MIRA INFORM REPORT

 

 

Report Date :

02.06.2011

 

IDENTIFICATION DETAILS

 

Name :

FERMENTA BIOTECH LIMITED (w.e.f. 10.05.2000)

 

 

Formerly Known As :

FERMENTAPHARMA BIODIL LIMITED

 

 

Registered Office :

DIL Complex, Ghodbunder Road, Majiwada, Thane(W)-400 610, Thane Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.07.1986

 

 

Com. Reg. No.:

11-134021

 

 

Paid up Capital :

Rs. 87.000 Millions

 

 

CIN No.:

[Company Identification No.]

U99999MH1986PLC134021

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

PNEF00613E

 

 

PAN No.:

[Permanent Account No.]

AAACF2503N

 

 

Legal Form :

A closely held public limited liability company

 

 

Line of Business :

Manufacturing of Formulations, Drug, Intermediates and Biocatalyst

 

 

No. of Employees :

155 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (46)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Maximum Credit Limit :

USD 1179000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well – established and a reputed 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)

India

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/ Administrative Office  :

DIL Complex, Ghodbunder Road, Majiwada, Thane(W)-400 610, Maharashtra, India

Tel. No.:

91-22-67980888

Fax No.:

91-22-67980999

E-Mail :

fermenta@fermentabiotech.com

Website :

www.fermentabiotech.com

 

 

Factory :

Village Takoli, P. O. Nagwain, District Mandi, Himachal Pradesh – 175 121, India

Tel. No.:

91-1905-287246

Fax No.:

91-1905-287250

E-mail:

fblmandi@fermentabiotech.com

 

 

DIRECTORS

 

As on 27.09.2010 :-

 

Name :

Mr. Satish Varma Azad Nadimpally

Designation :

Director

Address :

Flat No. 1104, Quiscent Heights, Mindspace Link Road, Malad(W), Mumbai - 400 064, Maharashtra, India

Date of Birth/Age :

21.03.1970

Date of Appointment :

04.10.2004

DIN :

00003255

 

 

Name :

Mr. Krishna Vasant Datla

Designation :

Director

Address :

42 – B, Dhanaajay JVPD Presidency CHS., 8 North South Road, Juhu, Mumbai 400 049, Maharashtra, India

Date of Birth/Age :

17.12.1980

Date of Appointment :

01.02.2002

DIN :

00003247

 

 

Name :

Mr. Sanjay Ramakant Buch

Designation :

Additional Director

Address :

31/7, Sona CHS., K.C.Marg, Bandra Reclamations, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

26.09.1968

Date of Appointment :

22.01.2010

DIN :

00391436

 

 

Name :

Mr. Rajendra Balkrishna Gajtonde

Designation :

Whole Time Director

Address :

505  Santoor Society, Lokpuram, Thane (West) - 400 610, Maharashtra, India

Date of Birth/Age :

01.06.1962

Date of Appointment :

02.01.2007

DIN :

00003269

 

 

Name :

Mrs. Anupama Vasantkumar Datla

Designation :

Director

Address :

Dhananjay, 42-B, Presidency Society, 8th North South Road, Juhu Vile Parle [West], Mumbai 400049, Maharashtra, India

Date of Birth/Age :

12.06.1978

Qualification :

Post Graduate in Biotechnology

Science Graduate from The Boston College

Date of Appointment :

29.03.2007

DIN :

00217027

 

 

Directorship in other Companies:

Lacto-Cosmetics [Vapi] Private Limited

CIN No.: U99999GJ1984PTC008671

 

Dupen Laboratories Private Limited

CIN No. U24239MH1976PTC103955

 

 

Name :

Mr. Peter John Bains

Designation :

Additional Director

Address :

Hutchins Barn, Forty Green Road, Knotty Green, HP9IXL, Beaconsfield, United Kingdom - 76152

Date of Birth/Age :

26.07.1957

Date of Appointment :

19.03.2010

DIN :

00430937

 

 

KEY EXECUTIVES

 

Name :

Mr. Rama Subramanian

Designation :

Company Sectary

Address :

