MIRA
INFORM REPORT
|
Report Date : |
12.05.2008 |
IDENTIFICATION DETAILS
|
Name : |
FERMENTA
BIOTECH LIMITED |
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Registered Office : |
DIL Complex, Ghodbunder
Road, Thane 400 610, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.07.1986 |
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Com. Reg. No.: |
11-134021 |
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CIN No.: [Company
Identification No.] |
U99999MH1986PLC134021 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00613E |
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PAN No.: [Permanent
Account No.] |
AAACF2503N |
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Legal Form : |
A
closely held public limited liability company |
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Line of Business : |
Manufacturing
of Formulations, Drug, Intermediates and Biocatalyst |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
768000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track. Trade relations are fair. Financial position is good. Payments are usually correct and as per
commitments. The company is faring
well. It can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Dil Complex,
Opposite Vidyapeeth, Ghodbunder Road, Majiwada, Thane [West], 400 610,
Maharashtra, India |
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Tel. No.: |
91-22-55980888 |
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Fax No.: |
91-22-55980999 |
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E-Mail : |
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Website : |
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Administrative Office : |
Duphar-Interfan Limited,
Dil Complex, Opposite Vidyapeeth, S. V. Road, Majiwada, Thane (West) – 400
607, Maharashtra, India |
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Tel. No.: |
91-22-67980888 |
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Fax No.: |
91-22-67980999 |
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E-Mail : |
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Website : |
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Factory
1 : |
Village
Takoli, P. O. Nagwain, District Mandi, Himachal Pradesh – 175 121, India |
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Tel.
No.: |
91-1905-287246 |
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Fax
No.: |
91-1905-287250 |
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E-mail: |
DIRECTORS
|
Name : |
Mr. Vasant Kumar Datla |
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Designation : |
Chairman |
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Address : |
Flat No. 113, Plot No. 2A, Windermere off, Link
Road, Andheri (West), Mumbai 400 058, Maharashtra, India |
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Date of Birth/Age
: |
24.06.1949 |
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Date of
Appointment : |
11.07.1986 |
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Name : |
Mr. Govind Gunanath Desai |
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Designation : |
Director |
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Address : |
Kedar Apartment, 2nd Floor, Bhandar
Lane, Mahim, Mumbai 400 016, Maharashtra, India |
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Date of Birth/Age
: |
04.06.1933 |
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Date of
Appointment : |
03.03.1987 |
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Name : |
Mr. Krishna Vasant Datla |
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Designation : |
Director |
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Address : |
42 – B, Presidency Colony, 8 North South Road,
Juhu, Mumbai 400 049, Maharashtra, India |
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Date of Birth/Age
: |
17.12.1980 |
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Date of
Appointment : |
01.02.2002 |
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Name : |
Mr. Irfan Rafik Bandukwalla |
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Designation : |
Director |
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Address : |
D / 53, Flower Queen, 18 Veera Desai Road,
Andheri (West), Mumbai 400 058, Maharashtra, India |
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Date of Birth/Age
: |
22.08.1971 |
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Date of Appointment
: |
23.08.2003 |
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Name : |
Mrs. Sumanta Banerjee |
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Designation : |
Whole time Director |
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Address : |
701, Palladio, Hiranandani Estate, Off Godbunder
Road, Thane (West) 400 607, Maharashtra, India |
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Date of Birth/Age
: |
17.12.1969 |
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Date of
Appointment : |
23.08.2003 |
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Name : |
Mr. Rajendra Gajtonde |
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Designation : |
Whole time Director |
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Address : |
505, Santoor Society, Lokpuram Thane (West) 400
601, Maharashtra, India |
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Date of Birth/Age
: |
01.06.1962 |
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Date of Appointment
: |
04.10.2004 |
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Name : |
Mr. Satish Varma |
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Designation : |
Director |
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Address : |
Flat No. 704, A/22, Bakers Field, Shastri Nagar,
Andheri, Mumbai 400 058, Maharashtra, India |
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Date of Birth/Age
: |
21.03.1970 |
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Date of Appointment
: |
04.10.2004 |
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Name : |
Mrs. Anupama Vasantkumar Datla |
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Designation : |
Director |
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Address : |
42-B, Presidency Society, 8th North
South Road, Juhu Vile Parle [West], Mumbai 400049, Maharashtra, India |
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Date of Birth/Age
: |
12.06.1978 |
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Date of
Appointment : |
29.03.2007 |
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Directorship in
other Companies: |
Lacto-Cosmetics [Vapi] Private Limited CIN No.: U99999GJ1984PTC008671 Dupen Laboratories Private Limited CIN No. U24239MH1976PTC103955 |
KEY EXECUTIVES
|
Name
: |
Mr.
