MIRA
INFORM REPORT
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Report Date : |
18.06.2011 |
IDENTIFICATION DETAILS
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Name : |
PARAS PHARMACEUTICALS LIMITED |
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Registered Office : |
“Paras House”, 6-B, Sattar Taluka Society, Near Navjinva
Press, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.11.1980 |
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Com. Reg. No.: |
04-4048 |
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Capital
Investment / Paid-up Capital : |
Rs.90.515 Millions |
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CIN No.: [Company
Identification No.] |
U24231GJ1980PLC004048 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMP00763A |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturing of Pharmaceutical Products and Bulk Drugs. |
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No. of Employees
: |
1500 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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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 6430000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for any normal business dealings. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Parthiv |
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Designation : |
Finance Department |
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Date : |
16.06.2011 |
LOCATIONS
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Registered Office : |
“Paras House”, 6-B, Sattar Taluka Society, Near Navjinva
Post Office, Ahmedabad – 380 014, |
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Tel. No.: |
91-79-27544475 / 27544484 |
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Fax No.: |
91-79-27544485 |
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E-Mail : |
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Website : |
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Corporate Office : |
3rd Floor, Heritage Complex, |
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Tel. No.: |
91-79-40224400 |
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Fax No.: |
91-79-40224484/ 85 |
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E-Mail : |
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Factory : |
Plot 1/7, GIDC Estate, Kalol, District Mehsana, |
DIRECTORS
As on 31.08.2010
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Name : |
Mr. Girishbhai Naranbhai Patel |
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Designation : |
Director |
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Address : |
20/476, Satyagrah Chhawani, Behind ISRO, Ramdevnagar, Ahmedabad - 380 054, |
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Date of Birth/Age : |
15.09.1959 |
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Date of Appointment : |
29.03.1995 |
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DIN : |
00094085 |
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Name : |
Mr. Chander Mohan Sethi |
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Designation : |
Additional Director |
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Address : |
302-B, Court Greens, Laburnum Condominium Complex, Sushant Lok – I,
Gurgaon – 122002, |
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Date of Birth/Age : |
08.03.1949 |
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Date of Appointment : |
11.04.2011 |
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DIN : |
00319297 |
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Name : |
Mr. Parag Agarwal |
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Designation : |
Additional Director |
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Address : |
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Date of Birth/Age : |
19.02.1966 |
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Date of Appointment : |
11.04.2011 |
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DIN : |
02954487 |
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Name : |
Mr. Sreenivasrao Nandigam |
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Designation : |
Additional Director |
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Address : |
C1, 301, |
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Date of Birth/Age : |
24.04.1969 |
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Date of Appointment : |
11.04.2011 |
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DIN : |
02410352 |
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Name : |
Mr. Roopak Taneja |
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Designation : |
Additional Director |
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Address : |
C/o Reckitt Benckiser, |
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Date of Birth/Age : |
24.01.1967 |
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Date of Appointment : |
11.04.2011 |
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DIN : |
02889984 |
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Name : |
Mr. Samir Kumar Barua |
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Designation : |
Director |
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Address : |
House No. 421, IIM, Vastrapur, Ahmedabad-380015, |
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Date of Birth/Age : |
23.09.1951 |
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Date of Appointment : |
01.06.2006 |
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Date of Cessation : |
11.04.2011 |
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DIN : |
00211077 |
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Name : |
Mr. Raghunandan Sathyanaryan Rao |
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Designation : |
CEO and Managing Director |
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Address : |
D 401, ATS Greens, Sector 50, Noida-201305, |
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Date of Birth/Age : |
12.03.1965 |
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Date of Appointment : |
24.07.2008 |
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Date of Cessation : |
11.04.2011 |
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DIN : |
02263845 |
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Name : |
Mr. Shomik Prasanna Mukherjee |
