MIRA
INFORM REPORT
|
Report Date : |
01.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SRL RANBAXY LIMITED |
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Formerly Known As : |
SPECIALLY RANBAXY LIMITED |
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Registered Office : |
Piccadily House, 275-276 (IV Th Floor ), Captain Gaur Marg,
Srinivaspuri, New Delhi – 110065 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.07.1995 |
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Com. Reg. No.: |
070603 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PLC070603 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS36770G |
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PAN No.: [Permanent
Account No.] |
AAACS2809J |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
To establish, provide, maintain and conduct the business of research
laboratories and workshops for clinical, diagnostic and prognostic monitoring
services. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 369144 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track
record. The company is expected to
wipe out all previous losses soon. The company is backed by Ranbaxy Laboratories Limited and it has
Government Recognized Research And Development Establishment. Available information indicates high financial responsibility of the company. Trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported. The company can be considered normal for
business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Piccadily House, 275-276 (IV Th Floor ), Captain Gaur Marg,
Srinivaspuri, New Delhi – 110065 |
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Email : |
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Website : |
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Branches : |
Plot 113, MIDC 15th Street, Andheri
(East), Mumbai-400 093 Ph : 91-22-2823 7333 E-mail: customercare.mumbai@srlranbaxy.co.in
Plot GP - 26, Sector – 18,Udyog Vihar,
Gurgaon - 122015. Tel : 91-124 - 4591 000 E-mail:
customercare.delhi@srlranbaxy.co.in 47, Millers Road, Bangalore - 560 052 Tel :
91-80-4113 7331 / 2 / 3 E-mail: customercare.bangalore@srlranbaxy.com 30 B, Chowringee Mansion, Jawaharlal Nehru
Road, Kolkotta-700 016 Tel : 91- 33-2226 7333, 033-2226 7333 /
22271315 / 22271317 E-mail: customercare.kolkata@srlranbaxy.com |
DIRECTORS
|
Name : |
Mr. Harpal Singh |
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Designation : |
Managing Director |
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Address : |
B-10, Anand Niketan, New Delhi |
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Date of Birth/Age : |
14.09.1949 |
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Date of Appointment : |
07.05.2002 |
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Name : |
Mr. Bimal K Raizada |
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Designation : |
Director |
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Address : |
L- 32 / 07, DLF, Qutab Enclave, Phase –II |
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Date of Birth/Age : |
17.04.1944 |
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Date of Appointment : |
17.05.1996 |
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Name : |
Mr. Malvinder M. Singh |
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Designation : |
Director |
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Address : |
1, Southend Lane, New Delhi – 110011 |
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Date of Birth/Age : |
27.11.1972 |
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Date of Appointment : |
24.11.1999 |
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Name : |
Mr. Shivinder M. Singh |
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Designation : |
Director |
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Address : |
1, Southend Lane, New Delhi – 110011 |
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Date of Birth/Age : |
21.01.1975 |
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Date of Appointment : |
07.05.2002 |
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Name : |
Dr. Arun K Purohit |
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Designation : |
Director |
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Address : |
373, Sector – 14, Gurgaon, Haryana – 122001 |
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Date of Birth/Age : |
15.08.1952 |
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Date of Appointment : |
24.06.1997 |
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Name : |
Mr. Vinay K Kaul |
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Designation : |
Director |
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Address : |
8202 / 8204, B -11, Vasant Kunj, New Delhi – 110087 |
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Date of Birth/Age : |
06.04.1944 |
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Date of Appointment : |
19.11.2002 |
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Name : |
Dr. B.R. Das |
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Designation : |
Executive Director – Research and Technology |
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Tel No. : |
91-22- 66924712 (Direct) / 67801111 |
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Toll Free : |
1-800-222-333 |
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Fax No. : |
91-22-22066924717 |
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Email : |
info@srlranbaxy.com |
KEY EXECUTIVES
|
Name : |
Mr. Mohit Bajaj |
|
Designation : |
Secretary |
|
Address : |
III, 71 / 2, Nehru Nagar, Ghaziabad – 201001 |
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Date of Birth/Age : |
06.08.1978 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mr. Ramesh kumar Chopra |
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Designation : |
Secretary |
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Address : |
G – 301, G- 1, Ashray Apartment, C – 58/8, Sector – 60, Noida –
201301, Uttar Pradesh |
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Date of Birth/Age : |
28.03.1978 |
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Date of Appointment : |
10.10.2006 |
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Ranbaxy Holding Company |
2237891 |
|
Malav Holding Private Limited |
2218384 |
|
Shivi Holding Private Limited |
2218384 |
|
Shimal Research Laboratories Limited |
6674659 |
|
Total |
13349318 |
Equity Share Breakup
|
Sr. No |
Category |
Percentage |
|
1. |
Directors or Relatives of Directors |
100 % |
|
|
Total |
100 % |
BUSINESS DETAILS
|
Line of Business : |
To establish, provide, maintain and conduct the business of research laboratories
and workshops for clinical, diagnostic and prognostic monitoring services. |
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GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
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Financial Institute : |
First Leasing Company of India Limited Address : 749,
Anna Salai, Chennai – 2, Tamilnadu – 600002 Email ID : share@flcindia.com |
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Facilities : |
--- |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
1] S.R. Batliboi and Company Chartered Accountant Address : 18 – 20, Kasturba Gandhi Marg, New Delhi – 110001 2] Lovelock and Lewes Chartered Accountant |
