MIRA
INFORM REPORT
|
Report Date : |
29.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ HEALTH CARE LIMITED
(w.e.f. 31.03.2005) |
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Formerly Known
As : |
BAJAJ HEALTH CARE PRIVATE
LIMITED |
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Registered Office : |
N-216, MIDC Tarapur, Boisar, District Thane-401506, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.07.1993 |
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Com. Reg. No.: |
11-72892 |
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CIN No.: [Company
Identification No.] |
U99999MH1993PLC072892 |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Amino Acid, Nutritional Supplements and Active
Pharmaceutical Ingredients. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
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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 reported as 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
|
Name : |
Mr. Rupesh Nigar |
|
Designation : |
Accounts Head |
LOCATIONS
|
Registered Office / Factory: |
N-216, MIDC Tarapur, Boisar, District Thane-401506, |
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Tel. No.: |
91-2525-279589 / 271025 |
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Fax No.: |
91-2525-271012 |
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E-Mail : |
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Website : |
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Corporate Office : |
202-204, Faiz - E - Qutbi, 375, |
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Tel. No.: |
91-22-40177400 / 477 / 01 / 02 |
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Fax No.: |
91-22-23450481 / 23410863 |
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E-Mail : |
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Factory 2 : |
Block No.588, |
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Tel. No.: |
91-2667-222200 / 222337 / 222890 |
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Fax No.: |
91-2667-222889 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Sajan Kumar R Bajaj |
|
Designation : |
Director |
|
Address : |
306, |
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Date of Birth/Age : |
09.11.1959 |
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Date of Appointment: |
15.07.1993 |
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Pan No: |
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|
Name : |
Mr. Anil C. Jain |
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Designation : |
Director |
|
Address : |
1401 / 1402,
Shankeshwar Darshan, |
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Date of Birth/Age : |
07.10.1974 |
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Date of Appointment: |
31.07.1999 |
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Pan No: |
ADY PJ 70000Q |
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Name : |
Mr. Gopal V Mehta |
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Designation : |
Director |
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Address : |
R-15, 1st Floor, Sicka Nagar, |
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Date of Birth/Age : |
09.09.1946 |
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Date of Appointment: |
15.01.2004 |
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Pan No: |
AA VPM5478P |
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Name : |
Mr. Dhananjay S Hatle |
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Designation : |
Director |
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Address : |
Raj Dharm, C
Wing, Room No. 304, 3rd Floor, |
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Date of Birth/Age : |
25.03.1971 |
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Date of Appointment: |
01.04.2005 |
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Pan No: |
AADPH3173N |
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Name : |
Mr. Haresh Purshottamda Sanghvi |
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Designation : |
Additional Director |
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Address : |
A-6, Mazdock Apartment, 74/6, J.P. Road, Seven Bungalows, Andheri (W),
Mumbai-400061, Maharashtra, India |
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Date of Birth/Age : |
29.01.1953 |
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Name : |
Mr. Dipak Tipnis |
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Designation : |
Additional Director |
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Address : |
19 Agarwal Niwas, |
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Date of Birth/Age : |
11.03.1955 |
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Name : |
Mr. Fenil Haresh Sanghvi |
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Designation : |
Additional Director |
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Address : |
A-6, Mazdock Apartment, 74/6, J.P. Road, Seven Bungalows, Andheri (W),
Mumbai-400061, Maharashtra, India |
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Date of Birth/Age : |
23.07.1983 |
KEY EXECUTIVES
|
Name : |
Mr. Rupesh Nigar |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preferences Shares |
|
Babita S. Bajaj |
180000 |
-- |
|
Sajankumar R Bajaj |
1062000 |
-- |
|
S R K Bajaj HUF |
180000 |
-- |
|
Namrata S. Bajaj |
189000 |
-- |
|
Nihita S. Bajaj |
189000 |
-- |
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Anil C Jain |
164000 |
-- |
|
Padma A Jain |
36000 |
-- |
|
Bansal Pharma Limited |
-- |
200000 |
|
Bajaj Health and Nutritions (P) Limited |
-- |
800000 |
|
Jagodia Textiles Mills Private Limited |
-- |
200000 |
|
First Stock and Bond Trading Company Private Limited |
-- |
100000 |
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|
|
|
|
Michigan Traders Private Limited |
-- |
100000 |
|
Star Bio Source Private Limited |
-- |
100000 |
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|
|
|
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Total |
2000000 |
1500000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Amino Acid, Nutritional Supplements and Active
Pharmaceutical Ingredients. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
650 (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 : |
Paresh Rakesh and Associates Chartered Accountant |
|
Address : |
C-703, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
2000000 |
