MIRA
INFORM REPORT
|
Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MICRO LABS LIMITED |
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Registered Office : |
27 , Race Course Road , Bangalore 560001, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.09.1973 |
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Com. Reg. No.: |
08 - 082401 |
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CIN No.: [Company
Identification No.] |
U32106KA1973PLC002401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM02191A |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturers,
Importers, Exporters and Traders of pharmaceuticals, medicines and allied
health care products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 16950000 |
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Status : |
Very 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,
respectable and resourceful businessmen.
Their trade relations are reported as fair. Financial position of the
company is satisfactory. Payments are
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 : |
27 , Race Course Road , Banglore 560001 |
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Tel. No.: |
91-80-22370452 |
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Fax No.: |
91-80-22370463 |
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E-Mail : |
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Website : |
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Head Office : |
45/3, Fairfield
Layout, Race Course Road, Bangalore- 560001, Karnataka, India |
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Corporate Office : |
No. 303, A Wing, Queens
Corner Apartments, No. 3, Queens Road, Bangalore – 560 001, Karnataka, India |
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Tel. No.: |
91-80-22269609 /
22268785 / 22267705 / 2088194-97 |
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Fax No.: |
91-80-22256323 /
22281627 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft |
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Location : |
Rented |
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Factory 1 : |
·
92, Sipcot
Industrial Complex, Hosur – 635 126, Tamil Nadu, India Tel. No. 91-4344-276618 / 277261 ·
RS 24/3
& 4, Thirubuvanai Village, Mannadipet Commune, Pondicherry, India Tel No. 91-481-2640015 / 023 Fax No. 91-413-2644641 ·
15/A, 2nd
Phase, Kumbalgodu Industrial Area, Bangalore – 560 074, Karnataka, India Tel. No. 91-80-8437351 ·
S- 155/159,
Verna Industrial Estate, Verna, Goa- 403722 |
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Branches : |
Located at: ·
60, 2nd
Main Road, Gandhinagar, Chennai – 600 020, Tamil Nadu, India ·
No. 269
Goyal Nagar, Indore, Madhya Pradesh, India ·
No. 25, Sangeti
Arcade Opp., Pandharpur Bus Stand MIDC, Waluj, Aurangabad, Maharashtra, India ·
R-7 / 184,
Raj Nagar, Ghaziabad – 201 002, Uttar Pradesh, India ·
107 / 2 / 5,
Manohar Pukur Road, Ground Floor (West), Kolkata – 700 026, West Bengal,
India ·
No. 48, Industrial
Area, Phase I, Cabin No. 4, Chandigarh, India ·
1st
Floor, 1-8-215 / 24, L. B. Nagar, Colony, P. G. Road, Secunderabad – 500 003,
Andhra Pradesh, India ·
No. 7, 1st
Floor, Commercial Building, S. K. Puri, Patna – 800 001, Bihar, India |
DIRECTORS
|
Name : |
Mr. Dilip Surana |
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Designation : |
Managing Director |
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Address: |
47/3, Fair Field
Layout, Race Course Road, Bangalore -
560 001, Karnataka, India |
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E-Mail: |
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Date of Birth/Age : |
18.01.1966 |
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Qualification : |
B. Com. |
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Experience : |
16 years |
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Date of Appointment: |
18.07.1994 |
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Name : |
Mr. Tejraj Jain |
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Designation : |
Director |
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Name : |
Mr. Anand Surana |
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Designation : |
Whole Time
Director |
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E-Mail: |
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Address: |
45/3, Fair Field
Layout, Race Course Road, High Grounds, Bangalore – 560 001, Karnataka, India |
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Date of Birth/Age: |
24.03.1971 |
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Date of Appointment: |
25.02.2003 |
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Name : |
Mrs. Archana
Surana |
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Designation : |
Executive
Director |
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Address: |
45/3, Fair Field
Layout, Race Course Road, High Grounds, Bangalore – 560 001, Karnataka, India |
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Date of Birth/Age : |
12.07.1966 |
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Date of Appointment: |
04.07.2001 |
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Name : |
Mrs. Monica
Surana |
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Designation : |
Director |
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Name : |
Mr. Prasanna
Subbarao |
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Designation : |
Additional
Director |
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Address: |
92, 17th
Main Road, Banashakari, Stage 1, Srinagar, Bangalore – 560 050, Karnataka,
India |
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Date of Birth/Age: |
20.07.1948 |
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Date of Appointment: |
09.06.2007 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Jain |
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Designation : |
Financial Adviser |
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Name : |
Mr. A. S. N.