Rama Subramanian |
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Designation
: |
Company
Sectary |
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Address : |
85 A /
4, Brindavan Society, Majiwade, Thane (West) 400 601, Maharashtra, India |
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Date of Birth/Age
: |
30.07.1966 |
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Date of
Appointment : |
02.08.2004 |
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Name
: |
Mr. V W Rajasekar |
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Designation
: |
Research Group Head |
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Email |
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Name
: |
Mrs.
Prajkta Mandar Deshpande |
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Designation
: |
Company
Secretary |
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Address : |
302,
Sanskriti A, Cosmos Heritage, Chitalsar Manpada, Ghodbunder Road, Thane 400
610, Maharashtra, India |
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Date of Birth/Age
: |
24.03.1980 |
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Date of
Appointment : |
13.01.2007 |
MAJOR SHAREHOLDERS
As on
16.09.2005
|
Names
of Shareholders |
|
No. of Shares |
|
Dr. V.
K. Datla |
|
12 |
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D. G.
Rajan |
|
12 |
|
O.
Swaminatha Reddy |
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12 |
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Dil
Limited |
|
7677500 |
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V. R.
Investment and Finance Private Limited |
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15000 |
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D.
Rajeshwari |
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85338 |
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Govind
Desai and Gunanath Govind Desai |
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2500 |
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Govind
Desai and Damodar Govind Desai |
|
1000 |
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Shaila
G. Desai and Damodar Govind Desai |
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1500 |
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S.
Krishnan |
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10 |
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K. H.
Kashid |
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10 |
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Kumar Subramanian
|
|
10 |
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DVK
Investment Private Limited |
|
87024 |
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Prashant
Kutty |
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20 |
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Rohit
Chugani |
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10 |
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S.
Raman |
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10 |
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S. C.
Uniyal |
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10 |
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Preeti
Datla |
|
3012 |
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Krishna
Datla |
|
27000 |
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K. R.
Kaushal |
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10 |
|
Dupen
Laboratories Private Limited |
|
100000 |
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Total |
|
8000000 |
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Preference Shares |
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|
DIL
Limited |
|
700000 |
Equity
share breakup (percentage of total equity)
|
S.
No. |
Category
|
Percentage |
|
1 |
Bodies corporate |
98.49 |
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2 |
Directors or relatives of directors |
1.50 |
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3 |
Other top fifty (50) shareholders |
0.01 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing
of Formulations, Drug, Intermediates and Biocatalyst |
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Products
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Imports from : |
UK,
Germany and Korea |
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Terms : |
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Purchasing : |
L/C,
D/A or D/P terms |
GENERAL INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Ø
State
Bank of India, Nagwain, Dist Mandi, Himachal Pradesh Ø
The
British Bank of the Middle East |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
