MIRA INFORM REPORT

 

 

Report Date :

21.06.2012

 

IDENTIFICATION DETAILS

 

Name :

AMCO INDIA LIMITED (w.e.f. July 15, 2003)

 

 

Formerly Known As :

AMCO VINYL LIMITED

 

 

Registered Office :

10795, Shop No. 7, GF, Jhandewalan Road, Rexine Bazaar, Nabi Karim, New Delhi – 110 055

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

27.08.1987

 

 

Com. Reg. No.:

55-029035

 

 

Capital Investment / Paid-up Capital :

Rs.41.100 millions

 

 

CIN No.:

[Company Identification No.]

L74899DL1987PLC029035

 

 

Legal Form :

Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Exporter of PVC Leather Cloth, Aluminium Foils, PVC Films and Sheeting.

 

 

No. of Employees :

316 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1043000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having satisfactory track. But due to increasing competition and raw material prices company’s profitability appears to be low. However, trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION DECLINED BY

 

Name :

Mr. Goel

Designation :

Finance Manager

Contact No.:

91-120-4601500

Date :

14.06.2012

 

 

LOCATIONS

 

Registered Office :

10795, Shop No. 7, GF, Jhandewalan Road, Rexine Bazaar, Nabi Karim, New Delhi – 110 055, India

Tel. No.:

91-11-23636320

Fax No.:

91-11-23610739

E-Mail :

amc_coated@rediffmail.com

vinyl@del3.vsnl.net.in

rajeev@nde.vsnl.net.in 

amcovinyl@roltanet.com

General:- amco.india@ymail.com

Investor Communications:- investorcomm_amco@rediffmail.com

Website :

http://www.amcoindialimited.com

Area :

3000 sq ft

 

 

Corporate Office/ Factory 1 :

C-53 and 54, Sector-57, Phase III, Noida – 201 307, Uttar Pradesh, India

Tel. No.:

91-120-4601500/ 2583729-30

Fax No.:

91-120-4601548

Area :

4000 sq ft

Location :

Owned

 

 

Factory 2 :

7th Milestone, Bhiwadi-Alwar Highway, Bhiwadi, District Alwar– 301 019, Rajasthan, India

Tel. No.:

91-1493-298030/ 298327/ 201493/ 243327/ 28/ 29

 

91-1493-298030/ 298327

E-Mail :

spdamco@yahoo.co.in

Area :

20000 sq ft

Location :

Owned

 

 

Factory 3 :

82, EPIP Ist, Baddi, District Solan, Himachal Pradesh, India

Tel. No.:

91-1795-271216

 

91-1795-645355

E-Mail :

amcobaddi@yahoo.co.in

 

 

Branch Office 1 :

315, Kanji Mansion, SVP Road, Mumbai – 400 004, Maharashtra, India

Tel. No.:

91-22-23866683/ 23822981

Fax No.:

91-22-23869335

 

 

Branch Office 2 :

4-H, White Towers, 115, College Street, Kolkata – 700 012, West Bengal, India

 

 

DIRECTORS

 

As on 31.03.2011

 

Name :

Mr. Surender Kumar Gupta

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Rajeev Gupta

Designation :

Whole-time Director

 

 

Name :

Mr. Suresh Chand Goyal

Designation :

Whole-time Director

 

 

Name :

Mr. Anil Bhargava

Designation :

Whole-time Director

 

 

Name :

Mr. Surinder Raj Pahwa

Designation :

Whole-time Director

 

 

Name :

Mr. Devinder Kumar Gupta

Designation :

Director

 

 

Name :

Mr. Dharam Pal Aggarwal

Designation :

Director

 

 

Name :

Mr. Subash Bansal

Designation :

Director

 

 

Name :

Mr. Neeraj Gupta

Designation :

Director

 

 

Name :

Mr. Rakesh Gupta

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Ms. Renu Sharma

Designation :

Company Secretary

 

 

Name :

