MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LAMBDA THERAPEUTIC RESEARCH LIMITED |
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Formerly Known As : |
LAMBDA THERAPEUTIC RESEARCH PRIVATE LIMITED |
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Registered Office : |
42, Premier House 1 Asarkhej Highway, Bodakdev Ahmedabad-380054
gandinagar, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27.10.1998 |
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Com. Reg. No.: |
034883 |
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CIN No.: [Company
Identification No.] |
U2436GJ1998PLC034883 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHML00059D |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
The company is engaged in manufacturing and marketing of Bio-reactive System, Pharmaconetic Studies of Drug Products as part of Clinical Research, Protocol Development, Closing Platonomine, Bio-analytical Statistical Analysis, Report Writing, Quality Assurance and Consumer Research. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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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 520000 |
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Status : |
Satisfactory |
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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 satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
42,Premier House-1, gandhinagar- Sarkhej
Highway, Bodakdev, Ahmedabad:380 054, Gujarat |
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Tel. No.: |
91-79-2685 / 3995 / 2685 3441 / 2684 0080 / 40202020 |
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Fax No.: |
91-79-2684 0079, 40202021 |
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E-Mail : |
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Website : |
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Branches : |
701, the Great Eastern Summit ‘A’ Plot No:56, Sector 15, CBD/ Belapur,
Navi Mumbai 400 614, India |
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Tel. No.: |
91-22-2756 2220 / 2756 2224 |
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Fax No.: |
91-22-2756 2231 |
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E-Mail : |
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Branches : |
Business Development Europe, Ringstrasse 32, D59597 Erwitte, Germany |
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Tel. No.: |
49- (0) 2949-481622 |
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Fax No.: |
49- (0) 2943-481623 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Binish Hasmukhbhai Chudgar |
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Designation : |
Director |
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Address : |
11, Akashneem Society, Bodakdev, Ahmedabad:380054, Gujarat |
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Date of Birth/Age : |
01.12.1963 |
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Date of Appointment : |
27.10.1998 |
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Name : |
Mr. V. S. Vaikun Araman srivatsan |
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Designation : |
Director |
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Address : |
D-601, Sarthak Towers, Ramdev Nagar, Ahmedabad, Gujarat |
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Date of Birth/Age : |
48 Years |
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Qualification : |
P.H.D |
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Experience : |
23 Years |
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Date of Appointment : |
10.05.1999 |
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Name : |
Mr. AshishKumar D. Dasgupta |
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Designation : |
Director |
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Address : |
Karmashreshtha Tower, Satellite, Ahmedabad, Gujarat |
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Date of Birth/Age : |
47 Years |
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Qualification : |
M.Pham |
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Experience : |
22 Years |
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Date of Appointment : |
10.05.1999 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Nimish H. Chudgar |
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500 |
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Mr. Urmish Hasmukh Chudgar |
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500 |
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Epsilon Marketing and Consultancy Private Limited |
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1125000 |
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Binish Hasmukh Chudgar |
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586625 |
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Bindiben B. Chudgar |
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1619875 |
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Ashishkumar D. Dasgupta |
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80000 |
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V. Srivatsan |
|
80000 |
Equity Share breakup
|
Category |
Percentage |
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Bodies corporate (not mentioned above) |
32.44 |
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Director or relative of director |
67.59 |
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Total |
1000.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing and marketing of
Bio-reactive System, Pharmaconetic Studies of Drug Products as part of Clinical
Research, Protocol Development, Closing Platonomine, Bio-analytical
Statistical Analysis, Report Writing, Quality Assurance and Consumer
Research. |
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Products : |
Research and Development |
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GENERAL
INFORMATION
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No. of Employees : |
Total:35 (office:25, Laboratory:10) |
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Bankers : |
Corporation Bank Ahmedabad, Gujarat, India HDFC Bank UTI Bank Ltd |
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Facilities : |
Secured Loans:
UTI Bank Limited: Secured by way of first charge on all movable assets, both present and
future, inclusing its movable plan and machinery, equipment, appliances,
furniture, vehicles, machinery spare and stores, took and accessories. Also covered by personal guarantee of Managing Director Mr. Binidsh
Chudgar. UTI Bank Limited: Secured by way of hypothecation charge on stock of raw material, stock
in process, semi finished stock, receivables, book-debts etc. Secured by way of first charge on all movable plant and machinery,
equipments, appliances, Furniture, Machinery spares and stores, tools and
accessories and other assets charged to UTI Bank as first charge. Also
