MIRA INFORM REPORT
|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAPEI CONSTRUCTION PRODUCTS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
The Tudor Court, No. S 402, 3rd Floor, Municipal No. 40 (Old No. 19c) ,
Lavelle Road, Bangalore – 560001, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
04.03.2011 |
|
|
|
|
Com. Reg. No.: |
08-057398 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.430.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24290KA2011FTC057398 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCM0464A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing and trading of
products used in construction activities such as cement additives, ceramics
related products and underground tunneling products |
|
|
|
|
No. of Employees
: |
7500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 387000 |
|
|
|
|
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 record. As per registrar of companies the date of balance sheet (i.e. financial
filed) is shown as 31.12.2013 but the documents related to financial are not
available from any sources. As per available financial record of 2012, the rating is constrained
on account of company’s moderate financial risk profile and losses incurred
by the company from its operational activities. However, trade relations are 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go
slowly on talks over coal supply contracts, uncertainty over cancellation of
blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn Business Empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electro herm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in Blue Ridge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
On Mobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Babu Shankar |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-80-22221820 |
|
Date : |
10.10.2014 |
LOCATIONS
|
Registered / Head Office : |
The Tudor Court, No S – 402, 3rd Floor, Municipal No.
40(Old No. 19C), Lavelle Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-22221820/ 1840 |
|
Fax No.: |
91-80-22221810 |
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E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
KIADB Industrial Area, No.163 Bommasandra Jigani Link
Road, Anekal Taluk |
|
Tel. No.: |
91-80-27839689 |
|
|
|
|
Warehouse : |
E-15A, Gala No.5, Harihar Compound, Dapode Village,
Mankoli Naka |
|
Tel. No.: |
91-2522-655152 |
DIRECTORS
As on: 27.06.2014
|
Name : |
Mr. Abhijit Dutta |
|
Designation : |
Managing Director |
|
Address : |
28.07.1950 |
|
Date of Birth/Age : |
IB – 79, Sector – III, Salt Lake, Kolkata – 700091, West Bengal, India
|
|
Date of Appointment : |
04.03.2011 |
|
DIN No. : |
01608273 |
|
|
|
|
Name : |
Mr. Giorgio Squinzi |
|
Designation : |
Director |
|
Address : |
Birolli Renato, No 5, Milano – 20125, Italy |
|
Date of Birth/Age : |
18.05.1943 |
|
Date of Appointment : |
04.03.2011 |
|
DIN No. : |
03345244 |
|
|
|
|
Name : |
Mr. Veronica Squinzi |
|
Designation : |
Director |
|
Address : |
Birolli Renato, No 5, Milano – 20125, Italy |
|
Date of Birth/Age : |
31.12.1972 |
|
Date of Appointment : |
03345254 |
|
DIN No. : |
04.03.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Babu Shankar |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. S R Babu Shankar |
|
Designation : |
Secretary |
|
Address : |
No. 1088, 16th Creoos, Banashankari II Stage, Banglore –
560070, Karnataka, India |
|
Date of Birth/Age : |
01.04.1956 |
|
Date of Appointment : |
04.03.2011 |
|
PAN No. : |
ACJPB0799G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Names of Shareholders |
|
No. of Shares |
|
Mapei SpA, Italy |
|
42999999 |
|
Veronica Squinzi |
|
1 |
|
|
|
|
|
Total |
|
43000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.06.2014
|
Category |
Percentage |
|
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 is engaged in the
business of manufacturing and trading of products used in construction activities
such as cement additives, ceramics related products and underground tunneling
products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
7500 (Approximately) |
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Bankers : |
Not Divulged |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
S R B C and Company Limited Chartered Accountant |
|
Address : |
12th and 13th Floor, UB City, Canberra Block, No.
24, Vittal Mallya Road, Bengaluru – 560001, Karnataka, India |
|
PAN No. : |
ABSFS4151K |
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|
|
|
Holding Company : |
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|
Fellow
Subsidiary Company : |
|
CAPITAL STRUCTURE
As on: 30.06.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,000,000 |
Equity Shares |
Rs.10/- each |
Rs.430.000
Millions |
|
|
|
|
|
As on: 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
200.000 |
99.862 |
|
(b) Reserves & Surplus |
|
(103.314) |
(47.393) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
96.686 |
52.469 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1.501 |
2.684 |
|
(b) Deferred tax liabilities (Net) |
|
0.058 |
0.058 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
1.559 |
2.742 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
37.561 |
0.000 |
|
(b) Trade payables |
|
29.321 |
14.088 |
|
(c) Other current
liabilities |
|
11.230 |
5.742 |
|
(d) Short-term
provisions |
|
1.450 |
0.873 |
|
Total Current
Liabilities (4) |
|
79.562 |
20.703 |
|
|
|
|
|
|
TOTAL |
|
177.807 |
75.914 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
96.545 |
10.218 |
|
(ii) Intangible Assets |
|
0.195 |
0.000 |
|
(iii) Capital
work-in-progress |
|
0.000 |
1.837 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
6.429 |
7.936 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
103.169 |
19.991 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
36.784 |
16.780 |
|
(c) Trade receivables |
|
32.050 |
4.890 |
|
(d) Cash and cash equivalents |
|
0.000 |
33.617 |
|
(e) Short-term loans
and advances |
|
5.804 |
0.281 |
|
(f) Other current
assets |
|
0.000 |
0.355 |
|
Total Current Assets |
|
74.638 |
55.923 |
|
|
|
|
|
|
TOTAL |
|
177.807 |
75.914 |
|
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
|
151.977 |
16.577 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
NA |
NA
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
NA |
NA
|
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(55.921) |
(47.393) |
|
|
|
|
|
|
|
|
|
|
Earnings /(Loss)
Per Share (Rs.) |
|
(0.00) |
(0.00) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
|
(36.80) |
(285.90) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
0.40 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.93 |
2.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
99.862 |
200.000 |
|
Reserves & Surplus |
(47.393) |
(103.314) |
|
Net
worth |
52.469 |
96.686 |
|
|
|
|
|
long-term borrowings |
2.684 |
1.501 |
|
Short term borrowings |
0.000 |
37.561 |
|
Total
borrowings |
2.684 |
39.062 |
|
Debt/Equity
ratio |
0.051 |
0.404 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16.577 |
151.977 |
|
|
|
816.794 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16.577 |
151.977 |
|
Profit |
(47.393) |
(55.921) |
|
|
(285.90%) |
(36.80%) |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last two years |
Yes |
|
12] |
Profitability for last two 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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
No |
|
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 |
No |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.12.2012 [Rs.
in Millions] |
31.12.2011 [Rs.
in Millions] |
|
Short Term
Borrowing |
|
|
|
Loans repayable on demand |
37.561 |
0.000 |
|
|
|
|
|
Total |
37.561 |
0.000 |
INDEX OF CHARGES: No charges exist for the company
FIXED ASSETS:
- Plant and equipment
- Factory equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipment
- Leasehold improvements
- Computer software
- 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.61.48 |
|
|
1 |
Rs.98.23 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.