initiating coverage packaging mold-tek packaging … advanced technology like in ... fmcg products...
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Established in 1986, Mold-Tek Packaging Limited (MTPL) is the leader in rigid plastic packaging in India. It is involved in the manufacturing of injection molded containers for lubes, paints, food and other products. MTPL has seven processing plants and three stock points spread across India to ensure faster supplies. It has a huge injection molding capacity of around ~30,000 TPA.
MTPL entered the food & FMCG industry in FY16 and thus has insignificant revenue from the particular segment, as majority of the food & FMCG manufacturers' use flexible packaging. However, rigid packaging is now increasingly being used for food and FMCG products and MTPL has been in talks with many companies like Patanjali, HUL, Dabur, ITC, etc. It is already making some products for Cadbury, P&G, Amul, etc.
MTPL is setting up two new plants at Vizag (Andhra Pradesh) and Mysore (Karnataka) for Asian Paints to cater to its rising demand for paint pails. It has already procured the land and construction activity is expected to start in Q2FY18E. Both the plants will have an initial capacity of 3,000 tonnes each and are expected to become operational in H2FY19E. With commercial operations expected to start in H2FY19E, we expect the plants to generate healthy revenue from FY20E.
In November 2016, MTPL started a new facility in RAK (Dubai) to expand its geographical presence and cater to the Middle East and North African markets. The annual capacity of RAK plant is close to 3,000 tonnes. The company is aiming to utilize 70-75% of its capacity in FY18E, which would provide higher realisation at higher capacity utilisation. It is already receiving orders from paint, lube and dairy industries in the Middle East and is talks with various companies for further orders.
Mold-Tek Packaging is an integrated company which has introduced certain world class packaging products in India for paints, oil, lubricants, food and FMCG industries through continuous innovation. Over the years, it has been able to innovate and develop advanced technology like in house robots, which are half the cost of imported robots.
As per FICCI, the Indian Packaging Industry is estimated to grow at a CAGR of 18% over FY15-20E, with flexible packaging estimated to grow by 25% and rigid packaging by 15%. Mold-Tek Packaging manufactures and supplies pails for paint and lube industries and packaging containers for food and FMCG industries. The company has been focusing on the new growth sector i.e. Food and FMCG segment. We believe growth will come from these segments, while Paint and Lube will continue to remain steady. With the strong growth trajectory of the Indian economy, we expect the company to report Revenue and Net profit CAGR of 20% and 24% respectively over FY17-19E. Considering strong balance sheet, robust return ratios, low debt and proactive management, we recommend a Buy on the stock with a target of Rs. 340.
Financial Summary
Religare Investment Call
June 7, 2017
Packaging
CMP (Rs)
Target Price (Rs)
Potential Upside
Sensex
Nifty
Key Stock data
BSE Code
NSE Code
Bloomberg
Shares o/s, Cr (FV 5)
Market Cap (Rs Cr)
3M Avg Volume
52 week H/L
Shareholding Pattern
(%)
Promoter
FII
DII
Others
1 Year relative price performance
274
340
24.1%
31,191
9,637
533080
MOLDTKPAC
MTEP:IN
2.8
767
61,000
315.0/154.5
Sep-16
34.8
2.6
15.2
47.4
Dec-16
35.3
2.5
15.2
47.0
Mar-17
35.8
2.4
16.0
45.8
Research Analyst
Ajay Pasari, CFAajay.pasari@religare.com
Investment rationale
Outlook & Valuation
Initiating Coverage Mold-Tek Packaging Limited
Packaged for growth...BUY
Particulars, Rs cr FY15 FY16 FY17 FY18E FY19E
Net revenue
EBITDA
OPM (%)
Adj PAT
PATM (%)
EPS, Rs
RoE (%)
P/E (x)
285
40
14.0
17
5.9
6.1
20.1
45.0
276
46
16.6
24
8.7
8.7
19.7
31.5
308
51
16.5
27
8.6
9.6
19.5
28.5
370
62
16.7
32
8.7
11.6
20.9
23.6
444
76
17.2
41
9.2
14.8
23.0
18.5 Source : Company; RSL Research
80
100
120
140
160
180
200
Jun
-16
Jul-
16
Au
g-1
6
Sep
-16
Oct
-16
No
v-1
6
Dec
-16
Jan
-17
Feb
-17
Mar
-17
Ap
r-1
7
May
-17
Mold Tek Packaging Ni�y
Jun
-17
Initiating Coverage Packaging
Religare Investment Call
Mold-Tek Packaging Limited
Investment rationale
Focus on Food and FMCG segment to aid revenue growth
Mold-Tek Packaging derives its revenue from segments including paints, lubricants, food and FMCG products. It manufactures and supplies pails for paint and lube industries and packaging containers for food and FMCG industries. For FY17, the segmental revenue was paint contributing 62%, lube 33%, while food and FMCG contributed 5% to the total topline.
