MIRA INFORM REPORT

 

 

Report No. :

356676

Report Date :

24.12.2015

 

IDENTIFICATION DETAILS

 

Name :

STERLING BIOTECH LIMITED

 

 

Registered Office :

43, Atlanta Building, Nariman Point, Mumbai - 400021, Maharashtra

Mob. No.:

91-22-66306732

 

 

Country :

India

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

23.03.1985

 

 

Com. Reg. No.:

11-035738

 

 

Capital Investment / Paid-up Capital :

Rs. 15340.314 Million

 

 

CIN No.:

[Company Identification No.]

L51900MH1985PLC035738

 

 

IEC No.:

0395014786

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS16116C

 

 

PAN No.:

[Permanent Account No.]

AABCS1946H

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Pharma Grade Gelatine and Di-Calcium Phosphate and other Pharma Products.

 

 

No. of Employees :

400 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Moderate

 

 

Payment Behaviour :

Slow and Delayed

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company incorporated in the year 1985.

 

The company has deflated hefty amount to the major bank namely Bank of Maharashtra, HDFC Bank Limited, Andhra Bank from the year 2013 to 2015.

 

The company has been incurring losses from its operations since last few couple of years. However, the capital structure has improved in view of additional share capital; issued during the year.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow and delayed.

 

In view huge deflated amount and unfavorable market reputation, in the company can be considered for business dealings with fully safe and secured 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 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Long term rating = D (Withdrawn)

Rating Explanation

Lowest credit quality very low prospects of recovery.

Date

September, 2015

 

Reason for Withdrawn: As the notice period of three years since suspension of rating has expires).

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details of the same are as under :

 

Borrowers’ Name :

STERLING BIOTECH LIMITED

Address :

India

Name of Individual :
  1. Chetan J. Sandesara
  2. N. B. patel
  3. Nitin J. sandesara
  4. P. B. Mehata
  5. R. B. Dixit
  6. Vilas D. Joshi

Name of Credit Grantors / Bank & Branch:

Bank of Maharashtra, Nariman Point, Mumbai, Maharashtra, India

Amount (Rs. In Million) :

Rs. 194.200 Million

 

Borrowers’ Name :

STERLING BIOTECH LIMITED

Address :

India

Name of Individual :
  1. Chetan J. Sandesara
  2. N. B. Patel
  3. Nitin J. Sandesara
  4. P. B. Mehata
  5. R. B. Dixit
  6. Vilas D. Joshi

Name of Credit Grantors / Bank & Branch:

Andhra Bank, Nariman Point, Mumbai, Maharashtra, India

Amount (Rs. In Million) :

Rs. 194.200 Million

 

 

Borrowers’ Name :

STERLING BIOTECH LIMITED

Address :

43, Atlanta, Nariman Point, Mumbai – 400021, Maharashtra, India

Name of Individual :
  1. Chetan Jayantilal Sandesara
  2. N. B. Patel
  3. Nitin Jayantilal Sandesara
  4. Pryidarshan Bhimbhai Mehata
  5. Rajbhusan Omprakash Dixit
  6. Vilas Dattatray Joshi

Name of Credit Grantors / Bank & Branch:

HDFC Bank Limited, Mumbai, Maharashtra, India

Amount (Rs. In Million) :

Rs. 291.900 Million

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Rakesh Modi

Designation :

DGM Finance

Contact No.:

91-2662-37301

Date :

22.12.2015

 

 

LOCATIONS

 

Registered Office :

43, Atlanta Building, Nariman Point, Mumbai - 400021, Maharashtra, India

Tel. No.:

91-22-66306732/ 33

Fax No.:

91-22-22041954

E-Mail :

sterlingbiotech@stergel.com

Website :

http://www.sterlingbiotech.in

 

 

Branch Office 1:

C - 25, Laxmi Towers, 'A' - 601, 6th Floor, Bandra Kurla Complex, Bandra (East) Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-26509076/69/81

91-22-66306732/33

Fax No.:

91-22-26540155/22041954

E-Mail :

apisales@sterbio.com

rakesh_modi@stergel.com

Website :

http://www.sterlingbiotech.in

Location :

Owned

Locality :

Commercial

 

 

Branch Office 2:

Sandesara Estate, Padra Road, Atladra, Vadodara - 390012, Gujarat, India.

