MIRA
INFORM REPORT
|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAX INDIA LIMITED |
|
|
|
|
Registered
Office : |
Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District
Nawanshahr- 144533, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.02.1988 |
|
|
|
|
Com. Reg. No.: |
16- 008031 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.531.041
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24223PB1988PLC008031 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
The company is engaged in Manufacturer of wide range of Sophisticated
Packing Unmetallized BOPP Films and Metalized BOPP Films. |
|
|
|
|
No. of Employees
: |
3000 (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 123437000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having fine track record. Company
has performed well. Overall financial position of the company appears to be
decent. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitments. The company can be considered good for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
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
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.
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
Bhai Mohan Singh Nagar, Rail Majra, Tehsil Balachaur, District
Nawanshahr- 144533, Punjab, India |
|
Tel. No.: |
91-1881-289607/ 289611 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
11th Floor, |
|
Tel. No.: |
91-124-26561717 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
Max House, 1, Dr. Jha Marg, Okhla, Phase III, |
|
Tel. No.: |
91- 11- 26933601- 10 / 91- 11- 42598000 |
|
Fax No.: |
91- 11- 26933619/ 91- 11- 26324126 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Max
Pharma No. 18, 56 – 58, KIADB Industrial Area, Nanjangud,
Mysore-570023, |
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|
|
|
Overseas
Office : |
Located At: |
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|
|
|
Branch Office: |
Located At: · Ahmedabad ·
· Kolkata · Chennai ·
·
·
·
·
·
· Pune · Mumbai ·
·
|
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. S. S. Baijal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Analjit Singh |
|
Designation : |
Founder and Chairman |
|
|
|
|
Name : |
Mr. Anuroop (Tony) Singh |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Rahul Khosla |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Mohit Talwar |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Aman Mehta |
|
Designation : |
Non- Executive Director |
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|
|
|
Name : |
Mr. Ashwani Windlass |
|
Designation : |
Non- Executive Director |
|
|
|
|
Name : |
Mr. K. Narsimha Murthy |
|
Designation : |
Non- Executive Director |
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|
|
|
Name : |
Mr. N. C. Singhal |
|
Designation : |
Non- Executive Director |
|
|
|
|
Name : |
Dr. Omkar Goswami |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Piyush Mankad |
|
Designation : |
Non- Executive Director |
|
|
|
|
Name : |
Mr. Rajesh Khanna |
|
Designation : |
Non- Executive Director |
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|
|
|
Name : |
Mr. Sanjeev Mehra |
|
Designation : |
Non- Executive Director |
|
|
|
|
Name : |
Dr. Subash Bijlani |
|
Designation : |
Non- executive Director |
|
|
|
|
Name : |
Mr. Vishal Bakshi |
|
Designation : |
Alternate Director |
|
|
|
|
Name : |
Dr. Ajit Singh |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ashok Kacher |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. V. Krishnan |
|
Designation : |
Company Secretary |
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|
Audit Committee : |
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Shareholders/ Investors Grievance Committee : |
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Remuneration Committee : |
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Investment and Finance Committee : |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6287622 |
2.36 |
|
|
97700164 |
36.74 |
|
|
103987786 |
39.10 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
103987786 |
39.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
29846695 |
11.22 |
|
|
27666 |
0.01 |
|
|
45750 |
0.02 |
|
|
73429384 |
27.61 |
|
|
34406011 |
12.94 |
|
|
34406011 |
