MIRA INFORM REPORT
|
Report No. : |
318138 |
|
Report Date : |
22.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
CAPSUGEL HEALTHCARE PRIVATE LIMITED (w.e.f 26.11.2014) |
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Formerly Known
As : |
CAPSUGEL HEALTHCARE LIMITED (w.e.f 21.07.2006) BHARTI HEALTH CARE LIMITED |
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Registered
Office : |
21, Joniawas, Dharuhera, Rewari – 122100, Haryana |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.12.1982 |
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Com. Reg. No.: |
05-020151 |
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Capital
Investment / Paid-up Capital : |
Rs.2115.062 Million |
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|
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CIN No.: [Company Identification
No.] |
U85110HR1982PTC020151 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of empty hard gelatin capsules. |
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No. of Employees
: |
5 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2800000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However,
the company is operating on its owned funds. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Lalita |
|
Designation : |
Admin Manager |
|
Contact No.: |
91-1274-267092 |
|
Date : |
21.04.2015 |
LOCATIONS
|
Registered Office / Factory : |
21, Joniawas, Dharuhera, Rewari – 122100, Haryana, India |
|
Tel. No.: |
91-1274-267092 |
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Fax No.: |
91-1274-267186 |
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E-Mail : |
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|
Website: |
DIRECTORS
As on 25.10.2013
|
Name : |
Mr. Guido Edouard Driesen |
|
Designation : |
Director |
|
Address : |
5, Wright Lane, Far Hills, New Jersey 07931, United States of American |
|
Date of Birth/Age : |
29.11.1956 |
|
Date of Appointment : |
20.12.2005 |
|
DIN No.: |
00041915 |
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|
|
|
Name : |
Mr. John Shroyer |
|
Designation : |
Director |
|
Address : |
8275, Kelzer Pond Drice, Victoria 55386, United States of American |
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Date of Birth/Age : |
26.06.1963 |
|
Date of Appointment : |
27.06.2012 |
|
DIN No.: |
05330783 |
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|
|
|
Name : |
Mr. Darshak Rasmikant Pandya |
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Designation : |
Whole-time director |
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Address : |
Arjun Apartment, E Wing, Flat No. 401, Indraprasth, Enclave, N L
Complex, Anand Nagar, Dahisar East, Mumbai – 400068, Maharashtra, India |
|
Date of Birth/Age : |
08.02.1973 |
|
Date of Appointment : |
24.03.2010 |
|
DIN No.: |
02967092 |
KEY EXECUTIVES
|
Name : |
Ms. Lalita |
|
Designation : |
Admin Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.10.2013
|
Names of Shareholders |
No. of Shares |
|
Capsugel Belgium NV |
211506208 |
|
Douglass Hecker |
1 |
|
Edward Prosapio |
1 |
|
Lynn Horawitz |
1 |
|
Peter George |
1 |
|
John de Grandpre |
1 |
|
Stacey J. Hanna |
1 |
|
|
|
|
Total |
211506214 |
As on 03.09.2014
|
Names of Allottees |
|
No. of Shares |
|
Capsugel Belgium NV and Manufacture, Belgium |
|
6609569 |
|
|
|
|
|
Total |
|
6609569 |
Equity Share Break up (Percentage of Total Equity)
As on 25.10.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of empty hard gelatin capsules. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
5 (Approximately) |
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Bankers : |
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Facilities : |
--- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Associates LLP Chartered Accountants |
|
Address : |
Building 10 8th Floor, Tower B, DLF Cyber City, Phase - II, Gurgaon - 122002, Haryana, India |
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PAN
No. : |
ABSFS4151K |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company: |
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Fellow Subsidiary
company: |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
260000000 |
Equity Shares |
Rs.10/- each |
Rs. 2600.000 Million |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000 Millions |
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|
|
|
|
|
|
Total |
|
Rs. 2700.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
218115783 |
Equity Shares |
Rs.10/- each |
Rs. 2181.158
Million |
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|
