MIRA
INFORM REPORT
|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
LYKA LABS LIMITED |
|
|
|
|
Registered
Office : |
4801/B and 4802/A, GIDC, Industrial Estate, Ankleshwar – 393002,
Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.12.1976 |
|
|
|
|
Com. Reg. No.: |
04-008738 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.226.657 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230GJ1976PLC008738 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDL00299F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL0820G |
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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
: |
Manufacturing and Marketing of Bulk Drugs Formulations in the form of
Capsules, Tablets, Ointments, Injectable and Syrups - Dry Liquids. |
|
|
|
|
No. of Employees
: |
Information declined by
the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2968680 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Exists |
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Comments : |
Subject is an established company having moderate track record. It has
incurred loss from its operations during 2012. There appears some accumulated losses recorded by the company which
has increased during this year. However, trade relations are reported as fair. Business is active.
Payments are reported as 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Cooperative. (91-22-66112200)
LOCATIONS
|
Registered Office / Factory: |
4801/B and 4802/A, GIDC, Industrial Estate, Ankleshwar – 393002,
Gujarat, India |
|
Tel. No.: |
91-2646-221422/220549 |
|
Fax No.: |
91-2646-250692 |
|
E-Mail : |
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|
Website : |
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|
|
|
Administrative / Corporate / Head Office : |
101, Shiv Shakti
Industrial Estate, Andheri-Kurla Road, Andheri (East), Mumbai - 400 059,
Maharashtra, India |
|
Tel. No.: |
91-22-66112200 |
|
Fax No.: |
91-22-66112248 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Narendra Ishwarlal Gandhi |
|
Designation : |
Managing director |
|
Address : |
3-C,
Ridge Apartments, B.C. Kher Marg, Malabar Hill, Mumbai-400006 Maharashtra,
India |
|
Date of Birth/Age : |
06.04.1950 |
|
Date of Appointment : |
03.01.1977 |
|
DIN No.: |
00021530 |
|
|
|
|
Name : |
Mrs. Nehal Narendra Gandhi |
|
Designation : |
Director |
|
Address : |
3-C,
Ridge Apartments, B.C. Kher Marg, Malabar Hill, Mumbai-400006 Maharashtra,
India |
|
Date of Birth/Age : |
30.09.1952 |
|
Date of Appointment : |
04.02.1995 |
|
DIN No.: |
00021580 |
|
|
|
|
Name : |
Mr. Anantha Subrammani Rangaswamy Iyer |
|
Designation : |
Director |
|
Address : |
1002/3, Doll Apartments, Bhatt Lane, Kandivali (West), Mumbai – 400067,
Maharashtra, India |
|
Date of Birth/Age : |
25.12.1955 |
|
Date of Appointment : |
30.07.1999 |
|
DIN No.: |
00020662 |
|
|
|
|
Name : |
Mr. Sandeep Padmakant Parikh |
|
Designation : |
Director |
|
Address : |
B-7, Anand Bhavan, Bajaj Road, Vile Parle (West), Mumbai – 400056,
Maharashtra, India |
|
Date of Birth/Age : |
04.01.1960 |
|
Date of Appointment : |
31.01.2007 |
|
DIN No.: |
00022365 |
|
|
|
|
Name : |
Mr. Dushyant Balmukund Parikh |
|
Designation : |
Director |
|
Address : |
32 Quail Run Road, Suffield – 06078, United States of America |
|
Date of Birth/Age : |
17.06.1952 |
|
Date of Appointment : |
15.05.2006 |
|
DIN No.: |
00368820 |
|
|
|
|
Name : |
Mr. Vinodkant Amritlal Sanghani |
|
Designation : |
Director |
|
Address : |
‘Sanjivi’, 13, Ami Society, Diwalipura, J.P. Road, Baroda – 390015,
Gujarat, India |
|
Date of Birth/Age : |
21.01.1931 |
|
Date of Appointment : |
29.09.1994 |
