MIRA
INFORM REPORT
|
Report Date : |
25.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
BORAL GYPSUM INDIA PRIVATE LIMITED (w.e.f.12.12.2011) |
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|
|
|
Formerly Known
As : |
LAFARGE BORAL GYPSUM INDIA PRIVATE LIMITED |
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Registered
Office : |
Plot No.225, 1st Floor, Okhla, Phase-III, New Delhi-110020 |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
06.07.2006 |
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Com. Reg. No.: |
55-150597 |
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Capital Investment
/ Paid-up Capital : |
Rs. 478.020 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U28939DL2006PTC150597 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Gypsum Boards and metal studs |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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. There appears
huge accumulated losses recorded by the company. Profitability of the company
is under pressure. However, 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No.225, 1st Floor, Okhla, Phase-III, New Delhi-110020,
India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
Plot No.338, Sector-32, Gurgaon-122001, Haryana, India |
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Tel. No.: |
91-124-4788888 |
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Fax No.: |
91-124-4788887 |
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South Office |
Chateau D Ampa, New No.110, Nelson Manickam Road, Ammanjikarai,
Chennai-600029, Tamilnadu, India |
|
Tel. No.: |
91-44-42686071 |
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Fax No.: |
91-44-43063646 |
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West Office : |
106, Centre Point, 1st Floor, J B Nagar, Andheri –Kurla
Road, Andheri (East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-28329580 / 28329432 |
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Fax No.: |
91-22-28328061 |
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|
|
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Plant : |
SP-73 to 75 and 76, RIICO Industrial Area, Khushkhera, District
Alwar-301707, Rajasthan, India |
|
Tel. No.: |
91-1493-250529 / 250560 |
|
Fax No.: |
91-1493-250528 |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Richard Charles Ogden |
|
Designation : |
Director |
|
Address : |
137, Violet Country Villa, 258, Gao, Jing Road, Shanghai-201700, China |
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Date of Birth/Age : |
15.08.1965 |
|
Date of Appointment : |
04.05.2009 |
|
DIN No.: |
02587298 |
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|
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Name : |
Mr. Olivier Pascal Patrick Chaudet |
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Designation : |
Director |
|
Address : |
D-21, Pushphanjali Farms, Bijwasan, New Delhi-110062, India |
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Date of Birth/Age : |
07.02.1970 |
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Date of Appointment : |
20.10.2006 |
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Date of Cession : |
25.03.2011 |
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DIN No.: |
02592361 |
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|
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Name : |
Mr. Frederic De Rougemont |
|
Designation : |
Director |
|
Address : |
95-20, Yonhee-Dong, Seodaemun-Gu, Seoul, Korea |
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Date of Birth/Age : |
18.10.1958 |
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Date of Appointment : |
07.09.2009 |
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DIN No.: |
02752356 |
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|
Name : |
Mr. Kieran Hehir |
|
Designation : |
Director |
|
Address : |
90/18, SOI, Sawaddee, Sukhumvit, 31st Road, Klongton Nua,
Watttana, Bangkok |
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Date of Birth/Age : |
16.12.1955 |
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Date of Appointment : |
07.09.2009 |
|
Date of Cession : |
16.11.2011 |
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DIN No.: |
02762376 |
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|
|
|
Name : |
Mr. Ivan Lewis Kovarik |
|
Designation : |
Director |
|
Address : |
10, Sukhumvit SOI 8, Sukhumvit Road, Klong, Bangkok, Thailand |
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Date of Birth/Age : |
24.11.1956 |
|
Date of Appointment : |
07.09.2009 |
|
Date of Cession : |
16.11.2011 |
|
DIN No.: |
02762829 |
KEY EXECUTIVES
|
Name : |
Ms. Sadhna Bahri |
|
Designation : |
Secretary |
|
Address : |
624 E, 3rd Floor, Street No.6, Govind Puri Kalka Ji, New Delhi-110019,
India |
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Date of Birth/Age : |
12.08.1986 |
|
Date of Appointment : |
02.08.2010 |
|
Pan No.: |
AKHPB5454A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON
|
Names of Shareholders |
No. of Shares |
|
Thomas Tharail Paul |
10000 |
|
Lafarge Borsl Gypsum In Asia Limited, Malaysia |
47792000 |
|
Total |
47802000 |
AS ON
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
99.98 |
|
Others |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Gypsum Boards and metal studs |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Standard Board |
Nos. |
3597444 |
3587444 |
1539670 |
|
Metal Studs |
Nos. |
-- |
2891803 |
390723 |
|
Celling Tiles |
Nos. |
-- |
-- |
59.460 |
Note: Licensed and Installed capacity, being a
technical matter, has been certified by management and accepted by the
auditors.
