MIRA
INFORM REPORT
|
Report Date : |
06.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MEADWESTVACO INDIA PRIVATE LIMITED (w.e.f. 20.03.2008) |
|
|
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Formerly Known
As : |
MEADWESTVACO GLOBAL PRIVATE LIMITED |
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Registered
Office : |
Kumar Business Center, 7th Floor, Bund Garden Road,
Opposite Pune Central, Pune-411001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.02.2007 |
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Com. Reg. No.: |
11-133189 |
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Capital
Investment / Paid-up Capital : |
Rs. 70.363 Millions |
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CIN No.: [Company Identification
No.] |
U74999N2007PTC133189 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Purchaser, Wholesaler, Manufacturer or Seller of packaging paper,
Consumer paper products Office Use products, Specialty Chemicals, to provide
after sales support services in respect of packaging materials etc. |
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No. of Employees
: |
Information denied to the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 330000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “MeadWestvaco Singapore Pte Limited”. It is an established company having a moderate track record. The
reserves of the company seem to be insufficient. However, the financial position of the company seems to be improving.
Trade relations are reported to be fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in 2011
slowed because of persistently high inflation and interest rates and little
progress on economic reforms. High international crude prices have exacerbated
the government's fuel subsidy expenditures contributing to a higher fiscal
deficit, and a worsening current account deficit. Little economic reform took
place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non cooperative
LOCATIONS
|
Registered Office : |
Kumar Business Center, 7th Floor, Bund Garden Road,
Opposite Pune Central, Pune-411001, Maharashtra, India |
|
Tel. No.: |
91-20-66229222 |
|
Fax No.: |
Not Available |
|
E-Mail : |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Gautam Sircar |
|
Designation : |
Managing Director |
|
Address : |
B-1001, Palladium 46, C Nathan Road, Pune-411001, Maharashtra, India |
|
Date of Birth/Age : |
28.04.1956 |
|
Date of Appointment : |
10.04.2008 |
|
DIN No.: |
01875274 |
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|
|
|
Name : |
Mr. Piyush Ranjan |
|
Designation : |
Additional Director |
|
Address : |
I, 202, Crescent I, Thewoods, Near Foutain, In Kalewadi, Pune-411027,
Maharashtra, India |
|
Date of Birth/Age : |
06.12.1971 |
|
Date of Appointment : |
20.08.2012 |
|
DIN No.: |
02773879 |
|
|
|
|
Name : |
Mr. Bruce Vernon Thomas |
|
Designation : |
Director |
|
Address : |
21, Clearke Road, Richmond, VA, USA |
|
Date of Birth/Age : |
20.08.1956 |
|
Date of Appointment : |
10.09.2007 |
|
DIN No.: |
01624605 |
|
|
|
|
Name : |
Mr. Mark Stuart Cross |
|
Designation : |
Director |
|
Address : |
1000, Middle Quarter Court, Rochmound, VA, USA |
|
Date of Birth/Age : |
14.02.1957 |
|
Date of Appointment : |
21.04.2007 |
|
DIN No.: |
01361041 |
|
|
|
|
Name : |
Mr. Robert Evan Birkenholz |
|
Designation : |
Director |
|
Address : |
9, Spruce Hill Road, Armonk, New York, USA |
|
Date of Birth/Age : |
25.05.1960 |
|
Date of Appointment : |
21.04.2007 |
|
DIN No.: |
01360613 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Meadwestvaco Singapore Pte Limited, Singapore |
7036254 |
|
Robert Evan Birkenholz |
1 |
|
TOTAL
|
7036255 |
AS ON 28.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
99.99 |
|
Directors or relatives of Directors |
0.01 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Purchaser, Wholesaler, Manufacturer or Seller of packaging paper,
Consumer paper products Office Use products, Specialty Chemicals, to provide after
sales support services in respect of packaging materials etc. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied to the management
|
|
|
|
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Bankers : |
Not Available |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P G BHAGWAT Chartered Accountant |
|
Address : |
Site No 102/101,
Orchard Dr Pai Marg, Baner, Pune, Maharashtra, India |
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PAN No.: |
AAAFB0762E |
