1. Summary Information
|
|
|
Country |
|
|
Company Name |
GUFIC
BIOSCIENCES LIMITED |
Principal Name 1 |
Mr. Jayesh P. Choksi |
|
Status |
Moderate |
Principal Name 2 |
Mr. Khantilal N. Sanghavi |
|
|
|
Registration # |
11-033519 |
|
Street Address |
Guffic House, |
||
|
Established Date |
01.01.1901 |
SIC Code |
-- |
|
Telephone# |
91-22-28341521 |
Business Style 1 |
Manufacturer of |
|
Fax # |
91-22-28369008 |
Business Style 2 |
Bulk Drugs, Pharmaceutical and Herbal Products. |
|
Homepage |
Product Name 1 |
Ayurvedic Medicine |
|
|
# of employees |
Not Available |
Product Name 2 |
Bulk Medicine |
|
Paid up capital |
Rs.77,350,000/- |
Product Name 3 |
Sanitary Napkins |
|
Shareholders |
Promoter and Promoters Group – 69.85% Public Shareholding 30.15% |
Banking |
State Bank of |
|
Public Limited Corp. |
YES |
Business Period |
111 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public Enterprises |
YES |
Rating |
B
(29) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
-- |
-- |
-- |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
305,010,000 |
Current Liabilities |
177,850,000 |
|
Inventories |
127,667,000 |
Long-term Liabilities |
207,385,000 |
|
Fixed Assets |
173,209,000 |
Other Liabilities |
36,377,000 |
|
Deferred Assets |
-- |
Total Liabilities |
421,612,000 |
|
Invest& other Assets |
92,000 |
Retained Earnings |
107,016,000 |
|
|
|
Net Worth |
184,366,000 |
|
Total Assets |
605,978,000 |
Total Liab. & Equity |
605,978,000 |
|
Total Assets (Previous Year) |
555,592,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
715,783,000 |
Net Profit |
14,640,000 |
|
Sales(Previous yr) |
628,864,000 |
Net Profit(Prev.yr) |
12,278,000 |
MIRA
INFORM REPORT
|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
GUFIC BIOSCIENCES LIMITED
(w.e.f. 20.07.2000) |
|
|
|
|
Formerly Known
As : |
CENTRAL FINANCE LIMITED |
|
|
|
|
Registered
Office : |
Guffic House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.01.1901 |
|
|
|
|
Com. Reg. No.: |
11-033519 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.77.350 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65990MH1901PLC033519 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG06173G |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Bulk Drugs, Pharmaceutical and Herbal Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 730000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Guffic House, |
|
Tel. No.: |
91-22-28341521/ 28341522/ 28369008/ 28328103 |
|
Fax No.: |
91-22-28369008/ 28218103 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
|
|
Tel. No.: |
91-22-67261000 |
|
Fax No.: |
91-22-67261068 |
|
|
|
|
Factory : |
National Highway No.8, Near Grid, Kabilpore, Navsari – 396 424, |
|
Tel. No.: |
91-2637-239946/ 329424 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Jayesh P. Choksi |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Khantilal N. Sanghavi |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Sharat S. Gandhi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok M. Tarale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pranav J. Choksi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. M.G. Dhapalapur |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh P. Mutha |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
28,173,376 |
36.42 |
|
|
25,854,287 |
33.43 |
|
|
54,027,663 |
69.85 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
54,027,663 |
69.85 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
Insurance Companies |
1,199,517 |
1.55 |
|
|
1,199,517 |
1.55 |
|
|
|
|
|
|
8,891,638 |
11.50 |
|
|
|
|
|
|
11,811,746 |
15.27 |
|
|
780,167 |
1.01 |
|
|
639,269 |
0.83 |
|
|
104,977 |
0.14 |
|
|
356,579 |
0.46 |
|
|
128,695 |
0.17 |
|
|
49,018 |
0.06 |
|
|
21,902,348 |
28.60 |
|
Total Public
shareholding (B) |
23,101,865 |
30.15 |
|
Total (A)+(B) |
77,129,528 |
100.00 |
|
© Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
Total
(A)+(B)+(C) |
77,129,528 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million1.01BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Bulk Drugs, Pharmaceutical and Herbal Products. |
||||||||||||
|
|
|
||||||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity In
000 (*) |
Actual
Production In
000 (**) |
|
Tablets |
Nos. |
120000 |
67043 |
|
Capsules |
Nos. |
45000 |
2258 |
|
Syrup/ Suspensions |
Ltr. |
6000 |
469 |
|
Ointments/ Cream |
Kgs. |
9600 |
697 |
|
Powder |
Gms. |
-- |
4970 |
|
Lotion |
Kgs. |
3600 |
580 |
|
Injection |
Ltr. |
24000 |
3002 |
|
Bulk Drugs |
Kgs. |
163 |
137 |
* The Installed Capacities are as Certified by
the Management (Single Shift)
** Production refers to production for sales
purpose only.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mayur Chokshi and Company Chartered Accountants |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re.1/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77350000 |
Equity Shares |
Re.1/- each |
Rs.77.350
millions |
|
|
|
|
|
Of the above shares 55250000 Equity shares were alloted as fully
paid Bonus share by capitalisation of Share Premium and General Reserve.