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Designation : |
Director |
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Address : |
C/7/8 Vasant Vihar, New Delhi-110059, |
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Date of Birth/Age : |
16.12.1971 |
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Date of Appointment : |
24.07.2008 |
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Date of Cessation : |
11.04.2011 |
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DIN : |
02185373 |
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Name : |
Mr. Jyotindra Trivedi |
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Designation : |
Director |
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Address : |
201, 21st Floor, Antariksha Apartments, Kakasaheb Gadgil
Marg, Prabhadevi, Mumbai – 400025, |
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Date of Birth/Age : |
19.09.1953 |
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Date of Appointment : |
01.09.2006 |
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Date of Cessation : |
11.04.2011 |
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DIN : |
00146275 |
KEY EXECUTIVES
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Name : |
Mr. Sthitapranga Kantilal Shah |
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Designation : |
Secretary |
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Address : |
2/2, |
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Date of Birth/Age : |
21.12.1961 |
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Date of Appointment : |
01.03.2000 |
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Name : |
Mr. Parthiv |
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Designation : |
Finance Department |
SHAREHOLDING PATTERN
As on 31.08.2010
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Names of Shareholders |
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No. of Shares |
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Patel Girish N |
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1537292 |
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Actis Consumer India Limited, |
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2457124 |
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Sequoia Capital |
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700000 |
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Patel Arpit G |
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898951 |
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Actis Consumer South Asia Limited, |
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526931 |
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Patel Bhartiben G |
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197628 |
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Patel Girishbhai N HUF |
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21505 |
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Actis Investments Holdings No.63 Limited, |
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411112 |
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Actis Investments Holdings No.64 Limited, |
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1350400 |
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Actis Investments Holdings No.65 Limited, |
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588079 |
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Actis Investments Holdings No.80 Limited, |
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332186 |
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Keki Bomi Dadiseth |
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12500 |
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17814 |
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Total |
|
9051522 |
As on 31.03.2010
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Category |
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Percentage of
Holding |
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Foreign holdings (Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or
overseas corporate bodies or others) |
|
70.34 |
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Directors or relatives of directors |
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29.33 |
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Others |
|
0.33 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Pharmaceutical Products and Bulk Drugs. |
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Products : |
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PRODUCTION STATUS [As on 31.03.2010]
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Ointment/ Cream |
M. Ton |
5326 |
1719 |
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Powder |
M. Ton |
4200 |
1611 |
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Liquid |
000 Liters |
6000 |
691 |
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Tablets |
Million |
810 |
243 |
Notes:
a)
Licensed Capacity not
being applicable, has not been indicated.
b)
Installed capacity has
been certified by the company, this being a technical matter.
c)
Quantity in metric tones unless
otherwise stated. Quantity for tables and liquid stated in millions and ‘000
liters respectively.
GENERAL INFORMATION
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No. of Employees : |
1500 [Approximately] |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountant |
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Address: |
2nd Floor, Shivalik Ishaan, Near C.N. Vidhyalaya, Ambawadi,
Ahmedabad, |
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Tel. No. : |
91-79-66083800 |
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Fax No. : |
91-79-66083900 |
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Subsidiaries: |
CIN : U74300GJ1997PTC032021
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Step – down Subsidiary Company : |
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Associates : |
CIN : U85110GJ2000PLC039121 |
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Enterprises which exercise significant influence on the company : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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9,051,522 |
Equity Shares |
Rs. 10/- each |
Rs. 90.515
Millions |
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Of the above:
1.
