MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL POLY FILMS LIMITED (w.e.f. March, 2005) |
|
|
|
|
Formerly Known
As : |
JINDAL POLYESTER LIMITED |
|
|
|
|
Registered
Office : |
19th K M, Hapur - Bulandshahr Road, P.O.
Gulaothi, Bulandshahr – 245408, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.09.1974 |
|
|
|
|
Com. Reg. No.: |
20-003979 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.420.477 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111UP1974PLC003979 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRTJ00149C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturing of Polyester Resin, Polyester Filament Yarn,
Polyester Chips and Biaxially Oriented Polyester Film. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 70777000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a part of the BC Jindal group. It is a well-established and
reputed company having a good track record. Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring has
risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA- (Long Term Rating) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
January 17, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January 17, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/Factory 1 : |
19th K M, Hapur - Bulandshahr Road, P.O.
Gulaothi, Bulandshahr – 245408, Uttar
Pradesh, India |
|
Tel. No.: |
91-122-2312088 / 2311087 91-5732-229143 / 229105 |
|
Fax No.: |
91-122-2312244 |
|
E-Mail : |
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|
Website : |
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|
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|
|
Corporate Office : |
Plot No 12, Sector B-1, Local Shopping Complex, Vasant
Kunj, New Delhi - 110070, India |
|
Tel. No.: |
91-11-26139256-65 |
|
Fax No.: |
91-11-26125739 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
28th K.M. Stone, Nashik-Igatpuri Road, NH – 3, Village
Mundhegaon, Taluka Igatpuri District, Nashik - 422403, Maharashtra, India |
|
Tel. No.: |
91-2553-285402 / 285405 |
|
Fax No.: |
91-2553-285403 |
|
|
|
|
Factory 3 : |
160/1/7, |
|
Tel. No.: |
91-2638-247264 / 358 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr.
Rashid Jilani |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth : |
08.10.1941 |
|
Qualification : |
|
|
Date of Appointment : |
29.09.2007 |
|
DIN No.: |
00010624 |
|
|
|
|
Name : |
Mr. R K Pandey |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth : |
20-01-1940 |
|
Qualification : |
M.Com, LLB, FCS |
|
Date of Appointment : |
30-09-2009 |
|
|
|
|
Name : |
Mr.
Jogesh Bansal |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth : |
03.04.1952 |
|
Qualification : |
B.A |
|
Date of Appointment : |
20.09.2008 |
|
|
|
|
Name : |
Mr.
Sameer Banerjee |
|
Designation : |
Whole
Time Director (Marketing) |
|
Date of Birth : |
10.07.1951 |
|
Qualification : |
B.Sc, M.B.A. |
|
Date of Appointment : |
29.05.2013 |
|
|
|
|
Name : |
Mr. Rathi Binod Pal |
|
Designation : |
Whole Time Director |
|
Date of Birth : |
18.03.1969 |
|
Qualification : |
|
|
Date of Appointment : |
30.09.2010 |
|
|
|
|
Name : |
Mr. Hemant Sharma |
|
Designation : |
Whole Time Director and Chief Executive Officer |
|
Date of Birth : |
23.04.1963 |
|
Qualification : |
B. Text. Hons. (Textile) MBA (Marketing) |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
05235723 |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Mishra |
|
Designation : |
Company Secretary and Compliance Officer |
|
Qualification : |
B.Com, LLB, ACS |
|
|
|
|
Name : |
Mr. L.P. Soni |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1313200 |
3.12 |
|
|
30065552 |
71.50 |
|
|
31378752 |
74.63 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
31378752 |
74.63 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
633056 |
1.51 |
|
|
1381759 |
3.29 |
|
|
2014815 |
4.79 |
|
|
|
|
|
|
2731150 |
6.50 |
|
|
|
|
|
|
5091332 |
12.11 |
|
|
540391 |
1.29 |
|
|
291273 |
0.69 |
|
|
233391 |
0.56 |
|
|
108 |
0.00 |
|
|
57774 |
0.14 |
|
|
8654146 |
20.58 |
|
Total Public
shareholding (B) |
10668961 |
25.37 |
|
Total (A)+(B) |
42047713 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
42047713 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Polyester Resin, Polyester Filament Yarn,
Polyester Chips and Biaxially Oriented Polyester Film. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Punjab National Bank · State Bank of India · State Bank of Patiala · Axis Bank Limited · Hongkong and Shanghai Banking Corp. Limited · The Bank of Nova Scotia · DBS Bank Limited · Aka,Ausfuhrkredit-Gesellschaft MBH Frankfurt, Germany · Commerzbank, Aktiengesellschaft Frankfurt, Germany · Standard Chartered Bank · ICICI Bank Limited · Deutsche Bank ·
Citi Bank |
||||||||||||||||||||||||
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|
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Facilities : |
(Rs.