The company entered the food and FMCG industry in FY16 and thus has insignificant revenue from the particular segment, as majority of the food and FMCG manufacturers use flexible packaging. However, rigid packaging is now increasingly being used for food and FMCG products and MTPL has been in talks with many companies like Cadbury, Amul, Patanjali, HUL, Britannia, Dabur, ITC, Haldiram, etc. It is already making some products for Cadbury, P&G, Amul, etc. The management is aiming to increase the revenue share from food and FMCG segment to 15-18% of the total sales in the next few years (from 5% in FY17).
The size of the Indian food and FMCG industry is enormous, which offers immense potential to MTPL for significant growth in the coming years. The demand for ready to eat and take away food is on the rise and companies are readily paying a bit more to improve its shelf life and packaging, which also improves brand image of the companies. With rising consumer income, changing lifestyle and increasing number of working women, we expect the demand for packaged food and FMCG products to remain strong. We expect MTPL to generate healthy revenue from food and FMCG space with increasing use of rigid packaging in the packaged food industry.
Entry in Food and FMCG segment to drive healthy revenue growth in the coming years
Revenue share from Food and FMCG segment is expected to increase from 5% in FY17 to 15-18% in the next few years
Source : Company; RSL Research
Segmental revenue : FY17 Segmental revenue : FY19-20E
62%
33%
5%
Paint Lube Food and FMCG
56%26%
18%
Paint Lube Food and FMCG
Rigid packaging industry to grow at 15% in the coming years
As per FICCI (Federation of Indian Chambers of Commerce and Industry), the Indian Packaging Industry is estimated to reach $72.6bn by FY20 (CAGR of 18% over FY15-20), with flexible packaging estimated to grow by 25% and rigid packaging by 15%. India's low per capita packaging consumption (at 4.3 kgs) compared to developed countries like Germany (42 kgs) and Taiwan (19 kgs) leaves significant headroom for growth in the coming years.
As per industry data, paint industry is expected to grow at 1.5-2x of GDP in the next 5 years. We expect Indian paint industry to grow at a healthy rate, in tandem with GDP growth. Increasing urbanization, growth in real estate, thrust on affordable housing will be key growth drivers for the paint industry. MTPL derives ~62% revenue from making pails for the paint industry. Its major clients include Asian Paints, Berger Paints, Kansai Nerolac, Akzo Nobel, etc. We expect the company to report revenue growth of 12-15% from the paint industry.
MTPL also manufactures lube pails for Castrol, Shell, Gulf Oil, etc., which contributes 33% to its topline. The company supplies majority of Castrol India and BP’s pail requirements. Recently it bagged contracts of exclusive supply to Shell and Exxon Mobil for a period of 5 years. Growth in lubricant volumes is directly co-related to growth in auto volumes and IIP. The Indian lubricant market underperformed over FY12-15, impacted by showdown in the GDP, automotive, infrastructure and industrial segments, however gradual recovery was seen in FY16 and FY17 until demonetization hit the auto industry in H2FY17. We feel that the lubricant industry is set to witness a turnaround over the next two to three years on the back of an anticipated revival in the autos and GDP/IIP cycle. We expect the Auto sector to witness a healthy growth, led by a decline in interest rates, cooling inflation, revival in the Capex cycle, and resuming of mining activities. We expect MTPL to report revenue growth of 5-8% from lube paint segment.
