MIRA
INFORM REPORT
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Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
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Name : |
GARWARE POLYESTER LIMITED |
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Registered Office : |
Naigaon, Post Waluj, |
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Country : |
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Financials (as on) : |
30.09.2009 |
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Date of Incorporation : |
06.06.1957 |
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Com. Reg. No.: |
010889 |
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CIN No.: [Company
Identification No.] |
L10889MH1957PLC010889 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
stock exchange. |
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Line of Business : |
Manufacturer, Exporter, Importer and Marketers of Polyester Film,
Metallised Film and Polyester Chips |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10088568 |
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Status : |
Satisfactory |
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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. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered normal 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Arun Bhaskar |
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Designation : |
Account Manager |
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Date : |
06.08.2010 |
LOCATIONS
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Registered Office : |
Naigaon, Post Waluj, |
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Tel. No.: |
91-240-2554427 |
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E-Mail : |
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Website: |
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Area: |
Owned |
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Corporate /Head Office : |
50-A, Swami Nityanand Marg, Western Express Highway, Vile Parle
(east), Mumbai- 400 057, India. |
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Tel. No.: |
91-22-66988000 |
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Fax No.: |
91-22-28248155/28248199 |
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E-Mail : |
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Overseas Offices : |
Global Pet films
Inc Tel: 954-499-7990 Fax: 954-499-7992 Email: usa@garwarepoly.com Garware Polyester
International Limited, Station House, Tel: (44) 0207 376 3931 Fax: (44) 0208 424 2777 Email: uk@garwarepoly.com |
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Factory 1 : |
Polyester Film Plant, |
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Tel. No.: |
91-240-2554427 |
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Fax No.: |
91-240-2554672 |
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E-Mail : |
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Factory 2 : |
Polyester Film Plant, L-6, Chikalthana, Industrial Area, Dr. Abasaheb
Garware Marg, |
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Tel. No.: |
91-240-2485465/2485466 |
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Fax No.: |
91-240- 2484179/2484262/2486002 |
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E-Mail : |
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Offices : |
403, Madarn Bhikaji Cama Bhawan, 11, 37/1 B, Old No. 40, New No. 91,Shiyali Mudali Street, Pudupet, Chennai - 600 002, Tamil Nadu, India |
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Works : |
Plot No. 103, Masat, Silvassa 396 230, A-1 and A-2, MIDC, Ambad, |
DIRECTORS
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Name : |
Mr. S.B. Garware |
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Designation : |
Chairman and Managing Director |
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Name : |
Mrs. S. S. Garware |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Dilip J. Thakkar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. N. P. Chapalgaonkar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mrs. M. Garware Modi |
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Designation : |
Vice Chairperson and Jt. Managing Director |
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Name : |
Ms. Sarita Garware |
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Designation : |
Vice Chairperson and Jt. Managing Director |
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Name : |
Ms. Sonia Garware |
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Designation : |
Vice Chairperson and Jt. Managing Director |
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Name : |
Mr. B. Moradian |
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Designation : |
Vice Chairperson and Jt. Managing Director |
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Name : |
Mr. M. S. Adsul |
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Designation : |
Director – Technical |
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Name : |
Dr. M. C. Agarwal |
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Designation : |
Director – Technical |
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Name : |
Dr. M. C. Agarwal |
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Designation : |
Director – Technical |
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Name : |
Mr. Ramesh P. Makhija |
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Designation : |
Director – Technical |
KEY EXECUTIVES
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Name : |
Mr. Manoj Koul |
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Designation : |
Company Secretary and General Manager |
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Name : |
Mr. Arun Bhaskar |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2010
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1,827,000 |
7.92 |
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11,434,316 |
49.58 |
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- |
- |
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13,261,316 |
57.51 |
