MIRA INFORM REPORT
|
Report Date : |
08.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUBY MACONS LIMITED |
|
|
|
|
Registered Office : |
A – 203/204, Angelina Apartments, Srojini Road, Vile Parle (West),
Mumbai – 400056, Maharashtra. |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation : |
08.05.1986 |
|
|
|
|
Com. Reg. No.: |
11-039768 |
|
|
|
|
Paid-up Capital : |
Rs.33.318 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28920MH1986PTC039768 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTR01608F MUMR14446F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACR1939A AABCR0343K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Kraft Papers (Test Liner and Fluting Papers) and
Supplier of Paper and Pulp Making Machineries and Their Parts. |
|
|
|
|
No. of Employees : |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 6000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track record.
Financial position of the company appears to be sound. Performance capacity of the company is good. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitment. The company can be considered normal for business dealings at usual
trade terms and condition. Note: We received
press release dated on 19th October 2012 that Meadwestvaco has
acquired “Ruby Macons Limited”. But it has not been updated in the documents provided
by registrar of companies. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
26.02.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1+ |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
26.02.2013 |
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
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-22-26186771
LOCATIONS
|
Registered Office : |
A – 203/204, Angelina Apartments, Srojini Road, Vile Parle (West),
Mumbai – 400056, Maharashtra, India. |
|
Tel. No.: |
91-22-26186771/ 72 |
|
Fax No.: |
91-22-26186773/ 74 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
1500 Sq. Ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Plot No. 789/4,
III Phase Road, GIDC, Vapi – 396195, |
|
Tel. No.: |
91-260-3050000 |
|
Fax No.: |
91-260-3050010 |
|
E-Mail : |
|
|
Area : |
17500 Sq. Mtr. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
206/6/3, Amrut Industrial Estate, Opposite Dadra Check Post, U.T. Of
Dadra and Nagar Haveli |
|
Area : |
6000 Sq. Mtr. |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
Survey No. 56/1, Village Morai, Via Vapi, Vapi -396 191, District
Valsad, Gujarat, India |
|
Area : |
26 Acres |
|
Location : |
Owned |
DIRECTORS
AS ON 17.08.2012
|
Name : |
Mr. Alibhai
Hasanbhai Nathani |
|
Designation : |
Whole Time
Director |
|
Address : |
Atul Society, |
|
Date of Birth/Age : |
29.08.1944 |
|
Qualification : |
Paper Tech Degree |
|
Date of Appointment : |
16.08.2006 |
|
PAN No.: |
AACPN0747M |
|
Voter ID No : |
GJ-26-182-051558 |
|
DIN No.: |
00307266 |
|
|
|
|
Name : |
Mr. Ashraf
Alibhai Nathani |
|
Designation : |
Managing Director
|
|
Address : |
Atul Society, |
|
Date of Birth/Age : |
23.05.1971 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
16.08.2006 |
|
PAN No.: |
AACPN0746L |
|
Voter ID No : |
GJ-26-182-051559 |
|
DIN No.: |
00307527 |
|
|
|
|
Name : |
Mr. Arshad
Alibhai Nathani |
|
Designation : |
Whole Time
Director |
|
Address : |
Atul Society, |
|
Date of Birth/Age : |
17.01.1980 |
|
Qualification : |
Software Engineer |
|
Date of Appointment : |
16.08.2006 |
|
PAN No.: |
AAOPN4598E |
|
DIN No.: |
00307430 |
|
|
|
|
Name : |
Mr. Harshad Ghelabhai Vashi |
|
Designation : |
Whole Time Director |
|
Address : |
C-302, Rahul Apartment, Sky Build, |
|
Date of Birth/Age : |
01.12.1958 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
16.08.2006 |
|
PAN No.: |
AAQPV9750J |
|
Voter ID No : |
GJ-26-182-028067 |
|
DIN No.: |
00501097 |
|
|
|
|
Name : |
Mr. Mahendinawaz Kaisar Kureshi |
|
Designation : |
Whole Time Director |
|
Address : |
B-Wing, Flat No – 303/304, |
|
Date of Birth/Age : |
05.01.1968 |
|
Qualification : |
Engineer |
|
Date of Appointment : |
16.08.2006 |
|
PAN No.: |
ACFPK2684P |
|
Voter ID No : |
GJ-26-182-051816 |
|
DIN No.: |
00502404 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
NOTE: Shareholders details are not available.
