MIRA INFORM REPORT
|
Report No. : |
304120 |
|
Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
LACTOSE (INDIA)
LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 6,
Village Poicha (Rania), Savli, Dist. Vadodara – 397080, Gujarat |
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|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.03.1991 |
|
|
|
|
Com. Reg. No.: |
04-015186 |
|
|
|
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Capital
Investment / Paid-up Capital : |
Rs. 84.190 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15201GJ1991PLC015186 |
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|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
Manufacturing and Trading of Pharmaceutical Products. |
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|
|
|
No. of Employees
: |
Not Available |
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 420000 |
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|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate operational
risk profile marked by low profitability margins and leverage capital
structure of the company. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing 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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = B |
|
Rating Explanation |
Risk Prone credit quality and very high credit risk |
|
Date |
August 07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
August 07.2014 |
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
31-03-2014.
LOCATIONS
|
Registered Office/ Factory : |
Survey No. 6,
Village Poicha (Rania), Savli, District Vadodara – 397080, Gujarat, India |
|
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 1: |
Unit No. G-02, ‘A’ Wing, Ground Floor, Navbharat Estates, Zakaria Bunder Road, Sewri (West), Mumbai - 400015, Maharashtra, India |
|
Tel. No.: |
91-22-24117030/31/32 |
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Fax No.: |
91-22-24117034 |
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E-Mail : |
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|
Website: |
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Corporate
Office 2: |
211, Laxmi Plaza,
Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053,
Maharashtra, India |
|
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 |
|
Tel. No.: |
91-265-2330825/2840397 |
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Fax No.: |
91-265-2840397 |
|
|
|
|
Sales Office : |
10, Shah and
Nahar Industrial Estate, Off. |
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Tel. No.: |
91-22-24921953/24946148/24973953 |
|
Fax No.: |
91-22-24939838 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Atul Maheshwari |
|
Designation : |
Managing Director |
|
Address : |
52/A, Aashit Apartments, Stan Burg Est. Juhu, Mumbai-400049, |
|
Date of Birth/Age : |
02.07.1965 |
|
Qualification : |
MBA.,USA |
|
Experience : |
23 years |
|
Date of Appointment : |
11.03.1991 |
|
|
|
|
Name : |
Mr. Sangita Maheshwari |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S.S. Toshniwal |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Pramod Kalani |
|
Designation : |
Director |
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|
Name : |
Mr. G.K. Sarda |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Nitesh Kumar Khetan |
|
Designation : |
Finance Manager |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
2701960 |
32.09 |
|
|
534832 |
6.35 |
|
|
534832 |
6.35 |
|
|
3236792 |
38.45 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
3236792 |
38.45 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
77920 |
0.93 |
|
|
77920 |
0.93 |
|
|
|
|
|
|
94105 |
1.12 |
|
|
|
|
|
|
3814600 |
45.31 |
|
|
327272 |
3.89 |
|
|
868311 |
10.31 |
|
|
825054 |
9.80 |
|
|
43257 |
0.51 |
|
|
5104288 |
60.63 |
|
Total Public shareholding (B) |
5182208 |
61.55 |
|
Total (A)+(B) |
8419000 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
8419000 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of Pharmaceutical Products. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Note: LONG TERM BORROWINGS Term loan from
banks : Term loan from Oriental Bank of Commerce amounting to Rs. 179.633 Millions (PY Rs. 41.790 Millions) is secured against hypothecation of Building, Plant and Machinery, Furniture and Fixtures, Vehicles and other assets created out of Term Loan. Loan is taken for the specific purpose of expansion of capacity for manufacturing of Lactose Monohydrate and Setting-up the new facility of Lactulose Solution in the factory. It carries an interest rate of 14.40 % (4.00% + Base Rate of 10.40%). The loan is repayable in 60 equal monthly installments of Rs. 3.000 Millions each, after a moratorium of 12 months, starting from the February, 2014. However, at the specific request of the Company, the bank has extended the date of repayment by a year i.e. from February 2014 to February 2015. The interest is payable as and when due. The Term Loan is sanctioned for Rs. 180.000 Millions. Vehicle loans from
