MIRA INFORM REPORT
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Report Date : |
12.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
CAPLIN POINT LABORATORIES LIMITED |
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Registered Office : |
Narbavi No.3, Lakshmanan Street, T Nagar, Chennai 600017, Tamilnadu. |
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Country : |
India. |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.04.1990 |
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Com. Reg. No.: |
18-019053 |
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CIN No.: [Company
Identification No.] |
L24231TN1990PLC019053 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC00929F |
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PAN No.: [Permanent
Account No.] |
AABCC2667F |
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Legal Form : |
Public Limited Liability Company. The Company Shares are listed on
stock exchange. |
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Line of Business : |
Manufacture of wide range of Ointments, Creams and other
External application preparations in addition to the regular segments of
pharmaceutical formulations. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Maximum Credit Limit : |
USD 700000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject's is track can be regarded as poor. It's payments are reported
as slow and delayed. The Company can be considered for any business dealings on safe and
secured trade terms and conditions, only. |
LOCATIONS
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Registered Office/Corporate office : |
Narbavi No.3, Lakshmanan Street, T Nagar, Chennai 600017, Tamilnadu, India. |
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Tel. No.: |
91-44-28156653 / 28156905 |
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Fax No.: |
91-44-28154952 |
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E-Mail : |
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Website : |
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Factory : |
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Unit 1: |
R.S. No.85/3, Suthukeny Village, Katterikuppm (Post), Mannadipet
Commune Panchyat, Pondicherry 605502,
India. |
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Tel. No.: |
91-413-2674402 / 2674137 |
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Fax No.: |
91-413-2674002 |
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E-Mail : |
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Unit 2 : |
19, Chinnapuliyur Village, Gummidipoondi, Thiruvallur District,
Tamilnadu, India. |
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Tel. No.: |
91-44-27940274 / 65311262 |
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Fax No.: |
91-44-27940274 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. C C Paarthipan |
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Designation : |
Chairman |
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Name : |
Mr. M Jaypal |
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Designation : |
Managing Director |
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Name : |
Mr. K Kanmani Portko |
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Designation : |
Director |
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Name : |
Mr. P T Baby Thomas |
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Designation : |
Director |
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Name : |
Mr. V Thirumalai |
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Designation : |
Director |
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Name : |
Mr. Nirmal Kumar |
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Designation : |
Alternate Director to Mr. P T Baby Thomas |
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Name : |
Mr. Ajit Joseph |
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Designation : |
Manager- Operations |
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Name : |
Mr. R Balakrishnan |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Livingston |
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Designation : |
Vice President-Technical |
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Name : |
Mr. A Hameed |
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Designation : |
Manager-Exports |
BUSINESS DETAILS
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Line of Business : |
Manufacture of wide range of Ointments, Creams and other External
application preparations in addition to the regular segments of
pharmaceutical formulations. |
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Products : |
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·
Analgesic and Antipyretic ·
Antacid ·
Anthelmintic ·
Anti-amoebic ·
Anti-bacterials ·
Antibiotic ·
Anti-cold ·
Antihistaminic ·
Anti-Diabetic ·
Anti-hypertensives and Anti-anginals ·
Anti-malarial ·
Antirheumatic ·
Anti-spasmodic ·
Anti-Tubercular ·
Anti-viral ·
Bronchodilator ·
Cortisone ·
Cough Syrup ·
Diuretic ·
Haematinic ·
Oral Rehydration Salts ·
Ointments and Gels ·
Urinary Antibacterial ·
Vitamin Supplements ·
Novel and Special Products ·
Biotech and Other Lyophilized Products ·
Anti-Rabies Vaccine (Trading in India) ·
Effervescent Tablets (Trading) ·
Softgel capsules (Trading ·
Medical and Hospital
Consumables (Trading) |
PRODUCTION STATUS
(As on 31.03.2007)
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Particulars |
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Actual
Production (Quantity.
