MIRA
INFORM REPORT
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Report Date : |
29.08.2007 |
IDENTIFICATION DETAILS
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Name : |
CASSEL RESEARCH LABORATORIES PRIVATE LIMITED |
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Registered Office : |
PK 19, Phase V, Industrial Estate, Ekkatuthangal, Chennai
600097, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.12.1998 |
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Com. Reg. No.: |
041617 |
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CIN No.: [Company
Identification No.] |
U24231TN1998PTC041617 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC04118C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture of Pharmaceuticals and Drugs |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 34028 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
PK 19, Phase V, Industrial Estate, Ekkatuthangal, Chennai 600097,
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Tel. No.: |
91-44-22253280 / 2326679 / 22253618 |
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Fax No.: |
91-22-2311628 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Rajamani Murugan |
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Designation : |
Managing Director |
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Address : |
Old No. 85 / 2, New No. 111, Gopalan Street, Vasudevan Nagar, Chennai
600083, Tamilnadu |
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Date of Birth/Age : |
19.02.1970 |
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Date of Appointment : |
21.12.1998 |
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Name : |
Mr. R. Nehrudassan |
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Designation : |
Director |
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Name : |
Mr. R. Lakshmanan |
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Designation : |
Director |
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Name : |
Mr. K. Anbuselvan |
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Designation : |
Director |
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Name : |
Mr. M Venkatesan |
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Designation : |
Director |
KEY EXECUTIVE
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Name : |
Mr. S. Viswanathan |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. M Venkatesan |
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10000 |
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Mr. K. Anbuselvan |
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10000 |
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Mr. R. Lakshmanan |
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10000 |
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Mr. K. Ravichandran |
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20000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Pharmaceuticals and Drugs |
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GENERAL INFORMATION
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Bankers : |
Indian Overseas
Bank Adyar Branch,
Chennai 600020, Tamilnadu E Mail : adyarbr@chemrc01.ionet.co.in |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V N Associates Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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630000 |
Equity Shares |
Rs.10/- each |
Rs.6.300
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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6.300 |
6.300 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2.207 |
1.008 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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8.507 |
7.308 |
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LOAN FUNDS |
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1] Secured Loans |
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45.300 |
57.324 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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45.300 |
57.324 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.765 |
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TOTAL |
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53.807 |
65.397 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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66.614 |
71.667 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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18.300 |
10.367 |
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Sundry Debtors |
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36.666 |
18.964 |
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Cash & Bank Balances |
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0.086 |
0.042 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.224 |
1.680 |
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Total
Current Assets |
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60.276 |
31.053 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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68.122 |
34.324 |
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Provisions |
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5.153 |
3.051 |
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Total
Current Liabilities |
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73.275 |
37.375 |
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Net Current Assets |
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(12.999) |
(6.322) |
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MISCELLANEOUS EXPENSES |
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0.192 |
0.052 |
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TOTAL |
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53.807 |
65.397 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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109.606 |
105.110 |
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Other Income |
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15.964 |
0.096 |
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Total Income |
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125.570 |
105.206 |
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Profit/(Loss) Before Tax |
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0.958 |
(0.932) |
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Provision for Taxation |
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0.524 |
0.807 |
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Profit/(Loss) After Tax |
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0.434 |
(1.739) |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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114.836 |
101.949 |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Other Expenditure |
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Depreciation & Amortization |
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9.776 |
4.189 |
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Total Expenditure |
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124.612 |
106.138 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.34 |
(1.65) |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.87 |
(0.88) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.75 |
(0.90) |
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Return on Investment (ROI) (PBT/Networth) |
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0.11 |
(0.12) |
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Debt Equity Ratio (Total Liability/Networth) |
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8.61 |
5.11 |
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Current Ratio (Current Asset/Current Liability) |
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0.82 |
0.83 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 :
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Name of the company |
CASSEL RESEARCH
LABORATORIES PRIVATE LIMITED |
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Presented
By |
Indian Overseas
Bank, Adyar Branch, Chennai 600020 |
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1) Date and description of instrument creating the change |
19.06.2004 a) Term Loan and
cash credit demand promissory note. b) Form F 16 (EH) c) Letter of
hypothecation (in case of open advance only d) Hypothecation
of book debts e) Term loan
agreement f) Letter of
hypothecation (in case of machinery only) g) Letter of
hypothecation (for securing machineries / vehicles / goods / book debts) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.40.800
millions Nature of facilities : Term Loan
Rs.33.300 millions Cash Credit
Rs.7.500 millions Total 40.800 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Security:
hypothecation of all stocks in trade, book debts in trade, and machineries in
trade, present and future of the company. In first charge of Indian Overseas
Bank, Adyar Branch, Chennai 600020 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan Int. @
BPLR + 3% i.e. 14.00% p.a. with monthly rests. Margin @ 25% for machinery and
50 5 for land and
building. Cash Credit Int. @
BPLR + 3% i.e., 14.00%p.a. with monthly rests. Margin @ 25% for stocks and
40% for book debts. Tem Loan purpose:
Purchase of machineries and construction of building at Plot No. 54, TNSIDCO
Industrial Estate, Thirumudivakkam, Sriperumbudur Taluk. Cash credit purpose:
Stocks and Book Debts. |
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Adyar Branch,
Chennai 600020 |
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Corporate
identity number (CIN) Foreign company registration number |
U24231TN1998PTC041617 |
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Name of the
Company |
CASSEL RESEARCH
LABORATORIES PRIVATE LIMITED |
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Address |
P.K. 19, Phase
V, Industrial Estate, Ekkaduthangal, Chennai 600017, Tamilnadu |
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This form is for |
Modification of
Charges |
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Type of Charge |
Immovable
Property, Any Interest in Immovable property, Book Debts and Others |
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Particulars of
the charge holder |
Indian Overseas
Bank Adyar Branch,
Chennai 600020, Tamilnadu E Mail : adyarbr@chemrc01.ionet.co.in |
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Amount secured by
the charge |
Rs.73.529
millions |
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Brief of the
principal terms and conditions |
Rate of Interest:
Cash Credit against stock and book debts Loan amount of Rs.22.000 millions.
Interest at 13.25% Margin: Cash
Credit Loan Margin at 25% against stock and 50% against book debts Extent and
operation of the charge : First charge over all stocks in trade, book debts
and machineries, present and future of the company Others: Modification
of charge is due to enhancement in term loan from Rs.33.300 millions to
RS.44.000 millions and reduction in letter of credit from Rs.10.000 millions
to Rs.6.600 millions and the over all limit o fRs.73.529 millions |
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Description of
the property charged indicating |
Letter of
Hypothecation created by the Indian Overseas Bank, Adyar Branch, Chennai 20
by dated 7th June, 2007 |
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Date of
Instrument creating or modifying the charge |
07.06.2007 |
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Particular of the
present modification |
Additional Term
Loan of Rs.10.700 millions and reduction in letter of credit by Rs.3.400
millions and the over all limit of Rs.73.529 millions Present Loan :
Term Loan Rs.44.000 millions, cash credit Rs.22.000 millions, Letter of
credit : Rs.6.600 millions and letter of Guarantee of Rs.0.929 million |
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 Intl
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 companys 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.12 |
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1 |
Rs.82.43 |
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Euro |
1 |
Rs.56.03 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SCs 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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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