MIRA
INFORM REPORT
|
Report Date : |
04.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MACHINO POLYMERS LIMITED |
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Formerly Known As : |
MACHINO – BASELL INDIA LIMITED |
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Registered Office : |
Plot No. 2, Sector 33, Delhi Jaipur Highway, Gurgaon – 122 001,
Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.09.1996 |
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Com. Reg. No.: |
05 - 33306 |
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CIN No.: [Company
Identification No.] |
U25201HR1996PLC033306 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKM01626C |
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Legal Form : |
A Closely held Public Limited Company |
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Line of Business : |
Manufacturer of an extensive range of unfilled and filled polypropylene compounds and it is a major supplier of Polypropylene. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 2509500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profit margin
is very low. General financial position is satisfactory. Payments are
reported as slow but correct. However, the company can be considered for normal business dealings at
usual trade terms and conditions with same caution. |
LOCATIONS
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Registered Office / Factory : |
Plot No. 2, Sector 33, Delhi Jaipur Highway, Gurgaon – 122 001,
Haryana, India |
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Tel. No.: |
91-124-6371905 |
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Fax No.: |
91-124-6371904 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Muralidhar Jindal |
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Designation : |
Director |
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Address : |
8A Alipur Road, Kolkata – 700027, West Bengal, India |
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Date of Birth/Age : |
20.01.1929 |
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Date of Appointment : |
30.09.1996 |
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Name : |
Mr. Sanjiv Jindal |
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Designation : |
Managing Director |
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Address : |
A -10, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
28.06.1957 |
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Date of Appointment : |
12.02.1999 |
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Name : |
Mr. Ratanlal Gaggar |
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Designation : |
Director |
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Address : |
6, Old Post Office Street, Kolkata – 700001, West Bengal, India |
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Date of Birth/Age : |
01.12.1932 |
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Date of Appointment : |
12.02.1999 |
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Name : |
Mr. Ritsaart Blaisse |
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Designation : |
Director |
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Address : |
Brugse Straat, 71, Den Haag, The Netherlands |
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Date of Birth/Age : |
03.10.1953 |
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Date of Appointment : |
25.02.2000 |
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Name : |
Mr. Ravi Chandra Bhargav |
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Designation : |
Director |
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Address : |
220, Sector – 15 A, Noida – 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
30.07.1934 |
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Date of Appointment : |
17.11.1999 |
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Name : |
Mr. Randy G. Woelfel |
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Designation : |
Director |
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Address : |
Rue De Mail # 96, Brussels 1050, Belgium |
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Date of Birth/Age : |
13.03.1955 |
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Date of Appointment : |
12.02.1999 |
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Date of Ceasing : |
20.06.2001 |
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Name : |
Mr. Vikram Singh Mehta |
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Designation : |
Director |
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Address : |
The Anchorage, Ram Chandani Marg, Mumbai – 400039, Maharashtra, India |
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Date of Birth/Age : |
30.10.1952 |
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Date of Appointment : |
17.11.1999 |
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Name : |
Mr. Christof Krogmann |
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Designation : |
Managing Director |
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Address : |
D – 31, Pushpanjali, Farms, Bijwasan, New Delhi – 110061, India |
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Date of Birth/Age : |
12.01.1960 |
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Date of Appointment : |
01.01.2001 |
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Name : |
Mr. Jeffrey Alfred Leone |
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Designation : |
Director |
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Address : |
22 – F, Hennessy Lentre, 500, Hennessy Road, Causeway Bay, Hong Kong |
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Date of Birth/Age : |
04.11.1960 |
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Date of Appointment : |
28.06.2001 |
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Name : |
Mr. Arjun Jindal |
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Designation : |
Additional Director |
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Name : |
Mrs. Kamla Jindal |
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Designation : |
Director |
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Name : |
Mrs. Sarita Jindal |
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Designation : |
Director |
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Name : |
Mr. Rajiv Jindal |
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Designation : |
Director |
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Name : |
Mrs. Sonal Jindal |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Goel |
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Designation : |
Secretary |
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Address : |
J – 23, Gangaram Vatika, Tilaknagar, New Delhi – 110054, India |
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Date of Birth/Age : |
23.03.1963 |
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Date of Appointment : |
12.02.1997 |
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Date of Ceasing : |
21.07.2001 |
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Name : |
Mr. Vipul Kumar Goel |
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Designation : |
Secretary |
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Address : |
74, Banarsi Dass Estate, Delhi – 110054, India |
