MIRA
INFORM REPORT
|
Report Date : |
04.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
INDIA FOILS LIMITED |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2009 |
|
|
|
|
Date of Incorporation : |
08.11.1960 |
|
|
|
|
Com. Reg. No.: |
21-24870 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27203WB1960PLC024870 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALI01586E/ CALI00085B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACI6251Q/ AAACI 6257Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are listed on
stock exchange. |
|
|
|
|
Line of Business : |
Manufacture of Aluminium
Foils and also Laminated Flexible Packing with Plastic and Laminated Flexible
Packaging with Paper. |
RATING & COMMENTS
|
MIRA’s Rating : |
C (7) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Unit |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
-- |
|
|
|
|
Comments : |
Subject has been declared as a sick unit by the BIFR. The networth of
the company has been eroded. Payments are reported to be slow and delayed. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-33-25636718 / 25532317 / 25831577 |
|
Fax No.: |
91-33-25636716 / 25834419 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Ess Dee House, |
|
|
|
|
Factory 1 : |
HOERA Village and P.O. Hoera, Dist. Hooghly, West Bengal – 712147, |
|
|
|
|
Factory 2 : |
TARATALA P-35, |
|
|
|
|
Factory 3 : |
1, |
|
|
|
|
Branches : |
Located at: ·
·
Mumbai ·
·
|
DIRECTORS
AS ON 31.03.2009
|
Name : |
Mr. Sudip Datta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Soumitra N. Barari |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Gautam Mukherjee |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. Madan Mohan Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K Raghuraman |
|
Designation : |
Special Director (BIFR) |
KEY EXECUTIVES
|
Name : |
Mr. Jaydeep Duttagupta |
|
Designation : |
Company Secretary and 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 |
|
|
|
|
|
|
|
|
136,274,213 |
82.92 |
|
|
136,274,213 |
82.92 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
136,274,213 |
82.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6,669 |
- |
|
|
1,400 |
- |
|
|
341,060 |
0.21 |
|
|
557,898 |
0.34 |
|
|
907,027 |
0.55 |
|
|
|
|
|
|
6,229,538 |
3.79 |
|
|
|
|
|
|
20,083,337 |
12.22 |
|
|
322,324 |
0.20 |
|
|
530,924 |
0.32 |
|
|
106 |
- |
|
|
530,818 |
0.32 |
|
|
27,166,123 |
16.53 |
|
Total Public
shareholding (B) |
28,073,150 |
17.08 |
|
Total (A)+(B) |
164,347,363 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
- |
- |
|
Total (A)+(B)+(C) |
164,347,363 |
100.00 |
(1)
Indian
Bodies
Corporate
Individual
shareholders holding nominal share capital up to Rs.0.100 millionsBUSINESS DETAILS
|
Line of Business : |
Manufacture of Aluminium
Foils and also Laminated Flexible Packing with Plastic and Laminated Flexible
Packaging with Paper. |
||||
|
|
|
||||
|
Products : |
|
||||
|
Exports : |
|
||||
|
Countries : |
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
·
UAE ·
|
PRODUCTION STATUS
As on 31.03.2009
Installed Capacity: 19,000 Mts p.a
(As certified by the management and being a technical matter accepted by
the auditors)
|
Particulars |
Unit |
|
Actual
Production |
|
Alumjnium Foil |
Kgs. |
|
3341887.34 |
GENERAL INFORMATION
|
Suppliers : |
|
|
|
|
|
Customers : |
Pharmaceuticals ·
GlaxoSmithKline ·
Hoechst ·
John
Wyeth ·
Reckitt
and Coleman ·
Novartis ·
Pfizer ·
Boots ·
Ranbaxy ·
Cipla ·
Geoffrey
Manners Tobacco ·
Godfrey
Philips India Limited ·
GTC ·
ITC
Limited Confectionery ·
Cadbury ·
Nestle Aseptic Packaging ·
Tetra
Pak Bare Foils ·
Positive
Packaging ·
Paper
Products Limited ·
Essel
Propack |
|
|
|
|
No. of Employees : |
442 |
|
|
|
|
Bankers : |
·
ABN Amro Bank N.V ·
State Bank of ·
United Bank of ·
Bank of ·
Indian Overseas Bank ·
Canara Bank ·
Axis Bank ·
Kotak Mahindra Bank Limited ·
ICICI Bank ·
Indusind Bank ·
