MIRA
INFORM REPORT
|
Report Date : |
24.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL POLY FILMS LIMITED (w.e.f. March, 2005) |
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|
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Formerly Known
As : |
JINDAL POLYESTER LIMITED |
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Registered
Office : |
19th K M, Hapur - |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
09.09.1974 |
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Com. Reg. No.: |
20-003979 |
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Capital Investment
/ Paid-up Capital : |
Rs.430.219 Millions |
|
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CIN No.: [Company Identification
No.] |
L17111UP1974PLC003979 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRTJ00149C |
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Legal Form : |
Public Limited Liability Company. The company's shares are
listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Polyester Resin, Polyester Filament Yarn,
Polyester Chips and Biaxially Oriented Polyester Film. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 696100 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of the BC Jindal group. It is a well established and
reputed company having a good track record. There appears slight dip in sales
as well as in profitability. However, general financial position of the company seems to be strong.
Performance capacity appears to be high. Liquidity position of the company is
good. Subject gets good supports from its group companies. Trade relations
are reported to be fair. Business is active. Payments are reported to be
regular and as per commitment. In view of strong holding and experience directors, the company can be
considered for normal business dealings at usual trade terms and condition. |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term :- (CRISIL)AA- |
|
Rating Explanation |
(CRISIL)AA- :- having high degree of safety
regarding timely servicing of financial obligation it carry very low credit risk. |
|
Date |
October 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/Factory 1 : |
19th K M, Hapur - |
|
Tel. No.: |
91-122-2312088 / 2311087 91-5732-229143 / 229105 |
|
Fax No.: |
91-122-2312244 |
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E-Mail : |
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Website : |
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Head Office / Corporate Office : |
Plot No 12, Sector B-1, Local Shopping Complex, Vasant
Kunj, |
|
Tel. No.: |
91-11-26139256-65 |
|
Fax No.: |
91-11-26125739 |
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E-Mail : |
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|
Others Also Located at: · Mumbai ·
· Kolkata ·
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Factory 2: |
28th K.M. Stone, Nashik-Igatpuri Road, NH – 3, Village
Mundhegaon, Taluka Igatpuri District, Nashik - 422 403, Maharashtra, India |
|
Tel. No.: |
91-2553-285402 / 285405 |
|
Fax No.: |
91-2553-285403 |
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Factory 3 : |
160/1/7, |
|
Tel. No.: |
91-2638-247264 / 358 |
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|
Export Sales
Office : |
BOPP and PET
Films |
|
Tel. No.: |
91-11-26121798 |
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Fax No.: |
91-11-26125739 |
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E-Mail : |
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Domestic Sales
Office : |
PET Films |
|
Tel. No.: |
91-11-26125723 |
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Fax No.: |
91-11-26125739 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr.
Rashid Jilani |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth : |
08.10.1941 |
|
Qualification : |
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|
Date of Appointment : |
29.09.2007 |
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|
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|
Name : |
Mr.
Jogesh Bansal |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth : |
03.04.1952 |
|
Qualification : |
B.A |
|
Date of Appointment : |
20.09.2008 |
|
Expertise in specific functional area : |
Industry |
|
Other
Directorship : |
·
International Technotex Private Limited ·
South West Probuild Private Limited |
|
|
|
|
Name : |
Mr. R K Pandey |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth : |
20-01-1940 |
|
Qualification : |
M.Com, LLB, FCS |
|
Date of Appointment : |
30-09-2009 |
|
Expertise in specific functional area : |
Corporate Matters |
|
Other
Directorship : |
·
PTC Industries Limited ·
Precise Laboratories Private Limited ·
British Health Care Private Limited ·
Welcure Drugs and Pharmaceutical Limited ·
Shree Rajasthan Synthex Limited ·
Hanug Toys and Industries Limited ·
Amar Ujala Publications Limited ·
Kamdhenu Ispat Limited ·
Mefcom Capital Market Limited ·
Morgan Venture Limited ·
Richo India Limited ·
Sanghi Industries Limited ·
·
·
Jaypee Uttarbharat Vikas Private Limited |
|
|
|
|
Name : |
Mr.
