MIRA
INFORM REPORT
|
Report Date : |
24.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BAJAJ HERBALS PRIVATE LIMITED |
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Registered Office : |
405, 4th Floor, Sarthik – 2, Sarkhej Gandhinagar Highway,
Vastrapur, Ahmedabad – 380015, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.08.2005 |
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Com. Reg. No.: |
046560 |
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CIN No.: [Company
Identification No.] |
U24230GJ2005PTC046560 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB03464G |
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PAN No.: [Permanent
Account No.] |
AACCB6654J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporters of Herbal Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 33584 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Track
relations are fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered good for normal business dealings.
Nothing adverse reported. |
LOCATIONS
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Registered Office : |
405, 4th Floor, Sarthik – 2, Sarkhej Gandhinagar Highway, Vastrapur,
Ahmedabad – 380015, Gujarat |
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Tel. No.: |
91-79-26440740 / 26563889 |
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Fax No.: |
91-79-26420570 |
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E-Mail : |
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Website : |
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Corporate Office : |
444, Ashwamegh Estate, Opp. M N Desai Petrol Pump, Changodar,
Ahmedabad – 382210, Gujarat, India |
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Tel. No.: |
91-2717-250185 / 250184 / 251822 |
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Fax No.: |
91-2717-251821 / 251020 |
DIRECTORS
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Name : |
Mr. Dwarkaprasad Gopiram Bajaj |
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Designation : |
Director |
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Address : |
83, Sunrise Park, Drive-in Road, Ahmedabad – 380054, Gujarat, India |
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Date of Birth/Age : |
01.08.1945 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mr. Sanjay Dwarkaprasad Bajaj |
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Designation : |
Director |
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Address : |
83, Sunrise Park, Drive-in Road, Ahmedabad – 380054, Gujarat, India |
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Date of Birth/Age : |
02.06.1969 |
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Date of Appointment : |
05.08.2005 |
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Name : |
Mr. Gautam Dwarkaprasad Bajaj |
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Designation : |
Director |
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Address : |
83, Sunrise Park, Drive-in Road, Ahmedabad – 380054, Gujarat, India |
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Date of Birth/Age : |
27.07.1975 |
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Date of Appointment : |
05.08.2005 |
KEY EXECUTIVES
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Name : |
Ashok P Pathak and Company |
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Designation : |
Company Secretary |
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Address : |
U-4, Trupti Comlex, Opp. Shreeji Petrol Pump, Near Jivraj Park Bus
Stand, Jivraj Park, Ahmedad – 380051, Gujarat |
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Tel No.: |
97-79-26631534 |
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Mobile No.: |
91-9327002122 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Dwarkaprasad Bajaj |
|
269000 |
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Mr. Sanjay Bajaj |
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309000 |
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Mr. Gautam Bajaj |
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290300 |
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868300 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Herbal Products |
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Products : |
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Exports : |
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Countries : |
Saudi Arabia, Congo, USA, Angola, Canada and Far East Countries |
GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Oriental Bank of
Commerce Neelkamal
Building, Opp. Sales India, Ashram Road, Ahmedabad – 380009, Gujarat E-Mail: bm0170@obc.co.in |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Ashokkumar S. Gupta and Company Chartered Accountants |
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Address : |
203, New Cloth Market, Opp. Raipur Gate, Ahmedabad – 380002, Gujarat |
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Memberships : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
762000 |
Equity Shares |
Rs.10/- each |
Rs.7.620
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
8.683 |
7.620 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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(0.287) |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
8.396 |
7.620 |
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LOAN FUNDS |
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1] Secured Loans |
|
21.596 |
0.000 |
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2] Unsecured Loans |
|
0.298 |
0.000 |
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TOTAL BORROWING |
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21.894 |
0.000 |
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DEFERRED TAX LIABILITIES |
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30.710 |
7.620 |
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TOTAL |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.717 |
3.131 |
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Capital work-in-progress |
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0.000 |
0.855 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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10.969 |
0.000 |
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Sundry Debtors |
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4.298 |
0.000 |
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Cash & Bank Balances |
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0.743 |
2.022 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
6.777 |
0.785 |
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Total
Current Assets |
|
22.787 |
2.807 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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6.909 |
0.800 |
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Provisions |
|
0.036 |
0.050 |
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Total
Current Liabilities |
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6.945 |
0.850 |
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Net Current Assets |
|
15.842 |
1.957 |
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MISCELLANEOUS EXPENSES |
|
0.151 |
1.677 |
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TOTAL |
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30.710 |
