MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL POLY FILMS LIMITED w.e.f. March 2005 |
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Formerly Known As : |
JINDAL POLYESTER LIMITED |
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Registered Office : |
19th K.M., |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
09.09.1974 |
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Com. Reg. No.: |
20-003979 |
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CIN No.: [Company
Identification No.] |
L17111UP1974PLC003979 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTJ00149C |
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Legal Form : |
Public Limited Liability Company. The company's shares are
listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of Polyester Resin, Polyester Filament Yarn,
Polyester Chips and Biaxially Oriented Polyester Film. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 43000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed Jindal group
company. Financials position of the company appears to be sound. Directors
are reported to be experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported to be regular 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office : |
19th K.M., |
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Tel. No.: |
91-122-2312088 / 2311087 91-5732-229143 / 229105 |
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Fax No.: |
91-122-2312244 |
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E-Mail : |
info@jindalpolyester.com / secretarial_polyester@jindalgroup.com
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Website : |
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Head and Corporate Office : |
Plot No 12, Sector B-1, Local Shopping Complex, Vasant
Kunj, New Delhi-110070, |
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Tel No.: |
91-11 26139256-65 |
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Fax No.: |
91-11 26125739 |
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E-Mail: |
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Others Located at: · Mumbai ·
· Kolkata ·
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Factory 1 : |
resin
and yarn:
19th K.M., |
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Tel. No.: |
91-122-2312088 / 2311087 91-5732-229143 / 229105 |
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Fax No.: |
91-122-2312244 |
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Factory 2: |
film
and resin:
28th K.M. Stone, |
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Tel. No.: |
91-2553-285402 / 285405 |
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Fax No.: |
91-2553-285403 |
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Factory 3 : |
india
polyfilms Limited (film):
160/1/7, |
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Tel. No.: |
91-2638-247264 / 358 |
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Other Contact : |
Export Sales – BOPP
Films Export Sales – PET
Films Domestic Sales – PET
films Domestic Sales –
BOPP films |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Sameer Banerjee |
|
Designation : |
Director (Marketing) |
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Date of Birth : |
10.07.1951 |
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Qualification : |
B.Sc, M.B.A. |
|
Expertise in
specific functional area
: |
33 years of experience in marketing of polyester
film. |
|
Date of Appointment : |
25.08.2008 |
|
List of outside Directorship : |
1. Hindustan Thermal Power Generation Limited 2. Jindal Solar Rajasthan Limited 3. Jindal Solar Powertech Limited |
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Name : |
Mr. A. C. Wadhawan |
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Designation : |
Director |
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Name : |
Mr. Rashid Jilani |
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Designation : |
Director |
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Date of Birth : |
08.10.1941 |
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Qualification : |
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Expertise in
specific functional area
: |
40 years experience in Banking & Finance.
Former CMD of Punjab National Bank. |
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Date of Appointment : |
29.09.2007 |
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List of outside Directorship : |
1. Jindal India Powertech Limited |
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Name : |
Mr. Jogesh Bansal |
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Designation : |
Director |
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Date of Birth : |
03.04.1952 |
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Qualification : |
B.A. |
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Date of Appointment : |
08.09.2006 |
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Expertise in
specific functional area : |
35 years experience in trading and industry. |
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List of outside Directorship : |
1) International Technotex Private Limited 2) Sarthak India Limited 3) Southwest Probuild Private Limited 4) Hindustan Zinc Limited |
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Name : |
Mr. R K Pandey |
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Designation : |
Director |
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Date of Birth : |
20.01.1940 |
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Qualification : |
M.Com, LLB, FCS |
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Expertise in
specific functional area : |
41 years experience in Finance and Corporate matters.
