MIRA
INFORM REPORT
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1Report Date : |
14.09.2012 |
IDENTIFICATION DETAILS
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Name : |
LEBEN LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
L-4 MIDC, Phase III, Akola-444104, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.08.1988 |
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Com. Reg. No.: |
11-48316 |
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Capital
Investment/ Paid-up Capital: |
Rs.6.000 Million |
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CIN No.: [Company Identification
No.] |
U24230MH1988PTC048316 |
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IEC No.: |
0396056695 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML0440C |
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PAN No.: [Permanent Account No.] |
AAACL2524M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Formulations |
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No. of
Employees: |
Approximately 240 (Office 81, Factory 159) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 577000 |
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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 reputed company having good track.
Financially company is performing well. Trade relations are reported to be
fair. Business is active. Payment are reported to be regular and as per
commitment. The company can be considered for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
INDIAN ECONOMIC OVERVIEW
|
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
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Registered Office/Factory : |
L-4 MIDC, Phase III, Akola-444104, |
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Tel. No.: |
91-724-2258393 / 648/ 2258328 |
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Fax No.: |
91-724-2258371 |
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E-Mail : |
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Website : |
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Area : |
59998 Sq.ft. |
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Location : |
Owned |
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Head Office : |
11, |
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Tel. No.: |
91-22-22075301 |
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Fax No.: |
91-22-22075303 |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Bharat Nitilal Shah |
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Designation : |
Chairman and Managing Director |
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Address : |
Block No. 5, Kamal Housing Society Opposite Main Hospital,
Akola-444001, |
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Date of Birth/Age : |
01.10.1957 |
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Qualification : |
Master of Pharmacy Diploma in Business Management |
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Date of Appointment : |
02.08.1988 |
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Din No.: |
00778304 |
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Name : |
Mr. Haresh Nitilal Shah |
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Designation : |
Whole Time Director |
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Address : |
Prachi, Plot No. 6, Radhe Nagar, Beside Collector Office,
Akola-444001, |
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Date of Birth/Age : |
19.12.1959 |
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Qualification : |
Bachelor of Commerce |
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Date of Appointment : |
02.08.1988 |
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Din No.: |
00778264 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Bharat Nitilal Shah |
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60 |
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Haresh Nitiala Shah |
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60 |
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Bharat Nitilal Shash Jointly with Neeta
Bharat Shah |
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17940 |
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Haresh Nitilal Shah Jointly with Neeru
Haresh Shah |
|
17940 |
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Neeta Bharat Shah Jointly with Bharat
Nitilal Shah |
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2400 |
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Parth Bharat Shah |
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3000 |
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Bharat Nitilal Shah (HUF) |
|
600 |
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Neeru Haresh Shah Jointly with Haresh
Nitilal Shah |
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2400 |
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Haresh Nitialal Shah (HUF) |
|
600 |
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Indumati Nitilal Shah Jointly with Bharat
Nitilal Shah |
|
6000 |
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Indumati Nitilal Shah Jointly with Haresh
Nitilal Shah |
|
6000 |
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Manan Haresh Shah |
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3000 |
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Total |
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60000 |
As on 30.09.2011
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Formulations |
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PRODUCTION STATUS As on 31.03.2011
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Particulars |
Unit |
Installed
Capacity |
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General Tablet |
Lacs Tablets |
