MIRA INFORM REPORT
|
Report Date : |
14.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
GARWARE POLYESTER LIMITED |
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Registered
Office : |
Naigaon, Post Waluj, |
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Country : |
India |
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Financials (as on)
: |
31.03.2013 |
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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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|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKG01359B |
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PAN No.: [Permanent Account No.] |
AAACG0571D |
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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 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. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000000 |
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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 a satisfactory track record.
There appears slight dip in the profitability during 2013. However, general financial position seems to be good. Trade relations
are reported to be fair. Business is active. Payments are reported to be
usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Having moderate degree of safety regarding timely
servicing of financial obligation. |
|
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
Naigaon, Post Waluj, |
|
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 2 : |
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 3 : |
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 4 : |
A-1 and A-2, MIDC, Ambad, Nasik- 422 010, Maharashtra,
India |
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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 |
|
Tel. No.: |
91-44-28420939 |
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Fax No.: |
91-44-28593924 |
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Branch Office 3
: |
204, DLF Tower B, Near Apollo Hospital, Jasola, New Delhi- 110 025, India |
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Overseas Office
1 : |
Global Pet films
Inc 9050 Pines Blvd., Suite #425, Pembroke Pines, Florida 33024 U.S.A. |
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Tel. No.: |
9544997990 |
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Fax No.: |
9544997992 |
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E-Mail : |
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Overseas Office
2 : |
Garware Polyester
Limited Unit 2-17, The Plaza, 535 Kings Road, London SW10 0SZ, U.K. |
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Tel. No.: |
+44 20 7376 3931 |
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Fax No.: |
+44 20 7376 3932 |
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E-Mail : |
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Overseas Branch Office
: |
Unit 2-17, The Plaza, 535, Kings Road, London - SW10 0SZ. |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Shashikant B. Garware |
|
Designation : |
Chairman and Managing Director |
|
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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Date of Birth/ Age : |
09.12.1935 |
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Qualification : |
B.A. (Hons.) B. Ed. |
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Appointment Date : |
04.04.1996 |
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Expertise in specific functional areas : |
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|
Name : |
Mr. Dilip J. Thakkar |
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Designation : |
Director |
|
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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|
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|
Name : |
Mr. Narendra P. Chapalgaonkar |
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Designation : |
Director |
|
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 |
|
Expertise in specific functional areas : |
Retd. Judge of Bombay High Court |
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|
Name : |
Mrs. Monika Garware Modi |
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Designation : |
Vice Chairperson and Jt. Managing Director |
|
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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|
Name : |
Ms. Sarita Garware |
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Designation : |
Jt. Managing Director |
|
Address : |
Flat No.L-1, 12th Floor, Eden Hall, |
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Date of Birth/Age : |
25.10.1967 |
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Qualification : |
M.B.A. from European University in Switzerland |
|
Date of Appointment : |
24.12.1993 |
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Expertise in specific functional areas : |
Specialisation in Marketing |
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|
Name : |
Ms. Sonia Garware |
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Designation : |
Director |
|
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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|
Name : |
Mr. Boman Moradian |
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Designation : |
Director |
|
Address : |
M. |
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Date of Birth/Age : |
13.11.1950 |
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Qualification : |
B. E. (Mech.)from VJTI, MMS from JBIMS |
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Date of Appointment : |
29.10.2001 |
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Expertise in specific functional areas : |
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|
Name : |
Mr. Mohan S. Adsul |
|
Designation : |
Director – Technical |
|
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 |
|
|
|
|
Name : |
Dr. Mahesh C. Agarwal |
|
Designation : |
Director |
|
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 |
|
Expertise in specific functional areas : |
H. R. D. |
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|
|
|
Name : |
Mr. Ramesh P. Makhija |
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Designation : |
Director |
|
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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|
|
|
Name : |
Mr. A. B. Bhalerao |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Koul |
|
Designation : |
Company Secretary and Senior General Manager |
SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1822081 |
7.82 |
|
|
1336391 |
5.73 |
|
|
10480100 |
44.95 |
|
|
10480100 |
44.95 |
|
|
13638572 |
58.50 |
|
|
|
|
|
|
255306 |
1.10 |
|
|
255306 |
1.10 |
|
Total shareholding of Promoter and Promoter Group (A) |
13893878 |
59.59 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15363 |
0.07 |
|
|
3305 |
0.01 |
|
|
853956 |
3.66 |
|
|
3855 |
0.02 |
|
|
6011 |
0.03 |
|
|
6011 |
0.03 |
|
|
882490 |
3.79 |
|
|
|
|
|
|
1166039 |
5.00 |
|
|
|
|
|
|
3978578 |
17.06 |
|
|
3087230 |
13.24 |
|
|
306935 |
1.32 |
|
|
29266 |
0.13 |
|
|
256052 |
1.10 |
|
|
21617 |
0.09 |
|
|
8538782 |
36.62 |
|
Total Public shareholding (B) |
9421272 |
40.41 |
|
Total (A)+(B) |
23315150 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23315150 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer 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. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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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 : |
(Rs.
