MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMBIOTIC LABORATORIES PRIVATE LIMITED |
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Registered Office : |
No.354, 33rd Cross, 16th A Main, 4th
T Block, Jayanagar, Bangalore – 560011, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.08.1988 |
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Com. Reg. No.: |
08-9394 |
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CIN No.: [Company
Identification No.] |
U02423KA1988PTC009394 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRE00694B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Pharmaceutical
Formulations like Tablets, Capsules, Oral Liquids, Dry Syrups, Oinments &
Injectables. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 80000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
No.354, 33rd Cross, 16th A Main, 4th
T Block, Jayanagar, Bangalore – 560011, Karnataka, India |
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Tel. No.: |
91-80-23480627 |
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Mobile No.: |
91-9844007103 |
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Fax No.: |
91-80-23480627 |
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E-Mail : |
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Website : |
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Factory 1: |
56/1, Sree Gandha Kawal, Kottige Palya, Magadi Main Road, Bangalore –
560091, Karnataka, India |
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Tel. No.: |
91-80-23285241/ 23480627/ 28437115 |
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E-Mail : |
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Factory 2: |
No.20-C,
Kumbalgod Industrial Area, 1st Phase, Kumbalgod, Mysore Road,
Bangalore – 560074, Karnataka, India |
DIRECTORS
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Name : |
Mr. Kantilal V. Jain |
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Designation : |
Managing Director |
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Address : |
Padmashree, 354, 16th M Cross, 4th T Block, Jayanagar,
Bangalore – 560041, Karnataka, India |
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Date of Birth/Age : |
14.04.1948 |
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Date of Appointment : |
01.08.1988 |
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Name : |
Mr. Harish K. Jain |
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Designation : |
Director |
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Address : |
Padmashree, 354, 16th M Cross, 4th T Block, Jayanagar,
Bangalore – 560041, Karnataka, India |
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Date of Birth/Age : |
09.10.1966 |
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Date of Appointment : |
01.08.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 29.09.2007)
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Names of Shareholders |
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No. of Shares |
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Kantilal Jain |
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10476 |
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Harish Jain |
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10248 |
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Babi Devi |
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10248 |
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Meena H Jain |
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10248 |
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Bharat Jain |
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10248 |
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Asha Jain |
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10248 |
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Kavita Jain |
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10248 |
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Dr. Rahul Gandhi |
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2000 |
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Dr. Pinky |
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2500 |
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Vimal Jain |
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10248 |
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B Parasmal |
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250 |
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Shanti Bai |
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450 |
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Leelavati Devi |
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650 |
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Bhuli Bai |
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650 |
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B Pramod |
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152 |
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Hemandar |
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160 |
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Ashok Jain |
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76 |
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Ashok Jain |
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76 |
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Fatheraj Hirani |
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2000 |
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Kanak Raj |
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612 |
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Mahaveer Kumar |
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680 |
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Kantilal Hirani |
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1000 |
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Pushpa Kumari |
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1000 |
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Sandeep Jain |
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1000 |
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Pradeep Jain |
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1000 |
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Popatlal Jain |
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1100 |
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Shantilal Jain |
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1100 |
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Bharat S. Jain |
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100 |
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Dr. Kundan Jain |
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1232 |
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Total |
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100000 |
(As on 29.09.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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98.00 |
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Bodies Corporate |
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2.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Pharmaceutical
Formulations like Tablets, Capsules, Oral Liquids, Dry Syrups, Oinments &
Injectables. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Chickpet Branch, OTC Road, Bangalore – 560053, Karnataka, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ostawal and Jain Chartered Accountant |
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Address : |
34, Keshava Vivas, 1st Main Gandhinagar, Bangalore –
560009, Karnataka, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
6.252 |
2.910 |
1.986 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
16.252 |
12.910 |
11.986 |
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LOAN FUNDS |
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1] Secured Loans |
40.926 |
44.013 |
31.677 |
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2] Unsecured Loans |
1.270 |
1.169 |
2.457 |
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TOTAL BORROWING |
42.196 |
45.182 |
34.134 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58.448 |
58.092 |
46.120 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.694 |
39.658 |
9.700 |
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Capital work-in-progress |
3.457 |
1.167 |
21.633 |
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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 |
10.674
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22.656 |
18.361 |
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Sundry Debtors |
39.959
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20.991 |
16.484 |
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Cash & Bank Balances |
1.822
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1.489 |
0.914 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
5.926
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5.237 |
4.499 |
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Total
Current Assets |
58.381
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50.373 |
40.258 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
44.309
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32.889 |
25.451 |
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Provisions |
0.775
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0.217 |
0.020 |
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Total
Current Liabilities |
45.084
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33.106 |
25.471 |
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Net Current Assets |
13.297
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17.267 |
14.787 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
58.448 |
58.092 |
46.120 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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190.259 |
81.491 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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190.259 |
81.491 |
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Profit/(Loss) Before Tax |
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4.117 |
0.924 |
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Provision for Taxation |
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0.774 |
0.000 |
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Profit/(Loss) After Tax |
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3.342 |
0.924 |
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Total Expenditure |
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186.142 |
80.567 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.76
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1.13 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.16
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1.13 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.11
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1.03 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.07 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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5.37
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6.06 |
4.97 |
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Current Ratio (Current Asset/Current Liability) |
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1.29
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1.52 |
1.58 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS:
The company has registered a turnover of Rs.190.259 Millions and the
directors are hopeful of a better performance in the current year i.e. 2007-08.
