%20PRIVATE%20LIMITED%20-133644%2028-Feb-2011_files/image002.jpg){kind=small}
1. Summary Information
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Country |
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Company Name |
CONNELL BROS COMPANY ( |
Principal Name 1 |
Mr. Thacher Pomeroy John |
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Status |
Satisfactory |
Principal Name 2 |
Mr. Theodore Eliot |
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Registration # |
11-119904 |
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Street Address |
13, Padam – 1, 4B |
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Established Date |
18.05.1999 |
SIC Code |
-- |
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Telephone# |
91-22-56644483/ 22815060 |
Business Style 1 |
Distributors |
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Fax # |
91-22-22818060 |
Business Style 2 |
-- |
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Homepage |
Product Name 1 |
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# of employees |
-- |
Product Name 2 |
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|
Paid up capital |
Rs.53,900,000/- |
Product Name 3 |
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|
Shareholders |
Foreign holdings
50.00%, Bodies corporate
50.00% |
Banking |
Royal
Bank of |
|
Public Limited Corp. |
No |
Business Period |
11 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (45) |
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Related
Company |
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Relation
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Country
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Company
Name |
CEO |
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Subsidiary
|
-- |
Connell Bros. Bangladesh (Private)
Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.12.2008 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
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Current Assets |
191,551,000 |
Current Liabilities |
97,363,000 |
|
Inventories |
133,754,000 |
Long-term Liabilities |
69,000,000 |
|
Fixed Assets |
44,123,000 |
Other Liabilities |
37,836,000 |
|
Deferred Assets |
5,387,000 |
Total Liabilities |
204,199,000 |
|
Invest& other Assets |
969,000 |
Retained Earnings |
117,685,000 |
|
|
|
Net Worth |
171,585,000 |
|
Total Assets |
375,784,000 |
Total Liab. & Equity |
375,784,000 |
|
Total Assets (Previous Year) |
223,258,000 |
|
|
|
P/L Statement as of |
31.12.2008 |
(Unit: Indian Rs.) |
|
|
Sales |
835,220,000 |
Net Profit |
66,090,000 |
|
Sales(Previous yr) |
669,470,000 |
Net Profit(Prev.yr) |
61,780,000 |
MIRA
INFORM REPORT
|
Report Date : |
28.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONNELL BROS COMPANY ( |
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Registered Office : |
13, Padam – 1, 4B |
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Country : |
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Financials (as on) : |
31.12.2008 |
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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.] |
AAACC9611004C |
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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 (45) |
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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 680000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Clear |
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Litigation : |
Usually Correct |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Raju |
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Designation : |
Accounts Department |
LOCATIONS
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Registered Office : |
13, Padam – I, 4B |
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Tel. No.: |
91-22-56644483/ 22815060 |
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Fax No: |
91-22-22818060 |
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E-Mail : |
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Website : |
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Area: |
1600 sq.ft. (Owned) |
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Warehouse: |
Located At: v
Bhiwandi v
Panvel v
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Branch Office 1 : |
3rd Floor, |
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Tel. No.: |
91 22 2281 5060 |
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Fax No.: |
91 22 2281 8060 |
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E-Mail : |
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Area: |
3500 sq.ft. (Rented) |
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Branch Office 2 : |
1112, |
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Tel. No.: |
91-11-2371 3691 |
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Fax No.: |
91-11-2371 3692 |
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Area: |
1200 sq.ft. (Rented) |
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Branch Office 3: |
15 Kamal Ataturk Avenue, Bashati Condominium, Apartment # C/11-12,
Road # 17, Banani, Dhaka, - 1213 |
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Tel. No.: |
88 044 746 50728 |
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Fax No.: |
88 044 768 02517 |
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Area: |
500 sq.ft. (Rented) |
DIRECTORS
As on 18.03.2009
|
Name : |
Mr. Thacher Pomeroy John |
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Designation : |
Directors |
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Address : |
2482/ Spring Mountain Road, St. Helen, California-94574, |
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Date of Birth/Age : |
01.10.1954 |
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Date of Appointment : |
11.02.2008 |
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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, |
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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. DayaL Prasad Dhanda |
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Designation : |
Director |
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Address : |
R-245, Greater Kailash – I, |
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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, |
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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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E mail: |
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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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Name : |
Mr. Geoss Streblow |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
D. J. Vyas and Associates |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.03.2009
|
Names of Shareholders |
|
No. of Shares |
|
Rasayani Traders Private Limited |
|
269500 |
|
Wilbur Ellis Company NA ( |
|
269500 |
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Total |
|
539000 |
As on 18.03.2009
|
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] |
|
50.00 |
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Bodies
corporate |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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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 |
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Exports : |
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Products : |
Chemical |
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Countries : |
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Imports : |
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Products : |
Chemical |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.12.2008)
|
Particulars |
Unit |
Actual
Production |
|
Celacryl – 95 |
Kgs. |
- |
|
Celacryl – 50 |
Kgs. |
- |
|
Cross Linked Polystyrene |
Kgs. |
18575 |
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Process Chemicals |
Kgs. |
927174 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
70 (Office 10, Branch 60) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
Jalan Mill Compound,95 Ganpatrao Kadam Marg, Lower Parel, Mumbai-400
013, |
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Tel. No.: |
