MIRA
INFORM REPORT
|
Report Date : |
22.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
UFLEX LIMITED (w.e.f. 12.04.2007) |
|
|
|
|
Formerly Known
As : |
FLEX INDUSTRIES
LIMITED |
|
|
|
|
Registered Office
: |
305, 3rd
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
21.06.1988 |
|
|
|
|
Com. Reg. No.: |
55-032166 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.722.115
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1988PLC032166 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELF00184C /
MRTF00050B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0109J |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The Company's shares are listed on the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Flexible Packaging Materials of Printed
Laminated of Plastics and Paper Based Materials. |
|
|
|
|
No. of Employees : |
4670 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 |
|
Maximum Credit Limit : |
USD 55000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record but there
appears drastic fall in the profitability of the company due to market
conditions. However, Networth of the company seems to be strong. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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/Factory : |
305, 3rd
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
|
Tel. No.: |
91-11-26440917 / 26440925 |
|
Fax No.: |
91-11-26216922 |
|
Email : |
|
|
Website : |
http://www.uflexltd.com |
|
Location: |
Owned |
|
|
|
|
Corporate Office: |
A-108, Sector IV, Noida – 201301, |
|
Tel. No.: |
91-120-4012345 |
|
Fax No.: |
91-120-2556040 |
|
Email : |
|
|
|
|
|
Head Office : |
A-2, Sector – 60
Noida, District Gautam Budh Nagar – 201 307, |
|
Tel. No.: |
91-120-3982371 / 3982121 / 4002121 / 4002118 / 4002322 / 4002371 |
|
Fax No.: |
91-120-2584527 / 3982380 / 2580089 / 4002380 |
|
E-mail : |
|
|
|
|
|
Corporate Office 1 : |
110, 1ST
Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, |
|
|
|
|
Corporate Office 2 : |
A-107-108, Uflex
Sector-IV, Noida – 201 301, |
|
Tel. No.: |
91-120-4012345 |
|
Fax No.: |
91-120-2556040 |
|
E-mail : |
|
|
|
|
|
Film Division : |
A-1, Sector 60, District Gautam
Budh Nagar, Noida - 201 301, |
|
Tel. No.: |
91-120-4002137/ 4002138/ 4002121/2580500/3982121 |
|
Fax No.: |
91-120-2585992/ 25802511/ 2580003/
2580152/ 2580089/ 2582532/2580422/2580322 |
|
Email : |
|
|
|
|
|
Plant 1 : |
D-1-2, 15-16, Sector 59, Noida, |
|
|
|
|
Plant 2: |
29-B, Malanpur
Industrial Area, District Bhind, |
|
|
|
|
Plant 3: |
A-2A, Sector –
60, Noida, |
|
|
|
|
Plant 4: |
C-3, Sector – 57,
Phase – III, Noida, |
|
|
|
|
Plant 5: |
C-5-8, Sector –
57, Phase III, Noida, |
|
|
|
|
Plant 6: |
L-1, Industrial
Area, Ghirongi (Malanpur), District Bhind, |
|
|
|
|
Plant 7 : |
Unit I and |
|
|
|
|
Plant 8 : |
Unit I, Lane 2, Sidco Industrial Complex, |
|
|
|
|
Overseas Plant 1 : |
P.O. Box No.
