MIRA INFORM REPORT

Report Date :

26.02.2011

IDENTIFICATION DETAILS

Name :	JHAVERI FLEXO INDIA LIMITED (w.e.f. 06.11.2006)

Formerly Known As :	FLEXO FILM WRAPS (INDIA) LIMITED

Registered Office :	Gut No.74, Farola, Paithan Road, Aurangabad – 431105, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	16.04.1985

Com. Reg. No.:	11 – 35938

CIN No.: [Company Identification No.]	L25209MH1985PLC035938

Legal Form :	A Public Limited Liability Company. The companies shares are listed on the stock exchange.

Line of Business :	Manufacture of PVC Films, LDLLP Films.

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2292400

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be 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)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

Name :	Mr. Jadhav
Designation :	Accounts Department

LOCATIONS

Registered Office/Factory 1 :	Gut No.74, Farola, Paithan Road, Aurangabad – 431105, Maharashtra, India
Tel. No.:	91-2431-251663/4
Fax No.:	91-2431-251661
E-Mail :	farola@flexofilm.com ashish@flexofilm.com
Website :	www.jhaveriflexo.com

Flexible Packing Division :	Survey No.135/2, Village Dapada, Khanvel Road, Silvassa-396230
E-Mail :	atit.gandhi@jhaveriflexi.com jhaveri@jhaveriflexi.com

Barrier Film Division :	Survey No. 188/1/2, Opp. Govt. Tourism Resort, Luhari, Silvassa
E-Mail :	atit.gandhi@jhaveriflexi.com jhaveri@jhaveriflexi.com

Administration and Marketing Office :	9^th Floor, Gold Crest, 10^th Road, J.V.P.D.Scheme, Vile Parle (West), Mumbai – 400 049.
Tel. No.:	91-22-26251165 / 22-26255067
Email :	mrunal.jhaveri@jhaveriflexo.com abhishek.jhaveri@jhaveriflexo.com rupal.pandy@jhaveriflexo.com

Branches :	Located at: New Delhi : 1106, Chiranjiv Towers, 43, Nehru Place, New Delhi – 110019, Delhi, India Tel. No.: 91-11-26231354 Kolkata : 04, Chitakoot, 4^th Floor, 230A, A.J.C. Bose Road, Kolkata – 700020, West Bengal, India Fax No.: 91-33-22901867 Chennai : 229, Shivalaya – B, 16, Commandar in Chief Road, Egmore – 600008, Chennai, India Tel. No.: 91-44-28273644 Hyderabad : 310, A” Topaz”, Amrutha Hills” Panjagutta, Hyderabad – 500082, India Tel. No.: 91-40-23412056 Bangalore : Keerthana, Nilyam, House No. 24, 2^nd Floor, St. Annies College Road, 8^th Cross, Narayan Reddy LayoutRamamuthy Nagar, Bangalore – 560016, India Ahmedabad : C-10, 6^th Floor, Royal Apartments, Khanpur, Ahmedabad – 380001, Gujarat, India Tel. no.: 91-79-25501591 Aurangabad : “Mukti”C-4/6, CIDCO Town Centre (Behind CIDCO Bus Stand), Aurangabad – 431003, India Tel No.: 91-240-2484227/8

DIRECTORS

As on : 30.09.2009

Name :	Mr. Rajul Sandeep Jhaveri
Designation :	Chair Person
Address :	Plot No.21, Nutan Laxmi Society, Crest Building, 6^th Floor, JVPD Scheme, 9^th (N-S) Road, Vile Parle, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	15.12.1960
Experience :	10.09.2005

Name :	Mr. Sandeep Jhaveri
Designation :	Managing Director
Address :	Plot No.21, Nutan Laxmi Society, Crest Building, 6^th Floor, JVPD Scheme, 9^th (N-S) Road, Vile Parle, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	07.10.1959
Date of Appointment :	19.10.2006

Name :	Dr. M.K. Sinha
Designation :	Director

Name :	Mrs. Purna Mehta
Designation :	Director
Address :	5/B, Madhu Sagar Building, Kemps Corner, Mumbai – 400 038, Maharashtra, India
Date of Birth/Age :	30.11.1958
Date of Appointment :	19.10.2006

Name :	Mr. Dinesh Shah
Designation :	Director
Address :	161-A, Kalpataru Residency, 16^th Floor, Tower A, Sion (East), Mumbai – 400 022, Maharashtra, India
Date of Birth/Age :	08.10.1957
Date of Appointment :	30.07.2005

Name :	Mr. Yogen Lathia
Designation :	Director
Address :	74, Vasan Villa, Hatkesh Co-operative Society, East-West Road No.2, Juhu, Vile Parle (West), Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	11.04.1955
Date of Appointment :	21.01.2006

Name :	Mr. Vijay D. Ajgaonkar
Designation :	Director
Address :	A-10, Aparna, Veera Desai Road, Andheri (West), Mumbai – 400 058, Maharashtra, India
Date of Birth/Age :	26.12.1943
Date of Appointment :	09.06.2005

Name :	Mr. Ranjan P. Gupta
Designation :	Director
Address :	Prabhat Building, 4^th Floor, Flat No.27, B Road, Marine Drive, Mumbai – 400 020, Maharashtra, India
Date of Birth/Age :	14.04.1953
Date of Appointment :	09.06.2005

Name :	Mr. Krishna Kumar Sadani
Designation :	Executive Director
Address :	C-5/10, CIDCO Town Centre, CIDCO, Aurangabad – 431 005, Maharashtra
Date of Birth/Age :	25.09.1962
Date of Appointment :	28.06.2003

Name :	Mr. Atit Gandhi
Designation :	Executive Director
Address :	403, Kripanishi, Gulmohar Road 4, Juhu Scheme, Mumbai – 400 049, Maharashtra, India
Date of Birth/Age :	30.10.1977
Date of Appointment :	19.10.2006

Name :	Mr. Kunal Thirani
Designation :	Director
Address :	Gut No.342, Village Satara, Aurangabad, Maharashtra
Date of Birth/Age :	01.10.1969
Date of Appointment :	20.01.2005
Date of Ceasing :	08.09.2005

Name :	Mrs. Veena Devi Thirani
Designation :	Director
Address :	Gut No.342, Village Satara, Aurangabad, Maharashtra
Date of Birth/Age :	10.08.1930
Date of Appointment :	16.04.1985
Date of Ceasing :	08.09.2005

Name :	Mrs. Madhavi Thirani
Designation :	Director
Address :	Gut No.342, Village Satara, Aurangabad, Maharashtra
Date of Birth/Age :	01.11.1969
Date of Appointment :	27.09.1993
Date of Ceasing :	08.09.2005

Name :	Mr. Mithilesh Sinha
Designation :	Director
Address :	1604, Orchid, Vasant Valley Complex, Film City Road, Goregaon (East), Mumbai – 400 097, Maharashtra, India
Date of Birth/Age :	02.09.1935
Date of Appointment :	21.01.2006

Name :	Mr. Suraj P. Jakhanwal
Designation :	Director
Address :	Block No.7, Flat No.104, East End Apartment, Mayur Vihar Phase – I (Ext), New Delhi – 110 096, India
Date of Appointment :	10.06.2003
Date of Ceasing :	04.07.2005

Name :	Mr. Samir Shah
Designation :	Director
Address :	550, Rajni Villa, Flat No.201, IInd Floor, Jame Jamshed Road, Matunga (East), Mumbai – 400 019, Maharashtra
Date of Birth/Age :	23.05.1965
Date of Appointment :	10.09.2005
Date of Ceasing :	19.10.2006

Name :	Mr. Abhishek Jhaveri
Designation :	Director
Address :	4^th Floor, R. 42, Neelamber Road, 37 Peddar Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	09.01.1986
Date of Appointment :	19.05.2008

