MIRA
INFORM REPORT
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Report Date : |
15.10.2008 |
IDENTIFICATION DETAILS
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Name : |
RAPTAKOS BRETT AND COMPANY LIMITED |
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Registered Office : |
253, Dr. Annie Besant Road, Worli Colony P O, Mumbai – 400030,
Maharashtra |
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County : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.04.1930 |
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Com. Reg. No.: |
11-2084 |
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CIN No.: [Company
Identification No.] |
U52310MH1930PLC002084 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKR04028D |
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PAN No.: [Permanent
Account No.] |
AAACR1772R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Bulk Drugs, Pharmaceutical Formulations,
Food Products and Fine Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING
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STATUS |
PROPOSED
CREDIT LINE |
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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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Maximum Credit Limit : |
USD 9000000 |
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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 pharmaceutical company which is closely held. Directors are reported as experienced, respectable and resourceful industrialists. Financial position is good. Payments are correct and as per commitments. The company can be considered good for any normal business
dealings at usual trade terms and conditions. It can be regarded as a
promising business partner in a medium to long run. |
LOCATIONS
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Registered Office : |
253, Dr. Annie Besant Road, Worli Colony P O, Mumbai –
400030, Maharashtra, India |
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Tel. No.: |
91-22-24934251 |
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Fax No.: |
91-24933747/
24950341 |
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E-Mail : |
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Website : |
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Head Office : |
47, Dr. Annie Besant Road, Worli, Mumbai - 400 025,
Maharashtra, India. |
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Tel. No.: |
91- 22-4934251 (5 lines) / 4901399 / 4923533 |
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Fax No.: |
91- 22-4933747 / 4950341 |
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E-Mail : |
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Website : |
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Corporate Office : |
21 A, 2nd Floor, Mittal Tower, A Wing
210,Nariman Point, Mumbai - 400021, Maharashtra, India |
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Tel. No.: |
91-22 4085 6000 |
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Fax No.: |
91-22-40856020 |
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Email : |
contact@raptakos.com |
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Factory : |
Located · 66, Velacheri Road, Guindy, Chennai - 600 042, Tamilnadu, India Tel.No: 91-44-22451645 Fax No: 91-44-22450479 Email: rbclcom@md4.vsnl.net.in · Plot E – 285/286, MIA, Desula, Alwar – 301030 Tel.No: 91-144-337300 Fax No: 91-44-82319 · 100/2, M.I.D.C. Area, Dhatau, Roha – 402 116, Raigad, Maharashtra, India Tel.No: 91-2194-263596 Fax No: 91-2194-263595 · 1st Pokhran Road, Shastri Nagar, Thane – 400 606, Maharashtra, India Tel.No: 91-22-25344385/6/7 Fax No: 91-22-25415973 Email: rbcthana@mtnl.net.in · 253, Dr. Annie Besant Road, Worli Colony P O, Mumbai – 400 030,
Maharashtra, India |
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Overseas Office : |
51-53, Station Road, Harrow Middlezed, HAI 2TY, United
Kingdom |
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Overseas Branch Office : |
Philippines |
DIRECTORS
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Name : |
Mr. Indra Durlabhji |
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Designation : |
Chairman |
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Address : |
Durlabh Niwas C Scheme Oppositem Bagadia Bhavan Jaipur – 302002, Rajasthan, India |
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Date of Birth/ Age : |
18.08.945 |
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Date of Appointment: |
09.09.1996 |
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Name : |
Mr. Shyam M. Ruia |
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Designation : |
Director |
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Address : |
96 L, Jagmohan Marg, Malbar Hill, Mumbai – 400006, Maharashtra, India |
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Date of Birth/ Age : |
09.09.1945 |
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Date of Appointment: |
25.01.1972 |
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Name : |
Mr. Suhrud S. Jhaveri |
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Designation : |
Director |
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Address : |
1510 Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra, India |
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Date of Birth/ Age : |
23.06.1951 |
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Date of Appointment: |
09.09.1996 |
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Email : |
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Name : |
Mr. Ulhas B Muthal |