|
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|
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
260000000 |
Equity Shares |
Rs.10/- each |
Rs. 2600.000 Million |
|
1000000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2700.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
211506214 |
Equity Shares |
Rs.10/- each |
Rs. 2115.062
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2115.062 |
2032.000 |
2027.062 |
|
(b) Reserves & Surplus |
(1147.428) |
(948.542) |
(1201.723) |
|
(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) |
967.634 |
1083.458 |
825.339 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
24.313 |
12.870 |
7.590 |
|
Total
Non-current Liabilities (3) |
24.313 |
12.870 |
7.590 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
166.533 |
190.238 |
225.735 |
|
(c) Other current liabilities |
481.776 |
373.913 |
573.759 |
|
(d) Short-term provisions |
13.557 |
12.862 |
9.150 |
|
Total
Current Liabilities (4) |
661.866 |
577.013 |
808.644 |
|
|
|
|
|
|
TOTAL |
1653.813 |
1673.341 |
1641.573 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
972.850 |
965.123 |
1009.885 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
17.168 |
54.890 |
46.508 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
58.530 |
50.064 |
77.092 |
|
(e) Other Non-current assets |
2.857 |
2.658 |
3.610 |
|
Total
Non-Current Assets |
1051.405 |
1072.735 |
1137.095 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
219.219 |
185.017 |
152.248 |
|
(c) Trade receivables |
246.487 |
282.641 |
181.466 |
|
(d) Cash and cash equivalents |
15.926 |
5.540 |
56.367 |
|
(e) Short-term loans and
advances |
120.638 |
127.396 |
109.176 |
|
(f) Other current assets |
0.138 |
0.012 |
5.221 |
|
Total
Current Assets |
602.408 |
600.606 |
504.478 |
|
|
|
|
|
|
TOTAL |
1653.813 |
1673.341 |
1641.573 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
745.147 |
695.493 |
493.779 |
|
|
Other Income |
5.731 |
0.620 |
1.635 |
|
|
TOTAL
|
750.878 |
696.113 |
495.414 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
323.041 |
280.908 |
200.271 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(36.924) |
(13.395) |
(24.068) |
|
|
Employees benefits expense |
185.988 |
149.304 |
117.553 |
|
|
Other expenses |
365.987 |
312.403 |
386.270 |
|
|
Exceptional items |
0.000 |
(125.029) |
0.000 |
|
|
TOTAL
|
838.092 |
604.191 |
680.026 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(87.214) |
91.922 |
(184.612) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
20.387 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(87.214) |
91.922 |
-204.999 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
111.673 |
100.934 |
87.831 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(198.887) |
(9.012) |
(292.830) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(198.887) |
(9.012) |
(292.830) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1247.069) |
(1238.057) |
(945.227) |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(1445.956) |
(1247.069) |
(1238.057) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(0.95) |
(0.04) |
(1.71) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(26.69) |
(1.30) |
(59.30) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
(11.70) |
13.22 |
(37.39) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.15) |
(0.56) |
(18.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21) |
(0.01) |
(0.35) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91 |
1.04 |
0.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2027.062 |
2032.000 |
2115.062 |
|
Reserves & Surplus |
(1201.723) |
(948.542) |
(1147.428) |
|
Net
worth |
825.339 |
1083.458 |
967.634 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
493.779 |
695.493 |
745.147 |
|
|
|
40.851 |
7.139 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
493.779 |
695.493 |
745.147 |
|
Profit |
(292.830) |
(9.012) |
(198.887) |
|
|
(59.30%) |
(1.30%) |
(26.69%) |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
COMPANY OVERVIEW
Subject is engaged in manufacturing and marketing of empty hard gelatin capsules. The Company was originally incorporated on 13 December 1982 as United Pharma International Limited. United Pharma International Limited was taken over by Bharti Healthcare Limited. Subsequently, the Company was acquired by Pfizer Pharmaceuticals India Private Limited (PPIPL) in December 2005 and incorporated as Capsugel Healthcare Limited on 21 July 2006. On 01 August 2011, Capsugel Belgium NV has acquired Capsugel Healthcare Limited from PPIPL.