|
DIN No.: |
00967316 |
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|
|
|
Name : |
Mr. V S Shanbhag |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Piyush Girish Hindia |
|
Designation : |
Company Secretary |
|
Address : |
B/20, Anand Sagar, Dr. Radhakrishnan Cross Road, Andheri (East), Mumbai
– 400069, Maharashtra, India |
|
Date of Birth/Age : |
22.10.1957 |
|
Date of Appointment : |
02.07.2008 |
|
PAN No.: |
AAAPH3500J |
SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4824850 |
22.36 |
|
|
202415 |
0.94 |
|
|
5027265 |
23.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5027265 |
23.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3400 |
0.02 |
|
|
700 |
0.00 |
|
|
130000 |
0.60 |
|
|
1445 |
0.01 |
|
|
1000 |
0.00 |
|
|
926311 |
4.29 |
|
|
1062856 |
4.93 |
|
|
|
|
|
|
2154863 |
9.99 |
|
|
|
|
|
|
6739586 |
31.23 |
|
|
4496598 |
20.84 |
|
|
2098832 |
9.73 |
|
|
128718 |
0.60 |
|
|
320114 |
1.48 |
|
|
1650000 |
7.65 |
|
|
15489879 |
71.78 |
|
Total Public shareholding (B) |
16552735 |
76.70 |
|
Total (A)+(B) |
21580000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21580000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Bulk Drugs Formulations in the form of
Capsules, Tablets, Ointments, Injectable and Syrups - Dry Liquids. |
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Products : |
|
PRODUCTION STATUS AS ON 31.03.2012
|
Particulars |
Unit |
|
Actual
Production |
|
A. Bulk Drugs |
Kgs. |
|
# |
|
B. Formulations: |
|
|
|
|
Capsules |
Nos. |
|
325000 |
|
Tablets |
Nos. |
|
300000 |
|
Ointments |
Kgs. |
|
300 |
|
Injectables |
Vials/ Ampoules |
|
30000 |
|
Syrup - Dry |
Bottles/ Sachets |
|
11250 |
|
- Liquid |
Litres |
|
-- |
Note:
* As certified by the management
** (i) Actual production of Bulk Drugs includes Production for Captive consumption. Actual Production of formulations includes quantity manufactured by processor.
(ii) Actual production of Bulk Drugs and Formulations does not include quantity manufactured for third party.
# Installed capacity has not been disclosed as this is
variable and subject to changes in product mix, and utilization of
manufacturing facilities, given the nature of operations.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by
the management. |
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Bankers : |
·
The Kapol Co-operative Bank Limited ·
Dena
Bank, 67-A, Krishna Bhavan, Nehru Road, Vile Parle (East), Mumbai – 400057,
Maharashtra, India ·
Bank of Maharashtra
|
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Facilities : |
Of the above Debentures issued during the period: (i) 245 13.5% debenture of Rs. 1lacs each are redeemable at end of 36Months with put & call option for redemption at the end of 24 months (ii) 99 13.5% debenture of Rs. 1lacs each are redeemable at end of 30Months with put & call option for redemption at the end of 21 months (iii) 110 13.5% debenture of Rs. 1lacs each are redeemable at end of 30Months (iv) 128 13.5% debenture of Rs. 1lacs each are redeemable at end of 33Months (v) 104 13.5% debenture of Rs. 1lacs each are redeemable at end of 36Months (vi) 54 13.75% debenture of Rs. 1lacs each are redeemable at end of 39Months (vii) 70 13.5% debenture of v1lacs each are redeemable at end of 33Months with put & call option for redemption at the end of 27 months (viii) 26 13.75% debenture of Rs. 1lacs each are redeemable at end of 27Months (ix) 77 13.5% debenture of Rs. 1lacs each are redeemable at end of 21Months (x) 69 13.5% debenture of Rs. 1lacs each are redeemable at end
of 18Months |
|
Financial Institute : |
IL and FS Trust Company Limited, IL and FS Financial Centre, Plot No.