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Designation : |
Whole Time Director |
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Address : |
Flat
No.10, Rahul Co-op Housing Society Limited, Arun Kumar Vaidya Marg, Thane
(West), Mumbai – 400602, Maharashtra, India |
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Date of Birth/ Age : |
01.08.1943 |
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Date of Appointment: |
03.02.2004 |
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Email : |
KEY EXECUTIVES
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Name : |
Mr. M. R. Roongta |
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Designation : |
Company Secretary |
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Address : |
2 Jeevan Aradhana,
61 Jeevan Bima Nagar, Borivali West, Mumbai – 400103, Maharashtra, India |
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Date of Birth/ Age : |
11.10.1934 |
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Date of Appointment: |
10.05.2000 |
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Name : |
Bharat V Phatak and Company |
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Designation : |
Practicing Company Secretary |
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Address : |
11/25, Mahavit Kiran, Garodia Nagar, Vallabh Baug Lane
Extension, Ghatkopar (East), Mumbai – 400 077, Maharashtra, India |
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E-mail : |
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Mobile No.: |
91-9821340529 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
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Names of Shareholders |
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No. of Shares |
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Amaysr Trading and Investment Co-op. Private Limited |
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121419 |
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The Reliance Investment Company Private Limited |
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121419 |
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Shyam M. Ruia |
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483 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate |
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99.79 |
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Directors or
relatives of directors |
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0.21 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Bulk Drugs, Pharmaceutical Formulations,
Food Products and Fine Chemicals. |
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Products : |
· Calcinol Tablets and Syrup · Catoxymag Liquid · Cerelyte · Cyber – CR Capsules · Domne – CR · Duralyn – CR (Anti-asthamatics) · Durasal – CR (Anti – asthmatics) · Durasalyn – CR (Anti – asthamatics) · Durasal Breathaler · Durabec Breathaler · Flemnil Liquid/Capsules · Fructodex · Glucofit · Hepatoglobine · Hovite · Hyber Granules and Diskettes · Igol (Laxative) · Isoflav – CR Capsules · Lactodex · Lactrol · Lactrol Forte · Lorico – CR Capsules · Lotemp Suspension (Analgesic – antipyretic) · Minigadine · Neogadine Elixir and Neogadine SG (Tonics) · Neopeptine · Nican – CR Capsules · Nutricad · Nutrilift · Prorich · Prozoom · Rapkostat Capsules · Rapkostat Gel · Rappetite · Renue Forte · Siderfol Capsules · Siderplex Liquid · Subsyde – CR · Takol CR Capsules · Threptin · Trophox · Trymo · Veelac · Zerolac · Zetfor · Zytee · Zytee Mouthwash Concentrate |
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Brand Names : |
· "Zerolac-C" · "ENTERALL" · "NORASH" ·
"Threptin Micromix" |
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Exports: |
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Countries : |
· Vietnam · Malaysia · Myanmar · Thailand · Ghana · Srilanka · Israel · Kenya ·
South Africa |
PRODUCTION STATUS
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Class of Goods |
Licenced Capacity |
Installed Capacity |
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I Bulk Drugs |
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1. Biological Extract (Tonnes) |
1125.00 |
974.40 |
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2. Oxyhaemoglobine (Kilolitres) (Tonnes) |
336.00 75.00 |
1260.00 -- |
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3. Aluminium Hydroxide Gel (Tonnes) |
2.19 |
30.00 |
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4.Fine Chemicals (Tonnes) |
884.00 |
291.00 |
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II Pharmaceutical
Formulations |
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1. Injections (Kilolitres) |
8280.00 |
3750.00 |
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2. Liquids (Kilolitres) |
30716.76 |
9340.00 |
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3. Solids (Tonnes) |
1222.20 |
401.00 |
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4. Tablets (Millions) |
31087.00 |
2912.00 |
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5. Capsules (Millions) |
18174.00 |
-- |
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6. Cream / Ointment (Tonnes) |
126.50 |
50.00 |
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7. Controlled Released Pellets (Tonnes) |
78.84 |
36.50 |
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8. Controlled Released Capsules (Millions) |
16567.00 |
2160.00 |
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III Food Products
(Tonnes) |
25082.50 |
6999.97 |
GENERAL
INFORMATION
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Customers : |
