SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2<F1>
USA DETERGENTS, INC.
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(Name of issuer)
Common Stock, $.01 par value
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(Title of class of securities)
902938 992
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(CUSIP number)
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Check the following box if a fee is being paid with this statement / /.
(A fee is not required only if the filing person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
(CONTINUED ON FOLLOWING PAGE(S))
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<F1> The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
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CUSIP No. 902938 992
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Coutts Bank (Switzerland) Ltd., New York Branch f/k/a/ Coutts &
Co. AG
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York, United States of America
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NUMBER OF SHARES 5 SOLE VOTING POWER
BENEFICIALLY 1,038,000
OWNED BY EACH REPORTING ------------------------------------------------------
PERSON WITH 6 SHARED VOTING POWER*
0
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7 SOLE DISPOSITIVE POWER
1,038,000
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8 SHARED DISPOSITIVE POWER*
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,038,000 shares
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES / /
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
7.5%
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12 TYPE OF REPORTING PERSON
BK
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<PAGE>
ITEM 1(A). NAME OF ISSUER:
USA Detergents, Inc.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1735 Jersey Avenue
North Brunswick, New Jersey 08902
ITEM 2(A). NAME OF PERSON FILING:
This statement is filed on behalf of:
Coutts Bank (Switzerland) Ltd., New York Branch f/k/a Coutts
& Co. AG
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
The principal business address of the Reporting Persons is:
Coutts Bank (Switzerland) Ltd., New York Branch
65 East 55th Street, 22nd Floor
New York, New York 10022
Attention: Christopher M. Walker
Telephone #: (212) 303-2528
Facsimile #: (212) 303-2936
ITEM 2(C). CITIZENSHIP:
New York, United States of America
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock, $.01 par value
ITEM 2(E). CUSIP NUMBER:
902938 992
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR
13D-2(B), CHECK WHETHER THE PERSON FILING IS A:
(a) / / Broker or Dealer registered under Section 15 of the Act
(b) /X / Bank as defined in section 3(a)(6) of the Act
(c) / / Insurance Company as defined in section 3(a)(19) of the
act
(d) / / Investment Company registered under section 8 of the
Investment Company Act
(e) / / Investment Adviser registered under section 203 of the
Investment Advisers Act of 1940
(f) / / Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see
ss.240.13d-1(b)(1)(ii)(F)
(g) / / Parent Holding Company, in accordance with
ss.240.13d-1(b)(ii)(G) (Note: See Item 7)
(h) / / Group, in accordance with ss.240.13d-1(b)(1)(ii)(H)
ITEM 4. OWNERSHIP.
<TABLE>
<CAPTION>
Amount Sole Shared
Beneficially Percent Sole Voting Shared Dispositive Dispositive
Entity Owned of Class Power Voting Power Power Power
- ------ ------------- -------- ----------- ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Coutts Bank 1,038,000 7.5% not not 1,038,000 not applicable
(Switzerland) Ltd. applicable applicable
Ltd.
</TABLE>
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
The securities were acquired by the reporting person through
foreclosures in connection with defaults on certain loans
collateralized by the securities. Accordingly, to the extent that
the proceeds of any liquidation of the securities exceeds the
amount of such loans, the relevant borrowers would be entitled to
receive such excess.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH
ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING
COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purposes or effect.
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of the knowledge and belief
of the undersigned, the undersigned certifies that the information set forth in
this statement is true, complete and correct.
July 9, 1998
COUTTS BANK (SWITZERLAND) LTD.
NEW YORK BRANCH
By /s/ Christopher M. Walker
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Title: Vice President
