BUSINESS INFORMATION REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
GARWARE
POLYESTER LIMITED |
Principal Name 1 |
Mr. Shashikant B. Garware |
|
Status |
Satisfactory |
Principal Name 2 |
Mrs. Sheela S. Garware |
|
|
|
Registration # |
010889 |
|
Street Address |
Naigaon, Post
Waluj, |
||
|
Established Date |
06.06.1957 |
SIC Code |
-- |
|
Telephone# |
91-240-2554427 |
Business Style 1 |
Manufacturer |
|
Fax # |
- |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Polyester Film |
|
|
# of employees |
- |
Product Name 2 |
Metallised Film |
|
Paid up capital |
Rs.774,583,000/- |
Product Name 3 |
Polyester Chips. |
|
Shareholders |
Shareholding of
Promoter and Promoter Group 57.51% Public Shareholding: 42.49% |
Banking |
Indian Overseas Bank |
|
Public Limited Corp. |
YES |
Business Period |
53 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
Company |
- |
Garware Industries Limited |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1572,042,000 |
Current Liabilities |
274,407,000 |
|
Inventories |
544,898,000 |
Long-term Liabilities |
2,995,323,000
|
|
Fixed Assets |
3769,771,000 |
Other Liabilities |
296,255,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,565,985,000 |
|
Invest& other Assets |
414,781,000 |
Retained Earnings |
1960,924,000 |
|
|
|
Net Worth |
2,735,507,000 |
|
Total Assets |
6,301,492,000 |
Total Liab. & Equity |
6,301,492,000 |
|
Total Assets (Previous Year) |
6299,812,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
5,108,333,000 |
Net Profit |
253,733,000 |
|
Sales(Previous yr) |
8,811,213,000 |
Net Profit(Prev.yr) |
106,336,000 |
MIRA
INFORM REPORT
|
Report Date : |
04.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
GARWARE POLYESTER LIMITED |
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|
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Registered
Office : |
Naigaon, Post Waluj, |
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|
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Country : |
|
|
|
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|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
06.06.1957 |
|
|
|
|
Com. Reg. No.: |
010889 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L10889MH1957PLC010889 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter, Importer and Marketers of Polyester Film,
Metallised Film and Polyester Chips. |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. However it would be advisable to take adequate securities while
dealing with the subject. |
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Ashok Velhankar |
|
Designation : |
General Manager – Finance |
|
Contact No.: |
91-22-66988026 |
|
Date : |
30.09.2010 |
LOCATIONS
|
Registered Office : |
Naigaon, Post Waluj, |
|
Tel. No.: |
91-240-2554427 |
|
Mobile No.: |
91-9820190665 (Mr. H. M. Desai) |
|
E-Mail : |
|
|
Website: |
|
|
Area: |
Owned |
|
|
|
|
Corporate /Head Office/ Factory : |
50-A, Swami Nityanand Marg, Western Express Highway, Vile Parle
(east), Mumbai- 400 057, Maharashtra, India |
|
Tel. No.: |
91-22-66988000 |
|
Fax No.: |
91-22-28248155/ 28248199 |
|
E-Mail : |
|
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|
|
|
Overseas Offices : |
Global Pet films
Inc Tel: 954-499-7990 Fax: 954-499-7992 Email: usa@garwarepoly.com Garware Polyester
International Limited, Station House, Tel: (44) 0207 376 3931 Fax: (44) 0208 424 2777 Email: uk@garwarepoly.com |
|
|
|
|
Factory 1 : |
Polyester Film Plant, |
|
Tel. No.: |
91-240-2554427 |
|
Fax No.: |
91-240-2554672 |
|
E-Mail : |
|
|
|
|
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Factory 2 : |
Polyester Film Plant, L-5 and L-6, Chikalthana, Industrial Area, Dr.
