MIRA
INFORM REPORT
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Report Date : |
19.11.2007 |
IDENTIFICATION DETAILS
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Name : |
SAINT-GOBAIN GYPROC INDIA LIMITED |
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Formerly Known As : |
INDIA GYPSUM LIMITED |
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Registered Office : |
Nare and |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
05.02.1985 |
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Com. Reg. No.: |
165329 |
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CIN No.: [Company
Identification No.] |
U26945MH1985PLC165329 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Gypsum Boards and Gypsum Based
Accessories. |
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 12000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Comments : |
Subject is a
well established company having satisfactory track. Directors are reported as
experienced, respectable and resourceful industrialists. Their trade
relations are reported as fair. General financial position is satisfactory.
Payments are reported as slow but correct. The company
can be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Jaysheel Vachrajan |
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Designation : |
Assistance Manager in Finance |
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Date : |
17.11.2008 |
LOCATIONS
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Registered Office/ Factory 1: |
Nare and |
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Tel. No.: |
91-22-40212121/ 23712167 |
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Fax No.: |
91-22-40212392/ 23355632 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 2: |
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Location : |
Owned |
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Factory 3: |
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Location : |
Owned |
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Branch Office : |
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DIRECTORS
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Name : |
Mr. C K Birla |
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Designation : |
Chairman |
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Name : |
Mr. Lalit S. Naik |
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Designation : |
Chairman |
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Address : |
Park Royal Residence, Unit 601, |
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Date of Birth/Age : |
18.10.1961 |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. P A R Ellis |
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Designation : |
Vice Chairman |
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Name : |
Mr. Anand Mahajan |
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Designation : |
Chairman |
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Address : |
FIONA, 3rd Floor, |
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Date of Birth/Age : |
03.01.1953 |
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Date of Appointment : |
27.03.2006 |
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Name : |
Mr. Subramanian Venkataraman |
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Designation : |
Managing Director |
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Address : |
C-29, |
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Date of Birth/Age : |
20.11.1960 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. R Khemka |
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Designation : |
Director |
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Name : |
Mr. Martin Smith |
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Designation : |
Director |
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Name : |
Mr. Amal Ganguli |
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Designation : |
Director |
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Name : |
Mr. Vikas Vig |
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Designation : |
Director |
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Address : |
B-120, |
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Date of Birth/Age : |
07.10.1952 |
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Date of Appointment : |
03.08.2001 |
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Name : |
Mr. Lalit Bhasin |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
19.01.1939 |
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Date of Appointment : |
25.08.1987 |
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Name : |
Mr. P S Dasgupta |
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Designation : |
Director |
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Address : |
J-1810, |
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Date of Birth/Age : |
30.06.1955 |
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Date of Appointment : |
18.01.2000 |
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Name : |
Mr. Claude – Alain Tardy |
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Designation : |
Director |
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Address : |
2 Avenue Du |
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Date of Birth/Age : |
02.02.1956 |
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Date of Appointment : |
27.03.2006 |
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Name : |
Mr. Matthew Walkar |
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Designation : |
Director |
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Address : |
66/3 Sukhumvit, 63/22 Klongton Nua, |
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Date of Birth/Age : |
02.06.1967 |
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Date of Appointment : |
30.10.2004 |
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Name : |
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Designation : |
Director (Finance) |
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Address : |
602 Sangita Building, Santacruz (West), Mumbai – 400054, |
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Date of Birth/Age : |
23.02.1967 |
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Date of Appointment : |
29.01.2005 |
KEY EXECUTIVES
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Name : |
Mr. Rohit Patoria |
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Designation : |
Company Secretary |
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Address : |
18 Pura Appartment, Malad (East), Mumbai – 400097, |
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Date of Birth/Age : |
28.06.1976 |
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Date of Appointment : |
15.05.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.06.2007)
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Category |
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Percentage
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Nationalised or other banks |
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0.01 |
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Mutual Funds |
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0.01 |
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Foreign Holding (FIIs, FCs, FFIs, NRIs OCB Or Others) |
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67.94 |
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Bodies Corporate |
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30.70 |
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Other top fifty Shareholders (Other than Listed above) |
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0.33 |
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Others |
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1.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Gypsum Boards and Gypsum Based
Accessories. |
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Products : |
Products : Gypsum Boards & Gypsum Based Accessories Item Code No.: 680911.00
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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GENERAL INFORMATION
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No. of Employees : |
490 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R.
