MIRA
INFORM REPORT
|
Report Date : |
31.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
ESSEL PROPACK LIMITED |
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Registered Office : |
P.O. Vasind, Taluka
Shahapur, Thane – 421 604, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
22.12.1982 |
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Com. Reg. No.: |
11-028947 |
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Capital
Investment / Paid-up Capital : |
Rs.313.130 millions |
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CIN No.: [Company
Identification No.] |
L74950MH1982PLC028947 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME01100B/ MUME5540D/ MUME05539C/ MUME05385C/ MUME04861D |
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PAN No.: [Permanent
Account No.] |
AAACE1568L |
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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 : |
Manufactures and Sellers of Composite Laminated Collapsible Tubes, Laminates and Plastic Films. |
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No. of Employees : |
825 (Approximately) |
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 25000000 |
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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 part of Essel Group. It is a well established and reputed
company having fine track. Financial position of the company appears to be
sound. Director are reported to be experienced and respectable businessman.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal 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 |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
BBB+ (Long term rating) |
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Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligations and carry moderate risk. |
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Date |
21.03.2012 |
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Rating Agency Name |
CARE |
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Rating |
A3+ (Short term rating) |
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Rating Explanation |
Having satisfactory degree of safety
regarding timely payment of financial obligations it carry moderate credit
risk. |
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Date |
21.03.2012 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 : |
P.O. Vasind, Taluka
Shahapur, Thane – 421 604, |
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Tel. No.: |
91 – 22 – 2493 3280 / 3281 / 2493 9686 / 9689 |
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Fax No.: |
91 – 22 – 2496 3137/24935188 |
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E-Mail : |
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Website : |
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Head Office : |
3rd Floor, Satam
Estate, Above Bank of |
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Tel. No.: |
91-22-2821 5168,
2820 2108, 2820 2114 |
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Fax No.: |
91-22-2839 2259,
2837 5646 |
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E-Mail : |
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Administrative Office : |
135, |
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Tel. No.: |
91-22-56535653/ 56535700 |
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Fax No.: |
91-22-24963137 |
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Corporate Office : |
10th Floor, |
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Tel. No.: |
91-22-2481 9000 / 2481 9200 |
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Fax No.: |
91-22-2496 3137 / 2491 4649 |
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Unit 1 : |
Cuddalore, |
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Unit 2 : |
China, Colombia, Egypt, Germany, Indonesia,
Mexico, Philippines, Poland, Russia, UK
and USA |
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Overseas Offices : |
·
·
·
·
·
·
·
·
·
·
·
·
·
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DIRECTORS
As on : 31.03.2011
|
Name : |
Mr. Subhash Chandra |
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Designation : |
Chairman |
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Name : |
Mr. Ashok Kumar Goel |
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Designation : |
Vice Chairman and Managing Director |
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Qualification : |
B.Com. |
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Date of Appointment : |
01.07.1988 |
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Name : |
Mr. Boman Moradian |
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Designation : |
Additional Director |
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Date of Appointment : |
14.03.2006 |
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Name : |
Mr. Tapan Mitra |
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Designation : |
Director |
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Name : |
Mr. K V Krishnamurthy |
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Designation : |
Director |
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Name : |
Mr. Mukund M. Chitle |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. R. Chandrasekhar |
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Designation : |
President - Americas and Europe |
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Name : |
Mr. M.R. Ramasamy |
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Designation : |
President - EAP and AMESA |
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Name : |
Mr. A. V. Ganapathy |
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Designation : |
Chief Finance Officer (Global) |
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Name : |
Mr. Zoeb Adenwala |
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Designation : |
Chief Information Officer (Global) |
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Name : |
Mr. Vinay Mokashi |
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Designation : |
Financial Controller (Global) |
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Name : |
Mr. Akshay S. Khandwala |
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Designation : |
Vice President – Legal and Company Secretary |
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Name : |
Mr. Shyam Kumar |
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Designation : |
Head, Purchase and Logistic (Global) |
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Name : |
Mr. Parag Chaturvedi |
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Designation : |
Head, Manufacturing Excellence and Quality (Global) |
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Name : |
Mr. Cherian Kenneth Thomas |
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Designation : |
Whole Time Director and Chief Executive Officer (PIPL) |
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Name : |
Mr. Ted Sojourner |
