MIRA
INFORM REPORT
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Report Date : |
07.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
CPC DIAGNOSTICS PRIVATE LIMITED |
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Registered Office : |
Flat No.9 Gokul Towers No.9 and 10 C. P. Ramaswami Road,
Alwarpet, Chennai - 600 018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.07.1991 |
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Com. Reg. No.: |
021095 |
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CIN No.: [Company
Identification No.] |
U52599TN1991PTC021095 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC00953B |
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PAN No.: [Permanent
Account No.] |
AAACC3142N |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Distributor of Diagnostics Reagents and Medical Equipment. |
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 160000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
records. Financial position is good. Payments are correct and as per
commitments. The company is doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Flat No.9 Gokul Towers No.9 and 10 C. P. Ramaswami Road,
Alwarpet, Chennai - 600 018, Tamilnadu, India |
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Tel. No.: |
91 - 44 - 24993989 |
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Fax No.: |
91 - 44 - 24993357 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at: ·
Chennai ·
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Kerala ·
Tamilnadu ·
Karnataka ·
Andhra Pradesh |
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Distribution Office : |
# T4, III Floor, Gokul Towers No.9 and 10 C. P. Ramaswami Road,
Alwarpet, Chennai - 600 018, Tamilnadu, India |
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Corporate Office : |
Khadi Gramodyog Complex 3, Chennai – 600 086, Tamilnadu, India |
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Tel. No.: |
91-44-24993989 |
DIRECTORS
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Name : |
Mr. R. Kailasnath |
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Designation : |
Whole Time Director |
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Address : |
L – 5, Aashiana Apartment, No.9, Venus Colony, II Street, Alwarpet,
Chennai - 600 018, Tamilnadu, India |
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Date of Birth/Age : |
05.12.1951 |
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Date of Appointment : |
10.07.1991 |
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Name : |
Mr. R. Panchanath |
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Designation : |
Whole Time Director |
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Address : |
L – 6, Aashiana Apartment, No.9, Venus Colony, II Street, Alwarpet,
Chennai - 600 018, Tamilnadu, India |
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Date of Birth/Age : |
22.02.1958 |
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Date of Appointment : |
10.07.1991 |
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Name : |
Mr. T. K. Prakash |
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Designation : |
Whole Time Director |
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Address : |
No. 301, The Palmgrove, Link Garden Road, Kaloor P.O., Kochi – 682 017
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Date of Birth/Age : |
23.11.1952 |
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Date of Appointment : |
29.09.1998 |
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Name : |
Ms. Malini Kailashnath |
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Designation : |
Whole Time Director |
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Address : |
L – 5, Aashiana Apartment, No.9, Venus Colony, II Street, Alwarpet,
Chennai - 600 018, Tamilnadu, India |
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Date of Birth/Age : |
08.03.1959 |
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Date of Appointment : |
29.09.1998 |
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Name : |
Ms. Bhuvana Panchanath |
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Designation : |
Whole Time Director |
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Address : |
L – 6, Aashiana Apartment, No.9, Venus Colony, II Street, Alwarpet,
Chennai - 600 018, Tamilnadu, India |
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Date of Birth/Age : |
09.05.1963 |
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Date of Appointment : |
29.09.1998 |
KEY EXECUTIVES
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Name : |
Mr. K.R. Ganapathy |
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Designation : |
Adviser |
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Name : |
Mr. R. Subbarayan |
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Designation : |
Adviser |
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Name : |
Mr. N. Radhakrishnan |
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Designation : |
Adviser |
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Name : |
Mr. A.K. Narayan |
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Designation : |
Adviser |
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Name : |
Mr. Gandhi Prasad |
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Designation : |
Adviser |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 28.09.2007
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Names of Shareholders |
No. of Shares |
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R. Kailasnath |
19636 |
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R. Panchanath |
17136 |
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Malini Kailashnath |
17684 |
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Bhuvana Panchanath |
17284 |
