MIRA
INFORM REPORT
|
Report Date : |
11.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
HEALTH BIOTECH
PRIVATE LIMITED |
|
|
|
|
Registered Office : |
SCO 162-164, Indian Air Line Towers, Top Floor, Sector 34,
Chandigarh 160 034, Punjab |
|
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.04.2001 |
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|
Com. Reg. No.: |
53-24356 |
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CIN No.: [Company
Identification No.] |
U24233CH2001PLC024356 |
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|
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
PTLH11595D |
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|
PAN No.: [Permanent
Account No.] |
AABCH1876K |
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Legal Form : |
Private Limited
Liability Company |
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|
|
Line of Business : |
Manufacturers of
Pharmaceutical Products. |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable
to meet normal commitments. |
Satisfactory |
|
|
|
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|
Maximum Credit Limit : |
USD 579000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are slow but
correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Factory : |
SCO 162-164, Indian Air Line Towers, Top Floor, Sector 34,
Chandigarh 160 034, Punjab, India. |
|
Tel. No.: |
91-172-3241310 /
2622688 / 2623369 |
|
Fax No.: |
91-172-2620688 |
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E-Mail : |
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|
Website : |
DIRECTORS
|
Name : |
Mr. Paramjit
Arora |
|
Designation : |
Director |
|
Address : |
# 1376, Sector
40 B, Chandigarh, Uttar Pradesh, India |
|
Date of Birth/Age : |
11.09.1969 |
|
Qualification : |
D. Pharma |
|
Experience : |
15 years |
|
Date of Appointment : |
24.04.2001 |
|
|
|
|
Name : |
Ms. Renu Arora |
|
Designation : |
Director |
|
Address : |
# 1376, Sector
40 B, Chandigarh, Uttar Pradesh, India |
|
Date of Birth/Age : |
12.06.1975 |
|
Qualification : |
B. A. |
|
Experience : |
10 years |
|
Date of Appointment : |
24.04.2001 |
|
|
|
|
Name : |
Mr. Marut Arora |
|
Designation : |
Director |
|
Address : |
# 206, Sector 19A,
Chandigarh, Uttar Pradesh, India |
|
Date of Birth/Age : |
27.08.1974 |
|
Date of Appointment : |
21.04.2003 |
|
Date of Ceasing : |
27.06.2005 |
|
|
|
|
Name : |
Mr. Hemant Arora |
|
Designation : |
Director |
|
Address : |
# 206, Sector 19A,
Chandigarh, Uttar Pradesh, India |
|
Date of Birth/Age : |
04.12.1978 |
|
Date of Appointment : |
21.04.2003 |
|
Date of Ceasing : |
27.06.2005 |
|
|
|
|
Name : |
Mr. Gaurav Chawla |
|
Designation : |
Director |
|
Address : |
H. No. 1018, Sector
12A, Pankula, Haryana 134 009, India. |
|
Date of Birth/Age : |
07.02.1981 |
|
Date of Appointment : |
03.07.2007 |
MAJOR SHAREHOLDERS
|
Names of
Shareholders |
|
No. of Shares |
|
Mr. Paramjit
Arora |
|
3410000 |
|
Ms. Renu Arora |
|
2240000 |
|
TOTAL |
|
5650000 |
As on 29.09.2007
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Pharmaceutical Products. |
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|
Products : |
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|
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|
Terms : |
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Selling : |
Credit |
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|
|
|
Purchasing : |
Credit [120 days] |
GENERAL INFORMATION
|
Customers : |
OEMs
|
|
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|
No. of Employees : |
522 |
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|
|
|
Bankers : |
State Bank of
India SSI Branch, Sai
Road, Baddi
174 101, Himachal Pradesh, India. |
|
|
|
|
Facilities : |
T/L : Rs. 200.000
millions W/ES : Rs. 70.000
millions B/G : Rs. 5.000
millions PLC : Rs. 10.000
millions |
|
|
|
|
Banking Relations : |
Satisfactory |
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|
|
|
Auditors : |
Rajesh Aggarwal
and Associates Chartered
Accountants, S.C.O. 40, 2nd
Floor, Sector 31D, Chandigarh 160030, Punjab |
|
Tel. No.: |
91-172-5012305 |
CAPITAL STRUCTURE
As on 30.09.2007
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6383240 |
Equity Shares |
Rs.10/- each |
Rs.63.832 millions |
As on 31.03.2007
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5720000 |
Equity Shares |
Rs.10/- each |
Rs.57.200 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
57.200 |
39.000 |
14.200 |
|
|
2] Share Application Money |
1.800 |
7.500 |
0.852 |
|
|