in Nos.) |
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Tablets |
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246213328 |
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Capsules |
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33672324 |
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Injections |
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7667452 |
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Liquids |
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1778480 |
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Ointments |
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3835326 |
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Powder |
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1773650 |
GENERAL
INFORMATION
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Bankers : |
The Catholic Syrian Bank Limited, Mount Road Branch, Tarapore Towers,
Chennai 600002, Tamilnadu, India. |
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Facilities : |
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Banking
Relations : |
Unknown |
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Auditors : |
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Name : |
Hari and Eswaran, Chartered Accountant |
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Address : |
17/71, Stonedge Towers, 1st Floor, 1st Avenue,
Ashok Nagar, Chennai 600083, Tamilnadu, India. |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/-Each |
Rs.150.000Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
13010000 |
Equity Shares |
Rs.10/-Each |
Rs.130.100Millions |
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Note: Paid up share capital includes an Rs.3.162 Millions. For 316200
equity shares of Rs.10 each allotted for consideration other than cash |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 (9 month) |
30.06.2006 |
30.06.2005 (15 month) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
130.100 |
130.100 |
50.900 |
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2] Share Application Money |
0.000 |
0.000 |
(54.600) |
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3] Reserves & Surplus |
9.800 |
3.800 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(8.442) |
0.000 |
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NETWORTH |
139.900 |
125.458 |
(3.700) |
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LOAN FUNDS |
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1] Secured Loans |
67.041 |
96.113 |
75.900 |
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2] Unsecured Loans |
1.225 |
1.275 |
1.300 |
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TOTAL BORROWING |
68.266 |
97.388 |
77.200 |
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DEFERRED TAX LIABILITIES |
4.664 |
4.238 |
0.000 |
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TOTAL |
212.830 |
227.084 |
73.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
136.631 |
137.113 |
43.100 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.490 |
1.457 |
0.300 |
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DEFERREX TAX ASSETS |
0.000 |
1.263 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
22.400 |
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Sundry Debtors |
0.000
|
0.000 |
50.600 |
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Cash & Bank Balances |
0.000
|
0.000 |
0.800 |
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Other Current Assets |
196.984
|
221.508 |
0.000 |
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Loans & Advances |
44.058
|
55.782 |
6.600 |
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Total
Current Assets |
241.042
|
277.290 |
80.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
149.685
|
180.472 |
51.400 |
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Provisions |
17.071
|
10.448 |
0.700 |
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Total
Current Liabilities |
166.756
|
190.920 |
52.100 |
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Net Current Assets |
74.286
|
86.370 |
28.300 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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DEFERRED REVENUE EXPENDITURE |
0.423 |
0.881 |
1.800 |
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TOTAL |
212.830 |
227.084 |
73.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 (9 month) |
30.06.2006 |
30.06.2005 (15 month) |
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Sales Turnover |
377.708 |
240.857 |
262.900 |
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Other Income |
76.070 |
82.946 |
0.200 |
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Total Income |
453.778 |
323.803 |
263.100 |
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Profit/(Loss) Before Tax |
23.142 |
25.838 |
7.100 |
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Provision for Taxation |
8.701 |
3.120 |
0.700 |
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Profit/(Loss) After Tax |
14.441 |
22.718 |
6.400 |
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Import Value |
65.347 |
9.695 |
NA |
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Export Value |
185.090 |
32.371 |
NA |
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Expenditures : |
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Cost of Goods Sold |
290.733 |
188.835 |
NA |
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Manufacturing Expenses |
NA |
NA |
44.500 |
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Employee cost |
NA |
NA |
15.200 |
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Selling Over heads |
5.314 |
2.432 |
7.100 |
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Administrative Expenses |
30.621 |
17.571 |
0.000 |
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Raw Material Consumed |
NA |
NA |
177.100 |
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Increase/(Decrease) in Finished Goods |
NA |
NA |
(3.700) |
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Interest |
7.473 |
2.826 |
0.200 |
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Miscellaneous Expenses |
NA |
NA |
4.900 |
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Depreciation & Amortization |
13.476 |
4.277 |
4.100 |
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Power and Fuel cost |
NA |
NA |
6.600 |
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Other Expenditure |
83.019 |
82.024 |
NA |
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Total Expenditure |
430.636 |
297.965 |
256.000 |
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SUMMARISED RESULTS
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PARTICULARS |
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|
30.06.2008 |
|
Type |
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Full Year |
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Sales Turnover |
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|
562.000 |
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Other Income |
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|
20.500 |
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Total Income |
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|
582.500 |
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Total Expenditure |
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|
583.900 |
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Operating Profit |
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(1.400) |
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Interest |
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|
8.300 |
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Gross Profit |
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(9.700) |
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Depreciation |
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|
8.600 |
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Tax |
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|
0.600 |
|
Reported PAT |
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(19.600) |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.09.2008 |
|
Type |
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|
1st
Quarter |
|
Sales Turnover |
|
|
158.200 |
|
Other Income |
|
|
4.000 |
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Total Income |
|
|
162.200 |
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Total Expenditure |
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|
144.200 |
|
Operating Profit |
|
|
18.000 |
|
Interest |
|
|
2.500 |
|
Gross Profit |
|
|
15.500 |
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Depreciation |
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|
2.100 |
|
Tax |
|
|
2.000 |
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Reported PAT |
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|
13.200 |
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
30.06.2006 |
30.06.2005 |
|
Debt-Equity Ratio |
6.200 |
14.300 |
0.000 |
|
Long Term Debt-Equity Ratio |
1.300 |
7.500 |
0.000 |
|
Current Ratio |
10.500 |
10.800 |
8.000 |
|
Fixed Assets |
31.700 |
24.100 |
29.900 |
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Inventory |
133.100 |
81.600 |
136.100 |
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Debtors |
50.100 |
37.700 |
45.800 |
|
Interest Cover Ratio |
40.800 |
102.100 |
365.000 |
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Operating Profit Margin(%) |
99.600 |
107.800 |
43.400 |
|
Profit Before Interest And Tax Margin(%) |
69.100 |
93.700 |
27.800 |
|
Cash Profit Margin(%) |
63.000 |
88.400 |
39.900 |
|
Adjusted Net Profit Margin(%) |
32.500 |
74.400 |
24.300 |
|
Return On Capital Employed(%) |
186.300 |
158.800 |
44.600 |
|
Return On Net Worth(%) |
140.200 |
241.000 |
93.900 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS AND OUTLOOK:
The Company could achieve a growth of 86% in terms of revenue as compared
to previous year on annualized basis and has also recorded an export turn over
of 185.000 Millions during the period as compared to Rs.32.300 Millions in the
previous year This is mainly due to merged operations. The Profit before
depreciation and tax has increased from 30.115 Millions to 36.617 Millions and
has wiped out all the carry forward losses
PRODUCT
REGISTRATION:
The company has
completed product registrations in 21 countries. The total number of
registrations are in the region of 720. as of now. They are mainly in countries
that are mostly Spanish, French and Portuguese colonies where the competition
is few and far between. Due to this unique positioning the company is poised to
go for a quantum leap.
BIOTECHNOLOGY
The company has already
made its foray into Biotech products which is the order of the day in the
Indian Pharmaceutical Industry. The company has started manufacturing certain
Life saving products that are being produced only by large companies all these
years.
In addition to the
contract manufacturing of Biotech products for few major companies in India,
the company has also launched its brand marketing in the domestic market.
ANTI - RABIES
VACCINE
Sensing the huge
scope for the above vaccine, the company has entered into an agreement for the
import of Anti-Rabies Vaccine from a leading company from abroad The company
has completed the necessary clinical trials and it is very much in an advanced
stage to get the permission for import of the Anti-Rabies Vaccine for Indian market
where the demand always exceeds supply.
With the revival of
Export operations, the Registration of their Products in South American
Countries and the initiatives as above, Revenue and Profitability is expected
to grow in the coming years. The Company is also exploring different marketing
strategies to tap the market in these areas .In order to meet competition the
company is also sourcing products from cost effective vendors both within and
outside India.
