MIRA
INFORM REPORT
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Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
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Name : |
UFLEX LIMITED (w.e.f. 19.03.2007) |
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Formerly Known
As : |
FLEX INDUSTRIES LIMITED |
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Registered Office
: |
305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.06.1988 |
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Com. Reg. No.: |
55-032166 |
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Capital
Investment / Paid-up Capital : |
Rs.722.115 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1988PLC032166 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELF00184C / MRTF00050B |
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PAN No.: [Permanent Account No.] |
AAACF0109J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture and Seller of flexible packaging products and offer
a complete flexible packaging solution |
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No. of Employees
: |
5032 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects company’s large scale of operations supported by established market position in the packaging films and flexible packaging business and sound general financial position of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1 million
Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Term Long: BBB+ |
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Rating Explanation |
Moderate degree of
safety and moderate credit risk |
|
Date |
December, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-120-4012345)
LOCATIONS
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Registered Office/ Factory: |
305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048, India |
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Tel. No.: |
91-11-26440917/ 26440925 |
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Fax No.: |
91-11-26216922 |
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Email : |
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Website : |
http://www.uflexltd.com |
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Location: |
Owned |
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Corporate Office: |
A-107-108, Sector IV, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4012345 |
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Fax No.: |
91-120-2556040 |
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Email : |
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Head Office : |
A-2, Sector – 60 Noida, District Gautam Budh Nagar – 201307, Uttar Pradesh, India |
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Tel. No.: |
91-120-3982371/ 3982121/ 4002121/ 4002118/ 4002322/ 4002371 |
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Fax No.: |
91-120-2584527/ 3982380/ 2580089/ 4002380 |
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E-mail : |
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Corporate Office 1 : |
110, 1st Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048, India |
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Corporate Office 2 : |
A-107-108, Uflex Sector – IV, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4012345 |
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Fax No.: |
91-120-2556040 |
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E-mail : |
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Film Division : |
A-1, Sector-60, District Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4002137/ 4002138/ 4002121/ 2580500/ 3982121 |
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Fax No.: |
91-120-2585992/ 25802511/ 2580003/ 2580152/ 2580089/ 2582532/ 2580422/ 2580322 |
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Email : |
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Plant 1 : |
D-1-2, 15-16, Sector 59, Noida, Uttar Pradesh, India |
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Plant 2: |
29-B, Malanpur Industrial Area, District Bhind, Gwalior,
Madhya Pradesh, India |
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Plant 3: |
A-2A, Sector – 60, Noida, Uttar Pradesh, India |
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Plant 4: |
C-3, Sector – 57, Phase – III, Noida, Uttar Pradesh, India |
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Plant 5: |
C-5-8, Sector – 57, Phase III, Noida, Uttar Pradesh, India |
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Plant 6: |
L-1, Industrial Area, Ghirongi (Malanpur), District Bhind, Madhya Pradesh, India |
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Plant 7 : |
Unit I and Unit III Lane 3, Sidco Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu and Kashmir, India |
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Plant 8 : |
Unit I, Lane 2, Sidco Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu and Kashmir, India |
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Overseas Plant 1 : |
Dubai, P.O. Box No. 17930, Near Round About 12, Jebel Ali Free Zone Area, Dubai United Arab Emirates |
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Overseas Plant 2 : |
Mexico, Boulevard De Los Rios #5680 Zona Puerto Industiral, C.P. 89603 Altamira, Tamaulipas, Mexico |
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Overseas Plant 3 : |
Egypt R 2 Plot No. 3, Engineering Square, North Extension of Industrial Zones 6th of October City, Arab Republic of Egypt |
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Overseas Plant 4 : |
Poland 62-300 Wrzesnia, ul. Gen. Wladyslawa Sikorskiego 48, Poland |
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Overseas Plant 5 : |
USA 1221, North Black Branch Road, Elizabethtown, KY 42701 |
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Branch Office : |
FMC Fortuna” Unit No. A-16, 2nd Floor, 234/3A, A.J.C. Bose Road, Kolkata – 700 020, West Bengal, India |
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Zonal Office : |
Located At: · Mumbai · Kolkata ·
Bangalore |
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Overseas Office : |
