MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASTEC LIFESCIENCES LIMITED |
|
|
|
|
|
|
Registered Office : |
Elite Square, 274, |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
|
|
Date of Incorporation : |
25.01.1994 |
|
|
|
|
|
|
Com. Reg. No.: |
11-076236 |
|
|
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.169.291
millions |
|
|
|
|
|
|
CIN No.: [Company
Identification No.] |
L99999MH1994PLC076236 |
|
|
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA20370A |
|
|
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA4832D |
|
|
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
|
|
Line of Business : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
|
|
|
|
|
|
No. of Employees : |
100 (Approximately) |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Vijay Jain |
|
Designation : |
C.S.O. |
|
Contact No.: |
91-9920689888 |
LOCATIONS
|
Registered Office : |
Elite Square, 274, |
|
Tel No.: |
91-22-22618212 |
|
Mobile No.: |
91-9920689888 (Mr. Vijay Jain) |
|
Fax No.: |
91-22-22618289 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Research and |
F-39, MIDC, Phase II, Dombivali (East), Thane, |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
B -17, B-18 and B – 21, EOU Unit Birwadi Industrial Area, Mahad,
District Raigad, |
|
|
|
|
Factory 2 : |
B – 16, Birwadi Industrial Area, Local Unit Mahad, District Raigad, |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Ashok Vishwanath Hiremath |
|
Designation : |
Director |
|
Address : |
3, Jai Kiran, 35, Cuffe Parade, Colaba, Mumbai 400005, |
|
Date of Birth/Age : |
31.05.1955 |
|
Date of Appointment : |
01.02.1994 |
|
|
|
|
Name : |
Dr. Tiwari Baburam Pyarelal |
|
Designation : |
Director |
|
Address : |
2, Jalkiran, 85, Cuffe Parade, Mumbai 400005, |
|
Date of Birth/Age : |
01.07.1946 |
|
Date of Appointment : |
11.08.1994 |
|
|
|
|
Name : |
Mr. Laxmikant R. Kabra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod Malshe |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sitendu Sharma |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Mohammed Zakir |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Jain |
|
Designation : |
C.S.O. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,772,380 |
45.91 |
|
|
1,656,600 |
9.79 |
|
|
1,656,600 |
9.79 |
|
|
9,428,980 |
55.70 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9,428,980 |
55.70 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
613,090 |
3.62 |
|
|
5,030 |
0.03 |
|
|
618,120 |
3.65 |
|
|
|
|
|
|
2,157,523 |
12.74 |
|
|
|
|
|
|
3,499,521 |
20.67 |
|
|
1,037,164 |
6.13 |
|
|
187,822 |
1.11 |
|
|
12,406 |
0.07 |
|
|
175,416 |
1.04 |
|
|
6,882,030 |
40.65 |
|
Total Public shareholding (B) |
7,500,150 |
44.30 |
|
Total (A)+(B) |
16,929,130 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Agro Chemicals |
|
|
|
|
Products : |
Agrochemicals
Intermediates |
|
|
|
|
Exports : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw material for agro products |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit [90 days to 120 days] |
|
|
|
|
Purchasing : |
L/C |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Agro and Pharma |
M.T. |
3150.00 |
2838.58 |
GENERAL INFORMATION
|
Customers : |
Manufacturers |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
100 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. M. Kathariya and Company Chartered Accountants |
|
Address : |
Room No. 6, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16929130 |
Equity Shares |
Rs.10/- each
|
Rs.169.291
millions |
Note: Out of the above 85,71,800/- Equity Shares of
Rs. 10/- each fully paid-up, issued as Bonus Shares by way of capitalization of
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 |
169.291 |
94.289 |
94.289 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
759.388 |
228.606 |
133.167 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
928.679 |
322.895 |
227.456 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
339.099 |
409.317 |
319.627 |
|
|
2] Unsecured Loans |
28.276 |
28.986 |
9.787 |
|
|
TOTAL BORROWING |
367.375 |
438.303 |
329.414 |
|
|
DEFERRED TAX LIABILITIES |
16.869 |
14.052 |
12.338 |
|
|
|
|
|
|
|
|
TOTAL |
1312.923 |
775.250 |
569.208 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
429.256 |
323.428 |
327.860 |
|
|
Capital work-in-progress |
