MIRA
INFORM REPORT
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Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
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Name : |
HARSORIA HEALTHCARE PRIVATE LIMITED |
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Registered
Office : |
UG-8, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.08.2002 |
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Com. Reg. No.: |
55-116404 |
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Capital
Investment / Paid-up Capital : |
Rs.4.516
Millions |
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CIN No.: [Company Identification
No.] |
U24239DL2002PTC116404 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of All Kinds of Disposable Medical Devices. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (33) |
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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 333000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The
management has failed to file its financial details for the year 2010-2011 and
2011-2012 with the government department. However, from the previous year record company appears to be
satisfactory. Financially seems good. Trade relations are reported to be
fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealing with some cautions.
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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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office : |
UG-8, Ashoka Palace, 877, East Park Road, Karol Bagh, New
Delhi-110005, India |
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Tel. No.: |
91-124-4010172 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
110-111, Phase IV, Udyog Vihar, Gurgaon-122015, |
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Tel. No.: |
91-124-4523400 |
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Fax No.: |
91-124-4523424 |
DIRECTORS
AS ON 12.07.2010
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Name : |
Mr. Neeraj Gupta |
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Designation : |
Managing Director |
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Address : |
1818, Sector B-1, Vasant Kunj, New Delhi, India |
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Date of Appointment : |
02.08.2002 |
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Din No.: |
00037838 |
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Other Directorship:
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Name : |
Chand Rani Gupta |
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Designation : |
Director |
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Address : |
House No. 86, Sector 19 A, Chandigarh, India |
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Date of Appointment : |
12.12.2002 |
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Din No.: |
00829430 |
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Other Directorship:
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Name : |
Mr. Nitin Gupta |
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Designation : |
Director |
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Address : |
House No. 86, Sector 19 A, Chandigarh, India |
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Date of Appointment : |
12.05.2003 |
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Din No.: |
02398574 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 12.07.2010
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Names of Shareholders |
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No. of Shares |
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Chand Rani Gupta |
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233820 |
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Narendra Kumar Gupta |
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128719 |
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Neeraj Gupta |
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51618 |
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Rakesh Kumar |
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20000 |
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Ravindra |
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4000 |
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Ramesh Kumar |
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200 |
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Nitin Gupta |
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13242 |
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TOTAL
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451599 |
AS ON 12.07.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of All Kinds of Disposable Medical Devices. |
PRODUCTION STATUS [AS ON 31.03.2010]
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PARTICULARS |
Actual
Production [Nos.] |
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Cannula |
55779823 Pcs. |
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Others |
12091753 Pcs. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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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 : |
BP Agrawal and Company Chartered Accountants |
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Address : |
E-931, Basement Chittranjan Park, New Delhi-110019, India |
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Tel. No.: |
91-11-41602789 |
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PAN No: |
AACFB8769M |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
451599 |
Equity Shares |
Rs.10/- each
|
Rs.4.516
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
4.516 |
4.516 |
4.516 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
78.981 |
66.541 |
48.555 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
83.497 |
71.057 |
53.071 |
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LOAN FUNDS |
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1] Secured Loans |
126.650 |
73.741 |
43.913 |
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2] Unsecured Loans |
47.729 |
14.633 |
7.734 |
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TOTAL BORROWING |
174.379 |
88.374 |
51.647 |
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DEFERRED TAX LIABILITIES |
11.677 |
6.867 |
5.629 |
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TOTAL |
269.553 |
166.298 |
110.347 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
146.252 |
88.007 |
69.026 |
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Capital work-in-progress |
11.254 |
32.625 |
16.412 |
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INVESTMENT |
8.890 |
17.882 |
4.415 |
