MIRA INFORM REPORT
|
Report No. : |
345362 |
|
Report Date : |
16.10.2015 |
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 |
|
Tel. No.: |
91-80-22221820 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2014 |
|
|
|
|
Date of
Incorporation : |
04.03.2011 |
|
|
|
|
Com. Reg. No.: |
08-057398 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.430.000
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24290KA2011FTC057398 |
|
|
|
|
IEC No.: |
0711000158 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM17291B |
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|
|
|
PAN No.: [Permanent Account No.] |
AAHCMO464A |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing, trading and
importing of products used in construction activities such as cement
additives, ceramics related products and underground tunneling products. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 960000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Mapei SPA, Italy”. It is engaged in the
business of manufacturing, trading and importing of products used in
construction activities such as cement additives, ceramics related products
and underground tunneling products. The rating on company reflects improvement in its financial risk
profile marked by significant growth in its operational activities and in its
profitability which stood at 6.8% during the year under review. Rating continue to derive strength from strong financials, managerial
and technical support from its holding company as well as decent networth and
zero debt balance sheet profile. The rating strengths are, however tempered by the negative
consolidated reserves resulting in the deterioration of the capital structure
of the company and its exposure to intense competition in the construction
sector. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. In view of strong holding support, 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. S. R. Babu Shankar |
|
Designation : |
Secretary |
|
Contact No.: |
91-9945217660 |
|
Date : |
15.10.2015 |
LOCATIONS
|
Registered Office / 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 |
|
Mobile No.: |
91-9945217660 (Mr. S. R. Babu Shankar) |
|
Fax No.: |
91-80-22221810 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
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,
Bhiwandi – 421302, Maharashtra, India |
|
Tel. No.: |
91-2522-655152 |
DIRECTORS
AS ON 27.06.2014
|
Name : |
Mr. Abhijit Dutta |
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|
Designation : |
Managing Director |
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|
Address : |
28.07.1950 |
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Date of Birth/Age : |
IB-79, Sector–III, Salt Lake, Kolkata – 700 091, West Bengal, India |
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Date of Appointment : |
04.03.2011 |
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DIN No. : |
01608273 |
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PAN No.: |
AETPD7439M |
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Other
Directorship:
|
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|
Name : |
Mr. Giorgio Squinzi |
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Designation : |
Director |
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|
Address : |
Birolli Renato, No.5, Milano-20125, Italy |
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Date of Birth/Age : |
18.05.1943 |
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Date of Appointment : |
04.03.2011 |
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DIN No. : |
03345244 |
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|
Name : |
Mr. Veronica Squinzi |
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|
Designation : |
Director |
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|
Address : |
Birolli Renato, No.5, Milano-20125, Italy |
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|
Date of Birth/Age : |
31.12.1972 |
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Date of Appointment : |
04.03.2011 |
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DIN No. : |
03345254 |
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KEY EXECUTIVES
|
Name : |
Mr. S.R. Babu Shankar |
|
Designation : |
Secretary |
|
Address : |
No.1088, 16th Cross, Banashankari II Stage, Bangalore –
560070, Karnataka, India |
|
Date of Birth/Age : |
01.04.1956 |
|
Date of Appointment : |
04.03.2011 |
|
PAN No. : |
ACJPB0799G |
MAJOR SHAREHOLDERS
AS ON 27.06.2014
|
Names of Shareholders |
No. of Shares |
|
Mapei SpA, Italy |
42999999 |
|
Veronica Squinzi, Italy |
1 |
|
|
|
|
Total |
43000000 |
AS ON 27.06.2014
|
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] |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing, trading and
importing 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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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Italy |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturer
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No. of Employees : |
Not Divulged |
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Bankers : |
|
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Auditors : |
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|
Name : |
S R B C and Company Limited Chartered Accountant |
|
Address : |
12th and 13th Floor, UB City, Canberra Block, No.
