MIRA INFORM REPORT

3decades

MIRA INFORM REPORT

Report No. :	507079
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	GCP APPLIED TECHNOLOGIES (INDIA) PRIVATE LIMITED (w.e.f. 18.07.2016)

Formerly Known As :	W R GRACE AND CO (INDIA) PRIVATE LIMITED

Registered Office :	Plot No. 90, Sector 8, IMT Manesar, Manesar, Gurugram – 122050, Haryana
Tel. No.:	91-124-4885900

Country :	India

Financials (as on) :	31.03.2017

Date of Incorporation :	28.07.1995

Com. Reg. No.:	05-068948

Capital Investment / Paid-up Capital :	INR 12.147 Million

CIN No.: [Company Identification No.]	U51909HR1995PTC068948

IEC No.: [Import-Export Code No.]	0795012632

GSTN : [Goods & Service Tax Registration No.]	06AAACW3693G1Z7

TIN No.:	06951936571

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACW3693G

Legal Form :	Private Limited Liability Company

Line of Business :	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. [Registered Activity and also Confirmed by Management]

No. of Employees :	85 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate

Payment Behaviour :	Slow

Litigation :	Clear

Comments :	Subject is a wholly owned subsidiary of “GCP (UK) Holding Limited”. It was incorporated in the year 1995. The company has been incurring losses since last two financial years. The company has registered huge accumulated losses which has eroded its entire networth. However, these rating weaknesses are partially offset by strong support received to the company from its holding entity. Trade relations are reported as fair. Payments are slow. In view of the aforesaid, the company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 03.05.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Puneet Narwal
Designation :	Manager
Contact No.:	91-8041216631
Date :	02.05.2018

LOCATIONS

Registered Office/ Factory :	Plot No. 90, Sector 8, IMT Manesar, Manesar, Gurugram – 122050, Haryana, India
Tel. No.:	91-124-4885900
Mobile No.:	91-8041216631 [Mr. Puneet Narwal]
Fax No.:	91-124-4868935/ 4028925
E-Mail :	sanjay.basu@gcpat.com
Website :	https://gcpat-tools.com https://gcpat.com
Location :	Owned
Locality :	Commercial

Branch Office :	Survey No.90/2, Meppur Thangal Road, Madavillagam Village, Thirumazhisai, Thiruvallur – 602103, Tamilnadu, India
Tel. No.:	91-44-66242300
Fax No.:	91-44-66242333
E-Mail :	asia.enq@gcpat.com
Location :	Owned

DIRECTORS

AS ON: 31.03.2017

Name :	Mr. Shiva Ganju
Designation :	Wholetime Director
Address :	R/O 557 Bhawani Vihar Sec 3 Ext Trikuta Nagar, Jammu – 180001, Jammu Kashmir, India
Date of Appointment :	15.03.2016
DIN No.:	07455246

Name :	Mr. Laith Haboubi
Designation :	Additional Director
Address :	15 Margaret Court, South Coast Road, Peacehaven Bn107pq Gb
Date of Appointment :	27.11.2017
DIN No.:	08004516

Name :	Mr. Jairaj Walder
Designation :	Additional Director
Address :	Juma Al Majid Abdulla Flat 302b (W Sub Meter) 318-4 St Al Ki 5006 Ae
Date of Appointment :	27.11.2017
DIN No.:	08004527

KEY EXECUTIVES

Name :	Mr. Puneet Narwal
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Water Street Corporation, USA	1	0.00
GCP (UK) Holdings Limited, United Kingdom	1214650	100.00

Total	1214651	100.00

AS ON: 28.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Body Corporate	100.00

Total	100.00

BUSINESS DETAILS

Line of Business :

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. [Registered Activity and also Confirmed by Management]

Products/ Services :

ITC Code No.

Product Descriptions

38244090

others

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Not Available

Countries :

Not Available

Imports :

Products :

Not Available

Countries :

Not Available

Terms :

Selling :

Advance Payment, Cheque and Credit [30,60 Days]

Purchasing :

Advance Payment, Cheque and Credit [30,60 Days]

PRODUCTION STATUS: (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Manufacturers and Others [Contractor]

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

85 (Approximately)

Bankers :

Bank Name:	ICICI Bank Limited
Branch:	Raheja House, IMT, Manesar, Gurugram-122050, Haryana, India
Person Name (with Designation):	--
Contact Number:	91-9560256999
Name of Account Holder:	--
Account Number:	--
Account Since (Date/ Year of A/c Opening):	--
Average Balance Maintained (Optional):	--
Credit Facilities Enjoyed (CC/OD/Term Loan):	--
Account Operation:	--
Remarks:	Number is continuously ringing

Facilities :

---


Auditors :
Name :	Price Water house and Co Bangalore LLP Chartered Accountants
Address :	7th Floor, Business Bay, Tower A, Wing-1, Airport Road, Yerwada, Pune – 411006, Maharashtra, India
Tel. No.:	91-20-41004444
Fax No.:	91-20-41006161
PAN No.:	AADFP9359C

Memberships :	Not Available

Collaborators :	Not Available

Holding Company :	GCP (UK) Holdings Limited, United Kingdom

Ultimate Holding Company :	GCP Applied Technologies Inc

Fellow Subsidiaries :	· Cormix Middle East LLC · De Nest Construction Chemicals BVBA (Belgium) · GCP (Singapore) Private Limited · GCP Australia Pty Limited · GCP Korea Inc. · Grace China Limited · W R Grace Italiana S. P.A. · GCP Applied Technologies Operations Center, Inc. (formally known as W R Grace operations Center, Inc.) · W.R. Grace (Philippines), Inc