3750.000 |
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Liquid Oral |
Lacs Ltrs |
9.00 |
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Ointment |
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External Preparation |
Lacs Kgs. |
1.50 |
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Lotion |
Lacs Ltrs |
1.50 |
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Capsule |
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General Capsule |
Lacs Capsules |
600.00 |
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Oral Powder |
Lacs Kgs. |
0.60 |
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B- Lactum |
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Tablets |
Lacs Tablets |
600.00 |
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Capsule |
Lacs Capsules |
600.00 |
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Dry Syp |
Lacs Bottles |
30.00 |
GENERAL INFORMATION
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Suppliers: |
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Customers : |
MAJOR CUSTOMERS
NAMES Domestic: ·
Agrawal Drug Corporation ·
Anu Drug Dist ·
Baba Drug House ·
Banke Bihari Medical Store ·
Bhavana Enterprises ·
Durgasons Pharmco ·
G.C. Drug ·
India Drug House Agency ·
Ishi Pharmaceuticals ·
Karunamoyee Enterprises ·
Kumar Corporation ·
Lotus Pharma ·
M.S. Drugs and Pharmaceutical Overseas: ·
A.D.K. Company Private Limited ·
Andyco Pharmacy ·
Cure Pharma Limited ·
Dat Internatonal ·
Medicaments Pharma Private Limited ·
Nawakrama Private Limited ·
Pharma Plus Limited ·
Pharmavet Limited ·
Salpa Biotech Private Limited ·
State Pharmaceutical Corporation ·
Tejay Pharmaceuticals Limited ·
Unisel Pharma ( |
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No. of Employees : |
Approximately 240 (Office 81, Factory 159) |
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Bankers : |
·
Corporation Bank, through Mumbai Branch, Abdul
Rehman Street, Mumbai – 400003, Maharashtra, India ·
The |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M G Chawre and Company Chartered Accountant |
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Address : |
Wakhre Complex, Jather Peth, Akola-444005, |
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Tel. No.: |
91-724-2450324 |
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E-Mail : |
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Associates : |
Elemco |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 100/-
each |
Rs. 6.000
Millions |
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Note: 50.000 Equity shares of Rs.100/- each issues
as Bonus shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.000 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
138.133 |
108.751 |
89.919 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
144.133 |
114.751 |
95.919 |
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LOAN FUNDS |
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1] Secured Loans |
33.014 |
0.000 |
12.728 |
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2] Unsecured Loans |
61.669 |
53.779 |
40.522 |
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TOTAL BORROWING |
94.683 |
53.779 |
53.25 |
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DEFERRED TAX LIABILITIES |
3.355 |
3.351 |
3.577 |
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TOTAL |
242.171 |
177.881 |
152.746 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
87.758 |
63.225 |
62.646 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.125 |
0.126 |
0.126 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
95.041
|
67.327
|
51.950 |
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Sundry Debtors |
104.237
|
70.771
|
71.576 |
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Cash & Bank Balances |
2.725
|
5.148
|
2.511 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
56.874
|
35.376
|
25.300 |
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Total
Current Assets |
258.877
|
178.622 |
151.337 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
69.246
|
40.836
|
38.832 |
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Other Current Liabilities |
31.647
|
20.342
|
20.015 |
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Provisions |
3.696
|
2.914
|
2.516 |
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Total
Current Liabilities |
104.589
|
64.092 |
61.363 |
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Net Current Assets |
154.288
|
114.530 |
89.974 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
242.171 |
177.881 |
152.746 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
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Income |
|
408.404 |
318.653 |
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Other Income |
|
6.840 |
6.650 |
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TOTAL (A) |
498.918 |
415.244 |
325.303 |
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Less |
|
|
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Material Consumed |
|
203..655 |
140.605 |
|
|
|
Salary and Remuneration |
|
25.965 |
22.731 |
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|
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Manufacturing and Other Expenses |
|
30.648 |
29.951 |
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Packing Material Consumed |
|
57.875 |
44.668 |
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Selling and Distribution Expenses |
|
44.485 |
39.775 |
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Other Administrative Expenses |
|
14.233 |
9.911 |
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Loss of |
|
0.020 |
0.000 |
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Bad Debts |
|
0.036 |
0.135 |
