MIRA INFORM REPORT
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Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
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Name : |
GARWARE POLYESTER LIMITED |
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Registered
Office : |
Naigaon, Post Waluj, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.06.1957 |
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Com. Reg. No.: |
11-010889 |
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Capital
Investment / Paid-up Capital : |
Rs.777.131 Millions |
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CIN No.: [Company Identification
No.] |
L10889MH1957PLC010889 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Exporter, Importer and Marketers of Polyester Film,
Metallised Film and Polyester Chips. |
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No of Employees
: |
500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 20000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears slight dip in the sales turnover and profitability of the
company during 2013. However, trade relations are reported as fair. Business
is active. Payments are reported to be usually correct and as per
commitments. 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.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
BBB+ (Long Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
January 2013 |
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Rating Agency Name |
CARE |
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Rating |
A3+ (Short Term Bank Facilities) |
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Rating Explanation |
Moderate degree of safety and higher credit
risk. |
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Date |
January 2013 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
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Name : |
Mr. Kulkarni |
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Designation : |
Accounts Department |
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Contact No.: |
91-240-2554427 |
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Date : |
09.07.2013 |
LOCATIONS
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Registered Office : |
Naigaon, Post Waluj, |
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Tel. No.: |
91-240-2554427 |
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Mobile No.: |
91-9820190665 (Mr. H. M. Desai) |
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Fax No. : |
91-240-2554672 |
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E-Mail : |
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Website: |
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Area: |
Owned |
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Corporate/ Head Office/ Factory : |
Garware House, 50-A, Swami Nityanand Marg, Western
Express Highway, Vile Parle (East), Mumbai- 400 057, Maharashtra, India |
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Tel. No.: |
91-22-66988000 |
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Fax No.: |
91-22-28248155/ 28248199 |
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E-Mail : |
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Factory 1 : |
Polyester Film Plant, Aurangabad-Pune Road, P.O. Waluj, Aurangabad-431
133, Maharashtra, India |
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Tel. No.: |
91-240-2554427 |
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Fax No.: |
91-240-2554672 |
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E-Mail : |
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Factory 2 : |
Polyester Film Plant, L-5 and L-6, Chikalthana, Industrial Area, Dr.
Abasaheb Garware Marg, |
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Tel. No.: |
91-240-2485465/ 2485466 |
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Fax No.: |
91-240-2484179/ 2484262/ 2486002 |
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E-Mail : |
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Factory 3 : |
A-1 and A-2, MIDC, Ambad, |
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Tel. No.: |
91-253-2382781 to 85 |
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Fax No.: |
91-253-2382410 |
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Marketing
Offices 1 / Branch Office 1: |
403, Madarn Bhikaji Cama Bhawan, 11, Bhikaji Cama Place, New Delhi 110 066, India |
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Tel. No.: |
91-11-26715091 to 96 |
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Fax No.: |
91-11-26715098 |
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Marketing
Offices 2 / Branch Office 2 : |
37/1 B, Hazra Road, Kolkata 700 029, West Bengal, India |
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Tel. No.: |
91-33-24746823 / 24761350 |
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Fax No.: |
91-33-24749100 |
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Marketing
Offices 3 : |
Old No.37, New No.55, Ambercrest, 4th Floor, Pantheon Road
Lane, Egmore, Chennai – 600008, Tamilnadu, India |
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Tel. No.: |
91-44-28420939 |
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Fax No.: |
91-44-28593924 |
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Branch Office 3
: |
Old No. 40, New No. 91,Shiyali Mudali Street, Pudupet, Chennai
– 600002, Tamilnadu, India |
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Overseas Office
1 : |
Global Pet films
Inc 9050 Pines Blvd., Suite #.362, Pembroke Pines, Florida 33024 U.S.A. |
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Tel. No.: |
954-499-7990 |
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Fax No.: |
954-499-7992 |
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E-Mail : |
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Overseas Office
2 : |
Garware Polyester
International Limited, Station House, 11 Mason Avenue, Middlesex HA3 5AH. |
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Tel. No.: |
(44) 0207 376 3931 |
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Fax No.: |
(44) 0208 424 2777 |
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E-Mail : |
DIRECTORS
As on 31.03.2012
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Name : |
Mr. Shashikant B. Garware |
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Designation : |
Chairman and Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Mrs. Sheela S. Garware |
