MIRA INFORM REPORT
|
Report Date : |
23.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYNGENE INTERNATIONAL LIMITED (w.e.f. 19.04.2007) |
|
|
|
|
Formerly Known
As : |
SYNGENE INTERNATIONAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Biocon SEZ, Biocon Park, Plot No. 2/3, Bommansandra Industrial Area,
Phase – IV, Jigani Link Road,
Bommansandra, Bangalore - 560100, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.11.1993 |
|
|
|
|
Com. Reg. No.: |
08-014937 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 241.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909KA1993PLC014937 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS02580E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS9936M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in providing contract research and manufacturing services
in early stage drug discovery and development to pharmaceutical and
biotechnology companies |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 12100000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of Biocon Limited. It is a well established
and reputed company having a good track record. The company recorded high scale
of business operation, healthy profitability and improved capital structure. The rating also takes into consideration the strong financial support
from its holding companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. In view of experience promoters, the company can be considered for
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based facilities : (ICRA) AA |
|
Rating Explanation |
Having high degree of safety regarding
timely servicing of financial obligations it carry very low credit risk. |
|
Date |
December 2011 |
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.
LOCATIONS
|
Registered /Corporate Office : |
Biocon SEZ, Biocon Park, Plot No. 2/3, Bommansandra Industrial Area,
Phase – IV, Jigani Link Road, Bommansandra,
Bangalore - 560100, Karnataka, India |
|
Tel. No.: |
91-80-28082808 |
|
Fax No.: |
91-80-28083150 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Overseas Office : |
876 Highlands Circle, Los
Altos, CA 94024 USA |
|
Tel. No.: |
1-609-638-8203 |
|
E-Mail : |
DIRECTORS
AS ON 25.07.2012
|
Name : |
Mr. Kiran Mazumdar Shaw |
|
Designation : |
Managing Director |
|
Address : |
Glenmore No. 58, Goolimanala Village, Sarjapur, Ho Bli Anekal Taluka,
Bangalore-562106, Karnataka, India |
|
Date of Birth/Age : |
23.03.1953 |
|
Qualification : |
B.Sc (Zoology) and PG in Malting and Brewing |
|
Date of Appointment : |
18.11.1993 |
|
DIN No.: |
00347229 |
|
|
|
|
Name : |
Mr. John Mccallum Marshall Shaw |
|
Designation : |
Director |
|
Address : |
Glenmore, Huskur Gate, Off 20th Km, Hosur Road, Electronic
City P.O. Bangalore-562106, Karnataka, India |
|
Date of Birth/Age : |
12.04.1949 |
|
Qualification : |
M.A. (Economics Honours) |
|
Date of Appointment : |
24.03.2000 |
|
DIN No.: |
00347250 |
|
|
|
|
Name : |
Peter John Bains |
|
Designation : |
Director |
|
Address : |
Hutchins Barn, Forty Green Road, Knotty Green, Beaconsfield, Bucks
HP91XL, England |
|
Date of Birth/Age : |
26.07.1957 |
|
Qualification : |
BSc Combined Hons. Physiology / Zoology, Sheffield University |
|
Date of Appointment : |
20.01.2010 |
|
DIN No.: |
00430937 |
|
|
|
|
Name : |
Charles Leland Cooney |
|
Designation : |
Director |
|
Address : |
35, Chestnut Place, Brookline, USA |
|
Date of Birth/Age : |
09.11.1944 |
|
Qualification : |
Ph. D (Biochemical Engineering) |
|
Date of Appointment : |
19.01.2001 |
|
DIN No.: |
01056607 |
|
|
|
|
Name : |
Mr. John Russell Fotheringham Walls |
|
Designation : |
Director |
|
Address : |
40 IBIS Lane, Grove Park Chiswick, London W4UP, United Kingdom |
|
Date of Birth/Age : |
22.02.1944 |
|
Qualification : |
Fellow Member of the Association of Chartered Certified Accountants,
U.K |
|
Date of Appointment : |
27.04.2011 |
|
DIN No.: |
03528496 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Biocon Limited, India |
|
47497525 |
|
Kiran Mazumdar Shaw |
|
165 |
|
Kumud Sampath |
|
165 |
|
Arun Chandavarkar |
|
165 |
|
Ajay Bharadwaj |
|
165 |
|
Murli Krishnan K. N |
|
165 |
|
Prasad K |
|
165 |
|
Rajagopal N |
|
165 |
|
Ramchandran J |
|
165 |
|
Parag Saxena |
|
165 |
|
|
|
165 |
|
Anand Kumar |
|
165 |
|
Suresh Subramani |
|
165 |
|
Dev Mazumdar |
|
165 |
|
Sunne Rossell |
|
165 |
|
Charles Cooney |
|
165 |
|
Allegro Capital Private Limited, India |
|
625000 |
|
Total |
|
48125000 |
AS ON 25.07.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing contract research and manufacturing
services in early stage drug discovery and development to pharmaceutical and
biotechnology companies |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Ø The Bank of Nova
Scotia, S N Towers, 25/2, M G Road, Bangalore – 560001, Karnataka, India Ø
ABN
Amro Bank N.V, 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai –
400021, Maharashtra, India Ø The Hongkong and Shanghai Banking
Corporation Limited, 7 Mahatma Gandhi Road, Bangalore – 560001, Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
U B City,
Canberra Block, 12th and 13th Floor No 24, Vittal Malya Road,
Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-40275000 |