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Total shareholding of Promoter and Promoter Group (A) |
13,261,316 |
57.51 |
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(B) Public Shareholding |
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215,381 |
0.93 |
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3,250 |
0.01 |
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853,956 |
3.70 |
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2,355 |
0.01 |
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1,074,942 |
4.66 |
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1,201,837 |
5.21 |
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4,509,535 |
19.56 |
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2,243,756 |
9.73 |
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769,000 |
3.33 |
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138,350 |
0.60 |
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630,350 |
2.73 |
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300 |
- |
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8,724,128 |
37.83 |
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Total Public shareholding (B) |
9,799,070 |
42.49 |
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Total (A)+(B) |
23,060,386 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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Total (A)+(B)+(C) |
23,060,386 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Marketers of Polyester Film,
Metallised Film and Polyester Chips |
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Products : |
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Exports : |
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Products : |
Polyester Film Metalic Yarn Made |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
L/C and Cash |
GENERAL INFORMATION
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Customers : |
End Users and OEM’s |
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Bankers : |
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Facilities : |
Notes : (A) Zero Coupon Bonds of Rs. 100/- each aggregating to Rs. 19.500 millions (Previous Period Rs. 78.584 millions) are secured by a mortgage on Company's immovable property situated at Vile Parle, Mumbai. (B) Cash / Packing Credit / Working Capital Demand Loan are secured by hypothecation of stores, spares and packing materials and stock-in-trade and book debts of the Company and further secured by a second charge on the movable assets of the Company and immovable properties situated at (C) The total Term Loans from Financial Institutions aggregating to Rs. 124.483 millions (Previous Period Rs. 370.087 millions) are secured as under: (1) An amount of Rs. 12.145 millions (Previous Period Rs. 59.286 millions) is secured by: (a) A mortgage ranking pari passu with mortgage created /
to be created on Company's immovable properties situated at (b) Hypothecation charge ranking pari passu with charges created / to be created in favour of EXIM Bank for their Term Loan of all the movable properties of the Company including movable Plant and Machinery, Spares, Tools and Accessories, present and future (save and except Book Debts) at Nasik and Aurangabad, subject to prior charge created and / or to be created in favour of the Company's bankers on: (i) Specified movables for securing borrowings for the Company's Working Capital Requirements and, (ii) Specified assets charged to the Company's bankers as security for Term Loans. (2) An amount of Rs. 27.590 millions (Previous Period Rs. 134.682 millions) is secured by a second charge by way of hypothecation of the company's movable fixed assets and mortgage of company's immovable properties situated at Aurangabad and Nasik subject to prior charges created and / or to be created in favour of Financial Institutions / Banks (3) Exim Bank Working Capital loan of Rs. 84.748 millions (Previous Period Rs. 176.119 millions) is secured by hypothecation of stores, spares and packing materials and stock-in-trade and book debts of the Company and further secured by a second charge on the movable assets of the Company and immovable properties situated at Aurangabad, Nasik. (D) The total Term Loans of Rs. 1417.743 millions (Previous Period Rs. 1578.673 millions) from Banks are secured as under : (1) Term Loans of Rs. 1167.167 millions (Previous Period Rs. 1108.200 millions) are converted in to foreign currency loans during the year and secured by a mortgage on Company's immovable property situated at Vile Parle, Mumbai. (2) Term Loan of Rs,,. 6.903 millions out of Rs. 7.160 millions (Previous Period Rs. 65.651 millions out of Rs. 66.938 millions) is a foreign currency loan.The said loan is secured by a mortgage on Company's immovable property situated at Vile Parle, Mumbai. (3) Term Loan of Rs. 48.325 millions out of Rs. 232.367 millions (Previous Period Rs. 70.447 millions out of Rs. 349.602 millions) is a foreign currency loan. The said loan is secured by charge on the project assets and also by way of collateral of the Company's immovable property situated at Vile Parle, Mumbai. 23 (4) Term loan of Rs. 11.049 millions (Previous Period Rs. 53.933 millions) is a foreign currency loan. The same is secured by: (a) A mortgage ranking pari passu with mortgage created on
Company's immovable properties situated at (b) Hypothecation / charge ranking pari passu with charges created / to be created in favour of ICICI Bank Limited and EXIM Bank for their Term Loans of all the movable properties of the Company including movable Plant and Machinery, Spares, Tools and Accessories, present and future (save and except Book Debts) at Nasik and Aurangabad, subject to prior charge created and / or to be created in favour of the Company's bankers on: (i) Specified movables for securing borrowings for the Company's Working Capital Requirements and, (ii) Specified assets charged to the Company's bankers as security for Term Loans. (E) Vehicle Finance is secured by hypothecation of specific assets. (F) Funded interest outstanding as on 30'h September, 2009 has been deferred on interest free basis and is secured by charge/ mortgage on the same lines as referred to the loans above.
