MIRA
INFORM REPORT
|
Report Date : |
29.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BAN LABS LIMITED |
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Formerly Known As : |
BAN LABS PRIVATE LIMITED |
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Registered Office : |
Ban House, Dr Vikram Sarabhai Nagar, Gondal Road, Rajkot – 360004,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.05.1986 |
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Com. Reg. No.: |
008681 |
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CIN No.: [Company
Identification No.] |
U24231GJ1986PLC008681 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTB00424E |
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PAN No.: [Permanent
Account No.] |
AAACB8999C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Herbal Products, Skin Care, Hair Care,
Beauty Care, Personal Care Products |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 795568 |
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Status : |
Good |
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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 meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rajeshbhai Patel |
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Designation : |
Director |
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Date : |
14.05.2008 |
LOCATIONS
|
Registered Office : |
Ban House, Dr Vikram Sarabhai Nagar, Gondal Road, Rajkot – 360004,
Gujarat, India |
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Tel. No.: |
91-281-2366411 (3 Lines) |
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Fax No.: |
91-281-2388477 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1: |
Survey No.278, Part 2, Shapur Road, Rajkot – 360002, India |
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Tel. No.: |
91-2827-253231 |
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Location : |
Owned |
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Factory 2: |
C4, Industrial Estae, Selagui, India |
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Tel No.: |
91-136-2698884 |
DIRECTORS
|
Name : |
Mr. Maulesh Ukani |
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Designation : |
Managing Director |
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Address : |
Pushkar 15-B, Panchvati Society, Kalawad Road, Rajkot, India |
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Date of Birth/Age : |
14.10.1960 |
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Qualifications : |
Graduate |
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Date of Appointment : |
05.04.2005 |
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Date of Ceasing : |
03.04.2005 |
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Name : |
Mr. Natwarlal D. Ukani |
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Designation : |
Director |
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Address : |
Pushkar 15-B, Panchvati Society, Kalawad Road, Rajkot, India |
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Date of Birth/Age : |
03.04.1953 |
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Qualifications : |
Graduate |
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Date of Appointment : |
02.04.2005 |
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Name : |
Mr. Dr. Dahyabhai K Patel |
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Designation : |
Chairman Cum Managing Director |
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Address : |
Pushkar 15-B, Panchvati Society, Kalawad Road, Rajkot, India |
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Date of Birth/Age : |
02.11.1931 |
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Qualifications : |
Graduate |
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Date of Appointment : |
02.04.2005 |
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Name : |
Mr. Rajeshbhai Patel |
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Designation : |
Director |
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Date of Birth/Age : |
34 years |
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Qualifications : |
Graduate |
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Name : |
Mrs. Sonal M. Ukani |
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Designation : |
Director |
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Address : |
Pushkar 15-B, Panchvati Society, Kalawad Road, Rajkot, India |
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Date of Birth/Age : |
12.06.1974 |
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Date of Appointment : |
03.03.2005 |
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Date of Ceasing : |
05.04.2005 |
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Name : |
Mr. Labhuben D. Ukani |
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Designation : |
Director |
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Address : |
Pushkar 15-B, Panchvati Society, Kalawad Road, Rajkot, India |
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Date of Birth/Age : |
21.09.1933 |
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Date of Appointment : |
03.03.2005 |
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Date of Ceasing : |
03.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
95.72 |
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Other top fifty shareholders (other than listed above) |
|
4.28 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Herbal Products, Skin Care, Hair Care,
Beauty Care, Personal Care Products |
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Products : |
· Herbal Products · Skin Care
Products · Hair Care
Products · Beauty Care
Products · Personal Care
Products |
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Exports : |
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Products : |
All Products |
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Countries : |
· South East Asia · Middle East · Europe |
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Terms : |
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Selling : |
M.T. and T.T. Depends upon Party Terms of Advance |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Importers |
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No. of Employees : |
295 ( Office – 45 and 250 Factory) |
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Bankers : |
· Industrial
Development Bank of India IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M N Manvar and Company Chartered Accountant |
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Address : |
524, Star Plaza, Phulchhab Chowk, Rajkot – 360001, Gujarat, India |
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Tel. No.: |
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Associates/Subsidiaries : |
Eldee Herbocare Limited U24231GJ1996PLC030838 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8178700 |
Equity Shares |
Rs.10/- each |
Rs.81.787
Millions |
