MIRA
INFORM REPORT
|
Report Date : |
24.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
MICRO INKS
LIMITED w.e.f. 03.03.2004 |
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Formerly Known As : |
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Registered Office : |
Bilakhia House,
Muktanand Marg, Chala, Vapi – 396191, |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
13.11.1991 |
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Com. Reg. No.: |
04-16598 |
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CIN No.: [Company
Identification No.] |
U24220GJ1991PLC016598 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTM01621E |
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PAN No.: [Permanent
Account No.] |
AAACH7063F |
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Legal Form : |
A Closely Held Public
Limited Liability Company. |
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Line of Business : |
Manufacturing of
Printing Inks, Resins, Varnishes, Pigments, Flush Colors. |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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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 22305880 |
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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. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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
|
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 |
INFORMATION PARTED BY
|
Name : |
Ms. Jagruti Parikh |
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Designation : |
Accounts Manager |
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Date : |
23.02.2011 |
LOCATIONS
|
Registered
Office : |
Bilakhia House,
Muktanand Marg, Chala, Vapi – 396191, |
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Tel. No.: |
91-260-2462811 /
2460284 / 2460280 / 3052100 |
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Fax No.: |
91-260-2463932 /
2463733 / 3052125 |
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E-Mail : |
jagrutiparikh@microinks.com info@microinks.com
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Website : |
www.microinks.com
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Area : |
5000 sq.ft. (Approximately) |
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Location : |
Owned |
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Factory 1 : |
Plot No. 2803/2,
Phase III, GIDC, Vapi – 396 195, |
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Factory 2 : |
Survey No. 137/1,
Jani Vankad, Daman ( |
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Factory 3 : |
Survey No. 11,
Village Morkhal Silvassa ( |
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Factory 4 : |
Plot No. 808/E,
Phase II, GIDC, Vapi – 396 195, |
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Factory 5 : |
Plot No. 808/E/P,
305/6, 305/7 (100% Export Oriented Unit), II Phase, GIDC, Vapi – 396 195, |
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Factory 6 : |
Survey No.
8/1/2/P, 9/P, 10/3, 10/4, 10/5, 8/2
Village Morkhal, Unit II, Silvassa (U.T. of Dadra and Nagar Haveli), |
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Branches : |
Tel No.: 91-11-22141913/31606
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Overseas
Office 1 |
2850, Festive
Drive, |
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Tel
No.: |
1815 929 9293 |
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Fax No : |
1815 929 9298 |
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E-mail : |
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Overseas Office
2 |
6, Corrin Court,
Wattle Grove, NSW, 2173, |
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Tel
No : |
61 298252880 |
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E-mail : |
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Overseas
Office 3 |
1410 B, New Town Centre,
No. 83 Lou Shan Guan Road, Shanghai – 200336, China |
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Tel
No : |
861 3052419983 |
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E-mail : |
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Sales and
Support (International Business
Division) / Marketing Head Quarter : |
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516, Midas, |
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Tel
No.: |
91-22-28364313-17 |
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Fax No : |
91-22-28222222 |
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E-mail : |
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Western Region
: |
Mumbai
Ahmedabad
Pune |
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Northern region : |
Noida
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Southern Region : |
Chennai
Sivakasi |
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Eastern
Region : |
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Kolkata Office : |
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Tel
No.: |
91-33-24496134-36 |
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Fax No : |
91-33-24495051 |
DIRECTORS
AS ON 29.07.2010
|
Name : |
Mr. Anjum G. Bilakhia |
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Designation : |
Chairman |
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Address : |
Parishram, |
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Date of Birth/Age : |
02.08.1961 |
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Date of Appointment : |
13.11.1991 |
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Name : |
Mr. Mansingh L. Bhakta |
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Designation : |
Director |
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Address : |
4, Sagar Villa, |
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Date of Birth/Age : |
03.12.1931 |
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Date of Appointment : |
28.09.2000 |
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Name : |
Mr. Hasmukh S. Shah |
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Designation : |
Director |
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Address : |
15, Dhanushya Society, |
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Date of Birth/Age : |
04.10.1934 |
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Date of Appointment : |
28.09.2000 |
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Name : |
Mr. Pradip N. Khandwalla |
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Designation : |
Director |
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Address : |
B/101, |
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Date of Birth/Age : |
18.02.1940 |
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Date of Appointment : |
30.08.2005 |
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Name : |