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|
|
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Ultimate Holding Company : |
MeadWestvaco
Corporation, USA |
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|
|
|
Holding Company : |
MeadWestvaco
Singapore Pte Limited, Singapore |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs. 75.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7036255 |
Equity Shares |
Rs.10/- each |
Rs. 70.363
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
70.363 |
70.363 |
70.363 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12.336 |
6.663 |
(3.182) |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
82.699 |
77.026 |
67.181 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
204.626 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
204.626 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
287.325 |
77.026 |
67.181 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17.109 |
18.061 |
3.259 |
|
|
Capital work-in-progress |
77.577 |
15.693 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
2.129 |
0.487 |
0.862 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5.018
|
6.940 |
0.000 |
|
|
Sundry Debtors |
25.057
|
10.567 |
37.859 |
|
|
Cash & Bank Balances |
180.460
|
38.055 |
31.020 |
|
|
Other Current Assets |
0.000
|
0.145 |
0.071 |
|
|
Loans & Advances |
34.827
|
9.920 |
8.187 |
|
Total
Current Assets |
245.362
|
65.627 |
77.137 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
25.264
|
12.009 |
4.867 |
|
|
Other Current Liabilities |
23.924
|
7.406 |
5.548 |
|
|
Provisions |
5.664
|
3.427 |
3.662 |
|
Total
Current Liabilities |
54.852
|
22.842 |
14.077 |
|
|
Net Current Assets |
190.510
|
42.785 |
63.060 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
287.325 |
77.026 |
67.181 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
174.137 |
107.888 |
111.982 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
163.846 |
102.521 |
100.354 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
10.291 |
5.367 |
11.628 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.736 |
(4.812) |
3.737 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
7.555 |
10.179 |
7.891 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Expenses |
1.882 |
0.335 |
0.103 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
FOR THE YEAR |
5.673 |
9.844 |
7.788 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(10.970) |
|
|
|
|
|
|
|
|
|
|
BALANCE B/F FROM
PREVIOUS YEAR |
NA |
NA |
(3.182) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.81 |
1.40 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.34
|
9.43 |
7.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.89
|
6.38 |
14.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.07 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.47
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.47
|
2.87 |
5.48 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
|
Unsecured Loan |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Term loans from others |
204.626 |
0.000 |
|
|
|
|
|
TOTAL |
204.626 |
0.000 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
25.264
|
12.009 |
4.867 |
|
|
|
|
|
|
TOTAL |
25.264
|
12.009 |
4.867 |
NOTE
Registered office has been shifted from 1120 Maker Chambers V, 221,
Nariman Point, Mumbai, Maharashtra, India
to the present address w.e.f. 24.10.2008
BACKGROUND
The financial
statements have been prepared and presented under the historical cost
convention on an accrual basis of accounting and in accordance with the
provisions of the Companies Act, 1956 and accounting principles generally
accepted in India and comply with the accounting standards prescribed in the
Companies (Accounting Standards) Rules, 2006 issued by the Central Government,
in consultation with the National Advisory Committee on Accounting Standards,
to the extent applicable.
The Company is a
Small and Medium Sized Company (SMC) as defined in the general instructions in
respect of Accounting Standards notified under the Companies Act, 1956.
Accordingly, the Company has complied with the Accounting Standards as
applicable to a Small and Medium Sized Company.
NATURE OF
OPERATIONS
Subject was
incorporated on 27-2-2007 as a Private Limited Company. The Company’s principal
activities comprise purchasing, wholesaling, manufacturing or selling of
packaging paper, Consumer paper products Office Use products, Specialty
Chemicals, to provide after sales support services in respect of packaging
materials etc.
