MIRA
INFORM REPORT
|
Report Date : |
15.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
CEPHAS
MEDICAL PRIVATE LIMITED |
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Registered Office : |
B 13,
MEPZ Special Economic Zone, Chennai – 600045, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.01.2000 |
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Com. Reg. No.: |
18-044034 |
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CIN No.: [Company
Identification No.] |
U24232TN2000PTC044034 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC04196D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of High Quality Medical Disposables, with their product range including Latex Examination Gloves, Surgical Gloves (low powdered & powder free), Perfumed Pleasure Gloves, Gardening Gloves, Industrial Gloves and special Long Sleeve Gloves. |
RATING & COMMENTS
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MIRA’s 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
20000 |
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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 : |
B 13,
MEPZ Special Economic Zone, Chennai – 600045, Tamilnadu |
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Tel. No.: |
91-44-22621565 |
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Fax No.: |
91-44-22621616 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Thanbiah Immanoel |
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Designation : |
Director
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Address : |
2
Sathiya Flats, 74 Agasthiyar Street East Tambaram, Chennai – 600059,
Tamilnadu |
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Date of Birth/Age : |
13.07.1969 |
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Date of Appointment : |
28.10.2000 |
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Name : |
Mr. B
S Rajakumari |
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Designation : |
Director
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Address : |
2
Sathiya Flats, 74 Agasthiyar Street East Tambaram, Chennai – 600059,
Tamilnadu |
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Date of Birth/Age : |
10.07.1971 |
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Date of Appointment : |
28.01.2000 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Mr.
Thanbiah Immanoel |
9885 |
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Mr. B
S Rajakumari |
13615 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of High Quality Medical Disposables, with their product range including Latex Examination Gloves, Surgical Gloves (low powdered & powder free), Perfumed Pleasure Gloves, Gardening Gloves, Industrial Gloves and special Long Sleeve Gloves. |
GENERAL
INFORMATION
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Bankers : |
UCO
Bank, Saidapet Branch, Chennai – 600015, Tamilnadu |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
J.
Martin & Associates Chartered
Accountant |
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Address: |
20-A,
2nd Cross Street, Trustpuram, Kodambakkam, Chennai – 600024, Tamilnadu
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
|
25,000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 2.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
23500 |
Equity
Shares |
Rs. 100/- Each |
Rs. 2.350 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.350 |
1.467 |
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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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2.689 |
0.619 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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5.039 |
2.086 |
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LOAN FUNDS |
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1] Secured Loans |
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5.084 |
4.846 |
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2] Unsecured Loans |
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2.369 |
3.068 |
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TOTAL BORROWING |
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7.453 |
7.914 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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12.492 |
10.000 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.351 |
2.414 |
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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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9.481 |
8.544 |
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Sundry Debtors |
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1.777 |
2.598 |
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Cash & Bank Balances |
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0.165 |
0.233 |
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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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0.524 |
0.222 |
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Total Current Assets |
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11.947 |
11.597 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.709 |
3.762 |
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Provisions |
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0.120 |
0.280 |
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Total Current Liabilities |
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2.829 |
4.042 |
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Net Current Assets |
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9.118 |
7.555 |
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MISCELLANEOUS EXPENSES |
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0.023 |
0.031 |
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TOTAL |
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12.492 |
10.000 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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44.949 |
33.874 |
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Profit/(Loss)
Before Tax |
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2.070 |
0.228 |
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Provision
for Taxation |
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0.000 |
0.000 |
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Profit/(Loss)
After Tax |
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2.070 |
0.228 |
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Total
Expenditure |
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42.878 |
33.645 |
KEY
RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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4.60 |
0.67 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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4.60 |
0.67 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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13.53 |
1.62 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.41 |
0.10 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.04 |
5.73 |
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Current
Ratio (Current
Asset/Current Liability) |
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4.22 |
2.86 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
v
Building
v
Plant
& Machinery
v
Air
Conditioners
v
Lab
Equipment
v
Electrical
Fitting
v
Computer
v
Furniture
& Fixture
v
Car
v
Fire
Proof Court
v
Gen
Set
v
Pouching
Machine
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Name of the company |
CEPHAS
MEDICAL PRIVATE LIMITED |
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Presented By |
UCO
Bank |
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1) Date and description of instrument creating the change |
27.02.2003 Hypothecation
of goods to secure demand cash credit Hypothecation
of book debts to secure demand cash credit Both
dated 27.02.2003 and relate to one and the same charge |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.
