MIRA
INFORM REPORT
|
Report Date : |
07.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
COSMO FILMS LIMITED |
|
|
|
|
Registered Office : |
1008, DLF Tower- A, Jasola District Centre, New Delhi-110025 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
07.10.1976 |
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Com. Reg. No.: |
55-008355 |
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Capital Investment / Paid-up Capital : |
Rs. 194.400 Millions |
|
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CIN No.: [Company
Identification No.] |
L92114DL1976PLC008355 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKC01059C |
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Legal Form : |
A Public Limited Liability Company. Company's Shares are Listed on the
Stocks Exchange. |
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Line of Business : |
Manufacturing and marketing Biaxiall Oriented Polypropylene Film and
Synthetic Paper. |
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|
|
|
No. of Employees
: |
703 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 14330000 |
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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 company engaged in the business of
manufacturing and marketing Biaxiall Oriented Polypropylene Film and
Synthetic Paper. Financial position of the company appears to be sound. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
A- (Long Term Rating) |
|
Rating Explanation |
Low default risk, financial commitment is considered strong |
|
Date |
05.04.2012 |
|
Rating Agency Name |
FITCH |
|
Rating |
A1 (Short Term Rating) |
|
Rating Explanation |
Financial commitments is good and strong |
|
Date |
05.04.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Corporate Office : |
1008, DLF tower- A, Jasola District Centre, New Delhi-110025, India |
|
Tel. No.: |
91-11-49494949 |
|
Fax No.: |
91-11-49494950 |
|
E-Mail : |
ashok@dl.cosmo.sprintsmx.ems.vsnl.net.in mm.rao@gndel-cfldel.global.net.in skmittal@gndel-cfldel.global.net.in
secretary@cosmofilms.com
|
|
Website : |
|
|
|
|
|
Factory 1 : |
J-4, MIDC
Industrial Area, Chikalthana, |
|
Tel. No.: |
91-240-2485894 |
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Factory 2 : |
B-14/8-9, MIDC
Industrial Area, Waluj, |
|
Tel. No.: |
91-240-2554612 /
13 / 14 / 2554611 |
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Fax No.: |
91-240-2554416 /
2556275 |
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E-Mail : |
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Factory 3 |
B – 21, MIDC Industrial Area, |
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Tel No.: |
91-240-2551888/ 2553353/ 54 |
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Factory 4 : |
Vermardi Road,
Village Navi Jihardi, Near Inox, Off. N. H. Road, Taluka-Karjan,
Vadodara-391240, |
|
Tel. No.: |
91-2666-232960/231635
/ 231097 |
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Fax No.: |
91-2666-232961 |
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E-Mail : |
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Factory 5 : |
Plot No. 359-B, |
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Tel. No.: |
91-2676-247021/247128 |
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Fax No.: |
91-2676-247041 |
|
|
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Factory 6 : |
Mercuriusstraat
9, 6468 ES |
|
Tel. No.: |
31 45
535 7676 |
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Fax No.: |
31 45
535 7878 |
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|
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Factory 7 : |
560,
Western Maryland Parkway, Hagerstown, Maryland 21740 |
|
Tel. No.: |
+302-3287780
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|
Fax No.: |
+302-5311831 |
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Factory 8 : |
811, Sineon-RI, Dogo-Myeon, Asan-SI, Choongnam-336-914 South Korea |
|
Tel. No.: |
+82-41-531-1830 |
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Fax No.: |
+82-41-531-1831 |
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State Office : |
Located at:
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Branch Office
: |
Located at:
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DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Ashok Jaipuria |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Degree in Associates of Arts in Business Administration & Diploma
in Marketing Science |
|
Date of Appointment : |
02.04.1980 |
|
|
|
|
Name : |
Mr. Anil Kumar Jain |
|
Designation : |
Whole Time Director |
|
Date of Birth : |
18.03.1951 |
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Date of Appointment : |
24.05.2011 |
|
Qualification : |
B.Com. (H), A.I.C.W.A., CISA |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. H K Agarwal |
|
Designation : |
Independent Director |
|
Date of Birth : |
11.10.1947 |
|
Date of Appointment : |
13.01.2000 |
|
Qualification : |
Bachelor of Engineering, PG Diploma in Business Administration, IIM, Ahmedabad |
|
|
|
|
Name : |
Dr. Surinder Kapur |
|
Designation : |
Independent Director |
|
Qualification : |
Ph.D. in Mechanical Engineering |
|
Other Directorship : |
Chairman of Sona Koyo Steering Systems |
|
|
|
|
Name : |
Mr. Rajeev Gupta |
|
Designation : |
Independent Director |
|
Qualification : |
B E and MBA |
|
|
|
|
Name : |
Mr. Badri Agarwal |
|
Designation : |