Mr. Goel

Designation :

Finance Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2012

 

Category of Shareholders

 

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

2,176,969

52.97

Bodies Corporate

396,175

9.64

Sub Total

2,573,144

62.61

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

2,573,144

62.61

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

200

-

Any Others (Specify)

100,000

2.43

Stressed Assets Stabilisation Fund

100,000

2.43

Sub Total

100,200

2.44

(2) Non-Institutions

 

 

Bodies Corporate

89,017

2.17

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 million

799,980

19.46

Individual shareholders holding nominal share capital in excess of Rs.0.100 million

449,458

10.94

Any Others (Specify)

98,201

2.39

Clearing Members

150

-

Non Resident Indians

46,354

1.13

Hindu Undivided Families

51,497

1.25

ESOP/ESOS/ESPS

200

-

Sub Total

1,436,656

34.96

Total Public shareholding (B)

1,536,856

37.39

Total (A)+(B)

4,110,000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

4,110,000

-

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of PVC Leather Cloth, Aluminium Foils, PVC Films and Sheeting.

 

 

Products :

Item Code No. (ITC Code)

7607

Product Description

Aluminium Foils

Item Code No. (ITC Code)

3920

Product Description

PVC Film/Sheeting

Item Code No. (ITC Code)

5603

Product Description

Non-woven Fabrics

Item Code No. (ITC Code)

5903

Product Description

Cotton Coated Fabrics

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Licensed Capacity: N.A.

 

 

 

 

2009-10

 

Installed Capacity

NOIDA UNIT

PVC Film and Sheeting

5000 Tons

 

BHIWADI UNIT

Non Woven

1440 Tons

 

 

Aluminium Foil

5400 Tons

 

BADDI UNIT

Aluminium Foil

900 Tons

 

CLASS OF GOODS

NOIDA UNIT: PVC Films / Sheeting Textile Fabrics Lam. to PVC Sheeting ( CCF), Non Woven Fabrics Lam.

BHIWADI UNIT: Aluminium Foils, Non Woven Fabrics Lam.

BADDI UNIT: Aluminium Foils

 

PARTICULARS OF PRODUCTION

Unit

2009-2010

 

QTY.

TOTAL PROD. IN KG.

NOIDA

 

 

 

PVC Films/Sheetings

Mtrs.

& Kg.

1008617.00

2088066.30

 

CCF

Mtrs.

Sqm. & Kg.

872201.00

60214.61

115123.90

 

3586495.29

Non Woven Fabrics Lam.

Mtrs.

185042.00

 

Non Woven Fabrics Lam.

& Kg.

12529.19

 

BHIWADI

 

 

 

Aluminium Foil

(Including Transferred to Baddi 508606.07 kg)

 

-----

3997739.00

Non Woven

 

-----

1934312.00

BADDI

 

 

 

Aluminium Foil

 

-----

482971.34

 

 

GENERAL INFORMATION

 

No. of Employees :

316 (Approximately)

 

 

Bankers :

v      Axis Bank Limited, B-2 and 3, Sector-16, Noida – 201 301, Uttar Pradesh, India

v      Canara Bank, Nehru Place Branch, DDA Building, Nehru Place, New Delhi - 110 019, India

v      ICICI Bank Limited

v      HDFC Bank Limited

v      Small Industries Development Bank of India 

v      The South Indian Bank Limited

v      Punjab National Bank, Mumbai, Maharashtra, India

v      Punjab National Bank, Bhiwadi, District Alwar, Rajasthan, India

v      Punjab National Bank, Kolkata, West Bengal, India

v      Punjab National Bank, Noida, Uttar Pradesh, India

 

 

Facilities :

Secured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

TERM LOAN :

 

 

Axis Bank Limited

15.563

23.563

Interest accrued and due on Term Loan - Axis Bank Limited

0.182

0.250

SIDBI-I

(First Charge on all Movable and Immovable Assets of Baddi Unit)

