1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Everest Organics Limited |
Principal Name 1 |
Dr. S. K. Srihari Raju |
|
Status |
Moderate |
Principal Name 2 |
Mr. G. Raghunandhan |
|
|
|
Registration # |
01-15426 |
|
Street Address |
Aroor Village, Sadasivapet Mandal, Medak – 502291, Andhra Pradesh,
India |
||
|
Established Date |
19.02.1993 |
SIC Code |
-- |
|
Telephone# |
91-8455-250113/ 250114/ 250115 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-8455-250114 |
Business Style 2 |
Exporters |
|
Homepage |
Product Name 1 |
Active Pharmaceutical Ingredients and its Intermediates. |
|
|
# of employees |
100
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.92,730,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of Promoter and Promoter
Group- 33.49%, Public Shareholding- 66.51% |
Banking |
State Bank of Hyderabad |
|
Public Limited Corp. |
Yes |
Business Period |
18 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
B (26) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
152,467,000 |
Current Liabilities |
190,624,000 |
|
Inventories |
54,397,000 |
Long-term Liabilities |
109,341,000 |
|
Fixed Assets |
141,934,000 |
Other Liabilities |
5,568,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
305,533,000 |
|
Invest& other Assets |
845,000 |
Retained Earnings |
0,000,000 |
|
|
|
Net Worth |
44,110,000 |
|
Total Assets |
349,643,000 |
Total Liab. & Equity |
349,643,000 |
|
Total Assets (Previous Year) |
249,816,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
392,254,000 |
Net Profit |
11,560,000 |
|
Sales(Previous yr) |
244,496,000 |
Net Profit(Prev.yr) |
10,874,000 |
MIRA
INFORM REPORT
|
Report Date : |
28.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
EVEREST ORGANICS LIMITED |
|
|
|
|
Registered
Office : |
Aroor Village, Sadasivapet Mandal, Medak – 502291, Andhra Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.02.1993 |
|
|
|
|
Com. Reg. No.: |
01-15426 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.92.730 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230AP1993PLC015426 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDE00817F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE4400F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporters of Active Pharmaceutical Ingredients and its Intermediates. |
|
|
|
|
No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 180000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 |
LOCATIONS
|
Registered Office/ Factory : |
Aroor Village, Sadasivapet Mandal, Medak – 502291, Andhra Pradesh,
India |
|
Tel. No.: |
91-8455-250113/ 250114/ 250115 |
|
Fax No.: |
91-8455-250114 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate/ Administrative Office : |
8-3-214/50, 4th Floor, Srinivasa Nagar Colony West,
Hyderabad – 500090, Andhra Pradesh, India. |
|
Tel. No.: |
91-40-23737137 / 138/ 66510306 /23737139 |
|
Fax No.: |
91-40-66820511 |
|
|
|
|
Corporate Office : |
H No. 8-3-222 / 23A, MCH-138, Near Allahabad Bank, Yousufguda
Road, Madhura Nagar, Hyderabad – 500038, Andhra Pradesh, India. |
|
Tel. No.: |
91-40-23737137/ 138 |
|
Fax No.: |
91-40-23741007/ 55820511 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
(AS ON 31.03.2010)
|
Name : |
Dr. S. K. Srihari Raju |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. G. Raghunandhan |
|
Designation : |
Nominee Director of APIDC |
|
|
|
|
Name : |
Mr. V. Swaminathan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Rama Krishnam Raju |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. K. Easwer Reddy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Raju S. Kakarlapudi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. Parvatisem |
|
Designation : |
Director (Technical) |
|
|
|
|
Name : |
Mr. M. Bangara Raju |
|
Designation : |
Director – HR |
|
|
|
|
Name : |
Mr. S. K. Hari Krishna |
|
Designation : |
Executive Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2011)
|
Names of Shareholders |
No. of Shares |
Percentage |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,105,800 |
33.49 |
|
|
3,105,800 |
33.49 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
3,105,800 |
33.49 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1,600 |
0.02 |
|
|
11,150 |
0.12 |
|
|
12,750 |
0.14 |
|
|
|
|
|
|
|
|
|
|
405,284 |
4.37 |
|
|
|
|
|
|
|
|
|
|
3,189,366 |
34.39 |
|
|
1,446,200 |
15.60 |
|
|
|
|
|
|
1,113,600 |
12.01 |
|
|
1,077,400 |
11.62 |
|
|
36,200 |
0.39 |
|
|
6,154,450 |
66.37 |
|
|
|
|
|
Total
Public shareholding (B) |
6,167,200 |
66.51 |
|
|
|
|
|
Total
(A)+(B) |
9,273,000 |
100.00 |
|
|
|
|
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
9,273,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporters of Active Pharmaceutical Ingredients and
its Intermediates. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
· 2 - Mercapto - 5 - Methoxy Benzimidazole (Intermediate of Sl. No.3) · Chloro Compound (Intermediate of Sl. No.3) · Omeprazole Powder · Omeprazole Sulphide (Intermediate of Sl. No.3) · Omeprazole Sodium · Omeprazole Magnesium · Ciprofloxacin HCL · Q-Acid (Intermediate of Sl. No.7) · Pantoprazole Sodium · Lansaprazole · Esomeprazole Magnesium · Clorsulon · Carbosteryle · Aripiprazole
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Name of the Product |
Installed Capacity TPA |
Operating Capacity TPA |
% of Capacity Achieved |
|
|
|
|
|
|
|
|
|
|
|
Ciprofloxacin Enrofloxacin |
150 |
84.45 |
56.30 |
|
Omeprazole Op.Sulphide Op.Magnesium |
110 |
102.68 |
93.35 |
|
Benzimidazole |