In Millions)
Notes on Secured
Loans : Term loans from banks are secured by first pari-pasu equitable mortgage of immovable properties of the company situated at Gulaothi (U.P). and Nasik (MAHARASHTRA) and hypothecation of all movable assets (save and except book debts) subject to prior charge of the banks for working capital requirements. Foreign currency term loans from AKA Ausfuhrkredit-Gesellschaft mbh Germany and Commerzbank Germany are guaranteed by HERMES Kreditversicherungs-Aktiengesellschaft Germany. The above foreign currency loans are repayable on yearly/half yearly basis and the last repayment is due in September, 2017. Secured Working Capital Loan from banks are secured by way of hypothecation of all stocks of raw materials, semi finished goods, finished goods, goods in transit, stores and spares and book debts of the company. These are further secured by way of second pari-pasu charge on immovable properties of the company situated at Gulaothi (U P) and Nasik (MAHARASHTRA). |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kanodia
Sanyal and Associates Chartered Accountants |
|
|
|
|
Subsidiary
Companies : |
· Jindal Poly Films Investment Limited · Jindal Metal and Mining Limited · Jindal Metal and Mining International Limited · Jindal Poly Investment and Finance Company Limited (w.e.f.11.07.2012) · Jindal Resources (Muzambique) Lda (upto 10.09.2012) · Haldia Synthetic Rubber Limited (upto 31.08.2012) · Trans India Mining Lda (upto 05.11.2012) · JPF Netherland B.V (w.e.f.18.01.2013) · JPF Dutch B.V (w.e.f. 21.01.2013) · JPF Netherland Holding B.V (w.e.f. 28.01.2013) · JPF USA Holding LLC (w.e.f. 23.01.2013) ·
JPF USA LLC (w.e.f. 24.01.2013) |
|
|
|
|
Associates : |
· Jindal India Powertech Limited · Rexor Holding SAS (Formerly Known as Jindal France SAS) · Hindustan Powergen Limited · Consolidated Green Finvest Limited |
|
|
|
|
Controlling
Enterprises/Major Shareholders of reporting Enterprise : |
· Jindal Photo Investment Limited · Soyuz Trading Company Limited · Rishi Trading Company Limited |
CAPITAL STRUCTURE
After: 29.09.2013
Authorised Capital : Rs.1800.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.420.477
Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
105000000 |
Equity Shares |
Rs.10/- each |
Rs.1050.000 Millions |
|
100000000 |
Preference Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.2050.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42047713 |
Equity Shares |
Rs.10/- each |
Rs.420.477 Millions |
|
|
|
|
|
Notes on Share
capital :-
1. Reconciliation
of Shares outstanding at the beginning and at the closing of the reporting
period:
|
Particulars |
31.03.2013 |
|
|
No.
of Shares |
|
Opening Balance |
43021855 |
|
Less: Buyback of equity
shares |
974142 |
|
Closing Balance |
42047713 |
2.