C22, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.A. Parikh and Company Chartered Accountants |
|
Address : |
Yusuf Building, 2nd Floor, 43, Mahatma Gandhi Road, Mumbai
– 400001, Maharashtra, India |
|
PAN.: |
AAAFM1433H |
|
|
|
|
Branch Auditors : |
Thakorebhai Shirish Desai and Butala Chartered Accountants |
|
|
|
|
Associates : |
·
Lyka Exports Limited ·
Lyka Securities and Investment Private Limited |
|
|
|
|
Subsidiaries : |
Lyka BDR International Limited |
|
|
|
|
Entities owned by / over which is able to
exercise significant influence : |
Enai Trading and Investment Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.10/- each |
Rs.240.000 Millions |
|
200000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
TOTAL |
|
Rs.260.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21580000 |
Equity Shares |
Rs.10/- each |
Rs.215.800
Millions |
|
108570 |
10% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.10.857
Millions |
|
|
TOTAL |
|
Rs.226.657 Millions |
Of the above shares
1) 32,220 Equity
Shares of Rs.10 (as subdivided) each were allotted to the Shareholders of erstwhile
Lyphin Chemicals Private Limited pursuant to scheme of amalgamation without
payment being received in cash.
2) 1,200,000
Equity Shares of Rs.10 each were allotted as fully paid up by way of Bonus
shares by capitalisation of General Reserve.
3) 1,160,000
Equity Shares of Rs.10 each were alloted as fully paid up as under:
(a) 920,000 Equity
shares on conversion of 92,000 (Series A) fully Convertible Debentures of
Rs.200 each into 10 Shares at a premium of Rs.10 each.
(b) 200,000 Equity
shares on conversion of the convertible portion of Rs.40 each of 100,000
(Series B) Convertible Debentures into 2 Shares at a premium of Rs.10 each.
(c) 40,000 Equity
shares on conversion of 40,000 zero interest fully Convertible Debentures into
one equity share of Rs.10 each at a premium of Rs.61 each.
4) 4,000,000
Equity share of Rs.10 each on conversion of Global Depository Receipt at a
premium of Rs.47.45 each.
5) 1,250,000
Equity shares of Rs.10 each on conversion of non-transferable Equity Share Warrants
to Promoters, Promoters group, Domestic investors and Business Associates.
6) 930,000 Equity
shares of Rs.10 each on Preferential basis to Promoters and Business
Associates.
7) 6,380,000
Equity shares of Rs.10 each on Preferential basis to Promoters and Domestic
investors.
8) 650,000 Equity
shares of Rs.10 each on Preferential basis to Promoters group and Domestic
investors.
9) 108,570 10%
Cumulative Redeemable Preference Shares of Rs.100 each fully paid up redeemable
at the option of the Company but not later than 20 years from the date of
allotment.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (18 Months) |
30.09.2010 |
30.09.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
226.657 |
226.657 |
226.657 |
|
|
2] Equity Share Warrants |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
844.528 |
1039.557 |
793.583 |
|
|
4] (Accumulated Losses) |
(329.015) |
(271.865) |
(289.965) |
|
|
NETWORTH |
742.170 |
994.349 |
730.275 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
670.955 |
516.605 |
469.717 |
|
|
2] Unsecured Loans |
316.633 |
272.246 |
182.435 |
|
|
TOTAL BORROWING |
987.588 |
788.851 |
652.152 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1729.758 |
1783.200 |
1382.427 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
837.734 |
1155.434 |
670.678 |
|
|
Capital work-in-progress |
188.253 |
82.984 |
51.086 |
|
|
|
|
|
|
|
|
INVESTMENT |
202.235 |
202.292 |
202.329 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
149.678
|
131.394
|
116.010 |
|
|
Sundry Debtors |
494.975
|
510.968
|
455.193 |
|
|
Cash & Bank Balances |
18.236
|
26.411
|
27.761 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
533.952
|
262.181
|
358.946 |
|
Total
Current Assets |
1196.841
|
930.954
|
957.910 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
469.660
|
386.008
|
381.182 |
|
|
Other Current Liabilities |
239.235
|
216.045
|
190.871 |
|
|
Provisions |
0.235
|
0.235
|
1.302 |
|
Total
Current Liabilities |
709.130
|
602.288
|
573.355 |
|
|
Net Current Assets |
487.711
|
328.666
|
384.555 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
13.825 |
13.824 |
73.779 |
|
|
|
|
|
|
|
|
TOTAL |
1729.758 |
1783.200 |
1382.427 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (18 Months) |
30.09.2010 |
30.09.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1341.927 |
1158.200 |
1505.261 |
|
|
|
Processing and Labour Charges Received |
56.190 |
28.792 |
15.494 |
|
|
|
Other Income |
53.313 |
22.018 |
65.595 |
|
|
|
TOTAL (A) |
