MIRA
INFORM REPORT
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Report Date : |
31.08.2007 |
IDENTIFICATION DETAILS
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Name : |
HALEWOOD LABORATORIES PRIVATE LIMITED |
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Registered Office : |
319, Phase
II, G.I.D.C. Industrial Estate, Vatva, Ahmedabad - 382445, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
20.06.2000 |
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Com. Reg. No.: |
04-38236 |
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CIN No.: [Company
Identification No.] |
U24231GJ2000PTC038236 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMH00340E |
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PAN No.: [Permanent
Account No.] |
AAACH8645M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Engaged in manufacturing and exporting pharmaceutical food
products like tea, coffee, sucralose, sugar free and ORS (oral rehydration
salts). Also engaged in manufacturing health care products. |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 17000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old company having moderate track records. Company’s
profitability is under severe pressure. Payments are reported as slow and
delayed. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
319, Phase
II, G.I.D.C. Industrial Estate, Vatva, Ahmedabad - 382445, |
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Tel. No.: |
91-79-25831513
/ 25896479 / 25896494 |
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Mobile No.: |
91-9824314184 / 9824342424 |
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Fax No.: |
91-79-25896494 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Kaushik S Chaturvedi |
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Designation : |
Managing Director |
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Address : |
701/A, Raj Kamal, |
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Date of Birth/Age : |
17.08.1952 |
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Date of Appointment : |
20.06.2000 |
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Name : |
Mr. Umesh S Parikh |
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Designation : |
Director |
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Address : |
3, Shailaraj Ramdev Nagar, |
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Date of Birth/Age : |
22.01.1948 |
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Date of Appointment : |
14.06.2004 |
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Name : |
Mr. P J John |
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Designation : |
Director |
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Address : |
A 103 Prema Sadan, 4 Bungalows, Andheri [West], Mumbai – 400053, |
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Date of Birth/Age : |
18.11.1947 |
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Date of Appointment : |
20.06.2000 |
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Date of Ceasing : |
14.06.2004 |
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Name : |
Mr. Krutin Chaturvedi |
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Designation : |
Manager |
KEY EXECUTIVES
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Name : |
Sandip Sheth and Associates |
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Designation : |
Company Secretary |
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Address : |
308, Amulya Complex, B/h. Rudra Complex, Near |
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Tel No. : |
91-79-66313551 |
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Mobile No.: |
91-9824025590 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Kaushik S Chaturvedi |
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47050 |
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K |
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40000 |
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Sheelaben K Chaturvedi |
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100 |
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Prakash S Chaturvedi |
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100 |
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Krutin K Chaturvedi |
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100 |
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Priya Vipul Chaturvedi |
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100 |
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Vipul D Chaturvedi |
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100 |
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Makers Laboratories Limited |
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43750 |
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Ellora Organic Industrial Private Limited |
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43800 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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50.00 |
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Directors or relatives of directors |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged in manufacturing and exporting pharmaceutical food
products like tea, coffee, sucralose, sugar free and ORS (oral rehydration
salts). Also engaged in manufacturing health care products. |
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Products : |
·
Instant Drink
Powders ·
Isabgol Husk Powders
·
Jaljira Powders ·
Energy Drinks ·
Sucralose Blends ·
Protein Powders ·
Instant Soup
Mixes
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GENERAL INFORMATION
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Bankers : |
Axis Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shah and Shah Associates Chartered Accountants |
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Address : |
“Aniket”, 7th Floor, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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400,000 |
Equity Shares |
Rs. 10/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.000 |
3.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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1.257 |
3.504 |
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NETWORTH |
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4.257 |
6.504 |
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LOAN FUNDS |
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1] Secured Loans |
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10.326 |
4.800 |
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2] Unsecured Loans |
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3.021 |
3.222 |
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TOTAL BORROWING |
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13.347 |
8.022 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.428 |
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TOTAL |
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17.604 |
14.954 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.562 |
14.235 |
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INVESTMENT |
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0.055 |
0.055 |
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DEFERREX TAX ASSETS |
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0.673 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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6.756 |
3.958 |
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Sundry Debtors |
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5.437 |
1.858 |
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Cash & Bank Balances |
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0.876 |
2.575 |
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Loans & Advances |
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2.734 |
1.577 |
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Total
Current Assets |
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15.803 |
9.968 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.965 |
8.520 |
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Provisions |
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0.524 |
0.784 |
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Total
Current Liabilities |
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16.489 |
9.304 |
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Net Current Assets |
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[0.686] |
0.664 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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17.604 |
14.954 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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57.667 |
48.973 |
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Other Income |
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-- |
14.475 |
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Total Income |
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57.667 |
63.448 |
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Profit/(Loss) Before Tax |
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[3.249] |
1.188 |
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Provision for Taxation |
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[5.495] |
0.189 |
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Profit/(Loss) After Tax |
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2.246 |
0.999 |
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Expenditures : |
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Interest |
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-- |
0.616 |
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Depreciation & Amortization |
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-- |
1.673 |
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Other Expenditure |
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60.916 |
59.971 |
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Total Expenditure |
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60.916 |
62.260 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.89 |
1.57 |
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Net Profit Margin (PBT/Sales) |
(%) |
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[5.63] |
2.43 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[9.74] |
4.91 |
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Return on Investment (ROI) (PBT/Networth) |
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[0.76] |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.01 |
2.66 |
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Current Ratio (Current Asset/Current Liability) |
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0.96 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
HALEWOOD
LABORATORIES PRIVATE LIMITED |
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Presented By |
Mr. Kaushik S
Chaturvedi, Director |
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1) Date and description of instrument creating the change |
Equitable
Mortgage by deposit of title deeds dated 17.12.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.000
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The company
created an equitable mortgage by deposit of title deeds of all the pieces and
parcel of land and building i.e. immovable property of lease hold property of
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4) Gist of the terms and conditions and extent and operation of the charge. |
Tenure : 5 years
including one year of moratorium Margin : 20 % for
capital expenditure. Rate of Interest
8.25 %. Interest rate is valid for one year from the date of disbursement and
Bank has right to reset the interest after one year. Repayment
Schedule : 16 quarterly installments of Rs. 0.975 millions commencing from
December, 2005. Interest will be
serviced on monthly basis All the assets /
properties to be comprehensively insured. Penal interest
rate will be 2 % p.a. for the period of non-compliance of any condition of
sanction. Corporate Guarantee
of Makers Laboratories Limited |
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5) Name and Address and description of the person entitled to the charge. |
Axis Bank Limited Law Garden,
Ellise Bridge, Ahmedabad – 38006 |
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6) Date and brief description of instrument modifying the charge |
No other
instrument executed. However Axis Bank letter bearing Ref. No. Axis / ANDH /
PS 2005-06 dated 28.12.2005 the Term Loan limit revised. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Tem Loan
amount has been freezed at Rs. 12 Millions and thus the amount of charge has
been reduced to Rs. 12 Millions The repayment
schedule has been modified as under : 16 Equal
Quarterly of Rs. 0.75 Millions commencing from 31.12.2005 Other terms and
conditions remains unchanged. |
AS PER
WEBSITE
Profile
Subject was set up in 1982; it has over the years benchmarked
a reputable status in both the domestic and international market. The company
gives greatest importance to customer satisfaction and the entire organization
works towards achieving this objective. Owing to the superlative quality of the
products offered at the best prices in the market, they have earned the trust
and support of a large number of customers. They also welcome the feedback and
suggestions of their esteemed clients. Timely delivery is their essence, and
irrespective of the location, all orders are catered to promptly.
Quality
Assurance
To provide high quality products is the primary objective of
subject. They procure superior quality raw materials from reliable suppliers and
other reputed sources. The product management team of the company is always
involved in research and development work for continual improvement, thus
catering to the latest demands of the market. Various factors are duly
evaluated by their experts so as to be able to maintain the high standards of
quality as per the international standards of excellence.
Infrastructure
Subject is equipped with modern and updated machinery and
technology. They are supported by a dedicated group of goal-oriented professionals
who work round the clock to achieve the company's objectives. The professionals
are skilled and highly experienced to deal with the special needs of this
industry. Their team ensures the premier position that the company has gained
for past 35 years in the competitive marketplace. They have a spacious and
well-ventilated warehouse, facilitating them to cater to any bulk demands of
the market at any given point of time.
Hallmark
They have been able to make a
mark in their arena owing to the following factors:
- Hygienic food
products, which are well-packed to retain the freshness till they are
consumed
- Competitive
prices--the best price offered in the market
- All the
products are of superior quality
- Timely
delivery irrespective of the location
- State of the
art infrastructure
- Committed to
deliver the best, leaving no room for customer grievances.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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.41.04 |
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|
1 |
Rs.82.76 |
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Euro |
1 |
Rs.56.07 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
26 |
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 |
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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 |
|
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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