MIRA INFORM REPORT
|
Report Date : |
08.04.2011 |
Note : The registered office address of the company has been shifted
from the above address.
IDENTIFICATION DETAILS
|
Name : |
COSMO FILMS LIMITED |
|
|
|
|
Registered Office : |
1008, DLF tower- A, Jasola District Centre, New Delhi-110 025, Delhi |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
07.10.1976 |
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Com. Reg. No.: |
55 – 8355 |
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CIN No.: [Company
Identification No.] |
L92114DL1976PLC008355 |
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|
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKC01059C |
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|
Legal Form : |
Public Limited Liability Company. Company's Shares are Listed on the
Stocks Exchange |
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Line of Business : |
Manufacturer of Plastic Films, Packing and Packaging, Printing
Industry Services and BOPP Film. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 12000000 |
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|
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company engaged in the business of
manufacturing and marketing Biaxiall Oriented Polypropylene Film and Synthetic
Paper. The company’s expansion projects have been completed as per schedule
and within the budgeted cost. Trade relations are reported as fair. Payments
are usually correct 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
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Corporate Office : |
1008, DLF tower- A, Jasola District Centre, New Delhi-110 025, Delhi,
India |
|
Tel. No.: |
91-11-49494949 |
|
Fax No.: |
91-11-49494950 |
|
E-Mail : |
ashok@dl.cosmo.sprintsmx.ems.vsnl.net.in mm.rao@gndel-cfldel.global.net.in skmittal@gndel-cfldel.global.net.in
secretary@cosmofilms.com
|
|
Website : |
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|
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Factory 1 : |
J-4, MIDC
Industrial Area, Chikalthana, |
|
Tel. No.: |
91-240-2485080 /
2485894 |
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Fax No.: |
91-240-2485581 |
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E-Mail : |
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Factory 2 : |
B-14/9, MIDC
Industrial Area, Waluj, |
|
Tel. No.: |
91-240-2554612 /
13 / 14 / 2554611 |
|
Fax No.: |
91-240-2554416 /
2556275 |
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E-Mail : |
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Factory 3 : |
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|
Tel. No.: |
91-2666-232960/231635
/ 231097 |
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Fax No.: |
91-2666-232961 |
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E-Mail : |
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Factory 4 : |
Plot No. 359-B, |
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Tel. No.: |
91-2676-247021/247128 |
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Fax No.: |
91-2676-247041 |
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|
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Factory 5 : |
Mercuriusstraat
9, 6468 ES |
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Tel. No.: |
31 45
535 7676 |
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Fax No.: |
31 45
535 7878 |
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Factory 6 : |
560, |
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Tel. No.: |
302-3287780
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Fax No.: |
302-5311831 |
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Factory 7 : |
Hwa Seung GBC Company Limited, 98-18, Shin Hang Ri Doon Po
Myun, |
|
Tel. No.: |
82-41-531-1830 |
|
Fax No.: |
82-41-531-1831 |
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Factory 8 : |
B – 21, MIDC Industrial Area, |
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Tel. No.: |
91-240-2551888/ 2553353/ 54 |
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State Office : |
Located at:
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Branch Office
: |
Located at:
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DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. S. Sundaram |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. Ashok
Jaipuria |
|
Designation : |
Chairman and
Managing Director |
|
Qualification
: |
Degree in
Associates of Arts in Business Administration & Diploma in Marketing
Science |
|
Date of
Appointment : |
02.04.1980 |
|
|
|
|
Name : |
Mr. H K Agarwal |
|
Designation : |
Director |
|
Qualification
: |
B E and MBA
(IIM), Management Consultant |
|
|
|
|
Name : |
Mr. Badri Agarwal
|
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Surinder
Kapur |
|
Designation : |
Director |
|
Qualification
: |
Ph.D. in Mechanical
Engineering |
|
Other
Directorship : |
Managing Director
of Sona Koyo Steering Systems |
|
|
|
|
Name : |
Mr. R Vasudevan |
|
Designation : |
Director |
|
Qualification
: |
B.A. (Hons) Economics,
M.A. (Economics and Statistics), MPA (Development Economics) |
|
|
|
|
Name : |
Mr. Rajeev Gupta |
|
Designation : |
Director |
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Qualification
: |
B E and MBA |
|
Other
Directorship : |
Joint Managing