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Designation : |
Vice President - Tubes and Laminates Business (Americas) |
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Name : |
Mrs. Evelyn Strwart Tweedllie |
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Designation : |
Vice President - Tubes and Laminates Business (Europe) |
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Name : |
Mr. Luozhiyong Edward |
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Designation : |
Vice President - Tubes and Laminates Business (EAP) |
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Name : |
Mr. M.K. Banerjee |
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Designation : |
Director - Creativity and Innovation (Global) |
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Name : |
Mr. Dileep Joshi |
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Designation : |
Director - Human Capital (Global) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2012
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
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|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
334750 |
0.21 |
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|
92165335 |
58.85 |
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|
92500085 |
59.07 |
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Individuals (Non-Residents Individuals / Foreign Individuals) |
89305 |
0.06 |
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Sub Total |
89305 |
0.06 |
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Total shareholding of Promoter and Promoter Group (A) |
92589390 |
59.12 |
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(B) Public Shareholding |
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|
8293049 |
5.30 |
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|
9685 |
0.01 |
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Insurance Companies |
2283715 |
1.46 |
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|
15153071 |
9.68 |
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|
25739520 |
16.44 |
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|
12345122 |
7.88 |
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|
19399077 |
12.39 |
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5151328 |
3.29 |
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|
1376693 |
0.88 |
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|
1358443 |
0.87 |
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Overseas Corporate Bodies |
800 |
-- |
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Trusts |
17450 |
0.01 |
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|
38272220 |
24.44 |
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Total Public shareholding (B) |
64011740 |
40.88 |
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Total (A)+(B) |
156601130 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
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|
-- |
-- |
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(2) Public |
-- |
-- |
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Sub Total |
-- |
-- |
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Total (A)+(B)+(C) |
156601130 |
-- |
(1) Indian
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufactures and Sellers of Composite Laminated Collapsible Tubes, Laminates and Plastic Films. |
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Products : |
·
Laminated Tubes ·
Seamless Tubes
(For high-end cosmetics) ·
Closures ·
Webs
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PRODUCTION STATUS (As on: 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity $ |
Installed
Capacity # # |
Actual
Production |
|
Laminated and Co-ex Tubes |
Million Nos. |
NA |
2,595 |
#2,209.30 |
|
Laminates |
M.T. |
NA |
7,200 |
**6,481.55 |
|
Plastic Film |
M.T. |
NA |
6,690 |
***6,978.38 |
Note:
* Excludes 3.13 Mio (37.59 Mio.) tubes scrapped
** Consumed 5,075.85 MT (8,233.15 MT) for captive
*** Includes 1,226.19 MT (320.21 MT) produced through third parties, and is fully captively consumed
$ Licensed Capacity per annum not indicated due to abolition of industrial licenses as per Notification No. 477(E) dated July 25,1991 issued under the Industries (Development and Regulation) Act, 1951
# Includes 86.49 Mio (88.10 Mio) produced through third party
# # installed capacity on annualized basis, as certified by the management
GENERAL INFORMATION
|
No. of Employees : |
825 (Approximately) |
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Bankers : |
· Axis Bank Limited · Barclays Bank Limited · DBS Bank Limited · IDBI Bank Limited · ING Vysya Bank Limited · Punjab National Bank · Standard Chartered Bank · State Bank of India · Yes Bank Limited |
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Facilities : |
Secured Loans :
Unsecured Loans
:
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
MGB and Company Chartered Accountants |
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Subsidiary Company : |
· Essel Packaging (Nepal) Private Limited, Nepal ^ · Essel Propack America, LLC, USA · Lamitube Technologies Limited, Mauritius · Lamitube Technologies (Cyprus) Limited, Cyprus · Packaging India Private Limited, India · The Egyptian Indian Company for Modern Packaging S.A.E., Egypt · Essel Propack MISR for Advanced Packaging S.A.E., Egypt · Essel Packaging (Guangzhou) Limited, China · Essel Propack Philippines, Inc, Philippines · MTL de Panama S.A., Panama · Packtech Limited, Mauritius · Arista Tubes Limited, UK · Essel Propack UK Limited, UK · Essel Propack de Venezuela, C.A., Venezuela ^ · Essel de Mexico, S.A. de C.V., Mexico · Tubo pack de Colombia S.A., Colombia · Essel Propack LLC, Russia · Essel Propack Polska Sp. Z.O.O., Poland · Arista Tubes Inc., USA Note: ^ These subsidiaries have discontinued their operations and are in the process of liquidation. |
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Associate : |
·
P.T. · Ras Propack Lamipack Limited · Ras Extrusions Limited @ |
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Joint Ventures : |
· Essel Deutschland GmbH and Company, KG Germany ·
Essel Deutschland Management Note : @ Associate w.e.f. March 29, 2010 |
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Related Parties : |
· Ayepee Lamitubes Limited · Churu Trading Company Private Limited · Continental Drug Company Private Limited · Essel Corporate Resources Private Limited · Ganjam Trading Company Private Limited · Pan India Paryatan Private Limited · Premier Finance and Trading Company Limited · Prajatma Trading Company Private Limited · Zee Entertainment Enterprises Limited · Briggs Trading Company Private Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
156601130 |
Equity Shares |
Rs.2/- each |
Rs.313.202
millions |
|
|
Less: Calls in Arrears (Other
than Directors) |
|
Rs. 0.071
million |
|
|
Total |
|
Rs.313.130 millions |
Out of above:-
(i) 65166915 Equity Shares of Rs.2 each fully paid up are issued as Bonus Shares by Capitalisation of General Reserves and Securities Premium.