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Designation : |
Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Mrs. Monika Garware Modi |
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Designation : |
Vice Chairperson and Jt. Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Date of Birth/Age : |
04.06.1963 |
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Qualification : |
M.B.A. (U.S.A.) |
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Date of Appointment : |
31.03.1989 |
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Expertise in specific functional areas : |
Finance and Marketing |
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Directorship held in other public
companies : |
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Name : |
Ms. Sarita Garware |
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Designation : |
Jt. Managing Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Name : |
Ms. Sonia Garware |
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Designation : |
Director |
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Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Date of Birth/Age : |
24.07.1971 |
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Qualification : |
M.B.A. (U.S.A.) |
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Date of Appointment : |
31.01.2007 |
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Expertise in specific functional areas : |
Finance, Marketing and Strategic Management |
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Directorship held in other public
companies : |
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Name : |
Mr. Mohan S. Adsul |
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Designation : |
Director – Technical |
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Address : |
Plot No.10, N-5, A1 Parijat Nagar, CIDCO, |
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Date of Birth/ Age : |
01.06.1955 |
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Date of Appointment : |
31.07.2007 |
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Qualification : |
B. Sc. (Tech) in Plastics and DBM |
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Expertise in specific functional areas : |
Product Development and Production |
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Directorship held in other public
companies : |
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Memberships/ Chairmanships of
Committees across public companies |
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Name : |
Mr. Boman Moradian |
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Designation : |
Director |
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Address : |
M. |
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Name : |
Mr. Narendra P. Chapalgaonkar |
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Designation : |
Director |
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Address : |
13, Jaynagar, Near Dashmeshnagar, |
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Date of Birth/ Age : |
10.04.1937 |
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Appointment Date : |
23.10.2003 |
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Qualification : |
M.A. and L .L.B |
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Expertise in specific functional areas : |
Retd. Judge of Bombay High Court |
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Name : |
Mr. Dilip J. Thakkar |
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Designation : |
Director |
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Address : |
Little |
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Date of Birth/ Age : |
01.10.1936 |
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Appointment Date : |
30.04.2007 |
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Qualification : |
Chartered Accountant |
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Expertise in specific functional areas : |
Taxation and Foreign Exchange Regulation |
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Directorship held in other public
companies : |
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Memberships/ Chairmanships of
Committees across public companies |
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Name : |
Dr. Mahesh C. Agarwal |
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Designation : |
Director |
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Address : |
705, Manisha
Apartments, |
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Date of Birth/ Age : |
23.10.1946 |
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Appointment Date : |
29.04.2009 |
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Qualification : |
Masters in Psychology. Ph. D |
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Name : |
Mr. Ramesh P. Makhija |
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Designation : |
Director |
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Address : |
Flat No.61, Ashoka Apartment, 6th Floor, Nepeansea Road, Mumbai
– 400006, Maharashtra, India |
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Date of Birth/ Age : |
19.08.1950 |
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Appointment Date : |
12.11.2009 |
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Qualification : |
L.L.B. Attorney – at - Law |
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Expertise in specific functional areas : |
Law |
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Directorship held in other public
companies : |
I-flex Solutions Trustee Company Limited |
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Name : |
Mr. A. B. Bhalerao |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Manoj Koul |
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Designation : |
Company Secretary and Senior General Manager |
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Name : |
Mr. Kulkarni |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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1822081 |
7.82 |
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1336391 |
5.73 |
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10480100 |
44.95 |
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|
10480100 |
44.95 |
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|
13638572 |
58.50 |
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|
250165 |
1.07 |
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|