3] Reserves & Surplus |
56.843 |
14.981 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
115.843 |
61.481 |
15.052 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
201.640 |
66.481 |
25.832 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
201.640 |
66.481 |
25.832 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
317.483 |
127.962 |
40.884 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
140.920 |
76.963 |
29.253 |
|
|
Capital work-in-progress |
41.468 |
7.966 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
89.635
|
74.838 |
0.000 |
|
|
Sundry Debtors |
79.305
|
37.645 |
0.000 |
|
|
Cash & Bank Balances |
7.666
|
2.265 |
10.446 |
|
|
Other Current Assets |
0.000
|
0.000 |
1.713 |
|
|
Loans & Advances |
67.272
|
0.761 |
0.000 |
|
Total Current Assets |
243.878
|
115.509 |
12.159 |
|
|
Less
: CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
112.151
|
71.356 |
0.528 |
|
|
Provisions |
0.000
|
1.241 |
0.000 |
|
Total Current Liabilities |
112.151
|
72.597 |
0.528 |
|
|
Net Current Assets |
131.727
|
42.912 |
11.631 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
3.368 |
0.121 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
317.483 |
127.962 |
40.884 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
481.114 |
216.890 |
|
|
Other Income |
|
9.894 |
0.023 |
|
|
Total Income |
|
491.008 |
216.913 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
40.621 |
16.222 |
|
|
Provision for Taxation |
|
0.000 |
1.241 |
|
|
Profit/(Loss) After Tax |
|
40.621 |
14.981 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
365.904 |
153.242 |
|
|
Salaries, Wages, Bonus, etc. |
|
31.630 |
11.730 |
|
|
Interest |
|
14.773 |
3.816 |
|
|
Power & Fuel |
|
3.039 |
2.161 |
|
|
Depreciation & Amortization |
|
18.363 |
11.703 |
|
|
Other Expenditure |
|
16.678 |
18.039 |
|
Total Expenditure |
|
450.387 |
200.691 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.27
|
6.91 |
N.A. |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.44
|
7.48 |
N.A. |
|
|
|
|
|
|
|
Return on Total
Assets (PBT/Total Assets} |
(%) |
9.53
|
8.09 |
N.A. |
|
|
|
|
|
|
|
Return on
Investment (ROI) (PBT/Networth) |
|
0.35
|
0.26 |
N.A. |
|
|
|
|
|
|
|
Debt Equity Ratio (Total
Liability/Networth) |
|
2.71
|
2.26 |
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current
Asset/Current Liability) |
|
2.17
|
1.59 |
23.02 |
LOCAL AGENCY FURTHER INFORMATION
The address of the
registered office of the company has been shifted from SCO 88, Sector 44C, Chandigarh
to the present address w.e.f. 03.07.2007.
|
Name of the company |
HEALTH BIOTECH PRIVATE LIMITED |
|
Presented By |
Sh. Paramjit Arora, Director |
|
1) Date and description of instrument creating the change |
Deed of letter of credit DA basis agreement dated
18.01.2006 ILC/FLC [DA/DP] Agreement dt. 18.01.2006 |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 7 millions |
|
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 |
Bills accompanied with the transport receipt /GRs/ Bill of
Lading / airways, bill evidences dispatch of material by the supplier, bill
of exchange duly accepted by the party and other related documents. Goods, stocks, R. M. finished goods. Consumable stores and
spares and entire book debts present and future |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
As per the agreement extent of operation |
|
5) Name and Address and description of the person entitled
to the charge. |
Punjab National Bank Baddi |
|
6) Date and brief
description of instrument modifying the charge |
-- |
|
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. |
-- |
|
Name of the company |
HEALTH BIOTECH PRIVATE LIMITED |
|
Presented By |
Sh. Paramjit Arora, Director |
|
1) Date and description of instrument creating the change |
Term loan agreement |
|
2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 4.000 millions |
|
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 |
Equitable mortgage of factory land and building comprising
in land of 3 Bighas and 8 Bighas Comprised in Khewat No. 40, Khewat No. 56,
Khasra No. 430, 431, 435, 440 revenue state of vill sandhali H.P. No. 199,
Tehsil Nalagarh, Distt. Solan |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
Int. 11.25% p.a. |
|
5) Name and Address and description of the person entitled
to the charge. |
Punjab National Bank Baddi |
|
6) Date and brief
description of instrument modifying the charge |
Term loan agreement dated 18.01.2006 |
|
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. |
Enhancement from 5.900 millions to Rs. 12.900 millions.