3.160

4.264

SIDBI-II

(First Charge on all Movable and Immovable Assets of Baddi Unit)

4.070

5.000

SIDBI-III

7.200

0.000

ICICI/HDFC Bank

(Secured against vehicles)

2.839

3.305

Religare Finavest Limited

(Secured against Specific Machinery)

32.801

8.606

Unitel Credit Private Limited

(Secured against Specific Machinery)

0.000

1.547

Reliance capital Limited (Tempo)

0.459

0.000

CASH CREDIT:

 

 

Axis Bank Limited

151.142

132.602

Canara Bank

(Secured against Hypothecation of Stocks and Receivables on Paripassu basis with Axis Bank)

23.839

17.943

Total

241.255

197.080

 

Unsecured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Long Term Loans

 

 

From Directors and Shareholders

2.200

0.800

From Companies

(Under Same Management)

5.823

27.148

Aditya Birla Finance Limited

79.363

24.468

Intech Security Limited

9.232

7.344

Jyoti B. Vala

4.000

0.000

Panchsheel Harchery Private Limited

0.600

0.000

Unitel Credit Private Limited

0.000

13.966

Total

101.218

73.726

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

V.V. Kale and Company

Chartered Accountants

Address :

16A/20, W.E.A., Main Ajmal Khan Road, Karol Bagh, New Delhi – 110 005, India

Tel. No.:

91-11-25761916, 25716777

 

 

Related Parties :

v      AMC Coated Fabrics Private Limited

v      Urethane Coaters Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

7500000

Equity Shares

Rs.10/- each

Rs.75.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

4110000

Equity Shares

Rs.10/- each

Rs.41.100 millions

 

 

 

 

 

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

41.100

41.100

41.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

219.760

212.010

181.268

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

260.860

253.110

222.368

LOAN FUNDS

 

 

 

1] Secured Loans

241.255

197.080

185.043

2] Unsecured Loans

101.218

73.726

21.661

TOTAL BORROWING

342.473

270.806

206.704

DEFERRED TAX LIABILITIES

17.279

15.154

9.345

 

 

 

 

TOTAL

620.612

539.070

438.417

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

275.587

241.857

208.186

Capital work-in-progress

0.000

4.674

0.710

 

 

 

 

INVESTMENT

0.000

0.500

0.500

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
172.557

149.802
110.138

 

Sundry Debtors
276.803

250.065
216.776

 

Cash & Bank Balances
5.373

8.226
16.115

 

Other Current Assets
0.000

11.700
0.000

 

Loans & Advances
57.395

57.391
41.386

Total Current Assets
512.128

477.184

384.415

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
143.371

143.059

141.133

 

Other Current Liabilities
17.099

28.684
10.885

 

Provisions
6.633

13.402

3.376

Total Current Liabilities
167.103

185.145

155.394

Net Current Assets
345.025

292.039
229.021

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

620.612

539.070

438.417

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

1192.928

1076.059

923.035

 

 

Other Income

18.735

2.802

4.716

 

 

TOTAL                                     (A)

1211.663

1078.861

927.751

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Material Consumed (Net of excise)

939.496

807.056

723.465

 

 

Stores, Packing Material & Fuel Consumed

54.599

49.025

50.041

 

 

Manufacturing, Admin, Selling & Distribution Expenses

144.907

130.369

94.736

 

 

(Increase)/Decrease in Finished Goods

2.979

(13.249)

5.209

 

 

Increase/(Decrease) in Excise Duty

(0.907)

1.873

(1.621)

 

 

TOTAL                                     (B)

1141.074

975.074

871.830

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

70.589

103.787

55.921

 

 

 

 

 

Less

INTEREST ON LOANS & FINANCE CHARGES   (D)

36.870

39.777

29.312

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

33.719

64.010

26.609

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

19.466

17.274

15.658

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

14.253

46.736

10.951

 

 

 

 

 

Less

TAX                                                                  (H)

6.503

15.994

2.600

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

7.750

30.742

8.351

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

183.142

152.400

144.049

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

190.892

183.142

152.400

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Sale

27.439

21.943

4.687

 

TOTAL EARNINGS

27.439

21.943

4.687

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Material

NA

103.225

88.037

 

TOTAL IMPORTS

NA

103.225

88.037

 

 

 

 

 

 

Earnings Per Share (Rs.)