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Name : |
A F
Ferguson and Company Chartered
Accountants |
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Address : |
Maker
Towers ‘E’, Cuffe Parade, Mumbai 400 005, Maharashtra, India |
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|
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Name : |
S. R.
Batliboi and Associates Chartered
Accountants |
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Address : |
6th
Floor, Express Tower, Nariman Point, Mumbai 400021, Maharashtra, India |
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Associates: |
Ø Standard Oil Additives Limited Ø
Duphar
Interfran Limited, Thane, Maharashtra, India Ø
Vasvik
Biosearch Private Limited |
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Holding Company |
Dil Limited (Prior August 28,
2003, an associate) |
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Associates/Subsidiaries : |
v G I Biotech Private Limited CIN No.: U24230MH2004PTC148220 v Fermenta Biotech (UK) Limited
United Kingdom |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
9010000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 90.100 Millions |
|
990000 |
Preference
Shares |
Rs. 10/- Each |
Rs. 9.900 Millions |
|
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Total
|
|
Rs. 100.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity
Shares |
Rs. 10/- Each |
Rs. 80.000 Millions |
|
700000 |
Preference
Shares Non-Convertible Preference Shares of Rs.10 each fully paid-up held
by the holding company, DIL Limited, issued on a preferential basis at a
premium of Rs.90 per share. The shares would be redeemed either fully or in
more than one instalment at the option of the company, at any time after 12
months from the date of allotment, i.e. December 23, 2004
but before 84 months from the aforesaid date at a premium of Rs.100 per share
at the end of 12 months or Rs. 110 per share at the end of 24 months or
Rs.120 per share at the end of 36 months and so on. |
Rs. 10/- Each |
Rs. 7.000 Millions |
|
|
Total
|
|
Rs. 87.000 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 |
87.000 |
87.000 |
87.000 |
|
|
2]
Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
105.044 |
66.338 |
66.338 |
|
|
4]
(Accumulated Losses) |
0.000 |
[5.242] |
(53.753) |
|
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NETWORTH |
192.044 |
148.096 |
99.585 |
|
|
LOAN FUNDS |
|
|
|
|
|
1]
Secured Loans |
12.016 |
0.460 |
0.000 |
|
|
2]
Unsecured Loans |
0.000 |
10.120 |
32.443 |
|
|
TOTAL BORROWING |
12.016 |
10.580 |
32.443 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
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|
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TOTAL |
204.060 |
158.676 |
132.028 |
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APPLICATION
OF FUNDS |
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|
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|
FIXED
ASSETS [Net Block] |
83.590 |
75.805 |
69.535 |
|
|
Capital
work-in-progress |
13.817 |
0.963 |
3.446 |
|
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INVESTMENT |
4.524 |
0.140 |
0.040 |
|
|
DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
68.395
|
52.589 |
51.021 |
|
|
Sundry
Debtors |
36.069
|
32.714 |
31.302 |
|
|
Cash
& Bank Balances |
11.572
|
9.205 |
4.469 |
|
|
Other
Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans
& Advances |
15.219
|
10.594 |
10.405 |
|
Total Current
Assets |
131.255
|
105.102 |
97.197 |
|
|
Less : CURRENT LIABILITIES &
PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
27.464
|
22.444 |
34.632 |
|
|
Provisions |
1.662
|
0.890 |
3.558 |
|
Total Current
Liabilities |
29.126
|
23.334 |
38.190 |
|
|
Net Current Assets |
102.129
|
81.768 |
59.007 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
204.060 |
158.676 |
132.028 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales
Turnover |
269.872 |
271.280 |
123.429 |
|
|
Other Income |
10.095 |
1.701 |
15.754 |
|
|
Total
Income |
279.967 |
272.981 |
139.183 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
50.149 |
52.372 |
(48.714) |
|
|
Provision for Taxation |
6.201 |
3.860 |
0.000 |
|
|
Profit/(Loss) After Tax |
43.948 |
48.512 |
(48.714) |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Materials Consumed |
98.443 |
84.306 |
62.697 |
|
|
Consumption of stores and spare parts |
4.892 |
3.787 |
1.473 |
|
|
Increase or decrease in finished goods work in
progress |
(7.354) |
(3.515) |
[14.997] |
|
|
Salaries wages and bonus |
18.677 |
13.819 |
9.771 |
|
|
Managerial remuneration |
1.791 |
0.980 |
1.418 |
|
|
Payment of auditors |
0.792 |
0.838 |
0.622 |
|
|
Interest |
1.897 |
1.612 |
7.438 |
|
|
Insurance Expenses |
2.000 |
1.200 |
1.388 |
|
|
Power and Fuel |
11.165 |
9.045 |
7.707 |
|
|
Depreciation & Amortization |
8.205 |
7.358 |
47.119 |
|
|
Other Expenditure |
89.310 |
101.179 |
63.261 |
|
Total
Expenditure |
229.818 |
220.609 |
187.897 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT /
Total Income |
(%) |
15.69
|
17.77 |
34.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.58
|
19.30 |
39.46 |
|
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|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.34