Tel No.:

91-265-2680720 / 30

Fax No.:

91-265-2680257 / 732

 

 

Factory 1 :

Jambusar State Highway, Village Masar – 391421, Taluka Padra, District Vadodara, Gujarat, India

Tel No.:

91-2662-237301

Fax No.:

91-2662-237304

Location :

Owned 

Locality :

Industrial

 

 

Factory 2:

ECP Road, Village Karakhadi, Vadodara – 391450, Gujarat, India

 

 

Factory 3:

Sandyanalla, sholur Gram Panchayat, Ottacamund, District The Nilgiries, Tamilnadu, India

 

 

Corporate Office :

C-25, Laxmi Tower, A-601, 6th Floor, Bandra Kurla Compelx, Bandra (East), Mumbai – 400051, Maharashtra, India

 

 

DIRECTORS

 

AS ON 31.12.2014

 

Name :

Mr. Nitin J. Sandesara

Designation :

Managing Director

 

 

Name :

Mr. Chetan J. Sandesara

Designation :

Joint Managing Director

 

 

Name :

Mr. Rajbhushan Dixit

Designation :

Director

 

 

Name :

Mr. Vilas D. Joshi

Designation :

Director

Qualification :

Law Graduate and practicing Advocate and Solicitor

Experience :

33 Years

DIN No.:

00507833

 

 

Name :

Priyadarshan B. Mehta

Designation :

Director

Qualification :

Master Degree in Arts

DIN No.:

01392227

 

 

Name :

Mrs. Mayuri Patel

Designation :

Director

Qualification :

Commerce Graduate

Experience :

23 Years

DIN No.:

00090549

 

 

SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholder

No. of Shares

% of Holdings

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

14150000

5.79

http://www.bseindia.com/include/images/clear.gifBodies Corporate

95257340

38.98

http://www.bseindia.com/include/images/clear.gifSub Total

109407340

44.77

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

109407340

44.77

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

47766991

19.55

http://www.bseindia.com/include/images/clear.gifSub Total

47766991

19.55

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

42800050

17.52

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 million

24714484

10.11

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 million

13529075

5.54

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

6138040

2.51

http://www.bseindia.com/include/images/clear.gifClearing Members

2219700

0.91

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1636140

0.67

http://www.bseindia.com/include/images/clear.gifForeign Portfolio Investors

852419

0.35

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

1429781

0.59

http://www.bseindia.com/include/images/clear.gifSub Total

87181649

35.68

Total Public shareholding (B)

134948640

55.23

Total (A)+(B)

244355980

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

27047088

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

27047088

0.00

Total (A)+(B)+(C)

271403068

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and Importers of Pharmaceutical grade gelatin, Dicalcium Phosphade and Phamaceutical Products. [Confirmed by management]

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Pharmaceutical Products

Countries :
  • USA
  • European Countries
  • African Countries

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Japan
  • European Countries

 

 

Terms :

 

Selling :

Cash, L/C and Credit (30 days)

 

 

Purchasing :

Cash, L/C and Credit (30 days)

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

400 (Approximately)

 

 

Bankers :

Bank Name:

Not Divulged

Branch:

Not Divulged

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Bank of Baroda, Branch – Tardeo Road, Mumbai – 400034, Maharashtra, India

·         Andhra Bank, Akota Branch, Vadodara – 390020, Gujarat, India

·         Allahabad Bank

·         Bank of India

·         Bank of Maharashtra

·         Catholic Syrian Bank Limited

·         Indian Overseas Bank

·         IDBI Bank Limited

·         Punjab National Bank

·         Oriental Bank of Commerce

·         Syndicate Bank

·         State Bank of India

·         Vijaya Bank

·         UCO Bank

 

 

Facilities :

SECURED LOANS

31.12.2014

(Rs. In Million)

31.12.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loans from Banks

307.521

420.125

Redeemable Non-Convertible Debentures

0.000

450.000

External Commercial Borrowings

 

 

ECB 2009 aggregating USD 25,875,000 (December 31, 2013: USD 50,625,000)

1638.703

3133.535

ECB 2010 aggregating USD 61,908,000 (December 31, 2013: USD 88,440,292)

3920.726

5474.189

 

 

 

SHORT-TERM BORROWINGS

 

 

Working Capital Borrowings from Banks

(Secured by way of first charge on Current Assets and second

charge on fixed assets of the company, on pari passu basis)

7398.314

10306.271

Interest accrued and due on working capital borrowings

1488.233

2508.454

Short Term Loans from Banks

2930.597

4110.499

 

 

 

Total

 

17684.094

26403.073

 

Auditors :

 

Name :

H. S. Hathi and Company

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Enterprises in which significant influence is exercised by Key Management Personnel:

·         Sterling SEZ and Infrastructure Limited

·         Sterling Oil Resources Limited

·         Sterling Port Limited

·         Sterling International Enterprises Limited

·         PMT Machines Limited

·         Atlantic Bluewater Services Private Limited

·         British Oil & Gas Exploration Limited

·         Sterling Fincom Private Limited, Mauritius, (Subsidiary)

