MIRA
INFORM REPORT
|
Report Date : |
27.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
PIRAMAL GLASS
LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
06.02.1998 |
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Com. Reg. No.: |
11-113433 |
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Capital Investment / Paid-up Capital : |
Rs. 804.350 Millions |
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CIN No.: [Company
Identification No.] |
U28992MH1998PLC113433 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
SRTG00256E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on Stock exchange. |
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Line of Business : |
Manufacturer of Glass Containers for the Cosmetics and Perfumery, Pharmaceuticals and
Specialty Food and Beverages industries. |
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No. of Employees : |
3,257 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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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 17489920 |
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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 an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-30466666 |
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Fax No. : |
91-22-24902363 |
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E-Mail : |
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Website : |
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Area: |
14000 sq.ft |
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Location : |
Rented |
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Corporate Office : |
Peninsula
Corporate Park, 1st Floor, Nicholas Piramal Tower, Ganpatrao Kadam
Marg, Lower Parel [West], Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-30466969 /
30466901 |
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Fax No.: |
91-22-24908824 |
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E-Mail : |
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Plant Location : |
plant
I
Tel. No.: 91-2629-231701 – 5 Fax No.: 91-2629-231271 E-Mail: mprasad@gujaratglass.co.in plant
ii
Off. Masar Chowkadi, Tel. No.: 91-2644-233313 – 7 Fax No.: 91-2644-233282 E-Mail: sagarwal@gujaratglass.co.in Plant
III
148, Tel. No.: 91-1-2635481 – 83 Fax No.: 94-1-2635484 E-Mail: niraj@ceylonglass.lk |
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Overseas Plant Location : |
· Piramal Glass Ceylon PLC, Poruwadanda, Wagawatte, Horana, Srilanka ·
·
PGI Decora, 918 E, ·
PGI Coated Products, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Ajay G. Piramal |
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Designation : |
Chairman |
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Address : |
Piramal House 61,
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Date of Birth/Age : |
03.08.1955 |
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Qualification : |
B.Sc., M.M.S. (Bom)., A.M.P. (Harvard) |
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Date of Appointment : |
06.02.1998 |
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Name : |
Ms. Vinita Bali |
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Designation : |
Director |
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Name : |
Mr. Vimal
Bhandari |
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Designation : |
Director |
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Name : |
Mr. Dharendra
Chadha |
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Designation : |
Director |
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Name : |
Mr. Shitin Desai |
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Designation : |
Director |
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Name : |
Mr. Jiten Doshi |
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Designation : |
Director |
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Name : |
Mr. Bharat Kewalramani |
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Designation : |
Director |
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Address : |
232, |
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Date of Birth/Age : |
03.03.1960 |
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Date of Appointment : |
02.04.1998 |
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Name : |
Ms. Swati A.
Piramal |
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Designation : |
Director |
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Address : |
Piramal House 61,
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Date of Birth/Age : |
28.03.1956 |
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Date of Appointment : |
12.03.1998 |
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Name : |
Mr. Murari Rajan |
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Designation : |
Director |
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Name : |
Mr. Vijay Shah |
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Designation : |
Managing Director
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KEY EXECUTIVES
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Name : |
Mr.
