MIRA
INFORM REPORT
|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
UFLEX LIMITED [w.e.f. 12.04.2007] |
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Formerly Known
As : |
FLEX INDUSTRIES
LIMITED |
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Registered
Office : |
305, 3rd
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
21.06.1988 |
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Com. Reg. No.: |
55-32166 |
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Capital
Investment / Paid-up Capital : |
Rs.721.808
Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1988PLC032166 |
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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
Liability 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. |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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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 49000000 |
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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 an established and reputed company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. M G Khan |
|
Designation : |
Senior General Manager |
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Contact No.: |
91-120-4012345 |
|
Date : |
11.04.2012 |
LOCATIONS
|
Registered Office/Factory : |
305, 3rd
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
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Tel. No.: |
91-11-26440917 / 26440925 |
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Fax No.: |
91-11-26216922 |
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Email : |
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Website : |
www.uflexltd.com
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Location: |
Owned |
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Head Office : |
A-2, Sector – 60
Noida, District Gautam Budh Nagar – 201 307, |
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Tel. No.: |
91-120-3982371 / 3982121 / 4002121 / 4002118 / 4002322 / 4002371 |
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Fax No.: |
91-120-2584527 / 3982380 / 2580089 / 4002380 |
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E-mail : |
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Corporate Office 1 : |
110, 1ST
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
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Corporate Office 2 : |
A-107-108, Uflex
Sector-IV, Noida – 201 301, |
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Tel. No.: |
91-120-4012345 |
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Fax No.: |
91-120-2556040 |
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E-mail : |
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Film Division : |
A-1, Sector 60, District Gautam
Budh Nagar, Noida - 201 301, |
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Tel. No.: |
91-120-4002137/ 4002138/ 4002121/2580500/3982121 |
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Fax No.: |
91-120-2585992/ 25802511/ 2580003/
2580152/ 2580089/ 2582532/2580422/2580322 |
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Email : |
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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, |
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Plant 4: |
C-3, Sector – 57,
Phase – III, Noida, |
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Plant 5: |
C-5-8, Sector –
57, Phase III, Noida, |
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Plant 6: |
L-1, Industrial
Area, Ghirongi (Malanpur), District Bhind, |
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Factory 7 : |
Lane 3, Sidco Industrial Complex, |
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Branch Office
: |
Located At: ·
Mumbai
·
Kolkata
·
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Overseas
Office : |
Located At ·
UAE ·
·
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DIRECTORS
AS ON 31.03.2011
|
Name: |
Mr. Ashok
Chaturvedi |
|
Designation : |
Chairman and
Managing Director |
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Date of
Birth/Age: |
50 Years |
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Qualification
: |
B.Sc. |
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Date of
Appointment: |
01.08.1988 |
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Name : |
Mr. Ravi
Kathpalia |
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Designation : |
Director |
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Date of Birth: |
18.08.1937 |
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Qualification: |
M.A., M. Phill,
I.A.A.S |
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Date of
Appointment : |
22.03.2002 |
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Directorship
in other public limited companies : |
· Fair Field Atlas limited · Lord Chloro Alkali Limited · U Tech Developers limited · Dhir and Dhir ARC Limited |
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|
Name : |
Mr. R. P. Agrawal
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Designation: |
Director (Upto
27.09.2010) |
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Name : |
Mr. M.G. Gupta |
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Designation: |
Director |
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Name : |
Mr. A. Karati |
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Designation: |
Nominee – ICICI
Bank |
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|
Name : |
Mr. Javed Yunus |
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Designation: |
Nominee |
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Name : |
Mr. N. K. Duggal |
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Designation: |
(Nominee – IFCI) |
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Date of
Appointment: |
22.01.2011 |
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|
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|
Name : |
Mr. S.K Kaushik |
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Designation: |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Krishna |
|
Designation : |
Sr. Vice
President (Legal) and Company Secretary |
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|
Name : |
Mr.