|
28.94
|
29.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.35 |
0.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.21
|
0.22 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.50
|
4.50 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets
v
Freehold
Land
v
Building
v
Plant
& Machinery
v
Office
Equipment
v
Furniture
& Fixture
v
Vehicles
Form 8
|
Corporation identity number or foreign company registrations number of the company |
U99999MH2001PTC134021 |
|
Name of the company |
FERMENTA BIOTECH LIMITED |
|
Address |
Dil Complex, Ghodbunder Road, Majiwada,
Thane (West) 400 610, Maharashtra, India |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Immovable property |
|
Particular of the charge holder |
Union Bank of India Solitier Tower Manpada, Ghodbunder Road, Thane 400 610, Maharashtra, India |
|
Nature or description of the instrument creating charge |
First schedule of memorandum of deliver and deposit of title deeds of land situated at Mandi Himachal Pradesh |
|
Date of the instrument creating charge |
06.06.2007 |
|
Amount Secure by the charge |
Rs. 70.000 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: Term Loan @ 12.25% Cash Credit @ 11.75% Terms of Repayment: Term Loan Repayable in 48 monthly instalments of Rs. 0.625 million each Margin: Cash credit margin @ 25% of stock and 20% book debts Term Loan @ 30% Extent and operation of the charge: Term loan is operational for 48 months and cash credit operation is perpetual The charge covers all the mentioned property of the company and is applicable to all the present and future borrowings of the company |
|
Particulars of the Property charged |
All the property as mentioned in the second schedule to the memorandum of deposit of title deeds of land belonging to the company situated at Mandi in Himachal Pradesh |
|
Name of the company |
FERMENTA BIOTECH
LIMITED |
|
Presented By |
S. Krishnan , Secretary and Finance Manager |
|
1) Date and description of instrument creating the change |
12.12.1989. Deed of Hypothecation |
|
2) Amount secured by the charge/amount owing on the securities of charge |
The term loan of Rs. 5.000 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 |
The whole of the moveable properties of the company including its movable plant and machinery, machinery spares, tools and accessories and other movable both present and future whether installed or not and whether now lying loose or in cases or which are now lying or stored in or above. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hereafter from time to time during the continuance of the security be brought in to or upon or be stored or be in or about the company’s factories, premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the company or in the course of transit or on high same or on order or delivery howsoever and wheresoever in the possession of the company and either by way of substitution or addition. |
|
5) Name and Address and description of the person entitled to the charge. |
Industrial Finance Corporation of India Bank of Baroda Building, 16, Sansad Marg, New Delhi, India |
|
This form
is for |
Creation
of charge |
|
Corporate
identity number of the company |
U99999MH1986PLC134021 |
|
Name
of the company |
FERMENTA BIOTECH
LIMITED |
|
Address
of the registered office or of the principal place of business in India of the company |
Dil Complex, Ghodbunder Road, Majiwada,
Thane (West) 400 610, Maharashtra, India |
|
Type
of charge |
Book Debts Movable Property |
|
Particular
of charge holder |
Union
Bank of India Solitier
Tower, Manpada, ghodbunder Road, Thane 400310, Maharashtra, India |
|
Nature
of description of the instrument creating or modifying the charge |
Composite
hypothecation deed and hypothecation agreement creating first charge on
goods, stocks, raw materials, plant and machinery, furniture and fixtures, vehicles,
implements whether installed or not and all articles and things lying on
company’s godowns, warehouses and factory situated at Takoli, District Mandi,
Himachal Pradesh, India For
Term Loan upto a limit of Rs. 19.500 Millions only. |
|
Date
of instrument Creating the charge |
15.10.2007 |
|
Amount
secured by the charge |
Rs.
19.500 Millions |
|
Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
[a]
Rate of interest Term
Loan 13.25% [b] Terms
of repayment Term
loan payable in 48 monthly instalments of Rs. 0.406 Million each [c]
Margin Term
Loan 25% [d]
Extent and operation of the charge Term
Loan is operational for 48 months The
charge covers all the above mentioned property of the company and is
applicable for all the present and future borrowings of the company. |
|
Short
particulars of the property charged |
Goods,
Stocks, Raw materials, Plant and Machinery, Furniture and Fixtures, vehicles
implements, whether installed or not and all articles and things lying on
company’s godowns, warehouses and factory situated at Takoli, District Mandi,
Himachal Pradesh, India |
HISTORY
The
company was incorporated on 11th July, 1986 at Mandi in Himachal Pradesh
having Company Registration Number 6933.
The
company shifted its registered office to Mumbai in the year 2000-01 and a new
Company Registration Number 134021 of Mumbai R.O. C. was obtained.