85 A / 4, Brindavan Society, Majiwade, Thane (West) 400 601, Maharashtra, India

Date of Birth/Age :

30.07.1966

Date of Appointment :

02.08.2004

 

 

Name :

Mr. V W Rajasekar 

Designation :

Research Group Head 

 

 

Name :

Mr. Dhanya Santosh

Designation :

Secretary

Address :

Flat No. 14, Building No. 10, Laukik CHS, Oswal Park, Majiwade, Pokhran Road 2, Thane-400601, Maharashtra, India

Date of Birth/Age :

17.08.1982

Date of Appointment :

31.12.2008

 

 

Name :

Mr. Ranabir Sanyal

Designation :

Secretary

Address :

B-605, Laxmi Narayan Complex, Sector 12A, Koparkhairane, Navi Mumbai – 400709, India

Date of Birth/Age :

25.09.1984

Date of Appointment :

01.10.2009

PAN :

BMXPS1807B

 

 

MAJOR SHAREHOLDERS

 

As on 27.09.2010 :-

 

Names of Shareholders

 

No. of Shares

Equity Shares 

 

 

Dr. V. K. Datla

 

12

Mr. D. G. Rajan

 

12

Mr. O. Swaminatha Reddy

 

12

DIL Limited, Thane

 

14677500

V. R. Investment and Finance Private Limited, Hyderabad

 

15000

Mrs. D. Rajeshwari

 

85338

Mr. Govind Desai and Mr. Gunanath Govind Desai

 

2500

Mr. Govind Desai and Mr. Damodar Govind Desai

 

1000

Mrs. Shaila G. Desai and Mr. Damodar Govind Desai

 

1500

Mr. S. Krishnan

 

10

Mr. S C Uniyal

 

10

Ms. Preeti Thakkar

 

3012

Dupen Laboratories P Limited, Santacruz

 

100000

Mr. Kumar Subrmanian

 

10

Mr. S Raman

 

10

Mr. Prashant Kutty

 

20

DVK Investments Private Limited,Thane

 

87024

Mr. K H Kashid

 

10

Mr. Krishna Datla Jtly Mr. Rajeshwari Datla

 

27000

Mr. Satish Varma

 

10

Mr. Irfan Bandukwala

 

10

Total

 

15000000

 

 

As On 27.09.2010 :-

 

Names of Allottees

 

No. of Shares

 

 

 

Evolvence India Life Science Fund LLC, Mauritius

 

1915036

 

 

As on 27.09.2010 :-

 

Category

Percentage

Bodies corporate

99.20

Directors or relatives of directors

0.75

Other top fifty (50) shareholders

0.05

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Formulations, Drug, Intermediates and Biocatalyst

 

 

Products :

 

ITC Code

Product Description

30049089

Asiracepi Ihroai Lozences

300290.00

Plnicillin G Amidas Biocaialysi

29062909

2 4 Dichlorobenzyl Alcohol

293331

Phenyramidol HCL

292250

Isoxsuprine Hydrochloride

293629.13

Vitamin D3

 

 

Imports from :

UK, Germany and Korea

 

 

Terms :

                  

Purchasing :

L/C, D/A or D/P terms

 

 

PRODUCTION STATUS (As on :  31.03.2009 ):-

Particulars

Unit

Installed Capacity

Actual Production

Biocatalyst and enzymes

Kgs

7000

8924

Formulations tablets and lozenges

Blister Packs ‘000’

----

802

Bulk Drugs

Kgs

100050

58425

 

 

GENERAL INFORMATION

 

No. of Employees :

155 (Approximately)

 

 

Bankers :

Ø       State Bank of India, Nagwain, Dist Mandi, Himachal Pradesh

Ø       The British Bank of the Middle East

Ø       Union Bank Of India, Solitier Tower, Manpada, Ghodbunder Road, Thane-400610, Maharashtra, India

Ø       ICICI Bank Limited, ICICI Bank Towers, Bandra-Kurla Complex, Bandra(E), Mumbai-400051, Maharashtra, India

Ø       HSBC Bank Middle Est, 16, Veer NAriman Gandhi Road, Mumbai-400001, Maharashtra, India

Ø       State Bank of India, Madame Cama Road, Mumbai-400021, Maharashtra, India.

