MIRA
INFORM REPORT
|
Report Date : |
14.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
LABINDIA ANALYTICAL INSTRUMENTS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
34/38, Bharat Kunj, Society No. 2, Near New Abhinav English School,
Erandwane, Pune-411038, Maharashtra |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2011 [UNAUDITED] |
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|
|
|
Date of
Incorporation : |
15.02.2010 |
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|
|
|
Com. Reg. No.: |
11-135542 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs.0.550 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33125PN2010PTC135542 |
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|
|
|
IEC No.: |
0310029589 |
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|
PAN No.: [Permanent Account No.] |
AABCL7716N |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing Tablet Dissolution Apparatus, PHAN, PICO SAB Meter,
Tablet Hardness Tester, Auto Titrator, Automatic Head Space, Tap Density
Meter etc. |
|
|
|
|
No. of Employees
: |
175 (In Office 125, In Factory 50) [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 18000 |
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|
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|
Status : |
New Company |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a new company establishing itself gradually. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. In view of strong holding, 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Diwanji |
|
Designation : |
General Manager in Business |
|
Contact No.: |
91-9822043622 |
|
Date : |
12.10.2011 |
LOCATIONS
|
Registered Office : |
34/38, Bharat Kunj, Society No. 2, Near New Abhinav English School,
Erandwane, Pune-411038, Maharashtra, India
|
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9822043622 [Mr. Sanjay Diwanji] |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
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|
Corporate Office : |
201, Nand Chambers, L.B.S. Marg, Near Vandana Cinema, Thane – 400 602,
Maharashtra, India |
|
Tel. No.: |
91-22-25986000 |
|
Fax No.: |
91-22-25335940 |
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E-Mail : |
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|
Website: |
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|
Area : |
Owned |
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|
|
|
Factory : |
Plot N o. EL 32, Electronic Zone, TTC Industrial Area, Mahape, Navi
Mumbai-400705, Maharashtra, India |
|
Tel. No.: |
91-22-27626661/6662 |
|
Fax No.: |
91-22-27626664 |
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E-Mail : |
|
|
Area : |
Owned |
|
|
|
|
Branch Office : |
Kailaschandra 128/1A, 2nd Floor, Near P.N. Gadgil Showroom,
Kothrud, Pune-411038, Maharashtra, India |
|
Tel. No.: |
91-20-25453386 |
|
E-Mail : |
|
|
Area : |
Rented |
DIRECTORS
|
Name : |
Mr. Shrikant S. Bapat |
|
Designation : |
Director |
|
Address : |
Thane (West), Maharashtra, India |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
B. Sc. |
|
|
|
|
Name : |
Mr. Shriram G. Bhalerao |
|
Designation : |
Director |
|
Address : |
Thane (West), Maharashtra, India |
|
Date of Birth/Age : |
61 Years |
|
Qualification : |
B. Sc. |
|
|
|
|
Name : |
Mr. Virendra S. Upadhye |
|
Designation : |
Director |
|
Address : |
New Delhi, India |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
B. Sc. |
|
|
|
|
Name : |
Mr. Vijay M. Bibikar |
|
Designation : |
Director |
|
Address : |
Chennai, Tamilnadu, India |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
M. Sc. |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Diwanji |
|
Designation : |
General Manager in Business |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Shrikant S. Bapat |
|
25000 |
|
Shriram G. Bhalerao |
|
15000 |
|
Virendra S. Upadhye |
|
5000 |
|
Vijay M. Bibikar |
|
5000 |
|
Labindia Instruments Private Limited |
|
5000 |
|
|
|
|
|
Total |
|
55000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing Tablet Dissolution Apparatus, PHAN, PICO SAB Meter,
Tablet Hardness Tester, Auto Titrator, Automatic Head Space, Tap Density
Meter etc. |
|
|
|
|
Products : |
·
Gas Chromotograph ·
Liquid Chromotograph ·
UV/ Vis Spectrometer ·
Polarimeter ·
Atomic Absorption ·
Spectrophotometer ·
FTIR ·
Analytical and Laboratory Instruments |
|
|
|
|
Agencies Held : |
·
Bruker Optik GMBH ·
Teledyne Leeman Labs ·
G R Scientific ·
CEM Corporation ·
Hanson ·
Bruker Chemical Analysis BV |
|
|
|
|
Exports : |
|
|
Products : |
Dissolution Test Apparatus, Dissolution Test Apparatus, Tablet
Disintegration Tester |
|
Countries : |
·
Kenya ·
Jordan ·
Albayader |
|
|
|
|
Imports : |
|
|
Products : |
FTIR and Gas Chromatograph |
|
Countries : |
·
Germany ·
Netherland |
|
|
|
|
Terms : |
|
|
Selling : |
Credit |
|
|
|
|
Purchasing : |
Credit (30 days) |
GENERAL INFORMATION
|
Suppliers : |
·
Bruker Optik GMBH ·
Bruker Chemical Analysis BV |
|
|
|
|
Customers : |
End Users and Others ·
F and S Scientific Limited, Nairobi ·
Kenya Vivid Separation and Filtration Jordan |
|
|
|
|
No. of Employees : |
175 (In Office 125, In Factory 50) [Approximately] |
|
|
|
|
Bankers : |
Axis Bank Limited, Near Hari Niwas Cilcle, Thane (West) 400602, Maharashtra,
India |
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|
|
|
Facilities : |
Cash Credit Limit Rs.10.000 Millions Bank Guarantee Limit Rs.10.000 Millions |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mr. Madhav Dattatraya Yeravdekar Chartered Accountant |
|
Address : |
Pune-411030, Maharashtra, India |
|
Tel. No.: |
91-20-24537887 |
|
Fax No.: |
91-20-24537889 |
|
E-Mail : |
|
|
|
|
|
Associates/Subsidiaries : |
·