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T. K. Prakash |
6000 |
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K. S. Narayan |
1000 |
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Radhakrishnan |
1000 |
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C. Suresh |
1000 |
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P.V. Seethalakshmi and K. S. Narayan |
1200 |
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S. Sridhar and Kalapakam Sridhar |
2912 |
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Rajesh Yashwant Ausa |
500 |
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S. Valsan |
600 |
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V P. Bharathwajan |
700 |
As on 28.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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86.00 |
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Others |
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14.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Diagnostics Reagents and Medical Equipment. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 120 |
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Bankers : |
Syndicate Bank, Corporate Finance Branch, First Floor, 170 Eldams
Road, Teynampet, Chennai – 600 018, Tamilnadu, India |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
S. Rajagopalan Associates Chartered Accountants |
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Address : |
(Old No. 13) 1, Appadurai Street, Teynampet, Chennai – 600 018,
Tamilnadu, India |
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Associates/Subsidiaries : |
CPC Medical Systemz Private Limited CIN No: U33112TN2005PTC057915 Address: New No. 31 (Old No. 20), P. S. Sivaswamy Salai, Mylapore,
Chennai - 600 004, Tamilnadu, India Tel. No.: 91 - 44 – 24996280 Fax No.: 91 - 44 – 24996280 E-Mail : info@cpcmedsyz.in |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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130000 |
Equity Shares |
Rs.100/- Each |
Rs.13.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
92552 |
Equity Shares |
Rs.100/-
Each |
Rs.9.255
Millions |
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Opening Balance (71840 Equity Shares of
Rs.100/- each fully paid up) – Rs.7.184 millions
Add: Further allotment 20712 shares – Rs.2.071
Total: Rs.9.255 millions
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 |
9.255 |
7.184 |
4.971 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.745 |
14.701 |
10.526 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.000 |
21.885 |
15.497 |
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LOAN FUNDS |
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1] Secured Loans |
35.577 |
18.325 |
14.157 |
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2] Unsecured Loans |
2.368 |
2.058 |
3.472 |
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TOTAL BORROWING |
37.945 |
20.383 |
17.629 |
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DEFERRED TAX LIABILITIES |
2.530 |
2.002 |
1.456 |
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TOTAL |
72.475 |
44.270 |
34.582 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.634 |
24.153 |
10.876 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
2.750 |
0.750 |
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 |
16.452
|
11.895 |
9.252 |
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Sundry Debtors |
46.905
|
31.824 |
25.976 |
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Cash & Bank Balances |
1.700
|
2.749 |
3.320 |
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Other Current Assets |
3.679
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3.631 |
1.264 |
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Loans & Advances |
7.488
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9.156 |
2.076 |
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Total
Current Assets |
76.224
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59.255 |
41.888 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
26.451
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27.012 |
10.999 |
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Provisions |
18.682
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12.902 |
7.217 |
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Total
Current Liabilities |
45.133
|
39.914 |
18.216 |
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Net Current Assets |
31.091
|
19.341 |
23.672 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.026 |
0.034 |
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TOTAL |
72.475 |
44.270 |
34.582 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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|
185.262 |
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Other Income |
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0.000 |
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Total Income |
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185.262 |
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Profit/(Loss) Before Tax |
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15.088 |
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Provision for Taxation |
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|
5.996 |
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Profit/(Loss) After Tax |
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|
9.092 |
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Export Value |
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|
6.540 |
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Import Value |
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73.642 |
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Total Expenditure |
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170.174 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
4.91