Ø       ANZ Grindlays Bank Limited

 

 

Facilities :

Secured Loans

31.03.2009

(Rs. In Millions)

31.03.2009

(Rs. In Millions)

Vehicle loan

secured against hypothecation of Vehicle (Repayable within a year Rs 1.776 millions) (2009 Rs. 1.609 million)

2.919

3.554

Term Loan

secured by way of first charge on fixed assets procured with financial assistance of the term loan and by equitable mortgage of factory land and building at kullu.  (Repayable within a year Rs.21.282 Millions (2008- Rs. 16.962 millions)

59.967

53.442

Packing Credit

secured by way of hypothecation of the company’s entire stocks of raw materials, semi finished and finished goods, consumable stores and spares and such other Movable including book debts, bills, whether documentary or clean, outstanding monies receivables and also by way of first charge on all of the company’s fixed assets both present and future

40.000

55.800

Cash credit

secured by way of hypothecation of the company’s entire stocks of raw materials, semi finished and finished goods consumable stores and spares and such other movable including book debts bills whether documentary or clean outstanding monies receivables and also by way of first charge on all of the company’s fixed assets both present and future

29.934

29.661

Total

132.820

142.457

 

 

 

Unsecured Loan – From Holdiong Company

30.000

0.000

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

S R Batlibol and Associated

Chartered Accountants

Address :

Jalan Mill Compund, 95 Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013, Maharashtra, India

PAN No.:

AABFS3421N

 

 

Holding Company

·         DIL Limited

      CIN No.: L99999MH1951PLC008485

 

 

Subsidiaries :

·         Fermenta Biotech (UK) Limited United Kingdom

·         G I Biotech Private Limited

      CIN No.: U24230MH2004PTC148220

 

 

CAPITAL STRUCTURE

 

As on 27.09.2010 :-

 

Authorised Capital :

No. of Shares

Type

Value

Amount

19,010,000

Equity Shares

Rs. 10/- Each

Rs. 190.100 Millions

990,000

Preference Shares

Rs. 10/- Each

Rs. 9.900 Millions

 

Total

 

Rs. 200.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

15,000,000

Equity Shares

Rs. 10/- Each

Rs. 150.000 Millions

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

9010000

Equity Shares

Rs. 10/- Each

Rs. 90.100 Millions

990000

Redeemable Cumulative Non- Convertible Preference Shares

Rs. 10/- Each

Rs. 9.900 Millions

 

Total

 

Rs. 100.000 Millions

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

8000000

Equity Shares

(Of the above 7677500 equity shares are held holding company, DIL Limited)

Rs. 10/- Each

Rs. 80.000 Millions

700000

0% Redeemable Cumulative Non- Convertible Preference Shares held by the holding Company , DIL Limited, issued on preferential basis at a premium  of Rs. 90 per share . The shares are redeemable either fully or in more than on installment at the option of either company, at any time after 12 months from the date of allotment, i.e., 23rd December 2004 but 84 months from the aforesaid date, at a premium of Rs. 100 per share at the end of 12 months or Rs 110/- per share at the end of 24 months or Rs. 120 per share at the end of 36 months and so on.

Rs. 10/- Each

Rs. 7.000 Millions

 

Total

 

Rs. 87.000 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

87.000

87.000

87.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

207.932

166.059

149.972

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

294.932

253.059

236.972

LOAN FUNDS

 

 

 

1] Secured Loans

132.820

142.457

100.624

2] Unsecured Loans

30.000

0.000

0.000

TOTAL BORROWING

162.820

142.457

100.624

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

457.752

395.516

337.596

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

208.866

192.504

157.823

Capital work-in-progress

56.850

7.696

8.665

 

 

 

 

INVESTMENT

18.662

18.662

18.499

DEFERREX TAX ASSETS

3.275

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
71.463
74.654
71.578

 

