MIRA
INFORM REPORT
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Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
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Name : |
LABINDIA INSTRUMENTS PRIVATE LIMITED |
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Registered Office : |
34/38, Bharat Kunj Society No. II, Erandvana, Pune–411004, |
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Country : |
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Financials (as on) : |
31.03.2009 |
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Date of Incorporation : |
10.08.1982 |
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Com. Reg. No.: |
11-27977 |
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CIN No.: [Company
Identification No.] |
U33125MH1982PTC027977 |
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Legal Form : |
Private limited
liability company |
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Line of Business : |
Manufacturer of
Analytical Instruments. |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 3320000 |
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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 a reputed company having fine track. Financial position of the
company appears to be sound. However trade relations are reported as fair.
Business is active. Payments are reported to be regular 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Ravindra Bhosale |
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Designation : |
Accounts Manger |
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Date : |
14.01.2011 |
LOCATIONS
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Registered Office : |
34/38, Bharat Kunj Society No. II, Erandvana, Pune–411004, |
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Tel. No.: |
91-20-25410817 |
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Fax No.: |
91-20-25335940 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq.ft. |
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Location : |
Owned |
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Head Office : |
201, Nand Chambers, L. B. S. Marg, Near Vandana Cinema, Thane -
400602, Maharashtra, India |
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Tel. No.: |
91-22-25335389 / 1857 / 25369448 / 25534645 / 25986000 / 25445000 |
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Fax No.: |
91-22-25335940 / 25434775 / 25986060 |
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E-Mail : |
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Regional Office : |
Located at:
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Factory 1 : |
359, Shastri Marg, Mulund (West) Branch, Mumbai – 40008, |
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Factory 2 : |
Plot No EL-72 Electronic Zone, TTC
Industrial Area, |
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Tel. No.: |
91-22-27626661 / 27626662 /
27626663 / 27626664 / 27626666 |
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Fax No.: |
91-22-27683549 / 27626664 |
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E-Mail : |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Shriram
Ganesh Bhalerao |
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Designation : |
Chairman |
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Address : |
603, |
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Date of Birth/Age : |
11.04.1951 |
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Qualification : |
B. SC, Physics |
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Date of Appointment : |
10.08.1982 |
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Name : |
Mr. Shrikant
Shankar Bapat |
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Designation : |
Director |
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Address : |
S.No.849/1,Uma Apartments, Flat No.8, Opposite B. M. C. C., Dr.
Agarkar Road, Shivaji Nagar, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
05.11.1944 |
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Qualification : |
Diploma in Electronics and Radio
Engineering |
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Date of Appointment : |
10.08.1982 |
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Name : |
Mr. Vijay
Madhusadan Bibikar |
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Designation : |
Director |
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Address : |
3-B, Kalyani Apartments,106-107, Abirampuram, |
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Date of Birth/Age : |
14.08.1955 |
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Qualification : |
Post Graduate in Physics |
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Date of Appointment : |
10.08.1982 |
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Name : |
Mr. Virendra
Sitaram Upadhye |
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Designation : |
Director |
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Address : |
45/16, Second Floor, East Patel Nagar, |
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Date of Birth/Age : |
09.03.1957 |
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Qualification : |
B. Sc, Diploma in Electronics and Radio Engineering |
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Date of Appointment : |
10.08.1982 |
KEY EXECUTIVES
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Name : |
Mr. Ravindra Bhosale |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Shriram Ganesh
Bhalerao |
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65625 |
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Shrikant Shankar
Bapat |
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84375 |
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Anjali Shriram
Bhalerao |
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65625 |
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Kanchan Shankar
Bapat |
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84375 |
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Vijay Madhusudan
Bibikar |
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56250 |
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Shubhada V
Bibikar |
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56250 |
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Virendra S.
