MIRA
INFORM REPORT
|
Report Date : |
05.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MARTIN
AND HARRIS LABORATORIES LIMITED |
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Registered Office : |
NH –
8, Delhi Jaipur Highway, Village Pachgaon, Fazalwas, District Gurgaon,
Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.06.1997 |
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Com. Reg. No.: |
05-33630 |
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CIN No.: [Company
Identification No.] |
U24239HR1997PLC033630 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELM08836C |
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PAN No.: [Permanent
Account No.] |
AABCM0832A |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturers
of bulk drugs, pharmaceuticals and life science products. |
RATING & COMMENTS
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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
600000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having satisfactory track. Directors are reported as experienced and
respectable businessmen. Trade
relations are fair. Business is
active. Payments are reported as
usually correct and as per commitment. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/Factory : |
NH –
8, Delhi Jaipur Highway, Village Pachgaon, Fazalwas, District Gurgaon,
Haryana, India |
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E-Mail : |
am-audit@martinandharris.com |
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Corporate
Office : |
Apeejay
Chambers, Wallace Street, Fort, Mumbai, Maharashtra, India |
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Tel.
No.: |
91-22-22071210
/ 22076853 |
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Fax
No.: |
91-22-22072625 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr.
Amit Kansal |
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Designation : |
Director
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Address : |
C –
109, Preet Vihar, New Delhi – 110092, India |
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Date of Birth/Age : |
23.01.1964 |
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Date of Appointment : |
05.08.1993 |
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Name : |
Mr.
Vinod Parag Mehta |
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Designation : |
Director |
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Address : |
114 A,
Jolly Bhawan No. 1, New Marine Lines, Mumbai, Maharashtra |
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Date of Birth/Age : |
16.01.1963 |
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Date of Appointment : |
05.08.1993 |
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Name : |
Ms.
Kalpana Umakanth |
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Designation : |
Director
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Address : |
C –
43, Treveni 1002, 10th Floor, Vasant Vihar, Pokharan Road 2, Thane
West – 400601, Maharashtra, India |
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Date of Birth/Age : |
16.05.1960 |
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Date of Appointment : |
05.08.1993 |
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Name : |
Mr.
Gopal Krishan Nigam |
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Designation : |
Director |
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Address : |
2061/39,
Naiwala Karol Bagh, New Delhi – 110006, India |
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Date of Birth/Age : |
02.03.1959 |
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Date of Appointment : |
15.02.2002 |
KEY EXECUTIVES
|
Name
: |
Ms.
Kalpana Umakanth |
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Designation
: |
Secretary
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Address
: |
C –
43, Treveni 1002, 10th Floor, Vasant Vihar, Pokharan Road 2, Thane
West – 400601, Maharashtra, India |
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Date
of Birth/Age : |
16.05.1960 |
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Date
of Appointment : |
07.01.2001 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of bulk drugs, pharmaceuticals and life science products. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Dena Bank M – 36, Connaught Circus, New Delhi –
110001 |
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Banking Relations : |
Satisfactory
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Auditors : |
Krishan
K. Gupta Chartered
Accountants, 1/3,
10196 Jhandewalan, Devimandir Lane, New Delhi – 110055, India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3996040 |
Equity
Shares |
Rs. 10/- each |
Rs. 39.960 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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39.960 |
39.960 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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107.813 |
88.757 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
147.773 |
128.717 |
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LOAN FUNDS |
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1] Secured Loans |
|
40.580 |
38.750 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
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40.580 |
38.750 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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188.353 |
167.467 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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33.114 |
24.416 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
2.931 |
2.432 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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26.655 |
18.270 |
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Sundry Debtors |
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125.379 |
96.445 |
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Cash & Bank Balances |
|
4.341 |
1.483 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
26.128 |
37.884 |
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Total Current Assets |
|
182.503 |
154.082 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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30.195 |
13.463 |
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Provisions |
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0.000 |
0.000 |
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Total Current Liabilities |
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30.195 |
13.463 |
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Net Current Assets |
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152.308 |
140.619 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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188.353 |
167.467 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
|
283.772 |
238.057 |
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Profit/(Loss)
Before Tax |
|
37.675 |
24.733 |
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Provision
for Taxation |
|
24.461 |
6.337 |
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Profit/(Loss)
After Tax |
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13.214 |
18.396 |
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Total
Expenditure |
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246.096 |
213.323 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.65 |
