MIRA INFORM REPORT
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Report Date : |
13.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ITW INDIA LIMITED (w.e.f
October 2005) |
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Formerly Known
As : |
ITW SIGNODE INIDA LIMITED (w.e.f 30.01.1992) NAGARJUNA SIGNODE LIMITED |
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Registered
Office : |
Level 1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.11.1979 |
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Com. Reg. No.: |
05-038643 |
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CIN No.: [Company Identification
No.] |
U32301HR1979PLC038643 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Providing Industrial Packaging Solutions |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 18000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Level 1, |
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Tel. No.: |
91-124-3020601 |
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Fax No.: |
91-124-3020603 |
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E-Mail : |
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Website : |
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Factory : |
ITW India Limited Survey No. 25/2/C, Near Dange Chowk Octroi Post, Tathawade
Gram Panchayat, Taluka – Mulshi, District : Pune - 411 033 ,Maharashtra,
India |
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Tel. No.: |
91-20-65105104 |
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E-Mail : |
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Factory 2 : |
Plot No.13, Sec-2, |
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Tel. No.: |
91-5944-250221 (BSNL) 91-5944-645012 (Tata) |
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Factory 3 : |
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Tel. No.: |
91 8455 305085/220002/226101 |
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Factory 4 : |
Survey No.263 |
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Tel. No.: |
91 260 2699291/92/2699293 |
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Sales and Service Network : |
Located at: |
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Tools, Spares and |
No.9, KSSP Warehousing Complex, Door No. 7-2-1740,
Sanathnagar, |
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Tel No.: |
91-40-64534002 |
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Fax No.: |
91-40-23811667 |
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Automotive Unit : |
995/2/1, Dingrawadi, Near |
DIRECTORS
As On 17.09.2010
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Name : |
Mr. Ravi Venkata Siva Ramakrishna |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 24, |
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Date of Birth/Age : |
10.03.1956 |
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Date of Appointment : |
19.05.1995 |
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DIN No.: |
00009421 |
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Name : |
Mr. Pratip Sen Gupta |
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Designation : |
Managing Director |
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Address : |
Flat No. C013, |
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Date of Birth/Age : |
04.10.1959 |
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Date of Appointment : |
16.01.2002 |
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DIN No.: |
00008622 |
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Name : |
Mr. Rakesh Mishra |
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Designation : |
Whole Time Director |
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Address : |
B-403, Rose Wood Apartments Mayur Vihar Phase I, Extension, |
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Date of Birth/Age : |
05.09.1966 |
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Date of Appointment : |
02.11.2007 |
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DIN No.: |
01615758 |
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Name : |
Felix Lopez Rodriguez Junior |
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Designation : |
Director |
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Address : |
26302 Whispering Woods, CIR, |
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Date of Birth/Age : |
16.09.1955 |
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Date of Appointment : |
02.11.2007 |
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DIN No.: |
01923608 |
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Name : |
Allan Cameron Sutherland Junior |
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Designation : |
Director |
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Address : |
8, |
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Date of Birth/Age : |
06.11.1963 |
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Date of Appointment : |
02.11.2007 |
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DIN No.: |
01935461 |
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Name : |
Mr. Rohit Mahes Chandra Gupta |
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Designation : |
Whole Time Director |
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Address : |
C-1/1448, Vasant Kunj, |
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Date of Birth/Age : |
20.05.1968 |
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Date of Appointment : |
11.10.2010 |
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DIN No.: |
00322010 |
KEY EXECUTIVES
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Name : |
Pinkey Kataria |
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Designation : |
Company Secretary |
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Address : |
H No 1526, Near Government Girls High School, Gurgaon Villa, Gurgaon –
122001, Haryana, India |
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Date of Birth/Age : |
08.09.1976 |
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Date of Appointment : |
05.05.2010 |
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Pan No.: |
ABNPH7002B |
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Name : |
Mr. Rakesh Misra |
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Designation : |
Company Secretary |
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Address : |
B-403, Rose Wood Apartments Mayur Vihar Phase I, Extension, |
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Date of Birth/Age : |
05.09.1966 |
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Date of Appointment : |
01.11.2006 |
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Date of Cessation : |
01.05.2010 |
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Pan No.: |
AALPM8677L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 17.09.2010
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Names of Shareholders |
