MIRA
INFORM REPORT
|
Report Date : |
30.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
MAX INDIA LIMITED MAX SPATIALITY FILMS (A DIVISION OF MAX
INDIA LIMITED) |
|
|
|
|
Registered
Office : |
Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachur,
District Nawanshahr-144533, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.02.1988 |
|
|
|
|
Com. Reg. No.: |
16-008031 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 464.969
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24223PB1988PLC008031 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLM11648A |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Pharmaceuticals and specialty
products comprising of BOPP, Metalized Films and Leather Finishing Foils. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 90000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and diversified company having fine track. Available information indicates high financial
responsibility of the company. Trade
relations are fair. Financial position
is good. Payments are correct and as
per commitments. The company can
be considered good for any normal business dealings. It can be
regarded as a promising business partner in a medium to long – run. |
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/Factory : |
Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachur, District
Nawanshahr-144533, |
|
Tel. No.: |
91-1881-289607/289611 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
11th Floor, |
|
Tel. No.: |
91-124-26561717 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Max House, 3rd Floor, 1, Dr. Jha Marg, Okhla,
New Delhi-100020, |
|
Tel. No.: |
91-11-26933610 |
|
Fax No.: |
91-11-26933620/ 26324126 |
|
Email: |
|
|
Website: |
|
|
|
|
|
Factory 2: |
Max
Pharma No. 18, 56 – 58, KIADB Industrial Area, Nanjangud,
Mysore-570023, |
|
|
|
|
Overseas
Office : |
Located At: |
|
|
|
|
Branch Office: |
Located At:
|
DIRECTORS
As on 31.03.2011
|
Name : |
Dr. S. S. Baijal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Analjit Singh |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
53 years |
|
Experience : |
29 years |
|
Qualification : |
BA, BS, MBA, ( |
|
Date of Appointment : |
30.10.2001 |
|
|
|
|
Name : |
Mr. Anuroop Singh |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Aman Mehta |
|
Designation : |
Non-executive
Director |
|
|
|
|
Name : |
Mr. Ashwani
Windlass |
|
Designation : |
Non-executive
Director |
|
|
|
|
Name : |
Mr. K. Narasimha
Murthy |
|
Designation : |
Non-executive
Director |
|
|
|
|
Name : |
Mr. N. C. Singhal |
|
Designation : |
Non-executive
Director |
|
|
|
|
Name : |
Dr. Omkar Goswami |
|
Designation : |
Non-executive
Director |
|
|
|
|
Name : |
Dr. Subhash
Bijlani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjeev Mehta
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajesh Khanna |
|
Designation : |
Non-executive
Director |
|
|
|
|
Name : |
Mr. Piyush Mankad |
|
Designation : |
Non-executive
Director |
|
|
|
|
Name : |
Mr. Vishal Bakshi
|
|
Designation : |
Director
(Alternate to Mr. Sajeev Mehta) |
KEY EXECUTIVES
|
Name : |
Mr. V. Krishnan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6287622 |
2.38 |
|
|
91693532 |
34.66 |
|
|
97981154 |
37.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
97981154 |
37.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
18885241 |
1.04 |
|
|
16875 |
0.01 |
|
|
45750 |
0.02 |
|
|
78639849 |
29.72 |
|
Any Others (Specify) |
42053545 |
15.90 |
|
|
|
|
|
FDI |
42053545 |
15.90 |
|
|
|
|
|
|
139641260 |
52.78 |
|
|
|
|
|
|
5722467 |
2.16 |
|
|
|
|
|
|
14113365 |
5.33 |
|
|
3210548 |
1.21 |
|
Any Others (Specify) |
3900316 |
1.47 |
|
|
|
|
|
|
2860194 |
1.08 |
|
|
501867 |
0.19 |
|
|
2616 |
- |
|
|
436600 |
0.17 |
|
Employee |
99039 |
0.04 |
|
|
26946696 |
10.19 |
|
Total Public shareholding (B) |
166587956 |
62.97 |
|
Total (A)+(B) |
264569110 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
264569110 |
100.00 |
%20%20-%20182000%2030-May-2012_files/image002.gif){kind=small}
(1) Indian%20%20-%20182000%2030-May-2012_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20%20-%20182000%2030-May-2012_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Pharmaceuticals and
specialty products comprising of BOPP, Metalized Films and Leather Finishing
Foils. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS [As on 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
BOPP Film |
Tonnes |
51150 |
31725.09 |
|
Soft Leather Finishing Foil |
Lacs (SFT) |
591 |
83.65 |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
|
|
|
Solicitors: |
|
|
Name : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Enterprises owned or significantly
influenced by key management personnel or their relatives: |
|
|
|
|
|
Employee benefit funds: |
|
|
|
|
|
Joint Venture : |
·
Forum
I Aviation Limited |
|
|
|
CAPITAL STRUCTURE
After As on
27.09.2011
Authorised Capital : 1000.000 millions
Issued, Subscribed & Paid-up Capital : 529.138 millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
460000000 |
Equity Shares |
Rs.2/- each |
Rs.920.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
232484410 |
Equity Shares |
Rs.2/- each |
Rs.464.969
Millions |
Note:
Of the above:
(i) 57,660,400 (Previous year: 57,660,400) equity shares of Rs. 2/- each are allotted as fully paid up bonus shares out of Securities Premium account.
