MIRA INFORM REPORT

 

 

 

Report Date :

30.08.2008

 

IDENTIFICATION DETAILS

 

Name :

HICKS THERMOMETERS INDIA LIMITED

 

 

Registered Office :

A-12-13, Industrial Estate, Aligarh-202001, Uttar Pradesh

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

02.06.1961

 

 

Com. Reg. No.:

20-2846

 

 

CIN No.:

[Company Identification No.]

L33112UP1961PLC002846

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AGRH10215C

 

 

PAN No.:

[Permanent Account No.]

AAACH9203R

 

 

Legal Form :

Public Limited Liability Company. The company’s shares are listed on stock exchange.

 

 

Line of Business :

Manufacturer of Thermometers and Surgical Products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 37000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are fair. General financial position is satisfactory.

 

Payments are usually correct and as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kamal Sihnar

Designation :

PA

Contact No.:

91-9837636288

Date :

27.08.2008

 

 

LOCATIONS

 

Registered Office/

Factory :

A-12-13, Industrial Estate, Aligarh-202001, Uttar Pradesh, India

Tel. No.:

91-571-420455 / 409163

Fax No.:

91-571-403238

E-Mail :

manishaligarh@yahoo.co.in

hicks@zidaonline.com

hicksindia@sancharnet.in

hpgupta@nde.vsnl.net.in

hicks@ridaonline.com

Website :

htpp://www.hicksindia.com

 

 

Corporate Office :

C-26, Industrial Estate, Aligarh-202001, Uttar Pradesh, India

Tel. No.:

91-571-2409163

Fax No.:

91-571-2403238

Mobile No.:

91-9837065650/ 9837890000

E-Mail :

hpgupta@hicksindia.com

sgupta@hicksindia.com

Sales@hicksindial.Com

hicksindia@sancharnet.com 

Website:

http://www.hicksindia.com

Area :

Owned

 

 

Branches :

Located at:

 

  • Mehta Building, 55, B.R.B.B. Road, Kolkata, West Bengal
  • Delhi
  • Patna,  Bihar

 

 

DIRECTORS

 

Name :

Mr. R. K. Bansal

Designation :

Director

Address :

Agra Cantt, Uttar Pradesh

Date of Birth/Age :

20.12.1920

 

 

Name :

Mr. Bharat  Bhushan Deva

Designation :

Director

Address :

Vibhuti Niwas, Basnath Kamacha, Varanasi, Uttar Pradesh

Date of Birth/Age :

15.12.1953

Experience :

30 Years

 

 

Name :

Mr. Sher Singh

Designation :

Director

Address :

G-503 Premier Appartment, I.P. Ext. New Delhi – 110 092

 

 

Name :

Mr. Hari Parkash Gupta

Designation :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh, Uttar Pradesh

Address :

02.09.1946

Date of Birth/Age :

60 Years

Qualification :

M.Tech

Experience :

4 Years

 

 

Name :

Mrs. Dr. Vijay Gupta

Designation :

Managing Director

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh, Uttar Pradesh

Date of Birth/Age :

 02.01.1928

Qualification :

Doctor

Experience :

40 Years

 

 

Name :

Mr. Sidarath Gupta

Designation :

Joint Managing Director

Address :

Vijay Nikunj, Tikaram Mandir Marg, Aligarh, Uttar Pradesh

Date of Birth/Age :

09.01.1973

Qualification :

B.Com

Experience :

15 Years

 

 

Name :

Mrs. Ranjana Bansal

Designation :

Director

Address :

Agra Cantt, Uttar Pradesh

Date of Birth/Age :

23.09.1955

 

 

Name :

Mrs. Kusum Gupta

Designation :

Director

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Thermometers and Surgical Products.

