MIRA INFORM REPORT

 

 

Report No. :

331447

Report Date :

10.07.2015

 

IDENTIFICATION DETAILS

 

Name :

PHARMALAB INDIA PRIVATE LIMITED (w.e.f. 10.10.2007)

 

 

Formerly Known as :

PHARMALAB PROCESS EQUIPMENTS PRIVATE LIMITED

 

 

Registered Office :

Kasturi 3rd Floor, Sanghvi Estate, Govandi Station Road, Govandi (East), Mumbai – 400088, Maharashtra

Tel. No.:

91-22-66229900

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

25.01.2006

 

 

Com. Reg. No.:

11-163141

 

 

Capital Investment / Paid-up Capital :

Rs.13.300 Million

 

 

CIN No.:

[Company Identification No.]

U29297MH2006PTC163141

 

 

IEC No.:

0893001759

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AADCP7967P FT001

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Pharmaceutical allied equipments, filter press, packaging machines of liquid orals, sterilizers, Dry Heat Steri.

 

 

No. of Employees :

30 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (30)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

The company possesses a moderate financial profile marked by modest net worth base, leveraged capital structure, along with working capital intensive and weak debt protection metrics.

 

Management has witnessed a decline in total operating income and has reported a low profitability during FY13, as against a previous year loss.

 

The ratings also take into consideration cyclical nature of capital goods industry.

 

However, trade relations seem to be fair. Business is active. Payment terms are reported as slow but correct.

 

In view of experienced promoters, the company can be considered for business dealings with caution.

 

Note: 23 AC documents for year 2014 are not available from any source

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term Bank facilities = BB

Rating Explanation

Inadequate-credit-quality and high credit risk

Date

03.04.2015

 

Rating Agency Name

CARE

Rating

Short term Bank facilities = A4

Rating Explanation

Minimal degree of safety and very high credit risk

Date

03.04.2015

 

 

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 31-03-2013.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Prasad Panicker

Designation :

Finance Controller

Contact No.:

91-22-66229900

Date :

09.07.2015

 

 

LOCATIONS

 

Registered Office :

Kasturi 3rd Floor, Sanghvi Estate, Govandi Station Road, Govandi (East), Mumbai – 400088, Maharashtra, India

Tel. No.:

91-22-66229900

Fax No.:

91-22-66229800

E-Mail :

mkt@pharmalab.com

prasad_panicker@pharmalab.com

Website :

www.pharmalab.com

 

 

Head Office / Factory :

Santej, Vadsar Road, Village Santej, Taluka kalol Gandinagar – 382721, Gujarat, India

 

 

DIRECTORS

 

As on 30.09.2013

 

Name :

Mr. Nitin Purshottam Shah

Designation :

Director

Address :

D49, Aryaman Bungalow, Thaltej Shilaj Road, Near Shilaj Rly Crossing Shilaj, Ahmedabad – 380059, Gujarat, India

Date of Birth/Age :

31.01.1951

Date of Appointment :

27.05.2004

DIN No.:

00122254

 

 

Name :

Mr. Rashmikant Purshottam Shah

Designation :

Director

Address :

Nishant-II House No.13, Near Hashbhai Park, Ambawadi, Ahmedabad – 380015, Gujarat, India

Date of Birth/Age :

05.08.1952

Date of Appointment :

25.01.2006

DIN No.:

00363817

 

 

Name :

Mr. Pratap Mukundlal Teli

Designation :

Director

Address :

27, Amrakadam Bungalows, Ramdevnagar, Cross RD, Ahmedabad – 380054, Gujarat, India

Date of Birth/Age :

14.04.1954

Date of Appointment :

25.01.2006

DIN No.:

00136297

 

 

Name :

Mr. Umesh Pushottam Shah

Designation :

Director

Address :

1001, Prashanti North West CHS Nw Avenue RD, Santacruz (West), Mumbai – 400054, Maharashtra, India

Date of Birth/Age :

13.11.1954

Date of Appointment :

22.10.2007

DIN No.:

00257106

 

 

Name :

