MIRA
INFORM REPORT
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Report Date : |
25.11.2008 |
IDENTIFICATION DETAILS
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Name : |
COEN BHARAT LIMITED |
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Registered Office : |
86, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.06.1981 |
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Com. Reg. No.: |
024593 |
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CIN No.: [Company
Identification No.] |
U74999MH1981PLC024593 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10233G |
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PAN No.: [Permanent
Account No.] |
AAACC1760A |
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Legal Form : |
A Closely Held Public Limited Liability
Company |
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Line of Business : |
Manufacturer and service provider of
combustion equipment, burners, burner management systems and combustion
related accessories. |
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 308000 |
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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 an Indo-American Joint Venture Company. Trade relations are
fair. Business is active. General financial position is satisfactory.
Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED BY
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Name : |
Ms. Ratina |
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Designation : |
Assistant Finance |
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Date : |
24.11.2008 |
LOCATIONS
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Registered Office : |
86, |
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E-Mail : |
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Website : |
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Head Office : |
301, Dheeraj Kawal, 3rd Floor, LBS Marg, Vikhroli (West),
Mumbai – 400 079, |
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Tel. No.: |
91-22-25782062/ 63/ 65/ 66 |
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Fax No.: |
91-22-25782057 |
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Corporate Office : |
204 A, Delphi, 2nd
Floor, |
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Tel. No.: |
91-22-2570 8707/8/9 |
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Fax No.: |
91-22-25708711 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Rameshchandra L. Dalal |
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Designation : |
Chairman and Director |
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Address : |
201 – C, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400
036, |
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Date of Birth/Age : |
08.05.1925 |
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Date of Appointment : |
09.12.1982 |
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Name : |
Mr. Kirk S. Chapman |
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Designation : |
Director |
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Address : |
C/o Coen Co. Inc., 1510, |
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Date of Birth/Age : |
10.07.1941 |
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Date of Appointment : |
07.09.1991 |
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Name : |
Mr. J.N. Mehrotra |
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Designation : |
Director |
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Address : |
11, Podar House, Netaji Subhash Marg, |
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Date of Birth/Age : |
03.06.1931 |
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Date of Appointment : |
07.09.1991 |
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Name : |
Mr. Anand R. Dalal |
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Designation : |
Director |
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Address : |
201 – C, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400
036, |
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Date of Birth/Age : |
21.11.1955 |
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Date of Appointment : |
28.12.1988 |
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Name : |
Mr. Abhay J. Mehrotra |
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Designation : |
Director |
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Address : |
11, Podar House, Netaji Subhash Marg, |
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Date of Birth/Age : |
01.12.1961 |
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Date of Appointment : |
17.08.1989 |
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Name : |
Mr. Jairaj D. Udeshi |
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Designation : |
Director and Managing Director |
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Address : |
Rukshmani Gupte Path, |
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Date of Birth/Age : |
28.10.1941 |
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Date of Appointment : |
05.08.1993 |
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Name : |
Mr. Antonio De La O |
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Designation : |
Director |
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Address : |
1141, Entrada Se |
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Name : |
Mr. James H White |
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Designation : |
Director |
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Address : |
2875, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2006
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Names of Shareholders |
No. of Shares |
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Rameshchandra L. Dalal |
1 |
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Kunjlata R. Dalal |
1 |
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Jairaj D. Udeshi |
1 |
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Coen Company Inc. |
14250 |
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Rameshchandra L. Dalal and Kunjlata R. Dalal |
2643 |
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Ameet R. Dalal and Kunjlata R. Dalal |
710 |
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Pradeep R. Dalal and Kunjlata R. Dalal |
710 |
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Dilip D. Udeshi and Jairaj D. Udeshi |
50 |
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Rameshchandra L. Dalal and Pradeep R. Dalal |
350 |
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Jairaj D. Udeshi and Kalpana J. Udeshi |
4200 |
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Anand R. Dalal and Rupa A. Dalal |
1254 |
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Anand R. Dalal and Kunjlata R. Dalal |
830 |
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Total |
25000 |
As on 15.09.2006
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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57.00 |
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Directors
or relatives of directors |
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43.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and service provider of
combustion equipment, burners, burner management systems and combustion related
accessories. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Syndicate Bank, Colaba Branch, Kartar Bhavan, |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
Free Press House, 215, 4th Floor, Nariman Point, Mumbai –
400 021, |
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Tel. No.: |
91-22-66391101-4/ 22871099 |
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Fax No.: |
91-22-22856237 |
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E-Mail : |
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Website : |
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Holding Company : |
Coen Company Inc., |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/-
each |
Rs.2.500
millions |
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(Including 14250 shares held by the holding company Coen Company Inc.,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
7.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
51.676 |
49.213 |
39.425 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.676 |
51.713 |
41.925 |
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LOAN FUNDS |
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1] Secured Loans |
51.934 |
51.520 |
29.061 |
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2] Unsecured Loans |
59.377 |
36.870 |
12.550 |
