MIRA
INFORM REPORT
|
Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHOWGULE CONSTRUCTION CHEMICALS PRIVATE LIMITED |
|
|
|
|
Formerly Known
as: |
CHOWGULE KOSTER (INDIA) CONSTRUCTION CHEMICALS PRIVATE LIMITED (w.e.f.
20.02.2012) |
|
|
|
|
Registered
Office : |
Chowgule House, Mormugao Harbour-403803, Goa |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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|
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Date of Incorporation
: |
04.08.2004 |
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|
|
|
Com. Reg. No.: |
24-003568 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.675 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24299GA2004PTC003568 |
|
|
|
|
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. |
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|
|
|
No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. There
appears slight dip in profitability during 2011-2012. However, general financial position seems to be good. There appears no
external borrowing. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Corporate Office : |
Chowgule House, Mormugao Harbour-403803, Goa, India |
|
Tel. No.: |
91-832-2525000 / 2525004 |
|
Fax No.: |
91-832-2525011 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
DIRECTORS
AS ON 29.09.2012
|
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 |
|
DIN No.: |
00018903 |
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|
|
|
Name : |
Mr. Pradip P Mahatme |
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Designation : |
Director |
|
Address : |
Opposite All |
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Date of Birth/Age : |
03.11.1951 |
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Date of Appointment : |
04.08.2004 |
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DIN No.: |
00019106 |
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|
|
|
Name : |
Mr. Ewart John Lazarus |
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Designation : |
Director |
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Address : |
91 Advent, 9th Floor, 12A General Jaganath Rao, Bhonsle
Marg, Nariman Point, Mumbai-400021, |
|
Date of Birth/Age : |
24.02.1957 |
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Date of Appointment : |
26.02.2005 |
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DIN No.: |
00007012 |
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 |
|
PAN No.: |
ACLPB8355Q |
|
Voter ID No.: |
ROP0165605 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Chowgule Industries Private Limited, Goa |
224054 |
|
Chowgule V Vijay |
5000 |
|
Dolphin Extrusion Private Limited, Goa |
35982 |
|
Dolphin Ore Extraction Private Limited, Goa |
35982 |
|
Dolphin Mining Services Private Limited, Goa |
35982 |
|
Chowgule Construction Technologies Private Limited, Goa |
130457 |
|
TOTAL
|
467457 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
98.93 |
|
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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||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
CK-NB-1 Grey
Powder |
Kg |
234401 |
|
CK-SB Bonding Liquid |
Ltrs |
35135 |
|
CK- NB Elastic Powder |
Kg |
48400 |
|
CK- NB Elastic Liquid |
Ltrs |
14922 |
|
Deuxan |
Kg |
71200 |
|
6 KB PURIN-2 (A&B) |
Kg |
6884 |
ANNUAL AND LICENCED
CAPACITY (AS ON 31.03.2011)
|
Particulars |
Installed Capacity |
|
Chowgule Koster water proofing chemical powder |
324 |
|
Chowgule Koster water proofing Liquid Solution |
120 |
· Above Figures are net of Shortages/Excess/Adjustments etc.
· Figures in brackets are for previous year.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
HDFC Bank Limited, HDFC bank House, Senapati Bapat
MArg, Lower Parel (West), Mumbai-400013, Maharashtra, India |
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|
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Banking
Relations : |
-- |
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|
|
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Auditors : |
|
|
Name : |
K.M. Bandekar and Company Chartered Accountant |
|
Address : |
Radha Niwas, Maimolem, Vasco Da Gama-403802, |
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Tel. No.: |
91-832-2531014 |
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E-Mail : |
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PAN No.: |
ACFPB1828A |
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|
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Associates : |
·
Chowgule Industries Private Limited ·
Chowgule Construction Technologies Private
Limited ·
Chowgule ABP Coatings (India) Private Limited ·
Koster Bauchemie A.G. Zurich, Germany |
CAPITAL STRUCTURE
AS ON 31.03.2012
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. 4.675
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.675 |
4.674 |
4.674 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
21.283 |
20.554 |
17.398 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
25.958 |
25.228 |
22.072 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.332 |
0.329 |
0.297 |
|
|
|
|
|
|
|
|
TOTAL |
26.290 |
25.557 |
22.369 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3.750 |
2.655 |
2.710 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
3.524 |
5.909 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
15.909
|
10.179
|
9.799
|
|
|
Sundry Debtors |
14.113
|
27.537
|
20.498
|
|
|
Cash & Bank Balances |
0.613
|
2.548
|
1.635
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
2.545
|
1.065
|
1.048
|
|
Total
Current Assets |
33.180
|
41.329 |
32.980 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.799
|
20.108
|
15.699
|
|
|
Other Current Liabilities |
2.751
|
1.843
|
3.531
|
|
|
Provisions |
0.090
|
0.000
|
0.000
|
|
Total
Current Liabilities |
10.640
|
21.951 |
19.230 |
|
|
Net Current Assets |
22.540
|
19.378
|
13.750
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26.290 |
25.557 |
22.369 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
75.560 |
58.153 |
56.204 |
|
|
|
Other Income |
0.365 |
0.294 |
2.166 |
|
|
|
TOTAL |
75.925 |
59.153 |
58.370 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
51.479 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
74.582 |
54.383 |
51.479 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1.343 |
4.770 |
6.891 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.312 |
0.245 |
0.238 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
1.031 |
4.525 |
6.653 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.303 |
1.368 |
1.941 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
0.728 |
3.157 |
4.712 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19.202 |
16.045 |
11.333 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
19.930 |
19.202 |
16.045 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
0.786 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
0.786 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
25.994 |
26.018 |
|
|
TOTAL IMPORTS |
NA
|
25.994 |
26.018 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.56 |
6.75 |
10.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.96
|
5.34 |
8.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.36
|
7.78 |
11.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.79
|
10.29 |
18.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.18 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.12
|
1.88 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OPERATIONS AND SALES
The total turnover
during the year was Rs. 75.925 Millions as compared to previous year of Rs. 59.153
Millions including other income of Rs.0.365 Million (previous year Rs. 0.294
Million).
FORM 8
|
Corporate
identity number of the company |
U24299GA2004PTC003568 |
|
Name of the
company |
CHOWGULE
CONSTRUCTION CHEMICALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Chowgule House, Mormugao Harbour-403803, Goa, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai-400013, Maharashtra, India |
|
Nature of
instrument creating charge |
Letter of Hypothecation
of stocks, book debts and machinery dated 8th October, 2012 |
|
Date of
instrument Creating the charge |
08.10.2012 |
|
Amount secured by
the charge |
Rs. 15.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Rate of interest
payable to bank will be as communicated by the bank from time to time with
monthly rests. Terms of repayment The Credit
facilities / loan granted to the company is repayable on demand / as per
offer letter dated 9.8.2012. Margin 25% margin on
stocks and book debts for cash credit facility; and other credit facilities -
NIL. Extent and operation of the charge Sole charge on companies
entire stocks, book debts and machinery both present and future. |
|
Short particulars
of the property charged (Including location of the property) |
All the stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise whatsoever being
movable properties. All the book
debts, out standings monies receivable, claims and bills due and owing to the
company in the course of business All the movable plant
and machinery both present & future stored in company's premises |
FIXED ASSETS
·
Structures and Buildings
·
Plant and Machinery
·
Electrical Installation
·
Laboratory Equipments
·
Furniture and Fixtures
·
Office Equipments
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 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 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. 53.92 |
|
|
1 |
Rs. 82.76 |
|
Euro |
1 |
Rs. 71.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.