Located At · UAE · Mexico · Egypt |
DIRECTORS
As on 31.03.2013
|
Name: |
Mr. Ashok Chaturvedi |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B.Sc. |
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Date of Appointment: |
01.08.1988 |
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Name : |
Mr. Ravi Kathpalia |
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Designation : |
Director |
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Date of Birth: |
18.08.1937 |
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Qualification: |
M.A., M. Phill, I.A.A.S |
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Date of Appointment : |
22.03.2002 |
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Directorship in other public limited companies : |
· Fair Field Atlas limited · Lord Chloro Alkali Limited · U Tech Developers limited · Dhir and Dhir ARC Limited |
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Name : |
Mr. M.G. Gupta |
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Designation: |
Director |
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Name : |
Mr. Achintya Karati |
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Designation: |
Nominee – ICICI Bank |
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Date of Birth: |
23.03.1946 |
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Qualification: |
30.05.2013 |
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Date of Appointment : |
B.Com., LL.B. |
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Directorship in other public limited companies : |
· J.K. Cement Limited · Jay Bharat Maruti Limited · Shyam Telecom Limited · Sangam (India) Limited · Delton Cables Limited · Tech Process Payment Services Limited |
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Name : |
Mr. N. K. Duggal |
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Designation: |
(Nominee – IFCI) |
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Date of Appointment: |
22.01.2011 |
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Name : |
Mr. S.K Kaushik |
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Designation: |
Whole-time Director |
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Date of Birth: |
20.11.1939 |
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Qualification: |
FCA |
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Date of Appointment : |
31.07.2005 |
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Directorship in other public limited companies : |
· Flex Foods Limited · UTech Developers Limited |
KEY EXECUTIVES
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Name : |
Mr. Ajay Krishna |
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Designation : |
Senior Vice President
(Legal) and Company Secretary |
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Name : |
Mr. A.K. Agarwal |
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Designation : |
Accounts Department |
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Audit Committee: |
· Mr. Ravi Kathpalia – Chairman · Mr. M.G. Gupta · Mr. A. Karati |
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Remuneration
Committee : |
· Mr. M.G. Gupta - Chairman · Mr. Ravi Kathpalia · Mr. A. Karati |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
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(A) Shareholding of Promoter and Promoter Group |
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2321729 |
3.48 |
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29065246 |
43.55 |
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31386975 |
47.02 |
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Total shareholding of Promoter and Promoter Group (A) |
31386975 |
47.02 |
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(B) Public Shareholding |
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|
22824 |
0.03 |
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|
40698 |
0.06 |
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4473139 |
6.70 |
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0 |
0.00 |
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4536661 |
6.80 |
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|
8583875 |
12.86 |
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|
11247661 |
16.85 |
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|
8298330 |
12.43 |
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2692144 |
4.03 |
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2165078 |
3.24 |
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|
527066 |
0.79 |
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30822010 |
46.18 |
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Total Public shareholding (B) |
35358671 |
52.98 |
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Total (A)+(B) |
66745646 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
5465840 |
0.00 |
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|
5465840 |
0.00 |
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Total (A)+(B)+(C) |
72211486 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Seller of flexible packaging products and
offer a complete flexible packaging solution |
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Products : |
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GENERAL INFORMATION
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Customers : |
End Users ·
Perfetti ·
Bajaj ·
P&G ·
The Gillette Company ·
Dabur ·
Britannia ·
Parle ·
Indian Oil ·
Nestle ·
Pillsbury |
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No. of Employees
: |
5032 (Approximately) |
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Bankers : |
UFLEX Limited,
India - Bankers · ICICI Bank Limited · Canara Bank · Bank of Baroda · Punjab National Bank · State Bank of India · Bank of India · Allahabad Bank · Oriental Bank of Commerce · Corporation Bank · The Jammu and Kashmir Bank Limited · UCO Bank · Syndicate Bank Flex Middle East
FZE, Dubai - Bankers · Abu Dhabi Commercial Bank, Dubai · United Arab Bank, Dubai · Bank of Baroda, Dubai · Bank of India, New York Flex Americas S.A.
