MIRA
INFORM REPORT
|
Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
C AND E LIMITED |
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Registered Office : |
95, Park Street, 2nd Floor, Kolkata – 700 001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
22.03.1961 |
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Com. Reg. No.: |
21-25027 |
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CIN No.: [Company
Identification No.] |
U51909WB1961PLC025027 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLC10531D |
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PAN No.: [Permanent
Account No.] |
AACCC5418K |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of exclusive range of especially engineered innovative
chemicals for processing and finishing of leather. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 930000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. Financial position is good. The company is
doing well. It’s payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. It can be regarded as a promising business
partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
95, Park Street, 2nd Floor, Kolkata – 700 001, West Bengal,
India |
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Tel. No.: |
91-33-22261393 |
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Fax No.: |
91-33-22492218 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No. 1, Industrial Area, Ph. II, Panchkula, Haryana – 134 109,
Punjab, India |
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Tel. No.: |
91-172-2593331 / 2592690 |
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Fax No.: |
91-172-2593106 |
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E-Mail : |
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Factory : |
69-B, Industrial Area, Village Judi Kalan, Baddi, Himachal Pradesh,
India |
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Tel. No.: |
91-1795-245148 / 245156 / 246963 |
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Fax No.: |
91-1795-246964 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Gopal Das Bagri |
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Designation : |
Managing Director |
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Address : |
House No. 602, Sector – 8, Panchkula – 134 113, Haryana, India |
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Date of Birth/Age : |
25.07.1949 |
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Date of Appointment : |
13.03.1993 |
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Pan No.: |
ADDPB8369D |
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Name : |
Mr. Bulaki Das Bhaiya |
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Designation : |
Whole Time Director |
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Address : |
12, Sunny Park, 2nd Floor, Kolkata – 700 019, West Bengal,
India |
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Date of Birth/Age : |
19.03.1943 |
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Date of Appointment : |
20.06.2006 |
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Pan No.: |
AEFPB3261A |
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Name : |
Mrs. Ganga Devi Bhaiya |
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Designation : |
Director |
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Address : |
12, Sunny Park, 2nd Floor, Kolkata – 700 019, West Bengal,
India |
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Date of Birth/Age : |
14.02.1948 |
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Date of Appointment : |
01.03.1995 |
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Pan No.: |
AGWPB1678H |
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Name : |
Mr. Manoj Kumar Bhaiya |
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Designation : |
Whole Time Director |
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Address : |
12, Sunny Park, 2nd Floor, Kolkata – 700 019, West Bengal,
India |
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Date of Birth/Age : |
26.05.1971 |
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Date of Appointment : |
01.10.2001 |
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Pan No.: |
ADTPB8570F |
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Name : |
Mr. Ajit Kumar Sen |
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Designation : |
Director |
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Address : |
Prothoma # 705, Udita Complex, Udayon, The Condoville, Survey Park
1050/1, Kolkata – 700 075, West Bengal, India |
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Date of Birth/Age : |
01.04.1932 |
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Date of Appointment : |
28.12.2004 |
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Pan No.: |
ABHPS9095 |
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Name : |
Mr. Debadatta Sengupta |
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Designation : |
Director |
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Address : |
B-8/6145, Vasant Kunj, New Delhi – 110 070, West Bengal, India |
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Date of Birth/Age : |
20.06.1942 |
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Date of Appointment : |
28.12.2004 |
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Pan No.: |
AAIPG9613P |
