MIRA
INFORM REPORT
|
Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ERAWAT PHARMA LIMITED |
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Registered Office : |
302, Anu Apartments, 21/22, Shankar Nagar, Saket Anex, Indore – 452
018, Madhya Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.03.1993 |
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Com. Reg. No.: |
7538 |
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CIN No.: [Company
Identification No.] |
U02423MP1993PLC007538 |
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IEC No.: |
1104004011 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLE00157D |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Empty Hard Gelatin Capsules. |
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 144000 |
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Status : |
Satisfactory |
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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 satisfactory track. Trade
relations are fair. General financial position is moderate. 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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mangesh Gupta |
|
Designation : |
Chartered Accountant |
|
Contact No.: |
91-9406827176 |
|
Date : |
11.06.2008 |
LOCATIONS
|
Registered Office : |
302, Anu Apartments, 21/22, Shankar Nagar, Saket Anex, Indore – 452
018, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2566020/ 2556036/2566024 |
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Mobile No.: |
91-9826033179 |
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Fax No.: |
91-731-2560929 |
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E-Mail : |
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Website : |
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Area : |
800 sq. ft. |
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Location : |
Owned |
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Factory : |
512, Industrial Area No. 3, Pithampura, District Dhar – 454 744,
Madhya Pradesh, India |
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Tel. No.: |
91-7292-256243 |
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E-Mail : |
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Area : |
80000 sq. ft. |
|
Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Hem Chandra Jain |
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Designation : |
Managing Director |
|
Address : |
29-30, Utkarsh Vihar Colony, Indore, Madhya Pradesh, India |
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Date of Birth/Age : |
57 Years |
|
Qualification : |
M. E. and B. E. (Mech) |
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Experience : |
30 Years |
|
Profile : |
Mr. H.C. Jain is Managing
Director of Erawat Pharma Limited. He is a Mechanical Engineer with around 30
years of experience in engineering & empty gelatin capsules
manufacturing, a rare combination. |
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|
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|
Name : |
Mr. Abhishek Jain |
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Designation : |
Director |
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Address : |
29-30, Utkarsh Vihar Colony, Indore, Madhya Pradesh, India |
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Date of Birth/Age : |
30 Years |
|
Qualification : |
B. E. (Mech) |
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Experience : |
8 Years |
|
Profile : |
B.E. (Mech.) having 6 years
rich experience of manufacturing and management of the same company. |
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|
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|
Name : |
Mr. Mukesh Shah |
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Designation : |
Director |
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Address : |
3 The Drive Vally, Middle Sex, UK |
|
Date of Birth/Age : |
58 Years |
|
Experience : |
30 Years |
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|
Name : |
Mr. Vasant H. Solanki |
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Designation : |
Director |
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Address : |
Deepak Jyoti Tower, Ambewadi, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
57 Years |
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Qualification : |
M. E. (Mech) |
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Experience : |
31 Years |
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Profile : |
B.E. (Mech.); M.Tech.
(Design) having more than 31 years of experience as Designer. He has been
managing technical departments and technology in Senior Cadre. |
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Name : |
Mr. Vinod Kataria |
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Designation : |
Director |
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Address : |
B-5, Green Valley, Navrangpura, Ahmedabad, Gujarat, India |
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Date of Birth/Age : |
55 Years |
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Qualification : |
B. E. (Electrical) |
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Experience : |
32 Years |
|
Profile : |
B.E. (Electrical)
having 32 years of experience in General Management & Project Consultant. |
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Name : |
