MIRA
INFORM REPORT
|
Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BROOKS LABORATORIES LIMITED |
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Registered Office : |
G-101, Ivory Tower, Sector – 70, Mohali – 160055, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.01.2002 |
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Com. Reg. No.: |
024910 |
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CIN No.: [Company
Identification No.] |
U24232PB2002PLC024910 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLB12185F |
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PAN No.: [Permanent
Account No.] |
AACCB5316P |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers and exporters of pharmaceuticals, Antibiotics, vitamins,
Pain Killers, etc. |
RATING &
COMMENTS
|
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 82535 |
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Status : |
Improving |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is 6 years old company and commenced commercial production in
2006-07. The Company seems to be
progressing well. Trade relation are
fair. The company is expected to wipe-off
previous losses soon. Payment are reported as slow but correct. The Company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
G-101, Ivory Tower, Sector – 70, Mohali – 160055, Punjab, India |
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Tel. No.: |
91-1795-320450, 320451, 320452, 320454 |
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Mobile No: |
91-9318759901, 9318759902, 9318759903 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq. fts. |
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Location : |
Owned |
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Factory : |
Vill. Kishan Pura, Nalagarh Road, Baddi District – Solan, Himachal
Pradesh, India |
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Tel. No.: |
91-1795-320450 / 451 / 452 |
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Area : |
2 Acres (RCC – 70000 Sq. fts.) |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Atul Ranchal |
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Designation : |
Director |
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Date of Birth/Age : |
38 years |
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Qualification : |
Post Graduate |
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Experience : |
15 years |
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Name : |
Mr. Ratesh Mahajan |
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Designation : |
Director |
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Date of Birth/Age : |
38 years |
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Qualification : |
Post Graduate |
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Experience : |
15 years |
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Name : |
Mr. Ram Partap |
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Designation : |
Director |
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Date of Birth/Age : |
68 years |
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Qualification : |
Post Graduate |
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Experience : |
10 years |
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Name : |
Mr. Manmohan Mahajan |
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Designation : |
Director |
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Date of Birth/Age : |
68 years |
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Qualification : |
Post Graduate |
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Experience : |
10 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2006
|
Sr. No |
Name of Shares
Holder |
No. of Shares |
|
1 |
Mr. Atul Ranchal |
200500 |
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2 |
Mr. Ratesh Mahajan |
191000 |
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3 |
Smt. Manita Masajan |
30000 |
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4 |
Sh. Manmohan Lal Mahajan |
6000 |
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5 |
Sh. N. K Sharma |
60000 |
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6 |
Dr. Sh. Pritpal Singh |
20000 |
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7 |
Sh. Rakesh Sharma |
5000 |
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Total |
512500 |
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2006
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of pharmaceuticals, Antibiotics, vitamins,
Pain Killers, etc. |
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Products : |
v Tablets v Capsules v Syrups v Eye Drops (Glass
Vials) v Injections v Dry Powder
Injections |
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Exports : |
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Products : |
v Pharmaceuticals v Antibiotics v Vitamins v Pain Killers |
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Countries : |
South America |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Hungary, China, Korea |
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Terms : |
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Selling : |
Credit (90 days) |
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Purchasing : |
Credit (90 days) |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
300 (Office: 25; Factory: 275) |
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Bankers : |
State Bank of India SSI Branch, Industrial Area, Phase VII, Mohali, Punjab, India |
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Facilities : |
Cash Credit of Rs. 50.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J K Jain and Associates, Chartered Accountants |
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Address : |
SCO-1132-33, Sec-22-B, Chandigarh – 160022, India |
CAPITAL STRUCTURE
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,000,000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,33,500 |
Equity Shares |
Rs. 10/-
Each |
Rs. 6.335 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 |
6.335 |
6.335 |
1.210 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.505 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(0.333) |
(3.849) |
(0.404) |
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NETWORTH |
16.507 |
2.486 |
0.806 |
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LOAN FUNDS |
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1] Secured Loans |
80.149 |
41.037 |
0.000 |
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2] Unsecured Loans |
0.300 |
3.300 |
0.000 |
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TOTAL BORROWING |
80.449 |
44.337 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
96.956 |
46.823 |
0.806 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
84.366 |
3.996 |
0.053 |
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Capital work-in-progress |
0.000 |
47.745 |
0.219 |
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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 |
19.292
|
0.000
|
0.000 |
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Sundry Debtors |
24.286
|
0.000
|
0.000 |
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Cash & Bank Balances |
1.544
|
0.001
|
0.144 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
18.775
|
0.739
|
0.400 |
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Total
Current Assets |
63.897
|
0.740
|
0.544 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
47.309
|
5.658
|
0.010 |
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Provisions |
3.998
|
0.000
|
0.000 |
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Total
Current Liabilities |
51.307
|
5.658
|
0.010 |
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Net Current Assets |
12.590
|
(4.918)
|
0.534 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
96.956 |
46.823 |
0.806 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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|
233.197 |
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Other Income |
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|
0.353 |
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Total Income |
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233.550 |
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Profit/(Loss) Before Tax |
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14.503 |
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Provision for Taxation |
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3.847 |
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Profit/(Loss) After Tax |
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10.656 |
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Expenditures : |
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Raw Material Consumed |
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163.815 |
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Purchases made for re-sale |
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13.834 |
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Increase/(Decrease) in Finished Goods |
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4.581 |
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Salaries, Wages, Bonus, etc. |
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|
11.608 |
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Managerial Remuneration |
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|
1.544 |
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Payment to Auditors |
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|
0.114 |
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Interest |
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|
7.433 |
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Insurance Expenses |
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|
0.523 |
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Power & Fuel |
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6.952 |
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Depreciation & Amortization |
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|
3.024 |
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Other Expenditure |
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5.341 |
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Total Expenditure |
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219.047 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.56
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Net Profit Margin (PBT/Sales) |
(%) |
6.21
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.78
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Return on Investment (ROI) (PBT/Networth) |
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0.88
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Debt Equity Ratio (Total Liability/Networth) |
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2.87
|
0.29
|
0.01 |
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Current Ratio (Current Asset/Current Liability) |
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1.25
|
0.13
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54.4 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
BROOKS LABORATORIES LIMITED |
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Presented By |
Mr. Ratesh Mahajan, Director |
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1) Date and description of instrument creating the change |
Agreement for the grant of small Industrial (Ancillary Agreement No: 1 to the General Agreement) (Working Capital Finance) dt.10.06.05 regd. With ROC 29.06.2005. Agreement for the grant of small Industrial (Advance (Working Capital Advance) , Ancillary Agreement No. 2 to the General Agreement (Working Capital Advance)dated 10.06.2005 Regd. With ROC on 29.06.2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 2400.000 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 stock, receivable and other current assets, present and future of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest 0.75% p.a. above SBAR with a minimum of 11.25% p.a. with monthly rests. Repayable on demand Extent of operation 100%. Margin : 25% each on Raw material, work in progress and finished goods and 40%an Book Debts. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of India SSI Branch, Industrial Area, Phase VII, Mohali, Punjab, India |
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6) Date and brief description of instrument modifying the charge |
Letter of Agreement (SME – 1) and Agreement of Loan cum hypothecation dated 22.12.2005 |
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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. |
Total Credit facility increased from Rs. 35.000 millions and Rs. 45.000 millions by sanction of Term Loan - II of Rs. 10.000 millions.