Its major customers include: · Aero Pharma · Bayer (India) Limited · Bharat Serum and Vaccines Limited · Cipla Limited · Central Railway Hospital · Colortek (Meghalaya) Private Limited · Duphar Interfran · Elder Pharma · Emcure Pharma · Emami Limited · Ethypharm LL Private Limited · G. Amphary Laboratories · Glaxo Smithkline Pharma · Hindustan Lever Limited · Indico Remedies · Indofil Chemicals · IPCA Laboratories Limited · J K Helene Curtis Limited · Jaslok Hospital · Johnson and Johnson Limited · J B Chemicals and Pharmaceuticals · Laboratories Griffon Limited · Marico Industries · National Plasma Fractionation Centre · Novartis Enterprises Limited · Novartis Consumer Health Care · Nicholas Piramal (India) Limited · Pfizer Limited · Rubicon Research Laboratories · Reliance Industries Limited · Themis Laboratories · VVF Limited · Wipro Consumer Limited · Zandu Pharma |
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No. of Employees : |
Around 1800 |
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Bankers : |
Mumbai, Maharashtra
Mumbai, Maharashtra
Mumbai, Maharashtra
Mumbai, Maharashtra
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Banking Relations
: |
Good |
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Auditors : |
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Name : |
M. M. Nissim and Company Chartered Accountants |
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Address : |
Barodawala Mansion, B Wing, 3rd Floor, 81 Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Cost Accountant : |
Mr. Hemant V Shah |
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Subsidiaries : |
·
Raptakos, Brett Test Laboratories Limited U24200MH1980PLC023051 · Equus Breeding Private Limited U01211MH1990PTC056506 · Velacheri Properties Limited L45201TN2003PLC050938 · Satva Pharmaceuticals Limited · Raptakes, Brett Marketing Limited · Raptkes, Brett U.K. Limited · E Pharma International Limited ·
Raptakos, Brett S A (Pty) Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1100000 |
Equity Shares |
Rs.50/- each |
Rs.55.000 millions |
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900000 |
Unclassified Shares |
Rs.50/- each |
Rs.45.000 millions |
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Total |
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Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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243320 |
Equity Shares |
Rs.50/- each |
Rs.12.166 millions |
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FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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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 |
12.166 |
12.166 |
12.166 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1730.897 |
629.524 |
486.113 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1743.063 |
641.690 |
498.279 |
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LOAN FUNDS |
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1] Secured Loans |
10.286 |
10.787 |
23.050 |
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2] Unsecured Loans |
43.480 |
23.860 |
24.126 |
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TOTAL BORROWING
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53.766 |
34.647 |
47.176 |
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DEFERRED TAX LIABILITIES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
1796.829 |
676.337 |
545.455 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
344.889 |
219.644 |
184.631 |
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Capital work-in-progress
|
184.701 |
29.249 |
11.540 |
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INVESTMENT
|
983.344 |
213.460 |
167.549 |
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DEFERREX TAX ASSETS
|
13.219 |
15.832 |
15.276 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
|
212.691
|
176.839
|
201.949
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Sundry Debtors
|
149.506
|
126.485
|
79.778
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Cash & Bank Balances
|
35.070
|
28.191
|
28.212
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Other Current Assets
|
0.011
|
0.008
|
0.008
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Loans & Advances
|
168.025
|
130.974
|
88.547
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Total Current Assets
|
565.303
|
462.497 |
398.494
|
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Less :
CURRENT LIABILITIES & PROVISIONS
|
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Current Liabilities
|
202.063
|
173.108
|
147.829
|
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Provisions
|
92.564
|
91.237
|
84.206
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Total Current Liabilities
|
294.627
|
264.345 |
232.035
|
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Net Current Assets
|
270.676
|
198.152 |
166.459
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
1796.829 |
676.337 |
545.455 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1852.612 |
1711.336 |
1346.069 |
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Other Income |
1142.084 |
79.795 |
0.000 |
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Total Income |
2994.696 |
1791.131 |
1346.069 |
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Profit/(Loss) Before Tax |
1387.303 |
235.578 |
131.754 |
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Provision for Taxation |
268.863 |
79.244 |
63.629 |
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Profit/(Loss) After Tax |
1118.440 |
156.334 |
195.383 |
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Total Earnings |
NA |
NA |
86.819 |