Director |
|
Qualification : |
Chartered Accountant |
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|
|
|
Name : |
Mr. R Vasudevan |
|
Designation : |
Independent Director |
|
Qualification : |
B.A. (Hons) Economics, M.A. (Economics and Statistics), MPA (Development
Economics) |
|
|
|
|
Name : |
Mr. Suresh Rajpal |
|
Designation : |
Independent Director |
|
Date of Birth : |
17.08.1943 |
|
Date of Appointment ; |
28.05.2010 |
|
Qualification : |
BE (Electrical) MBA |
|
Other
Directorship : |
|
|
|
|
|
Name : |
Dr. S Rama Iyer |
|
Designation : |
Independent Director |
|
Qualification : |
Chemical Engineer, M.Tech, (IIT-Bombay) M.B.A |
KEY EXECUTIVES
|
Name : |
Mr. Pankaj Poddar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. A G Deshpande |
|
Designation : |
Vice President – Business Development |
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|
Name : |
Mr. Janardhan Gupta |
|
Designation : |
Vice President- Global Logistic |
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|
Name : |
Mr. Tanuj Agarwal |
|
Designation : |
Vice President- Corporate Planning
|
|
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|
Name : |
|
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Designation : |
General Manager – Manufacturing |
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|
Name : |
Mr. A.K. Pathak |
|
Designation : |
General Manager – Manufacturing |
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|
Name : |
Dr. Asim Khamrai |
|
Designation : |
General Manager – Research and Development |
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|
Name : |
Mr. N.R. More |
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Designation : |
General Manager – Maintenance |
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Name : |
Mr. R.K. Gupta |
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Designation : |
General Manager – Finance and Accounts |
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|
Name : |
Mr. Sanjay Chincholikar |
|
Designation : |
General Manager – Marketing (Domestic) |
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|
Name : |
Mr. S. K. Dutta |
|
Designation : |
General Manager- Manufacturing |
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|
Name : |
Mr. Rajeev Joshi |
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Designation : |
Head – HR |
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|
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|
Name : |
Mr. Jagdip Kumar |
|
Designation : |
Assistant General Manager – Information Technology |
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|
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|
Name : |
Mr. Shailesh Verma |
|
Designation : |
Head Information Market Development |
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|
Name : |
Ms. Neetu Sharma |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
1,341,081 |
6.9 |
|
Bodies Corporate |
7,219,258 |
37.14 |
|
Sub Total |
8,560,339 |
44.03 |
|
(2) Foreign |
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8,560,339 |
44.03 |
|
|
|
|
|
(1) Institutions |
|
|
|
Mutual Funds / UTI |
2,380 |
0.01 |
|
|
4,300 |
0.02 |
|
Foreign Institutional Investors |
22,950 |
0.12 |
|
Sub Total |
29,630 |
0.15 |
|
(2) Non-Institutions |
|
|
|
|
1,257,888 |
6.47 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
6,399,449 |
32.92 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
1,831,486 |
9.42 |
|
Any Others (Specify) |
1,361,284 |
7 |
|
Non Resident Indians |
1,355,784 |
6.97 |
|
|
5,500 |
0.03 |
|
Sub Total |
10,850,107 |
55.81 |
|
Total Public shareholding (B) |
10,879,737 |
55.97 |
|
Total (A)+(B) |
19,440,076 |
100 |
|
|
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
|
- |
- |
|
Sub Total |
- |
- |
|
Total (A)+(B)+(C) |
19,440,076 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing Biaxiall Oriented Polypropylene Film and
Synthetic Paper. |
||||||
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Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Biaxially
Oriented Polypropylene Film and Synthetic Paper |
MT |
122200 |
87787 |
GENERAL INFORMATION
|
No. of Employees : |
703
(Approximately) |
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Bankers : |
·
Landesbank Baden- Wurttemberg ·
IDBI Bank Limited ·
ICICI Bank Limited ·
HSBC Bank Plc ·
Export Import Bank of India ·
Union Bank of India ·
State Bank of India ·
ING Vysya Bank Limited ·
HDFC Bank Limited ·
Yes Bank Limited ·
Kotak Mahindra Bank Limited ·
International Finance Corporation |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Walker Chandlok and Company Chartered Accountant |
|
Address : |
India |
|
|
|
|
Subsidiaries : |
·
CF Global Holdings Limited, Mauritius ·
Cosmo Films Inc., USA ·
CF (Netherlands) Holdings Limited BV.,
Netherlands ·
Cosmo Films (Singapore) Pte. Limited, Singapore ·
Cosmo Films Hwa Seung Co. Limited, Korea (ceased to
be fellow subsidiary w.e.f. 31 December 2011) ·
Cosmo Films Korea Limited, Korea |
|
|
|
|
Enterprises over which Key managerial personnel of the Company and
their relatives have significant influence : |
·
Pravasi Enterprises Limited ·
Sunrise Manufacturing Company Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19440076 |
Equity Shares |
Rs.10/- each |
Rs. 194.400
Millions |
|
|
|
|
|
NOTES:
(i)
Of the above 242,051 shares have been alloted to erstwhile
shareholders of Gujarat Propack Limited on amalgamation.
(ii) 8,486,705 shares
have been allotted as fully paid bonus shares by capitalization of capital
reserves and share premium account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
194.400 |
194.400 |
194.400 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3388.300 |
3123.800 |
2722.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3582.700 |
3318.200 |
2916.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2919.000 |
2692.000 |
2529.900 |
|
|
2] Unsecured Loans |
100.100 |
123.100 |
119.600 |
|
|
TOTAL BORROWING |
3019.100 |
2815.100 |
2649.500 |
|
|
DEFERRED TAX LIABILITIES |
660.500 |
647.500 |
667.800 |
|
|
|
|
|
|
|
|
TOTAL |
7262.300 |
6780.800 |
6234.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3730.700 |
3628.100 |
3742.200 |
|
|
Capital work-in-progress |
38.000 |
77.700 |
19.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
1209.900 |
547.900 |
512.600 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
967.100
|
803.700
|
679.300
|
|
|
Sundry Debtors |
1049.900
|
1782.200
|
1309.600
|
|
|
Cash & Bank Balances |
389.600
|
468.100
|
241.600
|
|
|
Other Current Assets |
7.600
|
11.800
|
0.000
|
|
|
Loans & Advances |
996.100
|
508.300
|
378.000
|
|
Total
Current Assets |
3410.300
|
3574.100 |
2608.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
987.900
|
913.100
|
169.500
|
|
|
Other Current Liabilities |
|
|
346.500
|
|
|
Provisions |
138.700
|
133.900
|
132.300
|
|
Total
Current Liabilities |
1126.600
|
1047.000 |
648.300 |
|
|
Net Current Assets |
2283.700
|
2527.100
|
1960.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7262.300 |
6780.800 |
6234.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9230.500 |
9416.600 |
7488.500 |
|
|
|
Other Income |
11.700 |
68.400 |
72.300 |
|
|
|
TOTAL (A) |
9242.200 |
9485.000 |
7560.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
6140.200 |
6091.500 |
6518.300 |
|
|
|
Purchases of Traded Goods |
0.000 |
1.100 |
0.300 |
|
|
|
Employees Benefits Expenses |
528.100 |
474.900 |
-- |
|
|
|
Other Expenses |
1782.000 |
1815.000 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
(218.400) |
(1.200) |
(20.200) |
|
|
|
Exceptional Items |
(69.000) |
(51.000) |
-- |
|
|
|
TOTAL (B) |
8162.900 |
8330.300 |
6498.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1079.300 |
1154.700 |
1062.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
225.000 |
194.800 |
150.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
854.300 |
959.900 |
912.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
301.500 |
283.000 |
289.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
552.800 |
676.900 |
623.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
97.100 |
161.700 |
164.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
455.700 |
515.200 |
458.200 |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEM |
NA |
NA |
(12.200) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
INCLUDING EXTRA-ORDINARY ITEM |
NA |
NA |
446.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
NA |
NA |
97.200 |
|
|
|
Corporate Tax on Dividend |
NA |
NA |
16.100 |
|
|
|
Transfer to General Reserve –II |
NA |
NA |
0.000 |
|
|
|
Transfer to General Reserve |
NA |
NA |
332.700 |
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
4182.200 |
4628.600 |
3346.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1593.100 |
1716.000 |
1344.600 |
|
|
|
Stores & Spares |
32.200 |
72.600 |
62.000 |
|
|
|
Capital Goods |
33.900 |
93.900 |
2.000 |
|
|
TOTAL IMPORTS |
1659.200 |
1882.500 |
1408.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.44 |
26.50 |
23.57 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.93
|
5.43 |
6.06
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.99
|
7.19 |
8.32
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.74
|
9.40 |
9.81
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.20 |
0.21
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
1.36 |
1.13
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.03
|
3.41 |
4.02
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations 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, if
available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
BACKGROUND AND
NATURE OF OPERATIONS
Subject
manufacturers of Bi-axially Oriented Polypropylene Films (BOPP) was
incorporated in India in 1981, under the Companies Act 1956. The Company is
engaged in the production of packaging films. Companies product majorly
comprises of BOPP Films and Thermal Films. This product has its different
varieties based on the specific micron. In India, the Company is currently
working at Aurangabad in Maharashtra and at Karjan in Gujrat. It also has its
subsidiaries working in different countries.