Upadhye |
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56250 |
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Asha Ganesh
Bhalerao |
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32790 |
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Shriram Bhalerao
HUF |
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65625 |
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Shrikant Bapat
HUF |
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56250 |
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Asha Ganesh
Bhalerao |
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32835 |
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Vijay Bibikar HUF |
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37500 |
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Virendra Upadhye HUF |
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28125 |
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Sibhana S Upadhye |
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28125 |
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Total |
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750000 |
AS ON 30.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Bodies corporate |
0.00 |
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Directors or relatives of Directors |
100.00 |
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Other top fifty shareholders |
0.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Analytical Instruments. |
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Products : |
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Brand Names : |
“LABINDIA”. |
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Exports : |
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Products : |
Electrode |
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Countries : |
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Imports : |
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Products : |
Silicon Oil |
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Countries : |
US |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Yeravdekar and Ranade Chartered Accountants |
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Address : |
96/16, Navi Peth, Rajendra Nagar, Near Sachin Tendulkar Jogging Track,
Pune-411030, |
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Tel. No.: |
91-20-24446429 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- Each |
Rs.10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- Each |
Rs.7.500
millions |
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NOTE
700000 A Class Equity shares issued as bonus
shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
823.911 |
697.592 |
514.620 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
831.411 |
698.092 |
515.120 |
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LOAN FUNDS |
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1] Secured Loans |
123.796 |
131.834 |
24.694 |
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2] Unsecured Loans |
0.000 |
0.000 |
7.922 |
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TOTAL BORROWING |
123.796 |
131.834 |
32.616 |
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DEFERRED TAX LIABILITIES |
0.796 |
0.000 |
4.350 |
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TOTAL |
956.003 |
829.926 |
552.086 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
189.458 |
168.031 |
142.168 |
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Capital work-in-progress |
140.758 |
93.447 |
7.088 |
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INVESTMENT |
81.764 |
27.033 |
45.514 |
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DEFERREX TAX ASSETS |
0.000 |
1.249 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
96.795
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108.649 |
57.777
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Sundry Debtors |
248.739
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218.805 |
155.484
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Cash & Bank Balances |
185.736
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230.648 |
171.322
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Other Current Assets |
0.000
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0.000 |
0.000
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Loans & Advances |
327.557
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389.589 |
382.642
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Total
Current Assets |
858.827
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947.691 |
767.225 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
206.079 |
181.132 |
155.254 |
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Other Current Liabilities |
16.270
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4.140 |
17.587
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Provisions |
92.455
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222.253 |
237.068
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Total
Current Liabilities |
314.804
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407.525 |
409.909 |
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Net Current Assets |
544.023
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540.166 |
357.316
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
956.004 |
829.926 |
552.086 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
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SALES |
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Income |
1174.789 |
951.780 |
716.852 |
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Other Income |
19.311 |
104.186 |
107.954 |
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TOTAL |
1194.100 |
1055.966 |
824.806 |
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Less |
EXPENSES |
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Cost of Sales and Service Charges |
370.992 |
282.467 |
200.733 |
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Employees Remuneration and
Benefits |
284.556 |
217.666 |
160.269 |
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Administrative and General Expenses |
270.386 |
255.441 |
196.819 |
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TOTAL |
925.934 |
755.574 |
557.821 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
268.166 |
300.392 |
266.985 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
29.962 |
26.176 |
27.575 |
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PROFIT BEFORE
TAX |
238.204 |
274.216 |
239.410 |
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Less |
TAX |
87.292 |
97.456 |
93.070 |
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PROFIT AFTER TAX
|
150.912 |
176.760 |
146.340 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
287.893 |
154.920 |
69.865 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
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Proposed / Interim Dividend |
11.250 |
0.000 |
10.000 |
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Tax on Dividend |
1.913 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
371.211 |
287.893 |
154.920 |
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EARNINGS IN
FOREIGN CURRENCY |
4.116 |
1.991 |
NA |
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Earnings Per
Share (Rs.) |
201.22 |
3535.20 |
-- |
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Particulars |
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31.03.2010 |
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Sales Turnover (Approximately) |
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1300.000 |
Expected Sales (2010-11): Rs.1500.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2009 |
31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
12.64 |
16.74 |
17.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
20.28 |
28.81 |
33.40 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.72 |
24.58 |
26.33 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.39 |
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.53 |
0.77 |
0.86 |
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Current Ratio (Current Asset/Current Liability) |
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2.73 |
2.33 |
1.87 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL REVIEW
The company had a very successful year with reasonable growth in turnover
and profits and further improvements in operating parameter. Overall turnover
for the financial year has grown by approximately 13% to Rs.1194.100 millions
as against Rs.1055.900 millions in the previous year. Profit after tax (PAT) is
Rs.150.912 millions as against Rs.176.760 millions in the previous year.
Bankers Charges
Report as per Registry
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Name of the company |
LABINDIA INSTRUMENTS PRIVATE LIMITED |
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Presented By |
New India
Co-operative Bank Limited, Ghatkopar (East) Branch, Mumbai – 400077, |
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1) Date and description of instrument creating the change |
Deed of hypothecation dated 30.06.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 52.432 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 |
All that tangible movable property such as medical equipment and software more particularly described in the schedule attached along with agreement of the borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure due repayment of medium term loan facility granted be the bank to the borrower 1. Repayment by way of 60 monthly installment of Rs. 1.288 Millions each commencing from 01.02.2005 and ending on or before 1-7-2009 2. Rate of Interest – 10.50% or at such other rates as may be fixed by the bank from time to time 3. Margin – 20% |
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5) Name and Address and description of the person entitled to the charge. |
New India
Co-operative Bank Limited, Ghatkopar (East) Branch, Mumbai – 400077, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporate
identity number of the company |
U33125MH1982PTC027977 |
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Name of the
company |
LABINDIA INSTRUMENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
34/38, Bharat Kunj Society No. II, Erandvana, Pune–411004, |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
10198465 |
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Type of charge |
Book Debts Movable Property Immovable
Property Others -stock, other
current assets. |
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Particular of
charge holder |
Axis Bank Limited, Dhiraj Baug, L. B. S. Marg, Near Email ID: suyashri@vsnl.com |
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Nature of
instrument creating charge |
No Instrument.