de C.V., Mexico - Bankers · KFW IPEX Bank, Germany · KBC Bank Deutschland AG, Germany · DZ Bank AG Deutsche Zentral- · Genossenschaftsbank, Germany · State Bank of India, New York Flex P. Films
(Egypt) S.A.E., Egypt - Bankers · KFW IPEX Bank, Germany · National Societe Generale Bank, Egypt · National Bank for Development, Egypt · National Bank of Abu Dhabi, Egypt Flex Films Europa
Sp. z.o.o., Poland- Bankers · KFW IPEX Bank, GmbH - Germany · PKO Bank Polski, Poznan Flex Films (USA)
Inc., Kentucky, USA- Bankers · KBC Bank, Deutschland AG, Germany ·
JP Morgan Chase Bank N.A., USA |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Statutory Auditors : |
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Name : |
Vijay Sehgal and Company Chartered Accountants |
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Address : |
100, New Rajdhani Enclave, Delhi – 110092, India |
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Tel. No.: |
91-11-32906809 |
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Fax No.: |
91-11-22025054 |
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E-Mail : |
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Internal Auditors : |
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Name : |
Jain Singhal and Associates Chartered Accountants |
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Address : |
2nd Floor, M - 6, M Block Market, Greater Kailash - II, New Delhi – 110048, India |
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Cost Auditors : |
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Name : |
Jitender, Navneet and Company Cost Accountants |
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Address : |
2-D, OCS Apartments, Mayur Vihar, Phase-I, Delhi - 110 091, India |
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Wholly Owned
Subsidiaries |
· Flex America Inc. · Flex Middle East FZE · Ufl ex Europe Limited · UFlex Packaging Inc. · Upet Holdings Limited · UTech Developers Limited · Flex Films (USA) Inc. · Flex P Films (Brasil) · Comercio De Films Plasticos Ltda. |
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Fellow Subsidiaries
: |
· Flex Films Europa Sp z o.o. · Flex P Films (Egypt) S.A.E. · UPET (Singapore) Pte. Limited · Flex Americas S.A. de C.V. · SD Buildwell Private Limited · TFlex Americas LLC (upto 30.03.2013) |
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Associate : |
Flex Foods Limited |
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Joint Venture : |
Qcell Limited |
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Enterprises in
which the persons referred in (v) along with their relatives exercise
significant influence : |
· Flex International Private Limited · Anshika Investments Private Limited · Ultimate Flexipack Limited · A.R.Infrastructure and Projects Private Limited · Anant Overseas Private Limited · Apoorva Extrusion Private Limited · Anshikha Consultants Private Limited · A.R.Leasing Private Limited · Cinfl ex Infotech Private Limited · Ultimate Enterprises Private Limited · AR Aerotech Private Limited · AR Airways Private Limited · Kaya Kalpa Medical Services Private Limited · AC Infrastructures Private Limited · Club One Airways Private Limited · Flex Industries Private Limited · AC Infratech Private Limited · RC Properties Private Limited · A to Z Infratech Private Limited · Ultimate Infratech Private Limited · AKC Investments Private Limited · Ganadhipati Investments Private Limited · Ultimate Prepress LLP · AKC Retailers Limited · Niksar Finvest Private Limited · Refex Energy (Rajasthan) Private Limited · A-One Infratech Private Limited · Ganadhipati Infraproject Private Limited · Nirman Overseas Private Limited · Holofix Urban Infrastructures Private Limited · Laurel Real Estates Private Limited · Sungrace Products (India) Private Limited · Virgin Infrastructures Private Limited · Vendee Builders Private Limited · Ultimate Energy Limited · Modern Info Technology Private Limited · Liberal Advisory Services Private Limited · Saga Realtors Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
|
19000000 |
Preferences Shares |
Rs. 100/- each |
Rs. 1900.000 Millions |
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|
|
|
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Total |
|
Rs. 3400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72211486 |
Equity Shares |
Rs. 10/- each |
Rs.722.115 Millions |
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The Company’s issued, subscribed and paid up capital of 72211486 (previous Year 72180775) Equity Shares of
Rs.10/- each, is distributed as under:
|
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As at 31.03.2013 |
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|
Number |
% |
|
|
a) Promoter & Promoter Group |
31386975 |
43.47 |
|
Of which Shareholders holding More than 5% of the Paid up
Capital |
||
|
Flex International Private Limited |
9197577 |
12.74 |
|
Anant Overseas Private Limited |
5415141 |
7.5 |
|
Anshika Investments Private Limited |
5271092 |
7.3 |
|
A.R. Leasing Private Limited |
4994891 |
6.92 |
|
b) Public Shareholding |
40824511 |
56.53 |
|
i) Institution |
7418912 |
10.27 |
|
ii) Non-Institution |
27939759 |
38.69 |
|
iii) GDRs (underlying shares) |
5465840 |
7.57 |
|
Of which Shareholder holding More than 5% of the Paid up
Capital |
||
Further, the issued, subscribed and paid up capital of the Company includes 54,65,840 (Previous Year Same) Equity Shares lying with Depository, representing 27,32,920 (Previous Year Same ) Global Depository Receipts (GDRs), issued through an international offering in US Dollars, outstanding as at Balance Sheet date.
Restriction on Voting
Rights
Holders of GDRs have no voting rights in respect of underlying shares represented by the GDRs. However Depository can exercise the power to vote in respect of shares represented by the GDRs as directed by the Board, in terms of the conditions contained in offering circular. Registered holders of Shares, withdrawn from the deposit facility will be entitled to Vote and exercise other direct shareholder rights.