$31.7 bn $72.6 bn0
10
20
30
40
50
60
70
80
FY15 FY20E
Packaging Industry to grow at CAGR of 18% over FY15-20E
Source : Company; RSL Research
Initiating Coverage
Religare Investment Call
Revenue from paint and lube segments t o g r o w a t 1 2 - 1 5 % a n d 5 - 8 % respectively in the coming years
Indian packaging industry is expected to grow at CAGR of 18% over FY15-20E, with rigid packaging to grow at 15%
Mold-Tek Packaging Limited Packaging
CAGR 18%
New plants addition for Asian Paints will increase revenue from paints segment
MTPL manufactures and supplies paint lubes to paint companies namely; Asian paints, Berger Paints, Akzo Nobel and Kansai Nerolac. The paint lubes are its major revenue generating product accounting for ~62% of its total revenue. The company caters to ~20% of the total pail requirements of Asian Paints, 30-35% of Kansai Nerolac and 60-65% of Akzo Nobel.
MTPL is setting up two new plants at Vizag (Andhra Pradesh) and Mysore (Karnataka) for Asian Paints to cater to its rising demand for paint pails. It has already procured the land and construction activity is expected to start in Q2FY18E. Both the plants will have an initial capacity of 3,000 tonnes each and are expected to become operational in H2FY19E. The total investment for both plants would be close to Rs. 30-35 cr including the cost of land. With commercial operations expected to start in H2FY19E, we expect the plants to generate healthy revenue from FY20E.
Also in phase II, the capacity of the said plants can be doubled depending on the demand scenario from Asian Paints. The two plants have the potential to generate revenue of ~Rs. 300 cr over FY19-22E. Currently the company meets 20% of Asian Paints total requirements. However with two new plants, it can increase its share to 23-25% in the coming years.
Higher realizations from RAK facility at optimum capacity utilisation
In November 2016, MTPL started a new facility in RAK (Dubai) to expand its geographical presence and cater to the Middle East and North African markets. The annual capacity of RAK plant is close to 3,000 tonnes. The company is aiming to utilize 70-75% of its capacity in FY18E, which would provide higher realisation at higher capacity utilisation. It is already receiving orders from paint, lube and dairy industries in the Middle East and is talks with various companies for further orders. For instance, it is in talks with a company for hair cream and other containers.
RAK facility offers higher margins compared to Indian facilities due to lower material cost, better realizations and no income tax on earnings being a SEZ. Thus the overall profitability is expected to improve marginally (~0.5% operational margin) with revenue generation from RAK plant. We expect the company to benefit from increasing clientele and geographic presence, which can also aid its exports to other markets from its RAK facility. Apart from this, MTPL is also planning to set up a new plant in Gwalior to cater to the North Indian region.
285.0 275.7 308.3 369.9 443.9
12.3%
-3.3%
11.8%
20.0% 20.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
100.0
150.0
200.0
250.0
300.0
350.0
400.0
FY15 FY16 FY17 FY18E FY19E
Revenue- Rs. Cr (LHS) Growth % (YoY) - (RHS)
Initiating Coverage
Religare Investment Call
MTPL is setting up two new plants for Asian Paints, which are likely to get operational in FY19E
New facility in Dubai to increase revenue and margins in the coming years
Mold-Tek Packaging Limited Packaging
Revenue to grow at CAGR of 20% over FY17-19E led by healhty growth from Food and FMCG segment
Source : Company; RSL Research
Integrated facilities with advanced technology and constant innovation
Mold-Tek Packaging is an integrated company which has introduced certain world class packaging products in India for paints, oil, lubricants, food and FMCG industries through continuous innovation. The company decorates products using screen printing, heat transfer labeling and in-mold labeling, which is one of the modern and premium container decoration techniques globally. In late 2011, the company started developmental work on IML manufacturing through imported labels and robots. Later it developed technology to manufacture 'Inmold Lables' (IML) and 'Robots' on its own.
Being an early adopter of IML technology, MTPL quickly realized the benefits of in-mold labeling extending across multiple areas of the business, from enhanced design options and message durability to manufacturing efficiency and improved supply chain management. In-mold technology enabled a significant shift in the labeling and decoration of plastic products as parts were now removed from the injection mold fully decorated, manufacturers eliminated additional costly and time consuming post process decoration. Not only did this technology remove the necessity for a separate process, but it allowed the company to move this entire process to their injection molder, thus saving time and cost. As a result, MTPL's percentage of IML sales has gone up from 29% in FY15 to 50% in FY17, which we expect to increase further in the coming years.