Abasaheb Garware Marg, |
|
Tel. No.: |
91-240-2485465/ 2485466 |
|
Fax No.: |
91-240-2484179/ 2484262/ 2486002 |
|
E-Mail : |
|
|
|
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Factory 3 : |
Plot No. 103, Masat, Silvassa 396 230, |
|
|
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Factory 4 : |
A-1 and A-2, MIDC, Ambad, |
|
|
|
|
Offices : |
·
403, Madarn Bhikaji Cama Bhawan, 11, ·
37/1 B, · Old No. 40, New No. 91,Shiyali Mudali Street, Pudupet, Chennai – 600002, Tamilnadu, India |
DIRECTORS
|
Name : |
Mr. Shashikant B. Garware |
|
Designation : |
Chairman and Managing Director |
|
Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
|
Date of Birth/ Age : |
76 years |
|
|
|
|
Name : |
Mrs. Sheela S. Garware |
|
Designation : |
Director |
|
Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
|
Date of Birth/ Age : |
74 years |
|
|
|
|
Name : |
Mrs. Monika Garware Modi |
|
Designation : |
Vice Chairperson and Jt. Managing Director |
|
Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
|
Date of Birth/ Age : |
46 years |
|
|
|
|
Name : |
Ms. Sarita Garware |
|
Designation : |
Jt. Managing Director |
|
Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
|
Date of Birth/ Age : |
42 years |
|
|
|
|
Name : |
Ms. Sonia Garware |
|
Designation : |
Director |
|
Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
|
Date of Birth/ Age : |
38 years |
|
|
|
|
Name : |
Mr. Mohan S. Adsul |
|
Designation : |
Director – Technical |
|
Address : |
Plot No.10, N-5, A1 Parijat Nagar, CIDCO, |
|
Date of Birth/ Age : |
01.06.1955 |
|
Date of Appointment : |
31.07.2007 |
|
Qualification : |
B. Sc. (Tech) in Plastics and DBM |
|
Other Directorship : |
·
Garware Chemicals Limited · Garware Industries Limited |
|
|
|
|
Name : |
Mr. Boman Moradian |
|
Designation : |
Director |
|
Address : |
M. |
|
Date of Birth/ Age : |
58 years |
|
|
|
|
Name : |
Mr. Narendra P. Chapalgaonkar |
|
Designation : |
Director |
|
Address : |
13, Jaynagar, Near Dashmeshnagar, |
|
Date of Birth/ Age : |
72 years |
|
|
|
|
Name : |
Mr. Dilip J. Thakkar |
|
Designation : |
Director |
|
Address : |
Little |
|
Date of Birth/ Age : |
01.10.1936 |
|
Appointment Date : |
30.04.2007 |
|
Qualification : |
Chartered Accountant |
|
Other Directorship : |
· Poddar Developers Limited · Panasonic Energy India Company Limited · Essar Oil Limited · Thirumalai Chemicals Limited · The Ruby Mills Limited · PAE Limited · Himatsingka Seide Limited · Indo Count Industries Limited · Walchandnagar Industries Limited ·
· Modern India Limited · Aegis Limited · Premier Limited |
|
|
|
|
Name : |
Dr. Mahesh C. Agarwal |
|
Designation : |
Director |
|
Address : |
705, Manisha
Apartments, |
|
Date of Birth/ Age : |
23.10.1946 |
|
Appointment Date : |
29.04.2009 |
|
Qualification : |
Masters in Psychology. Ph. D |
|
|
|
|
Name : |
Mr. Ramesh P. Makhija |
|
Designation : |
Director |
|
Address : |
Flat No.61, Ashoka Apartment, 6th Floor, |
|
Date of Birth/ Age : |
59 years |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Koul |
|
Designation : |
Company Secretary and General Manager |
|
|
|
|
Name : |
Mr. Ashok Velhankar |
|
Designation : |
General Manager – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2010)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,827,000 |
7.92 |
|
|
11,434,316 |
49.58 |
|
|
- |
- |
|
|
13,261,316 |
57.51 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
13,261,316 |
57.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
159,118 |
0.69 |
|
|
59,513 |
0.26 |
|
|
853,956 |
3.70 |
|
|
104,736 |
0.45 |
|
|
1,177,323 |
5.11 |
|
|
|
|
|
|
1,631,556 |
7.08 |
|
|
|
|
|
|
4,345,429 |
18.84 |
|
|
2,033,149 |
8.82 |
|
|
611,613 |
2.65 |
|
|
246,400 |
1.07 |
|
|
365,113 |
1.58 |
|
|
100 |
- |
|
|