|
Fax No.: |
91-80-22106000 |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFS3421N |
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|
|
|
Holding company : |
Biocon Limited [L24234KA1978PLC003417] |
|
|
|
|
Fellow
Subsidiary company : |
Ø Biocon Research
Limited [U73100KA2008PLC046583] Ø Biocon SA |
|
|
|
|
Subsidiaries : |
Clinigene International Limited [U85195KA2000PLC027566] |
CAPITAL STRUCTURE
AFTER 25.07.2012
Authorised Capital : Rs. 300.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 250.000
Millions
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs. 5/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
48,125,000 |
Equity Shares |
Rs. 5/- each |
Rs. 241.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
241.000 |
29.000 |
28.750 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2781.000 |
2216.000 |
1932.776 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3022.000 |
2245.000 |
1961.526 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
719.000 |
1217.000 |
2004.882 |
|
|
2] Unsecured Loans |
249.000 |
233.000 |
0.000 |
|
|
TOTAL BORROWING |
968.000 |
1450.000 |
2004.882 |
|
|
DEFERRED TAX LIABILITIES |
82.000 |
101.000 |
97.902 |
|
|
|
|
|
|
|
|
TOTAL |
4072.000 |
3796.000 |
4064.310 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3830.000 |
3876.000 |
4021.331 |
|
|
Capital work-in-progress |
108.000 |
9.000 |
70.729 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.000 |
26.000 |
108.710 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
198.000
|
100.000 |
118.735 |
|
|
Sundry Debtors |
434.000
|
384.000 |
327.610 |
|
|
Cash & Bank Balances |
377.000
|
59.000 |
66.260 |
|
|
Other Current Assets |
345.000
|
168.000 |
35.728 |
|
|
Loans & Advances |
622.000
|
456.000 |
397.863 |
|
Total
Current Assets |
1976.000
|
1167.000 |
946.196 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
644.000
|
280.000 |
464.695 |
|
|
Other Current Liabilities |
1120.000
|
952.000 |
579.359 |
|
|
Provisions |
79.000
|
50.000 |
38.602 |
|
Total
Current Liabilities |
1843.000
|
1282.000 |
1082.656 |
|
|
Net Current Assets |
133.000
|
(115.000) |
(136.460) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4072.000 |
3796.000 |
4064.310 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4167.000 |
3219.000 |
2639.222 |
|
|
|
Other Income |
15.000 |
10.000 |
36.438 |
|
|
|
TOTAL (A) |
4182.000 |
3229.000 |
2675.660 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1134.000 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(23.000) |
3.000 |
|
|
|
|
Employee benefit expense |
984.000 |
800.000 |
|
|
|
|
Other expenses |
577.000 |
496.000 |
|
|
|
|
TOTAL (B) |
2672.000 |
2172.000 |
1800.126 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1510.000 |
1057.000 |
875.534 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
209.000 |
262.000 |
74.459 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1301.000 |
795.000 |
801.075 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
547.000 |
509.000 |
450.872 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
754.000 |
286.000 |
350.203 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.000 |
3.000 |
42.059 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
727.000 |
283.000 |
308.144 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2169.983 |
1886.983 |
1578.839 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2896.983 |
2169.983 |
1886.983 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3845.000 |
2958.000 |
2514.670 |
|
|
|
Other Earnings |
73.000 |
50.000 |
26.366 |
|
|
TOTAL EARNINGS |
3918.000 |
3008.000 |
2541.036 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spares Parts |
593.000 |
385.000 |
339.810 |
|
|
|
Capital Goods |
427.000 |
235.000 |
407.239 |
|
|
TOTAL IMPORTS |
1020.000 |
620.000 |
747.049 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
15.29 |
5.97 |
107.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
17.38
|
8.76 |
11.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.09
|
8.88 |
13.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.99
|
5.67 |
7.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.13 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
1.22 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
0.91 |
0.87 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Unsecured Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Working capital loans from banks |
249.000 |
233.000 |
|
Total |
249.000 |
233.000 |
BACKGROUND
Syngene
International Limited ('Syngene' or 'the Company') was promoted by Biocon Limited
(‘Biocon’) and Ms Kiran Mazumdar Shaw, a promoter of Biocon, and was
incorporated at Bangalore in 1993. On March 30, 2002, the Company became the
subsidiary of Biocon.
The Company is
engaged in providing contract research and manufacturing services in early
stage drug discovery and development to pharmaceutical and biotechnology
companies worldwide. Syngene’s services include discovery chemistry and biology
services, toxicology, pharmaceutical development, process development
/manufacture of advanced intermediates, active pharmaceutical ingredients and
bio-therapeutics.
