MIRA
INFORM REPORT
|
Report Date : |
29.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
JANAK LABORATORIES LIMITED |
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Registered
Office : |
G1-1209-A, 1210-A, Industrial Area, Bhiwadi-301019, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
21.07.2006 |
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Com. Reg. No.: |
17-022843 |
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CIN No.: [Company Identification
No.] |
U24232RJ2006PLC022843 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JPRJ07125G / JPRJ07357A |
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PAN No.: [Permanent Account No.] |
AABCJ7158A |
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Legal Form : |
A closely held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Bulk Drugs. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 79000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. Profitability of the
company appears to be low. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
G1-1209-A, 1210-A, Industrial Area, Bhiwadi-301019, |
|
Tel. No.: |
91-1493-225502 |
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E-Mail : |
DIRECTORS
As on 29.09.2010
|
Name : |
Ms. Anita Agarwal |
|
Designation : |
Director |
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Address : |
A-212, Ashiana Bageecha, Bhiwadi-301019, |
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Date of Birth/Age : |
09.10.1968 |
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Date of Appointment : |
21.07.2006 |
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Din No.: |
00342534 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
1149/15, Faridabad-121003, |
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Date of Birth/Age : |
07.06.1946 |
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Date of Appointment : |
21.07.2006 |
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Din No.: |
00413556 |
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Name : |
Mr. Sanjay Singhal |
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Designation : |
Director |
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Address : |
289/21 (C), Faridabad-121003, |
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Date of Birth/Age : |
05.11.1973 |
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Date of Appointment : |
21.07.2006 |
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Din No.: |
0413648 |
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Name : |
Mr. Arun Kumar Singhal |
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Designation : |
Director |
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Address : |
289/21 (C), Faridabad-121003, |
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Date of Birth/Age : |
12.07.1970 |
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Date of Appointment : |
13.11.2009 |
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Din No.: |
02834237 |
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|
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Name : |
Mr. Kamlesh Mittal |
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Designation : |
Director |
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Address : |
A-80, Chawla Colony, Ballabgarh, Faridabad-121004, |
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Date of Birth/Age : |
16.03.1956 |
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Date of Appointment : |
13.11.2009 |
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Din No.: |
02834268 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sanjay Singhal |
|
215000 |
|
Anita Agarwal |
|
166250 |
|
Sushil Kumar
Singhal |
|
5000 |
|
Pooia Singhal |
|
20000 |
|
K.K. Gupta |
|
292250 |
|
Neeraj Gupta |
|
51250 |
|
Alpana Agarwal |
|
176250 |
|
Anil Kumar |
|
2000 |
|
Sandeep |
|
2000 |
|
Virender |
|
2000 |
|
Sunil Kumar |
|
4000 |
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Samunder Kumar |
|
2000 |
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Surender Kumar |
|
2000 |
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Balwan Singh |
|
2000 |
|
Annant Kumar |
|
2000 |
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Ashok Agarwal |
|
3000 |
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Kamlesh Mittal |
|
165000 |
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P.L. Mittal |
|
35000 |
|
Mahesh Chand Mittal |
|
30000 |
|
Arun Singhal |
|
155000 |
|
Gulab Agarwal |
|
90000 |
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B.M. Agarwal |
|
130000 |
|
Isha Gupta |
|
39000 |
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Shiksha Gupta |
|
20000 |
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Bhaskar Mittal |
|
75000 |
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Gaini Ram Singhal |
|
50000 |
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Sandeep Garg |
|
120000 |
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Vikas Garg (Vikas Trading Company, |
|
30000 |
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Total |
|
1886000 |
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Equity Share Breakup |
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Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs. |
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Products : |
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GENERAL INFORMATION
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Suppliers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Brij Mohan and Associates Chartered Accountant |
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Address : |
SPL-1/B, Industrial Area, Bhiwadi, Alwar-301019, |
CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500
Millions |
|
|
Share Application Money |
|
Rs.14.360
Millions |
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|
Total |
|
Rs.18.860 Millions |
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1886000 |
Equity Shares |
Rs.10/- each |
Rs.18.860
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.500 |
0.500 |
0.500 |
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|
2] Share Application Money |
14.360 |
14.330 |
6.480 |
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3] Reserves & Surplus |
1.081 |
0.038 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.941 |
14.868 |
6.980 |
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|