8,570,766 Equity Shares
of Rs.10 each are allotted as fully paid up bonus shares by 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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
90.515 |
90.515 |
90.337 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1517.074 |
1439.469 |
1376.772 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1607.589 |
1529.984 |
1467.109 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
63.346 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
63.346 |
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DEFERRED TAX LIABILITIES |
22.760 |
24.380 |
24.499 |
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TOTAL |
1630.349 |
1554.364 |
1554.954 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
846.861 |
872.855 |
849.172 |
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Capital work-in-progress |
6.539 |
5.814 |
84.429 |
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INVESTMENT |
479.323 |
577.660 |
737.692 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
356.844
|
229.011
|
309.135 |
|
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Sundry Debtors |
178.546
|
252.779
|
297.426 |
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Cash & Bank Balances |
189.797
|
122.368
|
169.159 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
39.719
|
41.080
|
13.557 |
|
Total
Current Assets |
764.906
|
645.238
|
789.277 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
325.395
|
190.285 |
280.463 |
|
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Other Current Liabilities |
65.061
|
71.944
|
76.138 |
|
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Provisions |
76.824
|
284.974
|
549.015 |
|
Total
Current Liabilities |
467.280
|
547.203
|
905.616 |
|
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Net Current Assets |
297.626
|
98.035
|
[116.339] |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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|
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TOTAL |
1630.349 |
1554.364 |
1554.954 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
3804.516 |
2931.270 |
3352.566 |
|
|
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Other Income |
45.050 |
58.377 |
18.350 |
|
|
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TOTAL (A) |
3849.566 |
2989.647 |
3370.916 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Trading Goods |
464.488 |
249.805 |
365.377 |
|
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|
Material Consumed (Including movement in inventories) |
697.502 |
715.568 |
738.296 |
|
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Manufacturing Expenses |
46.141 |
60.137 |
71.491 |
|
|
|
Personnel Expenses |
284.912 |
221.382 |
179.120 |
|
|
|
Administrative and Selling Expenses |
1301.734 |
990.176 |
1266.272 |
|
|
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TOTAL (B) |
2794.777 |
2237.068 |
2620.556 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1054.789 |
752.579 |
750.360 |
|
|
|
|
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|
|
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Less |
FINANCIAL
EXPENSES (D) |
2.815 |
8.589 |
10.689 |
|
|
|
|
|
|
|
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|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1051.974 |
743.990 |
739.671 |
|
|
|
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
115.599 |
105.529 |
103.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
936.375 |
638.461 |
636.650 |
|
|
|
|
|
|
|
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Less |
TAX (H) |
223.380 |
173.110 |
171.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
712.995 |
465.351 |
465.314 |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
87.450 |
95.275 |
208.410 |
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|
|
|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
543.091 |
180.674 |
-- |
|
|
|
Proposed Final Dividend |
0.000 |
181.030 |
451.685 |
|
|
|
Tax on Dividend |
92.298 |
61.472 |
76.764 |
|
|
|
Transfer to General Reserve |
80.000 |
50.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
85.056 |
87.450 |
95.275 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
133.639 |
210.880 |
204.806 |
|
|
|
Royalty |
0.000 |
0.000 |
0.149 |
|
|
TOTAL EARNINGS |
133.639 |
210.880 |
204.955 |
|
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Packing / Raw Materials |
7.846 |
0.000 |
5.451 |
|
|
|
Capital Goods |
10.223 |
0.000 |
1.340 |
|
|
TOTAL IMPORTS |
18.069 |
0.000 |
6.791 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
78.77 |
51.51 |
51.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.52
|
15.56
|
13.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.61
|
21.78
|
18.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
58.10
|
42.06
|
38.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.58
|
0.42
|
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.29
|
0.36
|
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.18
|
0.87 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY
CREDITORS DETAILS (Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Due to Micro
Small and Medium Enterprises |
12.764 |
1.014 |
4.065 |
|
For Capital
Goods |
7.492 |
3.466 |
17.662 |
|
For Material
Goods |
74.011 |
61.998 |
55.091 |
|
For Expenses |
231.128 |
123.807 |
203.645 |
|
Total |
325.395
|
190.285 |
280.463 |
NATURE OF
OPERATION : Paras Pharmaceuticals Limited is a fast moving consumer goods [FMCG]
Company having household brands in the healthcare and personal care categories.