(AS ON 17.08.2012)
|
Equity Shares
Break Up |
Percentage of
Holding |
|
|
|
|
Directors or relatives of Directors |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Kraft Papers (Test Liner and Fluting Papers) and
Supplier of Paper and Pulp Making Machineries and Their Parts. |
||||||
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|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||
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|
|
||||||||||||||||||
|
Bankers : |
·
Bank of Baroda Industrial Estate Branch, Vapi, Gujarat, India ·
State Bank of India MID Corporate Branch, Vapi – 396195, Gujarat, India |
||||||||||||||||||
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|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered accountants |
|
Address : |
12, Dr A B Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400067,
Maharashtra, India |
|
PAN No.: |
AABFD7919A |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3500000 |
Equity Shares |
Rs.10/- each |
Rs.35.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3331775 |
Equity Shares |
Rs.10/- each |
Rs.33.318
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
33.318 |
33.318 |
|
(b) Reserves & Surplus |
|
1471.776 |
1208.638 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1)+(2) |
|
1505.094 |
1241.956 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
30.000 |
123.000 |
|
(b) Deferred tax liabilities (Net) |
|
286.076 |
278.904 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
316.076 |
401.904 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
332.990 |
305.102 |
|
(b) Trade
payables |
|
105.408 |
139.071 |
|
(c) Other
current liabilities |
|
33.048 |
100.092 |
|
(d) Short-term
provisions |
|
12.161 |
2.111 |
|
Total Current
Liabilities (4) |
|
483.607 |
546.376 |
|
|
|
|
|
|
TOTAL |
|
2304.777 |
2190.236 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1168.054 |
1177.014 |
|
(ii)
Intangible Assets |
|
4.286 |
6.695 |
|
(iii)
Capital work-in-progress |
|
100.010 |
10.709 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.001 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
33.096 |
95.269 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1305.447 |
1289.687 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
391.482 |
297.732 |
|
(c) Trade
receivables |
|
517.542 |
498.475 |
|
(d) Cash
and cash equivalents |
|
27.418 |
14.520 |
|
(e)
Short-term loans and advances |
|
62.888 |
89.822 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
999.330 |
900.549 |
|
|
|
|
|
|
TOTAL |
|
2304.777 |
2190.236 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
33.318 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
923.067 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
956.385 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
553.528 |
|
|
2] Unsecured Loans |
|
|
37.364 |
|
|
TOTAL BORROWING |
|
|
590.892 |
|
|
DEFERRED TAX LIABILITIES |
|
|
230.418 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1777.695 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
990.062 |
|
|
Capital work-in-progress |
|
|
219.885 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
296.464
|
|
|
Sundry Debtors |
|
|
332.991
|
|
|
Cash & Bank Balances |
|
|
28.881
|
|
|
Other Current Assets |
|
|
5.000
|
|
|
Loans & Advances |
|
|
120.164
|
|
Total
Current Assets |
|
|
783.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
164.204
|
|
|
Other Current Liabilities |
|
|
49.429
|
|
|
Provisions |
|
|
2.119
|
|
Total
Current Liabilities |
|
|
215.752 |
|
|
Net Current Assets |
|
|
567.748
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1777.695 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4185.190 |
3725.665 |
2781.745 |
|
|
|
Other Income |
11.461 |
20.071 |
2.643 |
|
|
|
TOTAL (A) |
4196.651 |
3745.736 |
2784.388 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2577.670 |
2243.379 |
|
|
|
|
Purchases of stock-in-trade |
48.464 |
45.557 |
|
|
|
|
Employee benefit expense |
118.551 |
109.185 |
|
|
|
|
Other expenses |
934.620 |
837.681 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(5.525) |
(3.599) |
|
|
|
|
TOTAL (B) |
3673.780 |
3232.203 |
2371.315 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
522.871 |
513.533 |
413.073 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
66.796 |
52.354 |
22.570 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
456.075 |
461.179 |
390.503 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
86.513 |
83.908 |
60.537 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
369.562 |
377.271 |
329.966 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
104.488 |
89.765 |
105.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
265.074 |
287.506 |
224.186 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
170.664 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
NA |
1.666 |
|
|
|
Proposed Dividend Distribution Tax |
NA |
NA |
0.277 |
|
|
|
Transfer to General Reserve |
NA |
NA |
70.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
322.907 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
46.484 |
51.027 |
26.581 |
|
|
TOTAL EARNINGS |
46.484 |
51.027 |
26.581 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1148.285 |
738.098 |
|
|
|
Stores & Spares |
NA |
11.279 |
10.841 |
|
|
|
Capital Goods |
NA |
7.439 |
130.057 |
|
|
TOTAL IMPORTS |
NA |
1167.003 |
878.996 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
79.56 |
86.29 |
67.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.32
|
7.68 |
8.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.83
|
10.13 |
11.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.76
|
17.31 |
18.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.30 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24
|
0.34 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.65 |
3.63 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
|
Particulars |
Rs. In Millions 31.03.2012 |
Rs. In Millions 31.03.2011 |
|
|
|
|
|
Working Capital Loans From Banks |
0.000 |
124.751 |
|
|
|
|
|
Total |
0.000 |
124.751 |
CORPORATE INFORMATION
Subject
incorporated in the year 1986, is in the business of manufacturing of kraft
papers (test liner and fluting papers) and supply of paper and pulp making
machineries and their parts.