The company is developing various products centric IML packaging for various food and FMCG clients. Its plants are strategically located near its customers manufacturing facilities, which reduces transportation cost and helps in maintaining low inventory levels. Over the years, it has been able to innovate and develop advanced technology like in house robots, which are half the cost of imported robots. As it design, maintain & manufacture its own molds as well as robots, it gives it an edge over its competitors. MTPL is now creating 3D robots for oxygen and moisture barrier IML, which will further add to its product categories of value added products.
Initiating Coverage
Religare Investment Call
Revenue from RAK facility to improve operational margin by ~0.5% due to better realisations, lower material cost and no income tax, being a SEZ
Return ratios to increase and remain healthy due to increasing profitability
MTPL is a pioneer in innovation and adopting latest technology, which has enabled the company to develop in-house inmold labels and robots
Mold-Tek Packaging Limited Packaging
Revenue growth from RAK facility to improve OPM%
Increasing profitability to improve ROC%
Source : Company; RSL Research
Higher revenue & capacity utilisation to improve PAT%
Increasing profitability to increase ROE%
40.0 45.8 50.7 61.6 76.3
14.0%
16.6% 16.5% 16.7%17.2%
12.0%
13.0%
14.0%
15.0%
16.0%
17.0%
18.0%
20.0
30.0
40.0
50.0
60.0
70.0
80.0
FY15 FY16 FY17 FY18E FY19E
EBITDA- Rs. Cr (LHS) EBITDA % (RHS)
16.9 24.1 26.6 32.2 41.0
5.9%
8.7% 8.6% 8.7%
9.2%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
12.0
18.0
24.0
30.0
36.0
42.0
FY15 FY16 FY17 FY18E FY19E
PAT- Rs. Cr (LHS) PAT % (RHS)
25.3%
25.8%
24.7%
26.0%
29.1%
23.0%
24.0%
25.0%
26.0%
27.0%
28.0%
29.0%
30.0%
FY15 FY16 FY17 FY18E FY19E
ROC %
20.1%19.7% 19.5%
20.9%
23.0%
19.0%
19.5%
20.0%
20.5%
21.0%
21.5%
22.0%
22.5%
23.0%
23.5%
FY15 FY16 FY17 FY18E FY19E
ROE %
Initiating Coverage
Religare Investment Call
Established in 1986, Mold-Tek Packaging Limited (MTPL) is the leader in rigid plastic packaging in India. Mold-Tek Packaging Limited is involved in the manufacturing of injection molded containers for lubes, paints, food and other products. MTPL has seven processing plants and three stock points spread across India to ensure faster supplies. It has a huge injection molding capacity of around ~30,000 TPA.
As a pioneer and innovator of pail packaging in India - Mold-Tek has introduced spouts and In-Mold spout concepts for the paint and lubes pails. It offers range of decorating processes and product sizes to cater to the needs of clients. Mold-Tek has a state of the art “In House Tool Room” with sophisticated Swiss and German machinery to design & produce complex molds and capable of making in house Robots. It was the first company to develop IML decorated packaging in India.
MTPL's clientele includes some of the most prominent names in paints, lube, food and FMCG industries. It also exports its products to UAE, Singapore, Malaysia, Nepal and Bangladesh.
Company background
Mold-Tek Packaging Limited Packaging
Paint Industry clientele
Lubricant Industry clientele
Food and FMCG Industry clientele
Initiating Coverage
Religare Investment Call
Plastic packaging industry
The Indian packaging industry, which constituted ~4% of the global packaging industry, was valued at over $31.7bn in FY15. The industry is characterized by a few large manufacturers with a nationwide presence along with a large number of small players in the unorganized sector with a regional presence (>50% of the packaging market is unorganized). While rigid packaging constitutes nearly 75-80% of the total packaging in India, flexible packaging comprises 20-25%.
The Industry grew at a CAGR of 15.7% over FY10-15, largely driven by sectors like food processing (largest user of flexible packaging, accounting for more than 50% of the total demand) and pharmaceutical. The large and growing Indian middle class, along with the growth in organized retailing in the country continue to fuel the growth in the Indian packaging industry.