1451.430 |
1209.010 |
1586.350 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
1315.655 |
1032.099 |
1454.339 |
|
|
|
TOTAL (B) |
1315.655 |
1032.099 |
1454.339 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
135.775 |
176.911 |
132.011 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
225.552 |
111.212 |
144.504 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(89.777) |
65.699 |
(12.493) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
54.588 |
33.959 |
36.929 |
|
|
|
|
|
|
|
|
|
|
(LOSS) / PROFIT BEFORE EXCEPTIONAL ITEMS AND TAXES. |
(144.365) |
31.740 |
(49.422) |
|
|
|
|
|
|
|
|
|
Add/ (Less) |
EXCEPTIONAL ITEMS |
|
|
|
|
|
|
PROFIT/(LOSS) ON
SALE OF FIXED ASSETS (Net) |
88.464 |
(0.441) |
0.000 |
|
|
|
|
|
|
|
|
|
|
AMORTIZATION OF
EXPENSES FOR RESTRUCTING OF LOAN |
(1.249) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
FOREIGN CURRENCY
MONETARY ITEM TRANSLATION |
0.000 |
(13.823) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(57.149) |
17.473 |
(49.422) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(0.627) |
15.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(57.149) |
18.100 |
(64.442) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(271.865) |
(289.965) |
(225.523) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(329.015) |
(271.865) |
(289.965) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
10.413 |
14.307 |
11.893 |
|
|
|
Others Earnings |
6.482 |
0.000 |
0.271 |
|
|
TOTAL EARNINGS |
16.895 |
14.307 |
12.164 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
140.825 |
117.252 |
207.789 |
|
|
|
Capital Goods |
0.000 |
0.000 |
2.386 |
|
|
TOTAL IMPORTS |
140.825 |
117.252 |
210.175 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.65) |
0.79 |
(3.07) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
212.200 |
239.600 |
221.400 |
274.100 |
|
Total Expenditure |
184.400 |
219.200 |
196.400 |
230.700 |
|
PBIDT (Excl OI) |
27.800 |
20.400 |
24.900 |
43.400 |
|
Other Income |
05.000 |
11.700 |
6.800 |
13.700 |
|
Operating Profit |
32.800 |
32.100 |
31.700 |
57.100 |
|
Interest |
36.800 |
37.200 |
37.200 |
39.900 |
|
Exceptional Items |
05.000 |
(1.300) |
(1.300) |
0.000 |
|
PBDT |
00.900 |
(6.300) |
(6.800) |
17.100 |
|
Depreciation |
07.800 |
08.200 |
08.100 |
8.900 |
|
Profit Before Tax |
06.900 |
(14.500) |
(14.800) |
8.200 |
|
Tax |
0.000 |
0.000 |
00.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(6.900) |
(14.600) |
(14.800) |
8.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
-06.900 |
(14.600) |
(14.800) |
8.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (18 Months) |
30.09.2010 |
30.09.2009 |
|
PAT / Total Income |
(%) |
(3.94) |
1.50
|
4.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.25)
|
2.70
|
3.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.81)
|
1.50
|
3.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
0.03
|
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.33
|
0.79
|
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.54
|
1.67 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
LITIGATION DETAILS:
HIGH COURT OF GUJARAT
STAMP NUMBER No. 1245 of 2013
|
Status : PENDING |
|
CCIN No : 001087201301245 |
|
Last Listing Date: |
|
|
|
Coram |
|
|
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
STATE OF GUJARAT |
GOVERNMENT PLEADER for: null |
1|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
LYKA LABS LIMITED |
|
|
|
|||
|
Presented On |
: 29/04/2013 |
Registered On |
: 29/04/2013 |
|
Bench Category |
: DIVISION BENCH |
District |
: AHMEDABAD |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 0 times |
|
StageName |
: ADMISSION (FRESH MATTERS) |
||
|
Classification |
· DB - CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - STAY / INTERIM RELIEF - IN SPECIAL CIVIL APPLICATION |
||
|
Act |
· SALES TAX ACT, 1969 |
||
Office Details
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
|
1 |
29/04/2013 |
MEMO OF APPEAL/PETITION/SUIT |
GOVERNMENT PLEADER |
20 |
GOVERNMENT PLEADER:1 |
OPERATIONS
During the period, the
earning before interest, tax, and depreciation of the company was Rs.223.000 Millions and on an annualized basis was Rs.148.700 Millions as against Rs.176.500 Millions of the previous Year. The
Company had operational loss of Rs.2.600
Millions and on an annualized basis, the operational loss was Rs.1.700 Millions as against operating profit of Rs.65.300 Millions of previous year which was mainly
due to suspension of operations at Tarapur factory for
modernization/upgradation of plant and increase in finance cost as well as
sealing of our Ankleshwar plant for a short period.