In Millions)
|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Shah and Company Chartered Accountants |
|
Address : |
Mumbai, |
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|
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
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|
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|
Solicitors and Advocates ; |
|
|
Name : |
Crawford Bayley and Company |
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|
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Associate Companies
: |
Garware Chemicals Limited |
|
|
|
|
Enterprises over
which Key Managerial Person are able to exercise significant influence : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
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 |
|
|
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
Millions |
|
|
Less: Unpaid Allotment/Call Money |
|
Rs.0.621
Million |
|
5446000 |
0.01% Cumulative Redeemable Preference Shares of |
Rs.100/- each |
Rs.544.600
Millions |
|
|
Total |
|
Rs.777.131 Millions |
Out of the above :
2,00,000
Equity shares of Rs.10/- each were allotted as fully paid up to various schemes
operating under UTI Assets Management Company Ltd at a premium of Rs. 22.67 per
Share on 23rd December 2008 as per arrangement (Previous year 200,000).
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 on 14th November 2011 (Previous year
2,54,764).
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. (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 2013, the amount of dividend, per share,
recognised as distributions to equity shareholder is Rs. Nil per share (year
ended 31st March 2012 Rs.1.50/- per share).
As
per the companies act 1956 the holders of equity shares will be entitled 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.
Reconciliation of the number
of Shares Outstanding at the beginning and at the end of the year
|
Particulars |
As at 31.03.2013 |
|
|
Equity Shares |
No. of Shares |
Rs. in Millions |
|
At the beginning of the period |
23,315,150 |
233.152 |
|
10,477,100 Equity shares of Rs.10/- each fully paid up issued to Great Design Properties Private Limited (GDPPL) and 254,764 Equity Shares of Rs.10/-each fully paid up issued to Garware Chemicals Limited (GCL) as per scheme of amalgamation and arrangement under section 391 to 394 of the companies Act, 1956. |
0 |
0.00 |
|
Outstanding at the
end of the year |
23,315,150 |
233.152 |
Details of
Shareholders holding more than 5% Equity Shares in the company
|
Particulars |
As at 31.03.2013 |
|
|
Name of the
Shareholder |
No. of Shares |
% of Holding |
|
S.B.Garware Family Trust |
10,477,100 |
44.94 |
|
Bharat Jayantilal Patel |
1,165,818 |
5.00 |
|
Preference Shares |
As at 31.03.2013 |
|
|
|
No. of Shares |
Rs. in Millions |
|
At the beginning of the year |
5,446,000 |
544.600 |
|
Issued during the year |
0 |
0.000 |
|
Outstanding at the end of the year |
5,446,000 |
544.600 |
Details of
Shareholders holding more than 5% Preference Shares in the company
|
|
As at 31.03.2013 |
|
|
Name of the
Shareholder |
No. of Shares |
% of Holding |
|
IDBI Bank Limited |
5,446,000 |
100.00 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
777.131 |
777.131 |
669.812 |
|
(b) Share Capital Suspense |
5173.450 |
4344.357 |
107.319 |
|
(c) Reserves & Surplus |
0.000 |
0.000 |
4034.381 |
|
(d) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5950.581 |
5121.488 |
4811.512 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
745.361 |
326.724 |
220.187 |
|
(b) Deferred tax liabilities (Net) |
211.365 |
369.960 |
369.960 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
49.932 |
|
(d) long-term
provisions |
40.862 |
82.174 |
76.652 |
|
Total Non-current
Liabilities (3) |
997.588 |
778.858 |
716.731 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1931.804 |
1765.369 |
829.620 |
|
(b) Trade
payables |
344.792 |
251.146 |
265.992 |
|
(c) Other
current liabilities |
393.986 |
360.360 |
917.974 |
|
(d) Short-term
provisions |
86.728 |
101.962 |
277.563 |
|
Total Current
Liabilities (4) |
2757.310 |
2478.837 |
2291.149 |
|
|
|
|
|
|
TOTAL |
9705.479 |
8379.183 |
7819.392 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5534.333 |
4786.611 |
4935.402 |
|
(ii)
Intangible Assets |
11.452 |
452.547 |
456.346 |
|
(iii)
Capital work-in-progress |
390.855 |
57.498 |
85.114 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
2.170 |
|
(b) Non-current Investments |
21.446 |
21.446 |
21.586 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