8,621,747 |
37.39 |
|
Total Public shareholding (B) |
9,799,070 |
42.49 |
|
Total (A)+(B) |
23,060,386 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
Total (A)+(B)+(C) |
23,060,386 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionsBUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer and Marketers of Polyester Film,
Metallised Film and Polyester Chips |
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Products : |
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Exports : |
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Products : |
·
Polyester Film ·
Metalic Yarn Made ·
Sun Control Polyester Film |
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Countries : |
·
·
·
·
·
·
·
·
·
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Imports : |
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Products : |
·
Raw Materials ·
Methanol ·
Titqnium Dioxide |
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Countries : |
·
·
·
US ·
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Licensed Capacity (TPA) |
Installed Capacity (TPA) |
|
|
|
|
|
Polyester Film |
80,000 |
41000 |
|
Metallised Film |
2,210 |
2,210 |
|
Polyester Chips |
104,400 |
104,4000 |
|
|
|
|
|
Particulars |
Unit |
Actual Production |
|
|
|
|
|
Polyester films (Plain/ Lacquered/ OHP/ Laminated/
Stabilised/ Coloured and Metallised) |
MT |
23,023.87 |
|
Chips (excluding conversion) |
-- |
Produced for
captive use in the manufacturer of Films. |
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|
|
|
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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Bankers : |
· Indian Overseas Bank · Dena Bank · The Federal Bank Limited ·
State Bank of ·
Bank of · Punjab National Bank ·
Export - Import Bank of |
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Facilities : |
Notes : (A) Zero Coupon Bonds of Rs.100/- each aggregating to Rs.15.100 millions are secured by a mortgage on Company's immovable property situated at Vile Parle, Mumbai. (B) Cash/ Packing Credit/ Working Capital Demand Loan are
secured by hypothecation of stores, spares and packing materials and
stock-in-trade and book debts of the Company and further secured by a second
charge on the movable assets of the Company and immovable properties situated
at (C) Term Loans of Rs.1285.039 Millions are secured as under: (1) Term Loans of Rs.1112.339 millions from Indian Overseas Bank are secured by a mortgage on Company's immovable property situated at Vile Parle, Mumbai. (2) Term Loan of Rs.172.700 millions out of Rs.7.160 millions from Indian Overseas Bank are secured by charge on the project assets and also by way of collateral of the company immovable property situated at Vile Parle, Mumbai. (3) Term Loan of Rs.Nil from Indian Overseas Bank are secured by a mortgage on company’s immovable property situated at Vile Parle, Mumbai. (4) Term loan of Rs.Nil from ICICI Bank Limited was Secured by: (a) A mortgage ranking pari passu with mortgage created on
Company's immovable properties situated at (b) Hypothecation / charge ranking pari passu with charges created / to be created in favour of ICICI Bank Limited and EXIM Bank for their Term Loans of all the movable properties of the Company including movable Plant and Machinery, Spares, Tools and Accessories, present and future (save and except Book Debts) at Nasik and Aurangabad, subject to prior charge created and / or to be created in favour of the Company's bankers on: (i) Specified movables for securing borrowings for the Company's Working Capital Requirements and, (ii) Specified assets charged to the Company's bankers as security for Term Loans. (D) Vehicles Finances are secured by Hypothecation of Specific assets.