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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
8.14
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.83
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.47
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.60
|
2.76 |
2.31 |
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Current Ratio (Current Asset/Current Liability) |
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1.69
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1.48 |
2.30 |
LOCAL AGENCY
FURTHER INFORMATION
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This form is for |
Modification of charge
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Charge
identification number of the modified
|
90287925 |
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Corporate
identity number of the company |
U52599TN1991PTC021095 |
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Name of the
company |
CPC DIAGNOSTICS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Flat No.9 Gokul Towers No.9 and 10 C. P. Ramaswami Road,
Alwarpet, Chennai - 600 018, Tamilnadu, India |
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Type of charge |
Immovable
Property Book Debts Movable Property Others
(Instruments, Equipments, Computer Accessories) |
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Particular of
charge holder |
Syndicate Bank, Corporate Finance Branch, First Floor, 170 Eldams
Road, Teynampet, Chennai – 600 018, Tamilnadu, India E-Mail: sybkcfb@yahoo.co.uk |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement Confirmation of
creation of second/ subsequent Equitable Mortgage |
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Date of
instrument Creating the charge |
15.10.2007 |
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Amount secured by
the charge |
Rs.98.007
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
PLR+1 i.e. 14% at present for SODH, Short Term Loans Terms of Repayment:
Existing WCTL limit, short term loan I, II and III will continue at the
existing terms. Fresh STL 200 lacs shall be repaid in 35 equated monthly
installments. Short term loan of Rs.5.000 Millions shall be repaid equated
monthly installments. All other loans repayable on demand. Margin: There is
no change in the margin of the existing loans. SODH STOCK 30% and Book Debts
40% New Short Loans – 20% FLC – USANCE/ SIGHT and Bank Guarantee – 10% cash
margin. Extent and
Operation of the charge: Charge on the Stock in trade, Book debts,
Instruments, Equipments, Office Equipments, Demo Equipments, Cooling
Equipments, Furniture and Fixtures, Instruments and Equipments acquired
through LCs on sight basis. Collateral Security of Flat No. 9 in 5th
Floor of Gokul Towers, at 9 and 10 SIR C P Ramasamy Road Alwarpet Chennai 18
together with 1/16th UDS in 25037 sq ft. Others: As per
sanction Letter and Documents executed. |
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Short particulars
of the property charged |
Charge on the
Stock in trade, Book debts, Instruments, Equipments, Office Equipments, Demo
Equipments, Cooling Equipments, Furniture and Fixtures, Instruments and
Equipments acquired through LCs on sight basis at the company’s premises and
wherever else stored, collateral security of Flat No. 9 in 5th
Floor of Gokul Towers, at 9 and 10 SIR C P Ramasamy Road Alwarpet Chennai 18
together with 1/16th UDS in 25037 sq ft. |
|
Date of latest
modification prior to the present modification |
09.08.2006 |
|
Particulars of
the present modification |
Existing limits of Rs.55.199 millions have been modified/
enhanced to Rs.98.007 millions, break up of which is SODH 275 lacs, Fresh STL
200 lacs, Fresh STL 50 lacs, Fresh LC 115 lacs, Fresh BG 50 lacs, and
following existing limits renewed at existing outstanding levels WCTL 38.97
lacs, STL – 10.69 lacs, STL II – 116.41 lacs, STL III – 100 lacs, STL IV –
ERP 24 lacs, other existing limits cancelled on the terms and conditions and
security stated above. |
Company Growth:
Compared to the last year sales for the current year has increased by
42%. The profit after tax has increased by 106% from Rs.4.441 millions in last
year to Rs.9.164 millions this financial year.
Dividend:
Directors recommend a final dividend of 10% (i.e. Rs.10/- per share) for
the year 2006-2007. Company also declared a interim Dividend of 5% (i.e. Rs.5/-
per share)
Product Portfolio
and Revenues:
Contribution to company’s and profitability growth has come from small
Instrument and Immuno diagnostic segments. Market Growth in Mainframe
instruments is significant, but most customers prefer the rental option. The
benefit in turnover for CPC will be evident in successive years. Sales of
Clinical Chemistry Reagents improved marginally. They have also gained on
account of a stroger ruppe, price reduction from Principals and lower interest
costs.
Sales of the new product procalcitonin (launched last year) is picking
up and it is anticipated they will realize the full potential in year 2007-08.
They are progressing towards the goal of tripling the current year
turnover in 3 years time. Operational issues and competitive pressures and
relation stagnation in the mainframe instrument segment will be overcome in due
course.
During the year they have also set up a subsidiary company CPC Medical Systemz for manufacture of Cell
Counter in collaboration with AL Systeme, Germany who have taken 24% stake in
the company. The unit recently commenced its operations in Chennai.
FIXED ASSETS:
- Land
- Building
- Plant and
Machinery
- Plant and
Machinery
- Vehicles
- Furniture and
Fittings
WEBSITE DETAILS:
PROFILE:
Subject is a dedicated provider of products and services to the Clinical
Laboratory industry in India, Sri Lanka and Bangladesh. The experience and expertise
that they have gained since they began in 1987 have made them a respected and
trusted organization.
