MIRA
INFORM REPORT
|
Report Date : |
28.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
JACKSON LABORATORIES PRIVATE LIMITED |
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Registered Office : |
Majitha Road, Bye Pass, Amritsar-143001, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.12.1986 |
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Com. Reg. No.: |
16-7168 |
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CIN No.: [Company
Identification No.] |
U24230PB1986PTC007168 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AMRJ10040C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Wide Range of
Quality Generics and Formulations, Tablets, Capsules, Dry Syrups, Oral
Powder, Eye/ Ear Drops, Liquid Injectables, Dry Powder Injectables,
Veterinary Products, For Exports, Contract Manufacturing, Marketing and
Government Distribution |
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 130000 |
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Status : |
Satisfactory |
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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 satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Majitha Road, Bye Pass, Amritsar-143001, Punjab, India |
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Tel. No.: |
91-183-2423310/ 2422228/ 2423895 |
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Mobile No.: |
91-9815502526/ 9815091987/ 9872891817 |
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Fax No.: |
91-183-2423072 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Jugal Kishore |
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Designation : |
Managing Director |
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Address : |
13, Joshi Colony, The Mall, Amritsar-143001, Punjab |
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Date of Birth/Age : |
01.03.1949 |
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Date of Appointment : |
04.12.1986 |
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Name : |
Mr. Ramesh Kumar |
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Designation : |
Director |
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Address : |
13, Joshi Colony, The Mall, Amritsar-143001, Punjab |
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Date of Appointment : |
04.12.1986 |
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Name : |
Mr. Sudhir Kumar |
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Designation : |
Director |
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Address : |
13, Joshi Colony, The Mall, Amritsar-143001, Punjab |
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Date of Appointment : |
04.12.1986 |
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Name : |
Mrs. Neeru Sambra |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Varun Samra |
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Designation : |
Manager (Exports) |
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Name : |
Mr. Rajeev Sharma and Associates |
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Designation : |
Company Secretary |
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Address: |
11, F S Colony, O/s Gate Bhagtanwala, Amritsar |
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Mobile No: |
91-98151-11377 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Jugal Kishore |
2140 |
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Mr. Sudhir Kumar |
250 |
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Mr. Ramesh Kumar |
2060 |
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Mr. Vinod Kumar |
795 |
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Mr. Vijay Kumar HUF |
600 |
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Baby Samiksha Sambra |
200 |
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Master Vivek Sambra |
200 |
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Mrs. Rajesh Sambra |
150 |
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Mr. Santosh Sambra |
585 |
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Master Vikas Sambra |
200 |
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Ms. Suman Lata |
600 |
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Ms. Krisha Rani |
225 |
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Ms. Neeru Sambra |
425 |
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Mr. Vijay Kumar |
400 |
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Mr. Ravinder |
60 |
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Ms. Lajyawanti |
220 |
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Mr. Vasdev Wadhwa |
180 |
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Ms. Meera Bhalla |
200 |
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Master Sameer Bhalla |
80 |
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Mr. Subhash Chander |
650 |
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Master Sahil Sambra |
230 |
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Mr. Vinod Kumar HUF |
300 |
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Ms. Kavita Kapoor |
380 |
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Master Vishal |
70 |
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Ms. Shikha |
20 |
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Mr. P K Sharma |
170 |
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Total |
11390 |
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Wide Range of
Quality Generics and Formulations, Tablets, Capsules, Dry Syrups, Oral
Powder, Eye/ Ear Drops, Liquid Injectables, Dry Powder Injectables,
Veterinary Products, For Exports, Contract Manufacturing, Marketing and
Government Distribution |
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Products : |
Laboratories Products |
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Export to : |
Afghanistan, Tokyo, Vietnam, Mauritius etc. |
GENERAL
INFORMATION
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No. of Employees : |
About 50 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Raman Arora and Company Chartered Accountants |
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Address : |
1-Police Lines, Lawrence Road, Amritsar-143001, Punjab, India |
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Tel No: |
91-183-2210867 / 2566577 |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000 |
Equity Shares |
Rs.100/- each |
Rs.1.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11390 |
Equity Shares |
Rs.100/- each |
Rs.1.139
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 |
1.139 |
1.139 |
1.139 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
30.387 |
26.551 |
23.049 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.526 |
27.690 |
24.188 |
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LOAN FUNDS |
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1] Secured Loans |
32.486 |
30.522 |
19.537 |
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2] Unsecured Loans |
25.827 |
14.248 |
4.617 |
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TOTAL BORROWING |
58.313 |
44.770 |
24.154 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
89.839 |
72.460 |
48.342 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
64.247 |
55.075 |
47.381 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
68.912
|
52.140 |
22.818 |
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Sundry Debtors |
119.126
|
113.300 |
81.106 |
