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Report Date : |
18.01.2013 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
B 3, 2nd Floor, Godrej Colisuem, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Year of
Establishment : |
2001 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business
: |
Manufacturer and Exporter of Soft Gelatine Capsules. |
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No. of Employees
: |
100 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (13) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Mr. Vishal Shah, Account Head has denied to disclose any details of
the subject to us. As per our old database we found that the subject is an established partnership
concern which is engaged in the business of soft gelatin capsules. No other details could be made available. Payment terms are unknown. The concern 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.
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.
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Vishal Shah |
|
Designation : |
Account Head |
LOCATIONS
|
Registered Office : |
B 3, 2nd Floor, Godrej Colisuem, |
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Tel. No.: |
91-22-24084110/ 4113/ 4246 |
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Fax No.: |
91-22-24084323 |
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E-Mail : |
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Website : |
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Area : |
2000 sq ft |
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Location : |
Owned |
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Factory 1 : |
197/2 Athaiwad, |
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Tel. No.: |
91-260-2244370/374/375 |
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Area : |
150000 Sq. ft |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr. Kamlesh C. Shah |
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Designation : |
Partner |
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Qualification : |
Graduate |
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Name : |
Mrs. Sejal K. Shah |
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Designation : |
Partner |
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Name : |
Mr. Hardik K. Shah |
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Designation : |
Partner |
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Name : |
Mr. Jigar Shah |
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Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Shah |
|
Designation : |
Account Head |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Soft Gelatine Capsules. |
GENERAL INFORMATION
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Customers : |
Brand Owners |
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No. of Employees : |
100 [Approximately] |
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Bankers : |
Bank of Baroda, Vile Parle, Mumbai, Maharashtra, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ramesh Shah and Company Chartered Accountant |
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Associates/Subsidiaries : |
Address: Sara Industrial
Estate, Selaqui, Vikas Nagar, Village – Rampur, Chakrata Road,
Dehradun-248197, Uttarakhand, India |
CAPITAL STRUCTURE
|
Capital Investment : |
|
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
Not Divulged |
Not Divulged |
400.000 |
The above information has been declined by Mr. Vishal Shah.
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
Yes |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
Yes |
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9] |
Name of person contacted |
Yes |
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10] |
Designation of contact person |
Yes |
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11] |
Turnover of firm for one year |
Yes |
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12] |
Profitability for last three years |
No |
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13] |
Reasons for variation <> 20% |
-- |
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14] |
Estimation for coming financial year |
No |
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15] |
Capital in the business |
No |
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16] |
Details of sister concerns |
Yes |
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17] |
Major suppliers |
No |
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18] |
Major customers |
No |
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19] |
Payments terms |
No |
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20] |
Export / Import details (if applicable) |
No |
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21] |
Market information |
-- |
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22] |
Litigations that the firm / promoter involved in |
-- |
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23] |
Banking Details |
Yes |
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24] |
Banking facility details |
No |
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25] |
Conduct of the banking account |
-- |
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26] |
Buyer visit details |
-- |
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27] |
Financials, if provided |
Yes |
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28] |
Incorporation details, if applicable |
No |
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29] |
Last accounts filed at ROC |
No |
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30] |
Major Shareholders, if available |
No |
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31] |
PAN of Proprietor/Partner/Director, if available |
No |
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32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
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33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
PRESS RELEASE
OLIVE HEALTHCARE TO CONTRACT MANUFACTURE TWO
DRUGS FOR LANNETT COMPANY
The Mumbai based Olive Healthcare has signed a supply agreement with the
Lannett Company Inc. of USA to supply two pharmaceutical products.
The companies have not disclosed details of the specific compounds involved in
the supply but have said that sales of the products exceeded $130 million in
2005, for Lannett's distribution and sale in the US market.
Lannett, a US based generic drug company, will provide assistance with
assembling and submitting the abbreviated new drug applications (ANDAs) and
gaining FDA approval for Olive Healthcare's manufacturing plant.
"We are pleased to collaborate with Olive Healthcare on this
project," said Arthur Bedrosian, Lannett's president and chief executive
officer.
Olive Healthcare’s product manufacturing plant was designed to meet the
stringent Australian TGA and UK MCA requirements and has received GMP
certification by the World Health Organization (WHO). Olive’s state-of-the-art
plant incorporates cutting edge technological advances in pharmaceutical
manufacturing.
OLIVE HEALTHCARE SIGNS A CONTRACT MANUFACTURING AGREEMENT
WITH CLARIS LIFE SCIENCES
The Mumbai based Olive Healthcare has signed a supply agreement with
Claris Life sciences wherein Olive would be exclusively supplying these
products to Claris for their domestic and international requirements.
In order to cater to the international markets, Claris Life sciences will be
arranging for regulatory audits such as ANVISA (Brazil, Latin America) for
Olive Healthcare’s manufacturing facility.
The contract commences from March, 2007 and will be valid for a period of two
financial years.
OLIVE HEALTHCARE TO COMMISSION A STATE-OF-THE-ART
MANUFACTURING UNIT IN DEHRADUN, INDIA.
Olive Healthcare will be commencing production at their second
manufacturing unit in India, beginning January 15, 2007.
The facility is designed to be compliant with local as well as international
regulatory requirements. The unit is located on a 2 acre plot in a
non-polluting environment.
The manufacturing unit is designed to incorporate 5 independent soft gelatin
manufacturing lines. This unit has a total built up area of 6000 square meters
with provision for expanding further in the future.
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 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.54.64 |
|
|
1 |
Rs.87.45 |
|
Euro |
1 |
Rs.72.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
13 |
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.