MIRA
INFORM REPORT
|
Report Date : |
06.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
LACTOSE ( |
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Registered
Office : |
Survey No. 6,
Village Poicha (Rania), Savli, Dist. Vadodara – 397 080, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.03.1991 |
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Com. Reg. No.: |
04-15186 |
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Capital
Investment / Paid-up Capital : |
Rs.72.850 Millions |
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CIN No.: [Company Identification
No.] |
L15201GJ1991PLC015186 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUML01469G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer
and Trader of Pharmaceutical Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 480000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate
track. Profitability of the company appears to be low. However, trade
relations are reported as fair. Business is active. Payments are reported as
to be slow. 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/ Factory : |
Survey No. 6,
Village Poicha (Rania), Savli, Dist. Vadodara – 397080, Gujarat, India |
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Tel. No.: |
91-2667-244308/244225/244729/ 66952701 |
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E-Mail : |
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Website : |
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Corporate
Office : |
211, Laxmi Plaza,
Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053,
Maharashtra, India |
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Tel. No.: |
91-22-66952701-02-03 |
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Fax No.: |
91-22-66952704 |
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E-Mail : |
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Administrative
Office : |
5th Floor,
R C Dutt Road, Alkapuri, Baroda – 390005, Gujarat, India |
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Tel. No.: |
91-265-2330825/2840397 |
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Fax No.: |
91-265-2840397 |
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Sales Office : |
10, Shah and
Nahar Industrial Estate, Off. |
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Tel. No.: |
91-22-24921953/24946148/24973953 |
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Fax No.: |
91-22-24939838 |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. S M
Maheshwari |
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Designation : |
Chairman and
Managing Director |
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Qualification : |
M. Pharm |
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Experience : |
40 years |
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Date of Appointment : |
11.03.1991 |
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Name : |
Mr. Atul
Maheshwari |
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Designation : |
Executive
Director |
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Address : |
52/A, Aashit Apartments, Stan Burg Est. Juhu, Mumbai-400049, |
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Date of Birth/Age : |
02.07.1965 |
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Qualification : |
MBA.,USA |
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Experience : |
20 years |
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Date of Appointment : |
11.03.1991 |
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Name : |
Mr. O P Singhi |
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Designation : |
Director |
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Name : |
Mr. G K Sarda |
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Designation : |
Director |
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Name : |
Mr. Pramod
Kalani |
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Designation : |
Additional
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2011)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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1,560,850 |
21.43 |
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534,832 |
7.34 |
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534,832 |
7.34 |
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2,095,682 |
28.77 |
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Total
shareholding of Promoter and Promoter Group (A) |
2,095,682 |
28.77 |
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(B) Public
Shareholding |
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|
77,920 |
1.07 |
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77,920 |
1.07 |
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146,859 |
2.02 |
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3,928,001 |
53.92 |
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246,017 |
3.38 |
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790,521 |
10.85 |
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790,521 |
10.85 |
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5,111,398 |
70.16 |
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Total Public
shareholding (B) |
5,189,318 |
71.23 |
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Total (A)+(B) |
7,285,000 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total
(A)+(B)+(C) |
7,285,000 |
100.00 |
%20LIMITED%20-%20175960%2006-Apr-2012_files/image002.gif){kind=small}
(1) Indian%20LIMITED%20-%20175960%2006-Apr-2012_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20LIMITED%20-%20175960%2006-Apr-2012_files/image004.gif){kind=small}
Group CompaniesBUSINESS DETAILS
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Line of Business : |
Manufacturer
and Trader of Pharmaceutical Products |
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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 : |
v
State Bank of Industrial Finance Branch, Shivsagar Estate, Worli (South), Mumbai – 400 018 v
State Bank of R. v Oriental Bank of Commerce Prabhadevi Branch, Aman Chambers, 1st Floor,
Veer Savarkar Marg, Opposite New Passport Office, Prabhadevi, Mumbai – 400
025, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singrodia Goyal and Company Chartered Accountants |