banks : a) Vehicle loan from HDFC Bank amounting to Rs. NIL (PY Rs. 0.075 Million) is secured against respective vehicle. It carries interest rate of 10.14% p.a. and is repayable in 36 equal monthly installment amounting to Rs. 0.013 Million each, starting from 7th October 2010. b) Vehicle loan from ICICI Bank amounting to Rs. NIL (PY Rs. 0.083 Millions) is secured against respective vehicle. It carries interest rate of 12.99% p.a. and is repayable in 36 equal monthly installment amounting to Rs. 0.012 Million each, starting from 15th November 2010. c) Vehicle loan from ICICI Bank amounting to Rs. 1.962 Millions (PY Rs. 2.613 Millions) is secured against respective vehicle. It carries interest rate of 10.60% p.a. and is repayable in 60 equal monthly installment amounting to Rs.0.075 Million each, starting from 1st November 2011. d) Vehicle loan from ICICI Bank amounting to Rs. 1.962 Millions (PY Rs. 2.613 Millions) is secured against respective vehicle. It carries interest rate of 10.60% p.a. and is repayable in 60 equal monthly installment amounting to Rs. 0.075 Million each, starting from 1st November 2011. e) Vehicle loan from Kotak Mahindra Bank amounting to Rs. 0.834 Millions (PY Rs. 1.103 Millions) is secured against respective vehicle. It carries interest rate of 12.20% p.a. and is repayable in 47 equal monthly installment amounting to Rs. 0.032 Million each, starting from 10th November 2012. f) Vehicle loan from Kotak Mahindra Bank amounting to Rs. 0.761 Million (PY Rs. 0.976 Million) is secured against respective vehicle. It carries interest rate of 11.40% p.a. and is repayable in 47 equal monthly installment amounting to Rs.0.026 Million each, starting from 20th March 2013. Vehicle Loan from
Others : a) Vehicle loan from Kotak Mahindra Prime Limited amounting to Rs. 0.623 Million (PY Rs. 0.970 Million) is secured against earmarked vehicle. It carries interest rate of 9.46% p.a. and is repayable in 60 equal monthly installment amounting to Rs. 0.035 Million each, starting from 1st December 2010 b) Vehicle loan from Tata Capital Limited amounting to Rs. 0.529 Million (PY Rs. 0.695 Million) is secured against earmarked vehicle. It carries interest rate of 12.99% p.a. and is repayable in 60 equal monthly installment amounting to Rs. 0.020 Millions each, starting from 9th December 2011. SHORT TERM BORROWINGS Other Information
regarding loans repayable on demands a) Cash Credit Facility from Oriental Bank of Commerce amounting to Rs. 23.286 Millions (PY Rs. 28.108 Millions) is secured against hypothecation of stocks of raw material, stock in process, finished goods, stores and spares and Trade receivables of the Company. It carries interest rate of 13.90% (3.50% + Base Rate of 10.40%). |
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Auditors : |
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|
Name : |
S G C O and Company Chartered Accountants |
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Address : |
4 A, Kaledonia - HDIL, 2nd Floor, Sahar Road, Near Andheri Station Andheri (East), Mumbai - 400 069, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises having
same Key Management Personnel and / or their Relatives: |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000 Millions |
|
|
|
|
|
Terms and Conditions
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shareholders having
more than 5 % shareholding
|
Name of Shareholder |
As at March 31,
2014 |
|
|
|
No of Equity
shares held |
Holding (%) |
|
Sangita Maheshwari |
911530 |
11.39 |
|
Indu Kasat |
780000 |
9.75 |
|
Atul Maheshwari |
666940 |
8.34 |
|
Madhusha Projects Private Limited |
534832 |
6.69 |
|
Madhu Toshniwal |
490500 |
6.13 |
Reconciliation of
equity shares outstanding
|
Particulars |
As at March 31,
2014 |
|
|
|
Number |
Amount (Rs. In
Millions) |
|
At the beginning of the year |
7603000 |
76.030 |
|
Issued during the year |
397000 |
3.970 |
|
At the end of the year |
8000000 |
80.000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
80.000 |
76.030 |
72.850 |
|
(b) Reserves &
Surplus |
68.575 |
67.261 |
56.676 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
1.657 |
2.913 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
150.232 |
146.204 |
129.526 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
195.453 |
47.070 |
12.901 |
|
(b) Deferred tax
liabilities (Net) |
11.513 |
11.385 |
11.457 |
|
(c) Other long term
liabilities |
85.493 |
88.451 |
76.772 |
|
(d) long-term provisions |
3.377 |
3.203 |
2.788 |
|
Total Non-current
Liabilities (3) |
295.836 |
150.109 |
103.918 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
23.286 |
28.108 |
34.627 |
|
(b) Trade payables |
81.820 |
104.797 |
44.598 |
|
(c) Other current
liabilities |
52.272 |
36.721 |
47.643 |
|
(d) Short-term provisions |
0.087 |
2.177 |
1.052 |
|
Total Current Liabilities
(4) |
157.465 |
171.803 |
127.920 |
|
|
|
|
|
|
TOTAL |
603.533 |
468.116 |
361.364 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
279.272 |
150.603 |