Batliboi and Company Chartered
Accountants |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
252 Veer Savarkar Marg, |
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Collaborators : |
BPB Plc, |
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Holding Company : |
BPB India
Limited |
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Associates/Subsidiaries : |
Group Company is Saint Gobain Group, which includes many sister
concern company and one of them is India Gysum Limited
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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28373220 |
Equity Shares |
Rs.10/- each |
Rs.283.732
Millions |
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Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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28076120 |
Equity Shares |
Rs.10/- each |
Rs.280.761
Millions |
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Add: Equity Shares Forfeited |
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Rs.0.016
Million |
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Total |
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Rs.280.777 Millions |
Note:
(Out of the above 19073220 Equity Shares are held
by BPB India Limited and 8604514 Equity Shares are held by BPB Holding India
Private Limited. BPB Holding India Private Limited is a subsidiary of BPB India
Limited, which in turn is a subsidiary of BPB PLC.)
(Out of the above 13073220 Equity Shares of
Rs.10 each have been issued by conversion of loan in to enquiry)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2007 |
31.12.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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280.777 |
280.777 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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2088.649 |
1913.962 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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2369.426 |
2194.739 |
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LOAN FUNDS |
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1] Secured Loans |
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1418.607 |
602.991 |
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2] Unsecured Loans |
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150.140 |
146.265 |
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TOTAL BORROWING |
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1568.747 |
749.256 |
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DEFERRED TAX LIABILITIES |
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212.603 |
151.402 |
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TOTAL |
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4150.776 |
3095.397 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1976.059 |
2054.057 |
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Capital work-in-progress |
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1780.522 |
620.601 |
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INVESTMENT |
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0.001 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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232.179
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304.732 |
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Sundry Debtors |
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138.127
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120.886 |
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Cash & Bank Balances |
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315.364
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239.371 |
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Other Current Assets |
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1.615
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1.813 |
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Loans & Advances |
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607.116
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402.243 |
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Total
Current Assets |
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1294.401
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1069.045 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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718.741
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504.206 |
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Provisions |
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181.466
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144.100 |
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Total
Current Liabilities |
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900.207
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648.306 |
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Net Current Assets |
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394.194
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420.739 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4150.776 |
3095.397 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.12.2007 |
31.12.2006 |
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Sales Turnover |
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2602.115 |
1565.827 |
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Other Income |
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51.569 |
10.937 |
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Total Income |
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2653.684 |
1576.764 |
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Profit/(Loss) Before Tax |
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257.488 |
128.426 |
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Provision for Taxation |
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82.801 |
45.363 |
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Profit/(Loss) After Tax |
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174.687 |
83.063 |
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Import Value |
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666.900 |
73.548 |
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Expenditures : |
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Cost of Goods Sold |
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440.470 |
209.771 |
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Manufacturing Expenses |
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899.370 |
615.556 |
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Raw Material Consumed |
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699.281 |
440.248 |
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Employees Cost |
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206.277 |
115.076 |
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Increase/(Decrease) in Finished Goods |
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24.346 |
(23.956) |
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Interest and Financial Charges |
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5.483 |
1.901 |
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Depreciation & Amortization |
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120.969 |
89.742 |
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Total Expenditure |
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2396.196 |
1448.338 |
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KEY RATIOS
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PARTICULARS |
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31.12.2007 |
31.12.2006 |
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PAT / Total Income |
(%) |
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6.58
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5.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.90
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8.20 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.87
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4.11 |
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Return on Investment (ROI) (PBT/Networth) |
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0.11
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0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.04
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0.64 |
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Current Ratio (Current Asset/Current Liability) |
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1.44
|
1.65 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Incorporated in Feb.'85, Subject was promoted by Hyderabad Industries
and BPB Industries,
Gypsum board, an excellent building material, is used in wall linings,
partitioning and suspended ceilings in modern houses, hospitals and
multi-storeyed buildings using the dry construction method to speed up work.
Gypsum boards are fire resistant, possess good heat insulation and acoustic
properties, and serve as substitutes to expensive wood-based products.
The company's product GYPBOARD is well established in the market in 1995-96.
It's product like fire resistant boards and laminated ceiling tiles had made a
place in industrial segment. The company's Gypsum Board plant site which has an
initial capacity of over 3 million Sq. M. per annum near Chennai, Tamil Nadu,
has been fully commissioned with effect from 29th December 1999.
Company is taking necessary strategic steps to extend its present market into
other traditional segments. With these efforts, the Company expects to maintain
its growth in future years.
The Company is continuing to take initiatives to penetrate in the market by
offering wider range of products and also opening of Gyphomes centres to give a
thrust in this direction.
The company is planning to manufacture light weight Gypsum Board, resulting in
saving of Raw Materials like Gypsum, Starch and saving in fuel as well as
transport cost. The company plans to introduce value added products like
moisture resistant board, sound block board and laminated board and develop new
types of gypsum based plasters.
Fixed Assets:
- Freehold land
- Buildings
- Plant and machinery
- Furniture and fixtures
- Office Equipments
- Vehicles
- Computers
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.49.46 |
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|
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
RATING EXPLANATIONS
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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. |
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 |
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