(ii) 1,577,714 (Previous year: 1,468,037) Equity shares of
Rs. 2/- each are allotted as fully paid up under employee stock option plan.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
464.969 |
464.749 |
444.061 |
|
|
2] Share Application Money |
867.000 |
867.000 |
0.000 |
|
|
3] Reserves & Surplus |
21185.883 |
21588.274 |
20179.477 |
|
|
4] Employee Stock Options Outstanding |
189.688 |
55.121 |
0.000 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22707.540 |
22975.144 |
20623.538 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1021.640 |
820.175 |
1005.875 |
|
|
2] Unsecured Loans |
5219.275 |
5219.275 |
8.261 |
|
|
TOTAL BORROWING |
6240.915 |
6039.450 |
1014.136 |
|
|
DEFERRED TAX LIABILITIES |
99.798 |
26.904 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
29048.253 |
29041.498 |
21637.674 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3293.834 |
1841.356 |
1742.733 |
|
|
Capital work-in-progress |
27.723 |
223.963 |
256.005 |
|
|
|
|
|
|
|
|
INVESTMENT |
19706.702 |
25825.615 |
16903.046 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
415.610
|
254.600 |
280.431 |
|
|
Sundry Debtors |
752.452
|
612.008 |
528.974 |
|
|
Cash & Bank Balances |
4576.864
|
144.350 |
1663.320 |
|
|
Other Current Assets |
83.039
|
0.263 |
4.993 |
|
|
Loans & Advances |
981.925
|
543.316 |
666.806 |
|
Total
Current Assets |
6809.890
|
1554.537 |
3144.524 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
655.653
|
243.293 |
308.981 |
|
|
Other Current Liabilities |
74.855
|
60.969 |
21.868 |
|
|
Provisions |
59.388
|
99.711 |
83.788 |
|
Total
Current Liabilities |
789.896
|
403.973 |
414.637 |
|
|
Net Current Assets |
6019.994
|
1150.564 |
2729.887 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
6.003 |
|
|
|
|
|
|
|
|
TOTAL |
29048.253 |
29041.498 |
21637.674 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4170.104 |
3331.416 |
3537.551 |
|
|
|
Income from Investment Activities |
459.413 |
218.602 |
471.998 |
|
|
|
Other Income |
230.522 |
36.989 |
189.698 |
|
|
|
TOTAL (A) |
4860.039 |
3587.007 |
4199.247 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other Expenses |
3298.676 |
2560.254 |
3583.922 |
|
|
|
Personnel Expenses |
600.468 |
338.611 |
0.000 |
|
|
|
Administration and other Expenses |
534.393 |
379.859 |
0.000 |
|
|
|
Diminution in value of Investments and
Doubtful Advances to Subsidiary |
0.000 |
0.000 |
226.217 |
|
|
|
(Increase)/ Decrease of Inventories |
[43.998] |
11.089 |
1.887 |
|
|
|
TOTAL (B) |
4389.539 |
3289.813 |
3812.026 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
470.500 |
297.194 |
387.221 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
672.155 |
145.558 |
162.483 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
[201.655] |
151.636 |
224.738 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.403 |
125.988 |
120.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
[348.058] |
25.648 |
104.139 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
72.894 |
31.525 |
[114.208] |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
[420.952] |
[5.877] |
218.347 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6865.818 |
6871.695 |
6653.348 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
6444.866 |
6865.818 |
6871.695 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB Basis |
1096.829 |
527.285 |
655.751 |
|
|
|
Settlement Compensation |
179.428 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1276.257 |
527.285 |
655.751 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
780.070 |
462.130 |
514.003 |
|
|
|
Components and Spares Parts |
41.198 |
34.316 |
26.429 |
|
|
|
Capital Goods |
875.367 |
5.444 |
107.509 |
|
|
|
Others |
0.000 |
0.000 |
0.115 |
|
|
TOTAL IMPORTS |
1696.635 |
501.89 |
648.056 |
|
|
|
|
|
|
|
|
|
|
Earnings / Loss
Per Share (Rs.) |
[1.81] |
[0.03] |
0.98 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
30.12.2011 3rd Quarter |
31.3.2012 4th Quarter |
|
Net Sales |
1786.500 |
1758.800 |
1713.100 |
1944.300 |
|
Total Expenditure |
1700.300 |
1883.300 |
1705.900 |
1853.700 |
|
PBIDT (Excl OI) |
86.200 |
(124.500) |
7.200 |
90.600 |
|
Other Income |
127.700 |
118.300 |
76.800 |
23.700 |
|
Operating Profit |
213.900 |
(6.200) |
84.000 |
114.300 |
|
Interest |
167.500 |
46.400 |
50.300 |
46.300 |
|
PBDT |
46.400 |
(52.600) |
33.700 |
68.000 |
|
Depreciation |
56.400 |
55.900 |
57.300 |
57.800 |
|
Profit Before Tax |
(10.000) |
(108.500) |
(23.600) |
10.200 |
|
Tax |
7.500 |
(4.800) |
(4.500) |
24.100 |
|
Profit After Tax |
(17.500) |
(103.700) |
(19.100) |
(13.900) |
|
Net Profit |
(17.500) |
(103.700) |
(19.100) |
(13.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
[8.66]
|
[0.16] |
5.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[8.35]
|
0.77 |
2.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[3.44]
|
0.76 |
2.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.02]
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.31
|
0.28 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.62
|
3.85 |
7.58 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
Yes |
FINANCIAL RESULTS:
Fiscal 2010-11 was a year of consolidation for Max Speciality Films
(MSF), the Speciality Packaging Manufacturing division of Subject. Its plant at
Railmajra, near
During the period, installed capacity of BOPP in
MSF maintained high production efficiencies and all its BOPP production
and metallisation lines achieved 100% capacity utilisation. It achieved volume
growth of 103% in thermal film sales. Exports registered growth of 108%. The total
number of employees as on 31 March 2011 was 455.
In the year 2010-11, MSF won the prestigious ‘IndiaStar’ awards for six
products for innovative design and development in packaging from Indian
Institute of Packaging. It also won the ‘World Star’ award from the World
Packaging Organisation for a new product.
BUSINESS
INVESTMENTS
The Company made an additional investment of Rs. 533.900 Millions
towards equity contribution in MHC during year, taking the total equity contribution
in MHC to Rs. 2194.900 Millions as of March 31, 2011. Further, the Company
contributed an amount of Rs. 1000.000 Millions towards subscription to
Compulsorily Convertible Preference Shares (CCPS) of MHC as of date.
The Directors have already approved acquisition of 47,617,924 equity
shares of Rs. 10/- each of MHC constituting the entire shareholding of 16.37%
held by the entities forming part of Warburg Pincus group at an acquisition
price of Rs. 29.40 per share for a total consideration of Rs. 1400.000 Millions
, subject to requisite approvals. The Company expects to conclude aforesaid
transaction on or before December 15, 2011. With this acquisition, the
Company’s equity shareholding in MHC would stand increased to 91.84%.
During the year, the Company also made a further investment of
Rs.888.000 Millions in MBHI. With this, the total equity contribution by the
Company in MBHI stood increased to Rs.2005.400 Millions as of March 31, 2011.
The Company also made a further investment of Rs. 59.200 Millions in
MNYL taking the total investment in MNYL to Rs.14665.100 Millions as of March
31, 2011.
