MIRA
INFORM REPORT
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Report Date : |
14.05.2008 |
IDENTIFICATION
DETAILS
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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) : |
31.03.2006 |
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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
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MIRA’s Rating : |
Ca |
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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 9944 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject’s performance and financial status appears as moderate. It’s payment are not available. Management remained non co-operative
during current investigation. The Company can be considered for small to mediocre business dealings
at usual trade terms and conditions with some caution. |
LOCATIONS
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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
Equity Share breakup (Percentage of Total Equity)
As on 31.03.2006
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Sr. No. |
Category |
Percentage |
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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 |
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5,000,000 |
Equity Shares |
Rs. 10/-
Each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,33,500 |
Equity Shares |
Rs. 10/-
Each |
Rs. 6.335 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.335 |
1.210 |
0.155 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(3.849) |
(0.404) |
(0.136) |
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NETWORTH |
2.486 |
0.806 |
0.019 |
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LOAN FUNDS |
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1] Secured Loans |
41.037 |
0.000 |
0.000 |
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2] Unsecured Loans |
3.300 |
0.000 |
0.000 |
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TOTAL BORROWING |
44.337 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.823 |
0.806 |
0.019 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.996 |
0.053 |
0.000 |
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Capital work-in-progress |
47.745 |
0.219 |
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 |
0.000
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0.000 |
0.000 |
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Sundry Debtors |
0.000
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0.000 |
0.000 |
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Cash & Bank Balances |
0.001
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0.144 |
0.021 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.739
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0.400 |
0.000 |
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Total
Current Assets |
0.740
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0.544 |
0.021 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.658
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0.010 |
0.002 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
5.658
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0.010 |
0.002 |
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Net Current Assets |
(4.918)
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0.534 |
0.019 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
46.823 |
0.806 |
0.119 |
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KEY RATIOS
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Debt Equity Ratio (Total Liability/Networth) |
0.29
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0.01 |
0.10 |
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Current Ratio (Current Asset/Current Liability) |
0.13
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54.4 |
10.5 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
BROOKS LABORATORIES LIMITED |
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Presented By |
Mr. Manmohan Mahajan, Director |
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1) Date and description of instrument creating the change |
General Agreement for the grant of medium term advance to small scale industries and Hypothecation of machinery, book debts and other assets dated 10.06.2005 Ancillary Agreement for medium term loan against pledge of movable machinery 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 machinery purchased or to be purchased, out of bank finance Ist charge on fixed assets of the company at village Kishan Pura, Tehsil Nalagarh, Distt. Solan |
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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 9.50% p.a. with monthly rests. Repayable in monthly installment from Extent of operation 100%. |
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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 |
Modification 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 Equitable
mortgage or mortgage of property by depositing the title deeds |
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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 : State bank of India Address : SSI Branch, Phase – Vii City: Mohali State : Punjab Country : IN Pin code : 160070 e-mail : rampaulca@yahoo.co.in |
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Amount Secure by the charge |
Rs. 84.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
Rate of Interest @ 0.25% above SBAR with a minimum of 11.25% p.a. compounded monthly Repayable on demand in case of cash credit. Margin : 25% each for raw material, work in progress, finished goods, 40% in case of book debts with 90 days cover period. |
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Description of property charged whether it is charged on |
Immovable properties |
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Short particulars of the Property charged |
Equitable mortgage of factory land and building at Village Kishan Pura, Tehsil, Nalagarh, Dist. Solan alongwith first charge on all fixed assets of the company including plant and machinery existing and proposed at village Kishan Pura, Tehsil, Nalagarh |
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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 |
Letter evidencing deposit of title deed |
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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.
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.
The manufacturing capacities of different sections are as follows:-
|
Capacity |
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1. Dry Powder Vials |
1.0 Lac per day |
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2. Dry Syrup |
0.50 Lac per day |
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3. Capsules |
5.0 Lac per day |
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4. Tablets |
6.0 Lac per day |
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B. Non-Beta-Lactum |
Capacity |
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1. Dry Powder Injections |
1.0 Lac vials per day |
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2. Liquid Vials |
1.0 Lac Vials per day |
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3. Ophthalmic |
0.75 Lac vials per day |
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4. Ampoules (GENERAL) |
0.75 Lac Ampoules per day |
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5. Ampoules (HARMONAL) |
0.25 Lac Ampoules per day |
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6. Tablets |
30.0 Lac tablets/per day |
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7. Capsules |
5.0 Lac Capsules/per day |
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8. Oral Liquid |
0.80 Lac bottle/per day |
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C. Utilities |
Capacities |
Make |
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Multi Column Distilation |
300 Ltr/hour |
Metal Chem |
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RO Plant |
2500 Ltr/hour |
Paul water Treatment |
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Compressor (Oil Free) |
100 CFm |
Chicago Pneumatic |
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AHU (34 Diffferent AHU) |
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Suvida Engineers |
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D.G. |
320 KVA 125 KVA |
Cummins |
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Boiler |
600 Kg |
Thermax Limited. |
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Chiners |
72 TR |
Blue Star Limited. |
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Power Load |
500 KVA |
H.P.S.E.B. |
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 :
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. 42.16 |
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UK Pound |
1 |
Rs. 82.28 |
|
Euro |
1 |
Rs. 65.54 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
25 |
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 |
|