250165 |
1.07 |
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Total shareholding
of Promoter and Promoter Group (A) |
13888737 |
59.57 |
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(B) Public
Shareholding |
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|
15363 |
0.07 |
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|
3305 |
0.01 |
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|
853956 |
3.66 |
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|
3855 |
0.02 |
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|
6015 |
0.03 |
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|
6015 |
0.03 |
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|
882494 |
3.79 |
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|
891683 |
3.82 |
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|
4108573 |
17.62 |
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|
2832007 |
12.15 |
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|
711656 |
3.05 |
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|
411631 |
1.77 |
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|
277477 |
1.19 |
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|
22548 |
0.10 |
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|
8543919 |
36.65 |
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Total Public
shareholding (B) |
9426413 |
40.43 |
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Total (A)+(B) |
23315150 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
23315150 |
0.00 |
Shareholding belonging
to the category "Promoter and Promoter Group"
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
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|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
Shashikant Bhalchandra Garware |
1163001 |
4.99 |
|
2 |
Sheela Shashikant Garware |
157970 |
0.68 |
|
3 |
Monika Garware Modi |
250004 |
1.07 |
|
4 |
Sarita Garware |
251106 |
1.08 |
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5 |
Sonia Shashikant Garware |
250165 |
1.07 |
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6 |
S B Garware Family Trust |
10477100 |
44.94 |
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7 |
B D Garware Research Centre |
1067216 |
4.58 |
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8 |
Naigaon Chemicals Private Limited |
185226 |
0.79 |
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9 |
Via Investment Consultants Private Limited |
83949 |
0.36 |
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10 |
Monika Garware Modi Benefit Trust |
1000 |
0.00 |
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11 |
Sarita Garware Benefit Trust |
1000 |
0.00 |
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12 |
Sonia Garware Benefit Trust |
1000 |
0.00 |
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Total |
13888737 |
59.57 |
Shareholding belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
|
|
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|
1 |
Life Insurance Corporation of India |
853956 |
3.66 |
|
2 |
Moneybee Securities Private Limited |
400427 |
1.72 |
|
3 |
Bharat Jayantilal Patel |
1165818 |
5.00 |
|
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Total |
2420201 |
10.38 |
Shareholding belonging to the category
"Public" and holding more than 5% of the Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
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1 |
Bharat Jayantilal Patel |
1165818 |
5.00 |
5.00 |
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Total |
1165818 |
5.00 |
5.00 |
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Naigaon Chemicals Private Limited |
44304 |
0.19 |
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2 |
Via Investment Consultants Private Limited |
19387 |
0.08 |
|
|
Total |
63691 |
0.27 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Importer and Marketers of Polyester Film,
Metallised Film and Polyester Chips |
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Products : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Licensed Capacity (TPA) |
Installed Capacity (TPA) |
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Polyester Film |
80000 |
41000 |
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Metallised Film |
2210 |
2,210 |
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Polyester Chips |
104400 |
104,4000 |
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Particulars |
Unit |
Actual Production |
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Polyester films (Plain/ Lacquered/ OHP/ Laminated/
Stabilised/ Coloured and Metallised) |
MT |
45914.80 |
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Chips (excluding conversion) |
-- |
Produced for
captive use in the manufacturer of Films. |
GENERAL INFORMATION
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Customers : |
Wholesalers, Relailers and End Users |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
· Indian Overseas Bank · Dena Bank · The Federal Bank Limited ·
State Bank of · Bank of India |
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Facilities : |
Notes: Net Amount 1) Zero Coupon Bonds of Rs. Nil (Previous year
Rs. 6.300 Millions) were secured by charge on fixed assets of the company
situated at Aurangabad and Nashik and also by way of second charge on current
assets of the company. The company does not have power to reissue the said
Zero coupon bonds. 2) Term Loans of Rs. 328.899 Millions (Previous
year Rs. 759.626 Millions) are secured as under: a. Term Loan of Rs. 8.816 Millions (Previous
year Rs. 57.873 Millions) is secured by charge on the specific project assets
and also by way of second charge on current assets of the company. The loan
is repayable in 24 quarterly installments from quarter ended June 2007 till
March 2013. b. Term Loan of Rs. 231.775 Millions (Previous
year Rs.119.689 Millions) is secured by charge on the specific project assets
and also by way of second charge on current assets of the company. The loan
is repayable in 20 quarterly installments from quarter ended March 2011 till
December 2015. c. Term Loan of Rs. 88.308 Millions (Previous
year Rs.Nil) is secured by charge on Fixed assets of the company situated at
Aurangabad and Nasik and also by way of second charge on current assets of
the company. The loan is repayable in 20 quarterly installments from quarter
ended June 2012 till March 2017. d. Term Loan of Rs. Nil (Previous year
Rs.538.350 Millions) was secured by charge on Fixed assets of the company