OVERVIEW
SUBJECT IS A
MULTIBUSINESS ORGANISATION THAT IS FOCUSED ON PEOPLE AND SERVICE-ORIENTED
BUSINESSES. DRIVEN BY THE SPIRIT OF
The Company’s core portfolio comprises businesses that deal with life.
Each of these businesses has a significant long term value proposition. Today,
these are in different stages of their development and growth phases and are
supported by well calibrated strategies and investments. The businesses:
‘Protects life’ through the life insurance subsidiary, Max New York
Life Insurance (MNYL), a joint venture between Max India and New York Life
Enterprises, a Fortune 100 company.
‘Cares for life’ through the healthcare company, Max Healthcare (MHC),
a subsidiary company.
‘Enhances life’ through the health insurance company, Max Bupa Health
Insurance (MBHI), a joint venture between Max India and Bupa Finance Plc,
‘Improves life’ through the clinical research business, Max Neeman
Medical International (MNMI), a fully owned
subsidiary of Max India.
In addition, Subject has a well established and profitable manufacturing
business, Max Speciality Films (MSF) that specialises in manufacturing a
wide range of sophisticated barrier and packaging films.
With improved economic conditions, each of the businesses performed well
during 2010-11. Thus, as a consolidated portfolio, Subject improved its
financial results in 2010-11.
PERFORMANCE
HIGHLIGHTS: 2010-11
Key Developments in the Different Businesses, 2010-11
LIFE INSURANCE
- Embedded
value grew by 18% to Rs.32160.000 Millions in 2010-11.
- Value of new
business was Rs.2350.000 Millions in 2010-11, translating into a margin of
19.5%.
- The market
share increased from 5.5% in 2009-10 to 7.5% in 2010-11.
- It generated
shareholders’ profit of Rs.1940.000 Millions in 2010-11 against a loss of
Rs.210.000 Millions in 2009-10.
- Additionally,
it generated an undistributed surplus of Rs.890.000 Millions during
2010-11 in the policyholders’ account against Rs.450.000 Millions in
2009-10.
HEALTHCARE
(NETWORK OF HOSPITALS)
- EBITDA for
Rs.520.000 Millions in 2010-11; up 121% over the previous year.
- EBITDA margin
improves from 4.4% in 2009-10 to 7.6% in 2010-11.
SPECIALITY
PRODUCTS
- Expanded
capacity to 52,000 tpa with a new line of 22,000 tpa coming on-stream.
- Net profit
grew by 77% to Rs.360.000 Millions in 2010-11.
- Won the Worldstar
Packaging Excellence Award 2010.
HEALTH INSURANCE
- Created its
footprint in the industry with gross written premium of Rs.250.000
Millions from 46,000 lives covered in 2010-11.
- Diversified
product portfolio – IMEP, SME, Micro Insurance and Retail (rural and
urban) products.
- Set benchmark
in the industry with highest agent and telesales channel productivity.
MANAGEMENT
DISCUSSION AND ANALYSIS
(i) Max New York
Life Insurance Company Limited
Financial Year 2010-11 was a year of continuing growth for Max New York
Life Insurance Company Limited (MNYL). During the year, total revenue (first
year premium + renewal premium) increased by 20% to Rs.58130.000 Millions;
renewal premium recorded a growth of 25% to Rs.37510.000 Millions; first year
premium recorded a growth of 11% to Rs.20620.000 Millions. Individual adjusted
first year premium (adjusted for single pay), which MNYL believes is the true
barometer of new business performance of a life insurance company, was
Rs.17240.000 Millions , recording a growth of 9%. MNYL’s market share among the
private players based on adjusted first year premium went up by 200 bps to
7.5%. Sum assured recorded a growth of 26% to Rs.1546870.000 Millions. At 81%,
MNYL’s conservation ratio remained one of the best in the industry. Cost ratio
improved from 42% to 38% due to the impact of cost management initiatives taken
during the year. Profit after tax went up by more than 12 times to Rs.2830.000
Millions. Assets under management recorded a growth of 37% to Rs.138360.000
Millions. MNYL maintained more than double the stipulated solvency margin at
365%.
During the year, MNYL launched a range of ULIPs, designed to meet
specific needs of different customers like Shiksha Plus II, Shubh Invest and
Flexifortune. MNYL also launched ‘College Plan’ – a traditional guaranteed
money back plan, which helps customers create a corpus for their child’s higher
education.
During 2010-11, MNYL took an important step towards evolving a more
comprehensive multi-channel distribution network with the corporate agency
agreement with Axis Bank – the third largest private sector bank in the
country. This channel became active in May 2010 and provided MNYL with a strong
national bancassurance relationship. With around 1,400 branches across more than
600 locations, it was expected that the relationship with Axis Bank will
provide MNYL access to a relatively large number of new customers. This
expectation has been achieved. By March 2011, MNYL had sold more than 1 lakh
policies through this new relationship. It is the first and only Indian life
insurance company to have been awarded the CIIEXIM Bank Commendation
Certificate for ‘Strong Commitment to Excel’ for three consecutive years from
2008 to 2010.
In terms of first year premiums, the regional distribution across
During 2010-11, traditional products gained greater share in MNYL’s
product mix. In fact, the share of traditional plans in total revenue increased
from 30% in 2009-10 to 39% in 2010-11, while that of ULIPs decreased from 70%
to 61% over the same period. MNYL’s assets under management grew by 37% to
Rs.138360.000 Millions as on 31 March 2011, which comprised roughly 60% debt
and 40% equity.
During the period under review, MNYL has made significant progress.
Today, MNYL is not only one of the most recognised brands in the life insurance
segment, but also across the Indian corporate sector as a whole. The brand
awareness score touched an all time high of 98% in March 2011. This is a
significant 11 percentage point jump over March 2010. With this development,
the brand is now ranked fourth among all private insurance players.
(ii) Max Healthcare
Institute Limited:
Max Healthcare Institute Limited (MHC) provides comprehensive,
integrated and international class healthcare services with state-of-art
infrastructure designed in accordance with international norms. MHC operates
six super-specialty and multi-specialty hospitals and two specialty medical
centres located in
During the fiscal 2010-11, MHC continued to progress along its long term
growth roadmap. It also significantly expanded its infrastructure and manpower,
and expanded capabilities to capture the growing opportunities in the high
quality Indian healthcare space. Its new 200 bed
During the year, revenue across the network of hospitals grew by 28% to
Rs.6850.000 Millions in 2010-11, average
revenue per occupied bed day increased by 6% to Rs. 21,558. EBIDTA margin rose
from 4.4% in 2009-10 to 7.6% in 2010-11. Average operational beds increased by
23% from 751 in 2009-10 to 926 in 2010-11, with the new blocks of Patparganj
and Saket getting fully operational. The incremental capacity across all MHC’s
healthcare facilities reduced from 73% in 2009-10 to 68% in 2010-11 in a relative
sense, although total beds occupied continues to show an upward trend. Average
length of stay was 3.56 days in 2010-11.