Prashant Mistry |
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Designation : |
Company
Secretary |
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Address : |
E –
401, Railnagar Co-operative, |
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Date of Birth/Age : |
26.09.1973 |
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Date of Appointment : |
01.12.2000 |
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Name : |
Ms. Maria Monserrate |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage |
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(A) Shareholding
of Promoter and Promoter Group |
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(1) Indian |
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Individuals /
Hindu Undivided family |
417140 |
0.52 |
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Bodies Corporate |
56799050 |
70.20 |
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Any Other (specify) |
919637 |
1.14 |
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Trusts |
919637 |
1.14 |
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Sub Total |
58135827 |
71.85 |
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(2) Foreign
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Total shareholding of Promoter and
Promoter Group (A) |
58135827 |
71.85 |
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(B) Public
Shareholdings |
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(1) Institutions |
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Mutual Funds /
UTI |
2754283 |
3.40 |
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Financial
Institutions / Banks |
14964 |
0.02 |
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Foreign
Institutional Investors |
259309 |
0.32 |
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Sub Total |
3028556 |
3.74 |
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(2) Non
Institutions |
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Bodies corporate
(including Foreign Bodies Corporate) |
7115154 |
8.79 |
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Individuals |
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Individuals – i. Individuals
shareholding nominal share capital up to Rs. 0.100 Million |
4865239 |
6.01 |
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ii. Individual
shareholders holding nominal share capital in excess of Rs. 0.100 Million |
4595078 |
5.68 |
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Any other (Specify) |
3176132 |
3.93 |
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Non Resident
Indians |
97332 |
0.12 |
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Clearing Members |
1084240 |
1.34 |
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Trusts |
14732 |
0.02 |
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Foreign Corporate
Bodies |
1360886 |
1.68 |
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Overseas
Corporate Bodies |
618942 |
0.76 |
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Sub Total |
19751603 |
24.41 |
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Total Public Shareholding (B) |
22780159 |
28.15 |
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Total (A)+(B) |
80915986 |
100.00 |
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Total |
80915986 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Glass Containers for the Cosmetics and Perfumery, Pharmaceuticals and
Specialty Food and Beverages industries |
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Products : |
© Cosmetics / Toiletries ©
Stationers
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GENERAL INFORMATION
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No. of Employees : |
3,257 (approximately) |
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Bankers : |
· Allahabad Bank · HDFC Bank Limited · ICICI Bank Limited · Exim Bank · Corporation Bank · Axis Bank Limited · Standard Chartered Bank · The Hongkong and Shanghai Banking Corporation Limited · IDBI Bank · Central Bank of India · Induslnd Bank |
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Facilities : |
Notes : 1. Cash Credit facilities including packing credit in foreign currency
are secured by Hypothecation of current assets namely, stocks, bills
receivables and book debts and all other movables, both present and future,
of the Company. 2. The Rupee Term Loan and foreign currency Term Loans are secured by
mortgage and pari passu charge of immovable properties of the Company, both
present and future. They are further secured by hypothecation of all movables
and movable machinery, machinery spares and accessories, both present and
future, subject to prior charge created/ to be created in favour of banks for
securing the borrowing for cash credit from Banks facilities and the charge
on specific assets referred to sr. no. 3 below. 3. Loans under Buyers Credit are secured by an exclusive charge on the
assets and equipments procured under the facility. 4. The Rupee Short Term Loans are secured by mortgage and second
charge of immovable properties of the Company, both present and future. They
are further secured by second charge on all movables and movable machinery,
machinery spares and accessories both present and future. * Repayable within a year Rs. 2,914.81 millions, previous year Rs.
2,661.41 millions.
Note: * Repayable within a year Rs. 1,734.13 millions, previous year Rs.
818.66 millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
18 Haribhakti
Colony, |
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Associates : |
·
Piramal Healthcare Limited ·
Piramal Enterprises Limited ·
PHL Pharma Inc ·
Piramal Realty Private Limited |
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Subsidiaries : |
·
Piramal Glass Ceylon PLC., ·
Piramal Glass International Inc., ·
Piramal Glass – USA Inc, ·
Piramal Glass Flat River LLC, ·
Piramal Glass Williamstown LLC, ·
Piramal Glass ( · Piramal Glass Europe Sarl |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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82000000 |
Equity Shares |
Rs. 10/- each |
Rs. 820.000 millions |
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Total |