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Address : |
201, 204 Rajeshri
Accord, |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
7285000 |
Equity Share |
Rs.10/- each |
Rs.72.850 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
72.850 |
69.400 |
66.100 |
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2] Share Application Money |
0.000 |
0.345 |
32.400 |
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3] Reserves & Surplus |
47.275 |
37.314 |
0.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
120.125 |
107.059 |
99.200 |
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LOAN FUNDS |
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1] Secured Loans |
63.542 |
61.487 |
66.800 |
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2] Unsecured Loans |
3.067 |
4.073 |
8.300 |
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TOTAL BORROWING |
66.609 |
65.560 |
75.100 |
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DEFERRED TAX LIABILITIES |
13.265 |
12.704 |
10.700 |
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TOTAL |
199.999 |
185.323 |
185.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
133.441 |
137.252 |
127.600 |
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Capital work-in-progress |
0.000 |
0.000 |
3.600 |
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INVESTMENT |
2.992 |
2.992 |
3.200 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.500 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
56.610
|
13.494
|
17.400
|
|
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Sundry Debtors |
50.687
|
45.419
|
27.700
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Cash & Bank Balances |
2.323
|
3.450
|
3.800
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
66.495
|
63.210
|
67.200
|
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Total
Current Assets |
176.115
|
125.573 |
116.100 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
73.193
|
53.021 |
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Other Current Liabilities |
36.438
|
26.001
|
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Provisions |
2.918
|
1.472
|
3.600
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Total
Current Liabilities |
112.549
|
80.494
|
66.000
|
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Net Current Assets |
63.566
|
45.079
|
50.100
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
199.999 |
185.323 |
185.000 |
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%20LIMITED%20-%20175960%2006-Apr-2012_files/image005.gif){kind=small}
PROFIT & LOSS ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
264.756 |
228.860 |
205.300 |
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Other Income |
7.165 |
11.037 |
1.400 |
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TOTAL |
271.921 |
239.897 |
206.700 |
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Less |
EXPENSES |
|
|
|
|
|
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Cost of Goods Consumed / Sold |
143.740 |
129.536 |
|
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Manufacturing and Other Expenses |
92.441 |
83.246 |
180.500 |
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|
Increase/(Decrease) in Stock |
4.744 |
(6.239) |
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TOTAL |
240.925 |
206.543 |
180.500 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
30.996 |
33.355 |
26.200 |
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Less |
FINANCIAL
EXPENSES |
8.628 |
9.434 |
10.400 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
22.368 |
23.921 |
15.800 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
15.934 |
14.543 |
13.800 |
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PROFIT BEFORE TAX
|
6.434 |
9.378 |
2.000 |
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Add |
Prior Period
Adjustment |
1.225 |
0.000 |
0.000 |
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Less |
TAX |
0.132 |
4.426 |
1.600 |
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PROFIT AFTER TAX
|
7.527 |
4.952 |
0.400 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.880 |
25.928 |
25.500 |
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BALANCE CARRIED
TO THE B/S |
38.407 |
30.880 |
25.900 |
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|
EARNINGS IN
FOREIGN CURRENCY |
47.830 |
37.593 |
NA |
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IMPORTS |
|
|
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Raw Materials |
137.199 |
72.075 |
NA |
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TOTAL IMPORTS |
137.199 |
72.075 |
NA |
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Earnings Per
Share (Rs.) |
1.04 |
0.74 |
0.60 |
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%20LIMITED%20-%20175960%2006-Apr-2012_files/image006.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
90.750 |
84.990 |
106.420 |
|
Total Expenditure |
80.750 |
(100.740) |
106.600 |
|
PBIDT (Excl OI) |
10.000 |
185.730 |
(0.180) |
|
Other Income |
0.140 |
0.130 |
0.140 |
|
Operating Profit |
10.140 |
185.860 |
(0.040) |
|
Interest |
2.070 |
1.680 |
1.650 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
8.070 |
184.180 |
(1.690) |
|
Depreciation |
4.060 |
52.420 |
4.250 |
|
Profit Before Tax |
4.010 |
131.760 |
(5.940) |
|
Tax |
1.230 |
3.310 |
(2.310) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2.780 |
128.450 |
(3.630) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2.780 |
128.450 |
(3.630) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.77
|
2.06
|
0.19
|
|
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|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.43
|
4.10
|
0.97
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.08
|
03.57
|
0.82
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.08
|
0.02
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.49
|
1.36
|
1.42
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
0.48
|
1.76
|
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS: The company achieved sales 267.178 Millions showing a growth of 8.54 % compared to the previous year. The Company has earned a profit after tax of Rs.7.527 Millions, compared to last year’s profit of Rs.4.952 Millions. The Company has achieved EPS of Rs.1.04 against 0.74 in the previous year.
