MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
AXON LABORATORIES PRIVATE LIMITED |
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Registered Office : |
Heera Colony,
Hoshiarpur – 146 001, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.02.1997 |
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Com. Reg. No.: |
16-19447 |
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CIN No.: [Company
Identification No.] |
U24230PB1997PTC019447 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDA01483G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Allopathic Medicines |
RATING & COMMENTS
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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 30000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having steady business. Directors are reported as
experienced and respectable businessmen. Trade relations are fair. Payments are
reported as slow. The company can
be considered for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office/ Factory: |
Heera Colony,
Hoshiarpur – 146001, |
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Tel. No.: |
91-1882-505064/
309355/ 223575/ 224064/ 500964 |
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Mobile No.: |
91-9417055788 |
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Fax No.: |
91-1882-224064/
500420/ 500421 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Anil Satpal Sood |
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Designation : |
Managing Director |
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Address : |
Bard – 8,
506/ 13, Heera Colony, Sukhdev Nagar, Opposite Shiraz Hotel, Hoshiarpur – 146
001, Punjab, India |
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Date of Birth/Age : |
16.12.1960 |
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Date of Appointment : |
24.04.2000 |
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Name : |
Mr. Atul Satpal Sood |
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Designation : |
Director |
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Address : |
H. No. 506/
135, Heera Colony, Sukhdev Nagar, Hoshiarpur – 146001, Punjab, India |
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Date of Birth/Age : |
06.09.1969 |
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Date of Appointment : |
01.07.2001 |
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Name : |
Mr. Anuj Sood |
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Designation : |
Director |
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Address : |
506, Heera
Colony, Sukhdev Nagar, Hoshiarpur – 146001, |
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Name : |
Mrs. Vandana Anuj Sood |
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Designation : |
Director |
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Address : |
506, Heera
Colony, Sukhdev Nagar, Hoshiarpur – 146 001, |
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Date of Appointment : |
02.04.2002 |
KEY EXECUTIVES
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Name : |
Ms. Preeti Bharat |
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Designation : |
Company Secretary |
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Name : |
Mrs. Sangeeta Anil Sood |
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Designation : |
Manager |
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Address : |
Bard – 8,
506/ 13, Heera Colony, Sukhdev Nagar, Opposite Shiraz Hotel, Hoshiarpur – 146
001, Punjab, India |
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Date of Birth/Age : |
07.10.1968 |
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Date of Appointment : |
01.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Anil Sood |
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30320 |
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Atul Sood |
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1530 |
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Anuj Sood |
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3330 |
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Sangeeta Sood |
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520 |
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Monika Sood |
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4300 |
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Total |
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40000 |
(As on 30.09.2007)
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Names of Shareholders |
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Percentage |
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Directors or Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Allopathic Medicines |
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Products : |
·
Tablets ·
Capsules ·
Multi-Vitamins ·
Pain-Killers ·
Anti Allergic ·
Antacid ·
Decongestant ·
Antibiotics ·
Dispopack Injections ·
Blister Pack
Injections ·
Paracetamol ·
Nimesulide ·
Omeprazol
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Imports : |
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Products : |
All Products |
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Countries : |
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GENERAL INFORMATION
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Suppliers : |
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No. of Employees : |
60 |
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Bankers : |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
P K Khanna and Associates Chartered Accountants |
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Address : |
Manav Sadan, The Mall, Hoshiarpur – 146 001, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs. 100/-
each |
Rs. 4.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.505 |
1.260 |
0.127 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.505 |
5.260 |
4.127 |
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LOAN FUNDS |
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1] Secured Loans |
2.480 |
2.300 |
3.241 |
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2] Unsecured Loans |
5.619 |
5.335 |
4.937 |
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TOTAL BORROWING |
8.099 |
7.635 |
8.178 |
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DEFERRED TAX LIABILITIES |
0.801 |
0.734 |
0.650 |
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TOTAL |
14.405 |
13.629 |
12.955 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.834 |
8.994 |
8.999 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.977
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2.062 |
0.000 |
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Sundry Debtors |
