MIRA INFORM REPORT
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Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
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Name : |
UFLEX LIMITED (w.e.f. 19.03.2007) |
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Formerly Known As : |
FLEX INDUSTRIES LIMITED |
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Registered Office : |
305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048 |
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Country : |
India |
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Financials (as on) : |
31.03.2012 |
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Date of
Incorporation : |
21.06.1988 |
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Com. Reg. No.: |
55-032166 |
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Capital Investment /
Paid-up Capital : |
Rs.722.115 Millions |
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CIN No.: [Company Identification No.] |
L74899DL1988PLC032166 |
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TAN No.: [Tax Deduction & Collection Account No.] |
DELF00184C / MRTF00050B |
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PAN No.: [Permanent Account No.] |
AAACF0109J |
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Legal Form : |
A Public Limited Liability Company. The Company's Shares are Listed on the Stock Exchange. |
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Line of Business : |
Manufacturer and Exporter of Flexible Packaging Materials of Printed Laminated of Plastics and Paper Based Materials. |
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No. of Employees : |
4670 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (55) |
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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 55000000 |
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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 well established company having a fine track record. There appears drastic fall in the profitability of the company due to unfavourable market conditions. However, Networth of the company seems to be strong. Trade relations are reported to be decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for good business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st,
2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
Fitch |
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Rating |
Long term Rating:
BBB |
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Rating Explanation |
Good Credit
Quality. |
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Date |
18.05.2010 |
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Rating Agency Name |
Fitch |
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Rating |
Short term Rating:
F2 |
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Rating Explanation |
Good intrinsic capacity for timely payment of financial
commitments. |
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Date |
18.05.2010 |
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 DECLINED BY
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Name : |
Mr. Arvind Chawdhary |
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Designation : |
Corporate Finance Department |
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Contact No.: |
91-120-4012345 |
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Date : |
23.07.2013 |
LOCATIONS
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Registered Office/ Factory: |
305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048, India |
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Tel. No.: |
91-11-26440917/ 26440925 |
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Fax No.: |
91-11-26216922 |
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Email : |
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Website : |
http://www.uflexltd.com |
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Location: |
Owned |
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Corporate Office: |
A-108, Sector IV, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4012345 |
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Fax No.: |
91-120-2556040 |
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Email : |
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Head Office : |
A-2, Sector – 60 Noida, District Gautam Budh Nagar – 201307, Uttar Pradesh, India |
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Tel. No.: |
91-120-3982371/ 3982121/ 4002121/ 4002118/ 4002322/ 4002371 |
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Fax No.: |
91-120-2584527/ 3982380/ 2580089/ 4002380 |
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E-mail : |
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Corporate Office 1 : |
110, 1st Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048, India |
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Corporate Office 2 : |
A-107-108, Uflex Sector – IV, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4012345 |
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Fax No.: |
91-120-2556040 |
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E-mail : |
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Film Division : |
A-1, Sector-60, District Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4002137/ 4002138/ 4002121/ 2580500/ 3982121 |
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Fax No.: |
91-120-2585992/ 25802511/ 2580003/ 2580152/ 2580089/ 2582532/ 2580422/ 2580322 |
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Email : |
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Plant 1 : |
D-1-2, 15-16, Sector 59, Noida, Uttar Pradesh, India |
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Plant 2: |
29-B, Malanpur Industrial Area, District Bhind, Gwalior,
Madhya Pradesh, India |
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Plant 3: |
A-2A, Sector – 60, Noida, Uttar Pradesh, India |
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Plant 4: |
C-3, Sector – 57, Phase – III, Noida, Uttar Pradesh, India |
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Plant 5: |
C-5-8, Sector – 57, Phase III, Noida, Uttar Pradesh, India |
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Plant 6: |
L-1, Industrial Area, Ghirongi (Malanpur), District Bhind, Madhya Pradesh, India |
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Plant 7 : |
Unit I and Unit III Lane 3, Sidco Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu and Kashmir, India |
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Plant 8 : |
Unit I, Lane 2, Sidco Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu and Kashmir, India |
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Overseas Plant 1 : |
Dubai, P.O. Box No. 17930, Near Round About 12, Jebel Ali Free Zone Area, Dubai United Arab Emirates |
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Overseas Plant 2 : |
Mexico, Boulevard De Los Rios #5680 Zona Puerto Industiral, C.P. 89603 Altamira, Tamaulipas, Mexico |
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Overseas Plant 3 : |
Egypt R 2 Plot No. 3, Engineering Square, North Extension of Industrial Zones 6th of October City, Arab Republic of Egypt |
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Overseas Plant 4 : |
Poland 62-300 Wrzesnia, ul. Gen. Wladyslawa Sikorskiego 48, Poland |
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Overseas Plant 5 : |
USA 1221, North Black Branch Road, Elizabethtown, KY 42701 |
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Zonal Office : |
Located At: · Mumbai · Kolkata ·
Bangalore |
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Overseas Office : |
Located At · UAE · Mexico · Egypt |
DIRECTORS
(AS ON 31.03.2012)
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Name: |
Mr. Ashok Chaturvedi |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B.Sc. |
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Date of Appointment: |
01.08.1988 |
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Name : |
Mr. Ravi Kathpalia |
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Designation : |
Director |
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Date of Birth: |
18.08.1937 |
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Qualification: |
M.A., M. Phill, I.A.A.S |
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Date of Appointment : |
22.03.2002 |
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Directorship in other public limited companies : |
· Fair Field Atlas limited · Lord Chloro Alkali Limited · U Tech Developers limited · Dhir and Dhir ARC Limited |
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Name : |
Mr. M.G. Gupta |
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Designation: |
Director |
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Name : |
Mr. A. Karati |
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Designation: |
Nominee – ICICI Bank |
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Name : |
Mr. N. K. Duggal |
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Designation: |
(Nominee – IFCI) |
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Date of Appointment: |
22.01.2011 |
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Name : |
Mr. S.K Kaushik |
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Designation: |
Whole-time Director |
KEY EXECUTIVES
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Name : |
Mr. Ajay Krishna |
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Designation : |
Senior Vice President (Legal) and Company Secretary |
MAJOR SHAREHOLDERS/ SHAREHOLDING PATTERN
(AS ON 30.06.2013)
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Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
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(A) Shareholding of Promoter and Promoter Group |
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706588 |
1.06 |
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30680387 |
45.97 |
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31386975 |
47.02 |
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Total shareholding of Promoter and Promoter Group (A) |
31386975 |
47.02 |
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(B) Public Shareholding |
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22985 |
0.03 |
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56148 |
0.08 |
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5972274 |
8.95 |
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0 |
0.00 |
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6051407 |
9.07 |
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8936932 |
13.39 |
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12007084 |
17.99 |
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7031359 |
10.53 |
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1331889 |
2.00 |
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895937 |
1.34 |
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435952 |
0.65 |
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29307264 |
43.91 |
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Total Public shareholding (B) |
35358671 |
52.98 |
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Total (A)+(B) |
66745646 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts have been issued |
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0 |
0.00 |
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5465840 |
0.00 |
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5465840 |
0.00 |
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Total (A)+(B)+(C) |
72211486 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Flexible Packaging Materials of Printed Laminated of Plastics and Paper Based Materials. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Printed, Laminated, Metalised, Co-Extruded, Coated, Embossed and Plain Plastic Films |
MT |
149400** |
100263 |
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Rotogravure Cylinder and Shims |
Nos. |
54000 |
20321 |
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Hologrammed Sticker Sheets |
Sheets in Lacs |
700 |
832 |
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Packaging and Converting Machines and Structure and Fabricated Items |
Nos. |
1570# |
268 |
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PET Chips |
MT |
72000 |
12168 |
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Printing Ink |
MT |
12000 |
6864 |
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Adhesive |
MT |
9000 |
6187 |
NOTE:
1. * Figures have been certified by the Management, but not verified by the Auditors, being a technical matter.
