MIRA
INFORM REPORT
|
Report Date : |
18.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANEESH PHARMACEUTICALS LIMITED (w.e.f 27.03.2007) |
|
|
|
|
Formerly Known
As : |
MANEESH PHARMACEUTICALS PRIVATE LIMITED |
|
|
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|
Registered
Office : |
23-24, Kalpataru Court, Dr. Choitram Gidwani Marg, Chembur, Mumbai –
400071, Maharashtra |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
25.07.1985 |
|
|
|
|
Com. Reg. No.: |
11-036952 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.125.001 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1985PLC036952 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM08382D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin. |
|
|
|
|
No. of
Employees: |
3000 (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 15160000 |
|
|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record. The
latest financial is not made available with the government department. As per previous year’s record, the company failed to pay its debt to bank. However, net worth of the company appears to be strong. Performance
capacity is high. Trade relations are reported to be fair. Business is
active. Payments are reported to be unknown. The company can be considered for business dealing with some cautions. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
D |
|
Rating Explanation |
Suspended its rating due to lack of information |
|
Date |
27.10.2010 |
Note: Subject is in defaulter list of RBI.
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
|
Borrowers’ Name : |
MANEESH PHARMACEUTICALS LIMITED |
|
Address : |
23/24 DR CG Marg, Kalpataru Court, Chembur,
Mumbai – 400074, Maharashtra, India |
|
Name of Individual : |
·
Bharat Bachubhai
Merchant ·
Bhupinder Narendra Garg ·
Maneesh Ramakant Sapte ·
Rashmi Vinay Sapte ·
Vinay Ramakant Sapte |
|
Name of Credit Grantors / Bank & Branch: |
The Royal Bank of Scotland, Mumbai |
|
Amount (Rs. In Millions) : |
Rs. 623.776 |
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
23-24, |
|
Tel. No.: |
91-22-25202122 / 23 / 24 |
|
Fax No.: |
91-22-25202121 |
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E-Mail : |
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|
Website : |
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Corporate Office / Factory 1: |
Plot No.29-33, Ancillary Industrial Plots, Govandi, Mumbai – 400043, Maharashtra, India |
|
Tel. No.: |
91-22-2552 6500 /01/02 |
|
Fax No.: |
91-22-2552 6530 |
|
Website: |
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|
Factory 2 : |
Plot No. 40, Ancillary Industrial Plots, Govandi, Mumbai – 400043, Maharashtra, India |
|
Tel. No.: |
91-22-25565738 / 5559 / 7093 |
|
Fax No.: |
91-22-25565620 / 7095 / 25565620 / 7093 |
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E-Mail : |
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Factory 3 : |
Plot No. 35, Ancillary Industrial Plots, Govandi, Mumbai – 400043, Maharashtra, India |
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|
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|
Factory 4 : |
Plot
No. 16/7, TTC Industrial Area, Turbhe, Navi Mumbai – 400703, Maharashtra,
India |
|
|
|
|
Factory 5 : |
Plot
No. T-172, MIDC Bhosari , Pune – 411026 Maharashtra, India |
|
|
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|
Factory 6: |
Near
Hindustan Lever Ltd., Village : Balyana, Purgana Doon, Barotiwala Tehsil,
Kasouli, Dist : Solan, Himachal Pradesh, India |
|
|
|
|
Factory 7: |
Adjoining
Hinduja Glass, Near Unichem Limited, Village : Bhatoli Kalan, Tehsil - Nalgrah,
Kasouli, Dist : Solan, Himachal Pradesh, India |
|
|
|
|
Factory 8: |
Plot
No. 16/6, TTC Industrial Area, Turbhe, Navi Mumbai – 400703 Maharashtra,
India |
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|
|
|
Factory 9: |
Plot
No. 1/4, MIDC Industrial Area, Kalyan Bhiwandi Road, Village Saravali, Dist.
