MIRA INFORM REPORT

 

Report Date :

31.03.2011

 

IDENTIFICATION DETAILS

 

Name :

COOKSON INDIA PRIVATE LIMITED

 

 

Registered Office :

10, Old Post Office Street, Room No. 15A, Kolkata – 700001, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

18.03.1931

 

 

Com. Reg. No.:

21-7055

 

 

CIN No.:

[Company Identification No.]

U51909WB1931PTC007055

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Consumable Electronics Assembly Materials to the Electronics Industry and for Industrial and Automotive Applications.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (53)

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

Maximum Credit Limit :

USD 2734000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Cooken Group PLC, UK. It is an old and well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Payments are reported to be correct and as per commitments.

 

The company can be considered normal for business dealings 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

10, Old Post Office Street, Room No. 15A, Kolkata – 700001, West Bengal, India

Tel. No.:

91-33-22102380

Fax No.:

91-33-22485125

E-Mail :

skumar@cooksoneletronics.com

cooksonindiafinance@cooksonelectronics.com

 

 

Head Office :

Plot No. 16, North Phase, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamil Nadu, India

Tel. No. :

91-44-26252666

Fax No. :

91-44-26258627

 

 

DIRECTORS

As on 29.09.2010

 

Name :

Mr. Purushottam Lal Agarwal

Designation :

Director

Address :

9, Sarojini Naidu Sarani, Kolkata – 700017, West Bengal, India

Date of Birth/Age :

02.04.1942

Date of Appointment :

21.11.1996

 

 

Name :

Mr. Siuli Sarkar

Designation :

Director

Address :

Flat – A308, Road Anandnagar, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

08.06.1956

Date of Appointment :

24.03.1998

 

 

Name :

Mr. Raji Koshy

Designation :

Director

Address :

11-1, Burdwan Road, Kolkata – 700027, West Bengal, India

Date of Birth/Age :

27.10.1956

Date of Appointment :

01.12.1995

 

 

Name :

Mr. Steven James Corbett

Designation :

Director

Address :

9, Lower Ledge Road, Killing Worth, Connecticut – 06419

Date of Birth/Age :

19.12.1957

Date of Appointment :

05.06.2006

 

 

Name :

Mr. Richard Andrew Regan III

Designation :

Director

Address :

16, Adam Park, Singapore – 289935, Singapore

Date of Birth/Age :

22.03.1956

Date of Appointment :

22.11.2001

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

 

Names of Shareholders

 

No. of Shares

Alpha Fry Limited (England)

 

126

Cookson Overseas Limited (England)

 

1

Cookson Investments Limited (England)

 

1

Cookson Overseas Investments Limited (England)

 

1

Cookson Minerals Limited (England)

 

1

Cookson Ceramics Limited (England)

 

1

Gilkes Lucas Limited (England)

 

1

Cookson Group PLC (England)

 

8391468

Total

 

8391600

 

As on 29.09.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Consumable Electronics Assembly Materials to the Electronics Industry and for Industrial and Automotive Applications.

 

 

 

Products :

Particulars

ITC Code

Fluxes, Non-ferrous Alloys-solders and White Metal

38101000

Lead Base

78019919

Tin Base

80012000

 

PRODUCTION STATUS AS ON 31.03.2010

 

Particulars

Unit

Licensed Capacity

Installed Capacity

Actual Production

Non-ferrous Alloys

M.T.

NA

1500

789.71

Fluxes

M.T.

