%20CONSTRUCTION%20CHEMICALS%20PRIVATE%20LIMITED%20-136457%2023-Mar-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHOWGULE KOSTER ( |
|
|
|
|
Registered
Office : |
Chowgule House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
04.08.2004 |
|
|
|
|
Com. Reg. No.: |
24-003568 |
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|
|
|
CIN No.: [Company Identification
No.] |
U24299GA2004PTC003568 |
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|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRC05563F |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Provides total waterproofing solution services for new and old
structures. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 88000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Chowgule House, |
|
Tel. No.: |
91-832-2525061 |
|
Fax No.: |
91-832-2525011 |
|
E-Mail : |
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|
Website : |
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|
Area : |
Owned |
|
|
|
|
Branch : |
Dipak Mahal, Vasco Da Gama-403802, |
|
Tel. No.: |
91-832-2513271 |
|
Fax No.: |
91-832-2510926 |
|
Email: |
|
|
Area : |
1500 sq. ft. (owned) |
|
|
|
|
Corporate Office 1 : |
Bakhtawar 4th Floor, Nariman Point, Mumbai-400021, |
|
Tel. No.: |
91-22-66202500 |
|
Fax No.: |
91-22-66202570 |
|
Email: |
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|
Corporate Office 2 : |
|
|
Tel. No.: |
91-80-22105611/22224171 |
|
Fax No.: |
91-80-22226217 |
|
Email: |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. Vijay V Chowgule |
|
Designation : |
Chairman |
|
Address : |
Chowgules House, Baina, Vasco Da Gama403802, South Goa, |
|
Date of Birth/Age : |
22.08.1946 |
|
Date of Appointment : |
04.08.2004 |
|
|
|
|
Name : |
Ms. Padma V Chowgule |
|
Designation : |
Director |
|
Address : |
91 Advent, 9th Floor, Gen Jagnnathrao Bhosle Marg,
Mumbai-400021, |
|
Date of Birth/Age : |
25.07.1955 |
|
Date of Appointment : |
04.08.2004 |
|
|
|
|
Name : |
Mr. Pradip P Mahatme |
|
Designation : |
Director |
|
Address : |
Opposite All |
|
Date of Birth/Age : |
03.11.1951 |
|
Date of Appointment : |
04.08.2004 |
|
|
|
|
Name : |
Mr. Yogesh P. Kotak |
|
Designation : |
Director |
|
Address : |
23/FM, |
|
Date of Birth/Age : |
11.03.1971 |
|
Date of Appointment : |
26.02.2005 |
|
|
|
|
Name : |
Mr. Ewart John Lazarus |
|
Designation : |
Director |
|
Address : |
91 Advent, 9th Floor, 12A General Jaganath Rao, Bhonsle
Marg, Nariman Point, Mumbai-400021, |
|
Date of Birth/Age : |
24.02.1957 |
|
Date of Appointment : |
26.02.2005 |
|
|
|
|
Name : |
Mr. Dieter Georg Koster |
|
Designation : |
Director |
|
Address : |
Hopfenstrasse, 22D, Hamburg-20359, |
|
Date of Birth/Age : |
25.03.1968 |
|
Date of Appointment : |
24.09.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Mahadev Birje |
|
Designation : |
Secretary |
|
Address : |
CREC Quarters P Type, Building, Mangor Vasco Da Gama-403802, South
Goa, |
|
Date of Birth/Age : |
06.06.1963 |
|
Date of Appointment : |
26.05.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Chowgule Industries Private Limited, |
|
190902 |
|
Chowgule V Vijay |
|
5000 |
|
Dolphin Extrusion Private Limited, Vasco Da Gama, |
|
35982 |
|
Dolphin Ore Extraction Private Limited, Vasco Da Gama, |
|
35982 |
|
Dolphin Mining Services Private Limited, Vasco Da Gama, |
|
35982 |
|
Koster Bauchemie AG, |
|
163609 |
|
|
|
|
|
Total |
|
467457 |
As on 25.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
35.00 |
|
Bodies
corporate |
|
63.93 |
|
Directors
or relatives of directors |
|
1.07 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Provides total waterproofing solution services for new and old
structures. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Chowgule Koster Water Proofing Chemical Powder |
M. TONS |
324 |
534660 |
|
Chowgule Koster Water Proofing Liquid Solution |
K. LTS |
120 |
58362 |
|
Chowgule Koster Water Proofing Flex
|
NOS |
-- |
40 |
|
Chowgule Koster Joint Tape |
MTRS |
-- |
60 |
|
Chowgule Koster Super Packers |
NOS |
-- |
10250 |
|
Chemical and Other Consumables |
-- |
-- |
427 |
GENERAL INFORMATION
|
Bankers : |
ICICI Bank, Nariman Point Branch. |
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Facilities : |
|
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
K.M. Bandekar and Company Chartered Accountant |
|
Address : |
Radha Niwas, Maimolem, Vasco Da Gama-403802, |
|
Tel. No.: |
91-832-2531014 |
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E-Mail : |
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Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
467457 |
Equity Shares |
Rs.10/- each |
Rs.4.674
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.674 |
4.674 |
4.674 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
17.398 |
12.685 |