Sameer Banerjee |
|
Designation : |
Whole
Time Director (Marketing) |
|
Date of Birth : |
10.07.1951 |
|
Qualification : |
B.Sc, M.B.A. |
|
Date of Appointment : |
25.08.2008 |
|
|
|
|
Name : |
Mr. Rathi Binod Pal |
|
Designation : |
Whole Time Director |
|
Date of Birth : |
18.03.1969 |
|
Qualification : |
|
|
Date of Appointment : |
17.12.2009 |
|
|
|
|
Name : |
Mr. Hemant Sharma |
|
Designation : |
Whole Time Director and Chief Executive Officer |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Mishra |
|
Designation : |
Company Secretary |
|
Qualification : |
B.Com, LLB, ACS |
|
|
|
|
Name : |
Mr. L.P. Soni |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1313200 |
3.12 |
|
|
30065552 |
71.50 |
|
|
31378752 |
74.63 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
31378752 |
74.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
982799 |
2.34 |
|
|
2429240 |
5.78 |
|
|
3412039 |
8.11 |
|
|
|
|
|
|
1173224 |
2.79 |
|
|
|
|
|
|
5262282 |
12.52 |
|
|
514469 |
1.22 |
|
|
306947 |
0.73 |
|
|
255014 |
0.61 |
|
|
108 |
0.00 |
|
|
51825 |
0.12 |
|
|
7256922 |
17.26 |
|
Total Public shareholding (B) |
10668961 |
25.37 |
|
Total (A)+(B) |
42047713 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.000 |
|
Total (A)+(B)+(C) |
42047713 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
PRODUCTION STATUS (As on
31.03.2011):
|
Particulars |
Unit |
*Licensed
Capacity |
*Installed
Capacity |
Actual
Production |
|
Polyester Filament Yarn |
MT |
54000 |
54000 |
---- |
|
Polymer Chips |
MT |
191000 |
180800 |
109827.798 |
|
Biaxially
Oriented Polyester/ Polypropylene Film |
MT |
296000 |
296000 |
225470.385 |
*As certified by the management but not verified by the Auditors, being
the technical matter.
Film Production Includes 159,954 Mt. under the Mega Project Scheme.
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
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Bankers : |
·
Standard
Chartered Bank |
||||||||||||
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Facilities : |
Notes on Secured Loans : Term
loans from banks are secured by first pari-pasu equitable mortgage of
immovable properties of the company situated at Gulaothi (U.P). and Foreign
currency term loans from AKA Ausfuhrkredit-Gesellschaft mbh The
above foreign currency loans are repayable on yearly/half yearly basis and
the last repayment is due in September,2017. Secured Working Capital Loans from banks are secured by
way of hypothecation of all stocks of
raw materials, semi finished goods, finished goods, goods in transit, stores
and spares and book debts of the company. These are further secured by way of
second pari-pasu charge on immovable properties of the company situated at
Gulaothi (U.P.) and |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kanodia
Sanyal and Associates Chartered Accountants |
|
|
|
|
Associates : |
·
Jindal India Powertech Limited ·
Rexor Holding SAS (W.e.f
29.03.2012) (Formerly Known as Jindal |
|
|
|
|
Companies/Individuals/ Associates : |
·
Soyuz Trading Company Limited ·
Rishi Trading Company Limited ·
Consolidated Photo and Finvest
Limited ·
Jindal Photo Investment Limited ·
Consolidated Finvest and Holding
Limited ·
Jindal Photo Limited ·
Jasmin Investment Limited ·
Consolidated Finance and Investment Limited ·
