MIRA
INFORM REPORT
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Report Date : |
01.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
WATERPROOF CORPORATION PRIVATE LIMITED |
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Registered Office : |
Waco House, Masrani Lane, Kurla West, Mumbai - 400 070, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.07.1942 |
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Com. Reg. No.: |
11-3635 |
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CIN No.: [Company
Identification No.] |
U17298MH1942PTC003635 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMWO2131D |
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PAN No.: [Permanent
Account No.] |
AAACWO682M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Gummed Paper Tapes. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 100000 |
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Status : |
Satisfactory |
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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 engaged in manufacturing and marketing of Gummed Tapes. Directors are well qualified, highly experienced and resourceful businessmen. The company is making steady progress in its turnover and profits. Trade relations are reported as fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. Input for this report has been provided by Mr. Kamal Bhavnani (Mobile No 9821027067) director of the company. |
LOCATIONS
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Registered Office : |
Waco House, Masrani Lane, Kurla West, Mumbai - 400 070, Maharashtra,
India |
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Tel. No.: |
91-22-2514 4579/ 0165 / 2514 3773/ 25030165 / 55952131 / 25034587 |
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Fax No.: |
91-22-2595 2160 / 25034318 |
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E-Mail : |
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Website : |
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Area : |
35000 sq. ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Kamal K. Bhavnani |
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Designation : |
Wholetime Director |
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Address : |
7, Hindustan House, 28, Altamount Road, Mumbai – 400 026 |
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Date of Birth/Age : |
20.05.1945 |
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Qualification : |
B. Engineer |
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Date of Appointment : |
22.11.1968 |
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Election Commission Identity Card No. : |
MT04024252464 |
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Name : |
Mrs. Indira Kamal Bhavnani |
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Designation : |
Director |
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Address : |
7, Hindustan House, 28, Altamount Road, Mumbai – 400 026 |
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Date of Birth/Age : |
14.06.1946 |
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Qualification : |
M. Sc. |
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Date of Appointment : |
27.12.1993 |
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Election Commission Identity Card No. : |
MT04024252329 |
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Name : |
Mr. Jaivir Ranbir Singh |
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Designation : |
Director |
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Address : |
Vellard View, Peddar Road, Mumbai – 400 026 |
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Date of Birth/Age : |
21.12.1935 |
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Qualification : |
M. A. |
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Date of Appointment : |
24.07.1990 |
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Election Commission Identity Card No. : |
MT04024228191 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Kamal K. Bhavnani |
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260806 |
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Indira Kamal Bhavnani |
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150 |
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Mala Kamal Bhavnani |
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9000 |
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Jaivir R. Singh |
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45002 |
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Jayati J Singh |
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45022 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Gummed Paper Tapes under the Brand ‘Waco’. |
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Products : |
Products
Description ITC Code Paper Gummed Tapes 48112101 |
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Brand Names : |
“WACO” |
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Exports : |
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Countries : |
Sri Lanka, Bangladesh and Myanmar |
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Imports : |
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Products : |
Paper and Acrylamide |
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Countries : |
USA, France, Germany and Japan |
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Terms : |
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Selling : |
Cash or Credit (30 days) terms |
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Purchasing : |
L/C or Cash or Credit (60 days) term |
PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Paper Gummed Tapes |
Tonnes |
1500 16500000 MZ |
10148574 MZ |
GENERAL
INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
62 persons -- 12 persons as office staff and 50 persons as factory workers |
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Bankers : |
State Bank of India Sir J. J. Road, Byculla Branch, Mumbai – 400 008 Tel. 91-22-23099661 |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. M. Raiji & Company Chartered Accountants |
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Address : |
Universal Insurance Building, Pherizesgag Mehta Road, Fort, Mumbai – 400 001, Maharashtra |
