MIRA
INFORM REPORT
|
Report Date : |
09.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
MACHINO PLASTICS LIMITED |
|
|
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Registered
Office : |
Plot No.3, Maruti Joint Venture Complex, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.01.2003 |
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Com. Reg. No.: |
05-035034 |
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Capital
Investment / Paid-up Capital : |
Rs.61.368 Millions |
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|
CIN No.: [Company Identification
No.] |
L25209HR2003PLC035034 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKM01828B |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacture and distribution of plastic components, instrument panels
and radiators |
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|
No. of Employees
: |
70 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [46] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
USD 2420000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ (Long Term Loan Rating) |
|
Rating Explanation |
Having Moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
14.09.2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Factory 1 : |
Plot No.3, Maruti Joint Venture Complex, Delhi-Jaipur Highway, Gurgaon
– 122015, Haryana, India |
|
Tel. No.: |
91-124-2341218 / 2340806 / 2346094 / 2347601 |
|
Fax No.: |
91-124-2340692 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plant II, Plot No.128 and 129. IMT Manesar, Gurgaon – 122050, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. M D Jindal |
|
Designation : |
Chairman |
|
Other Directorship : |
|
|
|
|
|
Name : |
Dr. Sanjiivv Jindall |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Masayuki Kamiya |
|
Designation : |
Director (Representative of Suzuki Motors Corporation, |
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|
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|
Name : |
Mr. A K Tomer |
|
Designation : |
Director (Representative of Maruti Suzuki India Limited) |
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|
Name : |
Mr. R Krishnan |
|
Designation : |
Director |
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|
Name : |
Mr. R L Gaggar |
|
Designation : |
Director |
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|
Name : |
Mr. S Balasubramanian |
|
Designation : |
Additional Director |
|
Other Directorship : |
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|
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|
Name : |
Mr. G C Dwivedi |
|
Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr. Surya Kant Agrawal |
|
Designation : |
Compliance Officer, General Manager Finance and Company Secretary |
|
|
|
|
Name : |
Mr. Pradeep Jhalani |
|
Designation : |
General Manager - Finance and Company Secretary |
|
|
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|
Name : |
Mr. Arvind Shukla |
|
Designation : |
Head of Accounts |
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|
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|
Name : |
Mr. |
|
Designation : |
Marketing Manager |
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|
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|
Name : |
Mr. Pardeep Kumar Saha |
|
Designation : |
Head of Plant Unit |
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|
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|
Name : |
Mr. Bhaskar Mangraj |
|
Designation : |
Head of Machine Maintenance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
|
|
1. Indian |
|
|
|
Individuals / Hindu Undivided Family |
1164093 |
18.97 |
|
Bodies Corporate |
2436613 |
39.70 |
|
Sub Total (A)
(1) |
3600706 |
58.67 |
|
Foreign – Bodies
Corporate |
941700 |
15.35 |
|
TOTAL (A) |
4542406 |
74.02 |
|
(B) Public
Shareholding |
|
|
|
1. Institutions |
|
|
|
Mutual Funds / UTI |
1500 |
0.02 |
|
Sub Total (B)
(1) |
1500 |
0.02 |
|
|
|
|
|
2. Non
Institutions |
|
|
|
Bodies Corporate |
87913 |
1.43 |
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
962215 |
15.68 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
534025 |
8.70 |
|
|
|
|
|
Any Other
[Specify] |
8741 |
0.14 |
|
Non Resident Indians |
8741 |
0.14 |
|
Sub Total (B)
(2) |
1592894 |
25.96 |
|
(B) = (B) (1) +
(B) (2) |
1594394 |
25.98 |
|
Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
|
Total (A) + (B) +(C) |
6136800 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and distribution of plastic components, instrument panels
and radiators |
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Products : |
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PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Moulded Plastic Products Bumper, Instrument Panel and Grill Etc. |
MT |
15000 |
11286 |
GENERAL INFORMATION
|
No. of Employees : |
70 [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 : |
Goel Garg and Company Chartered Accountants |
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Address : |
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Associates : |
