MIRA INFORM REPORT

 

 

Report No. :

351291

Report Date :

23.11.2015

 

IDENTIFICATION DETAILS

 

Name :

MAXCURE NUTRAVEDICS LIMITED (w.e.f. 08.02.2012 )

 

 

Formerly Known As :

MAXCURE DRUGS AND PHRMACEUTICALS LIMITED

 

 

Registered Office :

B-7, Laxmi Towers, LSC, C – Block, Saraswati Vihar, Delhi – 110034

Tel. No.:

91-11-47511000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

10.02.1994

 

 

Com. Reg. No.:

55-057323

 

 

Capital Investment / Paid-up Capital :

Rs.0.500 Million

 

 

CIN No.:

[Company Identification No.]

U74899DL1994PLC057323

 

 

IEC No.:

0599013923

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELM0438B

 

 

PAN No.:

[Permanent Account No.]

AAACM2050R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer of Pharmaceutical Products.

 

 

No. of Employees :

150 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 161000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of ‘Akums Drugs and Pharmaceuticals Limited’ and it is engaged in the business of manufacturing pharmaceutical products.

 

For the financial year ended 2014, the company possesses healthy operational performance and it has achieved satisfactory profit from its operational activities. Due to profit company has wiped out its accumulated losses during the under a review.

 

Rating remain constrained on account of company’s moderate financial profile marked by its weak debt coverage indicates along with huge borrowings and moderate liquidity position.

 

However, rating weakness is partially offset by strong financial and managerial support that company receives from its holding entity along backed by its well experience management team.

 

Trade relations are reported as fair. Payments are reported to be slow but correct.

 

In view of aforesaid, the company can be considered for business dealing with some caution.

Note: As per Registrar Of Companies the date of balance sheet (i. e. financial filed) is shown as 31.03.2015 but the documents related to the financial for the year 31.03.2015 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.

 

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

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Chirag

Designation :

Accounts Manager

Contact No.:

91-11-47511000

Date :

23.11.2015

 

 

LOCATIONS

 

Registered Office :

B-7, Laxmi Towers, LSC, C – Block, Saraswati Vihar, Delhi – 110034, India

Tel. No.:

91-11-47511000

Fax No.:

91-11-27023256

E-Mail :

maxcure_drugs@rediffmail.com

cs@akums.net

Website :

http://www.akums.in

Area:

4000 sq. ft. (Approximately)

Location :

Owned

Locality:

Commercial

 

 

Factory :

13, 19, 20, 21,22, 47, 48 Sector-6A, Haridwar - 249403, Uttrakhand, India

Tel. No.:

91-1334-239220

Fax No.:

91-1334-239219

 

 

DIRECTORS

 

As on 05.07.2015

 

Name :

Mr. Dheeraj Kumar Arora

Designation :

Director

Address :

L-16, Sriniwaspuri, New Delhi - 110065, India

Date of Appointment :

31.07.2015

DIN No.:

03595823

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U24230DL2006PLC147642

CORWIS PHARMACEUTICALS LIMITED

Additional director

19/08/2011

19/08/2011

-

Strike off

NO

2

U74899DL1994PLC057323

MAXCURE NUTRAVEDICS LIMITED

Director

31/07/2015

15/11/2014

-

Active

NO

 

 

Name :

Mr. Khayali Dutt

Designation :

Additional Director

Address :

C-6, Subhash Nagar, Jwalapur, Haridwar – 249407, Uttrakhand, India

Date of Birth/Age :

22.05.1975

Date of Appointment :

01.02.2010

DIN No.:

02942552

 

 

Name :

Mr. Parveen Soni

Designation :

Additional Director

Address :

Flat No-555, 2nd Floor Pocket – 6, Sector – 2, Rohini, Delhi – 110085, India

Date of Birth/Age :

14.04.1976

Date of Appointment :

01.12.2006

Election Commission Identity Card No:

TVN0256131

DIN No.:

00332902

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U15400DL2006PLC145272

MAY AND BAKER PHARMACEUTICALS LIMITED

Director

23/01/2006

23/01/2006

02/03/2009

Active

NO

2

U74899DL1994PLC057323

MAXCURE NUTRAVEDICS LIMITED

Additional director

01/12/2006

01/12/2006

-

Active

NO

3

AAA-2807

UPADHRISH RESERCHEM LLP

Designated Partner

16/11/2010

16/11/2010

30/09/2012

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Chirag

Designation :

Accounts Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 05.07.2015

 

Names of Shareholders

 

No. of Shares

Akums Drugs and Pharmaceuticals Limited, India

 