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Cash & Bank Balances |
2.287
|
2.336 |
7.932 |
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Other Current Assets |
4.369
|
0.000 |
0.000 |
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Loans & Advances |
46.683
|
23.448 |
12.129 |
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Total
Current Assets |
241.377
|
191.224 |
123.985 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
214.235
|
173.839 |
123.024 |
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Provisions |
1.550
|
0.000 |
0.000 |
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Total
Current Liabilities |
215.785
|
173.839 |
123.024 |
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Net Current Assets |
25.592
|
17.385 |
0.961 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
89.839 |
72.460 |
48.342 |
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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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NA |
212.286 |
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Total Income |
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NA |
212.286 |
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Profit/(Loss) Before Tax |
|
3.827 |
1.295 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
3.827 |
1.295 |
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Total Expenditure |
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NA |
210.991 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
NA
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0.61 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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0.61 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.25
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0.52 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.12
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0.04 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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8.69
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7.89 |
6.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.12
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1.10 |
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8 PARTICULAR FOR CREATION OR MODIFICATION OF CHARGES
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Name of the company |
JACKSON
LABORATORIES PRIVATE LIMITED |
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Presented By |
Mr. Jugal Kishore |
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1) Date and description of instrument creating the change |
Agreement of General Counter – Guarantee and Indemnity covering several guarantee within the sanctioned guarantee limit dated 01.02.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.000 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 |
Equitable mortgage of immovable property situated at 380 – Green Avenue, Amritsar belonging to Mr. Subhash Chander [Guarantor], Mr. Vinod Kumar [Guarantor] and Mr. Jugal Kishore [Director of the company] |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable on Demand Interest @ 15.25 % p.a. with monthly rests or at such other rate or rates as may be notified by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Bank of India, City Centre Branch, Amritsar |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24230PB1986PTC007168 |
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Name of the
company |
JACKSON LABORATORIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Majitha Road, Bye Pass, Amritsar-143001, Punjab |
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Type of charge |
Floating Charge |
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Particular of
charge holder |
Punjab National
Bank The Mall B. O. SPL SSI,
Amritsar – 143001, Punjab, India |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
hypothecation of goods to secure a demand cash credit facility for Rs. 10.000
Millions dated 14.03.2007 |
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Date of
instrument Creating the charge |
14.03.2007 |
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Amount secured by
the charge |
Rs. 10.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Demand cash
credit : Minimum 10.25 % p.a. to be calculated on daily balance due to the
bank on monthly rests. Terms of
Repayment Cash Credit :
Repayable on demand Margin 25 % Extent and
Operation of the charge 100 % |
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Short particulars
of the property charged |
Hypothecation of
all types of medicines, Raw Materials stock in progress, finished goods of
pharmaceuticals products, stores and spares, packing materials etc. |
AS PER WEBSITE
Profile
Subject is the manufacturers of pharmaceutical formulations
manufacturing about 600 items in various dosage forms of tablets, capsules,
injections, dry injections, syrups, dry syrups, eye/ ear drops etc. under
strict GMP norms at their state of art plant in the holy city of AMRITSAR in
INDIA.
Subject have been awarded the "UDYOG RATTAN AWARD" by the
Economic Survey Department of India. They have also been awarded the ISO
9001:2000 Certificate and they are also registered with The Director General of
Quality Assurance and The Director General of Health Services.
The company was established in 1986 and is a fast growing company. They
currently have a large domestic and international market along with supplies to
prestigious government hospitals and institutions including the defence forces
and World Bank assisted projects. They are currently exporting to Afghanistan,
Tokyo, Vietnam, Mauritius etc. where their products are registered with the
governments of these countries.
The Team
Subject is a fully integrated company from top to bottom. Every department
works in complete coordination with the other. Their team has best
pharmaceuticals & management professionals who have wide experience and
ample dedication.
BASIC STRENGTHS AND ATTITUDE OF THEIR COMPANY
v
They give utmost importance to their buyer, their
requirements and needs
v
They emphasis on Quality deliveries
v
They give extreme importance to their commitments and
provide their customers timely deliveries
v
They understand fully the needs of their customers and try
to reach to their satisfaction up to their maximum capabilities.
Their Affilations
At subject, they ensure flawless production and distribution of
their products. All of their products pass through strict tests. The products
are further approved by govt. & public laboratories. Only after getting the
affirmative approval, the goods leave the factory premises.
They have a full-fledged packaging & shipping department that
ensures a safe delivery of the orders. They have a dedicated staff that
keeps a constant vigil at the entire packaging process to avoid any damage to
the cargo. Normally the labels have the details like product name with the
pharmacopoeia mentioned, manufacturing date, expiry date, license number, net
wt, gross wt. or quantity in case of formulations.
In order to achieve the highest level of technical excellence in
production, quality assurance is maintained around-the-clock. Every step, every
process is monitored continuously, inspected and tested repeatedly.
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.40.15 |
|
UK Pound |
1 |
Rs.80.54 |
|
Euro |
1 |
Rs.63.41 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|