MIRA
INFORM REPORT
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Report Date : |
10.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
INTAS PHARMACEUTICALS LIMITED |
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Formerly Known As : |
INTAS LABORATORIES PRIVATE LIMITED |
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Registered Office : |
2nd
Floor, Chinubhai Centre, Off Nehru Bridge, Ashram Road, Ahmedabad – 380 009,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
31.05.1985 |
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Com. Reg. No.: |
04-7866 |
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CIN No.: [Company
Identification No.] |
U24231GJ1985PLC007866 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMI00350A |
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PAN No.: [Permanent
Account No.] |
AAACI5120L |
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Legal Form : |
A closely held public
limited liability company |
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Line of Business : |
Manufacturer and Exporter of Medical Formulations in the key
Therapeutic Segments of Cardiovascular, Neuropsychiatry, Gastroenterological,
Antibacterial and Dermatological Products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 12200000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and one of the fastest growing pharmaceutical companies in India.
The company’s track are fine. Banking relations are good. The company is
making steady progress in its turnover and profits and products line. Trade
relations are fair. Payments are usually correct and as per commitments. The company can
be considered good for business dealings at usual trade terms and conditions.
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LOCATIONS
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Registered Office : |
2nd Floor,
Chinubhai Centre, Off Nehru Bridge, Ashram Road, Ahmedabad – 380 009,
Gujarat, India |
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Tel. No.: |
91-79-26576655 / 26579052 / 26578269 |
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Fax No.: |
91-79-26588862 / 26578862 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 457/458
, Sarkhej - Bavla Highway, Village: Matoda - 382210, Taluka: Sanand,
Ahmedabad, Gujarat, INDIA |
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Tel. No.: |
91-2717-551111/551298 |
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Fax No.: |
91-2717-551106 |
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Factory 2 : |
7/3 GIDC Estate, B/H Dena Bank, Vatva, Ahmedabad- 382445, Gujarat,
India |
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Corporate Office : |
Chinubhai Centre, NehruBridge, Ashram Road, Ahmedabad – 380 009,
Gujarat, India |
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Tel. No.: |
91-79-26576655 |
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Fax No.: |
91-79-26578862 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Hasmukh K.
Chudgar |
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Designation : |
Chairman and Managing Director |
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Address : |
3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satelite, Ahmedabad
– 380015, Gujarat, India |
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Date of Birth/Age : |
16.06.1933 |
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Qualification : |
B. Pharma |
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Date of Appointment : |
31.05.1985 |
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Name : |
Dr. Urmish
Chudgar |
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Designation : |
Director |
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Address : |
16, Nishant Bunglows, Satelite, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
16.02.1959 |
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Qualification : |
M.D. - Oncology & Hematology |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr. Nimish H. Chudgar
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Designation : |
Director |
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Address : |
3, Sanidhya Bunglows, Near Someshwar Jain Temple, Satelite, Ahmedabad
– 380015, Gujarat, India |
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Date of Birth/Age : |
19.07.1960 |
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Qualification : |
B.Sc. |
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Date of Appointment : |
31.05.1985 |
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Name : |
Mr. Binish H.
Chudgar |
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Designation : |
Director (International Business) |
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Address : |
12, Aristo Villa, Opposite Gold Coin Complex, Satillite, Jodhpur Char
Rasta, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
01.12.1963 |
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Qualification : |
B. Com., MBA |
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Date of Appointment : |
31.05.1985 |
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Name : |
Mr. Smivasa Rao L. Aluri |
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Designation : |
Nominee Director |
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Address : |
C/o ICICI Venture Funds Mgt. Company Limited, Stanrose House, Ground Floor,
Appasaheb, Marathe Marg, Prabhadevi, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
13.02.1965 |
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Date of Appointment : |
16.07.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Dipesh R.
