MIRA
INFORM REPORT
|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPANSULES PHARMATECH PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 59, G-3, Sri Venkateshwara, Towers, Bhagyanagar Colony,
Opposite K.P.H.B Hyderabad – 500072, Andhra Pradesh |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
09.10.2000 |
|
|
|
|
Com. Reg. No.: |
01-035421 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 10.150 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230AP2000PTC035421 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS04126D |
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|
|
|
PAN No.: [Permanent Account No.] |
AAFCS7057K |
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|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Pharmaceuticals Formulations,
Pharmaceuticals Pallets and Granules |
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|
|
|
No. of Employees
: |
80 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 174000 |
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|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is well established company having a satisfactory track
record. The company has achieved a healthy growth in its turnover during
2012. Trade relations are reported as decent. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered normal for 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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. Guttikonda Venkata Subba |
|
Designation : |
Director |
|
Contact No.: |
91-9000544189 |
|
Date : |
28.05.2013 |
LOCATIONS
|
Registered Office/Corporate Office : |
Plot No. 59, G-3, |
|
Tel. No.: |
91-40-42005216/42005217/40-40130502/23061309 |
|
Mobile No.: |
91-9000544189 (Mr. Guttikonda Venkata Subba) |
|
Fax No.: |
91-40-23050443/23061979 |
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E-Mail : |
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|
Website : |
|
|
|
|
|
Factory: |
Plot No.163, Subhash Nagar, IDA, Jeedmetala, |
|
Tel No.: |
91-4023194045 |
|
Fax No.: |
91-40-23095782 |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Guttikonda Venkata Subba Rao |
|
Designation : |
Managing Director |
|
Address : |
Plot No.59, G-3, Sri Venkateshwara, Towers, Bhagyanagar colony, Kukatpally,
District Rangareddy, |
|
Date of Birth/Age : |
15.021964 |
|
Date of Appointment : |
09.10.2000 |
|
Din No.: |
01900749 |
|
|
|
|
Name : |
Mrs. Guttikonda Rama Devi |
|
Designation : |
Director |
|
Address : |
Plot No.59, G-3, Sri Venkateshwara, Towers, Bhagyanagar colony,
Kukatpally, District Rangareddy, |
|
Date of Birth/Age : |
30.03.1971 |
|
Date of Appointment : |
09.10.2000 |
|
Din No.: |
02019526 |
KEY EXECUTIVES
|
Name : |
Mr. Kishore |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS
As on 29.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Guttikonda Venkata Subba Rao |
1255620 |
63.56 |
|
Guttikonda Rama Devi |
720000 |
36.44 |
|
Total |
1975620 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceuticals Formulations,
Pharmaceuticals Pallets and Granules |
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Products : |
Drugs and Medicines |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
80 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
|
|
Name : |
Rao and Siva Associates Chartered Accountants |
|
Address : |
Plot No. 121/7, |
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Mobile No.; |
9948749499/9491049499 |
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Pan No.: |
AGPPM3948Q |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1975620 |
Equity Shares |
Rs.10/- each |
Rs. 19.756 Millions |
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1015000 |
Equity Shares |
Rs.10/- each |
Rs. 10.150 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
10.150 |
10.150 |
|
(b) Reserves & Surplus |
|
22.278 |
19.340 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
11.066 |
3.947 |
|
|
|
|
|
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(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
9.581 |
2.645 |
|
(b) Deferred tax liabilities (Net) |
|
1.132 |
0.620 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
34.595 |
15.023 |
|
(b) Trade payables |
|
43.048 |
31.110 |
|
(c) Other current
liabilities |
|
0.494 |
0.361 |
|
(d) Short-term provisions |
|
3.698 |
2.322 |
|
TOTAL |
|
136.042 |
85.518 |
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|
|
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|
II.