Murthy |
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Designation : |
Financial Manager |
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Name : |
Mr. R Kulkarni
(B.E.) |
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Designation : |
General Manager
(Marketing) |
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Name : |
Mr. G. Jayaraj |
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Designation : |
General Manager (Production) |
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Name : |
Yogesh K Shenoy |
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Designation : |
Company Secretary |
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E-Mail: |
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Address: |
50/16, 20th Cross, 20th Main Marena Halli, Vijayanagar,
Bangalore – 560 040, Karnataka, India |
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Date of Birth/Age: |
26.09.1952 |
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Date of Appointment: |
21.03.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 27.09.2007
|
Names of Shareholders |
|
No. of Shares |
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Mr. Ghewarchand
Surana |
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2,467,500 |
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Mr. S Ghewarchand
Surana HUF |
|
782,250 |
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Mr B Ghewarchand
Surana HUF |
|
950,250 |
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Mr. Dilip Surana |
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1,422,750 |
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Mr. Dilip Surana
HUF |
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2,777,250 |
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Mr. Anand Surana |
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4,200,000 |
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Mr. Bhawari Bai Surana |
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4,200,000 |
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Mrs. Archana Surana |
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4,200,000 |
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Mrs. Monica Surana |
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4,194,750 |
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Mrs. Anita Shiroya |
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5,250 |
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Total |
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25,200,000 |
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Equity Share Break-up ( As on 31.03.2007) |
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Percentage of
Holding |
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Directors or
relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
Importers, Exporters and Traders of pharmaceuticals, medicines and allied
health care products. |
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Products : |
v
Pharmaceutical
Formulation v
Medicines v
Allied
Health Care Products |
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Exports : |
Africa, South
East Asia, Southern African Countries, Caribbeans, Central America, South
America, Eastern Europe, Russia, CIS and SAARC Countries, Middle East Countries,
etc. |
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Imports : |
Hong Kong, China,
Germany, UK and Holland |
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Purchasing : |
Cash or Credit
(120 days) terms. |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Tablets |
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Nos. in millions |
1867.681 |
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Capsules |
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Nos. in millions |
182.426 |
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Liquids |
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Nos. in Ltrs thousands |
0.058 |
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Ointments |
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Nos. in Kgs. thousands |
65.451 |
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Powders |
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Nos. in Kgs. thousands |
35.369 |
GENERAL
INFORMATION
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Suppliers : |
v Forun Products Limited, UK v Sicor SPA, Italy v Huck Foline GMBH, Germany v Ranlaxy Labs Limited, Germany v Wetex Chemicals Company, Hong kong v Ranbaxy Laboratories Limited, New Delhi v Dr. Reddy’s Laboratories Limited,
Hyderabad |
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Customers : |
Some of its
customers are: v State Government Hospitals in Tamilnadu,
Karnataka, etc. Some Wholesalers
are: v Raikar Distributors, Margoa, Goa v Sterling Agencies, Ahmedabad v Aditya Pharma, Indore v Monarch Pharma, Bangalore v State Pharmaceuticals Corporation, Sri
Lanka v Centre Specialities, France v National Phyto Pharmaceuticals, Vietnam v Stitching IDA, Netherland |
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No. of Employees : |
2500 |
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Bankers : |
·
Canara Bank,
Industrial Finance Branch, No. 83, Rechmond Road, Bangalore - 560025, Karnataka, India ·
Canara Bank,
Anna Nagar Branch, Chennai, Tamil Nadu, India ·
State Bank
of India, Bangalore Commercial Branch, Krishi Bhavan, Hudson Circle, J .C.
