1. Summary Information
|
|
|
Country |
|
|
Company Name |
UFLEX LIMITED |
Principal Name 1 |
Mr. Ashok
Chaturvedi |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Ravi
Kathpalia |
|
|
|
Registration # |
55-032166 |
|
Street Address |
305, 3rd Floor, Bhanot Corner,
Pamposh Enclave, Greater Kailash – I, |
||
|
Established Date |
21.06.1988 |
SIC Code |
-- |
|
Telephone# |
91-11-26440917 /
26440925 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-26216922 |
Business Style 2 |
-- |
|
Homepage |
www.uflexltd.com |
Product Name 1 |
Flexible Packing
Materials |
|
# of employees |
3000
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
649,728,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding
of Promoter and Promoter Group - 47.12% Public
Shareholding - 52.88% |
Banking |
Canara Bank , |
|
Public Limited Corp. |
YES |
Business Period |
23 years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(46) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
|
UTech
Developers Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,287,755,000 |
Current Liabilities |
3,740,344,000 |
|
Inventories |
953,927,000 |
Long-term Liabilities |
11,093,989,000 |
|
Fixed Assets |
9,980,896,000 |
Other Liabilities |
1,026,938,000 |
|
Deferred Assets |
0 |
Total Liabilities |
15,861,271,000 |
|
Invest& other Assets |
4,559,298,000 |
Retained Earnings |
7,270,877,000 |
|
|
|
Net Worth |
7,920,605,000 |
|
Total Assets |
23,781,876,000 |
Total Liab. & Equity |
23,781,876,000 |
|
Total Assets (Previous Year) |
22,743,870,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
15,627,419,000 |
Net Profit |
903,954,000 |
|
Sales(Previous yr) |
15,202,250,000 |
Net Profit(Prev.yr) |
1,045,820,000 |
MIRA
INFORM REPORT
|
Report Date : |
11.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
UFLEX LIMITED (w.e.f. 12.04.2007) |
|
|
|
|
Formerly Known as : |
FLEX INDUSTRIES
LIMITED |
|
|
|
|
Registered Office : |
305, 3rd
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
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Date of Incorporation : |
21.06.1988 |
|
|
|
|
Com. Reg. No.: |
55-032166 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 649.728
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L74899DL1988PLC032166 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELF00184C /
MRTF00050B |
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|
|
PAN No.: [Permanent
Account No.] |
AAACF0109J |
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|
Legal Form : |
Public Limited Company.
The Company's shares are listed on the Stock Exchange. |
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Line of Business : |
Manufacturing of
flexible packing materials of printed laminated of plastics and paper based
materials. |
|
|
|
|
No. of Employees : |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 31682000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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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. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Pramod |
|
Designation : |
Executive Officer |
|
Mobile No: |
91-120-4002137 |
LOCATIONS
|
Registered Office : |
305, 3rd
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
|
Tel. No.: |
91-11-26440917 / 26440925 |
|
Fax No.: |
91-11-26216922 |
|
Email : |
|
|
Website : |
www.uflexltd.com
|
|
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|
|
Head Office and Works : |
A-2, Sector – 60
Noida, District Gautam Budh Nagar – 201 307, |
|
Tel. No.: |
91-120-3982121 /
4002121 |
|
Fax No.: |
91-120-2580089 / 2584527 |
|
E-mail : |
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Corporate Office 1 : |
110, 1ST
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
|
|
|
|
Corporate Office 2 : |
A-107-108, Uflex
Sector-IV, Noida – 201 301, |
|
E-mail : |
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|
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|
|
Film Division : |
A-1, Sector 60, District Gautam
Budh Nagar, Noida - 201 301, |
|
Tel. No.: |
91-120-4002137/ 4002138/ 4002121 |
|
Fax No.: |
91-120-2585992/ 25802511/ 2580003/ 2580152/ 2580089/ 2582532 |
|
Email : |
|
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Factory : |
Lane 3, Sidco Industrial Complex, |
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|
Plant 1 : |
D-1-2, 15-16, Sector 59, Noida, |
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|
|
|
Plant 2: |
29-B, Malanpur
Industrial Area, District Bhind, |
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|
|
Plant 3: |
A-2A, Sector –
60, Noida, |
|
|
|
|
Plant 4: |
C-3, Sector – 57,
Phase – III, Noida, |
|
|
|
|
Plant 5: |
C-5-8, Sector –
57, Phase III, Noida, |
|
|
|
|
Plant 6: |
L-1, Industrial Area, Ghirongi (Malanpur), District Bhind, Madhya Pradesh |
|
|
|
|
Branch Office
: |
Mumbai 118-119, Damji
Shamji Udyog Bhawan, 25-A, Tel. : 91-22-26734800 / 26734806 Fax : 91-22-26734805 e-mail : flexmum@bom8.vsnl.net.in Kolkata A-16, FMC
Fortuna, 234/3A (2nd Floor), Tel. : 91-33-2247-8920 / 2247-8646 : 91-33-2280-9758 (Direct) Fax : 91-33-2247-7870 e-mail : felccu@vsnl.net 443, 2nd
Floor, 7th Block, Koramangala, Tel. No. : 91-080-25710073 / 25710074 : 91-80-251104687 (Direct) Fax : 91-80-25710148 e-mail : flexchn@hotmail.com |
DIRECTORS
AS ON 04.09.2010
|
Name |
Mr. Ashok
Chaturvedi |
|
