MIRA INFORM REPORT

 

 

Report Date :

29.10.2011

 

IDENTIFICATION DETAILS

 

Name :

ITALAB PRIVATE LIMITED

 

 

Registered Office :

Mehar House 15, Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

15.06.1948

 

 

Com. Reg. No.:

11-006404

 

 

Capital Investment / Paid-up Capital :

Rs.0.500 Million

 

 

CIN No.:

[Company Identification No.]

U73100Mh1948PTC006404

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUM106075G

 

 

PAN No.:

[Permanent Account No.]

AAACI1720N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Industrial Testing and Analytical Laboratories

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B [30]

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

 

Maximum Credit Limit :

USD 23000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears some dip in the profitability of the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered normal for small to mediocre 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

Mehar House 15, Cawasji Patel Street, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-22872545 / 22873882 / 22873667 / 22612364 / 22022515

Fax No.:

91-22-22874096

E-Mail :

italabmum@vsnl.net

Website :

http://www.italabs.com

 

 

Corporate Office :

Pharmed House, 3rd floor, 141, Walchand Hirachand Marg, Fort, Mumbai – 400001, Maharashtra, India

Tel. No.:

91-22-43532362

Fax No.:

91-22-22612362

 

 

Branches :

Located at :

  • Chennai
  • Kolkata
  • Vizag
  • Bellary
  • Jamnagar

 

 

DIRECTORS

 

As on 30.09.2010

 

Name :

Mr. Bharat Mohanlal Pathak

Designation :

Whole-time Director

Address :

11/5 Avanti Appartments, Flank Road, Sion (East), Mumbai – 400022, Maharashtra, India 

Date of Birth/Age :

02.11.1943

Date of Appointment :

01.06.2007

DIN :

00773189

Other Directorship :

 

S.No.

CIN

Name of the Company

Current designation of the director

Date of appointment at current designation

Original date of appointment

Company Status

Defaulting status

1

U74999MH1989PTC051065

BELL BURNER COMPONENTS PRIVATE LIMITED

Director

17/03/1989

17/03/1989

Strike off

NO

2

U73100MH1948PTC006404

ITALAB PRIVATE LIMITED

Director

1/6/2007

1/6/2007

Active

NO

 

 

Name :

Mr. Prabhakar Baburao Khandeparkar

Designation :

Whole-time Director

Address :

Yashodhan, 158 S Bhalchandra Road, Hindu Colony, Dadar, Mumbai – 400014, India

Date of Birth/Age :

05.10.1931

Date of Appointment :

14.06.2003

DIN :

02018114

 

 

Name :

Nanji Homi Suzanne

Designation :

Whole-time Director

Address :

Sea Bird Apartment, Flat No.1-114, Behramji Jeejeebhoy Road, Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

13.01.1947

Date of Appointment :

11.03.1975

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2010

 

Names of Shareholders

 

No. of Shares

Bharat Mohanlal Pathak

 

134

Nanji Homi Suzanne

 

1825

Sholapurwalla Ardeshir Bomi

 

49

Shopalpurwalla Bomi Katy

 

10

Vijaya S Prabhu

 

22

Indian Fumigation Company Private Limited , India

 

5

Rashmikant M Shah

 

5

Jay Bharat Pathak

 

150

Bhumi Bharat Pathak

 

150

Bharati Bharat Pathak

 

150

Total

 

2500

 

As on 30.09.2010

 

Equity Share Break Up

Category

Percentage

Directors or relatives of Directors

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Industrial Testing and Analytical Laboratories

 

 

Services :
  • Testing and Analysis
  • Surveys and Inspections
  • Sampling, Stuffing and Weighments
  • Quality Control
  • Prospecting, Project and Feasibility Report
  • Consulting on Technical Matters

 

 

GENERAL INFORMATION

 