Road, Bangalore – 560001 ·
Standard
Chartered Bank, Raheja Towers, 6th Floor, No. 26-27, M. G. Road,
Bangalore – 560001, Karnataka, India ·
The
Karnataka Bank ·
ICICI Bank ·
IDBI Bank ·
ABN Amro
Bank ·
Export
Import Bank of India ·
City Union
Bank ,Bangalore |
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Facilities : |
Ø
Cash Credit
from Canara Bank of Rs. 925.633 millions Ø
ICICI Bank
against Hypothecation of Vehicles of Rs. 0.117 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Ostwal and Jain, Chartered Accountants (MR. T M Jain , Partner , Membership NO. 12034) |
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Address : |
No. 34 Keshava Nivas , 3rd Floor , First Main , Gandhi Nagar ,
Bangalore 560009, Karnataka, India |
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Name : |
M/s O D Golecha Chartered Accountants |
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Address : |
L- Block, Unity Building, JC Road, Bangalore 560002, Karnataka, India |
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Name : |
M/s Dagliya and Company, Chartered Accountants (Mr. O D Golcha, Partner, Membership No.12502) |
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Address : |
No.34, Keshava Nivas, 3rd Floor, 1st Main Gandhi
Nagar, Bangalore – 560 009, Karnataka, India. |
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Associates : |
·
Micro Nova
Pharmaceuticals Limited Manufacturers of Pharma Products ·
Brown &
Burk Pharmaceuticals Limited Manufacturers of Pharma Products ·
Inpharma
Private Limited Manufacturers of Pharma Products ·
Micro
Exports Exporters of Pharma Products ·
Surana
Pharmaceuticals Private Limited ·
Siroya
Constructions, Bangalore |
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Subsidiaries : |
·
Eros Pharma
Limited |
CAPITAL STRUCTURE
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
34000000 |
Equity Shares |
Rs. 10/- each |
Rs. 340.000 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
25200000 |
Equity Shares |
Rs. 10/- each |
Rs. 252.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
252.000 |
100.800 |
100.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3986.047 |
3392.708 |
2875.697 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4238.047 |
3493.508 |
2976.497 |
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LOAN FUNDS |
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1] Secured Loans |
2614.941 |
1941.686 |
1557.653 |
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2] Unsecured Loans |
0.000 |
24.491 |
29.735 |
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TOTAL BORROWING |
2614.941 |
1966.177 |
1587.388 |
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DEFERRED TAX LIABILITIES |
62.507 |
76.885 |
61.541 |
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TOTAL |
6915.495 |
5536.570 |
4625.426 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2243.735 |
1600.303 |
1405.260 |
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Capital work-in-progress |
741.758 |
755.221 |
219.460 |
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INVESTMENT |
163.026 |
188.573 |
141.075 |
|
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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 |
1363.877 |
1460.726 |
1370.454 |
|
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Sundry Debtors |
2246.390 |
1779.924 |
1467.571 |
|
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Cash & Bank Balances |
203.023 |
394.112 |
498.127 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
1393.190 |
1196.329 |
798.811 |
|
Total
Current Assets |
5206.480 |
4831.091 |
4134.963 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
1267.306 |
1357.031 |
1055.736 |
|
|
Provisions |
172.198 |
481.587 |
219.596 |
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Total
Current Liabilities |
1439.504 |
1838.618 |
1275.332 |
|
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Net Current Assets |
3766.976 |
2992.473 |
2859.631 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
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|
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|