2. ** Includes capacity of 5000 MT (Previous Year Same) licenced to third party.
3. *** Includes capacity of 12000 Nos. licenced to third party.
4. # Represent only for Packaging and Converting Machines.
5. Previous Year figures have been given in Italic.
6. The figures shown above are inclusive of job work done.
7. The closing stock excludes sales return / closing stock, having no realisable value / transferred to WIP.
8. Figures reported above are exclusive of Inter-unit transactions.
GENERAL INFORMATION
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Customers : |
· Perfetti · Bajaj · The Gillette Company · Indian Oil · ITC Limited · Nestle · Ranbaxy Laboratories Limited · Pillsbury · Coca-Cola · 3M India · Tata Tea · Wockhardt · Britannia · Manufacturing Company |
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No. of Employees : |
4670 (Approximately) |
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Bankers : |
· Canara Bank, New Delhi, India · Bank of Baroda, New Delhi, India · Punjab National Bank, Noida, Utter Pradesh, India · The Jammu and Kashmir Bank Limited, New Delhi, India · Allahabad Bank · State Bank of India · Oriental Bank of Commerce · Corporation Bank · ICICI Bank Limited · Bank of India · UCO Bank · Syndicate Bank |
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Facilities : |
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NOTE: a) The company had issued 4%, 850 FCCBs of the face value of US $ 100,000 each, aggregating to US $ 85 millions redeemable on March 9, 2012 at 121.89% of the outstanding principal amount. These bonds were convertible into equity shares of the company, at the option of the bondholders, at any time at an exchange rate of Rs. 44.44/$ and share price of Rs. 144.70 but with conversion price reset on each anniversary of the FCCB issue on 8th of March. The conversion price is adjustable downwards only but not below Rs.144.70 as determined under rules of SEBI. Up to the year end, Bonds aggregating to US$ 28.70 million were converted into 79,42,197 equity shares, Bonds aggregating to US$ 47.00 million were bought back by the Company and Bonds aggregating to US$ 9.30 million were redeemed on due date for payment i.e. 9th March, 2012. b) The Company is availing the Secured Term Loan Facilities from Financial Institutions/banks. Their repayment terms and other details are given as under:
* These are secured a) on pari passu basis by way of hypothecation of specific movable properties of the Company (save and except book debts), both present and future, subject to prior charges created and / or to be created in favour of Company's bankers for working capital facilities, b) by first pari passu equitable mortgage of specific immovable properties of the Company situated at Malanpur (M.P.), Jammu (J and K) and NOIDA (U.P.) and c) by guarantee of Chairman and Managing Director of the Company. ** This is secured by way of first charge on the aircraft and is guaranteed by Chairman and Managing Director of the Company. @ This is secured a) on pari passu basis by way of second hypothecation of specific movable properties of the Company (save and except book debts), both present and future, subject to prior charges created and / or to be created in favour of Company's Bankers for working capital facilities, b) by second pari passu equitable mortgage of specific immovable properties of the Company situated at Malanpur (M.P.), Jammu (J and K) and NOIDA (U.P.) and c) is guaranteed by Chairman and Managing Director of the Company. c) Working capital facilities from banks are secured a) on pari passu, by way of hypothecation of stock of raw materials, semi-finished goods, finished goods and book debts of the Company, both present and future, b) by way of second pari passu charge on specific fixed assets of the Company, situated at Malanpur (M.P.), Jammu (J and K) and NOIDA (U.P.), and c) by guarantee of Chairman and Managing Director of the Company. |
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Banking Relations
: |
-- |
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Statutory Auditors : |
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Name : |
Vijay Sehgal and Company Chartered Accountants |
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Address : |
100, New Rajdhani Enclave, Delhi – 110092, India |
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Tel. No.: |
91-11-32906809 |
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Fax No.: |
91-11-22025054 |
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E-Mail : |
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Internal Auditors : |
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Name : |
Jain Singhal and Associates Chartered Accountants |
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Address : |
2nd Floor, M - 6, M Block Market, Greater Kailash - II, New Delhi – 110048, India |
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Subsidiaries Companies : |
Flex Middle East FZE, UAE P.O BOX 17930,Jebel Ali Free Zone, Dubai, United Arab Emirates
Flex Americas S.A. de C.V., Mexico Boulevard de los Rios 5680,Zona Puerto Industrial Altamira, Tamaulipas Mexico C.P. 89603
Flex P. Films (Egypt) S.A.E., Egypt Plot No. R2 in Engineering Square (e2),Plot No. 3 in North Extension of Industrial Zones,6 October City Arab Republic of Egypt
Flex Films Europa Sp. z o.o., Poland PO. Box 62 300 Wrzesniaul, Kaliska 30 Poland
Flex Films (USA) INC, USA Elizabethtown, 1221 North Black Branch Road Elizabethtown, KY 42701
Flex America Inc., USA 14300 Cornerstone Village Dr Suite # 121, Houston, TX 77014
Uflex Packaging Inc., USA Registered Office: 315, Lowell Avenue, Hamilton, NJ 08619 (USA)Marketing Office: 2460 Lemoine Avenue Suite #103 Fort Lee, NJ 07024
Uflex Europe Limited, U.K. 29 Marylebone Road, London, London, London, NW1 5JX (UK)
UPET Holdings Limited, Mauritius Les Cascades, Edith Cavell Street, Port-Louis, Mauritius
UPET (Singapore) Pte. Limited, Singapore Registered Office: 10, Jalan Besar, #0-12 Sim Limi Tower, Singapore 208787 Principal Place of Business: No 27, Rufflex, #5-02A Clifford Centre, Singapore 048621
UTech Developers Limited Registered Office: 305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash-I, New Delhi- 110048, India Corporate Office: A-107-108, Sector-4, Noida, Uttar Pradesh, India TFlex Americas LLC, USA SD Buildwell Private Limited |
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Joint Ventures : |
QCELL Limited Kairaba Avenue, P.O.Box 3469, Serrekunda, The Gambia, West Africa |