HDFC Bank |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountant |
|
Address : |
Hamam House, Ambala Doshi Marg, Fort, Mumbai-700029, |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiary Company : |
Flex Art Foil Private Limited (w.e.f 19.11.2008) |
CAPITAL STRUCTURE
AS ON 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
800000000 |
Equity Shares |
Rs. 1/- each |
Rs.800.000 Millions |
|
25640000 |
Preference Shares |
Rs. 100/- each |
Rs.2564.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1400000 |
Equity Shares (Shares Allotted as fully paid up pursuant to
a contract without payments being received in cash) |
Rs. 1/- each |
Rs. 1.400 Millions |
|
475000 |
Equity Shares (Shares Allotted as fully paid Bonus Shares
by Capitalisation of Reserve) |
Rs. 1/- each |
Rs. 0.475 Millions |
|
15793893 |
Equity Shares (Shares Fully Paid up) |
Rs. 1/- each |
Rs.15.793 Millions |
|
10678465 |
Equity Shares (Shares allotted as fully paid up pursuant
to Amalgamation without any payment being received in cash) |
Rs. 1/- each |
Rs.10.679 Millions |
|
136000000 |
Equity Shares (Shares Fully Paid up) |
Rs. 1/- each |
Rs.136.000 Millions |
|
|
|
|
|
|
|
Preference Shares |
Rs. 100/- each |
|
|
|
0.01% Optionally convertible redeemable non
cumulative preference shares |
|
Rs.125.000 Millions |
|
|
0.01% Non Convertible redeemable non
cumulative preference shares |
|
Rs.2358.153 Millions |
|
|
Total |
|
Rs.2647.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2647.500 |
582.074 |
582.074 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
89.759 |
799.852 |
843.988 |
|
|
4] (Accumulated Losses) |
(2840.958) |
(2906.666) |
(2641.976) |
|
|
NETWORTH |
(103.699) |
(1524.740) |
(1215.914) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1375.335 |
1816.939 |
|
|
2] Unsecured Loans |
0.000 |
1098.210 |
609.044 |
|
|
TOTAL BORROWING |
0.000 |
2473.545 |
2425.983 |
|
|
DEFERRED TAX LIABILITIES |
210.262 |
210.262 |
210.262 |
|
|
|
|
|
|
|
|
TOTAL |
106.563 |
1159.067 |
1420.331 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
604.683 |
1329.336 |
1495.995 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
1.049 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
122.436
|
199.029 |
190.744 |
|
|
Sundry Debtors |
179.878
|
229.692 |
248.153 |
|
|
Cash & Bank Balances |
34.125
|
21.144 |
20.429 |
|
|
Other Current Assets |
0.000
|
0.000 |
46.891 |
|
|
Loans & Advances |
175.692
|
154.996 |
96.292 |
|
Total
Current Assets |
512.131
|
604.861 |
602.509 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
331.176
|
757.221 |
679.283 |
|
|
Provisions |
679.075
|
27.328 |
21.602 |
|
Total
Current Liabilities |
1010.251
|
784.549 |
700.885 |
|
|
Net Current Assets |
(498.120)
|
(179.688) |
[98.376] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
9.419 |
21.663 |
|
|
|
|
|
|
|
|
TOTAL |
106.563 |
1159.067 |
1420.331 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
989.416 |
1688.531 |
2083.942 |
|
|
|
Other Income |
4.381 |
9.156 |
14.027 |
|
|
|
TOTAL (A) |
993.797 |
1697.687 |
2097.969 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
811.727 |
1333.074 |
|
|
|
|
Manufacturing Expenses |
125.489 |
141.196 |
|
|
|
|
Employee Cost |
78.938 |
99.343 |
|
|
|
|
Selling and Administrative Expenses |
743.121 |
100.430 |
|
|
|
|
Provision for Impariment |
428.580 |
0.000 |
|
|
|
|
TOTAL (B) |
2187.855 |
1674.043 |
2067.651 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(1194.058) |
23.644 |
30.318 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
155.912 |
199.280 |
172.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(1349.970) |
(175.636) |
(142.573) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
137.652 |
143.484 |
147.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1487.622) |
(319.120) |
(290.374) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.546 |
(59.485) |
