also improved significantly from Rs.34.19 in 2006-07 to Rs.45.56 for
the year.
FIXED ASSETS
- Land
- Building
- Plant & machinery
- R and D equipment
- Furniture
- Fixture
- Office equipment
- Miscellaneous fixed assets
- Vehicle
- Lab equipment
- D. Gset
- Machinery installation
- Air conditioners
- Electrical installation
- Computer
AS PER
WEBSITE DETAILS
COMPANY PROFILE
Subject India is a research and development driven, pharmaceutical
manufacturing company. Among the top 50 Indian Pharma companies of India, the company
has out paced most Indian pharmaceutical companies in its growth and value
creation over the past few years.
Driven by a top class team of mangers and motivators this organization
is counted as one of the most professional companies of India and a preferred
place for top innovators and mangers to join the bandwagon of the globally
significant Indian Pharma industry.
The research team has proved itself to be a power house of innovation by
filing many international patents for sophisticated formulations of
anti-biotics and oncological therapeutics. They are constantly working to
broaden the pipeline of products and to make a impact in the international
markets.
They have two manufacturing locations in India and one in Germany. Venus
is top class manufacturer of Oncological and Cefelosporine Injectable products
following EU-GMP norms for all is activities.
They reach out to all the significant markets across South Asia and our
sales force is a highly dynamic team working to deliver the ideas and products
to the market at great speed. Their contract manufacturing of this product
provides great value to major marketing companies of the world working in India
and the Europe.
Last but not the least; they are deeply committed to alleviate human suffering in the most ethical manner.
Subject was born in the early nineties with a passion similar to Goddess 'VENUS' to provide invaluable service to mankind by manufacturing quality, affordable medicines, advancing the frontiers of medicine constantly to deliver life saving therapies to the patients well within their reach. Ever since its inception, the company has adopted a focused approach but with diversified strategies to beat the competition and ensure a place for itself in the immensely competitive and research driven pharmaceutical industry.
The strategy to focus on niche segments and intensive R & D efforts have started yielding results and helped company gain market share and launch value added products in the market. Regular emphasis on creating world class infrastructure has given the necessary impetus for growth. At Venus, growth is a culture ... and success a journey.
NEWS:
VENUS
MEDICINE RESEARCH CENTRE GETS DSIR REGISTRATION
DATED:
September 9th 2008
It gives us great pleasure to inform you of another land
mark achievement of Venus. It is a matter of great pride for Venus Medicine
Research Centre to have secured the recognition from the Department of Scientific and Industrial
Research (DSIR), a functionary
of Ministry of Science & Technology, Government of India, New Delhi.
Our Research Centre is now a Recognized centre for
development of globally competitive Technologies of high commercial potential.
This recognition puts Venus amongst the list of selected Pharmaceutical
Companies with a Government recognized Research & Development centre. It
not only enhances the value addition in terms of recognition of our
capabilities and creativity, but also brings with it a number of tax and duty
exemptions as well.
The Company would now be enjoying a weighted Tax deduction
of 150% on its R&D expenses along with complete exemption of duties on
import of materials / equipments and machines for R&D purpose. The
additional advantage in the form of accelerated depreciation allowance on Plant
& Machinery set up for indigenous technology and excise duty waiver on
goods produced on indigenous technologies would also accrue to the company.
The Company's Research institute has captured this
accreditation within eight months of its inauguration at Baddi Campus which
will provide additional impetuous to the future growth and development plans of
the Research centre and overall growth plans of the Company.
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.47.82 |
|
UK Pound |
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.65.56 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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 |
|