ASSETS |
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|
|
|
(1) Non-current assets |
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|
|
|
(a) Fixed Assets |
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|
|
|
(i) Tangible assets |
|
33.498 |
26.641 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
6.001 |
4.090 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1.705 |
1.382 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
28.654 |
20.354 |
|
(c) Trade receivables |
|
59.321 |
30.758 |
|
(d) Cash and cash
equivalents |
|
0.119 |
0.125 |
|
(e) Short-term loans and
advances |
|
6.744 |
2.168 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
TOTAL |
|
136.042 |
85.518 |
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
10.150 |
|
|
2] Share Application Money |
|
|
2.247 |
|
|
3] Reserves & Surplus |
|
|
16.900 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
29.297 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
16.347 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
16.347 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.349 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
45.993 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
19.483 |
|
|
Capital work-in-progress |
|
|
0.217 |
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
8.309 |
|
|
Sundry Debtors |
|
|
22.687 |
|
|
Cash & Bank Balances |
|
|
0.692 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
9.368 |
|
Total
Current Assets |
|
|
41.056 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
11.230 |
|
|
Other Current Liabilities |
|
|
1.007 |
|
|
Provisions |
|
|
2.526 |
|
Total
Current Liabilities |
|
|
14.763 |
|
|
Net Current Assets |
|
|
26.293 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
45.993 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from
Operations |
183.778 |
83.588 |
83.222 |
|
|
|
Other Income |
0.574 |
0.077 |
0.004 |
|
|
|
TOTAL (A) |
184.352 |
83.665 |
83.226 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
140.965 |
52.887 |
|
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
|
|
|
|
Changes in Inventories of
finished goods Work-in-progress and stock in trade |
0.000 |
0.000 |
|
|
|
|
Employee benefit expenses |
14.421 |
12.590 |
|
|
|
|
Other Expenses |
19.453 |
11.052 |
|
|
|
|
TOTAL (B) |
174.839 |
76.529 |
77.241 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.513 |
7.136 |
5.985 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.903 |
1.717 |
0.937 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.610 |
5.419 |
5.048 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.287 |
1.573 |
1.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4.323 |
3.846 |
3.818 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.385 |
1.267 |
1.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.938 |
2.579 |
2.598 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.339 |
16.900 |
14.302 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
22.277 |
19.339 |
16.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.87 |
2.54 |
25.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.59
|
3.08 |
3.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.35
|
4.60 |
4.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.32
|
4.72 |
6.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.12 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.02.
|
0.53 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.09 |
2.78 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
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 |
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 |
No |
FINANCIAL RESULTS:
For the 12th year of operations, company has achieved a profit of Rs.
2.938 Millions on a turnover of Rs. 183.778 Millions sales. The Financial year
2011-2012 is challenging for the Company. However the current year will mark
the beginning of the new growth phase centered on product diversification
leading to higher returns.
OPERATIONS:
The Company is focused on ready to fill sustained release pellets in
capsules and supplying to top 10 clients in
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U24230AP2000PTC035421 |
|
Name of the company |
SPANSULES PHARMATECH PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
Plot No. 59, G-3, Email: info@spansulespharma.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90128215 |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of charge holder |
Canara Bank, SME Branch, Plot
No. 74, Prashanthi Nagar, Kukatpally, Email: cb2427@canarabank.com
|
|
Nature, description and brief particulars of the instrument(s)
creating or modifying the charge |
|
|
Date of instrument Creating the charge |
17.04.201 |
|
Amount secured by the charge |
Rs 43.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of
Interests: 14.50% p.a floating (Base rate + 3.75) ROI subject to change from time
to time Terms of
Repayment: Repayable on Demand Margin: 25% on stocks and 30% on book debts Extent and
Operation of the charge: Charge can be operated to the extent of the loan amount along with
interest due thereon. |
|
Short particulars of the property or asset(s) charged (including complete
address and location of the property) |
i)
Hypothecation of stocks Rs. 8.412 Millions and
book debts Rs. 20.751 Millions as per the stock statement as on 30.09.2011 ii)
Hypothecation of plant and machinery valued Rs.
20.070 Millions as per the project report |
|
Particulars of the present modification |
Working capital limits has been increased from Rs. 15.000 Millions to
Rs. 30.000 Millions (sub limit of ODBD of Rs. 20.000 Millions and sub limit
of ILC/FLC Rs. 7.500 Millions) and existing term loan of Rs. 13.000 Millions
remains same. |
FIXED ASSETS:
- Land
- Furniture and
Fixtures
- Plant and
Machinery
·
Computers
·
Buildings
·
Electrical
Equipment
·
Office Equipment
·
Motor Car
·
Vehicle -
Splender +
- Air
Conditioner
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.57.74 |
|
|
1 |
Rs. 90.64 |
|
Euro |
1 |
Rs. 77.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.