KEY EXECUTIVES

Name :	Mr. Ashish Gupta
Designation :	Company Secretary
Address :	Flat No.1, Ground Floor, Nirala Apartment, Bansilal Nagar, Aurangabad – 431 005, Maharashtra, India
Date of Birth/Age :	04.09.1975
Date of Appointment :	02.09.2004

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) Indian
Individuals / Hindu Undivided Family	18701326	74.33
Bodies Corporate	146622	0.58
Sub Total	18847948	74.91
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	18847948	74.91
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	50000	0.20
Financial Institutions / Banks	15800	0.06
Central Government / State Government(s)	2600	0.01
Sub Total	68400	0.27
(2) Non-Institutions
Bodies Corporate	2241494	8.91
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	942952	3.75
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	1958966	7.79
Any Others (Specify)	1100879	4.38
Clearing Members	20618	0.08
Non Resident Indians	1005261	4.00
Overseas Corporate Bodies	75000	0.30
Sub Total	6244291	24.82
Total Public shareholding (B)	6312691	25.09
Total (A)+(B)	25160639	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of PVC Films, LDLLP Films.

Products :

Fresh Food Wrap Cling Film
Tough Stretch Cling Film
Masking Films

ITC CODE	Product Description
39204300	PVC Films
39203020	Lamination Films
39202090	Flexible Laminates

Exporter of :

Products :

PVC and Films

Country :

Russia
Dubai
Sri Lanka

Importer of :

Products :

Granules

Country :

Italy

Terms :

Purchasing :

L/C, Cash, Credit

Selling :

L/C, Cash, Credit

PRODUCTION STATUS (31.03.2009)

Particulars	Unit	Installed Capacity	Actual Production
Farola Unit	MT	9480	--
Silvassa Unit	MT	12000	--
Luhari Unit	MT	7500	--
PVC Film	Rolls	--	1260677
Masking Film	Kg	--	664779
Stretch Film	Kg	--	587838
Lamination Film	Kg	--	643215
CPP Films	Kg	--	111541
Laminates	Kg	--	8444329

GENERAL INFORMATION

Customers :	Corporates End Users OEM’s

No. of Employees :	200 (In Office -20, In Factory – 150 and In Branches – 40) (Approximately)

Bankers :	Saraswat Co-operative Bank Limited, Nikadwari Lane, Girgaon, Mumbai – 400 004, Maharashtra, India Saraswat Co-op Bank Limited, CIDCO Branch, Near CIDCO Bus Stand, Aurangabad – 431 003, Maharashtra, India ICICI Banking Corporation Limited HDFC Bank Limited ABN Amro Bank Limited

Facilities :

Particulars	31.03.2009 (Rs In Millions )	31.03.2008 (Rs In Millions )
Secured Loans
From The Saraswat Co-operative Bank Limited (Secured by the first mortgage of fixed assets of the company present and future floating charge on all other assets)	105.341	145.999
From ICICI Banking Corporation Limited	0.858	1.719
From HDFC Bank Limited	0.269	0.457
From ABN Amro Bank Limited	--	0.088
From Tata Finance Limited (Secured by the mortgage of vehicle)	0.302	0.431
Working Capital Loan From The Saraswat Co-operative Bank Limited CC A/c	219.132	176.234
From The Saraswat Co-operative Bank Limited Bills Purchase A/c (Secured by hypothecation of raw materials, stock in process, finished goods in transit and by personal guarantees of some of the directors of the company and by the first mortgage on the fixed assets of the company present and future and fixed deposit)	2.394	5.000

Total	328.296	329.928

Particulars	31.03.2009 (Rs In Millions )	31.03.2008 (Rs In Millions )
Unsecured Loans
From directors	124.150	74.914
From Suppliers Credit	170.308	--
From ECB	76.809	--
From ICD	39.050	49.850
Sales Tax Defferment Liability	67.691	61.441

Total	478.008	186.205

Banking Relations :

Auditors :

Name :

Bhatter and Company

Chartered Accountant

Address :

307, Tulsiani Chmabers, Nariman Point, Mumbai – 400 021, Maharashtra, India

Pan No.:

AACPB2705R

Associates/Subsidiaries :

Well worth Securities Limited
R.S. Jhaveri Steel and Company Private Limited
Sangam Press Private Limited
R.S. Jhaveri and Company
Vaishali (India) Limited
Vaishali Pigments Private Limited
D. J. Shah Securities Limited
Lathin Rubber Corporation

CAPITAL STRUCTURE

AS ON (31.03.2009)

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs.5/- Each	Rs.250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
25,160,639	Equity Shares	Rs.5- Each	Rs.125.803 Millions

NOTE :

13608000 Equity shares of Rs.5/- issued pursuant to scheme of Amalgamation without payment being received in cash

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		125.800	125.800	110.628
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		447.300	444.200	274.583
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		573.100	570.000	385.211
LOAN FUNDS
1] Secured Loans		338.820	328.300	329.928
2] Unsecured Loans		407.420	478.000	186.205
TOTAL BORROWING		746.240	806.300	516.133
DEFERRED TAX LIABILITIES		9.410	2.200	0.000

TOTAL		1328.750	1378.500	901.344

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		795.100	819.200	607.814
Capital work-in-progress		125.010	131.300	0.000

INVESTMENT		0.050	0.100	0.050
DEFERREX TAX ASSETS		0.000	0.000	2.234

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	347.640	255.800	203.989
	Sundry Debtors	255.390	263.200	289.472
	Cash & Bank Balances	26.710	40.100	22.640
	Other Current Assets	17.380	0.000	0.000
	Loans & Advances	68.700	120.400	100.910
Total Current Assets		715.820	679.500	617.011
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	303.550	10.356	8.716
	Sundry Creditors		240.844	282.051
	Provisions	10.990	9.500	43.622
Total Current Liabilities		314.540	260.700	334.389
Net Current Assets		401.280	418.800	282.622

MISCELLANEOUS EXPENSES		7.330	9.100	8.623

TOTAL		1328.720	1378.500	901.343

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1842.840	1692.200	1306.500
		Other Income	40.820	32.800	41.100
		TOTAL (A)	1883.660	1725.000	1347.600

Less	EXPENSES
		Raw Material	1397.270	1274.100	948.300
		Power and Fuel Cost	76.040	54.700	36.700
		Employee Cost	88.560	65.300	39.900
		Other Manufacturing Expenses	121.830	87.200	50.900
		Selling and Administration Expenses	117.750	104.800	42.700
		Miscellaneous Expenses	11.530	27.300	6.200
		Increase / Decrease in stock	(77.520)	0.000	0.000
		TOTAL (B)	1735.460	1613.400	1124.700

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		148.200	111.600	222.900

Less	FINANCIAL EXPENSES (D)		42.510	26.700	20.200

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		105.690	84.900	202.700

Less/ Add	DEPRECIATION/ AMORTISATION (F)		84.340	66.500	41.100

	PROFIT BEFORE TAX (E-F) (G)		21.330	18.400	161.600

Less	TAX (I)		10.840	8.400	18.800

	PROFIT AFTER TAX (G-I) (J)		10.490	10.000	142.800

	Adjusted Net Profit		0.000	10.200	135.100

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		114.050	111.400	2.600

Less	APPROPRIATIONS
		Appropriations	124.540	7.400	34.000
	BALANCE CARRIED TO THE B/S		NA	114.000	111.400

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	3.011
	TOTAL EARNINGS		NA	NA	3.011

	IMPORTS
		Raw Materials	NA	NA	185.235
		Stores & Spares	NA	NA	0.722
		Plant and Machinery	NA	NA	158.992
	TOTAL IMPORTS		NA	NA	344.949

