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MIRA
INFORM REPORT
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Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED |
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Registered Office : |
13, Padam – I, 4B Pedder Road, Gamdevi, Mumbai – 400026, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
18.05.1999 |
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Com. Reg. No.: |
11-119904 |
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CIN No.: [Company
Identification No.] |
U24110MH1999PTC119904 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC07445E/MUMC10633A/MUMC11797C |
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PAN No.: [Permanent
Account No.] |
AAACC9611L/AAACC9611L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To manufacture and or blending, importing, marketing and distributing of specialty/ industrial chemical products and minerals in India. To act as an agent for the sale of such products in India and all related activities to conduct such activities. The company will also engage in exporting of certain specialty/industrial chemical and mineral products produced in India |
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 397360 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a 50:50 joint venture of Wilbur – Ellis Company, USA and
Indian promoters. Trade relations are fair. Payments are correct and as per commitments.
The company is doing steady business. It can be considered good for normal business dealings at usual trade
terms. |
LOCATIONS
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Registered Office : |
13, Padam – I, 4B Pedder Road, Gamdevi, Mumbai – 400026, Maharashtra, India |
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Tel. No.: |
91-22-56644483 |
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E-Mail : |
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Website : |
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Corporate Office
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C/O. G and P Limited, Oriental House, 5th Floor, 7, Jamshedji Tata Road, Churchgate, Mumbai – 400020, Maharashtra, India |
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Tel. No.: |
91-22-22815060/91-22-66644483 |
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Fax No.: |
91-22-22818060 |
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E-Mail : |
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Corporate Office : |
345 California St. 27th Floor, San Francisco, California – 94104, USA |
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Tel. No.: |
1-415-772-4000 |
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Fax No.: |
1-415-772-4100 |
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E-Mail : |
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Branches : |
Located at: · Canada · China · HK · USA · Indonesia · Japan · Korea · Malaysia · Myanmar · Philippines · Singapore · Taiwan · Thailand · Vietnam · Australia · India · New Zealand |
DIRECTORS
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Name : |
Mr. Herbert Tully |
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Designation : |
Director |
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Address : |
19, Woodside Way, Ross, CA – 94957, USA |
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Date of Birth/Age : |
09.03.1943 |
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Date of Appointment : |
11.02.2000 |
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Name : |
Mr. Theodore Eliot (Foreign) |
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Designation : |
Managing Director |
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Address : |
401, Golden Gate, Avenue Belvedere, California – 94920, USA |
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Date of Birth/Age : |
17.10.1953 |
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Date of Appointment : |
18.05.1999 |
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Name : |
Mr. Dayan P. Dhanda |
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Designation : |
Director |
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Address : |
R-245, Greater Kailash – I, New Delhi – 110048, India |
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Date of Birth/Age : |
19.11.1929 |
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Date of Appointment : |
18.05.1999 |
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Name : |
Mr. Parthiv T. Kilachand |
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Designation : |
Chairman |
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Address : |
95, Nepean sea Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
27.03.1967 |
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Date of Appointment : |
18.05.1999 |
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Email : |
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Name : |
Mr. Nandish Kilachand |
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Designation : |
Director |
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Address : |
95, Nepean Sea Road, Malabar Hill, Kilachand House, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
23.07.1972 |
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Date of Appointment : |
18.05.1999 |
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Name : |
Mr. Y S Mathur |
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Designation : |
President |
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AGE. |
54 Years |
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Qualification |
B. Sc (Chem), MMS |
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Experiences |
33 Years |
KEY EXECUTIVES
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Name : |
D. J. Vyas and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rasayani Traders Private Limited |
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42000 |
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Wilbur Ellis Company NA (USA) |
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42000 |
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Total |
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84,000 |
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
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50.00 |
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Bodies Corporate (not mentioned above) |
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50.000 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To manufacture and or blending, importing, marketing and distributing of specialty/ industrial chemical products and minerals in India. To act as an agent for the sale of such products in India and all related activities to conduct such activities. The company will also engage in exporting of certain specialty/industrial chemical and mineral products produced in India |
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Products : |
· Pigments – 32.04 · Acylic Polymers – 39.06 · Styrene Polymer – 39.03 · Paper Chemicals – 38.24.90 ·
Electronic and
Semiconductor ·
Paper ·
Organic
Chemicals ·
Resins ·
Coatings and Inks |
PRODUCTION STATUS
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Particulars |
Unit |
Actual
Production |
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Celacryl – 95 |
Kgs. |
- |
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Celacryl – 50 |
Kgs. |
- |
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Cross Linked Polystyrene |
Kgs. |
18575 |
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Process Chemicals |
Kgs. |
927174 |
GENERAL
INFORMATION
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No. of Employees : |
60 |
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Bankers : |
14, Veer Nariman Road, Mumbai – 400023, Maharashtra, India |
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Facilities : |
Unsecured Loan Short term loan from a Bank – Rs. 54.000 Millions Repayable within a year Rs. 54.000 Millions against corporate guarantee from Ellis Company, USA |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
6th Floor, Express Towers, Nariman Point, Mumbai – 400021 |
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Tel. No.: |
91-22-22876485/6 |
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Fax No.: |
91-22-22876401 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity Shares |
Rs. 100/- each |
Rs. 80.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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539000 |
Equity Shares |
Rs. 100/- each |
Rs. 53.900 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
53.900 |
8.400 |
8.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
45.440 |
44.588 |
12.518 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
99.340 |
52.988 |
20.918 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
69.000 |
54.090 |
51.000 |
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TOTAL BORROWING |
69.000 |
54.090 |
51.000 |
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DEFERRED TAX LIABILITIES |
0.556 |
0.679 |
0.426 |
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TOTAL |
168.896 |
107.757 |
72.344 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
40.071 |
11.996 |
10.532 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
90.486
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45.477
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31.838
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Sundry Debtors |
110.694
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87.747
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73.693
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Cash & Bank Balances |
5.678
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9.353
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14.564
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Other Current Assets |
0.000
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0.000
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0.000
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Loans & Advances |
42.191
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32.158
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22.507
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Total
Current Assets |
249.049
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174.735
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142.602
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
75.127
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50.075
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46.664
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Provisions |
45.097
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28.899
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34.126
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Total
Current Liabilities |
120.224
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78.974
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80.790
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Net Current Assets |
128.825
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95.761
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61.812
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
168.896 |
107.757 |
72.344 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2005 |
31.12.2004 |
31.12.2003 |
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Sales Turnover |
200.000 |
317.143 |
250.455 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
200.000 |
317.143 |
250.455 |
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Profit/(Loss) Before Tax |
NA |
50.270 |
37.874 |
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Provision for Taxation |
NA |
18.243 |
13.633 |
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Profit/(Loss) After Tax |
NA |
32.027 |
24.241 |
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Export Value |
NA |
36.955 |
33.101 |
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Import Value |
NA |
115.994 |
79.759 |
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Total Expenditure |
NA |
266.372 |
212.581 |
KEY RATIOS
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PARTICULARS |
|
31.12.2005 |
31.12.2004 |
31.12.2003 |
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PAT / Total Income |
(%) |
NA
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10.09
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9.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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15.85
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15.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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26.92
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24.73 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.94
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1.81 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.90
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2.51
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6.30 |
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Current Ratio (Current Asset/Current Liability) |
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2.07
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2.21
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1.76 |
LOCAL AGENCY
FURTHER INFORMATION
About Us:
Subject a division of Wilbur-Ellis Company, is one of the largest
international marketers and distributors of specialty industrial chemicals and minerals
in the Pacific Rim, with over a century of proven success. Subject also
supplies agriproducts, engineering products, and food and consumer products to
selected markets.
They
maintain offices throughout Asia and provide a wide range of services to both
suppliers and customers:
- Complete supply chain management, including transportation, documentation, warehousing, sales, and distribution
- Expert, industry-focused technical sales force
- Marketing support, including market research, product positioning, pricing, and development and refinement of marketing and distribution strategies
FIXED ASSETS:
· Plant and machinery
· Laboratory equipments
· Furniture and fixtures
· Computers
· Vehicles
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 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.40.26 |
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UK Pound |
1 |
Rs.79.88 |
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Euro |
1 |
Rs.61.26 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
|
49 |
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 |
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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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