MIRA INFORM REPORT

Report Date :

28.03.2014

IDENTIFICATION DETAILS

Name :	LABINDIA INSTRUMENTS PRIVATE LIMITED
Registered Office :	34/38, Bharat Kunj Society II, Erandvana, Pune – 411004, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	10.08.1982
Com. Reg. No.:	11-027977
Capital Investment / Paid-up Capital :	Rs. 7.500 Millions
CIN No.: [Company Identification No.]	U33125MH1982PTC027977
IEC No.:	0388116374
TAN No.: [Tax Deduction & Collection Account No.]	PNEL00138F
PAN No.: [Permanent Account No.]	AAACL5140P
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Trader of Analytical Instruments for a variety of verticals including Biotechnology and Life Sciences etc.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4386000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Financials for the year 2012 and 2013 could not be made available from government department. Mr. Ravindra Bhosale, Finance Manager denied to disclose any information to us. As per previous financials of 2011, financial position of the company is decent. Trade relations are fair. Business is active. Payment terms are unknown due to absence of financials. 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.

ECGC Country Risk Classification List – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
India	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’s current account deficit for the fiscal third quarter ended September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and moderation in gold imports. Manufacturing activity and new orders in India showed their strongest growth in a year in February. The news comes as a relief after data showed Asia’s third largest economy grew by a slower-than-expected 4.7 % annually in the three months through December. The HSBC Manufacturing Purchasing Managers’ Index which gauges the business activity of India’s factories but not its’ utilities, rose to 52.5 in February, its highest in a year from 51.4 in January. Overall new orders for factory goods which rose to a one-year high of 54.9 contributed to the surge. China has emerged as India’s biggest trading partner in the current financial year replacing the United Arab Emirates and pushing it to the third spot. India-China trade has reached $49.5 billion with a 8.7 % share in India’s total trade. The US comes second at $46 billion with 8.1 % share during the first nine months of the current financial year.

The Reserve Bank of India has granted an additional nine months to the public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000 denominations, pushing the deadline to January 1, 2015. A day before dates for the Lok Sabha polls were announced, the government decided to hike interest rates on fixed deposit schemes offered by post offices up to 0.2 per cent. The new rates will be effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s appeal against a ruling over transferring ownership of its local mobile phones plant which is the subject of a tax dispute to Microsoft Corp.

In the last days of the current Government, another scam has surfaced. The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of Investigation will look into allegations that over $80 million was paid in kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a solution for problems with state-owned Air India’s 787 Dreamliners. The aircraft has experienced a series of malfunctions since its debut in 2011.

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 DECLINED BY

Name :	Mr. Ravindra Bhosale
Designation :	Finance Manager
Contact No.:	91-22-25986037
Date :	27.03.2014

LOCATIONS

Registered Office :	34/38, Bharat Kunj Society II, Erandvana, Pune – 411004, Maharashtra, India
Tel. No.:	91-20-25410817/ 25986037
Fax No.:	91-20-25335940
E-Mail :	bhoslerv@labindia.com
Website :	http://www.labindia.com
Head Office :	201, Nand Chambers, LBS Marg, Near Vandana Cinema, Thane (West) – 400602, Maharashtra, India
Tel. No.:	91-22-25986000
Fax No.:	91-22-25335940
Factory 1 :	Plot No. EL-72, Electronic Zone, TTC Industrial Area, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27626660/ 61/ 62/ 63/ 65163480/ 81
Fax No.:	91-22-27626664
Factory 2 :	R-909, TTC Industrial Road, Thane Belapur Road, Navi Mumbai – 400705, Maharashtra, India
Regional Offices :	Located at: · Chandigarh · Gurgaon · Lucknow · Guwahati · Baroda · Thane · Pune · Bangalore · Thiruvananthapuram · Chennai · Hyderabad · Kolkata