12.94 |
|
|
137755506 |
51.80 |
|
|
|
|
|
|
4423284 |
1.66 |
|
|
|
|
|
|
11503381 |
4.33 |
|
|
2212175 |
0.83 |
|
|
6053907 |
2.28 |
|
|
4348415 |
1.64 |
|
|
75787 |
0.03 |
|
|
2689 |
0.00 |
|
|
1533360 |
0.58 |
|
|
93656 |
0.04 |
|
|
24192747 |
9.10 |
|
Total Public shareholding (B) |
161948253 |
60.90 |
|
Total (A)+(B) |
265936039 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
265936039 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in Manufacturer of wide range of
Sophisticated Packing Unmetallized BOPP Films and Metalized BOPP Films. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
BOPP Film |
Tonnes |
51150 |
31725.09 |
|
Soft Leather Finishing Foil |
Lacs (SFT) |
591 |
83.65 |
GENERAL INFORMATION
|
No. of Employees : |
3000 (Approximately) |
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|
Bankers : |
·
Indus-Ind Bank Limited ·
Citibank N.A. ·
Yes Bank Limited ·
HDFC Bank Limited ·
Kotak Mahindra Bank Limited |
|||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
|
|
|
Subsidiaries and Step Down Subsidiary Companies : |
·
Max Life Insurance Company Limited ·
Max Healthcare Institute Limited ·
Max Bupa Health Insurance Company Limited ·
Max UK Limited ·
Pharmax Corporation Limited ·
Max Ateev Limited ·
Max Healthstaff International Limited ·
Max Neeman Medical International Limited ·
Neeman Medical International BV ·
Max Neeman Medical International Inc. ·
Max Medical Services Limited ·
Alps Hospital Limited ·
Hometrail Estate Private Limited ·
Hometrail Buildtech Private Limited ·
Antara Senior Living Limited [w.e.f. June 29,
2012] ·
Antara Purukul Senior Living Private Limited
[w.e.f. March 11, 2013] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
460000000 |
Equity Shares |
Rs.2/- each |
Rs.920.000 Millions |
|
800000 |
Preferences Shares |
Rs.100/- each |
Rs.80.000 Millions |
|
|
TOTAL |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
265520289 |
Equity Shares |
Rs.2/- each |
Rs.531.041
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 |
531.041 |
529.138 |
464.969 |
|
(b) Reserves & Surplus |
30328.332 |
28187.431 |
21375.571 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
867.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
30859.373 |
28716.569 |
22707.540 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
667.782 |
881.598 |
1016.449 |
|
(b) Deferred tax liabilities (Net) |
190.607 |
122.202 |
99.798 |
|
(c) Other long
term liabilities |
0.992 |
0.000 |
0.000 |
|
(d) long-term
provisions |
39.152 |
21.776 |
16.244 |
|
Total Non-current
Liabilities (3) |
898.533 |
1025.576 |
1132.491 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
664.532 |
80.940 |
0.000 |
|
(b)
Trade payables |
501.452 |
487.168 |
533.604 |
|
(c)
Other current liabilities |
329.771 |
293.747 |
5420.251 |
|
(d) Short-term
provisions |
655.939 |
126.936 |
118.934 |
|
Total Current
Liabilities (4) |
2151.694 |
988.791 |
6072.789 |
|
|
|
|
|
|
TOTAL |
33909.600 |
30730.936 |
29912.820 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3096.083 |
3230.688 |
3289.061 |
|
(ii)
Intangible Assets |
29.447 |
18.471 |
4.772 |
|
(iii)
Capital work-in-progress |
120.108 |
1.343 |
6.655 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
23831.627 |
21891.434 |
19553.868 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
197.602 |
135.572 |
65.466 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
27274.867 |
25277.508 |
22919.822 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3494.013 |
1185.065 |
152.834 |
|
(b)
Inventories |
449.335 |
485.176 |
415.610 |
|
(c)
Trade receivables |
1382.234 |
1195.181 |
752.452 |
|
(d) Cash
and cash equivalents |
76.979 |
1781.597 |
4576.864 |
|
(e)
Short-term loans and advances |
1223.245 |
789.315 |
1012.199 |
|
(f)
Other current assets |
8.927 |
17.094 |
83.039 |
|
Total
Current Assets |
6634.733 |
5453.428 |
6992.998 |
|
|
|
|
|
|
TOTAL |
33909.600 |
30730.936 |
29912.820 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15151.640 |
7470.093 |
4629.517 |
|
|
|
Other Income |
125.575 |
79.143 |
230.522 |
|
|
|
TOTAL (A) |
15277.215 |
7549.236 |
4860.039 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material consumed |
5156.724 |
4824.979 |
2818.688 |
|
|
|
Employee benefits expense |
816.639 |
618.534 |
554.601 |