PERFORMANCE REVIEW
During the year, the
company’s inherent capabilities and superior product quality/delivery stood the
company in good stead in a difficult operating environment. Overall, Sales
increased by 13% though the profitability was under some pressure due to high
inflation and increasing costs. The first half was better than the second half.
The biggest challenge, during the year, has been the increase in the cost of
raw materials due to the unprecedented depreciation of Rupee especially against
the Dollar, and rising interest rates. In this backdrop the company could
maintain its EBIDTA at Rs.522.800 Millions against Rs.513.500 Millions in the
previous year, though the Profit after Tax declined slightly from Rs.287.500
Millions to Rs.265.000 Millions.
When compared to
the industry performance, RML’s performance is amongst the best with superior
operating ratios due to its integrated energy, high quality of products and
service resulting in increasing customer loyalty and premium pricing.
MACHINERY SEGMENT
The order inflow
and sales has been somewhat sluggish in last year as the customer have deferred
and slow down their capex decision but profit has been increased because of
continued focus on cost reduction/control. The share of machinery division in
total sales and profit has also progressively declined in past years. In India,
managing growth and price stability emerged as key concern.
POWER GENERATION
The company has
generated 390.88 lacs units (KWH) of power during the year against 394.48 lacs
(KWH) in the previous year for captive consumption. The company’s main
objective is to operate a modern, cost-effective, energy efficient and
environment friendly production plant. The management is committed towards
Conservation of Energy.
FUTURE OUTLOOK
The global
environment and economic activity is likely to continue to be an area of
concern, especially due to the grim financial situation in Europe. The
difficulties of the western countries have started affecting the Asian and
BRICs economies. The rupee depreciated against the dollar by more than 20% in
the previous year and this has affected the economy and resulted in slow down.
Despite this
scenario, the Indian economy grew by nearly 7% until March quarter. There are
also signs of the commodity prices coming down resulting in better fiscal and
macro position of the country. Growth is likely to improve in the second half
of 2012 and in 2013 onwards crossing 8% once again. India remains one of the
fastest growing economies of the world due to its inherent long-term
advantages; the growth should start hitting the 8% plus mark towards the end of
2012. Falling inflation is also an encouraging factor with the average
inflation forecast for FY 2012-13 at 7.5% compared to the average inflation of
nearly 9% last year with further expectation to come down.
The Indian
Packaging industry is set to witness unprecedented growth, with policy changes
and the growth in Indian retail environment. Increasing urbanization, low
penetration of packaged products and unorganized supply chains offers great opportunity
for the packing industry to ride on this boom.
In order to cater
to the growing markets and increasingly demanding and discerning customers, the
Company has embarked on an expansion and setting up a new production line (PM4)
with better technology and better product mix. The Machine has already been
procured and the civil work for proposed expansion with additional production
line (PM #4) has commenced at site. On startup of this Paper Machine, RML will
be able to capitalize on its brand image and expand its customer base.
While expanding
its product line and capacities, the company is conscious of its social
responsibility and the green initiatives. In the past it has been at the
forefront of technology ensuring superior and lower energy consumption, better
effluent treatment and waste handling and safer operations. The Effluent
treatment plant for the new project will be the best in India in this field
consisting of modern anaerobic facility which consumes less energy.
The company has
made Environment and Safety a subject of focus. Special efforts are being made
at all manufacturing facilities to improve the standards of Environment and
Safety.