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Associates : |
Flex Foods Limited Lal Tappar Industrial Area, P.O. Resham Majri, Haridwar Road, Dehradun – 248140, Uttarakhand, India |
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Related parties: |
· Flex International Private Limited · Anshika Investments Private Limited · Ultimate Flexipack Limited · A.R.Infrastructures and Projects Private Limited · Anant Overseas Private Limited · Apoorva Extrusion Private Limited · Anshika Consultants Private Limited · A.R.Leasing Private Limited · Cinflex Infotech Private Limited · Ultimate Enterprises Private Limited · AR Aerotech Private Limited · AR Airways Private Limited · Kaya Kalpa Medical Services Private Limited · AC Infrastructures Private Limited · Club One Airways Private Limited · Flex Industries Private Limited · AC Infratech Private Limited · RC Properties Private Limited · A to Z Infratech Private Limited ·
Ultimate Infratech Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
|
19000000 |
Preferences Shares |
Rs. 100/- each |
Rs. 1900.000 Millions |
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|
|
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Total |
|
Rs. 3400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72211486 |
Equity Shares |
Rs. 10/- each |
Rs.722.115 Millions |
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Issued & Subscribed |
Fully Paid Up |
Partly Paid Up |
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Number |
Amount (Rs in Millions) |
Number |
Amount (Rs in Millions) |
Number |
Amount (Rs in Millions) |
|
|
Balance as at 31st March 2010 |
65006646 |
650.067 |
64933945 |
649.340 |
72701 |
0.389 |
|
Addition during the year |
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|
On Conversion of Warrants |
3500000 |
35.000 |
3500000 |
35.000 |
-- |
-- |
|
On Conversion of FCCB's |
3746830 |
37.468 |
3746830 |
37.468 |
-- |
-- |
|
Shares Forfeited During the year |
(72701) |
(0.727) |
-- |
-- |
(72701) |
(0.389) |
|
Balance as At 31st March 2011 |
72180775 |
721.808 |
72180775 |
721.808 |
-- |
-- |
|
Addition during the year |
||||||
|
On Conversion of FCCB's |
30711 |
0.307 |
30711 |
0.307 |
-- |
-- |
|
Balance as at 31st March 2012 |
72211486 |
722.115 |
72211486 |
722.115 |
-- |
-- |
The Company’s issued, subscribed and paid up capital of 72211486 (previous Year 72180775) Equity Shares of
Rs.10/- each, is distributed as under:
|
|
As at 31.03.2012 |
|
|
Number |
% |
|
|
a) Promoter & Promoter Group |
31386975 |
43.47 |
|
Of which Shareholders holding More than 5% of the Paid up
Capital |
||
|
Flex International Private Limited |
9197577 |
12.74 |
|
Anant Overseas Private Limited |
5415141 |
7.5 |
|
Anshika Investments Private Limited |
5271092 |
7.3 |
|
A.R. Leasing Private Limited |
4994891 |
6.92 |
|
b) Public Shareholding |
40824511 |
56.53 |
|
i) Institution |
7418912 |
10.27 |
|
ii) Non-Institution |
27939759 |
38.69 |
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iii) GDRs (underlying shares) |
5465840 |
7.57 |
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Of which Shareholder holding More than 5% of the Paid up
Capital |
||
|
Mr. Dilip Kumar Lakhi |
-- |
-- |
Further, the issued, subscribed and paid up capital of the Company includes 54,65,840 (Previous Year Same) Equity Shares lying with Depository, representing 27,32,920 (Previous Year Same ) Global Depository Receipts (GDRs), issued through an international offering in US Dollars, outstanding as at Balance Sheet date.
Also the
company has an outstanding 1,00,00,000 warrants carrying conversion price of
Rs. 300/- each as on the Balance Sheet date. These warrants give holders the
right to convert warrants into equal number of equity shares of the company at
any time within 18 Months from the date of allotment i.e. 25th November 2010.
However, the warrant holders did not exercise their rights for conversion of
warrants into equity shares upto the due date.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
722.115 |
721.808 |
|
(b) Reserves & Surplus |
|
12200.765 |
10981.726 |
|
(c) Money received against share warrants |
|
750.000 |
750.000 |
|
|
|
|
|
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(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1)+(2) |
|
13672.880 |
12453.534 |
|
|
|
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|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
6302.015 |
6423.697 |
|
(b) Deferred tax liabilities (Net) |
|
1339.238 |
1434.838 |
|
(c) Other long term
liabilities |
|
33.857 |
22.194 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
7675.110 |
7880.729 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
3098.581 |
1893.510 |
|
(b) Trade
payables |
|
3548.049 |
2164.896 |
|
(c) Other
current liabilities |
|
4598.089 |
2490.955 |
|
(d) Short-term
provisions |
|
752.611 |
921.999 |
|
Total Current
Liabilities (4) |
|
11997.330 |
7471.360 |
|
|
|
|
|
|
TOTAL |
|
33345.320 |
27805.623 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
14380.073 |
10905.489 |
|
(ii)
Intangible Assets |
|
105.216 |
19.752 |
|
(iii)
Capital work-in-progress |
|
87.103 |
742.202 |
|
(iv)
Intangible assets under development |
|
1.030 |
19.557 |
|
(b) Non-current Investments |
|
4904.821 |
4799.658 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1292.379 |
872.981 |
|
(e) Other
Non-current assets |
|
397.713 |
104.278 |
|
Total Non-Current
Assets |
|
21168.335 |
17463.917 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
130.000 |
|
(b)
Inventories |
|
2152.492 |
1722.294 |
|
(c) Trade
receivables |
|
6218.325 |
4883.168 |
|
(d) Cash
and cash equivalents |
|
871.505 |
1024.451 |
|
(e)
Short-term loans and advances |
|
2789.663 |
2555.895 |
|
(f) Other
current assets |
|
145.000 |
25.898 |
|
Total
Current Assets |
|
12176.985 |
10341.706 |
|
|
|
|
|
|
TOTAL |
|
33345.320 |
27805.623 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
649.728 |
|
|
2] Share Warrants |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
7270.877 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7920.605 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
8048.726 |
|
|
2] Unsecured Loans |
|
|
3045.263 |
|
|
TOTAL BORROWING |
|
|
11093.989 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1351.838 |
|
|
OTHER LONG TERM LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
20366.432 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
9980.896 |
|
|
Capital work-in-progress |
|
|
39.197 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
