MIRA INFORM REPORT
|
Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
ROSELABS BIOSCIENCE LIMITED (w.e.f 19.07.2012) |
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|
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Formerly Known
As : |
ROSELABS BIOSCIENCE PRIVATE LIMITED |
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Registered
Office : |
Survey No. 253, N.H.8, Opposite Kerala, |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.01.2010 |
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Com. Reg. No.: |
04-059109 |
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Capital
Investment / Paid-up Capital : |
Rs. 268.900 Millions |
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CIN No.: [Company Identification
No.] |
U24290GJ2010PTC059109 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Pre-Filled Syringes. |
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No. of Employees
: |
60 (Approximately) |
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 2600000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Even though the company was incorporated during January 2010, it has
recently commenced its business activities from September 2012. Networth appears to be good. Business is active. Payments are reported
to be unknown. The company can be considered for business dealings 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Term Loans: B + (Suspended) |
|
Rating Explanation |
High risk of default |
|
Date |
October 2012 |
Reason for Suspension: Absence of the requisite information from the
company.
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Manoj |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-79-26820720 |
|
Date : |
18.05.2013 |
LOCATIONS
|
Registered Office / Factory : |
Survey No. 253, N.H.8, Opposite Kerala, |
|
Tel. No.: |
Not Available |
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Mobile No.: |
91-9727705334 [Mr. Sharma] |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office: |
3rd Floor, Kateria Arcade, Near Adhani Vidya Mandir,
Ahmedabad -380051, Gujarat, India |
|
Tel No.: |
91-79-22162529/66301529/26820720/26820730 |
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Fax No.: |
91-79-22166730 |
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E-Mail : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Pawankumar Trilokchand Agarwal |
|
Designation : |
Director |
|
Address : |
B-21, Akash Opposite Premchand Nagar, |
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Date of Birth/Age : |
30.03.1963 |
|
Date of Appointment : |
06.01.2010 |
|
DIN No.: |
00015921 |
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PAN No.: |
AAUPA5769N |
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|
|
|
Name : |
Mrs. Rosy Pawankumar Agrawal |
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Designation : |
Directors |
|
Address : |
B-21, Akash Opposite Premchand Nagar, |
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Date of Birth/Age : |
10.07.1966 |
|
Date of Appointment : |
16.12.2010 |
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DIN No.: |
00041611 |
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PAN No.: |
AARPA2988E |
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Name : |
Mr. Zameer Pawankumar Agarwal |
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Designation : |
Director |
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Address : |
B-21, Akash Opposite Premchand Nagar, |
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Date of Birth/Age : |
05.11.1986 |
|
Date of Appointment : |
06.01.2010 |
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DIN No.: |
01409425 |
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PAN No.: |
AGQPA2761C |
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|
|
|
Name : |
Mr. Mohit Premchand Gupta |
|
Designation : |
Director |
|
Address : |
42, Whispering Pine, |
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Date of Birth/Age : |
13.09.1965 |
|
Date of Appointment : |
22.04.2010 |
|
DIN No.: |
03031586 |
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|
|
|
Name : |
Mr. Guarang Atmaram Patel |
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Designation : |
Director |
|
Address : |
B-2, Sayona Park, Plat Harasidhnagar, Indraprastha Society, Sarkari
Vasant, Avadh Memnagar, Ahmedabad-380054, Gujarat, India |
|
Date of Birth/Age : |
12.07.1963 |
|
Date of Appointment : |
13.08.2010 |
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DIN No.: |
03089311 |
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PAN No.: |
AEEPP9690R |
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|
|
|
Name : |
Mr. Prakash Karsanbhai Patel |
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Designation : |
Director |
|
Address : |
11, Devdarshan Society, Behind New Mahakali Temple, Kalka Road,
Palan-382465, Gujarat, India |
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Date of Birth/Age : |
12.01.1975 |
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Date of Appointment : |
13.08.2010 |
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Din No.: |
03098121 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pawankumar Trilokchand Agarwal |
|
8579000 |
|
Gopalka Motor Investo Private Limited, India |
|
5800000 |
|
Zameer Pawankumar Agarwal |
|
1301000 |
|
Rosy Pawankumar Agarwal |
|
120000 |
|
Pushpdant Comotrade Private Limited, India |
|
2400000 |
|
Roselabs Limited, India |
|
1400000 |
|
Konark Commerce and Industries Limited, India |
|
50000 |
|
Sunshine Housecon Limited, India |
|
70000 |
|
Impex Service Limited |
|
35000 |
|
Sharadaraj Tradefin Limited, India |
|
290000 |
|
Blu Print Securities Limited, India |
|
155000 |
|
|
|
|
|
Total |
|
20200000 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2012
|
Category |
Percentage |
|
Bodies corporate |
51.49 |
|
Directors or relatives of Directors |
48.51 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pre-Filled Syringes. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Customers : |
·
Retailers ·
End Users |
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No. of Employees : |
60 (Approximately) |
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Bankers : |
·
State Bank of ·
Bank of ·
Bank of India ·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel – (West), Mumbai – 400013, Maharashtra, India ·
Axis Bank Limited, RAC Ahmedabad, CV/ CE
Department, 4th Floor, Shivalik Ishan, Nr. C. N Vidhyalaya,
Ambawadi, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Poddar Sunil Kumar Narvadeshwer Prasad Chartered Accountants |
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Address : |
