MIRA
INFORM REPORT
|
Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
|
Name : |
EAST INDIA PHARMACEUTICAL WORKS LIMITED |
|
|
|
|
Registered Office : |
6 Little |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
27.04.1936 |
|
|
|
|
Com. Reg. No.: |
008598 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24231WB1936PTC008598 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALE00068F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE5779P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Chemicals and Pharmaceuticals. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1293480 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having fine track.
Trade relations are fair. Available information indicates satisfactory
financial responsibility of the company. General financial position is
satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
6 Little |
|
Tel. No.: |
91-33-22872262/ 3004/ 3007/ 3009/ 3041/ 22830709 |
|
Fax No.: |
91-33-22873853/ 4289 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Andhra
Pradesh Industrial Plot No: 148, 149 and150 , IDA , Mallapur
Hyderabad - 500 076 Telephones: 91-40-27178430 Tele Fax : 91-40-27178430 E. mail : eipwl@rediffmail.com Karnataka 1, Tele Fax : 91-80-2916411 Durga Niwas, Telephones: 91-612-2226266 / 2222839 Tele Fax : 91-612-226178 E-Mail: eipwl_ambala@eastindiapharma.org 3620 / 21, Netaji Subhas Marg, Daryaganj, Telephones : 91-11-23262150 / 23283408 Tele Fax : 91-11-3273985 Haryana 105, The Mall, P.B. No. 63, Ambala Cantt. – 133 001 Phones : 91-171-22643280 / 22630277 Tele Fax: eipwl_ambala@eastindiapharma.org E-Mail: eipwl_ambala@eastindiapharma.org Nilamoni Phukan Path, Christian Basti, Guwahati– 781 001 Telephones: 91-361-2340746 / 2340747 / 2600030 Email:eipwl_ghy@sify.com
Plot No. 1108, Holding No. 417/C/1, Vikash Nagar,
Badambari, Phones : 91-671-2316782 / 2322175 Tele Fax: 91-0671-2316782 E-Mail: eipwl_cuttack@eastindiapharma.org Uttar
Pradesh Aishbagh, Phones : 91-522-2692077 \ 2691704 Tele Fax :91-522-223404 19 / 1, Prince Rahimuddin Lane, Phones: 91-33-24243198 \ 24248716 Tele Fax: 91-33-24248716 E-Mail: eipwl_kolkata@eastindiapharma.org Phones : 91-353-2561679 Tamil
Nadu 23, Phones : 91-44-26446140 / 26475312 Tele Fax : 91-44-26446140 E-Mail: eipwl_chennai@eastindiapharma.org Kerala Kenson Colony No. 9, Door No. XLI/470, (Old No. 39/120), Phones :91-484-2351467 Madhaya
Pradesh 746 / 1, Phones : 91-761-2314040 / 2504622 Tele Fax : 91-761-314040 E-Mail: eipwl_jabalpur@eastindiapharma.org Rajasthan Phones :91-141-2373292/2378341 |
|
|
|
|
Factory : |
|
DIRECTORS
|
Name : |
Mr. Amit Kumar Sen |
|
Designation : |
Director |
|
Address : |
63 |
|
Date of Birth/Age : |
06.04.1943 |
|
Date of Appointment : |
01.08.2002 |
|
|
|
|
Name : |
Mr. Dipankar Dutta Gupta |
|
Designation : |
Managing Director |
|
Address : |
Government Housing Estate, Block 2, Flat No.15 |
|
Date of Birth/Age : |
27.10.1950 |
|
Date of Appointment : |
01.08.2002 |
|
|
|
|
Name : |
Mr. Bhaskar Prasad Gupta |
|
Designation : |
Director |
|
Address : |
245 |
|
Date of Birth/Age : |
11.11.1940 |
|
Date of Appointment : |
19.09.2003 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Probir Ray |
|
Designation : |
Director |
|
Address : |
10 Securin |
|
Date of Birth/Age : |
19.04.1944 |
|
Date of Appointment : |
25.07.2005 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Ram Narayan Mukherjee |
|
Designation : |
Director |
|
Address : |
4C, |
|
Date of Birth/Age : |
03.02.1927 |
|
Date of Appointment : |
17.09.2004 |
|
|
|
|
Name : |
Mr. Ranbir Mukherjee |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
03.12.1928 |
|
Date of Appointment : |
17.09.2004 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Samir Bhattacharya |
|
Designation : |
Director |
|
Address : |
Proressor Department of Zoology |
|
Date of Birth/Age : |