|
|
|
Other expenses |
2388.059 |
1705.076 |
1060.248 |
|
|
|
(Increase)/decrease in inventories of finished goods and
work-in-progress |
7.893 |
(5.254) |
(43.998) |
|
|
|
TOTAL (B) |
8369.315 |
7143.335 |
4389.539 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6907.900 |
405.901 |
470.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
174.266 |
310.463 |
672.155 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6733.634 |
95.438 |
(201.655) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
238.693 |
227.453 |
146.403 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
6494.941 |
(132.015) |
(348.058) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
880.161 |
22.404 |
72.894 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
5614.780 |
(154.419) |
(420.952) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on FOB basis |
2377.300 |
2204.502 |
1096.829 |
|
|
|
Settlement Compensation |
0.000 |
0.000 |
179.428 |
|
|
TOTAL EARNINGS |
2377.300 |
2204.502 |
1276.257 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1049.884 |
1003.321 |
780.070 |
|
|
|
Stores & Spares |
44.551 |
42.994 |
41.198 |
|
|
|
Capital Goods |
29.912 |
64.828 |
875.367 |
|
|
TOTAL IMPORTS |
1124.347 |
1111.143 |
1696.635 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
21.16 |
(0.60) |
(1.81) |
|
|
|
-
Diluted |
21.03 |
(0.60) |
(1.81) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1654.500 |
1901.000 |
|
Total Expenditure |
|
1696.000 |
2014.900 |
|
PBIDT (Excl OI) |
|
(41.500) |
(113.900) |
|
Other Income |
|
1156.700 |
240.600 |
|
Operating Profit |
|
1115.200 |
126.700 |
|
Interest |
|
50.200 |
52.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
1065.000 |
73.900 |
|
Depreciation |
|
59.800 |
59.700 |
|
Profit Before Tax |
|
1005.200 |
14.200 |
|
Tax |
|
(06.200) |
(05.700) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
1011.400 |
19.900 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Net Profit |
|
1011.400 |
19.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
36.75
|
(2.05) |
(8.66) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
42.87
|
(1.77) |
(7.52) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
65.22
|
(1.49) |
(3.36) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.00 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04
|
0.03 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.08
|
5.52 |
1.15 |
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 |
No |
|
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 |
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10411657 |
17/12/2013 * |
300,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W , MUMBAI - 400013, MAHARASHTRA, INDIA |
B93068328 |
|
2 |
10226020 |
18/09/2013 * |
250,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
7TH FLOOR,
AMBADEEP BUILDING, K G MARG,, NEW DELHI, - 110001, INDIA |
B87120671 |
|
3 |
10206086 |
18/09/2013 * |
250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
B86512654 |
|
4 |
10206712 |
18/09/2013 * |
600,000,000.00 |
INDUSIND BANK
LTD. |
2401 GEN
THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B86123429 |
|
5 |
10067776 |
18/09/2013 * |
300,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
7TH FLOOR,
AMBADEEP BUILDING, K G MARG,, NEW DELHI - 110001, INDIA |
B87120978 |
|
6 |
80024041 |
18/09/2013 * |
200,000,000.00 |
CITI BANK NA |
JEEVAN VIHAR
BUILDING, 3, SANSAD MARG, NEW DELHI - 110001, INDIA |
B88491014 |
|
7 |
90170080 |
18/09/2013 * |
300,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B86513066 |
|
8 |
90172194 |
15/03/2005 * |
50,000,000.00 |
PUNJAB NATIONAL
BANK |
SOUTH EXETENTION
PART -1, NEW DELHI, MAHARASHTRA, |
- |
|
9 |
90169668 |
17/05/2002 |
200,000,000.00 |
IDBI BANK LTD. |
11 TH FLOOR
SURYA KIRAN BUILDING, 19 K.G. MARG, NEW DELHI - 110001, INDIA |
- |
|
10 |
90167340 |
28/03/2001 |
260,000,000.00 |
IL & FA
TRUST COMPANY LTD. |
IL & FS FINANCIAL
CENTRE PLOT C- 22 BLOCK G, BAN |
- |
|
* Date of charge modification |
||||||
|
PUNJAB AND HARYANA HIGH COURT CASE STATUS INFORMATION SYSTEMS CASE STATUS:
PENDING STATUS OF INCOME
TAX APPEAL 187 OF 2013
COMMISSIONER OF
INCOME TAX-I JALANDHAR VS. MAX INDIA
LIMITED PET'S
ADV. : VIVEK SETHI
LAST LISTED ON
: NO DATE MENTIONED LIST TYPE
: NO LIST TYPE MENTIONED
FIR NO.
: NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE
COMPLAINT NO.
: NO COMPLAINT DETAILS AVAILABLE
CATEGORY
: STATUTORY APPEALS INCOME TAX: NO BENCH MENTIONED
LAST HEARING DETAIL
2 : NO BENCH MENTIONED
|
MSF, a division of Max India Limited, has a
state of the art manufacturing facility at Railmajra, near Chandigarh where it manufactures
'Speciality' BOPP (Bi-axially Oriented Polypropylene) films for niche
applications in flexible packaging, food, confectionery, chocolates, FMCG,
non-food and industrial packaging, lea the recoating films. Over the years, MSF
has emerged as a strong speciality and value added BOPP player with steady and
established customer base driven by service quality excellence and innovation.
With its focus on innovation, MSF has established market share in the higher
margin specialty segment. India is witnessing a robust demand for packaging
driven by the growing population size, rapid urbanization, changing life
styles, increasing need for convenience and growth in organized retail. As per
estimates of the commerce ministry of India, the $24.6bnIndian packaging
industry is expected to grow at 12.3% CAGR during next 4-5 years to become the
fourth largest global market, with sales of $42.7bn. In this backdrop strong
growth annually of 12-13% is expected for the BOPP during this period.
In the tight market environment during
FY2013, Max Speciality Films division ('MSF') successfully maintained its
top-line with revenues increasing by 3% to Rs. 7130.000 Millions. Given the
pricing pressures during 2012-13, even after massive efforts to operate at full
capacity and maintain sales levels, the Profit before Tax reduced significantly
to Rs. 40.000 Millions. On a positive note, MSF has established successful
presence in diverse international markets. In FY2013 it exported around 30% of
its production to South Africa, Middle East and Europe Deep customer relations
and strong product portfolio are few of its strengths which have enabled it to
sail through even during turbulent times. MSF was the only player in the
industry that operated at 100% capacity utilization during 2012-13. This is a
reflection of its high operating skills and strong customer support. As
informed earlier, the entire MSF division shall be transferred into newly
incorporated Max Speciality Films Limited ('MSF Limited') in which the
shareholding of Max India Limited shall be 99% while 1% shall be held by
Pharmax Corporation Limited, another subsidiary of Max India Limited. The
shareholders of the Company had accorded their approval to transfer of MSF
division as above, by way of a postal ballot process, the results of which were
declared on July 24, 2013.
MAX LIFE INSURANCE COMPANY LIMITED:
Max Life Insurance Company Limited ('Max Life'), a joint venture (JV)
where Max India holds 71%stake while MS & AD Insurance Group Holdings,
Japan has 26%, provides financial security across life's various stages. Max
Life has a prominent presence in the Indian life insurance space and is driven
by the objective of providing life insurance and retirement solutions to meet
'Long Term Savings and Protection' needs of Indians.
The year 2012 witnessed, MS and AD Insurance
Group Holdings of Japan acquire the founding partner New York Life's stake in
Max Life at an enterprise valuation of Rs. 105000.000 Millions. New York Life exited
the joint venture in line with its strategy of focusing on its core markets.
MS and AD is world's seventh largest general insurance group and brings
with it, a rich experience of Life Insurance.
The salient features of Max Life's results for the year 2013 are:
• Gross Written Premium increased by 4% to
Rs. 66390.000 Millions with a 6% increase in renewal premium to Rs. 47390.000
Millions. AUM increased by 19% to Rs. 204580.000 Millions
• Sum assured stood at Rs. 1691670.000
Millions -an increase of 11% over the previous financial year.