Shah |
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Designation : |
Company Secretary
|
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Address : |
53, Vrundavan
Bunglows, Opposite Someshwara Temple, Satellite Ring Road, Ahmedabad,
Gujarat, India |
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Date of Birth/Age : |
31.08.1977 |
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Date of Appointment : |
02.08.2004 |
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Name : |
Mr. Manoj
Narayanan Nair |
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Designation : |
Company Secretary
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Address : |
“Laxmi Nivas”
648-1, Sector – 4, C Gandhinagar - 382006, Gujarat, India |
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Date of Birth/Age : |
20.10.1979 |
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Date of Appointment : |
08.06.2007 |
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Name : |
Mr. Mani Iyer |
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Designation : |
Senior Vice
President (Finance & Corporate Affairs) |
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Name : |
Dr. R. C. Rane |
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Designation : |
Vice President –
Medical Services |
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Name : |
Dr. A. P. Mamtani |
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Designation : |
Vice President-
Veterinary – Marketing & Sales |
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Name : |
Mr. M. N.
Bhattacharya |
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Designation : |
Senior Vice
President – International Marketing |
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Name : |
Dr. P. G.
Shrotriya |
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Designation : |
Senior Vice
President – Operations |
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Name : |
Dr. Kashmira
Pagdiwalla |
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Designation : |
Vice President –
Human Resources |
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Name : |
Mr. Jayesh Shah |
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Designation : |
Vice President –
Finance & Accounts |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Nimish H Chudgar |
|
313054 |
|
Binish H Chudgar |
|
301874 |
|
Umish H Chudgar |
|
5010 |
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Kusumben H Chudgar |
|
91665 |
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Bindiben B Chudgar |
|
172325 |
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Parulben U Chudgar |
|
176090 |
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Binaben N Chudgar |
|
101145 |
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Hasmukh K Chudgar |
|
174683 |
|
Equatorial Private Limited |
|
2310000 |
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Unit Trust of India A/c Vecaus – I |
|
581055 |
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Intas Finance Private Limited |
|
200000 |
|
Shail U Chudgar |
|
233099 |
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Total |
|
4660000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
12.47 |
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Bodies corporate |
|
53.86 |
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Directors or relatives of directors |
|
33.67 |
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Total |
|
100.00 |
List of Allottes
|
Names of Allottees |
|
No. of Shares |
|
Kusumebn H. Chudgar |
|
17475 |
|
Binaben N. Chudgar |
|
17475 |
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Bindien B. Chudgar |
|
17475 |
|
Parulben U Chudgar |
|
17475 |
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Total |
|
69900 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Exporting of Medical Formulations in the key
Therapeutic Segments of Cardiovascular, Neuropsychiatry, Gastroenterological,
Antibacterial and Dermatological Products. |
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Products : |
v
Tablets v
Injectables v
Capsules v
Bulk Drugs |
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Exports : |
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Countries : |
Kenya, Tanzania,
Trinidad, Thailand, Mauritius, Sri Lanka, Malaysia, Russia, Netherlands, UK
and West Indies. |
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Imports : |
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Countries : |
Trinidad, Mauritius,
Sri Lanka, Europe, USA, Italy, Germany, Spain and Hong Kong |
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Terms : |
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Purchasing : |
L/C, D/A and CAD
terms |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
515 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Apaji Amin and
Company Chartered
Accountants |
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Address : |
304, Aakansha, Navrangpura,
Ahmedabad - 380 009, Gujarat, India |