Memorandum of Entry (Equitable Mortgage by deposit of Title Deeds) on
09.02.2010. |
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Date of
instrument Creating the charge |
09.02.2010 |
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Amount secured by
the charge |
Rs.110.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CC - 3.75% below
BPLR i. e. 11.00% p. a. payable at monthly intervals/as and when debited Commission on BG
- 1.00% p. a. Minimum Rs. 0.001 millions Terms of
Repayment On Demand Margin CC - Stocks 25%
(RM, FG, Trading Goods) Receivables 25%
(cover period - upto 90 days for drawing power) BG Cash Margin
10% Extent and
Operation of the charge Credit facilities
aggregating to Rs.110.000 millions (CC Rs. 60.000 millions and BG Rs. 50.000
millions) further secured by Equitable Mortgage by Deposit of Title Deeds in
respect of imm. property of |
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Short particular
of the property or asset(s) charged |
i)
Hypothecation
of present and future Stock of RM, SIP, FG and other Current Assets lying at
company's premises or elsewhere or in transit. ii)
Hypothecation
of present and future O/s. monies, receivables, Claims etc. due and owing to
the Company in the course of its business. iii)
Exclusive
1st charge by deposit of Title Deeds of imm. Property viz. all that piece or
parcel of Land adm.1000 sq.mtrs. bearing Plot No.EL-72, in TTC Industrial
Area, Village Mahape, District Thane. |
FIXED
ASSETS
- Premises
- Plant and Machinery
- Office Equipment
- Furniture and Fixture
- Vehicles
AS PER WEB DETAILS
HISTORY
Subject was founded and promoted
in 1982 by a group of visionary technocrats, engineers and professionals who foresaw
the need for high-quality analytical instrumentation in
Since 1995 Subject has also been
manufacturing dissolution apparatus, pH meters, conductivity meters, vial
fillers, Karl Fischer titrators etc. which are widely used in the
pharmaceutical and biotechnology industries.
KEY MILESTONE
2005 - Research
activities in molecular biology
2004 -
2001 - Awarded Agency
for Leica MEL Products
2000 - Started Genetic
Analysis Laboratory in
1999 - Awarded agency
for Leica Microsystems
1998 - Started
1997 - Awarded Export
Contract
1995 - Awarded agency
for Applied Biosystems
1995 - Started
Manufacturing Activities
1992 - Awarded agency
for Koehler and Cannon
1982 - Labindia was
established as a service oriented organization with 20 employees
PROFILE
Subject is currently engaged in
marketing and manufacturing of various analytical instruments, accessories and
other products that are used by the chemical, pharmaceutical, petrochemicals
and biotechnology industries as well as for basic research in academic and
government laboratories.
Subject's operations can be
broadly categorized in the following manner:
AGENCY BUSINESS
Subject is proud to represent a
number of world-class principals in
- Applied
Biosystems
- Leica
Microsystems
- Cannon
Instrument Company
- Koehler
Instrument Company
- Renishaw
Plc
Manufacturing Analytical
Instrumentation
Subject is also a reputed
manufacturer of dissolution apparatus which are primarily used by the
pharmaceutical industry during formulation and manufacturing to dissolve drug
preparations in appropriate solvents. Other apparatus manufactured include
melting range apparatus, automatic titrators, pH and conductivity meters, and
automatic vial fillers.
Software Solutions and Services
Subject's software division, Bio
Analytical Technologies (
Bio Analytical Technologies India
Private Limited is engaged in providing Knowledge Software Solutions in the
Scientific and Engineering areas.
BAT has a strong foundation of
domain knowledge required for application development in the fields of
Engineering, Analytical Instrumentation, Life Sciences and other Business
Applications. With the convergence of IT in various industry segments coupled
with technological advancements, it has become extremely essential that
companies offering services become multi-skilled with specialized talents. BAT
provides a rare combination of knowledge of applications, expertise in
technologies, and capabilities in software development processes.
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. 45.59 |
|
|
1 |
Rs. 72.31 |
|
Euro |
1 |
Rs. 60.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.