120 |
86.69 |
72.24 |
|
Esomeprazole |
25 |
9.26 |
37.08 |
|
Pantaprazole |
25 |
7.91 |
31.64 |
|
Products |
Production (Qty/ Kgs.) |
|
|
|
|
Omeprazole Powder |
99785 |
|
Benzimidazole |
97563 |
|
Chloro Compound |
105542 |
|
Op.Sulphide |
118729 |
|
Op.Magnesium |
2609 |
|
Omeprazole Pellets |
14798 |
|
Omeprazole Sodium |
1637 |
|
Esomeprazole Magnesium |
9269 |
|
Pantaprazole |
7910 |
|
Ammonium sulphate |
251455 |
|
Tetralone 9843 |
98438 |
|
Q-ACID |
85379 |
|
Others |
1238 |
GENERAL INFORMATION
|
No. of Employees : |
100 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
· State Bank of Hyderabad · Kotak Mahindra Bank · Citi Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.S.N. Ravi Shanker and Associates Chartered Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9273000 |
Equity Share |
Rs.10/- each |
Rs.92.730
Millions |
|
|
|
|
|
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 |
92.730 |
92.730 |
92.730 |
|
|
2] Share Application Money |
38.881 |
38.881 |
38.881 |
|
|
3] Reserves & Surplus |
0.000 |
1.000 |
1.000 |
|
|
4] (Accumulated Losses) |
(87.501) |
(99.061) |
(109.988) |
|
|
NETWORTH |
44.110 |
33.550 |
22.623 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69.821 |
88.449 |
76.401 |
|
|
2] Unsecured Loans |
39.520 |
31.399 |
24.722 |
|
|
TOTAL BORROWING |
109.341 |
119.848 |
101.123 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
153.451 |
153.398 |
123.746 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
141.934 |
129.868 |
128.873 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.845 |
0.845 |
0.845 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
54.397
|
30.136 |
19.595 |
|
|
Sundry Debtors |
120.163
|
69.926 |
43.958 |
|
|
Cash & Bank Balances |
12.635
|
11.009 |
0.328 |
|
|
Other Current Assets |
0.807
|
0.336 |
0.655 |
|
|
Loans & Advances |
18.862
|
7.696 |
10.895 |
|
Total
Current Assets |
206.864
|
119.103 |
75.431 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
182.880
|
89.423 |
72.302 |
|
|
Other Current Liabilities |
7.744
|
3.739 |
6.778 |
|
|
Provisions |
5.568
|
3.256 |
2.323 |
|
Total
Current Liabilities |
196.192
|
96.418 |
81.403 |
|
|
Net Current Assets |
10.672
|
22.685 |
(5.972) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
153.451 |
153.398 |
123.746 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income (Net Turnover) |
392.254 |
244.496 |
194.726 |
|
|
|
Conversion Income |
14.582 |
12.495 |
9.345 |
|
|
|
Other Income |
5.981 |
2.909 |
0.855 |
|
|
|
TOTAL (A) |
412.817 |
259.900 |
204.926 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ (Decrease) in Stock |
(11.494) |
(2.588) |
(4.554) |
|
|
|
Raw Material Consumed |
295.518 |
153.095 |
121.400 |
|
|
|
Manufacturing Expenses |
51.834 |
45.352 |
38.069 |
|
|
|
Salaries, Wages and Other Benefits |
21.651 |
17.722 |
13.980 |
|
|
|
Administrative Expenses |
5.941 |
6.152 |
5.509 |
|
|
|
Selling and Distribution Expenses |
7.165 |
5.639 |
4.615 |
|
|
|
Directors Remunerations |
1.275 |
1.275 |
1.200 |
|
|
|
Prior Period Adjustments |
0.000 |
0.105 |
0.100 |
|
|
|
TOTAL (B) |
371.889 |
226.752 |
180.319 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.927 |
33.148 |
24.607 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.646 |
7.157 |
1.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
27.281 |
25.991 |
23.322 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.721 |
13.267 |
12.313 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
13.560 |
12.724 |
11.009 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.000 |
1.850 |
16.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11.560 |
10.874 |
9.409 |
|
|
|
|
|
|
|
|
|
Add: |
PROVIDED FOR PREVIOUS
YEAR |
0.000 |
0.052 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
PROVISION FOR
FBT FOR PRIOR YEAR |
0.000 |
0.000 |
0.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(99.062) |
(109.988) |
(119.197) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(87.502) |
(99.062) |
(109.988) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
40.900 |
47.200 |
58.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.25 |
1.04 |
0.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.80
|
4.18 |
4.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.46
|
5.20 |
5.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.89
|
5.11 |
5.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.38 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.93
|
6.45 |
8.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05
|
1.24 |
0.93 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS FOR
THE FINANCIAL YEAR 2009-10
During the financial year 2009-2010, the operations have improved
substantially by about 38%. The Turnover including conversion has increased
from Rs.262.500 Millions to Rs.424.300 Millions. This improvement in the
business has become possible with the increase in demand for existing products
of the Company coupled with more effective use of the existing machinery,
manpower and financial resources.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GENERAL PHARMA
INDUSTRIAL SCENARIO:
The Pharma Industry in
India is growing at a rate of 15% year on year basis. The global events in the
western world have given impetus to further growth to the Pharma Industry in
India, both on the domestic front and export front. In the next 5 years, the
Global Pharma giants will look more and more towards India for their
requirements of API and its advanced intermediates.