|
No. of Shares |
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Illinois Tool Works Inc., - |
|
6350 |
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Illinois Tool Works Inc., - |
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362 |
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Illinois Tool Works Inc., - |
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29 |
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Anita Khandelwal |
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3 |
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Sonal D Shah |
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2 |
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R Sunitha Reddy |
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2 |
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Rama Krupa Mulpury |
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2 |
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Nagasiromani Dandamudi |
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2 |
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Chandmai Chhajed |
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2 |
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Madhusudana Rao Dandamudi |
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2 |
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Anupam Khanna |
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1 |
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Podile Gita Vani |
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1 |
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ITW PMI Investments Inc. – Willington |
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1 |
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Hobart Corporation – |
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1 |
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Bharat Bhushan Sahny |
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1 |
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Vilsonart International – |
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1 |
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Umka Khanna |
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1 |
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Geera Finance Limited – |
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1 |
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ITW Universal LLC – |
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1 |
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M Bhawarlal Jain |
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1 |
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Dandamudi Krishan Rao |
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1 |
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Swan Securities Private Limited – |
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1 |
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Kailashben Kiritbhai Shah |
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1 |
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Priyadarshi Ramprasad Shukla |
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1 |
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Krishnarao Annarao Lokapur |
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1 |
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Amita Nitesh Thakkar |
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1 |
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Priya Dhawal Thakkar |
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1 |
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Total |
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6773 |
As On 17.09.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
99.59 |
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Bodies corporate |
0.03 |
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Other top fifty shareholders |
0.38 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Industrial Packaging Solutions |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institute : |
The Industrial Credit and Investments Corporation of India Limited |
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Auditors : |
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Name : |
Deloitte Haskings and Sells Chartered Accountant |
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Address : |
1-8-384 and 385, 3rd Floor, Gowra Grand, S. P. Road,
Begumpet, Secunderabad – 500003, Andhra Pradesh, India |
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Tel. No.: |
91-40-40312600 |
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Fax No.: |
91-40-40312714 |
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Pan No.: |
AACFD3771D |
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Holding Company : |
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Subsidiaries : |
CIN: U74950MH2003PLC141730 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
25000 |
Equity Shares |
Rs. 20000/- each |
Rs. 500.000 Millions |
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Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
8936 |
Equity Shares |
Rs. 20000/- each |
Rs. 178.720
Millions |
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Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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*6773 |
Equity Shares * (Net of buy back of 2163 equity shares of Rs. 20000 each) |
Rs. 20000/- each |
Rs. 135.460
Millions |
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Add: Forfeited shares |
|
Rs. 0.005
Million |
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Total |
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Rs. 135.465 Millions |
Notes:
(a) 6,745 Equity
Shares (31.03.2009: 6,745) are held by Illinois Tool Works Inc..
(b) 4,401,183
Equity Shares of face value of Rs. 10/- each (consolidated into Equity Shares
of Rs.20.OW each) were allotted as fully paid up bonus shares by capitalization
of securities premium account. (31.03.2009: 4,401,183 Equity Shares of Rs. 10
each)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
135.465 |
135.465 |
135.465 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4463.350 |
3600.516 |
2771.999 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4598.815 |
3735.981 |
2907.464 |
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LOAN FUNDS |
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1] Secured Loans |
30.447 |
2.655 |
3.654 |
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2] Unsecured Loans |
25.558 |
25.558 |
25.558 |
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TOTAL BORROWING |
56.005 |
28.213 |
29.212 |
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DEFERRED TAX LIABILITIES |
38.486 |
38.607 |
24.783 |
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TOTAL |
4693.306 |
3802.801 |
2961.459 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1156.156 |