PERFORMANCE ANALYSIS
For the Financial
Year 2011-12, the Company registered a strong growth of 29% in revenues from
Rs. 3,229 million to Rs. 4,182 million. The Operational Margin (EBITDA)
increased from Rs.1,005 million to Rs. 1,404 million representing a 40 %
increase during the year. The Company Profit after Tax also increased from Rs.
283 million to Rs.727 million for the year. The significant increase in
profitability is primarily attributed improved utilization of existing
capacities and moving up the value chain with differential models and more
integrated service offerings.
Syngene continues
to be one of the leading contract research organizations in the country which
offers integrated services across discovery and development continuum.
State-of-the-art infrastructure, talented and experienced scientific and
techno-commercial team, flexibility of business models, robust communication
systems, ability to consistently deliver with quality and speed are some of the
reasons why Syngene has become a preferred partner of choice for several small,
medium and large companies around the world. Along with Pharma companies,
Syngene has developed a broad customer base in other industries including fine
chemical, petrochemical, agro, cosmetic and electronic companies.
The Company
continued to successfully manage large relationships including those with
Bristol-Myers Squibb, Merck and DuPont involving various aspects of discovery
and development research. During the year, Syngene entered into a strategic
collaboration with Abbott to set up a dedicated research centre for the
development of science-based affordable nutrition products. This symbolizes
Syngene’s growing capability to offer research and development solutions across
a wide range of life science platforms.
With emergence of
biologics over past few years as important medicinal interventions, Syngene
continues to offer services in discovery and development of biologic molecules.
Syngene’s state-of-the-art biologics pilot plant is capable of delivering
clinical trial material of bacterial and mammalian origin. In early 2010,
Syngene initiated a collaborative research program with Endo Pharmaceuticals,
USA to develop novel biologic molecules for targeted cancer therapy. This
unique collaboration, which is entering into its’ third year, has successfully
delivered on several crucial milestones.
During the year,
Syngene International Limited acquired 100% of the shareholding of Clinigene
International Limited from Biocon Limited to ensure seamless operational
integration of the combined research service offerings.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U51909KA1993PLC014937 |
|
Name of the
company |
SYNGENE
INTERNATIONAL LIMITED |
|
Address of the
registered office or of the principal place of business in |
Biocon SEZ, Biocon Park, Plot No. 2/3, Bommansandra Industrial Area,
Phase – IV, Jigani Link Road, Bommansandra,
Bangalore - 560100, Karnataka, India |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
10274310 |
|
Type of charge |
Book debts Movable property (not being pledge) Others [stocks present and future] |
|
Particular of
charge holder |
The Bank of Nova Scotia, S N Towers, 25/2, M G Road, Bangalore –
560001, Karnataka, India Email: rjr.cs69@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Letter ceding
pari passu charge from State Bank of India. |
|
Date of
instrument Creating the charge |
26.04.2012 |
|
Amount secured by
the charge |
Rs. 500.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Already reported
in earlier form 8 filed with ROC. Terms of Repayment Already reported in
earlier form 8 filed with ROC. Margin Already reported
in earlier form 8 filed with ROC. Extent and Operation of the charge First charge on
pari passu basis on all current assets and movable property of the company to
the extent as specified in the loan / facility agreement signed by the
parties. Pari passu with
State Bank of India, the royal bank of Scotland N.V. And the HSBC Limited
(pari passu with the HSBC Limited to the extent of Rs. 500.000 millions and
the Royal Bank of Scotland N.V. To the extent of Rs. 500.000 millions already
registered). Others Scotia Bank Rs.
500.000 millions. The Royal Bank of
Scotland N.V. Rs. 500.000 millions. The HSBC Limited
Rs. 1486.500 millions. State Bank of
India Rs. 65.000 millions. |
|
Short particulars
of the property charged |
All the borrowers
present and future book debts, outstanding, money, receivables, claims,
bills, contracts, engagements, securities and other rights and assets. Raw materials, work
in progress, laboratory reagents, chemicals and consumable stores, spares,
finished goods, receivables and other current assets. Plant and
machinery relating to pharmaceuticals research, custom research and
manufacturing services, other lab equipment, testing and weighing equipments,
medicine storage equipments, furniture and fixtures, electrical
installations, other equipment, tools and any other movable property located
at Biocon Special Economic Zone, Biocon Park, Plot No. 2 & 3, Bommasandra
IV Phase, Jigani Link Road, Bangalore 560099. |
|
Date of
Modification |
15.03.2012 |
|
Particulars of
the present modification |
There is no
change in the existing limit of Rs. 500.000 Millions. The securities are
shared on pari passu first charge basis with State Bank of India to the
extent of Rs. 65.000 Millions, The Royal Bank of Scotland N.V. to the extent
of Rs. 500.000 Millions and The HSBC Limited to the extent of Rs. 1486.500
Millions (Pari passu with The HSBC Limited to the extent of Rs. 500.000 Millions
and The Royal Bank of Scotland N.V. to the extent of Rs. 500.000 Millions
already registered). All other terms & conditions remain unchanged. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 53.51 |
|
|
1 |
Rs. 84.85 |
|
Euro |
1 |
Rs. 71.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
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.