MIRA INFORM REPORT
|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
W R GRACE AND CO (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
17, Commerce Centre, Paud Road, Opposite Krishna General Hospital, Kothrud,
Pune-411038, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-144874 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4.283 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909PN1995PTC144874 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject offers specialty construction chemicals and materials. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
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 |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There
appear huge accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings on a secured 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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
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 : |
17, Commerce Centre, Paud Road, Opposite Krishna General Hospital,
Kothrud, Pune-411038, Maharashtra, India
|
|
Tel. No.: |
91-20-25425812 |
|
Fax No.: |
91-80-25441740 |
|
E-Mail : |
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|
|
|
|
Overseas Office : |
Located At:
|
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Narayan Ram |
|
Designation : |
Director |
|
Address : |
Flat No.5, Door 714 Chebiam, 2nd Main, R A Puram, Chennai –
600028, Tamilnadu, India |
|
Date of Birth/Age : |
13.05.1953 |
|
Date of Appointment : |
03.06.2005 |
|
DIN No.: |
00268864 |
|
|
|
|
Name : |
Mr. Felipe Mac Tolentino Jr. |
|
Designation : |
Director |
|
Address : |
216, |
|
Date of Birth/Age : |
20.02.1968 |
|
Date of Appointment : |
16.10.2006 |
|
DIN No.: |
00760361 |
|
|
|
|
Name : |
Pei Pei Tay |
|
Designation : |
Director |
|
Address : |
33, Dairy Farm Road, #04-01, Singapore-679051 |
|
Date of Birth/Age : |
02.03.1970 |
|
Date of Appointment : |
08.12.2011 |
|
DIN No.: |
05136931 |
|
|
|
|
Name : |
Mr. Hsiao Peng Jaime Goh |
|
Designation : |
Director |
|
Address : |
16, Westwood Crescent, Singapore-648744 |
|
Date of Birth/Age : |
07.10.1977 |
|
Date of Appointment : |
13.09.2012 |
|
DIN No.: |
06374810 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
W R Grace and Co Connecticut USA |
428333 |
|
Watter Street Corporation, |
1 |
|
TOTAL
|
428334 |
AS ON 19.11.2012
|
Names of Allottees |
No. of Shares |
|
W R Grace and Co Connecticut USA |
786317 |
|
TOTAL
|
786317 |
AS ON 29.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject offers specialty construction chemicals and materials. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Licensed / Installed Capacity (KG) |
Production (Quantity ) [ KG] |
|
|
|
|
|
Cement Additive |
7050000 |
1780216 |
|
Concrete Additive |
5772000 |
1316964 |
NOTE
- Installed Capacity has been certified by the management and this has
been accepted by the Auditors without verification, this being a technical
matter
- Turnover of manufactured products does not include 45,055 kgs of
additives dispatched as samples to customers
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Mutha Towers, 5th Floor, Suit No.8, Airport Road,
Pune-411006, Maharashtra, India |
|
PAN No.: |
AAEFP5579P |
|
|
|
|
Holding Company : |
W R Grace and Company Connecticut USA |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
428334 |
Equity Shares |
Rs.10/- each |
Rs. 4.283
Millions |
|
|
|
|
|
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1214651 |
Equity Shares |
Rs.10/- each |
Rs. 12.146
Millions |
|
|
|
|
|
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 |
4.283 |
4.283 |
4.283 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(234.952) |
(160.595) |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(91.986) |
|
|
NETWORTH |
(230.669) |
(156.312) |
(87.703) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
379.891 |
279.285 |
180.841 |
|
|
TOTAL BORROWING |
379.891 |
279.285 |
180.841 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
149.222 |
122.973 |
93.138 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
102.314 |
64.090 |
65.447 |
|
|
Capital work-in-progress |
0.000 |
27.821 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
45.480
|
18.430 |
16.078
|
|
|
Sundry Debtors |
74.442
|
69.584 |
33.124
|
|
|
Cash & Bank Balances |
0.000
|
0.000 |
0.000
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
29.343
|
21.742 |
13.650
|
|
Total
Current Assets |
149.265
|
109.756 |
62.852 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
84.395
|
65.319 |
29.073
|
|
|
Other Current Liabilities |
17.691
|
13.004 |
4.340
|
|
|
Provisions |
0.271
|
0.371 |
1.748
|
|
Total
Current Liabilities |
102.357
|
78.694 |
35.161 |
|
|
Net Current Assets |
46.908
|
31.062 |
27.691
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
149.222 |
122.973 |
93.138 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
333.029 |
231.494 |
|
|
|
|
Other Income |
23.708 |
0.013 |
|
|
|
|
TOTAL |
356.737 |
231.507 |
124.435 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
413.662 |
286.584 |
165.001 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(56.925) |
(55.077) |
[Including Depreciation] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
17.431 |
13.531 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(74.356) |
(68.608) |
(40.566) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
1.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(74.356) |
(68.608) |
(41.606) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(50.379) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(91.986) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8.569 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
8.569 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
164.720 |
99.547 |
47.793 |
|
|
|
Stores & Spares |
0.310 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
12.535 |
0.000 |
|
|
TOTAL IMPORTS |
165.030 |
112.082 |
47.793 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(174) |
(160.18) |
(97.14) |
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(20.84)
|
(29.64) |
(33.44) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(22.33)
|
(29.64) |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(29.56)
|
(39.46) |
(31.62) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.44 |
0.46 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.65)
|
(1.79) |
(2.06) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.46
|
1.39 |
1.79 |
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 |
No |
|
24] |
Banking facility details |
Yes |
|
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 |
FACILITIES
|
UNSECURED LOAN |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Short Term
Borrowings |
|
|
|
Working Capital
Loan Repayable on Demand |
|
|
|
From bank |
334.891 |
239.285 |
|
From related Parties |
45.000 |
40.000 |
|
|
|
|
|
TOTAL |
379.891 |
279.285 |
NOTE
Registered office has been shifted from 406, Ground Floor, Ahad Chambers
7th Block, Koramangala, Bangalore – 560095, Karnataka, India to the
present address w.e.f. 14.09.2012
SHIFTING OF
REGISTERED OFFICE FROM ONE STATE TO ANOTHER:
The Company had
filed a petition with the Company Law Board for shifting of registered office
from the State of Karnataka to the State of Maharashtra .The order of the Board
was received on 21.08.2012 but approval of Form 18 filed for shifting is yet to
be received.
GENERAL
INFORMATION ABOUT THE COMPANY
Subject,
registered under the Companies Act 1956, was incorporated in the year 1995. The
Company is engaged in manufacturing of cement additives and concrete admixture
products, and trading of specialty products. Cement additive is a liquid
product in the nature of chemicals used in cement manufacturing process which
increases the productivity as well the performance of the cement. Concrete
Admixture Products are used in construction industry.
Apart from
manufacturing, it also carries on trading of specialty building material (i.e.
preformed Sheets). Though the specialty chemical trading business forms a part
of the chemical industry, the product traded in is primarily a specialty
construction product which is used in water proofing activity
FIXED ASSETS
- Leasehold
Improvements
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipments
- Electrical
Installations
- Vehicles
- Data
Processing 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. 54.16 |
|
|
1 |
Rs. 81.74 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
15 |
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.