 

 

Products :

Product Description

ITC Code

Thermometers

9025

 

  • Clinical Thermometers
  • Digital Thermometer
  • Pregnancy Test (HCG)
  • Hot Water Bottle/ Ice Bag
  • Elctronic B.P. Instrument
  • Brand Gard
  • Adult Diaper/ Under Pad
  • Diagnostic Products
  • Healthcare Products

 

 

Exports :

 

Products :

Thermometers

Countries :

Maxico

 

 

Imports :

 

Products :

Raw Material

Countries :

China and Denmark

 

 

Terms :

 

Selling :

L/C, T.T, Cash and Credit ( 30 Days)

 

 

Purchasing :

L/C, Cash, Credit ( 30 Days), Credit Depends

 

PRODUCTION STATUS

 

Particulars

Unit

 

Installed Capacity

Actual Production

Thermometer

PCS

 

2500000

1394307

 

 

GENERAL INFORMATION

 

Customers :

Distributors

 

 

No. of Employees :

150

 

 

Bankers :
  • Indian Overseas Bank, Aligarh-202001, Uttar Pradesh, India

 

 

Facilities :

SECURED LOAN

31.03.2007

Rs. In Millions

Working Capital facilities From Banks (Secured by hypothecation of stocks of Raw Material, Work in process and Finished goods, Book Debts, Bills Receivables and Also collateral secured by way of equitable mortgage (by Deposits of Title Deeds) of Factory, Land and Building situated at Aligarh of hypothecation of Plant and Machinery and other assets and also further secured by personal guarantee of two directos)

15.269

Over Draft:

 

(Against pledge of fixed deposit receipts)

--

Total

15.269

 

 

UNSECURED LOAN

31.03.2007

Rs. In Millions

From Directors (including interest accrued and due Rs. 0.134 Million Previous year Rs. 0.153 Million)

3.458

Total

18.727

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Agarwal and Associates

Chartered Accountant

Address :

Aligarh-202001, Uttar Pradesh, India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2007

 

Authorised Capital :

No. of Shares

Type

Value

Amount

400000

Equity Shares

Rs. 10/- each

Rs. 4.000 Millions

4000

Equity Shares

Rs. 100/- each

Rs. 0.400 Million

6000

Unclassified Preference Shares

Rs. 100/- each

Rs. 0.600 Million

 

Total

 

Rs. 5.000 Millions

 

Issued Capital :

No. of Shares

Type

Value

Amount

229540

Equity Shares

Rs. 10/- each

Rs. 2.295 Millions

 

 Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

225500

Equity Shares

Rs. 10/- each

Rs. 2.255 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

2.255

2.255

2.300

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

5.208

3.815

3.100

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

7.463

6.070

5.400

LOAN FUNDS

 

 

 

1] Secured Loans

15.269

13.945

9.300

2] Unsecured Loans

3.458

3.467

2.900

TOTAL BORROWING

18.727

17.412

12.200

DEFERRED TAX LIABILITIES

0.748

0.759

0.000

 

 

 

 

TOTAL

26.938

24.241

17.600

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.269

5.347

5.200

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.010

0.010

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
18.173

17.262

11.100

 

Sundry Debtors
8.960

4.419

5.900

 

Cash & Bank Balances
6.523

5.047

6.000

 

Other Current Assets
0.026

0.327

0.000

 

Loans & Advances
0.543

0.321

0.700

Total Current Assets
34.225

27.376

23.700

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
12.566

8.492

10.900

 

Provisions
0.000

0.000

0.400

Total Current Liabilities
12.566

8.492

11.300

Net Current Assets
21.659

18.884

12.400

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

26.938

24.241

17.600

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

Sales Turnover

93.224

65.621

55.900

Other Income

0.188

0.337

0.300

Total Income

93.412

65.958

56.200

 

 

 

 

Profit/(Loss) Before Tax

2.508

1.621

0.800

Provision for Taxation

1.121

0.684

0.300

Profit/(Loss) After Tax

1.387

0.937

0.500

 

 

 

 

Imports :

 

 

 

 