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Rs. 820.000 Millions |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
80923500 |
Equity Shares |
Rs. 10/- each |
Rs. 809.240 millions |
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
80434736 |
Equity Shares |
Rs. 10/- each |
Rs. 804.350
Millions |
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Note - Of the total paid up capital 62451736 Equity
shares of face value of Rs.10 each were allotted on 19th September 2009 as fully
paid equity shares, pursuant to the Rights Issue of Equity Shares by the
company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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|
1] Share Capital |
804.350 |
804.350 |
179.830 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
3568.130 |
3209.470 |
1913.770 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4372.480 |
4013.820 |
2093.600 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
3730.870 |
4461.410 |
1273.350 |
|
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2] Unsecured Loans |
2042.520 |
1244.200 |
7841.610 |
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TOTAL BORROWING |
5773.390 |
5705.610 |
9114.960 |
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DEFERRED TAX LIABILITIES |
135.160 |
105.790 |
84.450 |
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|
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TOTAL |
10281.030 |
9825.220 |
11293.010 |
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APPLICATION OF FUNDS |
|
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|
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|
|
|
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FIXED ASSETS [Net Block] |
6131.960 |
6218.880 |
6436.330 |
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Capital work-in-progress |
394.500 |
140.180 |
117.660 |
|
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INVESTMENT |
592.630 |
589.500 |
588.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1168.480
|
1035.690 |
1321.200 |
|
|
Sundry Debtors |
2581.430
|
2323.380 |
2322.300 |
|
|
Cash & Bank Balances |
14.070
|
17.180 |
21.260 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1299.900
|
728.250 |
1554.970 |
|
Total
Current Assets |
5063.880
|
4104.500 |
5219.730 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
880.200
|
745.570 |
|
|
|
Other Current Liabilities |
137.790
|
100.270 |
|
|
|
Provisions |
883.950
|
382.000 |
298.720 |
|
Total
Current Liabilities |
1901.940
|
1227.840 |
1069.210 |
|
|
Net Current Assets |
3161.940
|
2876.660 |
4150.520 |
|
|
|
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|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10281.030 |
9825.220 |
11293.010 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7428.960 |
6521.680 |
5818.200 |
|
|
|
Other Income |
289.750 |
291.040 |
218.280 |
|
|
|
TOTAL (A) |
7718.710 |
6812.720 |
6036.480 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
1814.220 |
1603.650 |
1,684.620 |
|
|
|
Staff Cost |
808.240 |
681.200 |
677.030 |
|
|
|
Other Expenses |
3016.570 |
2950.940 |
3,180.710 |
|
|
|
(Increase) / Decrease in WIP/ Finished Goods |
(29.330) |
32.420 |
(275.560) |
|
|
|
TOTAL (B) |
5609.700 |
5268.210 |
5,266.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2109.010 |
1544.510 |
769.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
448.290 |
610.260 |
844.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1660.720 |
934.250 |
(74.480) |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
740.070 |
723.790 |
654.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
920.650 |
210.460 |
(729.450) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
234.800 |
52.720 |
(185.970) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
685.850 |
157.740 |
(543.480) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
353.830 |
289.880 |
833.360 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
281.520 |
80.430 |
|
|
|
|
Corporate Dividend Tax |
45.660 |
13.360 |
|
|
|
|
Transfer to General Reserve |
68.590 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
643.910 |
353.830 |
289.880 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4102.040 |
3257.430 |
NA |
|
|
|
Other Earnings |
83.860 |
71.970 |
NA |
|
|
TOTAL EARNINGS |
4185.900 |
3329.400 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
297.480 |
469.890 |
NA |
|
|
|
Stores & Spares |
0.000 |
0.000 |
NA |
|
|
|
Capital Goods |
407.050 |
115.260 |
NA |
|
|
|
Others |
0.000 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
704.530 |
585.150 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.53 |
2.99 |
-- |
|
QUARTERLY RESULTS (UNAUDITED)
|
PARTICULARS |
30.06.2011 (Rs. In
Millions) |
30.09.2011 (Rs. In
Millions) |
31.12.2011 (Rs. In
Millions) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1973.400 |
1974.600 |
2277.000 |
|
Total Expenditure |
1444.600 |
1361.400 |
1672.500 |
|
PBIDT (Excl OI) |
528.800 |
613.200 |
604.500 |
|
Other Income |
43.800 |
0.000 |
0.000 |
|
Operating Profit |
572.600 |
613.200 |
604.500 |
|
Interest |
110.300 |
105.400 |
117.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
462.300 |
507.800 |
486.700 |
|
Depreciation |
180.800 |
193.100 |
208.100 |
|
Profit Before Tax |
281.500 |
314.700 |
278.600 |
|
Tax |
89.200 |
92.400 |
56.600 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
192.300 |
222.300 |
222.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustment |
0.000 |
0.000 |
0.000 |
|
Net Profit |
192.300 |
222.300 |
222.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.88
|
2.31 |
(9.00) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.39
|
3.22 |
(12.53) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.22
|
2.03 |
(6.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.05 |
(0.34) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.75
|
1.72 |
4.86
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.66
|
3.34 |
4.88
|
LOCAL AGENCY FURTHER INFORMATION
History
The company was incorporated on 6th February, 1998 at Mumbai in Maharashtra as a private limited liability company under the name and style of Gujarat Glass (Private) Limited having Company Registration Number 113433. Subsequently, it became a deemed public limited liability company. Again the company converted into Private Limited Liability Company.