As on March 31, 2011, MHC has approximately 1,250 doctors, 1,725 nurses
and 1,840 para-medical and other staff across the network of hospitals. There
is a registered patient base of 11.42 lakh patients with an average of
approximately over 250,000 patient transactions per month.
(iii)Max Bupa
Health Insurance Company Limited:
Max Bupa Health Insurance Company Limited (MBHI) was formed in September
2008. With a purpose to build longterm healthcare partnerships and provide
expertise for life, MBHI is working towards helping people live longer,
healthier and more successful lives.
During the fiscal 2010-11, total market for health insurance premium in
India was Rs.111370.000 Millions - a 34%
growth over 2009-10. The share of health insurance in overall general insurance
in
The period for the financial year 2010 -11, was the first full year of
MBHI’s business operations. It was a year of learning, development and growth.
MBHI completed 2010-11 with over 46,000 lives under cover. Gross written
premium (GWP) was Rs.250.000 Millions . The provider network grew to 750,
spanning over 200 cities in
MBHI launched the Heartbeat Family First in 2010-11, a first of its kind
product designed especially for the extended Indian Joint Family and it was
later awarded the ‘Best Product Innovation Award for 2011’ from the India
Insurance Review.
(iv) Max Neeman Medical
International Limited:
Max Neeman Medical International Limited (MNMI) is a value added
contract research organization (CRO) that provides a broad range of clinical
research services to global pharmaceutical, device and biotechnology companies.
It also collaborates with other CROs in providing a variety of services.
Estimates suggest that the Indian clinical trials industry will reach US$ 1.3bn
by 2012.
During the period, MNMI had a team of over 210 clinical research
coordinators and associates with a pan –
In fiscal 2010-11, revenues increased from Rs. 187.000 Millions in 2009- 10 to Rs. 241.000 Millions in 2010-11, while PBT grew to Rs. 45.000
Millions in 2010-11 against Rs. 22.000
Millions in 2009-10. MNMI continues to
increase its client base. It added 20 new clients during 2010-11 taking the
total client base to 77. The employee count increased from 270 at the end of
2009-10 to over 320 at the end 2010-11.
OUTLOOK
The outlook for
Subject has to do with those of its different business. As mentioned earlier,
most of the businesses are in a development phase. The economic environment is
recovering fast, with
The insurance
business is expected to regain its growth momentum but at a lower rate than
what was seen between 2001 and 2007. Moreover, conditions are unclear given the
regulatory changes that have started coming into place since June 2010.
Growth of the
healthcare business will depend on Max Healthcare’s project management skills
with new expansions and its ability to profitably manage operations at existing
facilities. There may be some pressure on profitability in the next couple of
years due to costs related to the starting of the newer hospitals.
The health insurance
business, Max Bupa, has just commenced commercial operations. It is operating
in a fast growing market and one expects good traction in this business in the
near future. The focus is on developing the customer base.
The most profitable
business, Max Speciality Films, will face some pricing pressure with new
capacities coming on board in the industry. However, its product quality and
marquee customer base will help in growth.
Although
Subjectalways maintains an air of caution, its outlook for 2011-12 is fairly
optimistic. It believes that the year will be another positive step in the
Company’s progress in creating long term shareholder value.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
PARTICULARS |
31.03.2011 (RS. IN MILLIONS) |
31.03.2010 (RS. IN MILLIONS) |
|
Corporate guarantee given to financial institutions /
banks in respect of financial assistance availed by a subsidiary of the
Company. |
|
|
|
- Export-Import Bank of |
637.500 |
693.750 |
|
- Housing Development Finance Corporation Limited |
1956.360 |
2137.080 |
|
Claims against the Company not acknowledged as debts |
|
|
|
- Excise Duty Demands |
167.731 |
74.453 |
|
- Custom Duty Demands |
36.336 |
37.643 |
|
- Service Tax Demands |
33.386 |
33.902 |
|
Liability on account of discounting of Bills |
60.999 |
0.000 |
|
Letters of credit outstanding with various banks in favour
of domestic and foreign suppliers for supply of raw materials and capital
goods |
148.249 |
811.116 |
|
Obligation arising from import of capital equipment at concessional rate of duty during the year under Export Promotion Capital Goods Scheme |
299.533 |
181.075 |
|
Put option liability of 2% Optionally Partially convertible preference shares allotted by a subsidiary |
3699.751 |
3325.615 |
|
Total |
7039.845 |
7294.634 |
NOTE:
- Guarantees given by the Company on behalf of a subsidiary is not considered as prejudicial to the interest of the Company as it provides opportunities for growth and increase in operations.
- Claims against the Company not acknowledged as debts represent the cases pending with judicial forums/authorities. Based on management estimation, future cash outflow in respect of these cases are determinable only on receipt of judgements / decisions pending with various forums/authorities. The Company has not made any provision for the demands in Excise, Service Tax and Customs as the Company believes that they have a good case based on existing judicial pronouncements.
- The export obligation undertaken by the Company for import of capital equipment under Export Promotion Capital Goods Scheme of the Central Government at concessional or zero rate of custom duty are in the opinion of the management expected to be fulfilled within the respective timelines.
- In
2007-08, the Company had granted a put option to International Finance
Corporation (“IFC”), in respect of its subscription to the Company’s
subsidiary Max Healthcare Institute Limited’s Optional Cumulative
Partially Convertible Redeemable Preference Shares aggregating Rs.
2500.000 Millions together with an assured IRR of 11.25%. The Company’s
obligation on the above put option is exercisable by IFC any time after
July 20, 2010 or in the event of non performance of certain obligations by
Max Healthcare Institute Limited and/or by the Company. As confirmed by
management, no such event has happened that necessitates provision of such
obligation in books of account.
