MIRA INFORM REPORT
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Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
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Name : |
DISHMAN PHARMACEUTICALS AND CHEMICALS LIMITED |
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Registered Office : |
Bhadra-Raj Chambers, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
29.06.1983 |
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Com. Reg. No.: |
04-6329 |
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Capital
Investment/ Paid-up Capital: |
Rs.161.394
Millions |
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CIN No.: [Company
Identification No.] |
L24230GJ1983PLC006329 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD00851E |
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PAN No.: [Permanent
Account No.] |
AAACD4161D/ AAACD4164D |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturers and Exporters of Bulk Drugs, Organic Chemicals and Fine
Chemicals. |
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No. of Employees: |
Approximately 1500 |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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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 26000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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.
INFORMATION PARTED BY
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Name : |
Mr. Ajwalia |
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Designation : |
Account Manager |
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Date : |
12.07.2011 |
LOCATIONS
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Registered Office : |
Bhadra-Raj Chambers, |
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Tel. No.: |
91-79-26445807 / 26443053 / 26560089/ 26420198 |
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Fax No.: |
91-79-26420198 |
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E-Mail : |
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Website : |
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Corporate Office : |
301-306, Samudra Annexe, Off |
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Factory 1 : |
Plot No. 1216/20, Phase IV, GIDC Estate, Naroda, Ahmedabad – 382 330, |
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Tel. No.: |
91-79-2811633 / 2814234 |
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Factory 2 : |
Survey No. 47, Paiki Sub Lot No. 1, Village Lodariya, Taluka Sanand,
District Ahmedabad, |
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Factory 3: |
Swastika Cross Road, Navrangpura, Ahmedabad 380 009, |
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Tel. No.: |
91-79-26420198 |
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Branches : |
401, |
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Tel. No.: |
91-22-2859 2120/ 29204537 |
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Fax No.: |
91-22-2859 2226/ 66964055 |
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E-Mail : |
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Branch Office: |
Located At:
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Overseas Office : |
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Sales Offices: |
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DIRECTORS
As on 31.03.2011
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Name : |
Mr. Janmejay R. Vyas |
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Designation : |
Chairman and Managing Director |
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Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, |
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Date of Birth : |
29.04.1951 |
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Qualification : |
B. Sc. (Tech.) |
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Name : |
Mrs. Deohooti J. Vyas |
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Designation : |
Whole-time Director |
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Address : |
B/1-A, Rajhans Society, Ellisbridge, Ahmedabad – 380 006, |
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Date of Appointment : |
01.12.1997 |
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Qualification : |
A Bachelor Degree in Science |
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Other Directorship : |
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Name : |
Mr. Yagneshkumar B. Desai |
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Designation : |
Director |
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Date of Appointment : |
26.11.2003 |
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Qualification : |
A bachelors degree in Economics A fellow of the Indian Institute of Bankers |
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Other Directorship : |
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Name : |
Mr. Sanjay S. Majmudar |
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Designation : |
Director |
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Date of Appointment : |
14.02.2004 |
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Qualification : |
CA, LLB, Company Secretary |
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Other Directorship : |
·
Aarvee Denims and Exports Limited ·
AIA Engineering Limited ·
Carbogen Amcis ( ·
Keyur Financial Services Private Limited ·
Welcast Steels Limited |
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Name : |
Mr. Ashok C. Gandhi |
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Designation : |
Director |
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Date of Appointment: |
30th July, 2004 |
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Qualification : |
B. Com, LLB |
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Other Directorship : |
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Name : |
Mr. Arpit J Vyas |
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Designation : |
Whole Time
Director |
KEY EXECUTIVES
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Name : |
Mr. Deepak S. Pandya |
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Designation : |
Company Secretary And Compliance Officer |
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Name : |
Mr. Ajwalia |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
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Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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48,788,412 |
60.46 |
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600,000 |
0.74 |
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49,388,412 |
61.20 |
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Total shareholding of Promoter and Promoter Group (A) |
49,388,412 |
61.20 |
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(B) Public Shareholding |
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4,737,999 |
5.87 |
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2,103,631 |
2.61 |
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1,250 |
- |
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6,519,172 |
8.08 |
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13,362,052 |
16.56 |
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12,121,711 |
15.02 |
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4,444,153 |
5.51 |
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591,235 |
0.73 |
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789,573 |
0.98 |
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292,408 |
0.36 |
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497,165 |
0.62 |
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17,946,672 |
22.24 |
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Total Public shareholding (B) |
31,308,724 |
38.80 |
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Total (A)+(B) |
80,697,136 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
80,697,136 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 MillionBUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Bulk Drugs, Organic Chemicals and Fine
Chemicals. |
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Products : |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Manufactured** |
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Bulk Drugs and Intermediates |
MT |
3185.18 |
** Manufactured quantity, as mentioned above does
not include recovered solvent.