LOAN FUNDS |
|
|
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|
1] Secured Loans |
2.365 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.365 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.079 |
0.020 |
0.000 |
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TOTAL |
22.385 |
14.888 |
6.980 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.998 |
13.123 |
6.673 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
7.255
|
0.671 |
0.000 |
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Sundry Debtors |
2.214
|
0.586 |
0.000 |
|
|
Cash & Bank Balances |
0.604
|
0.480 |
0.291 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.498
|
2.121 |
0.124 |
|
Total
Current Assets |
11.571
|
3.858 |
0.415 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
1.141
|
2.173 |
0.178 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.180
|
0.104 |
0.000 |
|
Total
Current Liabilities |
1.321
|
2.277 |
0.178 |
|
|
Net Current Assets |
10.250
|
1.581 |
0.237 |
|
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MISCELLANEOUS EXPENSES |
0.137 |
0.184 |
0.035 |
|
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PRE-OPERATIVE EXPENSES |
0.000 |
0.000 |
0.035 |
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|
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|
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TOTAL |
22.385 |
14.888 |
6.980 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
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|
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Income |
|
6.840 |
1.505 |
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Other Income |
|
0.045 |
0.014 |
|
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TOTAL (A) |
|
6.885 |
1.519 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
|
6.020 |
0.537 |
|
|
|
Manufacturing expenses |
|
2.610 |
0.332 |
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Personal expenses |
|
1.927 |
0.180 |
|
|
|
Administration expenses |
|
0.263 |
0.037 |
|
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|
Excise duty |
|
0.213 |
0.072 |
|
|
|
Preliminary expenses written off |
|
0.046 |
0.046 |
|
|
|
Increase / decrease in stocks |
|
(6.111) |
0.000 |
|
|
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TOTAL (B) |
|
4.968 |
1.204 |
|
|
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|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1.917 |
0.315 |
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|
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|
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Less |
FINANCIAL
EXPENSES (D) |
|
0.469 |
0.001 |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1.448 |
0.314 |
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.333 |
0.250 |
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
0.115 |
0.064 |
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|
Less |
TAX (H) |
|
0.071 |
0.027 |
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|
PROFIT AFTER TAX
(G-H) (I) |
|
0.044 |
0.037 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
0.037 |
0.000 |
|
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|
BALANCE CARRIED
TO THE B/S |
|
0.081 |
0.037 |
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|
Earnings Per
Share (Rs.) |
|
0.023 |
1.156 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
0.64
|
2.44 |
NA |
|
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|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.68
|
4.25 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.49
|
0.38 |
NA |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.00 |
NA |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.15 |
0.03 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
8.76
|
1.69 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION:
The company has made a sales and job work of Rs.6.840 millions for the year
ended 31.03.2009 against sales and job work of Rs.1.505 millions for the year
ended 31.03.2008 and earned a net profit of Rs.0.115 million after providing
for depreciation against 0.064 millions for the previous year. The figures for
the last year were for 2 months only however there is increase in total
receipts by Rs.5.335 millions and also increase in net profit by Rs.0.051
millions from previous year. The directors expect to improve the position in
the coming yeas by increasing turnover and profits.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24232RJ2006PLC022843 |
|
Name of the
company |
JANAK
LABORATORIES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
G1-1209-A, 1210-A, Industrial Area, Bhiwadi-301019, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge Immovable
Property Any Interest in
Immovable Property Others |
|
Particular of
charge holder |
Union Bank of |
|
Email |
|
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Nature of
description of the instrument creating or modifying the charge |
04.11.2009 |
|
Date of
instrument Creating the charge |
Rs.5.000 Millions
|
|
Amount secured by
the charge |
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR+0.25% p.a.
with monthly rest Terms of
Repayment Repayable On
Demand Margin 25% of stocks,
stores, book debts, spare parts, finished goods and semi finished goods. Extent and
Operation of the charge Hypothecation of
current assets, book debts, plant and machinery and other fixed assets. Collateral
Security of Company's Immovable Properties Situated At G-1,1209 (A), 1210 (A)
and 1210 ( B),Phase Iv, Riico Industrial Area, Bhiwadi Others As per sanction
letter. |
|
Short particulars
of the property charged |
I)
Immovable
Properties of The Company Situated At G-1,1209 (A), 1210 (A) and 1210 (B), Phase Iv, Riico Industrial Area,
Bhiwadi II)
Stock
of Raw Materials,Finished Goods, Semi Finished Goods Of Bulk Drugs and Book Debts Stored or being stroed At
G-1,1209 (A), 1210 (A) and 1210 ( B),Phase Iv, Riico Industrial Area, Bhiwadi III)
Personal
Guarantee of Mr. K.K. Gupta, Mr. Sanjay Singhal and Mrs. Anita Agarwal,
Directors of the Company. |
Fixed Assets:
- Land
- Building
- Plant and
Machinery
- Computers
- Electrical
Installation
- Lab
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.33 |
|
|
1 |
Rs.74.14 |
|
Euro |
1 |
Rs.65.78 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
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 |
|
- |
NB |
New Business |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.