MIRA
INFORM REPORT
|
Report Date : |
23.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
ANUH PHARMA LIMITED |
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Registered
Office : |
3-A, Shivsagar Estate, North Wing, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.02.1960 |
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Com. Reg. No.: |
11-11586 |
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Capital
Investment / Paid-up Capital : |
Rs.41.760 Millions |
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|
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CIN No.: [Company Identification
No.] |
L24230MH1960PLC011586 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA22404E MUMA20261D |
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PAN No.: [Permanent Account No.] |
AAACA4478P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturers and Marketers of Metallic Sterates and Antibiotics. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 2500000 |
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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 and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payment are reported to be regular and
as per commitments. The company can be considered normal for normal business dealings at
usual trade terms and condition |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
3-A, Shivsagar Estate, North Wing, Dr. Annie Besant Road, Worli, Mumbai
– 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66227575/ 55527575 |
|
Fax No.: |
91-22-55527600/ 66227500 |
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E-Mail : |
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Website : |
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Factory : |
E-17/3 and 17/4, M.I.D.C.
Tarapur, Boisar, District Thane-401506, |
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Branch : |
Mehta Mahal, 15, |
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Tel. No.: |
91-22-23648882 |
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Fax No.: |
91-22-23633900 |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Jayantilal P.
Shah |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Bipin N. Shah |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Lalitkumar P.
Shah |
|
Designation : |
Director |
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|
Name : |
Mr. Bharat N. Shah |
|
Designation : |
Director |
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|
Name : |
Mr. Jasvantlal G.
Shah |
|
Designation : |
Director |
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|
Name : |
Mr. Dilip G. Shah |
|
Designation : |
Director |
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|
Name : |
Mr. Arun L. Todarwal |
|
Designation : |
Director |
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|
Name : |
Mr. Ashwin Shroff |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2012)
|
Names of Category |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,667,264 |
43.91 |
|
|
174,804 |
2.09 |
|
|
1,587,270 |
19.00 |
|
|
1,587,270 |
19.00 |
|
|
5,429,338 |
65.01 |
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|
|
|
|
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Total
shareholding of Promoter and Promoter Group (A) |
5,429,338 |
65.01 |
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(B) Public
Shareholding |
|
|
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|
-- |
-- |
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|
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|
193,050 |
2.31 |
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|
|
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|
1,934,970 |
23.17 |
|
|
746,769 |
8.94 |
|
|
|
|
|
|
47,873 |
0.57 |
|
|
44,733 |
0.54 |
|
|
2,372 |
0.03 |
|
|
768 |
0.01 |
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|
2,922,662 |
34.99 |
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|
|
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Total Public
shareholding (B) |
2,922,662 |
34.99 |
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Total (A)+(B) |
8,352,000 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
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- |
- |
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- |
- |
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|
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Total
(A)+(B)+(C) |
8,352,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of Metallic Sterates and antibiotics. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Antibiotics |
Kg. |
-- |
750,000 |
492,028 |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Bank of India Opera House Branch, Mumbai-400004, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. I. Mogul and Company Chartered Accountants |
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Address : |
73-B, Mittal Court, Nariman Point, Mumbai – 400021, Maharashtra, India
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Associates/Subsidiaries : |
· S. Kant Pharma Private Limited (proprietor of Eskay Fine Chemicals) · S Kant Healthcare Limited · S.K. Age Exports, Bharti and Company · Sevantilal Kantilal and Company · Sevantilal Kantilal Private Limited · Sevak Pharma Private Limited · S.K. Pharma (Jogeshwari) · S.K. Brothers · S.K. Distributors · Eskay Speciality Chemicals · Sevantilal Kantilal Trust · S. K. Logistics |
CAPITAL STRUCTURE
(AS ON 27.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Share |
Rs.5/- each |
Rs.100.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8352000 |
Equity Share |
Rs.5/- each |
Rs.41.760
millions |
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|
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|
(Out of which
4,000 Equity Shares of Rs.5/- each were issued as fully paid-up for
consideration other than cash pursuant to a contract and 8,178,000 Equity Shares
of Rs.5/- each were issued as fully paid-up Bonus Shares by utilisation from
General Reserve)
NOTES:
(a) The
shareholders of the Company had approved the sub-division of Equity Shares of the
Company having nominal/face value of Rs.10/- each into Equity Shares having
nominal/face value of Rs.5/- each at the Extraordinary General Meeting (‘EGM’)
held on June 9, 2006.
(b) Consequently,
the Authorised, Issued and Paid-up Share Capital were divided from Rs.10/- per
Equity Share to Rs. 5 per Equity Share.
(c) The
shareholders of the Company at the Annual General Meeting held on September 17,
2010 had approved the allotment of 5,568,000 bonus Equity Shares of Rs.5/- each
in the ratio of 2:1 to the existing shareholders by capitalisation of reserves.