Fixed Assets:
o
Goodwill
o
Land
o
Buildings
o
Plant and Machinery
o
A/C Plant
o
Furniture and Fixture
o
Office Equipments
o
Electrical Fittings
o
Electrical Installations
o
Motor Vehicles
o
Tools and Spares
o
Lab Equipments
o
Cycle
o
Furniture and Fixturekenya
Contingent Liabilities relating to the following items not quantifiable:
(I)
Interest on delay in payment of TDS
(II)
Interest on delay in payment of statutory dues of P.F / E.S.I
(III) Exchange rate fluctuations with reference to debtors outstanding for period exceeding 5 years in respect of which approval has been obtained from the relevant statutory authority extending time.for the realisation of the proceeds.
(IV) Interest claim by over due creditors.
(V) Premium on LIC group gratuity for the
year ended 31.03.2007
Websites Details Attached:
Company Profile:
Subject is a public listed company. The genesis of subject took place in the year 1990 as a Private Limited company mainly to manufacture a wide range of Ointments, Creams and other External application preparations in addition to the regular segments of pharmaceutical formulations.
In 1994, Subject got converted to a Limited Company and approached the public. It will not be out of place to mention here that the public issue was successfully over subscribed 117 times which is a record in the pharmaceutical industry as of date. The entire proceeds of the public issue were deployed in the manufacturing facility and got translated into a beautiful state-of-the-art factory.
May (India) Laboratories Private Limited., Chennai, has merged with subject during the year 2006 after the completion of all the necessary statutory requirements.
Registration:
Already products registrations undertaken in different parts of the world and registration work in progress in certain other countries.
Products registered in countries
· Latin and Central America
1. Dominican Republic
2. El Salvador
3. Guatemala
4. Honduras
5. Nicaragua
6. Venezuela
7. Jamaica
· African Countries
1. Angola
2. Ivory Coast
3. Benin
4. Togo
5. Mauritania
6. Cameroon
7. Senegal
8. Republic of Guinea
9. Madagascar
· Asian Countries
1. India (contract manufacturing and Bio-tech products)
2. Myanmar
3. Srilanka
4. Vietnam
5. Phillipines
6. Indonesia
7. Cambodia
COUNTRIES WHERE REGISTRATION WORK IS IN PROGRESS
· Latin and Central American countries
1. Costa Rica
2. Panama
3. Peru
· African Countries
1. Equatorial Guinea
2. Central African Republic
· Asian Countries
1. Malaysia
Press Release:
Caplin Point Laboratories
Published on Sat, Mar08 at 11:07,
Source: BSE
Caplin Point Laboratories Limited has informed BSE that the factory at
pondichery (Unit I) has been temporarily closed /laid off from March03, 2008
due to an attack by a group of 300 people of neighboring village arising out of
a death of a contractual employee. This has resulted in damage to few
machinery, lab equipment, glass windows, electrical and other fittings and
stocks. The Factory has been temporarily closed/lay off to avoid recurrence of
such event until further notice as no workmen/staff reported for duty after the
incident. The Company has also informed the insurance Company with regard to
the damages. The company is in the process of collating information with regard
to the extent of loss to submit the claim. In the meantime, Operations are
continuing in the company's Gummidipoondi Unit II factory and the company also
propose to outsource some job work to other Companies to meet the supply
targets. These steps taken together with its equal focus on trading, the
Company hope the loose arising out of the disruption would be mitigated.
Corporate Notices:
14.10.2008
Source: BSE – Caplin Point Laboratories Limited has informed BSE that
the Hon'ble High Court of judicature, Madras has approved the Scheme of
Amalgamation of M/S. Malind Laboratories Private Limited with the company Vide
its.
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.47.59 |
|
UK Pound |
1 |
Rs.74.55 |
|
Euro |
1 |
Rs.60.57 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
19 |
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 |
|