MIRA
INFORM REPORT
|
Report Date : |
22.01.2011 |
NOTE:
Registered office
of the company has been shifted from CH No. 8-3-166/1 and 2, Challa Estate,
First Floor, Erragadda, Hyderabad -
500 018, Andhra Pradesh, India to the present address w. e. f.
31.07.2009.
IDENTIFICATION DETAILS
|
Name : |
HETERO LABS LIMITED (W.e.f. 30.05.1997) |
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|
|
Formerly Known
As : |
PHARMASIA LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.03.1989 |
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|
Com. Reg. No.: |
01-9723 |
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CIN No.: [Company Identification
No.] |
U24110AP1989PLC009723 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDP00777A |
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PAN No.: [Permanent Account No.] |
AAACH5506R |
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Legal Form : |
A Closely Held
Public Limited Liability Company |
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Line of Business
: |
Manufacturers of Pentoprazole Sodium. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 25000000 |
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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 a reputed company having fine track. Financials position of
the company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered/
Corporate Office : |
7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, |
|
Tel. No.: |
91-40-23704923/ 24/ 25/ 26 |
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Fax No.: |
91-40-23704926/ 23714250 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq. ft |
|
Location : |
Owned |
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|
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Regional
Office: |
‘Hetero Drugs
Limited’ 607/608, 6th Floor, Matharu Arcade, |
|
Tel. No.: |
91-22-56910809 |
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Factory 1 : |
Survey No 10, IDA, Gaddapotharam, |
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Tel. No.: |
91-8459-277100 |
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Factory 2 : |
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Branches : |
Located at :- 408, Sharda Chambers, 4th Floor, 15 New Marine Lines,
Mumbai - 400 020, Tel. No.: 91-22-22066075/22065498/22065507 Fax No.: 91-22-22066099 |
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Marketing
Offices : |
§
§
§
Brasil §
§
§
§
UAE §
§
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DIRECTORS
(AS ON 02.09.2010)
|
Name : |
Dr. B. Partha Saradhi Reddy |
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Designation : |
Director |
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Address : |
Plot No. 389,
Road No. 22/B, Jublihills Chequepost, Madhapoor Road, Hyderabad – 500038, Andhra
Pradesh, India |
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Date of
Birth/Age : |
06.03.1954 |
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Date of
Appointment : |
05.12.1996 |
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Name : |
Mr. M Srinivas
Reddy |
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Designation : |
Director |
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Address : |
Plot No.933,
Vivrkanandnagar, Kukatpally, |
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Date of
Birth/Age : |
02.02.1973 |
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Date of
Appointment : |
01.08.2008 |
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Name : |
Mr. Attunri Venkata Narasa Reddy |
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Designation : |
Whole Time Director |
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Address : |
H. No.
8-3-678/61, Pragathi Nagar colony, Yosufguda, |
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Date of
Birth/Age : |
21.12.1963 |
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Date of
Appointment : |
01.04.2009 |
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Directorship
in other Companies: |
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Name : |
Mr. Chilukuri Mohan Reddy |
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Designation : |
Whole Time Director |
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Address : |
Plot No.54, |
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Date of
Birth/Age : |
02.01.1969 |
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Date of
Appointment : |
01.04.2009 |
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Name : |
Mr. B Vamsi
Krishna |
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Designation : |
Director |
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Address : |
Plot No.389, Road
No.22/B, Jubilee Hills, Check-Post, Hyderabad-500 033, |
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Date of
Birth/Age : |
31.07.1983 |
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Date of
Appointment : |
10.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 02.09.2010)
|
Names of Shareholders |
|
No. of Shares |
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B. Partha Saradhi Reddy |
|
429760 |
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B. Kalavathi |
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353640 |
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M. Krishna Sinduri |
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150000 |
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B. Vamsi Krishna |
|
398000 |
|
M. Srinivas Reddy |
|
200 |
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B. Srinivas Reddy |
|
200 |
|
B. Soma Kantham |
|
200 |
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|
|
|
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Total |
|
1332000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Pentoprazole Sodium. |
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Products : |
Conversion Charges |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
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|
|
|
|
|
Bulk Drugs |
MTs |
2500 |
1802.23 |
|
Formulations |
Lacs |
120000 |
10600.96 |
GENERAL INFORMATION
|
Suppliers : |
v
Ahlada Pharma Private Limited v Likhita Fabtech Engineers v Flexi Laboratories Private Limited v Sabari Chemicals Private Limited v Srinija Drugs Private Limited v Flexit Jour Laboratories Private Limited v
Sweta v Divya Lakshmi Engineering Industries v Landsky Engineers Private Limited v Oscar Valves Private Limited v Ramko engineering Industries v Bhagyanagar Chlorides Private Limited v Corey Organics Limited v Sonal Plasrubn Industries Private Limited v Mahindra Chemicals Private Limited v Vital Chemicals v Fibro Plast Industries v Creative Pharmachem v Prasanthi Laboratories Private Limited v Sri Chintan Pharma Chem Private Limited |
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No. of Employees : |
20 |
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Bankers : |
· Andhra Bank, Industrial Finance Branch, Ameerpet,
· Andhra Bank Specilised Corporate Finance Branch, Padmaja land Mark,
Somajiguda, ·
Bank of
·
State Bank of Sanath Nagar Branch, Industrial Estate, Sanathnagar,
·
Bank of 6-3-550, Somajiguda Hyderabad – 500082, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
M. V. Narayana Reddy and Company Chartered Accountants |
|
Address : |
D. No. 8-3-941, Flat No. 504, Vijayasree Apartments, Opposite Kamma
Sangham, Ameerpet, Hyderabad – 500073 Andhra Pradesh, India |
|
Tel No.: |
91-40-23743975 /
23744448 |
|
Pan No.: |
AADFM4830F |
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|
|
|
Associates : |
v
Hetero Drugs Limited v
Cirex Pharmaceuticals Limited v
Genx Pharma Limited v
Symed Labs Limited v
Chemi Pack India Private Limited v
Hetero Mea Solutions Limited v
Invagen Pharmaceuticals Inc. v
Hetero Singapore Pte Limited v
Hetero Infrastructure SEZ Limited v
Hetero ( v
Ciinse Labs Private Limited v
Akar International |
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|
|
|
Subsidiaries : |
· Hetero FZCO · Hetero Healthcare Limited – CIN No.:U52520AP2006PLC049614 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- Each |
Rs.15.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1332000 |
Equity Shares |
Rs.10/- Each |
Rs.13.320 millions |
|
|
|
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|
NOTE:
(Of the above 6,66,000 Shares were allotted as
fully paid up Equity Shares by Capitalising General reserve)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
13.320 |
13.320 |
13.320 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6241.890 |
3366.727 |
2540.067 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6255.210 |
3380.047 |
2553.387 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3416.017 |
3057.769 |
1842.151 |
|
|
2] Unsecured Loans |
646.713 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
4062.730 |
3057.769 |
1842.151 |
|
|
DEFERRED TAX LIABILITIES |
298.840 |
182.757 |
142.810 |
|
|
|
|
|
|
|
|
TOTAL |
10616.780 |
6620.573 |
4538.348 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3060.538 |
3061.503 |
1883.334 |
|
|
Capital work-in-progress |
2047.930 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
442.380 |
372.518 |
347.517 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2981.043
|
1457.089 |
951.242 |
|
|
Sundry Debtors |
3439.909
|
1855.413 |
1143.176 |
|
|
Cash & Bank Balances |
156.050
|
46.895 |
15.719 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
950.376
|
864.855 |
702.347 |
|
Total
Current Assets |
7527.378
|
4224.252 |
2812.484 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1874.983
|
722.534 |
406.640 |
|
|
Other Current Liabilities |
564.761
|
233.308 |
90.788 |
|
|
Provisions |
21.702
|
81.858 |
34.480 |
|
Total
Current Liabilities |
2461.446
|
1037.700 |
531.908 |
|
|
Net Current Assets |
5065.932
|
3186.552 |
2280.576 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Others |
0.000 |
0.000 |
26.921 |
|
|
|
|
|
|
|
|
TOTAL |
10616.780 |
6620.573 |
4538.348 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13349.954 |
6585.757 |
4187.355 |
|
|
|
Other Income |
148.467 |
180.671 |
25.840 |
|
|
|
TOTAL (A) |
13498.421 |
6766.428 |
4213.195 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
7371.706 |
4413.468 |
2606.762 |
|
|
|
Manufacturing Expenses |
678.309 |
405.911 |
213.579 |
|
|
|
Payments and Benefits to employee |
462.145 |
260.723 |
140.023 |
|
|
|
Administrative and Selling Expenses |
772.266 |
243.909 |
177.066 |
|
|
|
TOTAL (B) |
9284.426 |
5324.011 |
3137.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4213.995 |
1442.417 |
1075.765 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
261.132 |
252.414 |
130.005 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3952.863 |
1190.003 |
945.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
127.835 |
92.561 |
64.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3825.028 |
1097.442 |
881.629 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
934.333 |
259.094 |
222.249 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2890.695 |
838.348 |
659.380 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
36.727 |
20.067 |
7.478 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2880.000 |
810.000 |
639.000 |
|
|
|
Dividend and Tax |
15.531 |
11.688 |
7.791 |
|
|
BALANCE CARRIED
TO THE B/S |
31.891 |
36.727 |
20.067 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2170.00 |
629.00 |
495.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
21.42
|
12.39 |
15.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
28.65
|
16.66 |
20.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.13
|
15.06 |
18.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.61
|
0.32 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.04
|
0.16 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.06
|
4.07 |
5.29 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF PERFORMANCE
The Company's net turnover crossed the Rs.10000.000 Millions
mark for the first time in the Company's history. Total revenue for the fiscal
year 2009-10 is Rs.13498.420 Millions thereby registering a growth of 99% over
the previous year. The Company's exports stood at Rs.4866.600 Millions.
