MIRA
INFORM REPORT
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Report Date : |
23.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
LUMIS BIOTECH PRIVATE LIMITED |
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Registered Office : |
501, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.12.1994 |
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Com. Reg. No.: |
083976 |
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CIN No.: [Company
Identification No.] |
U24239MH1994PTC083976 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML02349E |
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PAN No.: [Permanent
Account No.] |
AAACL1066G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Drugs, Medicines, Pharmaceutical
Products, Vaccines, Sera, Herbs and Health Care Products. |
RATING &
COMMENTS
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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 135960 |
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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 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/ Factory : |
501, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra, India |
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Tel. No.: |
91-22-66662690/91/92/93/94 |
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Fax No.: |
91-22-23515034 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Mahendranath Khandelwal |
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Designation : |
Chairman |
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Address : |
Prem Niwas, 13 Altmount Road, Mumbai – 400026, Maharashtra |
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Date of Birth/Age : |
24.09.1946 |
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Date of Appointment : |
22.12.1994 |
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Name : |
Mr. Gaurav Khandelwal |
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Designation : |
Director |
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Address : |
Prem Niwas, 13 Altmount Road, Mumbai – 400026, Maharashtra |
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Date of Birth/Age : |
03.01.1979 |
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Date of Appointment : |
06.02.2003 |
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Name : |
Mr. Gleason Pinto |
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Designation : |
Director |
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Address : |
D/4, Purab Apartment, Gilbert Hill, Andheri, Mumbai – 400058,
Maharashtra |
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Date of Birth/Age : |
26.07.1948 |
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Date of Appointment : |
01.10.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Mahendranath Khandelwal |
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3334 |
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Mr. Gaurav Khandelwal |
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3333 |
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Mrs. Anjali Khandelwal |
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13333 |
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Mrs. Anjali Khandelwal |
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3000000 |
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Total |
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3020000 |
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Category |
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Percentage |
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Directors or Relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Drugs, Medicines,
Pharmaceutical Products, Vaccines, Sera, Herbs and Health Care Products. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Powder Formulations |
M.T. |
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125 |
113.66 |
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Enzymes Formulations |
M.T. |
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300 |
249.70 |
GENERAL
INFORMATION
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Suppliers : |
·
Khandelwal Laboratories Private Limited ·
General Foods Limited ·
Stellar Chemical Laboratories Private Limited ·
Dhanshree Polymers Private Limited ·
Deep Enterprises ·
Enzochem Laboratories Private Limited |
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Bankers : |
·
Bank of
Baroda Sir P M Road, Laxmi
Building, Fort, Mumbai – 400001 Maharashtra, India ·
Punjab
National Bank Bo: GEN. J.
Bhosale Marg, Foreshore Road, Nariman Point, Mumbai – 400021, Maharashtra,
India |
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Facilities : |
As on 31.03.2005
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Warde and Shah Chartered Accountants |
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Address : |
Regent Chembers, 12th Floor, Jamnalal Bajaj Marg, 208 Nariman
Point, Mumbai – 400021, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3020000 |
Equity shares |
Rs.10/- each |
Rs.30.200
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.200 |
30.200 |
30.200 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3.790 |
2.814 |
1.663 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.990 |
33.014 |
31.863 |
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LOAN FUNDS |
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1] Secured Loans |
37.676 |
15.972 |
0.000 |
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2] Unsecured Loans |
23.173 |
23.223 |
30.327 |
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TOTAL BORROWING |
60.849 |
39.195 |
30.327 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
94.839 |
72.209 |
62.190 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.633 |
40.661 |
30.732 |
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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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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
28.699 |
14.474 |
10.947 |
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Sundry Debtors |
25.741 |
28.173 |
18.587 |
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Cash & Bank Balances |
4.703 |
5.787 |
5.200 |
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Other Current Assets |
0.000 |
0.000 |
0.278 |
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Loans & Advances |
4.633 |
5.123 |
2.141 |
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Total
Current Assets |
63.776 |
53.557 |
37.153 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.167 |
20.151 |
5.525 |
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Provisions |
2.555 |
2.355 |
1.092 |
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Total
Current Liabilities |
14.722 |
22.506 |
6.617 |
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Net Current Assets |
49.054 |
31.051 |
30.536 |
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MISCELLANEOUS EXPENSES |
1.152 |
0.497 |
0.922 |
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TOTAL |
94.837 |
72.209 |
62.190 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
87.468 |
99.764 |
66.985 |
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Other Income |
4.427 |
6.029 |
(1.201) |
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Total Income |
91.894 |
105.793 |
65.784 |
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Profit/(Loss) Before Tax |
2.620 |
2.556 |
11.576 |
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Provision for Taxation |
0.000 |
0.200 |
0.950 |
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Profit/(Loss) After Tax |
2.620 |
2.356 |
10.626 |
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Export Value |
10.793 |
39.628 |
35.017 |
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Import Value |
N.A. |
