MIRA INFORM REPORT

 

 

Report Date :

11.01.2013

 

IDENTIFICATION DETAILS

 

Name :

MIDAS CARE PHARMACEUTICALS PRIVATE LIMITED

 

 

Registered Office :

Papa Industrial Estate, 40, Suren Road, Andheri (East), Mumbai – 400 093, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

16.05.1986

 

 

Com. Reg. No.:

11-039852

 

 

Capital Investment / Paid-up Capital :

Rs.0.909 million

 

 

CIN No.:

[Company Identification No.]

U24239MH1986PTC039852

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM21047F

MUMM23552E

 

 

PAN No.:

[Permanent Account No.]

AAACM4264B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Health Care Aerosols, Personal Care Aerosols and Room Care Aerosols, Industrial Care Aerosols etc.

 

 

No. of Employees :

550 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (65)

 

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 1639000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having a fine track record. The management of the company has failed to file its latest financial i.e. 2011-12 with the Government Department. However, from the available financial of 2011 the company seems to be doing well. Financial position of the company is good.

 

Trade relations are reported as fair. Business is active. Payments are reported as usually made as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

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

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

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.

 

INFORMATION PARTED BY

 

Name :

Mr. Virat

Designation :

General Manager in Marketing Department

Contact No.:

91-9323147779

Date :

10.01.2013

 

 

LOCATIONS

 

Registered Office/ Corporate Office :

Papa Industrial Estate, 40, Suren Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

Tel. No.:

91-22-26833409/ 26835677/ 26835678/ 61414220

Mobile No.:

91-9323147779 (Mr. Virat)

Fax No.:

91-22-26837947

E-Mail :

aerosol@vsnl.com

Website :

www.midas-care.com

 

 

Factory  :

B-16, MIDC, Waluj, Aurangabad – 431 136, Maharashtra, India

E-Mail :

midas_care@eth.net

 

 

DIRECTORS

 

As on 28.09.2011

 

Name :

Mrs. Sangithaa Brijbandhu Gupta

Designation :

Managing Director

Address :

601, “Raheja Orchid”, Plot No.47, 9th Road, JVPD, Juhu, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

27.11.1962

Qualification :

MA

Date of Appointment :

16.05.1956

DIN No :

00645197

 

 

Name :

Ms. Shivangi Brijbandhu Gupta

Designation :

Director

Address :

601, “Raheja Orchid”, Plot No.47, 9th Road, JVPD, Juhu, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

21.10.1987

Date of Appointment :

21.10.2005

DIN No :

00645465

 

 

Name :

Nandan Brijbandhu Gupta

Designation :

Director

Address :

601, “Raheja Orchid”, Plot No.47, 9th Road, JVPD, Juhu, Vile Parle (West), Mumbai – 400 056, Maharashtra, India

Date of Birth/Age :

11.01.1991

Date of Appointment :

01.03.2011

DIN No :

03245153

 

 

KEY EXECUTIVES

 

Name :

Mr. Atul Jagannath Khanolkar

Designation :

Manager

Address :

Flat No.181, Building No.9, D.G. Nagar Cooperative Housing Society, Dewan Maan, Vasai (West), Thane, Maharashtra, India

Date of Birth/Age :

05.09.1965

Date of Appointment :

02.01.2001

 

 

Name :

Mr. Naeemuddin Jamaliddin Ansari

Designation :

Manager

Address :

1st Floor, Mamledar Building, Vaitalpada, Bhiwandi – 421 302, Maharashtra, India

Date of Birth/Age :

03.02.1963

Date of Appointment :

18.09.2001

 

 

Name :

Mr. Virat

Designation :

General Manager in Marketing Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 28.09.2011

 

Names of Shareholders (Equity Shares)

 

 

No. of Shares

Sangithaa Gupta

 

467

Midas Care Holdings Private Limited, India

 

59000

Nandan Brijbandhu Gupta

 

417

Shivangi Brijbandhu Gupta

 

16

Total

 

59900

 

As on 28.09.2011

 

Names of Shareholders (Preference Shares)

 

 

No. of Shares

Sangithaa Gupta

 

13000

Nandan Brijbandhu Gupta

 

9000

Shivangi Brijbandhu Gupta

 

9000

Total

 

31000

 

As on 28.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Bodies corporate

 

98.50

Directors or relatives of directors

 

1.50

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Health Care Aerosols, Personal Care Aerosols and Room Care Aerosols, Industrial Care Aerosols etc.

