MIRA INFORM REPORT

Report Date :

19.07.2012

IDENTIFICATION DETAILS

Name :	LABORATORY AND ALLIED LIMITED

Registered Office :	Plot No. L.R. No. 209/10349, Mombasa Road, P.O. Box 42875 – 00100 Nairobi Kenya

Country :	Kenya

Date of Incorporation :	10.11.1970

Com. Reg. No.:	C.9512

Legal Form :	Private Limited Company

Line of Business :	Manufacturer of Animal health products

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Kenya

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

BUSINESS PROFILE

Company Name (legal name)	LABORATORY AND ALLIED LIMITED
Date of Incorporation	10^th November 1970
Registered No.	C.9512
Registered Address	Plot No. L.R. No. 209/10349, Mombasa Road, P.O. Box 42875 – 00100 Nairobi Kenya
Legal Form (General)	Private limited company
Head Office Address	Opp. Sameer Africa, Next to Libra House, Masai Road, P.O. Box 42875 – 00100 Nairobi Kenya
Tel No	+254206530422/+254202337478/ +254208029485/+254208029896, +25420 802 9487
Fax No	+254 20557941/+25420533967
E-mail	info@laballied.com/ sales@laballied.com
Website	www.laballied.com

SHAREHOLDING DETAILS

MAJOR SHAREHOLDERS

NAME	% SHAREHOLDING	NATIONALITY
Manesh Vithal R. Patel	55%	Kenyan
Anil Vithal Patel	15%	Indian
Mullion Trade & Finance Ltd, Midland Bank Chambers, St. Peters Guernsey GY7 9RT Channel Islands	30%	-
Total	100%	-

The subject has an authorized share capital of KES.50 million divided into 2.5 million shares of KES.20 each.

BOARD OF DIRECTORS

The subject has only two directors:

NAME	NATIONALITY
Manesh Vithal R. Patel	Kenyan
Anil Vithal Patel	Indian

MANAGEMENT PROFILES

MANAGEMENT

First name	MANESH	Last Name	PATEL
Nationality	Kenyan	Job Description	Managing Director
Other details	He is the largest shareholder of the subject with 55% shareholding.

First name	NARENDRA	Last Name	MANDAVE
Nationality	Indian	Job Description	Production Manager
Other details	-

FINANCIAL COMPARATIVEs

The financial statement of the subject could not be obtained due to refusal by the subject’s principal to disclose information citing constraints by the company’s policy.

Financial Analysis

ROC Status	Undetermined
RecFin	Undetermined
Credit Amount	Undetermined

BANK DETAILS

Bank Name :	Habib Bank AG Zurich
Address :	P.O. Box 30584 – 00100 Nairobi Kenya.

COMPANY SECRETARY

Name :	Equatorial Secretaries and Registrars
Address :	P.O. Box 47323 – 00100 Nairobi Kenya

BUSINESS OPERATIONs

Industry

Manufacturer

Main Products & Services

1. Animal health products

2. Anti-asthmatics and antibiotics,

3. Antidepressant and antifungal

4. Anti-helmintic and anti-hypertensive,

5. Anti-Inflammatory

COMMENTS & Observation

Comments

Additional information (Public Information)

The subject is incorporated and domiciled in Kenya under the companies Act. The subject is legally registered with registration details stored with registrar of Companies.

The subject is a member of Kenya Association of Manufacturers which is an umbrella association of local manufacturing companies in Kenya.

As per the stored at the Registrar of Companies, the subject had the following registered charges;

-Variation of debenture 6/09/2002 to 17^th/09/2002 of KES.25 million in favor of Habib Bank A.G. Zurich of P.O. Box 30584 – 00100 Nairobi Kenya charge over the company’s assets.

-Supplemental debenture 6th/09/2002 to 17^th/09/2002 of KES.35 million in favor of Habib Bank A.G. Zurich of P.O. Box 30584 – 00100 Nairobi Kenya charge over the company’s assets.

-A registered charge 6/09/2002 to 17^th/09/2002 of KES.70 million in favor of Habib Bank A.G. Zurich of P.O. Box 30584 – 00100 Nairobi Kenya charge over the plot L.R. No. 209/10349.

- Transfer of debenture and guarantee dated 4^th/04/2001 to 3^rd/05/2001 of KES.10 million in favor of Habib Bank A.G. Zurich of P.O. Box 30584 – 00100 Nairobi Kenya charge over the company’s assets.

The subject has contracted Unival International Ltd, Shenzhen China to build a state of the art new facility for their production, comprising of a completely separate Beta-Lactum facility and a separate general plant for Non Beta-Lactum production.

The project which is expected to cost USD11 million will help increase the subject’s current capacity by 4 times as well as enable it conform their production facilities to the required current GMP standards to continue offering quality drugs. It is expected to take about 18 months to complete.

The subject operates in collaboration with other agencies such as the Kenya Bureau of Standards and Kenya Medical Research Institute for fostering technical exchange and skilling programs as well as with University of Nairobi, Faculty of pharmacy, in product development, quality control and staff training.

Source

Source

-Registrar of Companies

-National directories

-Regulatory authorities

-Subject’s principal

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.33
UK Pound	1	Rs.86.55
Euro	1	Rs.67.95

INFORMATION DETAILS

Report Prepared by :

PDT

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 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%)

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.