MIRA
INFORM REPORT
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Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
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Name : |
STRUCTURAL WATER PROOFING COMPANY PRIVATE LIMITED |
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Registered Office : |
38/1, Block-GN, Sector IV, V, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
21.03.1950 |
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Com. Reg. No.: |
21-18695 |
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CIN No.: [Company
Identification No.] |
U36992WB1950PTC018695 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS06072D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of Construction Chemical like
Waterproofing, Epoxies, Plasticizers, Roof Waterproofing, Flooring etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 480000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Registered Office /Corporate Office : |
38/1, Block – GN,
Sector IV V, |
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Tel. No.: |
91-33-23573546 / 23573547 / 23573548 / 23574981 / 82 / 23574798 /
40102700 |
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Fax No.: |
91-33-23573881 |
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E-Mail : |
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Website : |
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Area : |
2200 Sq. ft. |
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Location : |
Leased |
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Factory 1 : |
Plot No. 1401/1,
3rd Phase, GIDC, Vapi – 396 195, |
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Tel. No.: |
91-260-2433928 |
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Fax No.: |
91-260-2433928 |
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Factory 2 : |
8/1, |
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Area : |
2200 sq. ft. |
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Location : |
Leased |
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Branch Office
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·
B –
29, Sector – IV, District Ghaziabad, Gautam Buddha Nagar, Noida, Uttar
Pradesh – 201301, India Location : Leased ·
C-1-6124/6125,
4th Phase, G.I.D.C., Vapi- 396195, Location : Leased ·
G-6, Brown
Nest Apartment, No. 73, 2nd Main Road, Gandhi Nagar, Adyar,
Chennai – 600020, Tamilnadu, India ·
Mumbai 54, 56, Mahavir Centre, Sector 17, Vashi, Navi Mumbai – 400703, Tel. 91-22-27893601 Fax. 91-22-27893571 E-Mail: swcmumbai@sify.com ·
406, Deepali, 92, Tel. 91-11-26435432 / 26445680 Fax. 91-11-26221055 / 26416861 E-Mail: swcdelhi@satyam.net.in H-19/B, Sector -9, Noida – 201 301, Uttar
Pradesh Tel No.: 91-120-4763200 Fax No.: 91-120-4763222 E-Mail: swcdelhi@satyam.net.in ·
Chennai No.2, Tel No: 91-44-2442371 Fax No: 91-44-244422476 E-Mail: 12345@yahoo.co.in A-39, SIDCO Industrial Estate, Pattarvakkam, Ambattur, Chennai – 600
098,. Tamil Nadu Tel No.: 91-44-26248757/43111443 Fax No.: 91-44-26247901 E-Mal: swcchn123@yahoo.co.in |
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Business
Centre : |
Mr. U.C. Karan, C/O: Dr. Anand
Prabhakaran, 112, K.D. Flats
C.H. Area, Mobile No: 91-943134884 |
DIRECTORS
As on 25.09.2010
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Name : |
Mr. Berge Charlespierre Eric |
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Designation : |
Director |
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Date of Birth/Age : |
28.06.1967 |
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Date of Appointment : |
20.12.2006 |
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DIN No : |
01422982 |
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Name : |
Mr. Lubbertus Pieter Dijkema |
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Designation : |
Director |
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Date of Birth/Age : |
22.05.1958 |
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Date of Appointment : |
20.12.2006 |
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DIN No : |
01186155 |
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Name : |
Mr. Catherine Marie Hubertine Mathieu |
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Designation : |
Director |
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Address : |
IO Rue Claude Bernard, Paris - 75005 |
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Date of Birth/Age : |
02.11.1968 |
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Date of Appointment : |
12.12.2007 |
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DIN No : |
01950232 |
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Name : |
Mr. Eesure Fabienne Nathalie
Conus |
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Designation : |
Director |
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Address : |
15, Pue Anatole Chatou, France-78400 |
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Date of Birth/Age : |
17.03.1967 |
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Date of Appointment : |
18.09.2008 |
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DIN No : |
02646715 |
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Name : |
Mr. Francois Nguyen |
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Designation : |
Director |
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Address : |
4955, EL Arcengel, Vitacura, Santiago, Chile-7630424 |
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Date of Birth/Age : |
08.01.1963 |
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Date of Appointment : |
14.06.2010 |
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DIN No : |
03075272 |
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Name : |
Mr. Rajan Mukherjee |
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Designation : |
Director |
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Address : |
166, |
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Date of Birth/Age : |
29.01.1954 |
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Date of Appointment : |
10.11.2009 |
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DIN No : |
02555687 |
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Name : |
Mr. Amit Roy |
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Designation : |
Director |
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Address : |
1204, Saptami Wdita, 1050/1, |
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Date of Birth/Age : |
26.11.1950 |
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Date of Appointment : |
11.12.2008 |
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DIN No : |
00116685 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
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Names of Shareholders |
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No. of Shares |
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Chryso Sas |
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355629 |
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Nguyen Franoois |
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25 |
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Total |
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355654 |
AS ON 25.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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99.99 |
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Directors or relatives of directors |
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0.01 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporters of all kinds of Construction Chemical like Waterproofing, Epoxies,
Plasticisisers, Roof Waterproofing, Flooring etc. |
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Products : |
· Cement and
Concrete Waterproofers · Concrete and
Mortar Admixtures · Concrete AIDS · Protective
Coatings, Membranes and Impregnation · Grouts and
Groutings Additives · Floorings · Tunneling and
Shotcrete Products · Sealants · Tile Adhesives · Repairing