1.648 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1488.168) |
(259.635) |
(292.022) |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
INCOME |
0.000 |
40.287 |
NA |
|
|
|
|
|
|
|
|
|
|
TRANSFER FROM
DEBENTURE RESERVE |
0.000 |
20.000 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1488.168) |
(259.635) |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
215.949 |
193.876 |
269.231 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
72.411 |
53.487 |
51.999 |
|
|
|
Capital Goods |
8.849 |
3.203 |
7.450 |
|
|
TOTAL IMPORTS |
81.260 |
56.690 |
59.449 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(19.10) |
(11.29) |
(10.30) |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2010 |
|
Sales Turnover |
|
|
1280.900 |
|
Other Income |
|
|
34.900 |
|
Total Income |
|
|
1315.800 |
|
Total Expenses |
|
|
1251.700 |
|
Operating Profit |
|
|
29.200 |
|
Total Extraordinary Income/Expenses |
|
|
16.200 |
|
Gross Profit |
|
|
64.100 |
|
Interest |
|
|
25.900 |
|
PBDT |
|
|
54.500 |
|
Depreciation |
|
|
72.100 |
|
PBT |
|
|
(17.600) |
|
Tax |
|
|
0.000 |
|
Net Profit |
|
|
(17.600) |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2010 (1st
Quarter) |
|
Gross Sales |
|
|
339.900 |
|
Other Operating Income |
|
|
0.000 |
|
Other Income |
|
|
05.400 |
|
Total Income |
|
|
345.300 |
|
Total Expenditure |
|
|
336.400 |
|
PBIDT |
|
|
08.900 |
|
Interest |
|
|
08.300 |
|
PBDT |
|
|
00.600 |
|
Depreciation |
|
|
19.800 |
|
Tax |
|
|
0.000 |
|
Fringe Benefit Tax |
|
|
0.000 |
|
Deferred Tax |
|
|
0.000 |
|
Reported Profit After Tax |
|
|
(19.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
(149.75) |
(15.29) |
(13.92) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(150.35) |
(18.90) |
(13.93) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(133.20) |
(16.50) |
(13.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(14.35) |
(0.21) |
(0.24) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(9.74) |
(2.14) |
(2.57) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.51 |
0.77 |
0.86 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject the largest manufacturer of aluminium foil in
OPERATIONAL
PERFORMANCE
On overall basis the Company witnessed decrease in production of foil from 7098 M.T. in the previous year to 3892 M.T. in the current year. Accordingly Gross Turnover has also decreased from 1926.600 millions to 1090.400 millions in the current year. Overall loss of the Company has increased to Rs. 1488.200 millions from Rs.279.600 millions in the previous year. The accumulated losses of the Company as at March 31, 2009 are more than fifty percent of its networth and it has also incurred cash losses during the financial year ended on that date and in the immediately preceding financial year.
FUTURE OUTLOOK
Though the financial results of the Company for the year is not encouraging, the fundamentals of the business remain strong. Looking forward, the Directors foresee significant improvement in the business and bottom line of the Company in view of the business and the financial restructuring that has taken place during the year. The Madras Aluminum Company Limited (MALCO), the earlier parent Company joined hands with Ess Dee Aluminum Limited (EDAL) for revival of the Company through a Rehabilitation Scheme which was sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) vide Order dated 18th August, 2008. Through the Scheme, infusion of substantial funds has taken place in the Company thereby making the company secured debt free and which will enable the company to become more competitive and profitable in the years to come.
EDAL has become the majority stakeholder in the company with a holding of 89.44% and therefore the company is now a subsidiary company of EDAL.
The Company has filed a MDRS with BIFR for merger of the company with Ess Dee Aluiminium Limited and the same awaits BIFR Approval.
The Company has also reopened its Hoera Plant with effect from 27th April, 2009 and the operations at Hoera Unit will recommence in a phased manner.
CAPITAL RESTRUCTURING
Pursuant to the scheme of rehabilitation approved by the Hon’ble BIFR under Section 18 of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) the Authorised Share Capital of the Company as on 31st March, 2009 stood at Rs.336,40,00,000 divided into 80,00,00,000 Equity shares of Re.1/ each and 256,40,000 Preference shares of Rs.100/- each. During the year pursuant to the said scheme, the face value of the existing paid up Equity shares were reduced to Re.1/- each from Rs. 10/- each and as a result the existing paid up equity share capital was reduced from Rs.28,34,73,630/- to Rs.283,47,363/- and further the following additional new equity and preference shares were issued:
(i) Issue of Equity Shares 13,60,00,000 Equity Shares of Re.1/- each.
(ii) Issue of Preference Shares
(a) 0.01% Redeemable Optionally Convertible Non Cumulative Preference shares of 12,50,000 of Rs.100/- each.
(b) 0.01% Redeemable Non Convertible Non Cumulative Preference shares of 1,39,53,423 of Rs.100/- each.
(c) 0.01% Redeemable Non Convertible Non Cumulative Preference shares of 96,28,115 of Rs.100/- each.
With the issue of shares as above M/s Ess Dee Aluminium Limited has become majority stakeholder in the company and thereby the company has become a subsidiary of Ess Dee Aluminium Limited.
In pursuance to the above the present paid up equity share capital of the company as on 31st March, 2009 stood at 16,43,47,363 of Re.1/- each and 248,31,538 Preference shares of Rs.100/- each.
DIRECTORS
The following Directors of the company resigned from the Board on 19th of November, 2008
Mr. Sandeep Agrawal – CEO and Director
Mr. R Kannan – Director
Mr. Deb Bandhyopadhyay - Director
In their place, the following new Directors were inducted as Additional Directors of the company with effect from 19th of November,
2008;
Mr. Sudip Dutta – Chairman
Mr. Soumitra N. Barari – Whole Time Director
Mr. Gautam Mukherjee – Director
Mr. Madan Mohan Jain – Director
At the board meeting held on 15th January, 2009 Mr. Soumitra N. Barari was appointed as the Whole Time Director of the Company w.e.f 1st December, 2008 pursuant to section 269 and other applicable provisions of the Companies Act, 1956, subject to shareholder’s approval at the Annual General Meeting of the company.
The company has also received notices under section 257 of the Companies Act, 1956 from members of the company with requisite deposits signifying their intention to propose the appointment of Mr. Sudip Dutta, Mr. Soumitra N. Barari, Mr. Gautam Mukherjee and Mr Madan Mohan Jain as Directors of the Company.
ICICI Bank, the then Monitoring Agency, withdrew Mr. Ashok Alladi as their Nominee Director from the Board of Directors of their company from 12.01.2009. BIFR has appointed Mr.K. Raghuraman as a Special Director with effect from 31.03.2009. By order dated 2nd June, 2009 BIFR has appointed Kotak Mahindra Bank Limited as the Monitoring Agency in place of ICICI Bank Limited.
The above appointments/re-appointments form a part of the Notice of the Annual General Meeting and the resolutions are recommended for the approval.
Profiles of the newly appointed Directors as required under clause 49 of the Listing Agreement are given in the Notice calling the Annual General Meeting.
MANAGEMENT DISCUSSION
AND ANALYSIS
The core business of the Company is manufacturing and marketing of aluminium foils. The management discussion and analysis is given hereunder:
INDUSTRY STRUCTURE
and DEVELOPMENT
Aluminium Industries in
the production and improve on the quality measures to keep a stringent quality control.
The Indian aluminum Metal Industries sector in the previous decade experienced substantial success among the other industries. The Indian aluminum industry is developing fast and the advancement in its technologies is boosting the growth even faster. The utilization of both international and domestic resources was significant in the rapid development of the Indian aluminum industry. This rapid development has made the Indian aluminum industry prominent among the investors. The Indian aluminum industry has a bright future as it can become one of the largest players in the global aluminum market as in India the consumption is fairly low, the industry may use the surplus production to cater the international need for aluminum which is used all over the world for its several applications.