·         Sterling Commercial FZE, U.A.E. (subsidiary of Sterling Fincom Private Limited, Mauritius)

 

 

CAPITAL STRUCTURE

 

AS ON 31.12.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500,000,000

Equity Shares

Re. 1/- each

Rs. 500.000 Million

2,750,000,000

Preference Shares

Rs. 10/- each

Rs. 27500.000 Million

 

Total

 

Rs. 28000.000 Million

 

Issued, Subscribed:

No. of Shares

Type

Value

Amount

 

 

 

 

275,771,988

Equity Shares

Re. 1/- each

Rs. 275.772 Million

1,506,826,598

Preference Shares

Rs. 10/- each

Rs. 15068.266 Million

 

Total

 

Rs. 15344.038 Million

 

 

Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

272,047,988

Equity Shares

Re. 1/- each

Rs. 272.048 Million

1,506,826,598

Preference Shares

Rs. 10/- each

Rs. 15068.266 Million

 

Total

 

Rs. 15340.314

Million

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2014

31.12.2013

31.12.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

15340.314

267.874

267.874

(b) Reserves & Surplus

10102.603

14433.365

18439.900

(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)

25442.917

14701.239

18707.774

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

18611.464

9477.849

11373.494

(b) Deferred tax liabilities (Net)

0.000

0.000

1468.401

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000 

0.000

0.000

Total Non-current Liabilities (3)

18611.464

9477.849

12841.895

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

11817.144

16925.224

14717.897

(b) Trade payables

0.000 

0.000

0.000 

(c) Other current liabilities

246.906

200.517

264.989

(d) Short-term provisions

16006.908

32683.444

24304.228

Total Current Liabilities (4)

28070.958

49809.185

39287.114

 

 

 

 

TOTAL

72125.339

73988.273

70836.783

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

32738.421

34334.358

36331.309

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

22701.267

21097.920

15518.123

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

1689.075

3765.174

3765.174

(c) Deferred tax assets (net)

2503.699

455.899

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

1885.707

0.000

0.000

Total Non-Current Assets

61518.169

59653.351

55614.606

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

6345.654

7935.198

8699.374

(c) Trade receivables

1805.592

3357.060

3470.960

(d) Cash and cash equivalents

176.592

174.872

178.331

(e) Short-term loans and advances

2279.332

2867.792

2873.512

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

10607.170

14334.922

15222.177

 

 

 

 

TOTAL

72125.339

73988.273

70836.783

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2014

31.12.2013

31.12.2012

 

SALES

 

 

 

 

 

Revenue from Operations

6669.507

7180.695

8347.742

 

 

Other Income

36.820

42.605

70.231

 

 

TOTAL                                    

6706.327

7223.300

8417.973

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing Expenses

6178.386

4843.450

6144.502

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1523.262)

274.980

(335.082)

 

 

Employees benefits expense

516.727

546.768

536.803

 

 

Other expenses

385.281

568.692

525.512

 

 

TOTAL                                    

5557.132

6233.890

6871.735

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1149.195

989.410

1546.238

 

 

 

 

 

Less

FINANCIAL EXPENSES                       

4695.057

4377.079

4123.282

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

(3545.862)

(3387.669)

(2577.044)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

2765.743

2543.166

2588.309

 

 

 

 

 

 

EXTRAORDINARY ITEM

0.000

0.000

12.187

 

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(6311.605)

(5930.835)

(5177.540)

 

 

 

 

 

Less

TAX                                                                 

(2047.800)

(1924.300)

(1679.800)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(4263.805)

(4006.535)

(3497.740)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB value of Exports

795.119

1859.798

2229.678

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Capital Goods

5.956

12.217

4.353

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

(16.82)

(14.96)

(13.06)

 

Diluted

(10.57)

(13.24)

(11.56)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.12.2014

31.12.2013

31.12.2012

Current Maturities of Long term debt

 

 

 

Term Loans from Banks

3446.364

8852.938

7758.232

Redeemable Non-Convertible Debentures

4699.249

3570.59

2518.072

External Commercial Borrowings

a) ECB 2009 aggregating USD 55,595,393

(December 31, 2013: USD 47,315,243)

3520.940

2928.672

1278.297

b) ECB 2010 aggregating USD 61,419,807

(December 31, 2013: USD 70,290,270)

3889.808

4350.757

2180.440

Foreign Currency Convertible Bonds

Zero Coupon Convertible Bonds due 2012 (December 31, 2013: USD 203,115,187) [Including provision for premium on redemption aggregating to USD 49,352,085 and interest accrued thereon]

0.000

12572.221

10070.920

Total

15556.361

32275.178

23805.961

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from (used in) Operating Activities