21.11.1942 |
|
Date of Appointment : |
26.05.2005 |
|
Email : |
|
|
|
|
|
Name : |
Mrs. Saroj Kumar Gupta |
|
Designation : |
Director |
|
Address : |
4, |
|
Date of Birth/Age : |
05.12.1929 |
|
Date of Appointment : |
16.09.2005 |
|
Email : |
|
|
|
|
|
Name : |
Mrs. Subrata Das Gupta |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
04.08.1934 |
|
Date of Appointment : |
19.09.2003 |
|
|
|
|
Name : |
Mrs. Suman Ghosh |
|
Designation : |
Director |
|
Address : |
EC 165 |
|
Date of Birth/Age : |
12.12.1943 |
|
Date of Appointment : |
17.09.2004 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Sukumar Bhattacharya |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
01.04.1923 |
|
Date of Appointment : |
19.09.2003 |
|
|
|
|
Name : |
Mrs. Usha Ranjan Ghatak |
|
Designation : |
Director |
|
Address : |
23 B, Naktala Lane, ( |
|
Date of Birth/Age : |
26.02.1931 |
|
Date of Appointment : |
20.09.2002 |
|
|
|
|
Name : |
Mr. Raban Sengupta |
|
Designation : |
Director |
|
Address : |
72, |
|
Date of Birth/Age : |
05.12.1943 |
|
Date of Appointment : |
22.05.2007 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Samir Bhattacharya |
|
Designation : |
Director |
|
Address : |
Diganta Palli, Santiniketan 731235, West |
|
Date of Birth/Age : |
21.11.1942 |
|
Date of Appointment : |
26.05.2005 |
|
Email : |
KEY EXECUTIVES
|
Name : |
Mr. Nirjhar Mukhopadhyay |
|
Designation : |
Company Secretary |
|
Address : |
18 Borodighir Dhar Chandan Nagar, Hooghly, West |
|
Date of Birth/Age : |
24.09.1957 |
|
Date of Appointment : |
14.06.1994 |
|
Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate |
|
37.00 |
|
Directors or relatives of directors |
|
14.00 |
|
Other top fifty (50)shareholders |
|
49.00 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Chemicals and Pharmaceuticals. |
|
|
|
|
|
|
Products : |
ITC CODE |
Product Description |
|
30049029 |
Iodochlorohydroxyquinoline |
|
|
30049084 |
Enzzzyme Syrup |
|
|
30045010 |
Iron Syrup |
|
PRODUCTION STATUS (As on 31.03.2008)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
BULK DRUGS |
Kg |
730700 |
638700 |
NA |
|
(i) Captive consumption |
Kg |
NA |
NA |
386859 |
|
(ii) Sales |
Kg |
NA |
NA |
7010 |
GENERAL INFORMATION
|
Bankers : |
53,
8,
|
|
|
|
|
|
|
Facilities: |
Particular |
31.03.2008 (Rs.in
Millions) |
|
SECURED LOAN: From United Bank of Froim The Hongkong and Shanghai Banking Corporation Limited From United Bank of From United Bank of (All the above are secured by hypothecation of stock and book debts. In
addition, the Company’s immovable properties at Sarsuna, Pathakpara and From Kotak Mahindra Prmus Limited (Secued against hypothecation of Vehicles financed by them) From ICICI Bank (Secured against hypothecation of Vehicles financed by them) From HDFC Bank (Secured against hypothecation of Vehicles financed by them) From Small Industries Development Bank of (under Direct Discounting Scheme) |
67.105 15.650 8.476 38.557 0.011 1.864 0.353 4.721 |
|
|
Total |
136.737 |
|
|
UNSECURED LOAN: From Public Deposit Scheme |
30.110 |
|
|
Total |
30.110 |
|
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
|
|
Auditors : |
Sukumar Bhattacharya |
|
|
|
Chartered Accountant |
|
|
|
|
|
|
Auditors : |
A B Chaudhuri |
|
|
|
Chartered Accountant |
|
|
|
|
|
|
Auditors : |
UM Chaudhuri and Company |
|
|
|
Chartered Accountant |
|
|
Address : |
35-B, |
|
|
|
|
|
|
Subsidiaries : |
Qasar Healthcare Private Limited U99999WB1993PTC058605 |
|
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4450765 |
Equity Shares |
Rs.10/- each |
Rs. 44.507
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4450080 |
Equity Shares |
Rs.10/- each |
Rs. 44.500
Millions |
|
|
Less : call unpaid |
|
Rs. 0.003
Million |
|
|
Total |
|
Rs. 44.497 Millions |
Note
Of the above shares 43, 40,080 ordinary shares
were issued as fully paid up Bonus shares by capitalization of capital Redemption