Labindia Instruments Private Limited Address: 201, Nand Chambers, L.B.S. Marg,
Near Vandana Cinema, Thane – 400 602, Maharashtra, India Line of Business: Manufacturing Tablet
Dissolution Apparatus, PHAN, PICO SAB Meter, Tablet Hardness Tester, Auto
Titrator, Automatic Head Space, Tap Density Meter etc |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000 |
Equity Shares |
Rs.10/- each |
Rs.0.550 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55000 |
Equity Shares |
Rs.10/- each |
Rs.0.550 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET [UNAUDITED]
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.550 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4.100 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4.650 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
10.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
10.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.400 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
15.050 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
25.560 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.100 |
|
|
Sundry Debtors |
|
|
9.200 |
|
|
Cash & Bank Balances |
|
|
14.780 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
3.360 |
|
Total
Current Assets |
|
|
27.440 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
36.400 |
|
|
Provisions |
|
|
1.550 |
|
Total
Current Liabilities |
|
|
37.950 |
|
|
Net Current Assets |
|
|
(10.510) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
15.050 |
|
SUMMARIZED PROFIT
& LOSS ACCOUNT
|
Particular |
As
on 31.03.2011 [Unaudited] [Rs.
in Millions] |
|
Sales Turnover |
2.258 |
|
Other Income |
0.343 |
|
Profit Before Tax |
6.100 |
|
Provision |
1.550 |
|
Profit After Tax |
4.550 |
|
Cost of Goods Sold |
1.300 |
|
Administrative Expenses |
36.000 |
|
Deprecation |
1.130 |
|
Earning in Foreign Currency [Other Earning] |
41.936 |
KEY RATIO
[UNAUDITED]
|
PARTICULARS |
|
|
|
31.03.2011 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
10.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.72 |
LOCAL AGENCY FURTHER INFORMATION
LAB
INDIA INSTRUMENTS PRIVATE LIMITED [PARENT COMPANY]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
7.500 |
7.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
957.747 |
823.911 |
697.593 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
965.247 |
831.411 |
698.093 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
108.257 |
123.796 |
131.834 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
9.700 |
|
|
TOTAL BORROWING |
108.257 |
123.796 |
141.534 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.797 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1073.504 |
956.004 |
839.627 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
167.863 |
189.458 |
168.031 |
|
|
Capital work-in-progress |
138.630 |
140.759 |
93.447 |
|
|
|
|
|
|
|
|
INVESTMENT |
75.062 |
81.763 |
27.033 |
|
|
DEFERREX TAX ASSETS |
4.186 |
0.000 |
1.249 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
146.064
|
96.795 |
108.649 |
|
|
Sundry Debtors |
345.020
|
248.739 |
218.805 |
|
|
Cash & Bank Balances |
229.898
|
185.736 |
230.648 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
360.684
|
327.557 |
389.588 |
|
Total
Current Assets |
1081.666
|
858.827 |
947.690 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
293.348
|
222.349 |
175.571 |
|
|
Provisions |
100.555
|
92.454 |
222.252 |
|
Total
Current Liabilities |
393.903
|
314.803 |
397.823 |
|
|
Net Current Assets |
687.763
|
544.024 |
549.867 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1073.504 |
956.004 |
839.627 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1277.329 |
1174.789 |
951.780 |
|
|
|
Other Income |
41.382 |
19.311 |
104.186 |
|
|
|
TOTAL (A) |
1318.711 |
1194.100 |
1055.966 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales and Services Charges |
425.084 |
370.992 |
282.468 |
|
|
|
Employee Remuneration and Benefits |
364.656 |
284.556 |
217.666 |
|
|
|
Administration and General Expenses |
268.901 |
270.386 |
255.441 |
|
|
|
TOTAL (B) |
[Including
Financial Expenses] |
925.934 |
755.575 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
260.070 |
268.166 |
300.391 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.034 |
29.962 |
26.176 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
230.036 |
238.204 |
274.215 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.064 |
87.293 |
97.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
146.972 |
150.911 |
176.760 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
371.211 |
287.893 |
154.920 |
|
|
|
|
|
|
|
|
|
Add / Less |
INCOME
TAX OF PARTNERSHIP FIRMS |
(0.486) |
0.942 |
1.056 |
|
|
|
EXCESS
(SHORT) PROVISION OF EARLIER YEAR INCOME TAX |
(0.142) |
1.443 |
(1.670) |
|
|
Add/ Less |
DEFERRED
INCOME TAX |
4.983 |
2.045 |
(5.599) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Dividend |
15.000 |
11.250 |
0.000 |
|
|
|
Tax on Dividend |
2.491 |
1.913 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
455.047 |
371.211 |
287.893 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
NA |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.15
|
12.64 |
16.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.00
|
20.28 |
28.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.41
|
22.72 |
24.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.29 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.53 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.75
|
2.73 |
2.38 |
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 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.49.02 |
|
|
1 |
Rs.77.13 |
|
Euro |
1 |
Rs.67.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.