Former Executive Director of |
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Date of Appointment : |
31.01.2007 |
|
List of outside Directorship
: |
PTC Industries Limited
Precise Lab Private Limited
Green Valley Product Private Limited
British Health Care Product Limited
Spice
Welcure drugs and Pharma Limited
Shree Rajasthan Syntex Limited
Hanug Toys and Industries Limited
Amar Ujala Publications Limited
AK Lab Limited
Ricoh |
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Name : |
Mr. Vinod Kumar Gupta |
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Designation : |
Director |
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Age : |
43 Years |
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Qualification : |
B.Com, FCA & FCS |
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Expertise in
specific functional area : |
18 years experience in Accounts, Finance and Taxation areas. |
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|
Name : |
Mr. Rathi Binod Pal |
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Designation : |
Whole Time Director |
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Date of Birth : |
18.03.1969 |
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Qualification : |
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Expertise in
specific functional area
: |
18 yrs Experience in Commercial, |
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Date of Appointment : |
17.12.2009 |
|
List of outside Directorship : |
1. Rishi Trading Company Limited 2. Consolidated Buildwell Limited 3. Vigil Farms Limited 4. Lucky Holding Private Limited 5. Sagar Fintrade Limited 6. Canton Traders Limited |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Mishra |
|
Designation : |
Company Secretary |
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Age : |
39 Years |
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Qualification : |
B.Com, LLB, ACS |
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Expertise in
specific functional area : |
13 years experience in Secretarial and Legal areas. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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2,893,200 |
6.28 |
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28,125,452 |
61.09 |
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31,018,652 |
67.37 |
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Total shareholding of Promoter and Promoter Group (A) |
31,018,652 |
67.37 |
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(B) Public Shareholding |
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|
|
|
|
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|
1,562,441 |
3.39 |
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|
1,803,078 |
3.92 |
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|
3,365,519 |
7.31 |
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5,608,806 |
12.18 |
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4,158,850 |
9.03 |
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384,716 |
0.84 |
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1,505,733 |
3.27 |
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1,388,827 |
3.02 |
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|
108 |
- |
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116,798 |
0.25 |
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11,658,105 |
25.32 |
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Total Public shareholding (B) |
15,023,624 |
32.63 |
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Total (A)+(B) |
46,042,276 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
Total (A)+(B)+(C) |
46,042,276 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Polyester Resin, Polyester Filament Yarn,
Polyester Chips and Biaxially Oriented Polyester Film. |
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Products : |
· Pet Films · BOPP Films · Metalized Films · Poly Chips
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PRODUCTION STATUS (As on
31.03.2010):
|
Particulars |
Unit |
*Licensed
Capacity |
*Installed
Capacity |
Actual
Production |
|
Polyester Filament Yarn |
MT |
54000 |
54000 |
---- |
|
Polymer Chips |
MT |
131000 |
121175 |
89989.928 |
|
Biaxially
Oriented Polyester/ Polyproplyene Film |
MT |
296000 |
296000 |
184645.754 |
*As certified by the management but not verified by the Auditors, being
the technical matter.
GENERAL INFORMATION
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No. of Employees : |
1000 |
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Bankers : |
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Facilities : |
Notes on Secured
Loans : (1) Term loans from
banks are secured by first pari-pasu equitable mortgage of immovable
properties of the company situated at Gulaothi (UP) and Nasik (Maharashtra)
and hypothecation of all movable assets (save and except book debts) subject
to prior charge of the banks for working capital requirements. (2) Working
Capital Loans from banks are secured by way of hypothecation of all stocks of
raw materials, semi finished goods, finished goods, goods in transit, stores
and spares and book debts of the company. These are further secured by way of
second pari-pasu charge on immovable properties of the company situated at
Gulaothi (U.P) and (3) Foreign
currency term loans from AKA Ausfuhrkredit-Gesellschaft mbh |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kanodia
Sanyal and Associates Chartered
Accountants |
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Companies/Individuals/Associates (Related parties)
: |
1 Sh. B.C.Jindal 2 Sh. S.S.Jindal 3 Smt. Subhadra Jindal 4 Miss Akriti Jindal 5 Agile Properties Limited 6 Bajaloni Group Limited 7 Conslidated Finvest & Holdings Limited 8 Consolidated Buildwell Limited 9 Consolidated Photo & Finvest Limited 10 Consolidated Realtors Limited 11 Jesmine Investment Limited 12 Jindal Imaging Limited 13 Jindal 14 Jindal Meadows Limited 15 Jindal Photo Investments Limited 16 Jindal Photo Limited 17 Jindal Realtors Limited 18 Jindal 19 Jumbo Finance Limited 20 Jupax Barter PrivateLimited 21 Pasion Tea Private Limited 22 Rishi Trading Company Limited 23 Soyuz Trading Company Limited 24 Vigile Farms Limited 25 Jindal India Finvest & Holdings Limited 26 Mandakini Coalmines Limited 27 Jindal India Powertech Limited 28 Jindal 29 Jindal Buildmart Limited 30 Jindal Realmart Private Limited 31 Hindustan Powergen Limited 32 Indian Software Consultancy Limited |
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Subsidiaries : |
1 2 Jindal Packagings Limited ( up to 23.09.2009) 3 Jindal 4 Rexor SAS 5 Jindal Solar Rajasthan Limited (w.e.f. 10.02.2010) 6 Jindal Solar Powertech Limited (w.e.f. 11.02.2010) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30,000,000 |
Equity
Shares |
Rs.10/-
each |
Rs.300.000 Millions |
|
175,000,000 |
Preference
Shares |
Rs.10/-
each |
Rs.1750.000 Millions |
|
|
Total
|
|
Rs.2050.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23,021,138 |
Equity
Shares |
Rs.10/-
each |
Rs. 230.211 Millions |
Notes on Share
capital :-
1 Buyback-l
Pursuant to the
approval of the Board of Directors and Shares holders of the Company, for
buyback of equity shares U/s 77Aof the Companies Act, 1956 upto 25% of Paid up
capital and free reserve, during the financial year 2009-10 Company has bought
back 962,757 equity shares and extinguished the same.
2 Buyback –II
Pursuant to the
approval of the Board of Directors of the Company, for buyback of equity shares
U/s 77Aof the Companies Act, 1956 less then 10% of Paid up capital and free
reserve, during the financial year 2009-10 Company has bought back 1,840,250
equity shares and extinguished the same.
A total of
2,803,007 equity shares buyback and extinguished during the year ended 31st
March 2010 through open market for an aggregate amount of Rs. 853.839 Millions
by utilizing the security premium and general reserve to the extent of Rs.
825.809 Millions and Rs. 28.030 Millions respectively. The Capital redemption
reserve has been credited out of general reserve for Rs 28.030 Millions being
the nominal value of the share bought back U/s. 77Aof the Companies act, 1956.
3 30,000 Equity Shares were allotted as fully paid
up pursuant to a contract without payment being received in cash in 1974.
4 10,378,400 Equity Shares were issued as Bonus
Shares by Capitalisation of Reserves in 1995-96 and 2004-2005.
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 |
230.211 |
258.241 |
280.959 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10462.146 |
9472.566 |
8847.669 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10692.357 |
9730.807 |
9128.628 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4253.935 |
4413.687 |
1705.911 |
|
|
2] Unsecured Loans |
504.302 |
372.113 |
2.121 |
|
|
TOTAL BORROWING |
4758.237 |
4785.800 |
1708.032 |
|
|
DEFERRED TAX LIABILITIES |
1665.736 |
1374.715 |
1298.491 |
|
|
|
|
|
|
|
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TOTAL |
17116.330 |
15891.322 |
12135.151 |
|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12137.058 |
11003.993 |
8330.320 |
|
|
Capital work-in-progress |
680.987 |
537.819 |
949.649 |
|
|
|
|
|
|
|
|
INVESTMENT |
1756.333 |
1887.911 |
1010.374 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2007.792
|
1182.082
|
1064.468
|
|
|
Sundry Debtors |
611.119
|
514.996
|
925.433
|
|
|
Cash & Bank Balances |
899.224
|
1261.748
|
76.374
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1145.089
|
972.117
|
877.383
|
|
Total
Current Assets |
4663.224
|
3930.943 |
2943.658 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
974.258
|
627.098
|
982.148
|
|
|
Current Liabilities |
810.176
|
716.193
|
|
|
|
Provisions |
336.838
|
126.053
|
116.751
|
|
Total
Current Liabilities |
2121.272
|
1469.344 |
1098.899 |
|
|
Net Current Assets |
2541.952
|
2461.599
|
1844.759
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.049 |
|
|
|
|
|
|
|
|
TOTAL |
17116.330 |
15891.322 |
12135.151 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15909.949 |
14208.919 |
12592.854 |
|
|
|
Other Income |
461.867 |
307.839 |
60.854 |
|
|
|
TOTAL (A) |
16371.816 |
14516.758 |
12653.708 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material
Consumed |
10303.558 |
8631.899 |
8032.206 |
|
|
|
Manufacturing
Expenses |
2092.208 |
1594.823 |
1486.918 |
|
|
|
Excise on lncrease/(Decrease)
in Stock |
10.335 |
(8.720) |
(7.662) |
|
|
|
Personnel
Expenses |
173.176 |
158.959 |
137.059 |
|
|
|
Selling &
Distribution Expenses |
154.990 |
254.430 |
316.061 |
|
|
|
Other Expenses |
188.948 |
531.613 |
92.225 |
|
|
|
Exceptional
Items |
(464.941) |
623.783 |
(135.581) |
|
|
|
Accretion/(Decretion) in Stock |
(186.834) |
(38.933) |
26.948 |
|
|
|
TOTAL (B) |
12271.440 |
11747.847 |
9948.174 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4100.376 |
2768.904 |
2705.534 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
280.949 |
196.500 |
140.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3819.427 |
2572.404 |
2564.767 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
804.370 |
688.247 |
625.648 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3015.057 |
1884.157 |
1939.119 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
931.221 |
619.224 |
613.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
2083.836 |
1264.933 |
1325.748 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2020.691 |
1313.931 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Equity Shares |
230.211 |
49.723 |
NA |
|
|
|
Transfer to General Reserve |
38.235 |
8.450 |
NA |
|
|
|
Tax on Proposed Dividend |
500.000 |
500.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
3336.081 |
2020.691 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3081.640 |
3373.259 |
3524.569 |
|
|
TOTAL EARNINGS |
3081.640 |
3373.259 |
3524.569 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2343.536 |
2137.006 |
1342.310 |
|
|
|
Stores & Spares |
78.236 |
49.068 |
73.515 |
|
|
|
Capital Goods |
1389.571 |
2347.189 |
395.894 |
|
|
TOTAL IMPORTS |
3811.343 |
4533.263 |
1811.719 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
85.45 |
45.15 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 [1st
Quarter] |
30.09.2010 [2nd
Quarter] |
31.12.2010 [3rd
Quarter] |
|
|
|
|
|
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
5556.300 |
6873.400 |
7290.400 |
|
Total Expenditure |
4210.100 |
4201.800 |
3946.400 |
|
PBIDT (Excl OI) |
1346.200 |
2671.600 |
3344.000 |
|
Other Income |
110.100 |
169.000 |
149.600 |
|
Operating Profit |
1456.300 |
2840.600 |
3493.600 |
|
Interest |
67.500 |
81.500 |
73.500 |
|
Exceptional Items |
(108.400) |
149.600 |
9.800 |
|
PBDT |
1280.400 |
2908.700 |
3429.900 |
|
Depreciation |
217.400 |
218.900 |
220.400 |
|
Profit Before Tax |
1063.000 |
2689.800 |
3209.500 |
|
Tax |
228.100 |
892.400 |
998.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
834.900 |
1797.400 |
2210.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.73
|
8.71 |
10.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.95
|
13.26 |
15.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.95
|
12.62
|
17.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.19
|
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.64
|
0.64
|
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.68
|
2.68 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject incorporated as a public limited company in Sep.'74
in the name of Hindustan Pipe Udyog, got its present name in Jan.'95. In 1974, the
company set up its first unit to manufacture ERW steel pipes and tubes, black
and galvanised, at Jindal Nagar (Ghaziabad district), UP. In Apr.'93, the steel
unit of the company was transferred to Jindal Pipes.
The company is the largest producer of flexible packaging films in the country.
The company also manufactures and sell POY and manufacture polyester chips for
captive consumption. Jindal France SAS, Rexor SAS and Hindustan Polyester
Limited are the subsidiaries of the company.
In 1985, subject diversified into the
manufacture of polypropylene filament yarn and polyester filament yarn at
Gulaothi, UP. It also modernised its POY plant in 1990 to update technology and
replace certain old and worn-out equipments/components. In 1992, it set up a polycondensation
plant with an installed capacity of 15000 tpa for captive consumption.
During 1994-95, Northern Plastics Finance Company (NPFCL), engaged mainly in
investing and dealing in securities and finance, was amalgamated with the company.
Subject has also came out with a public
issue in Aug.'94 to part-finance the expansion scheme and to diversify to
manufacture bottle-grade chips.
During 1995-96, the company has set up a new project of bi-axially oriented
polyester film at
Subject has expanded the capacity of
Polyester film plant 12000 tonnes to 36000 tonnes by commissioning a new thick
polyester film line in the month of December 2000. The commercial production of
BOPP with a annual capacity of 13000 TPA was commissioned in 2002-03. To meet
the future demand the company is planning to take some new projects like
Manufacture of BOPP film with total capacity of 45000 TPA, Metalizing of Bopet
Film with a capacity of 12000 TPA and to augment the Poly condensation with a total
capacity of 50000 tpa etc.
During 2004-05 the company has increased the installed capacity of Biaxially
Oriented Polyester/Polypropylene Film by 57000 MT and with this expansion the
total installed capacity of Biaxially Oriented Polyester/Polypropylene Film has
increased to 131000 MT.
During 2005 the company made a public offer by way of 100% Book Building by
issuance of 83,33,325 Equity Shares of face value of Rs.10 each at a premium of
Rs.350 per shares amounting to Rs.3000 Million.
During 2004-05 the company has commissioned an 8.2 metre wide, five-layer line
with the capacity to produce 32000 TPA of BOPP films at Nashik Maharashtra.
Further it also proposes to set up a 45000 TPA, 8.2 metre wide line to make
BOPP films at Nashik,
In August 2005 the company increased its metallising capacity by 14000 TPA to
26000 TPA at its plant in Nashik,
During March 2005 the name of the company was changed from Jindal Polyester
Limited to Jindal Poly Films Limited
PERFORMANCE HIGHLIGHTS
Gross Sales/Turnover
increased to Rs. 17022.200 Millions in the financial year 2009-10, up 8.94%
from Rs. 15625.100 Millions the year before.
Exports for the
year 2009-2010 stood marginally lower at Rs. 3187.700 Millions as compared to
Rs. 3527 Millions in the last year, however, due to increase in domestic
turnover overall turnover is higher The operating profit before exceptional
item of the company was Rs. 3635.400 Millions as against Rs. 3392.700 Millions
last year giving a growth of 7.15%.
MANAGEMENT
DISCUSSION & ANALYSIS
Overview
Jindal Poly Films
Limited (JPFL) is a leading producer of flexible packaging films. The Company
operates the world's largest single location facility for flexible packaging
films at Nashik,
INDUSTRY,
STRUCTURE & DEVLOPMENTS
Flexible Packaging
Film
Flexible packaging
typically includes materials such as plastic films, paper and aluminium foil.
Over the years, BOPET Film and BOPP Film (forms of plastic-based flexible
packaging film) have become the preferred choice for packaging consumer
articles including food and clothing. Besides such films, JPFL also offers a
range of metallised and coated film products to its customers.
JPFL is the
leading producer of flexible packaging films in the country. The Company also
maintains a strong presence as a key exporter to several countries. Flexible
packaging film follows a business-to-business model, supplying base film to key
converters/processors - who in turn sell the value added product to customers.
BOPET Film
BOPET Film is a
versatile product broadly classified according to thickness of the film. Thick
Films (50-350 microns in thickness) find application in photographic/X-ray, electronics,
printing, textile, pre-press back up films for photo voltaic cells used for
generating solar power and office supplies, motor insulations and document
lamination. Thin Films (10-36 microns in thickness) are used in flexible
packaging metallic yarn, cables, transformers, capacitors, audio/videotape, hot
stamping foils, release films, decorative ribbons and labels.
JPFL has a
capacity to manufacture 1,27,000 TPA of BOPET Film, in the Current financial
year 2010-11
BOPP Film
Better moisture
retention properties render BOPP Film more suitable for food products like
snack foods, biscuits, pasta, dried foods and meat. Further, BOPP Film also
finds application in wrapping cigarette cartons, ready-made garment bags,
adhesive tapes and print lamination.
The market for
BOPP Film in
The Company has
presently five lines in operation for BOPP Film at Nashik,
Metallised Films
Vacuum deposition
of Aluminium on BOPET and BOPP films increase the barrier properties of such
films. Besides flexible packaging metallised BOPET films is used for metallic
yarn. Metallised BOPP is widely used for gift wrapping. The Company has a total
metallising capacity of 32,400 tpa. Two new Metallizers with a combined
capacity of 21,200 tpa will be commissioned during the current financial year
2010-11.
Coated Films
PVDC coated BOPP
and BOPET films are used in the flexible packaging industry. JPFL is the only
company in
Polyester Chips
JPFL has the
in-house ability to manufacture polyester (BOPET) chips as per the product
requirement, for its BOPET Film business. The Company has installed capacity of
1,11,600 tpa at Nashik,
Polyester Yarn
The Company has a
Partially Oriented Yarn (POY) facility at Gulaothi, Uttar Pradesh. This
business has witnessed continued weakness in margins and the operations have
been temporarily closed down.
OPPORTUNITIES AND
THREATS
BOPET Film
A perceptible
volume shift in the consumption of BOPET film has been noticed in the high
consumption areas of
Whereas production
capacities in the matured markets of
In the short term,
growth of the business will be export driven with Asian producers encashing on
the declining capacities in the developed world. However, the long term
scenario would indicate that the domestic growths in Asia would dominate
polyester film usage with major shift in converting operation to
BOPP Films
The global BOPP
industry is dominated by
The domestic
market is enjoying good growth mainly driven by the fast replacement of TQPP by
BOPP and aided by the growth of the flexible packaging.
SEGMENT
PERFORMANCE
Flexible Packaging
Film
The flexible
packaging business continues to expand in 2009-10 with segmental revenues of
Rs. 17022.200 Millions (Rs 15625.100 Millions last year). In value terms, the
sales grew by 9 % .
OUTLOOK
Flexible Packaging
Film
BOPET Films
As much as 80% of the
sales of BOPET Film can be attributed to applications in packaging. Rapid
economic growth being witnessed in
BOPP Films
The BOPP Film
market in
FINANCIAL
PERFORMANCE
Jindal Poly Films
reported a 8.94% increase in gross revenues from Rs. 15625.100 Millions to Rs.
17022.200 Millions driven exclusively by its flexible packaging films business.
Other income during the period was at Rs.46190 Millions.
Sales in the
domestic market improved 14.35% to Rs. 13834.500 Millions. The Company
continues to develop the BOPP Film market. Exports during FY2010 were at Rs.
3187.700 Millions as against exports of Rs. 3527 Millions in last year.
The Profit After
Tax stood at Rs. 2083.800 Millions (last year 1264.900 Millions) giving an EPS
of Rs. 85.45 (last year was 45.15)
CONTINGENT LIABILITIES:
|
Particulars |
Rs
in Millions [As
on 31.03.2010] |
|
a. Bank Guarantees |
128.898 |
|
b. Outstanding
Letters of Credit (Including Capital Goods) |
444.994 |
|
c. Claims
against Company, not acknowledged as debts |
9.369 |
|
d. Uncalled
liability of partly paid shares |
3309.000 |
|
e. Demands raised
by authorities against which, Company has filed appeals: - |
|
|
i) Income Tax |
77.673 |
|
ii) Excise
Duties |
27.032 |
|
iii) Sales Tax |
22.493 |
|
iv) Custom
Duties |
8.160 |
UNAUDITED FINANCIAL (PROVISIONAL) RESULTS FOR THE QUARTER ENDED ON 30th
September, 2010
(Rs. in millions)
|
Particulars |
|
|
|
|
(Unaudited) |
(Unaudited) |
|
1.
Gross Sales |
|
|
|
-
Domestic |
6004.700 |
10581.800 |
|
-
Exports |
1449.900 |
2868.800 |
|
Total
Sales |
7454.600 |
13450.600 |
|
Less
: Excise Duty |
581.200 |
1020.900 |
|
a)
Net Sales |
6873.400 |
12429.700 |
|
b)
Other Operating Income= |
-- |
-- |
|
Total
Income (a+b) |
6873.400 |
12429.700 |
|
2.
Total Expenditure |
|
|
|
a.
(Increase) / Decrease in stock in trade
|
4.500 |
67.400 |
|
b.
Consumption of Raw Materials |
3317.800 |
6650.600 |
|
c.
Employees Cost |
44.200 |
86.300 |
|
d.
Power & Fuel |
503.900 |
980.900 |
|
e.
Depreciation |
218.900 |
436.200 |
|
f.
Other Expenditure |
331.400 |
626.700 |
|
g.
Total |
4420.700 |
8848.100 |
|
3.
Profit from Operations before other income, Interest and Exceptional items (1
- 2) |
2452.700 |
3581.600 |
|
4.
Other Income |
169.000 |
279.000 |
|
5.
Profit before Interest and Exceptional items (3+4) |
2621.700 |
3860.600 |
|
6.
Interest |
81.500 |
149.000 |
|
7.
Profit after Interest but before Exceptional items (5-6) |
2540.200 |
3711.600 |
|
8.
Exceptional items |
149.600 |
41.200 |
|
9.
Profit/Loss from ordinary activites before tax (7+8) |
2689.800 |
3752.800 |
|
10.
Tax Expense |
|
|
|
-
Provision - Income Tax |
856.000 |
1067.500 |
|
-
Deferred Tax |
36.400 |
53.200 |
|
-
Fringe Benefit Tax |
0.000 |
0.000 |
|
Total
Tax Expense |
892.400 |
1120.700 |
|
11.
Net Profit from ordinary activities after tax (9-10) |
1797.400 |
2632.100 |
|
12.
Extraordinary items (Net of Tax Expense) |
-- |
-- |
|
13.
Net Profit for the period (11-12) |
1797.400 |
2632.100 |
|
14.
Paid up Equity Share Capital (
Face Value Rs. 10/- each) |
230.200 |
230.200 |
|
15.
Reserves excluding revaluation reserves |
|
|
|
16.
Basic & Diluted EPS (Not annualised/Rs.) |
|
|
|
Including
Exceptional Items |
780.800 |
1143.400 |
|
Excluding
Exceptional Items |
715.800 |
1125.500 |
|
17.
Public Shareholding |
|
|
|
No
of Equity Shares |
7511812 |
7511812 |
|
%
of Share holding |
32.63
% |
32.62
% |
|
18.
Promoters and Promoter Group Shareholding |
|
|
|
a)
Pledged / Encumbered |
|
|
|
-
Number of Equity shares |
Nil |
Nil |
|
-
%of shares (of the total shareholding of promoter and promoter group) |
NA |
NA |
|
-
Percentage of shares (of the total share capital of the company) |
NA |
NA |
|
b)
Non - encumbered |
|
|
|
- Number
of Equity shares |
15509326 |
15509326 |
|
-
%of shares (of the total shareholding of promoter and promoter group) |
100% |
100% |
|
-
Percentage of shares (of the total share capital of the company) |
67.37
% |
67.37
% |
Notes:
1 The above results are stand alone and reviewed by the Audit Committee
and taken on record at the meeting of the Board of Directors held on Oct 13th,
2010, and limited review of the same has been carried out by the statutory
auditors of the company.
2 The Company has only one reportable business segment, namely, Flexible
Packaging Films. The production of polyester yarn has been suspended.
3 The company has not exercised the option provided by the Ministry of
corporate affairs (MCA )vide its notification no G.S.R.225(E) dated 31st
March2009, and continued to adjust profit / loss due to exchange difference on
long term foreign currency loans taken for fixed assets in the profit and loss
account as per Accounting Standard (AS-i 1) on Effects on change in Foreign
Exchange Rates” and the same have been shown as exceptional items. During the
quarter a gain of Rs 149.600 Millions being exchange difference on outstanding
long term foreign currency loans has been provided.
4 A Dividend 01100% i.e. Rs 10/. Per Equity Share amounting to Rb 230.200
Millions declared at 36th Annual General Meeting held on September 30, 2010 is
being distributed w.e.f 12th October, 2010 onwards.
5 During the quarter, the company has acquired 6,45,00,000 equity shares
of Rs 10/- each, Rs 2/- paid up of Jindal India Powertech Limited amounting to
Rs.129 Millions. With this investment, the total shareholding in Jindal India
Powertech Limited is 41,35,00,000 equity shares i.e.46.20 % of total issued
capital of Jindal India Powertech Limited.
6 The Board of Directors of company has recommended a bonus equity share
of 1:1 on dated 3rd September 2010 and the same has been approved by the
members at 36th Annual General Meeting of the company held on 30th September
2010, the record date for bonus shares is 25th October 2010.
7 The Board of Directors at its meeting held today i.e. 13th Oct., 2010
has discussed and approved the following expansion plan:
3 Nos. BOPET Lines - 9O,000 TPA
4 Nos. BOPP Lines - 1,32,000TPA
New Metalizers - 71,400TPA
The estimated cost of above expansions will be Rs. 16000/- Millions
approx. and are likely lobe completed by F. Y. 2012-13.
8 Status of investor complaints: a) Pending axon 1st July. 2010-Nil, b)
Received during the quarter-31 , c) Disposed off during thequarter-31, d)
Pending as on Sept. 30,2010-Nil
9 Figures for the previous quarters/period have been regrouped
/rearranged wherever required, to make them comparable.
10 Disclosure of Balance Sheet items as per clause 41 of the Listing
Agreement:
STATEMENT OF
ASSETS AND LIABILITIES AS ON SEPTEMBER 30, 2010
|
|
|
Rs
in Millions |
|
Particulars |
Quarter ended |
|
|
As on 30.09.2010
|
||
|
(Unaudited) |
||
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
Share Capital |
230.200 |
|
|
Reserves & Surplus |
13094.300 |
|
|
|
|
|
|
LOAN FUNDS |
4695.000 |
|
|
|
|
|
|
DEFERRED TAX LIABILITIES |
1718.900 |
|
|
|
|
|
|
TOTAL |
19738.400 |
|
|
|
|
|
|
FIXED ASSETS |
12716.500 |
|
|
|
|
|
|
INVESTMENT |
4638.800 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
Inventories |
1718.300 |
|
|
Sundry Debtors |
1097.600 |
|
|
Cash & Bank Balances |
478.400 |
|
|
Other Current Assets |
0.000 |
|
|
Loans & Advances |
1300.300 |
|
|
|
4594.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
Other Current Liabilities |
1596.800 |
|
|
Provisions |
614.700 |
|
|
|
2211.500 |
|
|
Net Current Assets |
2383.100 |
|
|
|
|
|
|
TOTAL |
19738.400 |
|
FIXED ASSETS
- Land (Freehold)
- Factory Buildings
- Other Buildings
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Computers
- Vehicles
WEBISTE DETAILS:-
COMPANY OVERVIEW
Subject is a part of INR 30 billion B.C.Jindal group, a 58
year old industrial group offering a wide range of products. The group has
promoted a number of companies over the years and is involved in diverse
activities including manufacturing of Polyester Film, Polypropylene film, Steel
pipes and Photographic products.
Subject is the largest manufacturer of BOPET and BOPP films
in
-
BOPET film
-
BOPP film
-
Metallised BOPET film and BOPP film
-
Coated BOPET and BOPP films.
Polyester chips (for captive consumption in the BOPET film)
From being only a polyester yarn producer in 1985, JPFL
diversified in 1996 into BOPET film production. In 2003, subject commenced
production of BOPP film and metallised film. JPFL capabilities were
strengthened by acquisition in November 2003 of Rexor S.A.S, in
Subject plant at
Capacity
as on December 2010
-
1,27,000 tpa of BOPET films.
-
1,80,000 tpa of BOPP films.
-
45,000 tpa of metallised films.
-
1,65,600 tpa of polyester chips.
-
4,500 tpa of coating films.
Expansion
Plans
• 2 Lines of PET Film with an annual capacity of 60000 MT will be
commissioned by Financial Year 2011-2012.
• 1 Line of PET Film with an annual capacity of 30000
MT will be commissioned by financial Year 2012-2013.
• one metalizer with an annual capacity of 8600 MT
will be commissioned by financial Year 2010-2011.
• Four metalizers with an annual capacity of 31700 MT
will be commissioned by financial Year 2011-2012.
• Five metalizers with an annual capacity of 39700 MT
will be commissioned by financial Year 2012-2013.
• 2 Lines of BOPP Film with an annual capacity of
66000 MT will be commissioned by financial Year 2011-2012.
• 2 Lines of BOPP Film with an annual capacity of
66000 MT will be commissioned by financial Year 2012-2013.
• 1 Line of Chips with an annual capacity of 54000 MT
will be commissioned by financial Year 2011-2012.
They are 8th largest BOPET Film manufacturers in the World.