OPERATIONS
On year to year
basis net sales has declined by 2.03% (standalone) and by 0.43% (consolidated)
mainly due to global slowdown. Expansion of new BOPP line of 40,000 MT per
annum is as per schedule and will be commissioned by March 2013.
EXPORTS
Cosmo continues to
maintain its position of largest BOPP film exporter from India. Exports were
declined marginally from Rs. 4628.600 Millions in 2010-11 to Rs. 4182.200
Millions in 2011-12.
MANAGEMENT DISCUSSION AND ANALYSIS
The Company is
expanding its capacity by adding a new BOPP Line of 40,000 MT at Shendra SEZ,
in Aurangabad and is expected to be commissioned by March, 2013 for which the
order on equipment supplier have already been placed.
With the
acquisition of GBC's Commercial Print Finishing business, the Company has
become the largest producer of thermal films in the world. Presently, the
Company has manufacturing facilities in India, Korea, Netherlands and USA. It
also has sales and distribution set-ups across all the continents of the world.
The capacity remained under utilized due to low demand in Europe & USA.
OPERATIONAL AND FINANCIAL PERFORMANCE
The details of the
financial performance are appearing in the financial statements appearing
separately in the financial statements. For highlights, please refer to the
Directors' Report and key ratios mentioned elsewhere in the Annual Report.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The company has
proper and adequate systems of internal control in order to ensure that assets
are safeguarded and transactions are duly authorized, recorded and reported
correctly. With the Implementation of SAP system internal control will get
further reinforced through system based checks and controls.
Internal Audit
function is being looked after by a professional firm of Chartered Accountants,
which conducts audit of all units/locations. The statutory as well as Internal
Auditors independently evaluate the adequacy of internal control system. Based
on the audit observations and suggestions, follow up and remedial measures are
being taken on a regular basis.
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Land and building
· Building
· Plant and Machinery
· Furniture, Fixture and Fittings
· Factory and Office
· Equipments
· Vehicles
WEB DETAILS:
INTRODUCTION:
Subject, one of the global leaders and manufacturers
of Bi-axially Oriented Polypropylene Films (BOPP) was established in the year
1981. The company is promoted by its visionary leader Mr. Ashok Jaipuria and is
a pioneer of BOPP manufacturing in
Awards and Recognition
SA-8000:2001 (Registration Certificate) PFFCASTAR
2008 Awarded to Subject Recognition of Excellence for Print Receptive Coated
Clear and White Opaque Label films in the Category of Product Development
(Basic Substrate) Presented at Mumbai on 20th November 2008.
2007-08: Dun and Bradstreet Top Exporter Award
(2007-08) for the highest Export in Chemicals and Plastics Category by Dun and
Bradstreet.
ISO 9001: 2000:- (Registration Certificate) The Quality
Management System of Subject has been assessed and found to comply with the
requirements of ISO 9001 : 2000
The Quality management System is applicable to design development,
manufacturing of BOPP films by biaxial orientation process and its marketing
for various applications
ISO 14001:- (Registration Certificate) The Management Systems
of Subject have been assessed by International Certification Limited and found
to comply with the requirements of ISO 14001.
