MIRA
INFORM REPORT
|
Report Date : |
04.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LABORATE
PHARMACEUTICALS INDIA LIMITED |
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Registered Office : |
E-11, Industrial Area, Panipat – 132103, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.02.1990 |
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Com. Reg. No.: |
05-30835 |
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CIN No.: [Company
Identification No.] |
U24239HR1990PLC030835 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKL00914E |
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PAN No.: [Permanent
Account No.] |
AAACL2998K |
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Legal Form : |
Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturers
and Exporters of Pharmaceutical Formulations |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD
400000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well established and reputed company having fine track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported as usually
correct and as per commitments. The
company can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
E-11, Industrial Area, Panipat – 132103, Haryana, India |
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Tel. No.: |
91-1742-50072/51248/50385 |
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Mobile No.: |
91-1742-51072 |
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Fax No.: |
91-180-2651072 |
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E-Mail : |
ajaybhatia@laborate.com,laborate02@hotmail.com, pvsca@rediffmail.com |
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Website : |
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Location : |
owned |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Sanjeev Bhatia |
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Designation : |
Director |
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Address : |
197, Model Town, Panipat – 132103, Haryana, India |
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Name : |
Mr. Ajay Bhatia |
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Designation : |
Director |
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Address : |
584, Model Town, Panipat – 132103, Haryana, India |
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Name : |
Mr. Sanjay Bhatia |
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Designation : |
Director |
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Address : |
584, Model Town, Panipat – 132103, Haryana, India |
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Name : |
Smt. Anita Bhatia |
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Designation : |
Director |
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Address : |
197, Model Town, Panipat – 132103, Haryana, India |
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Name : |
Mr. Prithvi Raj Bhatia |
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Designation : |
Director |
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Address : |
584, Model Town, Panipat – 132103, Haryana, India |
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Name : |
Smt. Nutan Bhatia |
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Designation : |
Director |
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Address : |
584, Model Town, Panipat – 132103, Haryana, India |
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Name : |
Aditya
Bhatia |
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Designation : |
Director |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. Sanjeev Bhatia |
25010 |
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Mr. Ajay Bhatia |
18100 |
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Mr. Sanjay Bhatia |
15100 |
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Smt. Anita Bhatia |
25100 |
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Mrs. Alka Bhatia |
3100 |
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Mr. Aditya Bhatia |
4000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Exporters of Pharmaceutical Formulations |
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Exports to : |
Nigeria, Germany, Ghana, Netherlands, Kenya,
Belgium, Uganda, Italy Tanzania, WestIndies, England, Trinidad &
Tobag |
GENERAL
INFORMATION
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Suppliers : |
Mcheil
Pharma Royal
Thermoformers |
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Customers : |
Cecil
Pharmaceuticals Pharmasia Pharmacare
Distributor |
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No. of Employees : |
10 |
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Bankers : |
Bank of India, G T Road, Panipat – 132101, Haryana, India Punjab National Bank, 1 BB Branch, G. T. Road, Panipat-132103, Haryana, India State Bank of India, Taruwala (H.P.) |
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Banking Relations : |
Satisfactory |
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Auditors : |
Vinod K. Bhatia & Company Chartered Accountants |
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Address : |
Green House, Opposite Sector-25, G. T. Road, Panipat-132103, India |
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Associates/Subsidiaries : |
Dee Dairy Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
500,000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
290430 |
Equity Shares |
Rs.10/- each |
Rs.2.904 million |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.904 |
2.904 |
0.904 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
100.785 |
2.318 |
0.284 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
103.689 |
5.222 |
1.188 |
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LOAN FUNDS |
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1] Secured Loans |
34.936 |
7.840 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.330 |
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TOTAL BORROWING |
34.936 |
7.840 |
0.330 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
138.625 |
13.062 |
1.518 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
45.911 |
22.948 |
1.055 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
149.945
|
49.209 |
0.000 |
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Sundry Debtors |
100.317
|
0.319 |
0.826 |
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Cash & Bank Balances |
5.832
|
0.072 |
1.134 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
5.069
|
0.368 |
0.027 |
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Total Current Assets |
261.163
|
49.968 |
1.988 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
166.309
|
59.853 |
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Provisions |
2.597
|
0.573 |
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Total Current Liabilities |
168.906
|
60.426 |
1.532 |
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Net Current Assets |
92.257
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(10.458) |
0.456 |
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MISCELLANEOUS EXPENSES |
0.457 |
0.572 |
0.007 |
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TOTAL |
138.625 |
13.062 |
1.518 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
718.777 |
0.000 |
0.700 |
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Profit/(Loss)
Before Tax |
108.650 |
0.049 |
0.044 |
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Provision
for Taxation |
10.183 |
0.016 |
0.024 |
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Profit/(Loss)
After Tax |
98.467 |
0.033 |
0.020 |
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Total
Expenditure |
760.073 |
49.571 |
0.656 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
13.70
|
0.00 |
2.86 |
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Net
Profit Margin (PBT/Sales) |
(%) |
15.11
|
0.00 |
6.28 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
35.38
|
0.07 |
1.44 |
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Return
on Investment (ROI) (PBT/Networth) |
|
1.05
|
0.00 |
0.02 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.96
|
13.07 |
1.57 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.55
|
0.83 |
1.30 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS
Subject is engaged in trading of pharmaceuticals such as all types of medicines, chemicals for the preparation of drugs, acids, salts, alkalies, antibiotics sugical and medical instruments.