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Banking Relations
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-- |
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Auditors : |
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Name : |
Shah and Company Chartered Accountant |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
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60,00,000 |
Preference Shares |
Rs. 100/- each |
Rs. 600.000 Millions |
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Total |
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Rs. 1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2,28,60,386 |
Equity Shares |
Rs. 10/- each |
Rs. 228.604
Millions |
|
200,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000
Millions |
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Less: Unpaid Allotment Call Money |
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Rs. 0.621 |
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54,46,000 |
0.01% Cumulative Redeemable Preference
Shares |
Rs. 100/-
each |
Rs. 544.600
Millions |
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Total |
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Rs. 774.583 Millions |
Out of the above:
(i) 16,50,600 Equity Shares of Rs.10/- each were allotted as fully paid-up Bonus Shares by Capitalisation of Reserves (Previous period 16,50,600)
(ii) 6,60,000 Equity Shares of Rs.10/- each were allotted as fully paid-up pursuant to a scheme of amalgamation without payment being received in cash (Previous period 6,60,000)
(iii) 64,860 Equity Shares of Rs.10/- each were allotted as fully paid up to Industrial Development Bank of India Limited (IDBI) at a premium of Rs. 40/- per share in consideration of conversion of a part of the loan amount of Rs. 3.243 millions (Previous period 64,860)
(iv) 47,80,799 Equity Shares of Rs.10/- each were allotted as fully paid up at a premium of Rs. 40/- per share against 23,90,400 detachable warrants (Previous period 47,80,799)
Note : (A)
Pursuant to the Shareholders resolution passed in the Extra Ordinary General Meeting held on 7.11.2007 and 19.06.2008,the Company has increased its Authorised Share Capital from Rs. 250.000 millions to Rs. 1000.000 millions out of which the company has issued and alloted Equity and Preference shares to Industrial Development Bank of India Limited (IDBI) and Equity Shares to UTI as per settlements without payment being received in cash as follows.
(i) 10, 19,022 Equity shares of Rs.10/- each at a Premium of Rs. 48.88 per share issued to IDBI in previous period.
(ii) 2,00,000 Equity shares of Rs. 10/- each at a Premium of Rs. 22.67 per share issued to Unit Trust of India (UTI) against their outstanding loans to various scheme operating under UTI-Mutual Fund ( UTI-MF), and Specified undertaking Unit Trust of India ( SU-UTI) of UTI Assets Management Company Limited as per share holders resolution passed at the Annual General Meeting held on 23.12.2008
(iii) 54,46,000 0.01% Cumulative Redeemable Preference Shares of Rs. 100/- each issued to IDBI in previous period. The preference shares amounting to Rs. 495.400 millions shall be redeemed in 3 equal installments from 1st April, 2014 to 1st April, 2016 and Rs. 49.200 millions shall be redeemed in single installment on 1st April, 2016.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
30.09.2009 |
30.09.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
774.583 |
772.583 |
217.793 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1747.559 |
1658.711 |
1586.009 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2522.142 |
2431.294 |
1803.802 |
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LOAN FUNDS |
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1] Secured Loans |
3209.525 |
3934.921 |
5154.727 |
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2] Unsecured Loans |
9.325 |
50.568 |
98.376 |
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TOTAL BORROWING |
3218.850 |
3985.489 |
5253.103 |
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DEFERRED TAX LIABILITIES |
144.424 |
25.049 |
0.000 |
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TOTAL |
5885.416 |
6441.832 |
7056.905 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3893.445 |
4125.903 |
4513.662 |
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Capital work-in-progress |
22.222 |
31.293 |
46.475 |
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INVESTMENT |
381.002 |
381.002 |
378.002 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
567.787
|
777.863 |
724.542 |
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Sundry Debtors |
984.671
|
1100.912 |
885.519 |
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Cash & Bank Balances |
95.229
|
67.550 |
33.428 |
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Other Current Assets |
216.247
|
223.348 |