Mr. Karnik Kantilal Parikh

Designation :

Director

Address :

25, Jayant Mahal, ‘D’ Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

05.12.1960

Date of Appointment :

10.06.2008

DIN No.:

00486410

 

 

KEY EXECUTIVES

 

Name :

Mr. Prasad Panicker

Designation :

Finance Controller

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2013

 

Names of Shareholders

 

No. of Shares

Karnik Kantilal Parikh

 

80170

Nita Parikh

 

80175

Jayshree Shah

 

65830

Jay Kirit Shah

 

65835

Nitin Purshottam Shah

 

71590

Bhavna Nitin Shah

 

71590

Umesh Purshottam Shah

 

45000

Kanan Umesh Shah

 

45000

Rashmikant Purshottam Shahnishant

 

66142

Varsha Rashmikant Shah

 

65835

Pharmalab Packaging Systems Private Limited, India

 

49990

Pranjal N Shah

 

17165

Vishal Umesh Shah

 

35175

Kunal Umesh Shah

 

35175

Toral Rashmikant Shah

 

14186

Minal Rashmikant Shah

 

14187

Pharmalab Overseas Marketing Agency

 

10

Kirir Narharilal Shah (Huf)

 

26945

Total

 

850000

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2013

 

Category

Percentage

Bodies corporate

5.88

Directors or relatives of Directors

94.12

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Pharmaceutical allied equipments, filter press, packaging machines of liquid orals, sterilizers, Dry Heat Steri.

 

 

Products :
  • Allied equipments
  • Filter press
  • Packaging machines of liquid orals
  • Sterilizers
  • Dry Heat Steri

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Bangladesh
  • Indonesia
  • Vietnam
  • Turkey
  • Mexico
  • Nizeria

 

 

Imports :

 

Products :

Raw Material

Countries :
  • Germany
  • France

 

 

Terms :

 

Selling :

Cash and Credit (30, 60, 90 Days)

 

 

Purchasing :

Cash and Credit (30, 60, 90 Days)

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

End Users and OEM’s

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

30 (Approximately)

 

 

Bankers :

Bank Name

Canara Bank

Branch

Vikroli (West), Branch, Hazari Bagh, Vikhroli, Mumbai - 400083, Maharashtra, India

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 Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Bank Name

State Bank of India

Branch

Vatva Industrial Estate, BR. G.I.D.C. Estate, Ahmedabad - 382445, Gujarat, India

 

 

Facilities :

Secured Loan

31.03.2013

(Rs. in Million)

31.03.2012

(Rs. in Million)

Long-term Borrowings

 

 

Vehicle loan from banks

1.247

2.911

Vehicle loan from others

0.124

0.882

(Vehicle loan from Bank and Others carries interest charged from 9.63% to 11.83% p.a and are secured against specified vehicle and is repayable in 36 to 60 equated monthly installments.)

 

 

Total

 

 

 

 

 

Short-term borrowings

 

 

Loans repayable on Demand :

From Bank :

 

 

Cash Credit Facilities

32.149

16.877

Export Packing Credit

16.061

30.000

Cash Credit and Export Packing Credit Facilities from State Bank of India are secured by Hypothecation of Stock of Raw Materials, Finished Goods, Stock in Process, Book Debts etc. both present and future and Equitable Mortgage of Certain Immovable Properties of the Company. Further the Cash Credit & Export Packing Credit Facilities are guaranteed by some of the directors of the company and also by one of the related parties. The average interest cost ranges between 13% to 16.75 % (P.Y.- 11% to 14.75%) in the case of cash credit & 4.5% to 5% in case of Export packing credit in Foreign currency & 9.75 % in case of export packing credit in rupees.

