|
Report Date : |
19.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADVINUS THERAPEUTICS LIMITED |
|
|
|
|
Formerly Known
As : |
ADVINUS THERAPEUTICS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Administrative Block 21, 22, Peenya Industrial Area, Phase II,
Bangalore-560058, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.04.2005 |
|
|
|
|
Com. Reg. No.: |
08-036126 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1336.424 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24117KA2005PTC036126 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA07046E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCA2502B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is into business of Pre Clinical Testing, Drug
Discovery and formulation. |
|
|
|
|
No. of Employees
: |
455 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track
record. There appears huge accumulated losses recorded by the company during 2013,
due to which the networth of the company has been eroded. Profitability is
under pressure since its inception. However, the ratings take into consideration the strong parentage of
the company i.e. The “Tata Group” one of India’s largest
business conglomerates. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of experienced management team, collaboration with
“Global Pharma Companies”, the subject 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) |
|
India |
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BBB
–“ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
09.01.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3“ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
09.01.2013 |
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 Office : |
Administrative Block 21, 22, Peenya Industrial Area, Phase II,
Bangalore-560058, Karnataka, India |
|
Tel. No.: |
91-80-28394959 |
|
Fax No.: |
91-80-28394015 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Phase-I, |
|
Tel. No.: |
91-20-66539600 |
|
Fax No.: |
91-20-66539620 |
DIRECTORS
As on: 23.07.2012
|
Name : |
Mr. Homi Rustam Khusrokhan |
|
Designation : |
Director |
|
Address : |
No.302, Dalsylea, Off. Mount, Pleasant Road, Malabar Hill, Mumbai
– 400006, Maharashtra, India
|
|
Date of Birth/Age : |
15.12.1943 |
|
Qualification: |
B. Com., CA |
|
Date of Appointment : |
30.04.2005 |
|
DIN No.: |
00005085 |
|
|
|
|
Name : |
Mr. Venkatrao Shridhar Sohoni |
|
Designation : |
Director |
|
Address : |
342, Carolina lane Palo Alto CA 94306 USA |
|
Date of Birth/Age : |
28.05.1942 |
|
Qualification: |
B. Tech(Hons), Phd |
|
Date of Appointment : |
30.04.2005 |
|
DIN No.: |
00012010 |
|
|
|
|
Name : |
Mr. Gopalkrishnan Ramabadran |
|
Designation : |
Director |
|
Address : |
Baug- E Abbas Flat, 101, 1st Floor, 21Al, Captain Prakash
Petha Marg, Cuffe Parade, Mumbai-400005, |
|
Date of Birth/Age : |
25.12.1945 |
|
Date of Appointment : |
30.04.2005 |
|
DIN No.: |
00027858 |
|
|
|
|
Name : |
Mr. Kishor Anant Chaukar |
|
Designation : |
Director |
|
Address : |
Flat 72 A, - NCPA Apratments, 7th Floor, |
|
Date of Birth/Age : |
01.08.1947 |
|
Date of Appointment : |
08.11.2006 |
|
DIN No.: |
00033830 |
|
|
|
|
Name : |
Ms. Rashmi Barbhaiya |
|
Designation : |
Managing Director |
|
Address : |
No. 15, 1st Cross, 1st Block, RMV 2nd
Stage, Near Ashwathnagar, Bangalore – 560094, India |
|
Date of Birth/Age : |
22.09.1952 |
|
Qualification: |
Phd |
|
Date of Appointment : |
30.04.2005 |
|
PAN No.: |
AHDPB2201L |
|
DIN No.: |
01922891 |
KEY EXECUTIVES
|
Name : |
Mr. T. S. Krishnan |
|
Designation : |
Company Secretary |
|
Address : |
No.119, 6th Main First Cross, Shankar Nagar, Banagalore
– 560096, Karnataka, India |
|
Date of Birth/Age : |
09.02.1980 |
|
Date of Appointment : |
14.12.2010 |
|
PAN No.: |
AIIPK5348M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 23.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, Mumbai |
|
57850000 |
|
Rashmi Barbhaiya |
|
14373600 |
|
Sajiv Kaul |
|
5360000 |
|
Tata Industries Limited, Mumbai |
|
32102000 |
|
Rallis India Limited |
|
18286000 |
|
Kasim Mookhtiar |
|
43308000 |
|
Nimish Vachharajani |
|
13400000 |
|
|
|
|
|
Total |
|
184679600 |
Equity Share Break up (Percentage of Total Equity)
As on: 23.07.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
80.99 |
|
Directors or relatives of directors |
|
10.76 |
|
Other top fifty shareholders |
|
8.25 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is into business of Pre Clinical Testing, Drug
Discovery and formulation. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
455 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Finance Institutions : |
Il and FS Trust Company Limited, Il and FS Financial Centre Plot No C22 G Block Bandra, Kurla Complex Bandra East, Mumbai - 400051, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte Centre, |
|
Tel. No.: |
91-80-66276000 |
|
Fax No.: |
91-80-66276011 |
|
PAN No.: |
AACFD3771D |
|
|
|
|
Holding Company: |
· Tata Sons Limited |
|
|
|
|
Subsidiaries : |
· Advinus Therapeutics Inc. · Tata Industries Limited · TATA AIG Life Insurance Company Limited · Tata Services Limited · TATA Teleservices (Maharashtra) Limited · TT Forex Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
133642400 |
Equity Shares |
Rs.10/- each |
Rs.1336.424 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1336.424 |
1336.424 |
1328.590 |
|
(b) Reserves & Surplus |
(3202.934) |
(2885.432) |
(2269.806) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(1866.510) |
(1549.008) |
(941.216) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2082.080 |
97.290 |
406.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
4.602 |
|
(c) Other long term liabilities |
0.944 |
1.454 |
50.165 |
|
(d) long-term provisions |
179.269 |