Passion Tea Private Limited ·
Anchor Image and Films Private
Limited ·
Jindal India Limited ·
Universal Foils Limited |
|
|
|
|
Subsidiaries : |
·
Hindustan Thermal Power Generation
Limited ·
(Formerly Hindustan Polysters
Limited) ·
Jindal Solar Rajasthan Limited ·
Jindal Solar Powertech Limited ·
Jindal Poly Films Investment
Limited ·
Jindal Metal and Mining Limited ·
Haldia Synthetic Rubber Limited ·
Jindal Resources ( ·
Trans Indian Mining Lda ·
Jindal Metal and Mining
International Limited (w.e.f.15.08.2011) ·
jindal Poly Finance Limited (w.e.f
13.05.2011) ·
Rexor Holding SAS (Up to
28.03.2012)
(Formerly Known as Jindal ·
12 Rexor SAS ( Up to 28.03.2012) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs.1050.000 Millions |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
TOTAL |
|
Rs.2050.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43021855 |
Equity Shares |
Rs.10/- each |
Rs.430.219 Millions |
|
|
|
|
|
NOTES:
[Rs. in Millions
|
Particular |
As
at 31.03.2012 |
AS
at 31.03.2011 |
|
SHARE CAPITAL AUTHORISED |
|
|
|
105,000,000 (105,000,000) Equity Shares of Rs.10/- each |
1050.000 |
1050.000 |
|
100,000,000 (100,000,000) Preference Shares of Rs.10/-
each |
1000.000 |
1000.000 |
|
Total |
2050.000 |
2050.000 |
|
|
|
|
|
ISSUED, SUBSCRIBED AND PAID UP |
|
|
|
43,021,855 (46,042,276) Equity Shares of Rs. 10/- each |
430.219 |
460.423 |
|
Total |
430.219 |
460.423 |
|
|
|
|
Notes on Share capital :-
Reconciliation of Shares outstanding at the beginning and
at the closing of the reporting period:
|
Particulars |
No.
of Shares |
No.
of Shares |
|
Opening Balance |
46.042 |
23.021 |
|
Add: Issue by way of bonus
shares |
0.000 |
23.021 |
|
Less: Buyback of equity
shares |
3.020 |
0.000 |
|
Closing Balance |
43.021 |
46.042 |
2. Details of each shareholder holding more than 5 percent shares specifying the number of shares held.
|
Name of Shareholder |
No. of Shares |
% |
No. of Shares |
% |
|
Jindal
Photo Investments Limited |
11450302 |
26.62 |
11450302 |
24.87 |
|
Soyuz Trading Company Limited |
11848266 |
27.54 |
11348266 |
24.65 |
|
Rishi Trading Company Limited |
4999056 |
11.62 |
4499056 |
9.77 |
3. 23,021,138 Equity Shares were issued as Bonus Shares by
way of utilization of Capital Redemption Reserves during the last financial
year 2010-11 in the ratio of 1:1.
4. The Company
has bought back following equity shares during last five years:
|
Financial
Year |
No. of Shares |
|
2008-2009 |
2271735 |
|
2009-2010 |
2803007 |
|
2011-2012 |
3020421 |
5 Pursuant to the approval of the Board
of Directors of the Company, for buyback of equity shares U/s 77A of the
Companies Act, 1956 being less then 10% of Paid up capital and free reserve,
during the financial year 2011-12. Company has bought back 3,020,421 equity
shares and extinguished the same. A total of 3,020,421 equity shares were
bought back and extinguished during the year ended 31st March 2012
through open market for an aggregate amount of Rs. 528.149 by utilizing the
security premium and general reserve to the extent of Rs. 497.944 and Rs.
30.204 respectively. The Capital redemption reserve has been credited out of
general reserve for Rs 30.204 being the nominal value of the share bought back
U/s. 77A of he Companies act, 1956.