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TOTAL BORROWING |
111.311 |
88.390 |
41.611 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
172.987 |
140.103 |
83.536 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.401 |
29.865 |
11.056 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
0.387 |
0.750 |
1.048 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
139.162
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44.496 |
29.919 |
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Sundry Debtors |
70.259
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125.263 |
72.320 |
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Cash & Bank Balances |
21.538
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13.682 |
6.734 |
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Other Current Assets |
0.388
|
0.312 |
0.096 |
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Loans & Advances |
17.179
|
9.748 |
7.389 |
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Total
Current Assets |
248.526
|
193.501 |
116.458 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
99.221
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80.518 |
44.527 |
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Provisions |
4.728
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6.982 |
4.852 |
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Total
Current Liabilities |
103.949
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87.500 |
49.379 |
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Net Current Assets |
144.577
|
106.001 |
67.079 |
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MISCELLANEOUS EXPENSES |
2.597 |
3.462 |
4.328 |
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TOTAL |
172.987 |
140.103 |
83.536 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
231.639 |
247.240 |
165.533 |
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Other Income |
2.542 |
2.376 |
1.714 |
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Total Income |
234.181 |
249.616 |
167.247 |
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Profit/(Loss) Before Tax |
8.287 |
19.781 |
5.889 |
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Provision for Taxation |
3.783 |
8.038 |
2.310 |
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Profit/(Loss) After Tax |
4.504 |
11.743 |
3.579 |
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Expenditures : |
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Raw Material Consumed |
181.978 |
144.933 |
98.077 |
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Consumption of stores and spares parts |
5.763 |
2.506 |
1.472 |
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Increase/(Decrease) in Finished Goods |
(72.375) |
1.391 |
(1.844) |
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Salaries, Wages, Bonus, etc. |
19.825 |
13.306 |
10.245 |
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Managerial Remuneration |
1.840 |
1.600 |
1.388 |
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Payment to Auditors |
0.175 |
0.131 |
0.139 |
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Interest |
9.002 |
5.615 |
3.460 |
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Insurance Expenses |
0.723 |
0.467 |
0.464 |
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Power & Fuel |
1.169 |
1.004 |
0.913 |
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Depreciation & Amortization |
5.571 |
5.023 |
1.791 |
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Other Expenditure |
72.223 |
53.859 |
45.253 |
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Total Expenditure |
225.894 |
229.835 |
161.358 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.92
|
4.70 |
2.14 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.58
|
8.00 |
3.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.02
|
8.83 |
4.58 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13
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0.38 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.49
|
3.40 |
2.17 |
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Current Ratio (Current Asset/Current Liability) |
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2.39
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2.21 |
2.36 |
LOCAL AGENCY FURTHER INFORMATION
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U74999MH1981PLC024593 |
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Name of the
company |
COEN BHARAT LIMITED |
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Address of the
registered office or of the principal place of business in |
86, |
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Type of charge |
Book Debts Movable Property Floating Charge Others (Stock) |
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Particular of
charge holder |
Syndicate Bank, Colaba Branch, Kartar Bhavan, E-Mail: cm5011@vsnl.net |
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Nature of
description of the instrument creating or modifying the charge |
Composite
Hypothecation Agreement dated 27.08.2007 Agreement for
Documentary Bill Discounted dated 27.08.2007 for DLSB Limit of Rs.21.500
millions. (both collectively
constitute a single charge for Rs.21.500 millions) |
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Date of
instrument Creating the charge |
27.08.2007 |
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Amount secured by
the charge |
Rs.21.500
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
14.5% p.a. being 1.5% over and above the Syndicate Bank’s Prime Lending Rare. Terms of
Repayment: As stipulated by the bank. Margin: 50% Extent and Operation
of the charge: The bank shall have the first charge on the assets
secured. |
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Short particulars
of the property charged |
Book debts, Stock
and plant and machinery all situated at the factory and at other premises of
the company. |
FIXED ASSETS:
- Land
- Plant and
Machinery
- Electrical
Installation
- Furniture and
Fixture
- Office
Equipment
- Vehicles
- Computers
WEBSITE DETAILS:
COMPANY PROFILE:
Subject, An Indo-
American joint venture company, was established in 1981 to meet industry needs
of quality combustion equipment. M/s. COEN CO. INC., The American partner holds
57% equity in the joint venture.
COEN CO. INC.,
COEN BHARAT, in
collaboration with COEN
COEN BHARAT equipment provide optimum performance meeting all the needs in the
field of Co- generation and Combined Cycle Plants, Incineration,
Pyroprocessing, Utility and Industrial Boilers, refinery and Petrochemicals
Industries, Fertiliser and Agrochemical Industries as well as other Process
Industries. COEN BHARAT have also established a Test Facility at their works in
PRODUCTS
Coen Bharat design's and manufacture's combustion equipment providing
real solutions to tough combustion problems.
Coen Bharat burner systems perform to specification, whether the fuel source is
natural gas, light or heavy oil etc. Coen duct burners
provide stable combustion with the latest generation of
turbines at TEG oxygen levels greater than 11% by volume, wet.
This burner has been designed to meet industry's need for a safe, efficient and
low emission boiler systemwith optimum performance.
These burners have a higher boiler efficiency and lower operation expense.
There are over 100 units of these burners in operation.
Over 150 units of this burner is in operation. It has a wide turndown
range and the lowest practical excess air.
Coen DAF Low NOx Burner
This burner is the
no.1 choice for low NOx oil burners. It has two air zones for control and
has over 700 units in operation.
This burner has two adjustable air zones and a wide variety of possible
flame shapes. There are over 5,000 units of this burner in
operation.
Flame Scanners
The scanner
technology that simplifies operations and provides tremendous cost savings. It
substantially cuts installation time with the use of powerful
but user-friendly PC-based software.
Coen takes an Engineered Systems approach to provide a complete incineration
plant that meets all project requirements.
Coen introduced a kiln burner that
permitted changing of flame shape while firing gas. The
ability of this burner to improve kiln performance and
refractory life by optimizing flame shape, length and location.
Coen Dual Air Zone Scroll Feed Burner
The Coen DAZ Scroll
Feed Burner is designed to burn pulverized solid fuels in suspension,
such as coal, woodwaste or biomass.
Coen Low NOx Air Heater
Coen Inner Wall Air Heater
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] 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.50.09 |
|
|
1 |
Rs.74.90 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|