4520.101 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
OTHER NON-CURRENT ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
953.927 |
|
|
Sundry Debtors |
|
|
3625.206 |
|
|
Cash & Bank Balances |
|
|
1635.778 |
|
|
Other Current Assets |
|
|
84.412 |
|
|
Loans & Advances |
|
|
3267.259 |
|
Total Current
Assets |
|
|
9566.582 |
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1544.016 |
|
|
Other Current Liabilities |
|
|
1567.428 |
|
|
Provisions |
|
|
628.900 |
|
Total Current
Liabilities |
|
|
3740.344 |
|
|
Net Current
Assets |
|
|
5826.238 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
20366.432 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30789.368 |
23006.638 |
15627.419 |
|
|
|
Other Income |
277.100 |
157.275 |
1138.534 |
|
|
|
TOTAL
(A) |
31066.468 |
23163.913 |
16765.953 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
17773.269 |
11774.517 |
9113.311 |
|
|
|
Purchase of Stock-in-trade |
2620.401 |
212.522 |
0.000 |
|
|
|
Other Expenses |
4723.279 |
4124.808 |
0.000 |
|
|
|
Other Manufacturing Expenses |
0.000 |
0.000 |
1952.268 |
|
|
|
Payments and Benefits to Employees |
1575.905 |
1275.990 |
1007.883 |
|
|
|
Administrative, Selling and Other Expenses |
0.000 |
0.000 |
1561.998 |
|
|
|
Expenses Allocated to Self Constructed Assets |
(319.357) |
(237.240) |
(142.813) |
|
|
|
Increase/ (Decrease) in Finished Goods and Work-in-Progress |
(32.893) |
(289.292) |
87.546 |
|
|
|
TOTAL
(B) |
26340.604 |
16861.305 |
13580.193 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4725.864 |
6302.608 |
3185.760 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1599.862 |
1348.805 |
1099.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3126.002 |
4953.803 |
2086.672 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
1236.470 |
973.930 |
926.575 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX (E-F) (G) |
1889.532 |
3979.873 |
1160.097 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
393.612 |
1159.687 |
256.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-H) (I) |
1495.920 |
2820.186 |
903.954 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
541.586 |
324.670 |
|
|
|
Proposed Dividend Distribution Tax |
NA |
87.859 |
53.924 |
|
|
|
General Reserve |
NA |
282.500 |
100.000 |
|
|
|
Debenture Redemption Reserve |
NA |
0.000 |
16.394 |
|
|
BALANCE CARRIED TO THE B/S |
NA |
1908.241 |
408.966 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3688.410 |
5281.522 |
2908.161 |
|
|
|
Design and Art Work Recovery |
8.771 |
23.201 |
13.617 |
|
|
|
Technical and Support Services |
599.119 |
548.139 |
210.435 |
|
|
|
Dividend |
0.000 |
0.000 |
134.223 |
|
|
|
Interest |
14.756 |
0.000 |
1.717 |
|
|
|
Misc. Income |
0.502 |
0.000 |
0.057 |
|
|
TOTAL EARNINGS |
4311.558 |
5852.862 |
3268.210 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7088.971 |
2272.115 |
1413.027 |
|
|
|
Stores and Spares |
126.310 |
80.912 |
64.985 |
|
|
|
Capital Goods |
2016.801 |
1378.696 |
315.584 |
|
|
|
Material-in-Transit-Raw Material |
65.457 |
44.329 |
16.222 |
|
|
|
Material-in-Transit-Capital Goods/Spare Parts |
0.000 |
5.223 |
4.897 |
|
|
TOTAL IMPORTS |
9297.539 |
3781.275 |
1814.715 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
20.72 |
41.61 |
13.19 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd Quarter
|
3rd
Quarter |
4th Quarter |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Sales Turnover |
8651.100 |
7922.600 |
7964.800 |
7025.100 |
|
Total Expenditure |
7300.900 |
6539.800 |
6880.400 |
6114.000 |
|
PBIDT (Excl OI) |
1350.200 |
1382.800 |
1084.400 |
911.100 |
|
Other Income |
39.700 |
49.300 |
39.100 |
112.200 |
|
Operating Profit |
1389.900 |
1432.100 |
1123.500 |
1023.300 |
|
Interest |
453.300 |
432.800 |
465.600 |
395.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
936.600 |
999.300 |
657.900 |
627.700 |
|
Depreciation |
359.600 |
370.300 |
378.200 |
360.200 |
|
Profit Before Tax |
577.000 |
629.000 |
279.700 |
267.500 |
|
Tax |
165.000 |
169.400 |
91.300 |
(57.700) |
|
Reported PAT |
411.500 |
459.600 |
188.400 |
325.200 |
|
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 |
411.500 |
459.600 |
188.400 |
325.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.82
|
12.17
|
5.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.14
|
17.30
|
7.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.66
|
17.89
|
5.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.32
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.69
|
0.67
|
1.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
1.38
|
2.55 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr.
No. |
Check
List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year
of Establishment |
Yes |
|
2] |
Locality
of the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type
of Business |
Yes |
|
6] |
Line
of Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
Yes |
|
9] |
Name
of person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
----- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
----- |
|
22] |
Litigations
that the firm / promoter involved in |
----- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
----- |
|
26] |
Buyer
visit details |
----- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
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 |
31.03.2012 (Rs. in
Millions) |
31.03.2011 (Rs. in
Millions) |
|
Long Term Borrowings |
|
|
|
Foreign Currency Convertible
Bonds (FCCBs) |
0.000 |
417.924 |
|
From Bodies Corporate |
309.910 |
183.974 |
|
Short Term Borrowings |
|
|
|
From Others* * Guaranteed by Chairman and Managing
Director of the company |
840.028 |
0.000 |
|
|
|
|
|
Total |
1149.938 |
601.898 |
FINANCIAL RESULTS
During the year, the Company achieved on consolidated basis total revenue of Rs.45429.500 Millions including other income of Rs.251.400 Millions as against total revenue of Rs.35124.100 Millions including other income of Rs.143.400 Millions of the previous financial year ended 31st March, 2011. The profit for the year ended 31st March, 2012 at Rs.2550.200 Millions was lower than the previous financial year ended March, 2011 at Rs.6979.800 Millions.
During the year, the Company achieved on standalone basis total revenue of Rs.31066.500 Millions including other income of Rs.277.100 Millions as against total revenue of Rs.23163.900 Millions including other income of Rs.157.300 Millions of the previous financial year ended 31st March, 2011. The profit for the year ended 31st March, 2012 at Rs.1495.900 Millions was lower than the previous financial year ended March, 2011 at Rs.2820.200 Millions.