722.545 |
566.448 |
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Capital work-in-progress |
74.326 |
171.295 |
116.425 |
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INVESTMENT |
55.525 |
50.165 |
19.165 |
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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 |
765.521
|
431.064 |
621.406 |
|
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Sundry Debtors |
1450.910
|
1236.860 |
1178.140 |
|
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Cash & Bank Balances |
1410.228
|
1213.696 |
458.298 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
589.166
|
510.324 |
571.986 |
|
Total
Current Assets |
4215.825
|
3391.944 |
2829.830 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
426.917
|
312.278 |
370.800 |
|
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Other Current Liabilities |
229.759
|
154.539 |
133.513 |
|
|
Provisions |
151.850
|
66.331 |
66.096 |
|
Total
Current Liabilities |
808.526
|
533.148 |
570.409 |
|
|
Net Current Assets |
3407.299
|
2858.796 |
2259.421 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
4693.306 |
3802.801 |
2961.459 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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SALES |
|
|
|
|
|
|
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Income |
6514.904 |
6219.536 |
5427.477 |
|
|
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Other Income |
241.002 |
220.649 |
95.845 |
|
|
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TOTAL (A) |
6755.906 |
6440.185 |
5523.322 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
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Material costs |
3807.345 |
3883.169 |
3362.632 |
|
|
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Employee costs |
841.202 |
641.129 |
506.200 |
|
|
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Other expenses |
647.351 |
624.506 |
548.797 |
|
|
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TOTAL (B) |
5295.898 |
5148.804 |
4417.629 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1460.008 |
1291.381 |
1105.693 |
|
|
|
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|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
1.018 |
0.534 |
1.429 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1458.990 |
1290.847 |
1104.264 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
112.855 |
83.377 |
74.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1346.135 |
1207.470 |
1029.464 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
483.301 |
378.953 |
311.945 |
|
|
|
|
|
|
|
|
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PROFIT AFTER TAX
(G-I) (J) |
862.834 |
828.517 |
717.519 |
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|
|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3473.400 |
2644.883 |
1941.789 |
|
|
|
|
|
|
|
|
|
Less |
Transitional
provision on account of AS-15 |
0.000 |
0.000 |
14.425 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4336.234 |
3473.400 |
2644.883 |
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
863.809 |
1136.454 |
554.051 |
|
|
|
Commission |
1.415 |
6.683 |
2.157 |
|
|
|
Other Earnings |
42.783 |
40.552 |
8.616 |
|
|
TOTAL EARNINGS |
908.007 |
1183.689 |
564.824 |
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials and components |
277.779 |
309.897 |
415.781 |
|
|
|
Stores, Spares and loose tools |
8.250 |
37.228 |
44.438 |
|
|
|
Traded Goods |
240.505 |
292.083 |
77.753 |
|
|
|
Capital Goods |
259.518 |
53.587 |
141.341 |
|
|
TOTAL IMPORTS |
786.052 |
692.795 |
679.313 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
127.393 |
122.326 |
105.938 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.77
|
12.86 |
12.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.66
|
19.41 |
18.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.06
|
29.13 |
30.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.32 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.15 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.21
|
6.36 |
4.96 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the has been shifted from the 3rd
Floor,
FINANCIAL REVIEW:
The Indian Economy
showed signs of improvement in the second half of financial year 2009-10. The
company managed to marginally improve its top line and bottom line through
concerted efforts in all the departments of all the units. The revenues of the
Company increased from Rs 6440.000 millions to Rs 6760.000 millions, an increase of 5%
over the previous year. Profit before tax increased from Rs 1210.000 millions
to Rs 1350.000 millions, an increase of 12 %.
CONTINGENT
LIABILITIES:
a) As at 31.03.2010, the aggregate of contingent
liabilities in respect of excise, customs, service tax, sales tax and other claims against the
Company are Rs. 0.097 million (31.03.2009 Rs. 0.097 million) which may arise in
the event such cases or appeals are decided against the Company.
(b) As at 31.03.2010 the income-tax authorities have claimed Rs.0.017
million (31.03.2009 Rs. 0.012 million) from the Company against various past
assessments. All the cases are pending at various stages of appeal and the
decisions are awaited. The Company has been legally advised that they have a
good chance of succeeding in these appeals.
All the above matters are subject to legal proceedings in the ordinary
course of business. In the opinion of the management the legal proceedings,
when ultimately concluded, will not have material effect on results of
operations or financial position of the Company.
Fixed Assets:
- Freehold land
- Leasehold
land
- Buildings
- Leasehold
improvements
- Plant and
machinery
- Moulds
- Furniture,
fixtures and other equipment
- Motor
vehicles
AS PER WEBSITE
DETAILS
PROFILE:
ITW Signode in
ITW Signode’s
comprehensive packaging solutions include products and services. Product
offering encompasses strapping, wrapping, taping, and protective packaging
consumables, tools and equipment to apply the consumables, and parts. A wide
range of services include on - site packaging, on - site maintenance,
preventive maintenance, AMCs, field engineering, package testing and packaging
design, audit and consultancy.
ITW Signode has partnered the Indian industry for over two decades to
continuously upgrade pack styles and packaging processes to international
standards. The Company offers customer specific packaging solutions and
dedicated service support in diverse sectors that range from metals,
automobiles, FMCG, white goods, paper, engineering, building materials,
textiles, fiber, engineering and pharmaceuticals.
Signode, a business unit
of ITW, is a multinational manufacturer of packaging products with a firm
commitment to R and D and an enviable reputation of working with customers to
save millions in material and labour.
ITW Signode in
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 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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.