DIRECTORS

AS ON 26.09.2013

Name :	Mr. Shriram Ganesh Bhalerao
Designation :	Managing director
Address :	603, Kasturi Towers, L.B.S. Road, Panchpakhadi, Thane - 400602, Maharashtra, India
Date of Birth/Age :	11.04.1951
Qualification :	B.Sc., DERE
Experience :	35 Years
Date of Appointment :	10.08.1982
DIN No.:	00495009
Name :	Mr. Shrikant Shankar Bapat
Designation :	Managing director
Address :	S.No.849/1, Uma Apartments, Flat No.8, Opposite B.M.C.C., Dr. Agarkar Road, Shivaji Nagar, Pune – 411004, Maharashtra, India
Date of Birth/Age :	05.11.1944
Qualification :	DERE
Experience :	42 Years
Date of Appointment :	10.08.1982
DIN No.:	00248221
Name :	Mr. Virendra Sitaram Upadhye
Designation :	Director
Address :	45/16, Second Floor, East Patel Nagar, New Delhi – 110008, India
Date of Birth/Age :	09.03.1957
Qualification :	B.Sc.
Experience :	30 Years
Date of Appointment :	10.08.1982
DIN No.:	00269965
Name :	Mr. Vijay Madhusudan Bibikar
Designation :	Director
Address :	3-B, Kalyani Apartments, 106-107, Abirampuram, 4^th Street, Abirampuram, Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	14.08.1955
Qualification :	M.Sc.
Experience :	31 Years
Date of Appointment :	10.08.1982
DIN No.:	00333007

KEY EXECUTIVES

Name :	Mr. Ravindra Bhosale
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 26.09.2013

Names of Shareholders	No. of Shares
Shriram Ganesh Bhalerao	110625
Shrikant Shankar Bapat	84375
Anjali Shriram Bhalerao	85500
Kanchan Shankar Bapat	84375
Vijay Madhusadan Bibikar	56250
Shubhada V. Bibikar	56250
Virendra Sitaram Upadhye	75375
Shriram Ganesh Bhalerao HUF	65625
Asha Ganesh Bhalerao	750
Shrikant Shankar Bapat HUF	56250
Vijay Madhusadan Bibikar HUF	37500
Virendra Sitaram Upadhye HUF	28125
Shobhana S Upadhye	9000
Total	750000

AS ON 26.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader of Analytical Instruments for a variety of verticals including Biotechnology and Life Sciences etc.

Products/ Services :

ITC Code No.	Product Descriptions
8419.10	Analytical Instruments

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

· Axis Bank Limited

Dhiraj Baug, L.B.S. Marg, Near Hariniwas Circle, Thane - 400602, Maharashtra, India

· New India Cooperative Bank Limited

V. C. Gurukul High School, Derasar Lane, Ghatkopar (East), Mumbai - 400077, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
Rupee term loans banks	40.424	47.818
Total	40.424	47.818

Banking Relations :	--
Auditors :
Name :	Yeravdekar and Ranade Chartered Accountants
Address :	96/16, Navi Peth, Rajendranagar, Near Sachin Tendulkar Jogging Track, Pune - 411030, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AAAFY0772F
Subsidiary company :	· Donwhitley Scientific Equipments Private Limited [U99999MH1988PTC047826]

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1,000,000	Equity Shares	Rs. 10/- each	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
750,000	Equity Shares	Rs. 10/- each	Rs. 7.500 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		7.500	7.500	7.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1089.052	957.747	823.911
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1096.552	965.247	831.411
LOAN FUNDS
1] Secured Loans		40.424	47.818	123.796
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		40.424	47.818	123.796
DEFERRED TAX LIABILITIES		0.000	0.000	0.797
TOTAL		1136.976	1013.065	956.004
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		119.134	167.863	189.458
Capital work-in-progress		142.470	138.630	140.759
INVESTMENT		92.888	75.062	81.764
DEFERRED TAX ASSETS		8.894	4.186	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	172.445	146.064	96.795
	Sundry Debtors	323.428	345.020	248.739
	Cash & Bank Balances	169.897	229.898	185.736
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	520.688	360.684	327.557
Total Current Assets		1186.458	1081.666	858.827
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	105.430	85.823	206.079
	Other Current Liabilities	186.395	267.964	16.270
	Provisions	121.043	100.555	92.455
Total Current Liabilities		412.868	454.342	314.804
Net Current Assets		773.590	627.324	544.023
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1136.976	1013.065	956.004