Sundry Debtors
112.367
108.523
113.706

 

Cash & Bank Balances
31.928
26.022
7.882

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
26.697
34.029
30.316

Total Current Assets
242.455
243.228

223.482

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
38.394
34.599
44.544

 

Other Current Liabilities
19.672
21.578
19.603

 

Provisions
14.290
10.397
6.726

Total Current Liabilities
72.356
66.574
70.873

Net Current Assets
170.099
176.654
152.609

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

457.752

395.516

337.596

 

 

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

480.157

351.080

308.563

 

 

Other Income

2.987

19.971

10.820

 

 

TOTAL                                     (A)

483.144

371.051

319.383

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase of Trading Goods

9.367

0.000

0.000

 

 

Material Consumed

134.266

89.818

93.566

 

 

Increase/Decrease in inventories

(1.916)

16.952

0.000

 

 

Manufacturing Expenses

63.197

51.676

54.045

 

 

Personnel Expenses

68.511

58.624

41.958

 

 

Selling and Distribution Expenses

37.002

27.615

16.261

 

 

Administration and other expenses

87.691

74.510

47.805

 

 

TOTAL                                     (B)

398.118

319.195

253.635

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

85.026

51.856

65.748

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

14.412

15.765

7.259

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

70.614

36.091

58.489

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

23.125

17.062

11.095

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

47.489

19.029

47.394

 

 

 

 

 

Less

TAX                                                                  (I)

5.616

2.942

2.622

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

41.873

16.087

44.772

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

90.489

74.402

29.630

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

132.362

90.489

74.402

 

 

 

 

 

 

Earnings Per Share (Rs.)

5.23

2.01

5.60

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

8.67

4.19
11.88

 

 

 

 
 

Net Profit Margin

(PBT/Sales)

(%)

9.89

5.23
15.35

 

 

 

 
 

Return on Total Assets

(PBT/Total Assets)

(%)

10.52

4.12
11.60

 

 

 

 
 

Return on Investment (ROI)

(PBT/Networth)

 

0.16

0.08
0.20

 

 

 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 

0.80

0.83
0.72

 

 

 

 
 

Current Ratio

(Current Asset/Current Liability)

 

3.35

3.65
3.15

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY:-

The company was incorporated on 11th July, 1986 at Mandi in Himachal Pradesh having Company Registration Number 6933.

 

Note :The company shifted its registered office to Mumbai in the year 2000-01 and a new Company Registration Number 134021 of Mumbai R.O. C. was obtained.

 

RESULT FROM OPERATIONS

In 2009-10, the revenue generated stood at Rs. 483.144 millions as against Rs. 371.051 millions in the previous year. Profit before tax was Rs.47.489 million(previous year Rs.19.028 million) and the profit after tax was Rs. 41.873 million (previous year rs.16.087 million).

 

Fixed Assets:-

v      Freehold Land

v      Building

v      Plant and Machinery

v      Office Equipment

v      Furniture and Fixture

v      Vehicles

v      Software

v      Product Know-how

 

 

form 8:-

Corporate identity number of the company

U99999MH1986PLC134021

Name of the company

FERMENTA BIOTECH LIMITED

Address of the registered office or of the principal place of  business in India of the company

DIL Complex, Ghodbunder Road, Majiwada, Thane(W)-400 610, Maharashtra

This form is for

Creation of charge

Type of charge

Movable property (not being pledge)

Particular of charge holder

Union Bank Of India, Solitier Tower, Manpada, Ghodbunder Road, Thane-400610, Maharashtra, India

E-mail : cbsghodbunderroad@unionbankofindia.com

Nature of instrument creating charge

TERM LOAN AGREEMENT (SD-18) (hypothecation of movables)

Date of instrument Creating the charge

15.11.2010

Amount secured by the charge

Rs. 200.000 millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest: Base Rate+ 3.75% per annum with monthly rests or at such other rate/s as may be prescribed by the Bank from time to time

 

 

Terms of Repayment: Term Loan of Rs.200.00 millions shall be repayable in 60 monthly installments of Rs.3.333 million + Interest with 6 months moratorium