Rate of Interest 12.75%, First charge on all current and fixed assets of
the company Extent of operation = 100%, other terms as per agreement |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10029379 |
|
Corporate
identity number of the company |
U24233CH2001PLC024356 |
|
Name of the
company |
HEALTH BIOTECH PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
SCO 162-164, Indian Air Line Towers, Top Floor, Sector 34,
Chandigarh 160 034, Punjab, India. |
|
Type of charge |
Immovable
Property Book Debts Movable Property Others (all
current and other assets present and future) |
|
Particular of
charge holder |
State Bank of
India SSI Branch, Sai
Road, Baddi 174 101, Himachal Pradesh,
India. E-Mail: gmadan1959@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
Hypothecation
Agreement Form C.1-A dated 30.07.2008 Hypothecation
Agreement Form C.2-A dated 30.07.2008 Hypothecation
Agreement Form C.3-A dated 30.07.2008 Letter of
Granting Loan Form C.5 dated 30.07.2008 |
|
Date of
instrument Creating the charge |
30.07.2008 |
|
Amount secured by
the charge |
Rs.328.600
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
CC (Hypothecation) Rs.110.000 Millions at SBAR (presently effective rate
12.75%) CC (BD) within CC
Hyp. (Rs.70.000 Millions) at SBAR (presently effective rate 12.75%) SLC Rs.20.000
Millions at SBAR plus 1% (presently effective rate 12.75% + 1% i.e. 13.75%) TL Rs.10.500
Millions+Rs.25.300 Millions+Rs.105.300 Millions+Rs.25.000 Millions 0.25%
above SBAR presently 13% p.a. SME Car Loan
Rs.2.500 Millions 0.25% above SBAR presently 13% p.a. Terms of
Repayment: Working Capital payable on demand Fresh open Term
Loan 60 monthly installments from date of first disbursal Other term loans
as per the existing schedule Margin: RM
Domestic 25% SIP 25% FG - 25% Receivables
(Cover period 90 days) 40% Open Term Loan -
25% L/C - 25% BG - 25% Extent and
Operation of the charge: 100% Others: WC
penal interest 2% p.a. chargeable on the irregularity on the irregular portion
but after 60 days penal interest chargeable on the entire outstandings Term
Loan 2% p.a. penal interest for each of non compliances and defaults total
aggregate Penal Interest on non compliances not to exceed 3% p.a. (As per the
sanction letter) |
|
Short particulars
of the property charged |
1st
charge on all fixed assets p[resent and future including factory land and
building etc. 1st
charge on all current assets like BD, Stocks, Finished goods, Raw material
stock in process, receivables, stores and spares present and future. Hypothecation of
Vehicle |
|
Date of latest
modification prior to the present modification |
27.09.2007 |
|
Particulars of
the present modification |
Amount increased from
Rs.296.500 Millions to Rs.328.600 Millions as per following : Fund Based: CC
Hyp. Rs.110.000 Millions, CC (BD) with in Hyp. Rs.70.000 Millions, SLC
Rs.20.000 Millions, TL (1) Rs.10.500 Millions, TL(2) Rs.25.300 Millions,
TL(3) Rs.105.300 Millions, TL-OTL (4) Rs.25.000 Millions, SME Car Loan
Rs.2.500 Millions Total Rs.298.600 Millions Non Fund Based:
ILC/ FLC Rs.25.000 Millions Bank Guarantee
Rs.5.000 Millions One time ILC/ FLC
Rs.10.000 Millions Total NFB Rs.30.000 Millions Total overall
limit FB+NFB Rs.298.600 Millions+Rs.30.000 Millions=Rs.328.600 Millions. |
WEBSITE DETAILS
PROFILE:
Subject is a company that promises good
health for all by providing quality medicines at affordable prices and
committed to care the people for keeping good health.
Subject has won many accolades in the domestic and international pharmaceutical
domain. They are engaged in manufacturing of pharmaceutical products for acute
care market, etc. They are a leading group of Pharma companies that is headed
by an experienced management involved in the diverse field of pharma industry
and is situated at the excise free zone in Baddi, Himachal Pradesh which is
conducive for a pharma industry to grow. Their commitment towards quality, rich
industry experience together with ethical business values have taken them a
long way in gaining a global recognition. They possess an image of a widely
recognized manufacturer of injectables, latest tunnel system for dry and liquid
injectables, liquid syrups, dry syrups, eye / ear / nasal drops, pre-filled
syringes and non sterile / sterile ointments.
The company is WHO-GMP licensed pharma manufacturer that is lead by a team of
dedicated professionals who are committed to deliver the best and most reliable
medicines to their customers. Customer satisfaction is their prime aim and they
make best possible efforts to achieve it. They firmly believe in ethical
business practices and maintain full transparency in all their activities.
Their belief lies in consistent efforts to provide safe, effective and reliable
pharmaceutical products to their customers. This kind of a dedication towards
work and maintenance of high quality has enabled them to create a niche for
theirselves in the medical domain.
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 Intl 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 companys
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.48.72 |
|
UK Pound |
1 |
Rs.82.17 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SCs 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 |
|