5.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22.072 |
17.359 |
10.374 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
1.212 |
1.212 |
|
|
TOTAL BORROWING |
0.000 |
1.212 |
1.212 |
|
|
DEFERRED TAX LIABILITIES |
0.297 |
0.210 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.369 |
18.781 |
11.586 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.710 |
2.773 |
2.212 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.909 |
4.126 |
3.117 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
9.799
|
6.846
|
8.414 |
|
|
Sundry Debtors |
20.498
|
15.686
|
5.843 |
|
|
Cash & Bank Balances |
1.635
|
0.244
|
0.533 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1.048
|
1.224
|
0.390 |
|
Total
Current Assets |
32.980
|
24.000
|
15.180 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.699
|
9.587
|
6.711 |
|
|
Other Current Liabilities |
3.531
|
2.218
|
1.022 |
|
|
Provisions |
0.000
|
0.313
|
1.190 |
|
Total
Current Liabilities |
19.230
|
12.118
|
8.923 |
|
|
Net Current Assets |
13.750
|
11.882
|
6.257 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
22.369 |
18.781 |
11.586 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
56.204 |
55.828 |
29.186 |
|
|
|
Other Service Income |
0.000 |
0.000 |
0.124 |
|
|
|
Other Income |
2.166 |
0.442 |
0.135 |
|
|
|
TOTAL |
58.370 |
56.270 |
29.445 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Expenditure |
|
46.851 |
26.183 |
|
|
|
Increase or decrease in finished ands semi finished goods |
|
(0.458) |
(0.548) |
|
|
|
Financial Expenses |
|
|
|
|
|
|
TOTAL |
51.479 |
46.393 |
25.635 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
6.891 |
9.877 |
3.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.238 |
0.213 |
0.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.653 |
9.664 |
3.670 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.941 |
2.679 |
1.896 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.712 |
6.985 |
1.774 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11.332 |
4.347 |
2.573 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
16.044 |
11.332 |
4.347 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
26.018 |
22.525 |
16.225 |
|
|
|
Capital Goods |
0.000 |
0.264 |
0.000 |
|
|
TOTAL IMPORTS |
26.018 |
22.789 |
16.225 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.08 |
14.94 |
3.80 |
|
%20CONSTRUCTION%20CHEMICALS%20PRIVATE%20LIMITED%20-136457%2023-Mar-2011_files/image003.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.02
|
12.41
|
6.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.84
|
17.31
|
12.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.64
|
36.10
|
21.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.56
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
0.77
|
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71
|
1.98
|
1.70 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS AND SALES:
During the year the
Company produced 534.66 M. Tonnes of waterproofing compound powder as against
607.45 M. Tonnes in previous year and waterproofing compound liquid 58.36 K. Ltrs
as against 81.37 K. Ltrs in previous year. The total turnover during the year
was Rs. 58.370 millions as compared to
previous year of Rs. 56.270 millions
including other income of Rs. 2.166 millions (previous year Rs.0.442 millions ). The
Company expects good results during the forthcoming years.
Fixed Assets:
- Structures
and Buildings
- Plant and
Machinery
- Electrical
Installation
- Laboratory
Equipments
- Furniture and
Fixtures
- Office
Equipments
AS PER WEBSITE DETAILS:
PROFILE:
Subject formed in 2004 is
part of the 19000.000 Millions and 94 year old Chowgule Group of companies from
The production facility has been set up in Salsette,
The products at this plant currently are the Koster NB grey powder, the
Koster NB Elastic powder & liquid, Koster Dachflex, Koster Crisin and the
Koster SB Bonding emulsion which offer total waterproofing solutions to
basements (both negative and positive), water retaining bodies, terraces,
chajjas, bathrooms, planters etc.
There are other new age products that are currently being imported that
offer solutions to active leaking basements and watertanks, flexible surface crack
bridging systems, leaking expansion joints of water retaining structures,
leaking cable cutouts in basement walls, and leaking structural crack in
concrete substrates.
All product sale and applications are well supported by an in – house
marketing and contracting division and state-wise applicators who are fully
trained and are fully conversant in the usage and application of the entire
range of products. Currently the area of operations cover in Mumbai, Pune, Goa
and
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.44.97 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.