Designation |
Chairman and
Managing Director |
|
Date of
Birth/Age |
50 Years |
|
Qualification |
B.Sc. |
|
Experience
|
27 years |
|
Date of
Appointment |
01.08.1988 |
|
Last Employment |
Flex Laminaters
Limited (Chairman and Managing Director) |
|
|
|
|
Name |
Mr. Ravi
Kathpalia |
|
Designation |
Director |
|
Date of Birth |
18.08.1937 |
|
Qualification |
M.A., M. Phill,
I.A.A.S |
|
Experience |
A Retd. Government
Officer with expertise in the fields of audit and accounts. |
|
Date of
Appointment |
22.03.2002 |
|
Directorship
in other public limited companies |
· Fair Field Atlas limited · Lord Chloro Alkali Limited · U Tech Developers limited · Dhir and Dhir ARC Limited |
|
Member /
Chairman of committee of the board of the public limited companies on which
he is director |
· Audit Committee · U Tech Developers limited · Remuneration Committee |
|
|
|
|
Name |
Mr. R. P. Agrawal |
|
Designation |
Director |
|
|
|
|
Name |
Mr. M.G. Gupta |
|
Designation |
Director |
|
|
|
|
Name |
Mr. A. Karati |
|
Designation |
Nominee – ICICI
Bank |
|
|
|
|
Name |
Mr. Javed Yunus |
|
Designation |
Nominee |
|
|
|
|
Name |
Mr. P. Abraham |
|
Designation |
Nominee – UTI |
|
|
|
|
Name |
Mr. S. K. Kaushik
|
|
Designation |
Whole Time
Director |
|
|
|
|
Name : |
Mr. Paresh Nath
Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. K. Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R.P. Agrawal |
|
Designation : |
Director |
|
Date of
Birth/Age : |
12.07.1932. |
|
Qualification
: |
FCA, LL.B. |
|
Date of
Appointment : |
19.08.1997 |
|
Directorship in
other Public Limited Companies : |
- Flex Engineering Limited |
|
Member/Chairman of Committee of the Board of the Public Limited Companies on which he is Director : |
Audit Committee - Flex Industries Limited - Flex Engineering Limited Shareholders'/Investors' Grievance Committee - Flex Industries Limited (Chairman) - Flex Engineering Limited (Chairman) |
|
|
|
|
Name : |
Mr.
M.G. Gupta |
|
Designation : |
Director |
|
Date of
Birth/Age : |
02.03.1934 |
|
Qualification
: |
I.A.A.S |
|
Date of
Appointment : |
31.01.2002 |
|
Directorship in
other Public Limited Companies : |
- FCL Technologies and Products Limited - B.T.W. Industries Limited - Flex Foods Limited - Credit Capital Assets Management
Company Limited |
|
Member/Chairman
of Committee of the
Board of the Public Limited Companies on
which he is Director : |
Audit Committee - Flex Industries Limited - FCL Technologies and Products Limited - Flex Foods Limited - Credit Capital Assets Management
Company Limited (Chairman) Shareholders'/Investors' Grievance Committee - Flex Industries Limited - FCL Technologies and Products
Limited (Chairman) |
|
|
|
|
Name |
Shri P.N. Sharma |
|
Designation |
Director |
|
Date of Birth |
15.08.1949 |
|
Qualification |
Chartered Accountant |
|
Experience |
A Chartered Accountant having wide and varied
experience in the field of finance and other related arease. |
|
Date of
Appointment |
11.08.2003 |
|
Directorship
in other public limited companies |
|
|
Member / Chairman
of committee of the board of the public limited companies on
which he is director |
|
KEY EXECUTIVE
|
Name |
Mr. Ashok Virmani |
|
Designation |
Company Secretary |
|
|
|
|
Name |
Mr. Ajay Krishna |
|
Designation |
Vice President
(Legal) and Company Secretary |
|
|
|
|
Name |
Mr. Pradeep
Tyle |
|
Designation |
CEO – Films |
|
Mobile No.: |
91 9810357061 |
|
|
|
|
Name |
Mr. P.L.
Sirsamkar |
|
Designation |
President - Films |
|
Mobile No.: |
91 9810357059 |
|
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|
|
INTERNATIONAL MARKETING |
|
|
Name |
Mr. Piyush
Gupta |
|
Designation |
(AVP. International Sales and Mktg. - Films) |
|
|
91 9810357108 |
|
|
|
DOMESTIC MARKETING
|
|
|
Name |
Mr. Jagmohan
Mongia |
|
Designation |
(EVP. Marketing - Films) |
|
|
91 9810357046 |
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|
|
|
POLYESTER FILM MARKETING : |
|
|
Name |
Mr. Rakesh
Mishra |
|
Designation |
(GM -Marketing and Sales) |
|
Mobile No.: |
91 9810357072 |
|
|
|
|
Name |
Mr. Ajay
Shukla |
|
Designation |
Key Executive |
|
Mobile No.: |
91 9871130002 |
|
|
|
|
Name |
Mr. Pankaj
Tiwari |
|
Designation |
Key Executive |
|
Mobile No.: |
91 9313819673 |
|
|
|
|
Name |
Mr. Sameer
Sinha |
|
Designation |
Key Executive |
|
Mobile No.: |
91 9873964148 |
|
|
|
|
Name |
Mr. Vivek
Shukla |
|
Designation |
Key Executive |
|
Mobile No.: |
91 9899489397 |
|
|
|
|
BOPP Film Marketing : |
|
|
Name |
Mr. Indrajit
Ghosh |
|
Designation |
Metallized - All |
|
Mobile No.: |
91 9810899024 |
|
|
|
|
Name |
Mr. Amit
Sharma |
|
Designation |
Conversion grade - All India |
|
Mobile No.: |
91 9811103533 |
|
|
|
|
Name |
Mr. Vinesh
Verma |
|
Designation |
Print Lam - All |
|
Mobile No.: |
91 9818009584 |
|
|
|
|
CPP Film Marketing : |
|
|
Name |
Mr. Vibhu
Ranjan |
|
Designation |
Key Executive |
|
Mobile No.: |
91 9899291414 |
|
|
|
|
Name |
Mr. Aditya
Verma |
|
Designation |
Key Executive |
|
Mobile No.: |
91 9891514364 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
756,372 |
1.13 |
|
|
30,680,387 |
45.99 |
|
|
31,436,759 |
47.12 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
31,436,759 |
47.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
28,630 |
0.04 |
|
|
18,578 |
0.03 |
|
|
6,534,551 |
9.79 |
|
|
- |
- |
|
|
6,581,759 |
9.87 |
|
|
|
|
|
|
10,520,032 |