Pursuant to the approval of shareholder’s vide Extraordinary general meeting (EGM) dated 11 March 2014, the Company is in the process of filling with Central government conversion of the Company from Public Limited to Private Limited.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
80040990 |
24/02/2004 * |
110,000,000.00 |
IDBI BANK LIMITED |
19 , K.G. MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Claims against the Company not acknowledged as debts |
|
|
Income tax |
67.850 |
|
Excise duty |
11.731 |
|
Others |
37.314 |
|
Note: a) For the A.Y 2004-05, the Company had filed an appeal against the order of the Assessing officer amounting to Rs. 2.640 Millions and the dispute is pending with the Commissioner of Income tax, Appeals (CIT(A)). Pending the final settlement of this case, the company considers all the amounts described under dispute as contingent liability. ii) For the A.Y 2007-08, the company has filed an appeal before CIT(A) relating to additions made by TPO for transactions pertaining to sale of finished goods and purchase of fixed assets. Against this CIT(A) had provided partial relief to CHL by deleting the adjustment amounting to Rs. 1.618 Millions pertaining to purchase of fixed assets and upheld the adjustment pertaining to sale of finished goods amounting to INR 1,530. The matter is currently pending with Income Tax Appellate Tribunal. Further, during the current year assessment officer issued the demand notice of penalty proceedings under sectoin 271(1)(c) of the Income Tax Act 1961 for the demand of INR 520. The Company has filed an appeal before CIT(A) against said notice. However, AO further issued notice of demand under section 221(1) (C) of Rs. 0.520 Million out of which the Company have paid 50% of the demand and filed a reply for grant of stay. The Company had considered this amount described under dispute as contingent liability. iii) Further in relation to assessment year 2008-09 and 2009-10, draft orders have been received by the Company under Section 143 (3) read with Section 144C of the Income Tax Act, 1961, wherein the assessing officer (AO) has proposed to make transfer pricing adjustments of Rs.75.483 Millions and Rs.112.566 Millions for A.Y 2008-09 and 2009-10 respectively pertaining to sale of finished goods and purchase of fixed assets. The Company has filed its objections against the draft order issued by the AO with the Dispute Resolution Panel (DRP). The Company has filed an appeal against the final order from DRP with ITAT. The Company is of the firm belief that the above demand is not tenable and highly unlikely to be retained by higher authorities and has included this demand as a contingent liability pending the receipt of final order from ITAT. The company has considered this amount described under dispute as contingent liability. b) i) The excise department ("department") had issued a show cause notice to the Company letter no. C.No.IV(15)HQAE/D-III/7&8/08 dated 29 July 2008 under section 11A of Central Excise Act, 1944 wherein the department had raised a demand of Rs. 2.152 Millions on the Company. The Company had paid an amount of Rs. 1.146 Millions against the demand and had also filed an appeal against the demand raised by the department. Subsequently, the Central Excise Commission Appeal vide order no. 30-33/MA/2009 dated 20 January 2010 has further raised a demand for Rs. 5.500 Millions. The Company has filed an appeal against this order and believes that the final outcome of the above should be in favor of the Company and accordingly no provision is required to be made in the books of accounts. ii) The Company had received an order O.I.O No. 35/RMM/ADC/CE/V/2013 dated 09 May 2013 issued by Additional Commissioner, CE, Delhi-III, Gurgaon for the period 2007-08 to 2011-12 stating that company has wrongly taken input credit on renting of Immoveable Property Services, General Insurance Services, Freight Services (CHA), Construction services, Rent-a-Cab Services, Pandal Shamiyana Services Telecommunication Services of Rs. 4.475 Millions (Rs. 2.237 Millions demand and Rs. 2.237 Millions Penalty). The Company has filed appeal before Central Excise Commissioner, Delhi- III No. APPL/CE/GGN/344/13 dated 03 June 2013 contending that input services i.e. telecommunication, general insurance, renting, rent-a-cab service etc. were used for providing output services. In addition, the Company has also received SCN for wrong availment for the period 2012-13 for demand amounting Rs.1046. The Company will be required to substantiate that all input services were used in providing output services with documentary evidence. Considering the facts, the Company believes that the final outcome of the above should be in favor of the Company and accordingly no provision is required to be made in the books of accounts. iii) The Company had received an order in original No.504-A/BK/GGN/2010 dated 24 December 2010 from excise department ("department") wherein department had disallowed input service credit on CHA Services availed for export of goods of Rs. 0.310 Million with penalty of Rs. 0.310 Million and the order of original authority is upheld. The Company has filed an appeal before CESTAT, New Delhi, against the order for disallowance of input credit of "CHA - Services". The CESTAT has remanded the case to the lower adjudicating authority (Commissioner Appeals - Cental Excise, Delhi III). Based on the legal advice, the Company is of the opinion that since the place of removal of export goods is port of shipment and the ownership of the export goods remained with the Company till that time hence, the CHA services used before shipment would fall within the scope of input services and accordingly credit should be allowed but the Company does not have sufficient documentary evidence to substantiate the facts. The company has considered this amount described under dispute as contingent liability. c) The Company entered into a non-cancellable operating lease agreement for lease of generator (DG set) on 10 March 2007 for a period of 30 months. On 10 April 2007, the said DG set was destroyed in a fire and was made redundant. As per the terms of the lease agreement, the Company is contractually liable to pay remaining lease rentals amounting to Rs. 37,314 from 10 July 2007 till 9 September 2009. The Company held discussions with the vendor for settlement of the said matter and mutually decided to stop payment of lease rentals till the matter is resolved. However, contrary to the discussions held the vendor encashed the letter of credit for the invoice for the month of June 2007. Thereafter, the Company instituted legal proceedings against the vendor for supply of faulty DG set being the reason for destruction and sought an injunction restraining encashment of invoice raised by the vendor. The outcome of the abovementioned application is presently unascertainable and would be dealt with when it is finally resolved. |
|
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Leasehold improvements
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.62.92 |
|
|
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.67.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKH |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.