MIRA
INFORM REPORT
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Report Date : |
03.12.2011 |
IDENTIFICATION DETAILS
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Name : |
LABGUARD INDIA PRIVATE LIMITED |
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Registered
Office : |
M-6/7 and O-1, Neighbourhood Complex, Near SBI Branch, Sector 4, Off
Palm Beach Road, Nerul (West), Navi Mumbai-400706, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.09.2006 |
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Com. Reg. No.: |
11-164816 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.500 Millions |
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CIN No.: [Company Identification
No.] |
U24239MH2006PTC164816 |
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IEC No.: |
307020746 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06590D |
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PAN No.: [Permanent Account No.] |
AABCL2724J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Fume Hood and Lab Furniture |
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No. of Employees
: |
111 (In Office-25, In Factory-80 and In Branch-6) (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Registered Office : |
M-6/7 and O-1, Neighbourhood Complex, Near SBI Branch, Sector 4, Off Palm
Beach Road, Nerul (West), Navi Mumbai-400706, Maharashtra, India |
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Tel. No.: |
91-22-27721123 / 27721124 / 27722838 |
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Fax No.: |
91-22-27723164 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
Survey No.104, 105, Village Gagode Khurd, Near Varsai Phata, Taluka Pen,
District Raigad, Maharashtra, India |
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Tel. No.: |
91-2143-202851 |
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Location : |
Owned |
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Branch Office 1 : |
137, (MIG), KHB Colony, Koramangala, Bangalore-560095, Karnataka,
India |
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Location : |
Rented |
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Branch Office 2 : |
613, Ansal Chamber – II, Bhikaji Cama Palace, New Delhi-110066, India |
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Tel No.: |
91-11-41011679 |
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Location : |
Rented |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Prakash S Sansare |
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Designation : |
Director |
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Address : |
Flat No.201, Satguru Palace, Plot No.140, Sector-21, Nerul, Navi
Mumbai-400706, Maharashtra, India |
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Date of Birth/Age : |
12.05.1951 |
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Date of Appointment : |
21.09.2006 |
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Experience : |
35 years |
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DIN No.: |
00625497 |
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Name : |
Mr. Salil Prakash Sansare |
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Designation : |
Director |
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Address : |
Flat No.201, Satguru Palace, Plot No.140, Sector-21, Nerul, Navi
Mumbai-400706, Maharashtra, India |
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Date of Birth/Age : |
20.01.1980 |
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Date of Appointment : |
21.09.2006 |
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Experience : |
15 years |
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DIN No.: |
00625423 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
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Names of Shareholders |
No. of Shares |
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Prakash S Sansare |
127500 |
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Salil Prakash Sansare |
122500 |
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Total |
250000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
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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 and Exporter of Fume Hood and Lab Furniture |
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Brand Names : |
“LABGUARD” |
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Exports : |
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Products : |
·
Fume Hoods ·
Fume Hoods and Lab Furniture |
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Countries : |
·
Iran ·
Muscat |
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Imports : |
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Products : |
·
Alsident System ·
Airflow Monitor ·
Lab Furniture Valves and Taps ·
Fume Hood Valves and Taps ·
Safety Shower and Eyewash ·
Flammable Cabinets ·
Blowers |
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Countries : |
·
Germany ·
UK ·
Italy ·
Germany ·
USA ·
France |
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Terms : |
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Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
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Customers : |
·
Degussa ·
Pfizer ·
Asian Paints ·
IDL ·
Colgate ·
Clariant ·
Zydus ·
BASF ·
FDC ·
Unichem ·
Hindustan Uniliver Limited ·
Alkem ·
Dow ·
Gelnmark ·
Bharat Petroleum ·
Ranbaxy Laboratories Limited ·
Siemens |
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No. of Employees : |
111 (In Office-25, In Factory-80 and In Branch-6) (Approximately) |