situated at Aurangabad and Nasik also by way of second charge on current
assets of the company. e. Term Loan of Rs. Nil (Previous year Rs.
43.714 Millions) was against the Fixed Deposits. 3) Vehicle Finances of Rs. 44.433 Millions
(Previous year Rs. 45.060 Millions) are secured by hypothecation of specific
assets. The loans are repayable in 60 monthly Installments. The installment
are payable from May 2007 till November 2016 covering all loans taken at
various dates. 4) Deferral Loan from SICOM is payable from
April 2016 to April 2026 5) The rate of interest on Foreign Currency
loans ranges between LIBOR + 7% to 7.5%, 14.25% on Rupee Loans and 8.92% to
15.5% on vehicle loans 6) Cash / Packing Credit / Working Capital
Demand Loans are secured by hypothecation of stores, spares and packing
materials and stock in- trade and book debts of the Company and further
secured by a second charge on the movable assets of the Company and immovable
properties situated at Aurangabad and Nasik. 7) Working Capital Loans are secured by hypothecation
of stores, spares and packing materials and stock-in-trade of the Company. 8) Interest on working capital (Rupee) Loans
ranges between 12.50% to 17% and Foreign currency loans 2.46% to 4.54%. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Shah and Company Chartered Accountants |
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Address : |
Mumbai, |
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Solicitors and Advocates |
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Name : |
Crawford Bayley and Company |
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Subsidiaries : |
· Garware Polyester International Limited |
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Ultimate Subsidiary : |
· Global Pet Films Inc |
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Associates : |
· Garware Chemicals Limited · Garware Industries Limited |
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Related Parties : |
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CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
6000000 |
Preference Shares |
Rs.100/- each |
Rs.600.000 Millions |
|
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|
|
|
|
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Total |
|
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23315150 |
Equity Shares |
Rs.10/- each |
Rs.233.152 |
|
|
Less: Unpaid Allotment Call Money |
|
Rs.0.621
Million |
|
5446000 |
0.01% Cumulative Redeemable Preference
Shares |
Rs.100/-
each |
Rs.544.600
Millions |
|
|
Total |
|
Rs.777.131 Millions |
OUT OF THE ABOVE:
(i) 10,19,022 Equity shares of Rs.10/- each were allotted as fully paid up to IDBI at a premium of Rs.48.88 per share on 7th November 2007 as per arrangement (Previous year 10,19,022)
(ii) 2,00,000 Equity shares of Rs.10/- each were allotted as fully paid up to various schemes operating under UTI Assets Management Company Limited at a premium of Rs. 22.67 per Share on 23rd December 2008 as per arrangement (Previous year 200,000)
(iii) 2,54,764 Equity Shares of Rs. 10/- Each fully paid-up issued to the shareholders of Garware Chemicals Limited (GCL) as per scheme of arrangement under section 391 to 394 of the Companies Act, 1956
(iv) 54,46,000 0.01% Cumulative Redeemable Preference Shares of Rs. 100/- each were allotted as fully paid up to IDBI at par (49,54,000 on 7th November 2007 and 4,92,000 on 19th June 2008) as per arrangement. The Preference shares amounting to Rs.495.400 Millions shall be redeemed in 3 equal installments from 1st April, 2014 to 1st April 2016 and Rs. 49.200 Millions shall be redeemed in single installment on 1st April 2016. (Previous year 54,46,000)
Terms / Rights
attached to Shares:
Equity Shares:
The company has only one class of equity shares having a par value of Rs.10/- per share. Each equity shareholder is entitled to one Vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the board of directors is subject to approval of shareholders in the ensuing Annual general meeting.
During the year ended on 31st March 2012, The amount of dividend per share recognised as distributions to equity shareholder is Rs 1.50 per share (year ended 31st March 2011 Rs.10/- including interim dividend)
As per the companies act 1956 the holders of equity shares will be entitle to receive remaining assets of the company, after distribution of all preferential amounts in the event of liquidation of the company. The distribution will be in proportion to the number of equity shares held by the shareholder.
Preference Shares:
The preference shares amounting to Rs. 495.400 Millions allotted on 07.11.2007 are redeemable in 3 equal installments from 1st April 2014 to 1st April 2016 and Rs. 49.200 Millions allotted on 19.06.2008 shall be redeemed in single installment on 1st April 2016.These preference shares carry a fixed cumulative dividend of 0.01% per annum.
a. Reconciliation of
the Number of Shares Outstanding at the beginning and at the end of the year
|
|
31st March, 2012 |
|
|
Equity Shares |
No. of Shares |
Rs. In Millions |
|
At the beginning of the period |
12583286 |
125.833 |
|
Issued during the year as per scheme of amalgamation and arrangement with Great Design Properties Private Limited (GDPP L) and Garware Chemicals Limited (GCL) |
10731864 |
107.319 |
|
Cancellation as per Scheme of amalgamation and arrangement with GDPP L |
0 |
0.000 |
|
Outstanding at the
end of the year |
23315150 |
233.152 |
|
|
|
|
|
Preference Shares |
|
|
|
At the beginning of the year |
5446000 |
544.600 |
|
Issued during the year |
0 |
0.000 |
|
Outstanding at the
end of the year |
5446000 |
544.600 |
b. Details of
Shareholders holding more than 5% Equity Shares in the company
|
|
31st March, 2012 |
|
|
Name of the
Shareholders |
No. of Shares |
% of Holding |
|
S.B. Garware Family Trust |
10477100 |
44.94 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 (12 Months) |
31.03.2011 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
777.131 |
669.812 |
|
(b) Share Capital Suspense |
|
0.000 |
107.319 |
|
(c) Reserves & Surplus |
|
4344.357 |
4034.381 |
|
(d) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
5121.488 |
4811.512 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
326.724 |
220.187 |
|
(b) Deferred tax liabilities (Net) |
|
369.960 |
369.960 |
|
(c) Other long term
liabilities |
|
0.000 |
49.932 |
|
(d) long-term
provisions |
|
82.174 |
76.652 |
|
Total Non-current
Liabilities (3) |
|
778.858 |
716.731 |
|
|
|
|
|
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
1792.480 |