The Company has also installed and commissioned Agro waste
fired boiler and has applied for availing of Carbon Credits against the use of
Agro waste instead of Fossil fuel.
MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY STRUCTURE AND DEVELOPMENT: The Indian economy
has been witnessing a phenomenal growth since the last decade. The country is
still holding its ground in the midst of the current global financial crisis.
The world Economy has more or less recovered from one of the worst economic
downturns in decades.
It is estimated
that by 2015, the Indian Pharmaceutical Industry will rank amongst the top 10
in the world. A healthy competitive structure and international approved
facilities have served to encourage the growth of pharmaceutical industry.
OUTLOOK: Growing the
Business exponentially would require investing in infrastructure, in people and
consolidation their strength. The Company has decided to focus on products and
markets of higher profitability only. The change in marketing strategy and
exposure in the world market will enable them to become a global force to
reckon with. They have started exporting new products to Canada, Nigeria etc
and the demand for the products is very healthy.
FIXED ASSETS:
· Freehold Land
· Factory Building
· Office Building
· Plant and Machinery
· Electrical Installation
· Laboratory Equipments
· Furniture and Fixtures
· Computers
· Vehicles
AS PER WEBSITE DETAILS
PROFILE
Subject forces home one strong promise "Only the best
is good enough for their customers and good enough to carry their name"
Products that leave the company's manufacturing facility in Vadodara,
Subject plant in Vadodara, Gujarat was commissioned by Alfa
Laval, Pune (which is a subsidiary of Alfa Laval of
With its unparalled infrastructure of requisite equipment
and dedicated work force, Lactose (
This state of art manufacturing
facilities for the manufacture of pharmaceutical formulations is in compliance
with all international standards. The plant is approved under WHO-CGMP
guidelines and also holds TUV certificate as an ISO 9001: 2000 company. The
manufacturing facilities include wet granulation, Fluid bed drying, and
compaction, blending and coating facilities with the latest technology
equipments. The manufacturing facilities are well supported by its total
in-house Quality Control set-up with latest Testing equipments and an up to
date Microbiology Testing Laboratory. The Facility is supported by an equally
competent and FDA approved Manufacturing professionals.
The company is forcefully led by a balanced combination of technical and industrial experts. Mr. S. S. Toshniwal - Chairman, brings in a wealth of industrial experience having diversified in businesses of varying natures ie trading, export and manufacturing. Over 30 years of unmatched experience in a global market have added to his experience.
Mr. S. M. Maheshwari - Managing Director, is the company's forefront in operations
and brings his experience of over 35 years with pharmaceutical giants like
Hoechst Marion Roussel, Abbott Labs, American Cyanamid and Warner Lambert. His
vast experience in the manufacturing, quality assurance and operational
competencies in real time management is quite unmatched.
Mr. Atul Maheshwari - Executive Director, with his MBA in
marketing faculty from the
The executive team is well backed by a work force of devoted and skilled professionals.
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 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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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.