44994

Sanjeev Jain

 

2500

Sandeep Jain

 

2500

D.C Jain J\W Akums Drugs and Pharmaceuticals Limited, India

 

1

Kiran Jain J\W Akums Drugs and Pharmaceuticals Limited, India

 

1

Sanjeev Jain J\W Akums Drugs and Pharmaceuticals Limited, India

 

1

Lata Jain J\W Akums Drugs and Pharmaceuticals Limited, India

 

1

Sandeep Jain J\W Akums Drugs and Pharmaceuticals Limited, India

 

1

Arushi jain J\W Akums Drugs and Pharmaceuticals Limited, India

 

1

                                                                                    TOTAL

 

50000

 

Equity Share Break up (Percentage of Total Equity)

 

As on 05.07.2015

 

Category

Percentage

Bodies corporate

90.00

Other top fifty shareholders

10.00

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Pharmaceutical Products.

 

 

Products :
  • Tablets
  • Ayurvedic
  • Nutraceuticals
  • Food Hence
  • Capsules
  • Injectable
  • Ear and Eye Drops
  • Liquids Orals
  • Cream and Ointments
  • Dry Syrup Etc.

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

 

Products :

Raw Material

Countries :

China

 

 

Terms :

 

Selling :

Cash, L/C and Credit (30/ 60/ 90 Days)

 

 

Purchasing :

Cash, L/C and Credit (30/ 60/ 90 Days)

 

 

PRODUCTION STATUS (AS ON 31.03.2014)

 

Particulars

Unit

Installed Capacity

Actual Production

Ayurvedic and Nutraceuticals Products

 

 

 

Tablets / Pills / Diskettes

Nos.

377 Crs

71560634

Hard and Soft Capsules

Nos.

198 Crs

81303598

Syrup / Juice / Jellies / Asav

KL

20160

823

Dry Syrup Powder / Churan / Bhasm / Awlesh / Pishti / Chwanprash

M.T

10080

2307

Creams / Ointments / Oils / Shampoo / Toothpaste

M.T

720

163

 

NOTE: The installed capacity is as certified by the management on which auditors have placed reliance being a technical matter.

 

During the year, products are also manufactured on job work for others (Qty-Sachet-31, 17, 23, 779)

 

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 :

150 (Approximately)

 

 

Bankers :

Bank Name

ICICI Bank Limited

Branch

Landmark, Race Course Circle, Alkapuri, Vadodara-390015, Gujarat, 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)

Cash /Credit Rs.20.000 Million

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Term Loan from ICICI Bank Limited

(at interest rate of I-Base + 3.75% p.a, secured by equitable mortgage of fixed assets, hypothecation of Current assets, personal guarantee of directors of holding company and corporate guarantee of holding company)

39.000

58.500

Less: Shown in current maturities of long term borrowings

(19.500)

(19.500)

 

 

 

Short-term borrowings

 

 

On Demand

(Cash credit (including WCDL) from ICICI Bank Limited-secured by Hypothecation / Mortgage of fixed and current assets; Personal guarantee and Corporate Guarantee of holding company)

20.384

9.893

 

 

 

Total

39.884

48.893

 

 

 

Auditors :

 

Name :

Anil Jain DD and Company,

Chartered Accountant

Address :

611, Surya Kiran Building, 19, K.G. Marg, Delhi-110001, Delhi, India

Tel. No.:

91-11-23765494 / 23765495

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

AARFA8414D

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

Akums Drugs and Pharmaceuticals Limited, India

(U24239DL2004PLC125888)

 

 

Fellow Subsidiaries and Associates :
  • Akumentis Healthcare Limited
  • Amazing Research Laboratories Limited
  • Delcure Lifesciences Limited
  • Gatle Healthcare Limited
  • Malik Lifesciences Limited
  • Plenteous Pharmaceuticals Limited
  • Pure and Cure Healthcare Private Limited
  • Upadhrish Reserchem LLP

 

 

 

 

CAPITAL STRUCTURE

 

As on 05.07.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

250000

Equity Shares

Rs.10/- each

Rs.2.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs.0.500 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

0.500

0.500

0.500

(b) Reserves & Surplus

56.017

(51.469)

(41.165)

(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)

56.517

(50.969)

(40.665)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

251.500

254.000

228.379

(b) Deferred tax liabilities (Net)

19.521

15.399

10.147

(c) Other long term liabilities

0.289

0.371

0.290

(d) long-term provisions

0.882

0.695

0.322

Total Non-current Liabilities (3)