Pramod |
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Designation : |
Executive
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
706588 |
1.06 |
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|
30680387 |
45.97 |
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(B) Public Shareholding |
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|
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|
303774 |
0.46 |
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|
11473 |
0.02 |
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|
7013845 |
10.51 |
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|
9518912 |
14.26 |
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|
11060832 |
16.57 |
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|
6404364 |
9.60 |
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|
531924 |
0.80 |
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|
767 |
-- |
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512780 |
0.77 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
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-- |
-- |
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|
5465840 |
-- |
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Total |
72211486 |
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
flexible packing materials of printed laminated of plastics and paper based
materials. |
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Products : |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Printed, Laminated, Metalised, Co-Extruded, Coated, Embossed and Plain Plastic Films |
MT |
149400** |
100263 |
|
Rotogravure Cylinder and
Shims |
Nos. |
54000 |
20321 |
|
Hologrammed Sticker Sheets |
Sheets in Lacs |
700 |
832 |
|
Packaging and Converting Machines and Structure and Fabricated Items |
Nos. |
1570# |
268 |
|
PET Chips |
MT |
72000 |
12168 |
|
Printing Ink |
MT |
12000 |
6864 |
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Adhesive |
MT |
9000 |
6187 |
Note:
1. * Figures have been certified by the Management, but not verified by the Auditors, being a technical matter.
2. ** Includes capacity of 5000 MT (Previous Year Same) licenced to third party.
3. *** Includes capacity of 12000 Nos. licenced to third party.
4. # Represent only for Packaging and Converting Machines.
5. Previous Year figures have been given in Italic.
6. The figures shown above are inclusive of job work done.
7. The closing stock excludes sales return / closing stock, having no realisable value / transferred to WIP.
8. Figures reported above are exclusive of Inter-unit transactions.
GENERAL INFORMATION
|
Customers : |
·
Perfetti ·
Bajaj ·
The
Gillette Company ·
Indian
Oil ·
ITC
Limited ·
Nestle ·
Ranbaxy
Laboratories Limited ·
Pillsbury ·
Coca-Cola ·
3M ·
Tata
Tea ·
Wockhardt
·
Britannia
·
Manufacturing
Company |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
·
Canara
Bank , ·
Bank
of ·
Punjab
National Bank , Noida, Utter ·
The
Jammu and Kashmir Bank Limited, ·
Allahabad
Bank ·
State
Bank of ·
Oriental
Bank of Commerce ·
Corporation
Bank |
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Facilities : |
NOTE: 1. Term Loans from Banks (Other than Loan from Allahabad Bank of Rs. 116.697 millions 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.) and c) by guarantee of Chairman and Managing Director of the Company. Term loan from Allahabad Bank of Rs. 116.697 millions 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 (U.P.) and c) by guarantee of Chairman and Managing Director of the Company. 2. 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. 3. 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. 4. These bonds are convertible into equity shares of the
Company, at the option of the bondholders, at any time at an exchange rate of
Rs. 44.44/$ and share price of Rs. 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 Rs. 144.70 as determined under rules
of SEBI. Up to the year end, Bonds aggregating to US $ 28.60 million were
converted into 79,11,486 equity shares and upto the year end Bonds
aggregating to US$ 47.00 million were bought back by the Company. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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|
Name : |
Vijay Sehgal and Company Chartered Accountants |
|
Address : |
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Internal Auditors : |
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|
Name : |
Jain Singhal and Associates |
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Address : |
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CAPITAL STRUCTURE
AS ON 30.06.2011
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.722.115
Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
19000000 |
Preferences Shares |
Rs.100/- each |
Rs.1900.000 Millions |
|
|
Total |
|
Rs.3400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
72180775 |
Equity Shares |
Rs.10/- each |
Rs.721.808
Millions |
Note:
a) 7,21,80,775 (Previous Year 6,50,06,646) Equity Shares include :-
(i) 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.
(ii) 37,46,830 (Previous Year NIL) Equity Shares allotted on conversion of 122 (Previous Year NIL) Number of Foreign Currency Convertible Bonds (FCCBs).
(iii) 35,00,000 (Previous Year NIL ) Equity Shares allotted on conversion of equivalent Numbers of Warrants.