However the holders of the GDRs are entitled to portion of the annual dividend, if any declared, on the shares represented by the outstanding GDR
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 |
722.115 |
722.115 |
721.808 |
|
(b) Reserves & Surplus |
14132.706 |
12200.765 |
10981.726 |
|
(c) Money
received against share warrants |
0.000 |
750.000 |
750.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
14854.821 |
13672.880 |
12453.534 |
|
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5514.744 |
6302.015 |
6423.697 |
|
(b) Deferred tax liabilities (Net) |
1593.238 |
1339.238 |
1434.838 |
|
(c) Other long term liabilities |
37.273 |
33.857 |
22.194 |
|
(d) long-term provisions |
87.413 |
65.888 |
0.000 |
|
Total Non-current Liabilities (3) |
7232.668 |
7740.998 |
7880.729 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2825.209 |
3098.581 |
1893.510 |
|
(b) Trade payables |
4410.225 |
3548.049 |
2164.896 |
|
(c) Other current
liabilities |
4350.279 |
4598.089 |
2490.955 |
|
(d) Short-term provisions |
620.191 |
686.723 |
921.999 |
|
Total Current Liabilities (4) |
12205.904 |
11931.442 |
7471.360 |
|
|
|
|
|
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TOTAL |
34293.393 |
33345.320 |
27805.623 |
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
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(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
13879.145 |
14380.073 |
10905.489 |
|
(ii) Intangible Assets |
94.958 |
105.216 |
19.752 |
|
(iii) Capital
work-in-progress |
144.467 |
87.103 |
742.202 |
|
(iv)
Intangible assets under development |
0.000 |
1.030 |
19.557 |
|
(b) Non-current Investments |
6580.094 |
4904.821 |
4799.658 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
844.675 |
1292.379 |
872.981 |
|
(e) Other Non-current assets |
123.695 |
397.713 |
104.278 |
|
Total Non-Current Assets |
21667.034 |
21168.335 |
17463.917 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
20.000 |
0.000 |
130.000 |
|
(b) Inventories |
2185.752 |
2152.492 |
1722.294 |
|
(c) Trade receivables |
7124.169 |
6218.325 |
4883.168 |
|
(d) Cash and cash
equivalents |
903.407 |
871.505 |
1024.451 |
|
(e) Short-term loans and
advances |
2155.666 |
2789.663 |
2555.895 |
|
(f) Other current assets |
237.365 |
145.000 |
25.898 |
|
Total Current Assets |
12626.359 |
12176.985 |
10341.706 |
|
|
|
|
|
|
TOTAL |
34293.393 |
33345.320 |
27805.623 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
31563.656 |
30789.368 |
23006.638 |
|
|
|
Other Income |
240.300 |
277.100 |
157.275 |
|
|
|
TOTAL (A) |
31803.956 |
31066.468 |
23163.913 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
17229.164 |
17773.269 |
11774.517 |
|
|
|
Purchase of Stock-in-trade |
2860.614 |
2620.401 |
212.522 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(197.240) |
(32.893) |
(289.292) |
|
|
|
Employee benefits expense |
1844.731 |
1575.905 |
1275.990 |
|
|
|
Other expenses |
5417.209 |
4723.279 |
4124.808 |
|
|
|
Expenses Allocated to Self-Constructed Assets |
(319.811) |
(319.357) |
(237.240) |
|
|
|
TOTAL (B) |
26834.667 |
26340.604 |
16861.305 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4969.289 |
4725.864 |
6302.608 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1747.846 |
1599.862 |
1348.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3221.443 |
3126.002 |
4953.803 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1468.260 |
1236.470 |
973.930 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1753.183 |
1889.532 |
3979.873 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
368.480 |
393.612 |
1159.687 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1384.703 |
1495.920 |
2820.186 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
NA |
541.586 |
|
|
|
Proposed Dividend Distribution Tax |
NA |
NA |
87.859 |
|
|
|
General Reserve |
NA |
NA |
282.500 |
|
|
|
Debenture Redemption Reserve |
NA |
NA |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
1908.241 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5511.180 |
3688.410 |
5281.522 |
|
|
|
Design and Art Work Recovery |
21.590 |
8.771 |
23.201 |
|
|
|
Technical and Support Services |
648.154 |
599.119 |
548.139 |
|
|
|
Dividend |
0.000 |
0.000 |
0.000 |
|
|
|
Interest |
15.868 |
14.756 |
0.000 |
|
|
|
Misc. Income |
0.000 |
0.502 |
0.000 |
|
|
|
Commission for extension of Corporate Guarantee for Subsidiaries |
51.452 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
6248.244 |
4311.558 |
5852.862 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5587.727 |
7088.971 |
2272.115 |
|
|
|
Stores and Spares |
129.698 |
126.310 |