(ii) 34316610 Equity Shares of Rs.2 each fully paid up were allotted for consideration other than cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 (12 Months) |
31.03.2010 (15 Months) |
31.12.2008 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
313.130 |
313.130 |
313.130 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6128.804 |
5797.179 |
5530.386 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
6441.934 |
6110.309 |
5843.516 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2102.855 |
2691.975 |
1659.999 |
|
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2] Unsecured Loans |
2141.476 |
2068.748 |
3862.280 |
|
|
TOTAL BORROWING |
4244.331 |
4760.723 |
5522.279 |
|
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DEFERRED TAX LIABILITIES |
159.731 |
171.121 |
124.319 |
|
|
|
|
|
|
|
|
TOTAL |
10845.996 |
11042.153 |
11490.114 |
|
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|
|
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|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1816.619 |
1543.440 |
1624.371 |
|
|
Capital work-in-progress |
211.493 |
209.390 |
188.834 |
|
|
Translation Difference Accounts |
7.282 |
80.041 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
5685.937 |
5733.987 |
5744.315 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
625.121
|
438.316
|
534.018 |
|
|
Sundry Debtors |
761.457
|
730.236
|
846.289 |
|
|
Cash & Bank Balances |
22.787
|
84.755
|
72.697 |
|
|
Other Current Assets |
133.188
|
150.622
|
311.427 |
|
|
Loans & Advances |
2311.596
|
2684.619
|
2865.081 |
|
Total
Current Assets |
3854.149
|
4088.548
|
4629.512 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
316.987
|
319.714
|
443.070
|
|
|
Sundry Creditors |
270.454 |
190.025 |
135.743 |
|
|
Provisions |
172.104
|
140.594
|
118.105
|
|
Total
Current Liabilities |
759.545
|
650.333
|
696.918 |
|
|
Net Current Assets |
3094.604
|
3438.216
|
3932.594 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
30.061 |
37.079 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10845.996 |
11042.153 |
11490.114 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (12 Months) |
31.03.2010 (15 Months) |
31.12.2008 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4183.374 |
4290.874 |
3359.094 |
|
|
|
Other Income |
196.993 |
250.468 |
189.032 |
|
|
|
TOTAL (A) |
4380.367 |
4541.342 |
3548.126 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1857.488 |
1869.386 |
1486.808 |
|
|
|
Manufacturing Expenses |
696.296 |
665.657 |
517.697 |
|
|
|
Personnel Cost |
431.658 |
461.020 |
359.768 |
|
|
|
Administrative Expenses |
170.681 |
206.850 |
178.342 |
|
|
|
(Gain)/Loss on Foreign Exchange Fluctuation |
20.156 |
125.279 |
89.514 |
|
|
|
Selling and Distribution Expenses |
107.403 |
129.360 |
75.742 |
|
|
|
Exceptional Item |
0.000 |
1.042 |
(11.848) |
|
|
|
TOTAL (B) |
3283.682 |
3458.594 |
2696.025 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1096.685 |
1082.748 |
852.101 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
221.014 |
352.361 |
260.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
875.671 |
730.387 |
591.197 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
243.052 |
288.858 |
206.557 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
632.619 |
441.529 |
384.640 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
191.792 |
96.042 |
112.856 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
440.827 |
345.487 |
271.784 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
771.717 |
525.185 |
321.954 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
44.083 |
25.912 |
13.589 |
|
|
|
Dividend |
15.242 |
73.044 |
54.964 |
|
|
|
Proposed Dividend |
93.961 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1059.258 |
771.717 |
525.185 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
348.272 |
380.948 |
357.176 |
|
|
TOTAL EARNINGS |
348.272 |
380.948 |
357.176 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1104.143 |
950.357 |
976.308 |
|
|
|
Stores & Spares |
55.780 |
79.888 |
80.353 |
|
|
|
Capital Goods |
359.798 |
74.497 |
253.635 |
|
|
TOTAL IMPORTS |
1519.721 |
1104.742 |
1310.296 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
2.81 |
2.21 |
1.66 |
|
QUARTERLY /
SUMMARISED RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2ndQuarter |
31.12.2011 3rd
Quarter |
31.03.2012 4th
Quarter |
30.06.2012 5th
Quarter |
|
Type |
Unaudited
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Sales Turnover |
1141.900 |
1251.100 |
1325.800 |
1250.000 |
1376.000 |
|
Total Expenditure |
942.200 |
1015.800 |
1064.700 |
1036.000 |
1111.000 |
|
PBIDT (Excl
OI) |
199.700 |
235.300 |
261.100 |
214.000 |
265.000 |
|
Other Income |
69.800 |
91.300 |
94.200 |
179.000 |
141.000 |
|
Operating
Profit |
269.500 |
326.600 |
355.300 |
393.000 |
406.000 |
|
Interest |
125.400 |
130.200 |
140.000 |
163.000 |
168.000 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
144.100 |
196.400 |
215.300 |
230.000 |
238.000 |
|
Depreciation |
65.900 |
70.100 |
73.100 |
77.000 |
81.000 |
|
Profit
Before Tax |
78.200 |
126.300 |
142.200 |
153.000 |
157.000 |
|
Tax |
23.100 |
34.700 |
39.800 |
(87.000) |
44.000 |
|
Reported PAT |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Extraordinary Items |
55.100 |
91.600 |
102.400 |
240.000 |
113.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
55.100 |
91.600 |
102.400 |
240.000 |
113.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (12 Months |
31.03.2010 (15 Months) |
31.12.2008 (12 Months) |
|
PAT / Total Income |
(%) |
10.06
|
7.60
|
7.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.12
|
10.28
|
11.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.16
|
7.83
|
6.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.07
|
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78
|
0.88
|
1.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.07
|
6.28
|
6.64 |
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] |
Passport No of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
Amidst challenges posed
during the year by rising input costs and interest rates, the Company recorded
a Profit After Tax of Rs.441.000
millions i.e. 27% higher, compared to Rs.345.000 millions during the previous period which was a 15 months period. Improved Sales,
reduction in the interest cost and capital productivity have been the main
drivers.