b) During the year the Company has forfeited 72,701 Numbers of Equity Shares in pursuance of resolution passed by the Board of Directors in their meeting held on 15th July, 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
721.808 |
649.728 |
649.720 |
|
|
2] Share Warrants |
750.000 |
0.000 |
179.068 |
|
|
3] Reserves & Surplus |
10981.726 |
7270.877 |
6566.318 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12453.534 |
7920.605 |
7395.106 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9272.504 |
8048.726 |
6801.633 |
|
|
2] Unsecured Loans |
649.185 |
3045.263 |
4626.022 |
|
|
TOTAL BORROWING |
9921.689 |
11093.989 |
11427.655 |
|
|
DEFERRED TAX LIABILITIES |
1434.838 |
1351.838 |
903.438 |
|
|
|
|
|
|
|
|
TOTAL |
23810.061 |
20366.432 |
19726.199 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
10925.241 |
9980.896 |
9966.173 |
|
|
Capital work-in-progress |
761.759 |
39.197 |
215.258 |
|
|
|
|
|
|
|
|
INVESTMENT |
4929.658 |
4520.101 |
4461.706 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1722.294
|
953.927 |
995.322 |
|
|
Sundry Debtors |
4931.263
|
3625.206 |
2824.041 |
|
|
Cash & Bank Balances |
1024.451
|
1635.778 |
731.547 |
|
|
Other Current Assets |
25.898
|
84.412 |
19.244 |
|
|
Loans & Advances |
3521.559
|
3267.259 |
3530.579 |
|
Total
Current Assets |
11225.465
|
9566.582 |
8100.733 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1778.923
|
1544.016 |
1403.004 |
|
|
Other Current Liabilities |
1311.640
|
1567.428 |
1114.466 |
|
|
Provisions |
941.499
|
628.900 |
500.201 |
|
Total
Current Liabilities |
4032.062
|
3740.344 |
3017.671 |
|
|
Net Current Assets |
7193.403
|
5826.238 |
5083.062 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23810.061 |
20366.432 |
19726.199 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22378.643 |
15627.419 |
15202.250 |
|
|
|
Other Income |
1223.596 |
1138.534 |
1516.073 |
|
|
|
TOTAL (A) |
23602.239 |
16765.953 |
16718.323 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
11988.770 |
9113.311 |
8833.633 |
|
|
|
Other Manufacturing Expenses |
2250.908 |
1952.268 |
2088.321 |
|
|
|
Payments and
Benefits to Employees |
1275.990 |
1007.883 |
900.389 |
|
|
|
Administrative, Selling and Other Expenses |
2314.494 |
1561.998 |
2045.899 |
|
|
|
Expenses Allocated to Self Constructed Assets |
(237.240) |
(142.813) |
(67.944) |
|
|
|
Increase / (Decrease) in Finished Goods and Work-in-Progress |
(291.023) |
87.546 |
49.378 |
|
|
|
TOTAL (B) |
17301.899 |
13580.193 |
13849.676 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6300.340 |
3185.760 |
2868.647 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1348.805 |
1099.088 |
934.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4951.535 |
2086.672 |
1934.442 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
973.930 |
926.575 |
864.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3977.605 |
1160.097 |
1069.890 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1157.419 |
256.143 |
24.070 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2820.186 |
903.954 |
1045.820 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
541.586 |
324.670 |
260.026 |
|
|
|
Proposed Dividend Distribution Tax |
87.859 |
53.924 |
44.192 |
|
|
|
General Reserve |
282.500 |
100.000 |
104.600 |
|
|
|
Debenture Redemption Reserve |
0.000 |
16.394 |
198.490 |
|
|
BALANCE CARRIED
TO THE B/S |
1908.241 |
408.966 |
438.512 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5281.522 |
2908.161 |
3049.198 |
|
|
|
Design and Art Work Recovery |
23.201 |
13.617 |
9.108 |
|
|
|
Technical and Support Services |
548.139 |
210.435 |
201.966 |
|
|
|
Dividend |
0.000 |
134.223 |
288.818 |
|
|
|
Discount Received |
0.000 |
1.717 |
0.000 |
|
|
|
Misc. Income |
0.000 |
0.057 |
0.000 |
|
|
TOTAL EARNINGS |
5852.862 |
3268.210 |
3549.090 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2272.115 |
1413.027 |
1721.138 |
|
|
|
Stores and Spares |
1378.696 |
64.985 |
166.842 |
|
|
|
Capital Goods |
80.912 |
315.584 |
455.115 |
|
|
|
Material-in-Transit-Raw Material |
44.329 |
16.222 |
44.211 |
|
|
|
Material-in-Transit-Capital Goods/Spare Parts |
5.223 |
4.897 |
0.000 |
|
|
TOTAL IMPORTS |
3781.275 |
1814.715 |
2387.306 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
41.61 |
13.19 |
16.09 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
7898.200 |
7499.700 |
7811.700 |
|
Total Expenditure |
6856.100 |
6541.900 |
6843.300 |
|
PBIDT (Excl
OI) |
1042.100 |
957.800 |
968.400 |
|
Other Income |
80.100 |
84.200 |
65.000 |
|
Operating
Profit |
1122.200 |
1042.000 |
1033.400 |
|
Interest |
373.200 |
351.000 |
424.700 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
749.000 |
691.000 |
608.700 |
|
Depreciation |
282.500 |
283.300 |
376.500 |