149.050 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
154.040 |
108.826 |
6.515 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
5.590 |
6.590 |
6.592 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
35.051 |
5.243 |
10.856 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
473.953 |
271.262 |
173.013 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
18.198 |
40.974 |
69.285 |
|
(c) Trade receivables |
76.144 |
105.004 |
104.094 |
|
(d) Cash and cash
equivalents |
7.812 |
13.135 |
4.503 |
|
(e) Short-term loans and
advances |
27.426 |
37.741 |
10.469 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
129.580 |
196.854 |
188.351 |
|
|
|
|
|
|
TOTAL |
603.533 |
468.116 |
361.364 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
222.440 |
466.065 |
400.593 |
|
|
Other Income |
5.209 |
7.474 |
1.280 |
|
|
TOTAL (A) |
227.649 |
473.539 |
401.873 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
73.413 |
297.099 |
285.195 |
|
|
Purchases of
Stock-in-Trade |
11.187 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
12.221 |
23.969 |
(35.335) |
|
|
Employees benefits
expense |
58.523 |
49.622 |
41.577 |
|
|
Exceptional Item |
(19.000) |
0.000 |
0.000 |
|
|
Prior Period Income |
0.000 |
(0.283) |
2.912 |
|
|
Other expenses |
55.779 |
66.236 |
73.028 |
|
|
TOTAL (B) |
192.123 |
436.643 |
367.377 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
35.526 |
36.896 |
34.496 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
10.787 |
5.183 |
7.694 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.739 |
31.713 |
26.802 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
(F) |
24.195 |
17.747 |
16.543 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
0.544 |
13.966 |
10.259 |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.282 |
4.224 |
3.359 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
0.262 |
9.742 |
6.900 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
56.376 |
111.488 |
75.320 |
|
|
TOTAL EARNINGS |
56.376 |
111.488 |
75.320 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
27.189 |
185.158 |
|
|
Stock-in-Trade |
11.187 |
0.000 |
0.000 |
|
|
Capital Goods |
27.411 |
0.465 |
1.655 |
|
|
TOTAL IMPORTS |
38.598 |
27.654 |
186.813 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
0.03 |
1.34 |
0.95 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
0.12 |
2.09 |
1.72 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
15.97 |
7.92 |
8.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.12 |
3.96 |
2.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.10 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.46 |
0.51 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
1.15 |
1.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
72.850 |
76.030 |
80.000 |
|
Reserves & Surplus |
56.676 |
67.261 |
68.575 |
|
Share Application money
pending allotment |
0.000 |
2.913 |
1.657 |
|
Net worth |
129.526 |
146.204 |
150.232 |
|
|
|
|
|
|
long-term borrowings |
12.901 |
47.070 |
195.453 |
|
Short term borrowings |
34.627 |
28.108 |
23.286 |
|
Total borrowings |
47.528 |
75.178 |
218.739 |
|
Debt/Equity ratio |
0.367 |
0.514 |
1.456 |
%20LIMITED%20-%20304120%2020-Jan-2015_files/image022.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
400.593 |
466.065 |
222.440 |
|
|
|
16.344 |
-52.273 |
%20LIMITED%20-%20304120%2020-Jan-2015_files/image024.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
400.593 |
466.065 |
222.440 |
|
Profit |
6.900 |
9.742 |
0.262 |
|
|
1.72% |
2.09% |
0.12% |
%20LIMITED%20-%20304120%2020-Jan-2015_files/image026.gif)
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 |
Yes |
|
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 |
---------------------- |
|
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 |
Yes |
|
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 |
Yes |
REVIEW OF OPERATIONS:
During the year, the Company achieved sales 227.649 Millions, (Previous Year Rs. 473.539 Millions). The Company has earned a profit after tax of Rs. 0.262 Million, compare to last year’s profit of Rs. 9.742 Millions. The Company has achieved EPS of Rs. 0.03 against Rs. 1.34 in the previous year. A detailed analysis of the performance for the year has been included in the Management Discussion and Analysis, which forms part of the Annual Report.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
INDUSTRY STRUCTURE
AND DEVELOPMENT:
As the company that showed the way in manufacturing Excipient for the industry in India, Lactose India Limited is expanding its Portfolio to add Manufacturing of an API Lactulose in Financial Year 14-15
Lactose India’s state-of-the-art Excipient plant meets stringent quality and current good manufacturing practices (cGMP) requirements and environment and safety standards. All of them are approved by various regulatory agencies
With the capacity to manufacture nearly 11,000 metric tons of Excipient annually, the plant is geared to meet the diverse needs of both Indian and international customers.