PERFORMANCE:
Sales turnover of
Rs.3804.500 millions was achieved. Export sales were Rs.177.300 Millions. The
products of the Company are exported to Asia Pacific, Middle East, CIS, Africa
and
During the vear the Company
has introduced Moov Neck and Shoulder in rubefacient category; Krack Soft Heel
Repair Gel and Krack radient foot moisturizer in foot-care category; Next time
in emergency contraceptive pill segment; Itch Guard Powder in antifungal
Category; D'cold Inhaler and D'Cold Natural both in cough and cold Category and
have expanded the existing product range of Dermi Cool by introduction of three
variants of Dermi Cool Prickly Heat Powder in talc Category and have also
introduced new Dermi Cool Skin Defense Powder in four variants. Recova in
anti-ageing skin Cream Category, and Set Wet Deo Spray in Deodorant Category.
In the Hair Care category the Company launched Livon hair serum for hair care.
The Company continued to do well and grow in respect of other products viz.
Mrs. Marino, D'Cold Total and Set Wet Daily Hair Styling
Gel.
PERFORMANCE OF SUBSIDIARY
COMPANIES:
NEEPWISE ADVERTISING
PRIVATE LIMITED:
The performance of Needwise
Advertising Private Limited, a wholly owned subsidiary of the Company for the
year ending on 31st March, 2010 was satisfactory. The Company has
earned other income of Rs.2.194 Millions (previous year Rs.3.169 Millions) and
net profit of Rs.1.655 Millions (previous year Rs.2.209 Millions).
PARAS OVERSEAS MODLINGS
LIMITED.DUBAI.
The performance of Paras
Overseas Holdings Limited,("Paras Overseas") a wholly own subsidiary
of the Company for the year ending on 31st March, 2010 was satisfactory. During
the year Paras Overseas achieved revenue of AED 2,45,833 (previous vear AED
2,11,218) and net profit of AED 1,76,150 (previous year AED 1,57,857).
Paras Global FZE, Dubai a
wholly owned subsidiary of Paras Overseas has in its fifth year achieved
revenue of AED 2,70,02,081 (previous year AED 3,14,98,070) and net loss of AED
12,78,088 (previous year AED 3,27,107).
Paras (
PARAS INCORPORATED,
During the year ending on
31st March, 2010 Paras Inc. a wholly owned subsidiary of the Company
has earned income of US$ 4,803 (previous vear USS 8,004). There is a net Loss
of US$ 36,474 (previous year loss of USS 9,190) which is mainly because of
fixed overheads of utilities and license fees.
AMALGAMATION OF NEEDWISE
ADVERTISING PRIVATE LIMITED WITH
THE COMPANY:
The petition for approval
of scheme of amalgamation of Needwise Advertising Private Limited a wholly
owned subsidiary of the Company has been filed with the Hon'ble High Court of
Gujarat and is pending for final orders.
DEMERGER AND TRANSFER OF
TREASURY SEGMENT OF THE COMPANY TO STERLING ADDLIFE
During the year the Company
has filed with the Hon'ble High Court of Gujarat the scheme of Arrangement in the
nature of Demerger and Transfer of Treasury Segment of the
Company to Sterling Add Life India Limited. The application is filed
for the sanctioning of the Scheme with the High Court of Gujarat and are pending
for disposal.