As per FICCI (Federation of Indian Chambers of Commerce and Industry), the Indian Packaging Industry is estimated to reach $72.6bn by FY20 (CAGR of 18% over FY15-20), with flexible packaging estimated to grow by 25% and rigid packaging by 15%. India's low per capita packaging consumption (at 4.3 kgs) compared to developed countries like Germany (42 kgs) and Taiwan (19 kgs) leaves significant headroom for growth in the coming years.
Mold-Tek Packaging is primarily engaged in rigid packaging. Thus rising pace of flexible packaging and customers shift from rigid to flexible packaging can impact its revenue and earnings.
The company has planned to set up two facilities in the next calendar year to cater to the rising demand from its major client Asian Paints. Any material changes in its client's operations or planning can adversely impact MTPL's operations and potential revenue from these plants.
MTPL has started a new facility in RAK (Dubai) to target Middle East and North African customers. It also exports its products to countries namely; UAE, Singapore, Malaysia, Nepal and Bangladesh. Thus it will be impacted by adverse forex movement as well as demand scenario from these countries.
Mold-Tek Packaging Limited Packaging
Risks
Net revenue
Expenditure
Raw material consumed
Employee cost
Other expenses
Total expenditure
EBITDA
OPM (%)
Other income
Depreciation
PBIT
Interest expenses
PBT
Exceptional items
Tax
Tax rate %
PAT
PATM (%)
EPS
Particulars, Rs cr FY16
FY18E FY15 FY19E
FY17
Source : Company; RSL Research
275.7
167.0
24.0
38.9
229.9
45.8
16.6
0.7
8.5
38.0
1.0
37.0
-0.3
12.7
34.5
24.1
8.7
8.7
369.9
223.9
33.0
51.4
308.3
61.6
16.7
2.0
11.6
52.1
3.6
48.4
0.0
16.2
33.5
32.2
8.7
11.6
285.0
185.4
21.3
38.4
245.1
40.0
14.0
0.8
8.2
32.5
7.3
25.3
0.0
8.5
33.5
16.8
5.9
6.1
443.9
267.3
39.0
61.4
367.6
76.3
17.2
2.1
13.1
65.2
3.6
61.6
0.0
20.6
33.5
41.0
9.2
14.8
308.3
185.9
28.1
43.5
257.5
50.7
16.5
1.8
9.4
43.1
2.8
40.3
0.1
13.8
34.3
26.6
8.6
9.6
P&L Account
Religare Investment Call
Initiating Coverage Mold-Tek Packaging Limited Packaging
Religare Investment Call
Initiating Coverage
Share Capital
Reserves & Surplus
Total Shareholder's Fund
Non-Current Liabilities
Long term borrowing
Deferred tax liability
Other long term liabilities
Long term provision
Current Liabilities
Short term borrowing
Trade payables
Short term provisions
Other current liabilities
Total liabilities
Fixed Assets
Non Current investment
Long Term loans & advances
Other non-current assets
Current Assets
Inventories
Trade receivables
Cash & Cash equivalents
Short term loans and advances
Other current assets
Total assets
Particulars, Rs cr FY16
FY18E FY15 FY19E
FY17P
Source : Company; RSL Research
13.9
115.1
129.0
14.1
6.6
5.4
0.3
1.7
61.0
18.6
14.3
16.6
11.4
204.0
89.5
3.5
4.3
0.7
106.0
24.1
54.8
0.8
25.2
1.1
204.0
13.9
150.8
164.7
13.5
4.8
6.1
0.2
2.4
96.9
35.5
17.4
32.0
11.9
275.0
112.4
13.2
10.9
1.2
137.4
42.8
69.5
1.2
21.5
2.4
275.0
13.8
101.8
115.7
17.0
11.0
4.4
0.3
1.3
36.7
3.5
10.0
12.2
10.9
169.3
74.3
3.2
3.6
0.5