24, Vittal Mallya Road, Bangalore – 560 001, Karnataka, India |
|
PAN
No.: |
ABSFS4151K |
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|
|
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
·
Mapei SpA, Italy |
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|
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|
Fellow Subsidiary Companies : |
·
Mapei Far East Pte Limited, Singapore ·
Mapei Malaysia Bhd Sdn, Malaysia ·
Innovative Building Solutions LLC (IBS Mapei),
Dubai ·
Polyglass Srl, Italy · Mapei Inc, Canada · Mapei Construction Materials (Shanghai) Co, Limited, China · Mapei Corporation, USA · Mapei Suisse S.A., Switzerland |
CAPITAL STRUCTURE
AS ON 27.06.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43000000 |
Equity Shares |
Rs.10/- each |
Rs.430.000
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
430.000 |
300.000 |
200.000 |
|
(b) Reserves & Surplus |
(93.810) |
(137.611) |
(103.314) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
336.190 |
162.389 |
96.686 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
1.501 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.058 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities
(3) |
0.000 |
0.000 |
1.559 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
6.337 |
37.561 |
|
(b) Trade
payables |
69.271 |
77.245 |
29.321 |
|
(c) Other
current liabilities |
23.362 |
14.992 |
11.230 |
|
(d) Short-term
provisions |
1.872 |
2.016 |
1.450 |
|
Total Current
Liabilities (4) |
94.505 |
100.590 |
79.562 |
|
|
|
|
|
|
TOTAL |
430.695 |
262.979 |
177.807 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
178.140 |
84.318 |
96.545 |
|
(ii)
Intangible Assets |
2.766 |
0.148 |
0.195 |
|
(iii)
Capital work-in-progress |
3.741 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.798 |
6.387 |
6.429 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
197.445 |
90.853 |
103.169 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
68.092 |
66.257 |
36.784 |
|
(c) Trade
receivables |
122.778 |
101.576 |
32.050 |
|
(d) Cash and
cash equivalents |
38.795 |
0.000 |
0.000 |
|
(e)
Short-term loans and advances |
3.488 |
2.761 |
5.804 |
|
(f) Other
current assets |
0.097 |
1.532 |
0.000 |
|
Total
Current Assets |
233.250 |
172.126 |
74.638 |
|
|
|
|
|
|
TOTAL |
430.695 |
262.979 |
177.807 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
642.321 |
376.339 |
151.977 |
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
43.801 |
(34.297) |
(55.921) |
|
|
|
|
|
|
|
|
Earnings /(Loss)
Per Share (Rs.) |
1.02 |
-- |
(2.80) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.04 |
0.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47 |
1.71 |
0.94 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
200.000 |
300.000 |
430.000 |
|
Reserves & Surplus |
(103.314) |
(137.611) |
(93.810) |
|
Net
worth |
96.686 |
162.389 |
336.190 |
|
|
|
|
|
|
long-term borrowings |
1.501 |
0.000 |
0.000 |
|
Short term borrowings |
37.561 |
6.337 |
0.000 |
|
Total
borrowings |
39.062 |
6.337 |
0.000 |
|
Debt/Equity
ratio |
0.404 |
0.039 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
151.977 |
376.339 |
642.321 |
|
|
|
147.629 |
70.676 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Total Income |
151.977 |
376.339 |
642.321 |
|
Profit |
(55.921) |
(34.297) |
43.801 |
|
|
(36.80%) |
(9.11%) |
6.82% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF BUSINESS
OPERATIONS AND FUTURE PROSPECTS
This was the fourth year of operations. Manufactured products sales have increased during the year as more range of products were manufactured locally. Total sales were grown over 70% over last year.
Company could now establish itself in Cement Additives market, Underground construction market and tile adhesive industry. As Mapei brand is known locally, penetration into new markets was higher.
Government has planned to improve infrastructure which will increase the demand for construction products and housing shortfall will lead to construction of more houses. This will help company to grow its business.
UNSECURED LOANS:
|
Particulars |
31.12.2014 Rs. In Million |
31.12.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Loans repayable
on demand from banks |
0.000 |
6.337 |
|
|
|
|
|
Total |
0.000 |
6.337 |
NO CHARGES EXIST FOR 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.64.82 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
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.