MIRA
INFORM REPORT
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Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL HEALTH PRIVATE LIMITED |
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Registered
Office : |
E – 18, Defence Colony, Medanta – Mediclinic, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.08.2004 |
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Com. Reg. No.: |
128319 |
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CIN No.: [Company Identification
No.] |
U85110DL2004PTC128319 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELG07947C / DELG11998A |
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PAN No.: [Permanent Account No.] |
AACCG2681C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Distributor of Medical Equipments, Medical
Pharma Products and Service Provider of Hospital for Medical Accessories |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 12500000 |
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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 an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. B Kaul |
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Designation : |
Executive Officers |
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Contact No.: |
91-9971698171 |
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Date : |
01.04.2011 |
LOCATIONS
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Registered Office : |
E – 18, Defence Colony, Medanta – Mediclinic, |
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Mobile No.: |
91-9971698171 (Mr. B Kaul) |
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E-Mail : |
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Location : |
Rented |
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Factory : |
Sector -18, Gurgaon 122001, |
DIRECTORS
AS ON 28.09.2010
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Name : |
Dr. Naresh K Trehan |
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Designation : |
Director |
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Date of Birth/Age : |
12.08.1946 |
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Date of Appointment : |
13.08.2004 |
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Name : |
Mr. Sunil Sachdeva |
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Designation : |
Director |
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Date of Birth/Age : |
08.10.1965 |
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Date of Appointment : |
13.08.2004 |
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Name : |
Mr. Rajeev Sawhney |
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Designation : |
Director |
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Date of Birth/Age : |
02.10.1947 |
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Date of Appointment : |
18.04.2005 |
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Name : |
Mr. Mark |
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Designation : |
Director |
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Date of Birth/Age : |
13.05.1970 |
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Date of Appointment : |
18.05.2007 |
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Name : |
Mr. Atul Punj |
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Designation : |
Director |
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Date of Birth/Age : |
27.10.1957 |
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Date of Appointment : |
26.03.2006 |
KEY EXECUTIVES
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Name : |
Mr. B Kaul |
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Designation : |
Executive Officers |
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Name : |
Mr. Suresh Menon |
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Designation : |
Secretary |
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Date of Birth/Age : |
28.12.1963 |
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Date of Appointment : |
02.05.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2010
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Names of Shareholders |
No. of Shares |
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Dr. Naresh Terhan and Associates Health Service Private Limited, |
18899998 |
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Dr. Naresh Terhan and Associates Health Service Private Limited Joint
With Dr. Naresh K Trehan |
1 |
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Dr. Naresh Terhan and Associates Health Service Private Limited Joint
With Sunil Sachdeva |
1 |
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Dr. Naresh K Trehan |
5500000 |
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Punj Liyod Limited, |
8000000 |
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GL Asia Mauritius Limited, |
13000000 |
AS ON 28.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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27.96 |
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Bodies corporate |
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60.21 |
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Directors or relatives of directors |
|
11.83 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Distributor of Medical Equipments, Medical
Pharma Products and Service Provider of Hospital for Medical Accessories |
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Imports : |
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Products : |
Medical Equipments, Accessories and Health Care Products |
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Countries : |
European Countries, |
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Terms : |
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Selling : |
Cash, Credit (30-45 Days) |
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Purchasing : |