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Enterprises over
which key management personnel and their relatives are able to exercise
significant influence : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,136,800 |
Equity Shares |
Rs.10/- each |
Rs.61.368
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
61.368 |
61.368 |
61.368 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
545.831 |
481.282 |
427.829 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
607.199 |
542.650 |
489.197 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
509.715 |
206.087 |
389.755 |
|
|
2] Unsecured Loans |
0.106 |
184.562 |
202.305 |
|
|
TOTAL BORROWING |
509.821 |
390.649 |
592.060 |
|
|
DEFERRED TAX LIABILITIES |
57.198 |
47.319 |
30.160 |
|
|
|
|
|
|
|
|
TOTAL |
1174.218 |
980.618 |
1111.417 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
919.253 |
841.754 |
756.487 |
|
|
Capital work-in-progress |
65.434 |
7.566 |
169.121 |
|
|
|
|
|
|
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|
INVESTMENT |
12.500 |
12.500 |
27.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
71.972
|
55.011 |
40.967 |
|
|
Sundry Debtors |
112.994
|
126.239 |
114.083 |
|
|
Cash & Bank Balances |
112.098
|
85.604 |
71.898 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
69.548
|
53.365 |
57.440 |
|
Total
Current Assets |
366.612
|
320.219 |
284.388 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
115.452
|
153.441 |
98.018 |
|
|
Other Current Liabilities |
56.299
|
30.090 |
24.671 |
|
|
Provisions |
17.830
|
17.890 |
3.590 |
|
Total
Current Liabilities |
189.581
|
201.421 |
126.279 |
|
|
Net Current Assets |
177.031
|
118.798 |
158.109 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1174.218 |
980.618 |
1111.417 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1590.571 |
1234.439 |
843.217 |
|
|
|
Other Income |
12.218 |
10.429 |
9.824 |
|
|
|
Profit on sale of investments |
94.699 |
69.898 |
59.879 |
|
|
|
TOTAL (A) |
1697.488 |
1314.766 |
912.920 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials consumed |
1088.682 |
788.612 |
571.636 |
|
|
|
Manufacturing expenses |
128.960 |
118.461 |
69.735 |
|
|
|
Personnel expenses |
102.503 |
66.262 |
49.029 |
|
|
|
Administrative, selling & distribution expenses |
93.203 |
71.169 |
76.295 |
|
|
|
Accretion/(Decretion) in finished goods |
[1.206] |
[3.726] |
2.028 |
|
|
|
TOTAL (B) |
1412.142 |
1040.778 |
768.723 |
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
285.346 |
273.988 |
144.197 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.074 |
45.429 |
33.957 |
|
|
|
|
|
|
|
|
|
|
PROFIT/[LOSS]
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
238.272 |
228.559 |
110.240 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
115.351 |
120.022 |
96.426 |
|
|
|
|
|
|
|
|
|
Add |
Net prior period adjustment |
0.000 |
0.000 |
[0.173] |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
BEFORE TAX (E-F) (G) |
122.921 |
108.537 |
13.641 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.541 |
37.194 |
13.092 |
|
|
|
|
|
|
|
|
|
|
PROFIT / [LOSS]
AFTER TAX (G-H) (I) |
82.380 |
71.343 |
0.549 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
146.012 |
99.859 |
102.899 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.500 |
7.300 |
0.000 |
|
|
|
Proposed Dividend |
15.342 |
15.342 |
3.068 |
|
|
|
Tax on Dividend |
2.489 |
2.548 |
0.521 |
|
|
BALANCE CARRIED
TO THE B/S |
198.061 |
146.012 |
99.859 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Sales |
0.000 |
0.413 |
0.738 |
|
|
TOTAL EARNINGS |
0.000 |
0.413 |
0.738 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
258.473 |
159.569 |
118.806 |
|
|
|
Components and Spare Parts |
9.089 |
1.631 |
0.342 |
|
|
|
Capital Goods |
248.687 |
11.064 |
96.884 |
|
|
TOTAL IMPORTS |
516.249 |
172.264 |
216.032 |
|
|
|
|
|
|
|
|
|
|
Earnings/[Loss]
Per Share (Rs.) |
13.42 |
11.63 |
0.09 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st Quarter |
|
Sales Turnover |
|
|
361.900 |
|
Total Expenditure |
|
|
325.300 |
|
PBIDT (Excl
OI) |
|
|
36.600 |
|
Other Income |
|
|
2.850 |
|
Operating
Profit |
|
|
39.450 |
|
Interest |
|
|
12.650 |
|
Exceptional
Items |
|
|
0.000 |
|
PBDT |
|
|
26.800 |
|
Depreciation |
|
|
29.130 |
|
Profit
Before Tax |
|
|
[2.320] |
|
Tax |
|
|
0.000 |
|
Reported PAT |
|
|
[2.320] |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
[2.320] |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.85
|
5.43 |
0.06 |
|
|
|
|
|
|
|
(PBT/Sales) |
(%) |
7.73
|
8.79 |
1.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.56
|
9.34 |
1.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.20 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
1.09 |
1.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.93
|
1.59 |
2.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATION REVIEW:
Car market leader Maruti Suzuki India Limited sold in domestic market a
total of 11,32,739 vehicles in 2010-11. The total sales numbers in 2010-11 mark
a growth of 30% over preceding financial year. Maruti Suzuki’s domestic sale in
2009-10 was 8,70,790 vehicles.