REVIEW OF BUSINESS
AND OPERATIONS:
The packaging industry plays an important role in delivering Fast Moving Consumer Goods in an efficient and attractive manner to the ultimate consumer while protecting the product inside. The industry continued to grow strongly in the emerging markets even as it recovered from the 2009 lows in the developed markets of Europe and USA. The Company rolled out a number of market specific initiatives during the year involving customer partnering, new customer development, new product introduction, debottlenecking of supply chain, improvement in customer servicing etc, which underpin the improved performance during the year.
The Company continues to be the lead supplier of laminated and plastic tubes in India. While ramping up its supplies to the large customer category, the Company also strongly pursued opportunities in the high value Cosmetics, Food and Pharma categories with innovative products and improved order turnaround times. To this end, during the year, the Company expanded the capacity at its units in Nallagarh, Goa and Wada. The Company pioneered in the Indian market new decorative tubes offerings involving customized printing and multi-effect decorations and innovated new laminate structures to pack food products like cheese and jams in tubes. The Company also established a focused pharma manufacturing facility complete with a “Clean Room” and other accessories meeting highest hygiene standards. Consequently, the Company posted a double-digit annualized top line growth and improved profits and grew its market share in India.
SUBSIDIARY
OPERATIONS:
As a global player in tubing business, the Company has active presence in eleven other countries through direct and step down Subsidiaries, Joint Ventures and Associates. These entities manufacture and market tubes in these various countries. The Company also has a wholly owned subsidiary in India to manufacture and market flexible plastic laminates used in the packing of home care, personal care, food and pharma products. All these subsidiaries continue to work closely with customers and grow their business with product offerings relevant to their markets. The highlights of the various subsidiary operations are set out below:
During the year, all the Company’s subsidiaries in the emerging markets of China, Philippines, Egypt and Latin America continued to grow profitably
a. The subsidiary in China successfully ramped up its new manufacturing units in North China and South China, and increased its market share in laminated tubes. The unit was also granted license for manufacture of pharma tubes, which is expected to open a new growth avenue. The unit is actively developing customers in the cosmetics category for its high decoration inviseam tubes.
b. The subsidiaries in Egypt were re-located to a new larger premises with a view to develop into a regional manufacturing hub catering to Africa and Middle East, and pioneering into the pharma category in Egypt by accelerating conversion from the aluminium to laminated tubes.
c. With a view to create space for future growth, the Mexican subsidiary relocated its manufacturing facility to a new modern facility during the last quarter of the year under report.
d. Colombian plant also qualified for manufacture of baby care products.
The subsidiaries in UK, Poland and Russia have cut their losses by more than half compared to the previous period through several initiatives.
a. In Russia, new customer wins improved capacity utilisation.
b. The Poland subsidiary’s plastic tube plant was not able to achieve break even as planned given the weak market conditions in Europe during the year. However, the unit has stabilized on productivity and quality parameters. The unit has been able to fill its recently added laminated tubes capacity through new customer development in Europe.
c. The UK subsidiary has been downsized in line with the customer off-take, so as to minimize cash losses and with the new customer and supply chain strategies that the management is working on, these losses will be plugged.
The laminated tubes subsidiary in USA posted growth in a recession hit market. Focussed measures to improve productivity and efficiency helped this unit to improve its profitability during the year. The subsidiary in USA manufacturing plastic tubes however continued to underperform. There were also capacity bottlenecks on account of line balancing which have since been streamlined. The unit has recently won a large contract for export of plastic tubes which is expected to improve capacity utilization and help achieve break even. The unit has re-located its plant to Danville, USA, which has laminated tubes manufacturing facility, in order to achieve operational and cost synergies as part of its turn-around strategy. During the year, the Company transferred its holding of equity and preference shares in its wholly owned subsidiary, Essel Propack America LLC, USA to Arista Tubes Inc., USA which in consideration has allotted its own equity shares to the Company, thereby becoming a direct subsidiary, as detailed in the note 4(b) (Investments and Restructuring) to India Standalone Accounts.
Packaging India Private Limited, the Indian wholly owned subsidiary engaged in the flexible plastic laminate business, increased its sales and profitability in a very challenging local environment where prices of some key raw material inputs, shot up three fold during the first half of financial year ended March 31, 2011. The unit worked closely with customers for prompt review of sale prices and implemented a number of cost effectiveness measures during the year. The Unit in Uttarakhand set up in 2007 is fully ramped up.
The subsidiary in Venezuela and Nepal having ceased operations, and will go through dissolution process as per local regulatory frame-work.
During the year, the Company’s holding of 1250 Non Cumulative Preference shares of USD 1000 each in its wholly owned subsidiary, Lamitube Technologies Limited, Mauritius were redeemed.
As per Section 212 of the Companies Act, 1956, the Company is required to attach the Report of Board of Directors and Auditors, Balance sheet and Profit and Loss account (financial statements) of its subsidiaries. In view of the general exemption granted by the Ministry of Corporate Affairs, Central Government vide General Circular no. 2, 2011 dated February 8, 2011 and consent of the Board of Directors as required by the circular, the said reports and financial statements of the subsidiaries are not annexed.