829.620 |
|
(b) Trade payables |
|
242.835 |
265.992 |
|
(c) Other current
liabilities |
|
337.048 |
917.974 |
|
(d) Short-term
provisions |
|
102.893 |
277.563 |
|
Total Current
Liabilities (4) |
|
2475.256 |
2291.149 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
8375.602 |
7819.392 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4786.611 |
4935.402 |
|
(ii) Intangible Assets |
|
452.547 |
456.346 |
|
(iii) Capital
work-in-progress |
|
41.947 |
85.114 |
|
(iv)
Intangible assets under development |
|
0.000 |
2.170 |
|
(b) Non-current Investments |
|
21.446 |
21.586 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
612.195 |
565.514 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
5914.746 |
6066.132 |
|
|
|
|
|
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1193.048 |
960.409 |
|
(c) Trade receivables |
|
193.998 |
290.784 |
|
(d) Cash and cash
equivalents |
|
574.334 |
262.227 |
|
(e) Short-term loans
and advances |
|
487.306 |
224.466 |
|
(f) Other current
assets |
|
12.170 |
15.374 |
|
Total Current
Assets |
|
2460.856 |
1753.260 |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
8375.602 |
7819.392 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 (6 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
774.583 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1960.924 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2735.507 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2992.267 |
|
|
2] Unsecured Loans |
|
|
3.056 |
|
|
TOTAL BORROWING |
|
|
2995.323 |
|
|
DEFERRED TAX LIABILITIES |
|
|
144.424 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5875.254 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3769.771 |
|
|
Capital work-in-progress |
|
|
33.196 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
381.002 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
544.898
|
|
|
Sundry Debtors |
|
|
1065.393
|
|
|
Cash & Bank Balances |
|
|
99.660
|
|
|
Other Current Assets |
|
|
214.824
|
|
|
Loans & Advances |
|
|
192.165
|
|
Total
Current Assets |
|
|
2116.940
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
162.595
|
|
|
Other Current Liabilities |
|
|
111.812
|
|
|
Provisions |
|
|
151.831
|
|
Total
Current Liabilities |
|
|
426.238
|
|
|
Net Current Assets |
|
|
1690.702
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.583 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
5875.254 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (12 Months) |
31.03.2011 (12 Months) |
31.03.2010 (6 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7883.628 |
8920.959 |
5108.333 |
|
|
|
Other Income |
189.108 |
94.016 |
13.693 |
|
|
|
TOTAL (A) |
8072.736 |
9014.975 |
5122.026 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
4471.644 |
3648.064 |
|
|
|
|
Purchases of Traded Goods |
283.144 |
278.373 |
|
|
|
|
Employee Benefits Expense |
554.364 |
508.218 |
|
|
|
|
Other Expenses |
1979.547 |
1988.113 |
|
|
|
|
Exceptional Expenses |
(13.400) |
163.622 |
|
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and Traded Goods |
(253.611) |
(317.195) |
|
|
|
|
TOTAL (B) |
7021.688 |
6269.195 |
4543.505 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1051.048 |
2745.780 |
578.521 |
|
|
|
|
283.275 |
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
239.309 |
163.374 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
767.773 |
2506.471 |
415.147 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
417.088 |
396.449 |
160.939 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
350.685 |
2110.022 |
254.208 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
225.500 |
0.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
350.685 |
1884.522 |
253.733 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2399.300 |
958.300 |
757.891 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend Payable on Preference Shares |
0.100 |
0.000 |
0.027 |
|
|
|
Proposed Dividend on Equity Shares |
35.000 |
198.200 |
34.591 |
|
|
|
Interim Dividend |
10.000 |
18.900 |
0.000 |
|
|
|
Tax on Dividend |
5.700 |
37.900 |
5.750 |
|
|
|
Transfer to General Reserve |
17.500 |
188.500 |
13.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2691.800 |
2399.300 |
958.256 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3672.875 |
3635.714 |
1187.997 |
|
|
|
Dividend Income |
45.595 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
3718.47 |
3635.714 |
1187.997 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
378.199 |
|
77.167 |
|
|
|
Packing Material |
1.945 |
5.241 |
|
|
|
|
Components and Spares |
34.830 |
26.412 |
|
|
|
|
Capital goods |
71.355 |
120.019 |
|
|
|
TOTAL IMPORTS |
486.329 |
631.707 |
77.167 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.04 |
80.83 |
11.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1951.800 |
1930.400 |
1756.300 |
2121.400 |
|
Total Expenditure |
1769.000 |
1781.700 |
1578.900 |
1961.200 |
|
PBIDT (Excl OI) |
182.800 |
148.700 |
177.400 |
160.200 |
|
Other Income |
12.900 |
14.300 |
25.200 |
29.000 |
|
Operating Profit |
195.700 |
163.000 |
202.600 |
189.200 |
|
Interest |
93.000 |
50.800 |
78.900 |
71.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
55.600 |
|
PBDT |
102.700 |
112.200 |
123.700 |
172.900 |
|
Depreciation |
97.500 |
99.000 |
99.500 |
97.100 |
|
Profit Before Tax |
5.200 |
13.200 |
24.200 |
75.800 |
|
Tax |
0.000 |
0.000 |
0.000 |
(158.700) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
5.200 |
13.200 |
24.200 |
234.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
5.200 |
13.200 |
24.200 |
234.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (12 Months) |
31.03.2011 (12 Months) |
31.03.2010 (6 Months) |
|
PAT / Total Income |
(%) |
4.34
|
20.90
|
4.95
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.45
|
23.65
|
4.98
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.22
|
27.36
|
4.32
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.44
|
0.09
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.41
|
0.22
|
1.09
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.99
|
0.77
|
1.09
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
(Rs. In Millions)
|
Particulars |
31.03.2012 (12 Months) |
31.03.2011 (12 Months) |
31.03.2010 (6 Months) |
|
Sundry Creditors |
|
|
|
|
Due to Micro, Small and Medium Enterprises |
19.934 |
18.568 |
|
|
Others |
204.644 |
219.645 |
|
|
related party |
18.257 |
27.779 |
|
|
|
|
|
|
|
Total |
242.835
|
265.992 |
162.595 |
|
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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
(Rs.