Reserve and General Reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
44.497 |
44.497 |
44.497 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
214.199 |
200.434 |
184.715 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
258.696 |
244.931 |
229.212 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
136.740 |
112.464 |
129.938 |
|
|
2] Unsecured Loans |
30.110 |
31.195 |
0.000 |
|
|
TOTAL BORROWING |
166.850 |
143.659 |
129.938 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
425.546 |
388.590 |
359.150 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
151.475 |
132.582 |
69.884 |
|
|
Capital work-in-progress |
0.000 |
4.353 |
11.851 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.240 |
0.240 |
0.240 |
|
|
DEFERREX TAX ASSETS |
9.854 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
206.100
|
184.151
|
198.862 |
|
|
Sundry Debtors |
195.850
|
140.837
|
135.726 |
|
|
Cash & Bank Balances |
45.607
|
50.581
|
71.979 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
54.955
|
41.811
|
44.579 |
|
Total
Current Assets |
502.512
|
417.380 |
417.380
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
238.535
|
165.965 |
173.971 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
238.535
|
165.965 |
173.971 |
|
|
Net Current Assets |
263.977
|
251.415 |
277.175 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Others |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
425.546 |
388.590 |
359.150 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
|
Sales Turnover |
|
1031.211 |
911.719 |
|
|
Other Income |
|
5.249 |
35.677 |
|
|
Total Income |
|
1036.460 |
947.396 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
38.293 |
28.700 |
|
|
Provision for Taxation |
|
12.813 |
1.237 |
|
|
Profit/(Loss) After Tax |
|
25.480 |
27.463 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
|
548.552 |
509.122 |
|
|
Raw Material Consumed |
|
316.643 |
287.959 |
|
|
Excise Duty |
|
96.605 |
84.526 |
|
|
Increase/(Decrease) in Finished Goods |
|
(4.631) |
4.216 |
|
|
Interest |
|
16.868 |
13.224 |
|
|
Depreciation & Amortization |
|
24.130 |
19.649 |
|
|
Total Expenditure |
|
998.167 |
918.696 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
2.46
|
2.89 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.71
|
3.15 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.47
|
0.07 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.13 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.92
|
0.72 |
2.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
2.51 |
0.76 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24231WB1936PTC008598 |
|
Name of the
Company |
EAST INDIA PHARMACEUTICAL WORKS LIMITED |
|
Address |
6 Little |
|
This form is for |
Modification of Charge |
|
Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Others: Stocks |
|
Particulars of
the charge holder |
United Bank of 53, |
|
Nature or
description of the instrument(s) creating or modifying the charge |
By this
Modification the overall limit has been enhanced to Rs.201.400 Millions in
which UBI’s Share has been increase to Rs.169.900 Millions as cash credit
Rs.76.500 Millions, Term Loan (I) Rs.23.100 Millions, LC (I and F) Rs.20.500
Millions, LG Rs.4.800 Millions, Term Loan (II) Rs.45.000 Millions and HSBC’s
Share remains same Rs.31.500 Millions as Fund based Rs.18.500 Millions and
Non Fund based Rs.13.000 Millions over Hypothecation of Stock, Book Debts,
Plant and Machinery and Equitable Mortgage by Deposit of Title Deeds at
Sarsuna PS Behala, 24 PGS South. |
|
Date of the
instrument creating or modifying the charge |
31.03.2007 |
|
Amount secured by
the charge |
Rs.201.400
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: UBI’s Rate of
Interests As:- Cash Credit at BPLR i.e. Presently 12.5% p.a. at monthly based