944.262 |
835.865 |
565.514 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
6902.348 |
6153.967 |
6066.132 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
921.428 |
1177.497 |
960.409 |
|
(c) Trade
receivables |
451.131 |
193.998 |
290.784 |
|
(d) Cash
and cash equivalents |
985.615 |
574.334 |
262.227 |
|
(e)
Short-term loans and advances |
428.812 |
267.217 |
224.466 |
|
(f) Other
current assets |
16.145 |
12.170 |
15.374 |
|
Total
Current Assets |
2803.131 |
2225.216 |
1753.260 |
|
|
|
|
|
|
TOTAL |
9705.479 |
8379.183 |
7819.392 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7759.956 |
7883.628 |
8920.959 |
|
|
|
Other Income |
81.375 |
189.108 |
94.016 |
|
|
|
TOTAL (A) |
7841.331 |
8072.736 |
9014.975 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
4150.315 |
4471.644 |
6269.195 |
|
|
|
Purchases of Traded Goods |
44.183 |
283.144 |
|
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and Traded Goods |
207.392 |
(253.611) |
|
|
|
|
Employee Benefits Expense |
510.289 |
554.364 |
|
|
|
|
Other Expenses |
2178.619 |
1979.547 |
|
|
|
|
Exceptional Expenses |
(55.614) |
(13.400) |
|
|
|
|
TOTAL (B) |
7035.184 |
7021.688 |
6269.195 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
806.147 |
1051.048 |
2745.780 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
294.632 |
283.275 |
239.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
511.515 |
767.773 |
2506.471 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
393.144 |
417.088 |
396.449 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
118.371 |
350.685 |
2110.022 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(158.694) |
0.000 |
225.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
277.065 |
350.685 |
1884.522 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2691.800 |
2399.300 |
958.300 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
17.500 |
188.500 |
|
|
|
Dividend on Cumulative Redeemable Preference Shares (CRPS) |
0.100 |
0.100 |
0.000 |
|
|
|
Proposed Final Dividend on Equity Shares |
0.000 |
35.000 |
198.200 |
|
|
|
Tax on Dividend |
0.000 |
5.700 |
37.900 |
|
|
BALANCE CARRIED
TO THE B/S |
2968.700 |
2691.800 |
2399.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4560.294 |
3672.875 |
3635.714 |
|
|
|
Other Misc. Income |
6.574 |
0.000 |
0.000 |
|
|
|
Dividend Income |
0.000 |
45.595 |
0.000 |
|
|
TOTAL EARNINGS |
4566.868 |
3718.470 |
3635.714 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
514.141 |
378.199 |
480.035 |
|
|
|
Packing Material |
10.275 |
1.945 |
5.241 |
|
|
|
Components and Spares |
15.682 |
34.830 |
26.412 |
|
|
|
Capital goods |
182.336 |
71.355 |
120.019 |
|
|
TOTAL IMPORTS |
722.434 |
486.329 |
631.707 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.88 |
15.04 |
80.83 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.53
|
4.34 |
20.90
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.53
|
4.45 |
23.65
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.27
|
4.22 |
27.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.07 |
0.44
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.45
|
0.41 |
0.22
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02
|
0.90 |
0.77
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Interest Free Sales Tax / VAT Deferral Loan of SICOM |
120.346 |
120.346 |
|
Total |
120.346 |
120.346 |
|
Note: LONG TERM BORROWINGS Deferral Loan from SICOM is payable from April 2016 to April 2026. |
||
OPERATIONS:
Compared
to the previous year which was good, there was a decline in the sales by 1.57% due
to; (a) ban imposed by the order of Supreme Court of India on usage of Sun
Control Film in automotive applications, (b) ban imposed on usage of polyester
film for 'GutkaV 'Pan Masala' packaging by rules made for environmental
protection, (c) uncertainty in the advanced economies, (d) continuing Euro debt
crisis and (e) 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 competitive and full of challenges, however their
emphasis is on specialty films. They prefer to concentrate on limited market of
specialty films and to find out different path. Their new products under Sun
Control brand have received wide acceptance world over and their focus on the
Chinese and Russian markets are paying rich dividends, however in domestic
market ban on use of films in Automotive applications has impacted us
adversely. They are trying to salvage the situation however the same continues
to be unclear. The Company has however diverted the production into the
international markets.