301-305, Vrajbhumi Complex, Near Prarthana Flat, Behind Ship Building,
Off C.G. Road, Navrangpura, Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-26402893/26431097 |
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Fax No.: |
91-79-26462614 |
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PAN No.: |
ABEFS3044F |
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Enterprises which are owned, or have significant influence of or partners with Key management personnel and their relatives: |
·
Roselabs Polymers Limited, Ahmedabad, Gujarat,
India ·
Roselabs Limited, Ahmedabad, Gujarat, India ·
Gopalka Motor Investo Private Limited, India |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital : Rs.270.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.269.900
Millions
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20200000 |
Equity Shares |
Rs.10/- each |
Rs.202.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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|
1] Share Capital |
202.000 |
128.000 |
1.780 |
|
|
2] Share Application Money |
0.000 |
74.555 |
0.000 |
|
|
3] Reserves & Surplus |
438.000 |
112.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
640.000 |
314.555 |
1.780 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
846.141 |
280.594 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
846.141 |
280.594 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
1486.141 |
595.149 |
1.780 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1243.057 |
278.381 |
0.000 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1.941
|
0.000 |
0.000 |
|
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
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Cash & Bank Balances |
21.859
|
3.967 |
0.108 |
|
|
Other Current Assets |
70.821
|
14.248 |
0.000 |
|
|
Loans & Advances |
225.414
|
301.946 |
1.300 |
|
Total
Current Assets |
320.035
|
320.161 |
1.408 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.035
|
0.000 |
0.255 |
|
|
Other Current Liabilities |
72.099
|
3.381 |
0.021 |
|
|
Provisions |
4.817
|
0.012 |
0.000 |
|
Total
Current Liabilities |
76.951
|
3.393 |
0.276 |
|
|
Net Current Assets |
243.084
|
316.768 |
1.132 |
|
|
|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.648 |
|
|
|
|
|
|
|
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TOTAL |
1486.141 |
595.149 |
1.780 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
|
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|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
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TOTAL (A) |
|
0.000 |
0.000 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
0.000 |
0.000 |
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|
Administrative Expenses |
|
0.000 |
0.000 |
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Advertising Expenses |
|
0.000 |
0.000 |
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|
TOTAL (B) |
|
0.000 |
0.000 |
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
|
0.000 |
0.000 |
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
0.000 |
0.000 |
|
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|
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|
Less |
TAX (H) |
|
0.000 |
0.000 |
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|
|
PROFIT AFTER TAX
(G-H) (I) |
|
0.000 |
0.000 |
|
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|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
0.00 |
0.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.00
|
0.00 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00
|
0.00 |
NA |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.32
|
0.89 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.16
|
94.36 |
5.10 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
0.035
|
0.000 |
0.255 |
|
Total |
0.035
|
0.000 |
0.255 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
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 |
Yes |
PRESENT OPERATIONA
AND FUTURE PROSPECTUS:
During the year the Company was under erection stage and primarily the company
will be engaged into the business of manufacturing the parental drugs, surgical
range of products and formulations. The Company on going in production will
offer cartridges, auto-injections, dual chamber prefilled syringes etc. and a
range of sophisticated cytotoxics active pharmaceutical ingredients, plastic
and glass empty syringes, plastic and glass formulated prefilled syringes.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U24290GJ2010PLC059109 |
|
Name of the
company |
ROSELABS
BIOSCIENCE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No. 253, N.H.8, Opposite Kerala, Email: pawan@roselabsindia.com
|
|
This form is for |
Creation
of charge |
|
Type of charge |
Movable Property
(not being pledge) |
|
CIN: |
L65920MH1994PLC080618 |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel –
(West), Mumbai – 400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement for
Loan and Guarantee. (Contracts No.:
22690717) |
|
Date of
instrument Creating the charge |
30.10.2012 |
|
Amount secured by
the charge |
Rs.1.759 Millions
|
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest @ 10.75
% p.a. Terms of
Repayment The Loan is
repayable in 48 EMIs of Rs.0.045 Million starting from 1st December, 2012
ending on 1st November, 2016. Margin As may be stipulated
by bank from time to time. Extent and
Operation of the charge The Company
hypothecates to and charges in favour of the Bank by way of first and
exclusive charge of the Vehicle/ equipment as security for the
repayment/payment by the company of the loan granted or to be granted to the
company by the Bank together with all fees, interest, costs and expenses
incurred/to be incurred by the Bank and all other monies payable or to become
payable by the company to the Bank. Others The Bank shall be
absolutely entitled and have full power and authority to sell, assign or
transfer in any manner, in whole or in part, and in such manner and on such
terms as the Bank may decide, including reserving a right to the Bank to
retain its power to proceed against the company on behalf of the purchaser,
assignee or transferee, any or all outstanding dues of the company, to any
third party of the Bank's choice without reference to or without written
intimation to the company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Vehicle namely : TATA 912 (Year Of Manufacture: 2012) |
FIXED ASSETS
·
Land
·
Buildings
·
Office building
·
Factory building
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Computer equipments
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.54.88 |
|
|
1 |
Rs.83.65 |
|
Euro |
1 |
Rs.70.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.