subject to change from time to time. The interests shall have to be services
as and when charged. Term Loan (I) 9.5% p.a. (Fixed) at monthly rest. The
Interests shall have to be serviced as and when charged (No Charged). Term
Loan (II) 9.5% at monthly rest with reset option after three years at a
mutually agreed rate depending on the market Trend. Terms of
Repayments: UBI’s Term Loan
(I) As Existing Repayable In 11 More quarterly Installments of Rs.2.100
Millions each. With next installment due in September 06. Term Loan (II)
Repayable in 20 Equal Quarterly Installments of Rs.2.250 Millions each,
Commission from June 2007 and Ending in March 2012 Margin: UBI’s Stock 35% Book Debts 50% LC (I and F) Nil LG Nil 100% for
guarantee against disputed liabilities. Extent and
operation of the charge: UBI’s Term Loan
(II) Rs.4.500 Millions For Implementation of Phase (II) of Schedule of GMP
Norms with project cost of around Rs.65.100 Millions |
|
Short particulars
of the property charged (including location of the property) |
Stocks of Raw Materials
as all kinds of patent medicines, Stocks of ampulses, book debts and Plant
and machinery stored in to the premises at kolkata at sursuna, Behala,
Pathakpara, Durgapur or where ever else and also mortgage by deposit of title
deeds of immovable properties at sarsuna PS: Behala District 24 PGS (S). |
|
Particular of the
present modification |
The overall joint
charge limit has been enhanced to Rs.1.400 Million in which UBI’s (Lead Bank)
Share Increased to Rs.169.900 Millions As:- Cash Credit Rs.76.500 Millions,
Term Loan (I) Rs.23.100 Millions, LC (I and F) Rs.20.500 Millions, LG
Rs.4.800 Millions, Term Loan (II) Rs.45.000 Millions and HSBC’s Share Remains
same Rs.31.500 Millions As Fund based Rs.18.500 Millions and Non Fund based
Rs.13.000 Millions over hypothecation of stocks, book debts, Plant and
Machinery and equitable mortgage by deposit of title deeds at sarsuna behala
24 PGS South. |
|
Name of the company |
EAST INDIA PHARMACEUTICAL WORKS LIMITED |
|
Presented By |
The Hongkong and
Shanghai Banking Corporation 8 Netaji Subhas
Road, Kolkata – 700001, |
|
1) Date and description of instrument creating the change |
Unattested Joint
Deed of Hypothecation over stocks end book debts dated 11 November, 1986 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.500 Millions By the Hongkong
and Shanghai Banking Corporation and Rs.20.135 Millions by United Bank of Aggregate overall
limit of Rs.29.635 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Company’s entire
stocks of raw materials, stocks in- process, finished goods, store/ spares
etc. at All Present and
future Book Debts, Outstanding, bills, moneys receivable |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
It is expressly
agreed and warranted that the hypothecation of charge hereby constituted is and
shall be a first charge and security over the said securities and no other
charge any kind whether legal or equitable is or has been or shall be
created. Interests at the
rate of 7.5% over Reserve Bank of India rate for advance to the schedule
Banks against Government securities minimum 17.5% per annum on the daily
balance should be charged provided however that the Bank shall at any time
and from time to time be entitled to give notice of its intention to charge
and may thereafter charge interests rates as the Bank may Specify. |
|
5) Name and Address and description of the person entitled to the charge. |
The Hongkong and
Shanghai Banking Corporation 8, United Bank of 53 Shyama Prasad,
|
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
DIRECTORS’ REPORT
In view of the encouraging results, the
Directors propose to pay dividend @ 22.5% which will absorb Rs.10.011 millions and
tax thereon of Rs. 1.701 million leaving a balance of Rs.13.766 millions to be
carried to balance for adding to General Reserve.