27.960 |
0.000 |
|
Total Non-current Liabilities (3) |
2262.293 |
126.704 |
461.467 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
442.615 |
947.194 |
844.683 |
|
(b) Trade payables |
182.094 |
117.702 |
129.052 |
|
(c) Other current
liabilities |
292.824 |
1452.235 |
953.191 |
|
(d) Short-term provisions |
17.656 |
45.077 |
45.984 |
|
Total Current Liabilities (4) |
935.189 |
2562.208 |
1972.910 |
|
|
|
|
|
|
TOTAL |
1330.972 |
1139.904 |
1493.161 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
501.288 |
613.918 |
762.825 |
|
(ii) Intangible Assets |
7.689 |
4.440 |
3.619 |
|
(iii) Capital
work-in-progress |
2.005 |
0.000 |
5.927 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.050 |
0.050 |
0.050 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
96.193 |
97.556 |
115.454 |
|
(e) Other Non-current assets |
48.058 |
0.000 |
0.000 |
|
Total Non-Current Assets |
655.283 |
715.964 |
887.875 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
437.097 |
341.107 |
185.172 |
|
(d) Cash and cash
equivalents |
9.635 |
21.514 |
335.498 |
|
(e) Short-term loans
and advances |
45.190 |
23.338 |
56.854 |
|
(f) Other current
assets |
183.767 |
37.981 |
27.762 |
|
Total Current Assets |
675.689 |
423.940 |
605.286 |
|
|
|
|
|
|
TOTAL |
1330.972 |
1139.904 |
1493.161 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1290.717 |
802.703 |
489.389 |
|
|
|
Other Income |
27.140 |
53.221 |
38.599 |
|
|
|
TOTAL
(A) |
1317.857 |
855.924 |
527.988 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
206.748 |
227.604 |
188.614 |
|
|
|
Employee benefit expense |
501.628 |
463.919 |
451.147 |
|
|
|
Other expenses |
448.650 |
327.237 |
424.825 |
|
|
|
TOTAL
(B) |
1157.026 |
1018.760 |
1064.586 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
160.831 |
(162.836) |
(536.598) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
340.376 |
265.581 |
162.751 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(179.545) |
(428.417) |
(699.349) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
137.956 |
187.209 |
197.885 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
(317.501) |
(615.626) |
(897.234) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(317.501) |
(615.626) |
(897.234) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Technical Testing and Analysis |
820.290 |
610.310 |
339.608 |
|
|
|
Drug Discovery and Research |
347.450 |
3.740 |
38.946 |
|
|
TOTAL EARNINGS |
1167.740 |
614.050 |
378.554 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Lab Consumables |
48.927 |
75.657 |
47.531 |
|
|
|
Capital Goods |
8.634 |
10.978 |
8.499 |
|
|
|
Spares |
5.956 |
4.624 |
0.000 |
|
|
TOTAL IMPORTS |
63.517 |
91.259 |
56.030 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.38) |
(4.63) |
(7.08) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(24.09) |
(71.93) |
(169.93) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(24.60) |
(76.69) |
(183.34) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(23.89) |
(54.01) |
(60.33) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.40 |
0.95 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.35) |
(0.67) |
(1.33) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72 |
0.16 |
0.31 |
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 |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particular |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Borrowing from government semi-government bodies |
32.080 |
36.090 |
|
Non-convertible debentures others |
0.000 |
61.200 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand |
150.000 |
750.000 |
|
Total |
182.080 |
847.290 |
CORPORATE INFORMATION
The company Advinus Therapeutics Limited is into business of Pre Clinical Testing, Drug Discovery and formulation. Advinus has been formed by acquiring Rallis Research Center (RRC) from Rallis India Limited (RIL) on 21st April 2005. The registered office of the Company is located in Bangalore. The Companys Drug Discovery operations are carried out in Pune. The Company also has a subsidiary Advinus Therapeutics Inc based in USA and a subsidiary Advinus Canada Incorporated based in Canada.
BUSINESS OVERVIEW
The Income from Operations of the company for the year was Rs.1290.700 millions in comparison to previous year figure of Rs.802.700 millions, representing a positive growth of about 61%. The Growth in Business was due to the improved value propositions in the portfolio of services offered. The company reported an operating loss due to a shift in the time line of the out-licensing of its lead molecule and the need for continued spend on Research and Development work to build and progress a robust pipeline. The total number of people engaged in the Company increased from 448 to 455 in the current year. The net loss from operations was Rs.317.500 millions.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10403435 |
12/02/2013 |
100,000,000.00 |
INDUSIND BANK LIMITED |
GROUND FLOOR, CENTENARY BUILDING, NO.28, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B68296474 |
|
2 |
10362898 |
07/08/2012 * |
2,050,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B45109097 |
|
3 |
10011851 |
31/05/2013 * |
350,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, RALLARAM BUILDING, NO. 30, MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
B77508570 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Computer Equipment
· Leasehold Improvements
Intangible Assets
·
Computer Software
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.62.63 |
|
|
1 |
Rs.101.06 |
|
Euro |
1 |
Rs.84.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH/ VRN/ KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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 |
-- |