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MIRA
INFORM REPORT
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Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
FRANKLIN LABORATORIES (INDIA) PRIVATE LIMITED |
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Registered Office : |
386/1, Maharani Jhansi Road, Ludhiana- 141001, Punjab |
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Country : |
India |
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Date of Incorporation : |
27.10.1966 |
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Com. Reg. No.: |
16-2676 |
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CIN No.: [Company
Identification No.] |
U24231PB1966PTC002676 |
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Tan No.: |
JLWF00111G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceuticals |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
386/1, Maharani Jhansi Road, Ludhiana- 141001, Punjab, India |
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Tel. No.: |
91-161-2403744 / 2403763 / 2408859 |
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Fax No.: |
91- 161- 2405359 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Krishan Lal Sareen |
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Designation : |
Director |
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Address : |
5B, Udham Singh Nagar, Civil Lines, Ludihana-141001, Punjab, India |
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Date of Birth/Age : |
01.09.1935 |
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Date of Appointment : |
27.10.1966 |
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Name : |
Mr. Ajay Sareen |
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Designation : |
Director |
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Address : |
5B, Udham Singh Nagar, Civil Lines, Ludihana-141001, Punjab, India |
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Date of Birth/Age : |
17.12.1963 |
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Date of Appointment : |
01.08.1984 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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K. L. Sareen |
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18905 |
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Ajay Sareen |
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7660 |
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Sushila Sareen |
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7735 |
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Rummy Sareen |
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4220 |
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Anju Thaper |
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5430 |
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Akshay Thaper |
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500 |
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Snehlata Vijan |
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50 |
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Total |
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44500 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2006
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Category |
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Percentage |
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Directors or Relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceuticals |
GENERAL
INFORMATION
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Bankers : |
State Bank of India, Specilised Commercial Branch, Civil Lines,
Ludiana – 141001, Punjab, India |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
As on 30.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
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50000 |
Preference Shares |
Rs. 10/-each |
Rs. 0.500 Million |
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Total |
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Rs. 5.500
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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44500 |
Equity Shares |
Rs. 100/-
each |
Rs. 4.450
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Not Available
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90171610 |
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Corporate
identity number of the company |
U24231PB1966PTC002676 |
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Name of the
company |
FRANKLIN
LABORATORIES INDIA PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Maharani Jahnsi
Road, Ghuman Mandi, Ludhiana- 141001, Punjab, India |
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Type of charge |
Immovable
Property Movable Property Others |
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Particular of
charge holder |
State Bank Of
India, Civil Lines, Ludiana- 141001, Punjab, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of instrument
Creating the charge |
14.03.2007 |
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Amount secured by
the charge |
Rs. 85.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest
at 0.25% above State Bank Advance Rate (SBAR=1075% WEF-01.05.2006) With a
Minimum of 11% per Annum Rising or Falling Terms of Repayment Repayable of
demand Margin Raw Materials:
Indigenous255 Semi finished
Goods-25% Domestic
Receiables-40% Term Loan-40.79% Extent and Operation of the charge 100% |
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Short particulars
of the property charged |
Hypothecation of
All Current Assets of The Company Both Present and Future Including Stocks
And Debts and Existing and Future Plant and Machinery Situated at Bhagwanpur,
Disttharidwar (U.A) Land and Building
Created by way of Bank Loan at Village Bhagawanpur, Roorkeedist. Haridwar
(U.A.) Coolateral
Security- EQ. Mortgage of Factory Land and Building Situated ATB-XX-386/1,
Maharani Jhansi Road, Civil Lines, Ludhiana, Measuring 286SQ YDS in the Name
of The Company Land and Building
situated at Vill Bhagwanpur Roorkee. U.A. |
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Particulars of
the present modification |
Limit Enhanced
From Rs. 45.000 Millions to Rs. 85.000 Millions
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As per Website:
Profile:
Subject is in Indian market since 1965 and has introduced sophisticated molecules,
covering a wide therapeutic range. Company has established its strong presence
and respectable status in ethical pharmacy industry. Subjects weapons are
sophisticated molecules delivered through an assay of innovative dosage forms
at affordable prices.
Subject personnel are working hard to emerge as a strong marketing company and
be amongst the top pharmaceutical companies of northern region. Company has
strong presence in Antimicrobials, Analgesics & Anti-inflammatory,
Anti-asthmatics, Gastro-Enter logy, Dental & Dermatology segments. The
company has wide range of formulations in anti-microbial segment hence
making it its core competence area. The current corporate goals of
Subject is to have a sizeable share of antibiotics, dermatology & gastroenterology
market.
Company’s Strategy
►To develop innovative formulations for masses .
►To gain world-wide presence.
►Marketing & technical tie-up.
Quality, is the most important area where subject do not compromise
& is maintained in all its operations Viz people, products processor etc.
To put a seal of "Quality Assurance" on each & every brand,
Subject has in nested in new technologies and equipments to incorporate the
latest developments in the manufacturing of pharmaceuticals. The Company has in
house "Quality Assurance Department". All the materials that enter
the factory are first checked by QA Department & then only released for
production area. During production, the product are randomly checked for the
consistency of quality at all steps. The finished goods & the packaging is
also tested before the material is released into the market. The QA department
is in possession of very sophisticated testing machines including might
Pressure Liquid Chromatography. The company has deep penetration in
anti-microbial & gastro entomology segments, Some of the drugs in these
segments undergo bio-availability studies in human.
The company has well trained operators who are handling the sophisticated
machines & equipments. Workers are given trainings from time to time to
successfully handle the changes in process & technology. Managers also
attend training programmers to knew about the developments in technology. Thus,
at Subject Commitment to Quality is total, as quality is not only adhered to
but worshiped as an organizational ethic.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.84 |
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UK Pound |
1 |
Rs.84.78 |
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Euro |
1 |
Rs.67.32 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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50 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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