In Millions)
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM BORROWINGS |
|
|
|
Other loans and advances |
|
|
|
Interest Free Sales tax / VAT Deferral Loan of SICOM |
120.346 |
120.346 |
|
|
|
|
|
Total |
120.346 |
120.346 |
Operations
Compared to previous year which was exceptionally good, there was a decline in the sales by 11.60% due to (a) ban imposed on usage of polyester film for 'Gutka'/ 'Pan Masala' packaging (b) Uncertainty in the advanced economies (c) Continuing Euro debt crisis and (d) over all slow down in the industry growth due to slackening of demand, policy uncertainty and tighter monetary conditions.
Future outlook
Market conditions continue to be difficult however their emphasis is on growing their export activity. They expect to maintain their edge over competitors. Their Sun Control products have received wide acceptance world over and their focus on the Chinese and Russian market are paying rich dividends, however recent ban on use of films in Automotive has impacted us adversely. They are trying to rectify the situation however the same continues to be unclear.
Awards and Recognitions
During this year, the Company has been honoured with eleven Safety Awards at National as well as State Levels by various Government Authorities, viz. Director General of Factory Advice Service and Labour institutes (DGFASLi, under the Ministry of Labour and Employment, Government of india), National Safety Council of India (NSCI), and Maharashtra State Chapter of National Safety Council (NSC - MC). Out of these eleven awards, two awards were won by the Company's employees for their contribution in State Level Safety Slogan Competition.
Company Overview and
Economic Environment
Subject is the pioneer and the largest exporter of polyester films in India. The Company manufactures Bi-axially oriented polyethylene terephthalate (BOPET) / Polyester Films, Sun Control Films and Specialty Polyester films of high quality for a variety of end applications. Subject is amongst the only manufacturer and one out of the two manufacturers of dyed polyester films in the world and possesses patented technology for the same. Subject also manufactures the premium grade heat rejection films based on the latest 'Nano Technology' developed in its in-house R and D facility center.
Industry Structure
and Developments
Polyester films have wide applications in a host of industries engaged in the manufacture of flexible packaging, shrink labels, electrical motor and cable insulation, sequin, TV screen, magnetic media, imaging, metallic yarn, laminated films for glass tint, safety application etc. Sun Control films cater to the automobile and real estate sector. The Company has a well-developed marketing network throughout the world, some of the major regions being Europe, USA, Far East, Middle East, Africa, South America etc. The Company has developed a wide network of dedicated customers in Europe, USA, Far East, Middle East, Brazil, Australia, China, Russia, New Zealand, Eastern Europe, Mexico and Africa. The quality of Subject products is rated amongst the best in the World and the Company pays special attention on customer services due to which the customer base is consistent and increasing. in order to expand the business and also to offer better services to the customers of the Consumer products in overseas market, the Company is offering services to the customers from the Marketing offices/subsidiary Company offices situated in USA and UK.
Outlook
Exports: Plain Film:
The Company has maintained its record of being the top exporter of polyester films and bagged the top exporter award from Plexconcil. With the introduction of variety and high quality product offerings, the Company is fully confident of maintaining its strong position in exports. Presently Company products are being successfully sold in Europe, Eastern Europe, USA, South America, Africa, Middle East, Far-East etc. The Consumer Division Products of the Company are marketed in Europe by its wholly owned subsidiary viz. Garware Polyester International Limited (GPIL) and in the American market by Global Pet Films inc. (GPF), a wholly owned subsidiary of GPIL.
Sun Control Film:
The Company has successfully launched multiple brands, new products and with aggressive and innovative marketing strategies the major growth in Sun Control films is expected to be sustained during the coming years. Sun Control films are presently being marketed throughout the world and their consistent high-class quality and better customer orientation are highly valued in the market.
Thermal Film:
With variety and high quality product offerings in thermal lamination films, the Company is fully confident of growing its share in the export market. The first production line was made fully operational in a short span of one year and reached its capacity. The Company may consider expanding the capacity in future.
Domestic Market:
Expected growth of the Retail sector, increasing preference towards packaged items, liberalization and growing middleclass is expected to fuel growth of Polyester Film in the domestic market.