|
Profit
Before Tax |
466.500 |
407.700 |
232.200 |
|
Tax |
135.500 |
26.600 |
51.100 |
|
Reported PAT |
331.000 |
381.100 |
181.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
331.100 |
381.100 |
181.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.95
|
5.39 |
6.26
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.77
|
7.42 |
7.04
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.96
|
5.93 |
5.92
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.15 |
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
1.87 |
1.95
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78
|
2.55 |
2.68
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
|
|
1. |
Year of Establishment |
Yes |
|
2. |
Locality of the firm |
Yes |
|
3. |
Constitutions of the firm |
Yes |
|
4. |
Premises details |
Yes |
|
5. |
Type of Business |
Yes |
|
6. |
Line of Business |
Yes |
|
7. |
Promoter’s background |
Yes |
|
8. |
No. of employees |
Yes |
|
9. |
Name of person contacted |
Yes |
|
10. |
Designation of contact person |
Yes |
|
11. |
Turnover of firm for last three years |
Yes |
|
12. |
Profitability for last three years |
Yes |
|
13. |
Reasons for variations <> 20% |
No |
|
14. |
Estimation for coming financial year |
No |
|
15. |
Capital in the business |
Yes |
|
16. |
Details of sister concerns |
No |
|
17. |
Major Suppliers |
No |
|
18. |
Major Customers |
Yes |
|
19. |
Payment terms |
Yes |
|
20. |
Export / Import details (is applicable) |
Yes |
|
21. |
Market information |
-- |
|
22. |
Litigation that the firm / promoter involved
in |
-- |
|
23. |
Banking Details |
Yes |
|
24. |
Banking facility details |
Yes |
|
25. |
Conduct of the banking account |
-- |
|
26. |
Buyer visit details |
-- |
|
27. |
Financials, if provided |
Yes |
|
28. |
Incorporation details, if applicable |
Yes |
|
29. |
Last accounts filed at ROC |
Yes |
|
30. |
Major Shareholders, is available |
Yes |
YEAR IN RETROSPECT
During the year, The Company achieved a net turnover of Rs.23602.200
millions including other income and operating income of Rs.1223.600 millions as against net turnover of Rs.167660
millions including other income and operating income of Rs.1138.500 millions of the previous financial year ended 31st
March, 2010. The profit after tax for the year ended 31st March,
2011 at Rs.2817.900 millions was higher than the previous financial year ended March,
2010 at Rs.8906 millions.
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.
Industry Structure
and Developments
Flexible Packaging is the latest evolution of packaging media world wide
for packing diversed range of products. It has evolved over a period of time
over Rigid packaging such as Metal Cans, Glass Containers, Paper Board Cartons,
Rigid Plastic Containers. Flexible Packaging has all the merits of providing
barrier properties that is essentially required for any product packing whereas
it has better merits over rigid packaging in terms of providing better
aesthetics i.e. colourful printing and
design, functional convenience in handling and transportation, cost effectiveness,
ecofriendly and Brand protection from counterfeiting etc. World wide, flexible
packaging sector is estimated to be around USD 160 billion and growing at a
rate of 7 - 7.5% annually. The biggest markets for flexible packaging is North
America and
Many of the International Companies are not able to sustain competition
from Asian Countries particularly from
As far as
Historically, the Indian supply chain has been selling goods mostly in
loose form or in conventional packing of paper bags /wrap etc. Very small
fraction of the retail consumption of goods are sold as packaged goods.
In a developing Country like
In order to achieve all these features and continue to meet the
challenged needs of the customers, the packaging
companies have been very vibrant and innovative in their approach. They
have been continuously focusing on deployment of newer innovative and state of
the art technologies and equipments, innovation in the use of raw materials and
development of products and attainment of operational excellence for
productivity and efficiency
improvements. The innovation will benefit the customers to improve the shelf
life of their products in the market place due to better barrier properties
provided by the packaging products, enjoy better convenience in handling and
transportation of goods, be more cost effective so that it could have
competitive edge over others, protect the counterfeiting of the goods from the
spurious vendors and contain the loss of market share and reputation and carry
on their business with greater social and environmental responsibility by way
of using eco-friendly packaging products for selling their goods in the market.