FIXED ASSETS
·
Computer Laptops
·
Office Equipments
NEWS
MEADWESTVACO CORP
MAY ACQUIRE RUBY MACONS
MeadWestvaco
Corp, a global player in packaging solutions is buying Ruby Macons
Limited. The American firm made a definitive agreement with promoter Alibhai
Nathani and family.
The
acquisition of Ruby Macons will extend MWV’s leadership in the global packaging
industry and strengthen the company’s presence in India, which is a vital
market to the continued success of the company’s long-term growth strategy.
Incorporated
in 1986, Ruby Macons Limited (RML) was promoted by Mr Alibhai Nathani and
family members, based out of Vapi, Gujarat. RML is engaged in the business of
manufacturing Kraft paper and corrugated packaging material with an installed
capacity of 174,000 metric tonne p.a. (MTPA) and supplying plant and machinery
to paper manufacturing companies.
MeadWestvaco
Corporation - a global packaging company providing innovative products and
valuable services to consumer products companies in the Beauty and Personal
Care, Healthcare, Food, Beverage, Food Service, Tobacco, Home and Garden, and
Commercial Printing industries - solutions that help them take their products
to market and shape their brands in the consumer marketplace.
The company also produces specialty chemicals for the automotive,
energy, and infrastructure industries and maximizes the value of its land holdings
through forestry operations, property development and land sales. MWV's network
of 125 facilities and 15,000 employees spans North America, South America,
Europe and Asia.
India's packaging industry is the eleventh-largest in the world and is
expected to grow at least 18 percent annually for the next few years and be
worth $16.5 billion in 2015, according to the Packaging Industry Association of
India.
Recently
in the space, Japan Pulp And Paper Company acquired 49% stake in Kolkata based
KCT Trading Private Limited; Positive Packaging Industries acquired SGRE Labels
Private Limited for an undisclosed amount; Grasim Industries acquired Canada’s
Terrace Bay Pulp for around $300Mn.
Last
year International Paper Co became the first foreign paper and packaging
producer to expand into India with its $388 Mn buyout of Andhra Pradesh Paper
Mills.
ACCO BRANDS CORPORATION COMPLETES MERGER WITH MEADWESTVACO CORPORATION'S
CONSUMER AND OFFICE PRODUCTS BUSINESS
Company Welcomes Family of Top Brands to Product Portfolio
LINCOLNSHIRE, Ill., May 1, 2012 /PRNewswire/ -- ACCO Brands Corporation
(NYSE: ACCO), a world leader in branded office products, today completed the
merger with MeadWestvaco's (NYSE:MWV) Consumer and Office Products
business. The transaction brings popular brands such as Mead®, Five
Star®, Trapper Keeper®, AT-A-GLANCE®, Cambridge®, Day Runner®, Hilroy®,
Tilibra® and Grafon's™ into ACCO Brands' industry-leading product portfolio.
"The
combination of our businesses creates a powerhouse of complementary brands and
products that we will be able to market across all relevant channels, including
mass market retail, office super stores, independent and wholesale office
products dealers, and e-commerce outlets," said Robert J. Keller, chairman
and chief executive officer of ACCO Brands Corporation. "We are also
significantly diversifying our global footprint. Our new colleagues from
the legacy Mead business bring talent and expertise that will contribute to
anticipated future growth, and we warmly welcome them into the ACCO Brands
family."
The addition of
MeadWestvaco's Consumer and Office Products business increases ACCO Brands'
2011 revenues by more than 50 percent on a pro-forma basis, with approximately
80 percent of sales of the combined businesses coming from category-leading
brands. On a pro-forma basis, the combined company's revenue for 2011 was
$2.1 billion.
Going forward, the
merger is expected to:
·
Immediately add to ACCO Brands' earnings per share;
·
Yield approximately $20
million of annualized cost synergies;
·
Enhance ACCO Brands' gross profit and operating
income margins;
·
Enable ACCO Brands to re-capitalize its balance
sheet and increase its interest coverage ratio, and accelerate balance-sheet
deleveraging;
·
Significantly enhance cash flow generation;
·
Increase scale in the mass merchandise channel,
providing greater consumer access and cost leverage;
·
Bring greater consumer insight and category
management capabilities to the combined entity;
·
Provide ACCO Brands with a $180
million sales leadership position in Brazil,
and double ACCO Brands' sales volume in Canada;
and
·
Add important new brands and products in key
categories to ACCO Brands' existing portfolio of top-selling brands.