Thane, Mumbai – 421311, Maharashtra, India |
|
|
|
|
Factory 10: |
LASA
Industria Farmaceutica Ltda, Rodovia SC 453 – Km 48Cx, P. 458, Distrito Industrial
89560-000, Videira-SC, Brazil |
|
|
|
|
Factory 11: |
Laboratório
Sanobiol Ltda. Av. das Quaresmeiras s/n - Distrito Industrial 37550-000 -
Pouso Alegre / MG, |
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|
|
|
Factory 12: |
Tillomed
Laboratories Limited. 3 Howard Road , Eaton Socon, St Neots, |
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|
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|
Factory 13: |
Plot No. D-6 /S-25, T – Block, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
DIRECTORS
As on 22.09.2011
|
Name : |
Mr. Vinay Ramakant Sapte |
|
Designation : |
Chairman and Managing Director |
|
Address : |
61-62, |
|
Date of Birth/Age : |
01.06.1955 |
|
Date of Appointment : |
25.07.1985 |
|
DIN No.: |
00135085 |
|
|
|
|
Name : |
Mr. Maneesh Ramakant Sapte |
|
Designation : |
Executive Director |
|
Address : |
51-52, Kalpataru Residency Tower, Opposite Cine Planet, Sion (East), Mumbai-400022, Maharashtra, India |
|
Date of Appointment : |
01.10.2002 |
|
Date of Birth/Age : |
28.06.1971 |
|
DIN No.: |
00020450 |
|
|
|
|
Name : |
Mrs. Rashmi Vinay Sapte |
|
Designation : |
Non Executive Director |
|
Address : |
61-62, |
|
Date of Appointment : |
30.03.2007 |
|
Date of Birth/Age : |
09.02.1962 |
|
DIN No.: |
00334247 |
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|
|
|
Name : |
Mr. Bharat Bachubhai Merchant |
|
Designation : |
Independent Director |
|
Address : |
8-A, |
|
Date of Birth/Age : |
24.06.1948 |
|
Date of Appointment : |
29.03.2010 |
|
DIN No.: |
00300384 |
|
|
|
|
Name : |
Mr. Bhupinder Narendra Garg |
|
Designation : |
Director |
|
Address : |
8-A, Land’s End, 8th Floor, 29-D, Doongersey Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
24.06.1948 |
|
Date of Appointment : |
05.01.2011 |
|
DIN No.: |
03337727 |
KEY EXECUTIVES
|
Name : |
Mr. Chirag Mehta |
|
Designation : |
Chief Finance Officer |
|
|
|
|
Name : |
Rahul Dashrath Sawale |
|
Designation : |
Secretary |
|
Address : |
B-1603, 16th Floor, Fountain Heights, Lokhandwala,
Township, Akurli Road, Kandivali (East), Mumbai-400101, Maharashtra, India |
|
Date of Birth/Age : |
19.06.1983 |
|
Date of Appointment : |
15.03.2012 |
|
PAN No.: |
BCNPS0488L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2012
Note: Shareholders
Details File Attached
As on 27.09.2012
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
5.99 |
|
Directors or relatives of directors |
|
66.19 |
|
Other |
|
27.82 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Research, Development, Marketing and Distributing of Pharmaceuticals such as Analgin, Bechlor, Centrimide, Ehocophen, Anazepam, Digoxin, Furazo Iodine, Ibuprofen, Nyspirin, Resperin and Saccharin. |
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||||||||
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Products : |
|
PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
|
Tablets |
Millions |
7795 |
|
Capsules |
Millions |
2500 |
|
Liquids |
Litres (Thousand) |
6000 |
|
Injectables |
Millions |
41.70 |
|
Ointments |
Tons |
6850 |
|
Sachets |
Millions |
24.00 |
|
Suspension |
Millions |
51.00 |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1: |
|
|
Name : |
M. Nanday and Company Chartered Accountants |
|
Address : |
15, Janki Niwas, 35, |
|
Pan No. : |
AAAPN8681Q |
|
|
|
|
Auditors 2: |
|
|
Name : |
G R and Associates Chartered Accountants |
|
Address : |
602, Shaniya Enclave, |
|
Pan No. : |
ADIPA2886M |
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|
|
|
Associates : |
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|
|
|
|
Subsidiaries : |
CIN : 24239AP1981PLC002915
CIN : U24110MH1970PLC014768
CIN : U74999MH1997PTC107389
CIN : U85199PN1988PTC047757
|
|
Fellow Subsidiaries |
|
|
|
|
|
Enterprises where Key Management Personnel or their relatives are able
to exercise significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29000000 |
Equity Shares |
Rs.10/-each |
Rs. 290.000 Millions |
|
1000000 |
Preference Shares |
Rs.10/-each |
Rs. 10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500082 |
Equity Shares |
Rs.10/-each |
Rs. 125.001 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 125.001 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
125.001 |
118.241 |
115.742 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3665.754 |
3918.216 |
3687.225 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3790.755 |
4036.457 |
3802.967 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4292.528 |
4458.563 |
5059.854 |
|
|
2] Unsecured Loans |
314.191 |
174.633 |
58.793 |
|
|
TOTAL BORROWING |
4606.719 |
4633.196 |
5118.647 |
|
|
DEFERRED TAX LIABILITIES |
208.066 |
208.683 |
171.113 |