The "Global" brand, which was created primarily for American Market, had also been launched in India and the response of the market has been overwhelming. Considering the rapid growth of automobile market in India, the Company had focused on this market and introduced car kits as well as entered in to OEM tie-ups, which are helping the Company to maintain its dominant position in the domestic market. Increased usage of window films in offices, commercial buildings and malls continue to add to the growth of the Company's business in the premium segment of window films. This however has got the sudden break due to the Supreme Court Judgment as referred above in the peak season from May 2012
CONTINGENT
LIABILITIES NOT PROVIDED FOR
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Disputed
matters in appeal/ contested in respect of: |
|
|
|
- Income Tax |
15.820 |
8.316 |
|
- Excise Duty |
4.394 |
4.394 |
|
- Sales |
1.713 |
1.713 |
|
- |
2.772 |
2.772 |
b) The Company has given counter-guarantees for Rs. 90.652 Millions (Previous year Rs. 88.791 Millions) to Banks in respect of guarantees given by the Banks to third parties for purchase of equipment, supply of goods, clearance of goods from Customs, Excise Bonds, etc.
c) Letters of Credit opened on behalf of the Company by Banks for purchase of materials and equipment amount to Rs. 1732.000 Millions (Previous year Rs. 931.421 Millions).
d) Bills of Exchange discounted under Bill Marketing Scheme amount to Rs. 233.490 Millions (Previous year Rs. 185.166 Millions).
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31ST MARCH, 2013
(Rs. In Millions)
|
Part I |
Standalone Accounts |
|||
|
Sr. |
Particulars |
For the Quarter Ended |
For the Year Ended |
|
|
No |
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales /
Income from Operations |
|
|
|
|
|
(Net of Excise Duty) |
2032.900 |
1645.300 |
7488.500 |
|
|
b) Other Operating Income |
88.500 |
111.000 |
271.400 |
|
|
Total Income from
operations (net) |
2121.400 |
1756.300 |
7759.900 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of Materials Consumed |
1046.900 |
913.700 |
4150.300 |
|
|
b) Purchase of stock-in-trade |
(0.200) |
(0.400) |
44.200 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
271.500 |
71.300 |
207.400 |
|
|
d) Employee benefit expense |
99.500 |
123.200 |
510.300 |
|
|
e) Depreciation and amortisation expense |
97.100 |
99.500 |
393.100 |
|
|
f) Power & Fuel |
193.700 |
217.300 |
899.900 |
|
|
g) Other expense |
349.800 |
253.800 |
1278.700 |
|
|
Total Expenses |
2058.300 |
1678.400 |
7483.900 |
|
3 |
Profit/ (Loss) from
Operations before other Income, Finance cost and exceptional items (1-2) |
63.100 |
77.900 |
276.000 |
|
4 |
Other Income |
29.000 |
25.200 |
81.400 |
|
5 |
Profit/(Loss) from
ordinary activities before finance cost and exceptional items (3+4) |
92.100 |
103.100 |
357.400 |
|
6 |
Finance Cost |
71.900 |
78.900 |
294.600 |
|
7 |
Profit/(Loss) from
ordinary activities after finance cost but before exceptional items (5-6) |
20.200 |
24.200 |
62.800 |
|
8 |
Exceptional Items |
(55.600) |
0.000 |
(55.600) |
|
9 |
Profit / (Loss)
from Ordinary activities before tax (7-8) |
75.800 |
24.200 |
118.400 |
|
10 |
Tax Expenses |
|
|
|
|
|
Current Tax |
8.900 |
7.400 |
16.300 |
|
|
Less: MAT Credit Entitlement |
(8.900) |
(7.400) |
(16.300) |
|
|
Deferred Tax( includes Rs. 776 Lakhs of previous year). |
(158.600) |
0.000 |
(158.600) |
|
|
(Excess) / Short Provision for Tax of Earlier Years (Net) |
(0.100) |
0.000 |
(0.100) |
|
|
Total Tax Expense |
(158.700) |
0.000 |
(158.700) |
|
11 |
Net Profit / (Loss)
from Ordinary activities after tax (9-10) |
234.500 |
24.200 |
277.100 |
|
12 |
Extraordinary Items (Net of tax expenses) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss)
for the period (11-12) |
234.500 |
24.200 |
277.100 |
|
14 |
Paid-up Equity Share Capital ( Face value |
|
|
|
|
|
Rs. 10/- each) |
232.500 |
232.500 |
232.500 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
4162.900 |
|
16 |
Earning per share
(EPS) in Rs. |
|
|
|
|
|
a. Basic and Diluted EPS before Extraordinary Items for the period (Not annualised) |
10.06 |
1.04 |
11.88 |
|
|
b. Basic and Diluted EPS after Extraordinary Items for the period (Not annualised) |
10.06 |
1.04 |
11.88 |
|
Part II |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
9426413 |
9426413 |
9426413 |
|
|
-Percentage of Shareholding |
40.43 |
40.43 |
40.43 |
|
2 |
Promoter and
Promoter group Shareholding |
|
|
|
|
|
a) Pledged/
Encumbered |
|
|
|
|
|
-Number of shares |
NIL |
NIL |
NIL |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter |
NIL |
NIL |
NIL |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
|
b) Non-encumbered |
|
|
|
|
|
-Number of shares |
13888737 |
13888737 |
13888737 |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter |
100 |
100 |
100 |
|
|
-Percentage of shares (as a % of the total |
59.57 |
59.57 |
59.57 |
|
|
Particulars |
Quarter Ended on
31.03.2013 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
29 |
|
|
Disposed of during the quarter |
29 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
- The above results have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors of the Company at their respective meetings held on May 29, 2013.