 

 

Products :

v      Health Care Aerosols

v      Room Care Aerosols

v      Personal Care Aerosols

v      Aerosols Cans

 

 

Exports :

 

Products :

v      Health Care Aerosols

v      Room Care Aerosols

v      Personal Care Aerosols

v      Aerosols Cans

Countries :

v      Gulf Country

v      Tanzania

v      Malaysia

v      Vietnam

v      Nepal

v      USA

 

 

Imports :

 

Products :

v      Raw Materials

Countries :

v      Italy

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

PRODUCTION STATUS (AS ON 31.03.2011)

 

Particulars

2010-11

 

(i) Aerosol Formulation

 

a Capacities (units) (on single shift basis)

 

Licensed

Not applicable

Installed

As certified by the management and accepted by Auditors, being a technical matter.

52,740,000

b Production (units)

- including 86,25,135 units on job work basis

40,782,431

 

 

(ii) Can Manufacturing (on single shift basis)

 

a Capacities (units)

 

Licensed

Not applicable

Installed

51,120,000

b Production (units)

9,128,573

 

 

GENERAL INFORMATION

 

Suppliers :

v      Volvo automobiles France

 

 

Customers :

Wholesalers and Retailers

 

v      Paras Pharmaceuticals Limited

 

 

No. of Employees :

550 (Approximately)

 

 

Bankers :

v      HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West) , Mumbai – 400 013, Maharashtra, India (Tel. No.: 91-22-66521308)

v      Bank of Baroda

v      ICICI Bank Limited

v      Citi Bank

v      Deutsche Bank AG, 110, Sidrah, S.V. Road, Khar (West), Mumbai – 400 052, Maharashtra, India

 

 

Facilities :

Secured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Rupee term loans banks secured

46.486

32.592

Working capital loans banks secured

65.923

47.747

Working capital loans others secured

34.287

27.979

Loans taken for vehicles secured

4.953

0.193

Loans taken for other fixed assets secured

21.194

22.087

Total

172.843

130.598

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Arora and Arora

Chartered Accountants

Address :

12, Dhanlakshmi, Hanuman Road, Vile Parle (East), Mumbai – 400 057, Maharashtra, India

Mobile No.:

91-9821050212

E-Mail :

harora@vsnl.com

PAN No.:

AABFA2147F

 

 

Holding Company :

Midas Care Holdings Private Limited

CIN No.: U65990MH1986PTC041437

 

 

Group Company where common control exists :

v      Florensa Care Products Private Limited

v      Lovincare Cosmetics Private Limited

 

 

CAPITAL STRUCTURE

 

As on 28.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

60000

Equity Shares

Rs.10/- each

Rs.0.600 million

40000

Preference Shares

Rs.10/- each

Rs.0.400 million

 

Total

 

Rs.1.000 million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

59900

Equity Shares

Rs.10/- each

Rs.0.599 million

31000

Preference Shares

Rs.10/- each

Rs.0.310 million

 

Total

 

Rs.0.909 million

 

 

 

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

0.909

0.909

0.909

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

408.893

332.571

253.052

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

409.802

333.480

253.961

LOAN FUNDS

 

 

 

1] Secured Loans

172.843

130.598

82.701

2] Unsecured Loans

7.754

5.703

3.804

TOTAL BORROWING

180.597

136.301

86.505

DEFERRED TAX LIABILITIES

5.199

4.650

2.955

 

 

 

 

TOTAL

595.598

474.431

343.421

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

234.302

223.851

188.001

Capital work-in-progress

2.688

0.000

0.000

 

 

 