Due to high growth potential of flexible packaging industry both in India
and overseas, the growth potential for
all other related activities such as raw materials of all kinds of plastic
films, inks and adhesives and other
inputs such as rotogravure cylinders, shims etc. and even the processing and
packaging equipments have greatly increased. The demand for all these
intermediary products have also been growing at a very high rate.
Business Review
Plastic Film
Business
The main products of this business are Polyester Films, OPP Films,
Metalized and Specialty 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 products that have rapidly penetrated into high
barrier sensitive packaging segment across the World. The Company’s BOPP films
are highly cost effective and functionally efficient product that has made
swift headways into the higher barrier sensitive packaging segment across the
World. It is primarily being used for applications in packaging food products such
as 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 Company produces BOPP film from its Indian plant which largely caters to
the captive and domestic market and
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. Presently CPP film is produced only from Indian plant and caters
to captive and Indian market. The CPP
plant in
The Company’s BOPET film is one of the main 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. BOPET film is produced
from Indian plants and from
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 Rand 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 Specialty Chips at Company’s Wholly Owned Subsidiary Companies Flex
Middle East,
Some of the recent innovations done by Subject in the plastic film
segment are Green PET Film, PET Film, Direct Embossable PET Film, Antistatic
Twistable PET Film, Special Heat-sealable PET Film, Liquid Packaging PET Film,
Extrusion coatable BOPP Film, Retortable CPP Film. The plastic film business of
the Company is a major contributor to the consolidated revenue of about 65%.
During the year under review, the Company had achieved extraordinary
performance in its plastic film business mainly due to the rally in prices and
the margin of PET film, while this rally would be short lived, but the Company
expects to achieve sustainable profits from this business.
Flexible Packaging
Business
The main products of this business are laminates made of various
combinations of Polyester, BOPP, poly, metalized and hologram films and others
in roll form and in various preformed pouches, 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, 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 services has led to significant growth in sales
and making it a major supplier of packaging materials for various multinational
corporations in the FMCG sector.
Some of the recent innovations done by the Company in packaging products
segment are Slider Zipper with diaphragm, 3D Bags, WPP Bags, Eco-friendly flexi
tube for cosmetic and paste, Spot
hologram products, Non-plastic laminates for mouth freshener industry. In many
of these cases, Subject has been accredited with National and International
awards.
The value added flexible packaging business of the Company has been
progressively gaining larger share in the total revenue of the Company and
increased to about 35% of the total consolidated revenue 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 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, Conagra, Cargill 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. The Company caters to its
domestic and overseas customers from its plants in
Printing Cylinder – The Company has
world class and state-of-the-art expertise and facilities integrated with best
software to produce good quality cylinders. The quality of the cylinders is
well accepted in
During the year the Company has bought special software for making
specialised Cylinders up to 2.2 mtrs. The same can be used for vinyl flooring,
wood grains, Textile and various other specialised purposes. Zero discharge
system with effluent treatment plant was installed to stop draining of waste
chemical(s) after treatment. The Company has also developed in-house Copper
Adetitive for copper plating, which was purchased from out side
Flexo Plate - Flexo graphic printing is alternate to
Gravure printing for short and medium run jobs and the turn-around time in
preparing plate for printing is lesser. In Flexography, Polymer plates are used
as Image carrier. These polymer plates carry energy sensitive dye-based coating
which is ablated by (Flexo Laser) Imager on the basis of digital data from
prepress. Then these plates are exposed through UV Light. In this process UV
light passes through ablated dye surface and polymerizes the plate. Further to
this process, the plate is developed in solvent bath, in which the non-polymerized
polymer washes out (non-printing area) and where ever polymerized that area
becomes harden and raises the surface (printing area). Then the developed plate
gets ready for printing.
Flexo proof press (Wet Proof) - This is capable of
proofing on actual substrate with actual ink and plates. This is the first time
in
Digital Plate Cutting Table - This equipment can
cut Flexo Plates either straight or Staggered to the finished size, when
mounted on plate sleeve the joining will be more precise. This can cut Flexo
plates as well as paper board and Rubber Blanket.
Solvent Recovery Plant - Recycling of used
solvent can be recovered by 90% by this Equipment and same can be reused in the
washout process, moreover the waste of this process can also be used as fuel
for their incinator, furnace etc.
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.
The Company also manufactures customized need based packaging and
processing machines. The ongoing process of innovation and introduction of
machines through its in-house Rand 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.
Financial and
Operational Performance – Overview
The summarized
financial results are given hereunder:
|
Particular |
As
on 31.03.2011 (Rs.
in Millions) |
As
on 31.03.2010 (Rs.
in Millions) |
|
Net Sales including Other Income and Operating Income |
23602.200 |
16766.000 |
|
EBITDA |
6300.300 |
3185.800 |
|
Profit Before tax and Exceptional Items |
3977.600 |
1160.100 |
|
Profit After Tax |
2817.900 |
890.600 |
|
Amount available for Appropriation |
2820.200 |
904.000 |
In fiscal 2011, the Company attained largest profit growth in its history.
The plastic film business of the Company substantially improved its bottom line
even in the face of highly competitive circumstances. The above growth and
profitability was achieved due to consumer demand for quality products and
best-in class manufacturing achievements at all their plants and untiring
efforts of its employees.
Expansion Projects
The Company’s following expansion plans are in progress and the status
of the same are narrated below:
Project at
The Company is setting up flexible packaging and its other intermediary
products production capacity in Baribrahmana,
Flexible packaging laminates - 20,000 TPA Holographic plastic films -
7,200 TPA Printing inks - 6,000 TPA
Adhesives - 3,000 TPA Printing cylinders - 15,000 Nos.
Project at
Flex P. Films (Egypt) SAE, 100% subsidiary of Flex Middle East FZE,
Dubai is undertaking expansions of its facilities in Egypt to produce 30000 TPA
of PET film and 12000 TPA of CPP
film with a total capital outlay of
around US$ 80 million. This project of BOPET film line (30000 TPA) and CPP film line (12000
TPA) is under implementation and is proposed to be completed by the last
quarter of financial year 2012.
Project at
Flex Americas S.A. de C.V., 100% subsidiary of the Company, after
successful commissioning of Phase 1 project of BOPET film line with 30000 TPA
capacity that commenced operation from April 2009, is now in process of
implementing the Phase-2 project, which shall add one BOPET film line with
capacity of 30000 TPA. On completion of 2nd phase, which is expected to
commence around July – August, 2011. With this, the Company shall have a total
BOPET film capacity of 60000 TPA at
New project at
Flex Films Europa Sp Z o.o. set up as a 100% subsidiary of Flex Middle
East FZE,
Land admeasuring about 6.6107 hectare has been acquired in WSEZ ‘Invest
Park Zone’. The site is fully developed and requisite infrastructures are fully
available. Finalization process for civil contractor is in progress and
expected to be completed shortly. Order for main film processing line has been placed with world
renowned supplier, viz.
Project at
The Company has decided to take a major step forward in their global
manufacturing programme by announcing its decision to set up a large new
The MOU for this new venture was signed in New Delhi on the 10th of
April, 2011 by Mr. Larry M. Hayes, the Secretary of the Cabinet for Economic
Development, Commonwealth of Kentucky and Mr. Pradeep Tyle, CEO of their Global
Films Business in the presence of H.E. Steven L. Beshear, the Honourable
Governor of Kentucky and their Chairman Mr. Ashok Chaturvedi. In order to
maintain the pace of growth in future, besides above, the Company is also
exploring various other options and opportunities for acquisition/new
projects/expansions in its core business in
Future Outlook
The flexible packaging industry continues to show steady and positive
growth. Despite past and current and financial challenges, the industry has found
new ways to stimulate revenue and volume, which has been aided by the
development of new and innovative flexible packaging products or a variety of
markets.
On account of high barrier properties of flexible packaging, the demand
is always growing and the push to make them more widely available and utilized.