NA

2000

635.56

 

 

GENERAL INFORMATION

 

Bankers :

HSBC Bank Limited, No. 76, Satherdral Road, Chennai

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B.S.R. and Associates

Chartered Accountant

Address :

No. 10, Mahatma Gandhi Road, Nungambakkam, Chennai – 600034, Tamil Nadu, India

 

 

Holding Company :

Cookson Group PLC

 

 

Associates/Subsidiaries :
  • Alpha Metals (Taiwan) Inc.
  • Cookson Electronics Limited
  • Fry’s Metals, Inc, USA
  • Cookson Singapore Private Limited
  • Alpha Metals Korea
  • Alpha Fry Technologies B.V. (Netherland)
  • Cookson Electronics Company, Japan
  • Cookson Alpha Metals (Shangai) Trading Company
  • Alpha Fry Limited, UK

 

 

CAPITAL STRUCTURE

 

As on 29.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

18000000

Equity Shares

Rs.10/- each

Rs.180.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

8391600

Equity Shares

Rs.10/- each

Rs.83.916 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

83.916

83.916

83.916

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

599.529

475.218

377.739

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

683.445

559.134

461.655

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

683.445

559.134

461.655

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

175.570

198.779

81.671

Capital work-in-progress

3.187

0.914

55.507

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

1.510

1.032

6.400

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
71.705

46.234

85.294

 

Sundry Debtors
197.876

108.510

126.469

 

Cash & Bank Balances
222.378

212.902

127.702

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
108.674

78.104

74.196

Total Current Assets
600.633

445.750

413.661

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
93.215

84.260

90.868

 

Provisions
4.240

3.081

4.716

Total Current Liabilities
97.455

87.341

95.584

Net Current Assets
503.178

358.409

318.077

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

683.445

559.134

461.655

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

Income

 

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

1138.208

1014.255

NA

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

960.673

871.105

NA

 

 

 

 

 

 

PROFIT BEFORE TAX (A-B)                              (C)

177.535

143.150

142.600

 

 

 

 

 

Less

TAX                                                                  (D)

53.225

45.670

46.000

 

 

 

 

 

 

PROFIT AFTER TAX (C-D)                                 (E)

124.310

97.480

96.600

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

53.929

37.371

20.412

 

 

Service Income

140.661

108.793

100.588

 

TOTAL EARNINGS

194.590

146.164

121.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

564.480

530.638

370.071

 

 

Laboratory Materials

8.902

7.716

0.826

 

 

Capital Goods

3.708

74.477

28.939

 

TOTAL IMPORTS

577.090

612.831

399.836

 

 

 

 

 

 

Earnings Per Share (Rs.)

14.81

11.62

--

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
10.92

9.61

--

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
22.87

22.21

28.79

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.26

0.26

0.31

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.14

0.16

0.21

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
6.16

5.10

4.33

 

LOCAL AGENCY FURTHER INFORMATION

 

OPERATIONS :

 

During the year 2009-10 the company’s sales were Rs.986.130 Million against Rs.897.037 Million for the previous year 2008-09 and Service income from R and D Centre was Rs.140.660 Million against Rs.108.793 Millions for the previous year 2008-09. The increase in revenue of 9.92% resulted in increased PBT of Rs.177.500 Millions from 143.200 Millions represent 23.95%. The increased Cash Flow is invested in Capital Equipment in R and D Centre and hence the Board has not recommended any dividend for the year 2009-10.

 

 

BACKGROUND :

 

Cookson India Private Limited ('Cookson India'/ 'the Company') is a wholly owned subsidiary of Cookson Group PIC headquartered in London. The Company is engaged in the business of manufacture and sale of consumable electronics assembly materials to the electronics industry and for Industrial and automotive applications. The Company is also engaged in providing research and development services to Group company under 100% Export Oriented Undertaking ('EOU') Scheme at Bangalore, by obtaining permission from the Development Commissioner, Cochin Special Economic Zone ('CSEZ'), Ministry of Commerce and Industry, Government of India. The registered office of the Company is in Kolkata.

 

 

FIXED ASSETS :

 

  • Freehold Land
  • Buildings
  • Plant and Machinery
  • Computers
  • Office Equipment
  • Furniture and Fixtures
  • Vehicles
  • Leasehold Improvements

 

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.44.77

UK Pound

1

Rs.71.69

Euro

1

Rs.63.02

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--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

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.