The thermal
co-generation power plant at Morai facility is fully operational. This has not only
given financial benefits, but also increased the reliability of power and
reduced downtime.
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
90225295 |
16/08/2012
* |
721,600,000.00 |
STATE
BANK OF INDIA |
MID
CORPORATE BRANCH, VAPI, GUJARAT - 396195, INDIA |
B56452154 |
|
2 |
90225158 |
30/06/2012
* |
721,600,000.00 |
STATE
BANK OF INDIA |
MID CORPORATE
BRANCH, VAPI, GUJARAT - 396195, INDIA |
B43038009 |
|
3 |
90237453 |
12/12/2005
* |
117,800,000.00 |
STATE
BANK OF INDIA |
INDUSTRIAL
TOWNSHIP BRANCH, GIDC, VAPI, GUJARAT - 396195, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Land-Free Hold
· Land –Leasehold
· Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Vehicles
WEBSITE DETAILS
PRESS RELEASE
MWV WILL ACQUIRE RUBY MACONS LIMITED
TO ACCELERATE INDIA GROWTH STRATEGY MWV WILL BECOME A MARKET LEADER IN FAST-GROWING INDIAN CORRUGATED
PACKAGING SECTOR
RICHMOND, Va., October 19, 2012—MeadWestvaco Corporation (NYSE: MWV), a
global leader in packaging and packaging solutions today announced a definitive
agreement with Mr. Alibhai Nathani and family to purchase Ruby Macons Limited
(“Ruby Macons”), India’s top producer of corrugated packaging materials and a
leader in the country’s growing industrial packaging industry. Terms of the
transaction were not disclosed.
“The acquisition of Ruby Macons extends our participation in India,
strengthening our presence in a market that we have targeted for profitable
growth,” said John A. Luke, Jr., chairman and chief executive officer, MWV.
“The Nathani family and the Ruby Macons leadership team have built a very
successful business and established a best-in-class operation that boasts
advantaged operational and technical leadership, strong brand awareness and
reputation among converters and brand owners, a highly efficient capital model and
an advantaged geographic location within India in Vapi, Gujarat. The addition
of Ruby Macons boosts our ability to grow profitably in India by bringing their
leading local position and capabilities in packaging materials together with
our global expertise and innovation capabilities.”
"We’ve built a significant and highly-profitable industrial
packaging business in Brazil over the last 60 years, and we will leverage this
experience to serve the rapidly-evolving retail sector and fast-growing middle
class in India. Through Ruby Macons and its converting customers, in addition
to our own box plant in Pune, MWV will offer a wide range of packaging
solutions that address market and consumer needs in India, including innovative
solutions similar to those we've developed in Brazil for fresh produce,
industrial products and consumer goods markets.”
“We are pleased to welcome Ruby Macons to the MWV family and are very
excited about the profitable growth opportunities this acquisition creates,”
concluded Luke.
Ruby Macons is the market leader in corrugated packaging materials in
India, producing greater than 150,000 tons annually with significant capacity
expansion underway. Founded and managed by the Nathani family since 1986, Ruby
Macons’ revenues were approximately $80 million over the last 12 months with
double digit operating margins and strong return on capital. The company has
achieved greater than 20 percent average growth over the last several years and
is poised for significant future profitable growth through the expansion plans
underway.
“From the beginning, the Nathani family and Ruby Macons’ management has
built a strong business delivering high quality products to customers and value
to all our stakeholders,” said Mr. Alibhai Nathani, chairman of Ruby Macons.
“After extensive conversations with MWV, through which we came to understand
their global leadership, outstanding technical capabilities and strong
long-term commitment, we chose them as the right partner to take Ruby Macons to
the next level. Our single-most focus while making this decision was to ensure
that the business we’ve built with passion over the last two decades will be in
the right hands to ensure long term sustainability for all our stakeholders.
Our family will continue to be involved in the business, and we are excited
about partnering with MWV.”
Ruby Macons’ offices and manufacturing facilities, including its two
mills containing three paper machines, are located in and around the industrial
city of Vapi, Gujarat, 180 kilometers north of Mumbai. These assets will remain
in full operation and become an important part of MWV’s industrial packaging
and global manufacturing platform. All Ruby Macons employees will become MWV
India employees and the Ruby Macons management team will remain in place,
including Mr. Ashraf Nathani, managing director, Ruby Macons, who will become
vice chairman and president of the business.
