MIRA
INFORM REPORT
|
Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
LASA LABORATORY PRIVATE LIMITED (w.e.f.
20.05.2010) |
|
|
|
|
Formerly Known
As : |
UBIQUITOUS CONSULTANCY SERVICES PRIVATE LIMITED (w.e.f.
14.09.2007) UBIQUITOUS DRUGS AND PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
F-9, MIDC, Badlapur (East) – 421503, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
02.04.1998 |
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Com. Reg. No.: |
11-114317 |
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Capital Investment
/ Paid-up Capital : |
Rs.47.500 Millions |
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CIN No.: [Company Identification
No.] |
U24297MH1998PTC114317 |
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PAN No.: [Permanent Account No.] |
AAACU1946J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Medical Product and Laboratory Equipment. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 180000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Omkar Speciality Chemicals Limited”. It is an established
company having moderate track record. The company has achieved a significant growth in its sales turnover
and reported a minimal profit during 2013, with the help of which the
management has successfully wiped of a substantial part of its accumulated
losses. The overall performance of the company is improving marked by the
infusion of funds as capital by the management. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of strong parentage and reputed holding company, the
subject 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the core
sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $
24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the spending
capacity in India. Over 72 % respondents from middle and lower middle income
families would be forced to slash their Diwali
expenditure by 40 % and on average spend nearly 25 % of their monthly salary on
Diwali, according to a survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 : |
F-9, MIDC, Badlapur (East) – 421503, Maharashtra, India |
|
Tel. No.: |
91-251-2697340/ 4321 |
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Fax No.: |
91-251-2697347/ 1572 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. C-105, MIDC, Mahad, District Raigad - 402309, Maharashtra, |
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Tel. No.: |
91-2145-232101/ 202 |
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|
Administrative Office : |
22, Devashree Grdens,
R.W. Sawant Marg, Near Rutu Park, Majiwade, Thane
(West) – 400601, Maharashtra, India |
|
Tel. No.: |
91-22-21724503 |
|
Fax No.: |
91-22-21724504 |
DIRECTORS
As on: 07.08.2013
|
Name : |
Mr. Shivanand Gajanana
Hegde |
|
Designation : |
Director |
|
Address : |
Flat No. 8, Anita Co-operative Housing Society, 2nd Floor,
S.L. No. 38, Shivganga Nagar,
Amernath (East), Thane - 421501, Maharashtra, India |
|
Date of Birth/Age : |
21.05.1961 |
|
Date of Appointment : |
22.11.2010 |
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PAN No.: |
AAGPH6895J |
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DIN No.: |
00185508 |
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|
|
|
Name : |
Mr. Pravin Shivdas
Herlekar |
|
Designation : |
Director |
|
Address : |
Sitaram, Ganesh Chowk, Manjarli, Badlapur (West), Thane – 421503, Maharashtra,
India |
|
Date of Birth/Age : |
02.10.1949 |
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Date of Appointment : |
09.05.2012 |
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DIN No.: |
00525610 |
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Name : |
Mr. Omkar Pravin Herlekar |
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Designation : |
Director |
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Address : |
Sitaram, Ganesh Chowk, Manjarli, Badlapur (West), Thane – 421503, Maharashtra,
India |
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Date of Birth/Age : |
13.03.1981 |
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Date of Appointment : |
09.04.2012 |
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DIN No.: |
01587154 |
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|
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|
Name : |
Mr. Girish Madhavrao
Deshpande |
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Designation : |
Director |
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Address : |
Saideep, 2nd Floor, Anant Nagar, Badlapur (West), Thane – 421503, Maharashtra,
India |
|
Date of Birth/Age : |
18.02.1964 |
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Date of Appointment : |
09.05.2012 |
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DIN No.: |
01790518 |
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|
|
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Name : |
Mr. Rishikesh Pravin
Herlekar |
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Designation : |
Director |
|
Address : |
Sitaram, Ganesh Chowk, Manjarli, Badlapur (West), Thane – 421503, Maharashtra,
India |
|
Date of Birth/Age : |
28.03.1991 |
|
Date of Appointment : |
09.04.2012 |
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DIN No.: |
05240009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 07.08.2013
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Omkar Speciality
Chemicals Limited, India |
|
2009999 |
|
Pravin S. Herlekar |
|
1 |
|
|
|
|
|
Total |
|
2010000 |
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Omkar Speciality
Chemicals Limited, India |
|
2740000 |
|
|
|
|
|
Total |
|
2740000 |
Equity Share Break up (Percentage of Total Equity)