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

50000000	Equity Shares	INR 10/- each	INR 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1214651	Equity Shares	INR 10/- each	INR 12.147 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.147	12.147	12.147
(b) Reserves & Surplus	(237.188)	(150.371)	(81.347)
(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)	(225.041)	(138.224)	(69.200)

(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	2.887	4.101
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	2.887	4.101

(4) Current Liabilities
(a) Short term borrowings	526.572	410.585	360.874
(b) Trade payables	135.535	163.068	124.049
(c) Other current liabilities	11.479	12.343	9.208
(d) Short-term provisions	7.406	7.745	6.459
Total Current Liabilities (4)	680.992	593.741	500.590

TOTAL	455.951	458.404	435.491

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	76.489	90.814	70.597
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	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	39.789	42.034	31.918
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	116.278	132.848	102.515

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	86.431	118.424	116.952
(c) Trade receivables	219.527	187.174	196.722
(d) Cash and cash equivalents	0.000	0.000	0.000
(e) Short-term loans and advances	33.715	19.958	19.302
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	339.673	325.556	332.976

TOTAL	455.951	458.404	435.491

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	704.293	764.461	725.549
		Other Income	0.832	1.442	4.384
		TOTAL	705.125	765.903	729.933

Less	EXPENSES
		Cost of Materials Consumed	237.427	246.793	265.594
		Purchases of Stock-in-Trade	229.320	317.179	260.619
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	23.831	(11.171)	(26.914)
		Employees benefits expense	86.682	77.194	60.328
		Other expenses	128.081	134.801	115.602
		TOTAL	705.341	764.796	675.229

	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(0.216)	1.107	54.704

Less	FINANCIAL EXPENSES		63.434	51.889	42.900

	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		(63.650)	(50.782)	11.804

Less/ Add	DEPRECIATION/ AMORTISATION		23.167	18.242	17.898

	PROFIT/ (LOSS) BEFORE TAX		(86.817)	(69.024)	(6.094)

Less	TAX		0.000	0.000	0.000

	PROFIT/ (LOSS) AFTER TAX		(86.817)	(69.024)	(6.094)

	EARNINGS IN FOREIGN CURRENCY
		Revenue from Exports on FOB basis	0.000	1.747	12.001
		Sale of services	16.896	7.187	0.000
	TOTAL EARNINGS		16.896	8.934	12.001

	IMPORTS
		Raw Materials and trading goods	330.205	408.485	348.616
		Stores & Spares	0.000	0.122	0.062
	TOTAL IMPORTS		330.205	408.607	348.678

	Earnings/ (Loss) Per Share (INR)		(71.47)	(56.83)	(5.02)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA

Cash (used in)/ generated from operations	(43.188)	37.238	(32.703)

Net Cash (used in)/ generated from operating activities	(43.188)	37.238	(32.703)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income 365 Days)*	113.77	89.37	98.96

Account Receivables Turnover (Income / Sundry Debtors)	3.21	4.08	3.69

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	105.99	105.54	86.04

Inventory Turnover (Operating Income / Inventories)	0.00	0.01	0.47

Asset Turnover (Operating Income / Net Fixed Assets)	0.00	0.01	0.77

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.49	1.30	1.15

Debt Equity Ratio (Total Liability / Networth)	(2.34)	(2.97)	(5.21)

Current Liabilities to Networth (Current Liabilities / Net Worth)	(3.03)	(4.30)	(7.23)

Fixed Assets to Networth (Net Fixed Assets / Networth)	(0.34)	(0.66)	(1.02)

Interest Coverage Ratio (PBIT / Financial Charges)	0.00	0.02	1.28

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) 100)*	%	(12.33)	(9.03)	(0.84)

Return on Total Assets ((PAT / Total Assets) 100)*	%	(19.04)	(15.06)	(1.40)

Return on Investment (ROI) ((PAT / Networth) 100)*	%	38.58	49.94	8.81

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.50	0.55	0.67

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.37	0.35	0.43

G-Score Ratio Financial (Networth / Total Assets)	(0.49)	(0.30)	(0.16)

G-Score Ratio Debt (Debts / Equity Capital)	43.35	33.80	29.71

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.50	0.55	0.67

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	12.147	12.147	12.147
Reserves & Surplus	(81.347)	(150.371)	(237.188)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	(69.200)	(138.224)	(225.041)

long-term borrowings	0.000	0.000	0.000
Short term borrowings	360.874	410.585	526.572
Total borrowings	360.874	410.585	526.572
Debt/Equity ratio	(5.215)	(2.970)	(2.340)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	725.549	764.461	704.293
		5.363	(7.871)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	725.549	764.461	704.293
Profit/ (Loss)	(6.094)	(69.024)	(86.817)
	(0.84%)	(9.03%)	(12.33%)

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	No
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)	No
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	Yes
22	Conduct of the banking account	Yes
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

INDEX OF CHARGES: NO CHARGES EXISTS FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Loan from Bank	526.572	410.585

Total
Notes: SHORT TERM BORROWINGS Unsecured Loan for working capital requirement are repayable in 90 days from the date of drawdown and carry interest of 12.75% p.a.

GENERAL INFORMATION:

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 speciality 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:

Tangible Assets

· Leasehold Improvements

· Plant and Machinery

· Furniture and Fixture

· Computer

· Vehicles

· Electrical Installation

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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 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	INR
US Dollar	1	INR 66.66
UK Pound	1	INR 90.66
Euro	1	INR 80.01

INFORMATION DETAILS

Information Gathered by :	RUB

Analysis Done by :	PRS

Report Prepared by :	IND

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.