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Tel. No.: |
91-22-22615057 |
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Fax No.: |
91-22-22650578 |
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E-Mail : |
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Associates/Subsidiaries : |
Waco House, Masrani Lane, Kurla (West), Mumbai – 400 070, Maharashtra --Earlier in manufacture of self adhesive tapes |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,60,000 |
Equity Shares |
Rs.10/- each |
Rs. 3.600 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
3.600 |
3.600 |
3.600 |
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2]
Reserves & Surplus |
20.430 |
16.756 |
12.612 |
NETWORTH
|
24.030 |
20.356 |
16.212 |
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LOAN
FUNDS |
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1]
Secured Loans |
0.922 |
0.375 |
1.060 |
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2]
Unsecured Loans |
0.000 |
0.150 |
0.150 |
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TOTAL BORROWING |
0.922 |
0.525 |
1.210 |
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Deferred
Tax Liability |
0.143 |
0.255 |
0.139 |
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GRAND TOTAL
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25.095 |
21.136 |
17.561 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
3.186 |
3.674 |
3.735 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENTS |
0.000 |
0.000 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
9.850 |
9.470 |
7.874 |
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Sundry
Debtors |
7.639 |
7.963 |
7.915 |
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Cash
& Bank Balances |
12.797 |
6.455 |
1.619 |
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Other
Current Assets |
0.000 |
0.000 |
0.000 |
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Loans
& Advances |
7.852 |
4.113 |
6.505 |
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Total Current
Assets |
38.138 |
28.001 |
23.913 |
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Less
: |
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Current
Liabilities |
7.967 |
6.271 |
4.822 |
Provisions
|
8.262 |
4.268 |
5.265 |
Total
Current Liabilities
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16.229 |
10.539 |
10.087 |
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Net Current Assets |
21.909 |
17.462 |
13.826 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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GRAND TOTAL
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25.095 |
21.136 |
17.561 |
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
75.560 |
77.584 |
68.293 |
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Other Income |
5.675 |
0.722 |
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Total Income |
81.235 |
78.306 |
68.293 |
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Profit/(Loss) Before Tax |
8.364 |
8.934 |
6.360 |
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Provision for Taxation |
3.048 |
3.285 |
2.419 |
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Profit/(Loss) After Tax |
5.316 |
5.779 |
3.941 |
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Earnings in Foreign Currency : |
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Export Earnings |
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Commission Earnings |
1.782 |
2.225 |
3.295 |
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Other Earnings |
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Total Earnings |
1.782 |
2.225 |
3.295 |
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Imports : |
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Raw Materials |
21.017 |
20.786 |
14.001 |
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Stores & Spares |
0.582 |
0.568 |
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Total Imports |
21.599 |
21.354 |
14.001 |
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Expenditures : |
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Cost of Goods Sold |
75.560 |
77.585 |
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Depreciation |
0.813 |
0.887 |
61.932 |
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Interest |
0.015 |
0.035 |
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Administrative Expenses |
28.035 |
26.073 |
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Total Expenditure |
104.423 |
104.580 |
61.932 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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6.54 |
7.38 |
5.77
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Net Profit Margin
(PBT/Sales) |
(%) |
11.07 |
11.52 |
9.31
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Return on Total Assets
(PBT/Total Assets} |
(%) |
20.24 |
28.21 |
23.00
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Return on Investment (ROI)
(PBT/Networth) |
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0.35 |
0.44 |
0.39
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Debt Equity Ratio
(Total Liability/Networth) |
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0.71 |
0.54 |
0.70
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Current Ratio
(Current Asset/Current Liability) |
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2.35 |
2.66 |
2.37
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LOCAL AGENCY
FURTHER INFORMATION
Subject also offers low thickness white veneer tapes, manufactured in co-operation with Neubronner GmbH and Co KG of Germany. These tape are made from strong, thin, light white Kraft paper, which prevents formation of shadows and avoids fibre deformation. To avoid straining of veneers, acid and fat free material is used in the manufacturing process. The tapes are strong when moistened, and their proper storage increases their life.
The company’s product range includes :
Ř Gummed Paper Tapes
Ř Reinforced Gummed Tapes
Ř Veneer Tapes
Ř Green Veneer Tapes
The company’s fixed assets of important value includes freehold land, building, plant & machinery, vehicles, computers, factory equipments, laboratory equipments, furniture & fixtures and office equipments.