17930, Near Round About 12, Jebel Ali Free Zone Area, |
|
|
|
|
Overseas Plant 2 : |
Boulevard De Los
Rios #5680 Zona Puerto Industiral, C.P. 89603 Altamira, |
|
|
|
|
Overseas Plant 3 : |
R 2 Plot No. 3, |
|
|
|
|
Overseas Plant 4 : |
62-300 Wrzesnia,
ul. Gen. Wladyslawa Sikorskiego 48, |
|
|
|
|
Overseas Plant 5 : |
1221, |
|
|
|
|
Zonal Office : |
Located At: ·
Mumbai
·
Kolkata
·
|
|
|
|
|
Overseas
Office : |
Located At ·
UAE ·
·
|
DIRECTORS
As on 31.03.2012
|
Name: |
Mr. Ashok
Chaturvedi |
|
Designation : |
Chairman and
Managing Director |
|
Date of
Birth/Age: |
50 Years |
|
Qualification
: |
B.Sc. |
|
Date of
Appointment: |
01.08.1988 |
|
|
|
|
Name : |
Mr. Ravi
Kathpalia |
|
Designation : |
Director |
|
Date of Birth: |
18.08.1937 |
|
Qualification: |
M.A., M. Phill,
I.A.A.S |
|
Date of
Appointment : |
22.03.2002 |
|
Directorship
in other public limited companies : |
· Fair Field Atlas limited · Lord Chloro Alkali Limited · U Tech Developers limited · Dhir and Dhir ARC Limited |
|
|
|
|
Name : |
Mr. M.G. Gupta |
|
Designation: |
Director |
|
|
|
|
Name : |
Mr. A. Karati |
|
Designation: |
Nominee – ICICI
Bank |
|
|
|
|
Name : |
Mr. N. K. Duggal |
|
Designation: |
(Nominee – IFCI) |
|
Date of
Appointment: |
22.01.2011 |
|
|
|
|
Name : |
Mr. S.K Kaushik |
|
Designation: |
Whole-time Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Krishna |
|
Designation : |
Senior Vice President (Legal)
and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
706588 |
1.06 |
|
|
30680387 |
45.97 |
|
Sub Total |
31386975 |
47.02 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
31386975 |
47.02 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
27,930 |
0.04 |
|
|
115216 |
0.17 |
|
|
6303644 |
9.44 |
|
|
0 |
0.00 |
|
|
6446790 |
9.66 |
|
|
|
|
|
|
9094852 |
13.63 |
|
|
|
|
|
|
12159546 |
18.22 |
|
|
6392993 |
9.58 |
|
|
1264490 |
1.89 |
|
|
508536 |
0.76 |
|
|
767 |
0.00 |
|
|
755187 |
1.13 |
|
Sub Total |
28911881 |
43.32 |
|
Total Public
shareholding (B) |
35358671 |
52.98 |
|
Total (A)+(B) |
66745646 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
5465840 |
0.00 |
|
Sub Total |
5465840 |
|
|
Total (A)+(B)+(C) |
72211486 |
0.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Flexible Packaging Materials of Printed
Laminated of Plastics and Paper Based Materials. |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Products : |
|
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 |
|
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 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
4670 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 ·
ICICI Bank Limited ·
Bank of India ·
UCO Bank ·
Syndicate Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: a) The company had issued 4%, 850 FCCBs of the face value of US $ 100,000 each, aggregating to US $ 85 millions redeemable on March 9, 2012 at 121.89% of the outstanding principal amount. These bonds were 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$ 28.70 million were converted into 79,42,197 equity shares, Bonds aggregating to US$ 47.00 million were bought back by the Company and Bonds aggregating to US$ 9.30 million were redeemed on due date for payment i.e. 9th March, 2012. b) The Company is availing the Secured Term Loan Facilities from Financial Institutions/banks. Their repayment terms and other details are given as under:
* These 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. ** This is
secured by way of first charge on the aircraft and is guaranteed by Chairman
and Managing Director of the Company. @ This 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) is guaranteed by Chairman and
Managing Director of the Company. c) Working
capital facilities from banks are secured a) on pari passu, by way of hypothecation of stock of raw materials,
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. d) * Guaranteed
by Chairman and Managing Director of the Company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Vijay Sehgal and Company Chartered Accountants |
|
Address : |
100, New Rajdhani Enclave, Delhi – 110092, India |
|
Tel. No.: |
91-11-32906809 |
|
Fax No.: |
91-11-22025054 |
|
E-Mail : |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
Jain Singhal and Associates Chartered Accountants |
|
Address : |
2nd Floor, M - 6, M Block Market, Greater Kailash - II, New Delhi -
110 048, India |
|
|
|
|
Subsidiaries Companies
: |
Flex Middle East
FZE, UAE P.O BOX 17930,Jebel Ali Free Zone, Dubai, United Arab Emirates
Flex Americas S.A.
