MIRA
INFORM REPORT
|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
CUBANE SPECIALITY CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
No. 9/5, Nandanam Extension, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.04.2007 |
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Com. Reg. No.: |
18 - 062962 |
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Capital
Investment / Paid-up Capital : |
Rs. 10.020
Millions |
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|
|
CIN No.: [Company Identification
No.] |
U24200TN2007PTC062962 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC06713A |
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PAN No.: [Permanent Account No.] |
AADCC0379G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Solution provider to the Pulp and Paper Industries offering
comprehensive speciality chemicals packages. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 70000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. The company has recorded an increase
in its sales turnover and profitability during this year, 2011. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can
be considered normal for business dealings with some caution. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
LOCATIONS
|
Registered Office : |
No. 9/5, Nandanam Extension, |
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Tel. No.: |
91- 44-24354113 |
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Fax No.: |
91- 44-24354113 |
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E-Mail : |
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Website : |
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Corporate Office : |
22, F3-157/3, Plot No. 22, S.V. Co-operative, Industrial Estate, IDA
Jeedimelta, Hyderabad - 500055, Andhra Pradesh, India |
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Tel. No.: |
91-40-23092055 |
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Fax No.: |
91-40-23091192 |
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|
|
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Branch Office : |
No. 18, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Nandakumar Seshagiri Rao |
|
Designation : |
Director |
|
Address : |
Flat No. 2, Prashanth
Apartments, Deccan College Road, Yeravaba, Pune- 411006, Maharashtra, India |
|
Date of Birth/Age : |
21.04.1963 |
|
Date of Appointment : |
02.04.2007 |
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DIN No.: |
01330904 |
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Name : |
Mr. Ashok Kumar Rajappa |
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Designation : |
Director |
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Address : |
G-10, Elite
Empire, Plot No:317, |
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Date of Birth/Age : |
31.05.1973 |
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Date of Appointment : |
20.12.2007 |
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DIN No.: |
01928932 |
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Name : |
Mr. Ramesh Ramachandran |
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Designation : |
Director |
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Address : |
Block 4, Flat
no: 503 SMR Vinay Acropolis, Kondapur, |
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Date of Birth/Age : |
15.06.1962 |
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Date of Appointment : |
01.02.2008 |
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DIN No.: |
00769936 |
Other Directorship :
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24119AP2002PTC062879 |
AMAZON PAPYRUS
CHEMICALS PRIVATE LIMITED |
Managing
director |
03-04-02 |
03-04-02 |
01-12-07 |
Active |
NO |
|
2 |
U24200TN2007PTC062962 |
CUBANE
SPECIALITY CHEMICALS PRIVATE LIMITED |
Director |
20-06-08 |
01-02-08 |
- |
Active |
NO |
|
3 |
U74140TN2008PTC066392 |
SOLUTE
CONSULTANTS PRIVATE LIMITED |
Director |
11-02-08 |
11-02-08 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.07.2011
|
Names of Shareholders |
|
No. of Shares |
|
Nandakumar Seshagiri Rao |
|
96000 |
|
VMACS Consulting Private Limited, |
|
288000 |
|
Renuka Ramesh |
|
12000 |
|
Nandini Rao |
|
12000 |
|
Sujatha Ashok |
|
12000 |
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Raji Prem Anand |
|
12000 |
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Prem Anand |
|
84000 |
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Uma Jayakanthan |
|
24000 |
|
G Subramanian |
|
24000 |
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R. Sumitra , V. Geetha and S. Ramasamy (Joint Share Holding) |
|
24000 |
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Sathish Singh |
|
6000 |
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R.Ramesh |
|
288000 |
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R.Ashok Kumar |
|
120000 |
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TOTAL |
|
1002000 |
As on 28.07.2011
|
Names of Allottees |
|
No. of Shares |
|
Satish Singh |
|
30000 |
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Suresh Singh |
|
6000 |
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S. Amalraj |
|
6000 |
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R. Jayakanthan |
|
12000 |
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S. Kannan |
|
6000 |
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P Prem Anand |
|
12000 |
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TOTAL |
|
72000 |
As on 18.07.2011
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
28.70 |
|
Directors or relatives of directors |
|
52.60 |
|
Other top fifty shareholders |
|
18.70 |
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Solution provider to the Pulp and Paper Industries offering
comprehensive speciality chemicals packages. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
HDFC Bank Limited,
HDFC Bank House, Senapati Bapat Marg, Lower Parel (West) , Mumbai - 400013,
Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Vasudevan Chartered Accountant |
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Address : |
No. 19, First Floor, Nagarathinam Colony, Mylapore, Chennai 600035, |
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Mobile No.: |
91-9444173810 |
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E-Mail : |
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PAN NO.: |
ABWPV3242N |
CAPITAL STRUCTURE
After 18.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs. 12.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1074000 |
Equity Shares |
Rs.10/- each |
Rs. 10.740
Millions |
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(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Shares |
Rs.10/- each |
Rs. 12.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
1002000 |
Equity Shares |
Rs.10/- each |
Rs. 10.020
Millions |
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FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.020 |
10.020 |
10.020 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.660 |
2.734 |
0.000 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.915) |
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NETWORTH |
17.680 |
12.754 |
9.105 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
7.204 |
4.631 |
2.419 |
|
|
2] Unsecured Loans |
4.833 |
4.404 |
4.783 |
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TOTAL BORROWING |