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Expenditures : |
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Raw Material Consumed |
329.051 |
290.156 |
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Purchases made for re-sale |
65.266 |
71.092 |
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Consumption of stores and spares parts |
13.983 |
13.074 |
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Increase/(Decrease) in Finished Goods |
(21.088) |
16.998 |
|
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|
Salaries, Wages, Bonus, etc. |
277.193 |
251.052 |
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Managerial Remuneration |
0.280 |
0.274 |
1214.315 |
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Payment to Auditors |
0.479 |
0.426 |
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Interest |
2.707 |
2.564 |
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Insurance Expenses |
5.163 |
3.832 |
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Power & Fuel |
71.076 |
60.454 |
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Depreciation & Amortization |
36.495 |
30.061 |
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Other Expenditure |
826.788 |
815.570 |
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Total Expenditure |
1607.393 |
1555.553 |
1214.315 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
37.34
|
13.14 |
14.51
|
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Net Profit Margin (PBT/Sales) |
(%) |
74.88
|
13.76 |
9.78
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
66.33
|
25.04 |
16.94
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Return on Investment (ROI) (PBT/Networth) |
|
79.59
|
36.71 |
0.26
|
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Debt Equity Ratio (Total Liability/Networth) |
|
0.20 |
0.47 |
1.56
|
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Current Ratio (Current Asset/Current Liability) |
|
1.92 |
1.75 |
1.71
|
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
Raptakos Brett and Company Limited |
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Presented By |
Canara Bank, Tamarind Lane |
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1) Date and description of instrument creating the change |
11th
February, 1988 Agreement :
Opening of Cash Credit (Open Loan) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.500 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 |
Milk Powders purchased
out of this advance and finished goods and receivables arising out of these
milk powder are to be hypothecation |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests: 7.5%
above the RBI with a minimum of 17.5% p.a. Repayment: On
Demand |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank –
Tamarind Lane |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
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. |
NA |
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Fixed Assets:
- Freehold land
- Leasehold land
- Buildings & roads
- Plant & machinery
- Laboratory equipments
- Furniture
- Office equipments
- Automobiles
Website Details:
Corporate Profile:
Subject was founded in India in 1930 by Mr. A. Raptakos
and Mr. W. H. Brett. Over the past seven decades, the company has shown
consistent growth and acquired a well earned reputation for very
ably serving the medical profession and patients alike with a portfolio of
innovative products.
Manufacturing facilities complying with international
standards are located at Mumbai, Than (near Mumbai), Roha
(about 125kms from Mumbai) and Chennai. The company also has a plant at
Alwar in Rajasthan manufacturing intermediate products required in its
formulations.
All the company's products have
been developed through intensive in-house R & D efforts.
The Company's Research and Development laboratories have won
recognition for their work from the Government of India's
Department of Science and Technology.
Research is focused primarily in
the areas of nutrition
and dietetics, APIs, pharmaceutical dosage forms and
analytical methods. Company has been successful in developing an
innovative and unique drug delivery system called the Diffusion Rate Controlling
Membrane or DRCM. This technology enables a single dose of a drug to
be made available to the body over a 24 hour period in the required
therapeutic concentration. The company has several
products incorporating this technology.
Other pharmaceutical products cover several therapeutic
groups such as Vitamin and Mineral supplements, haematinics, anti-asthmatics,
gastrointestinal, NSAIDs, cardiovascular, antidiabetics and digestive enzymes.
The company has a wide range of nutraceutical products
ranging from specialised infant foods for low birth weight and
lactose intolerance infants foods for growing children,
diabetics, cardiac patients, pregnant and lactating women, and the old and
critically ill.
For the benefit of the medical profession, the company
publishes and distributes free of cost an in-house publication
called the Quarterly Medical Review(QMR) containing
articles of medical interest.
The company has an extensive distribution
network comprising 24 branches spread all over
India. Over 1000 field personnel serve the medical professionals
through out the country. The company has also established its
presence in international markets in Asia, Africa, South America and
Europe through its offices in Vietnam, Philippines, Kenya, Middle East, South
Africa and UK.
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.47.71 |
|
UK Pound |
1 |
Rs.83.30 |
|
Euro |
1 |
Rs.65.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
|