MIRA INFORM REPORT
|
Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
NEUTRAL GLASS AND ALLIED INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
902, Kamla Executive Park, Next to Vazir Glass Compound, Off. M. Vasanji Road, J B Nagar, Andheri (East), Mumbai – 400 059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.05.1986 |
|
|
|
|
Com. Reg. No.: |
11-039737 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 90.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26100MH1986PTC039737 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMN10438B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN2255M |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
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Line of Business
: |
Manufacturer of Moulded Glass Vials. |
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|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. The company possesses an acceptable financial profile marked by
adequate networth base along with debt funded capital expenditure in order to
moderately high at Kosamba, Gujarat and moderately high working capital
intensive operations which are backed by comfortable debt protection metrics.
Management has reported a dip in its net profitability during FY14,
which has been further mitigated by healthy cash generation form its business
operations. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of vast experience of the promoters as well as key management
personnel in the glass manufacturing industry, the subject can be considered
for business dealings 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 – 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Loans and Working Capital Facilities = BBB+ (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
August, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Letter of Credit and Bank Guarantee = A2+
(Suspended) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
August, 2013 |
The Suspension of rating is due to insufficient information which is
required in order to assess the companies, from the part of subject.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED
Management Non-Cooperative (91-22-29262323)
LOCATIONS
|
Registered Office : |
902, Kamla Executive Park, Next to Vazir Glass Compound,
Off. M. Vasanji Road, J B Nagar, Andheri (East), Mumbai – 400 059,
Maharashtra, India |
|
Tel. No.: |
91-22-28327025 |
|
Fax No.: |
91-22-28664136 |
|
E-Mail : |
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|
Website : |
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|
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|
|
Factory : |
Village Kunwarda, Kosamba (R.S.), District |
|
Tel. No.: |
91-2629-231373 |
|
Fax No.: |
91-2629-231870 |
DIRECTORS
As on 07.08.2013
|
Name : |
Mr. Hemant Pravin Shah |
|
Designation : |
Director |
|
Address : |
10, Omed Sadan, 58, Sion East, Mumbai – 400 022, |
|
Date of Birth/Age : |
23.06.1974 |
|
Date of Appointment : |
14.06.2004 |
|
DIN No.: |
00181932 |
|
|
|
|
Name : |
Mr. Anil Prahlad Byatnal |
|
Designation : |
Director (Technical) |
|
Address : |
13, Neutral Glass Kharach Colony, Village Kharach, Taluka Hasot,
Kosamba (R.S.), District Bharuch – 394 120 |
|
Date of Birth/Age : |
15.05.1949 |
|
Date of Appointment : |
29.01.1997 |
|
DIN No.: |
01763778 |
|
|
|
|
Name : |
Mr. Bruno Buerkel |
|
Designation : |
Director |
|
Address : |
Telstrasse 92, Lohr Am Main Rodenbach 97816, Germany |
|
Date of Birth/Age : |
22.06.1953 |
|
Date of Appointment : |
18.04.2012 |
|
DIN No.: |
03210071 |
|
|
|
|
Name : |
Martin Schimmelpfennig |
|
Designation : |
Director |
|
Address : |
Scheibenstrasse 27, Dusseldorf 40479, Germany |
|
Date of Birth/Age : |
13.02.1971 |
|
Date of Appointment : |
18.04.2012 |
|
DIN No.: |
05225519 |
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|
|
|
Name : |
Uwe Ferdinand Roehrhoff |
|
Designation : |
Director |
|
Address : |
Scheibenstrasse 17, Monchengladbach 41063, Germany |
|
Date of Birth/Age : |
29.04.1962 |
|
Date of Appointment : |
18.04.2012 |
|
DIN No.: |
05225437 |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Doshi |
|
Designation : |
Company Secretary |
|
Address : |
8, Gurudarshan, 43, Garoda Nagar, Ghatkopar (East), Mumbai – 400 077, |
|
Date of Birth/Age : |
08.06.1954 |
|
Date of Appointment : |
04.01.1990 |
|
PAN No. : |
AAAPD1644D |
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|
|
|
|
|
|
Name : |
Mr. Sachin |
|
Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.08.2013
SHAREHOLDING DETAILS FILE ATTACHED
As on 07.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
88.96 |
|
Bodies corporate |
0.37 |
|
Directors or relatives of Directors |
3.20 |
|
Other top fifty shareholders |
7.47 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Moulded Glass Vials. |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
Turkey |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Glaxosmithkline |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