de C.V., Mexico Boulevard de los Rios 5680,Zona Puerto Industrial Altamira, Tamaulipas Mexico C.P. 89603
Flex P. Films
(Egypt) S.A.E., Egypt Plot No. R2 in Engineering Square (e2),Plot No. 3 in North Extension of Industrial Zones,6 October City Arab Republic of Egypt
Flex Films Europa
Sp. z o.o., Poland PO. Box 62 300 Wrzesniaul, Kaliska 30 Poland
Flex Films (USA)
INC, USA Elizabethtown, 1221 North Black Branch Road Elizabethtown, KY 42701
Flex America Inc.,
USA 14300 Cornerstone Village Dr Suite # 121, Houston, TX 77014
Uflex Packaging
Inc., USA Registered Office: 315, Lowell Avenue, Hamilton, NJ 08619 (USA)Marketing Office: 2460 Lemoine Avenue Suite #103 Fort Lee, NJ 07024
Uflex Europe
Limited, U.K. 29 Marylebone Road, London, London, London, NW1 5JX (UK)
UPET Holdings
Limited, Mauritius Les Cascades, Edith Cavell Street, Port-Louis, Mauritius
UPET (Singapore) Pte.
Limited, Singapore Registered Office: 10, Jalan Besar, #0-12 Sim Limi Tower, Singapore 208787 Principal Place of Business: No 27, Rufflex, #5-02A Clifford Centre, Singapore 048621
UTech Developers
Limited Registered Office: 305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash-I, New Delhi- 110048, India Corporate Office: A-107-108, Sector-4, Noida, Uttar Pradesh, India TFlex Americas LLC,
USA SD Buildwell
Private Limited |
|
|
|
|
Joint Ventures : |
QCELL Limited Kairaba Avenue, P.O.Box 3469, Serrekunda, The Gambia, West Africa |
|
|
|
|
Associates : |
Flex Foods Limited Lal Tappar Industrial Area, P.O. Resham Majri, Haridwar Road, Dehradun – 248140, Uttarakhand, India |
|
|
|
|
Related parties: |
·
Flex International Private Limited ·
Anshika Investments Private Limited ·
Ultimate Flexipack Limited ·
A.R.Infrastructures and Projects Private Limited ·
Anant Overseas Private Limited ·
Apoorva Extrusion Private Limited ·
Anshika Consultants Private Limited ·
A.R.Leasing Private Limited ·
Cinflex Infotech Private Limited ·
Ultimate Enterprises Private Limited ·
AR Aerotech Private Limited ·
AR Airways Private Limited ·
Kaya Kalpa Medical Services Private Limited ·
AC Infrastructures Private Limited ·
Club One Airways Private Limited ·
Flex Industries Private Limited ·
AC Infratech Private Limited ·
RC Properties Private Limited ·
A to Z Infratech Private Limited ·
Ultimate Infratech Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
|
72211486 |
Equity Shares |
Rs. 10/- each |
Rs.722.115
Millions |
|
|
|
|
|
|
|
Issued & Subscribed |
Fully Paid Up |
Partly Paid Up |
|||
|
Number |
Amount (Rs in Millions) |
Number |
Amount (Rs in Millions) |
Number |
Amount (Rs in Millions) |
|
|
Balance as at 31st March 2010 |
65006646 |
650.067 |
64933945 |
649.340 |
72701 |
0.389 |
|
Addition during the year |
||||||
|
On Conversion of Warrants |
3500000 |
35.000 |
3500000 |
35.000 |
-- |
-- |
|
On Conversion of FCCB's |
3746830 |
37.468 |
3746830 |
37.468 |
-- |
-- |
|
Shares Forfeited During the
year |
(72701) |
(0.727) |
-- |
-- |
(72701) |
(0.389) |
|
Balance as At 31st March 2011 |
72180775 |
721.808 |
72180775 |
721.808 |
-- |
-- |
|
Addition during the year |
||||||
|
On Conversion of FCCB's |
30711 |
0.307 |
30711 |
0.307 |
-- |
-- |
|
Balance as at 31st March 2012 |
72211486 |
722.115 |
72211486 |
722.115 |
-- |
-- |
The Company’s issued, subscribed and paid up capital of 72211486
(previous Year 72180775) Equity Shares of
Rs. 10/- each, is distributed as under:
|
|
As at 31.03.2012 |
|
|
Number |
% |
|
|
a) Promoter & Promoter
Group |
31386975 |
43.47 |
|
Of which Shareholders holding More than 5% of the Paid up
Capital |
||
|
Flex International Private
Limited |
9197577 |
12.74 |
|
Anant Overseas Private Limited |
5415141 |
7.5 |
|
Anshika Investments Private
Limited |
5271092 |
7.3 |
|
A.R. Leasing Private Limited |
4994891 |
6.92 |
|
b) Public Shareholding |
40824511 |
56.53 |
|
i) Institution |
7418912 |
10.27 |
|
ii) Non-Institution |
27939759 |
38.69 |
|
iii) GDRs (underlying shares) |
5465840 |
7.57 |
|
Of which Shareholder holding More than 5% of the Paid up Capital |
||
|
Mr. Dilip Kumar Lakhi |
-- |
-- |
Further, the
issued, subscribed and paid up capital of the Company includes 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.
