MIRA
INFORM REPORT
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Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
VHB MEDI SCIENCES LIMITED |
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Registered Office : |
103, Bhag Co-Operative Society, 1st Floor, Plot No. 29, Sector-14,
Vashi New Mumbai-400703 Maharashtra |
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Country : |
India |
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Date of Incorporation : |
12.09.2007 |
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Com. Reg. No.: |
174054 |
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CIN No.: [Company
Identification No.] |
U24232MH2007PLC174054 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV15377F |
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PAN No.: [Permanent
Account No.] |
AACCV5903E |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
To carry on business in India or elsewhere as manufacturers, Research
and developers, processors, packers, dealers, buyers, sellers, distributors,
importers and exporters of pharmaceuticals, medical preparations and drugs,
drugs intermediators, Organic and inorganic fine chemicals and formulations,
chemical products including heavy, fine, laboratory chemicals, required in
drugs and pharmaceuticals products of any description. |
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 : |
New concern |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company of Mr. Vipul R. Bhagat and has yet to
establish track. The company’s payments are reported as slow as no responsible person
attend payment requests. Initially the company can be considered for small to mediocre business
dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
103, Bhag Co-Operative Society, 1st Floor, Plot No. 29,
Sector-14, Vashi, New Mumbai, Maharashtra – 400703, India |
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E-Mail : |
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Corporate Office : |
T – 351, 5th Floor, Tower No. 8, Belapur Railway Station
Complex, Navi Mumbai 400614 Maharashtra, India |
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Tel. No.: |
91-22-67739000 |
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Fax No.: |
91-22-67739100 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Vipulkumar Rameshchandra Bhagat. |
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Designation : |
Director |
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Address : |
323, F-14, Bhagat Bhavan, Dr. Ambedkar Road, Matunga, Mumbai, Maharashtra,
India 400019 |
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Date of Birth/Age : |
04.07.1963 |
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Name : |
Mr. Rameshchandra Chhotalal Bhagat |
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Designation : |
Director |
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Address : |
323/ F Bhagat Bhavan Dr. Ambedkar Road, Matunga (East), Mumbai,
Maharashtra, India 400019 |
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Date of Birth/Age : |
27.07.1936 |
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Name : |
Ms. Anjukumari Santosh Gupta |
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Designation : |
Director |
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Address : |
103, Plot No. 29, Bhag CHS, Sector-14, Vashi, Navi Mumbai,
Maharashtra, India 400075 |
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Date of Birth/Age : |
01.02.1973 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.06.2007
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Vipul R. Bhagat |
42500 |
85% |
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Rajvi V. Bhagat |
1660 |
3.32% |
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Anju S. Gupta |
1665 |
3.33% |
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Vipul R. Bhagat as karta of Vipul R. Bhagat (HUF) |
1665 |
3.33% |
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Ramesh C. Bhagat |
2500 |
2.5% |
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Yogesh K. Chothani |
5 |
2.5% |
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Shrikant K. Shetty |
5 |
2.5% |
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Total |
50000 |
100% |
BUSINESS DETAILS
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Line of Business : |
To carry on business in India or elsewhere as manufacturers, Research
and developers, processors, packers, dealers, buyers, sellers, distributors,
importers and exporters of pharmaceuticals, medical preparations and drugs,
drugs intermediators, Organic and inorganic fine chemicals and formulations,
chemical products including heavy, fine, laboratory chemicals, required in
drugs and pharmaceuticals products of any description. |
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Imports : |
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Products : |
Raw materials |
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Countries : |
Korea |
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Terms : |
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Selling : |
Credit (30/60 Days) |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
15 |
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Bankers : |
Bank of Baroda Worli, Mumbai -400018 |
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Associates/Subsidiaries : |
VHB Life Sciences Limited Mumbai |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
Subject is a new
company and hence no financials are yet available
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Particulars |
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31.03.2008 |
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Sales Turnover (estimated) |
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100.000 |
LOCAL AGENCY
FURTHER INFORMATION
History
Whereas the parties hereto are presently carrying on business of M/s.
VBH MEDISCIENCES INC as partnership firm with its head office at 103,1st
Floor, Bhag Co-Operative Housing Society, Plot No. 29, Sector-14, Vashi Navi
Mumbai with the specified in subscription clause herto.
Whereas the said partnership firm constituted
under the deed of partnership dated 18th July, 200 with Mr Vipul
Bhagat s/o Ramchandra Bhagat, Mr. Chandravadan Bhagat s/o Chhotalal Bhagat and
Ms. Anju Gupta d/o Santosh Gupta as partners in the above firm. Subsequently
Mrs. Rajvi V. Bhagat, Mr. Vipul R. Bhagat as Karta of Vipul R. Bhagat (HUF),
Mr. Yogesh K. Chothani and Mr. Shrikant K. Shetty were admitted as Partners
Vide Partnership Dated 10th May 2007, which was executed by all the
partners herein.
And Whereas the parties hereto have expressed
their desire vide unanimous resolution passed at their meeting held on 10th
May, 2007 to register the Firm as a PRIVATE LIMITED Company within the meaning
of and under the provisions of Section 566 and The Part IX of the Companies
Act, 1956 and execute the Memorandum of Association with the intention of
continuing to carry on the said business of the Firm uninterrupted in a joint
stock company in the name of M/s. VHB MEDI SCIENCES (The said Firm) and so that
such registration shall not affect its rights or liabilities in respect of any
debt or obligation incurred or any contract entered into by, to, with or on
behalf of the said M/s. VHB MEDI SCIENCES (The said Firm) before registration.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.83 |
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UK Pound |
1 |
Rs.84.90 |
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Euro |
1 |
Rs.67.26 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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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 |
YES |
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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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26 |
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, we have no basis upon which to
recommend credit dealings |
No Rating |
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