1.89

7.48

2.03

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2011

30.09.2011

31.12.2011

31.03.2012

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

Net Sales

383.320

394.090

316.250

307.980

Total Expenditure

347.650

376.540

303.940

292.000

PBIDT (Excl OI)

35.670

17.550

12.310

15.980

Other Income

0.000

0.120

0.060

0.000

Operating Profit

35.670

17.670

12.370

15.980

Interest

11.520

11.230

12.400

12.610

Exceptional Items

(0.190)

0.560

(0.090)

0.000

PBDT

23.960

7.000

(0.120)

3.370

Depreciation

4.780

4.790

4.780

5.440

Profit Before Tax

19.170

2.210

(4.900)

(2.070)

Tax

3.000

0.000

0.000

0.970

Provisions and contingencies

0.000

0.000

0.000

0.000

Profit After Tax

16.160

2.210

(4.900)

(3.050)

Extraordinary Items

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

Net Profit

16.160

2.210

(4.900)

(3.050)

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
0.64

2.85
0.90

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
1.19

4.34
1.19

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
1.81

6.50
1.85

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.05

0.18
0.05

 

 
 

 
 

Debt Equity Ratio

(Total Liability/Networth)

 
1.95

1.80
1.63

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
3.06

2.58
2.47

 

 

LOCAL AGENCY FURTHER INFORMATION

 

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

Yes

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

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 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)

No

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

No

 

HISTORY:

 

Amco Vinyl Limited was incorporated on 27th August 1987 as a private Limited company, and was converted into a public limited company on 30th day of August, 1993, Fresh certificate of conversion into public limited company was issued on 7th day of February 1994.

 

The company started its business activities by setting up a plant for the manufacturing of PVC films and sheeting with an installed capacity of 4000 M.T. per annum at Plot No.C-54 sector 57 Noida U.P.  The project was appraised by PICUP and the same was financed by PICUP and UPFC to the tune of Rs.10.845 millions and Rs.3.300 millions respectively.  The company started its manufacturing activities from August 1991.

 

Simultaneously in 1991-92, steps were initiated to setup another unit at its adjoining Plot No.C-53 sector 57 Noida for the manufacturing of his quality PVC flooring, with an installed capacity of 12 Lakh mtrs. per annum on the basis of 3 shifts per day and 300 working days per annum.  The unit (no.II) has also started its commercial production from October 1994.  This project was also appraised by PICUP and has been financed by PICUP to the tune of Rs.11.495 millions against its sanctioned loan of Rs.12.250 millions.

 

After successful commissioning the PVC Flooring Plant (Unit II) the company decided to setup a METALLIZED FILM unit at C-67 sector 57 Noida U.P. the land was acquired from Noida Authority in the year 1993. The company has already acquired the main plant and machinery imported from Germany. The constant and smooth running of the Unit (I) resulted in improved working result every year.  The company reinvested the complete earnings into the business, and therefore no dividend was declared.

 

OPERATIONS:

 

Due to Competition in Market, Company could not increase price of finished goods in continuation of Increase in Raw Material therefore it has resulted in slowing down the profit of the Company.