A recent application of “food-grade flavor molecules” added to polymer
structure has resulted in the development of a film that releases odors/aromas
on the inside or outside of a package. The flexible packaging industry has been
the center of revolutionary developments and innovations, both of which will
not cease anytime soon.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2011 (Rs. in Millions) |
31.03.2010 (Rs. in Millions) |
|
Guarantees issued by Banks |
75.332 |
20.141 |
|
Corporate Gurantee issued for facilities taken by subsidiary / step down subsidiaries from Banks |
9728.600 |
8856.500 |
|
Import duty obligations on outstanding export commitment under Advance Licence / EPCG Schemes |
477.586 |
203.233 |
|
Letters of Credit (Unexpired) issued by Banks (Net of Margin) |
252.417 |
206.054 |
|
Show cause notice / demands of Excise Authorities not acknowledged by the Company and are contested / appealed / replied. |
518.356 |
542.602 |
|
Additional demands raised by the Income Tax Department, which are under rectifi cation and appeal |
29.504 |
3.882 |
|
Additional demands raised by the Sales Tax Department, which are under rectifi cation and appeal |
32.493 |
53.859 |
|
Demand raised by PF authority for alleged lower contribution of PF and are under appeal |
2.072 |
2.072 |
|
Amount demanded by the erstwhile workers of the Company and are pending in labour Court |
1.220 |
4.502 |
|
Premium on Redemption on maturity of outstanding Foreign Currency Convertible Bonds* |
91.484 |
214.142 |
|
Total |
11209.064 |
10106.987 |
Note: * The holders of FCCBs are expected to opt for the conversion rather than redemption and in that case no premium would be payable by the Company. On this basis the amount of premium has not been provided and is shown as contingent liability. However the premium, if liable to be paid would be adjusted against the available Securities Premium Account/ charged to Profit and Loss account at the time of redemption.
FIXED ASSETS
A) Tangible Assets
·
·
· Buildings
· Plant and Machinery
· Electrical Installations
· Office Equipments
· Furniture and Fixtures
· Vehicles
B) Intangible Assets
· Software
UNAUDITED
FINANCIAL RESULT FOR THE QUARTER ENDED 30.06.2011
Rs.
in Millions
|
Particular |
Quarter Ended |
|
|
30.06.2011 |
|
|
|
|
Net Sales
/ Income from operations |
7714.600 |
|
Other
Operating Income |
183.600 |
|
Total
Income |
7898.200 |
|
Expenditure |
|
|
(Increase)
/ Decrease in stock in trade and work in progress |
(114.200) |
|
Consumption
of raw materials |
4870.600 |
|
Purchase
of traded goods |
493.700 |
|
Power
and fuel |
324.300 |
|
Employees
cost |
331.600 |
|
Depreciation |
282.500 |
|
f)
Other expenditure |
950.100 |
|
Total |
7138.600 |
|
Profit
from operations before other income, interest and exceptional Items |
759.600 |
|
Other
income |
80.100 |
|
Profit
before interest and exceptional Items |
839.700 |
|
Interest |
373.200 |
|
Profit after Interest but
before Exceptional Items |
466.500 |
|
Exceptional
Items |
-- |
|
Profit (+)/Loss(-) from Oridinary
Activities before tax |
466.500 |
|
Tax
expense |
135.500 |
|
Net Profit (+)/Loss(-) from
Ordinary Activities after tax |
331.000 |
|
Extraordinary items |
-- |
|
Net
Profit (+) / Loss (-) for the year period |
331.000 |
|
Paid up
equity share capital (Face value of Rs.10/- per share) |
722.100 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
|
Earning
per share (EPS) |
|
|
(a) Basic and diluted
EPS before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
4.59 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
3.93 |
|
Public
shareholding |
|
|
Number of shares |
40774727 |
|
Percentage of shareholding |
56.47 |
|
Promoters
and Promoters group Shareholding- |
|
|
a)
Pledged /Encumbered |
|
|
Number
of shares |
23750000 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
75.55 |
|
Percentage
of shares (as a % of total share capital of the company) |
32.89 |
|
b)
Non Encumbered |
|
|
Number
of shares |
7686759 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
24.45 |
|
Percentage
of shares (as a % of total share capital of the company) |
10.64 |
WEBSITE DETAILS:
BUSINESS DESCRIPTION
Subject is an India-based company engaged in the manufacturing of polyester, poly-ethylene terephthalate, plastic and metalized films and trading in these, as well as printing equipment and instruments. The main products of the Company include polyester films, oriented poly propylene (OPP) films, metalized and specialized films, and polyester chips of different grades. The Company’s OPP films comprise bi-axially oriented poly propylene (BOPP) and cast polypropylene (CPP) films. Its flexible packaging products include laminates made with various combinations of polyester, BOPP, poly, metalized and hologram films and others supplied in roll form. The Company has manufacturing facilities of packaging and processing machines. Its subsidiaries include U Tech Developers Limited and Flex America Inc. For the nine months ended 31 December 2010, Subject's revenue increased 50% to RS25.73B. Net income from continuing operations totaled RS5.15B, up from RS1.44M. Revenues reflect an increase in income from operations and higher other operating income. Net income also reflects a significant gross profit for the period. Subject is engaged in developing and marketing flexible plastic materials.