Preferences Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
Millions |
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500
Millions |
|
1500000 |
Preferences Shares |
Rs.10/- each |
Rs.15.000
Millions |
|
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Total |
|
Rs.37.500 Millions |
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 |
37.500 |
35.000 |
16.000 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
223.991 |
94.924 |
64.050 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
261.491 |
129.924 |
80.050 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
256.085 |
282.393 |
310.136 |
|
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2] Unsecured Loans |
56.411 |
112.378 |
67.156 |
|
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TOTAL BORROWING |
312.496 |
394.771 |
377.292 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
573.987 |
524.695 |
457.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
311.234 |
294.570 |
272.011 |
|
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Capital work-in-progress |
65.768 |
2.391 |
0.000 |
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INVESTMENT |
0.031 |
0.026 |
0.026 |
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DEFERREX TAX ASSETS |
3.527 |
2.329 |
2.496 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
128.908
|
171.545
|
56.079 |
|
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Sundry Debtors |
233.746
|
164.160
|
156.214 |
|
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Cash & Bank Balances |
14.685
|
12.639
|
10.537 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
91.947
|
91.453
|
66.610 |
|
Total
Current Assets |
469.286
|
439.797
|
289.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
184.368
|
162.519 |
77.413 |
|
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Other Current Liabilities |
23.291
|
7.648
|
7.706 |
|
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Provisions |
68.200
|
44.260
|
21.512 |
|
Total
Current Liabilities |
275.859
|
214.418
|
106.631 |
|
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Net Current Assets |
193.427
|
225.379
|
182.809 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
573.987 |
524.695 |
457.342 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
1173.751 |
1073.290 |
721.173 |
|
|
|
Other Income |
10.445 |
9.139 |
7.645 |
|
|
|
TOTAL (A) |
1184.196 |
1082.429 |
728.818 |
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
631.482 |
705.986 |
|
|
|
|
Excise and sales tax |
103.298 |
119.835 |
|
|
|
|
Personnel expenses |
68.464 |
42.475 |
587.506 |
|
|
|
Operating and others expense |
155.594 |
145.984 |
|
|
|
|
Decrease in stock |
44.260 |
(114.976) |
|
|
|
|
TOTAL (B) |
1003.098 |
899.304 |
587.506 |
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|
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
181.098 |
183.125 |
141.312 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
48.123 |
55.865 |
49.542 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
132.975 |
127.260 |
91.770 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.805 |
44.626 |
40.694 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
85.170 |
82.634 |
51.076 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
23.604 |
32.759 |
14.546 |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
61.566 |
49.875 |
36.530 |
|
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|
EARNINGS IN
FOREIGN CURRENCY |
385.466 |
385.731 |
217.216 |
|
|
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IMPORTS |
|
|
|
|
|
|
|
CIF Value of Import |
486.740 |
405.455 |
237.197 |
|
|
|
Others Expenses |
2.500 |
1.940 |
1.045 |
|
|
TOTAL IMPORTS |
489.240 |
407.395 |
238.242 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.97 |
24.94 |
36.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.20
|
4.60 |
5.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.26
|
7.70 |
7.08 |
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.91
|
11.25 |
9.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.64 |
0.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.25
|
4.69 |
6.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
2.05 |
2.71 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
Creditors for
goods |
140.454 |
142.244 |
64.466 |
|
Creditors for
expenses |
30.749 |
20.225 |
12.305 |
|
Creditors for
capital goods |
13.165 |
0.050 |
0.642 |
|
Total |
184.368 |
162.519 |
77.413 |
Review of
Operations:
During the year the operations of the company were quite satisfactory. The
company turnover recorded a 9% growth. Total sales turnover of Rs.1173.751
millions compared to last year Rs.1073.290 millions which includes the export
turnover of Rs.444.008 millions as compared to last year export turnover of
Rs.428.173 millions. The directors are quite hopeful that company would be able
to achieve better results during the current year.
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U99999MH1993PLC072892 |
|
Name of the
company |
BAJAJ HEALTH CARE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
N-216, MIDC Tarapur, Boisar, District Thane-401506, |
|
Type of charge |
Book Debts Movable Property (not
being pledge) Floating Charge |
|
Particular of
charge holder |
The Saraswat Co-operative Bank Limited, Masjid Bunder Branch, Masjid
Bunder, Mumbai-400003, |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Movable Property |
|
Date of
instrument Creating the charge |
30.10.2010 |
|
Amount secured by
the charge |
Rs.27.500 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11% p.a. or at
such rate as maybe determined by the bank from time to time Terms of
Repayment On demand or by
30 October 2010 if the same is not
demanded earlier Margin As determined by
the bank from time to time Extent and
Operation of the charge This is term loan
facility |
|
Short particulars
of the property charged |
I)
Hypothecation
of all the present and future plant and machinery tangible movable property
(both present and future) belonging to
the Company and lying and being at the
Company’s place of business at II)
Block
no 588( 100% EOU) , Block no 588(Part A), |
FIXED ASSETS
- Land
- Building
- Plant
and machinery
- Electrical Equipment
- Office Equipment
- Lab Equipment
- Air Condition
- Furniture and Fixture
- Motor Vehicle
- Computer
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.44.78 |
|
|
1 |
Rs.71.64 |
|
Euro |
1 |
Rs.62.96 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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.