 

 

Total

49.581

50.670

 

Auditors :

 

Name :

C.R. Sharedalal and Company

Chartered Accountants

Address :

Parishram, 101-102, 1st Floor, 5/B, Rashmi Society, Mithakhali Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India

Tel. No.:

91-79-26446560

Fax No.:

91-79-26449570

E-Mail :

info@crsharedalalco.com

Website :

www.crsharedalalco.com

PAN N Income-tax PAN of auditor or auditor's firm :

AAAFC6902F

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Enterprises over which key management personnel and their relatives are able to exercise significant influence and having transactions with the company :
  • Liquipack Systems Private Limited
  • Pharmalab Financial Services Private Limited
  • Pharmalab Overseas Marketing Agency
  • Elomatic Pharmalab Consulting and Engineering Private Limited
  • Pharmatech Process Equipments
  • Serail Pharmalab India Limited

 

 

CAPITAL STRUCTURE

 

As on 30.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

850000

Equity Shares

Rs.10/- each

Rs.8.500 Million

 

 

 

 

 

As 31.03.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1000000

Equity Shares

Rs.10/- each

Rs.10.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1330050

Equity Shares

Rs.10/- each

Rs.13.300 Million

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2013

31.03.2012

31.03.2011

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

13.300

13.300

13.300

(b) Reserves & Surplus

68.638

66.772

72.123

(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)

81.938

80.072

85.423

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

140.307

150.929

136.063

(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

0.576

1.193

1.193

Total Non-current Liabilities (3)

140.883

152.122

137.256

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

54.210

52.877

56.657

(b) Trade payables

60.069

139.677

60.021

(c) Other current liabilities

111.280

111.064

107.068

(d) Short-term provisions

0.000

0.000

0.000

Total Current Liabilities (4)

225.559

303.618

223.746

 

 

 

 

TOTAL

448.380

535.812

446.425

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

72.848

81.680

78.265

(ii) Intangible Assets

0.074

0.221

0.369

(iii) Capital work-in-progress

0.000

0.000

1.319

(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)

4.151

4.763

2.444

(d)  Long-term Loan and Advances

63.290

48.312

24.706

(e) Other Non-current assets

3.091

3.084

3.000

Total Non-Current Assets

143.454

138.060

110.103

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

93.999

108.296

99.347

(c) Trade receivables

105.958

187.650

107.556

(d) Cash and cash equivalents

45.456

8.570

30.325

(e) Short-term loans and advances

58.683

92.239

98.839

(f) Other current assets

0.830

0.997

0.255

Total Current Assets

304.926

397.752

336.322

 

 

 

 

TOTAL

448.380

535.812

446.425

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

Revenue from Operations

461.498

585.977

605.941

 

Other Income

4.339

2.153

6.641

 

TOTAL

465.837

588.130

612.582

 

 

 

 

 

Less

TOTAL EXPENSES

450.434

582.456

585.645

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION 

15.403

5.674

26.937

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

12.765

13.344

15.294

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2.638

(7.670)

11.643

 

 

 

 

 

Less

TAX

0.772

(2.319)

2.276

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1.866

(5.351)

9.367

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

34.545

39.896

30.529

 

 

 

 

 

 

Balance Carried to the B/S (J+K+L-M)

36.411

34.545

39.896

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

161.038

261.906

262.162

 

TOTAL EARNINGS

161.038

261.906

262.162

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

10.117

15.682

 NA

 

Components and Stores parts

0.000

0.000

 NA

 

Capital Goods

0.128

0.249

 NA

 

TOTAL IMPORTS

10.245

15.931

NA

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

1.4

(4.02)

 

 

 

Particulars

 

 

31.03.2015

31.03.2014

Sales Turnover (Approximately)

 

670.000

469.700

 

 

 

 

 

The above information has been parted by Mr. Prasad Panicker (Finance Controller)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2013

31.03.2012

31.03.2011

Current Maturities of Long term debt

3.343

2.496

0.224

Cash generated from operations

76.774

5.820

2.870

Net cash flow from operating activity

73.119

2.487

(4.660)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

Net Profit Margin

(PAT / Sales)

(%)

0.40

(0.91)

1.55

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.59

(1.44)

2.63

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

(0.10)

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.41

2.58

2.26

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.35

1.31

1.50

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

13.300

13.300

13.300

Reserves & Surplus

72.123

66.772

68.638

Net worth

85.423

80.072

81.938

 

