MIRA
INFORM REPORT
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Report Date : |
20.09.2007 |
IDENTIFICATION DETAILS
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Name : |
CHOWGULE BROTHERS PRIVATE LIMITED |
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Registered Office : |
Chowgule House, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.10.1984 |
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Com. Reg. No.: |
000597 |
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CIN No.: [Company
Identification No.] |
U31200GA1984PTC000597 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC04030F |
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PAN No.: [Permanent
Account No.] |
AABCC7536P |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Shipping agency, fright forwarding, custom broking, warehousing (bonded,
non bonded and cold storage) and Insurance agency. |
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 191000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
Chowgule House, |
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Tel. No.: |
91-832-2525104 / 91-832-2521030/31 |
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Fax No.: |
91-832-2521011/12 |
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E-Mail : |
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Website : |
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Branches : |
Located At :
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DIRECTORS
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Name : |
Mr. Santosh LAxman Rao Chowgule |
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Designation : |
Director |
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Address : |
007, Embassy Eros, |
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Date of Birth/Age : |
11.07.1958 |
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Date of Appointment : |
30.10.1984 |
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Name : |
Mr. Jayawant Yeshwantrao Chowgule |
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Designation : |
Director |
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Address : |
Chowgule Bungalow, Chicalim, Vasco Da Gama – 403711, |
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Date of Birth/Age : |
28.02.1958 |
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Date of Appointment : |
21.08.1997 |
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Name : |
Mr. Umaji Vishwasrao Chowgule |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
27.12.1953 |
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Date of Appointment : |
21.08.1997 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Equity Share Break-Up
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Sr. No. |
Category |
Percentage |
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1. |
Directors or Relatives |
100.00 |
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Total |
100 % |
BUSINESS DETAILS
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Line of Business : |
Shipping agency, fright forwarding, custom broking, warehousing
(bonded, non bonded and cold storage) and Insurance agency. |
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GENERAL INFORMATION
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No. of Employees : |
--- |
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Bankers : |
State Bank of Commercial Branch, Vasco-Da-Gama – 403802, |
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Facilities : |
--- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.B. Billimoria And Company |
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Address : |
Meher Chambers, 2nd Floor, R. Kamani Magr, Ballard Estate,
Mumbai – 400001, |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs.10/- Each |
Rs.25.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2289469 |
Equity Shares |
Rs.10/- Each |
Rs.22.894 millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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22.895 |
22.895 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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24.897 |
7.660 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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47.792 |
30.555 |
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LOAN FUNDS |
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1] Secured Loans |
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2.329 |
1.125 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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2.329 |
1.125 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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50.121 |
31.680 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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19.406 |
17.105 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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1.500 |
0.000 |
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DEFERREX TAX ASSETS |
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0.026 |
0.076 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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36.375 |
22.775 |
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Cash & Bank Balances |
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54.250 |
40.221 |
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Other Current Assets |
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0.354 |
0.329 |
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Loans & Advances |
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15.913 |
16.306 |
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Total
Current Assets |
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106.892 |
79.631 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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63.660 |
59.286 |
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Provisions |
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14.043 |
5.846 |
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Total
Current Liabilities |
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77.703 |
65.132 |
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Net Current Assets |
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29.189 |
14.499 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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50.121 |
31.680 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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68.319 |
36.080 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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68.319 |
36.080 |
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Profit/(Loss) Before Tax |
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29.657 |
2.787 |
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Provision for Taxation |
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9.809 |
0.000 |
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Profit/(Loss) After Tax |
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19.848 |
2.787 |
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Total Expenditure |
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38.662 |
33.293 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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29.05 |
7.72 |
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Net Profit Margin (PBT/Sales) |
(%) |
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43.40 |
7.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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23.48 |
2.88 |
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Return on Investment (ROI) (PBT/Networth) |
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0.62 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.67 |
2.16 |
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Current Ratio (Current Asset/Current Liability) |
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1.37 |
1.22 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Corporate
identity number (CIN) Foreign company registration number |
U31200GA1984PTC000597 |
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Name of the
Company |
CHOWGULE BROTHERS
PRIVATE LIMITED |
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Address |
Chowgule House, |
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This form is for |
Creation of
Charge |
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Type of Charge |
Book Debts Movable Property |
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Particulars of
the charge holder |
State Bank of Commercial
Branch, Vasco Da Gama, Gao – 403802 Email ID: sbi.04116@sbi.co.in |
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Nature of
description of the instruments creating or modifying the charge. |
Agreement of
hypothecation of goods and assets in form C.2 dated 20th June 2007
for non fund base credit facility not exceeding Rs.6.173 millions. |
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Amount secured by
the charge |
Rs.6.173 millions |
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Brief of the
principal terms and conditions |
Not applicable as
no fund based facilities are proposed
Not applicable
since Bank Guarantee
25 % d. Extent and operation of the charge Hypothecation by
way of first charge on the company’s goods, book debts and all other movable
assets.
e. Others The goods and
assets hypothecated is the absolute property of the company and free any
charge, lien and encumbrance. |
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Short particulars
of the property charged |
The company’s
goods, book debts and all other movable assets. |
Web Details Attached :
The
Company is a part of the Chowgule Group,
established in the year 1916. Chowgule Group is engaged in the business of
Mining and Export of
The
Company is a professionally
managed company, has vast experience in providing services in Shipping,
insurance, freight forwarding, warehousing and custom broking . The company’s
turnover is USD 5 million and has professional strength of 98 persons all over
Their Goal is to provide our customers with, tailor
made and cost effective global logistics solutions.
QUALITY
POLICY
It is the Policy of this company
to provide its customer’s high quality products, 100% on-time delivery, and ever-improving
levels of satisfaction. CBPL is dedicated to the continual improvement of its
services and the company itself, through process control, employee empowerment
and management commitment."
That
summarizes the Policy to four quality objectives:
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Efficient services
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Prompt attention
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Customer satisfaction
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Continuous improvement.
The Company is confident that the company is able to arrange movement of cargo
anywhere, in the world. With the range of logistics services offered, company promise
to manage your entire supply chain as a third party logistics company, our
national network of offices leaves you free to concentrate on your core
competencies. To provide TOTAL CUSTOMER CARE and to be YOUR TOTAL
LOGISTIC PARTNER is their goal. The support provided by our trained
personnel; who are, equipped with experience and expertise in the industry, are
capable of creative and innovative solutions to even the most complex
requirements.
History
·
M/s. D. N. Chowgule and Sons, the
original enterprise of the Chowgule Group of Companies, was first established
in the year 1916. Founded by late Mr. Dattajirao N. Chowgule
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It was set up as a trading company and
ventured into the export arena with shipments of tin scrap, wood, bamboo,
coconut oil, etc. to the
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In 1924, six years after the First
World War, the Chowgule’s established an agency, dealing in shipping and
forwarding.
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They broke the strong hold of the
foreign companies by taking a step that showed solid business sense - offering
economies to their clients.
·
Chowgule Brothers are now known as
Chowgule Brothers Pvt. Ltd, a Private Limited Company incorporated under the
Indian Companies Act, 1956 with effect from 1st July 2002.
·
The Company's activities expanded to
such an extent that it has established its business all over
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Chowgule Group of Companies first established its
original firm in the year 1916. Chowgule Groups turnover is USD 400 million
and its strength; is its people, who are 1000 strong. The companies
comprising the Chowgule Group are : ·
Chowgule
And Chowgule Company Pvt. Ltd ·
Chowgule And Company (Salt) Pvt.
Ltd ·
Chowgule Brothers Private Limited
·
Kolhapur
Oxygen & Acetylene Pvt. Limited ·
Deccan
Alloy Metal Industries Private Limited ·
Kolhapur Gases (Carbon
dioxide) Pvt. Ltd. ·
Chowgule Real Estate &
Construction Company Private Limited ·
Chowgule
Maintenance Services Pvt. Ltd. ·
Chowgule Koster ( India ) Construction |
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Chowgule &
Chowgule Company Pvt.
Ltd Mining, Iron ore Beneficiation, Iron ore pellets, shipbuilding and repairs, operation of an ocean going vessels, exports, consultancy, engineering and other services such as barge operations, trading, hire of barges, trucks and machinery. Chowgule And
Company (Salt) Pvt. Ltd Manufacture of Industrial salt Shipping Manufacturers of Water gel cartridge explosives, Bulk emulsion explosives, mono methyl Amine Nitrate solution and variety of expanded perlite products Authorized dealer in vehicles and other trading activities
Kolhapur Oxygen
& Acetylene Pvt. Limited Manufacture and sale of Oxygen & Acetylene Deccan Alloy
Metal Industries Private Limited Manufacture and sale of Oxygen & Acetylene Manufacture and sale of Carbon dioxide argon and such other gases Chowgule Real
Estate & Construction Company Private Limited Real estate and construction activities Chowgule
Maintenance Services Pvt. Ltd. Maintenance of buildings constructed by individuals, companies, corporate, developers etc. Chowgule Koster (
Manufacture and sale of construction chemicals, water proofing compound materials and allied products Minas E Minerals
DE Goa Limited Extraction of iron ore and sale Sri Santhipriya
Minerals Limited Mining of iron ore and sale |
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Port
Information – Mormugao
Nautical Position Situated at latt.15 DEG 25'N and
long. 73 DEG 47'E.
Geographical
Position Situated at a Distance Of 370
km Approx. South Of Mumbai and 300 km North of New
Manglore and
575 km North of
Admirality
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.39.87 |
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|
1 |
Rs.80.11 |
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Euro |
1 |
Rs.56.19 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
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