Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
COSMO FILMS LIMITED |
Principal Name 1 |
Mr. Ashok Jaipuria |
|
Status |
Good |
Principal Name 2 |
Mr. H K Agarwal |
|
|
|
Registration # |
55 – 008355 |
|
Street Address |
1008, DLF Tower- A, Jasola District Centre, New Delhi-110 025 |
||
|
Established Date |
07.10.1976 |
SIC Code |
-- |
|
Telephone# |
91-11-49494949 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-49494950 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Termal Lamination
Machines |
|
|
# of employees |
703 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
194,400,760/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter
and Promoter Group – 44.03% Public
Shareholding – 55.97% |
Banking |
IDBI Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
35 years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (53) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
India
|
Cosmo Ferrites Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,758,000,000 |
Current Liabilities |
604,100,000 |
|
Inventories |
803,700,000 |
Long-term Liabilities |
3,124,300,000 |
|
Fixed Assets |
3,628,100,000 |
Other Liabilities |
781,400,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
4,509,800,000 |
|
Invest& other Assets |
638,200,000 |
Retained Earnings |
3,123,800,000 |
|
|
|
Net Worth |
3,318,200,000 |
|
Total Assets |
7,828,000,000 |
Total Liab. & Equity |
7,828,000,000 |
|
Total Assets (Previous Year) |
6,882,500,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
9,380,200,000 |
Net Profit |
504,500,000 |
|
Sales(Previous yr) |
7,488,500,000 |
Net Profit(Prev.yr) |
458,200,000 |
MIRA
INFORM REPORT
|
Report Date : |
05.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
COSMO FILMS LIMITED |
|
|
|
|
Registered Office : |
1008, DLF Tower- A, Jasola District Centre, New Delhi-110 025 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
07.10.1976 |
|
|
|
|
Com. Reg. No.: |
55 – 008355 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.194.400 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L92114DL1976PLC008355 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKC01059C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. Company's Shares are Listed on the
Stocks Exchange |
|
|
|
|
Line of Business : |
Manufacturing and marketing Biaxiall Oriented Polypropylene Film and
Synthetic Paper. |
|
|
|
|
No. of Employees
: |
703 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company engaged in the business of manufacturing
and marketing Biaxiall Oriented Polypropylene Film and Synthetic Paper.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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, 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 : |
|
|
|
|
|
Factory 1 : |
J-4, MIDC
Industrial Area, Chikalthana, |
|
Tel. No.: |
91-240-2485080 /
2485894 |
|
Fax No.: |
91-240-2485581 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
B-14/8-9, MIDC
Industrial Area, Waluj, |
|
Tel. No.: |
91-240-2554612 /
13 / 14 / 2554611 |
|
Fax No.: |
91-240-2554416 / 2556275 |
|
E-Mail : |
|
|
|
|
|
Factory 3 |
B – 21, MIDC Industrial Area, |
|
Tel No.: |
91-240-2551888/ 2553353/ 54 |
|
|
|
|
Factory 4 : |
|
|
Tel. No.: |
91-2666-232960/231635
/ 231097 |
|
Fax No.: |
91-2666-232961 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
Plot No. 359-B, |
|
Tel. No.: |
91-2676-247021/247128 |
|
Fax No.: |
91-2676-247041 |
|
|
|
|
Factory 6 : |
Mercuriusstraat
9, 6468 ES |
|
Tel. No.: |
31 45
535 7676 |
|
Fax No.: |
31 45
535 7878 |
|
|
|
|
Factory 7 : |
560, |
|
Tel. No.: |
+302-3287780
|
|
Fax No.: |
+302-5311831 |
|
|
|
|
Factory 8 : |
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 |
|
|
|
|
State Office : |
Located at:
|
|
|
|
|
Branch Office
: |
Located at:
|
DIRECTORS
As on 31.03.2011
|
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. Anil Kumar Jain |
|
Designation : |
Whole Time Director |
|
Date of Birth : |
18.03.1951 |
|
Date of Appointment : |
24.05.2011 |
|
Qualification : |
B.Com. (H), A.I.C.W.A., CISA |
|
Other Directorship : |
|
|
|
|
|
|
|
|
Name : |
Mr. H K Agarwal |
|
Designation : |
Independent Director |
|
Date of Birth : |
11.10.1947 |
|
Date of Appointment : |
13.01.2000 |
|
Qualification : |
Bachelor of Engineering, PG Diploma in Business Administration, IIM, Ahmedabad |
|
|
|
|
Name : |
Dr. Surinder Kapur |
|
Designation : |
Independent Director |
|
Qualification : |
Ph.D. in Mechanical Engineering |
|
Other Directorship : |
Chairman of Sona Koyo Steering Systems |
|
|
|
|
Name : |
Mr. Rajeev Gupta |
|
Designation : |
Independent Director |
|
Qualification : |
B E and MBA |
|
|
|
|
Name : |
Mr. Badri Agarwal |
|
Designation : |
Director |
|
Qualification : |
Chartered Accountant |
|
|
|
|
Name : |
Mr. R Vasudevan |
|
Designation : |
Independent Director |
|
Qualification : |
B.A. (Hons) Economics, M.A. (Economics and Statistics), MPA (Development
Economics) |
|
|
|
|
Name : |
Mr. Suresh Rajpal |
|
Designation : |
Independent Director |
|
Date of Birth : |
17.08.1943 |
|
Date of Appointment ; |
28.05.2010 |
|
Qualification : |
BE (Electrical) MBA |
|
Other
Directorship : |
|
|
|
|
|
Name : |
Mr. Rama Iyer |
|
Designation : |
Independent Director |
|
Qualification : |
Chemical Engineer, M.Tech, (IIT-Bombay) M.B.A |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Poddar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Sanjay Govil |
|
Designation : |
Chief Information and Strategic Officer |
|
|
|
|
Name : |
Mr. A G Deshpande |
|
Designation : |
Vice President – Business Development |
|
|
|
|
Name : |
Mr. Janardhan Gupta |
|
Designation : |
Vice President- Global Logistic |
|
|
|
|
Name : |
Mr. Tanuj Agarwal |
|
Designation : |
Vice President- Corporate Planning
|
|
|
|
|
Name : |
Mr. Srinivasa Desikan |
|
Designation : |
Vice President – Global Manufacturing |
|
|
|
|
Name : |
|
|
Designation : |
General Manager – Manufacturing |
|
|
|
|
Name : |
Mr. A.K. Pathak |
|
Designation : |
General Manager – Manufacturing |
|
|
|
|
Name : |
Dr. Asim Khamrai |
|
Designation : |
General Manager – Research and Development |
|
|
|
|
Name : |
Mr. N.R. More |
|
Designation : |
General Manager – Maintenance |
|
|
|
|
Name : |
Mr. R.K. Gupta |
|
Designation : |
General Manager – Finance and Accounts |
|
|
|
|
Name : |
Mr. Sanjay Chincholikar |
|
Designation : |
General Manager – Marketing (Domestic) |
|
|
|
|
Name : |
Mr. S. K. Dutta |
|
Designation : |
General Manager- Manufacturing |
|
|
|
|
Name : |
Mr. S. Anand |
|
Designation : |
Head – HR |
|
|
|
|
Name : |
Mr. Ankush Kaura |
|
Designation : |
Head Information Technology |
|
|
|
|
Name : |
Mr. Shailesh Verma |
|
Designation : |
Head Information Market Development |
|
|
|
|
Name : |
Ms. Neetu Sharma |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1341081 |
6.90 |
|
|
7219258 |
37.14 |
|
|
8560339 |
44.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8560339 |
44.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
24380 |
0.13 |
|
|
4800 |
0.02 |
|
|
4200 |
0.02 |
|
|
33380 |
0.17 |
|
|
|
|
|
|
1646623 |
8.47 |
|
|
|
|
|
|
6482536 |
33.35 |
|
|
1306787 |
6.72 |
|
|
1410411 |
7.26 |
|
|
1404911 |
7.23 |
|
|
5500 |
0.03 |
|
|
10846357 |
55.79 |
|
Total Public shareholding (B) |
10879737 |
55.97 |
|
Total (A)+(B) |
19440076 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
(1) Promoter and Promoter Group |
-- |
-- |
|
(2) Public |
-- |
-- |
|
Sub Total |
-- |
-- |
|
Total (A)+(B)+(C) |
19440076 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing Biaxiall Oriented Polypropylene Film and
Synthetic Paper. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Biaxially Oriented
Polypropylene Film and Synthetic Paper |
MT |
122200 |
87787 |
GENERAL INFORMATION
|
No. of Employees : |
703
(Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes: (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.302.400 Millions (previous year Rs.305.500 millions)
Note : Fixed deposits due within a year Rs.0.030
Millions (previous year Rs.100 Millions) |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B.K. Shroff and
Company Chartered
Accountants |
|
|
|
|
Subsidiaries & Step Down
Subsidiaries : |
·
Cosmo Films, Inc., ·
CF Global Holdings Limited, ·
CF ( ·
Cosmo Films ( ·
Cosmo Films Hwa Seung Company
Limited, |
|
|
|
|
Associates: |
Cosmo Ferrites Limited (Cease to be an associate w.e.f. 17th
September 2010) |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
As on : 31.03.2011
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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
194.400 |
194.400 |
194.400 |
|
|
2] Equity Share Warrant |
0.000 |
0.000 |
33.200 |
|
|
3] Reserves & Surplus |
3123.800 |
2722.500 |
2378.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3318.200 |
2916.900 |
2606.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3001.200 |
2529.900 |
2647.400 |
|
|
2] Unsecured Loans |
123.100 |
119.600 |
0.100 |
|
|
TOTAL BORROWING |
3124.300 |
2649.500 |
2647.500 |
|
|
DEFERRED TAX LIABILITIES |
647.500 |
667.800 |
649.600 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
|
|
|
|
7090.000 |
6234.200 |
5903.100 |
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3628.100 |
3742.200 |
4126.400 |
|
|
Capital work-in-progress |
90.300 |
19.200 |
7.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
547.900 |
512.600 |
67.700 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
803.700
|
679.300
|
584.200 |
|
|
Sundry Debtors |
1782.200
|
1309.600
|
933.600 |
|
|
Cash & Bank Balances |
469.300
|
241.600
|
293.200 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
506.500
|
378.000
|
670.200 |
|
Total
Current Assets |
3561.700
|
2608.500
|
2481.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
208.200
|
169.500
|
192.000 |
|
|
Other Current Liabilities |
395.900
|
346.500
|
523.600 |
|
|
Provisions |
133.900
|
132.300
|
256.100 |
|
Total
Current Liabilities |
738.000
|
648.300
|
779.700 |
|
|
Net Current Assets |
2823.700
|
1960.200
|
1701.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7090.000 |
6234.200 |
5903.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9380.200 |
7488.500 |
6548.100 |
|
|
|
Other Income |
159.900 |
72.300 |
129.200 |
|
|
|
TOTAL (A) |
9540.100 |
7560.800 |
6677.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
1.100 |
0.300 |
2.300 |
|
|
|
Manufacturing & Other Expenses |
8419.700 |
6518.300 |
5687.100 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
50.600 |
|
|
|
Increase/(Decrease) in Finished Goods |
(1.200) |
(20.200) |
(54.800) |
|
|
|
TOTAL (B) |
8419.600 |
6498.400 |
5685.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1120.500 |
1060.400 |
992.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
160.600 |
150.200 |
137.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
959.900 |
912.200 |
654.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
283.000 |
289.200 |
208.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
676.900 |
623.000 |
646.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
172.400 |
164.800 |
218.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
504.500 |
458.200 |
427.400 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEM |
10.700 |
(12.200) |
447.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
INCLUDING EXTRA-ORDINARY ITEM |
515.200 |
446.000 |
874.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
97.200 |
97.200 |
97.200 |
|
|
|
Corporate Tax on Dividend |
15.800 |
16.100 |
16.500 |
|
|
|
Transfer to General Reserve –II |
40.000 |
0.000 |
0.000 |
|
|
|
Transfer to General Reserve |
362.200 |
332.700 |
760.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
4628.600 |
3346.900 |
2862.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1716.000 |
1344.600 |
1139.300 |
|
|
|
Stores & Spares |
72.600 |
62.000 |
31.300 |
|
|
|
Capital Goods |
93.900 |
2.000 |
957.100 |
|
|
TOTAL IMPORTS |
1882.500 |
1408.600 |
2127.700 |
|
|
|
|
|
|
|
|
|
|
Basic earning per
share (Rs.) |
|
|
|
|
|
|
-Excluding Extraordinary item |
25.95 |
23.57 |
21.98 |
|
|
|
-Including Extraordinary item |
26.50 |
22.94 |
44.99 |
|
|
|
Diluted earning
per share |
|
|
|
|
|
|
-Excluding Extraordinary item |
25.95 |
23.57 |
21.98 |
|
|
|
-Including Extraordinary item |
26.50 |
22.94 |
44.99 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
2564.200 |
2236.100 |
|
Total Expenditure |
|
2280.900 |
2019.500 |
|
PBIDT (Excl OI) |
|
283.300 |
216.600 |
|
Other Income |
|
0.000 |
50.300 |
|
Operating Profit |
|
283.300 |
266.900 |
|
Interest |
|
49.600 |
45.100 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
233.700 |
221.800 |
|
Depreciation |
|
71.000 |
73.700 |
|
Profit Before Tax |
|
162.700 |
148.10 |
|
Tax |
|
52.800 |
48.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
109.900 |
99.800 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
109.900 |
99.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.29
|
6.06
|
6.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.22
|
8.32
|
9.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.41
|
9.81
|
9.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.21
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
1.13
|
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.83
|
4.02
|
3.18 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
On
year to year basis net sales grew by 25.26% (standalone) and by 17.73% (consolidated).
The Company is expanding its capacity by adding a new BOPP Line of 40000 MT.
The line is expected to be commissioned by January, 2013 for which order has
already been placed.
EXPORTS
Cosmo continues to
maintain its position of largest BOPP film exporter from
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
The BOPP
Production registered an increase of 13% in 2010-11 over the previous year. The
company plans to increase production by 11% for the Financial Year 2011-12. The
Company is expanding its capacity by adding a new BOPP Line of 40000 MT and is
expected to be commissioned by January, 2013 for which order has already been
placed. With the acquisition of GBC's Commercial Print Finishing business, the
Company has become the largest producer of thermal films in the world.
Presently, the Company has manufacturing facilities in
RISK MITIGATION
Cosmo's
diversified product range and customer base (in domestic as well as exports
markets) and continuous emphasis on cost reduction, product innovation etc.
provides it an edge over our competitors to mitigate the above risks. The
Company is also doing hedge of foreign exchange risks as and when deemed
necessary.
Fixed Assets :
- Land and building
- Building
- Plant and Machinery
- Furniture, Fixture and Fittings
- Factory and Office
- Equipments
- Vehicles
UNAUDITED
STANDLONE QUARTERLY FINANCIAL RESULTS
(Rs. in millions)
|
Particulars |
3 months ended |
6 months ended |
|
31.09.2011 |
30.09.2011 |
|
|
|
Unaudited |
|
|
1. Income: |
|
|
|
a) Net Sales/ Income from Operations |
2281.600 |
4825.700 |
|
b) Other Operating Income |
4.800 |
24.900 |
|
c) Total |
2286.400 |
4850.600 |
|
2. Expenditure: |
|
|
|
a) Decrease/(Increase) in Stock |
(31.600) |
(43.300) |
|
b) Raw materials consumption |
1480.400 |
3182.300 |
|
c) Purchase of traded goods |
0.000 |
0.000 |
|
d) Power, Water and Fuel |
179.600 |
365.800 |
|
e) Employees Costs |
133.400 |
275.500 |
|
f) Depreciation |
73.700 |
144.700 |
|
g) Other expenditure |
257.700 |
520.100 |
|
h) Total |
2093.200 |
4445.100 |
|
3. Profit from Operation before Other Income, Interest and Exceptional
Items (1-2) |
193.200 |
405.500 |
|
4. Other Income |
0.000 |
0.000 |
|
5. Profit before Interest and Exceptional Items (3+4) |
193.200 |
405.500 |
|
6. Interest (Net) |
45.100 |
94.700 |
|
7. Profit after Interest but before Exceptional Items (5-6) |
148.100 |
310.800 |
|
8. Exceptional items |
0.000 |
0.000 |
|
9. Profit from Ordinary Activities before Tax (7+8) |
148.100 |
310.800 |
|
10. Tax expense |
48.300 |
101.100 |
|
11. Net profit from Ordinary Activities after tax (9-10) |
|
|
|
Excluding exceptional Item |
99.800 |
209.700 |
|
Including exceptional Item |
99.800 |
209.700 |
|
12. Extraordinary items |
0.000 |
0.000 |
|
13. Net profit |
99.800 |
209.700 |
|
14. Paid up equity share capital (Face value Rs.10) |
194.400 |
194.400 |
|
15. Reserves excluding Revaluation Reserve |
|
|
|
16. Basic and Diluted EPS for the period (Rs.) |
|
|
|
Excluding extraordinary
item |
5.14 |
10.79 |
|
Including exceptional item |
5.14 |
10.79 |
|
17. 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 |
6 months ended |
|
30.09.2011 |
30.09.2011 |
|
|
|
Unaudited |
|
|
a)
Segment Revenue |
|
|
|
Packaging Films |
2281.600 |
4825.700 |
|
Others |
0.000 |
0.000 |
|
Sub
Total |
2281.600 |
4825.700 |
|
Less: Inter Segment Revenue |
0.000 |
0.000 |
|
Total |
2281.600 |
4825.700 |
|
|
|
|
|
b)
Segment Results Profit
/(Loss) before Tax and Interest |
|
|
|
Packaging Films |
204.900 |
431.600 |
|
Others |
0.000 |
0.000 |
|
Sub
Total |
204.900 |
431.600 |
|
Less: Interest |
45.100 |
94.700 |
|
Less: Unallocable expenses net of unallocable income |
11.700 |
26.100 |
|
Total
Profit before Tax and exceptional items |
148.100 |
310.800 |
|
|
|
|
|
c)
Capital Employed |
|
|
|
Packaging Films |
6189.700 |
6189.700 |
|
Others |
0.000 |
0.000 |
|
Unallocated |
1161.400 |
1161.400 |
|
Total |
7351.100 |
7351.100 |
STATEMENT
OF ASSETS AND LIABILITIES
(Rs.
In Millions)
|
PARTICULARS |
6 Months Ended
30.09.2011 UNAUDITED |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
194.400 |
|
2] Reserves & Surplus |
3261.100 |
|
LOAN FUNDS |
3253.000 |
|
DEFERRED TAX LIABILITIES |
642.600 |
|
|
|
|
TOTAL |
7351.100 |
|
|
|
|
FIXED ASSETS [Net Block] |
3969.400 |
|
INVESTMENT |
1005.500 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
949.700 |
|
Sundry Debtors |
1566.400 |
|
Cash & Bank Balances |
107.900 |
|
Loans & Advances |
427.200 |
|
Total Current
Assets |
3051.200 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
648.100 |
|
Provisions |
26.900 |
|
Total Current
Liabilities |
675.000 |
|
Net Current
Assets |
2376.200 |
|
|
|
|
TOTAL |
7351.100 |
Notes:
1 The above unaudited
financial results were reviewed by the Audit Committee and approved by the
Board of Directors on 8th November'2011 and limited review of the same has been
carried out by the Statutory Auditors of the company.
2 Sales
include income on account of export benefits for the quarter ended September
30, 2011 of Rs.50.300 Millions (Previous year Rs.60.500 Millions) and six
months ended September 30, 2011 Rs.102.300 Millions (Previous year Rs.118.500
Millions).
|
3 EPS excluding
exceptional items |
3 Month
ended |
6month
ended |
|
30.09.2011 (Rs.
In Millions) |
30.09.2011 (Rs.
In Millions) |
|
|
Basic and Diluted EPS for the period (Rs) |
51.400 |
107.900 |
4 The Company has
adopted guiding principle of Accounting Standard 30, Financial Instruments: Recognition
and Measurement (AS 30) for accounting of forward contracts entered into with
the objective of hedging currency risk arising out of future highly probable
sales / purchase transactions in the current quarter. Net loss on marked to
market valuation of such forward contracts as at September 30, 2011 is
Rs.29.700 Millions and is taken to Hedging Reserve considering it to be
effective hedge.
