MIRA INFORM REPORT

 

 

Report No. :

311547

Report Date :

11.03.2015

 

IDENTIFICATION DETAILS

 

Name :

RELIANCE LIFE SCIENCES PRIVATE LIMITED

 

 

Registered Office :

Dhirubhai Ambani Life Sciences Centre, R-282, TTC Area of MIDC, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.01.2001

 

 

Com. Reg. No.:

11-130654

 

 

Capital Investment / Paid-up Capital :

Rs.293.850 Million

 

 

CIN No.:

[Company Identification No.]

U24239MH2001PTC130654

 

 

TIN No.:

27830130587

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR10629D

 

 

PAN No.:

[Permanent Account No.]

AABCR7594L

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturing and Marketing of Biopharmaceuticals, Pharmaceuticals, Clinical Research and Others.

 

 

No. of Employees :

Information denied by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (62)

 

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

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of “Reliance Group”. It is a well-established company having fine track record.

 

The company has incurred loss from its operational activities during 2014.

 

However, the rating takes into consideration financial flexibility enjoyed by the company by virtue of ownership by the resourceful Reliance Group of companies and continued financial support expected from the promoter group for RLS’s operations as well as debt servicing.  

 

Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment.

 

In view of strong group support, the company can be considered good for normal business dealings at usual trade terms and conditions. 

 

NOTES:

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

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = AAA

Rating Explanation

Highest degree of safety and carry lowest credit risk

Date

27.02.2015

 

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

27.02.2015

 

 

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 31-03-2014.

 

INFORMATION DENIED

 

Management Non Co-Operative (Tel No.: 91-22-67678000)

 

 

LOCATIONS

 

Registered Office :

Dhirubhai Ambani Life Sciences Centre, R-282, TTC Area of MIDC, Thane Belapur Road, Rabale, Navi Mumbai – 400701, Maharashtra, India

Tel. No.:

91-22-67678000 / 39118000

Fax No.:

91-22-67678099 / 39118099

E-Mail :

soniareetesh.arora@ril.com

sidhi.jatkar@ril.com

RLS.CompanySecretary@Relbio.com

Website :

www.rellife.com

www.ril.com

 

 

Corporate Office :

3rd Floor Sadhana House,  Behind Mahindra Towers,  570, Pandurang Bhudkar Marg  Worli, Mumbai – 400018, Maharashtra, India

 

 

Factory  :

1st Floor, Sadhana Mills Premises, 570, Pandurang Budhkar Marg, Mumbai - 400018, Maharashtra, India

 

 

Branch Offices :

Located at:  

 

  • Mumbai
  • Ahmedabad
  • Bangalore
  • Chennai
  • Delhi
  • Hyderabad
  • Jaipur
  • Kochi
  • Kolkata
  • Lucknow
  • Ludhiana
  • Navi Mumbai
  • Pune

 

 

DIRECTORS

 

As on 30.09.2014

 

Name :

Mr. Dinesh Bhaskar Sathe

Designation :

Whole Time Director

Address :

A2-601, Rutu Park CHS., RW Sawant Marg, Majiwada, Thane – 400601, Maharashtra, India

Date of Birth/Age :

04.10.1956

Qualification :

B.E.(MECH), DMS

Date of Appointment :

30.09.2010

PAN No.:

AERPS8523B

DIN No.:

02876683

 

 

Name :

Mr. Rahul Ramesh Padhye

Designation :

Whole Time Director

Address :

Flat No. 31, 3rd Floor, A Wing, Indrayani Complex, J.K. Sawant Marg, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

29.06.1972

Date of Appointment :

30.09.2013

DIN No.:

01555700

 

 

Name :

Mr. Laxmidas Vallabhdas Merchant

Designation :

Director

Address :

Ramkrupa Tower, 9th Floor Block Nbo 12, Dr. Parekh Street, Prathana Samaj, Mumbai – 400 004, Maharashtra, India

Date of Birth/Age :

14.11.1959

Qualification :

B. Com., Chartered Accountant

Date of Appointment :

29.09.2007

DIN No.:

00007722

 

KEY EXECUTIVES

 

Name :

Mr. Hardeep Singh Sodhi

Designation :

Secretary

Address :