0.07 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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13.27 |
10.38 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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17.47 |
13.85 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.25 |
0.19 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.47 |
0.40 |
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Current
Ratio (Current
Asset/Current Liability) |
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6.04 |
11.44 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Land,
Building, Plant and Machinery, Electric Installations, Air Conditioners, Fire
Extinguisher, Furniture & Fixtures, Pollution Control Equipments,
Generator, Weighing Machine and Computer
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Name of the company |
MARTIN AND HARRIS LABORATORIES LIMITED |
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Presented By |
DENA BANK, M – 36, CONNAUGHT CIRCUS, NEW DELHI – 110001 |
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1) Date and description of instrument creating the change |
Agreement dated 21.08.1996 registered on 24.09.1996 modified on 21.08.1996, 30.03.1998 and finally on 30.03.1998 for change in terms and conditions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 17.100 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 |
As per Annexure |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Annexure |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank M – 36, Connaught Circus, New Delhi – 110001 |
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6) Date and brief description of instrument modifying the charge |
No instrument. Equitable mortgage by deposit of title deeds by constructive delivery created on 30.03.1998 |
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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 credit facilities aggregating to Rs. 88.900 millions shall also be collaterally secured by equitable mortgage by deposit of title deeds in respect of companies immovable property being plot of land measuring 7 kanals 11 marlas situated at Khasra No. 10/1 Min at village Fazalwas, Tehsil and district Gurgaon, together with buildings and structures, fixed plant and machinery, fixtures and fittings, constructed, erected or installed thereon both present and future. Other terms and conditions remained the same |
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Name of the company |
MARTIN AND HARRIS LABORATORIES LIMITED |
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Presented By |
DENA BANK, M – 36, CONNAUGHT CIRCUS, NEW DELHI – 110001 |
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1) Date and description of instrument creating the change |
21.08.1996 Registered on 24.09.1996 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 17.000 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 |
As per Annexure |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per Annexure |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank M – 36, Connaught Circus, New Delhi – 110001 |
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6) Date and brief description of instrument modifying the charge |
16.09.1998 Unattested Third Agreement of Hypothecation [Goods, Book – debts and other movable assets] and Inland Bills Form and Foreign Bills Form Previously modified on 21.08.1996, 30.03.1998 and finally on 16.05.1998 and modification registered on 04.06.1998 for change in terms and conditions |
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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 bank has revised / re-aligned the credit facilities granted to the company as under :-
Thus, the amount of charge over hypothecation of assets as mentioned in Col. No. 3 above remain the same as Rs. 88.900 millions. However, the rate of interest on cash credit shall now be charged at the rate of 17.09 percent per annum with quarterly rests subject to change from time to time or as per banks rules. The commission on guarantee [F] shall be charged at the rate of 3 percent per annum subject to change. Other terms and conditions remained the same. |
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Name of the company |
MARTIN AND HARRIS LABORATORIES LIMITED |
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Presented By |
Sh. T. S. Grover, Authorised Signatory Dena Bank M-36, Connaught Circus, New Delhi – 110001 through Sunil K.
Atreya, Advocate |
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1) Date and description of instrument creating the change |
Memorandum of entry dt. 22.08.1996 regd. On 24.09.1996 [modified on 30.03.1998 regd on 01.05.1998 modified on 16.05.1998 regd. On 04.06.1998; modified on 16.09.1998 regd on 29.10.1998; modified on 23.06.1999 regd on 02.08.1999; modified on 16.08.1999 regd on 15.10.1999 modified on 03.07.2001 filed on 01.10.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 17.100 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 equitable mortgage of the immovable property part of Khasra No. 10/1, Village Fazalwas, Tehsil & District Gurgaon in the State of Haryana [situated on NH8] admeasuring 7 kanal 11 marle |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The property has been mortgaged by deposit of title deeds for the due repayment and discharge of company’s liabilities in respect of the existing diverse credit facilities not exceeding Rs. 17.100 millions together with interest thereon at further penal interest in case of default, commission, commitment charges, premium on prepayment or on redemption, liquidated damages, costs, charges, expenses paid or incurred by the Bank for the protection, preservation, enforcement and discharge of such security and / or recovery of banks dues |
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5) Name and Address and description of the person entitled to the charge. |
Dena Bank M – 36, Connaught Circus, New Delhi – 110001 |
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6) Date and brief description of instrument modifying the charge |
13.03.2002 declaration by Director Memorandum of entry dt. 22.08.96 regd. On 24.09.96 [modified on 30.03.98 regd on 01.05.98; modified on 16.05.98 regd. on 04.06.98; modified on 16.09.98 regd on 29.10.98; modified on 23.06.99 regd on 02.08.99; modified on 16.08.99 regd. on 15.10.99 modified on 03.07.01 filed on 01.10.2001 |
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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. |
Bank has agreed to continue / grant the following credit facilities :
The various credit facilities aggregating to Rs. 73.500 millions which have been granted by the Bank to the company has been renewed and revised and shall continue to be collaterally secured by way of equitable mortgage by deposit of title deeds in respect of the company’s immovable property being all those pieces and parcels of land and hereditaments and premises and admeasuring 7 Kanal 11 Marle together with all buildings, structures, erections present and future and the plant and machinery installed or erected thereon. As per the terms and conditions contained in the aforesaid declaration. |
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.44.30 |
|
UK
Pound |
1 |
Rs.85.83 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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/normal. |
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 |
|