STATEMENT
OF AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31.2012
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
(Quarter Ended) (Audited) |
Year Ended (Audited) |
|
|
a) Net Sales/Income from Operations |
1737.200 |
1695.400 |
6949.000 |
|
Income from investors activities |
207.100 |
75.300 |
521.000 |
|
Total From
Operation Net |
1944.300 |
1770.700 |
7470.000 |
|
Expenses |
|
|
|
|
a) cost of materials
Consumed |
1156.800 |
1166.700 |
4825.000 |
|
b) Purchase of Traded Goods |
0.000 |
0.000 |
0.000 |
|
c) Change in Inventories of finished goods and work in progress |
58.600 |
34.900 |
(5.300) |
|
d) Employees benefits Expenses |
121.700 |
154.100 |
618.500 |
|
e) Depreciation and amortisation Expenses |
57.800 |
57.300 |
227.400 |
|
f) Other expenditure |
516.600 |
350.200 |
1705.100 |
|
Total Expenses |
1911.500 |
1763.200 |
7370.700 |
|
Total |
|
|
|
|
Profit from
Operations before Other Income, Interest and Exceptional items (1-2) |
32.800 |
750.000 |
(8.000) |
|
Other Income |
23.700 |
19.200 |
79.200 |
|
Profit before
Interest and Exceptional items (3+4) |
56.500 |
26.700 |
178.500 |
|
Financial Cost |
46.300 |
50.300 |
165.700 |
|
Profit from
Operations before Other Income, Interest and Exceptional items (5-6) |
10.200 |
(23.600) |
(132.000) |
|
Exceptional items |
0.000 |
0.000 |
179.400 |
|
Profit / (loss)
from ordinary activities (7-8) |
10.200 |
(23.600) |
(132.000) |
|
Tax Expenses -Income tax -Deferred Tax |
-- 24.100 |
-- (4.500) |
-- (22.400) |
|
Profit / (loss) from
ordinary activities (9-10) |
(13.900) |
(19.100) |
(154.400) |
|
Extraordinary items (net of Tax) |
- |
- |
- |
|
Net Profit
(loss) period (11-12) |
(139.900) |
(19.100) |
(154.400) |
|
|
|
|
|
|
Paid equity share capital (Face
Value of Rs.2 per share) |
529.100 |
529.100 |
529.100 |
|
Reserves excluding Revaluation Reserve as per Balance Sheet of
previous Accounting Year |
NA |
NA |
NA |
|
i) Basic and
Diluted earnings (loss) per share (Rs) |
(0.500) |
(0.700) |
(6.000) |
|
Particulars |
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
(Quarter Ended) (Audited) |
Year Ended |
|
|
Public
shareholding - Number of shares - percentage of
shareholding |
166587956 62.97% |
166587956 62.97% |
166587956 62.97% |
|
Promoters and
promoters Groups shareholding |
|
|
|
|
a) Pledged/ Encumbered |
|
|
|
|
- Number of shares |
58631508 |
55805161 |
58631508 |
|
- Percentage of share (as
% of the total shareholding of Promoter group) |
59.84% |
56.95% |
59.84% |
|
- Percentage of share (as
% of the total share capital of the Company) |
22.16% |
21.09% |
22.16% |
|
b) Non-Encumbered |
|
|
|
|
- Number of shares |
39349646 |
42175993 |
39349646 |
|
- Percentage of share (as %
of the total shareholding of Promoter group) |
40.16% |
43.05% |
40.16% |
|
- Percentage of share (as
% of the total share capital of the Company) |
14.87% |
15.94% |
14.87% |
|
|
Particulars |
Quarter Ended 31.03.2012 |
|
|
|
|
|
B |
INVESTORS COMPLAINTS |
|
|
|
|
|
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the Quarter |
3 |
|
|
Disposed off during the Quarter |
3 |
|
|
Remaining unresolved at the end of the Quarter |
Nil |
|
|
|
|
· During the quarter, the Company had given an advance amounting to Rs. 240.500 millions ngain.it equity investment in its subsidiary, Max Blips Health Insurance Company Limited ("Max Bupa"). Subsequently, on May 1, 2012, the Company has been allotted equity shares for the said amount.
· The Company on March 28, 2012 acquired 7,142.857 equity shares of Rs. 10/- each of its Subsidiary, Max Healthcare Institute Limited (MHC) from S&G Investments Limited at an acquisition price of Rs. 0.005 millions per share aggregating Rs. 3S7.100 millions. Further, the Company acquired 7,142,858 equity shares of Rs. 10/- each of its Subsidiary, Max Healthcare Institute limited (MHC) from Humlel Investments Limited at un acquisition price of Rs. 0.005 millions per equity share aggregating Rs. 357.100 millions on May 4, 2012 taking the Company's shareholding in MHC to 71.17V...
· Subsequent to the quarter end. Japan's Mitsui Sumitomo Insurance Company Limited (MSICI.) has signed a definitive tripartite agreement with New York Lite International Moldings Ltd (NYL) and Max India Limited to acquire a 26 percent stake in Max New York Life Insurance Company Limited through a series of transactions which would result in a net consideration of Rs. 8020.000 millions in the Company. The Company stake in MNYL will continue to remain close to 70% in capital the above is subject to regulatory approval.
· Previous period figures have been regrouped / reclassified to conform to the current period classification.
· The figures of the quarter ended March 31.2012 are the balancing figures between audited figures in respect of the full financial year up to March 31,2012 and the reviewed published year-to-dale figures up to December 31.2011 being the date of the end of the third quarter of the financial year.
· The above results have been reviewed by the Audit Committee in its meeting held on May 23, 2012 and approved by the Board of Directors of the Company at its meeting held today.
