MIRA
INFORM REPORT
|
Report Date : |
01.07.2014 |
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) : |
31.03.2013 |
|
|
|
|
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 Exporter and Importer 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 (64) |
|
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, India”. It is a well-established company having a fine track
record. The rating take into account the established operations of RML’s in paper industry as one of the leading
manufacturers of test-liner, diversified customer base, healthy financial
risk profile and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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.
30th November, 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
NEWS
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on
overseas purchases and muted import of capital goods helped shrink the current
account deficit.
Online retailer Flipkart
has acquired fashion portal Myntra as it prepares to
battle with the rapidly expanding India arm of the global e-commerce giant
Amazon. The company raised $ 210 million from Russian Investment firm DST
Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune
in the second half of 2014. GM was one of the few global carmakers that was
using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year
to $ 158.84 billion. The top 10 of the 100 slots were dominated by US
companies.
Infosys lost another heavy weight when B G Srinivas,
a board member put in his papers. He is the third CEO-hopeful to quit after
Chairman N R Narayana Murthy’s return to the company
– Ashok Vemuri and V Balakrishnan being the other two.While
Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted biggest
quarterly loss – Rs 2153.37 crore
– in the three months ended March 31, mainly because it has been offering
discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies.
China’s action which targets consultancies like McKinsey & Co. and the
Boston Consulting Group, sterns from fears that the first are providing trade
secrets to the US governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter
refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
07.02.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1+ |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
07.02.2014 |
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. Purshottam |
|
Designation : |
Assistant Manager |
|
|
|
|
Name : |
Ms. Archana |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-260-3050000 |
|
Date : |
28.06.2014 |
LOCATIONS
|
Registered Office : |
A – 203/204, Angelina Apartments, |
|
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 Sirkar |
|
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,
The Woods, 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 |
|
|
|
|
Name : |
Mr. Purshottam |
|
Designation : |
Assistant Manager |
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 Exporter and Importer 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 · Dubai · Nepal · Bhutan |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
Raw Materials |
||||
|
Countries : |
· USA · UAE |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash 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 · Citi Bank, Vapi, Gujarat, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
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 |
0.24 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
2.07 |
1.65 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
33.318 |
33.318 |
33.318 |
|
Reserves & Surplus |
1208.638 |
1471.776 |
1778.649 |
|
Net worth |
1241.956 |
1505.094 |
1811.967 |
|
|
|
|
|
|
long-term borrowings |
123.000 |
30.000 |
0.000 |
|
Short term borrowings |
305.102 |
332.990 |
643.278 |
|
Total borrowings |
428.102 |
362.990 |
643.278 |
|
Debt/Equity ratio |
0.345 |
0.241 |
0.355 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
3,725.665 |
4,181.208 |
4,302.866 |
|
|
|
12.227 |
2.910 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
3,725.665 |
4,181.208 |
4,302.866 |
|
Profit |
287.506 |
265.074 |
306.873 |
|
|
7.72% |
6.34% |
7.13% |
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 |
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.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.