2558.859

1718.734

8112.591

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2015

30.09.2015

Type

1st Quarter

2nd Quarter

Net Sales

1180.830

1080.240

Total Expenditure

967.210

931.560

PBIDT (Excl OI)

213.620

148.680

Other Income

0.000

0.000

Operating Profit

213.620

148.680

Interest

821.700

841.200

Exceptional Items

0.000

0.000

PBDT

(608.080)

(692.520)

Depreciation

701.700

702.070

Profit Before Tax

(1309.780)

(1394.590)

Tax

(425.000)

(452.500)

Provisions and contingencies

0.000

0.000

Profit After Tax

(884.780)

(942.090)

Extraordinary Items

0.000

0.000

Prior Period Expenses

0.000

0.000

Other Adjustments

0.000

0.000

Net Profit

(884.780)

(942.09)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2014

31.12.2013

31.12.2012

Net Profit Margin

(PAT / Sales)

(%)

(63.93)

(55.80)

(41.90)

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

17.23

13.78

18.52

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(13.95)

(12.19)

(10.04)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.25)

(0.40)

(0.28)

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

1.81

3.99

2.67

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.38

0.29

0.39

 

 

STOCK PRICES

 

Face Value

Re.1/-

 

 

Market Value

Rs.4.96/- (BSE)

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

267.874

267.874

15340.314

Reserves & Surplus

18439.900

14433.365

10102.603

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

18707.774

14701.239

25442.917

 

 

 

 

Long-term borrowings

11373.494

9477.849

18611.464

Short term borrowings

14717.897

16925.224

11817.144

CURRENT MATURITIES OF LONG-TERM DEBTS

23805.961

32275.178

15556.361

Total borrowings

49897.352

58678.251

45984.969

Debt/Equity ratio

2.667

3.991

1.807

 

 


 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

8347.742

7180.695

6669.507

 

 

(13.980)

(7.119)

 

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.12.2012

31.12.2013

31.12.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

8347.742

7180.695

6669.507

Profit

(3497.740)

(4006.535)

(4263.805)

 

(41.90%)

(55.80%)

(63.93%)

 

 


 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

LITIGATIONS DETAILS

 

CASE DETAILS

BENCH: BOMBAY

Presentation Date: 08.06.2015

LODGING NO: CPL/538/2015 FILING DATE: 08.06.2015     REG. NO.: CP/729/2015 REG. DATE: 29.09.2015    

PETITIONER: LIFE INSURANCE CORPORATION OF INDIA   RESPONDENT: STERLING BIOTECH            LIMITED (CIN NO. L51900MH1985PLC035738)                                                                         

RESP. ADV: SINGHANIA LEGAL SERVICES (I6942)

DISTRICT: MUMBAI

BENCH: SINGLE

STATUS: PRE-ADMISSION                  CATEGORY: COMPANY PETITION U/SEC 433,434,439                                                                                       COMPANIES ACT

NEXT DATE: 01.12.2015                       STAGE: FOR ADMISSION (ORIGINAL SIDE MATTERS)

CORAM: PROVISIONAL BOARD

 

ACT: Companies Act and Rules 1956   UNDER SECTION: 433, 434, 439        

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10379629

17/09/2012

1,026,100,000.00

BANK OF BARODA

TARDEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA

B59342055

2

10363954

25/05/2012

1,500,000,000.00

SREI INFRASTRUCTURE FINANCE LIMITED

VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA - 700046, WEST BENGAL, INDIA

B42981498

3

10351397

06/04/2012

2,965,100,000.00

ALLAHABAD BANK

RAJMAHAL ROAD BRANCH, RAJ MAHAL ROAD, VADODARA - 390001, G 
UJARAT, INDIA

B38082160

4

10310375

19/08/2011

3,500,000,000.00

UCO BANK

APSARA BUILDING, PRF. MANEKRAO ROAD, DANDIA BAZAR, VADODARA - 390001, GUJARAT, INDIA

B22631345

5

10322143

04/06/2011

1,850,000,000.00

BANK OF INDIA

NARIMAN POINT LARGE CORPORATE BRANCH, 92-93,, FRE 
E PRESS HOUSE, FREE PRESS JOURNAL MARG, NP, MUMBAI - 400021, MAHARASHTRA, INDIA

B20807806

6

10259992

04/01/2011 *

4,185,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA

B06431209

7

10260793

04/01/2011 *

6,584,358,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA

B06787964

8

10253703

28/10/2010

2,250,000,000.00

STATE BANK OF INDIA

COMMERCIAL BR. (ADVANCES), N.G.N. VAIDYA MARG,, B 
ANK STREET, HORNIMAN CIRCLE, POST BOX NO. 10141., MUMBAI - 400001, MAHARASHTRA, INDIA