Financial Benefit for
ACCO Brands Corporation Shareholders
This transaction
delivers an opportunity for ACCO Brands shareholders to invest in an
industry-leading portfolio of top brands and products. The merger creates a
larger, more profitable business that is a leader in its industry. The
merger is also immediately accretive to earnings per share (EPS).
Assuming MeadWestvaco's Consumer and Office Products business had been
owned by ACCO Brands Corporation for the full year 2011, the company would have
combined sales of approximately $2.1 billion and
GAAP operating income of approximately $204 million,
with the potential for an additional benefit of approximately $20 million from cost synergies on an annualized basis.
In addition to the synergies noted above, the GAAP pro forma
operating income includes approximately $19 million
of MeadWestvaco corporate cost allocations that will not be acquired by ACCO
Brands, and a further $8 million of inventory
step-up amortization. Pre-synergies, the combination is expected to be accretive
to 2012 adjusted earnings per share (EPS), excluding merger and
transaction-related costs. The merger is expected to significantly
increase annual cash flow and accelerate the ability to deleverage ACCO Brands'
balance sheet. Net leverage is projected to drop below 3x in 2013.
Transaction
Details
The separation and
acquisition of the Consumer and Office Products business from MeadWestvaco
Corporation was structured as a "Reverse Morris Trust" transaction.
Under the terms of the separation and merger agreements, MWV established
a new subsidiary to which it conveyed the C&OP business in return for $433 million on a tax-free basis. The shares of the
new subsidiary were then distributed to MWV's shareholders as a stock
distribution dividend. Immediately after the spin-off and distribution,
the newly formed company merged with and into a subsidiary of ACCO Brands and
MWV shareholders received one share of ACCO Brands common stock for every three
shares of stock they received in the stock dividend distribution. The
merged company will subsequently merge with Mead Products LLC, the surviving
corporate entity, a subsidiary of ACCO Brands Corporation.
Leadership and
Approvals
The combined
business will be managed by ACCO Brands' senior executive team and board of
directors, to which will be added two new directors selected by MeadWestvaco
Corporation and approved by the ACCO Brands board. In addition, senior
executives of the MeadWestvaco Consumer & Office Products business have
joined the ACCO Brands management team. ACCO Brands' headquarters will
remain in Lincolnshire, Illinois until its
planned relocation to Long Grove, Illinois in
2013.
The transaction
was approved by ACCO Brands shareholders on April 23, 2012.
About ACCO Brands
Corporation
ACCO Brands
Corporation is one of the world's largest suppliers of branded office and
consumer products and print finishing solutions. Our widely recognized
brands include AT-A-GLANCE®, Day-Timer®, Five Star®, GBC®, Hilroy®,
Kensington®, Marbig, Mead®, NOBO, Quartet®, Rexel, Swingline®, Tilibra®, Wilson
Jones® and many others. We design, market and sell products in more than
100 countries around the world.
