MIRA INFORM REPORT

 

 

Report Date :

24.05.2007

 

IDENTIFICATION DETAILS

 

Name :

COGNIS AHURA PRIVATE LIMITED

 

 

Registered Office :

Darabshaw House, Ballard Estate, Mumbai-400038, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

02.11.1982

 

 

Com. Reg. No.:

11-28604

 

 

CIN No.:

[Company Identification No.]

U28124MH1982PTC028604

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMC10413E

 

 

PAN No.:

[Permanent Account No.]

AAACA4612M

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturers of Chemicals and chemical Products.

 

 

RATING & COMMENTS

 

MIRA’s 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 210000

 

 

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 :

Darabshaw House, Ballard Estate, Mumbai-400038, Maharashtra, India

Tel. No.:

91-22-22610021

E-Mail :

pklbs@bom2.vsnl.net.in

 

 

Head Office :

146, Jolly Maker Chamber No.2, Nariman Point, Mumbai-400021, Maharashtra, India

Tel. No.:

91-22-22820192/ 22823842

Fax No.:

91-22-22874973

 

 

DIRECTORS

 

Name :

Mr. Behram B Dubash

Designation :

Director

Address :

Benzer Terrace, 95-A, Abdul Gaffar Khan Road, Worli, Mumbai-400025

Date of Birth/Age :

29.10.1936

Date of Appointment :

02.11.1982

 

 

Name :

Mr. Darab B Dubash

Designation :

Director

Address :

Husmun, 89-B, Bhulabhai Desai Road, Mumbai-400026

Date of Birth/Age :

28.06.1938

Date of Appointment :

02.11.1982

 

 

Name :

Mr. Goutam S Bhattacharya

Designation :

Director

Address :

18-Green Gardens, W D Patil Marg, Mumbai-400088

Date of Birth/Age :

12.11.1947

Date of Appointment :

19.05.1993

 

 

Name :

Mr. Martin Hampe

Designation :

Director

Address :

Dechant- Hess Street, 40 41468 Neuss, Germany

Date of Birth/Age :

25.02.1961

Date of Ceasing :

28.01.2005

 

 

Name :

Mr. Marco Swaboda

Designation :

Director

Address :

Hermann- Dornsdcheidt Strasse 34, 40470, Duesseldort, Germany

Date of Birth/Age :

23.09.1971

Date of Ceasing :

28.01.2005

 

 

Name :

Mrs. Bakhtawar B Dubash

Designation :

Additional Director (Alternate of Mr. Behram B Dubash)

Address :

Benzer Terrace, 95-A, Abdul Gaffar Khan Road, Worli, Mumbai-400025

Date of Birth/Age :

19.06.1952

Date of Appointment :

12.06.2002

 

 

Name :

Mr. Arvind D Dubash

Designation :

Additional Director (Alternate of Mr. Darab B Dubashs)

Address :

Husmun, 89-B, Bhulabhai Desai Road, Mumbai-400026

Date of Birth/Age :

10.02.1970

Date of Appointment :

12.06.2002

 

 

Name :

Mr. Yusuf Aktalay

Designation :

Additional Director

Address :

Rheinalle 170, Dusseldorf, Germany

Date of Birth/Age :

08.10.1953

Date of Appointment :

28.01.2005

 

 

Name :

Mr. Christoph Kowitz

Designation :

Additional Director

Address :

Gerhart- Hauptmann- Weg 48, 41469 Neuss, Germany

Date of Birth/Age :

15.05.1968

Date of Appointment :

28.01.2005

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Mr. Behram B Dubash

1

Mr. Darab B Dubash

1

Mr. Behram B Dubash and Behram Dubash Private Limited

1499

Mr. Darab B Dubash and Darab Dubash Private Limited

1499

Transimpex Private Limited

46000

Mr. Behram B Dubash and Mrs, Bakhtawar B Dubash

25500

Mr. Darab B Dubash, Mrs. Sudha D Dubash and Mr. Arvind D Dubash

25500

Cognis B V

104081

Total

204081

 

As on 31.03.2006

Names of Shareholders

 

Percentage of Holding

Foreign Holdings

 

51.00

Bodies corporate

 

23.00

Directors or relatives of directors

 

26.00

Total

 

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Chemicals and chemical Products.

 

 

Products :

Auxiliary Chemicals

 

GENERAL INFORMATION

 

Bankers :

Bank of India, Ballard Estate Branch, Mumbai-400038.