	Earnings Per Share (Rs.)		0.42	6.45	--

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010
Type	1^st Quarter	2^nd Quarter
Sales Turnover	451.430	666.390
Total Expenditure	439.490	624.150
PBIDT (Excl OI)	11.940	42.240
Other Income	0.250	0.240
Operating Profit	12.190	42.480
Interest	12.080	17.490
Exceptional Items	0.000	0.000
PBDT	0.110	24.990
Depreciation	23.270	23.860
Profit Before Tax	(23.160)	1.120
Tax	0.000	0.000
Reported PAT	(23.160)	1.120
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	(23.160)	1.120

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.55	0.57	10.59

Net Profit Margin (PBT/Sales)	(%)	1.15	1.08	12.36

Return on Total Assets (PBT/Total Assets}	(%)	1.41	1.22	13.19

Return on Investment (ROI) (PBT/Networth)		0.03	0.03	0.41

Debt Equity Ratio (Total Liability/Networth)		1.93	1.87	2.20

Current Ratio (Current Asset/Current Liability)		2.27	2.60	1.84

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The Registered address of the company has been shifted from “B-22 MIDC, Industrial Area, Valunj, Aurangabad – 431 136, Maharashtra, India.” to present w.e.f 28.01.2007

PERFORMANCE:

Turnover net of excise during the year ended on 31st March 2010 was Rs. 1842.840 millions as against Rs. 1692.250 millions in previous year and net profit was Rs. 10.492 millions as against Rs. 10.021 millions in previous year registering an increase of approximately 9% in turnover and an increase of approximately 5% in net profit.

During the year under review export turnover increased by Rs. 21.670 millions registering growth of 153.30% compared to previous year. It shows satisfactory progress towards tapping export market. However during the year under review growth in top line and bottom line is not as much as expected mainly due to not fully operational of couple of new plants, non-supply of power in Luhari unit and challenges in pricing & input cost.

The directors are confident that during the year of 2010-11 all plants will be fully operational and new & existing developed products will come in main stream and shall increase our ability to cater to the domestic as well as overseas volumes in consumption to help more than mitigate these challenges.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNING AND OUTGO:

Conservation of Energy:

Though the company is not a power intensive industry, the company continues its efforts to reduce energy usage by adopting various methods of energy savings. The company continuously evaluates new technologies and has endeavored to optimize the use of energy resources and taken adequate steps to avoid wastage.

Technology Absorption and R&D:

The company always endeavor to achieve cost reduction and productivity by its in-house R&D. In this area the company has:

Installed positive Air System at all its facilities to create more healthy and hygienic conditions in the work area. In-house developed a process of incorporating anti fogging additives such a way that do not change the end properties of the film.

It has always been the Company’s endeavor to emphasize on latest development in state-of-art technology. Personnel have been deputed from time to time abroad to achieve and keep abreast of latest development and thereafter transform the same to indigenous products/technology, wherever applicable.

The Company has not imported any technology; however, the Company has imported new and latest machineries/parts during the year under review.

Foreign Exchange earnings and outgo:

During the year the company’s Foreign Exchange earning were Rs.35806 millions (Rs. 14.136 millions in previous year) on account of export of goods and total revenue expenditure in foreign currency was Rs.355.902 millions (Rs. 295.197 millions in previous year) and the capital expenditure was Rs. 9.452 millions (Rs. 206.300 millions previous year) on account of expansion cum diversification plans of the company.

LISTING:

The Equity shares of the company are listed on Bombay Stock Exchange Limited and the Calcutta Stock Exchange Association Limited.

CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION AND ANALYSIS:

As required under clause 49 of the Listing Agreement with the Stock Exchange, Corporate Governance, Management Discussion and Analysis Report form part of the annual report. A certificate from the auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement.

Form: 8

Name of the company	FLEXO FILM WRAPS (INDIA) LIMITED
Presented By	The Saraswat Co-operative Bank Limited, Waluj Branch, Aurangabad
1) Date and description of instrument creating the change	Agreement of hypothecation of movable property dated 27.04.2004
2) Amount secured by the charge/amount owing on the securities of charge	Rs.2.500 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	The borrower hereby hypothecate to and in favour of the Bank all the plant and machinery, tangible movable property (both present and future) belonging to the borrower/and lying and being at the borrower/s place of business at Gut No.74, Farola, Aurangabad
4) Gist of the terms and conditions and extent and operation of the charge.	Interest @13.50% p.a.
5) Name and Address and description of the person entitled to the charge.	The Saraswat Co-operative Bank Limited, Waluj Branch, Aurangabad
6) Date and brief description of instrument modifying the charge	NA
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	NA

Corporate identity number of the company	L25209MH1985PLC035938
Name of the company	JHAVERI FLEXO INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Gut No.74, Farola, Paithan Road, Aurangabad – 431 105, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	Saraswat Co-operative Bank Limited, Nikadwari Lane, Girgaon, Mumbai – 400 004, Maharashtra, India E-Mail: rv_galgali@saraswatbank.com
Nature of instrument creating charge	Charge by way of hypothecation of vehicle for which the loan is availed
Date of instrument Creating the charge	25.06.2009
Amount secured by the charge	Rs.0.623 Million
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 10% per annum Terms of repayment Amount of loan together with interest to be repaid in 36 monthly installments of Rs.0.020 Million each Margin 10% Extent and operation of the charge Vehicle-Skoda Fabia Ambience
Particulars of the property charged	Vehicle-Skoda Fabia Ambience

FIXED ASSETS:

Land
Building
Plant and Machinery
Furniture and Fixtures
Vehicle
Trade Mark
Computer Equipment
Office Equipment

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2010

Particulars	Unaudited Quarter Ended	Unaudited year to date figures for the current Period	Year ended (Audited)
	30.09.2010	30.09.2010	31.03.2010
Operating Income
Gross sales / Income from Operations	726.636	1220.497	2001.095
Less: Excise Duty / Sale Tax recovered	67.818	116.796	158.256
a) Net Sales / Income from Operations	658.818	1103.701	1842.840
b) Other Operating Income	7.566	14.111	37.494
Total Operating Income
Expenditure
(a) (Increase)/decrease in Stock in Trade	(3.970)	(7.335)	(33.674)
(b) Consumption of Raw Materials	508.309	850.359	1371.788
(c) purchase of Traded goods	--	--	--
(c) Employees Cost	26.039	51.717	90.919
(d) Depreciation	23.864	47.130	84.337
(e) Other Expenditure	93.774	168.903	306.418
Total Expenditure	648.016	1110.774	1819.788
Profit / (Loss) From Operations before other Income Interest & Exceptional Items	18.568	7.038	60.546
Other Income	0.237	0.482	1.887
Profit/(Loss) before Interest and Exceptional items	18.605	7.520	62.433
Interest	17.489	29.571	42.513
Profit / (Loss) after interest before Exceptional items	1.116	(22.051)	19.920
Exceptional Items	--	--	--
Net Profit/(Loss) after exceptional item	1.116	(22.051)	19.920
Tax Expenses	--	--	10.864
Net Profit/(Loss) after tax	1.116	(22.051)	9.056
Extraordinary Items Items (net of Tax Expenses Rs- nil)	0.035	0.035	1.436
Net Profit / Loss for the period	1.151	(22.016)	10.492
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	125.803	125.803	125.803
Reserves (Excluding revalution Reserves)	425.288	425.288	447.303
Earning per shares (EPS)
Basic and diluted EPS before extraordinary Items	0.05	(0.088)	0.042
Basic and diluted EPS after Extraordinary Items (not to be annualized)	0.05	(0.088)	0.042
Public Shareholding :
Number of Shares	6321691	6321691	6396691
Percentage of Shareholding	25.13%	25.13%	25.42%
Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	--	--	--
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	--	--	--
- Percentage of shares(as a % of the total share capital of the company)
b) Non-encumbered
- Number of Shares	18838948	18838948	18763948
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
- Percentage of Share (as a % of the total share capital of the company)	74.87%	74.87%	74.58%

Note :

The above result have been reviewed by the Audit Committee in its meeting held on 12.11.2010 and approved by the Board of Directors in their meeting held on 12.11.2010
The company is exclusive in the segment of Polymers time, hence accounting standard 17 is not applicable.
Previous year figures have been regrouped/rearranged wherever considered necessary.
The company had none investor complaints pending at the beginning of the quarter, 02 complaints were received during the quarter, all have been resolved.