FINANCIAL REVIEW:
The turnover of the company has increased by 28.85% approx. i.e. from
Rs. 1234.439 millions in 2009-10 to Rs. 1590.571 millions in current year. PAT
has increased by 15.47% from Rs. 71.343 millions to Rs. 82.379 millions.
LISTING:
The Equity Shares of the company are listed at Bombay Stock Exchange.
The company has paid listing fees to the stock exchange for the year 2010-11.
Management
Discussion and Analysis
Industry Structure
and Development
The Company is mainly engaged in the manufacture of large size injection
moulded automotive components i.e. bumpers, instruments panels, grills etc. as
original equipments and for spare parts market primarily for Maruti Suzuki
India Limited (MSIL). The company also manufactures various automotive small
components for others.
The company can be classified as the automotive components manufacturer
in view of the application of product made. From manufacturing process involved
it may be classified as a plastic part manufacturer. The company has 34 nos.
injection moulding machines, sizes ranging from 100 Ton to 3150 Ton clamping
force. The company has been dealing in bulky plastic automotive components
which can be supplied by setting production facility next door to automobile
industries. For supplying such components to customer other than MSIL, it has
set up additional facility.
The automotive sector is witnessing highest ever growth in volumes. This
is reflected in all segments- Two wheeler, Cars and Commercial vehicles. Most
of the vehicle manufactures are ramping up their capacities to cater to the
growing appetite for automobiles in Indian market and export requirements.
Outlook
The growth expected in the domestic automobile industry will give a
fillip to the auto component sector. The Indian automobile industry offers
great potential considering the low penetration along with rising income levels
and a rapidly growing middle class. These factors will witness a boost in
demand for vehicles passenger cars and two wheelers.
The Indian auto component industry is poised for robust growth during
the next couple of years. There is a perceptive exuberance in the industry, and
growth estimates indicate a booming industry. Going by current trends in
production and exports of auto components, a significant growth of the domestic
component industry is imperative.
With the automobiles industry fast growing in terms of volume and as
well as number of players, the company foresee a bright future at least for
next 3-4 years. To cater to the growing needs, the company has already placed
order for 7 new machines. The company has received several proposals from
OEM/Tier-1 vendor to set up exclusive plant for them. All these opportunities
are being actively examined.
The Manesar Plant of the company is now the focus area for all future
growth of the company.
Financial
Performance
The company has registered all round phenomenal growth for the year
2010-2011. The turnover has increased by 28.85% while PAT has increased by
15.47%. The turnover of the company has reached to Rs. 1590.571 millions as
against Rs. 1234.439 millions in last year. The total profit before tax of Rs.
122.921 millions as against Rs. 108.537 millions in previous year.
Contingent
liabilities: [as on 31.03.2011]
Contingent liabilities not provided for:
• Demand under the
central excise act of Rs.139.256 millions (Previous year Rs. 123.655 millions)
Unaudited Financial Results for the Quarter ended 30th June, 2011
Rs. In millions
|
Particulars |
3 months ended 30.06.2011 Unaudited |
|
Income |
|
|
a) Net Sales / Income from Operations |
361.902 |
|
b) Other Operating Income |
2.854 |
|
Total Operating Income |
364.756 |
|
Expenditure |
|
|
(a) (Increase)/decrease in Stock in Trade |
2.054 |
|
(b) Consumption of Raw Materials |
243.672 |
|
(c) Staff Cost |
27.745 |
|
(d) Other Expenditure I Manufacturing Expenses Ii Administrative selling and Distribution expenses |
31.765 20.061 |
|
(e) Interest |
12.660 |
|
(f) Depreciation |
29.128 |
|
Profit / (Loss) before tax |
[2.317] |
|
Provision for Taxation |
0.000 |
|
Net Profit/(Loss) |
[2.317] |
|
Extraordinary Items |
|
|
Net Profit/(Loss) for the period |
|
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
61.368 |
|
Reserves (Excluding Revaluation Reserves) |
- |
|
Basic and Diluted
EPS in Rs. |
[0.38] |
|
Average of Non Promoter Share Holding |
|
|
- Number of Shares |
1504394 |
|
- Percentage of shareholding |
25.98% |
|
Promoters and Promoter group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
- |
|
- Percentage of shares(as a % of the total share capital of the company) |
- |
|
b) Non-encumbered |
|
|
- Number of Shares |
4542406 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
74.02% |
Note :
- Above
unaudited results are reviewed by audit committee were approved and taken
on record by the board of directors in their meeting held on 29.07.2011.
limited review as required under clause 41 of listing agreement has been
carried out by the statutory auditors.
- Prices fixed
with MSIL are subject to changes
- The company
is primarily engaged in the business of manufacturing of components for
automobiles and as such is having one segment to report.