A98987340

9

10251658

23/09/2010

750,000,000.00

BANK OF BARODA

EVEREST, J.D. ROAD, TARDEO, MUMBAI - 
400034, MAHARASHTRA, INDIA

A98759855

10

10240009

30/07/2010

3,510,000,000.00

ANDHRA BANK

AKOTA BRANCH, SHRENIK PARK CHAR RASTA, VADODARA - 390020, 
GUJARAT, INDIA

A94759669

11

10221510

23/03/2010

1,000,000,000.00

IDBI BANK LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

A85666675

12

10209302

16/02/2010

1,000,000,000.00

ALLAHABAD BANK

RAJMAHAL ROAD BRANCH, VADODARA - 390001, GUJARAT, 
INDIA

A81805723

13

10193348

10/12/2009

1,000,000,000.00

BANK OF INDIA

MUMBAI CORPORATE BANKING BR., BANK OF INDIA BLDG., 
MEZZANINE FLOOR, 70/80 M G ROAD, FORT, MUMBAI - 400001, 
MAHARASHTRA, INDIA

A76115567

14

10196194

27/11/2009

250,000,000.00

THE LAKSHMI VILAS BANK LIMITED

64, DR V.B.GANDHI MARG, KALAGHODA, FORT, MUMBAI - 400001, 
MAHARASHTRA, INDIA

A76938026

15

10185573

13/11/2009

500,000,000.00

UNITED BANK OF INDIA

UNITED BANK OF INDIA BUILDING, 25, SIR PHEROZE S 
HAH MEHTA ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

A72653637

16

10187354

30/10/2009

250,000,000.00

STATE BANK OF INDIA

COMMERCIAL BR.(ADVANCES), NGN VAIDYA MARG, BANK 
STREET, HORNIMAN CIRCLE, POST BOX NO.10141, MUMBAI - 400001, MAHARASHTRA, INDIA

A73812174

17

10178861

01/09/2009

750,000,000.00

STATE BANK OF HYDERABAD

11 C, MITTAL TOWER, 210, NARIMAN POINT, MUMBAI - 400021, 
MAHARASHTRA, INDIA

A69970531

18

10173357

07/07/2009

500,000,000.00

STATE BANK OF PATIALA

COMMERCIAL BRANCH, ATLANTA, 1ST FLOOR, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA

A68193473

19

10156547

13/05/2009

300,000,000.00

IDBI BANK LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

A61879482

20

10153739

18/03/2009

250,000,000.00

BANK OF BARODA

TADEO BRANCH, MUMBAI - 400034, MAHARASHTRA, INDIA

A60263134

21

10151650

17/03/2009

900,000,000.00

ALLAHABAD BANK

RAJMAHAL ROAD BRANCH, VADODARA - 390001, GUJARAT, 
INDIA

A59455899

22

10149398

04/03/2009

250,000,000.00

THE CATHOLIC SYRIAN BANK LTD

53, EAST and WEST BUILDING, MUMBAI SAMACHAR MARG, 
FORT, MUMBAI - 400023, MAHARASHTRA, INDIA

A58969106

23

10149396

19/02/2009

3,550,000,000.00

ANDHRA BANK

AKOTA BRANCH, SILVER LINE, AKOTA, VADODARA - 390020, GUJARAT, INDIA

A58955170

24

10141483

07/02/2009

3,000,000,000.00

AXIS TRUSTEE SERVICES LIMITED

MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA

A56048531

25

10136863

11/12/2008

1,000,000,000.00

IDBI BANK LIMITED

IDBI TOWER, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA

A54098322

26

10069233

25/03/2014 *

18,346,300,000.00

JM FINANCIAL ASSET RECONSTRUCTION COMPANY PRIVATE 
LIMITED

7TH FLOOR, CNERGY, APPASAHEB MARATHE MARG, PRABHADEVI, MUMBAI - 400025, MAHARASHTRA, INDIA

C21151451

27

10047849

22/03/2007

110,000,000.00

VIJAYA BANK

IFB BRANCH,NEW EXCELSIOR BLD,2ND FLOOR, WALLACE S 
TREET,FORT, MUMBAI - 400001, MAHARASHTRA, INDIA

A13745625

28

10198528

08/12/2006

300,000,000.00

SYNDICATE BANK

MOUNT ROAD BRANCH, MOUNT ROAD, CHENNAI - 600002, TAMILNADU, INDIA

A13855721

29

10032382

27/11/2006

150,000,000.00

THE CATHOLIC SYRIAN BANK LIMITED

INDUSTRIAL FINANCE BRANCH, 53 EAST AND WEST BUIL 
DING, MUMBAI SAMACHAR MARG, MUMBAI - 
400023, MAHARASHTRA, INDIA

A08934739

30

10198526

17/11/2006

250,000,000.00

THE FEDERAL BANK LIMITED

NARIMAN BHAVAN, 12/227, NARIMAN POINT, MUMBAI - 400021, 
MAHARASHTRA, INDIA

A12668901

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.12.2014

(Rs. In Million)