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 |
41.760 |
13.920 |
13.920 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
571.599 |
524.139 |
428.212 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
613.359 |
538.059 |
442.132 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
69.587 |
30.061 |
4.276 |
|
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
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TOTAL BORROWING |
69.587 |
30.061 |
4.276 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.683 |
0.796 |
|
|
|
|
|
|
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TOTAL |
682.946 |
568.803 |
447.204 |
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
81.249 |
70.693 |
74.078 |
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Capital work-in-progress |
21.528 |
19.542 |
17.650 |
|
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INVESTMENT |
313.024 |
257.249 |
241.191 |
|
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DEFERREX TAX ASSETS |
0.174 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
169.001
|
105.234 |
64.867
|
|
|
Sundry Debtors |
253.595
|
334.742 |
203.065
|
|
|
Cash & Bank Balances |
87.756
|
113.652 |
76.775
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
313.408
|
199.860 |
159.300
|
|
Total
Current Assets |
823.760
|
753.488 |
504.007 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
331.507
|
371.343 |
209.331
|
|
|
Other Current Liabilities |
2.490
|
3.251 |
|
|
|
Provisions |
222.792
|
157.575 |
180.391 |
|
Total
Current Liabilities |
556.789
|
532.169 |
389.722
|
|
|
Net Current Assets |
266.971
|
221.319 |
114.285
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
682.946 |
568.803 |
447.204 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1755.374 |
1645.722 |
1205.135 |
|
|
|
Other Income |
34.958 |
86.620 |
17.529 |
|
|
|
TOTAL (A) |
1790.332 |
1732.342 |
1222.664 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Traded Goods |
129.457 |
24.596 |
116.092 |
|
|
|
Manufacturing Cost |
1406.126 |
1454.256 |
900.254 |
|
|
|
Selling and Administrative Expenses |
67.209 |
65.273 |
53.871 |
|
|
|
Prior Period Items |
0.083 |
0.168 |
0.348 |
|
|
|
TOTAL (B) |
1602.875 |
1544.293 |
1070.565 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
187.457 |
188.049 |
152.099 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.313 |
1.114 |
8.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
186.144 |
186.935 |
143.772 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11.067 |
11.582 |
11.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
175.077 |
175.353 |
132.548 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
52.181 |
49.887 |
45.385 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
122.896 |
125.466 |
87.163 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
87.720 |
41.793 |
NA |
|
|
|
|
|
|
|
|
|
|
INCOME
– TAX ADJUSTMENTS |
0.938 |
3.032 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
-- |
27.840 |
NA |
|
|
|
Tax on Interim Dividend |
-- |
4.731 |
NA |
|
|
|
Proposed Final Dividend |
41.760 |
-- |
NA |
|
|
|
Tax on proposed Final Dividend |
6.774 |
-- |
NA |
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
113.020 |
87.720 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
708.131 |
621.839 |
534.915 |
|
|
TOTAL EARNINGS |
708.131 |
621.839 |
534.915 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.71 |
45.07 |
31.31 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
508.360 |
596.340 |
657.150 |
483.970 |
|
Total Expenditure |
470.290 |
558.940 |
614.520 |
459.850 |
|
PBIDT (Excl OI) |
38.070 |
37.400 |
42.630 |
24.120 |
|
Other Income |
12.280 |
9.940 |
11.070 |
21.960 |
|
Operating Profit |
50.350 |
47.340 |
53.700 |
46.080 |
|
Interest |
0.360 |
0.060 |
0.130 |
3.250 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
49.990 |
47.280 |
53.570 |
42.830 |
|
Depreciation |
3.000 |
3.000 |
3.110 |
4.100 |
|
Profit Before Tax |
46.990 |
44.280 |
50.460 |
38.730 |
|
Tax |
14.000 |
13.000 |
15.500 |
9.540 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
32.990 |
31.280 |
34.950 |
29.190 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
32.990 |
31.280 |
34.950 |
29.190 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.28
|
7.24 |
7.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.97
|
4.58 |
10.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.35
|
21.28 |
22.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.33 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
1.04 |
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48
|
1.42 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
OPERATIONS
The sales and operating
income for the year ended 31st March, 2011 amounted to Rs.1755.374 Millions as
against Rs.1645.722 Millions for the previous year. Thus the turnover of the
company has increased by about 6.66% as compared to last year’s turnover.
During the year
2010-11 profit before tax as compared to last year has declined by 0.16% from
Rs.175.352 Millions to Rs.175.077 Millions and profit after tax has decreased
by 2.05% from Rs.125.466 Millions to Rs.122.896 Millions.
EXPORTS
Exports for the
year ended 31st March, 2011 have increased by about 11.31% from Rs.631.388
Millions to Rs.702.829 Millions.
CURRENT OUTLOOK
The company has
planned to achieve a sales turnover of Rs.2330.000 Millions during the current
year.
The erection of a
new plant for manufacture of drug intermediates, was completed during the year
and it was commissioned towards end of February, 2011. Due to operation of this
plant, the Company expects to achieve much higher value addition and also
higher profitability.