GENERAL INFORMATION
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Suppliers : |
As on 31.03.2010
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Customers : |
Chemical
Company. As on 31.03.2010
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No. of Employees: |
Approximately 1500 |
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Bankers : |
Ř State Bank of Ř Bank of Ř Corporation Bank Ř Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
‘Herigate’, 3rd Floor, Near |
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Associate Concern: |
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Subsidiary Company: |
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Wholly Owned Subsidiaries Companies: |
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Joint Ventures Company: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
80697136 |
Equity Shares |
Rs.2/- each |
Rs.161.394
Millions |
Note: Of the above, 1,01,00,000 equity shares of Rs. 10 each were
issued as bonus shares by way of capitalization of reserves in earlier years.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
161.394 |
161.394 |
161.394 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6252.400 |
5968.187 |
5374.757 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6413.794 |
6129.581 |
5536.151 |
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LOAN FUNDS |
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1] Secured Loans |
4677.984 |
3789.159 |
2321.851 |
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2] Unsecured Loans |
938.707 |
551.470 |
583.342 |
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TOTAL BORROWING |
5616.691 |
4340.629 |
2905.193 |
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DEFERRED TAX LIABILITIES |
297.666 |
271.377 |
203.059 |
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TOTAL |
12328.151 |
10741.587 |
8644.403 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4867.733 |
3538.401 |
2686.003 |
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Capital work-in-progress |
3036.128 |
2676.401 |
1729.647 |
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INVESTMENT |
1871.404 |
1819.921 |
1563.740 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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FOREIGN CURRENCY MONETARY ITEM TRANSLATION
DIFFERENCE ACCOUNT
|
0.000 |
4.860 |
27.549 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1242.449
|
997.528
|
1163.171
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Sundry Debtors |
1317.616
|
702.434
|
615.509
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Cash & Bank Balances |
43.135
|
42.820
|
32.048
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Other Current Assets |
0.000
|
0.000
|
0.000
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Loans & Advances |
1845.692
|
2025.200
|
1596.206
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Total
Current Assets |
4448.892
|
3767.982
|
3406.934
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
1540.088
|
750.638
|
229.225 |
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Other Current Liabilities |
191.287
|
163.974
|
90.167
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Provisions |
164.631
|
151.366
|
450.078
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Total
Current Liabilities |
1896.006
|
1065.978
|
769.470
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Net Current Assets |
2552.886
|
2702.004
|
2637.464
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
12328.151 |
10741.587 |
8644.403 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales and Services |
4195.729 |
3526.088 |
4158.847 |
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Other Income |
27.536 |
31.528 |
9.416 |
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TOTAL (A) |
4223.265 |
3557.616 |
4168.263 |
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Less |
EXPENSES |
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Materials and Manufacturing Expenses |
2680.108 |
1625.968 |
1984.257 |
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Research & Development Expenses |
75.363 |
50.664 |
47.859 |
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Employee Emoluments |
419.759 |
337.131 |
309.202 |
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Administrative, Selling & Other Expenses |
203.799 |
210.909 |
353.445 |
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Increase or decrease in stock |
(178.094) |
128.747 |
100.068 |
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Transferred From Revaluation Reserve |
(0.167) |
(0.167) |
(0.167) |
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TOTAL (B) |
3200.768 |
2353.252 |
2794.664 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1022.497 |
1204.364 |
1373.599 |
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Less |
FINANCIAL
EXPENSES (D) |
256.668 |
203.718 |
224.986 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
765.829 |
1000.646 |
1148.613 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
280.234 |
206.577 |
198.032 |
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PROFIT BEFORE
TAX (E-F) (G) |
485.595 |
794.069 |
950.581 |
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Less |
TAX (H) |
84.143 |
90.382 |
25.018 |
