MIRA
INFORM REPORT
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Report Date : |
20.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
R N PHARMACEUTICALS |
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Registered Office : |
VIP Plaza, 404, Andheri, Mumbai - 400053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment: |
1994 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR17855F |
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PAN No.: [Permanent
Account No.] |
AAHFR9542F |
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Legal Form : |
Sole Proprietory Concern (Probably) |
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Line of Business : |
Manufacturer of Speciality Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject seems to be an old and established Concern. The Management
declined to part with any information. Hence, this report is based on market
sources. No details or Payment could be made available. The Concern can be considered for Small to mediocre business dealings
with Slight caution, initially. |
LOCATIONS
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Registered Office : |
VIP Plaza, 404, Andheri, Mumbai - 400053, Maharashtra, India |
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Tel. No.: |
91-22-26736643, |
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Fax No.: |
91-22-26736643 |
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E-Mail : |
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Website : |
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Area : |
800 Sq.ft. |
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Factory : |
Taloja, MIDC, Maharashtra, India |
PROPRIETOR
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Name : |
Mr. Nitin Garg |
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Designation : |
Proprietor |
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Qualification: |
B.E. Chem Eng. |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Speciality Chemicals |
GENERAL INFORMATION
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No. of Employees : |
12 |
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Bankers : |
Not available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Not Available |
CAPITAL STRUCTURE
Not Available
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
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Sales Turnover (Estimated) |
15.000 |
LOCAL AGENCY
FURTHER INFORMATION
We visited the office of the concern where following observations were carried on:
K Name Board could be sighted and the visibility of the Name Board is high.
K Subject is Easy to locate
K The Concern office is on 4th Floor.
K Items such as Telephone, Fax Machines, Computers and Air Conditioner could be seen at the concern’s office.
History
The Concern started its business operation in 1994 in the name of Rohit Plastics and chemicals. They produced the first antibacterial triclosan, which was the first antibacterial manufactured and exported as per usp standard world over from asia.
In the tradition of continuous research and development, the Concern has now incorporated new antibacterials chlorhexidine base chlorhexidine gluconate 20%[b.p.], chlorhexidine hcl and chlorhexdine acetate and have become the world largest manufacturer for these antibacterials in short term.
Profile:
It began by manufacturing specialty chemicals hexachloroethane and quickly grew to become the world’s largest manufacture and exporter of hexachloroethane by exporting to over 20 nations. They then diversified the formulary to produce the antibacterial triclosan, which was the first antibacterial manufactured and exported as per usp standard world over. In the tradition of continuous research and development, the concern has now incorporated new antibacterials chlorhexidine base , chlorohexidine gluconate 20%[b.p.], chlorhexidine hcl and chlorhexdine acetate. The company’s name is change to R N Pharmaceuticals.
Growth
Through innovation, research and
development, as well as commitment to quality RNP has gown 100 times since
inception to become a multimillion dollar conglomerate.
Research
and Development
The objective of the concern is to bring innovative quality product at the lowest cost to global market by investing in leading edge research and development. They bring consistent quality product to the market by the quality control by testing all raw materials intermediates and final products as per GLP standards.
Production Facility
The state of the art facility is situated at Taloja, 50 kms from the main port of Mumbai in India the concern employs a team of Chemical and industrial engineers, pharmaceutical, technologist, and doctors to ensure that all products are consistently manufactured to international standards by strictly observing good manufacturing practices, procedures and principals.
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 :
The 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.
The 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 42.67 |
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UK Pound |
1 |
Rs. 83.41 |
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Euro |
1 |
Rs. 66.39 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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34 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, they have no basis upon which to
recommend credit dealings |
No Rating |
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