covered by personal guarantee of Managing Director Mr. Binish Chudgar Secured by hypothecation of vehicles acquired out of the loan. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Apaji Amin and company Chartered Accountants |
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Address : |
304, Aakansha, Navrangpura Ahmedabad-3800 009, Gujarat |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,161,000 |
Equity Shares |
Rs. 10/-
each |
Rs.41.610
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
41.610 |
6.685 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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222.333 |
174.402 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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263.943 |
181.087 |
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LOAN FUNDS |
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1] Secured Loans |
|
112.110 |
61.218 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
112.110 |
61.218 |
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DEFERRED TAX LIABILITIES |
|
16.597 |
10.553 |
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TOTAL |
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392.650 |
252.858 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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268.415 |
168.950 |
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Capital work-in-progress |
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INVESTMENT |
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8.061 |
0.002 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.281 |
10.962 |
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Sundry Debtors |
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43.783 |
18.676 |
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Cash & Bank Balances |
|
25.958 |
2.680 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
92.620 |
83.475 |
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Total
Current Assets |
|
174.642 |
115.793 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
29.919 |
12.160 |
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Provisions |
|
28.629 |
19.979 |
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Total
Current Liabilities |
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58.548 |
32.139 |
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Net Current Assets |
|
116.094 |
83.654 |
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MISCELLANEOUS EXPENSES |
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0.080 |
0.252 |
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TOTAL |
|
392.650 |
252.858 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
350.018 |
245.097 |
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Other Income |
|
4.277 |
2.700 |
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Total Income |
|
354.295 |
247.797 |
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Profit/(Loss) Before Tax |
|
113.575 |
83.820 |
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Provision for Taxation |
|
16.605 |
13.517 |
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Profit/(Loss) After Tax |
|
96.970 |
70.303 |
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Expenditures : |
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Raw Material Consumed |
|
34.999 |
30.046 |
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Purchases made for re-sale |
|
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
|
52.464 |
31.436 |
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Managerial Remuneration |
|
8.949 |
5.432 |
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Payment to Auditors |
|
0.184 |
0.120 |
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Interest |
|
6.787 |
2.593 |
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Insurance Expenses |
|
0.761 |
0.515 |
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Power & Fuel |
|
9.698 |
6.428 |
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Depreciation & Amortization |
|
0.000 |
0.000 |
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Other Expenditure |
|
126.878 |
87.407 |
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Total Expenditure |
|
240.72 |
163.977 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
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27.36 |
28.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
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32.44 |
24.19 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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25.70 |
29.43 |
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Return on Investment (ROI) (PBT/Networth) |
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0.43 |
0.46 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.22 |
0.17 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.98 |
3.60 |
LOCAL AGENCY
FURTHER INFORMATION
Operation: During the Year under review, the Company has performed very
well. The revenue has increased from Rs.245.097 Millions to Rs.350.018
Millions. The Company has earned net profit of Rs.96.835 Millions (pervious year
profit of Rs.70.303 Millions) after providing Depreciation of Rs.14.568
Millions (pervious Year Rs.88.570 Millions) and Providing fro tax of Rs. 16.740
Pervious Year Rs.13.517 Millions
Fixed Assets:
Clinical Equipments
Computer
Furniture and fixtures
Lab. Equipments
Office Equipments
Vehicles
Air-conditioners
Plant and Machinery
Electric Fitting
Office Building
Software purchase
Capital W.I.P
New Building Project
As Per Web Site?
What can Lambda Therapeutic Research Ltd do for you?
They are a young, dynamic team of professionals who bring a lot of passion and
enthusiasm to their work. They respect and value the relationship that they
share with their clients and that is why they are there with them at every step
of the way- right from allaying their concerns, understanding the study
requirements, drawing up the design for the study and tracking it right
through. When they commit ourselves to the work, you don’t just get a
well-experienced CRO partner who can meet all the study requirements and
deliver robust results. Working with Lambda means much more than that. It
includes complete ownership of work, transparency, commitment to timelines and
safeguarding the interest without compromising on integrity. All this comes at
a cost that ensures value for you. At Lambda you will discover that they “walk
the talk”. And when they say this, they represent the collective voice of over
243 professionals working at Lambda.
They appreciate the interest in Lambda and look forward to partnering the work.
If you are interested in working with them, they would honour the request and
reciprocate to the best of their abilities.
Their aim is to take care of the entire spectrum of work. From Pharmacokinetic studies to bioequivalence studies, First-in-human studies, Phase II to IV clinical trials. Naturally, they have the experience to cater to all the needs. Right from their first interaction with you to working out a detailed project management and execution programme, they are with you every step of the way.