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PROFIT AFTER TAX
(G-H) (I) |
401.452 |
703.687 |
925.563 |
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Less |
Prior Period Adjustment (Net) |
0.203 |
[11.000] |
1.206 |
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Less |
Short Provision of Income Tax
in Earlier years |
0.000 |
3.952 |
2.906 |
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NET PROFIT |
401.249 |
710.735 |
921.451 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
579.542 |
794.227 |
486.070 |
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Less |
APPROPRIATIONS |
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|
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|
Transfer to General Reserve |
500.000 |
750.000 |
500.000 |
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Proposed Dividend |
96.837 |
96.837 |
96.837 |
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Tax on
Proposed Dividend |
15.709 |
16.083 |
16.457 |
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Transfer to Debenture Redemption Reserves |
125.000 |
62.500 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
243.245 |
579.542 |
794.227 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
|
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|
Export of Goods on FOB |
2772.268 |
2955.163 |
3085.245 |
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|
Contract Research Services |
180.329 |
143.124 |
209.837 |
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TOTAL EARNINGS0 |
2952.597 |
3098.287 |
3295.082 |
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IMPORTS |
|
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|
|
|
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|
Raw Materials |
1162.685 |
517.859 |
562.273 |
|
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|
Capital Goods and Services |
129.131 |
504.054 |
62.675 |
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TOTAL IMPORTS |
1291.816 |
1021.913 |
624.948 |
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Earnings Per
Share (Rs.) (Basic) |
4.97 |
8.81 |
11.43 |
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Earnings Per
Share (Rs.) (Diluted) |
4.97 |
8.74 |
11.33 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.50
|
19.98
|
22.11 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
11.57
|
22.52
|
22.86 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.21
|
10.87
|
15.60 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.13
|
0.17 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
0.88
|
0.66 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.35
|
3.53
|
4.42 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
- Micro, Small and Modium Enterprises |
4.345 |
6.379 |
[18.658] |
|
- Others |
1535.743 |
744.259 |
247.883 |
|
Total |
1540.088 |
750.638 |
229.225 |
PERFORMANCE AND
OPERATION REVIEW:
During the year, the Company achieved a turnover of Rs.4195.729 Millions
as against Rs.3526.088 Millions during the previous year reflecting a growth of
18.99%. Exports constitute Rs.3002.991 Millions or 71.57% of sales for 2010-11.
Other income earned during the year stood at Rs.27.536 Millions as against
Rs.31.528 Millions in the previous year. Profit before tax decreased by 38.85%
(Rs.485.595 Millions during the year as against Rs.794.069 Millions in the
previous year). Profit after tax for the year was Rs.401.452 Millions as
against Rs.703.687 Millions during previous year.
Earning per share for the year works out to Rs.4.97 per share (previous
year Rs.8.81).
The consolidated turnover, which includes results of all its wholly
owned subsidiaries, proportionate share in the joint ventures (Schutz Dishman
Biotech Limited, CAD Middle East Pharmaceutical Inds., Dishman Arabia Limited
and Dishman Japan Limited) and associate (Bhadra- Raj Holdings Private Limited)
reported 8.25% growth in sales to Rs.9908.440 Millions for the current
financial year 2010-11 compared to the previous year’s sales of Rs.9153.574
Millions.
Consolidated Profit before tax and other adjustment of the Company stood
at Rs.921.063 Millions (previous year Rs. 1325.288 Millions) and profit after
tax for the year at Rs.813.443 Millions (Previous year Rs.1175.763 Millions)
for the current financial year 2010-11.
The consolidated Earning per share for the year works out to Rs.9.92 per
share (previous year Rs.14.55 per share).
Lower sales and profit during the year is mainly due to global recession
and inventory rationalization at customers end.
Vitamin D
During the year, the Company started setting up a new unit to manufacture
Vitamin D at Bavla. The unit is expected to be ready for trail production
during the second quarter of FY 2011-12.
Disinfectant
Division
The Company has set up a manufacturing unit at Bavla to manufacture
Antiseptics and Disinfectants for application in healthcare and related
industries. Trial production is expected from the unit by end of June, 2011.
New High-Potency
Manufacturing Unit (Unit 9)
Unit 9 (HYPO facility) has successfully completed all validation
procedures for the containment of highly active APIs. Unit 9 has smoothly
undergone an in-depth and scientifically rigorous qualification process of the
containment equipment, led by an external consultancy with a strong reputation
and expertise in industrial hygiene.