 

During the year, the turnover of the company has increased from Rs.1076.059 millions in F.Y. 2009-2010 to Rs.1192.928 millions in the Current Financial year 2010-11. But the profit before tax of the company has slowed down form Rs.46.736 millions in F.Y. 2009-10 to 14.254 millions in the current F.Y. and Profit after Tax has also decreased from Rs.30.742 millions in previous year to Rs.7.750 millions in current financial year showing a decrease of 74.79% in profits.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

INDUSTRY STRUCTURE AND DEVELOPMENT

 

ALUMINIUM FOIL:-There are around 07 Major Aluminum Foil manufacturers in India with rolling capacity of around 6000 tons per month to cater the total demand of around 8000 tons per month in different field mainly in pharmaceuticals and flexible packaging industries. In the present scenario, market demand of the product is growing with a rate of 12% p.a. In case of their company, for domestic market no Government subsidy is provided. Another reason for increase in demand is as it is a soft, durable, light weight, ductile and malleable metal with appearance ranging from silvery to dull gray, depending on the surface roughness. Aluminum is non magnetic and none sparking. It is also insoluble in alcohol; it is soluble in water in certain forms.

 

PVC FILMS and SHEETINGS:-There are around 14 PVC Films and Sheeting’s manufacturers in India. Demand for PVC Films and Sheetings is increasing with a rate of 15% p.a. and more. In their company there is no direct export of PVC Films and Sheeting’s and no Government subsidies is provided.

 

NON WOVEN:-There are around 11 major manufacturers of Non Woven in India. Demand for Non Woven is increasing with a rate of 15% p.a. and more. No Government subsidies are provided.

 

COMPANY’S PERFORMANCE

 

DOMESTIC BUSINESS REVIEW

 

ALUMINIUM FOIL:-The Company has executed orders for Pharmaceutical Industries, Packaging Industries, Automobile Industries etc. The company share 4% - 5% of the total market. The domestic sale has increased as compared with previous year due to increase in demand for the same.

 

PVC FILMS AND SHEETINGS:-The Company has executed volume orders for the top Industries such as Auto Fit Private Limited, Meenakshi Polymers Private Limited, Bombay Plastic House etc. The domestic sale has decreased as compared with previous year. Further, their laminated leather cloth is much in demand. Being a petroleum product, use of PVC resin, few plastic polymers, D.O.P, the increase in price has made a heavy impact on cost of their quality products.

 

NON WOVEN:-The Company has executed major orders from Calcutta, Calcutta, Madras and Delhi which includes textile Industry, leather industry, Luggage Industry, Furnishing Industry and in Agriculture.

 

EXPORTS:- In case of Aluminium Foil, the company’s exports has increased during the year as compared to the previous financial year due to increase in demand of foreign customers. The continued strength of the Rupee against the US Dollar did have its consequential impact on the realization from dollar denominated exports which form the bulk of the company’s exports.

 

NEW PRODUCT DEVELOPMENT

 

Gutkha and Pan Masala Packaging units, which have been hit by the Supreme Court’s ban on use of plastic sachets for sale purposes, have found an alternate in paper and aluminum foil pouches .The Pan masala and Gutkha Industry witnesses an estimated business of Rs.4000.000 millions every year in the country. Gutkha and Pan Masala is main leading product in flexible packaging industry and now Aluminum foil is being used for such product. According to present market scenario demand for aluminum foil has been increased upto 50%.

 

OUTLOOK

 

ALUMINIUM FOIL:-Aluminium Foil industry is growing and carries opportunities for its growth. It has potential to replace many non bio-degradable products like Polyster, LD, HD, etc. Aluminium Foil is mainly used and preferred in packaging particularly in Pharmaceutical Industry. 50% of total capacity is consumed in this field. This product of company has wide applications in various areas, such as flexible packaging, food, chemical industry and Pharma sector. In Packaging industry, aluminum foil is gradually replacing polyester and other barrier films because aluminum foil have better berries properties then others.

 

PVC FILMS AND SHEETINGS:-Because of multiple use in different kinds of industries such as Automobile, Stationery, Luggage, Electric Tape etc. and the Fire Retardent Quality, the demand for PVC Films and Sheetings is increasing.

 

NON WOVEN:-As Non Woven textile are cost effective and economical substitute to certain traditional fabrics used in diverse field therefore increase in demand for this product of the company is certain.