Details of each shareholder holding more than 5 percent shares specifying the
number of shares held.
|
Name of Shareholder |
31.03.2013 |
|
|
|
No. of Shares |
% |
|
Soyuz Trading Company Limited |
11848266 |
28.18 |
|
Jindal
Photo Investments Limited |
11450302 |
27.23 |
|
Rishi Trading Company Limited |
4999056 |
11.89 |
3. 23,021,138 Equity
Shares were issued as Bonus Shares by way of utilisation of Capital Redemption
Reserves during the last financial year 2010-11 in the ratio of 1:1.
4. The Company has
bought back following equity shares during last five years:
|
Financial
Year |
No.
of Shares |
|
2008-2009 |
2271735 |
|
2009-2010 |
2803007 |
|
2011-2012 |
3020421 |
|
2012-2013 |
974142 |
5. Buyback
Pursuant to the approval of the Board of Directors of the Company, for buyback of equity shares U/s 77A of the Companies Act, 1956 less then 10% of Paid up capital and free reserve, during the financial year 2012-13 Company has bought back 974,142 equity shares and extinguished the same.
A total of 974,142 equity shares buyback and extinguished during the year ended 31st March 2013 through open market for an aggregate amount of Rs.185.389 Millions by utilizing the security premium and general reserve to the extent of Rs.175.648 Millions and Rs.9.741 Millions respectively. The Capital redemption reserve has been credited out of general reserve for Rs. 9.741 Millions being the nominal value of the share bought back U/s 77A of the Companies Act,1956.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
420.477 |
430.218 |
460.423 |
|
(b) Reserves & Surplus |
17273.941 |
16775.392 |
16024.713 |
|
(c) 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) |
17694.418 |
17205.610 |
16485.136 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1958.859 |
2566.187 |
2953.150 |
|
(b) Deferred tax liabilities (Net) |
1710.951 |
1625.322 |
1784.735 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3669.810 |
4191.509 |
4737.885 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
2986.415 |
1789.077 |
1105.928 |
|
(b) Trade payables |
1134.801 |
1115.644 |
986.259 |
|
(c) Other current liabilities |
1428.594 |
1623.568 |
1990.536 |
|
(d) Short-term provisions |
107.452 |
164.149 |
298.871 |
|
Total Current
Liabilities (4) |
5657.262 |
4692.438 |
4381.594 |
|
|
|
|
|
|
TOTAL |
27021.490 |
26089.557 |
25604.615 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12494.180 |
12936.261 |
12173.647 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
487.892 |
489.451 |
538.645 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4156.492 |
4155.992 |
4113.044 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
73.951 |
258.824 |
292.651 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
17212.515 |
17840.528 |
17117.987 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2484.169 |
2071.703 |
1613.502 |
|
(b) Inventories |
2717.870 |
2015.686 |
2613.501 |
|
(c) Trade receivables |
1570.162 |
1667.670 |
2375.476 |
|
(d) Cash and cash equivalents |
196.508 |
160.115 |
229.167 |
|
(e) Short-term loans and advances |
1430.310 |
1033.988 |
483.331 |
|
(f) Other current assets |
1409.956 |
1299.867 |
1171.651 |
|
Total Current
Assets |
9808.975 |
8249.029 |
8486.628 |
|
|
|
|
|
|
TOTAL |
27021.490 |
26089.557 |
25604.615 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22317.911 |
23643.961 |
27462.355 |
|
|
|
Other Income |
487.516 |
186.333 |
109.698 |
|
|
|
TOTAL (A) |
22805.427 |
23830.294 |
27572.053 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
16595.485 |
15590.966 |
14168.804 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(171.291) |
271.491 |
(344.503) |
|
|
|
Employee benefit expense |
338.007 |
301.393 |
241.683 |
|
|
|
Other Expenses |
4148.351 |
3994.501 |
3834.405 |
|
|
|
Exceptional Items |
215.998 |
743.270 |
-61.217 |
|
|
|
TOTAL (B) |
21126.550 |
20901.621 |
17839.172 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1678.877 |
2928.673 |
9732.881 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
351.187 |
261.371 |
204.386 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1327.690 |
2667.307 |
9528.495 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
889.178 |
880.855 |
842.326 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
438.512 |
1786.447 |
8686.169 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
112.723 |
415.652 |