272.192

270.465

239.138

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

20.384

9.893

29.627

(b) Trade payables

15.458

19.744

4.404

(c) Other current liabilities

32.726

32.692

31.322

(d) Short-term provisions

1.232

0.026

0.022

Total Current Liabilities (4)

69.800

62.355

65.375

 

 

 

 

TOTAL

398.509

281.851

263.848

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

209.647

192.839

198.267

(ii) Intangible Assets

0.081

0.117

0.153

(iii) Capital work-in-progress

0.000

0.000

3.735

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

20.870

1.137

0.792

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

230.598

194.093

202.947

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

61.089

37.106

28.809

(c) Trade receivables

100.063

40.765

22.480

(d) Cash and cash equivalents

4.401

6.253

8.354

(e) Short-term loans and advances

2.016

3.193

0.892

(f) Other current assets

0.342

0.441

0.366

Total Current Assets

167.911

87.758

60.901

 

 

 

 

TOTAL

398.509

281.851

263.848

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

437.071

102.504

130.041

 

Other Operating revenue

77.356

55.060

0.480

 

Other Income

8.576

0.719

0.479

 

TOTAL

523.003

158.283

131.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

269.648

57.741

74.369

 

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

(7.504)

1.941

(1.158)

 

Employees benefits expense

72.221

36.155

29.324

 

Other expenses

35.894

24.623

21.341

 

TOTAL

370.259

120.460

123.876

 

 

 

 

 

Less

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

152.744

37.823

7.124

 

 

 

 

 

Less

FINANCIAL EXPENSES

34.926

34.248

27.608

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

117.818

3.575

(20.484)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

8.661

8.627

6.525

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

109.157

(5.052)

(27.009)

 

 

 

 

 

Less

TAX

4.122

5.252

3.611

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

105.035

(10.304)

(30.620)

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

0.000

0.011

0.586

 

Capital Goods

7.404

2.032

0.000

 

TOTAL IMPORTS

7.404

2.043

0.586

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

2100.7

(206.09)

(612.40)

 

 

Particulars

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

1000.000

 

 

 

 

 

 

The above information has been parted by Mr. Chirag (Account Manager)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

64.893

27.275

(9.450)

Net cash flow from operating activities

48.072

27.275

(9.456)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

24.03

(10.05)

(23.55)

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

34.95

36.90

5.48

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

27.39

(1.79)

(10.38)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

1.93

0.10

0.66

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

4.81

(5.18)

(6.34)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.41

1.41

0.93

 

 

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

0.500

0.500

0.500

Reserves & Surplus

(41.165)

(51.469)

56.017

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

(40.665)

(50.969)

56.517

 

 

 

 

long-term borrowings

228.379

254.000

251.500

Short term borrowings

29.627

9.893

20.384

Total borrowings

258.006

263.893

271.884

Debt/Equity ratio

(6.345)

(5.178)

4.811

 

 

 

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)

Sales

130.041

102.504

437.071

 

 

(21.176)

326.394

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

130.041

102.504

437.071

Profit/ (Loss)

(30.620)

(10.304)

105.035

 

(23.55%)

(10.05%)

24.03%

 

 

 

 

 

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

Yes

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

Yes

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

No

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

 

 

 

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

Loan from Holding Company

(at interest rate@12%p.a.)

232.000

215.000

 

 

 

Total

232.000

215.000

 

 

ANNUAL ACCOUNTS

 

The Company had made sales of Rs.437.071 Million (Previous year Rs.102.504 Million) other Operating revenue of Rs.77.356 Million (Previous year Rs.55.060 Million) and other income of Rs. 8.576 Million (Previous year Rs.0.719 Million). The Company made a net profit of Rs.109.157 Million (Previous Year Rs.5.052 Million) after meeting all expenses, but before making provision for taxes. After making provision of Deferred tax of Rs.4.122 Million the Company made a net Profit of Rs.105.035 Million as against net loss of Rs.10.304 Million of previous year.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10263725

29/07/2011 *

97,500,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, Vadodara RODA, Gujarat - 390015, INDIA

B17796293

2

10263726

09/04/2015 *

208,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, Vadodara RODA, Gujarat - 390015, INDIA

C50106749

 

 

FIXED ASSETS

 

  • Land under lease
  • Buildings
  • Plant and Equipments
  • Furniture and Fixtures
  • Vehicles
  • Office Equipments
  • Computers
  • Laboratory Equipments
  • Electrical Installation
  • Computer Software

 

 

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.66.09

UK Pound

1

Rs.101.03

Euro

1

Rs.70.85

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SUD

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

32

 

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.