Director of DSP Merrill Lynch Limited Managing Director
– Carlyle India Advisors Private Limited |
|
|
|
|
Name : |
Mr. Suresh Mathur
|
|
Designation : |
Independent
Director |
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|
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|
Name : |
Mr. Suresh Rajpal |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Name : |
Mr. A.K. Jain |
|
Designation : |
Chief Financial
Officer |
|
|
|
|
Name : |
Mr. A G Deshpande
|
|
Designation : |
Vice President –
Business Development |
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|
|
|
Name : |
Mr. Janardhan
Gupta |
|
Designation : |
Vice President-
Global Logistic |
|
|
|
|
Name : |
Mr. Sanjay
Chincholikar |
|
Designation : |
General Manager –
Marketing (Domestic) |
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|
Name : |
Mr. R.K. Gupta |
|
Designation : |
General Manager –
Finance and Accounts |
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Name : |
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Designation : |
General Manager –
Manufacturing |
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|
Name : |
Mr. A.K. Pathak |
|
Designation : |
General Manager –
Manufacturing |
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|
Name : |
Dr. S. Mishra |
|
Designation : |
General Manager –
Marketing (Esports) |
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|
Name : |
Mr. Asim Khamrai |
|
Designation : |
General Manager –
Research and Development |
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|
Name : |
Mr. N.R. More |
|
Designation : |
General Manager –
Maintenance |
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|
Name : |
Mr. S. Anand |
|
Designation : |
Head – HR |
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|
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|
Name : |
Mr. Parvinder S.
Arora |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Sanjay Govil |
|
Designation : |
Chief Financial
Officer |
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|
Name : |
Mr. Tanuj Agarwal
|
|
Designation : |
Vice President-
Corporate Planning |
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|
Name : |
Mr. R. T. Mahajan
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|
Designation : |
General Manager –
Manufacturing |
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|
Name : |
Mr. S. K. Dutta |
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Designation : |
General Manager-
Marketing Services |
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|
Name : |
Mr. Ankush Kaura |
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Designation : |
Head Information
Technology |
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|
Name : |
Mr. Shailesh Verma
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|
Designation : |
Head Information
Market Development |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,341,081 |
6.90 |
|
|
7,219,258 |
37.14 |
|
|
8,560,339 |
44.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8,560,339 |
44.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
303,380 |
1.56 |
|
|
3,130 |
0.03 |
|
|
4,200 |
0.02 |
|
|
419,263 |
2.16 |
|
|
|
|
|
|
2,257,244 |
11.61 |
|
|
|
|
|
|
5,973,006 |
30.73 |
|
|
910,861 |
4.69 |
|
|
1,424,916 |
7.33 |
|
|
1,419,416 |
7.30 |
|
|
5,500 |
0.03 |
|
|
10,566,027 |
54.35 |
|
Total Public shareholding (B) |
10,879,737 |
55.97 |
|
Total (A)+(B) |
19,440,076 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic
Films, Packing and Packaging, Printing Industry Services and BOPP Film. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2009)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Biaxially
Oriented Polypropylene (BOPP) Film and
Synthetic paper |
Qty |
|
116200 |
64639 |
GENERAL INFORMATION
|
No. of Employees : |
Around 250
(Approximately) |
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Bankers : |
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Facilities : |
(a)
Secured by first pari-passu charge over the entire fixed assets of the
company except assets exclusively charged. (b) Secured
against hypothecation of machinery financed out of the loan amount. (c)
Secured by hypothecation of raw materials, work-in-progress, stores and
spares, finished goods, book debts and second charge on fixed assets secured
to financial institutions except assets exclusively charged. (d)
Secured against pledge of the fixed deposits of the company. (e)
Secured against hypothecation of vehicle financed out of the loan amount. Note : Term loans due within a year Rs.305.500 Millions (previous year Rs.350.400 millions) |
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Banking
Relations : |
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Auditors : |
|
|
Name : |
B.K. Shroff and
Company Chartered
Accountants |
|
|
|
|
Memberships : |
Confederation of
Indian Industry |
|
|
|
|
Subsidiary Company: |
·
Cosmo Films, Inc., ·
CF Global Holdings Limited, ·
CF ( ·
Cosmo Films ( ·
Cosmo Films Hwa Seung Company
Limited, |
|
|
|
|
Associates: |
Cosmo Ferrites Limited |
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19440076 |
Equity Shares |
Rs.10/- each |
Rs.194.400
millions |
|
|
|
|
|
Of the above:-
a) 2,42,051 shares have been allotted to erstwhile shareholders
of Gujarat Propack Limited on amalgamation.