FORM 8:
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Corporate
identity number of the company |
U02423KA1988PTC009394 |
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Name of the
company |
EMBIOTIC LABORATORIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
No.354, 33rd Cross, 16th A Main, 4th T Block, Jayanagar,
Bangalore – 560011, Karnataka, India |
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This form is for |
Modification of Charge |
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Type of charge |
Immovable
Property Book Debts |
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Particular of
charge holder |
Vijaya Bank Chickpet Branch, OTC Road, Bangalore – 560053, Karnataka, India |
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Nature of
instrument creating charge |
Article of
Agreement Hypothecation of
Agreement |
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Date of
instrument Creating the charge |
04.10.2008 |
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Amount secured by
the charge |
Rs.62.500
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
interests: 15.00% per annuam
– floating Terms of
repayment: Repayable in 84
equal monthly installment Margin: 25% on Extent and
operation of the charge: The charge
extends for a period of one year on the entire value of Rs.62.500 Millions |
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Particulars of
the property charged |
Hypothecation of
raw materials, semi finished goods, finished goods of pharmaceutical
formulation located at factory premises at 56/1, Sree Gandha Kawal, Kottige
Palya, Magadi Main Road, Bangalore – 560091 and other factory Premises at
No.20-C, Kumbalgod Industrial Area, 1st Phase, Kumbalgod, Mysore
Road, Bangalore – 560074 Extension of
Equitable mortgage on property bearing No.20-C, Kumbalgod Industrial Area, 1st
Phase, Kumbalgod, Mysore Road, Bangalore. |
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Name of the company |
EMBIOTIC LABORATORIES PRIVATE LIMITED |
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Presented By |
Vijaya Bank, OTC Road, Chickpet, Bangalore – 560053 |
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1) Date and description of instrument creating the change |
07.052.1997
(Registered as Document 26/ 11.07.1997) Agreement for
demand cash, credit against hypothecation of stock and book debts Agreement for
bill (2 nos.) (All documents
relating to a single charge) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.900 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 |
Hypothecation of
raw materials, semi finished medical goods, finished medical goods etc.
belonging to the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests 17.25%
p.a. Margin: 25% Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank OTC Road, Chickpet Bangalore – 560053, India |
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6) Date and brief description of instrument modifying the charge |
19.09.1997 Supplemental
Agreement |
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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. |
Earlier credit
facilities of Rs.1.900 Millions sanctioned/ Disbursed on 07-02-1997 now
enhanced to Rs.3.100 Millions. |
FIXED ASSETS:
- Land
- Art Work
- Factory
Building
- Furniture
- Lab Equipment
- Office
Equipment
- Computers
- Plant and
Machinery
- Vehicles
- Weighing
Scale
WEBSITE DETAILS:
PROFILE:
The year 1987-88 saw the birth of subject It began by introducing into the market, products
manufactured under Loan License. Having established a sound base, Mr. K.V. Jain
launched his own manufacturing unit in 1992 at Magadi Road, Kottigepalayam,
Bangalore. He was ably assisted in this endeavour by his eldest son, Mr.
Harish. K. Jain, who is technically qualified with a Master’s Degree in
Pharmacy. In recognition of his outstanding services & achievement, Mr.
K.V. Jain was conferred the Bharat Vikas award by the International Business
Council in 1996.
The Company started manufacturing wide range of formulations
of ethical products marketing in various states. In the year 2002 in addition
to existing division of Serwell the new division, Chronic care was formed. The
Plant is certified as per WHO Good Manufacturing Practice norms.
MARKETING:
Embiotic’s marketing network stretches across the length and
breadth of India. The efficient Marketing Team consists of Medical
Representatives, Field Officers, Area Sales Managers, Regional Managers, so on
and so forth. Embiotics’ supply extends to prestigious names like Nimhans, the
Karnataka Govt., Kerala Health Dep., Goa Govt., Wheel & Axle Plant,
National Institution of Oceanography, PGIMER-Chandigarh, Jawaharlal Nehru
Institute of Medical Science – Pondicherry, BS Hospital – J & K, Punjab
Health Systems, H.P.Health Services, Mumbai Municipal Corp., Safdargunj
Hospital – Delhi, among others. The company has also ventured into Contract
Manufacturing and Exports to various countries across the globe.
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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|