5 The number of
investor complaints pending at the beginning of the quarter were nil.
Complaints received and disposed off during the quarter were 5. Outstanding
complaints at the end of quarter were nil.
6 Figures for the
previous year have been regrouped wherever required.
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.
- 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.
- ISO 9001
certified: Joins the elite group of few BOPP film manufacturers in the
world.
- 1998-99:
Best BOPP film exporter by Plexconcil. Certificate of export recognition
by Government of Maharashtra
- 1998:
"Highly Recommended" recognition by Montell for innovative
product development
- 1995: Award
for best in house R and D efforts from Government of India.
- Indiastar,
1994: Excellence in packaging from Indian Institute of Packaging.
- Got
accredited with American Institute of Baking (AIB) Certification for
Safety and Hygiene of Food related products.
- Got best
BOPP Exporter award for 1998-99, 1999-2000, 2000-2001.
- Cosmo Films
Listed in top 19 Indian companies by "Forbes Magazine".
- Awarded in
Recognition of Excellence for Extrusion Coatable BOPP Film by Paper, Film
and Foil converters' Association.
Business Description
Subject is an India-based company. The Company
is principally engaged in the manufacturing of bi-axially oriented
polypropylene (BOPP) film and synthetic paper and also engaged in the
manufacturing of thermal lamination machines. The Company has two segments:
Packaging Films and others. As of March 31, 2010, the Company had installed
capacity to produce 1,16,200 metric tons of BOPP film and synthetic paper.
During the fiscal year ended March 31, 2010, the Company produced 77,262 metric
tons of BOPP film and synthetic paper. On June 11, 2009, it acquired GBC’s
Commercial Print Finishing Business, from ACCO Brands Corporation of
Board of Directors
Mr. Ashok Jaipuria
Executive Chairman of the Board, Managing Director Chairman
Mr. Ashok Jaipuria is an Executive Chairman of
the Board, Managing Director of Subject. He is Qualified in Business
Administration and Marketing Science. He is the Promoter of Subject, and Cosmo
Ferrites Limited.
Mr. Badri Agarwal
Non-Executive Director
Mr. Badri Agarwal is Non-Executive Director of
Subject. He is a Chartered Accountant.
Mr. H. K. Agrawal
Non-Executive Independent Director
Mr. H.K. Agrawal is Non-Executive Independent
Director of Subject. He holds Bachelor of Engineering, PG Diploma in Business
Administration, IIM, Ahmedabad. He is Corporate Strategy, Management Structures
and Mentoring.
Mr. Sankaranarayana Rama Iyer
Non-Executive Independent Director
Mr. Sankaranarayana Rama Iyer is Non-Executive
Independent Director of subject. He holds Chemical Engineer, M.Tech,
(IIT-Bombay) M.B.A.
Mr. Anil Kumar Jain
Whole - Time Director
Mr. Anil KumarJain is Whole - Time Director of
subject. He holds B.Com. (H), A.I.C.W.A., CISA. He is Director of Usha International
Limited., Trusted Info Systems Private Limited.
Dr. Surinder Kapur
Non-Executive Independent Director
Dr. Surinder Kapur, Ph.D., is Non-Executive
Independent Director of Subject. He holds Ph.D. in Mechanical Engineering. He
is Chairman, Sona Koyo Steering Systems Limited.
Mr. Suresh Rajpal
Non-Executive Independent Director
Mr. Suresh Rajpal is Non-Executive Independent
Director of Subject. Mr. Suresh Rajpal is an Electrical Engineer from the
Mr. R. Vasudevan
Non-Executive Independent Director
Mr. R. Vasudevan is Non-Executive Independent
Director of Subject. He is a Retired Senior IAS Officer, and he holds
Directorship in Haldia Petrochemicals Limited, Conzerv Systems Private Limited,
Vestas Wind TechnologyIndia Private Limited, Hindustan Oil Exploration Company
Limited, Hindustan Motors Limited and Purearth Infrastructure Limited. He holds
B.A. (Hons.) (Economics)
PRESS RELEASE:
08 June 2011
The list of Indians with accounts in LGT Bank,
in European tax haven
These individuals (see box) include
businessmen in Kolkata, Mumbai,
The list, accessed by The Indian Express, is
now with the Enforcement Directorate. A copy has to be sent to the CBI as the
Supreme Court has said that either the National Intelligence Agency or the CBI
should go after sources of these deposits rather than just rely on the
Income-Tax Department for unearthing alleged income concealment and tax
evasion.
