MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
LABORATE
PHARMACEUTICALS INDIA LIMITED |
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Registered Office : |
E-11, Industrial Area, Panipat – 132103, Haryana |
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Country : |
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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, |
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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 : |
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Website : |
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Location : |
owned |
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Factory : |
51, Industrial Area, Goandpur, Poanta |
DIRECTORS
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Name : |
Mr. Sanjeev Bhatia |
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Designation : |
Director |
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Address : |
197, |
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Name : |
Mr. Ajay Bhatia |
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Designation : |
Director |
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Address : |
584, |
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Name : |
Mr. Sanjay Bhatia |
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Designation : |
Director |
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Address : |
584, |
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Name : |
Smt. Anita Bhatia |
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Designation : |
Director |
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Address : |
197, |
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Name : |
Mr. Prithvi Raj Bhatia |
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Designation : |
Director |
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Address : |
584, |
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Name : |
Smt. Nutan Bhatia |
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Designation : |
Director |
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Address : |
584, |
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Name : |
Aditya Bhatia |
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Designation : |
Director |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Sanjeev Bhatia |
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25010 |
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Mr. Ajay Bhatia |
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18100 |
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Mr. Sanjay Bhatia |
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15100 |
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Smt. Anita Bhatia |
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25100 |
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Mrs. Alka Bhatia |
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3100 |
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Mr. Aditya Bhatia |
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4000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Pharmaceutical Formulations |
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Exports : |
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Countries : |
Nigeria, Germany, Ghana, Netherlands, Kenya,
Belgium, Uganda, Italy, Tanzania, WestIndies, England, Trinidad & Tobag |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
10 |
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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 : |
Vinod K. Bhatia & Company Chartered Accountants |
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Address : |
Green House, Opposite Sector-25, |
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Associates/Subsidiaries : |
Dee Dairy Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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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 |
|
290,430 |
Equity Shares |
Rs.10/- each |
Rs. 2.904 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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
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49.209 |
0.000 |
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Sundry Debtors |
100.317
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0.319 |
0.826 |
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Cash & Bank Balances |
5.832
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0.072 |
1.134 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.069
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0.368 |
0.027 |
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Total Current Assets |
261.163
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49.968 |
1.988 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
166.309
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59.853 |
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Provisions |
2.597
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0.573 |
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Total Current Liabilities |
168.906
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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
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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
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
13.70
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0.00 |
2.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
15.11
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0.00 |
6.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
35.38
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0.07 |
1.44 |
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Return on Investment (ROI) (PBT/Networth) |
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1.05
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0.00 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.96
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13.07 |
1.57 |
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Current Ratio (Current Asset/Current Liability) |
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1.55
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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,
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, |
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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, Panipat-132103 |
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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 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 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
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
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,
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
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
Since 1989, Subject
has been exporting its products to Europe, U.K,
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,
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.40.84 |
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|
1 |
Rs.80.47 |
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Euro |
1 |
Rs.54.32 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
YES |
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--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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