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Date of Birth/Age : |
24.02.1960 |
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Date of Appointment : |
26.07.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 08.08.2002
|
Names of Shareholders |
No. of Shares |
|
Mr. Muralidhar Jindal |
100 |
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Mr. Sanjiv Jindal |
100 |
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Mr. Rajiv Jindal |
100 |
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Mrs. Kamla Jindal |
60 |
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Mrs. Sarita Jindal |
100 |
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Mrs. Sonal Jindal |
100 |
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Machino Plastic Limited |
4000000 |
|
Basell International |
4000560 |
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Machino Plastic Limited |
2600000 |
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Basell International |
2600000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
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1. |
Foreign Holdings
( FIIS/ FCs/ FFIs/ NRIs/ OCBs) |
50.00 |
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2. |
Bodies corporate |
49.99 |
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3. |
Directors or
relatives of directors. |
0.01 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of an extensive range of unfilled and filled polypropylene compounds and it is a major supplier of Polypropylene. |
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Products : |
v Polypropylene Advanced Material v Scrap |
GENERAL
INFORMATION
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Customers : |
v Maruti Udyog Limited v Eicher Motors Limited v Whirlpool India Limited v Samsung India Electronics Limited v Coca Cola India |
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Bankers : |
Not Available |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Sister Concerns : |
v Machino Plastics
Limited v Listed on the
Mumbai Stock Exchange v Joint Venture of
Jindals (31%) v Maruti Udyog
(15.5%) and v Suzuki Motors,
Japan (15.5%) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity shares |
Rs. 10/- each |
Rs. 100.000 millions |
|
6000000 |
Preference shares |
Rs. 10/- each |
Rs. 60.000 millions |
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Total |
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Rs. 160.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13,401,800 |
Equity shares |
Rs. 10/-
each |
Rs. 134.018 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
134.000 |
132.000 |
132.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
367.900 |
95.100 |
68.100 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
501.900 |
227.100 |
200.100 |
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LOAN FUNDS |
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1] Secured Loans |
267.400 |
42.700 |
161.100 |
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2] Unsecured Loans |
0.000 |
109.500 |
0.000 |
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TOTAL BORROWING |
267.400 |
152.200 |
161.100 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
769.300 |
379.300 |
361.200 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
438.800 |
159.400 |
183.300 |
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Capital work-in-progress |
0.000 |
0.000 |
0.100 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
241.400
|
131.000 |
148.600 |
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Sundry Debtors |
242.900
|
205.300 |
148.800 |
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Cash & Bank Balances |
14.100
|
16.200 |
9.700 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
112.800
|
73.100 |
46.200 |
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Total
Current Assets |
611.200
|
425.600 |
353.300 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
185.800
|
154.300 |
138.500 |
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Provisions |
94.900
|
51.400 |
37.000 |
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Total
Current Liabilities |
280.700
|
205.700 |
175.500 |
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Net Current Assets |
330.500
|
219.900 |
177.800 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
769.300 |
379.300 |
361.200 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
1638.200 |
1164.100 |
1046.700 |
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Other Income |
9.600 |
3.200 |
12.600 |
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Total Income |
1647.800 |
1167.300 |
1059.300 |
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Profit/(Loss) Before Tax |
92.000 |
38.800 |
45.900 |
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Provision for Taxation |
30.400 |
11.800 |
15.300 |
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Profit/(Loss) After Tax |
61.600 |
27.000 |
30.600 |
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Expenditures : |
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Manufacturing Expenses |
7.300 |
9.900 |
16.100 |
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Administrative Expenses |
59.900 |
48.900 |
51.200 |
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Raw Material Consumed |
1153.000 |
813.700 |
704.800 |
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Excise Duty |
238.800 |
165.900 |
144.300 |
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Increase/(Decrease) in Finished Goods |
(36.700) |
(17.400) |
(0.900) |
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Salaries, Wages, Bonus, etc. |
20.100 |
18.100 |
19.300 |
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Interest |
26.100 |
20.000 |
19.900 |
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Power & Fuel |
55.700 |
42.000 |
33.000 |
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Depreciation & Amortization |
25.000 |
24.500 |
23.900 |
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Other Expenditure |
6.600 |
3.000 |
1.800 |
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Total Expenditure |
1555.800 |
1128.500 |
1013.400 |
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KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio |
0.98 |
0.73 |
0.87 |
|
Long Term Debt Equity Ratio |
0.22 |
0.44 |
0.61 |
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Current Ratio |
1.28 |
1.54 |
1.54 |
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TURNOVER RATIOS |
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Fixed Assets |
5.00 |
4.55 |
4.04 |
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Inventory |
8.80 |
8.37 |
8.74 |
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Debtors |
7.31 |
6.57 |
7.11 |
|
Interest Cover Ratio |
4.52 |
2.94 |
3.31 |
|
Operating Profit Margin (%) |
8.74 |
7.16 |
8.57 |
|
Profit Before Interest and Tax Margin (%) |
7.21 |
5.05 |
6.29 |
|
Cash Profit Margin (%) |
5.29 |
4.42 |
5.21 |
|
Adjusted Net Profit Margin (%) |
3.76 |
2.32 |
2.92 |
|
Return on Capital Employed (%) |
27.93 |
15.88 |
19.04 |
|
Return on Net Worth (%) |
8.55 |
16.71 |
23.04 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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 records 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 43.21 |
|
UK Pound |
1 |
Rs. 85.72 |
|
Euro |
1 |
Rs. 67.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|