MIRA INFORM
REPORT
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Report Date : |
16.04.2008 |
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) : |
31.03.2007 |
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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 : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 115248 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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. |
INFORMATION PARTED
BY
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Name : |
Mr. Y P Kunte |
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Designation : |
Accountant Manager |
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Date : |
18.03.2008 |
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
(As on 31.03.2006)
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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 |
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Total |
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359980 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Gummed Paper Tapes |
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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 : |
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Imports : |
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Products : |
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Countries : |
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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 : |
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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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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. M. Raiji and 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 |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs. 5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
360000 |
Equity Shares |
Rs.10/- each |
Rs. 3.600 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.600 |
3.600 |
3.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.212 |
20.430 |
16.756 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.812 |
24.030 |
20.356 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.922 |
0.375 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.150 |
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TOTAL BORROWING |
0.000 |
0.922 |
0.525 |
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DEFERRED TAX LIABILITIES |
0.012 |
0.143 |
0.255 |
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TOTAL |
28.824 |
25.095 |
21.136 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.088 |
3.186 |
3.674 |
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Capital work-in-progress |
0.828 |
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 |
13.061
|
9.850 |
9.470 |
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Sundry Debtors |
7.720
|
7.639 |
7.963 |
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Cash & Bank Balances |
13.806
|
12.797 |
6.455 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
7.852
|
7.852 |
4.113 |
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Total
Current Assets |
42.439
|
38.138 |
28.001 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.974
|
7.967 |
6.271 |
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Provisions |
7.557
|
8.262 |
4.268 |
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Total
Current Liabilities |
17.531
|
16.229 |
10.539 |
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Net Current Assets |
24.908
|
21.909 |
17.462 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.824 |
25.095 |
21.136 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
85.116 |
75.560 |
77.584 |
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Other Income |
1.331 |
5.675 |
0.722 |
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Total Income |
86.447 |
81.235 |
78.306 |
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Profit/(Loss) Before Tax |
10.755 |
8.364 |
8.934 |
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Provision for Taxation |
3.894 |
3.048 |
3.285 |
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Profit/(Loss) After Tax |
6.861 |
5.316 |
5.779 |
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Export Value |
0.899 |
2.187 |
2.225 |
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Imports : |
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Raw Materials |
16.307 |
21.017 |
20.786 |
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Stores & Spares |
0.471 |
0.582 |
0.568 |
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Total Imports |
16.778 |
21.599 |
21.354 |
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Expenditures : |
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Raw Materials Consumed |
48.585 |
0.000 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(1.799) |
0.000 |
0.000 |
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Cost of Goods Sold |
12.641 |
44.008 |
42.377 |
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Depreciation |
15.504 |
0.813 |
0.887 |
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Interest |
0.761 |
0.015 |
0.035 |
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Administrative Expenses |
0.000 |
28.035 |
26.073 |
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Total Expenditure |
75.692 |
72.871 |
69.372 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
7.94
|
6.54 |
7.38 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.63
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11.07 |
11.52 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.62
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20.24 |
28.21 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.35 |
0.44 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.61
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0.71 |
0.54 |
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Current Ratio (Current Asset/Current Liability) |
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2.42
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2.35 |
2.66 |
LOCAL AGENCY
FURTHER INFORMATION
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 |
Fixed
Assets:
- Freehold land
- Building
- Plant and machinery
- Vehicles
- Computers
- Factory equipments
- Laboratory equipments
- Furniture and fixtures
- 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
AS PER
WEBSITE
Profile:
Subject 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
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
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. 39.96 |
|
UK Pound |
1 |
Rs. 78.71 |
|
Euro |
1 |
Rs. 63.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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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 |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
64 |
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 |
|