The company’s fixed assets include Land, Building, Computer, Scooter, Furniture and Fixtures and Car
Subject is in trade terms with:
General Public and Civil Hospital, Panipat, Haryana, India
Form
8 Particular for creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U24239HR1990PLCO30835 |
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Name of the company |
LABORATE
PHARMACEUTICALS INDIA LIMITED |
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Address |
E-11, Industrial Area, Panipat – 132103, Haryana, India |
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This Form is for |
Modification of Charge |
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Type of Charges |
Hypothecation Equitable mortgage or mortgage of property by depositing the title deeds |
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Particular of the charge holder |
Punjab National Bank 1 BB Branch, G. T. Road Panipat-132103 Haryana, India |
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Brief description of the instrument modifying the charge |
Agreement for availing Central Capital Investment Subsidy and Agreement of Hypothecation |
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Date of the instrument modifying charge |
18.03.2006 |
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Modification charge Charge identification number of the charge to be modified |
80000346 |
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Date of instrument modifying the charge |
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Particulars of the Present Modification |
Pari-passu charge in favour of District Industrial Centre, Nahan for Rs.1.353 millions on Land and Building and Machinery |
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Name of the company |
LABORATE
PHARMACEUTICALS INDIA LIMITED |
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Presented By |
Mr. Ajay Bhatia |
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1) Date and description of instrument creating the change |
14.01.2005- General Agreement for the grant of small industrial advances. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.500 millions |
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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 |
All raw material, semi finished goods and finished goods of medicine |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin C/C Hypothecation -25% Margin C/C B/D – 40% Interest @10.25% p.a. Repayment on demand |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Taruwala (H.P.) |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
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Name of the company |
LABORATE
PHARMACEUTICALS INDIA LIMITED |
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Presented By |
Mr. Sanjay Bhatia |
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1) Date and description of instrument creating the change |
09.09.2004- General agreement for the grant of medium term advances. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.800 millions |
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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 |
Pledge of Plant and Machinery. Equitable mortgage of factory, Land and Building situated at Plot No.51, Gondpura Ponta Sahib (H.P.) and E-22, Industrial Area, Panipat |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% Interest @10.25% p.a. Rs.0.190 millions + Interest p.m. First instalment started from 31.01.2005 |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India Taruwala, (H.P.) |
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6) Date and brief description of instrument modifying the charge |
Nil |
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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. |
Nil |
Website Details :
Subject is one of the fastest growing pharmaceutical companies in India
since 1985 as manufacturers and exporters of pharmaceutical formulation. We are
privileged to have been the physician's and chemist's trusted aide for over 20
years.
Following are the awards that recognize
Laborate Pharmaceutical India Ltd for its excellence:
Since 1999, Subject has been accorded the status of Government Recognized Export House
by the Director General of Foreign Trade by the Government of India.
Certificate of World Health
Organization-Good manufacturing Practices by the Office of the state Drug
Controller.
ISO:9001:2000 Certificate by Joint
accreditation System of Australia and New Zealand.
Subject successfully develop and market innovative products that
improve, enhance and extend human life; and they pride themselves on delivering
total quality products at an affordable price.
Having the recognized ISO:9001:2000 Certificate.
Their products are well established and accepted by medical professionals and
end users alike in Indian and International Markets. Subject's dosage forms include:
Injections
Ophthalmic Preparations
Tablets
Capsules
Dry Syrups
Liquid Syrups
Topical Preparations
These dosage forms cover a number of therapeutic categories like Analgesics;
Antipyretics; Anti-inflammatories; Antibiotics; Antirheumatics; Antihistamines;
Expectorants; Diuretics; Antiulcers; Vitamins and Nutritional supplements.
Their leading branded products include Tablets such as Labdic Relief, Neulab
Active, Kaka, Kold Time, Labocof, Ferron and CAL D3, Range of Eye Drops such as
Gentalab, Ceflox, N-flox, Deco, Gentalab.Liquid Injections asLaboplex,
Labophylline, Labquin, Labtocin & Diclolab . Dry Injections such as Tox,
Troxone, Labohydro, Cafchlor & Rocapen. This is further strengthened by a
wide range of generic drug formulations.
Subject not only believes in products quality but in providing right
first-time, cost effective, speedy and reliable delivery requirement.
Management:
Under the dynamic & outstanding leadership of Late
Mr. Sanjeev Bhatia Ex-Chairman, Subject is one of the fastest growing companies
in India.
The Management promotes of work culture that manages active involvement of
every member along with the values of fair treatment , ethical practices,
standards of excellence and total quality management.
International Market
They believe in adding value to your business with every shipment they make. It
is this philosophy which forms the backbone of their export division. They have
always focused their strategy towards doing things on time to be able to adapt
to customer's requirements flexibly and doing things in a cost effective
manner.
Countries Exported
Nigeria, Germany, Ghana, Netherlands, Kenya,
Belgium, Uganda, Italy
Tanzania, WestIndies,
England, Trinidad & Tobag
Since
1989, Subject has been exporting its products to Europe, U.K, South Africa,
East Africa & West Africa under its brand name with its products registered
in most of the countries. They have established an international marketing
network by virtue of the quality of their products, which are marketed
worldwide.
The export division monitors the growing need of their customer's worldwide
& cater to their specific demands with efficiency and effectiveness.
Domestic Market
Subject is a leading name in Indian Pharmaceutical sector manufacturing
a wide range of dosage form operates two successful divisions in domestic
market. The Gold division & Green division are two marketing channels
reaching different customer segments with an aim for achieving Better coverage,
Customer satisfaction & Cost effectiveness.
The Gold channel
& Green channel division ensures that the right quantities of the right
product is available at the right place at right time.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government officials
for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.30 |
|
UK
Pound |
1 |
Rs.85.83 |
|
Euro |
1 |
Rs.57.92 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
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 |
|
56 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed
to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|