MIRA
INFORM REPORT
|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
NEUTRAL GLASS AND ALLIED INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
902, |
|
|
|
|
Country : |
|
|
|
|
|
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 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer of Moulded Glass Vials. |
|
|
|
|
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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
modernise its plant 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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 |
NOTE:
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
31-03-2014.
INFORMATION
DECLINED
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 – 400059,
Maharashtra, India |
|
Tel. No.: |
91-22-28327025 |
|
Fax No.: |
91-22-28664136 |
|
E-Mail : |
|
|
Website : |
|
|
|
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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 |
|
|
|
|
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 |
|
|
|
|
|
|
|
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 : |
·
Turkey ·
Egypt ·
Spain |
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Imports : |
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Countries : |
Turkey |
GENERAL INFORMATION
|
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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|
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|
Auditors : |
|
|
Name : |
Sharp and Tannam Chartered Accountants |
|
Address : |
Ravindra Annex, 194, Churchgate Reclamation, |
|
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 |
|
|
|
|
|
|
|
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
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."
GERRESHEIMER GROWS IN THE EMERGING MARKETS AND ACQUIRES
INDIAN PHARMA GLASS MANUFACTURER NEUTRAL GLASS
April 02, 2012
Düsseldorf/Mumbai, April 2,
2012 – Gerresheimer AG, one of the world’s leading partners of the pharma and
healthcare industry, is committed to growth in the emerging markets. It
acquires a majority shareholding in the Indian company Neutral Glass &
Allied Industries Pvt. Ltd. to help it achieve this aim. Having local
production operations in the emerging markets is strategically significant for
Gerresheimer due to the rapid growth of the pharma sectors there. Gerresheimer
already has five plants in South America, seven in China and representative
offices in Moscow and Mumbai, providing it with a strong presence in the
emerging markets. Now it also has a modern pharma glass production facility in
India.
“The Indian pharma market is gaining in
international significance and it is growing at an impressive rate. Neutral
Glass is a leading manufacturer of high quality glass pharmaceutical packaging
products which has achieved profitable growth over recent years. Our
acquisition of a majority shareholding in Neutral Glass will help us to strengthen
our position in the emerging markets and to drive our growth in India,”
commented Uwe Röhrhoff, CEO of Gerresheimer AG.
Neutral Glass is a leading manufacturer
of pharmaceutical primary packaging made of glass based in Mumbai with a modern
moulded glass plant in Kosamba (Gujarat Province, India). Neutral Glass
produces pharmaceutical primary packaging products such as glass vials for
liquid medications and infusions, as well as injection bottles. Gerresheimer
has acquired a 70% stake in the company from the owner family, which has
retained 30% of the shares. The signing took place today, the closing is
expected in short term. In the 2010/11 financial year, Neutral Glass generated
annual revenues of approximately INR 1.0bn (around EUR 15m) and it has some 600
employees. Neutral Glass’s quality management systems have been certified as
compliant with ISO 9001:2008.
Gerresheimer took over the leading
Brazilian manufacturer of pharmaceutical plastic packaging products in March
2011. With five plants in South America, seven in China and the new plant in
India, plus representative offices in Moscow and Mumbai, Gerresheimer is well
represented in the fast-growing BRIC nations (Brazil, Russia, India and China).
Gerresheimer’s declared objective is to double revenues in the emerging markets
from EUR 100m in 2010 to EUR 200m in 2013. In addition to organic growth,
acquisitions such as the Neutral Glass acquisition and the acquisition of the
Brazilian company last year will play an important role in taking Gerresheimer
closer to achieving its revenue growth objective.
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.60.61 |
|
|
1 |
Rs.100.49 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
5 |
|
--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 |
|
47 |
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.