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Associates : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- Each |
Rs.200.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19874476 |
Equity Shares |
Rs.10/- Each |
Rs.198.744
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13349318 |
Equity Shares |
Rs.10/- Each |
Rs.133.493
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
133.493 |
133.493 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(41.207) |
(123.929) |
|
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NETWORTH |
|
92.286 |
9.564 |
|
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
|
210.658 |
227.801 |
|
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2] Unsecured Loans |
|
0.000 |
150.000 |
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TOTAL BORROWING |
|
210.658 |
377.801 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
302.944 |
387.365 |
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|
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APPLICATION OF FUNDS |
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|
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|
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FIXED ASSETS [Net Block] |
|
81.176 |
80.683 |
|
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Capital work-in-progress |
|
14.178 |
5.683 |
|
|
|
|
|
|
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INVESTMENT |
|
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
|
10.215 |
53.389 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
26.599 |
19.832 |
|
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Sundry Debtors |
|
122.711 |
83.653 |
|
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Cash & Bank Balances |
|
75.192 |
45.172 |
|
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Other Current Assets |
|
0.032 |
0.045 |
|
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Loans & Advances |
|
204.533 |
279.112 |
|
Total
Current Assets |
|
429.067 |
427.814 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Current Liabilities |
|
199.948 |
160.964 |
|
|
Provisions |
|
31.744 |
19.240 |
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Total
Current Liabilities |
|
231.692 |
180.204 |
|
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Net Current Assets |
|
197.375 |
247.610 |
|
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
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|
|
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TOTAL |
|
302.944 |
387.365 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
778.193 |
611.672 |
|
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Other Income |
|
25.843 |
14.539 |
|
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Total Income |
|
804.036 |
626.211 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
123.598 |
77.476 |
|
|
Provision for Taxation |
|
40.875 |
36.848 |
|
|
Profit/(Loss) After Tax |
|
82.723 |
40.628 |
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Expenditures : |
|
|
|
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Cost of Goods Sold |
|
0.000 |
0.000 |
|
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Manufacturing Expenses |
|
0.000 |
0.000 |
|
|
Administrative Expenses |
|
0.000 |
0.000 |
|
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Raw Material Consumed |
|
226.654 |
171.039 |
|
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Purchases made for re-sale |
|
0.000 |
0.000 |
|
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Consumption of stores and spares parts |
|
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
|
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
|
143.317 |
114.868 |
|
|
Managerial Remuneration |
|
0.000 |
0.000 |
|
|
Payment to Auditors |
|
1.264 |
1.451 |
|
|
Interest |
|
34.323 |
21.460 |
|
|
Insurance Expenses |
|
3.311 |
3.626 |
|
|
Power & Fuel |
|
10.223 |
9.239 |
|
|
Depreciation & Amortization |
|
18.162 |
15.512 |
|
|
Other Expenditure |
|
243.182 |
211.537 |
|
Total Expenditure |
|
680.436 |
548.732 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
10.28 |
6.48 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
15.88 |
12.66 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
24.22 |
15.23 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
1.33 |
8.10 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.79 |
58.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.85 |
2.37 |
|
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LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Corporate
identity number (CIN) Foreign company registration number |
U74899DL1995PLC070603 |
|
Name of the
Company |
SRL RANBAXY LIMITED |
|
Address |
Piccadily House, 275-276 (IV Th Floor ), Captain Gaur Marg,
Srinivaspuri, New Delhi – 110065 |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Movable Property |
|
Particulars of
the charge holder |
L65910TN1973PLC006423 First Leasing Company
of India Limited 749, Anna Salai,
Chennai – 2, Tamilnadu – 600002 Email ID : share@flcindia.com |
|
Nature or
description of the instrument creating or modifying the charge |
Loan Agreement
dated 07.01.2008 Deed of
hypothecation dated 07.01.2008 |
|
Amount secured by
the charge |
Rs.3.209 Millions
|
|
Brief of the
principal terms and conditions |
A] Rate of
Interest : 12.00 % P.A. Reducing, Linked to SBI PLR (12.75 % - 0.75 %) B] Terms of Repayment
: 36 Months, 3 Years C] Margin : 15 % D] Extent and
Operation of the Charge : Hypothecation of Computers and its Peripherals,
Printer, Chairs, Electrical Works, Furniture and Fixtures, Sanitary Fixtures
and Plant and Machinery Located at various Location of the company. |
|
Short particular
of the property charged |
Hypothecation of
Computers and its Peripherals, Printer, Chairs, Electrical Works, Furniture
and Fixtures, Sanitary Fixtures and Plant and Machinery Located at various Location
of the company. |
|
Name of the company |
SRL RANBAXY LIMITED |
|
Presented By |
Company and
Standard Chartered Bank, New Delhi |
|
1) Date and description of instrument creating the change |
Agreement of hypothecation
of machinery Dated : 20.10.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
INR 244 Million
(Indian Rupees : Two Hundred and Forty Four Million Only) |
|
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 by
way of first charge over all the movable plant and machinery and other fixed
assets both present and future, belonging to the borrower, being movable
properties, now stored at or being stored or which may hereafter be brought
into or stored at or at present installed at borrower’s factory and / or
premises or wherever else the same may be. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as may
be determined by the bank from time to time |
|
5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank Parliament Street New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
Fixed Assets
- Leasehold
Improvement
- Plant and
Machinery
- Lab Equipment
- Air
Conditioners
- Computers and
Accessories
- Furniture And
Fittings
- Office
Equipments
- Vehicles : 1]
Owned 2] Leased
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 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.39.60 |
|
UK Pound |
1 |
Rs.78.29 |
|
Euro |
1 |
Rs.58.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
44 |
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 |
|