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Shah and Company Chartered Accountant |
|
Address : |
Mumbai, |
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|
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|
Name : |
Bhandari Dastur Gupta and Associates Chartered Accountant |
|
Address : |
Mumbai, |
|
|
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Subsidiaries : |
·
Garware Polyester International Limited |
|
|
|
|
Ultimate Subsidiary : |
·
Global Pet Films Inc |
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|
|
|
Associates : |
· Garware Industries Limited · Garware Chemicals Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
6000000 |
Preference Shares |
Rs.100/- each |
Rs.600.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23060386 |
Equity Shares |
Rs.10/- each |
Rs.230.604
Millions |
|
|
Less: Unpaid Allotment Call Money |
|
Rs.0.621
Million |
|
5446000 |
0.01% Cumulative Redeemable Preference
Shares |
Rs.100/-
each |
Rs.544.600
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.774.583 Millions |
OUT OF THE ABOVE:
(i) 16,50,600 Equity Shares of Rs.10/- each were allotted as fully paid-up Bonus Shares by Capitalisation of Reserves.
(ii) 6,60,000 Equity Shares of Rs.10/- each were allotted as fully paid-up pursuant to a scheme of amalgamation without payment being received in cash.
(iii) 64,860 Equity Shares of Rs.10/- each were allotted as fully paid up to Industrial Development Bank of India Limited (IDBI) at a premium of Rs.40/- per share in consideration of conversion of a part of the loan amount of Rs.3.243 millions.
(iv) 47,80,799 Equity Shares of Rs.10/- each were allotted as fully paid up at a premium of Rs.40/- per share against 23,90,400 detachable warrants.
(v) 10,19,022 Equity shares of Rs.10/- each were allotted as fully paid up to IDBI at a premium of Rs.48.88 per share on 7th November 2007 as per arrangement.
(vi) 2,00,000 Equity shares of Rs.10/- each were allotted as fully paid up to various schemes operating under UTI Assets Management Company Limited at a premium of Rs.22.67 per share on 23rd December 2008 as per arrangement.
(vii)
54,46,000 0.01% Cumulative Redeemable
Preference Shares of Rs.100/- each were allotted as fully paid up to IDBI at
par (49,54,000 on 7th November 2007and 4,92,000 on 19th June 2008) as per
arrangement. The preference shares amounting to Rs.495.400 Millions
shall be redeemed in 3 equal installments from 1st April 2014 to 1st April 2016
and Rs.49.200 Millions shall be redeemed in single installment on 1st April
2016.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (6 Months) |
30.09.2009 (12 Months) |
30.09.2008 (18 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
774.583 |
774.583 |
772.583 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1960.924 |
1747.559 |
1658.711 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2735.507 |
2522.142 |
2431.294 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2992.267 |
3209.525 |
3934.921 |
|
|
2] Unsecured Loans |
3.056 |
9.325 |
50.568 |
|
|
TOTAL BORROWING |
2995.323 |
3218.850 |
3985.489 |
|
|
DEFERRED TAX LIABILITIES |
144.424 |
144.424 |
25.049 |
|
|
|
|
|
|
|
|
TOTAL |
5875.254 |
5885.416 |
6441.832 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3769.771 |
3893.445 |
4125.903 |
|
|
Capital work-in-progress |
33.196 |
22.222 |
31.293 |
|
|
|
|
|
|
|
|
INVESTMENT |
381.002 |
381.002 |
381.002 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
544.898
|
567.787
|
777.863 |
|
|
Sundry Debtors |
1065.393
|
986.450
|
1100.912 |
|
|
Cash & Bank Balances |
99.660
|
95.229
|
67.550 |
|
|
Other Current Assets |
214.824
|
216.247
|
223.348 |
|
|
Loans & Advances |
192.165
|
135.955
|
258.464 |
|
Total
Current Assets |
2116.940
|
2001.668 |
2428.137 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
162.595
|
165.419
|
185.340 |
|
|
Other Current Liabilities |
111.812
|
118.455
|
141.206 |
|
|
Provisions |
151.831
|
130.522
|
201.215 |
|
Total
Current Liabilities |
426.238
|
414.396
|
527.761 |
|
|