2759.611 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
325.789 |
1370.795 |
5926.558 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4877.482 |
4128.859 |
3336.080 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Equity Shares |
42.048 |
105.119 |
115.106 |
|
|
|
Tax on Dividend |
7.146 |
17.053 |
5000.000 |
|
|
|
Transfer to General Reserve |
250.000 |
500.000 |
18.673 |
|
|
BALANCE CARRIED
TO THE B/S |
4904.077 |
4877.482 |
4128.859 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7037.786 |
5813.766 |
7179.030 |
|
|
TOTAL EARNINGS |
7037.786 |
5813.766 |
7179.030 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5553.639 |
3414.112 |
4462.422 |
|
|
|
Stores & Spares |
117.569 |
274.440 |
187.745 |
|
|
|
Capital Goods |
209.686 |
1029.761 |
365.058 |
|
|
TOTAL IMPORTS |
5880.894 |
4718.313 |
5015.225 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.73 |
30.35 |
128.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.43 |
5.75 |
21.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.96 |
7.56 |
31.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.96 |
8.33 |
41.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.10 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28 |
0.25 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.73 |
1.76 |
1.94 |
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)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Working Capital Loan |
2033.826 |
1142.422 |
|
|
|
|
|
Total |
2033.826 |
1142.422 |
PERFORMANCE
HIGHLIGHTS
During the year the Company has achieved a gross turnover of Rs. 24105.500 Millions as compared to Rs. 24929.200 Millions during the previous year and operating profit before exceptional item Rs. 1868.900 Millions as against Rs. 3646.000 Millions during the previous year. During the year, company experienced pressure on its margin due to increased competition caused by lower demand. The Company is taking various measures to retain its market share and as also to improve margins.
MANAGEMENT DISCUSSION
AND ANALYSIS
Overview
Jindal Poly Films Limited (JPFL) is a leading producer of high performance Polyester and BOPP films (plain and metallized) mainly used for the flexible packaging industry. The Company’s manufacturing facility at Nasik is the world’s single largest location factory for producing these plastic films. The Company’s manufacturing units are amongst the most modern facilities available and are capable of producing high quality products.
INDUSTRY, STRUCTURE
AND DEVELOPMENTS
Flexible Packaging
Film
Flexible packaging typically includes materials such as plastic films, paper and aluminum foil. Over the years, BOPET Film and BOPP Film (forms of plastic-based flexible packaging film) have become the preferred choice for packaging consumer articles including food, personal products and clothing. Besides such films, JPFL also offers a range of metallised and coated film products to its customers for increased barrier properties.
JPFL is the leading producer of flexible packaging films in the country. The Company also maintains a strong presence as a key exporter to several countries. Flexible packaging film follows a business-to-business model, supplying base film to key converters/ processors - who in turn sell the value added product to customers.
BOPET Film
BOPET Film is a versatile product broadly classified according to thickness of the film. Thick Films (50-350 microns in thickness) find application in photographic/X-ray, electronics, printing, textile, pre-press back up films, for photo voltaic cells used for generating solar power and office supplies, motor insulations photopolymer plates and document lamination. Thin Films (10-36 microns in thickness) are used in flexible packaging metallic yarn, cables, transformers, capacitors, audio/video tape, hot stamping foils, release films, decorative ribbons and labels.
JPFL has a capacity to manufacture 1,27,000 TPA of BOPET Film, in the current financial year 2012-13.
BOPP Film
Better moisture retention properties render BOPP Film more suitable for food products like snack foods, biscuits, pasta, dried foods and woven polypropylene bags. Further, BOPP Film also finds application in over wrapping of cigarettes, C.Ds, cassettes perfume cartoons wrapping cigarette cartons, ready-made garment bags, adhesive tapes and print lamination.