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
7th Floor, Building No.10, Tower B, DLF, Cyber City
Complex, DLF City Pahse-II, Gurgaon-122002, Haryana, India |
|
Tel. No.: |
91-124-6792009 |
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Fax No.: |
91-124-6792012 |
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Pan No.: |
AABFD2095B |
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Holding Company : |
Lafarge Boral Gypsum In Asia Limited, Malaysia |
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Fellow Subsidiaries : |
·
Lafarge Gypsum Korea Company Limited ·
Lafarge Platres ·
PT Perojaya Boral Plasterboard ·
The Slam Gypsum Industry (Saraburi) ·
Lafarge Gypsum (Shanghai) Company ·
SVPI ·
Boral Plasterboard (Malaysia) SDN BHD ·
A2P Industries ·
Lafarge Aggregates and Concrete ·
Lafarge India Private Limited ·
Lafarge SA ·
Lafarge Plasterboard, Bristol ·
The Siam Gypsum Industry (Sonkhia) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47802000 |
Equity Shares |
Rs.10/- each |
Rs. 478.020
Millions |
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|
|
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 |
478.020 |
181.344 |
181.344 |
|
|
2] Share Application Money |
0.000 |
48.900 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(387.995) |
(293.810) |
(94.684) |
|
|
NETWORTH |
90.025 |
(63.566) |
86.660 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
623.740 |
858.861 |
479.640 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
623.740 |
858.861 |
479.640 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
713.765 |
795.295 |
566.300 |
|
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|
APPLICATION OF FUNDS |
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|
|
|
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|
FIXED ASSETS [Net Block] |
583.031 |
618.210 |
66.669 |
|
|
Capital work-in-progress |
3.945 |
0.264 |
480.103 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
126.207
|
107.604 |
31.562 |
|
|
Sundry Debtors |
10.630
|
0.692 |
0.144 |
|
|
Cash & Bank Balances |
25.012
|
0.456 |
24.445 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
100.465
|
163.050 |
58.729 |
|
Total
Current Assets |
262.314
|
271.802 |
114.880 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
95.402
|
91.659 |
21.317 |
|
|
Other Current Liabilities |
68.456
|
52.065 |
73.292 |
|
|
Provisions |
1.902
|
2.020 |
0.743 |
|
Total
Current Liabilities |
165.760
|
145.744 |
95.352 |
|
|
Net Current Assets |
96.554
|
126.058 |
19.528 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
CASH FLOW HEDGE RESERVE |
30.235 |
50.763 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
713.765 |
795.295 |
566.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
SALES (Net
Turnover) |
600.689 |
224.228 |
NA |
|
|
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|
|
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|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(9.017) |
(111.146) |
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL
EXPENSES |
67.722 |
57.343 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
(76.739) |
(168.489) |
|
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
35.464 |
28.930 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(94.185) |
(197.419) |
NA |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
1.706 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(94.185) |
(199.125) |
|
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(293.810) |
(94.685) |
|
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(387.995) |
(293.810) |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
40.669 |
40.864 |
9.170 |
|
|
|
Finished Goods |
127.135 |
46.554 |
16.462 |
|
|
|
Stores & Spares |
0.232 |
0.343 |
0.000 |
|
|
|
Capital Goods |
1.238 |
19.021 |
163.897 |
|
|
|
Others |
12.729 |
23.706 |
16.337 |
|
|
TOTAL IMPORTS |
182.003 |
130.488 |
205.866 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.81) |
(10.98) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(15.68)
|
(88.04) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.14)
|
(22.18) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.05)
|
3.11 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.77
|
(15.80) |
6.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.86 |
1.20 |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Registered office
of the company has been shifted from Farm House No.D21, Pushpanjali Farms, Bijwasan,
New Delhi-110061, India to the present address w.e.f.01.06.2011.
BACKGROUND
Subject was
incorporated on 6 July, 2006. The first accounting period of the company for
the purpose of the statutory audit was July 6, 2006 to March 31, 2007. The Company
commenced commercial production of Gypsum
Boards with effect
from 1st June, 2008
and metal studs with effect from 1st January, 2009 from its
manufacturing facility in Rajasthan. The Company's revenues arise from sales of
manufactured products (manufactured at the Company's plant in Rajasthan) and
traded products. Traded products are imported mainly from group companies. The
Company mainly distributes its products in North, Central and East India.
FIXED ASSETS
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
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. 49.96 |
|
|
1 |
Rs. 77.74 |
|
Euro |
1 |
Rs. 65.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.