OPPORTUNITIES AND
STRENGTHS
The company has realigned itself on the requirements of the market especially in the value added sector. The company is now focusing on the direct pharmaceuticals market instead of taking the distributor route .This has not only enhanced average realization of the products but also contributed to cash flow. Positioning itself as a cost plus manufacturer subject has been able to steer clear of the vagaries of the erratic nature of the LME. In the international arena the ties with Bangladesh pharma majors has been reestablished and value added exports to the middle east and west Africa have also revived .the inherent strength of the company in the pharmaceutical segment has been utilised by using 100 % dc foilstock which has given it a substantial advantage over competition .
OUTLOOK
The Company has shown resilience time and again by fighting against all odds and marching ahead at every step. The accelerated growth of the Pharmaceutical sector would create additional demands and the Company is geared up to convert new opportunities into successful businesses going forward. External factors would continue to play an important role but through effective risk management processes, it would be possible to steer ahead in turbulent times, based on the Company’s high level of engagement and commitment both internally as well as externally. The Company has joined hands with Ess Dee Aluminium Limited for its revival and accordingly submitted a modified draft rehabilitation scheme to BIFR.
FIXED ASSETS
·
·
Freehold Buildings
·
Leasehold Buildings
·
Plant and Machinery
·
Office Equipment
·
Furniture and Fittings
·
Vehicles
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30 JUNE 2010
(Rs. In millions)
|
Particulars |
Quarter
Ended |
Financial |
|
|
|
30.06.2010 (unaudited) |
30.06.2009 (unaudited) |
31.03.2010 (audited) |
|
|
|
|
|
|
1. Net sales / income from operations |
339.906 |
285.873 |
1280.907 |
|
2 EXPENDITURE |
|
|
|
|
a) Increase / (decrease) in stock in trade |
(8.766) |
17.639 |
(14.745) |
|
b) Consumption of Raw Materials |
303.471 |
218.040 |
1058.494 |
|
c) Employee Cost |
22.890 |
20.268 |
83.820 |
|
d) Depreciation |
19.809 |
17.843 |
72.045 |
|
e) Other expenditure |
18.816 |
22.953 |
124.136 |
|
Total |
356.220 |
296.743 |
1323.750 |
|
3. Profit from operations before other income, interest and exceptional items |
(16.314) |
(10.870) |
(42.843) |
|
4. Other income |
5.364 |
4.454 |
34.906 |
|
5. Reversal of Impairment of Assets |
-- |
-- |
16.214 |
|
6. Profit before Interest and exceptional items |
(10.950) |
(6.416) |
(8.277) |
|
7. Interest |
8.234 |
4.459 |
25.855 |
|
8. Profit after Interest but before exceptional items |
(19.184) |
(10.875) |
(17.578) |
|
9. Exceptional Items |
-- |
-- |
-- |
|
10. Profit / (Loss) from ordinary activities before tax |
(19.184) |
(10.875) |
(17.578) |
|
11. Tax expense |
-- |
-- |
-- |
|
12. Net Profit/ (Loss) from ordinary activities after tax |
(19.184) |
(10.875) |
(17.578) |
|
13. Extraordinary items (net of tax expenses) |
|
|
|
|
14. Net Profit/ (Loss) for the period |
(19.184) |
(10.875) |
(17.578) |
|
15. Paid-up equity capital (face value Rs.1/- per share) |
164.347 |
164.347 |
164.347 |
|
16. Reserves (excluding revaluation reserves) |
|
|
(2858.532) |
|
17. Basic and Diluted Earning per share (EPS) IN Rs. (Non-annualized) |
|
|
|
|
a. Basic and Diluted EPS before Extraordinary items for the period, for the year to date and |
(0.12) |
(0.07) |
(0.11) |
|
b. Basic and Diluted EPS after Extraordinary items for the period, for the year to date and for |
(0.12) |
(0.07) |
(0.06) |
|
18. Public shareholding |
|
|
|
|
- Number of shares |
28073150 |
17347363 |
25424118 |
|
- Percentage of shareholding |
17.08% |
10.56% |
15.47% |
|
19. Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged / encumbered |
NIL |
NIL |
NIL |
|
- Number of shares |
NIL |
NIL |
NIL |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
- Percentage of shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
136274213 |
147000000 |
138923245 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage of shares (as a % of the total share capital of the company) |
52.92% |
89.44% |
84.53% |
NOTES
1. The quarterly results have been reviewed
by the Audit Committee and approved by the Board of Directors of the Company at
its meetings held on 13th August 2010 and are subjected to a limited
review by the statutory auditors
2. The Statutory Auditors' observations in
their audit report on the accounts of the Company for the year ended 31st
March, 2010 along with their comments thereon are as follows
In respect of the Hoera
unit, the operation of which is under suspension from 15th
September, 2003 to 27th April 2009, the Company (other than gratuity and leave
liability, which were actuarially ascertained and provided for based on the
information available till date of suspension) has neither ascertained nor
provided for liability towards salaries and wages, provident fund, employees'
state insurance scheme and other employee benefits during the aforesaid period
of suspension.