79.431 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
261.123 |
4.757 |
4.756 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
332.532
|
290.565
|
188.343 |
|
|
Sundry Debtors |
323.473
|
287.038
|
179.701 |
|
|
Cash & Bank Balances |
18.171
|
10.522
|
15.351 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
87.943
|
42.697
|
56.063 |
|
Total
Current Assets |
762.119
|
630.822
|
439.458 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
153.335
|
154.197 |
|
|
Current Liabilities |
220.768
|
6.556
|
31.100 |
|
|
Provisions |
|
36.671
|
26.289 |
|
Total
Current Liabilities |
220.768
|
196.562
|
211.586 |
|
|
Net Current Assets |
541.351
|
434.260
|
227.872 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.762 |
12.805 |
8.720 |
|
|
|
|
|
|
|
|
TOTAL |
1312.923 |
775.250 |
569.208 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1163.850 |
893.305 |
604.626 |
|
|
|
Other Income |
10.236 |
3.638 |
1.541 |
|
|
|
TOTAL (A) |
1174.086 |
896.943 |
606.167 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
800.155 |
658.125 |
398.410 |
|
|
|
Excise Duty Paid |
45.502 |
49.158 |
52.791 |
|
|
|
Personnel Expenses |
32.228 |
24.895 |
16.584 |
|
|
|
Increase/(Decrease)
in Finished Goods |
(4.411) |
(89.441) |
(58.501) |
|
|
|
Selling and Distribution Expenses |
36.770 |
37.634 |
38.273 |
|
|
|
Insurance Expenses |
0.000 |
0.000 |
0.000 |
|
|
|
Power & Fuel |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
910.244 |
680.371 |
447.557 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
263.842 |
216.572 |
158.610 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
51.148 |
60.565 |
41.866 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
212.694 |
156.007 |
116.744 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.008 |
31.950 |
22.383 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
171.686 |
124.057 |
94.361 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
33.318 |
16.818 |
13.649 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
138.368 |
107.239 |
80.712 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
141.932 |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
NA |
NA |
|
|
|
Dividend |
16.929 |
NA |
NA |
|
|
|
Tax on Dividend |
2.877 |
NA |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
230.494 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
346.073 |
259.078 |
143.829 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
297.067 |
148.117 |
81.211 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
11 |
8.42 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
310.250 |
312.690 |
265.570 |
232.960 |
|
Total Expenditure |
247.160 |
261.090 |
223.850 |
219.880 |
|
PBIDT (Excl OI) |
63.090 |
51.600 |
41.720 |
13.080 |
|
Operating Profit |
63.090 |
51.600 |
41.720 |
13.080 |
|
Interest |
9.180 |
11.390 |
9.290 |
10.490 |
|
PBDT |
53.910 |
40.210 |
32.430 |
2.590 |
|
Depreciation |
12.150 |
13.190 |
12.930 |
19.4600 |
|
Profit Before Tax |
41.760 |
27.020 |
19.500 |
(16.870) |
|
Tax |
7.960 |
5.800 |
3.880 |
3.140 |
|
Profit After Tax |
33.800 |
21.220 |
15.620 |
(20.020) |
|
Prior Period Expenses |
(0.500) |
(0.230) |
0.000 |
0.970 |
|
Net Profit |
33.290 |
20.990 |
15.620 |
(19.050) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.78
|
11.95
|
13.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.75
|
13.88
|
15.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.41
|
13.00
|
12.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.38
|
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
2.00
|
2.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.45
|
3.20
|
2.07 |
LOCAL AGENCY FURTHER INFORMATION
Operations
During the
year Company's Sales rose by 30.29% and the net profit after tax increased by
29.03%. The Company was successful in stabilizing production of it's products
in increasing production efficiencies.
Their
efforts have resulted in receipt of many new registrations in various parts of
the world. Many more registrations are in the pipeline. They are in dialogue
with some multinational companies for manufacturing products on contractual
basis. On finalization of the agreements, the Company will witness a substantial
increase in sales and corresponding increase in profitability. The business
will be predictable and will provide a platform of stability of the Company.