They are pleased to inform you that pursuant to the approval by Special
Resolution which was passed through Postal Ballot and the Fresh Certificate of
Incorporation consequent upon Change of Name' issued by the Registrar of
Companies, Maharashtra, Mumbai, the name of the Company has been changed from
Gujarat Glass Limited to Piramal Glass Limited (the Company') w.e.f 2nd April,
2008.
Management Discussion &
Analysis
Business Overview:
Subject
is a manufacturer of glass containers for the Cosmetics & Perfumery,
Pharmaceuticals and Specialty Food & Beverage industries. PGL manufactures
a wide range of glass bottles and jars, in sizes ranging from 2 ml to 2.5
liters. PGL has manufacturing facilities in India, USA and Sri Lanka.
Growth Drivers
Cosmetics & Perfumery
(C&P)
The Cosmetics
and Perfumery division of Piramal Glass caters to international marquee
customers like LVMH, Yves Rocher, YSL,
Coty, Unilever, Revlon, L’Oreal, Avon, P&G, Elizabeth Arden, Estee Lauder
etc. apart from specialized localized manufacturers like Dumak LLC, Erkul
Kozmetic, Compagnie De Diffussion, Niasi, Expak, Baralan International, Estico
Ltd., Revolline Ltd. These customers use
the glass bottles and jars for products like nail polish, make-up foundations,
perfumes, skin care creams etc.
Traditionally
the C&P glass bottles market was dominated by European players like SGD,
Pochet, Gerresheimer, Heinz, Zignago, Bormiolli Rocco and Bormiolli Luigi. Most
of them are players with existence in these markets for more than a hundred
years.
The
industry is characterized by capital intensive equipments and although manufacturing is automated,
forming of glass bottles and operations like sorting and decoration are skill and manual intensive.
PGL
entered this space in 2000 with a foray into nail polish market and later low
mass perfumes. Within a few years of foray, PGL became a dominant player in the
nail polish glass bottle market. Today PGL makes 1 out of every 2 nail polish
bottles manufactured globally (PGL manufactured 1.72 billion pieces in FY11)
In
2007, after achieving leadership position in Nail Polish and Mass Perfume
markets, under a long term strategy initiative, PGL entered the premium segment
of C&P and today the segment is the prime focus of the company. In terms of
capacity Piramal Glass has one of the largest installed capacity globally (345
TPD) and currently enjoys a market share of 5.6% worldwide (sales of ` 6026
million).
Investment
in capacities, leveraging skills from their USA operations coupled with focus on world class business processes
through Manufacturing Excellence has helped the Company to attain this position
European
glass manufacturers, due to recession in FY09 took a hit when the markets
showed a negative growth of 20%. Various furnaces of European players were
running at reduced utilization, and subsequently took a hit on profit margins.
Piramal Glass, on the other hand was relatively untouched primarily on account
of low costs and diversified customer and geography mix. The markets have since bounced back and
almost all European players are at full capacity and some of them are expanding
capacities.
The
prime driving force for growth of PGL has been increased cost consciousness
among western customers coupled with boom in consumption of C&P in emerging
economies due to growing young
population, higher percentage of working women and increasing disposable
income, resulting in a spurt in C&P sales in emerging economies
particularly the BRIC countries (Brazil, Russia, India and China).
These
factors have resulted in more customers developing PGL, as a respectable glass
manufacturer from Asia, as an alternate supplier. A successful execution of
initial projects by PGL has helped the Company in winning a higher percentage
of the business from existing customers.
Looking
back they can say that they were newcomers when they started manufacturing nail
polish in 2000. Since then they have made rapid strides to become the leading
nail polish player. This growth story is being replicated in the perfumery
space. In short, PGL is poised to become a leading global supplier of C&P
glass bottles in the world, and is already making rapid strides in that
direction.