367.880 |
|
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Loans & Advances |
292.075
|
258.464 |
477.062 |
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Total
Current Assets |
2156.009
|
2428.137 |
2488.431 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
282.095
|
326.546 |
296.798 |
|
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Provisions |
286.642
|
201.215 |
90.878 |
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Total
Current Liabilities |
568.737
|
527.761 |
387.676 |
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Net Current Assets |
1587.272
|
1900.376 |
2100.755 |
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MISCELLANEOUS EXPENSES |
1.475 |
3.258 |
18.011 |
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TOTAL |
5885.416 |
6441.832 |
7056.905 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2009 |
30.09.2008 |
31.03.2007 |
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SALES |
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Income |
8802.708 |
14425.625 |
8660.433 |
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Other Income |
20.001 |
20.425 |
33.564 |
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TOTAL |
8822.709 |
14446.050 |
8693.997 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
1810.320 |
2913.398 |
1736.883 |
|
|
|
Raw Material Consumed |
2503.320 |
4222.970 |
2705.078 |
|
|
|
Inter-Divisional Transfers |
3264.418 |
5805.395 |
3423.231 |
|
|
|
Increase/(Decrease) in Finished Goods |
160.421 |
4.363 |
3.158 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
759.521 |
1008.895 |
514.202 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
529.739 |
782.496 |
463.006 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
229.782 |
226.399 |
51.196 |
|
|
|
|
|
|
|
|
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Less |
TAX |
123.446 |
70.747 |
29.941 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
106.336 |
155.652 |
21.255 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1916.315 |
4197.154 |
NA |
|
|
TOTAL EARNINGS |
1916.315 |
4197.154 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
164.185 |
383.823 |
NA |
|
|
|
Stores & Spares |
22.312 |
47.710 |
NA |
|
|
|
Capital Goods |
26.088 |
12.955 |
NA |
|
|
|
Others |
7.811 |
14.950 |
NA |
|
|
TOTAL IMPORTS |
220.396 |
459.438 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.62 |
6.93 |
0.97 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2009 1st
Quarter |
31.03.2010 2nd
Quarter |
30.06.2010 3rd Quarter |
|
Gross Sales |
1575.200 |
1717.100 |
1834.600 |
|
Other Operating Income |
2.100 |
6.700 |
5.600 |
|
Other Income |
1.100 |
0.200 |
0.100 |
|
Total Income |
1502.200 |
1634.900 |
1743.800 |
|
Total Expenditure |
1217.000 |
1333.500 |
1282.800 |
|
PBIDT |
285.200 |
301.400 |
461.000 |
|
Interest |
96.700 |
77.500 |
94.700 |
|
PBDT |
188.500 |
223.900 |
366.300 |
|
Depreciation |
80.800 |
80.400 |
81.000 |
|
Tax |
0.000 |
0.000 |
72.000 |
|
Fringe Benefit Tax |
0.000 |
0.000 |
0.000 |
|
Deferred Tax |
0.000 |
0.000 |
0.000 |
|
Reported Profit After Tax |
107.700 |
143.500 |
213.300 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2009 |
30.09.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
1.20
|
1.07 |
0.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.61
|
1.56 |
0.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.79
|
3.45 |
0.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.85 |
3.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
4.60 |
6.41 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS ARE NOT AVAILABLE.
Trade References:
·
Brescon Corporate Advisors Limited
·
Transdelta Transformers Private Limited
·
APPL Industries Limited
History
Incorporated on Jun.'57, Garware Polyester (GPL) was primarily
manufacturing moulds and dyes for the plastic manufacturers. In 1976, another
group company Garware Plastics was merged with it and the name of the company
was changed to Garware Plastics and Polyesters. Later on, the company acquired
its present name. It is a part of the Garware group and is managed by S B
Garware Chairman and Managing Director of the company. The company is a leading
manufacturer of polyester film in the country. Apart from polyester films, the
company has diversified into video magnetic tapes, computer tapes, audio
magnetic tapes, U-matic video cassettes, and value-added products like
sun-control films. GPL's exports comprise mainly of polyester film and
film-based products, to western Europe, the
Operations
Local sales increased by 21.13%, and exports have decreased by 32.79% (on annualized basis) due to global recession. In local market there was increase in sales volumes and there was strategic shift of quantities from export to local market. The Company has performed better and the net profit after extra-ordinary items has increased substantially in the current year.