The profits during the financial year 2011 were higher due to prevailing extra-ordinary market conditions of PET film, giving rise to abnormal higher prices and margins thereon. Whereas during the financial year 2012, the PET film market took a u-turn, resulting into significant drop in prices and margins on PET film thereby dropping the profitability for the current financial year 2012.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Flexible packaging covers materials that have undergone a conversion process including printing, lamination, coating and extrusion, and can involve different substrates such as plastic films, paper and foil. Flexible pack types include plastic bags and sacks, wrapping films and lidding films, paper bags and wrapper, and aluminum foil laminates, foil lidding, blister packaging and foil bags, sachets and pouches.
Flexible packaging materials can be used separately or in combination for primary retail food packaging and non-food packaging applications such as pet food, cosmetics and personal care, household detergents and soaps and pharmaceutical and medical products. Flexible packaging films can be made from single-web substrates such as flexible plastics (PE, PP, polyester or PA), flexible foils and flexible papers, or they can be coated, laminated or coextruded with other materials to enhance their physical properties in various ways.
Worldwide demand for converted flexible packaging is forecasted to grow 3.6 percent per year to over 19 million metric tons in 2013, faster than real (inflation adjusted) gains in GDP. Factors contributing to rising converted flexible packaging demand include growth in food and beverage shipments, which represent the largest market by far. In addition, cost performance and source reduction advantages, as well as ongoing developments in high-barrier resins and value added features, will continue to favour flexible packaging products over their rigid packaging materials.
Flexible packaging has reached market maturity in the developed nations of North America and Western Europe and future growth will be modest. However, in developing countries, the flexible packaging sees strong growth.
Asia is the largest regional market with 29.1% of global market volume in 2011, followed by Western Europe and North America. Asia is also the fastest growing market for consumer flexible packaging, with a forecast CAGR for 2011-16 of 7.9%. The region is forecast to represent 55.0% of total world flexible packaging consumption growth during the period 2011-16. India and China are the fastest-growing national markets for consumer flexible packaging, together accounting for 44.0% of world flexible packaging consumption growth during the forecast period.
The Indian flexible packaging Market 2011 shows India represents a US$ 3 billion market that is expected to continue growing at around 18-20% a year until 2015. India is poised for huge growth with opening up of retail sector.
BUSINESS REVIEW
PLASTIC FILM BUSINESS
The main products of this business are Polyester Films, OPP Films, Metalized and Specialty films and Polyester Chips of different grades etc.
The Company’s OPP films comprising of BOPP and CPP films are highly cost effective and functionally efficient products that have rapidly penetrated into high barrier sensitive packaging segment across the World. It is primarily being used for applications in packaging food products such as confectionery, biscuits, bakery, pasta, dried foods, meats and others. The technologically superior and highly dependable BOPP film produced by the Company in its state-of-the-art ISO 9001-2000 certified plants can be structured in up to three layers and tailored for almost any machine requirements and is capable of meeting both rotogravure and flexographic printing standards. The Company produces BOPP fi lm from its Indian plant which largely caters to the captive and domestic market and Egypt plant which caters to the international market.
The CPP film is highly dynamic and versatile with high gloss, greater transparency, better heat salability, good twisting property and better tear strength. These factors provide its application in food wraps, anti wraps, anti fog, garment bags, deep freeze applications, etc.
Presently CPP film is produced only from Indian plant and caters to captive and Indian market. The CPP plant in Egypt caters to the international market.
The Company’s BOPET film is one of the main products of the Company. It has not only succeeded in retaining its market share but also continues to expand its markets in today’s dynamic and rapidly changing packaging scenario. Biaxially oriented PET film (BOPET) is used successfully in a wide range of applications, due to its excellent combination of optical, physical, mechanical, thermal, and chemical properties, as well as its unique versatility. BOPET Films, produced in state-of-the-art ISO 9001-2000 certified plants in different range of microns, the films have the capacity to sustain the high fidelity graphics and meet the requirements of both rotogravure as well as flexographic printing standards besides having properties of BOPET film like optically brilliant, clear appearance, unequalled mechanical strength and toughness, excellent dielectric properties good flatness and coefficient of friction (COF), tear resistant and puncture-resistant characteristics wide range of thickness as thin as 8 micron up to 50 micron, excellent dimensional stability over a wide range of temperatures, good resistance to most common solvents, moisture, oil, and grease, excellent barrier against a wide range of gases. BOPET film is produced from Indian plants and from Dubai and Mexico. Indian plant meets captive and Indian market requirements whereas overseas plants serve to overseas customers.
The Company has the facility to produce polyester chips of film grade, yarn grade and bottle grade. The film grade chips are used as raw material for the manufacturing of polyester films whereas yarn grade chips are used for the manufacturing of polyester yarn and bottle grade chips for production of PET bottles. The Company has made use of its state-of the- art batch processing manufacturing facilities, by conveniently switching over to produce different grades of chips based on the demand and orders in hand. The Company manufactures a wide range of polyester chips suitable for various applications. Through continuous R and D efforts, the Company developed different speciality polyester chips, which has been well accepted in the Indian Market as well as International Market. Presently the Chip unit also caters to 100% requirement of the Specialty Chips at Company’s Wholly Owned Subsidiary Companies Flex Middle East, Dubai and Flex Americas, Mexico
FLEXIBLE PACKAGING BUSINESS
The main products of this business are laminates made of various combinations of Polyester, BOPP, poly, metalized and hologram films and others in roll form and in various preformed pouches, rotogravure cylinders for various types of rotogravure printing, Anilox/Coating, Rollers for flexo printing and Shims for holographic embossing and holograms and printing ink and adhesives and packaging and processing machines. This business involves customization according to the needs of customer. The Company provides complete solutions to the packaging needs of customers and has, among others, mainly all leading FMCG manufacturers as its clients. The Company is the market leader in this sector and a dominant player in India and an emerging player in the overseas market.
The Company has successfully developed several new packaging solutions for various applications suitable for Food Industry, Bakery and Confectionery Industry, Beverage Industry and the Personal Care Products Industry. The Company’s strategy for product innovation together with cost leadership and enhancing quality with better services has led to significant growth in sales and making it a major supplier of packaging materials for various multinational corporations in the FMCG sector.
Some of the recent innovations done by the Company in packaging products segment are Slider Zipper with diaphragm, 3D Bags, WPP Bags, Eco-friendly flexi tube for cosmetic and paste, Spot hologram products, Non-plastic laminates for mouth freshener industry. In many of these cases, Subject has been accredited with National and International awards.
The value added flexible packaging business of the Company has been progressively gaining larger share in the total revenue of the Company and increased to about 42% of the total consolidated revenue and growing at a faster pace both in the domestic and international market. Having attained its dominant position in the domestic market, the Company is emerging a growing player in the international market by giving a tough competition to giant peers group. The Company is expecting to make its strong presence in the international market in coming years having acquired customers like P and G, Nestle, Unilever, Conagra, Cargill etc. on a global scale. This segment contributes large share both in the top line and bottom line which is expected to be progressively increased in the coming years. The Company caters to its domestic and overseas customers from its plants in India at NOIDA and Jammu and plans to set up such plants in overseas market in future.