The Company will make available annual accounts of the subsidiary companies and the related detailed information, where applicable, upon request by any member of the Company. These documents will also be available for inspection to any member at the registered office of the Company during business hours on any working day upto the date of this Annual General Meeting. The Consolidated Financial Statements presented by the Company include financial results of subsidiaries.
JOINT VENTURES AND
ASSOCIATES:
The Company’s joint venture for manufacture of laminated tubes in Germany and its associate in Indonesia, both continued to be profitable.
Ras Propack Lamipack Limited and Ras Extrusions Limited became associate company, following allotment of shares to the Company as a Co-promoter pursuant to order of the Hon’ble Board of Industrial and Financial Reconstruction (BIFR). The financial results of these companies have been duly considered in the Company’s accounts.
Proposed Merger of Ras Propack Lamipack Limited (RPLL) and Ras Extrusions Limited (REL), sick industrial companies with the Company.
The Company had agreed to be Co-Promoter in the rehabilitation of RPLL and REL, sick industrial companies, and as per the scheme approved by the Hon’ble BIFR, the Company has infused funds in these companies, by way of equity and unsecured loans amounting to Rs.110.000 millions. The Company’s shareholding in RPLL and REL is 39.57% and 36.67% respectively.
BIFR in its recent hearing, gave directions to RPLL and REL (sick industrial companies) to file a Draft Modified Rehabilitation Proposal (DMRP) along with the requisite documents in connection with their proposal to merge the sick industrial companies (RPLL and REL) with the Company to achieve an early turnaround. The DMRP including the Scheme of Merger and other documents were approved by the Board of Directors of the Company and have since been filed with IDBI Bank Limited, who is the Monitoring Agency appointed by BIFR. Based on an independent valuer’s report, the proposed scheme of merger envisages issue of 10 equity shares of face value of Rs. 2 each of the Company for every 165 equity shares of face value of Rs. 10 each held by the shareholders of RPLL (other than to the Company) and 10 equity shares of the Company of face value of Rs. 2 each for every 108 equity shares of face value of Rs. 10 each held by the shareholders of REL (other than to the Company).
The DMRP involving the Scheme of Merger and allotment of Equity shares as per aforesaid share exchange ratio is subject to sanction of BIFR, approval of the Company’s members, and all other necessary approvals, as may be required.
MANAGEMENT DISCUSSION
AND ANALYSIS:
BUSINESS OVERVIEW
The Company manufactures and market a wide range of plastic tubes, both laminated and extruded, and flexible plastic laminates. These tubes are eminently suited for packing viscous product forms such as pastes, gels and creams. Besides preserving and protecting the product, tubes as a packaging form offer superior value proposition in terms of ease of dispensing product, hygienic storage in a multiple usage situation and excellent brand visibility on shop shelves. Tubes therefore have become a favoured packaging material worldwide for a range of consumer products such as tooth paste, face creams, hair conditioners, shaving creams, cosmetics and pharmaceutical ointments. Flexible Plastic laminates finduse as pouches, sachets and wrappers to contain product forms such as solids, powders and liquids. Their sale proposition is low cost and excellent brand visibility. A number of products use these laminates, such as detergent powder, soap tablets, food products, oils, shampoos, biscuits, chocolates, pharmaceuticals etc.
The Company pioneered plastic laminated tubes in India. Over the last 27 years, it has transformed into a leading global player in laminated tubes, manufacturing and selling close to 5 billion tubes across 12 countries. The other two products, viz. plastic extruded tubes and the flexible plastic laminates are relatively recent forays targeting select markets viz. India, Europe and USA in the case of plastic extruded tubes and only India in the case of flexible plastic laminates. The Company’s key strengths include a strong domain knowledge of polymers and plastic structures, proven innovation capability, global customer network and full integrated manufacturing.
The market for the Company’s products is huge in the developed markets of Europe and America. It is growing in the emerging markets of Asia, Africa and Latin America driven by the robust growth of the Fast Moving Consumer Goods (FMCG) industry. As the disposable income in these markets grow, both the usage and sophistication of packaging is expected to witness sustained uptrend. Plastic tubes in a sense are a more evolved form of packaging and in the long term could benefit from conversion from other packaging forms such as bottles and sachets. With its scale, global reach and innovation capability, the Company is strategically well-placed to benefit from this linkage to the FMCG sector.
OPERATIONAL
PERFORMANCE REVIEW:
The year was marked by volatile commodity and input prices, weak consumer demand in USA and Europe, rising inflation and interest rates in emerging economies, and volatile exchange rates. Despite the difficult environment, the Company having staged a quick turnaround in the previous year, got back to healthy growth levels during the current year helped by a four pronged strategy, i.e.
1. Seek aggressive growth in the emerging markets
2. Fix Performance issues and losses in Europe and USA
3. Drive value proposition through Innovation and high level of customer servicing
4. Conserve cash through heightened cost and capital productivity.
Amongst the high notes of this year, the Directors wish to mention the following:
1. Successful commissioning and ramping up of a new back factory facility in the south of China and of the newly developed high speed tubing lines in India
2. Building a strong base for growth in the non oral-care category in India by way of setting up a dedicated facility for manufacture of pharma tubes, new customer wins in the pharma and cosmetic categories, streamlined supply chain process, a new organisation structure and new decoration capabilities
3. Curtailing Europe (excluding Germany) losses by 60%
4. Implementing Material and Machine productivity improvement program in USA to help improve profitability
5. Innovations involving environmental friendly product offerings, packaging solutions for new categories such as food products, provision of value added new features
6. Consolidation of the manufacturing sites in USA and Egypt in order to drive cost savings
7. Reduction in the debt levels and interest cost
SEGMENT PERFORMANCE
REVIEW:
The Company’s key business is in plastic packaging materials. The business is managed by four geographical segments viz.