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 |
430.219 |
460.423 |
230.211 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16775.392 |
16024.713 |
10462.146 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17205.611 |
16485.136 |
10692.357 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3212.842 |
3900.482 |
4253.935 |
|
|
2] Unsecured Loans |
1142.422 |
158.596 |
504.302 |
|
|
TOTAL BORROWING |
4355.264 |
4059.078 |
4758.237 |
|
|
DEFERRED TAX LIABILITIES |
1625.322 |
1784.736 |
1665.736 |
|
|
|
|
|
|
|
|
TOTAL |
23186.197 |
22328.950 |
17116.330 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12936.262 |
12173.648 |
12137.058 |
|
|
Capital work-in-progress |
489.451 |
538.646 |
680.987 |
|
|
|
|
|
|
|
|
INVESTMENT |
6227.695 |
5726.546 |
1756.333 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2015.686
|
2613.501 |
2007.792
|
|
|
Sundry Debtors |
1667.670
|
2375.476 |
611.119
|
|
|
Cash & Bank Balances |
160.115
|
229.167 |
899.224
|
|
|
Other Current Assets |
1299.867
|
1171.651 |
0.000
|
|
|
Loans & Advances |
1292.812
|
775.982 |
1145.089
|
|
Total
Current Assets |
6436.150
|
7165.777 |
4663.224 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1115.644
|
986.260 |
974.258
|
|
|
Other Current Liabilities |
1623.568
|
1990.536 |
810.176
|
|
|
Provisions |
164.149
|
298.871 |
336.838
|
|
Total
Current Liabilities |
2903.361
|
3275.667 |
2121.272 |
|
|
Net Current Assets |
3532.789
|
3890.110 |
2541.952 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23186.197 |
22328.950 |
17116.330 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23643.961 |
27462.355 |
15909.949 |
|
|
|
Other Income |
186.333 |
109.699 |
461.867 |
|
|
|
TOTAL |
23830.294 |
27572.054 |
16371.816 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
15590.966 |
14168.804 |
|
|
|
|
Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
271.491 |
(344.503) |
|
|
|
|
Employee benefit expenses |
301.371 |
241.683 |
|
|
|
|
Other Expenses |
3994.523 |
3834.405 |
|
|
|
|
TOTAL |
20158.351 |
17900.389 |
12271.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3671.943 |
9671.665 |
4100.376 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
261.371 |
204.387 |
280.949 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3410.572 |
9467.278 |
3819.427 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
880.855 |
842.326 |
804.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
2529.717 |
8624.952 |
3015.057 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
743.270 |
(61.217) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
1786.447 |
8686.169 |
3015.057 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
415.652 |
2759.611 |
931.221 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) |
1370.795 |
5926.558 |
2083.836 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5133.779 |
3336.080 |
2020.691 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Equity Shares |
105.100 |
115.106 |
230.212 |
|
|
|
Transfer to General Reserve |
17.100 |
5000.000 |
500.000 |
|
|
|
Tax on Proposed Dividend |
500.000 |
18.673 |
38.235 |
|
|
BALANCE CARRIED TO
THE B/S |
6504.574 |
5133.779 |
3336.080 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
(5813.766) |
(7179.030) |
3081.640 |
|
|
TOTAL EARNINGS |
5813.800 |
7209.380 |
10260.67 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3414.112 |
4462.422 |
3243.536 |
|
|
|
Stores & Spares |
274.440 |
187.745 |
78.236 |
|
|
|
Capital Goods |
1029.761 |
365.058 |
1389.571 |
|
|
TOTAL IMPORTS |
4718.313 |
5015.225 |
4711.343 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.35 |
128.72 |
45.15 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
|
1st
Quarter |
2nd Quarter |
|
Net Sales |
6109.100 |
5768.700 |
|
Total Expenditure |
5350.200 |
5173.700 |
|
PBIDT (Excl OI) |
758.900 |
595.000 |
|
Other Income |
45.600 |
223.000 |
|
Operating Profit |
804.500 |
818.000 |
|
Interest |
74.400 |
89.000 |
|
Exceptional Items |
(330.300) |
210.600 |
|
PBDT |
399.800 |
939.600 |
|
Depreciation |
160.800 |
244.100 |
|
Profit Before Tax |
91.000 |
695.500 |
|
Tax |
0.000 |
60.200 |
|
Provisions and contingencies |
69.900 |
0.000 |
|
Profit After Tax |
(4.400) |
635.300 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
65.500 |
635.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.75
|
21.42
|
12.73
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.56
|
32.05
|
18.95
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.22
|
44.73
|
17.95
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.52
|
0.28
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.44
|
0.64
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.22
|
2.79
|
2.20
|
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 |
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 |
Yes |
|
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 |
Yes |
UNSECURED LOAN
|
Particulars |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Unsecured Working Capital Loan |
1142.422 |
158.596 |
|
TOTAL |
1142.422 |
158.596 |
PERFORMANCE HIGHLIGHTS
The Company achieved a sales turnover of Rs.24929.200 Millions
during the year as compared to Rs.29066.600 crore during the previous year and
recorded operating profit before exceptional item Rs.3646.000 Millions as
against Rs.9635.400 Millions during the previous year
MANAGEMENT
DISCUSSION AND ANALYSIS
Overview
Jindal
Poly Films Limited (JPFL) is a producer of high performance Polyester and BOPP
films (plain and metallized) mainly used for the flexible packaging industry.
The Company’s manufacturing facility at
INDUSTRY,
STRUCTURE & DEVELOPMENTS
Flexible
Packaging Film
Flexible
packaging typically includes materials such as plastic films, paper and
aluminium foil. Over the years, BOPET Film and BOPP Film (forms of
plastic-based flexible packaging film) have become the preferred choice for
packaging consumer articles including food and clothing. Besides such films,
JPFL also offers a range of metallised and coated film products to its
customers.
JPFL
is the leading producer of flexible packaging films in the country. The Company
also maintains a strong presence as a key exporter to several countries.
Flexible packaging film follows a business-to-business model, supplying base
film to key converters/processors - who
in turn sell the value added product to customers.
BOPET
Film
BOPET
Film is a versatile product broadly classified according to thickness of the
film. Thick Films (50-350 microns in thickness) find application in
photographic/X-ray, electronics, printing, textile, pre-press back up films for
photo voltaic cells used for generating solar power and office supplies, motor
insulations and document lamination. Thin Films (10-36 microns in thickness)
are used in flexible packaging metallic yarn, cables, transformers, capacitors,
audio/video tape, hot stamping foils, release films, decorative ribbons and
labels.
JPFL
has a capacity to manufacture 1,27,000 TPA of BOPET Film, in the current
financial year 2012-13. One more thin BOPET film line of a capacity of 30,000
TPA is planned for startup in the fourth quarter of 2013
BOPP
Film
Better
moisture retention properties render BOPP Film more suitable for food products
like snack foods, biscuits, pasta, dried foods and meat. Further, BOPP Film
also finds application in wrapping cigarette cartons, ready-made garment
bags, adhesive tapes and print
lamination.
The
market for BOPP Film in
In
current financial year, the Company has commissioned and started production its
sixth line with a capacity of 30,000 TPA, thus the combined capacity is
2,10,000 TPA
Metallised
Films
Vacuum
deposition of Aluminum on BOPET and BOPP films increases the barrier properties
of such films. Besides flexible packaging moralized BOPET films is used for
metallic yarn. Metallised BOPP is widely used for gift wrapping. In the last
few years metallised polyester film has found application in sequins for the
textile industry for sarees and dress material for women’s wear.
Coated
Films
PVDC
coated BOPP and BOPET films are used in the flexible packaging industry. The
Company has a capacity of 4500 TPAto manufacture PVDC, Acrylic and LTS coated
films. During the current financial year the Company’s silicon coating and
other coated films have found wide range of applications in the label stock and
flexible packaging industry. The Company expects to enhance capacity
utilization in 2012-13.
Polyester
Chips
JPFL
has the in-house ability to manufacture polyester (BOPET) chips as per the
product requirement, for its BOPET Film business. The Company has installed
capacity of 1,76,400 TPA at Nashik,
SEGMENT
PERFORMANCE
Flexible
Packaging Film
The
flexible packaging turnover has decreased from 29067.600 Millions (2010-11) to 23644.000
Millions (2011-12) which is mainly attributable to fall in BOPET films price.