They
were successful in tapping markets in South East Asia and
In Mahad
they made investments to increase the capacity of their manufacturing facility
and to improve the quality of their products. They also made the investments in
line with our commitment to responsible care to improve their EHS standards.
They
invested in R and D and were successful in developing products and
intermediates that are unique and will give the Company substantial growth in
the coming years.
Joint Venture:
The
Company has invested in joint venture in
Awards:
Udyog Rattan Award and Excellence
Award
Their
Promoter and Chairman and Managing Director Mr. Ashok V. Hiremath has been
awarded the "Udyog Rattan Award" from one of the Country's premier
research institute "Institute of Economic StudiesN (IES) for his
contribution to the Economic Development of their Country and the Company has
also bagged the "Excellence Award" in the field of Economic
Development.
Gold Star Award and Gold Medal
The
Chairman and Managing Director, Mr. Ashok V. Hiremath has been awarded the
"National Gold Star Award and Gold Medal" from "The Indian
Society for Industry and Intellectual Development" at the 15th National
Seminar on "Individual Achievements and Intellectual Excellence National
Development" held at Dy. Speaker Hall, Constitutional Club, Vithal Bhai
Patel House, Rafi Marg, New Delhi-I 10001. The award was presented by Chief
Guest Mr. Manikrao Gavit, Member of Parliament, Chairman of Lok Sabha Ethics
Committee and Purva Kendriya Mantri.
MANAGEMENT DISCUSSION
AND ANALYSIS:-
Industry Structure
and Developments:-
The Company is engaged in the business of intermediates, active
ingredients and formulations in the off patent-proprietary category with a
focus on agrochemical and pharmaceutical industry.
2008-2009 saw economies all over the world recovering from the effects
of the Global Financial Crisisof 2008. The Indian economy was relatively
insulated from the effectsof the crisis.
The global market for crop protection products declined by 6% in 2009 in
comparison to 2008. This was due to destocking and adverse weather conditions.
However, the long term outlook for the industry is bright.
The industry has built up large capacities in
Demand for agricultural productswill increase for the following reasons:
1. Increasing affluence ofthe emerging economies and hence increase in
food requirements
2. The population of the world is increasing. It is expected to increase
from the current level of around 6.8 billion to 9 billion by 2050.
3. Increasing demand for biofuels as governments stipulate higher levels
of renewable fuels in gasoline.
The growth in the pharmaceutical market slowed down to 5.8%. Total sales
reached $773 billion in 2008 according to IMS Health. It is becoming
increasingly difficult to introduce new products in the market and the pipeline
of new products is decreasing with time. Pharma companies are looking for new
ways to boost drug discovery and to reduce the time taken to introduce new
products.
But the opportunities for the generic players continue to be strong with
a large number of products expected to go off patent in the coming years.
Domestic market:
2009 witnessed delayed and erratic monsoons in
The current year has witnessed a good start to the monsoons and we
expect a good outlook for our products this year.
Export market:
Weather conditions in various parts of the world were not favorable for
agriculture. This was especially the case in North America, South America and
The destocking of 2009 is over and with improved climatic conditions the
industry expects to see increased demand for crop protection products in 201 0.
Company's
performance:-
In the financial year 2009-1 0, Sales grew by 30% to reach Rs 11 63.8
millions. Export sales grew by 31 %. Sales of Crop protection Products
constituted 85% of the total and pharma intermediates constituted the balance.
Our PAT increased by 29%to Rs 138.4 millions
The Company has increased capacities of its plants. It has also
implemented many cost reduction measures. In addition to this it has introduced
new measures to improve its EHS performance.
The Company has obtained many new registrations in various parts of the
world. Many more registrations are expected to come through.