1. Americas (with operations in USA, Mexico and Colombia)
2. Europe (with operations in UK, Germany, Poland and Russia)
3. AMESA - Africa, Middle East and South Asia (with operations in Egypt and India)
4. EAP - East Asia Pacific (with operations in China, Philippines and Indonesia)
SEGMENT FINANCIAL
HIGHLIGHTS:
Since the previous year was a 15 months period and included the results relating to the divested Medical Devices business, to help better assess the current year performance by the Regions, comparison has been provided with figures (unaudited) relating only to the packaging business, for the preceding 12 months period.
Developments in each of the Regions are set out below:
Americas:
The Company has strong market presence in USA, Mexico and Columbia. Laminated tubes constitute the mainstay in all these markets; extruded plastic tubes are offered only in USA. Helped by pro-active customer engagement and new customer wins in the high value pharma and cosmetic category, the region grew its top line by 11% over the previous 12 month period, despite recessionary conditions in the lead market of USA. Profitability improvement was the other challenge taken in this region, and achieved through machine productivity improvement programs, re-training of human resources, implementation of Total Productive Maintenance (TPM), and active management of costs. Consequently, the Region posted an operating profit of Rs.21.000 millions as compared to loss Rs.75.000 millions in the previous 12 months period. The Company has won a large contract for export of plastic tubes, and this should help the region to deliver enhanced profits in the coming year.
The strategic thrust in this region is to extend product offerings to the high value cosmetics category, using both plastic extruded tubes as well as laminated tubes using the plastic barrier web innovated by the Company. The USA unit already has capability for multi-effect decoration on laminated tubes. The opportunity in the non-oral care category is quite promising in the Mexican and Colombian markets too.
Europe:
The Company offers both laminated tubes and extruded tubes in Europe. Poland is the hub for extruded plastic tubes. Key thrust this year was in stabilizing the volumes of the Plastic tube plant by improving the customer portfolio, order turnaround time and the order service level. Cost effectiveness measures were implemented in UK plant, while new customer development was aggressively pursued in Russia by offering value add propositions. It is a matter of satisfaction that the sales grew 10% in this region and the operating losses were reduced by 53% compared to preceding 12 months period.
The strategic thrust in this region is to secure an early break even of Poland and Russia unit, seize opportunity with a few large volume customers and pursue consolidation and scaling up to become cost effective.
AMESA (Africa, Middle
East and South Asia):
The strategy for growth yielded satisfying results in this region with the sales growing 22% and the operating profits 27% over the preceding 12 months period. The growth in India was a result of both active customer development in the extruded plastic tubes, pharma and cosmetic tubes as well as growing with key customers through pro-active capacity management, and collaborative supply chain. Egyptian operation was consolidated in a new large unit. Seeding operations were started in the pharma and cosmetic category using Company’s other units as sourcing base. The profits of flexible packaging operations in India improved following pro-active pass through, improved material efficiencies and active management of operating costs.
The key thrust is to grow the plastic extruded tube market in India, create greater flexibility in the supply chain and instant order turnaround capability to grow and gain share in the high value cosmetic and pharma categories.
EAP (East Asia
Pacific):
This Region got into growth track following the extension of manufacturing presence in the North and in the Southern parts of China. Strong customer partnering and high quality servicing has helped the region to grow market share in the existing customers. Japan and Korean markets are being explored using the new manufacturing base in the north of China. During the year, the China unit secured the pharma license and has commenced new customer development in this niche market. The unit is actively targeting the cosmetics category with its newly developed capability for large diameter, high decoration tubes made using plastic barrier web andinviseam technology. The increase in the wage costs as well taxes on exports have impacted the margin for the year which is lower by 10% despite sales being higher by 16%.
The region’s thrust is to build a sizeable business in the pharma and cosmetic category with state of the art technology, while continuing to grow and improve its share with existing customers.
FINANCIAL AND
OPERATIONAL PERFORMANCE
Overview:
It may be noted that the previous year’s figures relate to a 15 month period and further include the financial results of the divested Medical Devices Business as also the exceptional gain in December 2009. The current year’s figures are not directly comparable with those of the previous year. With a view to help assess better the current year’s financial performance which relates only to the continuing packaging business, corresponding figures (unaudited) relating to that business for the preceding 12 months period have been provided in the table below:
It will be clear from the above that during the current year the Company significantly improved its Profit after Tax to Rs.473.000 millions from Rs.201.000 millions during the comparable preceding 12 months period, helped by strong cost management, revenue growth and lower finance costs.
OUTLOOK
The Company has shown remarkable resilience in reverting to profitable growth. In fact, the continuing packaging business has more than offset the gap in the Sales and Profits caused by the divestment during the previous period of the Medical Devices business.