15.77 |
|
|
|
|
|
|
11,094,905 |
16.63 |
|
|
5,982,421 |
8.97 |
|
|
1,099,059 |
1.65 |
|
|
469,515 |
0.70 |
|
|
767 |
- |
|
|
628,777 |
0.94 |
|
|
28,696,417 |
43.01 |
|
Total Public shareholding (B) |
35,278,176 |
52.88 |
|
Total (A)+(B) |
66,714,935 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
5,465,840 |
- |
|
|
5,465,840 |
- |
|
Total (A)+(B)+(C) |
72,180,775 |
- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionsBUSINESS DETAILS
|
Line of Business : |
Manufacturing of
flexible packing materials of printed laminated of plastics and paper based
materials. |
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Products : |
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Exports : |
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Products : |
Flexible Packing
Materials |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity* |
|
Printed,
Laminated, Metalised, Co-Extruded, Coated, Embossed/ Hologrammed and Pain
Plastic Films |
MT |
136560** |
|
Rotogravure
Cylinder and Shims |
Nos. |
66000*** |
|
Hologrammed Sticker Sheets |
Sheets in Lacs |
700 |
|
Packaging and Converting Machines and
Structure and Fabricated items |
Nos. |
1570# |
|
PET Chips |
MT |
72000 |
|
Printing Ink |
MT |
10500 |
|
Adhesive |
MT |
6600 |
* Figures have been certified by the Management, but not verified by the Auditors, being a technical matter.
** Includes capacity of 5000 MT (Previous year same) licensed to third party
***Includes capacity of 12000 Nos. (Previous year same) licensed to third party
# Represent only for Packaging and Converting Machines
GENERAL INFORMATION
|
Customers : |
Individuals |
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No. of Employees : |
3000 (Approximately) |
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Customers : |
v
Coca Cola India Limited v
Ranbaxy v
Britannia v
Indian Oil Corporation v
Unilever Group v
Tata Tea v
Kraft Foods v
Tapal Tea v
Parle Biscuit v
Haldiram Group v
Wockhardt |
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Bankers : |
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Facilities : |
NOTES: 1. Zero Rate Debentures are secured a) on pari-passu basis by way of
hypothecation of specific movable assets of the company (save and except book
debts), both present and future subject to prior charges created and/or to be
created in favour of company’s bankers for working capital facilities, b) by
first pari-passu registered mortgage of specific immovable properties of the
company situated at Mehsana (Gujarat), both present and future, in favour of
trustees of debenture holders, c) by first pari-passu equitable mortgage of
specific immovable properties of the company, both present and future
situated at Malanpur (M.P.) and NOIDA (U.P.). and d) by guarantee of the
Chairman and Managing Director of the company. Zero Rate Debentures are repayable in eight equal quarterly
instalments commencing April 2011. However, same has since been fully paid
after year end but before signing of the balance sheet 2. Term Loans from a Financial Institution and Banks (Other than
Allahabad Bank and Bank of India) are secured a) on pari passu basis by way
of hypothecation of specific movable properties of the company (save and
except book debts), both present and future, subject to prior charges created
and/or to be created in favour of company’s bankers for working capital
facilities), b) by first pari-passu equitable mortgage of specific immovable
properties of the company situated at Malanpur (M.P.), Jammu (J and K) and
NOIDA (U.P.) except in case of UCO Bank which is yet to be created, and c) by
guarantee of Chairman and Managing Director of the company. Term loan from Allahabad Bank is secured by way of first charge on the
specific asset. This is further guaranteed by Chairman and Managing Director
of the company. Term Loans from Bank of India is secured a) on pari-passu basis by way
of second hypothecation of specific movable properties of the company (save
and except book debts), both present and future, subject to prior charges
created and/or to be created in favour of company’s bankers for working
capital facilities), b) by second pari-passu equitable mortgage of specific
immovable properties of the company situated at Malanpur (M.P.), Jammu (J and
K) and NOIDA (UP.) and c) by guarantee of Chairman and Managing Director of
the company. 3. Zero Rate Loan from a financial institution, is secured a) on
pari-passu basis by way of hypothecation of specific movable properties of
the company (save and except book debts), both present and future, subject to
prior charges created and/or to be created in favour of company’s bankers for
working capital facilities, b) by first pari -passu equitable mortgage of
specific immovable properties of the company situated at Malanpur (M.P.) and
NOIDA (UP.), and c) by guarantee of Chairman and Managing Director of the
company. 4. Working capital facilities from banks are secured a) on pari-passu
basis, by way of hypothecation of stocks of raw material, semi-finished
goods, finished goods and book debts of the company, both present and future,
b) by way of second pari passu charge on specific fixed assets of the
company, situated at Malanpur (M.P.), Jammu (J and K) and NOIDA (U.P. (, and
c) by guarantee of Chairman and Managing Director of the company.
Notes a) The company had issued 4%, 850 FCCBs of the face value of US $
100,000 each, aggregating to US $ 85 millions redeemable on March 9, 2012 at
121 .89% of the outstanding principal amount. b) These bonds are convertible into equity shares of the company, at
the option of the bondholders, at any time at an exchange rate of As. 44.44/s
and share price of As. 144.70 but with conversion price reset on each
anniversary of the FCCB issue on 8th of March. The conversion price is
adjustable downwards only but not below As, 144.70 as determined under rules
of SEBI. Up to the year end, Bonds aggregating to US $ 16.40 million were
converted into 41,64,656 equity shares and upto the year end Bonds
aggregating to US$ 47.00 million (US 5 2 Million during the year) were bought
back by the Company. @ Includes As. Nil (Previous Year As.38.157 millions) secured by way
of pledge of Fixed Deposit Receipts and Balance in Recurring Deposit Account. * Includes As. Nil (Previous Year As.15.087 millions) secured by way
of pledge of Fixed Deposit Receipts. |
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Banking
Relations : |
Satisfactory |
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|
Auditors : |
|
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|
Name : |
Statutory
auditors
·
Vijay Sehgal and Company Chartered Accountants, Internal
auditors
·
Jain Singhal and Associates Chartered Accountants |
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Subsidiaries : |
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|
|
|
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|
Joint Ventures : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Associates : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19000000 |
Preference Shares |
Rs.100/- each |
Rs. 1900.000 millions |
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs. 1500.000 millions |
|
|
Total
|
|
Rs. 3400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65006646 |
Equity Shares |
Rs.10/- each |
Rs. 650.067 millions |
|
Less : |
Amount Unpaid |
|
Rs. 0.339 million |
|
|
Total |
|
Rs. 649.728 millions |
Notes:
6,50,06.646 (Previous Year same) Equity Shares
include 54,65,840 (Previous Year same ) Equity Shares lying with Depository,
representing 27,32,920 (Previous Year same ) Global Depository Receipts (GDRs),
issued through an international offering in US Dollars, outstanding as at
Balance Sheet date.
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 |
649.728 |
649.720 |
649.700 |
|
2) Share Warrants |
0.000 |
179.068 |
0.000 |
|
3] Reserves &
Surplus |
7270.877 |
6566.318 |
5724.700 |
|
4] Profit and
Loss Account |
0.000 |
0.000 |
0.000 |
NETWORTH
|
7920.605 |
7395.106 |
6374.400 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
8048.726 |
6801.633 |
7307.700 |
|
2] Unsecured
Loans |
3045.263 |
4626.022 |
6291.400 |
TOTAL BORROWING
|
11093.989 |
11427.655 |
13599.100 |
|
DEFERRED TAX
LIABILITIES |
1026.938 |
903.438 |
0.000 |
|
|
|
|
|
TOTAL
|
20041.532 |
19726.199 |
19973.500 |
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
9980.896 |
9966.173 |
9635.700 |
|
Capital work-in-progress |
39.197 |
215.258 |
1014.300 |
|
|
|
|
|
|
INVESTMENTS |
4520.101 |
4461.706 |
5065.800 |
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
Inventories |
953.927 |
995.322 |
1003.600 |
|
Sundry Debtors |
3625.206 |
2824.041 |
2866.000 |
|
Cash & Bank
Balances |
1635.778 |
731.547 |
2621.500 |
|
Other Current
Assets |
84.412 |
19.244 |
0.000 |
|
Loans &
Advances |
2942.359 |
3530.579 |
2811.200 |
|
Total Current Assets |
9241.682 |
8100.733 |
9302.300 |
Less: CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
Sundry Creditors |
1544.016 |
|
4591.400 |
|
Other Liabilities |
1567.428 |
1114.466 |
|
Provisions
|
628.900 |
500.201 |
453.200 |
Total Current Liabilities
|
3740.344 |
3017.671 |
5044.600 |
|
Net
Current Assets |
5501.338 |
5083.062 |
4257.700 |
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
TOTAL
|
20041.532 |
19726.199 |
19973.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15627.419 |
15202.250 |
14161.100 |
|
|
|
Other Income |
1138.534 |
1516.073 |
1182.600 |
|
|
|
TOTAL (A) |
16765.953 |
16718.323 |
15343.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
9113.311 |
8833.633 |
7946.000 |
|
|
|
Other Manufacturing Expenses |
1952.268 |
2088.321 |
765.900 |
|
|
|
Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
714.900 |
|
|
|
Increase/(Decrease) in Finished Goods |
87.546 |
49.378 |
(105.800) |
|
|
|
Payments and Benefits to Employees |
1007.883 |
900.389 |
0.000 |
|
|
|
Administrative Expenses |
1561.998 |
2045.899 |
1124.600 |
|
|
|
Power and Fuel |
0.000 |
0.000 |
1005.900 |
|
|
|
Excise Duty |
0.000 |
0.000 |
1484.300 |
|
|
|
Other Expenditure |
0.000 |
0.000 |
314.800 |
|
|
|
TOTAL |
13723.006 |
13917.620 |
13250.600 |
|
|
|
|
|
|
|
|
Less |
Expenses
Allocated to Self Constructed Assets |
142.813 |
67.944 |
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL
(B) |
13580.193 |
13849.676 |
13250.600 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3185.760 |
2868.647 |
2093.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1099.088 |
934.205 |
775.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2086.672 |
1934.442 |
1317.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
926.575 |
864.552 |
610.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1160.097 |
1069.890 |
707.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
256.143 |
24.070 |
102.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
903.954 |
1045.820 |
605.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
104.600 |
NA |
|
|
|
Dividend |
324.670 |
260.026 |
NA |
|
|
|
Tax on Dividend |
53.924 |
44.192 |
NA |
|
|
|
Debenture
Redemption Reserve |
16.394 |
198.490 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
408.966 |
438.512 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2908.161 |
3049.198 |
NA |
|
|
|
Design and Art Work Recovery |
13.617 |
9.108 |
NA |
|
|
|
Technical and Support Services |
210.435 |
201.966 |
NA |
|
|
|
Dividend |
134.223 |
288.818 |
NA |
|
|
|
Discount Received |
1.717 |
-- |
NA |
|
|
|
Misc. Income |
0.057 |
-- |
NA |
|
|
TOTAL EARNINGS |
2458.210 |
3549.090 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1413.027 |
1721.138 |
NA |
|
|
|
Stores & Spares |
64.985 |
166.842 |
NA |
|
|
|
Capital Goods |
315.584 |
455.115 |
NA |
|
|
|
Material –in-Transit – Raw Material |
16.222 |
44.211 |
NA |
|
|
|
Material –in-Transit – Capital Goods/Spare Parts |
4.897 |
-- |
NA |
|
|
TOTAL IMPORTS |
1814.715 |
2387.306 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.19 |
16.09 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
31.03.2011 (4th
Quarter) |
|
Net Sales |
4864.600 |
5681.000 |
6868.300 |
6045.800 |
|
Total Expenditure |
4000.800 |
4050.200 |
4700.100 |
4653.900 |
|
PBIDT (Excl OI) |
863.800 |
1630.800 |
2168.200 |
1391.900 |
|
Other Income |
22.700 |
35.300 |
23.200 |
55.800 |
|
Operating Profit |
886.500 |
1666.100 |
2191.400 |
1447.700 |
|
Interest |
307.600 |
298.000 |
384.600 |
321.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
578.900 |
1368.100 |
1806.800 |
1126.100 |
|
Depreciation |
240.000 |
244.700 |
240.600 |
249.600 |
|
Profit Before Tax |
338.900 |
1123.400 |
1566.200 |
876.500 |
|
Tax |
97.600 |
330.500 |
503.800 |
242.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
241.300 |
792.900 |
1062.400 |
633.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
241.300 |
792.900 |
721.800 |
633.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.39
|
5.65
|
3.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.42
|
8.40
|
4.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.03
|
8.24
|
3.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.19
|
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.87
|
2.00
|
2.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.47
|
2.33
|
1.84 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated
on 21st June 1988 at
Subject obtained
the Certification of Commencement of Business on 8th August. By a scheme of amalgamation, the assets and
liabilities of the Flex Laminates Limited and Flex Papers Limited were taken by
the company effective from 1st August.
2215640 equity
shares allotted to erstwhile Flex Laminates Limited (in proportion 82 shares
: 100 shares in Flex Laminates) and 625016 shares allotted to erstwhile Flex
Papers Limited (in proportion 56 shares : 100 shares in Flex Papers Limited)
both consequent to the scheme of amalgamation without payment in cash.
The other companies
in the group are Flex Chemicals, Flex Engineering and Flex Foods. The company manufactures flexible packaging
material at its plants in Noida, Uttar Pradesh and near
The company was
awarded The Best Paper award in the international exposition on recycling of
plastics, held in May 1995 in Davos, for its technology to process mix plastic
waste arising in the course of manufacturing packaging material. The famous
brands like Pan Parag, Baba and Prince use the company’s packaging. The company’s clients also include big
companies like Hindustan Lever, Brooke Bond, Tata Tea, Nestle, etc.
The company is ISO
9002 certified and also a recognised Trading House. In 1995-96, it completed its
expansion-cum-backward integration plan involving the setting up of PET film
line, BOPP film line and laminates facilities.
In 1999-2000, the
company successfully developed 1 Kg. Spout pouch of Taj Mahal Tea and a
specially designed Gillet Gel Big Nose Pouch.
In addition to this the company has successfully developed a high
performance laminate used for packaging of highly hygroscopic products,
extra-clear film having excellent optical properties for holographic
application.
The company’s film
division was awarded ISO –14001 certification.
The company’s paid up equity capital was increased by Rs. 100000000 due
to Preferential issues to FI’s/MF’s and further warrants have been issued in
favour of the promoters.
It is also engaged
in the manufacture of Rotogravure Cylinders for various types of rotogravure
printing, Anilox/Coating Rollers for flexo printing and Shims for holographic
embossing.
The main products
of the company comprise of Polyester Films, BOPP Films, Poly Films and various
combinations of packaging laminates.
Line I, II and III
of Film Division are ISO 9002 and ISO 14001 certified.
Pioneering the use of:
- BOPP in barrier Metallising
- Holograms in packaging
- Technology Development for chemically
coated films
- Producing various packaging machines of
renowned technical capability
The company is exploring
new technologies for the proper processing of post consumer waste.
Year in Retrospect
During the year, the Company achieved a net turnover of Rs.16765.953 millions including other income and operating income of Rs.1138.534 millions as against net turnover of Rs.16718.323 millions including other income and operating income of Rs.1516.073 millions of the previous financial year ended 31st March, 2009. The profit after tax but before extra-ordinary item for the year ended 31st March, 2010 at Rs.844.105 millions was higher than the previous financial year ended 31st March, 2009 at Rs.714.149 millions.
Subsidiary Companies
Pursuant to Section 212 of the Companies Act, 1956, the required
information in respect of Subsidiary Companies, i.e. Flex America Inc., USA,
Flex Middle East FZE, UAE, Uflex Europe Limited, UK, UTech Developers Limited,
India, Uflex Packaging Inc.,
Management Discussion And
Analysis
Forward-Looking Statements
Forward-looking statements are based on certain assumptions and expectations of
future events. The Company cannot guarantee that these assumptions and
expectations are accurate or will be realized. The Company’s actual results,
performance or achievements could thus differ materially from those projected
in any such forward looking statements. The Company assumes no responsibility
to publicly amend, modify or revise any forward looking statements, on the
basis of any subsequent developments, information or events.
Overview - Industry
Structure and Developments
Flexible Packaging
The fiscal year 2009-10 was a challenging year for the Indian economy.
Flexible packaging industry is the fastest growing segment
of the packaging industry worldwide and growing about 5.5% to 6% annually. Asia
is growing faster than North America and
of flexible packaging of lesser storage space, easy handling, cost effectiveness with better aesthetic factors becomes increasingly appreciated, traditional rigid packaging will take a backseat. Flexible packaging scores better over traditional packaging for such reasons.
Flexible packaging also offers the advantage of packing smaller quantities compared to traditional packaging and hence, middle class consumers, who comprise of a major section of the Indian society, have the choice of purchasing just the required products.
The flexible packaging market has excellent growth potential in the food and processed food, personal care, FMCG and retail sector. The demand for smaller packaging and increasing consumerism due to higher purchasing power has been a boon for the flexible packaging market. However, there is a certain lack of quality consciousness among some end users and they tend to gravitate towards low-grade products, thereby restricting the growth of flexible packaging materials.
With the introduction of innovative and new products, Indian Flexible Packaging Industry will lead to faster growth at a rate of around 25% annually. With the advent of newer plastic films, other novel materials and new technologies, the industry will be looking at better quality of the products and thereby, increased sales volumes. In fact, the market is expected to treble its output in the next few years owing to the greater demand from the food and processed food and retail segments.
Packaging Raw
Materials – Poly Condensation
(PET Chips)
PET chips are mainly classified as polyester chips of film
grade, yarn grade and bottle grade. These chips are used as raw material for manufacturing
of polyester films, polyester yarn and PET bottles. The yarn grade chips market
in
Packaging Raw Materials - Inks
and Adhesives
Printing ink is colouring material in the form of a fluid or paste which
is used for printing on a substrate and then dried. Depending on the process
and end use, inks are classified into letterpress, lithographic, flexographic,
rotogravure and others. Although most of the raw materials used in ink
manufacture are available in
very few small scale industries are capable of incorporating technological advancements in the manufacturing process. The requirements of printing inks of the future should have features like high gloss, instant setting, high speed, quick drying, etc. Development work towards modification of resins, structural vehicles, water based inks, enviro-friendly inks etc. needs to be undertaken vigorously. Quality control is an area which needs special attention. The R and D of printing ink encompasses several fields which includes chemistry, production technology and product range. The majority of the large units have in-house R and D facilities. There is scope for improving the future of the printing ink industry through proper efforts in research and development.
The growth rate for Lamination Adhesive in terms of volume is approximately 15% per annum.
Packaging Machinery
The Indian capital industry has to play key role in achieving the
industrial growth. Indian Capital Goods sector is characterized by a wide range
of products (almost all major capital goods are domestically manufactured) – a
legacy of import substitution policy.
Most Indian manufacturers define quality of capital goods largely by performance parameters and dimensional accuracy and not in terms of aesthetics of finished goods. Most Indian capital goods are functionally at par with equipment made elsewhere in the world, but they rank poorly as far as finish is concerned. This has adversely impacted the competitiveness of the Indian capital goods in a discriminating and sophisticated export market
Business Review
Plastic Film Business
The main products of this business are Polyester Films, OPP Films,
Metalized and Speciality films and Polyester
Chips of different grades etc. The Company’s OPP films comprising of BOPP and CPP films are highly cost effective and functionally efficient product that has rapidly penetrated into high barrier sensitive packaging segment across the World. It is primarily being used for applications in packaging food products such as tea, coffee, tobacco, confectionery, biscuits, bakery, pasta, dried foods, meats and others. The technologically superior and highly dependable BOPP film produced by the Company in its state-of-the art ISO 9001-2000 certified plants can be structured in up to three layers and tailored for almost any machine requirements and is capable of meeting both rotogravure and flexographic printing standards.
The CPP film is highly dynamic and versatile with high gloss, greater transparency, better heat salability, good twisting property and better tear strength. These factors provide its application in food wraps, anti wraps, anti fog, garment bags, deep freeze applications etc.
The Company’s BOPET film is one of the initial products of the Company. It has not only succeeded in retaining its market share but also continues to expand its markets in today’s dynamic and rapidly changing packaging scenario. Biaxially oriented PET film (BOPET) is used successfully in a wide range of applications, due to its excellent combination of optical, physical, mechanical, thermal, and chemical properties, as well as its unique versatility. BOPET Films, produced in state of- the-art ISO 9001-2000 certified plants in different range of microns, the films have the capacity to sustain the high fidelity graphics and meet the requirements of both rotogravure as well as flexographic printing standards besides having properties of BOPET film like optically brilliant, clear appearance, unequalled mechanical strength and toughness, excellent dielectric properties good flatness and coefficient of friction (COF), tear-resistant and puncture-resistant characteristics wide range of thickness as thin as 1 micron up to 350 micron, excellent dimensional stability over a wide range of temperatures, good resistance to most common solvents, moisture, oil, and grease, excellent barrier against a wide range of gases.
The Company has the facility to produce polyester chips of
film grade, yarn grade and bottle grade. The film grade chips are used as raw material
for the manufacturing of polyester films whereas yarn grade chips are used for
the manufacturing of polyester yarn and bottle grade chips for production of
PET bottles. The Company has made use of its state-of-the-art batch processing
manufacturing facilities, by conveniently switching over to produce different
grades of chips based on the demand and orders in hand. The Company
manufactures a wide range of polyester chips suitable for various applications.
Through continuous R and D efforts, the Company developed different speciality
polyester chips, which has been well accepted in the Indian market as well as
International Market. Presently the Chip unit also caters to 100% requirement
of the Speciality Chips at Flex Middle East,
The plastic film business of the Company is a major contributor to the revenue. The Company has been selling its plastic film largely in the domestic market or using for captive purpose. While this business is subject to greater competition, but the Company has yet been able to maintain sustainable profits from this business.