OUTLOOK
Flexible Packaging Film
Growth
in the flexible packaging industry is also aided by increase in the export of
packaging material to high cost countries in Europe and the
BOPET
Films
Over the last ten years, the dominance of the four leading
producers – TORAY, DUPONT-TEIJIN, MITSUBISHI and SKC has been challenged by a
new emerging breed of producers in
BOPP Films
The BOPP film market in
Combined with a robust growth in ready to wear apparels,
the Indian BOPP film industry is expected to grow at over 15% per annum over
the next 3 years.
FINANCIAL
PERFORMANCE
Jindal
Poly Films reported a total revenue of Rs. 23830.200 Millions as compared to
Rs. 27572.000 Millions in previous year. The Profit After Tax stood at Rs.
1370.800 Millions (last year Rs. 5926.600 Millions giving an EPS of Rs. 303.500
(last year was 1287.200)
FIXED ASSETS
·
Land (Freehold)
·
Factory Buildings
·
Other Buildings
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Computers
·
Vehicles
Unaudited
Financial Result For the Quarter and Six Month Ended 30.09.2012
(Rs, in Millions)
|
S.N |
Particulars |
Quarter Ended On 30.06.2012 |
Quarter Ended On 30.09.2012 |
Half Year Ended On 30.09.2012 |
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations |
5935.400 |
5634.200 |
11569.600 |
|
|
(Net of Excise duty) |
|
|
|
|
|
(b) Other Operating
Income |
173.700 |
134.500 |
308.100 |
|
|
Total Income from
Operations (Net) |
173.700 |
5768.700 |
11877.700 |
|
2. |
Expenses |
|
|
|
|
(a) |
Cost of
material consumed |
4196.000 |
4259.300 |
8456.100 |
|
(b) |
Purchase
of stock in trade |
0.000 |
0.000 |
0.000 |
|
(c) |
Changes in
inventories of finished goods, in
progress and Stock- in- trade |
12.800 |
(231.000) |
(218.200) |
|
(d) |
Employee
benefit expenses |
72.700 |
77.300 |
150.000 |
|
(e) |
Power
& Fuel Cost |
533.200 |
607.200 |
1140.400 |
|
(f) |
Depreciation
and amortisation expenses |
239.000 |
244.100 |
483.000 |
|
(g) |
Other
Expenses |
534.700 |
460.900 |
995.600 |
|
|
Total
Expenses |
5589.200 |
574.100 |
11006.900 |
|
3. |
Profit from
Operations before other income, Finance cost and Exceptional items |
519.900 |
351.000 |
870.800 |
|
4. |
Other
Income |
45.600 |
223.000 |
268.700 |
|
5. |
Profit from
ordinary activities before finance costs and Exceptional items (3+4) |
565.500 |
574.100 |
1139.500 |
|
6. |
Finance
Costs |
74.400 |
89.000 |
163.400 |
|
7. |
Profit
from ordinary activities after finance costs but before Exceptional items (5-6) |
491.100 |
485.000 |
976.100 |
|
8. |
Exceptional
items |
(330.300) |
210.500 |
(119.800) |
|
9. |
Profit/Loss
from ordinary activities before tax (7+8) |
160.800 |
695.500 |
856.300 |
|
10. |
Tax Expense |
|
|
|
|
|
- Provision - Income Tax |
113.200 |
3.500 |
116.600 |
|
|
- Deferred Tax |
(22.200) |
56.700 |
34.500 |
|
|
Total Tax
Expense |
91.000 |
60.200 |
151.100 |
|
11. |
Net Profit
from ordinary activities after tax (9-10) |
69.900 |
635.300 |
705.100 |
|
12. |
Extraordinary
items (Net of Tax Expense) |
|
|
|
|
13. |
Loss from