N.A. |
N.A. |
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Expenditures : |
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Raw Material Consumed |
45.073 |
60.485 |
38.099 |
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Consumption of stores and spares parts |
34.384 |
34.383 |
8.589 |
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Interest |
4.616 |
4.039 |
1.842 |
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Insurance Expenses |
0.000 |
0.000 |
0.000 |
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Power & Fuel |
0.000 |
0.000 |
1.134 |
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Depreciation & Amortization |
5.202 |
4.329 |
4.544 |
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Other Expenditure |
0.000 |
0.000 |
0.000 |
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Total Expenditure |
89.275 |
103.236 |
54.208 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.85
|
2.23 |
16.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.99
|
2.56 |
17.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.42
|
2.71 |
17.05 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
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0.08 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.22
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1.87 |
1.16 |
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Current Ratio (Current Asset/Current Liability) |
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4.33
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2.38 |
5.61 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 :
|
Corporate
identity number (CIN) Foreign company registration number |
U24239MH1994PTC083976 |
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Name of the
Company |
LUMIS BIOTECH PRIVATE LIMITED |
|
Address |
501, Arun Chambers, Tardeo Road, Mumbai – 400034, Maharashtra, India |
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This form is for |
Modification of
charge |
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Type of Charge |
Immovable
Property |
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Particulars of
the charge holder |
Bank of Baroda Sir P M Road,
Laxmi Building, Fort, Mumbai – 400001 Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Supplemental
Memorandum of Entry |
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Date of the
instrument creating or modifying the charge |
29.11.2007 |
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Amount secured by
the charge |
Rs.69.700
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: Interest 0.25%
below benchmark prime lending rate of the bank per annum with monthly rests. Terms of
repayments : Cash Credit Terms
Loan II and III LC, FBP, PC, BG Supplemental
Memorandum of entry. Margin : 25% On Stock 40% On Book Debts 25% On Movable
machine 25% On Bank
Guarantee 25% On Terms
Loans II 25% On Terms
Loans III Extent and Operation of the charge : Bank of Baroda
First Charge Holder |
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Short particulars
of the property charged (including location of the property) |
All that piece
and parcel of Non-Agricultural Land Bearing survey No.B-90, Together With the
Industrial Building Admeasuring about 1287 sq. mtrs. Built up area standing
Thereon in wagle Industrial Estate Thane Admeasuring 2575sq. mtrs. Situated
Within the Village Limits of Thane in the state of Maharashtra containing by
admeasuring 2575sq. mtrs. All that piece
and parcel of Non-Agricultural Land Bearing survey No 166, Plot No.6 National
Plastic Company for details see annexure. |
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Particular of the
present modification |
Charge Increased
from Rs.64.600 Millions to Rs.69.700 Millions |
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Name of the company |
LUMIS BIOTECH
LIMITED |
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Presented By |
Jointly by Company
and Charge Holder |
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1) Date and description of instrument creating the change |
Dare 1st
June, 2004 Hypothecation of
Goods and Books Debts to secure cash credit facility Packaging Credit
Agreement (Hypothecation) Counter Indemnity Hypothecation to
secure LC on DA Basis Purchases of
Foreign outward Bills Usance (All the above
Agreements Constitute a sing enhance. |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
First Charge
(Present and future) In favour of the bank as security for the due repayment
by the company to the bank on demand, all monies at any time payable by the
company to the bank in respect of the aforesaid credit facility :- Hypothecation of
stocks of, Raw Materials, Stock in process, Finished Goods, consumable Stores and spares or be
or about their premises or godowns, at B1/90, Wagle Industrial Estate Near
Autotic industry, Thane (W) – 400604 or any Other Godowns or be in the course
of transit from one godowns to another or wherever eles. Hypothecation of
present and future Book debts, outstanding decrees, money receivables, claims
securities, Government Subsidies, Investment, Rights and other Movable
Assets, Excluding bills purchases/ discount by bank and bills against which
advances have been made I-E, Book Debts. Hypothecation of
DP/DA Bills Accompanied by export documents covering dispatch of Goods. For ILC-
Hypothecation of DP/DA Bills Accompanies by RRS/ MTRs of approved transport
companies covering purchases of Raw Materials or accepted challenge. For FLC- DP/ DA
Bills Accompanied by shipping documents including bills of lading coverings raw materials along with insurance and other usal documents. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of
Interest BPLR 2% Presently 12.75%
Subject to change Margin : RM/ FG
25%, Stock in process -40% Terms and conditions
same as per the agreement attached and as per banks sanction letter |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Bo: GEN. J. Bhosale
Marg, Foreshore Road, Nariman Point, Mumbai – 400021, Maharashtra |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Fixed Assets :
·
Land
·
Building
·
Plant and Machinery
·
Other Equipments and Fittings
·
Office Equipments
·
Brands
·
Vehicles
Website details :
Subject is a leading
Asian manufacturer of enzymes and multi enzyme complexes. They manufacture
enzymes by submerged and solid state fermentation.
Lumis Biotech is dedicated to
research in Protein Engineering, Fermentation Process and Enzyme Technology. It
leads to continuous improvement in specificity, stability, economy and overall
application potential of Industrial Enzymes.
Lumis Biotech belongs to K-Genix Group, which has embarked upon
the path of becoming a key global player in the niche areas of health care, chiral
chemicals and biotechnology. K-Genix
has a multidisciplinary team of scientists, technologists and academicians who
have unique cross fertilization of ideas across disciplines and corporate
hierarchies and have evolved a process of cutting age integration. This
integrated mind set assimilates in-house, freelance, private and government
research to swiftly innovate new technologies.
Lumis Biotech, experience the pleasure of advancing and applying enzyme
technology to various industries. They manufacture enzymes for Baking,
Malt,
Brewing,
Distillation,
Fruit Juice,
Wine, Textile, Animal Feed and Pharmaceutical
industries.
Lumis Biotech
enzymes are uniquely effective and add value to customer’s business. They have
sustained these genuine qualities with an ongoing commitment to in-depth basic
and innovative applied research.
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.39.73 |
|
UK Pound |
1 |
Rs.77.01 |
|
Euro |
1 |
Rs.57.34 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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. |
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 |
|