 

CONTINGENT LIABILITIES: (AS ON 31.03.2011)

 

Against letter of Credit of Rs.47.880 millions from Axis Bank Limited, Noida and Rs.12.563 millions from Canara Bank, Noida (Previous Year Rs.11.540 millions from Axis Bank Limited, Noida and Rs.11.308 millions from Canara Bank, Noida).

 

AUDITED FINANCIAL RESULTS FOR THE QUARTER/YEAR ENDED AS ON 31ST MARCH, 2012

(Rs. in millions)

Particulars

 

Unaudited

Quarter Ended

Audited

Year Ended

31.03.2012

31.12.2011

31.03.2012

1. Income from Operation

 

 

 

(A) Gross Sales

336.360

345.884

1532.766

Less: Excise Duty

30.193

31.109

137.265

Net Sales / Income from operations

306.167

314.775

1395.501

(B) Other Operating Income

1.809

1.448

6.596

Total Income from Operations (A+B)

307.976

316.223

1402.097

 

 

 

 

2. Expenditure

 

 

 

A) Cost of materials consumed

248.494

266.576

1146.496

B) Changes in inventories of Finished Goods

1.679

(9.103)

(5.940)

C) Employee Benefits Expense

11.988

14.571

56.363

D) Depreciation and amortization expense

5.441

4.782

19.798

E) Power & Fuel

17.876

19.889

72.129

F) Other Expenses

11.965

12.001

51.081

Total Expenses (A to F)

297.443

308.716

1339.927

 

 

 

 

3. Profit from operations before other income, finance cost and exceptional Items (1-2)

10.533

7.507

62.170

4. Other income

--

--

--

5. Profit from Ordinary Activities before finance cost and exceptional Items (3+4)

10.533

7.507

62.170

6. Finance Cost

12.607

12.402

47.766

7. Profit from Ordinary Activities after finance cost but before exceptional Items (5-6)

(2.074)

(4.895)

14.404

8. Exceptional Items

--

--

--

9. Profit from Ordinary Activities before tax (7+8)

(2.074)

(4.895)

14.404

10. Tax expenses (Including Deferred Tax)

0.973

--

3.973

11. Net Profit from Ordinary Activities after tax (9-10)

(3.047)

(4.895)

10.431

12. Extraordinary Items (net of tax expenses)

 

 

 

13. Net Profit for the year period (11+12)

 

 

 

14. Paid up equity share capital (Face value of Rs.10/- per share)

41.100

41.100

41.100

15. Reserves excluding revaluation reserves as per balance sheet of previous year

230.191

233.238

230.191

16. Earning per share (EPS) before & after extraordinary items (not annualized)

(0.74)

(1.19)

2.64

A. PARTICULARS OF SHAREHOLDING

 

 

 

1. Public shareholding

 

 

 

- Number of shares

1535856

1535856

1535856

- Percentage of shareholding

37.37%

37.37%

37.37%

2. Promoters and Promoters group Shareholding

 

 

 

(I) Pledged /Encumbered

 

 

 

- Number of shares

NIL

NIL

NIL

- Percentage of shares (as a % of total shareholding of the promoter and promoter group)

NIL

NIL

NIL

- Percentage of shares (as a % of total share capital of the company)

NIL

NIL

NIL

(II) Non  Encumbered

 

 

 

- Number of shares

2574144

2574144

2574144

- Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100%

100%

100%

- Percentage of shares (as a % of total share capital of the company)

62.63%

62.63%

62.63%

 

Notes:

1. The above audited results were reviewed by the Audit Committee and approved by the Board of Directors of their meeting held on 30th May, 2012.

2. The EPS has been computed in accordance with the Accounting Standard (AS-20)

3. The figures related to previous year/ period/ quarter have been regrouped and/ or rearranged wherever considered necessary.