AWARDS AND RECOGNITIONS:
During
this year, the Company has been honoured with ten 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 ten awards, one awards were won by the Company's employees for
their contribution in State Level Safety Slogan Competition.
MANAGEMENT DISCUSSION
AND ANALYSIS
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. GPL is the only amongst manufacturers in India and one out of the two manufacturers of dyed polyester films in the world which possesses patented technology for the same. GPL also manufactures the premium grade heat rejection films based on the latest 'Nano Technology' developed in its in-house RandD 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 GPL products is rated amongst the best in the World and the Company pays special attention to 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 Companies / Branch office 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 Branch and in the American market by Global Pet Films Inc. (GPF), a wholly owned step down subsidiary of GPL. The aim is to expand export base and through the above Branch/Subsidiary catapult international operations into a major growth driver.
Sun Control Film:
The Company has successfully launched multiple brands, new products 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. The Company plans to market aggressively window films in the Realty Sector both in domestic and overseas markets.
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.
Domestic Market:
Expected growth of the Retail sector, increasing preference towards packaged items, liberalization and growing middle class is expected to fuel growth of Polyester Film in the domestic market.
Increased usage of window films in offices, commercial buildings and malls will continue to add to the growth of the Company's business in the premium segment of window films.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30TH JUNE 2013
(Rs. in Millions)
|
Sr. No |
Particulars |
30.06.2013 |
|
|
|
(Unaudited) |
|
1 |
Income from
Operations |
|
|
|
a) Net Sales / Income from Operations (Net of Excise Duty) |
1901.400 |
|
|
b) Other Operating Income |
31.100 |
|
|
Total Income from
operations (net) |
1932.500 |
|
2 |
Expenses |
|
|
|
a) Cost of Materials Consumed |
1343.100 |
|
|
b) Purchase of stock-in-trade |
|
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(190.500) |
|
|
d) Employee benefit expense |
140.400 |
|
|
e) Depreciation and amortisation expense |
85.900 |
|
|
f) Power and Fuel |
198.400 |
|
|
g) Other expense |
268.200 |
|
|
Total Expenses |
1845.500 |
|
3 |
Profit/ (Loss) from Operations before other Income, Finance cost and exceptional items (1-2) |
87.000 |
|
4 |
Other Income |
29.800 |
|
5 |
Profit/(Loss) from ordinary activities before finance cost and exceptional items (3+4) |
116.800 |
|
6 |
Finance Cost |
90.700 |
|
7 |
Profit/(Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
26.100 |
|
8 |
Exceptional Items |
|
|
9 |
Profit / (Loss)
from Ordinary activities before tax (7-8) |
26.100 |
|
10 |
Tax Expenses |
|
|
|
Current Tax (Including Rs.4.400 Millions relating to previous year) |
8.400 |
|
|
Less: MAT Credit Entitlement |
(8.400) |
|
|
Deferred Tax |
5.600 |
|
|
(Excess) / Short Provision for Tax of Earlier Years (Net) |
|
|
|
Total Tax Expense |
5.600 |
|
11 |
Net Profit / (Loss)
from Ordinary activities after tax (9-10) |
20.500 |
|
12 |
Extraordinary Items (Net of tax expenses) |
|
|
13 |
Net Profit / (Loss) for the period (11-12) |
20.500 |
|
14 |
Paid-up Equity Share Capital ( Face value Rs. 10/- each) |
232.500 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16 |