PGL has
been the fastest growing C&P glass company with a CAGR of 35%
(FY05-FY11). In-order to cater to the
growing demand and moving a step closer to the vision of “Top 3 flacconage
manufacturers in the world” PGL is
increasing the capacity in C&P from current 345 TPD to 600 TPD.
This
increase in capacity is both on account of a Greenfield project of 160 TPD in
Jambusar and capacity up-gradation of existing furnaces for Premium as well as
converting 75 TPD from Pharma into C&P.
Pharmaceutical:
The
Pharmaceutical glass container division manufactures amber bottles, amber and
flint vials for liquid oral formulations, injectibles, etc. Products
manufactured conform to US, Indian and European pharmacopeia in Type I, Type II
and Type III formulations. PGL is a
leading supplier of glass containers to both multinational and Indian pharmaceutical
companies like GlaxoSmithKline, Pfizer, Cipla, Abbott, Alembic, Ranbaxy,
E-Merck, Aventis, Dabur , Himalaya drugs, Dr. Reddy’s Laboratories etc.
In
FY-11, this segment has seen competition in form of replacement with PET
especially in the Oral formulations and amber glass bottles in the range of 60
ml to 100 ml. This has led to domestic
market shrinking by almost 15% for the amber glass bottles. PGL has focused on
export markets and currently 37% of PGL Pharmaceutical division comprises of exports.
The
high-end Borosilicate Glass (or Type-I Glass) market has been an attractive
growth segment for PGL particularly for exports to USA as also”deemed exports”
in India as more and more injectibles manufacturing facility in India receive
US FDA approval. PGL has increased its offering to this market by enhancing its
capacity from 25 TPD to 45 TPD in the previous year.
Specialty Food & Beverages:
The
Specialty Food & Beverages division provides bottles for wine, liquor and
food which are often unique in design and decoration. This business is very freight intensive and
hence localized. Piramal Glass is catering to this segment from Sri Lanka and
USA. PGL has consciously grown in exports from Sri Lanka, earlier mainly to
India, and today to Far East and Australia. In Sri Lanka the strategy has been
to migrate to more and more premium customers. In USA, the process of winning
new customers and contracts is relatively slow but permanent in nature. Since
USA acquisition, they have gradually been able to increase their sales in this segment
through acquisition of new customers and retaining old ones. USA operations
have edge over its European competitors
due to lower freight. PGL caters to
global customers like Diageo, Pernod Recod, Cadbury Schwepps, UB Group, etc.
Strategy Summary
1.
Continued focus on C&P segment and the growth in capacity and
skill will help the company in growing both in Premium as well as Mass segment.
The growth will also be fuelled by continued efforts to transition some of the
C&P production from the USA facility to India
2.
Improvement in product mix and geography mix for Pharmaceutical
segment
3.
Focus on Sri Lankan markets for better product mix and growth in
Specialty Food & Beverages
Focus
on C&P segment especially Premium within this segment has helped the
company to expand the EBDITA margin from 20% to 25.2%.
Performance summary:
Total
sales for the year ended 31 Mar 2011 grew by 10.4% to Rs. 12,184.6 million
compared to FY2010 Net sales of Rs. 11,039.2 million.
Earning
before Interest, Depreciation, Tax and Amortizations (EBIDTA) for the year was
at Rs. 3,066.7 million, a growth of 39.0% over FY2010 EBIDTA of Rs. 2,206.2
million.
Operating
Margins grew to 25.2% in FY2011, compared with 20.0% for FY2010.
Net
interest decreased by 31.3% to Rs. 720 million, as compared to Rs. 1,049
million in FY2010. The total consolidated debt as on 31 March 2011 was Rs.
9,199.9 million, compared with Rs. 9,824.3 million for FY2010. Debt/Equity
ratio was 2.6 in FY2011, compared to 3.5 in FY2010.
Depreciation
for the year ended was Rs. 1,069 million compared to Rs. 1,071 million in
FY2010. Further, taxes were at Rs. 244 million, compared with Rs. 54 million in
FY2010.
As a
result, there was a Net Profit of Rs. 1,033.5 million, compared to Rs. 32.3 million
in FY2010.