(Rs.
in millions)
|
Particulars |
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
(Quarter Ended) (Audited) |
Year Ended |
|
|
Segment Revenue |
|
|
|
|
a) specialty product |
1737.200 |
1695.400 |
6949.000 |
|
b) Business investors |
207.100 |
75.300 |
521.000 |
|
c) Unallocated |
- |
- |
- |
|
Total Income
from operation |
1944.300 |
1770.700 |
7470.000 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
a) specialty plastic product |
151.600 |
110.400 |
555.000 |
|
b) Business investors |
185.200 |
73.900 |
375.000 |
|
Less |
|
|
|
|
i) Interest |
46.300 |
50.300 |
189.300 |
|
ii) Other unallocable Income Expenditure net of unallocable Income |
280.300 |
157.000 |
872.700 |
|
Total (loss) Before
Tax |
10.200 |
(23.600) |
(132.000) |
|
Capital Employed
|
|
|
|
|
a) specialty plastic product |
4597.300 |
4576.100 |
4597.300 |
|
b) Business investors |
25451.400 |
25357.600 |
25451.400 |
|
c) Unallocated |
(1332.100) |
(1216.500) |
(1332.100) |
|
Total Capital
Employed in Segment |
28716.600 |
28717.200 |
28716.600 |
(Rs.in millions)
|
SOURCES OF FUNDS |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
Share Capital |
529.100 |
|
|
Reserves & Surplus |
28187.500 |
|
|
Money received against share warrant |
0.000 |
|
|
NETWORTH |
28716.600 |
|
|
2. Non -current
Liabilities Loan Funds |
|
|
|
a) long term borrowing |
881.500 |
|
|
B) Deferred Tax Liabilities |
122.200 |
|
|
c) Long term provision |
21.800 |
|
|
TOTAL BORROWING |
1025.500 |
|
|
|
|
|
|
Current
Liabilities |
|
|
|
a) Short term borrowing |
80.900 |
|
|
b) Trade payables |
487.200 |
|
|
c) other Current Liabilities |
293.900 |
|
|
d) short term provision |
126.900 |
|
|
Total Current Liabilities |
988.900 |
|
|
|
|
|
|
ASSETS |
|
|
|
Non –current
assets |
|
|
|
a) Fixed Assets |
3250.500 |
|
|
c) Non –current investment |
21891.400 |
|
|
d) long term Loan and advances |
46.600 |
|
|
Sub-Total Non- Current Assets |
25188.500 |
|
|
|
|
|
|
|
Current Investment |
1185.100 |
|
|
Inventories |
485.200 |
|
|
Trade Receivable |
1195.200 |
|
|
Cash & Bank Balances |
1781.600 |
|
|
Short term Loans & Advances |
878.300 |
|
|
Other Current Assets |
17.100 |
|
Total
Current Assets |
5542.500 |
|
|
TOTAL |
30731.000 |
|
FIXED
ASSETS:
· Land (Freehold)
· Building
· Leasehold Improvements
· Plant and Machinery
· Furniture, Fittings and Equipments
· Vehicles
· Software
· Previous Years
· Capital Work in Progress
Website Details:
Business Description:
Subject is an India-based company. The Company is engaged in
developing new business opportunities in the field of clinical trials for
contract research organizations (CRO) and provide business development support
in the
Profile:
Max Speciality Films (MSF) is a division of Max India Limited, a multi-business corporation engaged in the businesses of Life Insurance, Healthcare, Clinical Research and Health Staff.
MSF is a fully-owned business specialising in the manufacture of a wide range of sophisticated Packaging unmetallised BOPP films and metallised BOPP films including High Barrier films, Thermal Lamination films and Leather finishing foils. It caters to the needs of diverse packaging industries including food packaging, overwrapping, consumer products, labels and textile industries.
PRESS RELEASES:
Max India posts Net Profit for Q2FY12 at Rs.
580.000 millions against loss of Rs. 970.000 millions for Q2FY11
November 2011
Consolidated Operating Revenue at Rs. 18060.000 millions, up 16% -
- Life Insurance: Overall half yearly profits
grows 8 times to Rs. 3750.000 millions Shareholder Profit for Q2 FY12 at
Rs. 1330.000 millions against loss of Rs.810.000 millions in Q2 FY11;
gains 3% market share to 9.8%
- Healthcare: Ties in largest FDI in Indian healthcare space; refines organizational leadership, soft launch of Shalimar Bagh, Mohali and Bhatinda facilities…. expands capacity to 1800 beds
- Health Insurance: sustains encouraging sales trend, 97,000+ lives in force
- Specialty plastic products: Achieves 100% capacity utilization within 3 months of expansion
Max India Limited today announced its results for the quarter ended
September 30, 2011. The consolidated Net Profit for the quarter ended September
30, 2011 at Rs.580.000 millions against loss of Rs.970.000 millions for the
corresponding previous quarter. The consolidated Net Profit for the half year
ended September 30, 2011 at Rs.1280.000 millions against loss of Rs.1220.000
millions for the corresponding previous period.
The consolidated operating revenue for the quarter ended September 30,
2011 at Rs.18060.000 millions against Rs.15570.000 millions in the
corresponding previous quarter, grows 16% year-on-year. The consolidated
operating revenue for the half year ended September 30, 2011 at Rs.34820.000
millions against Rs.30520.000 millions in the corresponding previous period,
grows 14% year-on-year. The consolidated revenue for the quarter ended
September 30, 2011 at Rs.19960.000 millions against Rs.22570.000 millions in
the corresponding previous quarter declines 12% on account of decline in
investment and other income with fluctuation in capital markets. The
consolidated revenue for the half year ended September 30, 2011 at Rs.40170.000
millions against Rs.40950.000 millions in the corresponding previous period
declines 2% for similar reason.
Max
Gross premium income for the quarter ended September 30, 2011 at
Rs.15000.000 millions against Rs.13610.000 millions in the corresponding
previous year, grows 10% year-on-year. Gross premium income for the half year
ended September 30, 2011 at Rs.28730.000 millions against Rs.26650.000 millions
in the corresponding previous year grows 8% year-on-year. Individual Adjusted
First Year Premium (APE) for the quarter ended September 30, 2011 at
Rs.3410.000 millions against Rs.4420.000 millions in the corresponding previous
year, declines 23% year-on-year. APE for the half year ended September 30, 2011
at Rs. 670 Crore against Rs.8260.000 millions in the corresponding previous
year, declines 19% year-on-year. Private Life Insurers during the same time
registered a 43% decline in APE causing MNYL to gain 3% market share amongst
private life insurers from 6.8% in H1 FY11 to 9.8% in H1 FY12
Assets under Management as at September 30, 2011 at Rs.14708.000
millions grows 20% year-on-year Sum assured in force as at September 30, 2011
around Rs.1480000.000 millions grows 3% year-on-year. The business is well
capitalized at Rs.19760.000 millions, as at September 30, 2011 with solvency
surplus of Rs.10740.000 millions.
MNYL launched Monthly Income Plan launched a non-participating product
that provides regular flow of income, with payout indexed to a benchmark G Sec
rate, base guarantee and comprehensive protection. Brand awareness is reported
at 97% in September 2011.