 

INVESTMENT

22.239

22.110

27.907

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
213.359
152.259

111.032

 

Sundry Debtors
162.289
129.216

87.612

 

Cash & Bank Balances
103.759
64.191

53.162

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances
99.898
78.414

47.285

Total Current Assets
579.305
424.080

299.091

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

147.385
140.984

119.684

 

Other Current Liabilities
80.920
42.507

33.539

 

Provisions
14.631
12.119

18.355

Total Current Liabilities
242.936
195.610

171.578

Net Current Assets
336.369
228.470

127.513

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

595.598

474.431

343.421

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Sales & Job Work Charges

1826.164

1294.085

927.179

 

 

Other Income

18.879

21.007

15.509

 

 

TOTAL                                    

1845.043

1315.092

942.688

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Increase/Decrease in Stocks

1771.245

(5.543)

(12.173)

 

 

Purchase of Finished Goods

 

95.253

16.833

 

 

Manufacturing Expenses

 

900.183

664.814

 

 

Administrative Expenses

 

93.337

75.382

 

 

Selling and Distribution Expenses

 

169.282

121.652

 

 

TOTAL                                    

1771.245

1252.512

866.508

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

73.798

62.580

76.180

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

27.389

22.494

14.006

 

 

 

 

 

 

PROFIT BEFORE TAX

46.409

40.086

62.174

 

 

 

 

 

Less

TAX                             

15.181

13.814

17.345

 

 

 

 

 

 

PROFIT AFTER TAX

31.228

26.272

44.829

 

 

 

 

 

Add

Excess (short) provision of earlier year – Income tax

(0.411)

1.718

(0.185)

 

 

 

 

 

 

Income Tax Earlier Year

(0.700)

(0.054)

(0.068)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

277.197

249.261

204.685

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

307.314

277.197

249.261

 

 

 

 

 

 

EXPORT VALUE

111.267

40.964

10.296

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw & Packing Materials

176.040

91.605

56.127

 

 

Capital Goods

3.213

19.152

0.000

 

 

Others

1.151

0.546

0.000

 

TOTAL IMPORTS

180.404

111.303

56.127

 

 

 

 

 

 

Earnings Per Share (Rs.)

521.00

439.00

748.00

 

 

 

Particulars

 

 

 

31.03.2012

Sales Turnover (Approximately)

 

 

2000.000

 

 

 

 

 

Expected Sales (2012-2013): Rs.2100.000 millions

 

The above information has been parted by Mr. Virat (General Manager in Marketing Department).

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)

1.69
2.00

4.76

 

 

 
 

 

Net Profit Margin

(PBT/Sales)

(%)

2.54
3.10

6.71

 

 

 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.70
6.19

12.76

 

 

 
 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11
0.12

0.24

 

 

 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 

1.03
1.00

1.02

 

 

 
 

 

Current Ratio

(Current Asset/Current Liability)

 

2.38
2.17

1.74

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Sundry Creditors

 

 

 

- Creditors due small micro enterprises

147.385
140.984

119.684

- Creditors due others

0.000

0.000

0.000

Total

147.385

140.984

119.684

 

 

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

Yes

10) Designation of contact person

Yes

11) Turnover of firm for last Four years

Yes

12) Profitability for last three years

Yes

13) Reasons for variation <> 20%

--

14) Estimation for coming financial year

Yes

15) Capital in the business

Yes

16) Details of sister concerns

Yes

17) Major suppliers

Yes

18) Major customers

Yes

19) Payments terms

Yes

20) Export / Import details (if applicable)

Yes

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

No

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

No

 

 


Unsecured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Loans directors unsecured

0.018

0.018

Deposits related parties unsecured

7.736

5.685

Total

7.754

5.703

 

FINANCIAL RESULTS:

 

The Company has achieved Turnover of Rs.1826.164 millions compared to Rs.1294.085 millions in the previous year.

 

The turnover of the products of brand owners manufactured on Principal to Principal basis has shown substantial growth during the year. The Company has continued giving much thrust on the promotion of its own brands through electronic media. During the year new brands have been added under own brand product category.