D – 1/8 – 6, Millenium Towers, Sector – 9, Sanpada, Navi Mumbai – 400705, Maharashtra, India

Date of Birth/Age :

14.08.1966

Date of Appointment :

08.09.2014

PAN No.:

ABHPS7806G

 

 

Name :

Mr. Ravi

Designation :

Marketing Department

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2014

 

Names of Shareholders (Equity Shares)

 

 

No. of Shares

Reliance Health and Technology Private Limited, India

 

1700

Healthcare Systems and Solution Global Private Limited, India 

 

1600

Reliance Agrotech Private Limited, India

 

1000

Ekansha Enterprise Private Limited, India

 

1700

Reliance Research and Development Services Private Limited, Mumbai

 

1700

Reliance Qualnet.com Private Limited, Mumbai

 

1300

Reliance Web Spiders.com Private Limited, Mumbai

 

1000

Total

 

10000

 

 

Names of Shareholders (9% Optionally Convertible Non-cumulative Redeemable Preference Shares)

 

No. of Shares

Reliance Ports and Terminals Limited, India

 

8125000

Total

 

8125000

 

 

Names of Shareholders (10% Non-Convertible Non-cumulative Redeemable Preference Shares : Series - II)

 

No. of Shares

Reliance Ports and Terminals Limited, India

 

1500000

Total

 

1500000

 

 

Names of Shareholders (9% Optionally Convertible Non-cumulative Redeemable

 

No. of Shares

Reliance Ports and Terminals Limited, India

 

19750000

Total

 

19750000

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2014

 

Category

Percentage

Bodies corporate

100.00

Total

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Biopharmaceuticals, Pharmaceuticals, Clinical Research and Others.

 

 

Products :

Product Description

Item Code No. (ITC Code)

Normal Human Serum Albumin

3002 1099

Normal Immunoglobulin for Intravenous USB B.P

3002 1099

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

 

Selling :

Not Divulged 

 

 

Purchasing :

Not Divulged 

 

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 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

Customers :

Reference :

Not Divulged 

Name of the Person :

Not Divulged 

Contact No.:

Not Divulged 

Since How Long Known :

Not Divulged 

Experience :

Not Divulged 

Maximum Limit Dealt :

Not Divulged 

Remark :

Not Divulged 

 

 

No. of Employees :

Information denied by management

 

 

Bankers :

·         Canara Bank, Prime Corporate Branch II, 2nd Floor, Varma Chambers, Homji Street, Fort, Mumbai – 400001, Maharashtra, India

·         Axis Bank Limited, Axis House, Ground Floor, Wadia International Centre, Worli, Mumbai - 400025, Maharashtra, India

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Term Loans from Banks

 

 

Term Loans from Banks

262.500

0.000

Term Loans from Other Parties

 

 

Loans from Department of Biotechnology

6.115

10.594

SHORT TERM BORROWINGS

 

 

Working Capital Loan from Bank

617.797

0.180

Total

886.412

10.774

 

Notes

 

Long Term Borrowings

 

  • The term loan taken from Bank is secured by first pari passu charge on movable fixed assets i.e. Plant & Machinery, Electrical Installations, Furnitures and Fixtures, both present and future excluding Plant and Machinery funded by Department of Biotechnology and Company owned Vehicles for Employees.

 

  • The term loan taken from Bank is repayable in sixteen equal quartely  installments of total loan disbursed till last drawal date, after one year from the date of first disbursement (i.e. from end of 15th month from date of first disbursement).

 

  • The secured term loan taken from Department of Biotechnology (DBT) is secured by hypothecation of the whole of movable properties of the respective projects acquired from the respective loans sanctioned by the DBT including movable plant and machinery, machinery spares, tools and accessories and other movables both present and future (save and except book debts) for the said projects.

 

  • The term Loan from Department of Biotechnology (DBT) is payable in ten equal annual installments and will commence after six months of the scheduled completion of the respective project.

 

  • Zero Coupon Optionally Convertible Loan from bodies corporate are  onvertible into equity shares of the Company at fair value to be determined at the time of conversion and if not opted for conversion , shall be repayable on completion of 20 years from the date of first disbursement or such period as may be mutually agreed

 

Short Term Borrowings

 

  • Secured Working capital loan from bank is secured by hypothecation of stocks and book debts of the Company.

 

 

 

Auditors :

 

Name :

Chaturvedi and Shah

Chartered Accountants

Address :

714-715, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel. No.:

91-22-56308508

PAN No.:

AAAFC0662N

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Companies :

  • Reliance Life Sciences B.V., Netherland
  • Reliance Life Sciences Inc, USA (Dissolved w.e.f 17th December,2013)
  • Reliance GeneMedix Limited, U.K. (formerly Reliance GeneMedix Plc) (a Subsidiary of Reliance Life Sciences B.V.)
  • Genemedix Ireland Limited, Ireland (a Subsidiary of Reliance GeneMedix Limited, U.K.)  (Dissolved w.e.f 4th December,2013)

 

 

Associates :
  • Reliance Health and Technology Private Limited

CIN No.: U85199MH2000PTC126806

  • Healthcare Systems and Solutions Global Private Limited

CIN No.: U85199MH2000PTC126387

  • Reliance Agrotech Private Limited

CIN No.: U01110GJ1994PTC021440

  • Reliance Research & Development Services Private Limited

CIN No.: U15300MH1999PTC123316

 

 

CAPITAL STRUCTURE

 

As on 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

510000

Equity Shares

Rs.10/- each

Rs.5.100 Million

29500000

Preference  Shares

Rs.10/- each

Rs.295.000 Million

 

Total

 

Rs.300.100 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10000

Equity Shares

Rs.10/- each

Rs.0.100 Million

29375000

Preference  Shares

Rs.10/- each

Rs.293.750 Million

 

Total

 

Rs.293.850 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

293.850

293.850

96.350

(b) Reserves & Surplus

796.255

786.099

613.993

(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)

1,090.105

1,079.949

710.343

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

5,597.806

5,540.822

5,597.922

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

5.734

3.466

0.368

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

5,603.540

5,544.288

5,598.290

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

820.418

806.059

897.987

(b) Trade payables

790.973

1,036.444

661.110

(c) Other current liabilities

414.015

187.383

192.043

(d) Short-term provisions

32.641

38.163

20.442

Total Current Liabilities (4)

2,058.047

2,068.049

1,771.582

 

 

 

 

TOTAL

8,751.692

8,692.286

8,080.215

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2,681.511

2,444.656

2,184.239

(ii) Intangible Assets

83.357

142.277

228.409

(iii) Capital work-in-progress

222.844

144.410

434.310

(iv) Intangible assets under development

411.373

188.795

98.233

(b) Non-current Investments

1,625.937

2,181.905

2,181.905

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1,287.099

1,102.630

952.281

(e) Other Non-current assets

286.202

172.613

104.679

Total Non-Current Assets

6,598.323

6,377.286

6,184.056

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1,307.761

1,272.009

737.521

(c) Trade receivables

434.327

743.150

814.958

(d) Cash and cash equivalents

41.639

44.151

50.296

(e) Short-term loans and advances

369.642

255.690

292.719

(f) Other current assets

0.000

0.000

0.665

Total Current Assets

2,153.369

2,315.000

1,896.159

 

 

 

 

TOTAL

8,751.692

8,692.286

8,080.215

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

 

 

 

Other Income

 

 

 

 

 

TOTAL                                         (A)

5,135.800

4,334.700

3,338.100

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                         (B)

4,991.079

3,928.137

3,145.098

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

144.721

406.563

193.002

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

114.587

96.716

99.039

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

30.134

309.847

93.963

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

244.484

216.238

179.012

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

(214.350)

93.609

(85.049)

 

 

 

 

 

Less

TAX                                                                  (H)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

(214.350)

93.609

(85.049)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1676.226

1307.545

1315.955

 

TOTAL EARNINGS

1676.226

1307.545

1315.955

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

( 21 435.00)

9390.90

(8504.90)

 

            `

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

(3.30)

1.52

(1.59)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.20)

0.09

(0.12)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

5.89

5.88

9.14

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.05

1.12

1.07

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Share Capital

96.350

293.850

293.850

Reserves & Surplus

613.993

786.099

796.255

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

710.343

1079.949

1090.105

 

 

 

 