Mr. D S Sodhi |
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Designation : |
Director |
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Address : |
42, Kamlesh, Sher-E-Punjab Society, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
60 Years |
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Qualification : |
B. E. (Mech) |
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Experience : |
36 Years |
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Profile : |
B.E. (Mech.) having
around 36 years of experience in manufacturing, marketing & general
management at top level. |
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|
Name : |
Mr. Raj Damodar Kirtani |
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Designation : |
Director |
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Address : |
Bengali Square, Indore, Madhya Pradesh, India |
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Date of Birth/Age : |
57 Years |
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Qualification : |
LLB, IFCWA, AIAM, AMIMA, DCP M. B. I. |
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Experience : |
30 Years |
|
Profile : |
L.L.B, I.F.C.W.A. AIAM,
AMIMA D.C.P. Having 30 years experience in Finance & Cost Accounting. |
KEY EXECUTIVES
|
Name : |
Mr. Amit Jain |
|
Designation : |
Executive Officer (Sales and Marketing) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Mrs. Meena Jain |
|
49500 |
|
Mr. Hem Chandra Jain |
|
209200 |
|
Mr. Abhishek Jain |
|
102700 |
|
Mr. Vasant H Solanki |
|
457500 |
|
Mr. Birendra Kumar Jain |
|
18800 |
|
Mr. Ravindra Kumar Jain |
|
10500 |
|
Mr. Nirmal Kumar Jain |
|
15200 |
|
Mrs. Kanta Devi Jain |
|
15000 |
|
Mr. Harish Kumar Jain |
|
7000 |
|
Mr. Hiramani Jain |
|
3000 |
|
Hem Chandra Jain – HUF |
|
55800 |
|
Jhanjhari Sons Leasing and Investment Private Limited |
|
600700 |
|
Erawat Engineering Private Limited |
|
571000 |
|
Mrs. Anita Jain |
|
10500 |
|
Mrs. Sushila Solanki |
|
72500 |
|
Mr. Mayur Shah and Mr. Gopal M Shah |
|
30000 |
|
Mr. Savant Tongya |
|
1500 |
|
Mr. Santosh Tongya |
|
1500 |
|
Emralled Finance |
|
150000 |
|
Mr. C P Mishra |
|
6000 |
|
Mr. Mayur and Mr. Mukesh Shah |
|
25000 |
|
Mr. Vinod Kataria |
|
15000 |
|
Mr. L K Bhandari |
|
40000 |
|
Mr. R B Gajra |
|
150000 |
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Mrs. Rita R Gajra |
|
150000 |
|
R B Gajra – HUF |
|
200000 |
|
Mr. Abhijeet Jain |
|
102700 |
|
Mrs. Nancy Jain |
|
54500 |
|
Mrs. Maina Jain |
|
10000 |
|
Mr. Rahul Jain |
|
5000 |
|
Mr. Kapil Jain |
|
5000 |
|
Mr. Amit Jain |
|
5000 |
|
Zankar Leasing and Financing Private Limited |
|
24000 |
|
Strerred Assets Stablization Funds |
|
600000 |
|
Mr. Gopal Das Montri |
|
10000 |
|
Mrs. Hema Vyas |
|
17500 |
|
Mr. Abhay Sharma |
|
10000 |
|
Mrs. Krishna Sharma |
|
10000 |
|
Mr. Manoj Sharma |
|
17500 |
|
Mr. Sambhulal Rathi |
|
10000 |
|
Mrs. Manish Maheshwari |
|
6700 |
|
Mrs. Girija Shankar |
|
14200 |
|
Mr. Krishna Shankar |
|
14200 |
|
Mr. Amrish Maheshwari |
|
6700 |
|
Mr. Aditya Vyas |
|
14200 |
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Mr. Sumit Jhawar |
|
6700 |
|
Mrs. Anjani Sharma |
|
17500 |
|
Mr. Vinod Sharma |
|
20800 |
|
Mr. Mohanlal Sharma |
|
10000 |
|
Sagittarious Securities and Finance Limited Trading Company |
|
20000 |
|
Mrs. Sarita Sharma |
|
7500 |
|
Mohanlal Anandilal Sharma - HUF |
|
7500 |
|
Girija Shankar Anandilal Sharma – HUF |
|
7500 |
|
Balaji Resource and Trading Limited |
|
35000 |
|
Anant Machines and Equipment Private Limited |
|
219700 |
|
Mr. Amit Jain |
|
102700 |
|
Preferences Shares |
|
|
|
Mr. Hem Chandra Jain |
|
10000 |
|
Mrs. Meena Jain |
|
10000 |
|
Mr. Abhishek Jain |
|
7500 |
|
Mr. Abhijeet Jain |
|
7500 |
|
Mr. Amit Jain |
|
2500 |
|
Hem Chandra Jain - HUF |
|
10000 |
|
Mrs. Nancy Jain |
|
12500 |
|
Total |
|
4420000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investor(s), Foreign Companie(s)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
corporate bodies or Others |
|
4.00 |
|
Bodies corporate (Not mentioned above) |
|
31.00 |
|
Directors or relatives of directors |
|
39.00 |
|
Other top fifty (50) shareholders (Other than Listed above) |
|
15.00 |
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Nationalised or other banks |
|
11.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Empty Hard Gelatin Capsules. |
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Products : |
Empty Hard Gelatin Capsules |
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Exports : |
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Products : |
Empty Hard Gelatin Capsules |
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Countries : |
Sri Lanka, Malaysia, Bangladesh
Netherlands, Africa, Philippines, Jakarta, Dubai, Nepal. |
PRODUCTION STATUS
|
Particulars |
|
|
Installed
Capacity |
Actual
Production |
|
|
|
|
|
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|
Empty Hard Gelatin Capsules |
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|
1600 million
capsule p.a. |
12780.31 lacs |
GENERAL
INFORMATION
|
No. of Employees : |
Around 70 |
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Bankers : |
Þ Bank of India Palajia Branch, Indore, Madhya Pradesh,
India Þ Industrial
Development Bank of India Þ ICICI Bank
Limited |
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Facilities : |
Credit Limit: Rs. 2.700 millions Secured Loans (Rs.