Flexible Packaging Business
The main products of this business are laminates made with various
combinations of Polyester, BOPP, poly, metalized and hologram films and others
and supplied in roll form and in various preformed pouches, manufacture of
rotogravure cylinders for various types of rotogravure printing, Anilox
/Coating, Rollers for flexo printing and Shims for holographic embossing and
holograms and printing ink and adhesives and packaging and processing machines.
This business involves customization according to the needs of customer. The
company provides complete solutions to the packaging needs of customers
and has, among others, mainly all leading FMCG manufacturers as its clients.
The Company is the market leader in this sector and a dominant player in
The Company has successfully developed several new packaging solutions for various applications suitable for Food Industry, the Bakery and Confectionery Industry, Beverage Industry and the Personal Care Products Industry. The Company’s strategy for product innovation together with cost leadership and enhancing quality with better service has led to significant growth in sales and making it a major supplier of packaging materials for various multinational corporations in the FMCG sector.
The value added flexible packaging business of the Company has been progressively gaining larger share
in the total revenue of the Company and growing at a faster
pace both in the domestic and international market. Having attained its
dominant position in the domestic market, the Company is emerging as a growing
player in the international market by giving a tough competition to giant peers
group. The Company is expecting to make its strong presence in the
international market in coming years having acquired customers like P and G,
Nestle, Unilever etc. on a global scale. This segment contributes large share
both in the top line and bottom line which is expected to be progressively
increased in the coming years. Printing Cylinder - The main activities of the
Cylinder business is to produce Rotogravure Cylinders for various types of
rotogravure printing, Anilox/Coating Rollers for flexo printing and Shims for
holographic embossing. The printing Cylinder business of the Company is one of
the largest in
The Company has world class and state-of-art complete
expertise and facilities integrated with best software to produce good quality
cylinders. The quality of the cylinders is well accepted in
Hologram produced by the Company has been well accepted both by the Government and Private Organization across the Country. The Company through aggressive marketing has been able to get substantial orders from different states. Hologram being low cost with better margin, add to the bottom line significantly.
The Company has produced indigenously the new generation cost effective polyester base solvent less
adhesive system for flexi pack, new ink system for PVC profile and special coating for producing matt effect in laminates.
Other Business
The Company has the manufacturing facilities of packaging and processing machines. The ongoing process of innovation and introduction of machines through its in-house R and D facilities, having unique features and facilities for packaging products of different varieties, enables the Company to manufacture both tailor made machines as well as machines of specific design to suit the needs and requirements of various customers both in India and abroad.
Future Outlook
The strength and rapidity of
in
Flexible packaging has been one of the fastest growing sectors of the packaging market over the last decade
having developed from simple wraps and bags to more complex products with sophisticated functionality. The
flexible packaging has promising future both in
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED
31.12.2010
(Rs. in millions)
|
Particulars |
QUARTER ENDED 31.12.2010 (UNAUDITED) |
NINE MONTHS ENDED 31.12.2010 (UNAUDITED) |
|
1. Income |
|
|
|
1. (a) Net Sales /Income from Operations |
6778.600 |
17163.200 |
|
1. (b) Other Operating Income |
89.700 |
250.700 |
|
Total Income |
6868.300 |
17413.000 |
|
2. Expenditure : |
|
|
|
a) (Increase)/decrease in Stock in Trade & Work in Progress |
(155.800) |
(265.400) |
|
b) Consumption of Raw Materials |
3138.900 |
8635.900 |
|
c) Purchase of Traded Goods |
14.000 |
51.700 |
|
d) Power and Fuel |
328.600 |
951.000 |
|
e) Employees Cost |
328.800 |
884.700 |
|
f) Depreciation |
240.600 |
725.300 |
|
g) Other Expenditure |
1045.600 |
2492.900 |
|
h) Total (2) |
4940.700 |
13475.800 |
|
3. Profit/ (Loss) from Operations before Other Income, Interest and Exceptional Items (1-2) |
1927.600 |
3938.100 |
|
4. Other Income |
23.200 |
80.600 |
|
5. Profit/ (Loss) before Interest and Exceptional Items (3+4) |
1950.800 |
4016.700 |
|
6. Interest (Net) |
384.600 |
990.200 |
|
7. Profit/ (Loss) after Interest but before Exceptional Items (5-6) |
1566.200 |
3028.500 |
|
8. Exceptional Items |
-- |
-- |
|
9. Profit / (Loss) from Ordinary Activities before tax (7-8) |
1566.200 |
3028.500 |
|
10.Tax expense |
503.800 |
931.900 |
|
11. Net Profit / (Loss) from Ordinary Activities after tax (9-10) |
1062.400 |
2096.600 |
|
12. Extraordinary items (net of tax expense Rs. Nil) |
-- |
-- |
|
13. Net Profit / (Loss) for the period (11-12) |
1062.400 |
2096.600 |
|
14. Minority Interest |
-- |
-- |
|
15. Net Profit (+) Loss (-) for the period (13-14) |
1062.400 |
2096.600 |
|
16. Paid-up equity share capital (Face Value - Re.10/- per share) |
721.800 |
721.800 |
|
17. Reserves excluding Revaluation Reserve |
-- |
-- |
|
18. Earnings Per Share (EPS) before and after Extraordinary Items (Not Annualised): |
|
|
|
Before Extraordinay Items |
|
|
|
(a) Basic (Rs. per share) |
15.39 |
31.60 |
|
(b) Diluted (Rs. per share) |
13.91 |
29.82 |
|
After Extra Ordinary Items |
|
|
|
a) Basic |
15.39 |
31.60 |
|
b) Diluted |
13.91 |
29.82 |
|
19. Public shareholding : |
|
|
|
- Number of shares |
40744016 |
40744016 |
|
- Percentage of Shareholding |
56.44% |
56.44% |
|
20. Promoters and promoter group Shareholding : |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
20050000 |
20050000 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
63.78% |
63.78% |
|
- Percentage of shares (as a % of the total share capital of the company) |
27.78% |
27.78% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
11386759 |
11386759 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
36.22% |
36.22% |
|
- Percentage of shares (as a % of the total share capital of the company) |
15.78% |
15.78% |
FIXED ASSETS
A) Tangible Assets
·
·
· Buildings
· Plant and Machinery
· Electrical Installations
· Office Equipments
· Furniture and Fixtures
· Vehicles
B)
Intangible Assets
· Software
WEBSITE DETAILS :
After Pioneering the growth of the flexible packaging
industry in
Uflex facility enjoys ISO 9001 and ISO 14001 certifications and has FDA and BGA approvals for their products. It is also a part of the D and B Global Database and winner of various prestigious national and international awards like the top exporter of BOPET and BOPP films, and the Worldstar award for packaging excellence. FPA, AIMCAL and the DUPONT Awards in 2004-2005 are the latest in this series.