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Tel. No.: |
91-79-2303603 |
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Associates/Subsidiaries : |
Intas Exports Active in the
export of medical formulations to Europe, Asia Pacific and Africa International
Pharmaceuticals Subject is a proprietory
concern. Engaged as
Manufacturer Viresh
Corporation Subject is a
proprietory concern. Acts as traders Intas
Distributors Subject is a
proprietory concern. Acts as traders Zen Enterprises Subject is a
proprietory concern. Acts as traders BNB Enterprises Subject is a
proprietory concern. Acts as traders Astron Packaging
Limited Astron Research
Limited Equatorial
Private Limited Lambda
Therapeutic Research Limited Epsilon Marketing
and Consultancy Private Limited Intas Finance Private
Limited Celestial
Biological Limited Advanced
Transfusion Medicine Research Foundation One Advertising
and Communication Services Limited Cytas Research
Limited |
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Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4860000 |
Equity Shares |
Rs. 10/- each |
Rs. 48.600 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 |
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|
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1] Share Capital |
48.600 |
48.600 |
46.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
2409.900 |
1810.800 |
1610.800 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2458.500 |
1859.400 |
1657.400 |
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LOAN FUNDS |
|
|
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1] Secured Loans |
1359.100 |
1221.800 |
1161.300 |
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2] Unsecured Loans |
513.700 |
224.700 |
222.600 |
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TOTAL BORROWING |
1872.800 |
1446.500 |
1383.900 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4331.300 |
3305.900 |
3041.300 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1674.400 |
1716.900 |
1936.100 |
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Capital work-in-progress |
95.300 |
00.900 |
0.000 |
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INVESTMENT |
452.800 |
173.500 |
84.100 |
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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 |
1533.500
|
1241.100
|
949.000
|
|
|
Sundry Debtors |
1168.600
|
813.400
|
598.200
|
|
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Cash & Bank Balances |
163.600
|
121.300
|
66.800
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
846.500
|
614.200
|
361.800
|
|
Total Current Assets |
3712.200 |
2790.000 |
1975.800
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1411.200
|
1263.100
|
931.800
|
|
|
Provisions |
192.200
|
118.100
|
39.700
|
|
Total Current Liabilities |
1603.400 |
1381.200 |
971.500
|
|
|
Net Current Assets |
2108.800 |
1408.800 |
1004.300
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
5.800 |
16.800 |
|
|
|
|
|
|
|
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TOTAL |
4331.300 |
3305.900 |
3041.300 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
7786.700 |
6204.900 |
4543.200 |
|
|
Other Income |
557.000 |
84.200 |
55.800 |
|
|
Total Income |
8343.700 |
6289.100 |
4599.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
697.000 |
541.900 |
394.400 |
|
|
Provision for Taxation |
86.900 |
89.300 |
109.300 |
|
|
Profit/(Loss) After Tax |
610.100 |
452.600 |
285.100 |
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
126.300 |
121.000 |
129.400 |
|
|
Administrative Expenses |
2481.500 |
2067.300 |
1120.100 |
|
|
Raw Material Consumed |
4179.000 |
2710.800 |
1783.700 |
|
|
Excise Duty |
244.700 |
279.400 |
293.900 |
|
|
Employee Cost |
497.100 |
386.000 |
317.300 |
|
|
Increase/(Decrease) in Finished Goods |
(239.900) |
(147.100) |
(15.100) |
|
|
Power & Fuel |
42.300 |
46.500 |
44.500 |
|
|
Depreciation & Amortization |
152.200 |
146.200 |
134.300 |
|
|
Miscellaneous Expenditure |
24.100 |
27.900 |
296.800 |
|
|
Other Expenditure |
139.400 |
17.800 |
99.700 |
|
Total Expenditure |
7646.700 |
5663.000 |
4204.600 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
|
0.77 |
0.80 |
0.98 |
|
Long Term Debt-Equity Ratio |
|
0.35 |
0.60 |
0.98 |
|
Current Ratio |
|
1.36 |
1.55 |
2.05 |
|
TURNOVER RATIOS |
|
|
|
|
|
Fixed Assets |
|
3.41 |
2.98 |
2.84 |
|
Inventory |
|
5.61 |
5.67 |
5.03 |
|
Debtors |
|
7.86 |
8.79 |
8.08 |
|
Interest Cover Ratio |
|
6.00 |
5.96 |
4.96 |
|
Operating Profit Margin (%) |
|
12.70 |
12.85 |
13.83 |
|
Profit Before Interest And Tax Margin (%) |
|
10.74 |
10.49 |
10.88 |
|
Cash Profit Margin (%) |
|
9.79 |
9.65 |
9.23 |
|
Adjusted Net Profit Margin (%) |
|
7.84 |
7.29 |
6.28 |
|
Return On Capital Employed (%) |
|
21.92 |
20.59 |
18.96 |
|
Return On Net Worth (%) |
|
28.28 |
25.75 |
21.51 |
LOCAL AGENCY
FURTHER INFORMATION
As Per Websites
Overview
Intas derives its
competitive edge from successful and strategic moves it has made in the areas
of manufacturing, R and D, biotechnology and global operations.