in millions)
Unsecured Loans (Rs.
in millions)
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Banking
Relations : |
Satisfactory |
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Auditors : |
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|
Name : |
Mahesh Virendra and Company Mahesh Gupta Chartered Accountants |
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Address : |
59A, Saket Nagar, G-1, Baldev Apartment, Indore, Madhya Pradesh, India
|
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Tel. No.: |
91-731-2565731/ 2566020 |
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Mobile No.: |
91-9406827176 |
CAPITAL STRUCTURE
As on 22.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5400000 |
Equity Shares |
Rs. 10/- each |
Rs. 54.000 Millions |
|
200000 |
Preferences Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
|
|
Total |
|
Rs. 56.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4360000 |
Equity Shares |
Rs. 10/-
each |
Rs. 43.600
Millions |
|
60000 |
Preferences Shares |
Rs. 10/-
each |
Rs. 0.600 Million |
|
|
Total |
|
Rs. 44.200 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
44.200 |
34.200 |
25.550 |
|
|
2] Share Application Money |
2.650 |
2.820 |
2.650 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[4.181] |
(1.045) |
(70.052) |
|
|
NETWORTH |
42.669 |
35.975 |
(41.852) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10.663 |
27.933 |
154.396 |
|
|
2] Unsecured Loans |
17.628 |
14.989 |
13.503 |
|
|
TOTAL BORROWING |
28.291 |
42.922 |
167.899 |
|
|
DEFERRED TAX LIABILITIES |
12.959 |
13.213 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
83.919 |
92.110 |
126.047 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
62.263 |
66.036 |
63.806 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
25.828 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.739
|
12.906 |
11.301 |
|
|
Sundry Debtors |
22.735
|
19.218 |
23.938 |
|
|
Cash & Bank Balances |
0.108
|
0.242 |
0.385 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2.217
|
3.543 |
8.350 |
|
Total
Current Assets |
35.799
|
35.909 |
43.974 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
15.085
|
10.957 |
7.582 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
15.085
|
10.957 |
7.582 |
|
|
Net Current Assets |
20.714
|
24.952 |
36.392 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.942 |
1.122 |
0.021 |
|
|
|
|
|
|
|
|
TOTAL |
83.919 |
92.110 |
126.047 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
77.795 |
68.312 |
83.539 |
|
|
Other Income |
0.340 |
0.207 |
0.155 |
|
|
Total Income |
78.135 |
68.519 |
83.694 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
(3.389) |
(108.048) |
(13.590) |
|
|
Provision for Taxation |
(0.254) |
(39.041) |
(6.311) |
|
|
Profit/(Loss) After Tax |
(3.135) |
(69.007) |
(7.279) |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
0.000 |
1.264 |
0.000 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
0.000 |
0.000 |
0.000 |
|
|
Manufacturing Expenses |
20.028 |
16.498 |
23.034 |
|
|
Administrative Expenses |
7.964 |
9.021 |
10.944 |
|
|
Raw Material Consumed |
39.950 |
35.047 |
40.728 |
|
|
Interest |
0.000 |
0 |
0.000 |
|
|
Depreciation & Amortization |
4.986 |
4.743 |
4.483 |
|
|
Employee Cost |
7.300 |
6.219 |
5.034 |
|
|
Financial Cost |
0.729 |
0.204 |
19.782 |
|
|
Preliminary Expenses |
0.010 |
0.010 |
0.010 |
|
|
Deferred Revenue Expenses |
0.235 |
0.000 |
0.000 |
|
|
Fringe Benefit Tax |
0.060 |
0.091 |
0.000 |
|
|
Increase or decrease of stocks |
0.262 |
0.547 |
[6.731] |
|
|
Other Expenditure |
0.000 |
104.187 |
0.000 |
|
Total Expenditure |
81.524 |
176.567 |
104.015 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[4.34]
|
[100.71] |
(8.65) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[4.36]
|
[158.16] |
(16.17) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[3.76]
|
[105.98] |
(12.60) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.08]
|
[3.00] |
(4.19) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.01
|
1.49 |
(3.19) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
3.28 |
5.79 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
Þ
Hemas Healthcare
Þ
Prime Pharmaceuticals
Þ
Eskayei
Þ
Caps and Chemicals, Dewas Naka, Indore, Madhya Pradesh, India
Þ
Anil Enterprises, 225 Hemilton Road, Indore, Madhya Pradesh, India
Þ
Syncom Formulation, Dawa Bazar, Indore, Madhya Pradesh, India
Þ
Aristo Pharmaceutical Limited, Mumbai
Þ
Cadila Pharmceutical Limited, Vadodhara
The Company’s Fixed Assets of important value
includes:
Þ Lease Hold Land
Þ Building
Þ Furniture and Fixtures
Þ Electrical Installations
Þ Plant and Machinery
Þ Computer
Þ Lab Equipments
Þ Car
Þ Utensialls
Þ Tata Sumo
Þ Alto Car
Þ Pager
Þ EPABX and Telephone
Þ ETP Plant Poll
Þ Maturi 800Car
As Per Web
Introduction
Subject is an integral part of Erawat Group
and is involved exclusively in manufacturing and marketing of "Empty Hard
Gelatin Capsules". EPL is launched and handled by well-experienced
team of technical and professional people committed to provide the Domestic and
International Pharmaceutical Industry with Capsules best suited for "High
Speed Automatic Filling Machines".
