MIRA INFORM REPORT
|
Report No. : |
319926 |
|
Report Date : |
30.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
WATSON PHARMA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
21-22, Kalpataru Square, Kondivita Off Andheri Kurla Road, Andheri
(East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-22-66886700 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
21.10.2005 |
|
|
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Com. Reg. No.: |
11-156968 |
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Capital
Investment / Paid-up Capital : |
Rs.550.025 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH2005PTC156968 |
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|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMW02844C |
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PAN No.: [Permanent Account No.] |
AAACW6074D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of pharmaceuticals. |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. There are no external borrowing recorded by
the company. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing 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.
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 : |
Mr. Shyam Dhongre |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-66886700 |
|
Date : |
28.04.2014 |
LOCATIONS
|
Registered Office : |
21-22, Kalpataru Square, Kondivita Off Andheri Kurla Road, Andheri
(East), Mumbai – 400059, Maharashtra, India
|
|
Tel. No.: |
91-22-66886700 |
|
Fax No.: |
91-22-66886799 |
|
E-Mail : |
rajesh.sharma@watsonpharm.co.in muralidharan.cs@watsonpharma.co.in
shivshanker.shenoy@watsonpharm.co.in
|
|
Website : |
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|
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|
Factory : |
Plot No. A3 to A6, Phase I-A, Verna Industrial Estate, Unit IV, Verna
Salcettle - 403722, Goa, India |
DIRECTORS
As on 29.05.2014
|
Name : |
Mr. David Adam Irving Buchen |
|
Designation : |
Director |
|
Address : |
1967, |
|
Date of Birth/Age : |
22.06.1964 |
|
Date of Appointment : |
21.10.2005 |
|
DIN No.: |
00839184 |
|
|
|
|
Name : |
Patrick Gerard Brunner |
|
Designation : |
Director |
|
Address : |
10231, |
|
Date of Birth/Age : |
13.06.1963 |
|
Date of Appointment : |
20.05.2010 |
|
DIN No.: |
03024470 |
|
|
|
|
Name : |
Mr. Muralidharan Sundaresan Chinnadharavaram |
|
Designation : |
Managing Director |
|
Address : |
302 B Wing, |
|
Date of Birth/Age : |
05.02.1963 |
|
Date of Appointment : |
20.05.2010 |
|
DIN No.: |
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|
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|
Name : |
Mr. Krishnaprasad Chandrasekara Hassan |
|
Designation : |
Director |
|
Address : |
A 502, Dream Heights, Plot No. 28, Kharghar, Sector – 19, Navi Mumbai – 410210, Maharashtra, India |
|
Date of Birth/Age : |
29.08.1966 |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
06719389 |
|
|
|
|
Name : |
Mr. Jayant Shyam Sunder Bapna |
|
Designation : |
Director |
|
Address : |
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|
Date of Birth/Age : |
17.07.1958 |
|
Date of Appointment : |
23.05.2011 |
|
DIN No.: |
03511093 |
|
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|
|
Name : |
Mr. Robert Allan Stewart |
|
Designation : |
Director |
|
Address : |
Heritage Village VIII, 4 Quail Run BLK 47.02 LT 1.02 |
|
Date of Birth/Age : |
03.05.1967 |
|
Date of Appointment : |
23.05.2011 |
|
DIN No.: |
03515778 |
|
|
|
|
Name : |
Mr. Philip Abraham Biju |
|
Designation : |
Director |
|
Address : |
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Date of Birth/Age : |
04.11.1969 |
|
Date of Appointment : |
23.05.2011 |
|
DIN No.: |
03515838 |
KEY EXECUTIVES
|
Name : |
Mr. Shyam Dhongre |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.05.2014
|
Names of Shareholders |
|
No. of Shares |
|
Watson Laboratories Inc, USA |
|
55002460 |
|
Watson Pharma Inc, Parsippany |
|
1 |
|
Total |
|
55002461 |
Equity Share Break up (Percentage of Total Equity)
As on 29.05.2014
|
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 : |
Manufacturing of pharmaceuticals. |
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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 : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS (As on : 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Drugs and Pharmaceuticals |
|
|
|
|
Active Pharmaceutical Ingredients |
Tones |
112 |
86 |
|
Formulations – Tablets and Capsules |
Million Nos. |
3000 |
2855 |
*Licensed Capacity
is not applicable as industrial licensing has been abolished in respect of
these products vide Notification No. SO-477(E) dated 25th July, 1991 as amended
vide Press Release Note No. 4 of the 1994 series dated 25th October, 1994
issued by the Department of Industrial Development, Ministry of Industry,
Government of India
'@Installed
Capacity (Active Pharmaceutical Ingredients at Ambernath plant on triple shift
basis, Formulations at Goa plant on triple shift basis and Formulations at
Ambernath plant on single shift basis) being a technical matter, is certified
by the management and relied upon by the auditors.