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|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
81.787 |
81.787 |
80.288 |
|
|
2] Share Application Money |
0.000 |
0.000 |
1.499 |
|
|
3] Reserves & Surplus |
117.105 |
73.014 |
39.455 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
198.892 |
154.801 |
121.242 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
28.820 |
29.033 |
30.088 |
|
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2] Unsecured Loans |
7.656 |
17.911 |
27.164 |
|
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TOTAL BORROWING |
36.476 |
46.944 |
57.252 |
|
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DEFERRED TAX LIABILITIES |
5.285 |
6.039 |
6.385 |
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TOTAL |
240.653 |
207.784 |
184.879 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
117.469 |
102.848 |
89.365 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
34.109 |
34.109 |
34.109 |
|
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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 |
77.372
|
60.569 |
48.641 |
|
|
Sundry Debtors |
20.186
|
12.794 |
10.936 |
|
|
Cash & Bank Balances |
3.775
|
4.184 |
1.665 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
59.237
|
51.273 |
45.042 |
|
Total
Current Assets |
160.570
|
128.820 |
106.284 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
60.280
|
52.193 |
42.933 |
|
|
Provisions |
11.215
|
5.800 |
2.550 |
|
Total
Current Liabilities |
71.495
|
57.993 |
45.483 |
|
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Net Current Assets |
89.075
|
70.827 |
60.801 |
|
|
|
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.604 |
|
|
|
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|
|
|
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TOTAL |
240.653 |
207.784 |
184.879 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
292.611 |
221.416 |
|
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Other Income |
|
0.370 |
0.079 |
|
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Total Income |
|
292.981 |
221.495 |
|
|
|
|
|
|
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Profit/(Loss) Before Tax |
|
46.530 |
36.951 |
|
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Provision for Taxation |
|
5.151 |
3.392 |
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Profit/(Loss) After Tax |
|
41.379 |
33.559 |
|
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|
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|
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Export Value |
|
13.831 |
13.566 |
|
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Expenditures : |
|
|
|
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Raw Material Consumed |
|
135.558 |
99.476 |
|
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Purchases made for re-sale |
|
3.168 |
4.321 |
|
|
Increase/(Decrease) in Finished Goods |
|
(4.225) |
0.447 |
|
|
Salaries, Wages, Bonus, etc. |
|
18.114 |
11.633 |
|
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Managerial Remuneration |
|
1.780 |
0.780 |
|
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Payment to Auditors |
|
0.090 |
0.089 |
|
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Interest |
|
2.697 |
4.158 |
|
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Insurance Expenses |
|
0.795 |
0.511 |
|
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Power & Fuel |
|
3.890 |
1.997 |
|
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Depreciation & Amortization |
|
8.330 |
4.989 |
|
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Other Expenditure |
|
76.254 |
56.143 |
|
Total Expenditure |
|
246.451 |
184.544 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
14.12
|
15.15 |
NA |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
15.90
|
16.69 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.73
|
15.95 |
NA |
|
|
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.24 |
NA |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.68 |
0.85 |
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.22 |
2.34 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U24231GJ1986PLC008681 |
|
Name of the
Company |
BAN LABS LIMITED |
|
Address |
Ban House, Dr Vikram Sarabhai Nagar, Gondal Road, Rajkot – 360004,
Gujarat, India |
|
This form is for |
Creations of Charge |
|
Type of Charge |
Hypothecations |
|
Particulars of
the charge holder |
IDBI Bank Limited Shiv Darshan Dr
Radhakrishna Road, Near Kathiawad Gymkhana, Rajkot – 360001, Gujarat, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
Hypothecation of Goods and Assets |
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Date of the
instrument creating or modifying the charge |
01.05.2006 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: BPLR – 1.25% p.a. Default
Interests: 2% p.a. Tupe of Charge:
Hypothecation Others Terms and
Conditions: As specified in facilities agreement dated 01.05.2006 |
|
Short particulars
of the property charged (including location of the property) |
·
Stock in
trade ·
Plant and
Machinery ·
Book Debts Hypothecation of all
present and future goods, book debts and all other movables including
document of title to the goods, outstanding moneys, receivable, bills,
invoices, contracts, machineries etc., more particularly assets hypothecation
by clause 1 of agreement of hypothecation of goods and assets dated
01.05.2006 wherever lying or kept. |
|
Particular of the
present modification |
NA |
Profile:
The foundation of company was laid down on January 1st, 1966
by legendary, doctrine of ayurveda Dr. D. K. Patel with a very small setup and
finance resources but definitely with a view of establish Bhartiya Aushadh
Nirman Shala as one of the reputed company to manufacture Ayurvedic/ Herbal
formulations to provide research based quality products to the ailing human
beings. After the decade, they were able to establish as one of the reputed
house with the quality product and services.
Dr. D K Patel
Dr. D. K. Patel started his career in the field of medicines in 1950 having a very kind feeling towards the ailing human beings.
He became one of the renowned Doctor in treating skin disorders and associated
problems, pouring confidence in ailing patients to the best of satisfaction to
his patient in the treatment of diseases.
The FIRM Confidence for developing and promoting Ayurveda in International
scenario helped him to work extensively on the new Research and Development in
Ayurvedic Formulations. His papers and work on ayurveda and herbal plants had
been appreciated in different seminars on Ayurvedic and Herbal Products. Many
of his research work have been published in different magazines and journals.
He has also carried out many free medical camps nationally and internationally.
Dr. D. K. Patel has also given his know-how for herbal formulations to many
other multinational companies.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.85 |
|
UK Pound |
1 |
Rs.84.74 |
|
Euro |
1 |
Rs.67.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|