Lactose India Limited has key strategic alliances in place with big pharmaceutical companies to support the future growth of the Company
By building deeper engagements, Lactose India Limited will develop and strengthen its key Relationship with existing and new partners.
The recent change of the Central Government, the Indian pharmaceutical industry is eagerly awaiting new forward-looking policies which will encourage growth
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 us to become a global force to reckon with. The Company has started exporting new products to Canada, Nigeria etc. and the demand for the products is very healthy.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from Directors |
3.174 |
0.000 |
|
Inter Corporate Loans |
14.534 |
0.000 |
|
Total |
17.708 |
0.000 |
Note:
Loan from Directors /
Inter Corporate Loans:
Loans from Directors and Inter Corporate Loans are unsecured and repayable only after financial year 2020-21. The loans carry interest @ 14% p.a.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10507143 |
03/07/2014 * |
20,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C27803030 |
|
2 |
10493691 |
03/07/2014 * |
125,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C15682289 |
|
3 |
10401386 |
21/01/2013 |
240,913,280.00 |
ORIENTAL BANK OF COMMERCE |
PRABHADEVI BRANCH, 1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B67406769 |
|
4 |
10401385 |
15/01/2013 |
180,000,000.00 |
ORIENTAL BANK OF COMMERCE |
PRABHADEVI BRANCH, 1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B67406553 |
|
5 |
80005127 |
22/01/2013 * |
240,913,280.00 |
ORIENTAL BANK OF COMMERCE |
PRABHADEVI BRANCH, 1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B67407080 |
|
6 |
80005125 |
15/01/2013 * |
67,000,000.00 |
ORIENTAL BANK OF COMMERCE |
PRABHADEVI BRANCH, 1ST FLOOR, AMAN CHAMBERS, VEER SAWARKAR MARG, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B67406918 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Guarantee given by Bank on behalf of the Company |
0.455 |
0.455 |
|
Letter of Credit |
11.727 |
0.000 |
|
Total |
12.182 |
0.455 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2014
|
Particulars |
Quarter ended |
Half Year ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
43.965 |
57.598 |
101.563 |
|
|
(b) Other Operating Income |
1.592 |
1.637 |
3.229 |
|
|
Total income from operations (net) |
45.557 |
59.235 |
104.792 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
4.546 |
15.438 |
19.984 |
|
|
(b) Purchases of stock-in trade |
0.000 |
0.000 |
0.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
3.221 |
2.502 |
5.723 |
|
|
(d) Employee benefits expense |
13.483 |
15.359 |
28.842 |
|
|
(e) Depreciation and Amortization Expenses |
4.075 |
4.098 |
8.173 |
|
|
(f) Power and fuel expenses |
6.929 |
7.467 |
14.396 |
|
|
(g) Other Expenses |
8.972 |
7.308 |
16.380 |
|
|
Total expenses |
41.225 |
52.171 |
93.398 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
4.332 |
7.064 |
11.394 |
|
4 |
Other Income |
1.047 |
1.296 |
2.343 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
5.379 |
8.360 |
13.737 |
|
6 |
Finance Costs |
5.103 |
5.075 |
10.178 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
0.277 |
3.286 |
3.559 |
|
8 |
Exceptional items |
0.110 |
0.000 |
0.110 |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
0.387 |
3.286 |
3.670 |
|
10 |
Tax expenses |
0.093 |
1.044 |
1.137 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
0.294 |
2.242 |
2.533 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
0.294 |
2.242 |
2.533 |
|
14 |
Share of profit' (loss) of associates |
|
|
|
|
15 |
Minority Interest |
|
|
|
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
0.294 |
2.242 |
2.533 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
84.190 |
84.190 |
84.190 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
|
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
|
|
(a) Basic |
0.03 |
0.27 |
0.30 |
|
|
(b) Diluted |
0.03 |
0.27 |
0.30 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
|
|
(a) Basic |
0.03 |
0.27 |
0.30 |
|
|
(b) Diluted |
0.03 |
0.27 |
0.30 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
5182208 |
5168208 |
5182208 |
|
|
- Percentage of shareholding |
61.55 |
61.39 |
61.55 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
Nil |
Nil |
Nil |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
3236792 |
3250792 |
3236792 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
35.45 |
38.61 |
38.45 |
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
|
|
|
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
Nil |
Nil |
|
|
Received during the quarter |
1 |
0 |
1 |
|
|
Disposed of during the quarter |
1 |
0 |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Nil |
Nil |
Note:
The above un-audited financial results have been reviewed and
recommended by the Audit Committee end approved and taken on record by the
Board of Directors in their respective meetings held on 13th November 2014.