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales and Service Charges		1277.329	1174.789
		Other Income		41.382	19.311
		TOTAL	1630.580	1318.711	1194.100
Less	EXPENSES
		Cost of Sales and Service Charges		425.084	370.992
		Employee Benefit Expenses		364.657	284.556
		Administrative and General Expenses		268.901	270.386
		TOTAL	1211.129	1058.642	925.934
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		419.451	260.070	268.166
Less/ Add	DEPRECIATION/ AMORTISATION		27.395	30.034	29.962
	PROFIT BEFORE TAX		392.056	230.036	238.204
Less	TAX		121.042	83.064	87.292
	PROFIT AFTER TAX		271.014	146.972	150.912
	EARNINGS IN FOREIGN CURRENCY
		Commission from Foreign Companies	618.043	527.139	624.703
		Exports on FOB basis	9.182	2.729	4.116
	TOTAL EARNINGS		627.225	529.868	628.819
	CIF VALUE OF IMPORTS		304.828	316.091	NA
	Earnings Per Share (Rs.)		361.35	195.96	201.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	16.62	11.15	12.64
Net Profit Margin (PBT/Sales)	(%)	NA	18.01	20.28
Return on Total Assets (PBT/Total Assets}	(%)	30.03	18.41	22.72
Return on Investment (ROI) (PBT/Networth)		0.36	0.24	0.29
Debt Equity Ratio (Total Debt/Networth)		0.04	0.05	0.15
Current Ratio (Current Asset/Current Liability)		2.87	2.38	2.73

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	7.500	7.500	7.500
Share Application Money	0.000	0.000	0.000
Reserves & Surplus	823.911	957.747	1089.052
(Accumulated Losses)	0.000	0.000	0.000
Net worth	831.411	965.247	1096.552
long-term borrowings	123.796	47.818	40.424
Short term borrowings	0.000	0.000	0.000
Total borrowings	123.796	47.818	40.424
Debt/Equity ratio	0.149	0.050	0.037

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1194.100	1318.711	1630.580
		10.436	23.650

NET PROFIT MARGIN

Net Profit Margin	31.03.2009	31.03.2010	31.03.2011
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	1194.100	1318.711	1630.580
Profit	150.912	146.972	271.014
	12.64%	11.15%	16.62%

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	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	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	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10198465	24/07/2013 *	90,000,000.00	AXIS BANK LIMITED	DHIRAJ BAUG, L.B.S.MARG, NEAR HARINIWAS CIRCLE,  THANE - 400602, MAHARASHTRA, INDIA	B82328006
2	10150533	06/03/2009	25,000,000.00	BANK OF INDIA	VANDANA HOUSE, NEAR VANDANA CINEMA, L.B.S. MARG, THANE - 400602, MAHARASHTRA, INDIA	A59985861
3	10147139	28/02/2009	120,000,000.00	THE THANE JANATA SAHAKARI BANK LTD.	PANCH PAKHADI BRANCH, PANCHAKHADI, THANE - 400601, MAHARASHTRA, INDIA	A58546540
4	10121397	06/03/2009 *	100,000,000.00	BANK OF INDIA	PANCH PAKHADI BRANCH, PANCHAKHADI, THANE - 400601, MAHARASHTRA, INDIA	A58636531
5	10189711	14/08/2008	25,000,000.00	BANK OF INDIA	VANDANA HOUSE, NEAR VANDANA CINEMA, L.B.S. MARG, THANE - 400602, MAHARASHTRA, INDIA	A59988873
6	10068146	13/08/2007	99,400,000.00	BANK OF INDIA	VANDANA HOUSE, NEAR VANDANA CINEMA, L.B.S. MARG, THANE - 400602, MAHARASHTRA, INDIA	A23576507
7	10189712	21/07/2006	50,000,000.00	BANK OF INDIA	VANDANA HOUSE, NEAR VANDANA CINEMA, L.B.S. MARG, THANE - 400602, MAHARASHTRA, INDIA	A59989186

* Date of charge modification

FIXED ASSETS:

Tangible assets

· Land

· Building

· Factory building

· Other building

· Plant machinery

· Office equipments

· Factory equipments

· Computer equipments

· Other equipments

· Furniture fixtures

· Vehicles

· Livestock

· Railway sidings

· Bridges roads ports culverts

· Plantations

· Books periodicals

Intangible assets

· Knowhow

· Computer software

· Patents trademarks design

· Commercial contractual rights

· Licenses

· Development cost

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No 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. 60.13
UK Pound	1	Rs. 99.65
Euro	1	Rs. 82.91

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

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	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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		31

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

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

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