MIRA
INFORM REPORT
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Report Date : |
19.07.2007 |
IDENTIFICATION DETAILS
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Name : |
LEPRO HERBALS PRIVATE LIMITED |
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Registered Office : |
4 – Empire Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
16.09.1991 |
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Com. Reg. No.: |
55-45667 |
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CIN No.: [Company
Identification No.] |
U74899DL1991PTC045667 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELL00958G |
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PAN No.: [Permanent
Account No.] |
AAACL0728M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter of Chemicals and Herbals. |
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 350000 |
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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 records. Directors are reported
as experience and respectable businessmen.
Trade relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
4 – Empire Estate, |
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Tel. No.: |
91-11-27803500/ 26803504 / 26804201 / 26804203 |
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Fax No.: |
91-11-27801770 / 26802102 / 26802423 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Surender Kumar Thakral |
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Designation : |
Director |
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Address : |
411- L, |
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Date of Birth/Age : |
15.08.1941 |
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Date of Appointment : |
05.04.1996 |
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Name : |
Mr. Mohinder Kumar Kohli |
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Designation : |
Director |
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Address : |
S -4 / 114, Mahabir Nagar, Tilak Nagar, New Delhi, Delhi – 110018,
India |
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Date of Birth/Age : |
02.02.1954 |
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Date of Appointment : |
01.05.1995 |
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Name : |
Mr. Ram Pratap |
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Designation : |
Additional Director |
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Address : |
B- 3, F-F, Ward No. 8, Hilltop Apartments, Mehrauli, |
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Date of Birth/Age : |
04.08.1939 |
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Date of Appointment : |
02.04.2007 |
KEY EXECUTIVES
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Name : |
Agarwals & Associates |
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Designation : |
Company Secretary |
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Address : |
C-101, Happy Home Apartments, Plot No.12A, Sector 7, Dwarka, New
Delhi-110070 |
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Mobile No.: |
91-9811549887/ 9312069089 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Raman Mehta |
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10630 |
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Mrs. Nidhi Mehta |
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159420 |
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Mr. Raman Mehta (HUF) |
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50000 |
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Alchem International Limited |
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30000 |
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Mr. Bharat Mehta |
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30150 |
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Ms. Neha Mehta |
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25000 |
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Ms. Divya Mehta |
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25000 |
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Total |
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330200 |
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Particulars |
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Percentage of
Holding |
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Bodies Corporate (not mentioned above) |
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9.00 |
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Other top fifty (50) shareholders (other than listed above) |
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91.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer, Exporter of Chemicals and Herbals. |
GENERAL INFORMATION
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Bankers : |
Citi Bank N A Jeevan Vihar, 3, Sansad Marg, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. S. Talwar and Company Chartered Accountants |
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Address : |
S – 58, Greater Kailash – II, |
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Associate
Company : |
v
Twin Multiflora Private Limited v
Alchem International Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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330200 |
Equity Shares |
Rs. 10.00 each |
Rs. 3.302 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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3.302 |
3.302 |
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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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86.166 |
84.199 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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89.468 |
87.501 |
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LOAN FUNDS |
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1] Secured Loans |
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63.983 |
71.253 |
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2] Unsecured Loans |
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19.000 |
0.000 |
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TOTAL BORROWING |
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82.983 |
71.253 |
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DEFERRED TAX LIABILITIES |
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7.179 |
6.711 |
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TOTAL |
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179.630 |
165.465 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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115.138 |
78.612 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.0000 |
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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128.710 |
87.234 |
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Sundry Debtors |
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12.687 |
52.358 |
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Cash & Bank Balances |
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3.087 |
2.632 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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12.671 |
18.883 |
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Total
Current Assets |
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157.155 |
161.107 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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83.430 |
66.368 |
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Provisions |
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9.233 |
7.886 |
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Total
Current Liabilities |
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92.663 |
74.253 |
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Net Current Assets |
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64.492 |
86.853 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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179.630 |
165.465 |
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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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Total Income |
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235.897 |
207.550 |
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Profit/(Loss) Before Tax |
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4.149 |
13.104 |
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Provision for Taxation |
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1.806 |
4.743 |
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Profit/(Loss) After Tax |
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2.343 |
8.361 |
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Earnings in Foreign Currency : |
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Export Earnings |
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114.736 |
180.133 |
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Other Earnings |
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111.544 |
175.386 |
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Total Earnings |
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226.280 |
355.519 |
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Total Imports |
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25.444 |
31.870 |
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Expenditures : |
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Depreciation & Amortization |
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14.768 |
8.110 |
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Other Expenditure |
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202.212 |
178.226 |
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Total Expenditure |
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216.980 |
186.336 |
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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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0.99 |
4.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.76 |
6.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.52 |
5.47 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.96 |
1.66 |
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Current Ratio (Current Asset/Current Liability) |
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1.70 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
LEPRO HERBALS PRIVATE LIMITED |
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Presented By |
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1) Date and description of instrument creating the change |
Goods Security Agreement
dated 31.07.2001, which was registered on 09.08.2001 and further modified by
Goods Security Agreement dated 22.12.2003, which was registered on dated
31.12.2003 and modified by deed of modification dated 20.12.2004, registered
on dated 04.02.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total facilities
: Rs. 24.160 millions Funded: Rs.19.100
millions Non Funded: Rs.
5.060 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 |
First exclusive
charge on all present and future Stocks and Book debts and Plant and
Machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
CITIBANK N A Jeevan Vihar, 3,
Sansad Marg, |
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6) Date and brief description of instrument modifying the charge |
Deed of
modification dated 11.04.2005 |
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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. |
Total Working
Capital Facilities: Rs.52.460 millions Total facilities
will now be secured by way of first exclusive charge on all present and
future Stock, Book Debts and plant and machinery of the Company. All other terms and conditions shall remain
same. ANNEXURE |
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Date of Agreement |
Date of Registration |
Particulars |
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22.12.2003 |
31.12.2003 |
Total Working
Capital Facilities enhanced from Rs. 24.160 millions to Rs. 27.930 millions.
First pari passu charge on stocks and book
debts and plant and machinery charge being on pari passu basis with China
Trust Commercial Bank |
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20.12.2004 |
04.02.2005 |
Total Working
Capital facilities: Rs. 37.460 millions. Rate of Interest on Cash Credit
@11.00% p.a. All other terms and conditions shall remain same. |
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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
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.40 |
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1 |
Rs. 82.93 |
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Euro |
1 |
Rs. 55.81 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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
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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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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