• A maiden dividend of Rs. 2590.000 Millions
to shareholders was approved by the Board of Directors
• Bonus of approximately Rs. 2970.000
Millions to participating policyholders will be distributed during 12 months
starting 1 July 2013. In addition, a one-time special bonus of Rs. 1300.000
Millions will be distributed to participating policyholders with active
policies bought before 31 December 2006.
• Solvency ratio of 521%, more than thrice
the mandatory 150%, indicates the Company’s strong and stable financial
position.
• Conservation ratio, an indicator of
customer retention, at 78% is one of the best among private life insurers.
• Cost ratio, an indicator of operational
cost and expenses on commission, improved by 190 basis points to 28% in FY2013.
• Consequently, Max Life recorded an Enterprise Level Profit Before Tax
of Rs. 8600.000 Millions - up by 17% over the previous financial year, while
the Shareholder Profit Before Tax increased to Rs. 4750.000 Millions.
In a year where the new business premium of the life insurance industry
declined, MaxLife maintained its market share and retained its fourth rank
among the private life insurers with a market share of 8.5% of adjusted first
year premium. It continues to be the largest non-bank promoted private life
insurer in India.
MAX HEALTHCARE INSTITUTE LIMITED:
Max Healthcare Institute Limited ('Max
Healthcare') is a leading provider of standard, seamless, integrated and
international class healthcare in India, especially focused on tertiary and
quaternary care. It is committed to the highest standards of medical and
service excellence, patient care, scientific research and medical education.
With a network of 12 hospitals in Delhi-NCR, Punjab and Uttarakhand, the most
advanced technology and state of the art infrastructure; it is rated as one of
the best hospital chains in India.
There has been a significant capital infusion in the company in recent past
primarily for setting up of new hospitals. While the new hospitals will take
some time to scale up and become profitable, Max Healthcare has managed to
maintain a decent topline and bottom line. The key numbers for 2012-13 are as
follows:
• Total revenues increased by 39% to Rs.
11490.000 Millions in FY2013 helped bya 23%growth in existing hospitals.
• EBIDTA increased by 545% from Rs. 120.000 Millions in FY2012 to Rs.
720.000 Millions in FY2013.
Max Healthcare has always endeavored to
create a benchmark in India for Clinical and Service Excellence supported by
best in class Infrastructure. While providing best in class services, the
company is conscious of its commitments towards the weaker sections of society.
Max Healthcare continues to strive to deliver its social obligations
-expenditure on treatment for the economically weaker sections (EWS) has
doubled over the course of FY2013.
To continue to generate financial returns while maintaining relative
affordability, there is a constant effort to optimize costs and improve
efficiencies. Given that much of the fixed assets are sunk costs, optimizing
the utilization of these assets has been amajorfocus area.
MAX BUPA HEALTH INSURANCE COMPANY LIMITED
Max India's foray in the health insurance space is through Max Bupa
Health Insurance Company Limited ('Max Bupa') a JV with BUPA (British United
Provident Association) Pic, UK. With a vision of becoming India's most admired
health insurance company, Max Bupa focuses on building long-term partnerships
to enable people to live healthier and more successful lives. It is guided by
its six core values acronymed CREATE - Caring, Respectful, Ethical,
Accountable, Trustworthy and Enabling.
Health Insurance continues to be one of the most dynamic and fast
evolving sectors of the Indian insurance industry. Gross written premiums for
health insurance increased by16% from Rs. 132120.000 Millions in FY2012 to Rs. 153410.000
Millions in FY2013.
The industry is dominated by public sector entities that together have
60% market share. The rest of the share is with 17 private sector players, of
which 4 are standalone health insurance players including Max Bupa. Growth in
this industry is fraught with numerous challenges including efficiency,
affordability and accessibility of health insurance.
In the above backdrop, Max Bupa completed three years of operations in
March 2013.During this short span, it has made significant progress in
developing its customer base, people strength, processes and distribution base.
