MIRA
INFORM REPORT
|
Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
LABGUARD INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
M-6/7 and O-1, Neighbourhood Complex, Near SBI Branch, Sector 4, Off
Plam 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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|
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|
Com. Reg. No.: |
11-164816 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24239MH2006PTC164816 |
|
|
|
|
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
: |
Manufacturers of Fume Hoods and Laboratory Furniture. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 99000 |
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|
|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The
latest financial is missing from government department and from the previous
year record there is slight decline in sales and profitability. However, trade relations are reported to be fair. Business is active.
Payments are reported to be unknown. The company can be considered for business dealing with some caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
M-6/7 and O-1, Neighbourhood Complex, Near SBI Branch, Sector 4, Off
Plam Beach Road, Nerul (West), Navi Mumbai-400706, Maharashtra, India |
|
Tel. No.: |
91-22-27721123 / 27721124 / 27722838 |
|
Fax No.: |
Not Available |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Salil P Sansare |
|
Designation : |
Director |
|
Address : |
Flat No. 201, Sadguru Palace, Limb Rodz, Plot No. 140, Sector-21,
Nerul, Navi Mumbai-400708, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1980 |
|
Date of Appointment : |
21.09.2006 |
|
PAN No.: |
ATBPS5723J |
|
DIN No.: |
00625423 |
|
|
|
|
Name : |
Mr. Prakash S Sansare |
|
Designation : |
Director |
|
Address : |
Flat No. 201, Sadguru Palace, Plot No. 140, Sector-21, Nerul, Navi Mumbai-400708,
Maharashtra, India |
|
Date of Birth/Age : |
12.05.1951 |
|
Date of Appointment : |
21.09.2006 |
|
PAN No.: |
ABEPS0973M |
|
DIN No.: |
00625497 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Prakash S Sansare |
|
127500 |
|
Salil P Sansare |
|
122500 |
|
Total |
|
250000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Fume Hoods and Laboratory Furniture. |
GENERAL INFORMATION
|
Customers : |
·
Degussa ·
Promed ·
Asian Paints ·
Himalaya ·
Siemens ·
Cipla ·
Clariant ·
Pidilite ·
Moserbaer ·
Apotex ·
Tanishq ·
Zydus ·
Altana ·
Lupin ·
Sandoz ·
Unichem ·
Johnson Matthey ·
Accutest ·
Centaur ·
Vishnu Chemicals ·
Hindustan Unilever Limited ·
Godrej |
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No. of Employees : |
Not Available |
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Bankers : |
·
ICICI Bank Limited Landmarkrace cource circle, Alkapuri,
Baroda - 390015, Gujarat, India ·
Saraswat Cooperative Bank Limited ·
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 Chartered Accountants |
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Address : |
A - 2, Jai Goverdhan Society, L. T Road, Borivali West, Mumbai-
400092,
Maharashtra |
|
PAN No.: |
BGFPS8607D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.500 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.00 |
|
|
3] Reserves & Surplus |
22.306 |
18.282 |
5.726 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
24.806 |
18.382 |
5.826 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8.935 |
15.026 |
15.772 |
|
|
2] Unsecured Loans |
9.014 |
11.414 |
11.856 |
|
|
TOTAL BORROWING |
17.949 |
26.440 |
27.628 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.022 |
0.286 |
|
|
|
|
|
|
|
|
TOTAL |
42.755 |
44.844 |
33.740 |
|
|
|
|
|
|
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|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
23.464 |
24.531 |
23.474 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.025 |
0.025 |
0.025 |
|
|
DEFERRED TAX ASSETS |
0.196 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.436
|
8.324 |
5.826 |
|
|
Sundry Debtors |
23.661
|
38.211 |
16.211 |
|
|
Cash & Bank Balances |
0.331
|
0.669 |
0.529 |
|
|
Other Current Assets |
0.088
|
0.085 |
0.063 |
|
|
Loans & Advances |
8.375
|
6.434 |
7.765 |
|
Total
Current Assets |
44.891
|
53.723 |
30.394 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.923
|
23.336
|
15.379 |
|
|
Other Current Liabilities |
1.786
|
3.678 |
3.813 |
|
|
Provisions |
4.120
|
6.437 |
0.985 |
|
Total
Current Liabilities |
25.829
|
33.451 |
20.177 |
|
|
Net Current Assets |
19.062
|
20.272 |
10.217 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.008 |
0.016 |
0.024 |
|
|
|
|
|
|
|
|
TOTAL |
42.755 |
44.844 |
33.740 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
|
70.507 |
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
108.067 |
135.066 |
70.507 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
69.489 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
102.284 |
115.521 |
69.489 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5.783 |
19.544 |
1.018 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.978 |
7.253 |
0.439 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
3.805 |
12.291 |
0.579 |
|
|
|
|
|
|
|
|
|
Less |
DEFERRED TAX
LIABILITY/ (ASSETS) |
(0.218) |
(0.264) |
(0.053) |
|
|
|
|
|
|
|
|
|
Less |
EXCESS PROV. FOR
FBT FOR LAST YEAR |
0.000 |
0.000 |
(0.076) |
|
|
|
|
|
|
|
|
|
Less |
EXCESS PROV. FOR
IT FOR LAST YEAR |
(0.001) |
0.000 |
(0.694) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4.024 |
12.555 |
1.402 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
2.956 |
14.004 |
3.722 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.22 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.52
|
9.10 |
0.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.46
|
24.98 |
1.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Net worth) |
|
0.23
|
1.06 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Net worth) |
|
1.76
|
3.26 |
8.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.61 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
------ |
|
14] |
Estimation for
coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
No |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
------ |
|
22] |
Litigations
that the firm / promoter involved in |
------ |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
------ |
|
26] |
Buyer visit
details |
------ |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
No |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted 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
BANKERS CHARGES
REPORT AS PER REGISTRY
|
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 India of the company |
M-6/7 and O-1, Neighbourhood Complex, Near SBI Branch, Sector 4, Off
Plam Beach Road, Nerul (West), Navi Mumbai-400706, Maharashtra, India Email: salil@labguard.biz |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10247761 |
|
Type of charge |
·
Immovable property ·
Book debts ·
Others (Entire stocks and current assets) |
|
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 |
24.02.2012 |
|
Amount secured by the charge |
Rs. 41.580 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Cash Credit - I Base(10%) + 3.0% (spread) = 13.0%, Term Loan - I
Base(10.0) + 2.25% (spread) = 12.25%, Bank Guarantee = 11.25% (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 nad by way of exclusive
charge 2) Receivables have been hypothecated as and by way of exclusive
charge |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Flat no 202 & 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, Tal- Pen, Dist. 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 |
|
Whether any of the property or interest therein under reference is not
registered in the name of the company |
Yes |
|
If yes, in whose name it is registered |
Mr. Prakash Sansare and Mrs. Smita Prakash Sansare |
|
Date of instrument modifying the charge |
16.03.2011 |
|
Particulars of the present modification |
Security Creation and Extension of Charge for the enhanced facilities |
FIXED ASSETS:
·
Computer
·
Land and Building
·
Office Equipment
·
Plant and Machinery
·
Vehicles
·
Air Conditioner
·
Electrical Fittings
·
Factory Equipments
·
Furniture and Fixtures
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 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.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.