91-22-22876485/6 |
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Fax No.: |
91-22-22876401 |
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Associates/Subsidiaries : |
Connell Bros. Bangladesh (Private) Limited |
CAPITAL STRUCTURE
As on 18.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000 |
Equity Shares |
Rs.100/- each |
Rs.80.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
539000 |
Equity Shares |
Rs.100/- each |
Rs.53.900 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2008 |
31.12.2007 |
31.12.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
53.900 |
53.900 |
53.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
117.685 |
89.427 |
62.332 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
171.585 |
143.327 |
116.232 |
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LOAN FUNDS |
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1] Secured Loans |
69.000 |
64.986 |
63.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
69.000 |
64.986 |
63.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.071 |
1.314 |
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TOTAL |
69.585 |
209.384 |
180.546 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.123 |
42.376 |
40.430 |
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Capital work-in-progress |
0.269 |
0.055 |
0.000 |
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INVESTMENT |
0.700 |
0.700 |
0.700 |
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DEFERREX TAX ASSETS |
5.387 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
133.754
|
115.131 |
93.095 |
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Sundry Debtors |
140.495
|
171.435 |
129.338 |
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Cash & Bank Balances |
38.054
|
10.356 |
5.620 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.002
|
8.205 |
43.639 |
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Total
Current Assets |
325.305
|
305.127 |
271.692 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
97.363
|
104.191 |
84.764 |
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Provisions |
37.836
|
34.683 |
47.512 |
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Total
Current Liabilities |
135.199
|
138.874 |
132.276 |
|
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Net Current Assets |
190.106
|
166.253 |
139.416 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
240.585 |
209.384 |
180.546 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2008 |
31.12.2007 |
31.12.2006 |
|
|
Income from Operations: |
835.220 |
669.470 |
541.026 |
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Profit/(Loss) Before Tax |
102.480 |
95.470 |
53.079 |
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Provision for Taxation |
36.390 |
33.690 |
0.000 |
|
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Profit/(Loss) After Tax |
66.090 |
61.780 |
53.079 |
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Expenditures : |
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Interests |
11.090 |
8.840 |
6.371 |
|
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Depreciation & Amortization |
6.160 |
5.130 |
4.753 |
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|
|
|
|
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Earnings Per Share (Rs.) |
122.62 |
- |
- |
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Particulars |
|
31.12.2010 (Approximately) |
31.12.2009 |
|
Sales Turnover |
|
650.000 |
1150.000 |
Expected Sales ( 2010-11 ) : Rs. 1250.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.12.2008 |
31.12.2007 |
31.12.2006 |
|
PAT / Total Income |
(%) |
7.91
|
9.23 |
9.81 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.27
|
14.26 |
9.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
27.74
|
27.47 |
17.00 |
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.67 |
0.46 |
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.19
|
1.42 |
1.68 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.20 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10029028 |
|
Corporate
identity number of the company |
U24110MH1999PTC119904 |
|
Name of the
company |
CONNELL BROS COMPANY ( |
|
Address of the
registered office or of the principal place of business in |
13, Padam – I, 4B |
|
Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
ABN Amro Bank NV 7th Floor, Sakar Bhavan, |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary Deed
of Hypothecation of Movable Assets. |
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Date of
instrument Creating the charge |
29.10.2008 |
|
Amount secured by
the charge |
Rs.150.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest/
Commissions – As agreed by and with the Bank from time to time. Terms of
Repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any Extent and
Operation of the charge The Bank is
having sole charge on the security offered by the company. |
|
Short particulars
of the property charged |
Hypothecation by
way of sole charge over Stocks and Book Debts, both present and future. Hypothecation by way
od sole charge over movable fixed assets like plant, machinery, Equipment
etc. both present and future. |
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs.100.000 millions enhanced to
Rs.150.000 millions |
FIXED ASSETS:
- Software
- Leasehold
Improvements
- Plant and
Machinery
- Laboratory
Equipments
- Office
Equipments
- Furniture and
Fixtures
- Computers
- Vehicles
Website Details:-
Profile:-
Connell Bros. Company has a long-standing history as a marketer of
specialty products in the
The Connell Bros. office in
They service core industries throughout their distribution network. These
include:
·
Coatings and Inks
·
Plastics and Rubber
·
Food Ingredients
·
Personal and Household Care
In addition, their regional offices have sales and distribution expertise
specific to local product needs.
The CBC network consists of 32 offices and about 34 warehouses spread through
Asia Pacific. Additionally their application laboratories in
A Global Perspective, with Focus on
Connell Bros. Company maintains a network of offices throughout
·
Expert, industry-focused technical sales force
·
Extensive marketing support, including market
research, product positioning,
pricing, and development and refinement of marketing and distribution
strategies
They also help manufacturers in Asia and other countries to identify potential
Division:
The sales and marketing organization in
every CBC office is grouped into market segment focused Divisions. These
divisions are based on the core user industries which CBC supplies.
Every CBC office services at least, the
following major user industries:
Coatings and Inks
Plastics and Rubber
Food ingredients
Personal and Household Care
In addition, every CBC office has other
market segments which it caters to. These have evolved over time depending on
local needs of customers, their expertise as well as requirements of principals.
To better serve customers, every CBC
division consists of industry experts with experience in product formulations
as well as applications. They believe this adds value to their principals by
helping them to differentiate their distribution network from competition.
Simply put, with their existing infrastructure, they operate as a
manufacturer’s extended sales and distribution arm, providing the customer with
all the functions that they might expect from a full service distributor.
They continue to add products and
applications to their portfolio. They invite you to browse their different
divisions which list the major products as carried by all CBC offices.
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
Subject is committed to working closely with principals and customers alike.
Their 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
Subject
operates 2 wholly owned offices in Mumbai and
They 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
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
A international distributor in the Indian chemical industry,
Subject operates 2 wholly owned offices in Mumbai and
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] 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.45.37 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.62.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.