Also the company
has an outstanding 1,00,00,000 warrants carrying conversion price of Rs. 300/-
each as on the Balance Sheet date. These warrants give holders the right to
convert warrants into equal number of equity shares of the company at any time
within 18 Months from the date of allotment i.e. 25th November 2010. However,
the warrant holders did not exercise their rights for conversion of warrants
into equity shares upto the due date.
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 |
722.115 |
721.808 |
649.728 |
|
|
2] Share Warrants |
750.000 |
750.000 |
0.000 |
|
|
3] Reserves & Surplus |
12200.765 |
10981.726 |
7270.877 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13672.880 |
12453.534 |
7920.605 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
10497.075 |
9319.791 |
8048.726 |
|
|
2] Unsecured Loans |
1149.938 |
601.898 |
3045.263 |
|
|
(Less) : Current Portion |
(2246.417) |
(1604.482) |
0.000 |
|
|
TOTAL BORROWING |
9400.596 |
8317.207 |
11093.989 |
|
|
DEFERRED TAX LIABILITIES |
1339.238 |
1434.838 |
1351.838 |
|
|
OTHER LONG TERM LIABILITIES |
33.857 |
22.194 |
|
|
|
|
|
|
|
|
|
TOTAL |
24446.571 |
22227.773 |
20366.432 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14486.319 |
10944.798 |
9980.896 |
|
|
Capital work-in-progress |
87.103 |
742.202 |
39.197 |
|
|
|
|
|
|
|
|
INVESTMENT |
4904.821 |
4929.658 |
4520.101 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER NON-CURRENT ASSETS |
397.713 |
104.278 |
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2152.492
|
1722.294
|
953.927 |
|
|
Sundry Debtors |
6218.325
|
4883.168
|
3625.206 |
|
|
Cash & Bank Balances |
871.505
|
1024.451
|
1635.778 |
|
|
Other Current Assets |
145.000
|
25.898
|
84.412 |
|
|
Loans & Advances |
4082.042
|
3428.876
|
3267.259 |
|
Total
Current Assets |
13469.364
|
11084.687
|
9566.582 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3548.049
|
2164.896
|
1544.016 |
|
|
Other Current Liabilities |
4598.089
|
2490.955
|
1567.428 |
|
|
Provisions |
752.611
|
921.999
|
628.900 |
|
Total
Current Liabilities |
8898.749
|
5577.850
|
3740.344 |
|
|
Net Current Assets |
4570.615
|
5506.837
|
5826.238 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24446.571 |
22227.773 |
20366.432 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30789.368 |
23006.638 |
15627.419 |
|
|
|
Other Income |
277.100 |
157.275 |
1138.534 |
|
|
|
TOTAL (A) |
31066.468 |
23163.913 |
16765.953 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
0.000 |
0.000 |
9113.311 |
|
|
|
Cost of materials consumed |
17773.269 |
11774.517 |
0.000 |
|
|
|
Purchase of Stock-in-trade |
2620.401 |
212.522 |
0.000 |
|
|
|
Other Expenses |
4723.279 |
4124.808 |
0.000 |
|
|
|
Other Manufacturing Expenses |
0.000 |
0.000 |
1952.268 |
|
|
|
Payments and
Benefits to Employees |
1575.905 |
1275.990 |
1007.883 |
|
|
|
Administrative, Selling and Other Expenses |
0.000 |
0.000 |
1561.998 |
|
|
|
Expenses Allocated to Self Constructed Assets |
(319.357) |
(237.240) |
(142.813) |
|
|
|
Increase / (Decrease) in Finished Goods and Work-in-Progress |
(32.893) |
(289.292) |
87.546 |
|
|
|
TOTAL (B) |
26340.604 |
16861.305 |
13580.193 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4725.864 |
6302.608 |
3185.760 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1599.862 |
1348.805 |
1099.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3126.002 |
4953.803 |
2086.672 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1236.470 |
973.930 |
926.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1889.532 |
