MIRA
INFORM REPORT
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Report Date : |
10.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIGLANCE LABORATORIES PRIVATE LIMITED |
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Registered Office : |
1204, Hemkunt Chambers, 89 Nehru Place, New Delhi - 110019 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.06.2003 |
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Com. Reg. No.: |
55 – 120847 |
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CIN No.: [Company
Identification No.] |
U24239DL2003PTC120847 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceuticals. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 202836 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 5 years old company, but could not make much head away.
Scale of activity is limited. However, the company has good capital base. Payments
are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution initially. |
LOCATIONS
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Registered Office : |
1204, Hemkunt Chambers, 89 Nehru Place, New Delhi – 110019, India |
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E-Mail : |
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Website : |
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Factory : |
E-12 and 13, UPSIDC, Site – B, Surajpur Industrial Area, Greater
Noida, Gautam Budh Nagar – 201306, Uttar Pradesh, India |
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Tel. No.: |
91-120-2569742 |
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Fax No.: |
91-120-2569743/ 3233243 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Ajay Singh |
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Designation : |
Director |
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Name : |
Mrs. Kalawati Devi |
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Designation : |
Director |
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Name : |
Mr. Sanjay Singh |
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Designation : |
Director |
BUSINESS DETAILS
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Share |
Rs.10/- each |
Rs.50.000 Millions |
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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 |
50.000 |
0.100 |
0.100 |
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2] Share Application Money |
0.125 |
17.065 |
0.000 |
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3] Reserves & Surplus |
0.584 |
0.508 |
0.277 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
50.709 |
17.673 |
0.377 |
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LOAN FUNDS |
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1] Secured Loans |
35.239 |
0.000 |
0.000 |
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2] Unsecured Loans |
38.375 |
30.869 |
30.869 |
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TOTAL BORROWING |
73.614 |
30.869 |
30.869 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
124.323 |
48.542 |
31.246 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.103 |
8.904 |
8.879 |
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Capital work-in-progress |
109.582 |
29.535 |
13.697 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.040 |
0.026 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.005
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0.005 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
1.510
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10.684 |
8.706 |
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Other Current Assets |
13.448
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0.132 |
0.250 |
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Loans & Advances |
0.000
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0.000 |
0.000 |
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Total
Current Assets |
14.963
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10.821 |
8.956 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.592
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0.623 |
0.142 |
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Provisions |
0.047
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0.136 |
0.166 |
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Total
Current Liabilities |
9.639
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0.759 |
0.308 |
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Net Current Assets |
5.324
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10.062 |
8.648 |
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MISCELLANEOUS EXPENSES |
0.274 |
0.015 |
0.022 |
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TOTAL |
124.323 |
48.542 |
31.246 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
0.228 |
2.191 |
1.267 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
0.228 |
2.191 |
1.267 |
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Profit/(Loss) Before Tax |
0.137 |
0.379 |
0.483 |
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Provision for Taxation |
0.061 |
0.148 |
0.166 |
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Profit/(Loss) After Tax |
0.076 |
0.231 |
0.317 |
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Total Expenditure |
NA |
NA |
NA |
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 |
(%) |
33.33
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10.54 |
25.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
60.09
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17.30 |
38.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
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1.92 |
2.71 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.02 |
1.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.64
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1.79 |
82.70 |
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Current Ratio (Current Asset/Current Liability) |
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1.55
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14.26 |
29.08 |
LOCAL AGENCY
FURTHER INFORMATION
Profile:
Subject is participating to combat the World Health Organization's
priority' diseases control programmes. The Company's registered Office is
situated in India's capital New Delhi,
and many representative offices are established overseas to give
feedback and fast service to their customers. They care about the impact; they
have on the people and places touched by their mission to improve health around
the world.
Their pharmaceutical formulations plant and administrative office is located at
Greater Noida, outskirts of New Delhi. A production area of 10,000 square
meters with state of the art manufacturing facilities, having a production
capacity of 2 billion units of tablets and 300 million units of capsules per
annum. The plant is equipped with world's latest manufacturing technology and
sensitive product control systems ensuring adherence to strict quality norms
and standards that are accepted in the pharmaceutical arena. An excellent
infrastructure, highly skilled personnel are also key contributors to Medico's
excellent reputation amongst the Pharmaceutical Formulation Manufacturers.
Subject is recognized as a reliable source of High Quality and wide range of
pharmaceutical formulation products that treat major disease areas: allergy,
CNS, infections and infestations, musculoskeletal, cardiovascular, gastro-intestinal,
respiratory, tuberculosis, nutrition, metabolism, diabetes etc.
Management:
Company is managed by the Board of directors who are highly
technical qualified with vast experience in the field of pharmaceuticals
and diagnostics. The Board oversees the conduct and supervises the management
affairs of subject with the Company's pool of Scientists, Doctors, Technocrats,
Engineers, Legal and Financial advisers, marketing analysts. Before the start
of each financial year, the Board approves subject annual budget and strategic
objectives. The board reviews the company's internal controls and risk
management policies and approves its governance structure and code of ethics.
The Board meets regularly to consider particular issues or conduct specific reviews
whenever deemed appropriate. The board appraises and approves major financing,
investment and contractual decisions in excess of defined thresholds. In
addition, the board evaluates and monitors the performance of the group as a
whole and also keeps monitering on world's science and research achievement,
financial and political changes.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.53 |
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UK Pound |
1 |
Rs.81.54 |
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Euro |
1 |
Rs.62.40 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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32 |
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. |
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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