- The current decade has witnessed Intas
fortifying its presence in the segments of CNS, Cardiovascular,
Diabetology, Gastroenterology, Urology and Pain management
- It has ventured successfully into
high-growth areas of Animal Health Care, Oncology and Biotechnology to
augment its base
- Its state-of-the-art manufacturing
facility for Cytotoxic products is one of its kind in the entire
Asia-Pacific region
- Through strategic investment in the
manufacturing facility at Matoda (District: Moraiya), Gujarat, Intas has
upgraded its manufacturing capabilities. It has the regulatory approval of
agencies like FDA, MHRA, TGA, ANVISA and MCC
- A modern manufacturing facility set up
at Dehradun (Uttarakhand, North India) has further synergised the
manufacturing capabilities to meet the increasing demand
- Intas has its presence in 42 countries
worldwide and has made successful forays into contract manufacturing and
contract marketing tie-ups across the world
History
Glorious history of
innovations
1970s - Founded by the visionary, Hasmukh Chudgar in 1976, Intas set off on its
glorious journey by establishing a small unit at Vatva, near Ahmedabad, to
cater to the needs of the chronic segments like Neurology and Psychiatry.
1980s - Intas
spread its wings into the mainstream of the Pharma market by launching divisions
to cater to the needs of Gastroenterologists, Neurologists and Psychiatrists.
1990s - Intas
ventured into the overseas markets of Southeast Asia and the African continent.
Intas had already taken off in the domestic market owing to the company's
phenomenal progress in Gastroenterology and Cardiology segments. A
state-of-the-art manufacturing unit at Matoda, on the outskirts of Ahmedabad,
added further impetus to the company's upward momentum.
2000-05 - The
European venture further consolidated the company's position in the
International market. Rated as one of the best in the Asia-Pacific region,
facility for cytotoxic products with barrier isolation technology was set up at
Matoda. This period also witnessed Intas launching the 1st r-DNA Biotech
product for cancer chemotherapy at Moraiya, Gujarat. A technologically advanced
manufacturing facility was commissioned at Dehradun in 2005.
2006 - Intas shares
its place with the top 20 players in the Indian Pharma industry (Source: ORG
IMS Report, May 2007).
2007 - Intas’
manufacturing facility at Matoda received USFDA accreditation.
Milestones
Some of the major
landmarks in Intas' journey so far
1976 Intas
Vatva unit set up by their founder - Hasmukh Chudgar
1980 Incorporated
and moved ahead with the concept of ethical promotion
1984 Started
all India marketing operations for the Neurology and Psychiatry products
1989 Established
Gastroenterology division with the launch of Ciza
1995 Set
up an ultra modern manufacturing facility at Matoda
1996 Secured
MHRA and TGA approvals for the Matoda facility
1998 Forayed
into Cardiology and Diabetology with the launch of Suprima Division
2000 Expansion
of the Matoda factory to cater to its ever growing needs
2004 Intas attained the
position of the fastest growing pharmaceutical company in India amongst the top
companies (Source:
ORG IMS Report)
2005 Launch
of 1st bio-pharmaceutical formulation in Oncology "Neukine" from
Gujarat
·
Received the
award of "fastest growing mid-sized company" by Express Pharma Pulse
·
Grossed Rs.
1000 Mn turnover from European operations
·
Commenced
production of cytotoxic products at Matoda
2006 Commenced
commercial production at the Dehradun manufacturing facility
·
Accomplished backward
integration process by starting API production
2007 Intas’
manufacturing facility at Matoda received USFDA accreditation
Group Companies
Astron Research Limited
Conceptualized with the objective of shaping the future of drug development,
Astron Research Limited. is a leading Pharmaceutical Contract Research
Organization (CRO) based in Ahmedabad, India. Operating under global standards
and procedures, Astron is at the forefront of research and development in the
areas of Formulation Research, providing Analytical services and Regulatory
Support to major pharmaceutical giants across the globe.