3979.873 |
1160.097 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
393.612 |
1159.687 |
256.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1495.920 |
2820.186 |
903.954 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
|
541.586 |
324.670 |
|
|
|
Proposed Dividend Distribution Tax |
|
87.859 |
53.924 |
|
|
|
General Reserve |
|
282.500 |
100.000 |
|
|
|
Debenture Redemption Reserve |
|
0.000 |
16.394 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1908.241 |
408.966 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3688.410 |
5281.522 |
2908.161 |
|
|
|
Design and Art Work Recovery |
8.771 |
23.201 |
13.617 |
|
|
|
Technical and Support Services |
599.119 |
548.139 |
210.435 |
|
|
|
Dividend |
0.000 |
0.000 |
134.223 |
|
|
|
Interest |
14.756 |
0.000 |
1.717 |
|
|
|
Misc. Income |
0.502 |
0.000 |
0.057 |
|
|
TOTAL EARNINGS |
4311.558 |
5852.862 |
3268.210 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7088.971 |
2272.115 |
1413.027 |
|
|
|
Stores and Spares |
126.310 |
80.912 |
64.985 |
|
|
|
Capital Goods |
2016.801 |
1378.696 |
315.584 |
|
|
|
Material-in-Transit-Raw Material |
65.457 |
44.329 |
16.222 |
|
|
|
Material-in-Transit-Capital Goods/Spare Parts |
0.000 |
5.223 |
4.897 |
|
|
TOTAL IMPORTS |
9297.539 |
3781.275 |
1814.715 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
41.61 |
13.19 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
|
(Unaudited)
|
(Unaudited) |
|
Sales Turnover |
8651.100 |
7922.600 |
|
Total Expenditure |
7300.900 |
6539.800 |
|
PBIDT (Excl
OI) |
1350.200 |
1382.800 |
|
Other Income |
39.700 |
49.300 |
|
Operating
Profit |
1389.900 |
1432.100 |
|
Interest |
453.300 |
432.800 |
|
Exceptional
Items |
0.000 |
0.000 |
|
PBDT |
936.600 |
999.300 |
|
Depreciation |
359.600 |
370.300 |
|
Profit
Before Tax |
577.000 |
629.000 |
|
Tax |
165.000 |
169.400 |
|
Reported PAT |
411.500 |
459.600 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
411.500 |
459.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.82
|
12.17
|
5.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.14
|
17.30
|
7.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.76
|
18.07
|
5.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.32
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34
|
1.12
|
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.99
|
2.55 |
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 |
Yes |
|
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 |
Yes |
|
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 |
-- |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
No |
FINANCIAL RESULTS
During the yea , the Company achieved on consolidated basis total
revenue of Rs.45429.500 Millions including other income of Rs.251.400 Millions
as against total revenue of Rs.35124.100 Millions including other income of
Rs.143.400 Millions of the previous financial year ended 31st March, 2011. The
profit for the year ended 31st March, 2012 at Rs.2550.200 Millions was lower
than the previous financial year ended March, 2011 at Rs.6979.800 Millions.
During the year, the Company achieved on standalone basis total revenue
of Rs.31066.500 Millions including other income of Rs.277.100 Millions as
against total revenue of Rs.23163.900 Millions including other income of
Rs.157.300 Millions of the previous financial year ended 31st March, 2011. The
profit for the year ended 31st March, 2012 at Rs.1495.900 Millions was lower
than the previous financial year ended March, 2011 at Rs.2820.200 Millions.