Customers :
  • Wipro Limited
  • Hindustan Unilever Limited
  • Godrej Limited
  • Cadbury Limited
  • JSW Steel Limited
  • BLA Industries Limited
  • Reliance Energy
  • MMTC Limited
  • Indian Oxygen Limited
  • ION Exchange India Limited
  • Essar Steel, Gujarat
  • Food Corporation of India
  • State Trading Corporation Limited
  • Coal India Limited
  • Indian Oil Corporation Limited

 

 

No. of Employees :

Not Available

 

 

Bankers :

Bank of India, D.N. Road Branch, Sadana Raylon House, Fort, Mumbai – 400001, Maharahstra, India

 

 

Facilities :

Secured Loan [Rs. in million]

31.03.2010

31.03.2009

Bank Overdraft

[Secured against hypothecation of all tangible moveable assets, book debts, stocks and guaranteed by the directors]

0.910

0.000

Vehicle Loan

[to be secured by hypothecation of vehicle purchased against loan]

0.000

0.831

Total

0.910

0.831

 

Unsecured Loan [Rs. in million]

31.03.2010

31.03.2009

From A Director

0.172

0.172

Total

0.172

0.172

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mr. Kirtikumar Fulchand Doshi

Chartered Accountant    

Address :

504, Dalamal Chambers, 29, New Marine Lines, Churchgate, Mumbai – 400020, Maharashtra, India

PAN :

AAAPD4410F

 

 

Associates :
  • ITALAB (Japan) Limited
  • ITALAB (Goa) Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,500

Equity Shares

Rs.200/- each

Rs.0.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,500

Equity Shares

Rs.200/- each

Rs.0.500 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

Particulars

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.500

0.500

0.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

5.256

5.154

0.000

4] (Accumulated Losses)

0.000

0.000

[2.169]

NETWORTH

5.756

5.654

[1.669]

LOAN FUNDS

 

 

 

1] Secured Loans

0.910

0.831

0.823

2] Unsecured Loans

0.172

0.172

0.527

TOTAL BORROWING

1.082

1.003

1.350

DEFERRED TAX LIABILITIES

0.230

0.210

0.238

 

 

 

 

TOTAL

7.068

6.867

[0.081]

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5.219

3.419

3.607

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.838

0.368

0.658

 

Sundry Debtors
7.726

8.989

6.389

 

Cash & Bank Balances
2.640

5.848

5.727

 

Other Current Assets
0.862

0.777

0.775

 

Loans & Advances
2.544

1.884

1.455

Total Current Assets
14.610

17.866

15.004

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
12.661

12.213

18.603

 

Other Current Liabilities

0.000

0.000

0.000

 

Provisions
0.100

2.205

0.089

Total Current Liabilities
12.761

14.418

18.692

Net Current Assets
1.849

3.448

[3.688]

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

7.068

6.867

[0.081]

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

 

 

PROFIT/[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION

1.130

10.598

0.219

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.754

0.609

0.663

 

 

 

 

 

 

PROFIT / [LOSS] BEFORE TAX

0.376

9.989

[0.444]

 

 

 

 

 

Less

TAX                                                                 

0.275

2.233

0.025

 

 

 

 

 

 

PROFIT / [LOSS] AFTER TAX

0.101

7.756

[0.469]

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

5.155

NA

NA

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

5.256

NA

NA

 

 

 

 

 

 

Earnings/[Loss] Per Share (Rs.)

40.40

--

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

Return on Total Assets

(PBT/Total Assets}

(%)
1.90

46.93

[2.38]

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.06

1.77

[0.27]

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.40

2.73

[12.01]

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.14

1.24

0.80

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Bankers Charges Report as per Registry

 

Name of the company

ITALAB Private Limited

Presented By

Bank of India, D.N. Road Branch, Fort, Mumbai – 400001, Maharahstra, India

1) Date and description of instrument creating the change

Deed of hypothecation of tangible moveable machinery and plant for Rs.0.700 million date 02.12.1993

2) Amount secured by the charge/amount owing on the securities of charge

Rs.0.700 million

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

Spectra Photometer and High Performance Liquid Chromatograph (HPLC) Machine Lying Company premises at Maher House, 6th floor 15, Cawasji Patel Street, Fort, Mumbai - 400 001 or wherever else the same may be lying.