- Department
of Scientific and Industrial Research, Ministry of Science and Technology,
Government of India, duly recognize their center as a premier research
laboratory. This is the only center of this nature in the entire Indian
BOPP film industry.
- ISO 9001
certified: Joins the elite group of few BOPP film manufacturers in the
world.
- 1998-99:
Best BOPP film exporter by Plexconcil. Certificate of export recognition
by Government of Maharashtra
- 1998:
"Highly Recommended" recognition by Montell for innovative
product development
- 1995: Award
for best in house R and D efforts from Government of India.
- Indiastar,
1994: Excellence in packaging from Indian Institute of Packaging.
- Got
accredited with American Institute of Baking (AIB) Certification for
Safety and Hygiene of Food related products.
- Got best
BOPP Exporter award for 1998-99, 1999-2000, 2000-2001.
- Cosmo Films
Listed in top 19 Indian companies by "Forbes Magazine".
- Awarded in
Recognition of Excellence for Extrusion Coatable BOPP Film by Paper, Film
and Foil converters' Association.
BUSINESS DESCRIPTION
Subject is an India-based company. The Company
is principally engaged in the manufacturing of bi-axially oriented
polypropylene (BOPP) film and synthetic paper and also engaged in the
manufacturing of thermal lamination machines. The Company has two segments:
Packaging Films and others. As of March 31, 2010, the Company had installed
capacity to produce 1,16,200 metric tons of BOPP film and synthetic paper.
During the fiscal year ended March 31, 2010, the Company produced 77,262 metric
tons of BOPP film and synthetic paper. On June 11, 2009, it acquired GBC’s Commercial
Print Finishing Business, from ACCO Brands Corporation of
BOARD OF DIRECTORS
Mr.
Ashok Jaipuria - Chairman and
Managing Director
Mr. Jaipuria has more than 40 years of
experience of the corporate world. Mr. Ashok Jaipuria is the Founder Chairman
and Managing Director of Cosmo Films Limited and Founder Chairman of Cosmo Ferrites
Limited. He is a Member of the Executive Committee of the Federation of Indian
Chamber of Commerce and Industry (FICCI) and President of The Golf Foundation -
a charitable society formed for helping under privileged potential golfers. He
is also a member of the Board of Governors of IIT- Patna and among the Board of
Directors of DPS, Gurgaon. He is a degree holder in Associate of Arts in
Business Administration and diploma holder in Marketing Sciences.
Mr. A K
Jain - Whole Time Director
Mr. Jain has over four decades of experience
in Finance and Accounts and General Management functions in industrial
enterprises in India. He is the Whole-time Director (Director-Corporate
Affairs) of Cosmo Films Limited. He has previously worked with Mawana Sugars
Limited and A.F. Ferguson and Company Limited and National Mineral Development
Corporation Limited. Mr. Jain is a Commerce Graduate from Meerut University and
an AICWA from ICWAI and a Certified Information System Auditor from Information
System Audit and Control Association, USA.
Mr. H K
Agrawal - Independent Director
Mr. Agrawal has over four decades of
experience in the fields of Strategic Management, Organization Structure, Finance
and Training. He is an independent Management Consultant. Mr. Agrawal has
consulted several multinationals, large Indian corporate, small entrepreneurial
organizations as well as developmental institutions. He has also worked for
about 13 years with various large industrial organizations in Public as well as
Private sectors in India. Mr. H.K. Agrawal is a Mechanical Engineer from
University of Jodhpur and MBA from Indian Institute of Management, Ahmedabad.
Dr.
Surinder Kapur - Independent
Director
Dr. Surinder Kapur is the founder Chairman
and Managing Director of Sona Koyo Steering Systems. Dr. Kapur is a member of
the National Manufacturing Competitiveness Council and the Chairman of ClI's
“Mission on Innovation in Manufacturing”. He is also a member of the Automotive
Mission Plan (2006-2016) set up by Ministry of Heavy industry, Government of
India. Dr. Kapur has done his Doctorate in Mechanical Engineering from Michigan
State University, USA. He also holds an M.S. and a B.S. in Engineering from
USA.
Mr.
Rajeev Gupta - Independent
Director
Mr. Rajeev Gupta was till recently the
Managing Director of Carlyle Asia Partners and the Head of the Carlyle India
Buyout Team. Previously he was a Board member and Head of Investment Banking of
DSP Merrill Lynch Limited. He has successfully concluded landmark merger and
acquisition deals across industries for large Indian industrial groups and for
MNC's with several transactions under his leadership being widely viewed as
pioneering merger and acquisition deals in India. Mr. Gupta earned his B. Tech
from IIT-Benaras Hindu University and a M.B.A. from the Indian Institute of
Management, Ahmedabad.