Web Details :

Introduction :

Jhaveri is a leading manufacturer of high quality flexible food packaging. From their manufacturing facilities in India they They supply major global brands, both domestically and internationally.

They make a wide range of products, from highly sophisticated multilayered machine, ready pouches to basic films and wraps. Jhaveri is an exceptionally innovative comapany, always striving for better technical solutions at ever lower prices.

Jhaveri is a $50 million turnover publicly quoted company that has enjoyed rapid growth in recent years. This is based on their passionate commitment to quality and the enduring long term partnership that they have developed with all their customers.

Company Profile

Jhaveri Flexo India Ltd., a professionally managed organization has developed its core competence in the manufacture of superior quality and customized flexible packaging solutions. Empowered with sophisticated technology and offering excellent services they started manufacturing in the year 1998, under the dynamic leadership of Mr. Sandeep Jhaveri.

A strategic diversification in a rapidly growing flexible packaging industry. Since then Jhaveri Flexo India Ltd.. has indeed created benchmarks of excellence in the packaging industry by going in for a reverse merger with Flexo Film Wraps India Ltd. Established in 1986, Flexo Film Wraps India Ltd.'s goal has been simple and straightforward - to be a dominant player in the Indian flexible packaging materials arena.

This emphasis has enabled Flexo Film to emerge as one of India's leading flexible packaging companies, with a strong focus on product development and total customer satisfaction. Constant value additions to their services have ensured that they are today preferred suppliers to top global brands.

Mission :

They account Quality, Infrastructure and Technical Excellence to be their core strengths. They have leveraged their strengths that are guided with an objective of revenue generation and vertical growth. They are passionately committed to the people and anticipate their needs to deliver outstanding products and services. As one of the leading manufacturers of Flexible packaging films and Speciality Films, witnessing high growth.

They at Jhaveri Flexo India Ltd. keep evolving better solutions for the exacting needs of Their delighted customers which include leaders in respective segments like Levers, Nestle, Tata, Marico, FritoLay or Dabur. Their satisfied customers belonging to various industries like Snack Foods, Edible Oil, Confectionary, Cosmetics, Seeds etc. believe in our capabilities of Providing innovative solutions for their continuously changing marketing needs of product variants & pack sizes.

Infrastructure

Their manufacturing setup has all that is required for advanced manufacturing of flexible Laminates and speciality films. They have done their best to create an amicable environment at their workplace creating an enthusiastic and motivating work environment. R&D and QC departments at their premises are the extensions of their quest for excellence.

Their infrastructure is wholly futuristic and capable to meet the demands of the global market tomorrow.

Quality

They know what it takes to manufacture world class flexible laminates films & packaging materials. They have identified CCP's and have HACCP Certification to safeguard the product quality at every stage of production.

Their products are designed and manufactured to strict quality standards, and are inspected numerous times during the manufacturing process. Thus within a short period, Jhaveri Flexo India Ltd. is established as a major supplier to the leading companies in the respective consuming segments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.45.37
UK Pound	1	Rs.73.24
Euro	1	Rs.62.68

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
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		45

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

347.640

255.800

203.989

255.390

263.200

289.472

26.710

40.100

22.640

17.380

0.000

0.000

68.700

120.400

100.910

679.500

617.011

303.550

10.356

8.716

240.844

282.051

10.990

9.500

43.622

260.700

334.389

418.800

282.622

0.57

1.08

1.22

0.03

1.87

2.60

Unit