- The Company operates in one segment only i.e. Polyester Films.
- Exceptional item represents the sales tax amount expensed out in prior year, now written back as per the opinion obtained by the Company.
- The figures of the last quarter ended are the balancing figures between the audited figures in respect of full financial year ended March 31, 2013 and the published year to date figures upto the 3rd quarter ended December 31, 2012.
- Previous period figures have been regrouped and reclassified to make them comparable with the figures of the current period.
STATEMENT OF ASSETS
AND LIABILITIES
(Rs. In Millions)
|
|
Standalone |
|
|
|
Particulars |
As at 31.03.2013 |
|
|
|
12 Months (Audited) |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
(a) Share Capital |
777.131 |
|
|
(b) Reserves and Surplus |
5173.450 |
|
|
Sub total -
Shareholders' funds |
5950.581 |
|
2 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
745.361 |
|
|
(b) Deferred tax liabilities (net) |
211.365 |
|
|
(c) Long-term provisions |
40.862 |
|
|
Sub total -
Non-current liabilities |
997.588 |
|
3 |
Current liabilities |
|
|
|
(a) Short-term borrowings |
1931.804 |
|
|
(b) Trade payables |
344.792 |
|
|
(c) Other current liabilities |
393.986 |
|
|
(d) Short-term provisions |
86.728 |
|
|
Sub total - Current
liabilities |
2757.310 |
|
|
TOTAL-EQUITY AND
LIABILITIES |
9705.479 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
5936.640 |
|
|
(b) Non-current investments |
21.446 |
|
|
(c) Long-term loans and advances |
944.262 |
|
|
Sub total - Non-current assets |
6902.348 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
921.428 |
|
|
(b) Trade receivables |
451.131 |
|
|
(c) Cash and Bank Balances |
985.615 |
|
|
(d) Short-term loans and advances |
428.812 |
|
|
(e) Other current assets |
16.145 |
|
|
Sub total - Current
assets |
2803.131 |
|
|
TOTAL - ASSETS |
9705.479 |
FIXED ASSETS
·
Land
(Freehold)
·
Land (Leasehold)
·
Buildings
·
Plant
and Machinery
·
Electrical
Installations
·
Mould
·
Laboratory
Equipments
·
Furniture
and Fixtures
·
Office
Equipment
·
Vehicles
·
Data
Processing Equipments
AS PER WEBSITE
PROFILE:
Subject is the largest as well as the first company to produce polyester
film in
Subject they serve the need of diverse industries. The product range
includes films that cater to the solar control industry, packaging industry,
reprographic industry etc.
They have four fully integrated film lines that enable them to meet the
customer demands. They are an ISO:9001:2000 company with a customer base that
spans the globe.
MILESTONES:
·
The accomplishments spans five decades.
·
The forties witnessed the birth of Garware,
a simple manufacturing unit producing plastic buttons for the Navy. They later
diversified the product base to include knitting needles, pen-holders and
toothbrushes.
·
In the fifties they lead the race by
manufacturing injected, moulded and extruded plastic products like television
casings and fan blades.
·
The sixties brought new challenges in the
form of new technologies. They responded by expanding the product line to
include PVC pipes, fittings and allied products. End sixties saw the emergence of
Polyester film and a whole new world of possibilities opened up for us.
·
By the seventies they set out to conquer the
entire world. The expansion plans were launched with exports to the
·
In the eighties they produced sure winners
like Garfilm, Sun Control and X-Ray film - all polyester based and indigenously
developed. They were matching strides with developments worldwide.
·
The nineties, the era of high technology ,
saw them taking on new challenges.
AWARDS:
·
An ISO 9002 certified company since 1994, they have
achieved a number of awards for innovation and excellence.
·
In 1980 they were awarded the Gold Shield by the
Government of India (Ministry of Industry), in recognition of the capability
for developing polyester film in-house and thus saving substantial foreign
exchange for the government
·
In 1988, the Department of Science and Technology
of the Government of India recognised the excellent RandD effort with the
Silver Shield award, for developing ray film with polyester base.
·
They have also been consistently winning the Top
Exporter Award from the Government of India (Ministry of Commerce) as well as
the Government of Maharashtra. The 70's award related to PVC pipes and
fittings, but since 1984 it was the polyester film which took the lead
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.