Max Healthcare (MHC)
Revenue across network of hospitals for the quarter ended September 30,
2011 at Rs.1980.000 millions against Rs.1700.000 millions in the corresponding
previous quarter grows 16% year-on-year. Revenue across network of hospitals
for the half year ended September 30, 2011 at Rs.3870.000 millions against
Rs.3290.000 millions in the corresponding previous period grows 18%
year-on-year. The average revenue per occupied bed day for the quarter ended
September 30, 2011 at Rs.0.023 millions against Rs.0.020 in the corresponding
previous quarter, improves 15% year-on-year. The average revenue per occupied
bed day for the half year ended September 30, 2011 at Rs.0.023 millions against
Rs.0.021 millions in the corresponding previous period, improves 12%
year-on-year. Average Occupancy across facilities improves from 72.6% to 74.2%
with average length of stay maintained at 3.6 days for the quarter ended
September 30, 2011. Average Occupancy across facilities improves from 68.3% to
71.2% with average length of stay improved from 3.58 to 3.54 days for the half
year ended September 30, 2011.
EBITDA for the quarter ended September 30, 2011 at Rs.87.000 millions
against Rs.91.000 millions in the corresponding previous quarter declines 4%
y-o-y as new beds commence operations. EBITDA margin for the quarter ended
September 30, 2011 at 4.4% against 5.4% in the corresponding previous period.
EBITDA for the half year ended September 30, 2011 at Rs.198.000 millions
against Rs.139.000 millions in the corresponding previous quarter, grows 42% year-on-year.
EBITDA margin improves from 4.2% to 5.1% for the half year ended September 30,
2011.
Max Bupa Health Insurance
(MBHI)
Max Bupa sustained encouraging sales trend with Gross Written Premium of
Rs.2190.000 millions collected for the quarter ended September 30, 2011 against
Rs.59.000 millions in the corresponding previous period, grows 268%. Gross
Written Premium of Rs.35.600 millions collected for half year ended September
30, 2011 against Rs. 82.000 millions in the corresponding previous period,
grows 335%. Around 40,000 lives covered in second quarter of FY12, close to
100,000 lives as of September 2011 are in force since the business commenced
operations. Peak equity commitment of Rs.6900.000 millions with Rs.3520.000
millions infused till date.
IRDA approval has been received for two more products - Employee First
Classic and Health Companion. Organization’s excellence and achievement in IT
gets recognition with InformationWeek EDGE Award.
Max Speciality Films (MSF)
Revenue for the quarter ended September 30, 2011 at Rs.1760.000 millions
against Rs.990.000 millions in the corresponding previous quarter, grows 79%
year-on-year. Revenue for the half year ended September 30, 2011 at Rs.3550.000
millions against Rs.1900.000 millions in the corresponding previous period,
grows 87% year-on-year. BoPP sales quantity for the quarter ended September 30,
2011 at 13,870 tons against 7,571 tons in the corresponding previous quarter
grows 83% year-on-year. BoPP sales quantity for the half year ended September
30, 2011 at 26,807 tons against 14,840 tons in the corresponding previous
period grows 81% year-on-year.
EBITDA for the quarter ended September 30, 2011 at Rs.190.000 millions
against Rs.130.000 millions in the corresponding previous period, grows 50%
year-on-year. EBITDA for the half year ended September 30, 2011 at Rs.400.000
millions against Rs.240.000 millions in the corresponding previous period,
grows 68% year-on-year. MSF sustained its profitability trend with profit before
tax for the quarter ended September 30, 2011 at Rs.93.000 millions against
Rs.86.000 millions in the corresponding previous year, grows 8% year-on-year.
Profit before tax for the half year ended September 30, 2011 at Rs.200.000
millions against Rs.140.000 millions in the corresponding previous year, grows
43% year-on-year.
Max Neeman Medical
International (MNMI)
Revenue for the quarter ended September 30, 2011 at Rs.58.000 millions,
declines 15% year-on-year. Revenue for the half year ended September 30, 2011
at Rs.88.000 millions, against Rs.91.000 millions for the corresponding
previous period. Profit for Q2FY12 at Rs.7.000 millions against profit of Rs.
23.000 millions in Q2 FY11 Loss for the half year ended September 30, 2011 at
Rs.18.000 millions against profit of Rs.5.000 millions in the corresponding
previous period. Order book as at September 30, 2011 at Rs.320.000 millions,
with net addition of Rs.70.000 millions in Q2FY12
About Max India
Max India Group is a multi-business corporate, driven by the spirit of
enterprise and focused on people and service oriented businesses. The Company
is headquartered in
Max India
Max India is in the ‘Business of Life’ with its vision is to be one of
The flagship company Max India Limited is a widely held public listed
entity, with the owner sponsors, led by Analjit Singh holding over 37% stake.
Its other shareholders include some of world’s best Institutional Investors
such as, Warburg Pincus, Goldman Sachs and IFC.
SUBSIDIARIES
Max New York Life (MNYL) is a joint venture between Max India Ltd.
and New York Life, a Fortune 100 company and the largest life insurer in
Max Healthcare(MHC) is the country's leading comprehensive provider of
standardized, seamless and international-class healthcare services. It is
committed to the highest standards of medical and service excellence, patient
care, scientific and medical education. Max Healthcare operates nine facilities
in
The tertiary care hospitals at Saket include
Max Healthcare consolidated its position in
Max Healthcare has a base of over 1250 leading doctors, 3000 employees
and 11,00,000 patients with number of beds growing to over 1900 in the next
three years.
Max Bupa Health Insurance Limited is a joint venture between Max India
Limited and Bupa Finance Plc,
Max Neeman Medical International (MNMI) provides Clinical
Research services across the entire value chain of new drug development. MNMI conducts
Phase II, III, and IV of clinical trial studies and has access to over 1350
ICH-GCP trained investigators and 210 research coordinators across 31 cities to
offers services to a growing list of Pharmaceutical, Biotech and Clinical
Research clients, in
Max Speciality Films (MSF) specializes in manufacturing of wide range
of sophisticated barrier and packaging (BOPP) films to cater to the needs of
wide range of packaging applications including food packaging, overwrap,
consumer products and label manufactures. MSF has an installed capacity of
52,000 tons per annum. MSF’s leather finishing foil business division
manufactures a range of leather finishing and laminating foils
LIFE HEALTHCARE TO
INVESTERS RS.5165.000 MILLIONS IN MAX HEALTHCARE FOR 26% STAKE
All cash deal puts
enterprise value of Max Healthcare (MHC) at over Rs. 2,3000.000 millions
Largest FDI in Indian
Healthcare space
Life Healthcare (LHC)
operates 63 hospitals and 8,000+ beds in South Africa
2nd largest
hospital operator in SA with 27% market share and market cap of over USD 2
billion
LHC to provide expertise in
areas of Nursing
& Training, IT & Information, and Cross Facility Systems
Standardization
New Delhi, 12 Oct 2011 Life Healthcare (LHC), a USD 2 bln South African healthcare major, is set to invest Rs.5165.000 millions in Max Healthcare (MHC), one of India’s leading private healthcare provider, at Rs. 50.55 per share for a 26% stake, in an all cash transaction which puts the enterprise value of MHC at over Rs.23000.000 millions This would be the largest FDI transaction in the Indian Healthcare space. The deal would provide LHC a platform to participate in the high growth Indian private healthcare space.