They have been reporting to you about the
refurbishing of their factories in the reports for the last 3 years. The
refurbishing for the Sarsuna Factory has been completed. They are now drawing
up the blue print for the next phase. Their Durgapur Planthas also undergone a
total revamp. This has been concluded and the factory has started producing
lodochlorohydroxyquinoline which has been found to be of better quality. They
have shut down their Pathakpara Factory and Transferred the manufacturing of
Colloidal Iron to their Durgapur Factory. This is now being produced from their
Durgapur Factory after having obtained the necessary approval from Regulatory
Authorities. All the employees of Pathakpara Factory have been redeployed at
the Sarsuna Factory.
As reported in the last year report,
Prostaline for Prostate hyperplasia under licence from the Indian Institute of
Chemical Biology and Glucovedic, a hebal diabetic preparation have been
manufactured and they were formally launched by Dr. Mashelkar – former Director
General of CSIR and one of the foremost scientists of
VAT – has been introduced throughout India –
few states like Gujarat has imposed an additional 1% levy, while Orissa has
imposed 1 % Entry Tax under VAT Act and Kerala has imposed an additional
1 % cess on VAT to be borne by the company. All these have lead to a lot
of confusion on how to calculate an uniform M.R.P. and as a result, the concept
of uniformity is being eroded.
In the current year, they may have to face a
lot of hurdles due to double digit inflation as a result of which the prices of
all raw materials are rising by leaps and bounds. However, under Government
regulations, the price of their products cannot be increased unilaterally in
many cases. They are seized of this fact and are trying to minimize the impact
of rising costs, but at the year, this might have an adverse effect on the
profitability of the company.
The much awaited NATIONAL PHARMA POLICY is yet
to see the light of the day. The Group of Ministers set up by the Government
for this purpose is yet to make their recommendation. The proposal in its
current form envisages increasing the scope of price control. NNPA is trying to
control the prices of the decontrolled drugs without monitoring the prices of
basic raw material. Their restricts the industry’s ability to cope with
increased costs in an extremely competitive market. Their restricts the
industry’s ability to cope with increased costs in an extremely competitive
market. In view of inflation, price monitoring could be a better option,
balancing affordability and investments into continuous improvement of product
quality.
Perhaps, the time is ripe for the Government
to take a new look into policy and IPR issues before the introduction of the
product patenet regime. Today, foreign investors look at
The changing socio economic scenario has
brought about better health w=awareness, changing life-style and increasing
disposable income should lead to greater spending in healthcare creating
further opportunities for the industry.
Ina major development in the budget this year
Excise Duty was reduced from 16% to 8%. But actual reduction in MRP was 4.58%
only as the budget also changed the norms for calculating excise duty.
Exports during the year was Rs.4.578 millions against
Rs.3.225 millions for the previous year.
The total deposits under the Public Deposit
Scheme as on 31st March, 2008, was Rs.30.100 millions (previous
Rs.31.200 millions ) ans total no.of deposits were 2073 (previous years 2146).
A sum of Rs. 1.100 millions was paid on maturity. There were no unpaid
deposits.
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.47.08 |
|
|
1 |
Rs.71.17 |
|
Euro |
1 |
Rs.66.98 |
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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 |
|