MIRA
INFORM REPORT
|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
RUBY MACONS LIMITED |
|
|
|
|
Registered
Office : |
A – 203/204, Angelina Apartments, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.05.1986 |
|
|
|
|
Com. Reg. No.: |
11-039768 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.33.318 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28920MH1986PLC039768 |
|
|
|
|
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 (60) |
|
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 7200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of MWV Wadco India Private Limited. It is a
well-established company having a fine track record. Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. Note: As claimed by
Mr. Anant Korde, Accounts Executive that only share and director of the
subject company has been acquired by MWV WADCO India Private Limited w.e.f.
December, 2012. Name of the company has not changed with ROC. |
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’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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 DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Anand Korde |
|
Designation : |
Accounts Executive |
|
|
|
|
Name : |
Ms. Archana |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-260-3050000 |
|
Date : |
06.01.2014 |
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 30.09.2013)
|
Name : |
Mr. Gautam Sircar |
|
Designation : |
Director |
|
Address : |
B-702, Zen
Garden, 6 Artillery, Bangalore – 560008, Karnataka, India |
|
Date of Birth/Age : |
28.04.1956 |
|
Date of Appointment : |
30.11.2012 |
|
DIN No.: |
01875274 |
|
|
|
|
Name : |
Mr. Piyush Ranjan
|
|
Designation : |
Director |
|
Address : |
I-202, Crescent
I, Thewoods, Near Fountain In Kalewadi Phata, Pune – 411027, Maharashtra,
India |
|
Date of Birth/Age : |
06.12.1971 |
|
Date of Appointment : |
30.11.2012 |
|
DIN No.: |
02773879 |
|
|
|
|
Name : |
Mr. Peter
Christian Durette |
|
Designation : |
Director |
|
Address : |
319, Wickhan Glen
Drive Richmond VA 232 386161 Richmond VA |
|
Date of Birth/Age : |
21.05.1973 |
|
Date of Appointment : |
30.11.2012 |
|
DIN No.: |
06393740 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Korde |
|
Designation : |
Accounts Executive |
|
|
|
|
Name : |
Ms. Archana |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
MWV Wadco India Private Limited, India |
|
3331769 |
|
Rashna Hoshang Khan |
|
1 |
|
Homair N. Vakil |
|
1 |
|
Yazdi Piroj Dandiwala |
|
1 |
|
Darius Kakalia |
|
1 |
|
Rajesh Satpalkar |
|
1 |
|
Siddharth S. Thacker |
|
1 |
|
|
|
|
|
Total |
|
3331775 |
(AS ON 30.09.2013)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Directors or relatives of directors |
|
0.01 |
|
|
|
|
|
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. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
Finished Goods |
||||
|
Countries : |
USA |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
USA |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C and Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda Industrial Estate Branch, Vapi, Gujarat, India ·
State Bank of India MID Corporate Branch, Vapi Industrial Estate, Vapi – 396195, Gujarat, India 91-260-2410238 |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
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 |
|
|
|
|
Holding Company
: |
· MWV Wadco India Private Limited, India |
|
|
|
|
Fellow
Subsidiary : |
·
MWV Services Inc., United State |
|
|
|
|
Associates/Subsidiaries : |
·
Mehali Inc, United States |
CAPITAL STRUCTURE
(AS ON 30.09.2013)
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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
33.318 |
33.318 |
33.318 |
|
(b) Reserves & Surplus |
1778.649 |
1471.776 |
1208.638 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
1811.967 |
1505.094 |
1241.956 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
30.000 |
123.000 |
|
(b) Deferred tax liabilities (Net) |
286.955 |
286.076 |
278.904 |
|
(c) Other long term liabilities |
8.880 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
295.835 |
316.076 |
401.904 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
643.278 |
332.990 |
305.102 |
|
(b) Trade payables |
186.372 |
105.688 |
139.071 |
|
(c) Other current
liabilities |
66.783 |
35.636 |
100.092 |
|
(d) Short-term provisions |
0.037 |
9.293 |
2.111 |
|
Total Current Liabilities (4) |
896.470 |
483.607 |
546.376 |
|
|
|
|
|
|
TOTAL |
3004.272 |
2304.777 |
2190.236 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1119.017 |
1168.054 |
1177.014 |
|
(ii) Intangible Assets |
1.551 |
4.286 |
6.695 |
|
(iii) Capital
work-in-progress |
543.295 |
100.010 |
10.709 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.001 |
0.001 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
176.299 |
33.465 |
95.269 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1840.163 |
1305.816 |
1289.687 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
468.630 |
391.482 |
297.732 |
|
(c) Trade receivables |
599.682 |
517.542 |
498.475 |
|
(d) Cash and cash
equivalents |
13.880 |
27.418 |
14.520 |
|
(e) Short-term loans and
advances |
73.011 |
55.824 |
89.822 |
|
(f) Other current assets |
8.906 |
6.695 |
0.000 |
|
Total Current Assets |
1164.109 |
998.961 |
900.549 |
|
|
|
|
|
|
TOTAL |
3004.272 |
2304.777 |
2190.236 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from
Operations |
4302.866 |
4181.208 |
3725.665 |
|
|
|
Other Income |
11.833 |
15.443 |
20.071 |
|
|
|
TOTAL (A) |
4314.699 |
4196.651 |
3745.736 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2632.007 |
2577.670 |
2243.379 |
|
|
|
Purchases of stock-in-trade |
7.692 |
48.464 |
45.557 |
|
|
|
Employee benefit expense |
148.132 |
118.551 |
109.185 |
|
|
|
Other expenses |
979.180 |
934.620 |
837.681 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
0.806 |
(5.525) |
(3.599) |
|
|
|