Compounds · Cement AIDS |
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Brand Names : |
"CICO" |
GENERAL INFORMATION
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Bankers : |
HDFC Bank Limited, House senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A R Das Chartered Accountants |
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Address : |
JDS House, 2nd Floor, plot
– D 2/1, Block – EP, Sector V, |
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Tel. No.: |
91-33-23572429/30/31 |
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Fax No.: |
91-33-23572431 |
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Subsidiaries : |
SWC Engineering Services Private Limited CIN No :
U33125WB1988PTC044846 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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355654 |
Equity Shares |
Rs.100/- each |
Rs.35.565
millions |
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Note: of the above
1. 355629 (previous year : 355629) shares are held by Chryso, SAS, the
Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
35.565 |
35.565 |
12.565 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
84.476 |
69.917 |
95.483 |
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4] (Accumulated Losses) |
0.000 |
(16.862) |
(50.611) |
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NETWORTH |
120.041 |
88.620 |
57.437 |
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LOAN FUNDS |
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1] Secured Loans |
70.133 |
74.138 |
106.872 |
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2] Unsecured Loans |
0.000 |
1.090 |
2.805 |
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TOTAL BORROWING |
70.133 |
75.228 |
109.677 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
190.174 |
163.848 |
167.114 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
35.727 |
35.662 |
28.404 |
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Capital work-in-progress |
3.555 |
0.000
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3.560
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INVESTMENT |
0.000 |
1.314 |
1.314 |
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DEFERREX TAX ASSETS |
13.196 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
80.589
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69.357
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99.385
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Sundry Debtors |
251.338
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208.011
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156.237
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Cash & Bank Balances |
25.507
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23.506
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28.051
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Other Current Assets |
0.176
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1.075
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0.638
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Loans & Advances |
31.383
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51.326
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44.214
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Total
Current Assets |
388.993
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353.275
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328.525
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
228.364
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197.785 |
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Other Current Liabilities |
18.237
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25.564
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192.796
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Provisions |
4.696
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3.054
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1.893
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Total
Current Liabilities |
251.297
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226.403
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194.689
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Net Current Assets |
137.696
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126.872
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133.836
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
190.174 |
163.848 |
167.114 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
645.893 |
681.271 |
500.639 |
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Other Income |
22.664 |
6.553 |
6.651 |
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TOTAL (A) |
668.557
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687.824
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507.290 |
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Less |
EXPENSES |
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Selling and Distribution Expenses |
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Office Expenses |
632.929 |
687.019 |
532.903 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
632.929 |
687.019 |
532.903 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
35.628 |
0.805 |
(25.613) |
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Less |
FINANCIAL
EXPENSES (D) |
10.326 |
12.845 |
17.679 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25.302 |
(12.040) |
(43.292) |
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Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
7.077 |
6.911 |
3.354 |
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PROFIT BEFORE
TAX (E-F) (G) |
18.225 |
(18.951) |
(46.646) |
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Less |
TAX (H) |
(13.191) |
(5.250) |
5.463 |
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PROFIT AFTER TAX
(G-H) (I) |
31.416 |
(13.701) |
(52.109) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(64.312) |
(50.611) |
1.497 |
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BALANCE CARRIED
TO THE B/S |
(32.896) |
(64.312) |
(50.612) |
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Earnings Per Share
(Rs.) |
88.35 |
(56.94) |
(414.70) |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
4.70
|
(1.99) |
(0.11)
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Net Profit Margin (PBT/Sales) |
(%) |
2.82
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(2.78) |
(1.26)
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.16
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(4.87) |
(1.39)
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Return on Investment (ROI) (PBT/Networth) |
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0.15
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(0.21) |
(0.05)
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Debt Equity Ratio (Total Liability/Networth) |
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2.68
|
3.40 |
3.06
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Current Ratio (Current Asset/Current Liability) |
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1.55
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1.56 |
2.41
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LOCAL AGENCY FURTHER INFORMATION
change of address:-
The Registered office of the company has been shifted from “CICO House, 21/1,
OPERATIONS
The Directors
report that the company achieved a 5%
negative growth in terms of gross turnover; the gross turnover was
Rs 698.000 millions in the financial year; net turnover was Rs 645.900
millions. The de-growth in overall revenue was mainly due to discontinued LUBE
business and exit from subcontracting business during the financial year. The
gross revenue from the core business of marketing construction chemicals was Rs 599.800 millions recording a
growth of 7.43 %.
A strategy to focus on marketing of core business of concrete admixtures,
concrete aids and cement grinding aid backed by R and D and technical service.