b) 84,86,705 shares have been allotted as fully paid bonus shares by
capitalisation of capital reserve and share premium account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
194.400 |
194.400 |
194.401 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2722.500 |
2378.400 |
1617.470 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2916.900 |
2572.800 |
1811.871 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2529.900 |
2647.400 |
1490.990 |
|
|
2] Unsecured Loans |
119.600 |
0.100 |
10.061 |
|
|
TOTAL BORROWING |
2649.500 |
2647.500 |
1501.051 |
|
|
DEFERRED TAX LIABILITIES |
667.800 |
649.600 |
319.696 |
|
|
EQUITY SHARE
WARRANT |
0.000 |
33.200 |
33.170 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
|
|
|
6234.200 |
5903.100 |
3665.788 |
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
|
|
|
Capital work-in-progress |
3742.200 |
4126.400 |
2034.847 |
|
|
|
19.200 |
7.500 |
104.145 |
|
|
INVESTMENT |
|
|
|
|
|
DEFERREX TAX ASSETS |
512.600 |
67.700 |
67.690 |
|
|
|
0.000 |
0.000 |
0.000 |
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
679.300
|
584.200 |
704.270 |
|
|
Sundry Debtors |
1309.600
|
933.600 |
932.776 |
|
|
Cash & Bank Balances |
241.600
|
293.200 |
71.485 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
378.000
|
670.200 |
499.320 |
|
Total
Current Assets |
2608.500
|
2481.200 |
2207.851 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
169.500
|
192.000 |
|
|
|
Other Current Liabilities |
346.500
|
523.600 |
450.757 |
|
|
Provisions |
132.300
|
256.100 |
298.220 |
|
Total
Current Liabilities |
648.300
|
779.700 |
748.977 |
|
|
Net Current Assets |
1960.200
|
1701.500 |
1458.874 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.232 |
|
|
|
|
|
|
|
|
TOTAL |
6234.200 |
5903.100 |
3665.788 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7532.600 |
6548.100 |
5851.616 |
|
|
|
Other Income |
72.300 |
129.200 |
114.242 |
|
|
|
TOTAL (A) |
7604.900 |
6677.300 |
5965.858 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
0.300 |
2.300 |
|
|
|
|
Manufacturing & Other Expenses |
6562.400 |
5687.100 |
|
|
|
|
Exceptional Items |
0.000 |
50.600 |
5357.199 |
|
|
|
Increase/(Decrease) in Finished Goods |
(20.200) |
(54.800) |
|
|
|
|
TOTAL (B) |
6542.500 |
5685.200 |
5357.199 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1062.400 |
992.100 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
150.200 |
137.900 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
912.200 |
654.200 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
289.200 |
208.000 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
623.000 |
646.200 |
608.659 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
164.800 |
218.800 |
163.620 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
458.200 |
427.400 |
445.039 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3346.900 |
2862.100 |
3326.628 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1344.600 |
1139.300 |
954.824 |
|
|
|
Stores & Spares |
62.000 |
31.300 |
37.237 |
|
|
|
Capital Goods |
2.000 |
957.100 |
57.967 |
|
|
|
Others |
1408.600 |
2127.700 |
1050.028 |
|
|
TOTAL IMPORTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
237.57 |
21.98 |
- |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
|
Net Sales |
2293.100 |
2178.000 |
2429.300 |
|
Total Expenditure |
2055.800 |
1920.000 |
2166.200 |
|
PBIDT (Excl OI) |
237.300 |
258.000 |
263.100 |
|
Other Income |
0.000 |
44.400 |
0.000 |
|
Operating Profit |
237.300 |
302.400 |
263.100 |
|
Interest |
35.100 |
40.500 |
41.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
202.200 |
261.900 |
221.400 |
|
Depreciation |
68.800 |
70.700 |
70.200 |
|
Profit Before Tax |
133.400 |
191.200 |
151.200 |
|
Tax |
39.000 |
42.900 |
45.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
94.400 |
148.300 |
105.600 |
|
Extraordinary Items |
0.000 |
12.100 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
94.400 |
160.400 |
105.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.03
|
6.40 |
7.46
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.27
|
9.87 |
10.40
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.81
|
9.78 |
14.35
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.25 |
0.34
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.13
|
1.33 |
1.24
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.02