MHC is a subsidiary of Max India, one of
The deal is subject to approval of the Board’s of LHC and MHC and diligence.
Life Healthcare will have the right to nominate two directors on the board of Max Healthcare. It will also have consultative and informative rights.
Max Healthcare, which operates 8 hospitals in the Delhi-NCR
region and, is in the middle of organic expansion, opening 4 new hospitals in
Delhi-NCR and North India within the current year, in the process almost
doubling its capacity to 1,900 beds it recently started 2 of these hospitals in
Mohali and Bathinda,
MHC’s revenue in Q1 FY 12 was Rs. 1860.000 millions a growth of 19% YoY. Its EBITDA in the same period grew by 133% YoY, to Rs.110.000 millions
Life Healthcare is the second largest private hospital
operators in
Life Healthcare is a highly profitable company with cutting edge practices in expertise in the areas such as Nursing and Training, IT & Information, and Cross Facility Systems Standardization etc. It will work closely with MHC to transplant its expertise in these areas.
About Max Healthcare
Max Healthcare is the country's
leading comprehensive provider of standardized, seamless and
international-class healthcare services. It is committed to the highest
standards of medical and service excellence, patient care, scientific and
medical education. Max Healthcare operates eight facilities in
The tertiary care hospitals at
Saket include
Max Healthcare shall consolidate
its position in
Max Healthcare has a base of over
1250 leading doctors, 3000 employees and 11,00,000 patients with number of beds
growing to over 1900 in the next three years.
About Max India
Max India Group is a
multi-business corporate, driven by the spirit of enterprise and focused on
people and service oriented businesses. The Company is headquartered in
In financial year 2011, Max
India Group recorded a consolidated turnover of nearly Rs.790.000 millions The
Group’s businesses have built commanding presence in their respective sector
through a total customer base of over 4.4 million, over 500 offices spread
across India and people strength of 57,000 persons as on 31st March
2011.
The flagship company Max
India Limited is a widely held public limited company and is listed on the BSE
and the NSE. The company led by Analjit Singh holding 36.5% stake with
other shareholders including some of world’s best Institutional Investors such
as, Warburg Pincus, Goldman Sachs and IFC.
About Life Healthcare
The Life Healthcare (LHC) is a
key role player in the South African healthcare sector, primarily serving the
market for private medically insured individuals, representing more than eight
million people. The group has one of the most extensive footprints in southern
LHC has 27 years’ experience in
operating private hospitals in
LHC’s healthcare business is
organised into two divisions:
Hospital division: representing 93% of LHC’s revenue comprising the
core acute care hospital business and services for acute physical
rehabilitation, mental healthcare and chronic renal dialysis. LHC has an
extensive geographic network of 63 facilities comprising over 8,300 beds,
including hospitals across seven of
Healthcare services
division:
representing 7% of the group’s
revenue for the year comprising acute and long term hospitalisation services to
public sector patients provided by Life Esidimeni with, as well as contracted primary
and occupational healthcare provided by Life Occupational Health.
NEWS AND EVENTS:
The World Start Packaging Organization’s WorldStar 2010 jury has selected Max Speciality Films MAXOPP- PDS ,a Caviated, High Gloss, Wide Seal Range - For Hinge Lid Design Grade MAXOPP for a WorldStar award.
WorldStars are presented only to those packages/Films which, having already won recognition in a national competition (MAXOPP- PDS has previously won the India Star Awards 2010) are compared by an expert panel of judges to similar packages/films from around the world. The Awards will be presented, on 16 May during Interpack, Dusseldorf, Germany.
The World Packaging Organisation is a non-profit, non-governmental, international federation of national packaging institutes, regional packaging federations and other interested parties including individuals, corporations and trade associations. Founded September 6, 1968 in Tokyo by visionary leaders from the global packaging community, the purposes of the organisation include to encourage the development of packaging technology, science, access and engineering; to contribute to the development of international trade; and to stimulate education and training in packaging.
MAX INDIA IN TALKS
SELL POLYPROPYLENE BUSINESS REPORT:
Insurance and hospitals group Max India is looking to divest its polypropylene business for an enterprise value of about Rs 8000.000 millions as part of plans to exit its non-core business, the Economic Times reported on Monday.
The Delhi-based company is in advanced negotiations with at least two overseas firms in Europe and the United States to sell its polypropylene films business, the newspaper said, citing two unnamed company officials.
"The transaction is expected to close sometime this quarter," it said, citing one official.
The polypropylene business is expected to have contributed about Rs 7000.000 millions in revenue in the year ended March 31, the report said.
Max India's spokesperson declined to comment to the newspaper, while Reuters could not immediately reach company officials.
($ =52.09)
MAX INDIA TI SELL
POLYPROPYLENE BIZ : STOCK RISES
Max India is going to sell Polypropylene business for Rs 8000.000 millions reports The Economic Times.
Max India touched an intraday high of Rs 200.90 and an intraday low of Rs 195. At 09:23 hrs the share was quoting at Rs 0.002 millions, up Rs 5.60, or 2.89%.
It was trading with volumes of 29,862 shares. In the previous trading session, the share closed down 1.87% or Rs 3.70 at Rs 194.
The company touched its 52-week high Rs 0.002 millions and 52-week low Rs 140.10 on 20 Sep, 2011 and 30 Dec, 2011, respectively.
Currently, it is trading -7.05% below its 52-week high and 42.47% above its 52-week low.
Market capitalisation stands at Rs 528080.000 millions.
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.55.58 |
|
|
1 |
Rs.87.14 |
|
Euro |
1 |
|
|
|
|
|
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.