Printing Cylinder – The Company has world class and state-of-the-art expertise and facilities integrated with best software to produce good quality cylinders. The quality of the cylinders is well accepted in India as well as in the International Market. The Company has bought special software for making specialised Cylinders up to 2.2 mtrs. The same can be used for vinyl flooring, wood grains, Textile and various other specialised purposes. Zero discharge system with effluent treatment plant was installed to stop draining of waste chemical(s) after treatment.
The Company saves foreign exchange by developing in-house copper adetitive for copper plating. It is also having a proofing system which can print on actual substrate without engraving the Cylinders. Flexo Plate : Flexo graphic printing is alternate to Gravure printing for short and medium run jobs and the turn-around time in preparing plate for printing is lesser. In Flexography, Polymer plates are used as Image carrier. These polymer plates carry energy sensitive dye-based coating which is ablated by (Flexo Laser) Imager on the basis of digital data from prepress. Then these plates are exposed through UV Light. In this process UV light passes through ablated dye surface and polymerizes the plate. Further to this process, the plate is developed in solvent bath, in which the non-polymerized polymer washes out (non-printing area) and where ever polymerized that area becomes harden and raises the surface (printing area). Then the developed plate gets ready for printing.
Flexo proof press (Wet Proof): This is capable of proofing on actual substrate with actual ink and plates. This is the first time in India. Prior to printing, jobs can be proofed to obtain the approval from the customer. It saves lot of press time and waste of plates.
Digital Plate Cutting Table: This equipment can cut Flexo Plates either straight or Staggered to the finished size, when mounted on plate sleeve the joining will be more precise. This can cut Flexo plates as well as paper board and Rubber Blanket.
Solvent Recovery Plant: Recycling of used solvent can be recovered by 90% by this Equipment and same can be reused in the washout process, moreover the waste of this process can also be used as fuel for their incinator, furnace etc.
Hologram produced by the Company has been well accepted both by the Government and Private Organization across the country. The Company through aggressive marketing has been able to get substantial orders from different states. Hologram being low cost with better margin, add to the bottom line significantly.
The Company has produced indigenously the new generation cost effective polyester base solvent less adhesive system for flexi pack, new ink system for PVC profile and special coating for producing matt effect in laminates.
The Company also manufactures customized need based packaging and processing machines. The ongoing process of innovation and introduction of machines through its in-house R and D facilities, having unique features and facilities for packaging products of different varieties, enables the Company to manufacture both tailor made machines as well as machines of specific design to suit the needs and requirements of various customers both in India and abroad.
EXPANSION PROJECTS
The Company’s following expansion plans are in progress and the status of the same are narrated below:
PROJECT AT POLAND
Flex Film Europa Sp.z.o.o. set up as a 100% subsidiary of Flex Middle East FZE, Dubai, is setting up facilities in Wrzesnia under Walbrzych Special Economic Zone “Invest Park” in Poland to produce 30000 TPA of PET fi lm with an estimated total capital outlay of US$ 80 million.
Land admeasuring about 67800 Sq. Meter has been acquired in WSEZ ‘Invest Park Zone’. The site is fully developed and requisite infrastructures are fully available. Soil Testing and plot survey has been completed, architecture designing completed, civil construction work is almost complete. Major Plant and Machineries are already supplied at site and commissioning of same are at very advanced stage of completion. Term debt and working capital debt for project are fully tied up. The Project is expected to be completed by beginning of 2nd quarter of financial year 2013.
PROJECT AT USA
Flex Films (USA) Inc., 100% Subsidiary of the company is setting up facilities in Elizabeth Town,
Kentucky, USA to Produce 30000 TPA of BOPET film with an estimated cost of US$ 80.00 million. Land admeasuring 31.6 acres has been allotted in Elizabethtown of Kentucky USA. Civil construction has already commenced. The orders for major equipments have been placed and started arriving at site. The Project is expected to be completed by December 2012.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
Rs. in Millions
31.03.2012 |
Rs. in Millions
31.03.2011 |
|
Guarantees issued by Banks |
93.876 |
75.332 |
|
Corporate Gurantee issued for facilities taken by subsidiary / step down subsidiaries from Banks |
13136.750 |
9728.600 |
|
Import duty obligations on outstanding export commitment under Advance Licence / EPCG Schemes |
597.034 |
477.586 |
|
Letters of Credit (Unexpired) issued by Banks (Net of Margin) |
1309.590 |
252.417 |
|
Show cause notice / demands of Excise Authorities not acknowledged by the Company and are contested / appealed / replied. |
537.058 |
518.356 |
|
Additional demands raised by the Income Tax Department, which are under rectifi cation and appeal |
37.135 |
29.504 |
|
Additional demands raised by the Sales Tax Department, which are under rectifi cation and appeal |
37.772 |
32.493 |
|
Demand raised by PF authority for alleged lower contribution of PF and are under appeal |
2.773 |
2.072 |
|
Amount demanded by the erstwhile workers of the Company and are pending in labour Court |
1.360 |
1.220 |
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10417881 |
18/03/2013 |
1,250,000,000.00 |
Canara Bank |
PRIME CORPORATE BRANCH II, WORLD TRADE TOWER, BARA KHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
B72636566 |
|
2 |
10410566 |
14/03/2013 |
500,000,000.00 |
IFCI LIMITED |
IFCI LIMITED, 61, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B70349881 |
|
3 |
10395743 |
12/06/2013 * |
500,000,000.00 |
The Jammu & Kashmir Bank Limited |
A-17,
RING ROAD, LAJPAT NAGAR IV, NEW DELHI, DELH |
B79028551 |
|
4 |
10335387 |
27/05/2013 * |
150,000,000.00 |
Canara Bank |