|
3.18 |
2.95
|
LOCAL AGENCY FURTHER INFORMATION
HIS TORY:
Cosmo Films, promoted by Ashok Jaipuria(son of the late
Sitaram Jaipuria, former CMD of SWadeshi Polytex) is the pioneer in the manufacture
of biaxially-oriented polypropylene(BOPP) film which is widely used in the
consumer product industry for packaging. The company went public four years
after its incorporation in 1976. Subject, the first ISO 9002 certified BOPP
manufacturing company operates two plants at Chikalthana and Waluj, both in
ACQUISITION
OF GBC'S PRINT FINISHING BUSINESS
On
11th June 2009, the company completed the acquisition of GBC’s Commercial Print
Finishing Business, from ACCO Brands Corporation of
This
acquisition will help the company to further strengthen its presence in the
global market including key markets of Europe and
OPERATIONS
Net
Sales grew 15% year on year (standalone) in Financial Year 2009-10, but EBIDTA
remained flat primarily due to difficult market conditions in
EXPORTS
Cosmo
continues to maintain its position of the largest BOPP film exporter from
QUARTERLY
FINANCIAL RESULTS
(Rs. in millions)
|
Particulars |
3 months ended |
9 months ended |
|
31.12.2010 |
31.12.2010 |
|
|
1. Income: |
|
|
|
a) Net Sales/ Income from Operations |
2383.000 |
6827.100 |
|
b) Other Operating Income |
46.300 |
73.300 |
|
c) Total |
2429.300 |
6900.400 |
|
2. Expenditure: |
|
|
|
a) Decrease/(Increase) in Stock |
84.400 |
(30.600) |
|
b) Raw materials consumption |
1510.800 |
4465.600 |
|
c) Purchase of traded goods |
0.500 |
1.100 |
|
d) Power, Water and Fuel |
162.500 |
480.900 |
|
e) Employees Costs |
125.600 |
361.400 |
|
f) Depreciation |
70.200 |
209.700 |
|
g) Other expenditure |
282.400 |
863.600 |
|
h) Total |
2236.400 |
6351.700 |
|
3. Profit from Operation before Other Income, Interest and Exceptional
Items (1-2) |
192.900 |
548.700 |
|
4. Other Income |
-- |
44.400 |
|
5. Profit before Interest and Exceptional Items (3+4) |
192.900 |
593.100 |
|
6. Interest (Net) |
41.700 |
117.300 |
|
7. Profit after Interest but before Exceptional Items (5-6) |
151.200 |
475.800 |
|
8. Exceptional items |
-- |
-- |
|
9. Profit from Ordinary Activities before Tax (7+8) |
151.200 |
475.800 |
|
10. Tax expense |
|
|
|
a) Provision-Income Tax |
44.900 |
134.700 |
|
b) Deferred Tax ax |
0.700 |
(7.200) |
|
d) Total |
45.600 |
127.500 |
|
11. Net profit from Ordinary Activities after tax (9-10) |
105.600 |
348.300 |
|
12. Extraordinary items |
0.000 |
12.100 |
|
13. Net profit before Minority Interest
|
105.600 |
360.400 |
|
14 Minority Interest |
194.400 |
194.400 |
|
18. Basic and Diluted EPS for the period (Rs.) |
|
|
|
Excluding extraordinary item |
5.44 |
17.92 |
|
Including extraordinary item |
5.43 |
18.52 |
|
19. Public shareholding (Non promoter) |
|
|
|
a) Number of shares |
10879737 |
10879737 |
|
b) Percentage of shareholding |
56% |
56% |
|
20. 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 share capital of the
company) |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
- Number of shares |
8560339 |
8560339 |
|
- Percentage of shares (as a %of the total shareholding of promoter and promoter group) |
100% |
100% |
|
Percentage of shares (as a %of the total share capital of the company) |
44 % |
44 % |
REPORTING OF
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
In Millions)
|
Particulars |
3 months ended |
9 months ended |
|
31.12.2010 |
31.12.2010 |
|
|
a)
Segment Revenue |
|
|
|
Packaging Films |
2382.200 |
6825.500 |
|
Others |
0.800 |
1.600 |
|
Sub
Total |
2383.000 |
6827.100 |
|
Less: Inter Segment Revenue |
0.000 |
0.000 |
|
Total |
2383.000 |
6827.100 |
|
|
|
|
|
b)
Segment Results Profit
/(Loss) before Tax and Interest |
|
|
|
Packaging Films |
211.600 |
593.500 |
|
Others |
0.200 |
0.400 |
|
Sub
Total |
211.800 |
593.900 |
|
Less: Interest |
41.700 |
117.300 |
|
Less: Unallocable expenses net of unallocable income |
18.900 |
0.800 |
|
Total
Profit before Tax and exceptional items |
151.200 |
475.800 |
|
|
|
|
|
c)
Capital Employed |
|
|
|
Packaging Films |
6103.800 |
6103.800 |
|
Others |
2.300 |
2.300 |
|
Unallocated |
1124.100 |
1124.100 |
|
Total |
7230.200 |
7230.200 |
Notes:
1 The
company started publishing quarterly consolidated results from the current year
and hence consolidated figures for corresponding quarters of previous year are
not given.