State Bank of India, Sir P M Road Branch, Fort, Mumbai -
400001, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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|
Auditors : |
|
|
Name : |
Sharp and Tannam Chartered Accountants |
|
Address : |
Ravindra Annex, 194, Churchgate Reclamation, |
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PAN No.: |
AAAFS2967E |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relative |
Gerresheimer Ag |
|
|
|
|
Ultimate Holding
company : |
Gerresheimer Glas GmbH |
CAPITAL STRUCTURE
As on 07.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each
|
Rs.90.000
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 |
90.000 |
90.000 |
90.000 |
|
(b) Reserves & Surplus |
639.467 |
543.885 |
432.881 |
|
(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) |
729.467 |
633.885 |
522.881 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
170.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
47.037 |
35.243 |
37.948 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
13.581 |
13.164 |
12.163 |
|
Total Non-current
Liabilities (3) |
230.618 |
48.407 |
50.111 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
100.000 |
67.576 |
519.211 |
|
(b) Trade
payables |
107.767 |
46.347 |
40.794 |
|
(c) Other
current liabilities |
89.613 |
67.054 |
64.320 |
|
(d) Short-term
provisions |
120.121 |
117.738 |
416.439 |
|
Total Current
Liabilities (4) |
417.501 |
298.715 |
1040.764 |
|
|
|
|
|
|
TOTAL |
1377.586 |
981.007 |
1613.756 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
451.234 |
349.753 |
341.278 |
|
(ii) Intangible
Assets |
1.894 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
216.412 |
7.772 |
40.483 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
86.062 |
141.217 |
133.419 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
755.602 |
498.742 |
515.180 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
253.203 |
293.720 |
229.522 |
|
(c) Trade
receivables |
212.422 |
155.734 |
311.546 |
|
(d) Cash
and cash equivalents |
137.651 |
17.080 |
23.796 |
|
(e) Short-term
loans and advances |
18.708 |
15.731 |
533.712 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
621.984 |
482.265 |
1098.576 |
|
|
|
|
|
|
TOTAL |
1377.586 |
981.007 |
1613.756 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
1009.000 |
1026.000 |
1019.400 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
NA |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
224.065 |
326.900 |
350.444 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
76.794 |
111.296 |
121.553 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
147.271 |
215.604 |
228.891 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
153.684 |
65.680 |
223.040 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
14.727 |
23.000 |
23.000 |
|
|
|
Interim Dividend |
0.000 |
90.000 |
36.000 |
|
|
|
Tax on Interim Dividend |
0.000 |
14.600 |
5.979 |
|
|
|
Second Interim Dividend |
0.000 |
0.000 |
31.500 |
|
|
|
Tax on Second Interim Dividend |
0.000 |
0.000 |
5.232 |
|
|
|
Third Interim Dividend |
0.000 |
0.000 |
247.500 |
|
|
|
Tax on Third Interim Dividend |
0.000 |
0.000 |
40.150 |
|
|
|
Dividend |
44.181 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
7.509 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
234.538 |
153.684 |
65.680 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.36 |
23.96 |
25.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.30 |
33.59 |
22.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.52 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.37 |
0.11 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.49 |
1.61 |
1.06 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
90.000 |
90.000 |
90.000 |
|
Reserves & Surplus |
432.881 |
543.885 |
639.467 |
|
Net
worth |
522.881 |
633.885 |
729.467 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
170.000 |
|
Short term borrowings |
519.211 |
67.576 |
100.000 |
|
Total
borrowings |
519.211 |
67.576 |
270.000 |
|
Debt/Equity
ratio |
0.993 |
0.107 |
0.370 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1019.400 |
1026.000 |
1009.000 |
|
|
|
0.647 |
(1.657) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1019.400 |
1026.000 |
1009.000 |
|
Profit |
228.891 |
215.604 |
147.271 |
|
|
22.45% |
21.01% |
14.60% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 |
CORPORATE RESULT
The net turnover of the Company for the year stands at 1009.000 Millions as against 1026.000 Millions in the previous year. Marginal decline of Rs.17.000 Millions. During the year the Company faced stiff competition at the market place. The increasing diesel cost has impacted cost of all raw materials. With the increase in competition the incidence of cost increase was not passed on the customer and this has resulted in decline of profit before tax from Rs.326.900 Millions to 224.065 Millions.