PRIME CORPORATE BRANCH, IIND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, DELHI - 110001, INDIA |
B76836014 |
|
5 |
10301923 |
12/08/2011 |
750,000,000.00 |
Syndicate Bank |
LARGE CORPORATE BRANCH, 3RD FLOOR,NO.10 HOMJI STREET, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B18609917 |
|
6 |
10281550 |
27/07/2012 * |
200,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PALCE, NEW DELHI, DELHI - 110019, INDIA |
B56908692 |
|
7 |
10223626 |
27/07/2012 * |
1,000,000,000.00 |
Bank of India |
NEW
DELHI LARGE CORPORATE BRANCH, PTI BUILDING, 4 |
B55797419 |
|
8 |
10219536 |
27/07/2012 * |
2,400,000,000.00 |
Allahabad Bank |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B55797146 |
|
9 |
10209063 |
27/07/2012 * |
2,500,000,000.00 |
UCO Bank |
FLAGSHIP CORPORATE CENTRE, 5 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B56096522 |
|
10 |
10182472 |
27/07/2012 * |
1,600,000,000.00 |
ICICI Bank Limited |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B55803779 |
|
11 |
10173188 |
27/07/2012 * |
5,650,000,000.00 |
Canara Bank |
PRIME CORPORATE BRANCH II, WORLD TRADE TOWER, BAR AKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
B45489036 |
|
12 |
10114823 |
02/06/2009 * |
75,000,000.00 |
CANARA BANK |
PRIME
CORPORATE BRANCH-II, IIND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW
DELHI, DELHI - 11000 |
A66123217 |
|
13 |
10000468 |
09/11/2006 * |
435,000,000.00 |
Allahabad Bank |
INDUSTRIAL
FINANCE BRANCH, 17, PARLIAMENT STREET, |
A00155556 |
|
14 |
80062136 |
20/10/2005 |
280,000,000.00 |
ALLAHABAD BANK |
2,
NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 7 |
- |
|
15 |
80057655 |
16/08/2005 |
255,725,000.00 |
IFCI LTD |
IFCI TOWER, 61, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
- |
|
16 |
90063472 |
26/11/2010 * |
100,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, TOLOSTOY HOUSE TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B00842500 |
|
17 |
80023749 |
06/05/2010 * |
350,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
A86230687 |
|
18 |
90063342 |
21/12/2004 |
110,000,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, 2ND; FLOOR WORLD TRADE |
- |
|
19 |
90063301 |
29/01/2009 * |
755,600,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, PARLIAMENT STREET, |
A58802406 |
|
20 |
80043885 |
18/07/2003 |
37,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE TOWER, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
- |
|
21 |
80057738 |
18/05/2001 |
371,800,000.00 |
ICICI LIMITED |
ICICI TOWER, NBCC PLACE, BISHAM PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA |
- |
|
22 |
80057739 |
18/05/2001 |
371,800,000.00 |
ICICI LIMITED |
ICICI TOWER, NBCC PLACE, BISHAM PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA |
- |
|
23 |
80057744 |
01/09/2001 * |
250,857,800.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR CO LTD |
16TH FLOOR, C WING, MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
24 |
80045787 |
16/08/2005 * |
215,937,344.00 |
IFCI LIMITED |
IFCI TOWER,, 61, NEHRU PLACE , NEW DELHI, DELHI - 110019, INDIA |
- |
|
25 |
90046939 |
09/02/2001 * |
32,500,000.00 |
VIJAYA BANK |
A -5; SEC. -19, NOIDA, UTTAR PRADESH - 201301, INDIA |
- |
|
26 |
80064010 |
05/07/1997 |
24,000,000.00 |
BANK OF BARODA |
15-A/14, W.E.A KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA |
- |
|
27 |
80064004 |
05/07/1997 |
65,700,000.00 |
BANK OF BARODA |
15-A/14,
, W.E.A , KAROL BAGH, NEW DELHI, DELHI - |
- |
|
28 |
90046784 |
29/01/2009 * |
65,000,000.00 |
ORIENTAL BANK OF COMMERCE |
A - 135A, SECTOR - 27, NOIDA, UTTAR PRADESH - 201301, INDIA |
A58555608 |
|
29 |
90060963 |
25/03/1997 * |
83,700,000.00 |
ING BANK |
7TH; FLOOR; HAECHST HOUSE; POST BAG NO.9971, NARIMAN POINT, BOMBAY, MAHARASHTRA, INDIA |
- |
|
30 |
90041725 |
29/01/2009 * |
40,500,000.00 |
CORPORATION BANK |
16/10, ARYA SAMAJ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA |
A58415704 |
|
31 |
90041656 |
09/12/1999 * |
500,000,000.00 |
ICICI LTD. |
ICICI TOWERS, BANDRA KURLA COMPLEX; BANDRA, MUMBAI, MAHARASHTRA, INDIA |
- |
|
32 |
80057734 |
25/03/1997 * |
23,000,000.00 |
ICICI BANK LTD |
163, BACKBAY RECLAMATION , MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
33 |
80057735 |
25/03/1997 * |
23,000,000.00 |
ICICI BANK LTD |
163, BACKBAY RECLAMATION , MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
34 |
90060832 |
25/03/1997 * |
83,700,000.00 |
ING BANK |
7th;
FLOOR; HAECHST HOUSE; POST BAG NO.9971, NARI |
- |
|
35 |
90046434 |
09/02/2001 * |
42,500,000.00 |
THE ICICI BANK LTD. |
9-A; CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
- |
|
36 |
80045786 |
15/02/2010 * |
20,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A80119902 |
|
37 |
90060723 |
25/03/1997 * |
900,000,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA LTD |
BANK OF BARODA BUILDING, 16; SANSAD MARG; P. B. NO. 363, NEW DELHI, DELHI - 110003, INDIA |
- |
|
38 |
80000384 |
09/03/2006 * |
936,617,160.00 |
INDUSTRIAL
CREDIT AND INVESTMENT CORPORATION OF IN |
163, BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
A00136994 |
|
39 |
90060446 |
29/01/2009 * |
168,300,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 1ST FLOOR, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A58426750 |
|
40 |
80045190 |
29/01/2009 * |
145,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 1ST FLOOR, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A58599838 |
|
41 |
90041277 |
12/02/2002 * |
26,500,000.00 |
BANK OF BARODA |
15A/14; WESTERN EXTENSION AREA, KAROL BAGH, NEW D ELHI, DELHI - 110005, INDIA |
- |
|
42 |
90060444 |
03/08/1994 |
98,000,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 0020, INDIA |
- |
|
43 |
90060369 |
29/01/2009 * |
298,300,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 11TH FLOOR, BOB BUILDING, 16 SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
A58244237 |
|
44 |
90041197 |
12/02/2002 * |
10,000,000.00 |
BANK OF BARODA |
15A/14; WESTERN EXTENSION AREA, KAROL BAGH, NEW D ELHI, DELHI - 110005, INDIA |
- |
|
45 |
80000447 |
16/07/1993 |
282,187,500.00 |
THE
INDUSTRIAL CREDIT AND INVESTMENT CORPORATION O |
163, BACBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
46 |
90060270 |
14/06/2000 * |
282,187,500.00 |
ICICI LTD |
ICICI
TOWERS, BANDRA KURLA COMPLEX; BANDRA EAST, |
- |
|
47 |
90060241 |
25/03/1997 * |
15,000,000.00 |
THE INDUSTRIAL CREDIT & INVESTMENT CORP OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
48 |
80064074 |
20/03/1993 |
10,000,000.00 |
CANARA BANK |
INDL.