Net Current Assets |
1690.702
|
1587.272
|
1900.376 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.583 |
1.475 |
3.258 |
|
|
|
|
|
|
|
|
TOTAL |
5875.254 |
5885.416 |
6441.832 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (6 Months) |
30.09.2009 (12 Months) |
30.09.2008 (18 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5108.333 |
8811.213 |
14425.625 |
|
|
|
Other Income |
13.693 |
20.001 |
20.425 |
|
|
|
TOTAL (A) |
5122.026 |
8831.214 |
14446.050 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
1058.936 |
1822.648 |
2913.398 |
|
|
|
Raw Material Consumed |
1482.341 |
2503.320 |
4222.970 |
|
|
|
Inter-Divisional Transfers |
1981.421 |
3264.418 |
5805.395 |
|
|
|
Increase/(Decrease) in Finished Goods |
20.807 |
160.421 |
4.363 |
|
|
|
TOTAL (B) |
4543.505 |
7750.807 |
12946.126 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
578.521 |
1080.407 |
1499.924 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
163.374 |
525.916 |
782.496 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
415.147 |
554.491 |
717.428 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
160.939 |
324.709 |
491.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
254.208 |
229.782 |
226.399 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.475 |
123.446 |
70.747 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
253.733 |
106.336 |
155.652 |
|
|
|
|
|
|
|
|
|
Less |
EXTRA ORDINARY
ITEMS |
0.000 |
0.000 |
61.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
757.891 |
678.653 |
584.601 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend Payable on Preference Shares |
0.027 |
0.102 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
34.591 |
23.060 |
0.000 |
|
|
|
Tax on Dividend |
5.750 |
3.936 |
0.000 |
|
|
|
Transfer to General Reserve |
13.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
958.256 |
757.891 |
678.653 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1187.997 |
1916.315 |
4197.154 |
|
|
TOTAL EARNINGS |
1187.997 |
1916.315 |
4197.154 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
61.500 |
164.185 |
383.823 |
|
|
|
Stores & Spares |
9.351 |
22.312 |
47.710 |
|
|
|
Capital Goods |
3.216 |
26.088 |
12.955 |
|
|
|
Others |
3.100 |
7.811 |
14.950 |
|
|
TOTAL IMPORTS |
77.167 |
220.396 |
459.438 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.00 |
4.62 |
4.19 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2010 1ST Quarter |
30.09.2010 (2nd
Quarter) |
|
Net Sales |
|
1743.700 |
2192.200 |
|
Total Expenditure |
|
1282.800 |
1600.100 |
|
PBIDT (Excl OI) |
|
460.900 |
592.100 |
|
Other Income |
|
0.100 |
1.100 |
|
Operating Profit |
|
461.000 |
593.200 |
|
Interest |
|
94.700 |
64.900 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
366.300 |
528.300 |
|
Depreciation |
|
81.000 |
84.500 |
|
Profit Before Tax |
|
285.300 |
443.800 |
|
Tax |
|
72.000 |
140.400 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
213.300 |
303.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
213.300 |
303.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (6 Months) |
30.09.2009 (12 Months) |
30.09.2008 (18 Months) |
|
PAT / Total Income |
(%) |
4.95
|
1.20
|
1.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.98
|
2.61
|
1.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.32
|
3.79
|
3.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.09
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.25
|
1.50
|
1.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.97
|
3.79
|
4.60 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Incorporated on Jun.'57, Subject was primarily manufacturing moulds and
dyes for the plastic manufacturers. In 1976, another group company Garware
Plastics was merged with it and the name of the company was changed to Garware
Plastics and Polyesters. Later on, the company acquired its present name. It is
a part of the Garware group and is managed by S B Garware Chairman and Managing
Director of the company.
The company is a leading manufacturer of polyester film in the country.