The company is in trade terms with:
v
Vasvik
Biosearch Private Limited
v
The
Industrial Finance Corporation of Indian Limited
About Them
Subject, a 100%
subsidiary of DIL Group of companies was incorporated in 1986. FBL’s core area
of interest has been biotechnology products, particularly industrial enzymes.
FBL went into commercial production in 1989, at its manufacturing facility
located at an idyllic village on the banks of river Beas in the western
Himalayan state of Himachal Pradesh.
FBL has combined state-of-the-art imported technology and processes to deliver
consistency in quality. Over the years, FBL has tied up with various research
laboratories in India and Europe to develop different grades of PGA Biocatalyst
suitable for customized applications.
From being a purely biotech company, FBL is now growing into a multifaceted
chemical biotech company.
MILESTONES
Ø
June 1986 -
Foundation of Fermenta Biotech Ltd
Ø
November 1987 -
Pioneered the launch of Immobilized Penicillin G amidase catalyst
Ø
May 1998 - Launch
of improved enzyme catalyst
Ø
October 2003 -
Setting up of Bulk drug facility for Vitamin D3, Phenyramidol HCl
Ø
November 2004 -
Manufacture of Vitamin D3, Phenyramidol HCl, Isoxsuprine HCl
Ø
Jan 2006 -
Improved and novel enzyme catalyst(s), Bulk Drug facility expansion,
etc.,
Products
Subject manufactures it's products in its GMP
facility at Kullu in Himachal Pradesh. Uncompromising product quality
underlines the core competence of the Company.
Total Quality Management is the very essence of subject every detail is
subjected to scrutiny – be it cGMP compliance, validation, stability studies,
documentation, safety, health or environmental issues. This steadfast adherence
to TQM has been highly rewarding and ensures that all products are world class.
Their Facilities
Ø
High Performance
Liquid Chromatography (HPLC) systems with UV-PDA Detectors -
(Waters)
Ø
Gas Chromatograph
with Head space for OVI - (Varian)
Ø
Potentiometric
Titrator – Metrohm
Ø
Polarimeter -
Jasco
Ø
Ultra
Violet-Visible Spectrophotometers (UV-Vis) - (Shimadzu)
Ø
Moisture balance
(Sartorius)
Ø
Analytical
balances(Mettler)
Ø
Karl-Fisher
Titration units etc.
Unit
Operations
Ø
Normal
Distillation
Ø
High Temperature
Distillation
Ø
High Temperature
High Vacuum Distillation
Ø
Solid /Biomass
separation using Centrifuge and Nutsch Filter
Ø
Fluidized bed
drying /Vacuum Drying
Ø
Solvents
extraction and recovery
Ø
Reflux
Reactions
Ø
Micro and Ultra
Filtration of biomolecules
Ø
Chromatographic
purification of biomolecules
Unit processes
Ø
Hydrogenation
Ø
Reduction
Ø
Bromination
Ø
Saponification
Ø
Hydrolysis
Ø
UV-Irradiation
Ø
Acid
chlorination
Ø
Esterification
Ø
Fermentation
Infrastructure
Ø
Appr. 20 M3
reaction capacity vessels (SS and Glass lined)
Ø
Nutch filters,
Centrifuges, Sparkler filters
Ø
Tray dryers,
Fluidized bed dryers
Ø
Fermenter/Bioreactor
SS 316 4000 Lit : 1 nos
Ø
Fermenter/Bioreactor
SS 314 3000 Lit ; 1 nos
Ø
High Speed Disc
stack Centrifuge –VNPX 510: 1 nos
Ø
Disc Stack
centrifuge – BRPX : 2 nos
Ø
High pressure
homogenizer GAULIN-Manton : 1 nos
Ø
Ultra filtration
system ( EFA 15 & 30 Sq.M) : 2 nos
Ø
Process scale
biocolums 20 L : 6 nos
Ø
Basket centrifuge
48” : 2 nos
Ø
Boiler 600 kgs
per hour @ 10 kg/Cm2 - No.3
Ø
Water Ring Vacuum
Pump - 5
Ø
Chilling Plant -
20TR - No. 2
Ø
Chilling Plant -
10TR - No. 2
Ø
Brine Plant – 30
TR –No. 1
Ø
Air Compressor –
1
Ø
Nitrogen Plant
-1
Ø
Cooling Tower 100
TR
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.41.38 |
|
UK
Pound |
1 |
Rs.80.76 |
|
Euro |
1 |
Rs.63.89 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |