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MIRA
INFORM REPORT
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Report Date : |
03.05.2008 |
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) : |
31.12.2006 |
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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 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Distributors of Chemicals |
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 464928 |
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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
|
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 1 : |
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 2 : |
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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Corporate Office 3 : |
1112, Kailash Building, 26 Kasturba Gandhi Marg, New Delhi – 110001, India |
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Tel. No.: |
91-11-23713691 |
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Fax No.: |
91-11-23713692 |
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Email : |
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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
|
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 Prasad 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
|
Name : |
D. J. Vyas and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 04.05.2005)
|
Names of Shareholders |
|
No. of Shares |
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Rasayani Traders Private Limited |
|
42000 |
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Wilbur Ellis Company NA (USA) |
|
42000 |
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Total |
|
84000 |
(As on 31.12.2005)
|
Category |
|
Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
|
50.00 |
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Bodies Corporate (not mentioned above) |
|
50.000 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributors of Chemicals |
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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
|
Particulars |
Unit |
Actual
Production |
|
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|
Celacryl – 95 |
Kgs. |
- |
|
Celacryl – 50 |
Kgs. |
- |
|
Cross Linked Polystyrene |
Kgs. |
18575 |
|
Process Chemicals |
Kgs. |
927174 |
GENERAL
INFORMATION
|
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 |
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Subsidiary
Company : |
Connell Bros. Bangladesh (Private) Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
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 :
|
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
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
53.900 |
53.900 |
8.400 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
62.332 |
45.440 |
44.588 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
116.232 |
99.340 |
52.988 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
63.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
69.000 |
54.090 |
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TOTAL BORROWING |
63.000 |
69.000 |
54.090 |
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DEFERRED TAX LIABILITIES |
1.314 |
0.556 |
0.679 |
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TOTAL |
180.546 |
168.896 |
107.757 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
40.430 |
40.071 |
11.996 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.700 |
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 |
93.095
|
90.486
|
45.477
|
|
|
Sundry Debtors |
129.338
|
110.694
|
87.747
|
|
|
Cash & Bank Balances |
5.620
|
5.678
|
9.353
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
43.639
|
42.191
|
32.158
|
|
Total
Current Assets |
271.692
|
249.049
|
174.735
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Current Liabilities |
84.764
|
75.127
|
50.075
|
|
|
Provisions |
47.512
|
45.097
|
28.899
|
|
Total
Current Liabilities |
132.276
|
120.224
|
78.974
|
|
|
Net Current Assets |
139.416
|
128.825
|
95.761
|
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
180.546 |
168.896 |
107.757 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
Sales Turnover |
541.026 |
429.202 |
317.143 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Total Income |
541.026 |
429.202 |
317.143 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
53.079 |
55.349 |
50.270 |
|
Provision for Taxation |
0.000 |
0.000 |
18.243 |
|
Profit/(Loss) After Tax |
53.079 |
55.349 |
32.027 |
|
|
|
|
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|
Export Value |
NA |
NA |
36.955 |
|
|
|
|
|
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Import Value |
NA |
NA |
115.994 |
|
|
|
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Expenditures : |
|
|
|
|
Interests |
6.371 |
3.495 |
3.620 |
|
Depreciation & Amortization |
4.753 |
3.272 |
2.314 |
|
Other Expenditure |
476.823 |
367.086 |
260.938 |
|
Total Expenditure |
487.947 |
373.853 |
266.872 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total Income |
(%) |
9.81
|
12.89
|
10.09
|
|
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|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.81
|
12.89
|
15.85
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.00
|
19.14
|
26.92
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.56
|
0.94
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.68
|
1.90
|
2.51
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.07
|
2.21
|
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U24110MH1999PTC119904 |
|
Name of the
Company |
CONNELL BROS COMPANY (INDIA) PRIVATE LIMITED |
|
Address |
13, Padam – I, 4B Pedder Road, Gamdevi, Mumbai – 400026, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of Charge |
Book Debts Movable Property
( not being pledge) |
|
Particulars of
the charge holder |
ABN Amro Bank NV 14, Veer Nariman Road, Mumbai – 400023, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Facility – Cum –
Hypothecation Agreement Attached |
|
Date of the
instrument creating or modifying the charge |
15.12.2006 |
|
Amount secured by
the charge |
Rs.100.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interests: For OD at Bank’s
Prime Lending Rate (Presently 12.75% p.a.) For Export Credit
– As per RBI Guidelines For others – At
Negotiated Rate Terms of
Repayment: Interests to be
paid on first of every month or as may be decided by the Bank. The outstanding
amount of the banking facilities shall be payable on demand. Margin: 25% to be
maintained by the borrower Extent and
operation of the charge: Sole Charge
Stocks and Book Debts both Present and future. Sole Charge
Stocks movable fixed assets, like plant, machinery, equipment, etc both
present and future. |
|
Short particulars
of the property charged (including location of the property) |
Sole Charge
Stocks and Book Debts both Present and future. Sole Charge Stocks
movable fixed assets, like plant, machinery, equipment, etc both present and
future. |
|
Particular of the
present modification |
NA |
Fixed Assets:
· Plant and machinery
· Laboratory equipments
· Furniture and fixtures
· Computers
·
Vehicles
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
India’s distributor for Specialty Chemicals
and Food Ingredients
Subject was founded in 1999 as
a joint venture with the Kilachand family of Mumbai
and meets the specialty chemical requirements
of a broad range of industries. The team at subject comprises of technical experts and experienced
professionals. They represent industry manufacturers for distribution in India, in many cases with innovative
partnering solutions. They are also actively involved in providing product
sourcing options from India to
customers around the world. Subject has its own quality control and
applications development laboratory for a number of products that it offers.
Subject is committed to working closely with principals and customers alike.
Theirr close partnership is best seen in the strategic investment on behalf of
Hercules Inc.’s Paper Technologies and Ventures Division to set up an AKD
Emulsion plant at Panvel, near Mumbai.
The technology for this plant is from Hercules PTV., the critical
raw materials come from PTV and the finished product is sold under PTV brand
name. AKD Emulsions have a shelf life of 30 days and unless a local plant
was set up there would be no presence of PTV sizing chemicals in the Indian
market. Company made the investment and runs the plant.
Subject, they aim to blend the global resources
and distribution expertise of Connell
Bros. with their partners' deep understanding of the Indian business climate.
Their focus is on providing direct and ex-stock service to local customers,
with an emphasis on integrity and partnership.
A Leading International Distributor in the Indian Chemical Industry
Subject employs over 43 people in India.
Subject
operates 2 wholly owned offices in Mumbai and Delhi with 3
warehouses in Bhiwandi, Panvel and Delhi.
We have representative offices
in 11 other cities including Chennai and Kolkata.
Subject has it's own subsidiary Connell Bros. Company
Bangladesh Private
Limited which offers distribution in neighboring Bangladesh, including ex-stock
sales through our own warehouse.
Subject owns
and operates an emulsion manufacturing plant to provide 'last mile
distribution' for products having a shorter shelf life and requiring special
handling conditions.
Seasoned and Knowledgeable Sales Professionals
Subject is structured into specific Technical Selling Groups (TSG) which is
responsible for sales in the core industries
that CBC serves:
· Coatings
and Inks
· Plastics
and Rubber
· Personal
and Household Care
· Food
Ingredients
· Chemicals
for Pulp and Paper
Their product list is extensive. Subject
represents world-renowned manufacturers from the U.S. as well as Asia, bringing
them in close contact with markets in India.
With more than a century of experience in Asia, and headquartered in the U.S.,
Subject is a reliable and trustworthy partner for customers and
suppliers alike.
A international distributor in the Indian chemical industry,
Subject operates 2 wholly owned offices in Mumbai and Delhi and 3 warehouses in
Bhiwandi, Panvel and Delhi. Their extensive coverage of mainland India ensures
that they are always near for support and service.
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.40.65 |
|
UK Pound |
1 |
Rs.80.35 |
|
Euro |
1 |
Rs.62.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|
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 |
|