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TOTAL |
6915.495 |
5536.570 |
4625.426 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
8419.220 |
7072.130 |
5337.450 |
|
|
Other Income |
168.230 |
162.710 |
49.380 |
|
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Total Income |
8587.450 |
7234.840 |
5386.830 |
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|
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Profit/(Loss) Before Tax |
1195.570 |
920.040 |
745.890 |
|
|
Provision for Taxation |
163.690 |
115.680 |
108.110 |
|
|
Profit/(Loss) After Tax |
1031.880 |
804.360 |
638.760 |
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Total Earnings |
2943.370 |
2170.880 |
1847.247 |
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Imports : |
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|
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|
Raw Materials |
478.340 |
415.770 |
338.590 |
|
|
Capital Goods |
94.140 |
148.630 |
66.200 |
|
|
Packaging Material |
24.810 |
0.000 |
0.000 |
|
Total Imports |
597.290 |
564.400 |
404.790 |
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|
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Expenditures: |
|
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Financial Charges |
0.000 |
141.210 |
73.680 |
|
|
Depreciation & Amortization |
221.860 |
180.800 |
137.820 |
|
|
Other Expenditure |
7170.020 |
5992.790 |
4429.440 |
|
Total Expenditure |
7391.880 |
6314.800 |
4640.940 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
12.02 |
11.11 |
11.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.20 |
13.00 |
13.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
28.21 |
14.30 |
13.46 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.26 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.95 |
0.52 |
0.42 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.61 |
2.62 |
3.24 |
LOCAL AGENCY
FURTHER INFORMATION
The company is in trade terms with:
·
Dr. Reddy’s
Laboratories Limited, Hyderabad, Andhra Pradesh, India
·
Ranbaxy
Laboratories Limited, New Delhi, India
·
Lark Chemicals
Private Limited, Mumbai, India
·
Aurobindo
Pharma Limited, Hyderabad, Andhra Pradesh, India
|
Name of the company |
MICRO LABS LIMITED |
|
Presented By |
State Bank of India, Bangalore Commercial
Branch, Krishi Bhavan, Hudson Circle, J .C. Road, Bangalore – 560001 |
|
1) Date and description of instrument creating the change |
Date 27.08.2003 Equitable
mortgage by deposit of title deed letter confirming deposit of title deeds. Letter regarding
the grant of individual limits within the overall limit Both the above
pertain to same charge. |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 130.000
Millions |
|
3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Equitable
mortgage of company’s immovable properties situated at Plot No. 124 measuring
East to West 125 + 121/2 Mtrs and North to South 51 + 73.6/2 Mtrs Plot No. 124
Measuring East to West 197 + 193.5/2 Mtrs & North to South 125 + 126.3 /
2 Mtrs & 113, 114, 115
& 116 measuring East to West 224.4 + 257/2 Mtrs and North to South 80 +
83.7/2 Mtrs. In Sy. No. 54,
55, 56 & 57 of Yarandahali Village, Jigani Hobli, Anekal Taluka,
Bangalore |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Rate of interest:
CC 1 % Below SBAR Eff.: Rate 9.5 % per annum with periodical rests and such rate
and rests as may be specified by the bank form time to time. WODL of 3/6
months tenure 4.05 % below SBSTAR eff. Rate 5.95 % per annum with periodical
rests and at such rate and rests as may be specified by the bank form time to
time. |
|
5) Name and Address and description of the person entitled to the
charge. |
State Bank of
India, Bangalore
Commercial Branch, Krishi Bhavan,
Hudson Circle, Bangalore –
560001 |
|
6) Date and brief description
of instrument modifying the charge |
NA |
|
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. |
NA |
|
Name of the
company |
MICRO LABS LIMITED |
|
Presented By |
IDBI Limited
Bangalore Branch, IDBI House No. 58, Mission Road, Bangalore – 560 027 |
|
1) Date and
description of instrument creating the change |
31.01.2005 (Regd.