Cash, Credit (30-45 Days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
2000 approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
Building 8, 7th Floor, Tower B, |
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Associates/Subsidiaries : |
GL Asia Mauritius Limited, |
CAPITAL STRUCTURE
AS ON 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs. 10 each |
Rs.500.000 millions |
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Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
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46500000 |
Equity Shares |
Rs. 10 each |
Rs.465.000 millions |
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Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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43200000 |
Equity Shares |
Rs. 10 each |
Rs.432.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
429.250 |
423.750 |
418.250 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3416.700 |
3416.700 |
3416.700 |
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4] (Accumulated Losses) |
(718.784) |
(44.153) |
(48.618) |
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NETWORTH |
3127.166 |
3796.297 |
3786.332 |
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LOAN FUNDS |
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1] Secured Loans |
2755.220 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
250.000 |
0.000 |
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TOTAL BORROWING |
2755.220 |
250.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5882.386 |
4046.297 |
3786.332 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5816.063 |
726.122 |
725.098 |
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Capital work-in-progress |
1155.851 |
3476.551 |
1697.932 |
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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 |
142.840
|
0.000 |
0.000 |
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Sundry Debtors |
93.894
|
19.082 |
16.347 |
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Cash & Bank Balances |
837.577
|
340.149 |
1659.085 |
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Other Current Assets |
24.951
|
8.113 |
30.263 |
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Loans & Advances |
177.671
|
92.007 |
50.454 |
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Total
Current Assets |
1276.933
|
459.351 |
1756.149 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
NA
|
284.106 |
80.363 |
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Other Current Liabilities |
2332.093
|
322.518 |
308.492 |
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Provisions |
34.368
|
9.103 |
3.992 |
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Total
Current Liabilities |
2366.461
|
615.727 |
392.847 |
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Net Current Assets |
(1089.528)
|
(156.376) |
1363.302 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5882.386 |
4046.297 |
3786.332 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
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INCOME |
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Income from Operations |
|
201.405 |
126.979 |
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Other Income |
|
84.336 |
77.134 |
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TOTAL (A) |
|
285.741 |
204.113 |
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Less |
EXPENSES |
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Selling and Distribution Expenses |
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Office Expenses |
|
273.248 |
207.039 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
|
273.248 |
207.039 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
12.493 |
(2.926) |
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Less |
FINANCIAL
EXPENSES (D) |
|
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
12.493 |
(2.926) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
NA |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
|
12.493 |
(2.926) |
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Less |
TAX (H) |
|
8.028 |
5.854 |
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PROFIT AFTER TAX
(G-H) (I) |
|
4.465 |
(8.780) |
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IMPORTS |
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Capital Goods |
|
170.576 |
85.190 |
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Earnings Per
Share (Rs.) |
|
0.11 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
1.56 |
(4.30) |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
|
6.20 |
(2.30) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
1.05 |
(0.11) |
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Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.00 |
(0.00) |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.63
|
0.22 |
0.10 |
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Current Ratio (Current Asset/Current Liability) |
|
0.53
|
0.74 |
4.47 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009 |
31.03.2008 |
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Sundry Creditors |
NA
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284.106 |
80.363 |
NOTE:
Registered office of the company has been shifted from B2 The Mira
Corporate Suite, 2nd FL,
TRADE REFERENCE:
- CIPLA
- Ranbaxy
- Lefunodin
FIXED ASSETS:
- Vehicles
- Furniture and
Fixtures
- Office
Equipment
- IT Equipment
- Temporary
Structure
FORM 8
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Corporate
identity number of the company |
U85110DL2004PTC128319 |
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Name of the
company |
GLOBAL HEALTH PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
E – 18, Defence Colony, Medanta – Mediclinic, |
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Floating charge |