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Increase/ Decrease in Stock |
|
[6.844] |
2.579 |
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TOTAL (B) |
459.281 |
370.073 |
290.355 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
Including
Interest and Deprecation Expense |
45.171 |
34.948 |
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||
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Less |
FINANCIAL
EXPENSES (D) |
5.433 |
5.307 |
||
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||
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.738 |
29.641 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.533 |
9.535 |
||
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PROFIT BEFORE
TAX (E-F) (G) |
39.637 |
31.205 |
20.106 |
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Less |
TAX (I) |
10.255 |
12.373 |
6.536 |
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PROFIT AFTER TAX
(G-I) (J) |
29.382 |
18.832 |
13.570 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
107.011 |
88.179 |
74.609 |
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BALANCE CARRIED
TO THE B/S |
136.393 |
107.011 |
88.179 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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Export Earnings |
230.138 |
166.302 |
148.489 |
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TOTAL EARNINGS |
|
166.302 |
148.489 |
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IMPORTS |
|
|
|
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|
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Traveling |
NA |
0.386 |
0.265 |
|
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Capital Goods |
NA |
1.299 |
1.807 |
|
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Others |
NA |
6.751 |
2.429 |
|
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TOTAL IMPORTS |
NA |
8.436 |
4.501 |
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|
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|
Earnings Per
Share (Rs.) |
- |
313.87 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.89 |
4.54
|
4.17 |
|
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|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
7.64
|
6.31 |
|
|
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|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.43 |
12.90
|
9.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.27
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.38 |
1.03
|
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.48 |
2.79
|
2.47 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
NOTE:
The Registered office of the company has been
shifted from 11,
FORM 8
|
Corporate identity
number of the company |
U24230MH1988PTC048316 |
|
Name of the
company |
LEBEN
LABORATORIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
L-4 MIDC, Phase III, Akola-444104, Email: companyclient007@gmail.com
|
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be
modified |
90214099 |
|
Type of charge |
· Immovable property · Any interest in immovable property · Book debts · Movable property (not being pledge) · Floating charge ·
Others |
|
Particular of
charge holder |
Corporation Bank, through Mumbai Branch, Abdul Rehman Street, Mumbai –
400003, Maharashtra, India Email: akl_leben2@dataone.in |
|
Nature of
instrument creating charge |
1.
Export Credit Agreement for Pre-Shipment in Foreign Currency. 2.
Memorandum of Deposit of Title Deeds. 3. Counter
Guarantee for Opening Irrevocable Foreign Documentary Credit/Standby Letter
of Credit. 4.
For Inland/Foreign Bill. 5.
For Foreign Bills. 6.
Counter Guarantee for the Bank Guarantee/s Issued by the bank. 7.
Undertaking Letter. 8.
Export Credit Agreement. 9.
Supplemental Common Deed of Hypothecation of Movables/Assets/Debts. |
|
Date of
instrument Creating the charge |
05.01.2012 |
|
Amount secured by
the charge |
Rs. 35.000 Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of
interest: 1. For PCL upto 180 days not excee. 350 basis points over LIBOR and
beyond 180 days and upto 360 rate as above+200 basis 2. For bank gurantee:
5.85% over and above base rate i.e effective rate 16.50% Extent and
operation of the charge The
charge extend to principle, interest, service charge, commitment charges,
commission, discount, custom duty, penalty, demurrage charge, storage charge,
clearing and forwarding charges, or for cost, charges
and expenses or all other monies payable and operate on all properties
mentioned in the loan agreement. Others: Total
loan limit is Rs. 35.000 Millions including Rs. 29.700 Millions as packing
credit limit/ FDBN/FDBP/FDBD/PCFC/PSCFC, Rs. 3.000 Millions as cash credit
limit and Rs. 5.000 Millions as Import/inland LC/BG |
|
Short particulars
of the property charged (Including location of the property) |
All
that piece and parcel of leasehold Industrial Property admn. 3960 Sq.Mt Plot
No L-4, Phase III MIDC, Village Shivar, Taluka and Dist Akola Maharashtra
along with building and machinery lying therein All
the present and future stock of goods consisiting of drugs, chemicals,
pharmaceuticals, medicine etc, plant and machiny, furniture and fixtures,
book debts, receivables (present and future) as located above (i) or any
other premises whever else or in course of transit or delivery to the
borrower |
|
Particulars of the present modification |
By the
present modification the total limit of Rs. 22.500 Millions is enhanced to
Rs. 35.000 Millions including: Cash
credit
: 0.300 Millions PCL/FDBN/FDBP/FDBD/PCFC/PSCFC : 29.700 Millions Import/
Inland LC cum BG
: 5.000 Millions and
the charge to that extent is enhanced on the properties mentioned in loan
agreement. |
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.55.54 |
|
|
1 |
Rs.89.31 |
|
Euro |
1 |
Rs.71.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.