Doc.325/02.03.2005) Agreement of Hypothecation of Goods and Assets |
|
2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 150.000
millions |
|
3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
Hypothecation of
Subservient charge on current assets such as stocks and book debts belonging
to the Company |
|
4) Gist of the
terms and conditions and extent and operation of the charge. |
Interest MIBOR +
50 bps Margin: Nil Repayment on
demand |
|
5) Name and Address
and description of the person entitled to the charge. |
IDBI Limited Bangalore Branch,
IDBI House No. 58, Mission Road, Bangalore – 560 027 |
|
6) Date and brief description of instrument
modifying the charge |
31.12.2005 No Document was
executed, but a letter confirming the deposit of title deeds on immovable
property belonging to the Company with IDBI Limited |
|
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. |
Equitable
mortgage created by deposit of title deeds on company’s immovable property
situated as Plot Nos. 43,44 and 45 in Survey No. 42 part in the Bommasandra
Jigani Link Road, Industrial Area, Bandenallasandra, Jigani, Hobli, Anekal
Taluka, Bangalore District measuring 24282 Sq. mtrs. All other terms,
conditions and existing securities to continue. |
|
Corporate
identity number (CIN) Foreign company registration number |
U32106KA1973PLC002401 |
|
Name of the
Company |
MICRO LABS
LIMITED |
|
Address |
27, Race Course
Road, Bangalore – 560 001, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of Charge |
A charge on: Current Assets |
|
Particulars of
the charge holder |
State bank of
India Speciliased
Commercial Branch, Krishi Bhavan, 1st Floor, Hudson Circle
Bangalore – 560 001, Karnataka, India E-Mail: jsurya@vsnl.com |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
Hypothecation of Goods and Assets Letter regarding
the grant of individual limits within the overall limit (Both the
documents relate to the same modification) |
|
Date of the
instrument creating or modifying the charge |
05.07.2007 |
|
Amount secured by
the charge |
Rs. 130.000
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
(a) Rate of
Interest: EPC: Upto 180 days:
2.75% below SBAR (12.75%) effective rate at 10.00% with monthly rests Beyond
180 days and upto 365 days: 1.25% below SBAR (12.75%) i.e. 11.75% is the
present effective rate PCFC: Upto 180
days 6 months LIBOR plus 100 basis points (b) Terms of Repayment: Repayable on
Demand (c) Margin: 10% FOB Value of
the order /LC (d) Extent and
operation of the charge Plant and
Machineries offered as additional shall continue. Second charge on current
assets. |
|
Short particulars
of the property charged (including location of the property) |
Second charge on
the company’s current assets (1 charge being hold by Canara Bank) situated at
Plot Nos. 121 to 124 at Bommasandra Industrial Area, IV Phase, Jigani |
|
Particular of the
present modification |
Total limits
remain unchanged. Export Packing Credit Limit of Rs. 130.000 millions is made
as a sub-limit of Clean Cash Credit. Second charge on the Company’s Current
Assets to continue (1 charge being held by Canara Bank). Extension of EM
on leasehold Industrial Plots at Nos. 121 to 124 at Bommasandra Industrial
Area, IV Phase, Jigani measuring about 34302880 Sq. fts. and buildings
constructed on it to continue. All other terms and conditions as per Annexure
B. |
|
This Form is for |
Modification of charge |
|
Charge
identification number of the charge to be modified |
90193872 |
|
Corporate
identity number of the company |
U32106KA1973PLC002401 |
|
Name of the
company |
MICRO LABS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
27, Race Course
Road, Bangalore – 560 001, Karnataka, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Canara Bank Industrial
Finance Branch, No. 83, Richmond Road, Bangalore 560025, Karnataka, India |
|
Nature of
description of the instrument creating or modifying the charge |
Equitable
mortgage by deposit of title deeds – no instrument-confirmation letter
enclosed |
|
Date of instrument
Creating the charge |
30.10.2006 |
|
Amount secured by
the charge |
Rs. 1420.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest Rate of Interest as
stipulated by the Bank [b] Terms of
Payment As per terms of
sanction [c] Margin As per terms of
sanction [d] Extent and
operation of the charge the security
hereby obtained is to the full extent and by way of first charge |
|
Short particulars
of the property charged |
Equitable
mortgage of immovable properties of the Company situated at Chokkasandra
Laggere Villages, Apartment at Midford house off M. G. Road, Bangalore,
Rajajinagar II, stage Bangalore Sipcot Hosur, Pondicherry, Veer Sandra
Industrial Area Bangalore and Race Course Road, Bangalore already obtained
continue for the present limit details as per document annexed. |
|
Date of latest
modification prior to the present modification |
03.08.2006 |
|
Particulars of
the present modification |
By the above the
amount secured by the charge Rs. 1420 Millions remain at the same level but
the company has extended its immovable properties situate at various places
as security for this limit. All other
terms and conditions remain unchanged. |
|
Name of the company |
MICRO LABS LIMITED |
|
Presented By |
Canara Bank Industrial
Finance Branch, No. 83, Richmond Road, Bangalore 560025, Karnataka, India and
Micro Labs Limited |
|
1) Date and description of instrument creating the change |
26.12.2005 hypothecation agreement of goods and book debts [for
DALC/DPG/Guarantees] |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 100.000
Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
the whole of the present and future goods and commodities which expression
include document of title to goods, stock in trade, merchandise goods,
vehicles of every type and description and book debts, outstanding, money
receivables, claims, bills etc. belonging to the Company by way of first
charge |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest :At
16.25% p.a. payable at monthly rests and margin as applicable from time to
time, Repayable on demand |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank Industrial Finance
Branch, No. 83, Richmond Road, Bangalore 560025, Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
Special Resolution
“Resolved that upon
the recommendation of the Board of Directors a sum of Rs. 101.185 Millions out of
the sums standing to the credit of profit and loss account and Rs. 50.015
Millions standing to the credit of transferred form merged entities as on 31st
march 2005.”
