MIRA
INFORM REPORT
|
Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PULCRA CHEMICALS INDIA PRIVATE LIMITED |
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Registered Office : |
Darabshaw Houses, Hoorjvallabhdas Marg, Ballard Estate, Mumbai – 400
038, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.11.1982 |
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Com. Reg. No.: |
11-28604 |
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CIN No.: [Company
Identification No.] |
U28124MH1982PTC028604 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10413E |
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PAN No.: [Permanent
Account No.] |
AAACA4612M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Textile Chemical |
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 300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Satish Vaidya |
|
Designation : |
Accounts Officer |
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Date : |
15.12.2008 |
LOCATIONS
|
Registered Office : |
Darabshaw Houses, Hoorjvallabhdas Marg, Ballard Estate, Mumbai – 400
038, Maharashtra, India |
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Tel. No.: |
91-22-22610021 / 22820192 |
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Fax No.: |
91-22-22874973 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
146, Jolly Maker Chamber No. 2, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel. No.: |
91-22-22823842 |
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Factory : |
Plot No. D-7/1/1, Boisar, Thane – 401 501, Maharashtra, India |
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Tel. No.: |
91-952525-273245 |
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Area : |
1 Acre |
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Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Behram Bomanji Dubash |
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Designation : |
Director |
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Address : |
Benzer Terrace, 95-A, Abdul Gaffer Khan Road, Worli, Mumbai – 400 025,
Maharashtra, India |
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Date of Birth/Age : |
29.10.1936 |
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Date of Appointment : |
02.11.1982 |
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Name : |
Mr. Darab Bomanji Dubash |
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Designation : |
Director |
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Address : |
Husmum, 89-B, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
28.06.1938 |
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Date of Appointment : |
02.11.1982 |
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Name : |
Mr. Gautam Sushilbandhu Bhattacharya |
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Designation : |
Director |
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Address : |
18-Green Gardens, W D Patil Marg, Mumbai – 400 088, Maharashtra, India |
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Date of Birth/Age : |
12.11.1947 |
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Qualification : |
MBA |
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Date of Appointment : |
19.05.1993 |
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Name : |
Mrs. Bakhtawar Behram Dubash |
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Designation : |
Alternate Director |
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Address : |
Benzer Terrace, 95-A, Abdul Gaffer Khan Road, Worli, Mumbai – 400 025,
Maharashtra, India |
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Date of Birth/Age : |
19.06.1952 |
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Date of Appointment : |
12.06.2002 |
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Name : |
Mr. Arvind Darab Dubash |
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Designation : |
Alternate Director |
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Address : |
Husmum, 89-B, Bhulabhai Desai Road, Mumbai – 400 026, Maharashtra,
India |
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Date of Birth/Age : |
10.02.1970 |
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Date of Appointment : |
12.06.2002 |
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Name : |
Mr. Yusuf Aktalay |
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Designation : |
Additional Director |
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Address : |
Rheinalle 170, Dusseldorf, Germany |
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Date of Birth/Age : |
08.10.1953 |
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Date of Appointment : |
28.01.2005 |
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Name : |
Mr. Christoph Kowitz |
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Designation : |
Additional Director |
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Address : |
Gerhart – Hauptmann – Weg 48, 41469, Neuss, Germany |
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Date of Birth/Age : |
15.05.1968 |
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Date of Appointment : |
28.01.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2008)
|
Names of Shareholders |
No. of Shares |
|
Behram Bomanji Dubash |
1 |
|
Darab Bomanji Dubash |
1 |
|
Behram Bomanji Dubash and Behram Dubash Private Limited |
1499 |
|
Darab Bomanji Dubash and Darab Dubash Private Limited |
1499 |
|
Transimpex Private Limited |
46000 |
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Behram Bomanji Dubash and Bakhtawar Behram Dubash |
25500 |
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Darab Bomanji Dubash, Sudha D Dubash and Arvind Darab Dubash |
25500 |
|
Cognis B V |
104081 |
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Total |
204081 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2008)
|
Category |
Percentage |
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Foreign holdings |
51.00 |
|
Bodies Corporate |
23.00 |
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Directors or relatives of directors |
26.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Textile Chemical |
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Products : |
Auxiliary Chemicals |
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Exports : |
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Countries : |
·
Pakistan ·
Bangladesh |
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Imports : |
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Countries : |
European Countries |
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Terms : |
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Selling : |
L/C and Credit (60 days) |
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Purchasing : |
Credit (60 days) |
PRODUCTION STATUS
(As on 31.03.2007)
|
Installed Capacity |
MT |
4000 |
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Actual Production |
MT |
3067 |
GENERAL
INFORMATION
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Customers : |
·
Retailers ·
Dealer ·
Distributor |
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No. of Employees : |
50 (In Office 20, In Factory 30 and Contract Workers 10) |
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Bankers : |
Bank of India Ballard Estate Branch, Darabshaw House, Narottam Morarji Marg, Mumbai
– 400 038, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
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Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400
018, Maharashtra, India |
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Tel. No.: |
91-22-66679000 |
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Fax No.: |
91-22-66679025 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
210000 |
Equity Shares |
Rs.100/- 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 |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
20.408 |
20.408 |
20.408 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
39.426 |
32.639 |
25.339 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
59.834 |
53.047 |
45.747 |
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LOAN FUNDS |
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1] Secured Loans |
19.502 |
9.367 |
10.350 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
19.502 |
9.367 |
10.350 |
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DEFERRED TAX LIABILITIES |
2.099 |
2.548 |
3.460 |
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TOTAL |
81.435 |
64.962 |
59.557 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.131 |
19.128 |
18.066 |
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Capital work-in-progress |
0.000 |
0.000 |
0.370 |
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INVESTMENT |
0.036 |
0.036 |
0.036 |
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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 |
17.275
|
13.678 |
11.085 |
|
|
Sundry Debtors |
70.859
|
50.428 |
43.839 |
|
|
Cash & Bank Balances |
2.749
|
0.919 |
1.161 |
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Other Current Assets |
1.149
|
1.882 |
0.029 |
|
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Loans & Advances |
22.003
|
15.008 |
14.764 |
|
Total
Current Assets |
114.035
|
81.915 |
70.878 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
49.983
|
30.280 |
25.140 |
|
|
Provisions |
4.784
|
5.837 |
4.653 |
|
Total
Current Liabilities |
54.767
|
36.117 |
29.793 |
|
|
Net Current Assets |
59.268
|
45.798 |
41.085 |
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
81.435 |
64.962 |
59.557 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
220.909 |
174.983 |
146.171 |
|
|
Other Income |
4.920 |
4.308 |
3.636 |
|
|
Total Income |
225.829 |
179.291 |
149.807 |
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|
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Profit/(Loss) Before Tax |
17.800 |
20.325 |
15.711 |
|
|
Provision for Taxation |
6.238 |
7.208 |
5.689 |
|
|
Profit/(Loss) After Tax |
11.562 |
13.117 |
10.022 |
|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
6.465 |
1.351 |
|
|
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Commission Earnings |
3.329 |
4.136 |
|
|
|
Other Earnings |
0.000 |
0.143 |
|
|
Total Earnings |
9.794 |
5.630 |
2.048 |
|
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Imports : |
34.280 |
20.414 |
NA |
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Expenditures : |
|
|
|
|
|
|
Manufacturing, Administrative and Selling Expenses |
49.490 |
39.996 |
30.233 |
|
|
Financial Expenses |
1.835 |
1.357 |
1.017 |
|
|
Raw Material Consumed |
147.453 |
111.483 |
98.315 |
|
|
Purchases of Trading Goods |
4.483 |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(1.932) |
0.367 |
(0.432) |
|
|
Royalty |
4.768 |
4.059 |
3.516 |
|
|
Depreciation & Amortization |
1.932 |
1.704 |
1.447 |
|
Total Expenditure |
208.029 |
158.966 |
134.096 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.12
|
7.32 |
6.69 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.06
|
11.62 |
10.75 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.07
|
20.12 |
17.66 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.38 |
0.34 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.24
|
0.86 |
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.27 |
2.38 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Sterling Auxiliaries Private Limited, Tarapur
·
Dhoop Chem India Private Limited, Tarapur
Form No. 8
|
Name of the company |
PULCRA CHEMICALS INDIA PRIVATE LIMITED |
|
Presented By |
Bank of India,
Bellerd Pier Branch, Mumbai |
|
1) Date and description of instrument creating the change |
Agreement of
Charge and Hypothecation of Book – Debts dated 28.11.1992 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 million |
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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 |
Hypothecation and
first charge of all the Book-Debts, outstandings and money receivables,
claims and bills. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of
all the Book-Debts, outstandings money receivables claims and bills mentioned
in coloum No. 3 to secure a demand cash credit of Rs.1.000 million carrying
interest at 10.25% OBR Min 22.25% p.a. with quarterly rests or at such other
rate as may be notified to the company by the Bank from time to time with power
to the Bank to seize and realize. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of India Bellerd Pier Branch, Mumbai – 400 019, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Supplemental deed
of hypothecation of Book-Debts dated 15th Feb 1996 increased limit
from Rs.4.500 millions to Rs.7.500 millions |
|
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 28th November 1992 for Rs.1.000 million First
Modification dated 8th Feb 1993 enhancing the charge from Rs.1.000
million to Rs.4.500 million Now by this
present modification dated 15th Feb 1996 Charge enhanced from
Rs.4.500 million to Rs.7.500 million. |
|
Corporate
identity number of the company |
U28124MH1982PTC028604 |
|
Name of the
company |
PULCRA CHEMICALS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Darabshaw Houses, Hoorjvallabhdas Marg, Ballard Estate, Mumbai – 400
038, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Bank of India Ballard Estate Branch, Darabshaw House, Narottam Morarji Marg, Mumbai
– 400 038, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of plant and machinery, stock and book debts |
|
Date of
instrument Creating the charge |
29.09.2006 |
|
Amount secured by
the charge |
Rs.5.000 millions
|
|
Brief of the principal
terms an 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 |
Fixed Assets
·
Land – Leasehold
·
Factory Building
·
Plant and Machinery
·
Furniture
·
Office Equipment
·
Vehicles
·
Computers
·
Software
Web Details
Profile
Subject is a worldwide operating company with profound process and engineering know-how. Based on more than 125 years being a partner to the fiber, textile, and leather industries, they take care of both the regulatory requirements in the most important target markets, and also the prevailing trends relating to health and safety, ecological sustainability, and wear comfort. Since November 1st, 2008 Subject, formerly a subsidiary of Cognis, a worldwide supplier of innovative specialty chemicals, is owned by Fashion Chemicals GmbH and Company KG which has two limited partners: Fashion Chemicals Investment GmbH and DSD Dis Ticaret A.S. .
Fashion Chemicals Investment GmbH bundles the investment made by around thirty managers from various Pulcra Chemicals affiliates and five business partners. DSD is a Turkish company providing export, import and other services, mostly related to the leather industry. All shareholders of DSD Dis Ticaret A.S. are either tanneries or leather goods manufacturers.
Subject provides high-performance products and system solutions for increasing
the productivity and environmental compatibility of complex manufacturing
processes in the fiber, textile and leather industries. They also develop and
market specific finishing treatments for functional textiles.
Within the fiber and textile segments, Subject offers products and technical
support covering all stages of the textile production chain. The portfolio
ranges from process auxiliaries for the manufacturing of man-made fibers,
across secondary spinning, weaving, pretreatment, dyeing and printing, to
finishes defining the final quality of fabrics and garments.
They supply the leather sector with a complete range of specialties designed to
ensure that the material can be processed, dyed, and efficiently upgraded to
the highest quality standards applicable to leather goods. In all cases, they
are able to deliver technologically proven solutions aligned to the specific requirements
of the various customers.
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.47.94 |
|
UK Pound |
1 |
Rs.72.07 |
|
Euro |
1 |
Rs.64.70 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|