The company has earned a net profit of Rs.2890.696 Millions
after providing for Taxes of Rs.934.333 Millions during the year, as against
net profit of Rs.838.348 Millions in the previous year after providing for
Taxes of Rs.259.093 Millions. The key Contributor to the improved performance
is the increased sales of Oseltamivir Phosphate.
The Company's formulations business increased to Rs.3255.376
Millions during the fiscal, compared to
Rs.1783.737 Millions in 2008-09. Formulations revenues were higher by
82.50% over the previous year whereas
Bulk Drugs revenues were higher by 116.24% over the previous year. Bulk drugs
business increased to
Rs.10094.578 Millions during the fiscal compared to Rs.4802.020 Millions in
2008-09.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
2009-10 |
2008-09 |
|
|
|
|
|
Bank Guarantees |
41.131 |
13.212 |
|
Letters of Credit
|
2091.383 |
585.780 |
|
Bills discounted
with Banks |
-- |
8.538 |
|
Corporate
Guarantees USD |
3 millions |
3 millions |
|
|
|
|
The company has preferred appeal over the demand raised by
the Income Tax Department for the Assessment Years 2000-01 to 2004-05 with respect
to the deduction under sections 35(2),
80 HHC and 80 IB. However, the company has deposited the disputed
demand of Rs.17.978 Millions under protest which is included under Current
Assets. The company is confident of a favourable result in its favour.
FORM 8:
Bankers Charges
Report as per Registry
|
Name of the company |
Hetero Labs Limited |
|
1) Date and
description of instrument creating the change |
Agreement of
Modification of Charge dated 30.11.2006 |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 670.000
Millions |
|
3) Name and
Address and description of the person entitled to the charge. |
State Bank of |
|
4) Date and brief description of instrument
modifying the charge |
30.11.2006 |
|
5) 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. |
Agreement of
modification of charge dated 10.10.2003 of Rs.270.000 Millions modified on
31.11.2006 with Rs 670.000 Millions |
|
6) Date and brief
description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90136359 |
|
Corporate
identity number of the company |
U24110AP1989PLC009723 |
|
Name of the
company |
HETERO LABS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Hetero House, H. No. 8-3-166 / 7 / 1, Erragadda, |
|
Type of charge |
Any interest in
immovable property Movable property |
|
Particular of
charge holder |
State Bank of Hyderabad, Sanath Nagar Branch, Industrial Estate, Sanathnagar, Hyderabad – 500018, Andhra Pradesh, India E-Mail: sanathnagar@sbhyd.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
·
Memorandum
of Entry ·
Declaration
of Undertaking |
|
Date of
instrument Creating the charge |
24.06.2009 |
|
Amount secured by
the charge |
Rs.2850.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As agreed between
the company and Bankers in accordance with their terms of issue of loan Terms of Repayment As agreed between
the Company and banker in accordance with their terms of issue of loan Margin As agreed between
the Company and banker in accordance with their terms of issue of loan Extent and Operation of the charge First pari passu
charge, on all fixed assets, to all term loan Bankers Second pari passu
charge on all fixed assets to all working capital Banker Second pari passu
charge on all current assets to all term loan Banker |
|
Short particulars
of the property charged |
All fixed assets
at various units viz, Kajipally, Baddi, Nakkapalyy and Jadcherla and all
current assets belongs to the company wherever located besides the assets
shown in the Banks i. e. Book-debts, Receivable |
|
Date of latest
modification prior to the present modification |
16.09.2008 |
|
Particulars of
the present modification |
Total Amount secured
by this charge has been increased from Rs.1800.000 Millions to Rs.2850.000
Millions (The current increase of Rs.1000.000 Millions represent the T.Ls of
Rs.800.000 Millions from B.O.I Khairatabad Branch and Rs.250.000 Millions
from Andhra Bank, Specialised Corporate Finance Branch, Somajiguda) |
FIXED ASSETS:
v Land and Site Development
v
v Electrical Equipment
v R and D Equipment
v ETP Machinery
v Furniture and Fixture
v Office Equipments
v Vehicles
v Computers
WEBSITE DETAILS:
Established in the year 1993, with the motto to be the best in the API manufacturing, subject today embodies the vision of a top notch player in developing and commercializing products catering to a variety of therapeutic categories, integrating into a leading finished dosage manufacturer.