Apart from polyester films, the company has diversified into video magnetic
tapes, computer tapes, audio magnetic tapes, U-matic video cassettes, and
value-added products like sun-control films. GPL's exports comprise mainly of
polyester film and film-based products, to western Europe, the
In 1994-95, Garware Photo and Polyester Films, which manufactures
plastic products, ceased to be a subsidiary of the company. The company has
formed Garware Chemicals Private Limited, a new company, to implement a project
for the manufacture of di-methyl terephthalate (DMT), the main raw material for
the manufacture of polyester films. Garware Polyester International and Global
Pet Films Inc are the subsidiaries of the company. The company's subsidiary, Garware
Chemicals Limited implemented DMT project with 60000 MT per annum capacity. The
production was commenced in the early part of 1999-2000. The company opened
warehousing and marketing outfit in Miami(USA) and
OPERATIONS
Local sales increased by 5.43%, and exports have increased
by 24.45% (on annualized basis) due to improved demand of Plain Polyester Film
in domestic market with specific improved demand in automobile sector and
improved global economic conditions. The Company had taken several cost control
measures to reduce operating costs, which are giving sustained results. The
Company has also reduced the financial cost and as a combine results of all
efforts, the Company has performed better and the net profit has increased
substantially in the current year.
FUTURE OUTLOOK
Growth in retail sector, liberalization, growing middle
class, rising purchases of packaged foods and goods, growing demand for
polyester films in applications such as electrical cables, motor insulators,
lamination for automobiles and building glass windows is expected to fuel
growth of polyester films. In International market, it is expected at 4-6% per
annum. Local market growth is estimated at the rate of 10-14% per annum. The
growth in domestic market is expected to be higher due to boom in retail
outlets. The market scenario is positive and offers possibilities for
increasing the sales in value added products. The Company has successfully
created new markets and additional business in specialty film in Europe,
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
Subject is a pioneer in manufacture of polyester films in
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Polyester films have wide applications in flexible
packaging, electrical magnetic media, imaging etc. The Company has well-
developed marketing network throughout the world, some of the major countries
being
OPPORTUNITIES AND
THREATS
The supply demand situation for Polyester films is favorable
with the demand exceeding supplies and is likely to continue in a similar
fashion at least for next two quarters. The Company has evolved several new
strategies in product branding as well as with increased focus on R and D
several new products like Nano technology based films, Ceramic films and IR
(Infra-red) films have been introduced in the solar film market. The Company
therefore hopes to rapidly grow its market share in Solar films.
OUTLOOK
EXPORTS:
PLAIN FILM:
With the variety and high quality of their product
offerings, the Company is fully confident of maintaining its strong position in
exports. Presently Company products are being successfully sold in
SUN CONTROL FILM:
Sun Control films have shown a major growth in the current
year. The Company has successfully launched multiple brands, new products and
with aggressive and innovative marketing strategies the major growth in Sun
Control films will be sustained during the year. Sun Control films are
presently being marketed throughout the world. Both their quality as well as
customer orientation is highly valued in the industry.
LOCAL:
The “Global brand” has
been launched in
CONTINGENT
LIABILITIES NOT PROVIDED FOR -
|
Particulars
|
31.03.2010 (Rs. In Millions) |
|
|
|
|
Disputed matters in appeal/ contested in respect of: |
|
|
- Income Tax |
6.391 |
|
- Excise Duty |
4.394 |
|
- Sales |
1.713 |
|
- |
2.772 |
|
|
|
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 30.06.2010
(RS. IN MILLIONS)
|
Particulars |
Quarter Ended 30.09.2010 (Unaudited) |
Six Months Ended 30.09.2010 (Unaudited) |
|
|
|
|
|
Sales (Including Inter Unit Sales) |
3191.900 |
6030.900 |
|
Gross Sales/ Income from Operations |
2291.900 |
4124.700 |
|
|
|
|
|
Less: Excise Duty |
111.900 |
208.400 |
|
|
|
|
|
a) Net Sales/ Income from Operation |
2180.000 |
3916.300 |
|
b) Other operating Income |
|
|
|
|
12.200 |
24.300 |
|
1. Total Income (Net) |
2192.200 |
3940.600 |
|
|
|
|
|
2. Expenditure |
|
|
|
a.