 

 

 

long-term borrowings

136.063

150.929

140.307

Short term borrowings

56.657

52.877

54.210

Current Maturities of Long-Term Debts

0.224

2.496

3.343

Total borrowings

192.944

206.302

197.860

Debt/Equity ratio

2.259

2.576

2.415

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

605.941

585.977

461.498

 

 

(3.295)

(21.243)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2011

31.03.2012

31.03.2013

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

605.941

585.977

461.498

Profit

9.367

(5.351)

1.866

 

1.55%

(0.91%)

0.40%

 

 

 

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

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

NOTE: Registered office of the company has been shifted from Star Metal Compund, L.B.S. Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India to the present address w.e.f. 22.10.2007

 

 

OPERATING RESULTS

 

The sales and services income during the year fell to Rs. 461.500 Million as against Rs. 586.000 Million in the previous year. The year ended with a profit before tax of Rs. 2.638 Million as against loss before tax of Rs. 7.670 Million in the previous year. The profit after tax is Rs. 1.866 Million as against a loss after tax of Rs. 5.351 Million in the previous year. A cash flow statement for the year under review is also attached to the enclosed Annual Accounts.

 

During the year the company made a small profit despite fall in sales by over 20%, mainly due to the following reasons - Material cost as a percentage to sales registered a fall due to favorable product mix, better realization on exports owing to continuing depreciation of Rupee against US Dollar, etc.

 

The company being in capital goods industry is impacted by the uncertain investment environment prevailing in the country. However, as a large proportion of the equipments supplied by the company caters to the Pharma Industry, which continues to invest in new projects/goes for expansion of existing projects, our company has been largely unaffected by the present down turn. Presently the pending order is to the tune of around Rs. 260.000 Million. The company looks forward to the future with cautious optimism.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2013

(Rs. in Million)

31.03.2012

(Rs. in Million)

Long-term Borrowings

 

 

Loans and advances from related parties

138.936

147.136

(Loans and advances from related parties are not repayable on or before March 31, 2014 and carries interest @ 12 % p.a.)

 

 

 

 

 

Short-term borrowings

 

 

Short-term loan from bank

6.000

6.000

(The short-term unsecured loan from bank is given against pledge of certain mutual fund units owned by one of the related parties. The average interest cost ranges between 9.65% to 10.5% (Previous year: 8.25% to 10.5%))

 

 

Total

144.936

153.136

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10290161

26/05/2011

375,000.00

CANARA BANK

VIKHROLI (WEST) BRANCH,, HAZARI BAGH, VIKHROLI, 
MUMBAI, Maharashtra - 400083, INDIA

B14270441

2

10160041

10/04/2009

156,200,000.00

STATE BANK OF INDIA

VATVA IND. ESTATE BRANCH, G.I.D.C. ESTATE, VATVA, 
AHMEDABAD, Gujarat - 382445, INDIA

A63187884

3

10026921

10/04/2009 *

156,200,000.00

STATE BANK OF INDIA

VATVA IND. ESTATE BRANCH, G.I.D.C. ESTATE, VATVA, 
AHMEDABAD, Gujarat - 382445, INDIA

A63187694

4

10007743

10/04/2009 *

156,200,000.00

STATE BANK OF INDIA

VATVA IND. ESTATE BRANCH, G.I.D.C. ESTATE, VATVA, 
AHMEDABAD, Gujarat - 382445, INDIA

A63187470

5

80001496

28/09/1995

286,000.00

DENA BANK

BOMBAY MAIN OFFICE, 17 HORNIMAN CIRCLE , FORT, MUMBAI, Maharashtra - 400023, INDIA

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FIXED ASSETS

  • Land
  • Building
  • Plant and Machinery
  • Furniture
  • Electric Installation
  • Office Equipment
  • Computers
  • Moulds and Dies
  • Vehicles
  • Air Conditioner
  • Laboratories Equipt.

 

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.63.37

UK Pound

1

Rs.97.65

Euro

1

Rs.70.43

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SUJ

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

30

 

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

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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.