Earnings per share
(EPS) in Rs. |
|
|
|
a. Basic and Diluted EPS before Extraordinary Items for the period (Not annualised) |
0.88 |
|
|
b. Basic and Diluted EPS after Extraordinary Items for the period (Not annualised) |
0.88 |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public shareholding |
|
|
|
- Number of shares |
9421272 |
|
|
-Percentage of Shareholding |
40.41 |
|
2 |
Promoter and
Promoter group Shareholding |
|
|
|
a) Pledged/
Encumbered |
|
|
|
-Number of shares |
NIL |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
NIL |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
NIL |
|
|
b) Non-encumbered |
|
|
|
-Number of shares |
13893878 |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100 |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
59.59 |
|
|
Particulars |
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
8 |
|
|
Disposed of during the quarter |
8 |
|
|
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 July 20, 2013. The Statutory Auditors have carried out a limited review of the results for the quarter ended June 30, 2013.
- The figures of the March 31, 2013 quarter are the balancing figures between the audited figures in respect of full financial year ended March 31, 2013 and published year to date figures up to 3rd quarter ended December 31, 2012.
- The Company operates in one segment only i.e. Polyester Films.
- Exceptional item appearing in the quarter and year ended 31/03/2013 represents the sales tax amount expensed out in the prior year, which was written back as per the opinion obtained by the company.
- Deferred tax for the quarter and year ended 31/03/2013 includes Rs. 77.600 Millions of earlier years.
- Previous period figures have been regrouped and reclassified to make them comparable with the figures of the current period.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10418501 |
14/03/2013 |
454,400,000.00 |
Indian Overseas Bank |
NEW MARINE LINES BRANCH, MERCHANT CHAMBERS, GROUND FLOOR, OPPOSITE SNDT COLLEGE, MUMBAI, Maharashtra - 400020, INDIA |
B72742265 |
|
2 |
10384547 |
28/09/2012 |
220,000,000.00 |
INDIAN OVERSEAS BANK |
New Marinelines Branch, Merchant Chamber, Ground Floor, Opposite SNDT College, MUMBAI, Maharashtra - 400020, INDIA |
B61404307 |
|
3 |
10374082 |
06/08/2012 |
375,000,000.00 |
DENA BANK |
Industrial Finance Branch, 17, Horniman Circle, Mumbai - 400023, Maharashtra, INDIA |
B57086928 |
|
4 |
10338310 |
31/01/2012 |
367,000,000.00 |
INDIAN OVERSEAS BANK |
New Marinelines Branch, Merchant Chamber, Ground Floor, Opposite SNDT College, MUMBAI, Maharashtra - 400020, INDIA |
B33295064 |
|
5 |
10306368 |
14/05/2012 * |
410,300,000.00 |
INDIAN OVERSEAS BANK |
New Marinelines Branch, Merchant Chamber, Ground Floor, Opposite SNDT College, MUMBAI, Maharashtra - 400020, INDIA |
B39823844 |
|
6 |
10248201 |
08/10/2010 |
25,100,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, Maharashtra - 400001, INDIA |
A97296578 |
|
7 |
90222741 |
13/03/2013 * |
4,000,000,000.00 |
Indian Overseas Bank |
NEW MARINE LINES BRANCH,, MERCHANT CHAMBERS, GROU |
B72741960 |
* Date of charge modification
FIXED ASSETS:
·
Land
(Freehold)
·
Land (Leasehold)
·
Buildings
·
Plant
and Machinery
·
Electrical
Installations
·
Mould
·
Laboratory
Equipments
·
Furniture
and Fixtures
·
Office
Equipment
·
Vehicles
·
Data
Processing Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.79 |
|
|
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--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 |
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 |
|
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.