TOTAL (B) |
3767.817 |
3673.780 |
3232.203 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
546.882 |
522.871 |
513.533 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
12.667 |
66.796 |
52.354 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
534.215 |
456.075 |
461.179 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
88.962 |
86.513 |
83.908 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
445.253 |
369.562 |
377.271 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
138.380 |
104.488 |
89.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
306.873 |
265.074 |
287.506 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
771.700 |
508.500 |
NA |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend Distribution Tax |
NA |
1.900 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1078.573 |
771.700 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
41.298 |
46.484 |
51.027 |
|
|
TOTAL EARNINGS |
41.298 |
46.484 |
51.027 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1580.997 |
|
1148.285 |
|
|
|
Stores & Spares |
|
|
11.279 |
|
|
|
Capital Goods |
|
|
7.439 |
|
|
TOTAL IMPORTS |
1580.997 |
1510.907 |
1167.003 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
92.10 |
79.56 |
86.29 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.11
|
6.32
|
7.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.35
|
8.84
|
10.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.09
|
16.76
|
17.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.25
|
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.36
|
0.22
|
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30
|
2.07
|
1.65 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL: Not Available
|
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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 |
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 |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Short Term
Borrowings |
|
|
|
Loans Repayable on Demand from Banks |
400.000 |
0.000 |
|
|
|
|
|
Total |
400.000 |
0.000 |
CORPORATE INFORMATION
Company
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 2.81% though the profitability was under some pressure due to high inflation
and increasing costs.
MACHINERY SEGMENT
The share of machinery division in total sales and profit has also
progressively declined in past years.
POWER GENERATION
The company has
generated 406.05 lacs units (KWH) of power during the year against 390.88 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 depreciation of Indian Rupee against global currencies
and inflationary pressures.
Despite this
scenario, Indian economy stands on a strong footing because of lower export
dependency, favourable demographics and rising middle class income expected to
result into improved living standards.
The Indian
Packaging industry is set to witness good growth, with policy changes and the
growth in Indian retail environment. Increasing urbanization and low
penetration of packaged products offers good opportunities.
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.
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.
They are confident that these initiatives will results in a better
performance for the company in the coming years.
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 - |
- |
* Date of charge modification
FIXED ASSETS:
· Land-Free Hold
· Land –Leasehold
· Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Vehicles
PRESS RELEASE
MWV COMPLETES ACQUISITION OF INDIA-BASED RUBY MACONS LIMITED
RICHMOND, Va., Dec.3, 2012—MeadWestvaco Corporation (NYSE: MWV), a
global leader in packaging and packaging solutions announced the completion of
the purchase of Ruby Macons Limited (“Ruby Macons”). The India-based producer
of high-quality corrugated packaging materials becomes a central component of
MWV’s packaging platform in India and a key element of the company’s plans to
grow in emerging markets. The transaction was completed on Nov. 30, 2012 and
financial results for Ruby Macons will now be reported as part of MWV’s
Industrial Packaging segment.
Ruby Macons is the market leader in corrugated packaging materials in
India. The company currently produces over 150,000 tons of containerboard annually
at two mills containing three paper machines in and around the city of Vapi,
Gujarat. These assets, as well as a significant expansion project underway,
will significantly increase capacity and accelerate MWV’s profitable growth in
this fast growing region.
“We are excited to welcome Ruby Macons into the MWV family, marking an
important step forward in our long-term commitment to growth in India,” said
Peter C. Durette, senior vice president and chief strategy officer for MWV, who
oversees the company’s business in India.
Under the terms of the transaction, 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
becomes vice chairman and president of the business.
Mr. Nathani commented, “This deal reflects the commitment of both
organizations to India. We are proud to be joining forces with MWV and
confident that the combination of our strengths will bring value for all our
employees, customers and suppliers.”
The acquisition of Ruby Macons expands MWV’s presence in industrial
packaging in India, which also includes a converting facility in Pune making
rigid, humidity-resistant corrugated packaging for fresh fruits and vegetables,
consumer goods, household appliances and pharmaceuticals. MWV also delivers
innovative packaging solutions for a variety of consumer goods markets in
India, including Healthcare, Beauty & Personal Care, Home & Garden, and
Beverage. It also markets specialty chemicals for asphalt paving and other
specialty chemicals markets.
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.
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.62.41 |
|
|
1 |
Rs.102.53 |
|
Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.