31.12.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Foreign Currency Convertible Bonds

Zero Coupon Convertible Bonds due 2019

(Aggregating to USD 201,235,000 (December 31, 2013: Nil)

12744.514

0.000

 

 

 

Total

 

12744.514

0.000

 

 

OPERATING AND FINANCIAL PERFORMANCE

 

The highlights of Sterling Biotech's financial performance during 2014 are as under:

  • The company achieved a turnover (including other income) of Rs. 6706.300 Million.

 

  • EBIDTA from operations is Rs. 1149.200 Million.

 

  • The finance cost is Rs. 4695.100 Million leading to Loss before tax of Rs. 6311.600 Million.

 

  • After reducing the deferred tax, the loss after tax is Rs. 4263.800 Million.

 

  • Net worth as at 31 December 2014 stands at Rs. 25442.900 Million including Preference Share Capital of Rs. 15068.300 Million

 

 

NATURE OF OPERATIONS

 

The company is engaged in the manufacturing of Pharma Grade Gelatine and Di-Calcium Phosphate and other Pharma products.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY STRUCTURE AND DEVELOPMENTS

 

Global Gelatin Market is projected to reach 440 Thousand Metric Tons by 2020, driven by increasing use in drugs and supplements in the pharmaceutical industry, according to New Report by Global Industry Analysts, Inc. (GIA). As stated by the new market research report on Gelatin, Europe represents the largest market worldwide, followed by Asia-Pacific. Asia-Pacific is also forecast to spearhead growth with the fastest CAGR of 4.9% over the analysis period. Growing GDP, rising standards of living, increasing disposable income, expanding healthcare access and robust gelatin demand from end-use industries represent key factors driving growth in the region.

 

In recent years, usage of gelatin has increased steadily in food and nutraceuticals industries. This is due to the rise in demand for low fat, healthy and high protein food, particularly among the health conscious people. Food and beverage application segment accounted for over 28% of the gelatin market share while Neutraceutical, the second largest application market, accounted for over 25% (published news reports).

 

Gelatin is a brittle, colorless, water soluble, translucent substance with high molecular weight. It is a rich source of protein derived from collagen present in animals. Gelatin is viscous semi-solid gel; its general composition includes 85% to 90% protein, 2% to 4% mineral salts and 8% to 12% water. Edible gelatin is the most common form available that does not contain additives or preservatives. Non-edible gelatins are used mostly in cosmetics and photography. Gelatin is not only used extensively in the pharmaceutical, food and photographic industry, but also in such diverse industries as cosmetics, metal refining, paper, plastics and toiletries.

 

Gelatin represents an omnipresent element in foods, drugs, and supplements used as a thickener, plasticizer, emulsifier, foaming agent, moisture retainer, texture enhancer, and binding agent. As a rich source of protein, Gelatin finds application in numerous end-use sectors including pharmaceuticals, food and beverage, photographic supplies, cosmetics, explosives, electroplating, dyes, papermaking and printing, among others. Rising standards of living, easier access to healthcare services, increase in disposable incomes and rapidly aging world population represent key factors driving growth in demand for gelatin. Improving lifestyles in developing economies of India and China are also expected to promote market expansion. Lack of availability of competitive substitutes in the market makes gelatin one of the most indispensable feedstock in various end-use industries.

The raw material for gelatin is the naturally occurring protein, collagen, which is commercially sourced from meat and leather industries. From its earliest rudimentary culinary uses, when boiled up into broth, which when cooled produced a nutritious jelly, gelatin is now manufactured on a commercial scale to stringent technical specifications to meet the demands of variety of industries. Like its parent material, collagen, gelatin is made up of many different amino acids which are the building blocks of all proteins.

 

The food and beverage industry represents the largest end-use application sector for gelatin supported by its increasing use in bakery, beverages, confectionery, ice creams, chilled desserts, low fat spreads, meat and tinned meat products, yogurt, and dairy products, among others. Consumption in the pharmaceutical industry remains high driven by rapidly ageing demographics, rising incidence of chronic and lifestyle related diseases, and growing health consciousness. Growing focus on preventive healthcare amidst mounting healthcare costs represents another important growth driver. Rising popularity of neutraceutical is also expected to benefit gelatin consumption in the near term. Gelatin encapsulated medicines and gelatin-based dietary and health supplements are expected to witness strong demand in the coming years.