A Waited review of the financial results for the quarter ended 30th September, 2014 has been carried out by the Statutory Auditors.
Tax Expense includes Current Tax, MAT Credit Entitlement and Deferred Tax.
The Company has revised depreciation rates on tangible fixed assets w.e.f April
0l, 2014 as per the useful life specified in the Schedule II of the Companies
Act 2013, Accordingly, as prescribed in Schedule II, carrying amount of assets
has been depreciated over the remaining useful life of the assets. Had the
Company continued with the previously applicable rates mentioned in Schedule
XIV of the Companies Act, 1956, charge for depredation for the quarter and half
year ended September 30, 2014 would have been higher and net profit would have
been lower by Rs.1.670 Millions and Rs. 3.366 Millions respectively.
The Company has only one reportable business segment of manufacture of
‘Pharmaceutical products’ as per Accounting Standard 17 issued by Companies
(Accounting Standards) Rules, 2006.
Employees retirement benefits for the quarter and half year ended 30th
September, 2014 were provided on an estimated basis as actuarial valuation is
deferred to year end.
Previous periods figures have been regrouped, rearranged and reclassified
wherever considered necessary.
STATEMENT
OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER 2014
|
Particulars |
As at 30.09.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
84.190 |
|
|
b) Reserves & Surplus |
72.218 |
|
|
c) share warrants |
0.000 |
|
|
Sub Total- Shareholders funds |
156.408 |
|
|
|
|
|
2 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
283.771 |
|
|
(b) Other long term liabilities |
82.615 |
|
|
(c) Long term provisions |
3.484 |
|
|
(d) Deferred tax Liabilities (Net) |
12.650 |
|
|
Sub Total- Non Current Liabilities |
382.520 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
31.716 |
|
|
(b) Trade Payables |
55.533 |
|
|
(c) Other current liabilities |
96.755 |
|
|
(d) Short term provisions |
0.000 |
|
|
Sub Total- Current Liabilities |
184.004 |
|
|
TOTAL-EQUITY AND LIABILITIES |
722931 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
|
|
|
Tangible assets |
271.528 |
|
|
Capital work-in-progress |
306.974 |
|
|
(b) Non Current Investments |
5.590 |
|
|
(c) Long term loans and advances |
27.790 |
|
|
Sub-Total- Non current assets |
611.882 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
12.429 |
|
|
(b) Sundry Debtors |
54.662 |
|
|
(c) Cash and cash equivalents |
8.597 |
|
|
(d) Other current assets |
0.000 |
|
|
(e) Loans and advances |
35.362 |
|
|
Sub-Total- current assets |
111.049 |
|
|
TOTAL ASSETS |
722.931 |
FIXED ASSETS
· Land – Owned
· Factory Building
· Office Building
· Plant and Machinery
· Electrical Installation
· Furniture and Fixtures
· Office Equipment
· Air Conditioner
· Computers
· Vehicles
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 Violationof
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. 61.69 |
|
|
1 |
Rs. 93.41 |
|
Euro |
1 |
Rs. 71.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
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.