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 |
77.350 |
77.350 |
77.350 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
107.016 |
96.885 |
89.117 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
184.366 |
174.235 |
166.467 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
161.411 |
149.336 |
132.527 |
|
|
2] Unsecured Loans |
45.974 |
23.097 |
16.174 |
|
|
TOTAL BORROWING |
207.385 |
172.433 |
148.701 |
|
|
DEFERRED TAX LIABILITIES |
25.188 |
22.335 |
22.205 |
|
|
|
|
|
|
|
|
TOTAL |
416.939 |
369.003 |
337.373 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
173.209 |
148.765 |
156.356 |
|
|
Capital work-in-progress |
0.000 |
22.465 |
1.678 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.092 |
0.092 |
0.092 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
127.667
|
103.553
|
107.065 |
|
|
Sundry Debtors |
176.407
|
150.454
|
122.016 |
|
|
Cash & Bank Balances |
9.475
|
10.800
|
4.864 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
119.128
|
119.436
|
82.583 |
|
Total
Current Assets |
432.677
|
384.243 |
316.528 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
147.193
|
134.024
|
80.591 |
|
|
Other Current Liabilities |
30.657
|
41.006
|
42.645 |
|
|
Provisions |
11.189
|
11.532
|
14.045 |
|
Total
Current Liabilities |
189.039
|
186.562 |
137.281 |
|
|
Net Current Assets |
243.638
|
197.681
|
179.247 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
416.939 |
369.003 |
337.373 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Services |
715.783 |
628.864 |
516.841 |
|
|
|
Other Income |
3.182 |
4.457 |
14.827 |
|
|
|
TOTAL (A) |
718.965 |
633.321 |
531.668 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
398.567 |
319.644 |
286.204 |
|
|
|
Personnel Cost |
42.129 |
37.183 |
35.431 |
|
|
|
Manufacturing and Other Expenses |
244.468 |
199.349 |
155.010 |
|
|
|
Increase/ Decrease in Stock |
(29.163) |
20.860 |
(5.124) |
|
|
|
TOTAL (B) |
656.001 |
577.036 |
471.521 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
62.964 |
56.285 |
60.147 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.194 |
22.724 |
26.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.770 |
33.561 |
33.901 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.066 |
16.625 |
16.725 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
23.704 |
16.936 |
17.176 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.064 |
4.658 |
8.812 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
14.640 |
12.278 |
8.364 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
82.165 |
74.397 |
70.558 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.868 |
3.868 |
3.868 |
|
|
|
Dividend Tax |
0.642 |
0.642 |
0.658 |
|
|
BALANCE CARRIED
TO THE B/S |
92.295 |
82.165 |
74.396 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
114.167 |
115.344 |
103.821 |
|
|
TOTAL EARNINGS |
114.167 |
115.344 |
103.821 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials/ Merchant Goods |
32.913 |
42.917 |
40.013 |
|
|
TOTAL IMPORTS |
32.913 |
42.917 |
40.013 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.19 |
0.16 |
0.11 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th Quarter |
|
Sales Turnover |
185.210 |
203.500 |
219.860 |
217.850 |
|
Total Expenditure |
175.150 |
184.850 |
203.580 |
21.580 |
|
PBIDT (Excl
OI) |
20.060 |
18.650 |
16.280 |
16.270 |
|
Other Income |
0.020 |
0.06 |
0.240 |
3.290 |
|
Operating
Profit |
20.080 |
18.710 |
16.520 |
19.560 |
|
Interest |
6.510 |
6.120 |
5.240 |
8.440 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
13.570 |
12.550 |
11.280 |
11.120 |
|
Depreciation |
4.620 |
5.380 |
5.000 |
3.900 |
|
Profit
Before Tax |
8.950 |
7.170 |
6.280 |
7.220 |
|
Tax |
3.200 |
2.500 |
2.420 |
6.300 |
|
Reported PAT |
5.760 |
4.670 |
3.860 |
0.920 |
|
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 |
5.760 |
4.670 |
3.860 |
0.920 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.04
|
1.94
|
1.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.31
|
2.69
|
3.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.91
|
3.18
|
3.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.10
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
2.06
|
1.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29
|
2.06
|
2.31 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
No |
|
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 |
-- |
|
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 |
No |
FINANCIAL HIGHLIGHTS:
During the year the sales increased to Rs.715.783 Millions in comparison to previous year's Rs.628.864 Millions reflecting an increase of 13.82%. EBITA increased by 11.57% and PBT increased by 38.97 %. PAT increased by 19.25%.