The agencies have to probe whether these LGT
deposits were involved with any alleged money laundering or whether the money
parked abroad is proceeds from terrorist activities, drug peddling, smuggling,
arms deals or activities against national security.
The Income-Tax Department has launched
prosecution against 17 of these 18 between end-March and early May this year,
said sources.
In February, Tehelka magazine published eight
of these names but did not mention the income assessed or taxes due.
This list first surfaced in 2008 when a former
LGT employee gave details of 1400 account holders to German tax authorities who
launched a probe. Of these account holders, 26 were Indian-named and
IT officials said the information was shared
with both CBI and ED only after Germany agreed to exempt the information
custodian, the IT Department, from the secrecy clause under the Double Taxation
Avoidance Agreement to share it "to the extent a criminal complaint is
filed".
The government has argued that the list cannot
be made public as it would violate the confidentiality clause signed with
The bench of Justices B Sudershan Reddy and S
S Nijjar has said that it could set up a multi-disciplinary Special
Investigation Team monitored by a retired judge if the government continued to
be slow in tracking the money trail.
The Indian Express contacted MRF whose
officials said Mappillai passed away in 2005. But his son has paid the entire
demand raised by the I-T department, said company officials. Arun Kochar, who
resides in the
Officials at Ashok Jaipuria's Cosmo Ferrites
and Cosmo Films, when told about the LGT tax demand, noted the reporter's phone
number but didn't return the call.
In Kolkata,The Indian Express visited the
The security staff at the site said that the
Gandhis had changed their home. Phone numbers of the office premises on
In Mumbai, despite several calls, Hasmukh
Gandhi was unavailable for comment. A legal advisor to Harshad Ramniklal Mehta,
when contacted, said he was unaware of this tax matter.
Cosmo Films Selects Greycon X-Trim Solution
25 January 2011
Greycon, supply chain provider for paper, printing,
film and nonwovens industries, announced the successful go-live of the X-Trim
solution at Cosmo Films, covering the operations at two sites in
In a release, the Company noted this is the
first Greycon installation in
Cosmo Films is a provider of BOPP Films and
Thermal Laminates, with manufacturing facilities in the
Using X-Trim, Cosmo Films is handling all
primary slitting optimisation and also integrating the optimisation of the
secondary slitting, metallisers and thermal coating. One key issue in these
scenarios is the need to minimise the number of parent reels generated for
input into these secondary processes in order to minimise the number of setups,
bearing in mind the need to have wide enough reels to make better use of the
secondary machines' width without penalising the width utilisation at the
primary lines. The demand can be for many orders more than 30 in some cases,
and for widely different amounts. With the use of X-Trim this complex problem
combining conflicting objectives is handled in one single pass and the results
are outstanding.
Additionally, all the results of released
solutions are kept in a statistics/analytics table. With X-Trim's reporting
capabilities, Cosmo Films can precisely report on KPIs such as average slitting
width utilisation and off-cuts utilisation over a given period. A small set of
custom reports were prepared for Cosmo using Crystal Reports.
SK Dutta, General Manager (Marketing Services)
of Cosmo Films, said, "It has been a few weeks since X-Trim went live and
we are already seeing value in terms of reduced trim losses and width
utilisation. The solution has taken the order management and slitting planning
within Cosmo Films to a different level. Our planners were able to leverage the
new solution with ease, its powerful reporting and what-if capability have made
a significant impact on our decision making. We are already exploring
possibilities of implementing the solution in our international
operations."
Greycon CEO Constantine Goulimis said, "I
am very pleased to announce Greycon's successful entry into
Greycon is a provider of solutions for
production planning and scheduling in manufacturing industry, and is a Microsoft
Gold Certified Partner.
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.51.35 |
|
|
1 |
Rs.80.50 |
|
Euro |
1 |
Rs.69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.