4) Gist of the terms and conditions and extent and operation of the charge.

Hypothecation of assets as are or may be at anytime be in possession or power of the company to secure a Demand Loan of Rs.0.700 million repayable in 32 monthly Installments of Rs.0.022 million - each and Interest 7.25% OBR Min. 19.25% p.a. with quarterly resist or at such other rates as may be notified tc the company by the Bank from time to time with power to the bank to seize and

realise.

5) Name and Address and description of the person entitled to the charge.

Bank of India, D.N. Road Branch, Sadana Raylon House, Fort, Mumbai – 400001, Maharahstra, India

6) Date  and brief description of instrument modifying the charge

By 1st Supplemental Deed of Hypothecation of Tangible Movable machinery and PIant dated      17.10.1995 raising the charge on machinery from Rs.0.700 million to 1.400 millions

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.

Now the Bank has by 1st supplemental Deed of Hypothecation of Tangible Movable Machinery   and Plant dated 17.10.1995 granted/sanctioned to the company as Cash Credit Hypothecation of Book Debts facility of Rs.0.700 million. The company has agreed to enhance the charge on the plant and machinery to cover this Book Debts facility also and to increase charge from Rs.0.700 million to 1.400 millions  with interest on the advance as payable 7.25% OBR Min 19.25% p.a. with quarterly rest or at such other rates as may be notified by the Bank from time to time. The company has agreed to extend the' charge with power to the Bank to seize and realize.

 

Web Details

 

Company Profile

 

ITALAB is an abbreviation of its expanded form Industrial Testing and Analytical Laboratories. This organisation was set up in 1948 by its founder DR. H. R. NANJI with a start of only two chemists and two assistants, undertaking mainly the analytical work of a few pharmaceutical products. However, its scope soon started to grow and with it the organisation grew.


The nascent trade and commerce of the independent India demanded their services almost everywhere and as such ITALAB had to set up similar facilities at Madras and Calcutta. The phenomenal growth of Goa’s Iron Ore Mining and exports soon found us establishing Italab Goa Private Limited At Margao, Goa in 1950 under the then existing Portuguese Regime. their Production in India also prompted them to open up facilities at Visakhapatnam and Bellary. By early sixties the services offered by them to the industry, trade and commerce of their country was not only varied but specialised too.


Trade promoters, Industrialists and shippers soon desired them to serve them in Japan and they started Italab Japan Limited, at Tokyo in 1961 as independent and reliable supervisory firm representing the shippers to safeguard their interests during the destinational evaluation of their goods.


Their clientele are extensive and international as their scope and services and include various industries, major corporations, Public Sector companies as well as Private Sector companies, Governmental bodies and multinational corporations.


They Certificates, evaluations reports are accepted by industry, trade commerce and financial institutions all over the world. They are on the approved list of recognised Assayers, Analytical Chemists and Samplers of several Governments and are also in service to many International and National institution on Standardisation of Sampling and Analysis of several commodities.

 

Recognition

 

1) Export Inspection Council under Ministry of Commerce


2) Bureau of Indian Standards


3) Solvent Extractor Association


4) The Solvent Extractor Association of India (SEA)


5) NABL (In process)

 

6) Food and Drug Administration [FDA]


Products :


They provide services of Test and Certify Drugs, Pharmaceuticals, Cosmetics, Vitamins, Agri Products, Food and Beverages, Spices and Condiments, Ores Minerals, Metals and alloys, Chemicals , Fertilizers , Soil, Pesticides, Coal and Coke, Fuels, Lubricants, Paints, Water, and Microbiological Analysis etc.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--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

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

30

 

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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.