HYPO facility set up at Bavla completed containment performance
validation by VEGA Environment Consultants Limited and ready for trial
production in the first quarter of 2011-12.
RESEARCH AND
DEVELOPMENT:
Research and Development is the foundation upon which Company’s strategy
of manufacturing and marketing of Bulk Drugs, Intermediates (including contract
manufacturing), Fine Chemicals, Quats and Specialty chemicals stands. The
Company offers portfolio of services from process R AND D in state-of-the-art
laboratories, kilo and pilot plant trials in well equipped kilo labs and pilot
plants and scale-up to full scale commercial manufacture in multi purpose
production units as well as dedicated facilities for certain products as per
customer requirement. By offering technical and manufacturing excellence in
multiple locations around the globe, the Company is the global outsourcing
partner for the pharmaceutical industry providing innovative development and
value for money, long term commercial supply.
The Company Offers R AND D
services with a specialization in development process that are truly
scalable to commercialization through process research and development. The
Company’s R AND D process is supported
by Analytical Services department which provided support in development of new
analytical methods for products developed in the R AND D labs. Analytical
Development Lab is equipped with all modern equipment for the analysis of raw
materials, intermediates and finished products. They continually upgrade the
instruments as per the requirements of the customers/products. The Quality
Control (QC) supports the analytical requirements starting from initial raw
material releases to release of Final API.
Kilo and Pilot facilities for cGMP production of API are an integral
part of R AND D center to facilitate maximum interaction and ensure seamless
process transfer from Laboratory to plant.
At Bavla facility, the Company has created a state-of-the-art R AND
D center comprising three floors and
having total built up area of 4500 Sq. Mtrs. The R AND D center houses a
technical library, 8 R AND D laboratories, a formulation development
laboratory, an analytical development department, a kilo lab and a cGMP
compliant pilot plant. The technical library has a rich collection of books and
periodicals covering various chemistry and related topics. It is staffed by
competent persons.
The R AND D labs work under full Good Laboratory Practices (GLP). Each R
AND D lab has a process R AND D area and its own analytical section. The R AND
D labs are equipped with latest equipment for carrying out diverse reactions.
They continue to add to the knowledge on various reactions as well as try new
technologies. They have now successfully used enzymes at lab scale and also
commercial scale for conversions that involve multiple steps if done using
conventional chemistry. They have concluded lab runs on irradiation technology
for Vitamin D analogues. A small-scale irradiation equipment has been installed
for certain niche products.
In the kilo lab, they have small reactors ranging from 30 L to 100 L
capacity for small scale reactions. The cGMP pilot plant has a range of
equipment which is required for the scale up of reactions developed in the
labs.
They now have a separate group of scientists working on generic APIs.
This group is involved in developing non-infringing routes to various generic
and soon-to-be generic APIs.
In the year 2010-2011, non-infringing process for about 10 APIs of
various therapeutic categories have been developed in the labs and successfully
validated in the pilot plant. Regulatory filing for these APIs is under
progress.
For the year 2011-2012, 10 new target APIs have been identified and work
has already started on some of them with the first few being ready for pilot validation
by the middle of this year.
In addition to APIs, this year 100 R AND D CRAMS projects have been
completed at lab and pilot level. Another 80 are in various stages of
development.
During the current year, they have worked on about 140 R AND D CRAMS
projects. They added 5 new customers for whom they completed 9 projects at
various scales. Negotiations are underway for repeat manufacturing campaigns
for some of them.
SPECIAL ECONOMIC
ZONE [SEZ] PROJECT:
During the year Company has been allotted land admeasuring 299151 sq.
mtrs. by Dishman Infrastructure Limited (DIL) in the SEZ developed by them. An
application has been made to the Development Commissioner for their approval
for setting up the units in the said Pharma and Fine Chemicals SEZ of DIL. The
Company has decided to do the future expansion in the SEZ.
DIL has started the development work at the SEZ site and first phase of
development work will be completed by March, 2012.
FOREIGN CURRENCY
CONVERTIBLE BONDS [FCCBs]:
August, 2005, the Company has issued 0.5% Foreign Currency Convertible
Bonds (FCCBs / Bonds), due 2010 convertible into equity shares of the Company,
for US$50 million. The said FCCBs have been listed on the Singapore Exchange
Securities Trading Limited (SGX-ST). Out of US$ 50.00 million US $ 47.50
million FCCBs were converted into equity shares of the Company.