The profits during the financial year 2011 were higher due to prevailing
extra-ordinary market conditions of PET film, giving rise to abnormal higher
prices and margins thereon. Whereas during the financial year 2012, the PET
film market took a u-turn, resulting into significant drop in prices and
margins on PET film thereby dropping the profitability for the current
financial year 2012.
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry Structure
and Developments
Flexible packaging covers materials that have undergone a conversion
process including printing, lamination, coating and extrusion, and can involve
different substrates such as plastic films, paper and foil. Flexible pack types
include plastic bags and sacks, wrapping films and lidding films, paper bags
and wrapper, and aluminum foil laminates, foil lidding, blister packaging and
foil bags, sachets and pouches.
Flexible packaging materials can be used separately or in combination
for primary retail food packaging and non-food packaging applications such as
pet food, cosmetics and personal care, household detergents and soaps and
pharmaceutical and medical products. Flexible packaging films can be made from
single-web substrates such as flexible plastics (PE, PP, polyester or PA),
flexible foils and flexible papers, or they can be coated, laminated or
coextruded with other materials to enhance their physical properties in various
ways.
Worldwide demand for converted flexible packaging is forecasted to grow
3.6 percent per year to over 19 million metric tons in 2013, faster than real
(inflation adjusted) gains in GDP. Factors contributing to rising converted
flexible packaging demand include growth in food and beverage shipments, which
represent the largest market by far. In addition, cost performance and source reduction
advantages, as well as ongoing developments in high-barrier resins and value
added features, will continue to favour flexible packaging products over their
rigid packaging materials.
Flexible packaging has reached market maturity in the developed nations
of North America and Western Europe and future growth will be modest. However,
in developing countries, the flexible packaging sees strong growth.
Asia is the largest regional market with 29.1% of global market volume
in 2011, followed by Western Europe and North America. Asia is also the fastest
growing market for consumer flexible packaging, with a forecast CAGR for
2011-16 of 7.9%. The region is forecast to represent 55.0% of total world
flexible packaging consumption growth during the period 2011-16. India and
China are the fastest-growing national markets for consumer flexible packaging,
together accounting for 44.0% of world flexible packaging consumption growth
during the forecast period.
The Indian flexible packaging Market 2011 shows India represents a US$ 3
billion market that is expected to continue growing at around 18-20% a year
until 2015. India is poised for huge growth with opening up of retail sector.
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. 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 fi lm from its Indian plant which largely caters to the captive
and domestic market and Egypt plant which caters to the international market.
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 Egypt caters to the international
market.
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 8 micron up to 50 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 Dubai and Mexico. Indian
plant meets captive and Indian market requirements whereas overseas plants
serve to overseas customers.
The Company has the facility to produce polyester chips of film grade,
yarn grade and bottle grade. The film grade chips are used as raw material for
the manufacturing of polyester films whereas yarn grade chips are used for the
manufacturing of polyester yarn and bottle grade chips for production of PET
bottles. The Company has made use of its state-of the- art batch processing
manufacturing facilities, by conveniently switching over to produce different
grades of chips based on the demand and orders in hand. The Company
manufactures a wide range of polyester chips suitable for various applications.
Through continuous R and D efforts, the Company developed different speciality
polyester chips, which has been well accepted in the Indian Market as well as International
Market. Presently the Chip unit also caters to 100% requirement of the
Specialty Chips at Company’s Wholly Owned Subsidiary Companies Flex Middle
East, Dubai and Flex Americas, Mexico
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 India and an emerging player in the
overseas market.
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 42% 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 India at NOIDA and Jammu and
plans to set up such plants in overseas market in future.
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 India as well as in
the International Market. 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 saves foreign exchange by developing in-house copper
adetitive for copper plating. It is also having a proofing system which can
print on actual substrate without engraving the Cylinders. 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 India. Prior to
printing, jobs can be proofed to obtain the approval from the customer. It
saves lot of press time and waste of plates.
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 R and D facilities, having unique features and
facilities for packaging products of different varieties, enables the Company
to manufacture both tailor made machines as well as machines of specific design
to suit the needs and requirements of various customers both in India and
abroad.