History
The group came in existence with start of an
Engineering Industry named Erawat Engineering Private Limited in 1989 at
Pithampur (Madhya Pradesh) In this unit we have developed Automatic Capsule
Making Plant, Capsule Printing Machines and Equipments for research in Center
of Advance Technology (Department of Atomic Energy) as per their demand. Erawat
Engineering has also supplied Automatic Capsule making plants to other capsule
manufacturers.
Locations
Subject is located at
Pithumpur Industrial Area, near Indore, the Industrial Capital of Madhya Pradesh.
This place is well connected to all parts of the country and the world.
Their unit is situated right beside ICD
(Inland Container Depot) of Indian Container Corporation (CONCOR), which
is a dry port within Pithumpur Industrial Estate. This facilitates custom
clearance and export of products from here thus reducing the delivery time considerably. The Industrial Estate is
having a culture and environment of quality due to presence of large industrial
houses with latest technology from within and through collaboration with many
developed countries.
Þ
Ajanta Pharma Limited, Mumbai
Þ
Alpa Laboratories Limited, Pigdamber
Þ
Aristo Pharmaceuticals L Imited, Mumbai
Þ
Aurobindo Pharma Limited, Hyderabad
Þ
Dabur India Limited, Sahibabad
Þ
Cadila Healthcare Limited, Ahmedabad
Þ
Cadila Pharmaceuticals Limited, Ahmedabad
Þ
Cipla
Þ
Dindayal Aushadhi Pvt. Limited, Gwalior
Þ
Elysium Pharmaceuticals Limited, Baroda
Þ
Eros Pharma Limited (Micro Labs), Bangalore
Þ
Gracure Pharmaceuticals Limited, Delhi
Þ
Hindustan Antibiotics Limited, Pune
Þ
Ipca
Þ
Karnataka Antibiotics And Pharma. Ltd., Bangalore
Þ
Leben Laboratories Pvt. Limited, Akola
Þ
Litaka Pharmaceuticals Limited, Pune
Þ
Mission Pharmaceuticals Limited, Mumbai
Þ
Medibios Laboratories (P) Limited, Mumbai (Emil)
Þ
Rajasthan Drugs And Pharma Limited, Jaipur
Þ
Sarabhai Chemicals, Baroda
Þ
S.G. Pharmaceuticals, Baroda
Þ
Sidmak Laboratories (India) Limited, Valsad
Þ
Srushti Pharmaceuticals Limited, Bangalore
Þ
Stallion Laboratories Pvt. Limited, Ahmedabad
Þ
Syncom Formulations (India) Limited, Indore
Þ
Skant
Þ
Ttk Healthcare Limited, Chennai
Þ
Vasu Pharmaceuticals Pvt. Limited, Baroda
Þ
Unjha Formulations Limited, Unjha
Bankers Charges
Report as per Registry
|
Name of the company |
ERAWAT PHARMA
LIMITED |
|
Presented By |
Mr. Hemchandra
Jain |
|
1) Date and description of instrument creating the change |
10.02.1998
An Agreement of hypothecation of
movable stocks |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2.000
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 |
All the tangible
movable assets of the Company including in particular all stocks of raw
materials such as gelatine. Food colors additives and finished goods such as
empty Capsule of different sizes and colors stocks in process, stores,
spares, Chemical etc. Wheresover situated and /or in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First charge by
way of hypothecation of tangible movable assets mentioned in items No. 3 and
such assets of the nature described in item No. 3 on are or may at any time be
in possession or power of the Company to secure a demand cash credit of Rs.
2.000 Millions plus interest at the rate of 17% p.a. with quarterly rests or
at such other rates as may be the bank from time to time with power to the |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India,
Palasia Branch, 575/1, M.G. Road, Indore, Madhya Pradesh |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
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.42.90 |
|
UK Pound |
1 |
Rs.83.76 |
|
Euro |
1 |
Rs.65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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/normal. |
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 |
|