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Particular of
charge holder |
IDBI Trusteeship Services Limited, Email: itsl@idbitrustee.co.in |
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Nature of
instrument creating charge |
No Objection
Letter issued by IDBI Trusteeship Services Limited for filing the
Modification of Charge in favour of IDBI Trusteeship Services Ltd. acting
as Trustee for the benefit of EXIM
Bank Ltd. (Loan amount Rs. 500 millions) and State Bank of India (Loan amount
Rs. 700 millions) being the new Lenders in addition to the existing Lenders
(B) YES Bank
Limited (in its capacity as the Facility Agent) having its registered
office at Nehru Centre, 9th Floor, Dr. A.B. Road, Worli, Mumbai 400 018 and a
branch office at 48, Nyaya Marg, Chanakyapuri, New Delhi 110 021. (C) IDBI
Trusteeship Services Limited (in its capacity as the Security Trustee)
having its registered office at Asian Building, Ground Floor, 17, R. Kamani
Marg, Ballard Estate, Mumbai 400 001 and a branch office at 1 Red Cross Road,
New Delhi – 100 001. |
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Date of
instrument Creating the charge |
20.05.2010 |
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Amount secured by
the charge |
Rs. 5000.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Interest rate is subject
to change pursuant to the terms of the Facility Agreement dated 8th July,
2009. Terms of repayment The loan(s)
availed till March 31, 2013 are repayable in 32 (thirty-two) equal quarterly
installments commencing from June 30, 2013. The loans availed after March 31,
2013 are repayable in equal quarterly installments the last of such
installments being payable on March 31, 2021. Margin Ranging from
(-)0.50% to (-)5.00% on the prime lending rate applicable to each Lender, as
may be revised by the Lenders pursuant to the terms of the Facility Agreement
dated 8th July, 2009. |
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Short particulars
of the property charged (Including location of the property) |
DETAILS OF ASSETS AND PROPERTY SECURED 1. Current
Assets, being the whole of the Borrower’s cash, raw materials, semi finished
and finished goods, stores and spares including relating to plant and
machinery (consumable stores and spares), bills receivables, whether
documentary or clean, and book debts, all bank accounts (including the trust
and retention accounts) and all other receivables and movables, including
tangible and intangible assets, both present and future, whether installed or
not and whether lying loose or in cases or which are lying at the various
sites or any of the Borrower’s premises, warehouses, stockyards and godowns
or those of the Borrower’s agents, affiliates, associates or representatives
or places wherever else situated or wherever else the same may be, whether
now belonging to or that may at any time during the continuance of the Deed
of Hypothecation belong to the Borrower and/or that may at present or
hereafter be held by any party anywhere to the order and disposition of the
Borrower or in the course of transit or delivery. For avoidance of doubt,
Current Assets shall also include all cash and monetary proceeds received
and/or to be received pursuant to any sale or transfer of the development
rights of the Non Hospital Land (as such term is defined in the Facility
Agreement) (or any part thereof) by the Borrower. 2. Fixed Movable
Assets, being the whole of the moveable fixed assets of the Borrower’s
including plant, machinery and equipment, both present and future, or shall
hereinafter from time to time during the security of these presents be
brought into the order or disposition of the Borrower or in the course of
transit or on high seas or on order or delivery, howsoever or wheresoever in
the possession of the Borrower and/or that may at present or hereafter be
held by any party anywhere to the order and disposition of the Borrower and
either by way of substitution or addition. 3. Intellectual
Property Rights, being all patents, patent applications, trademarks, permits,
service marks, trade names, trade secrets, proprietary information and
knowledge, technology, databases, copyrights, licenses, franchises and
formulas, or rights with respect thereto, both present and future. 4. Goodwill, being goodwill, both present and future. A charge is
created in favour of IDBI Trusteeship Services Limited (“Security Trustee”)
for the benefit of the Secured Parties (as such term is defined in the
Facility Agreement) on the Project Land. Total Land is the land ad-measuring forty-three (43)
acres in Sector 38, Gurgaon allotted and conveyed to Global Health Private
Limited by Haryana Urban Development Authority for the development of mega
size project medicity vide conveyance deed dated January 6, 2005 and in
respect whereof the Department of Town and Country Planning, Haryana has issued
the Zoning Plan dated December 28, 2004 vide DRG no. DTP(G) 1339/2004, as
more particularly described in the Facility Agreement. The charge on the Project Land will operate as a continuing first
priority charge till such time as all the Outstandings (as such term is
defined in the Facility Agreement) due and owing to the Secured Parties (as
such term is defined in the Facility Agreement) under the Facility Agreement
are paid and discharged in full. |
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Date of
instrument modifying the charge |
05.08.2009 |
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Particulars of
the present modification |
The Charge(s)
subsisting over the Company's movable assets including its intellectual
property rights, goodwill and immovable properties in favour of the Security Trustee
is now modified to be available for the benefit of EXIM Bank and State Bank
of |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.