7.620 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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30.697 |
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Other Income |
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|
0.279 |
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Total Income |
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30.976 |
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Profit/(Loss) Before Tax |
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0.168 |
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Provision for Taxation |
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|
0.455 |
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Profit/(Loss) After Tax |
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(0.287) |
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FOB Value |
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22.302 |
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Expenditures : |
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Cost of Goods Sold |
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13.083 |
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Manufacturing Expenses |
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|
5.673 |
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Administrative Expenses |
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|
0.397 |
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Raw Material Consumed |
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|
7.112 |
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Depreciation & Amortization |
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|
0.360 |
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Other Expenditure |
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|
5.372 |
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Total Expenditure |
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31.997 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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(0.92) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.54 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.44 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.02 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.82 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
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3.28 |
3.30 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U24230GJ2005PTC046560 |
|
Name of the
Company |
BAJAJ HERBALS PRIVATE LIMITED |
|
Address |
405, 4th Floor, Sarthik – 2, Sarkhej Gandhinagar Highway,
Vastrapur, Ahmedabad – 380015, Gujarat |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Hypothecation |
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Particulars of
the charge holder |
Oriental Bank of
Commerce Neelkamal
Building, Opp. Sales India, Ashram Road, Ahmedabad – 380009, Gujarat E-Mail: bm0170@obc.co.in |
|
Amount secured by
the charge |
Rs.27.500
millions |
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Brief of the
principal terms and conditions |
Interest as per
guidelines on the monthly basis Penal int 2% margin on PC 10% interest FDBP /
FUDBP 10.50%, PC 7.75% |
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Description of
the property charged indicating |
Plant and
Machinery Hypothecation of stock
and present and future fixed assets of the company at Changodar Tal Sanand |
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Date of
Instrument |
24.07.2006 |
As Per Web Details
Company Profile:
Subject is a part of the most renowned Bajaj Group of Companies. They started
their business in the year 1998 and soon grew into prominence by the virtue of
their distinguished quality products and customer friendly approaches. Keeping
all their efforts concentrated upon product development, quality control and
standardization, they nurture a philosophy of continuous improvement at their
unit. All their products are derived through rigorous research and each of them
is incorporated with globally recognized quality norms. It is why, clients from
all over the world rely upon them as a brand synonymous to trust, reliability
and innovative products. They are a 100% export oriented business house engaged in the
industry as a manufacturer and exporter of an extensive range of Herbal Cosmetic
Products such as Hair Care, Oral Care, Skin Care and Personal Care Items. In addition, they
offer a range of Food Products including Peanut Butter, Instant Powder Drink, Flavoring
Essence & Food Colors, Rose Syrup, Instant Coffee Powder, etc.
They have
a well established global network spread over several parts of the globe. At
present, the export market of their company includes Middle East, Saudi Arabia,
Kuwait, Oman, Malaysia, Singapore, Australia, USA, Canada, Europe, Congo,
Angola, Ethiopia, Suriname, Panama and many more countries. They have a monthly
production capacity of 500-600 metric tonnes of products and they are now
concentrating upon producing Herbal Hair Conditioners and Henna Paste &
Beauty Cream in the near future. At present, their company is a reputed member
of a number of reputed organizations including:
- The Basic Chemicals, Pharmaceuticals
and Cosmetics Export Council (Chemexcil)
- The Agricultural and Processed Food
Products Export Development Authority (APEDA)
- FICCI (Federation of Indian Chambers of
Commerce and Industry)
- CII (Confederation of Indian Industry).
They are HACCP & ISO Certified from ICL Group and also Certified. HALAL
Their Quality
Subject mission is to provide their customers with superlative grade products
which comply with internationally recognized norms. To achieve this goal, they
have adopted a Quality Management System and strictly maintain a set of quality
control guidelines as per ISO and HACCP standards. They train their employees
regarding the latest trends, technologies and quality norms in their field and
motivate them to put all their efforts and develop products which are unique
and of unmatchable quality. To look after the quality control operations, they
have established a dedicated quality control unit at their company. This unit
comprises of quality experts who supervise the whole manufacturing process,
right from the initial stage of raw material washing, drying, peeling,
crushing, and mixing to final inspection, packaging and dispatch of finished
products. They have also installed color sorting machine and HPLC machines in
this unit for superior quality control. Besides quality control, they lay
strong emphasis on in-house R&D activities for bringing out innovative
products in this ever-competitive market.
Their Strength
Subject
stand apart in the highly competitive industry is its world class
infrastructural facilities. Established as a part of the renowned Bajaj Group
of Companies, they are fortunate enough to be endowed with a well established
infrastructural base. The production unit is equally advanced and empowered by
sophisticated facilities for production, raw material processing, quality
control, packaging and storage. In addition, there is a captive R&D unit
where their highly qualified analytical chemists, quality experts, and other
professionals keep themselves engaged for further improvement of their
products.
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 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.39.57 |
|
UK Pound |
1 |
Rs.78.93 |
|
Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
|