In view of the
above, the auditors were unable to comment on: the extent of compliance of the
recognition, measurement and disclosure requirements of Accounting Standard 15
on 'Employee Benefits'
In line with the legal opinion obtained for
its Hoera Unit, the Company is not liable and does not require to make any
provisions with respect to salaries and wages and other retiral benefits for
the suspension period. Accordingly the Company (other than gratuity and leave
liability, which were actuarially ascertained and provided for based on the
information available till date of suspension) has neither ascertained nor
provided for salaries and wages, liability towards provident fund, contribution
to employee state insurance scheme, etc. for the employees of the said unit
since the suspension of operation.
3. Pursuant to section 19(2) read with
section 19(1) of the Sick Industrial Companies (Special Provisions) Act, 1985
the Honorable Board for Industrial and Financial
Reconstruction (BIFR) has approved for circulation the Modified Draft
Rehabilitation Scheme (MDRS) which interalia has proposed merger of India Foils
Limited with Ess Dee Aluminium Limited w.e.f. 01.04.2008. The BIFR is in the
process of conducting hearings
4. The operations at Taratala unit of the
company are under suspension since April 2002.
5. The Company has only one reportable
segment in line with Accounting Standard 17-"Segment Reporting”.
6. Investor complaints for the quarter ended
30th June 2010 - Opening
– Nil; received-Nil; Resolved - Nil - ; Closing -Nil.
7. Figures for the previous periods have been
regrouped /rearranged wherever necessary.
AS PER WEBSITE
HISTORY
Subject is largest producers of Aluminium Foil in
In the 1960's, it got a new name, India Foils Limited, and started spreading
its reach far and wide into the very heart of the industry.
Making of the Giant
1936 – First Foil Rolled in
1945 – Resumed production after World War II
1949 – First Pharmaceutical Foil produced at IFL
1958 – First Pharma Strip Foil with sealant coating
established
1959 – Multi-coloured printed Biscuit wrap established
1975 – Blister Pack established
1978 – Telecommunication Cable Wrap established
PROFILE
Subject is one of the largest producers of Aluminium Foil in
With a current installed capacity of about 19000 TPA, subject has integrated
manufacturing facilities and exports to over 35 countries globally. Equipped
with state-of-the-art foil rolling mills and backed by the latest technology in
foil conversion, subject has a dominant share of the aluminium foil market in
Subject’s manufacturing capabilities are backed by world-class machinery
consisting of Achenbach Universal foil rolling mill, Rotomec 5 – Colour
Printing Unit (with 4+1 stations) and an OHIO Electronic Engraving Unit.
Subject has the latest testing equipment to ensure high quality standards.
Determined to make a mark in the manufacturing of aluminium foil the world
over, subject continues to march hand in hand with the latest trends in business,
never sacrificing quality. The company is certified ISO 9001: 2000 by QMI.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.67 |
|
|
1 |
Rs.69.45 |
|
Euro |
1 |
Rs.59.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
-- |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
TOTAL |
|
7 |
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.