Form 8
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U99999MH1994PLC076236 |
|
Name of the
company |
ASTEC LIFESCIENCES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
802, Raheja Chambers, Free |
|
Type of charge |
Immovable property Movable property |
|
Particular of charge
holder |
The Shamrao
Vithal Co-operative Bank Limited |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument was
executed. However, the equitable
mortgage has been created by way of deposit of title deeds |
|
Date of
instrument Creating the charge |
24.01.2007 |
|
Amount secured by
the charge |
Rs. 217.990
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest As may be
decided. From time to time by the bank. [b] Terms of
repayment As may be
decided, from time to time by the bank [c] Margin AS may be decided,
by the bank [d] Extent and
operation of the charge To secure the due
repayment of various facilities aggregating to Rs. 217.990 Millions together with all interest costs, charges
and expenses thereon, granted by the bank to the company. |
|
Short particulars
of the property charged |
All that
immovable properties belonging to the company |
Trade References:
- Aarati Drugs Limited, Tarapur
- Atul Limited,
- Contropest India Limited,
- Singenta India Limited
Fixed Assets:
- Plant and Machinery
- Electrical Installation
- Office Equipments
- Furniture and Fixtures
- Air Conditioner
- Motor Vehicles
- Computer
- Flat at Dimbivali
- Flat at Mahad
WEBSITE DETAILS:-
Business
Description
Subject is an India-based company. The Company is engaged in
the manufacturing of agro and pharma chemicals. Astec manufactures a range of
Agrochemical active ingredients and pharmaceutical intermediates. It has
multipurpose production facilities at Dombivli and Mahad. The agrochemical
products include tebuconazole, propiconazole, hexaconazole, difenoconazole,
epoxiconazole, epoxiconazole, cyproconazole, flutriafol, tricyclazole,
metalaxyl, lambda cyhalothrin and imazethapyr. The intermediates manufactured include
dichloroacetophenone, methyl phthalic anhydride, thio bis-4-chloro thymol and
pentanediol. For the nine months ended 31 December 2010, subject revenues
increased 11% to Rs. 889.300 Millions. Net income decreased 33% to Rs.70.700
Millions. Revenues reflect an increase in income from operations, higher
operating income and decrease in excise duty. Net income was offset by an
increase in the cost of materials and utilities, rise in purchases of traded
goods, higher employees cost, increase in depreciation expense and rise in
other expenditure.
COMPANY PROFILE:-
Subject
is proud of its rich experience of over two decades in the chemical industry.
Subject employs highly qualified and trained personnel to monitor and maintain
its manufacturing activities as well as process development work. The company
prides itself in being responsive, reliable and quick to implement projects. At
the same time they ensure high levels of confidentiality in implementing new
projects thereby providing an excellent customized manufacturing service option
to our clients at extremely competitive costs.
A strong R and D focus has enabled the company to introduce a number of unique
products. As the operations are highly integrated both vertically and horizontally,
subject has a very efficient, low cost structure in the market place. Strong
emphasis on quality, backed by a highly competent technical team, has enabled
subject to establish a successful track record in nurturing stable and long
term relationships with highly reputed companies in USA, Japan and Europe.
Board of Directors:
Mr. Ashok V. Hiremath
Mr. Ashok V. Hiremath is the Chairman and Managing Director of subject. He
brings with him over 30 years of experience in the Chemical Industry. He has a
Masters degree in Engineering from
Dr. P.L. Tiwari
Dr. P. L. Tiwari has an MBBS and MD (Medicine) degree from
Mr. Laxmikant Kabra
Mr. Laxmikant Kabra, is an eminent Chartered Accountant. He has over 20 years
of experience in the fields of Income Tax, Company Law, Banking, Finance etc.
During his tenure he has worked with Ficom Organics Limited and Rishiroop
Rubber International Limited for two years each after which he started his own
practice as a Chartered Accountant in Mumbai under the firm name Laxmikant
Kabra and Company.
Mr. Mohammed Zakir
Mr. Mohammed Zakir has a Bachelor of Science (Mechanical) degree from Bihar
Institute of Technology. He brings with him over 35 years of experience in the
field of finance and industry. He started his career as a design engineer in
Research, Designs and Standards Organization (RDSO),
Mr. Sitendu Sharma
Mr. Sitendu Sharma is an eminent Chartered Accountant. He has over 20 years of
experience in the area of finance, tax planning, service tax etc. He has
been an Independent Director of our Company since September 2007.
Dr. Vinod Malshe
Dr. Vinod Malshe, has a Bachelor of Science (Chemical Technology) degree from
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.44.38 |
|
|
1 |
Rs.72.34 |
|
Euro |
1 |
Rs.63.87 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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.