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Form 8
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This form is for |
Creation of Charge |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U24232PB2002PLC024910 |
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Name of the company |
BROOKS LABORATORIES LIMITED |
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Address |
F-94, Industrial Area, Phase – 7, Mohali, Dist. Ropar, Punjab, India |
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Type of Charges |
v Immovable Property
v Other |
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Whether consortium finance is involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name : Centurion Bank of Punjab Limited Address : SCO 46-47,Sector 9-D, Madhya Marg, City: Chandigarh State : Chandigarh-CH Country : IN Pin code : 160070 e-mail : jaspreet.singh2@centurianbop.co.in |
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Amount Secure by the charge |
Rs. 96.271 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest on Cash Credit @ 2.5% above BPLR i.e 12.5% p.a. Term Loan :2.5% BPLR i.e 12.5 %p.a b) Terms of Repayment : Cash Credit : Running Credit Term Loan I : 12 Quarterly installments of Rs.1.910 millions and 4 Quarterly installments of Rs.1.363 millions. Interest as and when due Term Loan II : 12 Quarterly installments of rs. 0.447 millions and 4 Quarterly installments of Rs.0.610 Millions interest as and when due Margin : Stock 25% Book Debts 30% ILC/FLC 15% in Shape of FRD’s. Eatent and operation of the charge : 100% |
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Description of property charged whether it is charged on |
NA |
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Short particulars of the Property charged |
Industrial Property situated at Village Kishan Pura, Tehsil, Nalagarh, (Himachal Pradesh)measuring land 6 Bigha 1 Biswa(6000 sq. Yds) |
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Charge ID Number Of Charge To Be Modification |
80010122 |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Date of latest modification prior to the present modification |
07.08.2006 |
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Particulars of the present modification |
Charge on property as equitable mortgage increased from Rs. 45.000 millions and Rs. 84.000 millions (Details as per letter of mortgage enclosed) Other terms and conditions remain the same. |
Trade References
v
CIPLA, Mumbai
v
ALEMBC, Mumbai
v
ALKEM, Mumbai
v
WOCKHARDT, Mumbai
As per Website
Details:
History:
Subject was established in 2000 and maintains its strong presence
maceutical industry since its inception. The Company is promoted by young
dynamic professionals. The Company is having modern manufacturing unit at
Mohali and has come up with ultra modern unit at excise free zone in Baddi
(H.P.) in 65000 Sq.ft. built up area, have already started production in May
2006, having Injectables (both Beta Lactum and General Sections with installed
capacity of about 1 million injections per day) Also have Tablets and Capsules
(both Beta Lactum and General Sections) and oral liquids and dry Syrup
sections.
A Stringent quality control department (Chemical and Instrumental
Analysis) is being maintained under the highly qualified and experienced staff
who are responsible for analyzing the manufacturing process from raw material
procurement through all operations up to final packing and delivery.
Profile
Subject is promoted by a team of techno commercial professionals with sound financial & academic acumen. The Directors have hands on experience in pharma manufacturing and marketing. The promoters are already running a pharma manufacturing unit having production facilities for injectables, tablets, capsules and oral liquids for last five years.
The state of art manufacturing facility with coverd area of more than 50000 sq. ft is situated at Excise Free Zone, Baddi, Diat. Solan, Himachal Pradesh (India). Plant conforms to WHO-GMP standard and our Production tham can satisfy customer requirements for a wide range of production portfolio meeting quality expectation and specification.
All production activities have been drawn out to follow high standards
of “Good manufacturing practice” and in accordance with cGMP. This state of art
plant is geared up with latest production machines and very high quality norms.
A standard operating procedure is being put into place, which would be
applicable to all departments and would be strictly enforced. Quality audits
would be performed at regular intervals by a self-inspection team comprising
representatives from quality assurance, production, maintenance and HRD
departments, which would insure that the standard operating procedure is being
followed by all the employees.
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 :
The 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.
The 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. 42.30 |
|
UK Pound |
1 |
Rs. 84.03 |
|
Euro |
1 |
Rs. 66.42 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, they have no basis upon which to
recommend credit dealings |
No Rating |
|
