MIRA
INFORM REPORT
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Report Date : |
01.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
HONEYWELL BIOMATRIX LIMITED |
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Registered Office : |
Plot No.46, Road No.13, Banjara Hills, Hyderabad – 500034, Andhra Pradesh. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
27.12.1999 |
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Com. Reg. No.: |
033147 |
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CIN No.: [Company
Identification No.] |
U01110AP1999PLC033147 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDN01253A |
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PAN No.: [Permanent
Account No.] |
AABCN1933B |
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Legal Form : |
A Closely held Public limited Liability Company |
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Line of Business : |
Manufacturing of natural products such as Biofuel Plants and Medicinal
Plants. |
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 37080000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Financial position is satisfactory. Trade relations are fair. Payments
are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office : |
Plot No.46, Road No.13, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh. |
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Tel. No.: |
91-40-23320999 / 65507799 / 65595799 |
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Fax No.: |
91-40-23328109 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. V Bhaskar Rao |
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Designation : |
Managing Director |
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Name : |
Mr. B. Jaya Kumar |
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Designation : |
Director |
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Name : |
Mr. V Sujatha |
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Designation : |
Director |
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Name : |
Mr. Phaneesh Mudigonda |
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Designation : |
Director |
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Name : |
Mr. Chandra Sekhar Jadhav |
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Designation : |
Director |
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Name : |
Mr. Virendra Kapoor |
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Designation : |
Director |
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Name : |
Mr. Barry L Shapiro |
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Designation : |
Director |
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Name : |
Mr. Gopa Kumar Nair |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. U Ravi Kumar |
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Designation : |
Purchase Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of natural products such as Biofuel Plants and Medicinal
Plants. |
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Exports : |
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Countries : |
Worldwide |
GENERAL INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
Not Available |
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Auditors : |
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Name : |
JBRK and Company Chartered Accountant |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,50,00,000 |
Equity Shares |
Rs.10/- Each |
Rs. 150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,00,93,516 |
Equity Shares |
Rs.10/- Each |
Rs.100.935
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
100.900 |
67.800 |
67.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
640.700 |
211.500 |
171.400 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
741.600 |
279.300 |
239.200 |
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LOAN FUNDS |
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1] Secured Loans |
23.600 |
62.500 |
51.300 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
23.600 |
62.500 |
51.300 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
765.200 |
341.800 |
290.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
123.000 |
119.800 |
96.300 |
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Capital work-in-progress |
53.300 |
22.200 |
15.800 |
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INVESTMENT |
61.700 |
11.000 |
1.900 |
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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 |
10.000
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5.000 |
1.900 |
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Sundry Debtors |
138.400
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88.400 |
66.300 |
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Cash & Bank Balances |
293.000
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79.700 |
114.800 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
74.900
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31.100 |
23.600 |
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Total
Current Assets |
516.300
|
204.200 |
206.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
56.100
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12.900 |
29.000 |
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Provisions |
5.300
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2.500 |
1.100 |
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Total
Current Liabilities |
61.400
|
15.400 |
30.100 |
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Net Current Assets |
454.900
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188.800 |
176.500 |
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MISCELLANEOUS EXPENSES |
72.300 |
0.000 |
0.000 |
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TOTAL |
765.200 |
341.800 |
290.500 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
747.600 |
460.400 |
306.300 |
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Other Income |
12.700 |
10.800 |
4.600 |
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Stock Adjustments |
5.000 |
3.100 |
(0.200) |
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Total Income |
765.300 |
474.300 |
310.700 |
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Profit/(Loss) Before Tax |
65.800 |
44.000 |
17.500 |
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Provision for Taxation |
3.900 |
3.900 |
0.900 |
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Profit/(Loss) After Tax |
61.900 |
40.100 |
16.600 |
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Expenditures : |
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Manufacturing Expenses |
223.700 |
57.400 |
1.500 |
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Administrative Expenses |
25.100 |
14.800 |
19.000 |
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Raw Material Consumed |
414.700 |
339.400 |
260.400 |
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Salaries, Wages, Bonus, etc. |
6.600 |
5.200 |
4.700 |
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Interest |
4.900 |
4.300 |
1.100 |
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Power & Fuel |
0.500 |
0.400 |
0.300 |
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Depreciation & Amortization |
7.400 |
5.400 |
4.200 |
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Other Expenditure |
16.600 |
3.400 |
2.000 |
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Total Expenditure |
699.500 |
430.300 |
293.200 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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Debt-Equity Ratio |
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0.08 |
0.22 |
0.21 |
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Long Term Debt-Equity Ratio |
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0.08 |
0.22 |
0.21 |
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Current Ratio |
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9.38 |
9.03 |
6.86 |
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TURNOVER RATIO |
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Fixed Assets |
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5.47 |
3.92 |
2.96 |
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Inventory |
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99.68 |
133.45 |
161.121 |
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Debtors |
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6.59 |
5.95 |
4.62 |
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Interest Cover Ratio |
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14.43 |
11.23 |
16.91 |
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Operating Profit Margin (%) |
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10.45 |
11.66 |
7.44 |
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Profit Before Interest and Tax Margin (%) |
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9.46 |
10.49 |
6.07 |
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Cash Profit Margin (%) |
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9.27 |
9.88 |
6.79 |
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Adjusted Net Profit Margin (%) |
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8.28 |
8.71 |
5.42 |
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Return On Capital Employed (%) |
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13.67 |
15.28 |
6.40 |
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Return On Net Worth (%) |
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12.13 |
15.47 |
6.94 |
LOCAL AGENCY
FURTHER INFORMATION
PRESS RELEASE:
Company to set up
BIEZ for biofuels
Financial Express Hyderabad 09.05.2008
Corporate Bureau, Hyderabad May8
Company Ltd and ILandFS Infrastructure Development Corporation Ltd have joined
hands together to establish a first of its kind Bio Investment Eco Indthemtrial
Zone (BIEZ) in the country. A feasibility report is being prepared towards the
viability of the project which is expected to be ready in the next three
months.