They will be in the top 5 Producers of BOPP Films in the world after the
expansion.
Rexor manufactures a wide range of metallised and coated
BOPET films for preserving food products and is the leading producer of “tear
tape” for easy opening of cheese portions and laminated films used in the
packaging of luxury products, such as cosmetics and perfumes. It is the leading
independent producer of security threads for bank notes. It also produces film
for decoration, insulation, aeronautics and sun protection. It holds
proprietary technologies for laser demetallisation of security threads and other
bank note security applications and for slitting films into widths as low as
0.20 milli meters.
HISTORY OF JPFL
1985 Commenced
manufacturing of POY at Gulahoti, Bulandshahar, U.P.
1993 Backward
integration into manufacturing of Polyester Chips for captive consumption
1996 Diversified
into manufacturing BOPET films at
2000 Installed a
new thick BOPET film manufacturing facility
2003 Diversified into manufacturing BOPP and
metallised films at Nasik Acquired Rexor, France in November 2003 for Euro 8.5
million
2004 Started- first
coex 8.7 mtr BOPET film line with a capacity of 35000 tpa for 1st time in
2005 Started 2nd
8.7 mtrs width BOPET FILMS line with a capacity of 25000 tpa.
Started
5 Layer 8.2 mtrs width BOPP FILMS line with a capacity of 32000 tpa.
2006 Started 2nd
8.2 mtrs width BOPP FILMS with a capacity of 45000 tpa.
Started
offline PVDC Coating line with a capacity of 4500 tpa.
2009 Started two
8.7 mtrs width BOPP lines with a capacity of 45000 tpa each.
2010 Started 3rd
8.7 mtrs BOPET line with a capacity of 30000 tpa.
* Between
2003-2010 8 Metallizer have been installed with a total capacity of 45000 tpa.
NEWS
AND EVENTS
Saturday, Dec 11, 2010
Business Daily from THE HINDU group of publications Jindal
Poly plans Rs 1,6000- Millions expansion
From sequined sarees to LCD panels, the demand for poly film
is driving up the industry. Boosted by this upsurge, Jindal Poly Film Limited
(JPFL), a major manufacturer of BoPET and BoPP, has said it would undertake
both brown field and green field expansion at its Nashik facility in
They are in the process of taking over the land for putting up
the second facility. They will be investing Rs 16000 Millions of which Rs 8000
Millions will be through internal accruals while the balance will be raised
through debt.
“This will entail both green field as well as brown field
expansions,” Mr Sanjeev Aggarwal, Chief Financial Officer, told Business Line.
The proposed expansion is likely to be completed by 2012-13.
Stating that the demand for BoPET (biaxially-oriented
polyethylene terephthalate) and BoPP (both packaging materials) has been
consistent, he said the expansions will help boost its product capacity to
cater to the burgeoning demand.
The company increased its BoPET capacity by 30,000 tpa in
FY10.
Tuseday,
Dec 07, 2010
Jindal
Poly to invest up to Rs 7000 Millions for second plant
New Delhi, Dec 7 (PTI) Packaging material maker Jindal Poly
Films today said it will invest around Rs 6000-7000 Millions to put up its
second manufacturing plant near the existing facility at Nashik in Maharashtra.
"We have identified the required 250-300 acres land for
putting up our second plant. The land is around 30-35 km away from the existing
plant at Nashik. We will invest around Rs 6000-7000 Millions in the
facility," a company official told PTI.
The proposed facility would go on steam by 2012-13 with an
initial manufacturing capacity of 30,000 tonnes per annum (tpa) BoPET and
66,000 tpa BoPP. Capacity of the plant could be enhanced up to four folds in
future depending on the requirement, he added.
BoPET and BoPP are both packaging materials and Jindal Poly Films is the
largest manufacturer in the country for those materials.
The lion''s share of the funding for the proposed facility
would come from internal accruals. The company also plans to raise some debt as
well.
Jindal Poly has already embarked on enhancing capacity of
its existing plant with Rs 9000 Millions investment and will be completed
within 2011-12. This brown-field expansion will take the firm''s BoPET
manufacturing capacity to 187,000 tpa and BoPP capacity to 246,000 tpa from 127,000
tpa and 180,000 tpa, respectively.
Meanwhile, the company is aiming to clock over Rs 30000
Millions turnover in the current fiscal from Rs 16550 Millions recorded in
2009-10 on expanded capacity and high price for BoPET material.
"Buoyed by capacity expansion and high price for BoPET
material, company''s turnover is likely to be in excess of Rs 30000 Millions in
the current fiscal," the official said.
Jindal Poly Film has increased its BoPET capacity this year
by 30,000 tpa in FY''10. The price of the material has also doubled from Rs 90
a kg in the beginning of the year to Rs 200 a kg now.
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.45.27 |
|
|
1 |
Rs.79.94 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
65 |
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.