The market for BOPP Film in India, unlike the rest of the world is underdeveloped, due to existence of popular low quality, cheap alternative in the form of TQPP (Tubular Quenched Polypropylene Film) which is being replaced by BOPP. Growing preference for premium and sophisticated packaging however is driving growth in India with increased availability of BOPP, TQPP is being fast replaced by BOPP.
JPFL has a capacity to manufacture 2,10,000 TPA of BOPP Film, in the current financial year 2012-13.
Metallised Films
Vacuum deposition of Aluminium on BOPET and BOPP films increases the barrier properties of such films. Besides flexible packaging metallised BOPET films is used for metallic yarn. Metallised BOPP is widely used for gift wrapping. In the last few years metallised polyester film has found application in sequins for the textile industry for sarees and dress material for women’s wear. However the largest application of metalized BOPET and BOPP films continue to be in the flexible packaging segment.
Coated Films
PVDC coated BOPP and BOPET films are used in the flexible packaging industry. The Company has a capacity of 4500 TPA to manufacture PVDC, Acrylic and LTS coated films. During the current financial year the Company’s silicon coating and other coated films have found wide range of applications in the label stock and flexible packaging industry. The Company expects to enhance capacity utilization in 2013-14.
Polyester Chips
JPFL has the in-house ability to manufacture polyester (BOPET) chips as per the product requirement, for its BOPET Film business. The Company has installed capacity of 1,76,400 TPA at Nashik, Maharashtra.
SEGMENT PERFORMANCE
Flexible Packaging
Film
The flexible packaging gross turnover has decreased from Rs. 24929.200 Millions (2011-12) to Rs.24105.500 Millions (2012-13) which is mainly attributable to fall in BOPET films price.
OUTLOOK
Flexible Packaging
Film
India is leading the growth in the global flexible packaging films, growing at above 18% per annum over the last few years. This growth is powered by increased penetration of packaged food and personal products in to the semi urban and rural segment. In tier 2 and tier 3 cities, the average pack sizes are usually smaller than the pack sizes in tier 1 cities. This results in increased use of flexible packaging consumption in the FMCG industry. As the Government is increasing its spending in the rural economy, increased demand for FMCG products is experienced in the hinter lands of India. The growth is likely to intensify in the next 2 – 3 years.
Growth in the flexible packaging industry is also aided by increase in the export of packaging material to high cost countries in Europe and the U.S.A.
BOPET Films
Over the last ten years, the dominance of the four leading producers – TORAY, DUPONT-TEIJIN, MITSUBISHI and SKC has been challenged by a new emerging breed of producers in India and China. These companies including Jindal Poly Films Limited have identified an opportunity to gain market position through investment in low cost and highly efficient modern thin film extrusion plants and in doing so, have found their way in to the exclusive club of large producers.
BOPP Films
The BOPP film market in India is increasing owing to increased consumption in food packaging and large growth in textile packaging. Almost two thirds of the world’s production of BOPP is consumed in food packaging. In India the consumption for food packaging is only one third of production. This gap is rapidly being bridged as the customers are increasing displaying a strong preference for hygienically packed food products. Combined with a robust growth in ready to wear apparels, the Indian BOPP film industry is expected to grow at over 15% per annum over the next 3 years.