 

The volume in Metered Dose Inhalation Aerosol is witnessing increase year after year. The Company is in process of expanding production capacity of Metered Dose Inhalation facility.

 

The volumes in aluminium and tin can manufacturing facility is showing increasing trend.

 

Under the Montreal Protocol, all companies have to phase out (stop using) Ozone Depleting Substances (ODS) with effect from 01.01.2010, though this has been extended up to 31.12.2012 under Essential Use Nominations by the United Nations. Accordingly their Company has entered into an Agreement with Government of India for such phase out of ODS within the given time frame. Their Company had been using ODS (CFC) in the manufacture of Metered Dose Inhalation (MDIs) for Asthma care and keeping the phase out plan in mind had started Research and Development of CFC (ODS) Free MDIs. Hugh cost has been incurred and more will have to be incurred in future. In lieu of such phase out and its related costs for development etc., their Company has received further Compensation amounting to Rs.45.231 millions during the year under the said agreement with Government of India. This amount also has been kept under

 

OPERATIONS:

 

The Company had continued its Research and Development work in the field of high tech aerosols and is laying more emphasis on the new propellants specially in the MDIs.

 

CONTINGENT LIABILITIES NOT PROVIDED FOR:

 

Particulars

31.03.2011

(Rs. in millions)

i Bank Guarantees

9.570

 

 

ii Dividend on preference shares :

 

1989-90

0.011

1990-91

0.012

1991-92

0.012

1992-93

0.012

1993-94

0.012

1994-95

0.012

1995-96

0.012

1996-97

0.012

1997-98

0.012

1998-99

0.012

1999-00

0.012

2000-01

0.012

2001-02

0.012

2002-03

0.012

2003-04

0.012

2004-05

0.012

2005-06

0.012

2006-07

0.012

2007-08

0.012

2008-09

0.012

2009-10

0.012

2010-11

0.012

 

 

iii Disputed Demands

 

Central Excise

1.137

Service Tax

0.578

Sales Tax

7.083

Income Tax

0.000

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U24239MH1986PTC039852

Name of the company

MIDAS CARE PHARMACEUTICALS PRIVATE LIMITED

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

Papa Industrial Estate, 40, Suren Road, Andheri (East), Mumbai – 400 093, Maharashtra, India

E-Mail: aerosol@vsnl.com

This form is for

Creation of charge

Type of charge

Immovable Property

Particular of charge holder

Deutsche Bank AG, 110, Sidrah, S.V. Road, Khar (West), Mumbai – 400 052, Maharashtra, India

E-Mail: kg.narayanan@db.com

Nature of description of the instrument creating or modifying the charge

Agreement for home loan dated 28.11.2011 between Deutsche Bank AG, India and Midascare Pharmaceuticals Private Limited

Date of instrument Creating the charge

28.11.2011

Amount secured by the charge

Rs.25.000 millions

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

Rate of Interest:

Floating rate of interest of 1.50% + base rate of 10.00% i.e. 11.5% p.a.

 

Terms of Repayment:

As per agreement

 

Margin:

As per agreement

 

Extent and Operation of the charge:

Upto 180 months

Short particulars of the property charged

Immovable Property B 302 Lotus Corporate Park, Graham Steel Compound, Jai Coach Signal, Western Express Highway, Goregaon East, Mumbai 400063

 

TRADE REFERENCES:

 

v      Paras Pharmaceuticals Limited

v      Volvo automobiles France

 

FIXED ASSETS

 

v      Land

v      Factory Building

v      Other Building

v      Residential Flat

v      Plant and Machinery

v      Electrical Installations

v      R and D Assets

v      Lab Equipments

v      Office Equipments

v      Computer

v      Air Conditioner

v      Furniture and Fixtures

v      Vehicles

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

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

 

1]         INFORMATION ON DESIGNATED PARTY

No 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

UK Pound

1

Rs.87.50

Euro

1

Rs.71.32

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

65

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

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

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