Forward-Looking
Statements
This press release
contains certain statements which may constitute "forward-looking
statements" as that term is defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are subject to certain
risks and uncertainties, are made as of the date hereof and we assume no
obligation to update them. Because actual results may differ from those
predicted by such forward-looking statements, you should not place undue
reliance on them when deciding to buy, sell or hold the ACCO Brands'
securities. Among the factors that could cause our plans, actions and
results to differ materially from current expectations are: fluctuations in the
cost and availability of raw materials; competition within the markets in which
the company operates; the effects of both general and extraordinary economic,
political and social conditions, including any volatility and disruption in the
capital and credit markets; the effect of consolidation in the office products
industry; the liquidity and solvency of our major customers; our continued
ability to access the capital and credit markets; the dependence of the company
on certain suppliers of manufactured products; the risk that targeted cost
savings and synergies from business combinations may not be fully realized or
take longer to realize than expected; future goodwill and/or impairment
charges; foreign exchange rate fluctuations; the development, introduction and
acceptance of new products; the degree to which higher raw material costs, and
freight and distribution costs, can be passed on to customers through selling price
increases and the effect on sales volumes as a result thereof; increases in
health care, pension and other employee welfare costs; as well as other risks
and uncertainties detailed in the company's Annual Report on Form 10-K for the
year ended December 31, 2011, under Item 1A,
"Risk Factors," and in the company's other SEC filings.
Forward-looking
statements relating to the merger involving ACCO Brands and the Consumer &
Office Products business (the "C&OP Business") of MeadWestvaco
Corporation include, but are not limited to, statements about the benefits of
the proposed merger, including future financial and operating results and
synergies; ACCO Brands' plans, objectives, expectations and intentions; and
other statements relating to the merger that are not historical facts.
With respect to the merger, important factors could cause actual results to
differ materially from those indicated by such forward-looking statements,
including, but not limited to, the risk that anticipated cost savings, growth
opportunities and other financial and operating benefits as a result of
the transaction may not be realized or may take longer to realize than
expected; the risk that benefits from the transaction may be significantly
offset by costs incurred in integrating the companies; potential adverse
impacts from incurring additional indebtedness; and difficulties in connection
with the process of integrating the C&OP Business with ACCO Brands,
including: coordinating geographically separate organizations; integrating
business cultures, which could prove to be incompatible; difficulties and costs
of integrating information technology systems; and the potential difficulty in
retaining key officers and personnel. These risks, as well as other risks
associated with the merger, are more fully discussed in the proxy
statement/prospectus included in the registration statement on Form S-4 that
ACCO Brands filed with the United States Securities and Exchange Commission
("SEC") on March 22, 2012 in connection
with the merger.
Pro Forma
Information
The unaudited pro
forma combined financial data provided herein are not intended to represent or
be indicative of the consolidated results of operations or financial condition
of the combined company that would have been reported had the merger been
completed as of the dates presented, and further should not be taken as
representative of the future consolidated results of operations or financial
condition of ACCO Brands. The pro-forma financial information contained
herein is derived from, and is subject to the assumptions and limitations
associated with, the unaudited pro forma combined financial information
contained in the Form S-4 that ACCO Brands filed with the SEC on March 22, 2012 in connection with the merger.
MEADWESTVACO TO INVEST RS 10000.000 MILLIONS FOR EXPANSION
AHMEDABAD, JAN 15:
The US-based packaging major MeadWestvaco Corporation on Tuesday said it
will invest $184 million (Rs 10000.000 Millions) to expand the company’s
presence in industrial packaging and triple its sales in India.
The US major, which signed a MoU with the State Government recently, said
the investment will be over the next three to five years in the packaging and
paperboard industry in India, and create 800 jobs in this industry.
The investment includes the purchase of Vapi-based Ruby Macons Limited, and
plans to expand the current production at the facility with the installation of
a new paper machine to manufacture new paperboard products and grades.
The expansion is already underway and should increase the production
starting in 2013, John Luke, Jr, Chairman and Chief Executive Officer,
MeadWestvaco, said in a statement here.
In November 2011, MeadWestvaco had announced the acquisition of Ruby Macons
Limited, a market leader in corrugated packaging materials in India, as part of
the company’s growth strategy, including its emphasis on growth in emerging
markets.
This will expand the company’s presence in industrial and agricultural packaging
in India, which already includes a converting facility in Pune making rigid,
humidity-resistant corrugated packaging for fresh fruits and vegetables,
consumer goods, household appliances and pharmaceuticals.
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 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 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. 54.65 |
|
|
1 |
Rs. 82.65 |
|
Euro |
1 |
Rs. 71.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.