MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CELON LABORATORIES LIMITED |
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Formerly Known As : |
MEDVIN LABS PRIVATE LIMITED |
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Registered Office : |
Plot No.2, Aleap Industrial Estate, Near Pragati Nagar, Gajularamaram,
Hyderabad – 500072, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.01.2001 |
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Com. Reg. No.: |
036097 |
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CIN No.: [Company
Identification No.] |
U24232AP2001PLC036097 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDG01843C |
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PAN No.: [Permanent
Account No.] |
AACCG1654P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Development and Marketing of Injectable Pharmaceutical
Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 53000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow by average |
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Litigation : |
Clear |
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Comments : |
Subject is a small company with moderate track. It’s payment are slow by average 30 days. Financial position is moderate. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Plot No.2, Aleap Industrial Estate, Near Pragati Nagar, Gajularamaram,
Hyderabad – 500072, Andhra Pradesh, India |
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Tel. No.: |
91-40-23893683 |
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Fax No.: |
91-40-23893693 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 16, Aakruti Co-op-Housing, Society, Road No. 10, Banjara
Hills, Hyderabad-500034, Andhra Pradesh, India |
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Tel. No.: |
91 40 2338 6040 |
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Fax No.: |
91 40 2338 6041 |
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E-Mail : |
asia@celonlabs.com (Asia
Pacific) latam@celonlabs.com (Latin America) africa@celonlabs.com (Africa) cis@celonlabs.com (CIS) crm@celonlabs.com (Contract Research
Manufacturing) |
DIRECTORS
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Name : |
Mr. Sama Ramchandra Reddy |
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Designation : |
Director |
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Address : |
H No.1-10-48/A/508, Ashoka Ornata Parts, ST No.1, Ashoknagar,
Hyderabad – 500020, Andhra Pradesh, India |
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Date of Birth/Age : |
15.04.1951 |
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Date of Appointment : |
01.12.2007 |
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Name : |
Mr. Vimal Kumar Kavuru |
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Designation : |
Director |
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Address : |
263-16, 74th Avenue C3 Glen Oaks, Newyork – 11004 |
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Date of Birth/Age : |
08.10.1968 |
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Date of Appointment : |
01.12.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Development and Marketing of Injectable Pharmaceutical
Products |
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Products : |
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Brancd Name : |
GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
SSI Branch, Balanagar, Hyderabad – 500038, Andhra Pradesh, India
SSI Branch, Balanagar, Hyderabad – 500038, Andhra Pradesh, India |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
G. V. Suryanarayana Murthi Chartered Accountant |
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Address : |
B-166, Sanjeeva Reddy Nagar, Hyderabad – 500038, Andhra Pradesh, India
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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710000 |
Equity Shares |
Rs.10/- each |
Rs.7.100
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
7.100 |
7.100 |
7.100 |
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2] Share Application Money |
3.430 |
0.550 |
0.550 |
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3] Reserves & Surplus |
0.073 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.161) |
(0.383) |
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NETWORTH |
10.603 |
7.489 |
7.267 |
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LOAN FUNDS |
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1] Secured Loans |
14.830 |
17.401 |
14.406 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
14.830 |
17.401 |
14.406 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.433 |
24.890 |
21.673 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
13.234 |
13.765 |
14.449 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.635
|
8.737 |
4.343 |
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Sundry Debtors |
6.102
|
6.322 |
3.935 |
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Cash & Bank Balances |
0.032
|
0.022 |
0.009 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.515
|
0.517 |
0.191 |
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Total
Current Assets |
14.284
|
15.598 |
8.478 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.163
|
4.564 |
1.349 |
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Provisions |
0.000
|
0.000 |
0.009 |
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Total
Current Liabilities |
2.163
|
4.564 |
1.358 |
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Net Current Assets |
12.121
|
11.034 |
7.120 |
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MISCELLANEOUS EXPENSES |
0.078 |
0.091 |
0.104 |
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TOTAL |
25.433 |
24.890 |
21.673 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
14.654 |
24.174 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
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14.654 |
24.174 |
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Profit/(Loss) Before Tax |
|
0.250 |
0.222 |