Raw Materials

0.346

0.993

NA

 

Trading

12.929

9.025

NA

 

Capital Goods

0.000

0.000

NA

 

Others

0.000

0.000

NA

Total Imports

13.275

10.018

NA

 

 

 

 

Expenditures :

 

 

 

 

Raw Material Consumed

3.278

4.920

28.500

 

Power and Fuel

0.000

0.000

1.300

 

Purchases made for re-sale

48.384

31.770

0.000

 

Excise Duty

1.375

1.213

1.500

 

Other Manufacturing Expenses

0.000

0.000

7.000

 

Employee Cost

0.000

0.000

4.900

 

Selling and Administration Expenses

0.000

0.000

11.400

 

Increase/(Decrease) in Finished Goods

[2.043]

[5.633]

[2.600]

 

Interest

1.731

1.499

1.700

 

Depreciation & Amortization

0.611

0.554

0.500

 

Miscellaneous Expenses

0.000

0.000

1.200

 

Other Expenditure

37.568

30.014

0.000

Total Expenditure

90.904

64.337

55.400

 

 

KEY RATIOS

 

 

PARTICULARS

 

31.03.2007

31.03.2006

31.03.2005

Debt-Equity Ratio

2.65

2.57

2.12

Long Term Debt-Equity Ratio

0.51

0.56

0.55

Current Ratio

1.19

1.17

1.18

TURNOVER RATIOS

 

 

 

Fixed Assets

8.10

6.05

5.53

Inventory

5.25

4.62

5.59

Debtors

13.91

12.74

11.07

Interest Cover Ratio

2.32

1.94

1.53

Operating Profit Margin(%)

5.36

5.64

5.55

Profit Before Interest And Tax Margin(%)

4.72

4.73

4.65

Cash Profit Margin(%)

2.15

2.29

1.97

Adjusted Net Profit Margin(%)

1.50

1.37

1.07

Return On Capital Employed(%)

17.71

15.09

15.71

Return On Net Worth(%)

20.59

15.65

11.32

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

OPERATION: 
 
Despite the recessionary trend of the economy in the previous year and adverse market conditions, your company has been able to achieve turnover of Rs.93.234 Millions. However due to adverse Government policies allowing the import of Clinical Thermometers at lower rate of import duty in comparision to higher rate of import duty on Raw Material coupled with increased cost of sales and production, your company could not achieve the target level of profit and turnover. 

 
The shares of the company are listed at Kanpur & Delhi Stock Exchanges and listing fees have been paid for the year 2006-07. 

 

Trade References:

 

 

 

Fixed Assets:

 

 

AS PER WEBSITE

 

Profile:

 

It began over 100 over 100 years ago when Mr. Hicks invented the "First constriction in Clinical Thermometers"

 

Introduction


Hicks has a vision - Universal Healthcare through Quality and Reliability. This motto was given us by our founder Managing Director, Late Mr. V.P. Gupta, since the inception of the company in 1962.

 

Our factory is located at Aligarh U.P. India, 135 Kms, from New Delhi towards Agra and is famous for Aligarh Muslim University and brass hardware, artware & locks. The factory is built on a plot area of 5500 sq mtrs with covered area of 1100 sq mtrs. We have over 125 workers and staff who are highly skilled and motivated to provide production of highest standards.

 

We are manufacturing and marketing clinical prismatic / enclosed scale / digital thermometers and disposable surgical / hospital under brand name of HICKS.

 

We also have wide marketing network of over 600 chemists / surgical dealers spread in all the states in India with offices at Calcutta / Patna and New Delhi with amarketing team to serve these outlets regularly.


Since 2002, we have taken-up exclusive representation for medical related products viz.
1. Abena-Incontinence products


In future we look forward for growth in the products and marketing hi-tech medical products.

 

 

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.43.79

UK Pound

1

Rs.80.05

Euro

1

Rs.64.56

 

 

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

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

46

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions