MIRA
INFORM REPORT
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Report Date : |
03.03.2011 |
IDENTIFICATION
DETAILS
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Name : |
HEALTH BIOTECH
LIMITED |
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Registered Office : |
SCO 162-164, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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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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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLH11595D |
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PAN No.: [Permanent
Account No.] |
AABCH1876K |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturers of
Pharmaceutical Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 912000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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. Bhupendra |
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Designation : |
Accountant |
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Contact No.: |
91-172-4685300 |
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Date : |
23.02.2011 |
LOCATIONS
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Registered Office/ Factory : |
SCO 162-164, |
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Tel. No.: |
91-172-3241310 /
2622688 / 2623369 |
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Fax No.: |
91-172-2620688 |
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E-Mail : |
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Website : |
DIRECTORS
As on :
30.09.2009
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Name : |
Mr. Paramjit
Arora |
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Designation : |
Director |
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Address : |
# 1376, Sector –
40 B, |
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Date of Birth/Age : |
11.09.1969 |
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Qualification : |
D. Pharma |
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Experience : |
15 years |
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Date of Appointment : |
24.04.2001 |
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Name : |
Mrs. Rohini Raman
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Designation : |
Director |
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Address : |
# 1376, Sector –
40 B, |
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Date of Birth/Age : |
07.02.1981 |
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Date of Appointment : |
03.07.2007 |
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Name : |
Mr. Hemant Arora |
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Designation : |
Director |
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Address : |
# 206, Sector –
19A, |
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Date of Birth/Age : |
04.12.1978 |
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Date of Appointment : |
21.04.2003 |
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Date of Ceasing : |
27.06.2005 |
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Name : |
Mr. Gaurav Chawla |
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Designation : |
Director |
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Address : |
H. No. 1018,
Sector – 12A, Pankula, Haryana – 134 009, |
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Date of Birth/Age : |
07.02.1981 |
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Date of Appointment : |
03.07.2007 |
MAJOR SHAREHOLDERS
As on :
30.09.2009
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Names of
Shareholders |
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No. of Shares |
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Mr. Paramjit
Arora |
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4450155 |
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Ms. Renu Arora |
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2414705 |
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Mr. Gaurav chawla
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|
100 |
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Mr. Des Raj
Chawla |
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10 |
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Mr. Raj Rani |
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10 |
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Mr. Chanranjit
Singh |
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10 |
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Mrs. Manmohan
Kaur |
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10 |
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TOTAL |
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6865000 |
As on
30.09.2009
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of
Pharmaceutical Products. |
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Products : |
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Export : |
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Product : |
Pharmaceutical Products |
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Country : |
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Import |
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Product : |
Raw Material |
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Country : |
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Terms : |
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Selling : |
L/C, Cash, Credit
(30 days) |
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Purchasing : |
L/C, Cash, Credit |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
900
(Approximately) (In Office 50 and Factory – 850) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh Aggarwal
and Associates Chartered Accountant |
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Address : |
S.C.O. 40, 2nd
Floor, Sector – 31D, |
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Tel. No.: |
91-172-5012305 |
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Sister Concern :
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Rescuers Address : |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5600000 |
Equity Shares |
Rs.10/- each |
Rs. 56.000 Millions |
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225000 |
Class A Equity Shares |
Rs.10/- each |
Rs. 2.250 Millions |
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910000 |
10% Non Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 91.000 Millions |
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300000 |
8.50% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 30.000 Millions |
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250000 |
8.5% Non Cumulative Redeemable Preference Shares |
Rs. 1/- each |
Rs. 0.250 Million |
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Total |
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Rs.179.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5520080 |
Equity Shares |
Rs.10/- each |
Rs.55.200
Millions |
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910000 |
10% Non Cumulative Redeemable Preference
Shares |
Rs.100/-
each |
Rs.91.000
Millions |
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300000 |
8.50% Cumulative Redeemable Preference Shares |
Rs.100/-
each |
Rs.30.000
Millions |
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Shares Suspense Account |
|
Rs.0.125
Million |
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Total |
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Rs.176.325 Millions |
As on : 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6865000 |
Equity Shares |
Rs.10/- each |
Rs.68.650
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
68.650 |
63.832 |
57.200 |
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2] Share Application Money |
0.145 |
6.899 |
1.800 |
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3] Reserves & Surplus |
159.116 |
105.396 |
56.842 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
227.911 |
176.127 |
115.842 |
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LOAN FUNDS |
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1] Secured Loans |
314.163 |
272.163 |
201.639 |
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2] Unsecured Loans |
1.000 |
1.000 |
0.000 |
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TOTAL BORROWING |
315.163 |
273.163 |
201.639 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
543.074 |
449.290 |
317.481 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
253.917 |
229.502 |
140.921 |
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Capital work-in-progress |
21.548 |
41.999 |
41.468 |
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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 |
162.834
|
103.412 |
89.634 |
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Sundry Debtors |
215.848
|
133.394 |
79.304 |
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Cash & Bank Balances |
10.393
|
6.903 |
7.665 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
61.171
|
41.581 |
67.271 |
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Total
Current Assets |
450.246
|
285.290 |
243.874 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Other Current Liabilities |
184.323
|
110.029 |
112.150 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
184.323
|
110.029 |
112.150 |
|
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Net Current Assets |
265.923
|
175.261 |
131.724 |
|
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MISCELLANEOUS EXPENSES |
1.686 |
2.528 |
3.368 |
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TOTAL |
543.074 |
449.290 |
317.481 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
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SALES |
|
|
|
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|
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Income |
613.478 |
500.705 |
481.113 |
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Other Income |
2.802 |
3.389 |
9.894 |
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TOTAL (A) |
616.280 |
504.094 |
491.007 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
470.793 |
364.394 |
365.903 |
|
|
|
Manufacturing Expenses |
27.585 |
20.949 |
33.263 |
|
|
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Administrative Expenses |
23.300 |
15.912 |
12.107 |
|
|
|
Selling and Distribution Expenses |
6.904 |
2.541 |
1.209 |
|
|
|
Increase / Decrease in Stock |
(42.847) |
0.000 |
0.000 |
|
|
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TOTAL (B) |
485.735 |
403.796 |
412.482 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
130.545 |
100.300 |
78.525 |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
37.373 |
22.031 |
19.539 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
93.172 |
78.269 |
58.986 |
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
28.835 |
21.659 |
18.363 |
|
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|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
64.337 |
56.610 |
40.623 |
|
|
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|
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Less |
TAX (I) |
7.292 |
0.589 |
0.000 |
|
|
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PROFIT AFTER TAX
(G-I) (J) |
57.045 |
56.021 |
40.623 |
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|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
105.396 |
56.842 |
1.240 |
|
|
|
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|
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|
|
|
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BALANCE CARRIED
TO THE B/S |
146.481 |
105.396 |
56.842 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.925 |
NA |
NA |
|
|
TOTAL EARNINGS |
0.925 |
NA |
NA |
|
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|
|
|
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IMPORTS |
|
|
|
|
|
|
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Raw Materials |
13.855 |
NA |
NA |
|
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TOTAL IMPORTS |
13.855 |
NA |
NA |
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|
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|
Earnings Per
Share (Rs.) |
59.59 |
84.24 |
5.19 |
|
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Particulars |
|
|
31.03.2010 |
|
Sales Turnover |
|
|
770.000 |
|
|
|
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Expected Sales (2010-2011) : Rs. 1000.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
9.25
|
11.18 |
8.27
|
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Net Profit Margin (PBT/Sales) |
(%) |
10.48
|
11.23 |
8.44
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.13
|
10.99 |
9.53
|
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.32 |
0.35
|
|
|
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
2.19
|
2.17 |
2.71
|
|
|
|
|
|
|
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Current Ratio (Current Asset/Current Liability) |
|
2.44
|
2.59 |
2.17
|
LOCAL AGENCY FURTHER INFORMATION
Operations :
The Operations of the company has stabilized during the year. Company
has the profit before tax of Rs. 57.045 millions with turnover of Rs. 659.128
millions.
Note :
The address of the registered
office of the company has been shifted from SCO – 88, Sector – 44C,
|
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 |
|
Corporate
identity number of the company |
U24233CH2001PLC024356 |
|
Name of the
company |
HEALTH
BIOTECH LIMITED |
|
Address of the
registered office or of the principal place of business in |
SCO 162-164, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Book debts Movable property
(not being pledge) Others |
|
Particular of
charge holder |
State Bank Of |
|
Nature of
instrument creating charge |
Supplemental Agreement
Of Hypothection (C2a), Supplemental Deed Of Gurantee (C4a), Supplemental
Agreement Of Plegde, Letter Of Individual Limits, Agreement Cum Indeminity, |
|
Date of
instrument Creating the charge |
10/12/2010 |
|
Amount secured by
the charge |
Rs. 295.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : Cc (Hyp) @6.50% Above Base Rate Tl1 To 3 And Otl @4.50% Above Sbar With Reset Clause
Every 2 Years For Term Loan And With Reset Clause For Cc Every Year Linked To
Sbar Terms of repayment : as per existing
terms cc repayable on
demand Margin : Stocks 25% Receivables 40% Extent and operation of the charge : 100% Other : Nil |
|
Short particulars
of the property charged (Including location of the property) |
1. Hypothecation
Of All Current Assets Including Raw Material, Wip, Finished Goods,
Consumables, Book Debts And Hyp Of Vehicle Purchased Hyp Of All Fixed Assets Of The Company Present And
Future 2. Equitable
Mortgage Of 3. Equitable
Mortgage Of 4. Collateral
Security Of Land Measuring 5.26 Bighas
(Four Properties) Situated At Near Clarks Hotel, 5. Pledge Of 30%
Shares Of The Company |
|
Date of
instrument modifying the charge |
03/02/2010 |
|
Particulars of
the present modification |
Increase Of Total
Fbwc Limits From Rs 210.000 millions To Rs. 295.000 millions With Following
Break Up From (Millions) To(Millions) Cc(Hyp) 195.000 280.000 Cc(Bd) (110.000) (130.000) Within CC Hyp Epc 10.000 10.000 Fbp 5.000 5.000 Total Fbwc Rs. 295.000 millions |
TRADE REFERENCES :
- Vetoquinol
- Wockhsrdt
Fixed Assets :
- Land and Site Developers
- Building
- Plant and Machinery
- Miscellaneous Fixed Assets
- Vehicles
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,
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. 45.12 |
|
|
1 |
Rs. 73.43 |
|
Euro |
1 |
Rs. 62.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
Yes |
|
--LISTED |
YES/NO |
No |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
45 |
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.