INTRODUCTION
Subject - Coverting Division engaged in the business of Packaging and
Converting Machines, established in Noida (adjacent to the national capital,
PRESS RELEASES:
August 25--NORTH KINGSTOWN -- Toray Plastics (
Toray President and CEO Richard R. Schloesser said the expansion involves new machinery that will add value to the company's products. He said the jobs will be technician positions with annual salaries in the $50,000 range.
Toray currently has about 600 employees at its Quonset Point facility.
On Monday, the state Economic Development Corporation approved $1 million in renewable energy grants to help Toray pay for the installation of 1,650 solar panels at its Quonset Point facility.
Schloesser said energy costs are a huge concern for Toray,
the largest consumer of electricity in
Schloesser said the $11.5 million is the initial phase of what could be a far larger expansion totaling $200 million and 200 new jobs over the next five to seven years. Schloesser said no decision has been made on any additional expansion.
He said Toray is considering several factors in that
decision, including worldwide demand for its products, and whether
In an interview Wednesday, Schloesser said the company had no timetable in place for the decision. The company, a subsidiary of Japan-based Toray Industries, makes polyester and polypropolene polypropylene film used in magnetic tape, food packaging, capacitor and industrial markets. Frito-Lay is their biggest customer. "For us to go ahead [with expansion], the world market needs to grow, which it hasn't been doing," Schloesser said.
Production costs are another key factor. Schloesser said two
competitors based in
"We need to be cost-competitive," Schloesser said.
If Toray decides to go ahead with the expansion, he said the company will
review all the programs that would be available through the state EDC that
could help Toray lower costs. Governor Chafee and
Plastics News: 01 August 2011
The biaxially oriented PET thin-film shortage of 2010 has
turned into the glut of 2011 -- thanks in part to 29 judges in
"Roughly a third of the Indian market disappeared
overnight," Simon King, managing director of PCI Films Consulting Ltd. of
While Indian film manufacturers are trying to circumvent the ban by appealing to domestic tobacco companies to sell the product in pouches larger than the sachets covered by the law, plastics firms found a short-term solution in offering excess PET film to the world marketplace at low cost, he said.
King characterized the Indians' business acumen as
"brilliant," but the global auctions hurt margins up and down the
"It's been a very devastating situation to anyone, financially, involved in the distribution of thin-gauge polyester film," he said. Felinski, whose Bolingbrook, Ill.-based firm supplies Questar-brand PET film, said "panic buying" of packaging-grade film in the summer and fall of 2010 occurred because buyers were caught short when thin-film capacity in the states was cut back in favor of thicker films, such as those used in LED lighting, photovoltaic cells and liquid-crystal-display screens, all high-value-added applications.
Experts predict traditional-volume film producers with
Even with higher labor costs and raw materials prices
factored in, companies such as Uflex Limited and Polyplex -- both based in
Polyplex recently announced plans for a $185 million campus
in
Uflex has said it will build a $180 million plant in
"They've struggled to do any business in that very
large [
"I'm guessing it's a transportation play. There's
always the concern about [location]; even though its [other plant is] in
Dennis Moxley, business manager for Polyplex Americas Inc.
of
BP Chemical Limited and Indorama Public Ventures Company
Limited have facilities in and around
Market watchers agreed that established
While Felinski said the Indians saw an opportunity to beat
their
As Indian firms seek to expand
For all practical purposes,
King said that could change, as younger Chinese executives
trained in the
For the next five years, PET thin-film capacity should be
more than enough to meet demand, thanks to new plants being built in North
America, Eastern Europe, the Middle East and
During that period, capacity increases of 3.3 billion pounds will more than meet the expected demand of 2.2 billion pounds, according to the research.
NEW DELHI, July 13 Asia Pulse - Poland on Monday invited investments from India in different sectors like petroleum, electronics and transportation to boost bilateral trade and investment between the nations. Visiting Poland Foreign Affairs Minister Radoslaw Sikorshi said that the Polish government is in the process of privatising state - owned companies across many sectors.
"We invite Indian companies to invest in
During 2010-11, Indian businessmen invested US$2.2 billion in
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.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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.