CONTINGENT
LIABILITIES :
Contingent
Liabilities not provided for:
(Rs. in millions)
|
Particulars |
31.03.2010 Rs.
In Millions |
31.03.2009 Rs.
In Millions |
|
a) Outstanding Bank Guarantees given by the company to various government
authorities |
1.900 |
1.900 |
|
b) Claims against the company
not acknowledged as debts** |
|
|
|
i) Service Tax |
70.302 |
68.499 |
|
ii) Income Tax |
4.704 |
1.664 |
|
iii) Others |
2.719 |
2.601 |
|
Total |
79.625 |
74.664 |
i) a) Rs.39.983 millions Towards levy of service Tax, interest and
penalty thereof on marketing services availed by the company in the earlier
years.
b) Rs.28.662 millions Towards levy of penalty on matter relating to
availment of cenvat credit on service tax paid on advertisement services
availed by the company.
c) Rs.1.658 millions towards levy of towards levy of interest and
penalty on service tax paid towards commission agent and advertisement agency
services availed from outside
ii) Towards claims on disallowances of interest expenses on doubtful
advances and penalty charges in respect of earlier years claims.
iii) Others mainly include claims levied by Himachal Pradesh State
Electricity Board.
** Company has been advised by its Counsel that it is possible, but not
probable, the actions will succeed and accordingly no provision for any above
mentioned liabilities has been made in the financial statement.
Bankers Charges
Report as per Registry
|
Name of the company |
PARAS PHARMACEUTICALS LIMITED |
|
Presented By |
Mr. Ketan S
Acharya, Director |
|
1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Goods and Assets dated 10.08.2005 executed by Paras
Pharmaceuticals Limited in favour of IDBI Limited |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan of Rs.
250 Millions together with interest, costs, charges, expenses payable by the
borrower to the lender under facilities agreement dated 03.08.2005 made
between the borrow and the lender. |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of
Borrower’s movable properties, both present and future, including movable
plant and machinery, equipment, machinery spares and stores, tools and
accessories furnishing, fittings and fixtures, whether installed or not and
whether in course of transit or delivery, whether now belonging or which may
hereafter belong to the borrower or which may be held by any person at any
place within or outside India to the order or disposition of the borrower and
all present and future Goods, Book debts, all other movable assets,
outstanding and receivable and cash inventive etc. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
created by aforesaid agreement of hypothecation shall operate as a continuing
security by way of first charge for the due repayment by the borrower to the
lender of the loan of Rs. 250.000 millions together with interest, costs,
charges, expenses payable by the borrower to the lender under facilities
agreement dated 03.08.2005 made between the borrow and the lender. |
|
5) Name and Address and description of the person entitled to the charge. |
IDBI Limited,
IDBI Complex, Lal Bunglow, Off |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80018704 |
|
Corporate
identity number of the company |
U24231GJ1980PLC004048 |
|
Name of the
company |
PARAS PHARMACEUTICALS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
“Paras House”, 6/B, Sattar Taluka Society, Near Navjinva
Post Office, Ahmedabad – 380 014, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge
holder |
IDBI Bank Limited, IDBI Complex, Opposite Municipal Staff Quarters,
Near Lal Bunglow, Off C G Road, Ahmedabad-380006, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation dated 28.02.2009 |
|
Date of
instrument Creating the charge |
28.02.2009 |
|
Amount secured by
the charge |
Rs. 500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction
letter dated Auguts 5, 2008 and August 23, 2008 Terms of
Repayment Repayable on
Demand Margin 25% on Stock and
Book debts Extent and
Operation of the charge First charge on whole
of current assets including stock of raw materials, semi-finished and
finished goods consumables stores, book debts both present and future. Second
charge on the whole of movable properties of the borrower including plant and
machinery, spares, tools and accessories and movable both present and future. |
|
Short particulars
of the property charged |
First charge on
whole of current assets including stock of raw materials, semi-finished and
finished goods consumables stores, book debts both present and future. Second
charge on the whole of movable properties of the borrower including plant and
machinery, spares, tools and accessories and movable both present and future |
|
Date of latest
modification prior to the present modification |
26.12.2007 |
Fixed Assets:
·
·
· Building
· Plant and Machinery
· Furniture, Fixtures and Fittings
· Computer Hardware
· Vehicles
· Software
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 :
The 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.
The 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.44.93 |
|
|
1 |
Rs.72.42 |
|
Euro |
1 |
Rs.63.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.