FINANCIAL PERFORMANCE
Jindal Poly Films reported a gross revenue of Rs. 24105.500 Millions as compared to Rs. 24929.200 Millions in previous year. The Profit After Tax stood at Rs. 325.800 Millions (last year Rs. 1370.800 Millions) giving an EPS of Rs. 7.73 (last year was 30.35)
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Bank Guarantees |
185.076 |
159.829 |
|
Outstanding Letters of Credit (Including Capital Goods) |
726.617 |
1586.719 |
|
Claims against Company, not acknowledged as debts |
10.768 |
10.768 |
|
Uncalled liability of partly paid shares Company has filed appeals: -i) Income Taxii) Excise Duties/Service Taxiii) Sales Taxiv) Custom Duties |
1308.000 |
1308.000 |
|
Demands raised by authorities against which, Company has filed appeals: - |
|
|
|
i) Income Tax |
51.145 |
58.129 |
|
ii) Excise Duties/Service Tax |
79.577 |
53.665 |
|
iii) Sales Tax |
192.149 |
181.159 |
|
iv) Custom Duties |
- |
61.366 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10462541 |
04/10/2013 |
2,000,000,000.00 |
PUNJAB NATIONAL BANK |
LCB, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B90469891 |
|
2 |
10430775 |
24/05/2013 |
855,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B76974492 |
|
3 |
10288649 |
12/05/2011 * |
2,250,000,000.00 |
AXIS BANK LTD. |
4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI |
B14131304 |
|
4 |
10189723 |
16/11/2009 * |
859,357,800.00 |
AKA Ausfuhrkredit Gesellschaft mbH |
GROSSE GALLUSSTRASSE 1-7, 60311, FRANKFURT, - 60311, GERMANY |
A75647727 |
|
5 |
10143290 |
04/02/2010 * |
1,020,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY AGENT OF SCB, SINGAPORE), CRC, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A78210465 |
|
6 |
10132595 |
05/12/2013 * |
2,000,000,000.00 |
3i Infotech Trusteeship Services Limited |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B91893255 |
|
7 |
10129889 |
05/11/2008 |
2,000,000,000.00 |
3i Infotech Trusteeship Services Limited |
3RD TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX, VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A50981893 |
|
8 |
10053556 |
30/12/2013 * |
2,200,000,000.00 |
PUNJAB NATIONAL BANK |
LCB, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B93222321 |
|
9 |
90276271 |
21/10/2005 |
750,000,000.00 |
PUNJAB NATIONAL BANK |
A-9; CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA |
- |
|
10 |
80063293 |
18/06/2004 |
250,000,000.00 |
Raboindia Finance Private Limited |
FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land (Freehold)
· Factory Buildings
· Plant and Machinery
· Furniture and Fixture
· Office Equipments
· Computers
· Vehicles
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER & SIX MONTHS
ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
S.No |
Particulars |
Quarter
ended |
Quarter
ended |
Half
year ended |
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1. |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations (Net of Excise Duty) |
7066.400 |
6502.300 |
13568.600 |
|
|
(b) Other Operating Income |
40.400 |
35.500 |
75.900 |
|
|
Total Income
from Operations (Net) |
7106.800 |
6537.800 |
13644.500 |
|
2. |
Expenses |
|
|
|
|
a. |
Consumption of Raw Materials |
5173.000 |
4684.700 |
9857.700 |
|
b. |
Purchase of stock in trade |
- |
- |
- |
|
c. |
Changes in inventories of finished goods, Work in progress and Stock-
in- trade |
(2.226) |
70.700 |
(151.900) |
|
d. |
Employees Cost |
82.500 |
78.700 |
161.200 |
|
e. |
Power & Fuel |
491.500 |
434.100 |
925.600 |
|
f. |
Depreciation |
235.900 |
236.800 |
472.700 |
|
g. |
Other Expenditure |
740.000 |
514.400 |
1254.100 |
|
|
Total Expenses |
6500.200 |
6019.100 |
12519.500 |
|
3. |
Profit from
Operations before other income, Finance cost and Exceptional items (1-2) |
606.500 |
518.700 |
1125.000 |
|
4. |
Other Income |
2.000 |
34.200 |