Mr. Ashraf Nathani said, “I am excited about leading MWV’s paperboard
operations in India, and I know that we will build a very strong presence in
the market. The products, relationships and quality leadership of Ruby Macons
will be leveraged together with the strong MWV technical and management teams.
I am convinced that together we will have the vision, resources and ability to
succeed in a market like India.”
The acquisition of Ruby Macons expands MWV’s presence in industrial
packaging in India, which today includes a manufacturing facility in Pune
making rigid, humidity-resistant corrugated packaging for fresh fruits and
vegetables, consumer goods, household appliances and pharmaceuticals. Upon
closing, the combined business will report through MWV’s Industrial packaging
segment. MWV has a broader packaging business in India - led by managing
director Gautam Sircar and headquartered in Pune, India - delivering innovative
packaging solutions for a variety of consumer goods markets, including
Healthcare, Beauty and Personal Care, Home and Garden, and Beverage. It also
markets specialty chemicals for asphalt paving and other markets.
“Our plan is to continue to drive aggressive growth in this business as
part of our broader India and global growth plans,” said Peter C. Durette,
senior vice president and chief strategy officer for MWV, who oversees the
company’s business and growth in India. “We see significant potential for high
quality, innovative solutions in India, from corrugated and consumer packaging
to specialty chemicals that can help solve significant challenges in India and
improve the lives of consumers. We are developing insights into the unique
unmet needs in the local marketplace and bringing solutions that will benefit
customers and consumers in India.”
About Ruby Macons Limited
Ruby Macons Limited is the market leader in corrugated packaging
materials in India, producing greater than 150,000 tons annually. Soundly
managed by the Nathani family since its founding in 1986, Ruby Macons Limited
boasts strong operational leadership, a best-in-class reputation, high brand
awareness among converters and brand owners, and advantaged geographic
locations within India in Vapi and Morai, Gujarat.
US PACKAGING MAJOR
ACQUIRES GUJ-BASED RUBY MACONS
MWV to acquire all assets at Ruby's Vapi facility,
expanding MWV's presence in India after Pune
October 19, 2012
US-based MeadWestvaco Corporation (MWV), a global leader in packaging and packaging solutions has acquired Gujarat-based Ruby Macons Limited, a leading corrugated packaging material maker for an undisclosed amount.
MWV has entered into a definitive agreement with Alibhai Nathani and family to purchase Ruby Macons Limited.
"After extensive conversations with MWV, through which we came to understand their global leadership, outstanding technical capabilities, and strong long-term commitment, we chose them as the right partner to take Ruby Macons to the next level," said Alibhai Nathani, chairman of Ruby Macons.
"Our single-most focus while making this decision was to ensure that the
business we've built with passion over the last two decades will be in the right
hands to ensure long term sustainability for all our stakeholders. Our family
will continue to be involved in the business, and are excited about partnering
with MWV," he added.
Ruby Macons is the market leader in corrugated packaging materials in India,
producing over 150,000 tonnes annually. The company is founded and managed by
the Nathani family since 1986. Ruby Macons’ revenues in the past one year
touched $80 million (approx Rs 4000 crore) over the last 12 months and has
double digit operating margins and strong return on capital.
Ruby Macons has its offices and manufacturing facilities located in and around
the industrial city of Vapi, Gujarat, 180 kilometres north of Mumbai. These
assets will remain in full operation and will be a part of MWV’s industrial
packaging and global manufacturing platform. All Ruby Macons employees will
become MWV India employees and the Ruby Macons management team will remain in
place, including Ashraf Nathani, managing director of Ruby Macons, who will
become vice chairman and president of the business, an official statement
informed.
The company has achieved over 20% average growth over the last several years,
the company noted in a statement.
"As a global leader in our industry, we’ve built a significant and highly-profitable
industrial packaging business in emerging markets, and we believe we can
leverage this experience to serve the rapidly-evolving retail sector and
fast-growing middle class in India. Adding to our exsisting presence in India
and through Ruby Macons and its converting customers, MWV will be able to
offer a wide range of packaging solutions that address market and consumer
needs in India," said John A Luke Jr, chairman and chief executive
officer, MWV.
"We plan to bring innovative solutions like those we've developed in
similar markets like Brazil, where for 60 years we’ve delivered solutions in
areas including fresh produce, industrial products and consumer goods," he
added.
MWV currently has a manufacturing 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.61.78 |
|
|
1 |
Rs.99.06 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.