MIRA
INFORM REPORT
|
Report Date : |
04.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CASSEL RESEARCH LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
PK 19, Phase V, Industrial Estate, Ekkatuthangal, Chennai
600097, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
21.12.1998 |
|
|
|
|
Com. Reg. No.: |
18-41617 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24231TN1998PTC041617 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC04118C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Pharmaceuticals and Drugs |
RATING &
COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 34000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
|
Registered Office : |
PK 19, Phase V, Industrial Estate, Ekkatuthangal, Chennai
600097, Tamilnadu, India |
|
Tel. No.: |
91-44-22253280 / 2326679 / 22253618 |
|
Fax No.: |
91-44-2311628 / 22251628 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Unit II, Plot No. 54, SIDCO Industrial Estate, Ekkaduthangal, Chennai
600097, Tamilnadu, India |
|
Tel No. : |
91-44-22253280 |
DIRECTORS
|
Name : |
Mr. Rajamani Murugan |
|
Designation : |
Managing Director |
|
Address : |
F 16, High Quarters, Pillarsallas, Chennai 600075, Tamilnadu,
India |
|
Date of Birth/Age : |
19.02.1970 |
|
Date of Appointment : |
21.12.1998 |
|
|
|
|
Name : |
Mr. R. Nehrudassan |
|
Designation : |
Director |
|
Address : |
No. 42/1881, Vandikkar Street, Thanjavur, Tamilnadu, India |
|
|
|
|
Name : |
Mr. R. Lakshmanan |
|
Designation : |
Director |
|
Address : |
No. 42/1881, Vandikkar Street, Thanjavur, Tamilnadu, India |
|
|
|
|
Name : |
Mr. K. Anbuselvan |
|
Designation : |
Director |
|
Address : |
No. 56/1462, South Rampart, Thanjavur, Tamilnadu, India |
|
|
|
|
Name : |
Mr. M Venkatesan |
|
Designation : |
Director |
|
Address : |
No. 7, 1st Cross Street, Ammaiya Pillai, Vayaiur Road,
Trichy, Tamilnadu, India |
|
|
|
|
Name : |
Mr. K. Ravichandran |
|
Designation : |
Director |
|
Address : |
No. 42/1881, Vandikkar Street, Thanjavur, Tamilnadu, India |
KEY EXECUTIVE
|
Name : |
Mr. S. Viswanathan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. R. Sucharitbra |
|
Designation : |
Company Secretary |
|
Address : |
28/59, Vivekananda Street, Gandhi Nagar, Saligraman, Chennai 600096,
Tamilnadu, India |
|
Qualification : |
B. Com. A.C.S. |
|
Tel No.: |
91-44-23623179 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. M Venkatesan |
|
10000 |
|
Mr. K. Anbuselvan |
|
10000 |
|
Mr. R. Lakshmanan |
|
10000 |
|
Mr. K. Ravichandran |
|
20000 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Pharmaceuticals and Drugs |
|
|
|
|
Product : |
|
GENERAL
INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
|
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
V N Associates Chartered Accountants |
|
Address : |
No. 8 Kennady First Street, Luz, Mylapore, Chennai 600004, Tamilnadu |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
630000 |
Equity Shares |
Rs.10/- each |
Rs.6.300
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.300 |
6.300 |
6.300 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2.246 |
2.207 |
1.008 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8.546 |
8.507 |
7.308 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
54.233 |
45.300 |
57.324 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
54.233 |
45.300 |
57.324 |
|
|
DEFERRED TAX LIABILITIES |
0.146 |
0.000 |
0.765 |
|
|
|
|
|
|
|
|
TOTAL |
62.925 |
53.807 |
65.397 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
64.777 |
66.614 |
71.667 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
42.528
|
18.300 |
10.367 |
|
|
Sundry Debtors |
37.721
|
36.666 |
18.964 |
|
|
Cash & Bank Balances |
0.415
|
0.086 |
0.042 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10.812
|
5.224 |
1.680 |
|
Total
Current Assets |
91.476
|
60.276 |
31.053 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