 

The Indian pharmaceuticals market is third largest in terms of volume and thirteen largest in terms of value, as per a pharmaceuticals sector analysis report by equity master. India has achieved an eminent global position in pharma sector. The country also has a huge pool of scientists and engineers who have the potential to take the industry to a very high level.

 

The Indian pharmaceutical sector is expected to grow five-fold to reach Rs. 5 lakh crore (US$ 91.45 billion) by 2020 at 20% compound annual growth rate (CAGR) over the next five years. India is now among the top five pharmaceutical emerging markets. The Indian Pharma industry has been growing at a compounded annual growth rate (CAGR) of more than 15% over the last 5 years and has significant growth opportunities. Indian pharmaceutical manufacturing facilities registered with US Food and Drug Administration (FDA) as on March 2014 was the highest at 523 for any country outside the US.

 

 

PERFORMANCE

 

The Company is engaged into manufacturing of Gelatin from animal bones. Gelatin is primarily used in pharmaceuticals industry for making capsule caps and in food industry. Company has developed world-class technology for gelatin by establishing state-of-the-art facilities. The Company's plants located at Karakhadi and Ooty employ the latest innovations in technology for the production of gelatin.

 

The Company produces pharmaceutical product meeting global quality standards, viz. Lovastatin (Cholesterol lowering drug) and Oncology / Other Pharmaceutical products. Sterling, as of today, has highest Lovastatin manufacturing capacity with required regulatory approvals. The fermentation facility of Masar plant is one of the largest fermentation facilities in India.

 

The company has increased its focus on Lovastatin and other Cholesterol lowering drugs as well as Oncology products which have a very bright future in Domestic and International Markets.

 

Brief overview of Pharma and Oncology products manufactured by the Company is as under:

 

ANTI-CANCER PRODUCTS:-

 

·         DOXO Rubicin is an anti-cancer chemotherapy drug and is classified as an anthracycline antibiotic.

·         IDARUBICIN is an anti-cancer (antineoplastic or cytotoxic) chemotherapy drug. This medication is classified as an anthracyline antitumor antibiotic.

·         Daunorubicin is used to treat acute lymphocytic and myelocyticleukemias.

·         IMATINIB is a drug used to treat certain cancers.

·         EPI Rubicin is an anthracycline drug used for chemotherapy

 

OTHER PRODUCTS :-

 

·         Lovastatin is a cholesterol-lowering agent that belongs to the class of medications called statins

·         DACARBAZINE – It is used to treat Hodgkin disease and malignant melanoma

·         Temozolamide – It is an oral alkylating agent used for the treatment of Grade IV astrocytoma.

·         Simvastatin is a lipid lowering drug used to decrease heart problems in those at a high risk

 

 

OUTLOOK

 

The company continues to focus its attention on Pharmaceutical products, Oncology products and Hydrolised Proteins besides production of Bone gelatin for its future growth. The Company intends to have focused and continuous innovation in Research and Development which will help secure a sound future. Concentration is also on expansion of the product portfolio along with stricter credit policy and cost control through long term contracts with suppliers and tightening of expenses so as to improve margins.

 

The Company has all required certifications in terms of quality which gives the company better demand visibility in the International and Domestic Market. With future growth in pharma sector which uses gelatin as raw material for manufacture of capsules, there will not be any demand constraint for the Company in coming years.

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30TH SEPTEMBER 2015

(Rs. in million)

Sr.

No.

 

 

Particulars

Three Months Ended

Three Months Ended

Nine Months

Ended

30.09.2015

30.06.2015

30.09.2015

Unaudited

Unaudited

Unaudited

Part I

 

 

 

 

1.

Income from Operations

 

 

 

 

a) Net Sales / Income from Operations

1070.344

1168.957

3245.600

 

b) Other Operating Income

9.892

11.869

36.014

 

Total Income from Operations (net)

1080.236

1180.826

3281.614

2.

Expenditure

 

 

 

 

a) Cost of materials consumed

635.894

797.145

3166.021

 

b) Purchase of stock-in-trade

0.000

0.000

0.000

 

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

92.377

(34.748)

(997.234)

 

d) Employee benefits expense

130.114

134.548

387.361

 

e) Depreciation and amortisation expense

702.070

701.702

2108.727

 

f)  Power and Fuel Charges

0.000

0.000

0.000

 

g) Other expenses

73.175

70.251

231.625

 

Total Expenses

1633.630

1668.898

4896.500

3.

Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)

(553.394)

(488.072)

(1614.886)

4.

Other Income

0.000

0.000

0.000

5.

Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)

(553.394)

(488.072)

(1614.886)

6.

Finance Costs

841.197

821.704

2426.837

7.

Profit / (Loss) from ordinary activities after Finance costs but before

Exceptional items (5-6)

(1394.591)

(1309.776)

(4041.723)

8.

Exceptional items

0.000

0.000

0.000

9.

Profit/ (Loss) from ordinary activities before tax (7+8)

(1394.591)

(1309.776)

(4041.723)

10.

Tax expenses

(452.500)

(425.000)

(1311.400)

11.

Net Profit / (Loss) from ordinary activities after tax (9-10)

(942.091)

(884.776)

(2730.323)

12.

Extraordinary items

0.000

0.000

0.000

13.

Net Profit / (Loss) for the period (11+12)

(942.091)

(884.776)

(2730.323)

14.

Paid-up equity share capital (Face Value of Rs. 10 per share)

272.048

272.048

272.048

15.

Reserve excluding Revaluation reserve

 

 

 

16.

Earnings Per Share (EPS) before and after extraordinary items (of Rs. 10/- each)

a) Basic

b) Diluted

 

 

(3.46)

(2.18)

 

 

(3.25)

(2.04)

 

 

(10.04)

(6.31)

 

 

 

 

 

Part II

 

 

 

 

A.

PARTIULARS OF SHAREHOLDINGS

 

 

 

 

Public Shareholding

 

 

 

 

- Number of Shares

135545090

135545090

135545090

 

- Percentage of Shareholding

49.82%

49.82%

49.82%

 

Promoters and Promoter Group Shareholding

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

- Number of Shares

50816835

50816835

50816835

 

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

55.94%

55.94%

55.94%

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

18.68%

18.68%

18.68%

 

b) Non Encumbered

 

 

 

 

- Number of Shares

40023300

40023300

40023300

 

- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)

44.06%

44.06%

44.06%

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

14.71%

14.71%

14.71%

 

 

PARTICULARS

For the quarter ended

30th September 2015

B   INVESTORS COMPLAINTS

 

Pending at the beginning of the quarter

0

Received during the quarter

0

Disposed during the quarter

0

Remaining unresolved at the end of the quarter

0

 

 

 

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

 

A.

EQUITY AND LIBILITIES

30.06.2015

1.

SHAREHOLDERS FUND

 

 

(a) Share capital

17649.172

 

(b) Reserve and surplus

8314.371

 

(c) Money received against share warrants

0.000

 

Total Shareholders’ Funds

25963.543

2.

Share application money pending allotment

0.000

3.

Non-Current Liabilities

 

 

(a) Long term borrowing

23263.280

 

(b)Deferred tax liabilities (net)

0.000

 

(c) Others Long term borrowing

0.000

 

(d) Long term provision

0.000

 

Total Non-Current Liabilities

23263.280

 

Non-Current Liabilities

 

 

(a) Short term borrowing

10353.677

 

(b) Trade payables

262.695

 

(c) Other current liabilities

13119.376

 

(d) Short term provision

0.000

 

Total Current Liabilities

23735.748

 

TOTAL EQUITY AND LIABILITIES

72962.571

A.

ASSETS

 

1.

Non-Current Assets

 

 

(a) Fixed assets

54691.971

 

(b) Goodwill on consolidation

0.000

 

(c) Non-current investments

1689.075

 

(d) Deferred tax assets (net)

3362.599

 

(e) Long term loans and advance

0.000

 

(d) Other non-current assets

1780.946

 

Total Non-Current Assets

61524.591

2.

Current Assets

 

 

(a) Current investments

0.000

 

(b) Inventories

7341.696

 

(c) Trade receivables

504.791

 

(d)) Cash and cash equipment’s

167.927

3.

(e) Short term loans and advances

3423.566

 

(d) Other current assets

0.000

 

Total Current Assets

11437.980

 

Total Assets

72962.571

NOTE:

 

  1. The company's operations fall under single segment hence segment reporting as defined in Accounting Standard 17 is not applicable.

 

  1. The above Financial results have been reviewed by the Audit Committee and taken on record by the Board of Directors in its meeting held on 14 August, 2015.

 

  1. The Statutory Auditors have carried out a limited review of the financial results for the quarter ended on 30 June 2015.

 

  1.  The Company has Overseas Subsidiaries and there are no business operations in the subsidiary companies.

 

  1. Previous period figures have been regrouped/ reclassified, wherever necessary.

 

 

FIXED ASSETS:

 

·         Land and Development

·         Leasehold Land

·         Building

·         Plant and Machinery

·         Office Equipment’s and Furniture

·         Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

JYO

 

 

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

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NB

                                       New Business

 

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PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.