The developed markets are still beset with recessionary concerns. While this may hold back an ambitious ramping up of extruded plastic tube units in Poland and USA, the laminated tube sales should not only be unaffected but should see a modest growth helped by ongoing customer additions.
The emerging markets on the other hand continue to grow strongly both in the traditional oral care categories as well as in the newer cosmetic / pharma categories. The new innovations and capabilities built up by the Company should give further impetus. Having emerged leaner and stronger from the setback of 2008, the Company with its strong technology and innovation base as well as global scale and customer network, is well poised to seize the emerging opportunity to grow and gain share in these markets.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Unexpired Letters of Credit (net of liability provided) |
63.951 |
24.904 |
|
Guarantees and counter guarantees given by the Company [includes Rs.4897.619 Millions (Rs.4619.880 Millions) for loans taken by Subsidiaries]. Loans outstanding against these guarantees are Rs.3575.862 Millions (Rs.3643.691 Millions) |
4909.535 |
4660.723 |
|
Disputed Indirect Taxes * |
274.560 |
244.790 |
|
Disputed Direct Taxes |
18.467 |
72.838 |
|
Claims not acknowledged as debts |
3.557 |
3.557 |
|
Deferred Sales Tax Liability assigned |
112.609 |
144.937 |
|
Duty benefit availed under EPCG scheme, pending export obligations |
88.214 |
53.578 |
Note:
* Does not include disputed excise duty of Rs. 198.192 Millions (Rs. 198.192 Millions) for alleged undervaluation in inter unit transfer of Web, for captive consumption as it does not have significant impact on profits of the Company since excise duty paid by one unit is admissible as Cenvat credit at other unit. Further, the appeal filed by Excise Department against the decision (in Company’s favour) of High Court is pending before Supreme Court.
AS PER WEBSITE DETAILS
PROFILE
Subject, part of the USD 2.4 billion Essel Group with turnover of over USD 300 million, is the largest specialty packaging company – manufacturing laminated and seamless or extruded plastic tubes. With over 2200 people representing 19 different nationalities, Subject functions through 23 state of the art facilities in twelve countries, selling 4.5 billion tubes and continuing to grow every year.
Holding a market share of 33% in the laminated tubes domain, Subject leads as the world’s largest manufacturer with units operating across countries such as USA, Mexico, Colombia, United Kingdom, Poland, Germany, Egypt, Russia, China, Philippines, Indonesia and India. These facilities cater to diverse packaging needs of consumers and include oral care, cosmetics, personal care, pharmaceutical, food and industrial sectors, by offering customized solutions.
Creativity and innovation are intrinsic to Subject and customer satisfaction is of utmost significance.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTERAND YEAR ENDED 31 MARCH,
2012
(Rs. In Millions)
|
PARTICULARS |
Quarter ended |
Year Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Income from operations |
|
|
|
|
1. a) Sales/Income from operations (net of excise duty) |
1221.000 |
1291.000 |
4823.000 |
|
b) Other Operating Income |
29.000 |
35.000 |
145.000 |
|
Total Income from operations
(Net) |
1250.000 |
1326.000 |
4968.000 |
|
2. Expenses |
|
|
|
|
(a) Cost of materials consumed |
592.000 |
620.000 |
2327.000 |
|
(b) (Increase)/Decrease in inventories of finished goods and work in progress |
8.000 |
13.000 |
(0.000) |
|
(c) Employee benefit expense |
140.000 |
121.000 |
506.000 |
|
(d) Depreciation and amortisation expense |
77.000 |
73.000 |
286.000 |
|
(e) Other expense |
294.000 |
304.000 |
1201.000 |
|
Total Expenses |
1111.000 |
1131.000 |
4320.000 |
|
3. Profit(+)/Loss(-) from Operations before Other Income, Interest
& Exceptional Items (1-2) |
139.000 |
195.000 |
648.000 |
|
4. Other Income |
179.000 |
78.000 |
407.000 |
|
5. Profit from ordinary activities before finance costs and exceptional items (3+4) |
318.000 |
273.000 |
1055.000 |
|
6. Gain/(Loss) on foreign exchange fluctuations (Net) |
(2.000) |
17.000 |
24.000 |
|
7. Finance costs |
163.000 |
148.000 |
580.000 |
|
8 Profit after finance cost but before exceptional items (5+6-7) |
153.000 |
142.000 |
499.000 |
|
9 Exceptional Items |
0.000 |
0.000 |
0.000 |
|
10 Profit before Tax for the period (8+9) |
153.000 |
142.000 |
499.000 |
|
11 Tax expense - Current tax, deferred tax, mat credit entitlement etc; |
(87.000) |
40.000 |
11.000 |
|
12 Net Profit after tax for the period (10-11) |
240.000 |
102.000 |
488.000 |
|
13 Paid-up equity share capital (Face Value Rs.2/- each) (Refer note 3b) |
314.000 |
314.000 |
314.000 |
|
14. Reserve excluding Reevaluation Reserve as per Balance sheet of the previous accounting year |
|
|
|
|
15. Earnings Per Share (EPS) Basic and Diluted Earnings Per Share (not annualised) |
1.53 |
0.65 |
3.11 |
|
A. Particular Shareholding |
|
|
|
|
1. Public Shareholding (Millions) |
|
|
|
|
- No. of shares |
64.010 |
64.010 |
64.010 |
|
- Percentage of shareholding |
40.88% |
40.88% |
40.88% |
|
2.Promoters and Promoter group Share holding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- No. of shares |
3.620 |
3.620 |
3.620 |
|
- Percentage of shares (as a % of the total shareholding of Promoter and promoter group) |
3.91% |
3.91% |
3.91% |
|
- Percentage of shares (as a % of the total share capital of the company) |
2.31% |
2.31% |
2.31% |
|
b) Non-encumbered |
|
|
|
|
-No. of shares |
88.970 |
88.970 |
88.970 |
|
- Percentage of shares (as a % of the total shareholding of Promoter and promoter group) |
96.09% |
96.09% |
96.09% |
|
- Percentage of shares (as a % of the total share capital of the company) |
56.81% |
56.81% |
56.81% |
|
B INVESTOR COMPLAINTS |
|
|
|
|
Pending at the
beginning of the quarter |
0 |
|
|
|
Received during the
quarter |
2 |
|
|
|
Disposed of during the
quarter |
2 |
|
|
|
Remaining unresolved at
the end of quarter |
0 |
|
|
Note:
1 The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company in its meeting held on 15 May, 2012. The Statutory auditors have carried out a Limited Review of the standalone results fo rthe quarter and year ended 31 March, 2012
