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Report No. : |
350304 |
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Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
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Name : |
NEETHSEL
PRIVATE LIMITED |
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Registered Office : |
Pekarshing,
Phuentsholing Bhutan, P.O. Box No. : 311 |
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Country : |
Bhutan |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
06.07.2001 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer of Pharmaceutical Products. |
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No. of Employees : |
85 Approximately |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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) |
|
Bhutan |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BHUTAN - ECONOMIC OVERVIEW
Bhutan's economy, small and less developed, is based largely
on hydropower, agriculture, and forestry, which provide the main livelihood for
more than half of the population. Because rugged mountains dominate the terrain
and make the building of roads and other infrastructure difficult and
expensive, industrial production is primarily of the cottage industry type. The
economy is closely aligned with India's through strong trade and monetary links
and is dependent on India for financial assistance and migrant laborers for
development projects, especially for road construction. Multilateral
development organizations administer most educational, social, and environment
programs, and take into account the government's desire to protect the
country's environment and cultural traditions. For example, the government, in
its cautious expansion of the tourist sector, encourages visits by upscale,
environmentally conscientious tourists. Complicated controls and uncertain
policies in areas such as industrial licensing, trade, labor, and finance
continue to hamper foreign investment. Bhutan’s largest export - hydropower to
India - could spur sustainable growth in the coming years if Bhutan resolves
chronic delays in construction. Bhutan currently taps only 5% of its
30,000-megawatt hydropower potential and is behind schedule in building 12 new
hydropower dams with a combined capacity of 10,000 megawatts by 2020 in
accordance with a deal signed in 2008 with India. The high volume of imported
materials to build hydropower plants has expanded Bhutan's trade and current
account deficits. However, Bhutan and India in April 2014 agreed to begin four
additional hydropower projects, which would generate 2,120 megawatts in total.
A declining GDP growth rate in each of the past three years in the absence of
new hydropower facilities has constrained Bhutan’s ability to institute
economic reforms. Bhutan inked a pact in December 2014 to expand duty-free
trade with Bangladesh, the only trade partner with which Bhutan enjoys a
surplus.
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Source
: CIA |
NEETHSEL PRIVATE LIMITED
Registered Address / Factory: Pekarshing,
Phuentsholing Bhutan
P.O. Box No. : 311
Telefax Number: 00975-5-252040
Mobile Number: 00975-17179191/17141547
Email: info@neethsel.com
It is a private limited company incorporated at Thimpu, Bhutan under
Govt. B4751 of 06.07.2001.
|
Lyanpo
Laki Dorji (Chairman) |
|
Namgay Ngedup |
|
S. R. Derji |
Bhutan Bank Ltd. Phontsholing, Bhutan
Agarwal & Co., Bhutan
85 Approximately
The plant has full capacity of 340MT per annum for manufacturing of API
under cGMP guidelines and WHO specifications and the consumption of raw
materials will be 145MT per annum. It has also strictly complied with
environmental and safety regulations and requirements. Regularly updated
systems, procedures and an expert team support a stringent quality policy.
The warehouse of Neethsel Private Limited is
an enclosed building and protects the stored goods from environmental
influences. They are secured against fire by the design of the buildings and
technical facilities. The fire brigade facility has access to enable
appropriate fire fighting. The locking system of the stored goods ensures that
the access to the building is controlled.
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Authorized Share Capital |
: |
Nu. 5,000,000 divided into 500,000 Equity
Shares of Nu. 10/- each. |
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Issued, Subscribed & Paid Up Capital |
: |
Nu. 2,616,680 divided into 261,668 Equity
Shares of Nu. 10/- each. |
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Face Value |
: |
Nu. 10/- each. |
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Last AGM |
: |
July 15, 2013 |
BALANCE SHEET
(AMOUNT
IN NU MLN.)
|
Particular |
March 31, 2013 |
March 31, 2012 |
|
Sources of Funds |
||
|
Share Capital |
2.62 |
0.59 |
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Reserves & Surplus |
13.56 |
3.40 |
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Unsecured Loans |
2.67 |
4.30 |
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Deferred Tax Liability (Net) |
0.01 |
0.01 |
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Total Liabilities |
18.86 |
8.30 |
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Application Of Funds |
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Gross Block |
1.28 |
0.88 |
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Less:
Depreciation |
0.43 |
0.24 |
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Net Block |
0.85 |
0.64 |
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Current Assets, Loan and Advances |
||
|
Inventories |
30.24 |
22.01 |
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Sundry Debtors |
10.84 |
9.63 |
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Cash And Bank Balances |
0.14 |
0.82 |
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Loans and Advances |
2.49 |
1.31 |
|
|
43.71 |
33.77 |
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Less : Current Liabilities & Provisions |
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Current Liabilities |
23.56 |
25.09 |
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Provisions |
2.18 |
1.06 |
|
|
25.74 |
26.15 |
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Net Current Assets |
17.97 |
7.62 |
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Miscellaneous Expenditure |
0.04 |
0.04 |
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Total Assets |
18.86 |
8.30 |
|
Name : |
Ms. Sonam |
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Designation : |
General Manager |
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Contact No.: |
00975-17141547 |
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Date : |
19.11.2015 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.09 |
|
|
1 |
Rs.101.04 |
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Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
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Information
Gathered by : |
DPA |
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.