The Company has not received any conversion Notice from the Bondholder
for conversion of Bonds into Equity Shares of the Company upto 18th August,
2010. As per the terms of the said FCCBs outstanding FCCBs of US$ 2.50 million
were redeemed on maturity i.e. on 19th August, 2010.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY OVERVIEW:
According to IMS Health Report
CRAMS, after becoming a promising medium for Indian pharma industry,
represents
INFRASTRUCTURE:
The company continued its investment in creation of new manufacturing
plants in
SEGMENT-WISE OR
PRODUCT-WISE PERFORMANCE :
The business segments of the Company comprise the following :
|
Segmen |
Description of
the activity |
|
CRAMS |
Contract Research and Manufacturing Segment under long term supply
agreements |
|
Others |
Bulk Drugs, Intermediates, Quats and Specialty Chemicals and
outsourced/traded goods |
The break-up of Company’s total income from the product segments viz. “CRAMS
segment” and “Others Segment” for the last three years is as under :
|
Product Segment |
31.03.2009 |
31.03.2010 |
31.03.2011 |
|
CRAMS |
7805.100 |
6487.300 |
6518.500 |
|
Others |
2815.000 |
2860.500 |
3791.900 |
|
Total |
10620.100 |
9347.800 |
10310.400 |
With strong R AND D experience and effective relationship developed with
MNC Customers, the Company has emerged as a premier contract manufacturing
organization (CMO). The CMO business model was envisaged in the year 1997 and there
under set up a modern production facility at Bavla, near Ahmedabad, which is
now a 100% EOU facility. At present, the Company has eight-multi purpose
production units at Bavla. The company has also manufacturing and R AND D
facilities in
The company has adopted various marketing strategies to continue the
growth, including increase in number of clients to reduce the dependency on any
single client, increase the number of products range to reduce product risk to
enter contract manufacturing through contract research of new molecules etc.
and enter the specific market with marketing innovation, technology transfer in
the developing markets, where technology is licensed to API manufacturer with a
stipulation that the intermediates are to be procured from Dishman on a long
term basis.
OPPORTUNITIES and
THREATS:
Most of the innovator companies are facing challenge of depleting
research pipeline and losing patent protection for their blockbuster drugs in
the next few years. This has opened up opportunities to CRAMS players from low
cost destinations like
In view of the huge potential the CRAMS segment offers to Indian
companies, many of the big pharmaceutical companies in
Recognizing this opportunity, the company continued to take initiatives
in reducing its costs by employing lean manufacturing techniques and resource
management initiatives.
OUTLOOK :
According to the forecast report released by IMS Health, the value of
global Pharmaceutical Market is expected to grow 5-7% in 2011, to US $ 880
billion, compared with a 4-5 % pace of last year. Main reasons for slow going
of global Pharmaceutical industries are sluggish prescription trends, EU
Pricing pressure, intensifying generic competition, pipeline failure and losing
patent protection by blockbuster drugs etc.
With GDP of between US $ 2-4 trillion in 2008,
Now, the Indian companies have starterd to look towards the Merger and
Acquisition and in licensing activities to make up for the loss of revenue that
will arise due to lose of license of its key products. Cost reduction helps
Indian companies dealing in CRO/ CRAMS business to remain in limelight on the
global pharma stage. Indian companies through their subsidiaries formed in
foreign markets serve the products and technologies to the local users in those
markets and make the Indian pharmaceutical market globalize.
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Laboratory
Equipment
- Electrical
Installation
- Furniture and
Fixtures
- Office
Equipment and Computer
- Vehicles
- Software
NEWS:
Dishman Netherlands
reaches agreement with Charles Bowman and Company
To distribute all their Vitamin D3 products in USA
12 January 2011
Dishman Netherlands reaches agreement with Charles Bowman and Company to
distribute all their Vitamin D3 products in
Veenendaal, the
Dishman
Charles Bowman and Company has been appointed the exclusive North
American distributor for all Vitamin D products from Dishman
The history of Vitamin D production at Dishman
This agreement strengthens Dishman
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 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.44.69 |
|
|
1 |
Rs.70.87 |
|
Euro |
1 |
Rs.62.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.