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Auditors : |
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|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028,
Maharashtra, India |
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PAN No.: |
AABFL5878L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding Company : |
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Holding Company : |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55002461 |
Equity Shares |
Rs.10/- each |
Rs.550.025
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
550.025 |
550.025 |
550.025 |
|
(b) Reserves & Surplus |
5171.215 |
4614.921 |
3939.668 |
|
(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) |
5721.240 |
5164.946 |
4489.693 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
545.193 |
|
(b) Deferred tax liabilities (Net) |
243.247 |
258.658 |
196.111 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
61.815 |
25.677 |
14.029 |
|
Total Non-current
Liabilities (3) |
305.062 |
284.335 |
755.333 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
852.634 |
732.988 |
735.698 |
|
(c) Other
current liabilities |
260.276 |
766.065 |
794.008 |
|
(d) Short-term
provisions |
18.374 |
32.448 |
9.686 |
|
Total Current
Liabilities (4) |
1131.284 |
1531.501 |
1539.392 |
|
|
|
|
|
|
TOTAL |
7157.586 |
6980.782 |
6784.418 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3234.258 |
3268.962 |
2764.305 |
|
(ii)
Intangible Assets |
66.312 |
66.440 |
46.988 |
|
(iii) Capital
work-in-progress |
642.426 |
223.350 |
482.876 |
|
(iv)
Intangible assets under development |
0.083 |
19.309 |
3.879 |
|
(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 |
589.373 |
478.578 |
510.212 |
|
(e) Other
Non-current assets |
1.618 |
1.439 |
1.333 |
|
Total Non-Current
Assets |
4534.070 |
4058.078 |
3809.593 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
226.795 |
50.238 |
|
(b)
Inventories |
2121.343 |
2084.216 |
1766.609 |
|
(c) Trade
receivables |
322.364 |
394.044 |
296.462 |
|
(d) Cash
and cash equivalents |
113.834 |
107.836 |
590.382 |
|
(e)
Short-term loans and advances |
65.537 |
109.263 |
267.000 |
|
(f) Other
current assets |
0.438 |
0.550 |
4.134 |
|
Total
Current Assets |
2623.516 |
2922.704 |
2974.825 |
|
|
|
|
|
|
TOTAL |
7157.586 |
6980.782 |
6784.418 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7295.821 |
6990.709 |
5453.653 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL (A) |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1273.196 |
1376.525 |
966.813 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
3.343 |
11.996 |
11.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1269.853 |
1364.529 |
954.889 |
|
|
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
409.922 |
360.755 |
322.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAXATION AND PRIOR PERIOD ITEMS |
859.931 |
1003.774 |
632.761 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR
PERIOD ITEMS |
0.000 |
7.316 |
30.616 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
859.931 |
996.458 |
602.145 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
303.637 |
321.205 |
158.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
556.294 |
675.253 |
443.474 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2806.930 |
2131.677 |
1688.202 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3363.224 |
2806.930 |
2131.677 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.11 |
12.28 |
8.06 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
7.62
|
9.66 |
8.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
17.45
|
19.69 |
17.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.20 |
14.79 |
9.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.19 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.00 |
0.00 |
0.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32 |
1.91 |
1.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
550.025 |
550.025 |
550.025 |
|
Reserves & Surplus |
3939.668 |
4614.921 |
5171.215 |
|
Net worth |
4489.693 |
5164.946 |
5721.240 |
|
|
|
|
|
|
long-term borrowings |
545.193 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
545.193 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.121 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5453.653 |
6990.709 |
7295.821 |
|
|
|
28.184 |
4.365 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5453.653 |
6990.709 |
7295.821 |
|
Profit |
443.474 |
675.253 |
556.294 |
|
|
8.13% |
9.66% |
7.62% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
0.000 |
549.890 |
545.193 |
|
|
|
|
|
|
Total |
0.000 |
549.890 |
545.193 |
|
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 |
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 |
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 |
No |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10163588 |
23/06/2009 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
A64359128 |
*Date of modification Charges
FIXED ASSETS:
œ
Land
œ
Building
œ
Plant and Machinery
œ
Computer
œ
Vehicles
œ
Furniture and Fixture
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. 63.33 |
|
|
1 |
Rs. 96.52 |
|
Euro |
1 |
Rs. 68.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
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 |
|
57 |
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.