Future outlook
Growth in retail sector, liberalization, growing middle
class and rising purchases of packaged foods and goods, growing application of
polyester film in various applications such as electrical cables and motor
insulators and lamination for automobiles and building glass windows is
expected to fuel growth of polyester films. In International market, it is
expected at 4-6% per annum. Local market growth is estimated at the rate of
10-14% per annum. The growth in domestic market is expected to be higher due to
boom in retail outlets. There is likely to be significant capacity addition in
coming year as some of the players are expected to commission new lines in
Despite slowdown faced during 1st
quarter ended 31st December, 08,
the Company faced the difficult situation by stepping up marketing efforts and
initiating cost cutting measures and mitigating risk factors such as Credit
Risk, Market Risk, Country Risk while reviewing the sales policy on a
continuous basis. The Company, therefore, could come out with excellent
results. As regards Sun Control Film the growth of international and domestic
market for Window films is expected to grow further consequent upon revival of
automobile and realty sectors in last 6 months. The glass manufacturers are producing
glass with embedded Sun Control characteristics. However, the toughened glass
is no threat as these glasses are relatively costlier than Sun Control Films.
The Company is penetrating into untapped markets in Eastern Europe such as
MANAGEMENT DISCUSSION
AND ANALYSIS
Overview
Garware Polyester Limited (GPL) is a pioneer producer of polyester
films and metallised film. It is the only Company, which manufactures quality
Sun Control Film in
Industry Structure
and Developments
Polyester films have wide applications in flexible
packaging, electrical magnetic media, imaging etc. There is likely to be
significant capacity addition during the year 2009-10 by other players in
Opportunities and
threats
In view of capacity additions in 2009 -10, the company is constantly endeavouring to introduce new products. Some of the products already developed are Nano technology based films, Ceramic films and IR (Infra-red) films. These products have been well received by the customers both in domestic and international markets. With increased focus on R and D, the Company hopes to maintain its growth. The Company has also undertaken cost control measures.
Outlook
Exports:
Plain Film:
The global recession seems to be over with
Sun Control Film:
Exports of Sun Control films continue to grow thanks to the
launch of high margin premium film in
Local:
The strategy of introducing new, value added car kits and OEM tieups has ensured robust growth for Sun Control films in the domestic market despite the dire situation at the end of 2008. Increased usage of Window films in offices, commercial buildings and malls continues to add to the growth of Company's business in the premium segment of Window films.
Fixed Assets
- Land
- Buildings
- Plant and Machinery
- Electrical Installations
- Mould
- Laboratory Equipments
- Office Equipment
- Vehicles
- Capital Expenditure
AS PER WEBSITE
Profile:
Welcome to Garware Polyester. They are the largest as well as the first
company to produce polyester film in
At Garware Polyester they serve the need of diverse industries. The
product range include films that cater to the solar control industry, packaging
industry, reprographic industry etc.
They have four fully integrated film lines that enable them to meet the
customer demands. They are an ISO:9001:2000 company with a customer base that
spans the globe.
Milestones:
·
The accomplishments spans five decades.
·
The forties witnessed the birth of Garware, a
simple manufacturing unit producing plastic buttons for the Navy. They later
diversified the product base to include knitting needles, pen-holders and
toothbrushes.
·
In the fifties they lead the race by
manufacturing injected, moulded and extruded plastic products like television
casings and fan blades.
·
The sixties brought new challenges in the
form of new technologies. They responded by expanding the product line to
include PVC pipes, fittings and allied products. End sixties saw the emergence
of Polyester film and a whole new world of possibilities opened up for us.
·
By the seventies they set out to conquer the
entire world. The expansion plans were launched with exports to the
·
In the eighties they produced sure winners
like Garfilm, Sun Control and X-Ray film - all polyester based and indigenously
developed. They were matching strides with developments worldwide.
·
The nineties, the era of high technology ,
saw them taking on new challenges.
Awards:
·
An ISO 9002 certified company since 1994, they have
achieved a number of awards for innovation and excellence.
·
In 1980 they were awarded the Gold Shield by the
Government of India (Ministry of Industry), in recognition of the capability
for developing polyester film in-house and thus saving substantial foreign
exchange for the government
·
In 1988, the Department of Science and Technology
of the Government of India recognised the excellent RandD effort with the
Silver Shield award, for developing ray film with polyester base.