- No complaints
was pending at the beginning of the quarter. The company has received one
complaint during the quarter and disposed off during the quarter. No
complaint was pending as on 30.06.2011
- Previous year figures have been recast wherever
considered necessary
FIXED ASSETS
·
Land (Lease Hold)
·
Buildings
·
Plant and Machinery
·
Moulds
·
Moulds on Finance lease
·
Furniture, Fixtures and Office Equipment
·
Motor Vehicles
As per Web Details
Company Profile
Subject has been in the plastic moulding business since 1987. The company
achieved a turnover of U.S. $ 28.40 million in the last financial year (1st
April, 2009 to 31 march, 2010) and is listed in the Bombay Stock Exchange.
Quality certifications include the ISO 14001, OHSAS 18001 and TS 16949:2002.
The company has an extensive customer base that includes that includes Maruti
Suzuki
The manufacturing plant at Gurgaon and
Our vision at Machino Plastics Limited is to provide international
quality products and complete customer satisfaction at optimal cost.
Company History /
Background
Subject started as an alliance among the Machino Group, Maruti Udyog
Limited and Suzuki Motor Corporation,
Machino Plastics Limited Set up its second unit for molding small to large
components at Manesar in January' 2008.
Business
Description
Subject is engaged in the manufacture of injection molded automotive
components, including bumpers, instrument panels, grills as original
equipments, and for spare parts market for Maruti Suzuki India Limited (MSIL).
The Company also manufactures automotive parts for VE Commercial Vehicles Ltd.,
SMR Automotive, Hero Motors, Suzuki Motor Cycle. For the nine months ended 31
December 2010, Machino Plastics Limited's revenues increased 37% to RS1.29B.
Net income increased 25% to RS76.7M. Revenues reflects an increase in the sales
of the products of the company and higher other income. Net income was
partially offset by increased consumption of raw material expenses, higher
staff cost, a rise in other expenditure and increased interest expenses.
More Business Descriptions
Manufacture and distribution of plastic components, instrument panels
and radiators. ISO 9002 and 14000 certified
Machino Plastics specialises in plastic mouldings. Customers include a
number of domestic and international representations, including Maruti Udyog
Limited, Eicher Motors Limited, Whirlpool India Limited, Samsung India
Electronics Limited and Coca Cola India. In 1995, a joint venture with Himont (
Board of Directors
Mr. Murli Dhar
Jindal
Mr. Murli Dhar Jindal has been appointed as Executive Chairman of the
Board of Machino Plastics Limited with effect from September 21, 2011. He is an
industrialist with experience of over 60 years in Automobile Industry. He is a
Graduate in Economics and Engineer with Specialisation in Automobile Industry
from
Mr. S. Balasubramanian
Mr. S. Balasubramanian is Additional Independent Non-Executive Director
of Machino Plastics Private Limited He holds a L.L.B from
Mr. G C Dwivedi
Mr. G C Dwivedi is Additional Independent Non-Executive Director of
Machino Plastics Private Limited He holds a B.E. (Mechanical Engineering) from
Shri. R. L. Gaggar
Shri. R. L. Gaggar is Non-Executive Independent Director of Machino
Plastics Limited Mr. Gaggar is a practicing Solicitor and Advocate of the
Hon'ble High Court of Calcutta for past 50 years. He is Director of Somani
Ceramics Limited Sarda Plywood Industries Private Limited TIL Limited. Peria
Karmlal Tea and Produce Company Limited. Paharpur Cooling Towers Limited.
International Combustion India Limited Sumedha Fiscal Services Limited Shree
Cement Limited. Financial and Management ServicesPrivate Limited Machino Bassel
Industries Private Limited Eastern Silk Industries Limited. Bhaskar Silicon
Private Limited Subhas Projects and Marketing Limited.
Dr. Sanjiivv
Jindall
Dr. Sanjiivv Jindall is Managing Director, Executive Director of Machino
Plastics Limited. He has completed his Doctorate (Ph.D) from
Mr. Masayuki
Kamiya
Mr. Masayuki Kamiya is Non-Executive Director of Machino Plastics
Limited and Representative of Suzuki Motor Corporation,
Mr. R. Krishnan
Mr. R. Krishnan is Independent Non-Executive Director of Machino
Plastics Private Limited He is a M A in Economics. He is the Founder President
of the Institute of Company Secretaries of India and a Fellow Member of the
Institute. In addition he is a Fellow Member of the
Mr. A. K. Tomer
Mr. A. K. Tomer is Non-Executive Director of Machino Plastics Limited
and Representative of Maruti Suzuki India Private Limited He is B Tech,
Mechanical Engineer. He is over 25 years of varied experience in the field of
quality assurance in Automobile Industry.
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.55.14 |
|
|
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.68.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.