36.200 |
|
5. |
Profit from
ordinary activities before finance costs and Exceptional items (3+4) |
608.600 |
552.900 |
1161.200 |
|
6. |
Finance Costs |
118.200 |
202.200 |
320.400 |
|
7. |
Profit from
ordinary activities after finance costs but before Exceptional items (5-6) |
490.400 |
350.700 |
840.800 |
|
8. |
Exceptional items |
(128.800) |
(241.900) |
(370.700) |
|
9. |
Profit/Loss from
ordinary activities before tax (7+8) |
361.600 |
108.800 |
470.100 |
|
10. |
Tax Expense |
|
|
|
|
|
- Provision - Income Tax |
147.900 |
70.200 |
218.100 |
|
|
- Deferred Tax |
(13.200) |
(3.600) |
(16.800) |
|
|
Total Tax
Expense |
134.700 |
66.600 |
201.300 |
|
11. |
Net Profit from
ordinary activities after tax (9-10) |
226.800 |
42.200 |
268.800 |
|
12. |
Extraordinary items (Net of
Tax Expense) |
|
|
|
|
13. |
Loss from discontinuing operations(Net of Taxes) |
(3.600) |
(4.200) |
(7.900) |
|
14. |
Net Profit for
the period (11-12) |
223.200 |
38.000 |
261.000 |
|
15. |
Add : Share of Profit /(Loss) in Associates |
NA |
NA |
NA |
|
16. |
Less : Share of Profit/(Loss) of Minority |
NA |
NA |
NA |
|
17. |
Net Profit after
Share in Minority/ Associates |
223.200 |
38.000 |
261.100 |
|
18. |
Paid up Equity Share Capital ( Face Value Rs. 10/- each) |
420.500 |
420.500 |
420.500 |
|
19. |
Reserves excluding revaluation reserves |
|
|
|
|
20 |
Basic/Diluted
EPS (Not annualised/Rs.) |
|
|
|
|
|
Before Extraordinary Items |
5.31 |
0.90 |
6.21 |
|
|
After Extraordinary Items |
5.31 |
0.90 |
6.21 |
|
|
|
|
|
|
|
A 1 |
PARTICULARS OF
SHARE HOLDING Public Shareholding |
|
|
|
|
|
No of Equity Shares |
10668961 |
10668961 |
10668961 |
|
|
% of Share holding |
25.37% |
25.37% |
25.37% |
|
2 |
Promoters and
Promoter Group Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of Equity shares |
Nil |
Nil |
Nil |
|
|
- % of shares (of the total shareholding of promoter and promoter
group) |
NA |
NA |
NA |
|
|
- Percentage of shares (of the total share capital of the company) |
NA |
NA |
NA |
|
|
- Percentage of
shares (of the total share capital of the company) |
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of Equity shares |
31378752 |
31378752 |
31378752 |
|
|
- % of shares (of the total shareholding of promoter and promoter
group) |
100% |
100% |
100% |
|
|
- Percentage of shares (of the total share capital of the company) |
74.63% |
74.63% |
74.63% |
|
B |
INVESTOR
COMPLAINTS : Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter |
Nil 2 2 Nil |
Notes:
1. The above results were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on Nov 13, 2013. Limited Review of these results, as required under clause 41 of the listing agreement has been carried out by the Statutory Auditors of the Company.
2. The Company has only one reportable business segment, namely, Flexible
Packaging Films.
3. The company has not exercised the option provided by the Ministry of
corporate affairs (MCA ) vide its notification no G.S.R.378(E) dated May 11,
2011, and continued to adjust profit/loss due to exchange difference on long
term foreign currency loans taken for fixed assets in the profit and loss
account as per Accounting Standard (AS-11) on "Effects on change in
Foreign Exchange Rates" and the same amounts to a loss of Rs. 12.88 Crore
during the quarter and Rs. 37.07 Crore during the period ended Sep 2013 is
shown under the head "Exceptional items".
4. Tax liability/provision written off is based upon the estimated tax
computation for the whole year and excess/short provision will be adjusted in
the last quarter.
5. Due to Change of Accounting Policy in 2012-13 with regard to subsidy
receivable from Govt, of Maharashtra under the "Package Scheme of Incentive",
the published figure for the quarter and half year ended Sep' 12 have been
regrouped to make them comparable with current quarter.