·
They have also been consistently winning the Top
Exporter Award from the Government of India (Ministry of Commerce) as well as
the Government of Maharashtra. The 70's award related to PVC pipes and
fittings, but since 1984 it was the polyester film which took the lead
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2010
(Rs. In Millions)
|
Particulars |
Quarter Ended 30.06.2010 (Unaudited) |
6 Months Period 31.03.2010 (Audited) |
|
Sales (Including Inter Unit Sales) |
2840.900 |
5273.600 |
|
Gross Sales/ Income from Operations |
1834.800 |
3292.200 |
|
Less: Excise Duty |
98.300 |
165.3.00 |
|
a) Net Sales/ Income from Operation |
1738.100 |
3126.900 |
|
b) Other operating Income |
5.800 |
12.300 |
|
1. total Income (Net) |
1743.700 |
3139.200 |
|
2. Expenditure |
|
|
|
a.
(Increase)/Decrease In Stock |
[92.500] |
20.800 |
|
b. Consumption of
Raw Materials |
832.500 |
1402.300 |
|
c. Purchase of
Traded Goods0 |
0.000 |
0.000 |
|
d. Power and Fuel |
95.700 |
194.700 |
|
e. Employee Cost |
154.300 |
316.000 |
|
f. Depreciation |
91.000 |
160.900 |
|
g. Other
Expenditure |
292.800 |
548.300 |
|
h. Total |
1363.800 |
2723.000 |
|
3. Profit from Operations before Other Income, Interest, Exchange Currency Fluctuation and Exceptional Items |
379.900 |
416.200 |
|
4. Other Income |
0.100 |
1.400 |
|
5. Profit before
Interest, Exchange Currency Fluctuation and Exceptional Items |
380.000 |
417.600 |
|
Earning Before Interest, Depreciation, Tax
and Extraordinary Item (EBIDTA) |
461.000 |
578.500 |
|
6. Interest and
Finance Charges |
94.700 |
183.400 |
|
7. Profit/ Loss
after Interest but before exceptional item |
265.300 |
254.200 |
|
8. Exceptional Item |
0.000 |
0.000 |
|
9. Profit/ loss from ordinary/ Activities
before Tax (7+8) |
285.300 |
254.200 |
|
10. Provision for Tax |
|
|
|
Tax Expenses |
|
|
|
11. Net profit/ loss from ordinary
Activities after Tax ( 9-10) |
72.000 |
0.500 |
|
12. Extra Ordinary Item (Net of Tax
Expenses) |
213.300 |
253.700 |
|
13. Net Profit/ Loss for the period (11-12) |
0.000 |
0.000 |
|
14. Paid up Equity Share Capital |
230.000 |
230.000 |
|
15. Reserve Excluding Revaluation Reserve as
per balance sheet of previous accounting year |
-- |
1502.500 |
|
16. Earning Per share |
|
|
|
a. Basic and diluted EPS before Extra
ordinary items for the period ( not annualized) |
9.25 |
11.00 |
|
b. Basic and Diluted EPS after Extra Ordinary
Items for the period (not annualized) |
9.25 |
11.00 |
|
17. Public Shareholding |
|
|
|
- Number of Shares |
9700070 |
9805790 |
|
-Percentage of
Shareholding |
42.49 |
42.52 |
|
18. Promoters and Promoter Group Shareholding |
|
|
|
a.
Pledged/Encumbered |
|
|
|
- Number of shares |
Nil |
Nil |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of shares
(as a % of the total shareholding of the total share capital of the company) |
Nil |
Nil |
|
b. Non-Encumbered |
|
|
|
- Number of shares |
13261316 |
13254596 |
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
|
- Percentage of
shares (as a % of the total shareholding of the total share capital of the
company) |
57.51 |
57.48 |
Note:
- Previous period figures have been regrouped and reclassified to make
them comparable with the figures of the current period.
- The company operates in one agreement only i.e. polyester films.
- The above results have been reviewed by the Audit Committee and approved
and taken on record by the Board of Directors of the company at their
respective meetings held on 5th August 2010. The auditor have
certified out a limited review of
the results for the quarter ended June 30, 2010.
- The Tax expenses includes current Tax and Deferred Tax. Mat credit
have been taken for Current Tax provided under MAT as per the provisions
of the Income Tax Act, 1961.
- As Informed by the Registrar,
Link Intime (India) Limited, there was no unresolved investor complaint as
on 01.04.2010 during the quarter ended 30th June, 2010, the company received 30 complaints
form Investors. Outstanding Complaints at the end of the quarter were ni.
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 records 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 records 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.46.02 |
|
|
1 |
Rs.73.21 |
|
Euro |
1 |
Rs.60.70 |
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 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.