The company is taking steps to increase the sales with focus on newer market and improving the quality
OUTLOOK
The Outlook for the company looks bright with Change in Management on account acquisition of 89.96% stake by Gerresheimer Glass GmbH (a German Multi-national Company). Management is confident that with access to the world-class production technology, global level experience and expertise in management, marketing and other operational areas of Gerresheimer, the Company will climb new heights in future in production, sales, and profitability.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Loans and advances from related parties |
170.000 |
0.000 |
|
Short-term
borrowings |
|
|
|
Term loans from banks |
100.000 |
0.000 |
|
Deposits from others |
0.000 |
45.000 |
|
Total |
270.000 |
45.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90218560 |
11/03/2004 * |
30,000,000.00 |
STATE BANK OF SAURASHTRA |
S.A. BR3ELVI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
2 |
90218535 |
29/09/2003 * |
25,000,000.00 |
STATE BANK OF SAURASHTRA |
S.A. BRELVI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
3 |
90218521 |
26/06/2003 |
25,000,000.00 |
STATE BANK OF SAURASHTRA |
S.A. BRELVI ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
4 |
90218135 |
07/10/1999 * |
40,000,000.00 |
INDUST. DEVEL. BANK OF INDIA |
IDBI TOWER, FORT, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
5 |
90217813 |
07/10/1999 * |
68,000,000.00 |
INDUST. DEVEL. BANK OF INDIA |
IDBI TOWER, FORT, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
6 |
90217493 |
18/01/1993 * |
8,000,000.00 |
STATE BANK OF SAURASHTRA |
S.A. BRELVI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
7 |
90217476 |
27/03/1992 * |
44,000,000.00 |
INDUST. DEVEL. BANK OF INDIA |
IDBI TOWER, FORT, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
8 |
90217363 |
22/08/2003 * |
5,000,000.00 |
STATE BANK OF SAURASHTRA |
S.A. BR3ELVI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
9 |
90217283 |
22/01/1989 * |
14,000,000.00 |
STATE BANK OF SAURASHTRA |
FORT BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land: Freehold
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
As per Website
PRESS RELEASE
GERRESHEIMER AG TO
ACQUIRE 70% STAKE NEUTRAL GLASS
April 2, 2012,
NEW DELHI: German firm Gerresheimer AG today said it has inked a pact to acquire 70 per cent stake in Gujarat-based Neutral Glass and Allied Industries for an undisclosed amount.
"Gerresheimer AG, one of the world's leading suppliers to the pharma and healthcare industry, signed an agreement to acquire a 70 per cent shareholding in Gujarat-based company Neutral Glass & Allied Industries," Gerresheimer AG said in a statement.
The promoters of Neutral Glass will retain 30 per cent of the shares, it added.
"With this strategic acquisition, Gerresheimer obtains a modern pharma glass production facility in India. This creates a strong industrial foothold which complements Gerresheimer's existing distribution network in India, significantly boosting its growth prospects in an important new market," it said.
The takeover is expected to conclude shortly, it said without disclosing financial details of the deal.
Commenting on the development, Gerresheimer CEO Uwe Roehrhoff said: "We are investing in India at a time when its pharma sector is gaining international significance on the back of sustained high growth rates. This acquisition significantly broadens our production facilities, customer base and our distribution capabilities there."
Gerresheimer's declared objective is to double revenues in such markets from 100 million euro in 2010 to 200 million euro in 2013, the company said.
"In addition to organic growth, acquisitions such as that of Neutral Glass and of a Brazilian company last year will play an important role in taking Gerresheimer closer to achieving its revenue growth objective," it added.
Commenting on the acquisition Neutral Glass General Manager Satish Mody said: "We are looking forward to cooperate with a global sector leader known to set standards in terms of quality and innovation."
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.60.99 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.