FINANCE BRANCH, WORLD TRADE TOWER, BARAKHAM |
- |
|
49 |
80064003 |
28/05/1992 |
2,200,000.00 |
CANARA BANK |
INDUSTRIAL
FIFNANCE BRANCH, NEW DELHI, DELHI - |
- |
|
50 |
90045847 |
06/02/1992 |
7,500,000.00 |
CANARA BANK |
NEW DELHI, NEW DELHI, DELHI, INDIA |
- |
|
51 |
90045839 |
21/01/1992 |
7,670,000.00 |
THE
PRADESHIYA INDUSTRIAL AND INVESTMENT CORPN. OF |
PICUP
BHAWAN, GOMTI NAGAR, LUCKNOW, UTTAR PRADESH |
- |
|
52 |
90045778 |
16/04/1991 |
194,063.00 |
FINANCE LTD. |
413 ; SWAPNA LOK COMPLEX, S.D. ROAD, SECUNDERABAD, UTTAR PRADESH, INDIA |
- |
|
53 |
90059963 |
25/03/1997 * |
7,100,000.00 |
THE INDUSTRIAL FINACNE CORP OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, DELHI, INDIA |
- |
|
54 |
90045612 |
02/06/2009 * |
419,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
A66233834 |
|
55 |
80064009 |
15/03/2001 * |
25,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCJ, NEW DELHI, DELHI - 110001, INDIA |
- |
|
56 |
80064001 |
23/01/1990 |
76,900,000.00 |
CANARA BANK |
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
- |
|
57 |
80043886 |
02/06/2009 * |
316,500,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
A66236266 |
|
58 |
90045446 |
15/10/1988 |
2,300,000.00 |
CANARA BANK |
NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
59 |
90052136 |
03/04/1989 * |
1,250,000.00 |
CANARA BANK |
NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
60 |
90052111 |
12/03/1987 |
45,500.00 |
U.P. FINANCIAL CORPORATION |
KANPUR, KANPUR, UTTAR PRADESH, INDIA |
- |
|
61 |
90052033 |
01/06/1985 |
1,800,000.00 |
U.P. FINANCIAL CORPORATION |
14/88; CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Electrical Installations
· Office Equipments
· Furniture and Fixtures
· Vehicles
· Software
· Aircraft
WEBSITE DETAILS:
BUSINESS DESCRIPTION
Subject is an India-based company engaged in the manufacturing of polyester, poly-ethylene terephthalate, plastic and metalized films and trading in these, as well as printing equipment and instruments. The main products of the Company include polyester films, oriented poly propylene (OPP) films, metalized and specialized films, and polyester chips of different grades. The Company’s OPP films comprise bi-axially oriented poly propylene (BOPP) and cast polypropylene (CPP) films. Its flexible packaging products include laminates made with various combinations of polyester, BOPP, poly, metalized and hologram films and others supplied in roll form. The Company has manufacturing facilities of packaging and processing machines. Its subsidiaries include U Tech Developers Limited and Flex America Inc. For the nine months ended 31 December 2010, Subject's revenue increased 50% to RS25.73B. Net income from continuing operations totaled RS5.15B, up from RS1.44M. Revenues reflect an increase in income from operations and higher other operating income. Net income also reflects a significant gross profit for the period. Subject is engaged in developing and marketing flexible plastic materials.
INTRODUCTION
Subject - Coverting Division engaged in the business of Packaging and Converting Machines, established in Noida (adjacent to the national capital, New Delhi, India) in 1984, is an integral part of UFLEX Group of companies. The UFLEX group commenced its operations with a small investment and a pioneering spirit in 1983. Today, it is one of the leading corporate houses in the Asia Pacific Region offering, among the other things, a single window Total Packaging Solutions.
PRESS RELEASES:
UFLEX LOOKS FOR ACQUISITIONS
IN US, EUROPE; STOCK UP 2%.
Uflex is looking at 2-3 major acquisitions in the US and European markets, reports Business Line.
At 09:19 hrs Uflex was quoting at Rs 115.50, up Rs 3, or 2.67%. It has touched an intraday high of Rs.115.90 and an intraday low of Rs 113.55.
It was trading with volumes of 59,378 shares. In the previous trading session,
the share closed up 5.44% or Rs 5.80 at Rs 112.50.
The company's trailing 12-month (TTM) EPS was at Rs 37.83 per share. (Jun, 2012). The stock's price-to-earnings (P/E) ratio was 3.04. The latest book value of the company is Rs 178.96 per share. At current value, the price-to-book value of the company was 0.64. The dividend yield of the company was 1.74%.
UFLEX TO INVEST $180 M IN NEW FACILITY IN US
New Delhi, April 12:
Flexible packaging firm Uflex Limited will be investing around $180 million in phases to set up a green-field plant in Kentucky, US.
The new manufacturing plant, to be operational by 2012, is part of Uflex's strategy to gain competitive advantage of increased proximity to the markets globally and bring in a broad portfolio of value-added products to its clients. The company is expecting to manufacture 30,000 MTPA of PET film from the new plant.
“It is important for us to be able to ensure wide availability of our products and it makes sense to manufacture products close to where our customers are. The global demand for flexible packaging films is rapidly increasing and we need to make investments to meet future demands. Producing PET film in Kentucky will result in shorter lead times for our customers,” Mr. Ashok Chaturvedi, Chairman and Managing Director, Uflex told newspersons here.
The investment will be financed by a mix of debt as well as internal accruals and the company is looking to raise $48-50 million from two German banks, KfW and KBC.
Uflex manufactures flexible packaging solutions with a capacity of 25,000 TPA.
Mr. Steven L. Beshear, Governor of Commonwealth of Kentucky, said, “Projects of this magnitude provide hundreds of jobs and invest millions of dollars in our state.”
Apart from the venture in US, Uflex recently initiated the setting up of a new plant for manufacturing of 30,000 MTs of polyester film at Poland with an investment of Rs.3600.000 Millions.
UFLEX SEES GAINS FOR 7TH CONSECUTIVE SESSION, UP 4%
Mar 13, 2013
Packaging solutions provider Uflex rose nearly 4 percent intraday in morning trade on Wednesday, continuing its gains for the seventh consecutive session.
The stock rallied more than 35 percent in seven straight sessions and remained in volume shockers' list today as well.
At 10:17 hours IST, shares went up 2.28 percent to Rs 91.95
amid hefty volumes on Bombay Stock Exchange.
Trading volumes moved up 259 percent to 6,89,073 shares as against five-day
average of 1,91,805 shares.
Promoters hold 43.47 percent stake in the company as of December 31, 2012.
Consolidated net profit of the company declined 30 percent year-on-year to Rs.357.300 Millions in the quarter ended December 2012 while revenues increased 13 percent to Rs.12951.600 Millions during the same period.
CMT REPORT (Corruption, Money Laundering &
Terrorism]
The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No 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.58.91 |
|
UK Pound |
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared by
: |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.