Long Term borrowings

5597.922

5540.822

5597.806

Short Term borrowings

897.987

806.059

820.418

Total borrowings

6495.909

6346.881

6418.224

Debt/Equity ratio

9.145

5.877

5.888

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Total Income

3,338.100

4,334.700

5,135.800

 

 

29.855

18.481

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Million

Rs. In Million

Rs. In Million

Total Income

3,338.100

4,334.700

5,135.800

Profit

(85.049)

93.609

(214.350)

 

(2.55%)

2.16%

(4.17%)

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Rs. In Million

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

Current maturities of long term debt

38.293

0.000

0.000

Total

38.293

0.000

0.000

 

 

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

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

----------

22]

Litigations that the firm / promoter involved in

----------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------

26]

Buyer visit details

----------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

Yes

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOANS:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Term Loans from Other Parties

 

 

Loans from Department of Biotechnology

1.022

2.059

Other Loans

 

 

Zero Coupon Optionally Convertible Loans from Bodies Corporate

5328.169

5528.169

SHORT TERM BORROWINGS

 

 

Buyer's Credit From Bank

193.644

0.000

Working Capital Loan from Bank

8.977

805.879

Total

5531.812

6336.107

 

 

FINANCIAL AND OPERATIONAL REVIEW:

 

During the year, total revenue from operations was at Rs.5135.800 Million as compared to Rs.4334.700 Million for 2012-13.

 

Export earnings for the year were recorded at Rs.1596.100 Million as against Rs.1707.000 Million for 2012-13.

 

During the year, the Company has launched multiple products in different therapy areas. ErlotiRel TM (Erlotinib hydrochloride tablets) – indicated for the treatment of Non-small cell lung cancer and Pancreatic cancer, AbcixiRel TM (Abciximab injection) – indicated as an adjunct to percutaneous coronary intervention (PCI) for the prevention of cardiac ischemic complications, ReliHeal ® Silver (Amorphous Hydrogel Wound Dressing with Silver Nanoparticles) – indicated for primary dressing for infected wounds, ReliHeal ® Hydrate (Amorphous Hydrogel Wound Dressing (Hydrating)) - indicated for primary dressing for dry, slough, or necrotic wounds. In the international markets, the Company has made further progress in terms of product registrations (recombinant biosimilars).

 

 

The reportable segments are further described below:

 

--The Biopharmaceuticals segment includes manufacturing and marketing of Plasma Proteins and Biosimilars products.

 

--The Pharmaceuticals segment includes production and marketing of Active Pharmaceutical Ingredient and

Formulation.

 

-- The Clinical Research segments covers Pre-clinical animal studies, Bioavailability and Bioequivalence studies, Phase 1 studies, Phase 2 to 4 studies, QTc studies, Mass balance/Micro dosing studies, Clinical Data Management, Biostatistics, Clinical Trial Supplies Management, Medical Writing, Pharmacovigilance, Regulatory Services and Quality Assurance.

 

--The businesses, which were not reportable segments during the year, have been grouped under the "Others"

Segment. This mainly comprises of:

 

* Regenerative Medicine

* Molecular Diagnostics

* Agro Based Food Products

* Brokerage, Commission and Investment

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10474311

30/01/2014

1,000,000,000.00

Axis Bank Limited

Axis House, Ground Floor,, Wadia International Centre, Worli, Mumbai, Maharashtra - 400025, India

B94977089

2

10258255

19/11/2010

12,650,000.00

Department Of Biotechnology

Block 2, CGO Complex, Lodhi Road, New Delhi, Delhi - 110003, India

B00571265

3

10257683

19/11/2010

3,900,000.00

Department Of Biotechnology

Block 2, CGO Complex, Lodhi Road, New Delhi, Delhi - 110003, India

B00498733

4

10115694

10/09/2013 *

1,850,000,000.00

Canara Bank

Prime Corporate Branch-Ii,2nd Floor, Varma Chambers, Homji Street, Fort, Mumbai, Maharashtra - 400001, India

B86067923

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         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, 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.62.70

UK Pound

1

Rs.94.55

Euro

1

Rs.67.66

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

8

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILITY

1~10

--

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

8

--CREDIT LINES

1~10

8

--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

 

62

 

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

 

 

 

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.