Lincoln Pharma … the next mid-cap pharma in the making …?

Company has two subsidiaries – Lincoln Parenteral Limited and Zuinich Healthcare Ltd. .

After analyzing the Financial Statements, I noted the following:-

Almost, 20% of sales has contributed nothing to the PAT margin. So, the subsidiary business is margin dilutive in nature.
Also, its hard to believe that a company generates 16 lacs of PAT on 68 crores of sales (it includes 16 crores to holding). I feel if that’s a way of taking out cash from the business.
Lincoln pharma has given 4 crores as a deposit to Lincoln Parental Limited.
I observed 5 directors out of 7 from the promoter group.
None of them has a degree or mentioned experience in pharma field.
I’ve certain doubts on governance .

Thanks.

Disc : Not invested. Under Radar.