4. Exceptional Item shows the profit/(loss) on Sale of fixed assets during the period.

5. Company’s primary business segments are reportable segments under Accounting Standard-17 on Segment Reporting issued by the Institute of Chartered Accountants of India. 

(Rs. in millions)

Particulars

 

Unaudited

Quarter Ended

Audited

Year Ended

31.03.2012

31.12.2011

31.03.2012

1. Segment Revenue (Net Sales)

 

 

 

A. PVC Film/Sheeting

99.847

87.669

370.295

B. Aluminium Foil and Non-Woven

208.129

228.554

1031.802

Exceptional Items

0.000

0.000

0.000

Total Segment Revenue

307.976

316.223

1402.097

 

 

 

 

2. Segment Results:

 

 

 

A. PVC Film/Sheeting

7.810

2.355

1.583

B. Aluminium Foil and Non-Woven

2.723

5.152

60.587

 

 

 

 

Total Segment Results

10.533

7.507

62.170

 

 

 

 

Less: Interest

12.607

12.402

47.766

Profit/ (Loss) Before Exceptional Items

(2.074)

(4.895)

14.404

 

 

 

 

Exceptional Items

0.000

0.000

0.000

Profit Before Tax

(2.074)

(4.895)

14.404

 

 

 

 

3. Capital Employed:

 

 

 

A. PVC Film/Sheeting

35.694

30.645

35.694

B. Aluminium Foil and Non-Woven

235.597

243.693

235.597

 

 

 

 

Total Capital Employed

271.291

274.338

271.291

 

Particulars

Quarter Ended

31.03.2012

B. INVESTOR COMPLAINTS

 

Pending at the beginning of the Quarter

Nil

Received during the Quarter

Nil

Disposed during the Quarter

Nil

Remaining unresolved at the end of the Quarter

Nil

 

STATEMENT OF ASSETS AND LIABILITIES AS ON 31.03.2012

(Rs. in millions)

 

Particulars

Audited

Year Ended

31.03.2012

I. EQUITY AND LIABILITIES:

 

(A) SHAREHOLDERS FUNDS

 

Share Capital

41.100

Reserves & Surplus

230.191

Sub Total ‘A’

271.291

 

 

(B) NON-CURRENT LIABILITIES

 

Long Term Borrowings

27.243

Deferred Tax Liabilities (Net)

15.251

Other Long Term Liabilities

4.000

Sub Total ‘B’

46.494

 

 

(C) CURRENT LIABILITIES

 

Short Term Borrowings

220.205

Trade Payables

140.525

 

 

Other Current Liabilities

57.611

Short Term Provisions

6.000

 

 

Sub Total ‘C’

424.341

 

 

TOTAL: (A+B+C)

742.126

II. ASSETS:

 

1. NON CURRENT ASSETS

 

A. FIXED ASSETS

 

Tangible Assets

412.115

 

 

Less: Depreciation

139.147

 

 

Sub Total ‘A’

272.968

B) LONG TERM LOAN AND ADVANCES

 

Loans & Advances

6.915

Deposits

10.155

Sub Total ‘B’

17.070

 

 

C) OTHER NON-CURRENT ASSETS

 

Trade Receivables

5.024

Sub Total ‘C’

5.024

 

 

(D) CURRENT ASSETS

 

Inventories

152.067

Trade Receivables

274.073

Cash & Cash Equivalents

4.135

Short Term Loans and Advances

11.740

Other Current Assets

5.049

Sub Total ‘D’

447.064

 

 

TOTAL: (A+B+C)

742.126

 

FIXED ASSETS:

 

v      Land and Building

v      Plant and Machinery

v      Furniture and Fixture

v      R.O. System

v      Office Equipment

v      Computer

v      Tempo

v      Car

v      Motorcycle/Scooter

v      Cycle

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.55.85

UK Pound

1

Rs.87.93

Euro

1

Rs.70.88

 

 

INFORMATION DETAILS

 

Information Gathered by :

PJA

 

 

Report Prepared by :

SMN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.