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Provision for Taxation |
|
0.015 |
0.000 |
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Profit/(Loss) After Tax |
|
0.235 |
0.222 |
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Expenditures : |
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Raw Material Consumed |
|
7.836 |
14.504 |
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Increase/(Decrease) in Finished Goods |
|
0.300 |
(1.593) |
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Salaries, Wages, Bonus, etc. |
|
1.484 |
2.330 |
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Payment to Auditors |
|
0.035 |
0.035 |
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Interest |
|
1.478 |
2.982 |
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Insurance Expenses |
|
0.021 |
0.031 |
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Power & Fuel |
|
0.354 |
0.576 |
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Depreciation & Amortization |
|
0.503 |
0.684 |
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Other Expenditure |
|
2.393 |
4.403 |
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Total Expenditure |
|
14.404 |
23.952 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.60
|
0.92 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.71
|
0.92 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.91
|
0.76 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.02
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0.03 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.60
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2.93 |
2.17 |
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Current Ratio (Current Asset/Current Liability) |
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6.60
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3.42 |
6.24 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from Flat No.102
Lakshmi Residency, Shalivahana Nagar, Srinagar Colony, Hyderbad – 500073, Andhra
Pradesh, India to the present address w.e.f. 23.05.2007
Form 8:
|
Corporate
identity number of the company |
U24232AP2001PLC036097 |
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Name of the
company |
CELON LABORATORIES LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot No.2, Aleap Industrial Estate, Near Pragati Nagar, Gajularamaram,
Hyderabad – 500072, Andhra Pradesh, India |
|
This form is for |
Modification of Charge |
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Type of charge |
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Particular of
charge holder |
State Bank of
India SME Branch,
Chirag Ali Lane, Hyderabad – 500001, Andhra Pradesh, India |
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Nature of
instrument creating charge |
Supplemental
Agreement od loan –cum hypothecation Letter of
Agreement |
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Date of
instrument Creating the charge |
08.03.2008 |
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Amount secured by
the charge |
Rs.87.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: Working Capital
Interests @2% above SBIAR 12.25% with a minimum of 14.25% p.a. w.e.f.
27.02.2008 Term Loan
Interests at 2.5% above SBIAR with a minimum of 14.75% p.a Term of repayment: Working Capital
Repayable on Demand Term Loan I: 18
Quarterly Installment of Rs.2.033 Millions each Term Loan
II: 18 Quarterly Installment of
Rs.0.774 Million each with the first installment commencing from 9, 2008 and
the last installment falling due 12, 2010 and aggregating total Term Loan of
Rs.50.000 Millions Margin: Raw Materials SIP
Finished Goods, and Bills Receivable 25% Term Loan 25% Letter of Credit
25% Extent and
Operation of the charge: Working Capital Repayable
on Demand Term Loan I: 18
Quarterly Installment of Rs.2.033 Millions each Term Loan
II: 18 Quarterly Installment of
Rs.0.774 Million each with the first installment commencing from 9, 2008 and
the last installment falling due 12, 2010 and aggregating total Term Loan of
Rs.50.000 Millions |
|
Particulars of
the property charged |
E. M. of Unit
land and Building valued at Rs.15.500 Millions Hypothecation of
units Plant and Machinery and other fixed assets valued at Rs.41.722 Millions
Phase I and Rs.20.228 Millions Phase II. Hypothecation of
Stocks, Receivable stores and spares. |
|
Particulars of
the present modification |
FB WC – CC
Existing Limits Rs.12.000 Millions is enhanced to Rs.25.000 Millions Term Loan
Existing Limits of rs.36.060 Millions is enhanced to Rs.50.000 Millions Letter of Credit
: Existing Limits of Rs.2.500 Millions is enhanced to Rs.12.500 Millions |
Website Details
Profile:
Subject is a
fully integrated Pharmaceutical company a leader in development and marketing of
specialty injectable products. Using in-house Research and Development
capabilities, together with operational flexibility manufacturing and
regulatory expertise, Company is able to take a wide variety of products from
laboratory to the market.
Research & Development
Company state-of-the-art research centre is constantly focused on
development of new molecules through non-infringing processes and development
of innovative drug delivery systems.
Technology platforms
- Synthetic chemistry
- Formulation development for high potent drugs
- Lipid/Liposomal drug delivery
R&D Infrastructure
- Process development lab is capable of handling milligram to
kilogram level synthesis
- Formulation development facility is equipped for development of
injections (Ampoules, pre-filled syringes, Lyophilized injections etc),
tablets and capsules
- Innovative drug delivery lab focuses on development of Liposomal
and emulsion injections.
- Analytical development lab equipped with latest analytical
instruments GCs, HPLCs with PDA, UV Spectrophotometers, IRs, FTIR etc,
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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.04 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
35 |
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. |
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 |
|