BIEZ is a unique platform wherein all the players which include the biofuels
and renewable energy, are coming together at a single location to achieve
energy efficiency and economies of scale. The basic components of BIEZ are
farms, laboratories for mass production of plants along with nursery production
centres, demonstration areas, training centres, convention centres, etc. The
participants of BIEZ would include farmers, government, R 7 D institutions and
indthemtrial units across the renewable energy value chain and equity
investors.
According to B Jayakumar, Director, Company Ltd, the first BIEZ project is
expected to take shape in the next one year and would entail an investment of
over Rs 5000 – 6000 millions.
Further, Nandan has entered into a joint venture with BOCK and Shapoorji
Pallonji, wherein BPCL will be setting up the entire values chain for
establishment of biofuel refineries and also procure the biofuel produced from
BIEZ project for blending requirements, According to R K Mathur, IAS, IL and
FS, the total area of BIEZ would be located on about 300 metres radithem having
a multi-stake holder approach.
Meanwhile, the company has signed a joint
venture agreement with Alphakat GmbH, which is claimed to be a leader in the
field of biofuel engineering, production and development through a patented KDV
technology for producing biodiesel from seeds and green biomass of jatropha,
Says Christian Koch, Chairman, Alphakat, “The JV would focthem on catalytic
depolymerisation of biomers into synthetic diesel fuel,” he said.
Further, the company has also signed pact with Malaysia-based Platinum Energy
(PE) for joint development of jatropha in catchment areas in South East Asia.
In fact, PE is looking at developing jatropha cultivation in over 100,000
hectares in India across marginalized land. The company is embarking on a large
scale jatropha cultivation of over two million acres spread Gujarat,
Maharashtra, MP, UP, Karnatka, AP, Rajasthan, Orissa and Jharkand.
BPCL to set up
wind farm in Andhra
Btheminess Standard Hyderabad
B Krishna Mohan Hyderabad 8th May, 2008
Public sector oil company Bharat Petroleum Corporation Limited (BPCL) is
planning to set up a 5 Mw wind power farm in Andhra Pradesh. This will be on
the lines of those operating in Rajasthan and Kerala, said A K Bansal,
executive director (corporate affairs), BPCL
.
Speaking to Btheminess Standard, Bansal, who was here to sign a memorandum of
understanding with Hyderabad-based Company for biofuel production, said the
company would invest about Rs.200 millions in the state. It also has plans to
set up similar facilities in Tamil Nadu and Gujarat. He, however, did not
specify any time frame for these projects.
The company is also working on a 1-Mw power plant based on solar farm in
Punjab. “They are jthemt testing the technology to harness the solar power effectively,”
he said. Regarding its attempt to theme fuel cells manufactured by Bharat Heavy
Electricals Limited, a power equipment manufacturer, Bansal said though the
technology was good, at present costs it was proving expensive.
This apart, BPCL is now bidding for new oil blocks in Oman, Athemtralia and
other countries for exploration activities.
This is a capital-intensive area. They will spend about Rs.15000 millions
depending on the project,” he said, adding the company would focthem on
exploring gas or crude oil’
On crude oil crossing $120 a barrel, he said the public sector oil companies
were not able to adjthemt to the steep rise. They have exhathemted all their
credit limit and unless the government supports them by increasing the price
they cannot absorb any hikes,” he said. On Reliance closing its outlets he said
the move would not affect the company’s finances.
BPCL has also planned a bio-diesel chain in a joint venture with Company in
Uttar Pradesh. The company will invest Rs.21320 millions over the next 10 years
and envisages cultivating jatropha on one million acre. The venture is expected
to create one million jobs and produce one million tonne of bio-diesel.
Nandan to build
indthemtrial zones in 10 states
Financial Chronicle, Chennai 09.05.2008
Sharange Limaye, Hyderabad
The Hyderabad – based Company will construct Bio Investment Eco Indthemtrial
Zones (BIEZs) in 10 states of India for producing bio diesel from Jatropha
seeds. The first of the plants will come up in Medak district of Andhra Pradesh
within a year. Each BIEZ, which will be 300 km in diameter, will involve an
investment of Rs.5000 – 6000 millions. Company, a bio-diesel producer, will
theme a technology called catalytic Depolymerisation, developed by German
scientist Christian Koch.
Catalytic Depolymerisation enables transformation of agricultural residues and
fast growing crop resources into synthetic diesel. The technology is already in
theme in Germany Spain, Italy, Mexico, Canada and Bulgaria. ‘ With increasing
demand for energy worldwide and depleting natural resources, renewable energy
sources like bio fuels have huge potential to meet India’s burgeoning
requirements. Bio fuels will help them in ensuring energy security in the
backdrop of deteriorating global condition,’ B Jayakumar, director, Company
said.
The company will be teaming up with infrastructure development company IL and
FS, Bharat Petroleum Corporation ltd (BPCL) and construction company Shapoorji
Pallonji for this project. Malaysian company Platinum Energy will partner
Company in the plantation of the Jatropha plants. Sthemhil Sindhu of Platinum
Energy said that Jatropha seeds were most likely to accept as a source of bio
fuel.
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.46.94 |
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UK Pound |
1 |
Rs.85.57 |
|
Euro |
1 |
Rs.67.79 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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