Website details
are attached herewith:
Micro Labs is one of the leading pharmaceutical companies in India. Micro Labs is a flagship company started in 1973 by Mr. G. C. Surana a visionary entrepreneur. Micro Group was founded with the objective to provide quality healthcare at an affordable cost. The company entered the pharma market with quality products in the prescription drug segment such as antibacterials, antiseptics, vitamins etc.
Micro
Group began to expand in the early eighties when increased thrust was given to the
branded prescription market. Greatly encouraged by the wide acceptance and
positive market response, the company expanded its products range to various
other more vital segments like cardiovascular, psychotropic, neurological, anti
diabetic, gynecological, gastro-enterological, dermatological, ophthalmologic
and veterinary products.
The
company later became a multi-divisional group to suit changing market trends
and customer profiles. In 2002 Micro acquired EROS Pharma a Bangalore-based
formulations company. Micro has 10 overseas offices, 12 formulation
manufacturing plants, a strong distribution network and about 5000 plus
dedicated employees.
Today
the Micro Group with its associate companies is a multi-faceted organization
with a turnover of Rs.477 crores and exports reaching in excess of 20 million
US$
Mission
To
develop and market a wide range of healthcare products to meet specific needs,
resulting in better life.
Vision
To be
regarded as a stellar pharmaceutical company in terms of Quality and Customer
Satisfaction.
Business Objectives
v Adapting latest international technology to match global health
care requirements
v Accelerate growth through brand building
v Continuous research and product development
v Constant manufacturing facilities expansion
v US -
FDA standards facilities to cater to Regulated Markets
v Overseas joint ventures
v Shall strive to be one among the top Ten Indian Companies by 2010.
Chairman's message
"MICRO LABS should be regarded as one of the best
pharmaceutical companies in all aspects... their people have been their major
assets. I am proud of them. MICRO LABS will provide congenial work atmosphere
and establish reward systems to enable them to function with sincerity and
integrity.... MICRO LABS will be a model corporate citizen in terms of
environmental protection & societal initiatives." - Mr. G.C.Surana.
Achievements and Milestones
v Micro Labs is today ranked 13th among the
23000 and odd companies in the Indian pharmaceutical Industry.
v Micro Labs is one of the fastest growing
companies among the top 15 and has a current ORG - IMS standing at 13th as per
September 2005.
v Micro Labs has been accredited with ISO 9001
certification by KPMG
v Micro Labs is a regular winner of the
prestigious IDMA Quality Excellence Awards from the year 1993 onwards for
having the best manufacturing units in the country.
v Each Micro Labs production plant conforms to
FDA norms and manufacturing is done as per stringent CGMP norms laid down by
the WHO.
v Micro Labs manufacturing facilities have
been visited, approved and appreciated by the officials of the Ministry of
Health from various countries like, UK MHRA, MCC - South Africa, Health Canada,
Invima Colambia, SGS Switzerland and IDA Holland.
v Micro Labs is credited with the introduction
of a number of unique molecules for the first time in Indian market, such as
Nifedipine, Diltiazem, Alprazolam, Acylovir, Silymarin, Nabumatone, Spasmopriv,
Metadoxil etc.
v An excellent marketing track record with
over 300 % growth in turnover in the last 5 years.
v Micro Labs current turnover of 50 million
USD
v An export contributes 6.5 million USD to the
group turnover.