12.037 |
9.035 |
7.202 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
29.717 |
21.789 |
16.307 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.777 |
4.484 |
4.590 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
4.833
|
2.801 |
3.509 |
|
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Sundry Debtors |
44.498
|
30.648 |
23.293 |
|
|
Cash & Bank Balances |
2.137
|
1.206 |
0.780 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.391
|
2.332 |
1.110 |
|
Total
Current Assets |
55.859
|
36.987 |
28.692 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
28.419
|
18.382 |
16.705 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
2.500
|
1.300 |
0.324 |
|
Total
Current Liabilities |
30.919
|
19.682 |
17.029 |
|
|
Net Current Assets |
24.940
|
17.305 |
11.663 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.054 |
|
|
|
|
|
|
|
|
TOTAL |
29.717 |
21.789 |
16.307 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
136.276 |
95.194 |
70.381 |
|
|
|
Other Income |
0.045 |
0.043 |
0.141 |
|
|
|
TOTAL |
136.321 |
95.237 |
70.522 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
125.913 |
88.885 |
68.374 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
125.913 |
88.885 |
68.374 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
10.408 |
6.352 |
2.148 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.268 |
1.349 |
1.196 |
|
|
|
|
|
|
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|
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|
PROFIT BEFORE
TAX |
7.735 |
5.003 |
0.952 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.810 |
1.355 |
0.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.925 |
3.648 |
0.422 |
|
|
|
|
|
|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8.488 |
2.089 |
2.912 |
|
|
TOTAL EARNINGS |
8.488 |
2.089 |
2.912 |
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.393 |
2.701 |
4.608 |
|
|
TOTAL IMPORTS |
2.393 |
2.701 |
4.608 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.92 |
3.64 |
0.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.61
|
3.83 |
0.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.68
|
5.26 |
1.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.76
|
12.06 |
2.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.39 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.43
|
2.25 |
2.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.88 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
--------------- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
-------------- |
|
Litigations that the firm/ Promoters Involved in |
-------------- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
-------------- |
|
Buyer visit details |
-------------- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
NOTE:
The registered office of the company has been shifted from No:18,
Jagadeeswaran Street, Flat No:1 Komal Apartments, T Nagar, Chennai - 600017,
Tamilnadu, India to the present address w.e.f. 03.06.2009.
FINANCIAL
HIGHLIGHTS
The Highlights of
the financial performance of the Company are as follows:
• Sales: The turnover for
the year 2011 on the whole has increased by 43% when compared to previous year,
showing an improvement in the company’s overall performance. The turnover for
the year 2011 is Rs. 136.276 Millions and in the previous year the total
turnover amounted to Rs. 95.194 Millions.
• Export sales: The foreign exchange earning has increased by 306% when
compared to the previous year figures, showing the active participation of the
company in the international market. The company is looking forward to explore
the international market further and thereby tapping their demand which would
result in an overall boost in the export volume of the company.
• Profit before Depreciation: The profit before depreciation for 2011
totals up to Rs. 10.408 Millions and for 2010 it was Rs. 6.352 Millions showing
an increase by almost 64% in the current year when compared to the previous
year.
• Profit before Tax: the profit before tax for the year 2011 is Rs.
7.735 Millions and for the year 2010 it was Rs. 5.003 Millions showing an
improvement by almost 55%.
FORM 8
|
Corporate
identity number of the company |
U24200TN2007PTC062962 |
|
Name of the
company |
CUBANE SPECIALITY
CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 9/5, Nandanam Extension, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10204996 |
|
Type of charge |
Book Debts Movable Property (not being pledge) Floating Charge |
|
Particular of
charge holder |
HDFC Bank
Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West) , Mumbai -
400013, Maharashtra, India CIN NO.:
L65920MH1994PLC080618 Email: RBBform8@hdfcbank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Letter of Hypothecation. |
|
Date of
instrument Creating the charge |
08.03.2012 |
|
Amount secured by
the charge |
Rs. 10.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment On Demand Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge Hypothecation by
way of First Charge on Company's Stocks and Book Debts etc, as a continuing
security to secure for the repayment of Rs. 10.000 Millions together with interest,
costs, charges, expenses and other moneys due and payable by the Company to
the Bank. |
|
Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise whatsoever being movable properties. All the debts,
that is, all the book debts, outstandings, monies receivables, claims, bills,
invoice documents, contracts, guarantees, and rights. |
|
Date of latest
modification prior to the present modification |
20.11.2010 |
|
Particulars of
the present modification |
The Charge shall
now stand increased from Rs. 8.000 Millions to Rs. 10.000 Millions against
the security of Stocks and Book Debts of the Company. |
FIXED ASSETS:
- Computer
- Furniture and Office Equipments
- Microscope
- Motor Vehicles
- Plant and Machinery
WEBSITE DETIALS:
PROFILE
Subject is a leading quality solution provider to the Pulp and Paper Industries offering comprehensive speciality chemicals packages. Cubane Speciality chemicals package comes with the technical services of world standard, safe practices at site, reliability, and expert application capabilities.
They strongly believe that Pulp and Paper mills should have the best possible products available in order to enhance professional excellence. To that end, their goal is to provide easy-to-use, highly reliable speciality chemicals that increases productivity and profitability through helping the machines run smoothly, greatly improving performance, ensuring personal and corporate safety, and providing an environment that allows customers to concentrate on matters other than fixing chemicals and allied issues.
They are committed to work in partnership with their esteemed customers to understand and learn the demands in full to improve the runnability, profitability, product quality and productivity of the mill as the success is theirs.
The Pulp and Paper industry can look forward to Cubane’s customized problem solving approaches taking into considerations of Mechanical, Chemical, and Operational outlook to bring in greater values through a simple solutions and simplified approach.
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. 55.83 |
|
|
1 |
Rs. 87.41 |
|
Euro |
1 |
Rs. 70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
31 |
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.