2 Other
income represents profit on sale of investment in an associate company. In case
of consolidated results the income is lower because of prorata share in
accumulated profit of the associate company having already been accounted in
the respective years.
3 The
notional mark-to-market net loss on outstanding interest rate Swap and foreign
currency derivative contracts is estimated by the banks approximately at 32.000
millions as on 31st December 2010 and is not adjusted in profit and
loss account. The Swap/derivative contracts are entered into for hedging the
business related exposures which are not speculative in nature. Actual
profit/loss will be adjusted to profit and loss account on settlement of the
contracts as done consistently by the company.
4 The
number of investor complaints pending at the beginning of the quarter were nil.
Complaints received and disposed off during the quarter were 14. Outstanding
complaints at the end of quarter were nil.
5
Figures for the previous year have been regrouped wherever required.
Fixed Assets :
Ř
Ř
Ř Land and building
Ř Building
Ř Plant and Machinery
Ř Furniture, Fixture and Fittings
Ř Factory and Office
Ř Equipments
Ř Vehicles
WEB DETAILS:
Introduction
Subject, one of the global leaders and manufacturers of Bi-axially Oriented
Polypropylene Films (BOPP) was established in the year 1981. The company is
promoted by its visionary leader Mr. Ashok Jaipuria and is a pioneer of BOPP
manufacturing in
Awards and Recognition
SA-8000:2001 (Registration Certificate) PFFCASTAR
2008 Awarded to Subject Recognition of Excellence for Print Receptive Coated
Clear and White Opaque Label films in the Category of Product Development
(Basic Substrate) Presented at Mumbai on 20th November 2008.
2007-08: Dun and Bradstreet Top Exporter Award
(2007-08) for the highest Export in Chemicals and Plastics Category by Dun and
Bradstreet.
ISO 9001: 2000:- ( Registration Certificate) The Quality
Management System of Subject has been assessed and found to comply with the
requirements of ISO 9001 : 2000
The Quality management System is applicable to design ,development,
manufacturing of BOPP films by biaxial orientation process and its marketing
for various applications
ISO 14001 :- (Registration Certificate) The Management
Systems of Subject have been assessed by International Certification Limited
and found to comply with the requirements of ISO 14001.
v Department of
Scientific and Industrial Research, Ministry of Science and Technology, Government
of India, duly recognize their center as a premier research laboratory. This is
the only center of this nature in the entire Indian BOPP film industry.
v ISO 9001
certified: Joins the elite group of few BOPP film manufacturers in the world.
v 1998-99: Best
BOPP film exporter by Plexconcil. Certificate of export recognition by
Government of Maharashtra
v 1998:
"Highly Recommended" recognition by Montell for innovative product
development
v 1995: Award for
best in house R and D efforts from Government of India.
v Indiastar, 1994:
Excellence in packaging from Indian Institute of Packaging.
v Got accredited
with American Institute of Baking (AIB) Certification for Safety and Hygiene of
Food related products.
v Got best BOPP
Exporter award for 1998-99, 1999-2000, 2000-2001.
v Cosmo Films
Listed in top 19 Indian companies by "Forbes Magazine".
v Awarded in
Recognition of Excellence for Extrusion Coatable BOPP Film by Paper, Film and
Foil converters' Association.
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 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. 44.22 |
|
|
1 |
Rs. 71.97 |
|
Euro |
1 |
Rs. 63.23 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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.