The Company has received
demand notice from the Government for payment of about Rs.200.000 Millions, including interest, under
provisions of Drug Price Equalization Account (DPEA) of DPCO 1979. The main
demand pertains to a product, which in the opinion of the Company and the Legal
Experts was not covered under the provisions of DPCO 1979. As per legal
opinion, the Company has a good case and the likelihood of success outweighs
the possibility of the matter being rejected on merits. The demand was
challenged by the Company by filing application in the Hon’ble Gujarat High
Court at Ahmedabad. However, to pressurize the Company to make the payment, the
Government, through the Mamlatdar, Ankleshwar, sealed the factory at Ankleshwar
from 25th June, 2011 to 18th July,
2011. As per the interim order passed by the Hon’ ble Gujarat High Court, the
Company deposited Rs.100.000 Millions with
the Government and the factory was desealed. Due to sealing of the factory, and
consequential regulatory issues, the production and sales of the Company and
its working Capital was very adversely impacted resulting into unexpected heavy
losses.
The Company’s
Lyophilized products have been receiving encouraging response from major Pharma
Companies. TheCompany has planned expansion of its Lyophilization facility at
Ankleshwar factory for increased manufacturing capacity and modernization/
upgradation of its manufacturing facility at Tarapur.The Company’s present
Lyophilization facility at Ankleshwar is WHO GMP compliant which is approved by
renowned Pharma Companies as well as several overseas Regulatory Authorities.
The prospects of
lyophilized products, both formulations and Bulk Drugs, in domestic and
International Markets are promising. These products form the backbone of the
sales from Company’s Ankleshwar plant. Company’s manufacturing activities for
marketing by renowned Pharmaceutical Companies is generating reasonable revenue
for the Company.
The sales of Critical
Care Injectable Products of the Company have started picking up and the overall
performance of this segment of activities is improving. The production at
Tarapur factory has been suspended for modernization/upgradation of the plant
which is expected to start before close of the calendar year 2012. Due to
suspension of operations at Tarapur Factory, the overall sales and
profitability of the Company was adversely affected.
During the period under
report, the Company in consultation with IDBI capital Market services Ltd had
undertaken Corporate Restructuring Programme and sold some of its unproductive
assets, the realization of which was utilized towards reduction of outstanding
of the Banks. In pursuant to the said Restructuring Programme, the Company’s
Banker, Dena Bank has also restructured the existing credit facilities of the
Company and has sanctioned additional credit facilities to the Company for its
expansion/modernization and additional working capital requirements.
During the period, the
Company has entered into the Technical Know - How cum Royalty Agreements, for
manufacture of High Tech products to the Companies based in Turkey and
Indonesia. The Company is amongst first few Companies in India to export the
Technical Know - How and similar arrangements are under discussion in other
countries.
During the period under
report, the Company has received permission for eight new products from Drug
Regulatory Authorities and has applied for five more new products.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 (Rs.
in Millions) (18
Months) |
As
on 30.09.2010 (Rs.
in Millions) |
|
(a) Fixed Deposits |
249.650 |
208.784 |
|
(b) Sales Tax Deferement Scheme |
16.383 |
23.170 |
|
(c) Deferred
Liability : Due to Hire purchase
vendors (Who have a lien on the assets acquired on Hire purchase) |
5.823 |
3.237 |
|
(d) Inter
Corporate Deposits |
44.777 |
37.055 |
|
Total |
316.633 |
272.246 |
PATENTS
During the period under
report, the Company has filed three Patent applications at Indian Patent
office. One PCT
Application was filed
under the patent Co operation Treaty and one PCT application was filed in
National Phase in the countries viz Japan, Europe and China.