So far, Lambda has conducted 502 BA/BE studies, 207 pilot studies and 295
pivotal studies. They have made 165 submissions to the European Union, 85
submissions to the USFDA, 16 submissions to ANVISA Brazil and 1 to Canada. They
have successfully completed 4 multi-locational phase II & III clinical
trials in different therapeutic segments. Ninety percent of their business
comes from existing clients. It strongly suggests the importance given by
Lambda to communication, commitment and trust. It’s the power of relationships
and they value it.
They started out 7 years ago asking ourselves if they could create a benchmark in clinical research services in India, delivering the best results. Today, Lambda ranks amongst the leading Clinical Research Organisations in India. Of course, they continue to ask questions: Can their processes be improved? Is there a more effective way to achieve the result? How can they improve the service quotient? You could say, questions have been a part of their growth.
While they have come a long way, Lambda retains the strengths of a small
organisation – speed, swift decision making process and flatter structures. But
they have grown by leaps and bounds in their confidence that they can be the
best CRO in the world. This is their quest that steers them to perform better
and better.
This website attempts to answer all the questions about them, their
infrastructure, services and career options at Lambda. They understand the
importance of these questions and respect them. While the work they handle is
often complex, the answers to questions about them are simple, direct and
honest.
That’s the Lambda way.
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10003612 |
|
Corporate identity
number of the company |
U24236GJI98PLC034883 |
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Name of the
company |
Lambda Therapeutic Research Limited |
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Address of the
registered office or of the principal place of business in India of the company |
42 Premier House
I Asarkhey Highway, Bodakdev, Gandhinagar Ahmedabad :80054at, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
ABN AMRO Bank
N.V. 7, Alkapuri R.C. Dutt Road,
Baroda:390007, Gujarat |
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Nature of
description of the instrument creating or modifying the charge |
Facility inter
Changeability Agreement |
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Date of
instrument Creating the charge |
08.12.2006 |
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Amount secured by
the charge |
Rs.270.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1) Month JPY
Libor + 100 bppa 2) 8.85% with
monthly rests(Rupee Term Loan) Terms of
Repayment 11 Quarterly
instalments commencing 12 months after the last draw down Margin As per Bank’s
Sanction Letter Extent and
operation of the charge All the
securities described herein below in Column No.14 hypothecated and charged to
the Bank secure ECB facility of JPY equivalent to USD 2 millions (equivalent
to Rs.90 Million) and Rupee Term Loan of Rs.180 Million Others - |
|
Short particulars
of the property charged |
All the plants
and machinery and other movable equipments, present and future movable fixed assets
including plant and machinery, now stored at or being stored or which may
hereafter be brought into or stored at or at present installed at any of the
Borrower’s specific premies/properties/godowns. The aforesaid
assets are charged / Hypothecation by way of first charge on pari passu basis
with UTI Bank Ltd. |
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Date of latest
modification prior to the present modification |
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|
Particulars of
the present modification |
By virtue of said
Inter Changeability Agreement, Out of sanctioned Limit of JYP equivalent to
USD 6.0 million (equivalent to approximately Rs.270 Million), availed
borrowing of USD 2 million (equivalent to Rs.90 million) be treate as
external commercial borrowing (ECB) and balance of Rs.180 Million be treated
as Rupee Term Loan. All securities
charged to ECB facility shall remain unchanged and continue for this Rupee
Term Loan. |
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Name of the company |
LAMBDA
THERAPEUTIC RESEARCH LIMITED. |
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Presented By |
Shri A. K. Dasgupta, Director |
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1) Date and description of instrument creating the change |
15.09.2000 Common Deed of Hypothecation of movable/ assets/debts. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.850 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Raw Materials,
Stock in process, semi-finished goods and stores and spare, all receivables
and book-debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
Term Loan-16.25% C.C Book debts and Stock 16.00% L/C as per
Fedirate. |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank, 1st
Floor, Rangoli Complex, Opp. V.S. Hospital, Ahmedabad |
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6) Date and brief description of instrument modifying the charge |
Supplementary
Common Deed of Hypothecation of Movables/ Assets/ Debts dated 22-04-2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
charge was created to secure financial assistance upto Rs. 4.850
Millions and the same was extended
from time to time to secure furthere financial assistance and now it is
further extended for the following financial assistance:-
Rate of Interest –C.C(Hypo
of Stocks/ Book Debts 11 % p.a , being 0.50% over and abocvve the Banks COBAR
which is 10.50% |
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 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.42.86 |
|
UK Pound |
1 |
Rs.84.75 |
|
Euro |
1 |
Rs.57.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|