Intas
Biopharmaceuticals Limited
Intas Biopharmaceuticals Limited (IBPL), a group company of Intas
Pharmaceuticals Limited., is one of the front-runners in the biopharmaceutical
sector in India. To provide world-class services to clients in regulated and
non-regulated markets, IBPL boasts the best state-of-the-art manufacturing
facility in the entire Asia-Pacific region for bulk and finished formulation (in
pre-filled syringe) in conformity with stringent cGMP norms. IBPL works on
fermentation and cell culture based technology platforms to derive
biopharmaceutical recombinant proteins.
Subsidiaries
Accord Healthcare Limited
Accord Healthcare Limited, is the offshore identity of Intas. A wholly owned
subsidiary and the marketing arm of Intas, Accord is engaged in all the
licensing related activities and pharmaceutical product trading in the
regulatory markets. The company leverages the manufacturing support from Intas.
Accord Healthcare
has its global matrix spread to South Africa, New Zealand, Brazil, UK,
Australia, USA, Canada, Peru, Mexico, Spain and Vietnam.
Bankers Charges
Report as per Registry
|
Name of the company |
INTAS PHARMACEUTICALS
LIMITED |
|
Presented By |
Mr. Mani Iyer |
|
1) Date and description of instrument creating the change |
Unattestted Deed
of Hypothecation dated 25.11.1998 executed by Intas Pharmaceuticals Limited
in favour of Export – Import Bank of India |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Loan of Rs.
22.400 Millions including any converted Rupee amount of foreign currency loan
together with interest, compound interest, additional interest by way of liquidated
damages costs, charges expenses and all other monies payable by the borrower
to Exim Bank under the loan agreement dated the November 25, 1998 made
between the borrower and the EXIM Bank.
|
|
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
Borrower’s moveable fixed assets of the Clinical Research Centre both present
and future including Moveable plant
and machinery, equipment, appliances, furniture, vehicles, machinery, spares
and stores, tools and accessories whether or not installed and Related moveable
in the course of transit or delivery whether now belonging or which may
hereafter belong to the borrower or which may be held by any person at any
place within or outside India to the order or disposition of the borrow and
all documents of including bills of lading policies of insurance and other
instruments and documents relating to such moveable together with benefits of
all rights thereto. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
created by the aforesaid deed of hypothecation shall operate as a continuing
security by way of the first / second / exclusive charge for the due
repayment by the borrower to EXIM Bank of the loan of Rs:22.400 Millions
together with payment of interest, compound interest, additional interest by
way of liquidated damages charges, expenses and all other monies payable by
the borrower to EXIM Bank in terms of the said loan agreement. The said charge
shall rank in the order of priority set out in Schedule IV to the deed of
Hypothecation. |
|
5) Name and Address and description of the person entitled to the charge. |
Export – Import Bank
of India Centre One, World
Trade Centre Cuffe Parade,
Mumbai – 400005 |
|
6) Date and brief description of instrument modifying the charge |
-- |
|
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. |
-- |
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24231GJ1985PTC007866 |
|
Name of the
company |
INTAS PHARMACEUTICALS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
2nd
Floor, Chinubhai Centre, Off Nehru Bridge, Ashram Road, Ahmedabad – 380 009,
Gujarat, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
ICICI Bank Limited Landmarkrace Cource Circle Alkapuri, Baroda – 390015, Gujarat, India |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
hypothecation dated June 1, 2007 executed at Ahmedabad by Intas
Pharmaceuticals Limited in favour of ICICI Bank Limited |
|
Date of
instrument Creating the charge |
01.06.2007 |
|
Amount secured by
the charge |
Rs:602.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The aggregate of
: The applicable
Margin [1.30 % p.a.] and 6 months LIBOR Terms of repayment
In 8 equal annual
installments, first installment being due on the end of the 18 months from
the first drawdown date. Margin 1.30 % p.a. |
Fixed
Assets
v
Land
v
Building
v
Plant and
machinery
v
Furniture
& Fixture
v
Office
equipment
v
Vehicle
v
Computers
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.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|