MIRA
INFORM REPORT
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Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
HORIZEN BIOCEUTICALS PRIVATE
LIMITED |
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Registered Office : |
Plot No. 241, Sector 29, Huda, G. T. Road, Panipat, 132103, Haryana. |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.10.1998 |
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Com. Reg. No.: |
034053 |
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CIN No.: [Company
Identification No.] |
U24232HR1998PTC034053 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKH02619B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Trading of Tablets, Capsules and Dry Syrups. |
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 46968 |
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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. Trade relations are fair. Business is active. Payments are reported as
usually correct and as per the commitments. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No. 241, Sector 29, Huda, G. T. Road, Panipat, 132103, Haryana,
India. |
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E-Mail : |
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Corporate Office : |
Nahan Road, Near UCO Bank, Kalaamb, Himachal Pradesh, India. |
DIRECTORS
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Name : |
Mr. Manoj Garg |
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Designation : |
Director |
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Address : |
241, Sector 29, Huda, G. T. Road, Panipat, 132103, Haryana, India |
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Date of Birth/Age : |
01/01/1967 |
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Date of Appointment : |
10.03.2005 |
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Name : |
Mr. Ashok Kumar |
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Designation : |
Director |
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Address : |
241, Sector 29, Huda, G. T. Road, Panipat, 132103, Haryana, India |
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Date of Birth/Age : |
22/04/1966 |
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Date of Appointment : |
16.10.1998 |
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Name : |
Ms. Mamta Guglani |
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Designation : |
Director |
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Address : |
241, Sector 29, Huda, G. T. Road, Panipat, 132103, Haryana, India |
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Date of Birth/Age : |
11/10/1968 |
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Date of Appointment : |
16.10.1998 |
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Name : |
Mr. Charanjeet Arora |
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Designation : |
Director |
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Address : |
241, Sector 29, Huda, G. T. Road, Panipat, 132103, Haryana, India |
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Date of Birth/Age : |
13/08/1967 |
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Date of Appointment : |
10.03.2005 |
KEY EXECUTIVES
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Name : |
M/s. D P Madan and Associates |
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Designation : |
Company Secretary |
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Address : |
7, Ibrahim Mandi, Liberty Road, Karnal (HR) |
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Tel No. : |
91-184-2241162 |
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Mobile No. : |
91-9416031162 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
No. of Shares |
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Manoj Garg |
26,500 |
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Ashok Kumar |
53,600 |
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Mamta Guglani |
19,900 |
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Charanjeet Arora |
87,000 |
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Ritu Garg |
55,000 |
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Curewell Drugs and Pharmaceuticals Private Limited |
490,000 |
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Total |
732000 |
Equity Share Breakup (Percentage of Total Equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Bodies Corporate (not mentioned above) |
66.94 |
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2. |
Directors or relatives of directors. |
33.06 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Tablets, Capsules and Dry Syrups. |
GENERAL
INFORMATION
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Bankers : |
v State Bank of
India v Canara Bank,
Panipat v Union Bank of
India, Panipat |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vinod Grover and Associates, Chartered Accountants, |
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Address : |
26-27, 1st Floor, Shakuntla Complex, Palika Bazar, G.T.
Road, Panipat, 132103, Haryana, India. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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732,000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 7.320
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.320 |
1.920 |
0.100 |
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2] Share Application Money |
3.400 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.022 |
0.038 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.742 |
1.958 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
5.863 |
0.000 |
0.000 |
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2] Unsecured Loans |
2.127 |
2.080 |
0.000 |
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TOTAL BORROWING |
7.990 |
2.080 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.092 |
0.009 |
0.000 |
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TOTAL |
19.824 |
4.047 |
0.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.393 |
0.367 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.842
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9.389 |
0.000 |
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Sundry Debtors |
10.897
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3.792 |
0.000 |
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Cash & Bank Balances |
0.216
|
0.813 |
0.080 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.127
|
2.023 |
0.000 |
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Total
Current Assets |
37.082
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16.017 |
0.080 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
23.597
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12.399 |
0.011 |
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Provisions |
0.197
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0.022 |
0.000 |
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Total
Current Liabilities |
23.794
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12.421 |
0.011 |
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Net Current Assets |
36.885
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3.596 |
0.069 |
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MISCELLANEOUS EXPENSES |
0.143 |
0.084 |
0.031 |
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TOTAL |
19.824 |
4.047 |
0.100 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
84.119 |
17.860 |
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Other Income |
0.000 |
0.000 |
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Total Income |
84.119 |
17.860 |
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Profit/(Loss) Before Tax |
1.264 |
0.069 |
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Provision for Taxation |
0.197 |
0.022 |
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Profit/(Loss) After Tax |
1.067 |
0.047 |
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Expenditures : |
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Depreciation |
0.762 |
0.027 |
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Other Expenditure |
82.093 |
17.764 |
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Total Expenditure |
82.855 |
17.791 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
1.27 |
0.26 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
1.50
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0.39 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.50
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0.39 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.04 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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2.03
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6.34 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
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1.56
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1.29 |
1.16 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Creation of Charge |
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Name of the company |
HORIZEN BIOCEUTICALS PRIVATE LIMITED |
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Address |
Plot No. 241, Sector 29, HUDA, Panipat, 132103, Haryana, India. |
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Type of Charges |
v Book Debts v Movable Property (not being pledge) v Others |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Union Bank of India Address : G. T. Road, Panipat, 132103, Haryana, India. |
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Nature or description of the instrument creating or modifying the charge |
Composite Hypothecation Deed Dated 11.06.2007 |
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Date of the instrument creating charge |
11.06.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 12.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest BPLR+0.75% P.A. (b) Terms of Repayment Repayable On Demand (c) Margin 25% (d) Extent and Operation of the Charge 100% |
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Short particulars of the Property charged |
All Kind of Tangible Movable Machineries, Plant, Fixtures, Fitting, Furnitures, Accessories, Vehicles Situated At Factory Premises of the Company at HUDA-241, Sector 29 and Kalaamb and stocks like Powder, Capsules, Syrup and Tablets, Book Debts, Outstanding, Monies, Receivables, Claims, Bills, Contracts, Arrangements and Securities Present and Future and so on. |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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. 39.97 |
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UK Pound |
1 |
Rs. 79.78 |
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Euro |
1 |
Rs. 62.60 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
NO |
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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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45 |
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 |
|
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. |
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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