Trade
Reference
Raj Trading Company
Building No. 13, Room No. 1035, Old MHB Colony, Gorai Road,
Borivali, Mumbai – 400091, Maharashtra, India
Alva Portions Company
50 M Niwas Idgah Hills – 462001
Mamta Starch Product
18, Swmogalive, Main Road, Shevapet, Jalan - 636002
Bankers Charges
Report as per Registry
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Name of the company |
WATERPROOF
CORPORATION PRIVATE LIMITED |
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Presented By |
Jointly company
and charge holder |
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1) Date and description of instrument creating the change |
General agreement
for the grant of small industrial advances and hypothecation of movables,
book debts and other assets [working capital finance] dated 25.03.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
Millions |
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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 |
All present and
future goods, book dents, movable and other assets including documents of
titles to goods and other assets, such as outstanding moneys, receivable,
claims, bills, invoice, documents, contracts, engagement, securities, investments
and right and the present machinery
and all future machinery wherever lying, stored and kept and whether in
possession of the company or of the
bank or of any third party whether in India or elsewhere movable and other
assets as may be in course of shipment, transit or delivery. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest payable
at such rate as may be decided by the bank from time to time. Margin to be
maintained to such rates as stipulated by the bank form time to time. Security created
by way of first charge and to cover the principal amount together with
interest and other costs. Individual limits
within the aggregate amount secured to be decided between the company and
bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India Byculla Branch Mumbai |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 Applicable |
AS PER
WEBSITE
Waterproof Corporation Private Limited was
established in 1942 when it began manufacture of "Water proof" paper
- a paper converting process involving lamination using bitumen. The expertise
developed in paper converting was extended to manufacturing of gummed paper
tapes in 1956. Thereafter the gummed paper tapes business proved to become the
mainstay of the company and manufacturing of Waterproof paper was discontinued
in 1965
The
company produces Gummed paper tapes from a variety of paper backings using
different adhesives based on animal glue and starch, targeted at markets for
packaging for the plywood industry and for special purpose industrial
applications. The company is by far the largest producer of these products in
the country and is a member of the Indian Institute of Packaging, The Adhesive
Tapes committee of the Indian standards Institution and FIPAGO
Manufacturing Facilities
The
company has one coating line, three slitting machines, several fleographic printing
machines and a fully equipped adhesive kitchen apart from standard utilities.
The company also has a fully equipped laboratory for testing to both Indian
standards and FIPAGO standards. The manufacturing site also houses a workship
for on going machine development modifications etc
The laboratory is used for both quality control and
development, in terms of new adhesives and applications
Broad
Categories : Office Equipment & Supplies
Product/Service
Name: Gummed Paper Tapes
Description
Waco
Gummed Paper Tapes form a firm bond, which cannot be removed without destroying
the tape. It forms a homogeneous mono packaging system with paper carton unlike
a plastic paper dual system when using plastic tapes. The adhesive bond remains
firm even at sub zero temperatures
Available
in different paper backing ranging from 58 gsm upto 100 gsm depending on
strength required. All our paper backing are based on high tensile specially
selected kraft papers. The adhesive used in the standard product is excellent,
stable and with high bond properties. However a super standard adhesive can
also be supplied for very high speed applications
Features
· High strength kraft paper backings for secure sealing
· Far cheaper than BOPP tapes and better
· User friendly dispensers and automatic Carton sealing machines
available
· Eco friendly/bio degradable (ISO 14000 recommendation)
· Odourless adhesive
· Also available in reinforced version for super high strength
· Available printed for enhanced appeal
Product/Service
Name: Reinforced Gummed Paper Tape
Description
Waco's
Reinforced gummed tapes are made by laying synthetic fibre threads within a
laminate of two layers of strong kraft paper, suitably coated on one side with
our special glue
The
resultant product, is a high tensile strength gummed paper tape. This is
essential for heavy duty packing, high security packing or packing of fragile
materials
Eliminates
the need of nylon steel strapping in most cases, thus reducing cost of
operations and material
Standard
widths available are 36mm, 48mm, 60mm, 72mm. The standard length of each role
is 100 mtrs
Product/Service
Name: White Veneer Tapes
Description
Waco
is now producing Low thickness White Veneer tapes in cooperation with Neubronner
Gmbh and Company, of Germany. Waco and Neubronner have both been in the field
of Gummed paper for over forty years and pooling their combined experience
brings to the Indian Veneer manufacturer a repair tape of International Quality
at reasonable price
· The specially selected paper used is a strong, thin light white
kraft paper which prevents formation of shadows, impressions when used on pale
and thin veneers
· All materials used are Acid and Fat free thus avoiding specking
formation and staining of Veneers
· The specially formulated glue has a very quick adherance on all
species of wood
· The especially thin paper avoids fibre deformation and pressure
marks
· The tape is strong even when moistened
· The product is almost Tasteless and Odourless
· Available Perforated or Plain
· Made under rigid Quality control conditions thus enhancing
product reliability
· Proper storage ensures long life
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 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.44.49 |
|
UK Pound |
1 |
Rs.85.71 |
|
Euro |
1 |
Rs.58.53 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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/normal. |
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 |
|