Mr.
Suresh Chandra Rajpal - Independent
Director
Mr. Rajpal offers over 35 years of
entrepreneurial and multinational work experience. He is the Founder Chairman
and CEO at Visnova Solutions Private Limited, a focused software solutions and
high-end KPO/BPO organization. He co-founded Tecnova in 2001, providing
consulting services to emerging growth companies in India. He was also the
President and CEO of Hewlett- Packard India. He received the Entrepreneur of
the Year Award for Companies begun in the prior 3 years in India from Ernst and
Young in 2002 and is a recipient of US Ambassador’s Award for extraordinary
services to American Businesses in India, as the President of American chamber
of Commerce. Mr. Rajpal is an Electrical Engineer from the Banaras Hindu
University, India and earned his MBA from York University, Toronto, Canada.
Mr.
Badri Agarwal - Non Executive
Director
Mr. Badri Agarwal has over four decades of
experience in various organizations. He was the President of Bharti Infotel, a
part of Bharti Airtel. He has also worked for over 20 years with Eicher Group
of Companies in various capacities including as Managing Director of their
holding Company-Eicher Good Earth Limited. In 2006, Mr. Agarwal decided to
spend most of his time on philanthropical activities and joined Bharti
Foundation as Honorary President. Mr. Agarwal is a Chartered Accountant.
Mr.
Rangarajan Vasudevan - Independent
Director
Mr. Vasudevan had a distinguished career
with the Government of India during which he held several senior positions
including Secretary-Ministry of Power, Secretary-Ministry of Steel, Permanent
Secretary-Small Scale Industries, Rural Industries and Technology Development,
Special Secretary to the Prime Minister and Financial Advisor, Ministry of
Petroleum. Mr. Vasudevan holds a B.A. (Hons.) (Economics) degree from the
University of Madras, and a M.A. degree in Economic Statistics from the
University of Delhi and has also completed MPA in Development Economics from
Harvard University.
Dr.
Sankaranarayana Rama Iyer - Independent
Director
Dr. Iyer has vast hands-on experience of four
decades and knowledge in areas of process technology, design engineering,
project management and construction management of large projects both in India
and abroad. He is the recipient of the “Distinguished Alumnus Award” from
Indian Institute of Technology, Mumbai in 1996. He also received “Achiever of
the year Award” in 2003, “Business Leader of the year” in 2005 and “Life Time
Achievement Award” in 2008 from Chemtech Foundation. On September 30, 2010, the
Indian Chemical Council conferred the D. M. Trivedi Lifetime Achievement Award
for his contribution to the Chemical Industry. An alumnus of IIT, Mumbai, Dr.
Iyer holds a degree in Chemical Engineering and has completed his M. Tech and
Ph. D from IIT Mumbai.
MILESTONES
2011: Set up a new manufacturing plant in South Korea in November 2011.
2010: Commissioned metalliser line in Karjan.
2009: Acquisition of GBC’s Commercial Print Finishing Business from ACCO
Brands Corporation, USA; Commissioned 8th production line at Karjan.
2008: Commissioned 6th and 7th Extrusion Coating line at Karjan.
2007: Commissioned 5th Extrusion Coating line at Aurangabad.
2006: Commissioned 3rd Extrusion Coating line at Aurangabad; Commissioned 4th
Extrusion Coating line at Aurangabad ; Commissioned gas based electricity
generation unit at Karjan.
2005: Commissioned 2nd Extrusion Coating line at Aurangabad.
2004: Commissioned 6th Production line, 1st Extrusion Coating line and a
Metalliser at Aurangabad.
2003: Commissioned 5th Production line at Aurangabad.
2002: Acquired Gujarat Propack Limited with 13,000 MT and 2 production lines.
2001: Commissioned 4th Production line at Aurangabad.
1996: Commissioned 3rd Production line at Aurangabad.
1988: Commissioned 2nd Production line at Aurangabad.
1981: Commissioned 1st Production line at Aurangabad.
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. 55.47 |
|
|
1 |
Rs. 86.60 |
|
Euro |
1 |
Rs. 68.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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.