Mr. Ashwani Kumar Bhardwaj |
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Designation : |
Managing Director |
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Address : |
House No. 34, |
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Date of Birth/Age : |
18.03.1958 |
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Date of Appointment : |
28.04.2007 |
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Name : |
Mr. Ursula G. Borgmann |
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Designation : |
Director |
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Address : |
Besides Secretariat House, Opp. Chief of Police Bungalow, |
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Date of Birth/Age : |
07.09.1955 |
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Date of Appointment : |
03.02.2006 |
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Name : |
Mr. Kadankote Kannan Unni |
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Designation : |
Alternate Director |
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Address : |
207, Marigold, 236, Raheja Enclave, |
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Date of Birth/Age : |
15.07.1941 |
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Date of Appointment : |
27.07.2008 |
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Name : |
Mr. Heinrich W. Ringer |
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Designation : |
Director |
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Address : |
Besides Secretariat House, Opp. Chief of Police Bungalow, |
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Date of Birth/Age : |
21.12.1994 |
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Date of Appointment : |
27.07.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh S. Parikh |
|
Designation : |
Company Secretary |
|
Address : |
Kalarav Plot No. 41, Mahalakshmi Nagar Co-op Society, Vapi-Daman Road,
Vapi, Valsad – 396191, Gujarat, India |
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Date of Birth/Age : |
13.09.1963 |
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Date of Appointment : |
26.04.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2009
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
(1) Indian |
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Bodies Corporate |
1119237 |
4.50 |
|
(2) Foreign |
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Bodies Corporate |
17534718 |
70.50 |
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(B) Public Shareholding |
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(1) Institutions |
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Mutual Funds / UTI |
3060910 |
12.31 |
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Financial Institutions / Banks |
1500 |
0.01 |
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Foreign Institutional Investors |
15677 |
0.06 |
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(2) Non-Institutions |
|
|
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Bodies Corporate |
606913 |
2.44 |
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Individuals |
|
|
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
2079137 |
8.36 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
372234 |
1.50 |
|
Any Others (Specify) |
|
|
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Clearing Members |
45875 |
0.18 |
|
Directors & their Relatives & Friends |
2200 |
0.01 |
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Non Resident Indians |
32524 |
0.13 |
|
Trusts |
1016 |
- |
|
Total (A)+(B) |
24871941 |
100.00 |
As On 31.12.2009
|
Category |
No. of Shares |
Percentage of
Holding |
|
Other Bodies Corporate |
814522 |
3.27 |
|
Clearing Member |
64542 |
0.26 |
|
Foreign Institutional Investors |
82346 |
0.33 |
|
Mutual Funds |
2963956 |
11.92 |
|
Nationalised Banks |
1500 |
0.01 |
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Non-Resident Indians |
28193 |
0.11 |
|
Public |
1677514 |
6.75 |
|
Promoters |
18653955 |
75.00 |
|
Directors & their Relatives (excluding
promoter directors) |
2200 |
0.01 |
|
Trusts |
3956 |
0.01 |
|
Top 50 individual Shareholders (excluded in
the above) |
579257 |
2.33 |
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Total |
24871941 |
100.00 |
AS ON 30.06.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
92.64 |
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Bodies corporate |
4.68 |
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Others |
2.22 |
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Other top fifty shareholders |
0.46 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of
Printing Inks, Resins, Varnishes, Pigments, Flush Colors. |
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Products : |
Item Code No. (ITC Code) 32151100 Product Description Printing
Inks Item Code No. (ITC Code) 32081001 Product Description Wire
Enamels Item Code No. (ITC Code) 35069100 Product Description Adhesives Item Code No. (ITC Code) 3909 Product Description
Resins and Varnished Item Code No. (ITC Code) 3204.17 Product Description
Pigments/Flush Colours |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days, 60
days, 90 days) |
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Purchasing : |
Cash, Credit (30 days, 60 days,
90 days) |
PRODUCTION STATUS AS ON 31.12.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Printing Inks |
MT |
203000 |
122713 |
|
Resins and Varnishes |
MT |
55600 |
30779 |
|
Pigments / Flush Colours |
MT |
46500 |
3899 |
|
Wire Enamels |
MT |
3450 |
2585 |
|
Press Chemicals |
MT |
5000 |
1352 |
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By Products |
MT |
- |
29 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
1500 Approximately (in office + in factory + in branches) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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Holding Company : |
v
MHM Holding |
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|
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Fellow Subsidiaries : |
v
Michael Huber München GmbH, v
Hostmann-Steinberg v
Stehlin + Hostag AG, v
Hostmann-Steinberg Australia Pty. Ltd., v
Hostmann-Steinberg Limited, v
Huber Chile S.A., v
Huber v
Huber Inks (Shenzhen) Ltd., v
Info-Lab Limited, v
v
PT Huber Inks |
|
|
|
|
Subsidiary/Step-down Subsidiary : |
v
Micro Inks v
Hostmann-Steinberg Inc., |
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
5,500,000 |
Preference Shares
|
Rs.100/- each |
Rs.550.000 millions |
|
|
Total |
|
Rs.850.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,871,941 |
Equity Shares |
Rs.10/- each |
Rs.248.720 Millions |
|
|
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|
NOTE:
(Of the above shares 6,831,000 shares are
allotted as fully paid-up Bonus Shares by way of capitalisation of security
premium).