FIXED ASSETS:
·
Software
·
·
Buildings
·
Plant and Machinery
·
Furniture and Fixture
·
Vehilces
AS PER WEBSITE
PRESS RELEASE:
Piramal Glass selects Damco as supply chain
partner
Source: IRIS (20-MAY-10)
Piramal Glass, leading specialty glass manufacturer for the cosmetics & perfumery
(C&P), pharmaceutical and specialty food & beverages (SF&B)
industries has appointed Damco as their supply chain partner. This appointment is an extension to
the business
relationship that Piramal Glass (Q,N,C,F)* had with
Damco over the past few years.
``Our partnership with Damco will increase our speed to
market, enabling us to respond to our global markets efficiently. Our supply chain
is truly global and we are glad that we chose Damco who has an equally
impressive global network
``, said Vijay Shah, managing director, Piramal Glass. Piramal Glass is among
the world`s top five glass bottle makers by sales in the pharmaceutical segment,
and the third largest manufacturer of cosmetics bottles by capacity, with
combined installed capacity of 1,115 tons a day, and sales of USD 250 million
worldwide.
Piramal Glass has a large geographic footprint, with
production facilities in
Shah continued, ``We have very ambitious growth plans for
C&P and it was important for us to identify the right partner who can
support us through this dynamic period. We are confident that Damco with their
experience, skills, products and IT infrastructure would be the right partner
to manage our global requirements.``
``Today our markets are very competitive and dynamic. We
need a very reliable an
Lars Sorensen, CEO,
Shares of the company declined Rs 0.4, or 0.41%, to settle
at Rs 97.05. The total volume of shares traded was 160,818 at the BSE
(Thursday).
PIRAMAL GLASS
REPORTS ROBUST PERFORMANCE IN Q3 FY12
~Q3 FY12 NET SALES
JUMP 9.5% TO Rs. 3401.000 MILLIONS~
~EBITDA FOR Q3 FY
12 IS AT Rs. 750.000 MILLIONS~
Mumbai, 1 February, 2012: Piramal Glass
Limited, (PGL) (NSE: PIRGLASS, BSE: 532949), a Piramal Group company and a
leading global manufacturer of specialty
glass containers for Cosmetics & Perfumery (C&P), Specialty Foods &
Beverages (F&B) and Pharmaceuticals industry today reported a rise in its
consolidated net sales to Rs. 3401.000 millions as compared to Rs. 3106.000 millions for the
corresponding period last year.
The net profit for this quarter stood at Rs. 229.000 millions on a
consolidated basis.
EBITDA for this quarter is at Rs 750.000 millions, which is an operating
EBIDTA margin of 22.1%
For Q3 FY12, the Cosmetic & Perfumery
(C&P), premium segment grew by 7% and now contributes 47% of the total
sales. Specialty Food & Beverage (SF&B) division grew by 31% on account
of higher domestic sales in Sri Lanka thereby, contributing 27% to the sales.
Mr. Ajay Piramal, Chairman, Piramal Group while commenting on the performance
said, “We have witnessed a steady growth in the first 9 months of 2011.
EBITDA and PAT margins have witnessed an upswing. We will continue our focus on
the Cosmetics & Perfumery segment, especially the premium category.”
Mr. Vijay Shah, Director, Piramal Glass added,
“Piramal Glass’ PAT has seen a robust growth of 21.3% to Rs 81.9 crore in this
YTD. Our sales have seen a consistent rise of 10.2% while the EBITDA has grown
by 9.6%. We have also completed in this
quarter relining of two furnaces, which are both fully operational now. Having
achieved a consistent performance, we are confident of maintaining this
momentum and look forward to further improving our EBIDTA margins and sales
figures.”
Nine Months Result
Consolidated sales for the nine month period ending 31st December 2011 grew by
10.2% to Rs. 9803.000 millions as against Rs. 8896.000 millions in the
corresponding period. EBIDTA stands at Rs. 2370.000 millions at a margin of
24.1%.
For the 9 month FY2012, Profit After Tax (PAT)
stood at Rs. 819.000 millions, while Annualized EPS and Cash EPS stood at Rs
13.6 and Rs. 26.8 respectively. The Annualized Return on Capital Employed
(ROCE) is at 14.6 % while the Return on Equity (ROE) stood at a healthy 25.3%
for the same period.
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
an
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. 50.90 |
|
|
1 |
Rs. 81.27 |
|
Euro |
1 |
Rs. 67.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.