discontinuing operations |
(4.400) |
(4.800) |
(9.200) |
|
14. |
Net Profit
for the period
(11-12) |
65.500 |
630.500 |
695.900 |
|
15. |
Add : |
N.A |
N.A |
N.A |
|
16. |
Less : Share of Profit/(Lass) of Minority |
N.A |
N.A |
N.A |
|
17. |
Net Profit
after Share in Minority/ Associates |
65.500 |
630.500 |
695.900 |
|
18. |
Paid up
Equity Share Capital ( Face Value Rs. 10A each) |
420.500 |
420.500 |
420.500 |
|
19. |
Reserves
excluding revaluation reserves |
|
|
|
|
20. |
Basic
& Diluted EPS (Not annualised/Rs.) |
|
|
|
|
|
Before
Extraordinary Items |
15.400 |
149.900 |
164.800 |
|
|
After Extraordinary Items |
15.400 |
149.900 |
164.800 |
|
A 1 |
PARTICULARS OF SHARE HOLDING Public Shareholding |
|
|
|
|
|
No of
Equity Shares |
11029061 |
10668961 |
10668961 |
|
|
% of Share
holding |
26.23% |
25.37% |
25.37% |
|
2 |
Promoters and Promoter Group
Shareholding a) Pledged / Encumbered |
Nil |
Nil |
Nil |
|
|
- Number
of Equity shares |
N.A |
N.A |
N.A |
|
|
- %of
shares (of the total shareholding of promoter and promoter group) |
N.A |
N.A |
N.A |
|
|
-
Percentage of shares (of the total share capital of the Company) |
N.A |
N.A |
N.A |
|
|
b) Non -
encumbered |
|
|
|
|
|
- Number
of Equity shares |
31018652 |
31378752 |
31378752 |
|
|
%of shares (of
the total shareholding of promoter and promoter
group) |
100% |
100% |
100% |
|
|
- Percentage of shares (of the
total share capital of the |
73.77% |
74.63% |
74.63% |
Statement of Assets and Liabilities as on 30.09.2012 (Unaudited)
|
Particulars |
Half Year Ended On 30.09.2012 |
Year Ended On 31.03.2012 |
|
Equities and Liability |
|
|
|
[A] SHAREHOLDERS
FUNDS |
|
|
|
1] Share Capital |
450.500 |
430.200 |
|
2] Reserves & Surplus |
17295.600 |
16775.400 |
|
[B] Non Current
Liability |
|
|
|
1] Long Term Borrowings |
2261.400 |
2566.200 |
|
2] Differed Tax Liability |
1659.800 |
1625.300 |
|
[C] Current
Liabilities |
|
|
|
1] Short Term Borrowing |
2375.500 |
1789.100 |
|
2] Trade Payable |
1667.100 |
1115.600 |
|
3] Other Current Liability |
1253.700 |
1623.600 |
|
4] Short – Term Provision |
200.100 |
164.100 |
|
Total Equity and
Liability |
27133.600 |
26089.600 |
|
ASSETS |
|
|
|
[I] Non Current
Assets |
|
|
|
a) Fixed assets |
|
|
|
1] Tangible Assets |
12828.700 |
12936.300 |
|
2]Capital Work In Progress |
493.500 |
489.500 |
|
b) Non Current
Investment |
4156.000 |
4156.000 |
|
C) Long Term
Loan and Advances |
117.100 |
258.800 |
|
[II] Current Assets |
|
|
|
a) Current Investment |
2102.600 |
2071.700 |
|
b) Inventories |
2898.500 |
2015.700 |
|
C) Trade Receivable |
1544.300 |
1667.700 |
|
d) Cash and Cash Equivalents |
666.100 |
160.100 |
|
e) Short Term Loan and Advances |
798.200 |
1034.000 |
|
f) Other Current Assets |
1528.600 |
1299.900 |
|
Total |
27133.600 |
26089.600 |
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.53.87 |
|
|
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.71.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
HET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.