3.319
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3.333 |
0.000 |
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Cash & Bank Balances |
0.179
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0.548 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
5.310 |
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Loans & Advances |
0.376
|
0.522 |
0.000 |
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Total
Current Assets |
6.851
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6.465 |
5.310 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.110
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1.831 |
1.356 |
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Provisions |
0.170
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0.000 |
0.000 |
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Total
Current Liabilities |
1.280
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1.831 |
1.356 |
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Net Current Assets |
5.571
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4.634 |
3.954 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.002 |
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TOTAL |
14.405 |
13.629 |
12.955 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover (including other income) |
13.814 |
11.205 |
11.071 |
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Total Income |
13.814 |
11.205 |
11.071 |
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Profit/(Loss) Before Tax |
0.507 |
1.175 |
0.784 |
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Provision for Taxation |
0.248 |
0.042 |
0.013 |
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Profit/(Loss) After Tax |
0.259 |
1.133 |
0.771 |
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Total Expenditure |
13.556 |
10.075 |
10.287 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.87
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10.11 |
6.96 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.67
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10.48 |
7.08 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.23
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7.60 |
5.47 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09
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0.22 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.70
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2.94 |
3.46 |
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Current Ratio (Current Asset/Current Liability) |
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5.35
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2.53 |
3.91 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8
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Name of the company |
AXON LABORATORIES PRIVATE LIMITED |
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Presented By |
Mr. Anuj Sood, Director |
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1) Date and description of instrument creating the change |
Dt. 16.01.1999, agreement for cash credit / overdraft and agreement for hypothecation of goods. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 million |
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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 |
Hypothecation of stock of medicine |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest at the rest of 3.84% p.a. over PLR rate
which minimum of 16.84% p.a. with quarterly rest. The extent and operation of
charge 100%. The Cash credit limit of Rs. 1.000 million which is Registered
Vide No. 855A, dt. 10.02.1999 is further secured by mortgage of factory, land
and building and machinery belonging to the company situated at VPO Nasrala,
Tehsil and District Hoshiarpur, |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, Hoshiarpur, |
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6) Date and brief description of instrument modifying the charge |
Dated 29.04.2000
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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. |
Cash Credit Limit of Rs. 1.000 million increased to Rs. 2.500 millions. The rate of Interest changed to 3.81% p.a. over the prime lending rate of the bank with a minimum of 15.81%. The Stock hypothecated includes stocks of raw materials i.e. Basic Salt and Analgesic Anti Pyretic, Anti Inflammatory and Anti Biotics, etc and I. P and finished goods of stock of medicines i.e. tablets, capsules, injections etc. and packing material, |
Fixed
Assets:
- Land
- Building
- Plant and
Machinery
- Laboratory
Equipment
- Furniture and
Fixture and Electric Fitting
- Refrigerator
- Computers
- Vehicles
- Air
Conditioner
As Per Web:
Profile
Subject established in 1980, is an integrated
and research based international pharmaceutical company, producing a wide range
of A-grade affordable generic medicines trusted by health care professionals
and patients world over. Their firm is an eminent manufacturer, exporter
and importer of Tablets, Capsules, Multi-Vitamins,
Pain-Killers, Anti Allergic, Antacid, Decongestant, Antibiotics, Dispopack
Injections, Blister Pack Injections, Paracetamol, Nimesulide, Omeprazol,
Cetrizine, etc.
The goal of each product is clear --- faster and more accurate treatment of the
patients. Their diverse product basket available in countries
all over the world, encompasses a wide therapeutic mix covering a majority of
the chronic and acute segments. They are inspired by a single goal i.e. good
health. That is why they are dedicated towards developing new and safe
medicines to prevent and treat the world's most serious diseases. Owing to
dedication and fair trade practices, they are rated amongst some of the leading
companies by key customers. Their company is member of many prestigious
organizations. They boast of an export percentage of 50%.
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 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 |
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US Dollar |
1 |
Rs.50.09 |
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|
1 |
Rs.74.90 |
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Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
|
45 |
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 |
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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 |
|
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 |
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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 |
|
<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, we have no basis upon which to
recommend credit dealings |
No Rating |
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