[Of the above shares 17,534,718 are held by \MHM
Holding GmbH,
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs. 15000.000 Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
248.720 |
248.720 |
248.720 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5327.750 |
4376.850 |
7470.020 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5576.470 |
4625.570 |
7718.740 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1194.890 |
2638.060 |
2410.140 |
|
|
2] Unsecured Loans |
400.000 |
789.840 |
707.700 |
|
|
TOTAL BORROWING |
1594.890 |
3427.900 |
3117.840 |
|
|
DEFERRED TAX LIABILITIES |
364.580 |
373.400 |
387.200 |
|
|
|
|
|
|
|
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TOTAL |
7535.940 |
8426.870 |
11223.780 |
|
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
3103.170 |
3382.940 |
3380.000 |
|
|
Capital work-in-progress |
244.190 |
158.860 |
191.870 |
|
|
|
|
|
|
|
|
INVESTMENT |
971.190 |
493.500 |
3889.340 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1983.480
|
2106.670 |
2050.600 |
|
|
Sundry Debtors |
3317.630
|
3761.050 |
3247.300 |
|
|
Cash & Bank Balances |
104.680
|
71.190 |
144.220 |
|
|
Other Current Assets |
0.000
|
0.020 |
0.010 |
|
|
Loans & Advances |
510.280
|
587.380 |
595.590 |
|
Total
Current Assets |
5916.070
|
6526.310 |
6037.720 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2129.110
|
1587.290 |
1637.480 |
|
|
Other Current Liabilities |
372.910
|
332.210 |
435.560 |
|
|
Provisions |
196.660
|
215.240 |
202.110 |
|
Total
Current Liabilities |
2698.680
|
2134.740 |
2275.150 |
|
|
Net Current Assets |
3217.390
|
4391.570 |
3762.570 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7535.940 |
8426.870 |
11223.780 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13764.810 |
13382.780 |
11488.010 |
|
|
|
Other Income |
40.030 |
45.230 |
38.560 |
|
|
|
TOTAL (A) |
13804.840 |
13428.010 |
11526.570 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
9076.680 |
8674.880 |
7949.960 |
|
|
|
Manufacturing & other Expenses |
2675.000 |
2423.980 |
2269.130 |
|
|
|
(increase)/Decrease in Semi-Finished Goods and Finished Goods Stock |
(92.660) |
137.230 |
(52.060) |
|
|
|
Exceptional Items |
0.000 |
0.000 |
20.930 |
|
|
|
TOTAL (B) |
11659.020 |
11236.090 |
10187.960 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2145.820 |
2191.920 |
1338.610 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
160.670 |
761.680 |
204.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1985.150 |
1430.240 |
1134.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
485.670 |
319.540 |
310.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1499.480 |
1110.700 |
824.040 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
373.990 |
207.850 |
142.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1125.490 |
902.850 |
681.170 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1564.270 |
1086.010 |
829.430 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
149.230 |
149.230 |
149.230 |
|
|
|
Provision for Dividend Distribution Tax on
Proposed Dividend |
25.360 |
25.360 |
25.360 |
|
|
|
Transfer to General Reserve |
500.000 |
250.000 |
250.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2015.170 |
1564.270 |
1086.010 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
45.25 |
36.30 |
27.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
8.15
|
6.72 |
5.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.89
|
8.29 |
7.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.62
|
11.20 |
8.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.24 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
1.20 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19
|
3.05 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
|
Particulars |
31.12.2009 (Rs.
In Millions) |
31.12.2008 (Rs.
In Millions) |
31.12.2007 (Rs.
In Millions) |
|
|
|
|
|
|
Sundry Creditors
|
|
|
|
|
Total outstanding dues of micro enterprises and small enterprises |
15.520 |
8.350 |
0.99 |
|
Total outstanding dues of creditors other than micro enterprises and
small enterprises |
2113.590 |
1578.940 |
1636.490 |
HISTORY
Incorporated in 1991 Micro Inks Limited (Formerly known as
Hindustan Inks and Resins (HIRL)), is one of the largest ink companies in the
country. The company has made a presence in the market for liquid inks, resins,
adhesives and enamels. The company started its operations in the early 90s and
emerged as a market leader in
The company has a wide product portfolio and is the market leader in
The company has its manufacturing facilities at Silvassa, Vapi and
In Oct. 2001, the company has commercially commissioned its 100% Export
Oriented Unit at Vapi having 30000 MT p.a. of flushed pigments and 100000 MT
p.a. of Inks manufacturing facilities. It has also commissioned Resins Plant at
Vapi-II unit having capacity of 25000 MT p.a. In September 2004 the company has
commissioned PLC controlled Liquid ink plant and Sheetfed ink plant at
Silvassa. Alkali Blue plant is one of the only three such plant in the
world.
All the plants of the company's are ISO 9001 certified for quality and four
plants are ISO 14001 certified for environment safety.
The subsidiaries of the company are Micro Inks Gmbh, Austria, Micro Inks
Corporation, USA, Micro Inks (Singapore) Pte Limited, Singapore, Micro Inks
International Trading (Shanghai) Co Limited, China, Micro Inks (Hong Kong)
Limited, Hong Kong and Hindustan Inks (Australia) Pty Limited, Australia.
It has the world's first ink ATM which gives printers access to small
quantities of ink.
The company has changed its name from Hindustan Inks and Resins to Micro Inks
Limited with effect from 3rd March 2004.
During 2005-2006, MHM Holding GmbH acquired 50.5% of the paid-up equity capital
of the company from the promoters of the company on February 3, 2006. Further
in accordance with applicable provisions of SEBI Regulations 1997, MHM Holding
GmbH acquired another 20% of the paid-up equity capital of the company. So at
present the aggregate holding of MHM Holding GmbH in the company stood at
70.5%. which has become the holding company of Micro Inks Limited
The companies production capacity of Printing Inks, Resins and varnish,
Adhesives, Wire Enamels, Fine Chemicals and Press Chemicals stood at 203000 MT,
52600 MT, 7800 MT, 3450 MT, 640 MT and 5000 MT respectively. The capacity of
Pigments/Flush Colours also expanded from 41500 MT to 46500 MT.
Performance Review
Consolidated Net Sales grew only by 0.1%, due to global recession and stood at Rs. 16,138 million led by 11% growth in domestic market but 16% (in dollar terms) decline in US market, 3% decline in Rest of the World market (excluding USA and India) and 6% decline in revenue from hubergroup worldwide.
Finance
During the year, the consolidated interest was lower by Rs. 590 million and stood at Rs. 185 million compared to Rs. 775 million for the previous year, which includes loss of Rs. 484 million on foreign currency loans. Overall consolidated debt decreased by Rs. 2,129 million and stood at Rs. 2,237 million as on December 31, 2009. Sales to capital employed at 2.0 times as compared to 1.7 times in previous year and Sales to Net Working Capital stood at 4.0 times from 3.2 times.
Outlook
Though there are visible signs of revival in global and Indian economy, Printing Ink related markets are not expected to see speedy recovery. Pressure on margin because of increase in input cost and adverse forex fluctuations, which is expected to continue during the coming period. The coming year will be a year of stabilisation and a steady recovery of the growth momentum in several part of the world.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Overview
Subject is a Subsidiary
of the hubergroup which has a history of more than 240 years in Ink business
with a network of companies worldwide and over 200 international sales and
delivery centres through its subsidiaries, branches and presence of local
representatives with an annual sales excluding Micro Inks Limited of about USD
680 million in the year 2009.
The hubergroup is an
international group of autonomous companies that is focused on the manufacture
and sale of printing inks, printing varnishes, damping solution additives and
printing auxiliaries. Micro Inks Limited headquartered at Vapi (in the state of
Gujarat) with manufacturing units at Vapi, Daman (in the Union Territory of
Daman and Diu), Silvassa (in the Union Territory of Dadra and Nagar Haveli) and
a wholly owned subsidiary, at
The combined
know-how of a global enterprise and its intensive research and development
ensure that their innovative product line remains technologically ahead, with
consistent quality. Together with its subsidiaries and affiliates in the
hubergroup, the Company is one of the world's leading printing ink
manufacturers. Leadership and pioneering position have been achieved by
implementing state-of-the-art research and production facilities and by
offering an innovative product range for the Printing industry.
Total sales of the
hubergroup including Micro Inks are about USD 1 billion for 2009.
2009 – Sailing Smoothly in High Volatility
Economy and the Printing Industry
The Global economy
has slowly and steadily come out of the recession phase prevalent throughout
the year 2008. Major economies including US,
The Global printing
ink market of USD 18.5 billion, split evenly between North America,
While the North
American and European sales have flattened out, the Asia-Pacific region
continues to grow at a fast pace of about 8%, and should soon become the
largest region in terms of ink consumption, driven by economic growth in
Printing Ink market
domestically continued to grow at about 12%, a market of about Rs. 20 billion
saw augmenting its turnover on the back of stable growth and the overall Indian
economic stability in its user industries such as FMCG, media, flexible
packaging and publishing and with commencement of the utilisation of higher
capacities built during the last year by printers on back of newer players
entering the Indian market and consumers expecting global quality standards.
However, due to the global economic melt-down, the growth trends at the
beginning of the year could not be sustained in the second half of the year.
Micro Inks position
as a market leader has improved, backed by absorption of global technology upon
integration with the hubergroup, introducing newer products in the market,
giving it an edge over competition. Being a fully backward integrated ink
company, it has created for itself a strong platform to perform as mother plant
to the rest of the hubergroup worldwide apart from servicing its wholly owned
subsidiary.
Micro Inks
consolidated net revenues stood at Rs. 16,180 million, with 11% growth in
Domestic Market and 7% decrease in export markets. Net consolidated Profit for
the year was Rs. 968 million up 187% compared to previous year on account of
increased profits of MIL by 25% and decreased losses of Hostmann-Steinberg Inc.
(HST),
Form 8
|
Corporate
identity number of the company |
L24220GJ1991PLC016598 |
||||||
|
Name of the
company |
MICRO INKS
LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Bilakhia House,
Muktanand Marg, Cbala, Vapi – 396191, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
No Instrument was
executed. Modification of charge by way of extension joint equitable mortgage
on the Immovable Properties of the Company, was created on March 23, 2010 in
favour of DBS Bank Limited. |
||||||
|
Date of
instrument Creating the charge |
23.03.2010 |
||||||
|
Amount secured by
the charge |
Rs. 463.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Remain Same Terms of
Repayment Remain Same Margin Remain Same Extent and Operation
of the charge Modification of
charge by way of extension joint equitable mortgage on the Immovable
Properties of the Company, was created on March 23, 2010 in favour of DBS
Bank Limited. Others Nil |
||||||
|
Particulars of
the present modification |
No Instrument was
executed. Modification of charge by way of extension of joint equitable
mortgage on the Immovable Properties of the Company was created on March 23,
2010 in favour of DBS Bank Limited. |
FIXED ASSETS
- Free
- Buildings
- Plant and Machineries
- Laboratory Equipments
- Wind Mills
- Computers
- Furniture and Fittings
- Vehicles
- Intangible Assets (Software)
Trade References
v Tripura Industries, Vapi
v Scorpio Engineering Private Limited,
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.45.20 |
|
|
1 |
Rs.73.16 |
|
Euro |
1 |
Rs.61.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
61 |
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.