The Company exited from the trading business in LUBE completely. The
contracting business with high earning risk is also been discontinued. As a
positive outcome of comprehensive strategy the company had achieved a net
profit of Rs 18.220 millions.
Backed by hew
generation super plasticizers technology from CHRYSO the penetration of Ready
Mixed Concrete segment in East and West was consolidated. Customers include all
the major RMC manufacturers .Their share as the leading player in the West was
over 70 O/O in this
financial year.
To service the
growth, the manufacturing facilities were significantly upgraded in Kolkata
unit at
In this financial
year successful marketing of brand "Chryso" and pushing
various new products, substantially contributed to our growth. Considering the
potentiality of the market in the following years and Local and Central
Governments
attention towards the infrastructure development the company predict high
growth in the years
ahead.
FORM 8
|
Corporate identity
number of the company |
U36992WB1950PTC018695 |
|
Name of the
company |
STRUCTURAL WATERPROOFING COMPANY PRIVATE
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot 38/1, Block – GN, Sector IV V, Salt Lake City, Kolkata 700091,
West Bengal, India |
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This form is for |
Modification of charge |
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Type of charge |
Immovable property |
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Particular of
charge holder |
HDFC Bank
Limited HDFC Bank House Senapati Bapat Marg, Lower Parel [West], Mumbai
400013, E-mail: rbbform8@hdfcbank.com
|
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Nature of
instrument creating charge |
Memorandum Recording Past Transactions of creation of Mortgage by
Delivery of Title Deeds. |
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Date of
instrument Creating the charge |
10.03.2010 |
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Amount secured by
the charge |
Rs.201.000 millions |
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Brief 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 The
Company accorded and gave oral consent to Bank to continue to hold and retain
the title deeds (by way of Constructive delivery) in respect of its immovable
properties as mentioned under Item No.15 below, as security for repayment of
Rs.201.000 millions by the Company, together with principal, interest,
liquidated damages, costs, charges and expenses. |
|
Short particulars
of the property charged (Including location of the property) |
1.
Immovable properties lying and
situated at 140/1, Vapi, Valsad 2.
Immovable properties lying and
situated at B-29, Noida. 3.
Immovable properties lying and
situated at 54, Plot No.77, Vasai |
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Charge
identification number of the charge to be modified |
10105823 |
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Date of
instrument modifying the charge |
07.06.2008 |
|
Particulars of
the present modification |
The
equitable mortgage/charge now stands increased from Rs.165.000 millions to Rs.201.000 millions (Comprising
: Cash Credit of Rs.120.000 millions, FCNR
(Sub limit of CC of Rs.69.500 millions),
Letter of Credit of Rs.40.000 millions, Bank
Guarantee of Rs.35.000 millions, PSR- FX of
Rs.6.000 millions), in favour the Bank |
fixed assets:-
· Land - Freehold
· Land - Leasehold
· Buildings
· Plant and Machinery
· Furniture and Fittings
· Vehicles
WEB SIDE DETAILS
COMPANY PROFILE:
In the late twenties of this century, N.R.
Gupta, an engineer working in the coal mines, made a significant breakthrough in
the field of Construction Chemicals in
His work as an engineer had been made difficult by problems
arising from the hazards of water leakages in the mines. The situation was a
challenge to him. By inspired determination and analysis, he developed special
additives that altered the properties of mortar and concrete remarkably. Thus
,when in 1930 N.R. Gupta founded The STRUCTURAL WATERPROOFING COMPANY, it was a
company prepared to meet the needs of the times. The founder set about his task
methodically-selecting the best-in Man, Material, and Technology. Even after
seven decades, the SWC Group maintains this, abiding by its principles of
QUALITY, INTERGRITY and SERVICE.
NEWS
SWC HAS NOW BEEN RATED HIGHEST PERFORMANCE CAPABILITY ORGANISATION"
"SWC BAGS THE SINGLE LARGEST
WATERPROOFING CONTRACT EVER AWARDED TO A CONSTRUCTION CHEMICAL COMPANY"
SWC, is a name that has been a very
familiar and trusted one in the Indian Construction Industry. In 1930, when The
Structural Waterproofing Company (SWC) was established, it was a company to
meet the needs of the times. At that time, SWC, had only one product by the
name of CICO No.1. An integral waterproofing compound. The long sightedness and
perseverance of the company’s management, along with the main guiding
principles of Quality, Integrity and Service, gave SWC the impetus it required,
and it started growing slowly, but surely.
SWC bagged the single largest waterproofing contract ever awarded to a
Construction Chemical Company where in our hydrophilic joint sealant – “SWELL
SEAL STRIP AND MASTIC”, “ELASTOTHANE” – Single Component Moisture Cured
Polyurethane and “TAPELASTIC” - Flexible Cementitious Membrane, apart from APP
Modified ‘Torch-on-Membrane’ has been extensively used which has proved to be very
effective in waterproofing the critical areas in the underground structure of
the recently commenced DELHI METRO.
"SWC starts a new Manufacturing Unit in Ambattur , Chennai."
In it's Platinum Jubilee year, SWC started a new manufacturing unit in
Chennai, with large orders pending
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.