MANAGEMENT DISCUSSION
and ANALYSIS REPORT:
The Indian Pharmaceutical Sector has been slowly, but diligently plugging away with a consistent growth rate of 8 to 9 per cent. The sector, which is pegged at US$ 20 billion (Rs.900000.000 Millions), is the third largest in the world in terms of volume and is well known for its state of art technology and wide range of products (Source: Process India Magazine)
The Domestic pharma sector continued its strong show in 2010 and recorded a 16.5% growth during January-December.
The Year 2010 was also the second successive year of strong growth for the industry. The Rs.467870.000 Millions pharma market has been on an upswing over the last four years with a growth of 13-17% buoyed by a strong demand, improved spending on healthcare and rising middle class incomes.
Almost all companies recorded a growth of 6% to 8% for the fiscal year 2010-11.
Over 95%of the country's demand for pharmaceutical products is met by the Indian industry, and only the remainder 5% is dependent on imports.
Indian herbal market is registering an extremely significant growth and is likely to reach Rs145000.000 millions by 2012 and exports to Rs.90000.000 millions with a CAGR of 20% and 25% respectively, according to findings of the Associated Chambers of Commerce and Industry of India (Assocham).
In a Chamber Study on 'Herbal Industry Biz Potential' has revealed that currently, the Indian herbal market size is estimated at Rs.70000.000 Millions) and over Rs.36000.000 Millions of herbal raw materials and medicines are exported by India.
Bulk drugs market shown growth in domestic as well as overseas market. Bulk drug segment is moving steadily and efficiently to become one of the major contributor in growth of Pharma Sector.
CRAMS, after becoming a promising medium for
According to IMS Health report, Developed countries increase
as more and more products are launched and are expected to further propel the
CRAMS industry to also increase in field coverage (initiates last year) starts
grow at CAGR of nearly 32% by 2013 as
The Indian Pharma Industry as seen above even though on a
growth is also facing considerable degree of perceived threat. The level of
sophistication has increased substantially in the last few years owing to
stricter domestic rules for manufacturing marketing and product development.
Exports from
They are of the view that in the next few years there will
be an increase of M and A as regulatory authorities become more and more strict
and margins continue to be challenged. For survival the key will be innovation,
stronger pipelines and regulatory compliant or superior manufacturing plants.
Launching new products in
After you read the above, it may appear that there are several issues and concern which face the industry however; they as Management view this as an opportunity which will favour Companies having strong R and D platform and substantial infrastructure to tackle the above. This will help to filter good quality products and also safequard investment and intellectual property which would otherwise be very easy to mimic and hence create margin pressure. As mentioned in there
Chairman's speech they are setting up several initiatives to further expand and upgrade there manufacturing setup and R and D pipeline. It will pay good dividends in the years to come.
Apart from there brands such as Sallaki, Stretchnil, Roll On, Shapers, they have been able to gradually create new brands such as Ridol OZ, GLX, Rabol. They also look forward to there new product launches such as Relieve and Relax, Tinko and Artisure. As they are in a process of expanding and upgrading there infrastructure, there profits have increased but not substantial however, this may change from this coming year if the conditions remain progressive and on course. The top line will continue to increase as more and more products are launched and also increase in field coverage (initiates last year) starts reaping benefits.
COMPANY PERFORMANCE
Given below are some highlights of there last years performance.
- Sales of the Company increased by 13.82%
- Sales of the Formulation Division increased by 28.42%
- Sales of Bulk Drug Division increased by 10.38%
CONTINGENT
LIABILITY:
Rs. in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
a) Estimated amount of contract remaining to
be executed on capital account and not provided for |
4.251 |
6.940 |
|
b) Letter of Credit |
1.015 |
2.468 |
|
c) Bank Guarantee |
1.749 |
1.689 |
|
d) Claims against company not acknowledged
as Debts, being disputed |
10.886 |
10.886 |
|
e) Labor Cases |
3.411 |
4.563 |
|
f) In respect of Income Tax Assessment Dues |
0.000 |
0.032 |
FIXED ASSETS:
- Plant and Machinery
- Air-conditioners
- Office Equipments
- Refrigerator
- Computers
- Electrical Installation
- Vehicles
- Furniture and Fixture
- Cooling Tower
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.55.93 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.70.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.