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|
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Name : |
Mr. Sitangshu Mauli Basu |
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Designation : |
Director |
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Address : |
P-396, G-Block, New Alipore, Kolkata – 700 053, West Bengal, India |
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Date of Birth/Age : |
29.01.1948 |
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Date of Appointment : |
30.03.2005 |
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Pan No.: |
AGNPB7375E |
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Name : |
Mr. Pradip Kumar Ghosh |
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Designation : |
Director |
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Address : |
34/1/P, Ballygunge, Circular Road, Kolkata – 700 019, West Bengal,
India |
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Date of Birth/Age : |
01.01.1949 |
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Date of Appointment : |
28.06.2006 |
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Pan No.: |
ADLPG6093M |
KEY EXECUTIVES
|
Name : |
Mr. Ram Prasad Dutta |
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Designation : |
Secretary |
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Address : |
Sri Nagar – 3, Madhyamgram, Kolkata – 700 129, West Bengal, India |
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Date of Birth/Age : |
15.01.1974 |
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Date of Appointment : |
25.07.2005 |
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Pan No.: |
AGNPD1188M |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment (As on 01.12.2007)
|
Names of Allottees |
No. of Shares |
|
Gouri Shankar Baldewa |
756 |
|
Gopal Das Bagri |
59296 |
|
Rama Bagri |
234262 |
|
Anil Kumar Bagri |
102450 |
|
Inder Kumar Bagri |
292850 |
|
Bulaki Das Bhaiya – HUF |
1279844 |
|
Bijay Kumar Bagri |
250 |
|
G D Bagri – Karta, G D Bagri – HUF |
286 |
|
Ganga Devi Bhaiya |
6 |
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|
|
|
Total |
1970000 |
Equity shares Breakup (percentage of total equity)
|
Category |
Percentage |
|
Directors or relatives of directors |
99.96 |
|
Other top fifty (50) shareholders |
0.04 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of exclusive range of especially engineered innovative
chemicals for processing and finishing of leather. |
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|
|
|
Products : |
· Dye Solutions and Pigments · Binding Media · Fillers, Waxes and Grounds · Auxiliaries · Lacquers and Lacquer Emulsions · Syntans · Fatliqors ·
Wet End Auxilaries |
GENERAL
INFORMATION
|
No. of Employees : |
200 |
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Bankers : |
State Bank of India SCB, Industrial Estate (Branch Code 1508), Phase – 1, Chandigarh – 160
002, Chandigarh, India |
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Financial Institution : |
M/s. Sundaram
Finance Limited No. 21, Patullos
Road, Chennai – 600 002, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L B Jha and Company Chartered Accountants |
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Address : |
413, Naurang House, 21, Kasturba Gandhi Marg, New Delhi – 110 001,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2955000 |
Equity Shares |
Rs.10/- each |
Rs.29.550
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
29.550 |
9.850 |
9.850 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
156.016 |
164.990 |
151.032 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
185.566 |
174.840 |
160.882 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
85.341 |
77.835 |
69.646 |
|
|
2] Unsecured Loans |
1.501 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
86.842 |
77.835 |
69.646 |
|
|
DEFERRED TAX LIABILITIES |
1.190 |
0.598 |
0.029 |
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|
|
|
|
|
|
|
TOTAL |
273.598 |
253.273 |
230.557 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
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|
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|
|
|
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FIXED ASSETS [Net Block] |
66.461 |
64.109 |
56.928 |
|
|
Capital work-in-progress |
2.747 |
4.651 |
14.187 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.320 |
0.133 |
0.083 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
61.017
|
49.059 |
33.981 |
|
|
Sundry Debtors |
174.986
|
159.428 |
151.515 |
|
|
Cash & Bank Balances |
4.715
|
6.296 |
3.411 |
|
|
Other Current Assets |
7.688
|
4.916 |
7.161 |
|
|
Loans & Advances |
27.947
|
22.176 |
15.120 |
|
Total
Current Assets |
276.353
|
241.875 |
211.188 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
48.364
|
39.120 |
34.749 |
|
|
Provisions |
23.919
|
18.375 |
17.080 |
|
Total
Current Liabilities |
72.283
|
57.495 |
51.829 |
|
|
Net Current Assets |
204.070
|
184.380 |
159.359 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
273.598 |
253.273 |
230.557 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
272.690 |
256.705 |
212.848 |
|
|
Other Income |
1.019 |
0.351 |
4.860 |
|
|
Total Income |
273.709 |
257.056 |
217.708 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
17.498 |
21.159 |
20.019 |
|
|
Provision for Taxation |
0.000 |
0.000 |
5.173 |
|
|
Profit/(Loss) After Tax |
17.498 |
21.159 |