90.076
|
68.122 |
34.324 |
|
|
Provisions |
3.449
|
5.153 |
3.051 |
|
Total
Current Liabilities |
93.525
|
73.275 |
37.375 |
|
|
Net Current Assets |
[2.049]
|
(12.999) |
(6.322) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.197 |
0.192 |
0.052 |
|
|
|
|
|
|
|
|
TOTAL |
62.925 |
53.807 |
65.397 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
109.606 |
105.110 |
|
|
Other Income |
|
15.964 |
0.096 |
|
|
Total Income |
|
125.570 |
105.206 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.958 |
(0.932) |
|
|
Provision for Taxation |
|
0.524 |
0.807 |
|
|
Profit/(Loss) After Tax |
|
0.434 |
(1.739) |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Consumption of stores and spares parts |
|
0.000 |
82.939 |
|
|
Employee Cost and Direct Expenditure |
|
0.000 |
3.944 |
|
|
Depreciation & Amortization |
|
9.776 |
4.189 |
|
|
Administrative and Other Expenses |
|
114.836 |
15.066 |
|
Total Expenditure |
|
124.612 |
106.138 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
|
0.35 |
(1.65) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
0.87 |
(0.89) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
0.75 |
(0.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
0.11 |
(0.13) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
17.29
|
13.94 |
12.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98
|
0.82 |
0.83 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
CASSEL RESEARCH LABORATORIES PRIVATE
LIMITED |
||||||||
|
Presented
By |
Indian Overseas Bank, Adyar Branch,
Chennai 600020 |
||||||||
|
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) |
||||||||
|
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 |
||||||||
|
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 |
||||||||
|
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. |
||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Adyar Branch,
Chennai 600020 |
||||||||
|
6) Date and brief description of instrument modifying the charge |
Letter of
Confirmation dated 21.06.2004 for EM by deposit of Title Deeds Dated
19.06.2004 |
||||||||
|
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. |
EM by Deposit of
Title Deeds EM of Company
Property [Land and Building] at Thirumudivakkam Village, Sriperumbudur Taluk,
Chengalpur District, Survey No. 129, 130, Extent : 2 Acres and 50 Cents.
North By : Cannal, South Bu : Canal. East by : Land belong to Pasule Wajid.
West By : Land Belong to SIDCO
Land A2.05 Cents
and Building, Property in the name of Cassel Research Laboratories Private
Limited SRO : Padappai, Doc
No. 235/2004 as commissions, Charges etc. in first charge of IOB, Adyar
Branch, Chennai 600 020 |
|
Corporate
identity number (CIN) Foreign company registration number |
U24231TN1998PTC041617 |
|
Name of the
Company |
CASSEL RESEARCH LABORATORIES
PRIVATE LIMITED |
|
Address |
P.K. 19, Phase
V, Industrial Estate, Ekkaduthangal, Chennai 600017, Tamilnadu |
|
This form is for |
Modification of
Charges |
|
Type of Charge |
Immovable Property,
Any Interest in Immovable property, Book Debts and Others |
|
Particulars of
the charge holder |
Indian Overseas
Bank Adyar Branch,
Chennai 600020, Tamilnadu E Mail : adyarbr@chemrc01.ionet.co.in |
|
Amount secured by
the charge |
Rs.73.529
millions |
|
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 |
|
Description of
the property charged indicating |
Letter of Hypothecation
created by the Indian Overseas Bank, Adyar Branch, Chennai 20 by dated 7th
June, 2007 |
|
Date of
Instrument creating or modifying the charge |
07.06.2007 |
|
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 |
Fixed Assets
- Land
- Building
- Computer
- Office
Equipments
- Furniture and
Fixture
- Plant and
Machinery
- Vehicles
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.36 |
|
UK Pound |
1 |
Rs.78.29 |
|
Euro |
1 |
Rs.58.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|