(Increase)/Decrease In Stock |
(58.100) |
(182.900) |
|
b. Consumption of
Raw Materials |
1030.500 |
2013.300 |
|
c. Purchase of
Traded Goods |
117.600 |
236.000 |
|
d. Employee Cost |
159.200 |
313.500 |
|
e. Power and
Fuel |
84.500 |
165.500 |
|
f. Depreciation |
350.900 |
507.700 |
|
g. Other
Expenditure |
1684.600 |
3053.100 |
|
|
|
|
|
3. Profit from Operations before Other Income, Interest, Exchange Currency Fluctuation and Exceptional Items |
507.600 |
887.500 |
|
|
1.100 |
1.200 |
|
4. Other Income |
|
|
|
|
|
|
|
5. Profit before
Interest and Exceptional Items |
508.700 |
1054.200 |
|
|
|
|
|
Earning Before Interest, Depreciation, Tax
and Extraordinary Item (EBIDTA) |
593.200 |
159.600 |
|
|
|
|
|
6. Interest and
Finance Charges |
443.800 |
729.100 |
|
|
|
|
|
7. Profit/ Loss
after Interest but before exceptional item |
0.000 |
0.000 |
|
|
|
|
|
8. Exceptional Item |
|
|
|
|
|
|
|
9. Profit/ loss from ordinary/ Activities
before Tax (7+8) |
443.800 |
729.100 |
|
|
|
|
|
10. Provision for Tax |
140.400 |
212.400 |
|
|
|
|
|
11. Net profit/ loss from ordinary Activities
after Tax ( 9-10) |
303.400 |
516.700 |
|
|
|
|
|
12. Extra Ordinary Item (Net of Tax
Expenses) |
0.000 |
0.000 |
|
|
|
|
|
13. Net Profit/ Loss for the period (11-12) |
303.400 |
516.700 |
|
|
|
|
|
14. Paid up Equity Share Capital |
230.000 |
230.000 |
|
|
|
|
|
15. Reserve Excluding Revaluation Reserve as
per balance sheet of previous accounting year |
|
|
|
|
|
|
|
16. Earning Per share |
|
|
|
a. Basic and diluted EPS before Extra
ordinary items for the period ( not annualized) |
13.16 |
22.41 |
|
b. Basic and Diluted EPS after Extra
Ordinary Items for the period (not annualized) |
13.16 |
22.41 |
|
|
|
|
|
17. Public Shareholding |
|
|
|
- Number of Shares |
9799070 |
9799070 |
|
-Percentage of
Shareholding |
42.49 |
42.49 |
|
|
|
|
|
18. Promoters and Promoter Group Shareholding |
|
|
|
a. Pledged/Encumbered |
|
|
|
- Number of shares |
Nil |
Nil |
|
- Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
- Percentage of shares
(as a % of the total shareholding of the total share capital of the company) |
Nil |
Nil |
|
|
|
|
|
b. Non-Encumbered |
|
|
|
- Number of shares |
13261316 |
13261316 |
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
|
- Percentage of
shares (as a % of the total shareholding of the total share capital of the
company) |
57.51 |
57.51 |
NOTE:
1.
Previous period figures
have been regrouped and reclassified to make them comparable with the figures
of the current period.
2.
The company operates in
one agreement only i.e. polyester films.
3.
The above results have been
reviewed by the Audit Committee and approved and taken on record by the Board
of Directors of the company at their respective meetings held on 12th
November 2010. The auditor have certified out a limited review of the results for
the quarter ended June 30, 2010.
4.
The Tax expenses include
current Tax and Deferred Tax.
The Board of
Directors have declared an interim dividend of 15% amounting to Rs.1.50 per
Equity Share of Rs.10/-each. The
record date for the same is November 19, 2010.
5.