They derive their strength through enduring relationships with customers, based
on the commitment to deliver valuable products and timely end-user support.
CPC’s logo represents the five elements that combine to provide life. It is an
expression of the desire to grow the business on sustainable values,
contributing to the well being of the customers, suppliers, distributor
partners and employees.
The success of subject owes a lot to its dynamic team of Management, Staff and
Advisors who together have worked to provide their customers with outstanding
support be it products, post-sales service or guidance.
CPC has entered into a technical collaboration with AL SYSTEME, Germany, to
manufacture Haematology analysers in India through its manufacturing arm CPC
Medical Systemz.
MANAGEMENT:
R. Kailasnath, the Managing Director has rich marketing
experience prior to starting this business venture. He was with Indian Drugs
and Pharmaceuticals as well as Sarabhai Chemicals in their Pharmaceutical
divisions as a field executive in TamilNadu and Kerala. After a successful
stint in these firms he commenced the diagnostics business with an agency in
South India for biochemistry reagents. He has now grown it into an organization
operating in India and Sri Lanka with multiple divisions in Clinical Chemistry,
Immunology and Life Sciences. He is also currently the Treasurer of the
Association of Medical Devices and Diagnostic Suppliers of India.
CUSTOMERS SUPPORT:
CPC has built its reputation in the industry
through commitment to customer support. Be it timely delivery of consumables,
prompt attention to service requests or dedicated training to users, CPC is
always trusted to deliver value.
CPC believes that trust is established and sustained only through consistency
in customer support activities. It is the endeavor to maintain high standards
and continue to earn appreciation through such consistency as well as innovation
in the practices.
Here is what some of the customers have to say about them:
"We could rate CPC as one of the most reliable and
trusted distributors for diagnostic reagents and instruments."
- Ehrlich Laboratories, Chennai
"The after
sales service has been extremely satisfactory. The down time of the instruments
has been negligible."
- Anand Diagnostic Laboratory, Bangalore
"The technical support from CPC is very
satisfactory and praise worthy."
- Clinigene International Private Limited, Bangalore
"The post sales service by the organisation is very good,
considering even the remoteness of the area the service personnel are prompt
and courteous."
- Dr. T. K Atmaram
CMO Mudi’s Garden Hospital Mudi, Coimbatore District, Tamil Nadu
PRODUCTS:
The foundation of every relationship is trust
At CPC, they understand this basic truth.
With trust comes the responsibility to support the clients - laboratories who
are offering crucial life saving services to their customers. It has been the
policy to put the customers' requirements before everything else.
This commitment has earned them a large percentage of reference customers
covering the complete spectrum - right from stand-alone laboratories and
nursing homes to multi-speciality hospitals and research centers.
Over 2000 installations and an outstanding service record stand testimony to
this fact.
CPC presents a wide variety of quality products, ranging from the very well
accepted to cutting-edge, from the very common to the specialized. Customers
today like to give their patients the test results that are speedy, reliable
and comprehensive. CPC's products, instruments and reagent kits meet these
demands of modern clinical laboratory.
CONFERENCES:
They participate in the following conferences:
MICROCON 32nd National Congress of the Indian Association of Medical
Microbiologists 23rd Annual Congress of Indian Rheumatologist Association.
Venue: AFMC, Pune
Date: 21st - 25th Oct 2008
IRACON 2008 24th Annual Conference of Indian Rheumatologist Association
Venue: Pune
Date: 26th Nov – 29th Nov 2008
APCON 2008 57th Annual Conference of “Indian Association of Pathologists
and Microbiologists”
Venue: S.R.M Medical College Hospital and Research Centre, Chennai.
Date: 15th Dec – 18th Dec 2008
ACBICON 2008 35th Annual National Conference of “Association of Clinical
Biochemists of India” Venue: Vedic Village International Spa Resort, Shikarpur, Rajarhat, Kolkatta.
Date: 19th Dec – 21st Dec 2008.
ISCCM 15th Annual conference of Indian Society of Critical Care Medicine
Venue: Jaypee Palace Convention Centre, Agra,
Date: 19th Feb – 22nd Feb 2009.
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.47.67 |
|
UK Pound |
1 |
Rs.75.47 |
|
Euro |
1 |
Rs.61.19 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|