87.7
27.7
44.2
1.0
13.6
1.2
169.3
13.9
177.0
190.9
14.3
4.8
6.7
0.3
2.6
105.0
35.5
20.5
36.7
12.2
310.1
117.2
13.2
11.4
1.2
167.1
49.6
80.6
11.8
22.6
2.5
310.1
13.9
130.2
144.1
13.0
4.8
5.8
0.2
2.2
84.9
35.5
14.7
26.5
8.2
242.0
97.0
13.2
10.3
1.2
120.3
36.2
60.4
0.9
20.5
2.3
242.0
Balance sheet
Mold-Tek Packaging Limited Packaging
Religare Investment Call
Initiating Coverage
Profit Before Tax
Add: Depreciation
Add: Interest cost
Op profit before working capital changes
Changes In working Capital
Direct taxes
Cash Flow From Operating Activities
Cash Flow from Investing Activities
Purchase of Fixed assets
Sale of Fixed assets
Net proceeds from Investment
Cash Flow from Investing Activities
Cash from Financing Activities
Proceeds from issuance of shares
Net proceeds from borrowing
Dividend (incl dividend tax)
Interest cost
Others
Cash Flow from Financing Activities
Net Cash Inflow / Outflow
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalent
Particulars, Rs cr FY16
FY18E FY15 FY19E
FY17P
Source : Company; RSL Research
37.1
8.7
1.0
46.8
-8.9
0.0
37.9
-24.5
0.6
-0.4
-24.3
0.1
0.0
0.0
-1.0
-12.9
-13.8
-0.2
1.0
0.8
48.4
11.6
3.6
63.6
-9.8
-16.2
37.6
-27.0
0.0
0.0
-27.0
0.0
0.0
-11.6
-3.6
5.0
-10.2
0.4
0.9
1.2
25.3
8.4
7.3
40.9
-8.6
0.0
32.4
-9.4
0.4
0.0
-9.1
54.1
0.0
0.0
-7.3
-69.7
-22.9
0.4
0.6
1.0
61.6
13.1
3.6
78.4
-10.9
-20.6
46.9
-18.0
0.0
0.0
-18.0
0.0
0.0
-14.8
-3.6
0.0
-18.4
10.5
1.2
11.8
40.5
9.4
2.8
52.7
-12.5
-13.8
26.3
-16.9
0.0
0.0
-16.9
0.0
15.1
-11.2
-2.8
-10.5
-9.4
0.1
0.8
0.9
Cash Flow statement
Mold-Tek Packaging Limited Packaging
Religare Investment Call
Initiating Coverage
Dividend per share Rs
Dividend Yield (%)
Payout %
EPS Rs
Book Value per share Rs
Profitability Ratios
EBITDA / Total income (%)
PBT/Total income (%)
NPM / Total income (%)
ROCE (%)
ROE (%)
Liquidity ratios
Debt-Equity Ratio
Current Ratio
Interest Cover Ratio
Turnover ratios
Total Asset Ratio
Fixed Assets Ratio
Debtors Velocity Overall (Days)
Inventory (Days)
Creditors Velocity (Days)
Cash Conversion cycle
GROWTH YOY%
Sales Growth %
Operating Profit %
Net Profit Growth %
VALUATION
P / E Ratio
P / BV Ratio
EV / EBITDA
Particulars FY16
FY18E FY15 FY19E
FY17P
Source : Company; RSL Research
3.2
0.6
37.3
8.7
46.6
16.6
13.4
8.7
25.8
19.7
0.2
1.7
38.8
1.5
3.6
65.5
34.3
16.1
83.7
-3.3
14.6
42.9
31.5
5.9
17.3
3.5
0.6
30.0
11.6
59.4
16.7
13.1
8.7
26.0
20.9
0.2
1.5
14.4
1.4
3.8
64.1
39.0
15.8
87.2
20.0
21.5
20.9
23.6
4.6
13.1
4.0
1.5
32.8
6.1
41.8
14.0
8.9
5.9
25.3
20.1
0.1
2.4
4.5
1.7
4.0
55.3
35.8
17.6
73.6
12.3
35.4
86.0
45.0
6.6
19.5
4.4
0.8
30.0
14.8
68.9
17.2
13.9
9.2
29.1
23.0
0.2
1.7
18.0
1.5
4.1
61.7
38.0
15.6
84.1
20.0
23.8
27.2
18.5
4.0
10.4
3.4
0.6
35.0
9.6
52.0
16.5
13.1
8.6
24.7
19.5
0.3
1.4
15.5
1.4
3.6
68.2
35.7
17.2
86.8
11.8
10.8
10.5
28.5
5.3
15.9
Key Financial ratios
Mold-Tek Packaging Limited Packaging
Religare Investment Call
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Initiating Coverage Mold-Tek Packaging Limited Packaging
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