As Informed by the Registrar, Link Intime (India)
Limited, there was no unresolved investor complaint as on 01.07.2010 during the
quarter ended 30th June,
2010, the company received 30 complaints form Investors. Outstanding
Complaints at the end of the quarter were nil
Statement of Assets and Liabilities
|
Particulars |
Six Months Ended 30.09.2010 (Unaudited) |
|
SHAREHOLDERS’ FUNDS: |
|
|
(a) Capital |
774.483 |
|
(b) Reserves and Surplus |
2477.672 |
|
|
|
|
LOAN FUNDS: |
2304.956 |
|
Deferred Tax Liability |
231.324 |
|
|
|
|
FIXED ASSETS |
3669.589 |
|
|
381.002 |
|
INVESTMENTS |
|
|
|
|
|
CURRENT ASSETS, LOANS AND ADVANCES: |
|
|
Inventories |
794.018 |
|
Sundry Debtors |
864.350 |
|
Cash and Bank balances |
283.352 |
|
Other Current Assets |
99.692 |
|
Loans and Advances |
244.141 |
|
|
|
|
Less: Current Liabilities and Provisions: |
|
|
Liabilities |
350.247 |
|
Provisions |
197.362 |
|
|
|
|
MISCELLANEOUS EXPENDITURE |
0.000 |
|
|
|
|
PROFIT AND LOSS ACCOUNT |
0.000 |
|
TOTAL |
5788.535 |
TRADE REFERENCES:
·
Brescon Corporate Advisors Limited
·
Transdelta Transformers Private Limited
·
APPL Industries Limited
FIXED ASSETS
·
Land
(Freehold)
·
Land
(Leasehold)
·
Buildings
·
Plant
and Machinery
·
Electrical
Installations
·
Mould
·
Laboratory
Equipments
·
Furniture
and Fixtures
·
Office
Equipment
·
Vehicles
·
Capital
Expenditure
AS PER WEBSITE
PROFILE:
Subject is the largest as well as the first company to produce polyester
film in
Subject they serve the need of diverse industries. The product range
includes films that cater to the solar control industry, packaging industry,
reprographic industry etc.
They have four fully integrated film lines that enable them to meet the
customer demands. They are an ISO:9001:2000 company with a customer base that
spans the globe.
MILESTONES:
·
The accomplishments spans five decades.
·
The forties witnessed the birth of Garware,
a simple manufacturing unit producing plastic buttons for the Navy. They later
diversified the product base to include knitting needles, pen-holders and toothbrushes.
·
In the fifties they lead the race by
manufacturing injected, moulded and extruded plastic products like television
casings and fan blades.
·
The sixties brought new challenges in the
form of new technologies. They responded by expanding the product line to
include PVC pipes, fittings and allied products. End sixties saw the emergence
of Polyester film and a whole new world of possibilities opened up for us.
·
By the seventies they set out to conquer the
entire world. The expansion plans were launched with exports to the
·
In the eighties they produced sure winners
like Garfilm, Sun Control and X-Ray film - all polyester based and indigenously
developed. They were matching strides with developments worldwide.
·
The nineties, the era of high technology ,
saw them taking on new challenges.
AWARDS:
·
An ISO 9002 certified company since 1994, they have
achieved a number of awards for innovation and excellence.
·
In 1980 they were awarded the Gold Shield by the
Government of India (Ministry of Industry), in recognition of the capability
for developing polyester film in-house and thus saving substantial foreign exchange
for the government
·
In 1988, the Department of Science and Technology
of the Government of India recognised the excellent RandD effort with the
Silver Shield award, for developing ray film with polyester base.
·
They have also been consistently winning the Top
Exporter Award from the Government of India (Ministry of Commerce) as well as
the Government of Maharashtra. The 70's award related to PVC pipes and
fittings, but since 1984 it was the polyester film which took the lead
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.67 |
|
|
1 |
Rs.69.45 |
|
Euro |
1 |
Rs.59.37 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.