Being a multi faceted organization it has integrated its operations from manufacture of Polyester chips, Films (BOPET, BOPP and CPP - both in plain and metalized form), Coated Film, Laminates, Pouches, Holographic films Gravure cylinders, Inks and adhesives to all types of packaging & printing machines, offering total flexible packaging solution.
Uflex has always been committed to the industry by providing technical know-how and being the trend-setter in the flexible packaging industry. Being on the edge of innovation, Uflex endeavors to be the first to come up with advanced products that cater to the changing demands of the packaging industry.
As part of the Uflex Group, it has over twenty years of experience in polymer technology. Setting milestones of success and innovation, Uflex is widely known for manufacturing and supplying products, delivering apt services around the world.
PRESS RELEASE:
UFLEX LIMITED Q3 FY10-11 NET
PROFIT UP 423% AT Rs. 2510.000 MILLIONS
New Delhi :
January 2011 : Uflex Limited, the Bombay Stock
Exchange (UFLEX: 500148) and NSE listed, India's largest flexible
packaging company has registered an exponential growth of 423% increase in its
consolidated net profit for the quarter ended December 31, 2010 at Rs. 2510.000
millions as against Rs. 480.000 millions for the same period last year,
maintaining a consistent record of highest growth by any company in the sector
so far.
The firm's consolidated revenue for the December quarter of 2010 stood at Rs.
10220.000 millions as against Rs. 5950.000 millions for the same quarter last
year, up 72%. The higher revenue growth is attributed to new capacity
expansion, increased utilization and higher net realization of the company’s
products line.
On a sequential basis also, the company registered growth in its
quarter-on-quarter consolidated net profit of 24% over profit figures of the
preceding quarter that stood at Rs. 2030.000 millions in the July - September
quarter (Q2 FY10-11).
For the nine months period ending December 31, 2010, UFLEX recorded net profit
of Rs. 5150.000 Millions against Rs. 1440.000 millions in the corresponding
period last year, a growth of 258%. Net revenue of the company for the nine
months ended Dec.. 31, 2010 stood at Rs. 25730.000 millions compared Rs.
17130.000 millions in the same period in previous fiscal, up by 50%.
According to Mr. Ashok Chaturvedi, Chairman and M.D. of UFLEX Limited,
“Their consistent record of maintaining a high growth trajectory is symbolic of
the potential in the industry and the corresponding faith of customers in our
endeavors to excel in offering quality products which has translated in to
successful long term relationships globally. Their overseas operations
contribute 53% to their topline which again highlights the growing dominance of
“Brand
UFLEX is continuing with its strategy of capacity expansion and adding
manufacturing lines for new product categories across facilities in
For the financial year 2009-10, the consolidated net profit of UFLEX before
extra-ordinary items rose 21% to Rs 1860.000 millions as against Rs 1530.000
millions in the year ago period. Net revenue in the year, however, grew by 12 %
to Rs 24190.000 millions.
Uflex's strong manufacturing base in
Uflex is the only integrated unit of its kind in the world with flexible
packaging at its core. It has vast capacities for production of Polyester
chips, Biaxially Oriented Polyethylene Teraphthalate (BOPET) and Biaxially
Oriented Polypropylene (BOPP) films, Printing and Coating Inks, facilities for
Holography, Metalization and PVDC coating, making Gravure Printing Cylinders
& Flexo Printing plates, Gravure Printing, Lamination and Pouch formation.
The company's partial client list includes Unilever, Pepsi, Wrigley, Procter
and Gamble, Colgate, Palmolive, Nestle, Gillette, Ranbaxy, Perfetti, Joyco,
Monsanto, ITC, Godrej Pillsbury, Tata Tea, Hindustan Petroleum, Indian Oil,
Britannia, Dabur, Haldiram, Wockhardt, HUL, Parle Biscuit, and Birla 3M, among
others.
About UFLEX Limited :
UFLEX Ltd is the
Bombay Stock Exchange (UFLEX: 500148) and NSE listed India's largest flexible
packaging company with large manufacturing capacities of plastic film and
packaging products providing end-to-end solutions to clients across more than
108 countries.
Synonymous with flexible packaging industry in the country, UFLEX group has
Gross annual revenue of Rs. 30 billion and Gross Capital Investment across the
world of about Rs. 26 billion. UFLEX offers finished packaging of a wide
variety of products such as snack foods, candy and confectionery, sugar, rice and
other cereals, beverages, tea and coffee, desert mixes, noodles, wheat flour,
soaps and detergents, shampoos and
conditioners, vegetable oil, spices, marinates and pastes, cheese and
dairy products, frozen food, sea food, meat, anti-fog, pet food, pharmaceuticals,
contraceptives, garden fertilizers and plant nutrients, motor oil and
lubricants, automotive and engineering components etc.
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. 44.72 |
|
|
1 |
Rs. 72.93 |
|
Euro |
1 |
Rs. 64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
|
46 |
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.