Awards
Micro Labs & Brown and Burk received
IDMA Award-2004
Micro Labs has bagged IDMA (Indian Drug Manufacturers Associations)
Quality Excellence Award for the fourth time consecutively in a row. The
significant factor of this year is both Micro Labs and Brown & Burk have
received the award. The Award is given annually by IDMA on turnover basis for
the purpose of appreciation and promotion of excellence and product quality.
After making its
strong presence in the domestic market, Micro started venturing into
international markets. Micro Exports focuses on ethical promotion of branded
generics. Micro has been exporting all major dosage forms in many therapeutic
segments.
Micro Export has
its presence in 50 countries around the globe. Micro has offices in ten
countries including UK, Thailand, Russia, Vietnam and Ukraine. Micro facilities
have received international audit approvals from Invima Columbia, MCC South
Africa, Health Canadian and UK MHRA. The UK MHRA approvals have enabled us to
move aggressively into the regulated markets, especially European Markets.
Micro has planned
for major investments in R & D to cater to the regulated markets. Micro is
looking at new markets like Mexico, Brazil and Eastern Europe. Micro has also
ventured into Bulk Drugs. To cater to the market needs a state-of-the-art API
plant is being set up at Bommasandra, Bangalore.
Press
Releases
MICRO LABS LAUNCHES AN OPHTHALMOLOGY
DIVISION – MICRO LUMIRA
Drugs to be manufactured at Asia’s largest
in-house facility at Bommasandra
Bangalore June 25,
2007
Micro labs Limited,
Karnataka’s largest pharmaceutical company with a sizeable presence in at most
all therapeutic segments, announced today the launch of its new Ophthalmology
division – micro Lumira. With this, the company increased the number of
divisions in its portfolio from 12 to 13. This is a strategic move by the
organization keeping in mind the potential size of eye care market. The
division will be headed by Mr. S. Rajagopalan, President.
Micro Lumira has
been launched with an objective to offer wide range of ophthalmic medications
across all theapeutic segments at an affordable cost. These drugs will be
manufactured at Micro Labs’ stateof-the-art eye drop facility at Bommasandra
which is Asia’s largest set up with an investment of Rs. 700.000 millions. This
facility has been designed in line with the world’s quality accreditation
requirements of different regularatory bodies like US FDA, UK MHRA, etc. The
capacity of the facility is to product 2 lakh bottles of ophthalmic
preparations per day.
Micro Labs already
has a presence in Ophthalmology segment through its existing division Micro
Vision. However, the company intends to become the third largest player in eye
care market by the end of the year and eventually No. 1 by 2010. In line with
this objective, Micro Lumira is strategically placed to enable Micro Labs
garner a greater market share in Ophthalmology market.
Speaking on the
occasion, Mr. Dilip Surana, managing Director, Micro labs Limited said “Eye
care market has vast, untapped potential. We bring a unique proposition to our
stakeholders by providing world class medicines manufactured at our facility at
Bommasandra at affordable prices. Micro Lumira will bring us closer to
achieving our mission of becoming the No. 1 player in eye care market.”
Mr. S. Rajagopalan,
President, added, “We have a highly trained and motivated sales force that will
introduce newer eye care formulations to various ophthalmologists across the
country. Through this vast network of ‘Feet on Street’, we intend to achieve
threefold increase in our sales in the next 3 years.
The facility has
latest technology with best equipments from countries like Germany, Italy,
Switzerland, Japan, etc. The Rommelag machine from Switzerland employs the
technology of Blow-Fill-Seal or Form-fill-Seal in which product container is
formed, filled and sealed in the machine without human touch and in class 100
environment. The Groninger machine from Germany is the latest of its kind on
which preformed, pre-sterilized containers are used to manufacture ophthalmic
products. Another machine for the first time in India is from Mecofar of Italy
Viz. Rota Combiline on which products in glass Ampoules and Vials are
manufactured fully automatically. The facility runs with zero human
intervention.
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. 39.94 |
|
UK Pound |
1 |
Rs. 79.03 |
|
Euro |
1 |
Rs. 63.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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. |
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 |
|