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Bankers : |
·
The Saraswat Co-Operative Bank Limited, Pratiksha
Apartment, Opposite Filmistan Studio S. V. Road, Goregaon (West),
Mumbai-400062, Maharashtra, India ·
ICICI Bank Limited, Landmarkrace Cource Circle,
Alkapuri, Baroda-390015, Gujarat, India ·
HDFC Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kunal Salvi and Company (Mr. Kunal Salvi- Proprietor) Chartered Accountant |
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Address : |
A-2, Jai Governdhan Society, L. T. Road, Borivali (West),
Mumbai-400092, Maharashtra, India |
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E-Mail : |
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PAN No.: |
BGFPS8607D |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.306 |
18.282 |
5.726 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
24.806 |
18.382 |
5.826 |
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LOAN FUNDS |
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1] Secured Loans |
8.935 |
15.026 |
15.772 |
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2] Unsecured Loans |
9.014 |
11.414 |
11.856 |
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TOTAL BORROWING |
17.949 |
26.440 |
27.628 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.022 |
0.286 |
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TOTAL |
42.755 |
44.844 |
33.740 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.464 |
24.531 |
23.474 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.196 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.436
|
8.324 |
5.826 |
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Sundry Debtors |
23.661
|
38.211 |
16.211 |
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Cash & Bank Balances |
0.331
|
0.669 |
0.529 |
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Other Current Assets |
0.088
|
0.085 |
0.063 |
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Loans & Advances |
8.375
|
6.434 |
7.765 |
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Total
Current Assets |
44.891
|
53.723 |
30.394 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.923
|
23.337 |
15.379 |
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Other Current Liabilities |
1.786
|
3.677 |
3.813 |
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Provisions |
4.120
|
6.437 |
0.985 |
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Total
Current Liabilities |
25.829
|
33.451 |
20.177 |
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Net Current Assets |
19.062
|
20.272 |
10.217 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.016 |
0.024 |
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TOTAL |
42.755 |
44.844 |
33.740 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
106.794 |
134.843 |
70.449 |
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Other Income |
1.273 |
0.223 |
0.058 |
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TOTAL (A) |
108.067 |
135.066 |
70.507 |
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Less |
EXPENSES |
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Raw Material Consumed |
60.126 |
85.525 |
42.431 |
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Manufacturing Expenses |
13.841 |
10.335 |
8.242 |
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Payment to & Provision for Employees |
12.898 |
9.209 |
7.039 |
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Office & Administrative Expenses |
5.240 |
2.286 |
2.407 |
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Selling & Distribution Expenses |
4.555 |
3.094 |
3.683 |
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TOTAL (B) |
96.660 |
110.449 |
63.802 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.407 |
24.617 |
6.705 |
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Less |
FINANCIAL
EXPENSES (D) |
2.379 |
2.208 |
2.544 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.028 |
22.409 |
4.161 |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
3.245 |
2.865 |
3.143 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.783 |
19.544 |
1.018 |
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Less |
TAX (H) |
1.977 |
7.253 |
0.438 |
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PROFIT AFTER TAX
(G-H) (I) |
3.806 |
12.291 |
0.580 |
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Deferred Tax Liability / (Assets) |
(0.218) |
(0.264) |
(0.053) |
|
|
|
Excess Provision for IT for Last Year |
(0.001) |
0.000 |
(0.694) |
|
|
|
Excess Provision for FBT for Last Year |
|
|
(0.075) |
|
|
BALANCE CARRIED
TO THE B/S |
4.025 |
12.555 |
1.402 |
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IMPORTS |
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|
Raw Materials |
2.956 |
14.004 |
0.004 |
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TOTAL IMPORTS |
2.956 |
14.004 |
0.004 |
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Earnings Per
Share (Rs.) |
15.22 |
1229.14 |
57.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.52
|
9.10 |
0.82 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.42
|
14.49 |
1.45 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.44
|
24.98 |
1.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
1.06 |
0.17 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.76
|
3.26 |
8.25 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.61 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
Note: Registered office of
the company has been sifted from Flat No.201, Plot No.140, Sector No.21, Nerul
(East), Navi Mumbai-400706, Maharashtra, India to the present address w.e.f.