 

Margin : As per sanction terms

 

Extent and Operation of the charge: To secure Term Loan facility of Rs.200.000 millions granted by the Bank to the Company

Short particulars of the property charged (Including location of the property)

The Borrower hereby Hypothecates and Charges to the Bank by way of First Charge in favour of the Bank:-

All those Machinery/Plant/Vehicle/Capital Goods/Assets Purchased or to be Purchased by the Borrower out of this loan viz. Reactors, Natrogen Gas Plant, Chillers, Boiler, Irradion Chambers,Quartz Vesher whether  installed or not or whether lying loose or in cases or in transit to the Borrower's premises at Khasra 602 + 606 Takoli Mandi HP and Plot No.Z 109/B and Z

109/C Dahej GIDC Dahej 2. All the tangible movable machinery and plant of the Borrower together with spares tools and accessories and other movables both present and future whether lying loose or in cases which are now lying or stored in or about or shall be brought into or be stored or be in or upon or about the Borrower's premises and godowns or wherever else the same may be or be held by any party to the order or disposition of the Borrower relating to or pertaining to the Borrower's works at Khasra 602 + 606 Takoli Mandi HP and Plot No.Z 109/B and Z 109/C Dahej GIDC Dahej

 

 

Trade Reference:-

v      Vasvik Biosearch Private Limited

v      The Industrial Finance Corporation of Indian Limited

 

 

Website Details Attached:-

 

Company Overview :

Subject, incepted under the auspices of Duphar Intefran Limited (now known as DIL Limited.), was the brainchild of late Mr. Vasant Kumar Datla.

 

Established in 1986, subject was the pioneer of Penicillin G Amidase enzyme in India and soon emerged as the leader in enzyme technologies for betalactams. It made cost effective and efficient enzymes for application in betalactam production a commercial reality in India.

 

Subject also manufactures Vitamin D3, a business it took over in 2004 from DIL, the first to harness this technology in India, who had been manufacturing Vitamin D3 since 1974. Even now subject remains the only organization in India to manufacture Vitamin D3.

 

Today subject has become a multifaceted organization with a high degree of focus in Biotechnology, Pharmaceuticals and Environmental Solutions, and is known for its innovative spirit. Powered with an unmatched infrastructure, an excellent network of facilities and greater thrust on R and D, subject offers innovative and time-tested products to the world.

 

History/ Milestones:

 

1986

  • Foundation of Subject (Erstwhile Fermenta Pharma Biodil Limited)

1989

  • Pioneered the launch of immobilized Penicillin G amidase catalyst (PGA) (Fermase PA™ 250) for β-lactam intermediates

1998

  • Launch of improved enzyme catalyst PGA white (Fermase PA™ 750) for β-lactam intermediates

2004

  • Commencement of manufacturing of Cholecalciferol (Vitamin D3), Isoxsuprine HCl, Phenyramidol HCl and DILVIT

2005

  • Launch of PGA brown (Fermase PA™ 1500) for cephalosporin intermediates
  • Introduced R-oxynitrilase (Fermase OX™) for chiral synthesis

2006

  • Produced Dilbeads™, oxirane polymer beads for enzyme immobilization
  • Launch of PGA catalyst blend (Fermase PA™ 450) for cephalosporin intermediates

2007

  • Upgradation of Pharmaceutical facility for cGMP compliance
  • Kosher Certification for Vitamin D3
  • Halal Certification for Vitamin D3

2008

  • Novel Penicillin G acylase (NPGA) for β-lactam synthesis viz. Amoxicillin
  • WHO-GMP Certification for API facility
  • Launch of Silicone powder (Activated Dimethicone Powder)
  • Launch of the subject – Environmental Solutions

 

 

CMT REPORT [Corruption, Money laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.94

UK Pound

1

Rs.73.46

Euro

1

Rs.64.58

 

 

 

 

 

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

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

Yes

--LISTED

YES/NO

No

--OTHER MERIT FACTORS

YES/NO

Yes

TOTAL

 

46

 

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

 

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.