2 None of the Subsidiaries /Associates / JVs have been consolidated in the above results.
3 a) RAS Propack Lamipack Limited (RPLL) and RAS Extrusions Limited (REL) have merged with the Company w.e.f 1 April, 2011 as per the merger sanctioned by the Hon'ble Board for Industrial and Financial Reconstruction (BIFR)as part of the modified draft rehabilitation scheme (MDRS), approved on 10 May, 2012. The said scheme has been given effect in above results, based on the intimation received from the Advocate representing the Company, pending certain regulatory compliances.
b) Share capital includes Share Capital Suspense Account of f 1,000,310 for 500,155 equity shares of f 2 each fully paid up to be allotted to the equity shareholders of RPLL and REL as per the sanctioned scheme and also considered for computing Earning per share.
c) Tax expense for the quarter and year is after considering the brought forward business loss and unabsorbed depreciation of the merging entities as allowed under section 72Aof the Income Tax Act 1961
4 Under AS-17, the Company has only one major identifiable business segment viz. Plastic Packaging Material.
5 Figures of the previous period have been regrouped wherever considered necessary.
|
PARTICULARS |
Quarter ended |
Year Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenue |
|
|
|
|
A AMESA |
1981.000 |
1998.000 |
7645.000 |
|
B EAP |
887.000 |
1001.000 |
3709.000 |
|
C AMERICAS |
980.000 |
918.000 |
3610.000 |
|
D EUROPE |
516.000 |
433.000 |
1704.000 |
|
E Unallocated |
- |
- |
- |
|
Less : Inter Segmental elimination |
(238.000) |
(202.000) |
(831.000) |
|
Net Sales / Income
from operations |
4126.000 |
4148.000 |
15837.000 |
|
Segment Result |
|
|
|
|
Profit / (Loss) before
interest and tax from each Segment |
|
|
|
|
A AMESA |
255.000 |
254.000 |
964.000 |
|
B EAP |
138.000 |
207.000 |
683.000 |
|
C AMERICAS |
59.000 |
(1.000) |
99.000 |
|
D EUROPE |
(77.000) |
(56.000) |
(247.000) |
|
E Unallocated |
(2.000) |
(6.000) |
(29.000) |
|
Inter Segmental elimination |
9.000 |
4.000 |
3.000 |
|
Total |
382.000 |
402.000 |
1473.000 |
|
Add: Other income |
38.000 |
42.000 |
167.000 |
|
Add: Gain/(Loss) on Foreign Exchange Fluctuations (Net) |
35.000 |
(5.000) |
(8.000) |
|
Segment Result |
455.000 |
439.000 |
1632.000 |
|
Less: Financial expenses |
240.000 |
214.000 |
842.000 |
|
Exceptional (income) / expense |
13.000 |
- |
13.000 |
|
Profit from
ordinary activities before tax |
202.000 |
225.000 |
777.000 |
|
Capital Employed |
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
A AMESA |
6457.000 |
6222.000 |
6457.000 |
|
B EAP |
2497.000 |
2398.000 |
2497.000 |
|
C AMERICAS |
1581.000 |
1538.000 |
1581.000 |
|
D EUROPE |
1388.000 |
1458.000 |
1388.000 |
|
E Unallocated |
2829.000 |
2973.000 |
2829.000 |
|
F Inter Segmental elimination |
(6313.000) |
(6371.000) |
(6312.000) |
|
Total |
8440.000 |
8218.000 |
8440.000 |
Note:
1. Revenue of the above segments is the gross revenue including inter-company
revenue sold to units in other segments. Elimination of inter-company revenue
and the net external revenue has been disclosed separately. Previous period
figures have also been regrouped in line with current classification.
2. Figures of the previous period have been regrouped wherever considered
necessary.
Fixed ASSETS:
Tangible Assets
·
·
· Leasehold Improvements
· Buildings
· Plant and Machinery
· Equipments
· Furniture and Fixtures
· Vehicles
Intangible Assets:
· Software
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.55.44 |
|
|
1 |
Rs.87.12 |
|
Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
|
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.