FUTURE OUTLOOK
In view of the proposed
expansion of capacity of Lyophilized facility at Ankleshwar, the Company will
be able to meet increased demand of Lyophilized products both from domestic and
international markets. Upon completion of modernization of plant at Tarapur,
the Company will be able to service fresh export orders, through its Subsidiary
Lyka BDR International Limited. Recently, the Company has introduced the
critical care products, which is well accepted in the market. The Company is
also exploring further opportunities to export technology to overseas
Companies. The Company’s plant is also approved by Regulating Authorities of
Uganda, Nigeria, and Kenya which will pave the way for further increase of its
export business, through its subsidiary in these countries. In the coming year,
the Company is planning to file new patents which will increase the intangible
value of the Company.
The Company’s subsidiary
LYKA BDR INTERNATIONAL LTD (LBDR) has further added 63 products in various
countries and has filed nearly 200 new dossiers for registrations in various
markets. LBDR is focusing on the non regulated/semi regulated markets for
increasing its business which include Philippines, Myanmar and other countries.
During the first quarter, the Company has shown reasonable growth in its
turnover and financial performance.
Based on the current
scenario, the Company’s prospects are promising and encouraging and the Company
is well poised for its improved performance.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Indian
Pharmaceutical industry currently tops the chart amongst India’s science –based
industries with wide ranging capabilities in the complex field of drug
manufacture and technology. A highly organized Sector, the Indian
Pharmaceutical Industry is growing at about 10 percent annually. It ranks the
world’s third largest in terms of volume and stands 14th in terms of value. India accounts for around 8% of global production.
The Indian
Pharmaceutical Industry has expanded significantly in the last two decades. The
pharmaceutical industry in India meets around 90% of country’s demand for bulk
drugs, Drug intermediates, formulations, tablets, capsules and injectables.
Indian Pharma Industries continue to attract the global attention for its
proficient R and D personnel and facilities, contract manufacturing
capabilities and the facilities for Clinical trials. Now the Companies are
steadily increasing their investment in Research and Development.
The growth of the Indian
Pharmaceutical Industry is expected to emerge from three major areas:
1. Contract research and
development services.
2. Export led business
of generics and bulk drugs and
3. Growth in specialty
therapeutic areas in the domestic market.
Indian Companies
continue to be aggressive in pursuing merger and acquisition strategies to gain
access to international markets and to reinforce their position globally.
Strategic alliance too will be on the rise particularly in the areas of
contract research, contract manufacturing, product licensing and transfer of
technology.
A number of leading
drugs go off patent every year and the generic penetration is increasing in all
the countries of the world raising the opportunity for exports in this segment
Approximately US$ 123 billion worth of generic products are at risk of loosing
patents by 2012.
Medical tourism in India
is growing at a rate of 30 percent per year. It is estimated that India will
earn US$ 2.2 Billion a year through medical tourism by 2012. Govt. spending on
Healthcare is on rise.
Indian export market is
continuously growing and it has already made its impact in the global generics
market, including the regulated markets.
OPPORTUNITIES,
THREATS
OPPORTUNITIES
The Company’s Research
and Development (R and D) Centre is continuously focusing on developing new
formulations, especially Lyophilized Formulations and various fixed dose
combinations. The renowned Pharma Companies have continued to show their
interest in the lyophilized products of the Company. There is a good demand for
freeze dried products locally and internationally and as they are one of the
leading manufacturers of freeze dried products, there is a good scope of growth
of these products. The Company is also under Negotiation with other countries
for export of technology and out license of patent which will give boost to
revenues of the Company in the coming years. The expiration of patent every
year will gear up export of Generic Products manufactured by the Company and
thereby increase revenue of the Company.
The Company’s subsidiary
LYKA BDR INTERNATIONAL LTD (LBDR) has further added 63 products in various
countries, adding value to its Intangible assets. LBDR is also likely to file
appx. 200 new dossiers in rest of the world markets, which will help LBDR to
explore new markets. These will help to increase the consolidated sales and
profitability of the Company in the coming years.
FIXED ASSETS
·
Land (Leasehold) Buildings
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixtures
·
Office Equipments
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 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.64.69 |
|
|
1 |
Rs.100.80 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.