OUTLOOK FOR FINANICAL
YEAR 2010-11:
The company has been
making constant steady, but slow progress in terms of turnover, margins and
addition of new products.
In this FY 2010 - 2011,
the Management is confident of achieving a turnover of about Rs.600.000
Millions to 700.000 Millions with higher margins. The capital expenditure is
envisaged to the extent of Rs.40.000 Millions to 50.000 Millions in terms of
expanding the volume of existing products and adding newer products to augment
the bottom line. In this regard the company has approached the Kotak Mahindra
Bank Limited for term loan of Rs.30.000 Millions for which the Kotak Bank has
sanctioned Rs.25.000 Millions, which would be dispersed in second quarter of FR
2010-2011.
The capital expenditure
would involve solvent recovery system, expanding the volume of Omeprazole
production to 20 MT per month and also expanding the capacity of Pantoprazole.
The management also proposes to augment the utilities and services as well as
further capital investment on effluent treatment along with augmentation of
quality control equipment.
In nutshell the
management is confident of showing a minimum growth of 25 – 30% year on year
basis from the FY 2010- 2011.
FIXED ASSETS
· Land and Site Development
· Building
· Plant and Machinery and Utilities
· Office Equipment
· Computers
· Furniture and Fittings
· Vehicles
WEBITES DETAILS:
PROFILE:
The company was incorporated on 19.02.1993 to carry on the business of
manufacturing of bulk drugs viz. Omeprazole, Ciprofloxacin,
Dichloroflurobenzene, Benzimadizole, etc., having its factory at Sadasivpet
Medak District Hyderabad. The construction activities have started in the year
1994 and the commercial production of the company has started in 1996. During
the Year 1995 the company went into public issue and the shares of the company
have been Over-subscribed by 39.632 times. With full swing the company started
its production and got a good market share for their products.
The Company is headed by Dr. S.K. Srihari Raju who is a NRI and also a
Doctor by profession. He brings in his rich and varied experience of more than
25 years in the field of Medical Science to develop Products and enhance
marketability by focusing on Therapeutic areas which are of strategic
importance and growth.
The Company's Factory has a total area of 32 acres with 23 acres of
green belt and 9 acres covered under buildings and roads. A massive plantation
has been done in and around the process plants. There are totally 2000 plants
and 2036 trees in the Company factory premises. These trees and plants include
different varieties like Subabul, Neem, Gulmohar etc. Beautiful lawns between
the buildings give a pleasant view for the unit that relieves the stress of the
workers.
Utilities
The Industry has a very good service facility for steam, cooling and
power. It has a 6 tonne and a 2.3 tonne boiler for steam, 260 TR of cooling and
generator of 895 KV Capacity.
Safety Systems
Safety in this industry is a major issue and hence all the equipment is
specially designed with Rupture disks and solenoid valves are kept for the
reactors undergoing exothermic and pressure reactions. Pressure and vacuum
gauges are calibrated periodically. Ample space is provided between the
reactors. Centrifuges are provided with limit switches. Pressure tests are done
for the Reactors periodically. Reactor and jacket thickness tests are conducted
regularly. All the equipments are earthed to avoid static electricity. The
industry is also equipped with a good fire Hydrant System and fire
extinguishers for each and every critical as well as production areas.
SERVICES:
They are one of the Major Manufacturers and Exporters of
Active Pharmaceutical Ingredients and its intermediates in
Their standard Packing is in 25kg HDPE Drums, Validity of their offer is normally one week from the date of mailing. Payment terms are Negotiable and normal delivery terms are three to four weeks from the date of receipt of confirmed order.
The activities of the Company are executed by a team of professionals with expertise in the areas of production, planning, inventory and quality control. This team of professionals brings in there experience and expertise developed in the pharmaceutical industry. This helps in achieving world class products at very competitive prices and excellent proven quality, which is of utmost importance in a critical industry like healthcare.
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.43.94 |
|
|
1 |
Rs.72.12 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
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.