19.04.2007
FORM 8
|
Corporate
identity number of the company |
U24239MH2006PTC164816 |
|
Name of the
company |
LABGUARD INDIA
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
M-6/7 and O-1, Neighbourhood Complex, Near SBI Branch, Sector 4, Off
Palm Beach Road, Nerul (West), Navi Mumbai-400706, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10247761 |
|
Type of charge |
Immovable
property Book debts Others |
|
Particular of
charge holder |
ICICI Bank Limited, Landmarkrace Cource Circle, alkapuri,
Baroda-390015, Gujarat, India |
|
Nature of
instrument creating charge |
The Overdraft,
Term Loan, Bank Guarantee And Letter of Credit Facility Has Been Provided Subject
To Terms And Conditions Set Out In The Attached Deed. |
|
Date of
instrument Creating the charge |
16.03.2011 |
|
Amount secured by
the charge |
Rs. 29.980
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Cash Credit - I
Base(8.75%) + 2.75% (spread) = 11.5% Term Loan - I Base(8.75%) + 2.75%
(spread) = 11.5% (Rate of interest
is subject to revision from time to time.) Margin Cash Credit -
Book Debts : 25%, Inventory/ stocks -
25% Bank Guarantee -
Cash Margin : 10% Extent and operation of the charge 1) Current assets
have been hypothecated as and by way of exclusive charge 2) Receivables
have been hypothecated as and by way of exclusive charge |
|
Short particulars
of the property charged (Including location of the property) |
Flat no 202 and
201 2nd Floor, Satguru Apartment, Plot No 140, Sector No-21, Nerul Navi
Mumbai -400614 Office No.01 M 6
M7, 2nd Floor, Neighborhood, Shopping Complex, Plot no 10 and 11, Sector -4,
Nerul, Navi Mumbai -400614 S. No- 104/105,
Villa. Gagide Khurd, Near Varsai Phata, Taluka Pen, District Raigad. Office No M7 2nd
Floor Neighbourhood Shopping Complex Plot No 10 and 11 Sec 4, Nerul Navi
Mumbai. The Whole of
Borrower's Stock of Raw Materials, Goods In Process, Semi Finished And
Finished Goods, Consumables Stores, Spares And Such Other Movables Including
Book Debts |
|
Date of
instrument modifying the charge |
27.09.2010 |
|
Particulars of
the present modification |
Security Creation
|
FIXED ASSETS
·
Computer
·
Land and Building
·
Office Equipments
·
Plant and Machinery
·
Vehicles
·
Air Conditioner
·
Electrical Fittings
·
Factory Equipments
·
Furniture and Fixtures
WEBSITE DETAILS
HISTORY
LabGuard was started in 1987 when Mr. Prakash Sansare; a design
specialist working with Mazgaon Dock Limited took voluntary retirement and
started out on his own. Having an extensive about sheet metal fabrication and
its corrosion resistant applications and over 24 years of working experience in
engineering and design; he decided to address the engineering industry’s most
challenging design and manufacturing problems.
PROFILE
They are LabGuard, An ISO 9001: 2008 certified
company and one of India's leading manufacturers of Fume Hoods and Laboratory
Furniture. Because of their consistent focus on quality and innovation they
have grown to become one of India's most respected fume hood and lab furniture
manufacturers, with products on par with the best in the world.
As a company of engineers, they understand
the importance of well designed lab furniture and reliable fume hoods in
ensuring smooth workflow and productive work environment. The key to their
successful innovation has been their practice of constantly listening to their
customers. Guided by their needs their dedicated automation and research team
has developed and incorporated a number of useful features into their products.
Their extensive manufacturing facilities run
only the most modern manufacturing and quality control processes. Constant
training ensures that the staff can deploy even the most complicated systems
with utmost efficiency. They are registered members of the SEFA, USA (a
prestigious association of global lab furniture manufactures) and are committed
to bringing world class quality to lab furniture. Their long and illustrious
list of clients both in India and abroad is testament to their build quality
and design prowess.
TIMELINE
2010
Since
year 2000 they have grown 400 times in size, going from strength to strength solely
on the basis of their quality. Recently they have completed another round of
expansion of their manufacturing facility keeping in mind future growth and
increasing export demand.
2008
Ventured
into ‘Turnkey Lab Solutions’ providing complete lab design and setup services.
First project of 10,000 sq feet was executed for ‘Dow Chemical International
Limited, Pune’ for their Mundhawa lab.
2007
Set
up a vertically integrated factory campus at Pen; District Raigad, State
Maharashtra on 6 acres area. Also, started production of modular laboratory
furniture based on strong customer demand. It was a landmark year as it was the
first time LabGuard exported its products abroad with about 35 units shipped in
the first year itself. In another milestone for the company they installed
India’s first ever ASHRAE 110:1995 and EN14175:2003 test facility in their Pen
factory for fume hood performance testing.
2005
Tied up with Godrej
Industries Ltd and started supplying fume hoods to their lab furniture division.
Production capacity was ramped up to 25 fume hoods and production facility was
shifted to 4000 sq feet workshop. Corporatization of LabGuard started and
professional teambuilding began.
2002
Work with fume hoods was greatly appreciated
with inquiries from many chemical and pharmaceutical companies. Manufacturing
capacity increased from 3 to over 10 fume hoods per month.
2000
The Company took its first steps into its
present course; wooden fume hoods used by many educational and research
institutes were studied. Company then designed and developed its first basic
table top fume hood for Goa University.
1997
Helped in the design and development of a
special device for Tata Cancer Research Hospital that allowed remote extraction
of radioactive medicine from its container.
1987
A special extraction hood and blower was
designed for AA Spectrophotometer and manufactured as an import substitute.
Though designed for GBC, Australia, product was subsequently chosen by many
other prestigious clients.
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. 51.35 |
|
|
1 |
Rs. 80.50 |
|
Euro |
1 |
Rs. 69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.