Currently, the Company
has undertaken renovation of an old plant to meet the current GMP standards.
This is expected to be completed and commissioned by January 2012 and will
provide much flexibility to production operations and help better utilize the
production capacity.
Since, further
expansion on the existing plot of land at Tarapur will not be possible,
therefore the Company is looking out to acquire another plot of land in the
same Industrial Area.
MANAGEMENT DISCUSSION AND ANALYSIS
GLOBAL
PHARMACEUTICAL MARKET
The global
pharmaceutical market grew up by 6% in 2010 to 848 billion US Dollars. The size
of the global market for pharmaceuticals is expected to grow nearly by US
Dollars 300 billions over the next 5 years, reaching USD 1.1 Trillion in 2014.
The 5-8% compound annual growth rate during the period reflects the impact of
leading products losing patent protection in developed markets, as well as
strong overall growth in the world’s emerging countries.
The regulatory and
non-regulated markets of pharmaceuticals are looking at reducing their costs to
keep pace with competition and recession.
GLOBAL BULK DRUGS
MARKET
Three segments -
Branded Prescription drugs, Over-the-Counter (OTC) drugs and Generic Prescription
drugs account for a majority of global bulk drug consumption.
The total global
bulk drug consumption is US Dollars 110 billion out of which 80% is used for
Branded Prescription drugs, 10% for OTC drugs and 10% for Generic Prescription
drugs.
INDIAN
PHARMACEUTICAL MARKET
The Indian
domestic pharmaceutical market size is 12.76 billion US Dollars in the year
2010 and is expected to grown at a CAGR of 9.5% till 2015.
INDIAN BULK DRUG
MARKET
The size of Indian
Bulk Drug market in 2010 is 11.54 billion US Dollars and is projected to be
worth 16.91 billion US Dollars in 2014 with a CAGR of 21%. Currently 90% of the
domestic bulk drug requirement is being met by the Indian industry.
India has more
than 80 US FDA approved plants, the second highest in the world after the US.
MANUFACTURING
Subject is well
positioned to service its existing and potential markets through its
manufacturing operations at Tarapur in Maharashtra.
The company enjoys
WHO GMP and ISO 9001:2000 approvals and all the facilities are built and
operated according to cGMP (current good manufacturing practices).
The company has
also submitted DMF to USFDA and EDQM authorities have issued Certificate of
Suitability (COS) for (1) ERYTHROMYCIN BASE, (2) ERYTHROMYCIN ETHYL SUCCINATE,
(3) PYRAZINAMIDE and (4) CLOBETASOL PROPIONATE.
The company has
also received plant approvals from several MNCs.
They had further
undertaken expansion of their plant capacity and it was commissioned in
February, 2011.
FINANCIAL PERFORMANCE
In the bygone
fiscal, the sales of subject increased by 6.66% to Rs.1755.374 Millions from
Rs.1645.722 Millions
The company
generated Rs.175.070 Millions in net profit as compared to Rs.175.352 Millions
in the previous year.
OPPORTUNITIES AND
OUTLOOK
Subject will be
able to place itself in a strong position by expanding strategically,
increasing its manufacturing capacities and enhancing capacities across the
organization.
The company is looking
at different opportunities in untapped markets and also across a value chain.
It plans for alliances with business associates in the global market, giving a
huge boost to the selective products that it already deals in.
They are fully
conscious of our responsibility toward our customers. The efforts are directed
toward the fulfillment of customer satisfaction through the quality of
products. As the consolidation of this industry gains momentum, the need to
develop a dedicated team of skilled manpower assumes urgency and importance.
They will continue
to focus on training and motivation of manpower so as to develop teams of
qualified and skilled personnel to effectively discharge their responsibilities
in a number of projects and activities. It is, in this context, which they have
been working towards promoting the skills and professionalism of our employees
to cope with and focus on the challenges of change and growth.
CONTINGENT
LIABILITIES
|
Nature of the Dues |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
a. Guarantees issued by banks on behalf of the Company |
-- |
1.219 |
4.167 |
|
b. Letters of Credit outstanding |
176.247 |
208.263 |
298.400 |
|
c. Claims against the Company not acknowledged as debts: |
|
|
|
|
-Sales Tax (including interest and penalty) |
2.703* |
2.703 |
2.703 |
|
-Income Tax |
-- |
-- |
0.330 |
* The figure of
Rs.2.703 Millions is as per the orders dated April 10, 2003 of the Assistant Commissioner
of Sales Tax (Appeals), Thane. Thereafter, the Company had preferred an appeal
before the Maharashtra Sales Tax Tribunal, which has passed its orders on
August 27, 2009. However, the Company has not yet received the revised
assessment orders giving effect to the above referred Tribunal orders. The
Company has filed a Writ Petition before the Honourable High Court of Bombay
contesting the Tribunal order.
FIXED ASSETS
· Building
· Leasehold Land
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computer 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 :
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.56.99 |
|
|
1 |
Rs.88.97 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
61 |
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.