6. Dividend of 10% i.e. Re.1/- per Equity Shares amounting to Rs. 42.000
Millions in respect of Financial Year 2012-13 was declared at 39th Annual
General Meeting of the Company held on September 20, 2013 being distributed
w.e.f. October 08, 2013 onwards.
7. The Company has completed the ongoing acquisition of global business of BOPP
Films of Exxon Mobil's USA and the change in control has been implemented
w.e.f. October 01, 2013.
8. The Investment division of the Company was demerged and vested into Jindal
Poly Investment & Finance Company Ltd through a scheme of demerger approved
vide Order of Honb'le High Court of Allahabad, dtd May 16, 2013 and demerger
effect from June 13, 2013, consequently during the quarter/half year the
demerger has been effected in the books of accounts and accordingly the figures
of current quarter/half year is not comparable to that extend.
9. Figures for the previous quarters/period have been regrouped/rearranged
wherever required, to make them comparable.
STATEMENT OF ASSETS
AND LIABILITIES AS AT 30TH SEPTEMBER, 2013
(Rs. In Millions)
|
SOURCES OF FUNDS |
Half year ended on
30.09.2013 |
|
EQUITY AND LIABILITIES |
(Unaudited) |
|
(1)Shareholders'
Funds |
|
|
(a) Share Capital |
420.500 |
|
(b) Reserves & Surplus |
11380.700 |
|
(c) Minority Interest |
- |
|
|
|
|
(2) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
1000.800 |
|
(b) Deferred tax liabilities (Net) |
1694.200 |
|
(c) Other long term liabilities |
- |
|
(d) long-term provisions |
- |
|
|
|
|
(3) Current
Liabilities |
|
|
(a) Short term borrowings |
2696.300 |
|
(b) Trade payables |
1928.400 |
|
(c) Other current liabilities |
2045.600 |
|
(d) Short-term provisions |
115.000 |
|
|
|
|
TOTAL EQUITIES AND LIABILITIES
|
21281.500 |
|
|
|
|
ASSETS |
|
|
(1) Non-current
assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
12023.300 |
|
(ii) Intangible Assets |
- |
|
(iii) Capital work-in-progress |
490.000 |
|
(iv) Intangible assets under development |
- |
|
(b) Non-current Investments |
97.500 |
|
(c) Deferred tax assets (net) |
- |
|
(d) Long-term Loan and Advances |
87.400 |
|
(e) Other Non-current assets |
- |
|
Total Non-Current
Assets |
|
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
- |
|
(b) Inventories |
2732.900 |
|
(c) Trade receivables |
2108.300 |
|
(d) Cash and cash equivalents |
188.800 |
|
(e) Short-term loans and advances |
2031.900 |
|
(f) Other current assets |
1521.400 |
|
Total Current
Assets |
|
|
|
|
|
TOTAL |
21281.500 |
AS PER WEBSITE
DETAILS
Jindal Poly Films
Limited Press Release:
Jindal Poly Films Limited (JPFL or Company), a leading flexible packaging films producer, has announced the acquisition of Global BOPP films business of ExxonMobil Chemical (ExxonMobil). The Company has entered into agreements concerning the acquisition on 3rd May, 2013 for a consideration of approximately USD 235 Million, which is subject to customary price adjustments. The transaction is expected to close by the end of July 2013.
The Company had earlier in the month of October 2012, signed a Framework Agreement for acquiring the Global BOPP Film business of ExxonMobil, which was a prelude to the agreements signed on 3rd May, 2013.
The transaction covers five BOPP production locations in the U.S. and Europe. The manufacturing sites are in Georgia and Oklahoma in the U.S. and in Italy, the Netherlands, and Belgium in Europe. The transaction also includes a technology center and sales office in Rochester, New York, and an office in Luxembourg. Approximately 1500 people work in those operations.
This acquisition will make JPFL one of the leading manufacturers of flexible packaging films globally with a combined capacity of approximately 445,000 tons/annum for BOPP films.
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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
|
65 |
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.