Today, Max Bupa offers quality health insurance services through a dedicated
team of over 1,050 employees and a network of 21offices across 13 cities
including Delhi, Mumbai, Chennai, Bangalore, Kolkata. Through its direct and
indirect presence in 300 plus cities, Max Bupa insures over 1.2 million lives.
It continues to focus on growing scale of operations while developing market
leading product and service innovations.
Max Bupa has been rapidly expanding on most business and financial
parameters though some of these superlative growth statistics are aided by the
benefit of a relatively small base.
The key performance highlights for year have
been:
• Starting the year with 2.15 lakh
customers, Max Bupa closed the year with over12 lakh customers, aided by the
addition of a large rural customer base.
• Gross Written Premium (GWP) increased 109%
from Rs. 990.000 Millions in FY2012 to Rs. 2070.000 Millions in FY2013.
• The provider network grew from 1,200 to
1,800 hospitals, spanning over 300 cities in India.
• A new product Health Assurance, guaranteed cash benefit offering and
an improved version of flagship product Heartbeat were launched during the
year.
ANTARA SENIOR LIVING LIMITED:
In line with its strategy of growing in symbiotic businesses, Max India recently
entered the senior living business through a fully owned subsidiary - Antara
Senior Living Limited ('Antara'). Antara is committed to its vision of
'influencing positive change and improving the quality of life of seniors in
this country'. In order to fulfil this, Antarais focusing on creating vibrant
residential communities with comprehensive services that enrich the lives of
the residents by providing lifestyle with life-care. Max India is investing Rs.
2400.000 Millions in the business in the initial stage.
Though prevalent and matured in developed
economies, senior housing in India is at anascent stage. Estimates by real
estate consulting major Jones Lang LaSalle suggests the demand for senior
housing in Antara's target market of high income category customers is around
21,000 dwellings.
Since the concept is new to India, Antara
has given considerable emphasis to research. This has included primary surveys
and research of market insights, extensive site visits to the benchmark able
senior living communities across the world and involvement of top global
consultants specializing in senior living.
Given the needs of the sector, Max India,
with its strong foundation in healthcare and service excellence, is well suited
to create a comprehensive offering in this segment.
Antara is developing its first community in
Dehradun. This is a premium segment offering, which aims to become a benchmark
for quality of product and service. Theendeavour is not only to develop a
best-in-class facility created by world renowned architects to meet the
requirements of seniors, but to construct integrated communities which will
offer an aspirational way of life. To successfully deliver on this objective,
there is a great deal of focus on the softer aspects of life at Antara. This
includes the facilitating bonding and friendship among residents, well rounded
health and wellness, utmost sense of security and safety, and above all a sense
of social satisfaction.
The premium senior living industry has usually been attractive in terms
of profitability with stability in returns in most parts of the world where it
has been operational. The fact that this is a fairly untapped segment in India
also provides an early mover advantage for Antara.
MAX NEEMAN MEDICAL INTERNATIONAL LIMITED:
Max Neeman Medical International Limited
('Max Neeman') focuses on the business of clinical research. It is a value
added contract research organization (CRO) that provides support to the
pharmaceutical, biotechnology, and medical device industries in the form of
research services outsourced on a contract basis.
Today, the market in India is estimated at approximately US$1.5 bn,
which is around 5%of the global business. Though the market is crowded with
large Multi-National Players, Max Neeman has, since its inception, consciously
positioned itself as a local player with expertise in the Indian market. It
continues to grow the business with a focus of developing internal capabilities
and establishing the brand as a trusted partner for its clients.
It has positioned its elfas a CRO that:
• Provides full range of Clinical research
services
• Meets timelines with assured quality
standards
• Has operations spread all over India
• Operates with medically qualified staff
Max Neeman targets medium size customers across USA, Europe and South
East Asia. It also has a local customer base in India. Max Neeman has been
successful in getting repeat business from its existing clients who have a
pipeline of new drugs. This bears testimony to the company's service
capabilities.
FIXED ASSETS:
·
Land
·
Building
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment’s
·
Vehicles
·
Computer Software
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.62.37 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--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.