Expansion projects
The Company’s following expansion plans are in progress and the status
of the same are narrated below:
Project at Poland
Flex Film Europa Sp.z.o.o. set up as a 100% subsidiary of Flex Middle
East FZE, Dubai, is setting up facilities in Wrzesnia under Walbrzych Special
Economic Zone “Invest Park” in Poland to produce 30000 TPA of PET fi lm with an
estimated total capital outlay of US$ 80 million.
Land admeasuring about 67800 Sq. Meter has been acquired in WSEZ ‘Invest
Park Zone’. The site is fully developed and requisite infrastructures are fully
available. Soil Testing and plot survey has been completed, architecture
designing completed, civil construction work is almost complete. Major Plant
and Machineries are already supplied at site and commissioning of same are at
very advanced stage of completion. Term debt and working capital debt for
project are fully tied up. The Project is expected to be completed by beginning
of 2nd quarter of financial year 2013.
Project at USA
Flex Films (USA) Inc., 100% Subsidiary of the company is setting up
facilities in Elizabeth Town,
Kentucky, USA to Produce 30000 TPA of BOPET film with an estimated cost
of US$ 80.00 million. Land admeasuring 31.6 acres has been allotted in
Elizabethtown of Kentucky USA. Civil construction has already commenced. The
orders for major equipments have been placed and started arriving at site. The
Project is expected to be completed by December 2012.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
Rs. in Millions 31.03.2012 |
Rs. in Millions 31.03.2011 |
|
Guarantees issued by Banks |
93.876 |
75.332 |
|
Corporate Gurantee issued for facilities taken by subsidiary / step down subsidiaries from Banks |
13136.750 |
9728.600 |
|
Import duty obligations on outstanding export commitment under Advance Licence / EPCG Schemes |
597.034 |
477.586 |
|
Letters of Credit (Unexpired) issued by Banks (Net of Margin) |
1309.590 |
252.417 |
|
Show cause notice / demands of Excise Authorities not acknowledged by the Company and are contested / appealed / replied. |
537.058 |
518.356 |
|
Additional demands raised by the Income Tax Department, which are under rectifi cation and appeal |
37.135 |
29.504 |
|
Additional demands raised by the Sales Tax Department, which are under rectifi cation and appeal |
37.772 |
32.493 |
|
Demand raised by PF authority for alleged lower contribution of PF and are under appeal |
2.773 |
2.072 |
|
Amount demanded by the erstwhile workers of the Company and are pending in labour Court |
1.360 |
1.220 |
FIXED ASSETS
·
·
· Buildings
· Plant and Machinery
· Electrical Installations
· Office Equipments
· Furniture and Fixtures
· Vehicles
· Software
· Aircraft
WEBSITE DETAILS:
PROFILE
A world of complete flexible packaging solutions created with you at the centre.
With you at the centre they conceptualized an enterprise that has taken them to strategic locations across the globe so that you find them closer in terms of ideas, markets, challenges, solutions and services. Today, they are available for you just around the corner, around the world.
Putting you at the centre has also helped them evolve a corporate culture, flexible enough to respond to the demands and accommodate the needs. It has helped them to adapt there global industry insights to create solutions that keep the goals in focus. So across the world, you will find dealing with them as comfortable as with the local partner, yet backed with the formidable technological know-how of global players.
Thinking of you has made them invest in the best inputs on the entire range of the flexible packaging spectrum. It also helps them offer the right mix of competencies from the entire range of possibilities on the flexible packaging spectrum, so that you get precisely what you need, whenever you need it. All this has added up to an edge that gives you access to not only the perfect product but also the complete process consultancy. This helps you derive the maximum mileage out of the products that they engineer for you. It's a distinction that can be brought to you only by the people who know every link of the flexible packaging chain inside out.
So bring them a flexible packaging challenge and take back a relationship – a relationship with an unparalleled competitive and innovative edge.
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 Limited.
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 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 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.53.53 |
|
|
1 |
Rs.86.82 |
|
Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
Yes |
|
--LITIGATION |
YES/NO |
No |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
No |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
No |
|
--EXPORT ACTIVITIES |
YES/NO |
Yes |
|
--AFFILIATION |
YES/NO |
Yes |
|
--LISTED |
YES/NO |
Yes |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
TOTAL |
|
60 |
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.