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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 |
92.171
|
40.634 |
27.198 |
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Sundry Debtors |
58.509
|
22.853 |
15.497 |
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Cash & Bank Balances |
5.435
|
4.283 |
1.130 |
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Other Current Assets |
1.001
|
0.863 |
1.499 |
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Loans & Advances |
8.539
|
13.643 |
4.120 |
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Total
Current Assets |
165.655
|
82.276 |
49.444 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
43.197
|
39.530 |
22.567 |
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Other Current Liabilities |
15.457
|
13.981 |
5.707 |
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Provisions |
3.844
|
0.981 |
0.676 |
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Total
Current Liabilities |
62.498
|
54.492 |
28.950 |
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Net Current Assets |
103.157
|
27.784 |
20.494 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
269.553 |
166.298 |
110.347 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
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Other Income |
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TOTAL |
372.036 |
214.303 |
152.392 |
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Less |
EXPENSES |
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TOTAL |
331.485 |
182.117 |
134.439 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
40.551 |
32.186 |
17.953 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
17.929 |
11.981 |
8.979 |
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PROFIT / (LOSS)
BEFORE TAX |
22.622 |
20.205 |
8.974 |
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Less |
TAX |
10.181 |
2.219 |
0.848 |
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PROFIT / (LOSS)
AFTER TAX |
12.441 |
17.986 |
8.126 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
42.721 |
24.735 |
16.609 |
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BALANCE CARRIED
TO THE B/S |
55.162 |
42.721 |
24.735 |
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EARNINGS IN
FOREIGN CURRENCY |
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Sales For Export of Goods |
310.718 |
NA |
NA |
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TOTAL EARNINGS |
310.718 |
NA |
NA |
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IMPORTS |
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Stores & Spares |
15.061 |
NA |
NA |
|
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Capital Goods |
152.530 |
NA |
NA |
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TOTAL IMPORTS |
167.591 |
NA |
NA |
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Earnings /
(Loss) Per Share (Rs.) |
27.55 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.34
|
8.39 |
5.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.25
|
11.87 |
7.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.28 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.84
|
2.01 |
1.52 |
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Current Ratio (Current Asset/Current Liability) |
|
2.65
|
1.51 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
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2] |
Locality of the firm |
Yes |
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3] |
Constitutions of the firm |
Yes |
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4] |
Premises details |
No |
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5] |
Type of Business |
Yes |
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6] |
Line of Business |
Yes |
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7] |
Promoter's background |
Yes |
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8] |
No. of employees |
No |
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9] |
Name of person contacted |
No |
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10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from 1818, Sector B-1, Vasant Kunj, New Delhi, India to the present address w.e.f. 30.06.2009.
CORPORATE RESULTS:
During the year
2009-2010 there has been an increase in the turnover from 214.303 Millions to
Rs 372.036 Millions. There has been increase in profits before tax from 20.205
Millions to Rs 22.622 Millions owing to better sales. The company had been
creating additional manufacturing capacities and there have been an improvement
in the foreign exchange rates since last financial year due to which the
company is expected to do better in the current year and years to come.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U24239DL2002PTC116404 |
|
Name of the
company |
HARSORIA
HEALTHCARE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
UG-8, Ashoka Palace, 877, East Park Road, Karol Bagh, New
Delhi-110005, India |
|
Type of charge |
Immovable
Property Others |
|
Particular of
charge holder |
Axis Bank Limited, SG 21 and 22, DLF Galleria Shopping Complex, DLF
City, Phase 5, Gurgaon-122002, Haryana, India Email: sanjayh.pathak@axisbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Corporate
Guarantee. Declaration cum
deed of confirmation for extension of mortgage. |
|
Date of
instrument Creating the charge |
11.03.2010 |
|
Amount secured by
the charge |
Rs.11.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per sanction
letter no. Axis B/NDZO/adv/2009-/15951 dated 09.03.2010 to be amended from
time to time. Terms of Repayment As per sanction
letter no. Axis B/NDZO/adv/2009-/15951 dated 09.03.2010 to be amended from
time to time. Margin As per sanction
letter no. Axis B/NDZO/adv/2009-/15951 dated 09.03.2010 to be amended from
time to time. Extent and Operation of the charge Extent and
Operation - 100% Others The above is to
secure credit facilities granted by the bank together with interest, costs
and expenses etc. To Harson Healthcare. |
|
Short particulars
of the property charged |
First and
exclusive charge over building constructed or to be constructed owned by the
company at Plot No. 110-111, Phase-IV, Udyog Vihar, Gurgaon, Haryana, and
corporate guarantee of the company. |
FIXED ASSETS:
- Building
- Plant and
Machinery
- Motor Vehicle
- Electric
Equipments
- Furniture,
Fixture and Fittings
- Computers
- Office
Equipments
- Cycle
- Moulds and
Cutting Dyes
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 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 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.54.25 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
33 |
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.