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Deloitte Haskins & Sells

Chartered Accountants

Address :

12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018, Maharashtra

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2100000

Equity Shares

Rs.10/- each

Rs.21.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

204081

Equity Shares

Rs.100/- each

Rs.20.408 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2006

31.03.2005

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

20.408

20.408

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

32.639

25.339

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

53.047

45.747

LOAN FUNDS

 

 

 

1] Secured Loans

 

9.367

10.350

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

9.367

10.350

DEFERRED TAX LIABILITIES

 

2.548

3.460

 

 

 

 

TOTAL

 

64.962

59.557

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

19.128

18.066

Capital work-in-progress

 

0.000

0.370

 

 

 

 

INVESTMENT

 

0.036

0.036

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

13.678

11.085

 

Sundry Debtors
 

52.304

43.839

 

Cash & Bank Balances
 

0.919

1.161

 

Other Current Assets
 

0.006

0.029

 

Loans & Advances
 

15.007

14.764

Total Current Assets
 

81.914

70.878

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

30.280

25.140

 

Provisions
 

5.836

4.653

Total Current Liabilities
 

36.116

29.793

Net Current Assets
 

45.798

41.085

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

64.962

59.557

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2006

31.03.2005

PAT / Total Income

(%)
 

NA

NA

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

NA

NA

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

NA

NA

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

NA

NA

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.86

0.88

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.27

2.38

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8 Particular for creation or modification of charges 

Name of the company

AUSCHEM SHURA PRIVATE LIMITED

Presented By

BANK OF INDIA, BALLARD ESTATE BRANCH, MUMBAI

1) Date and description of instrument creating the change

Equitable mortgage deposit of title deeds to immovable property dated 31.01.1997.

2) Amount secured by the charge/amount owing on the securities of charge

Rs.15.400 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

(Rs. In millions)

Limits

 

CC – Stocks

6.000

Book debts

7.500

IBP/BD

2.000

Maximum

11.600

Inland

1.000

Letter of credit

2.000

Deferred payment gtee

0.800

Total

15.400

 

All that piece or parcel of land known as Plot No.D-7/1/1 in the Tarapur Industrial Area, within the village limits of Salwad Tal. And registration sub district Palghar district and Registration District Thane containing by admeasuring 12337 square meters or thereabouts and bonded as follows that is to say.

 

On or towards the North by Estate Road and PlotNo.D-7/1/2.

 

On or towards the south by Private Land

 

On or towards the east by Plot No.P1 and Plot No.D-7-1-2

 

On or towards the west by Plot No.D-7/2

4) Gist of the terms and conditions and extent and operation of the charge.

Rates of interest/ commission :

C/C – Interest @ 6.75% OBR Min.18.75% p.a.

 

IBP Bills Discount :

As per the applicable rates at the time of the transaction interest 6.75% OBR Min. 18.75% p.a.

 

Inland Guarantee :

As per the applicable rates of commission at the time of issuance of guarantee.

 

LC :

As per FEDAI regulations

 

Deferred payment guarantee :

As per the applicable rates at the time of issuance of the guarantee.

5) Name and Address and description of the person entitled to the charge.

Bank of India

Ballard Estate Branch,

Mumbai-400038.

6) Date  and brief description of instrument modifying the charge

Extension of equitable mortgage dated 05.08.1998.

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.

Original charge created on 31.01.1997 for Rs.15.400 millions.

 

Now by this present modification dated 05.08.1998 charge enhancing from Rs.15.400 millions to Rs.15.500 millions.

(Rs. In millions)

Facilities

Existing limit

Enhanced limit

Rate of interest/ commission

Cash credit

(Hypothecation of stocks)

6.000

6.000

4% OBOIPLR at 17% p.a. with quarterly rest + Interest tax

Cash Credit

(Hypothecaion of book debts)

7.500

11.000

4% OBOIPLR at 17% p.a. with quarterly rest + Interest tax

IBP/ BD

2.000

2.000

4% OBOIPLR at 17% p.a. with quarterly rest + Interest tax

Maximum A

11.600

12.500

 

Inland Guarantee

1.000

1.000

Commission as advised by Bank from time to time

Letter of credit

2.000

2.000

Commission as per FEDAI

Deferred payment guarantee

0.800

-

 

Maximum B

3.200

3.000

 

Aggregate Limits A+B

15.400

15.500

 

 

Corporation identity number or foreign company registrations number of the company 

U28124MH1982PTC028604

Name of the company

COGNIS AHURA PRIVATE LIMITED

Address

Darabshaw House, Ballard Estate, Mumbai-400038, Maharashtra, India

This Form is for

Creation of charge

Type of Charges

Book debts

Movable property (not being pledge)

Particular of the charge holder 

Bank of India

Ballard Estate Branch,

Mumbai-400038.

Nature or description of the instrument creating charge  

Agreement of hypothecation of plant and machinery, stock and book debts

Date of the instrument creating charge

29.09.2006

Amount Secure by the charge

Rs.5.000 millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of interest

1.25% below BPLR

 

Terms of repayment

As per agreement

 

Margin

As per agreement

 

Extent and operation of the charge

As per agreement

Particulars of the Property charged  

Hypothecation of fixed block of company at tarapur industrial area, tarapur

 

Hypothecation of plant and machinery and stocks and book debts.

 

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.40.60

UK Pound

1

Rs.80.65

Euro

1

Rs.54.55

 

 

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

7

--PROFITABILIRY

1~10

5

--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

YES

--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/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions