MIRA
INFORM REPORT
|
Report Date : |
13.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAX INDIA LIMITED |
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Registered
Office : |
Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachur,
District Nawanshahr-144533, Punjab |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.02.1988 |
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Com. Reg. No.: |
16-008031 |
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Capital
Investment / Paid-up Capital : |
Rs.464.969
Millions |
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CIN No.: [Company Identification
No.] |
L24223PB1988PLC008031 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLM11648A |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturing and Marketing of Pharmaceuticals and
specialty products comprising of BOPP, Metalized Films and Leather Finishing
Foils. |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 90000000 |
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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 diversified company having fine track. Available information indicates high
financial responsibility of the company.
Trade relations are fair.
Financial position is good.
Payments are correct and as per commitments. The company can
be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long – run. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachur, District
Nawanshahr-144533, Punjab, India |
|
Tel. No.: |
91-1881-289607/289611 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
11th Floor, |
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Tel. No.: |
91-124-26561717 |
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E-Mail : |
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Corporate Office : |
Max House, 3rd Floor, 1, Dr. Jha Marg, Okhla,
New Delhi-100020, |
|
Tel. No.: |
91-11-26933610 |
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Fax No.: |
91-11-26933620/ 26324126 |
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Email: |
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Website: |
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Factory 2: |
Max
Pharma No. 18, 56 – 58, KIADB Industrial Area, Nanjangud,
Mysore-570023, |
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Overseas
Office : |
Located At: |
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Branch Office: |
Located At:
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Analjit Singh |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
53 years |
|
Experience : |
29 years |
|
Qualification : |
BA, BS, MBA, ( |
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Date of Appointment : |
30.10.2001 |
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|
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Name : |
Dr. S. S. Baijal |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Anuroop Singh |
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Designation : |
Vice Chairman |
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Name : |
Mr. Aman Mehta |
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Designation : |
Non-executive
Director |
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Name : |
Dr. Subhash
Bijlani |
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Designation : |
Director |
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Name : |
Mr. Sanjeev Mehta
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Designation : |
Director |
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Name : |
Mr. Ashwani
Windlass |
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Designation : |
Non-executive
Director |
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Name : |
Mr. N. C. Singhal |
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Designation : |
Non-executive
Director |
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Name : |
Mr. Rajesh Khanna |
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Designation : |
Non-executive
Director |
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Name : |
Mr. K. Narasimha
Murthy |
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Designation : |
Non-executive
Director |
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Name : |
Mr. Piyush Mankad |
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Designation : |
Non-executive
Director |
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Name : |
Dr. Omkar Goswami |
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Designation : |
Non-executive
Director |
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Name : |
Mr. Vishal Bakshi
|
|
Designation : |
Director
(Alternate to Mr. Sajeev Mehta) |
KEY EXECUTIVES
|
Name : |
Mr. V. Krishnan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6,287,122 |
2.45 |
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|
83,693,532 |
32.62 |
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|
89,980,654 |
35.07 |
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Total shareholding of Promoter and Promoter Group (A) |
89,980,654 |
35.07 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
2,391,920 |
0.93 |
|
|
26,405 |
0.01 |
|
|
45,750 |
0.02 |
|
|
73,212,555 |
28.54 |
|
|
75,676,630 |
29.50 |
|
|
|
|
|
|
8,811,540 |
3.43 |
|
|
|
|
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|
15,963,765 |
6.22 |
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|
3,207,173 |
1.25 |
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|
62,924,348 |
24.53 |
|
|
2,965,625 |
1.16 |
|
|
328,536 |
0.13 |
|
|
2,616 |
- |
|
|
59,192,731 |
23.07 |
|
|
434,840 |
0.17 |
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|
90,906,826 |
35.43 |
|
Total Public shareholding (B) |
166,583,456 |
64.93 |
|
Total (A)+(B) |
256,564,110 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
256,564,110 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Pharmaceuticals and
specialty products comprising of BOPP, Metalized Films and Leather Finishing
Foils. |
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Products : |
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PRODUCTION STATUS [As on 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
BOPP Film |
Tonnes |
51150 |
31725.09 |
|
Soft Leather Finishing Foil |
Lacs (SFT) |
591 |
83.65 |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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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 : |
S.R. Batliboi and Company Chartered Accountants |
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Solicitors: |
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Name : |
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Subsidiaries : |
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Enterprises owned or significantly
influenced by key management personnel or their relatives: |
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Employee benefit funds: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
460000000 |
Equity Shares |
Rs.2/- each |
Rs.920.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
232484410 |
Equity Shares |
Rs.2/- each |
Rs.464.969
Millions |
Note:
Of the above:
(i) 57,660,400 (Previous year: 57,660,400) equity shares of Rs. 2/- each are allotted as fully paid up bonus shares out of Securities Premium account.
(ii) 1,577,714 (Previous year: 1,468,037) Equity shares of
Rs. 2/- each are allotted as fully paid up under employee stock option plan.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
464.969 |
464.749 |
444.061 |
|
|
2] Share Application Money |
867.000 |
867.000 |
0.000 |
|
|
3] Reserves & Surplus |
21185.883 |
21588.274 |
20179.477 |
|
|
4] Employee Stock Options Outstanding |
189.688 |
55.121 |
0.000 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22707.540 |
22975.144 |
20623.538 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1021.640 |
820.175 |
1005.875 |
|
|
2] Unsecured Loans |
5219.275 |
5219.275 |
8.261 |
|
|
TOTAL BORROWING |
6240.915 |
6039.450 |
1014.136 |
|
|
DEFERRED TAX LIABILITIES |
99.798 |
26.904 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
29048.253 |
29041.498 |
21637.674 |
|
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|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
3293.834 |
1841.356 |
1742.733 |
|
|
Capital work-in-progress |
27.723 |
223.963 |
256.005 |
|
|
|
|
|
|
|
|
INVESTMENT |
19706.702 |
25825.615 |
16903.046 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
415.610
|
254.600 |
280.431 |
|
|
Sundry Debtors |
752.452
|
612.008 |
528.974 |
|
|
Cash & Bank Balances |
4576.864
|
144.350 |
1663.320 |
|
|
Other Current Assets |
83.039
|
0.263 |
4.993 |
|
|
Loans & Advances |
981.925
|
543.316 |
666.806 |
|
Total
Current Assets |
6809.890
|
1554.537 |
3144.524 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
655.653
|
243.293 |
308.981 |
|
|
Other Current Liabilities |
74.855
|
60.969 |
21.868 |
|
|
Provisions |
59.388
|
99.711 |
83.788 |
|
Total
Current Liabilities |
789.896
|
403.973 |
414.637 |
|
|
Net Current Assets |
6019.994
|
1150.564 |
2729.887 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
6.003 |
|
|
|
|
|
|
|
|
TOTAL |
29048.253 |
29041.498 |
21637.674 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4170.104 |
3331.416 |
3537.551 |
|
|
|
Income from Investment Activities |
459.413 |
218.602 |
471.998 |
|
|
|
Other Income |
230.522 |
36.989 |
189.698 |
|
|
|
TOTAL (A) |
4860.039 |
3587.007 |
4199.247 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other Expenses |
3298.676 |
2560.254 |
3583.922 |
|
|
|
Personnel Expenses |
600.468 |
338.611 |
0.000 |
|
|
|
Administration and other Expenses |
534.393 |
379.859 |
0.000 |
|
|
|
Diminution in value of Investments and
Doubtful Advances to Subsidiary |
0.000 |
0.000 |
226.217 |
|
|
|
(Increase)/ Decrease of Inventories |
[43.998] |
11.089 |
1.887 |
|
|
|
TOTAL
(B) |
4389.539 |
3289.813 |
3812.026 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
470.500 |
297.194 |
387.221 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
672.155 |
145.558 |
162.483 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[201.655] |
151.636 |
224.738 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.403 |
125.988 |
120.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
[348.058] |
25.648 |
104.139 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
72.894 |
31.525 |
[114.208] |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
[420.952] |
[5.877] |
218.347 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6865.818 |
6871.695 |
6653.348 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6444.866 |
6865.818 |
6871.695 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
1096.829 |
527.285 |
655.751 |
|
|
|
Settlement Compensation |
179.428 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1276.257 |
527.285 |
655.751 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
780.070 |
462.130 |
514.003 |
|
|
|
Components and Spares Parts |
41.198 |
34.316 |
26.429 |
|
|
|
Capital Goods |
875.367 |
5.444 |
107.509 |
|
|
|
Others |
0.000 |
0.000 |
0.115 |
|
|
TOTAL IMPORTS |
1696.635 |
501.89 |
648.056 |
|
|
|
|
|
|
|
|
|
|
Earnings / Loss
Per Share (Rs.) |
[1.81] |
[0.03] |
0.98 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 1st
Quarter |
|
Net Sales |
|
|
1786.500 |
|
Total Expenditure |
|
|
1700.300 |
|
PBIDT (Excl OI) |
|
|
86.200 |
|
Other Income |
|
|
127.700 |
|
Operating Profit |
|
|
213.900 |
|
Interest |
|
|
167.500 |
|
PBDT |
|
|
46.400 |
|
Depreciation |
|
|
56.400 |
|
Profit Before Tax |
|
|
(10.000) |
|
Tax |
|
|
7.500 |
|
Profit After Tax |
|
|
(17.500) |
|
Net Profit |
|
|
(17.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
[8.66]
|
[0.16] |
5.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[8.35]
|
0.77 |
2.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[3.44]
|
0.76 |
2.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.02]
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.28 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.62
|
3.85 |
7.58 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
Fiscal 2010-11 was a year of consolidation for Max Speciality Films
(MSF), the Speciality Packaging Manufacturing division of Subject. Its plant at
Railmajra, near
During the period, installed capacity of BOPP in
MSF maintained high production efficiencies and all its BOPP production
and metallisation lines achieved 100% capacity utilisation. It achieved volume
growth of 103% in thermal film sales. Exports registered growth of 108%. The
total number of employees as on 31 March 2011 was 455.
In the year 2010-11, MSF won the prestigious ‘IndiaStar’ awards for six
products for innovative design and development in packaging from Indian
Institute of Packaging. It also won the ‘World Star’ award from the World
Packaging Organisation for a new product.
BUSINESS
INVESTMENTS
The Company made an additional investment of Rs. 533.900 Millions
towards equity contribution in MHC during year, taking the total equity
contribution in MHC to Rs. 2194.900 Millions as of March 31, 2011. Further, the
Company contributed an amount of Rs. 1000.000 Millions towards subscription to
Compulsorily Convertible Preference Shares (CCPS) of MHC as of date.
The Directors have already approved acquisition of 47,617,924 equity
shares of Rs. 10/- each of MHC constituting the entire shareholding of 16.37%
held by the entities forming part of Warburg Pincus group at an acquisition
price of Rs. 29.40 per share for a total consideration of Rs. 1400.000 Millions
, subject to requisite approvals. The Company expects to conclude aforesaid
transaction on or before December 15, 2011. With this acquisition, the
Company’s equity shareholding in MHC would stand increased to 91.84%.
During the year, the Company also made a further investment of
Rs.888.000 Millions in MBHI. With this, the total equity contribution by the
Company in MBHI stood increased to Rs.2005.400 Millions as of March 31, 2011.
The Company also made a further investment of Rs. 59.200 Millions in MNYL
taking the total investment in MNYL to Rs.14665.100 Millions as of March 31,
2011.
OVERVIEW
SUBJECT IS A
MULTIBUSINESS ORGANISATION THAT IS FOCUSED ON PEOPLE AND SERVICE-ORIENTED
BUSINESSES. DRIVEN BY THE SPIRIT OF
The Company’s core portfolio comprises businesses that deal with life.
Each of these businesses has a significant long term value proposition. Today,
these are in different stages of their development and growth phases and are
supported by well calibrated strategies and investments. The businesses:
‘Protects life’ through the life insurance subsidiary, Max New York
Life Insurance (MNYL), a joint venture between Max India and New York Life
Enterprises, a Fortune 100 company.
‘Cares for life’ through the healthcare company, Max Healthcare (MHC),
a subsidiary company.
‘Enhances life’ through the health insurance company, Max Bupa Health
Insurance (MBHI), a joint venture between Max India and Bupa Finance Plc,
‘Improves life’ through the clinical research business, Max Neeman
Medical International (MNMI), a fully owned
subsidiary of Max India.
In addition, Subject has a well established and profitable manufacturing
business, Max Speciality Films (MSF) that specialises in manufacturing a
wide range of sophisticated barrier and packaging films.
With improved economic conditions, each of the businesses performed well
during 2010-11. Thus, as a consolidated portfolio, Subject improved its
financial results in 2010-11.
PERFORMANCE
HIGHLIGHTS: 2010-11
Key Developments in the Different Businesses, 2010-11
LIFE INSURANCE
- Embedded
value grew by 18% to Rs.32160.000 Millions in 2010-11.
- Value of new
business was Rs.2350.000 Millions in 2010-11, translating into a margin of
19.5%.
- The market
share increased from 5.5% in 2009-10 to 7.5% in 2010-11.
- It generated
shareholders’ profit of Rs.1940.000 Millions in 2010-11 against a loss of
Rs.210.000 Millions in 2009-10.
- Additionally,
it generated an undistributed surplus of Rs.890.000 Millions during
2010-11 in the policyholders’ account against Rs.450.000 Millions in
2009-10.
HEALTHCARE
(NETWORK OF HOSPITALS)
- EBITDA for
Rs.520.000 Millions in 2010-11; up 121% over the previous year.
- EBITDA margin
improves from 4.4% in 2009-10 to 7.6% in 2010-11.
SPECIALITY
PRODUCTS
- Expanded
capacity to 52,000 tpa with a new line of 22,000 tpa coming on-stream.
- Net profit
grew by 77% to Rs.360.000 Millions in 2010-11.
- Won the
Worldstar Packaging Excellence Award 2010.
HEALTH INSURANCE
- Created its
footprint in the industry with gross written premium of Rs.250.000
Millions from 46,000 lives covered in 2010-11.
- Diversified
product portfolio – IMEP, SME, Micro Insurance and Retail (rural and
urban) products.
- Set benchmark
in the industry with highest agent and telesales channel productivity.
MANAGEMENT
DISCUSSION AND ANALYSIS
(i) Max New York
Life Insurance Company Limited
Financial Year 2010-11 was a year of continuing growth for Max New York
Life Insurance Company Limited (MNYL). During the year, total revenue (first
year premium + renewal premium) increased by 20% to Rs.58130.000 Millions;
renewal premium recorded a growth of 25% to Rs.37510.000 Millions; first year
premium recorded a growth of 11% to Rs.20620.000 Millions. Individual adjusted
first year premium (adjusted for single pay), which MNYL believes is the true
barometer of new business performance of a life insurance company, was
Rs.17240.000 Millions , recording a growth of 9%. MNYL’s market share among the
private players based on adjusted first year premium went up by 200 bps to
7.5%. Sum assured recorded a growth of 26% to Rs.1546870.000 Millions. At 81%,
MNYL’s conservation ratio remained one of the best in the industry. Cost ratio
improved from 42% to 38% due to the impact of cost management initiatives taken
during the year. Profit after tax went up by more than 12 times to Rs.2830.000
Millions. Assets under management recorded a growth of 37% to Rs.138360.000
Millions. MNYL maintained more than double the stipulated solvency margin at
365%.
During the year, MNYL launched a range of ULIPs, designed to meet
specific needs of different customers like Shiksha Plus II, Shubh Invest and
Flexifortune. MNYL also launched ‘College Plan’ – a traditional guaranteed
money back plan, which helps customers create a corpus for their child’s higher
education.
During 2010-11, MNYL took an important step towards evolving a more
comprehensive multi-channel distribution network with the corporate agency
agreement with Axis Bank – the third largest private sector bank in the
country. This channel became active in May 2010 and provided MNYL with a strong
national bancassurance relationship. With around 1,400 branches across more
than 600 locations, it was expected that the relationship with Axis Bank will
provide MNYL access to a relatively large number of new customers. This
expectation has been achieved. By March 2011, MNYL had sold more than 1 lakh
policies through this new relationship. It is the first and only Indian life
insurance company to have been awarded the CIIEXIM Bank Commendation
Certificate for ‘Strong Commitment to Excel’ for three consecutive years from
2008 to 2010.
In terms of first year premiums, the regional distribution across
During 2010-11, traditional products gained greater share in MNYL’s
product mix. In fact, the share of traditional plans in total revenue increased
from 30% in 2009-10 to 39% in 2010-11, while that of ULIPs decreased from 70%
to 61% over the same period. MNYL’s assets under management grew by 37% to
Rs.138360.000 Millions as on 31 March 2011, which comprised roughly 60% debt
and 40% equity.
During the period under review, MNYL has made significant progress.
Today, MNYL is not only one of the most recognised brands in the life insurance
segment, but also across the Indian corporate sector as a whole. The brand
awareness score touched an all time high of 98% in March 2011. This is a
significant 11 percentage point jump over March 2010. With this development,
the brand is now ranked fourth among all private insurance players.
(ii) Max
Healthcare Institute Limited:
Max Healthcare Institute Limited (MHC) provides comprehensive,
integrated and international class healthcare services with state-of-art
infrastructure designed in accordance with international norms. MHC operates
six super-specialty and multi-specialty hospitals and two specialty medical
centres located in
During the fiscal 2010-11, MHC continued to progress along its long term
growth roadmap. It also significantly expanded its infrastructure and manpower,
and expanded capabilities to capture the growing opportunities in the high
quality Indian healthcare space. Its new 200 bed
During the year, revenue across the network of hospitals grew by 28% to
Rs.6850.000 Millions in 2010-11, average
revenue per occupied bed day increased by 6% to Rs. 21,558. EBIDTA margin rose
from 4.4% in 2009-10 to 7.6% in 2010-11. Average operational beds increased by
23% from 751 in 2009-10 to 926 in 2010-11, with the new blocks of Patparganj and
Saket getting fully operational. The incremental capacity across all MHC’s
healthcare facilities reduced from 73% in 2009-10 to 68% in 2010-11 in a
relative sense, although total beds occupied continues to show an upward trend.
Average length of stay was 3.56 days in 2010-11.
As on March 31, 2011, MHC has approximately 1,250 doctors, 1,725 nurses
and 1,840 para-medical and other staff across the network of hospitals. There
is a registered patient base of 11.42 lakh patients with an average of
approximately over 250,000 patient transactions per month.
(iii)Max Bupa
Health Insurance Company Limited:
Max Bupa Health Insurance Company Limited (MBHI) was formed in September
2008. With a purpose to build longterm healthcare partnerships and provide
expertise for life, MBHI is working towards helping people live longer,
healthier and more successful lives.
During the fiscal 2010-11, total market for health insurance premium in
India was Rs.111370.000 Millions - a 34%
growth over 2009-10. The share of health insurance in overall general insurance
in
The period for the financial year 2010 -11, was the first full year of
MBHI’s business operations. It was a year of learning, development and growth.
MBHI completed 2010-11 with over 46,000 lives under cover. Gross written
premium (GWP) was Rs.250.000 Millions . The provider network grew to 750,
spanning over 200 cities in
MBHI launched the Heartbeat Family First in 2010-11, a first of its kind
product designed especially for the extended Indian Joint Family and it was
later awarded the ‘Best Product Innovation Award for 2011’ from the India
Insurance Review.
(iv) Max Neeman Medical
International Limited:
Max Neeman Medical International Limited (MNMI) is a value added
contract research organization (CRO) that provides a broad range of clinical
research services to global pharmaceutical, device and biotechnology companies.
It also collaborates with other CROs in providing a variety of services.
Estimates suggest that the Indian clinical trials industry will reach US$ 1.3bn
by 2012.
During the period, MNMI had a team of over 210 clinical research
coordinators and associates with a pan –
In fiscal 2010-11, revenues increased from Rs. 187.000 Millions in 2009- 10 to Rs. 241.000 Millions in 2010-11, while PBT grew to Rs. 45.000
Millions in 2010-11 against Rs. 22.000
Millions in 2009-10. MNMI continues to
increase its client base. It added 20 new clients during 2010-11 taking the
total client base to 77. The employee count increased from 270 at the end of
2009-10 to over 320 at the end 2010-11.
OUTLOOK
The outlook for
Subject has to do with those of its different business. As mentioned earlier,
most of the businesses are in a development phase. The economic environment is
recovering fast, with
The insurance
business is expected to regain its growth momentum but at a lower rate than
what was seen between 2001 and 2007. Moreover, conditions are unclear given the
regulatory changes that have started coming into place since June 2010.
Growth of the
healthcare business will depend on Max Healthcare’s project management skills
with new expansions and its ability to profitably manage operations at existing
facilities. There may be some pressure on profitability in the next couple of
years due to costs related to the starting of the newer hospitals.
The health insurance
business, Max Bupa, has just commenced commercial operations. It is operating
in a fast growing market and one expects good traction in this business in the near
future. The focus is on developing the customer base.
The most profitable
business, Max Speciality Films, will face some pricing pressure with new
capacities coming on board in the industry. However, its product quality and
marquee customer base will help in growth.
Although
Subjectalways maintains an air of caution, its outlook for 2011-12 is fairly
optimistic. It believes that the year will be another positive step in the
Company’s progress in creating long term shareholder value.
CONTINGENT LIABILITIES
NOT PROVIDED FOR:
|
PARTICULARS |
31.03.2011 (RS. IN MILLIONS) |
31.03.2010 (RS. IN MILLIONS) |
|
Corporate guarantee given to financial institutions /
banks in respect of financial assistance availed by a subsidiary of the
Company. |
|
|
|
- Export-Import Bank of |
637.500 |
693.750 |
|
- Housing Development Finance Corporation Limited |
1956.360 |
2137.080 |
|
Claims against the Company not acknowledged as debts |
|
|
|
- Excise Duty Demands |
167.731 |
74.453 |
|
- Custom Duty Demands |
36.336 |
37.643 |
|
- Service Tax Demands |
33.386 |
33.902 |
|
Liability on account of discounting of Bills |
60.999 |
0.000 |
|
Letters of credit outstanding with various banks in favour
of domestic and foreign suppliers for supply of raw materials and capital
goods |
148.249 |
811.116 |
|
Obligation arising from import of capital equipment at concessional rate of duty during the year under Export Promotion Capital Goods Scheme |
299.533 |
181.075 |
|
Put option liability of 2% Optionally Partially convertible preference shares allotted by a subsidiary |
3699.751 |
3325.615 |
|
Total |
7039.845 |
7294.634 |
NOTE:
- Guarantees given by the Company on behalf of a subsidiary is not considered as prejudicial to the interest of the Company as it provides opportunities for growth and increase in operations.
- Claims against the Company not acknowledged as debts represent the cases pending with judicial forums/authorities. Based on management estimation, future cash outflow in respect of these cases are determinable only on receipt of judgements / decisions pending with various forums/authorities. The Company has not made any provision for the demands in Excise, Service Tax and Customs as the Company believes that they have a good case based on existing judicial pronouncements.
- The export obligation undertaken by the Company for import of capital equipment under Export Promotion Capital Goods Scheme of the Central Government at concessional or zero rate of custom duty are in the opinion of the management expected to be fulfilled within the respective timelines.
- In
2007-08, the Company had granted a put option to International Finance Corporation
(“IFC”), in respect of its subscription to the Company’s subsidiary Max
Healthcare Institute Limited’s Optional Cumulative Partially Convertible
Redeemable Preference Shares aggregating Rs. 2500.000 Millions together
with an assured IRR of 11.25%. The Company’s obligation on the above put
option is exercisable by IFC any time after July 20, 2010 or in the event
of non performance of certain obligations by Max Healthcare Institute
Limited and/or by the Company. As confirmed by management, no such event
has happened that necessitates provision of such obligation in books of
account.
FIXED
ASSETS:
v Land (Freehold)
v Building
v Leasehold Improvements
v Plant and Machinery
v Furniture, Fittings and Equipments
v Vehicles
v Software
v Previous Years
v Capital Work in Progress
Website Details:
Business Description:
Subject is an India-based company. The Company is engaged in developing new business opportunities in the field of clinical trials for contract research organizations (CRO) and provide business development support in the United States, Europe and Canada to Max Neeman Medical International Limited. Its subsidiaries include Max New York Life Insurance Company Limited, a joint venture with New York Life; Max Healthcare Institute Limited, a healthcare provider of standard, seamless, integrated and international class healthcare services; Max Bupa Health Insurance Company Limited, an international health and care company with a legacy of providing healthcare services; Max Neeman Medical International Limited, which provides clinical research services across the entire value chain of new drug development to pharmaceutical, biotech and clinical research customers, and Max Speciality Films, which manufactures a range of sophisticated barrier and packaging films. For the fiscal year ended 31 March 2010, Max India Limited's revenues increased 58% to RS77.29B. Net loss applicable to common decreased 66% to RS756.700 Millions. Revenues reflect an increase in income from Life Insurance, Healthcare and other business segments. Lower loss also reflects decreased consumption of raw materials, fall in employee cost, decreased business promotion expense and the absence of loss on foreign exchange fluctuation.
PRESS RELEASES:
INTERNATIONAL CONFERENCE
ON 'NURSING INFORMATICS' BEING ORGANIZED BY ETERNAL UNIVERSITY, BARU SAHIB ON
10-11 OCT 2011
India PRwire
10 October 2011
India, Oct. 10 -- Using information technology to provide better healthcare and to improve the people's lives, is a vital and fascinating field. Continued advances in the integration of health care and computer science hold a great promise indeed, for improving the health of the people around the world.
Akal College of Nursing, Eternal University, Baru Sahib is in the fourth year of inception and has 204 students on its roll. It plans to launch MSc Nursing programme from the next academic session. It will hold an 'International Conference on Nursing Informatics' on 10th and 11th October, 2011. A first of its kind, an 'International Conference' for Nursing profession is being organized by Eternal University, Baru Sahib, Distt. Sirmaur, Himachal Pradesh.
Eminent personalities from medical profession including Director, Research and Medical Education HP, Dr Jai Shree, Principals from colleges of Nursing in North India and Delhi, Deans from institutes of repute like PGI/CMC/DMC/AIIMS/RAK Delhi along with international scholars and Faculty from Drexel University, University of Michigan, Johns Hopkins University, Wayne State University, Rush Medical University (USA), Curtin University and Adelaide University (Australia), nursing administrators from Max India, Delhi shall be participating and presenting their research papers. Apart from MSc Nursing students from colleges of North and South India, all Colleges of Nursing of Himachal Pradesh have given their consent to participate in this mega event.
Akal College of Nursing has the advantage of being attached to Akal Charitable Hospital (200 bedded facility for patients from all over Himachal Pradesh and parts of North India). Akal Charitable Hospital managed by The Kalgidhar Trust, Baru Sahib has been in the service of humanity for the last 20 years and has the distinction of holding many multi-specialty camps (medical and surgical) for the benefit of ailing humanity in the backward areas of Sirmaur, thus bringing the health care with compassion and passion at the doorstep of the recipients. So far about five thousand operations in various specialties including Plastic Surgery (Operation Rainbow - Canada/ John Hopkins Hospital, USA) have been performed at Akal Charitable Hospital.
We also look forward to have association of likeminded people, philanthropists and medical care professional to contribute towards the cause of humanity). The volunteers (full and part-time) and professionals (on payment/part-time) are welcome to join hands to bring excellent holistic health care in this hill state of Himachal Pradesh.
Always in the service of humanity! The Kalgidhar Trust, Baru Sahib, District Sirmaur, Himachal Pradesh, India Published by HT Syndication with permission from India PRwire.
AIMA TO PARTNER WITH
FOREIGN UNIVERSITIES
Times of India
05 October 2011
AHMEDABAD: All India Management Association (AIMA), the apex body of the management profession in India, is planning to collaborate with universities in Singapore and Philippines for joint research, workshops and management development programs.
Newly-appointed president of AIMA, Rajiv Vastupal, said, "My focus during 2011-12 would be primarily on strengthening the international linkages of AIMA and joint memberships. We would also like to enhance the scope of business simulation programs and strengthen local management associations."
It is after 20 years that a president of Gujarat origin has been elected at AIMA. Vastupal, who is CMD of Rajiv Petrochemicals, has been the president of Ahmedabad Management Association.
AIMA announced the launch of its first computer-based Management Aptitude and Skills Test (MAST) on Monday. The test, to be taken by a student while exiting a business school, has been developed in consultation with the human resource division of leading companies like Nokia, Maruti Suzuki, Max India and Moser Baer.
BSE UPGRADES BRITANNIA,
CRISIL, GITANJALI, 19 COS TO GROUP A
Press Trust of India
02 October 2011
Mumbai, October 03, 2011 (PTI) -- The country's premier bourse BSE today said it has upgraded 22 companies, including Britannia Industries, Crisil, Gitanjali Gems and Godrej Industries among others to Group A list from Group B from October 10.
Similarly, it has downgraded 21 firms, including DB Realty, GVK Power and Infrastructure, and Religare Enterprises among others to Group B from Group A, the exchange said in a release here today
The changes are part of the periodic revision the exchange carries out on various companies, based on their market capitalisation, the statement said, adding the changes in the Group A list will be effective from October 10.
The others which have been upgraded to Group A are Alstom Projects, Amtek Auto, Bata India, CESC, EIH, Gujarat Fluorochemicals, Gujarat Gas, Gujarat Mineral Development Corp, India Securities, ING Vysya Bank, Max India, Muthoot Finance, Pidilite, Redington India, Torrent Pharma, TTK Prestige, UTV Software and Wockhardt.
Similarly, those lost out from the priced Group A lot include Aban Offshore, Areva T and D India, BF Utilities, BGR Energy Systems, Century Textiles, Core Education and Tech, Great Eastern Shipping, HMT, Jindal Saw, Indiabulls Power, National Fertilizers, Oberoi Realty, Patni Computer, Rajesh Exports, SKS Microfinance, Sterling International Enterprises, and Vijaya Bank. (MORE) PTI DM BEN ABC MM MR 10032130 (THROUGH ASIA PULSE)
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.49.24 |
|
|
1 |
Rs.76.80 |
|
Euro |
1 |
Rs.67.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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.