0.500 Millions Together
with interest, costs, charges and other expanses which may be debited to the
accountant from time to time Facility
– Cash Credit |
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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 |
Hypothecation
of Whole of the company Stock
of Latex Examination/Surgical Gloves and other articles, Goods, Stock and
Movable property of any kind fro time
to time Present
and future book debts, bills, money receivable choose in action and claims
including in particular but without prejudice to the generality of the
foregoing and more particularly the details |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests
- @ 14% or as per Bank’s Margin
– 25% Period
– One Year |
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5) Name and Address and description of the person entitled to the charge. |
UCO
Bank, Saidapet Branch, Chennai – 600015, Tamilnadu |
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6) Date and brief description of instrument modifying the charge |
31.08.2005
Hypothecation
of goods to secure a demand cash credit for packing credit of Rs. 5.000
Millions Agreement
relating to term loan of Rs. 1.200 Millions Deed
of Hypothecation of movable plant and machinery to secure a term loan of Rs.
1.200 Millions Hypothecation
of goods to secure a demand cash credit for Rs. 0.500 Millions |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the
present modification the limit has been enhanced from Rs. 3.500 Millions to
Rs. 7.700 Millions and the details
Rate
of Interest Cash
Credit BPLR +
1% i.e. 12% or as per H.O. Guidelines from time to time Margin
– 25% on stock Packing
Credit BPLR +
4.25% i.e. 6.75% or as per H.O. Guidelines from time to time upto 180 days Margin
– 25% on stock Term
Loan BPLR +
1.5% i.e. 12.5% or as per H.O. Guidelines from time to time Margin
– 31.43% on stock |
As per Website Details
Cephas Medical Private Limited is India's leading manufacturer and exporter of
high Quality medical disposables, with their product range including Latex
Examination Gloves, Surgical Gloves (low powdered & powder free), Perfumed
Pleasure Gloves, Gardening Gloves, Industrial Gloves and special Long Sleeve
Gloves.
These Gloves are
manufactured as per International Quality standards, with their main export
markets spread all over the world, with special focus on the European market.
Quality accreditions
for Cephas gloves includes certifications from
v
American Society
for Testing and Materials (ASTM)
v
British Standards
(BS)
v
ISO
v
CE
v
USFDA
v
and EN.
Tough Quality
standards at Cephas, ensures that the surgeon gloves undergoes extensive
testing and Quality control checks at various stages, in order to ensure that
the gloves meet the needs of the most discriminating buyers. These surgical
gloves are made of more secure material than any other gloves, are extra safe & comfortable, offering greater
physical protection from surgical dangers, almost like a protective second skin.
Through cut and
puncture resistant, the micro-thin polymer mesh still allows optimal tactility
& hand mobility, facilitating the use of all standard clamps and
instruments, delicate hand maneuvering, suturing & knot tying. Cephas
gloves also facilitate the identifying of fine objects by touch, being designed
to the normal curves and bends of the human hand.
Market Reputation
It has been a constant endeavor & commitment at Cephas to keep its
customers satisfied with the product Quality, reliability and price
competitiveness in the market, providing an edge over others in the same line
of business. This extra edge over other manufacturers is made possible due to
the company's continual policy of making that "Extra Safe Glove".
Company Profile
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Business Type |
Exporter ,
Manufacturer |
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Export Turnover |
US$ 0.6 Million |
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Capital in Dollars |
US$ 1.1 Million |
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Export Percentage |
100% |
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Primary Competitive
Advantages |
Cephas is committed
to ultimately providing profitability to the company and its customers,
through:Continually providing ever improved products to its customers,
Continually delivering the products which meet and even exceed the customer
specifications, that too, cost effectively, Continually improving the
Process, Procedures and Personnel Skills, thereby improving the overall
operations of the concern and Concentrating towards sustaining customer
loyalty and satisfaction. |
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Sales Volume |
US$ 0.6 Million |
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No of Staff |
50-100 |
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Year of
Establishment |
2000 |
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No of Production
Lines |
One |
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Export Markets |
The company exports
its products worldwide. |
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OEM Service Provided |
Yes |
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Production Type |
Wholly Owned. |
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Monthly Production
Capacity |
4 million pieces of
Examination Gloves or 2 million pairs of Surgical Gloves. |
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Credit Rated |
No |
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Product Range |
The company
manufactures products ranging over Latex Examination Gloves, Surgical Gloves,
Perfumed Pleasure Gloves, Gardening Gloves, Industrial Gloves, Long Sleeve
Gloves and Polymer Coated Gloves. |
|
Website |
www.cephas.trade-india.com |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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 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.44.20 |
|
UK
Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.58.22 |
SCORE &
RATING EXPLANATIONS
|
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|