14.846 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Sale of Goods manufactured |
57.458 |
34.649 |
27.589 |
|
|
Sale of goods traded |
1.279 |
2.416 |
2.617 |
|
Total Earnings |
58.737 |
37.065 |
30.206 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
141.579 |
126.875 |
100.494 |
|
|
Purchases made for re-sale |
0.000 |
0.000 |
5.836 |
|
|
Consumption of stores and spares parts |
0.252 |
0.240 |
0.563 |
|
|
Salaries, Wages, Bonus, etc. |
20.632 |
17.406 |
16.419 |
|
|
Managerial Remuneration |
4.328 |
3.935 |
1.298 |
|
|
Payment to Auditors |
0.170 |
0.176 |
0.204 |
|
|
Interest |
8.704 |
8.766 |
2.064 |
|
|
Insurance Expenses |
1.522 |
1.505 |
1.185 |
|
|
Power & Fuel |
1.824 |
1.895 |
1.792 |
|
|
Depreciation & Amortization |
6.945 |
7.530 |
6.732 |
|
|
Other Expenditure |
70.255 |
67.569 |
61.102 |
|
Total Expenditure |
256.211 |
235.897 |
197.689 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
6.39
|
8.23 |
6.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.42
|
8.24 |
9.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.10
|
6.92 |
7.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.77 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.82
|
4.95 |
4.07 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
C AND E LIMITED |
|
Presented By |
M/s. Sundaram
Finance Limited, No. 21, Patullos Road, Chennai – 600 002 |
|
1) Date and description of instrument creating the change |
Loan Agreement Dated
10.01.2006. Cont. No. AP-0705 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total Repayable
Amount Rs.0.529 million Finance
Amount Rs.0.500 million Interest Rs.0.029
million |
|
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 |
On the security
of 1. No. – 2006-Swaraj–Minibus, E.No.-SLTGL93479. CH No – LGWEL4GM0100869 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rs.0.529 million
is repayable in 23 monthly instalments as under : Instalments Amount 1-23 Rs.0.023 million Each Rate of Interest
6.5% 1st
Instalment falls due on 10.01.2006 |
|
5) Name and Address and description of the person entitled to the charge. |
M/s. Sundaram
Finance Limited No. 21, Patullos
Road, Chennai – 600 002, Tamilnadu, India |
|
6) Date and brief description of instrument modifying the charge |
Not Available |
|
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. |
Not Available |
|
Corporate identity
number of the company |
U51909WB1961PLC025027 |
|
Name of the
company |
C AND E LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
95, Park Street, 2nd Floor, Kolkata – 700 001, West Bengal,
India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Any interest
in immovable property ·
Book debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
State Bank of India SCB, Industrial Estate (Branch Code 1508), Phase – 1, Chandigarh – 160
002, Chandigarh, India |
|
Nature of
instrument creating charge |
Agreement for
Loan for Overall Limits dated 21.06.2008 Sanction Letter
dated 19.06.2008 |
|
Date of
instrument Creating the charge |
21.06.2008 |
|
Amount secured by
the charge |
Rs.153.700
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest 0.25% above SBAR. Presently SBAR is 12.50% p.a. ·
Terms of
repayment Working Capital : Repayable on demand Term Loan is repayable in 20 quarterly installments of Rs.0.200
million each staring from April, 2007 ·
Margin CC (Hyp.) : 25% CC (BD) : 40% ILC FLC : 15% BG : 10% ·
Extent and
operation of the charge 100% |
|
Particulars of
the present modification |
Total credit
facilities revised from Rs.114.000 millions to Rs.153.700 millions |
Web Details
Subject are a multiflorous organization who manufacture and market an exclusive
range of especially engineered innovative chemicals for processing and
finishing of leather. The visionary ideas inspiring the product development and
dextrously spread business network are candidly focused to help customers
shorten lead times and meet quality specifications. Concomitantly this has
spurred subject on as one of the leading partners in the leather processing
industry.
Subject are committed to set the standards depend upon, both in quality and
range. Cogent solutions are offered for aesthetic upgradation with physical and
environmental parameters well assured. The specialty colour components provide
the most appurtenant impulse to the dynamic fashion merry-go-round. The
uniquely crafted cationic ingredients are ingenuous off shoots from the intent
crave for beauty and balance in the leather finishing endeavour. The novel
class of products comprising of proteins, polyamides, polyurethanes, waxes,
special grounds etc. link natural with exoticism in a decisively modern spirit.
The technical descriptions on the following sheets are being presented in the
suggestive capacity for benefit from the optimum utilization know how and
deliver real value. Also, the comprehensive support structure stays readily
attired to match the desired modulation wavering from daring aniline vividness
to covered shaded hues on practical grounds.
Subject are here with hand in hand in the expedition from abstract design
concept to the finished leather artifact.
If success is the prize for speed of reaction, unrivalled precision and
outstanding consistency, they, at Subject, believe in creating excellence in
order to create the success!
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.45.94 |
|
UK Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.65.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|