As on: 07.08.2013
|
Category |
|
Percentage |
|
Bodies corporate |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Medical Product and Laboratory Equipment. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· Axis Bank Limited, Axis House, Ground Floor, Bombay Dying Mills Compound, Worli, Mumbai - 400025, Maharashtra, India · Vijaya Bank, Gaurangi Chambers, LBS Marg, Opposite Damai Estate,Thane Branch, Thane - 400602, Maharashtra, India |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Joshi and Karandikar Chartered Accountants |
|
Address : |
B 63, Ground Floor, Station plaza Complex, Near Station, Bhandup (West), Mumbai – 400078, Maharashtra,
India |
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PAN.: |
AAAFJ9154G |
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Associates : |
Urdhwa Chemicals Company Private Limited CIN No.: U24100MH1986PTC040668 |
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Holding Company : |
Omkar Speciality Chemicals Limited CIN No.: L24110MH2005PLC151589 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2250000 |
Equity Shares |
Rs.10/- each |
Rs.22.500 Millions |
|
2750000 |
Preference Shares |
Rs.10/- each |
Rs.27.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2010000 |
Equity Shares |
Rs.10/- each |
Rs.20.100 Millions |
|
2740000 |
Preference Shares |
Rs.10/- each |
Rs.27.400 millions |
|
|
|
|
|
|
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Total |
|
Rs.47.500 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
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|
(a) Share Capital |
47.500 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
(2.052) |
(10.170) |
(1.992) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share Application money pending allotment |
0.000 |
39.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
45.448 |
28.930 |
(1.892) |
|
|
|
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|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
93.308 |
9.205 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.947 |
0.748 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
21.150 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
94.255 |
9.953 |
21.150 |
|
|
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(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
18.592 |
3.807 |
0.000 |
|
(b) Trade payables |
48.419 |
7.696 |
0.786 |
|
(c) Other current liabilities |
8.759 |
1.873 |
2.196 |
|
(d) Short-term provisions |
4.577 |
0.598 |
0.027 |
|
Total Current
Liabilities (4) |
80.347 |
13.974 |
3.009 |
|
|
|
|
|
|
TOTAL |
220.050 |
52.857 |
22.267 |
|
|
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ASSETS |
|
|
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|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
33.244 |
33.091 |
1.603 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
44.113 |
0.000 |
13.272 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.394 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.695 |
0.696 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
78.052 |
33.787 |
15.269 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
36.162 |
6.701 |
0.000 |
|
(c) Trade receivables |
30.708 |
8.072 |
0.002 |
|
(d) Cash and cash equivalents |
23.543 |
1.205 |
1.638 |
|
(e) Short-term loans and advances |
40.341 |
0.197 |
4.605 |
|
(f) Other current assets |
11.244 |
2.895 |
0.753 |
|
Total Current
Assets |
141.998 |
19.070 |
6.998 |
|
|
|
|
|
|
TOTAL |
220.050 |
52.857 |
22.267 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
108.187 |
14.690 |
0.022 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
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Advertising Expenses |
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|
|
|
TOTAL |
95.659 |
21.897 |
2.574 |
|
|
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|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
12.528 |
(7.207) |
(2.552) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
4.410 |
0.748 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
8.118 |
(7.955) |
(2.552) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
1.71 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.50 |
(54.15) |
(11600.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.12 |
(13.63) |
(29.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
(0.25) |
1.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
2.46 |
0.45 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77 |
1.36 |
2.33 |
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 |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
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 |
No |
Note :
The registered office of the company has been
shifted from Plot No. C-105, MIDC, Mahad, Village Khaire- Birwadi, Mahad, Raigad, Maharashtra, India to the present address w.e.f 12.04.2012
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
39.051 |
9.205 |
|
|
|
|
|
Total |
39.051 |
9.205 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10391228 |
30/03/2013 * |
233,500,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, GROUND FLOOR, BOMBAY DYING MILLS COMPOUND, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B73233108 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Factory Equipments
· Emission Reduction Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· 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 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] 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.61.50 |
|
|
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
32 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.