True to the Statement, "Where the Future Started Yesterday", with a foresight on the current trends in the Pharmaceutical Market, Hetero has grown from strength to strength, combining its Research Strengths, Manufacturing Capabilities, Human Resources and well established quality management system.
With full-fledged marketing capabilities, the company has
been able to market its products in over 100 countries in Asia, Middle-east,
Eastern Europe and
The spirit and brain behind the success story of subject is its founder Dr. BPS Reddy, a Scientist who started the company drawing immense strength from the vast and rich experience he gained during his earlier stint at the Laboratory where he was instrumental in developing and commercializing processes for several APIs .
The Company was started by him with a vision to be recognized as an aggressive company that combines its strength of R and D and manufacturing with definite advantages in terms of cost and chemistry with a strong emphasis on Quality of the products.
The untiring efforts of the Chairman saw Hetero develop processes for several products at relatively low cost, thus making it possible for several life saving drugs to be available at affordable prices, meeting all the Regulatory and Quality norms.
With the organization having reached a point where it is identified among the widely recognized companies, the Chairman is now focusing on giving new dimensions to the company in terms of exploring possibilities of further growth, exploring new horizons in the field of Pharmaceutical development and evolving strategies to take the company to greater heights.
All the members of subject’s Family draw inspiration and motivation from the Chairman in working towards achieving the Organizational Goals.
MILESTONE / AWARDS:
The Company has been
In its path to success, Hetero has seen many a milestone being crossed and achieved many awards on various fronts. Awards for exemplary work in R&D and marketing are just a few to name.
A track of few events that saw Hetero reaching its Zenith of glory are :
· National Award for “Best Efforts in Research and Development” from the Department of Scientific and Industrial Research, Ministry of Science and Technology, Government of India, in the year 1996.
· Highest Exporter award (for the year 1999) against stiff competition from internationally recognized domestic competitors.
· Approval of the API facilities by USFDA for compliance to CGMP norms
· Approval of the finished dosage facilities by WHO for the supply of anti-retroviral drugs.
PRESS REALESE:
April'2010
Hetero launches one of the
Hetero launches its new formulations facility (SEZ) at
Jadcherla,
The total unit area is 75 acres and with two manufacturing facilities. This facility offers a huge production capacity of 18 billion tablets and capsules per annum. It has a dedicated Oncology facility with a production capacity of 200 million tablets and capsules, 15 million liquid injectable vials and 15 million lyophilised Injectables.
This World-class facility is meeting the cGMP and regulatory requirements, with integrated quality management system in place. All quality control Instruments are 21-CFR compliant. Walk in type stability chambers with global requirements for stability study and Integrated building management system from Honey well -USA , Lyophilizer VIRTIS -USA, Liquid Filling machine from BOSCH – Germany, makes this manufacturing facility at par with the best in the world.
April'2010
Hetero receives tentative approval for Tenofovir disoproxil fumarate tablets
from USFDA
Hetero is pleased to announce that it has received the tentatively approval for Tenofovir disoproxil fumarate from the US Food and Drug Administration (USFDA).
Tenofovir tablets 300 mg is generic equivalent to Viread tablets 300 mg of Gilead Sciences. Tenofovir belongs to a class of antiretroviral drugs known as nucleotide analogue reverse transcriptase inhibitors (nRTIs), which block reverse transcriptase, an enzyme crucial to viral production in HIV-infected people. Tenofovir is indicated in combination with other antiretroviral agents for the treatment of HIV-1 infection in adults.
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 |
|
US Dollar |
1 |
Rs.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
74 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.