|
|
|
|
|
|
|
|
TOTAL |
8605.540 |
8878.336 |
9092.727 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2295.304 |
2481.177 |
2315.570 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
264.326 |
|
|
|
|
|
|
|
|
INVESTMENT |
4507.245 |
4604.345 |
805.238 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1396.580
|
1294.290
|
1121.233 |
|
|
Sundry Debtors |
1772.945
|
1518.877
|
1592.973 |
|
|
Cash & Bank Balances |
143.067
|
170.891
|
648.533 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1141.806
|
1104.310
|
4347.664 |
|
Total
Current Assets |
4454.398
|
4088.368
|
7710.403 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1961.088
|
1698.803
|
1386.851 |
|
|
Other Current Liabilities |
462.249
|
364.604
|
397.844 |
|
|
Provisions |
228.070
|
232.147
|
218.115 |
|
Total
Current Liabilities |
2651.407
|
2295.554
|
2002.810 |
|
|
Net Current Assets |
1802.991
|
1792.814
|
5707.593 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8605.540 |
8878.336 |
9092.727 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5703.480 |
5735.786 |
6273.505 |
|
|
|
Other Income |
147.839 |
449.015 |
556.491 |
|
|
|
TOTAL (A) |
5851.319 |
6184.801 |
6829.996 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials charges inventories |
3350.913 |
3476.465 |
|
|
|
|
Manufacturing service costs |
189.785 |
176.052 |
|
|
|
|
Contract cost |
88.208 |
81.833 |
5829.189 |
|
|
|
Employee related Expenses |
332.573 |
328.074 |
|
|
|
|
Administrative selling other Expenses |
1050.083 |
919.419 |
|
|
|
|
TOTAL (B) |
5011.562 |
4981.843 |
5829.189 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
839.757 |
1202.957 |
1000.807 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
445.200 |
472.813 |
514.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
394.557 |
730.144 |
485.992 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
212.168 |
199.484 |
185.208 |
|
|
|
|
|
|
|
|
|
|
Exceptional
Items |
573.900 |
483.202 |
(2.019) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(391.511) |
47.458 |
302.803 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.616) |
45.664 |
104.319 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(390.895) |
1.794 |
198.484 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
437.286 |
548.988 |
463.082 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
100.000 |
100.000 |
|
|
|
Dividend |
0.000 |
11.574 |
10.750 |
|
|
|
Tax on Dividend |
0.000 |
1.922 |
1.827 |
|
|
BALANCE CARRIED
TO THE B/S |
46.391 |
437.286 |
548.988 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
872.031 |
917.798 |
1047.652 |
|
|
|
Other Earnings |
173.476 |
417.162 |
511.663 |
|
|
TOTAL EARNINGS |
1045.507 |
1334.96 |
1559.315 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
153.603 |
173.825 |
132.240 |
|
|
|
Capital Goods |
7.270 |
15.994 |
57.047 |
|
|
TOTAL IMPORTS |
160.873 |
189.819 |
189.287 |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (Rs.) |
14.59 |
45.85 |
27.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(6.68)
|
0.03
|
2.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.86)
|
0.83
|
4.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.80)
|
0.72
|
3.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10)
|
0.01
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
1.72
|
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.68
|
1.78
|
3.85 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Operation and
Financial Performance:
Sales and services (Gross) for the year were Rs. 5985.334 Millions as
against Rs. 6007.226 Millions in the previous year. The lowering of Sales is
due to less focus on FMHG products in the year 2010-2011, as it require high
amount of promotion investment. The PBT (before considering exceptional items)
was lower due to uncertain circumstances in the market at Rs. 182.390 Millions
as against Rs. 530.661 Millions in the previous year.
Contingent
Liabilities:
- In respect of
Guarantees executed by banks on behalf of the company, Rs. 1.231 Millions.
- In respect of
Guarantees executed by banks and Corporate Guarantees executed by the
company on behalf of the subsidiary and associates of the company, Rs.
2040.505 Millions.
- In respect of Excise Duty disputes
pending with various judicial authorities Rs. 186.970.
- In respect of Income Tax disputes
pending with Income Tax authorities Rs. 2.384 Millions.
Fixed Assets:
- Freehold land
- Leasehold
land
- Buildings
- Plant and
Machinery
- Electrical
Installations
- Laboratory
Equipments
- Office
Equipments
- Computers
- Furniture and
Fixtures
- Vehicles
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 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 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.54.63 |
|
|
1 |
Rs.88.40 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.