80.912 |
|
|
|
Capital Goods |
215.719 |
2016.801 |
1378.696 |
|
|
|
Material-in-Transit-Raw Material |
36.402 |
65.457 |
44.329 |
|
|
|
Material-in-Transit-Capital Goods/Spare Parts |
0.000 |
0.000 |
5.223 |
|
|
TOTAL IMPORTS |
5969.546 |
9297.539 |
3781.275 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.18 |
20.72 |
41.61 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.35
|
4.82
|
12.17
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.55
|
6.14
|
17.30
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.36
|
6.66
|
17.89
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.14
|
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.56
|
0.69
|
0.67
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03
|
1.01
|
1.38
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
721.808 |
722.115 |
722.115 |
|
Reserves & Surplus |
10981.726 |
12200.765 |
14132.706 |
|
Money received against share
warrants |
750.000 |
0.000 |
0.000 |
|
Net
worth |
12453.534 |
12922.880 |
14854.821 |
|
|
|
|
|
|
long-term borrowings |
6423.697 |
6302.015 |
5514.744 |
|
Short term borrowings |
1893.510 |
3098.581 |
2825.209 |
|
Total
borrowings |
8317.207 |
9400.596 |
8339.953 |
|
Debt/Equity
ratio |
0.668 |
0.727 |
0.561 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
23006.638 |
30789.368 |
31563.656 |
|
|
|
33.828 |
2.515 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
23006.638 |
30789.368 |
31563.656 |
|
Profit |
2820.186 |
1495.920 |
1384.703 |
|
|
12.26% |
4.86% |
4.39% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
31.03.2013 (Rs. in
Millions) |
31.03.2012 (Rs. in
Millions) |
|
Long Term Borrowings |
|
|
|
Foreign Currency Convertible
Bonds (FCCBs) |
0.000 |
0.000 |
|
From Bodies Corporate |
112.674 |
309.910 |
|
Current Portion |
(2308.008) |
(2246.417) |
|
Short Term Borrowings |
|
|
|
From Others* * Guaranteed by Chairman and
Managing Director of the company |
426.927 |
840.028 |
|
|
|
|
|
Total |
(1768.407) |
(1096.479) |
COMPANY AND ITS
BACKGROUND
FLEX INDUSTRIES LIMITED an Indian Public Limited Company was established under the Provisions of Companies Act, 1956 (No 1 of 1956). The name of the Company was changed to UFLEX LIMITED w. e. f. 19th March 2007.
The Company was registered with the ROC, Delhi and Haryana under the Registration number 55-32166 dated 21st June 1988. Old Registration number has been converted into new Corporate Identification number (CIN) L74899DL1988PLC032166.
Registered office of the Company is situated at 305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash-I, New Delhi- 110 048.
The Company has been engaged in the manufacture and sale of flexible packaging products and offer a complete flexible packaging solution to its customers across the globe.
YEAR IN RETROSPECT
During the year, the Company achieved on consolidated basis total revenue of Rs. 51827.900 Millions including other income of Rs.190.800 Millions as against total revenue of Rs.45429.500 Millions including other income of Rs.251.400 Millions of the previous financial year ended 31st March, 2012. The profit for the year ended 31st March, 2013 at Rs.1903.700 Millions was lower than the previous financial year ended March, 2012 at Rs.2550.200 Millions.
Further, the Company achieved on standalone basis total revenue of Rs. 31803.956 Millions including other income of Rs. 240.300 Millions as against total revenue of Rs.31066.468 Millions including other income of Rs.277.100 Millions of the previous financial year ended 31st March, 2012. The profit for the year ended 31st March, 2013 at Rs. 1384.703 Millions was lower than the previous financial year ended March, 2012 at Rs.1495.920 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Flexible Packaging has gained popularity worldwide for its benefits over rigid packaging. With benefits such as functional convenience in handling and transportation, cost effectiveness and brand protection, flexible packaging industry world wide is led by a strong growth.
The global packaging industry witnessed influence of technology innovation and development, a key reason for the industry’s robust growth over the last few decades. Over the years, technology development has been moving in sync with growing consumer demand for convenient and quality packaging. Eclectic packaging solutions, for instance, have evolved to offer exceptional product packaging advantages to manufacturers and consumers alike.
Technology advancements have redefined the functionality of packaging from beyond the traditional need for mere product protection. Up gradations and modernization have offered huge potential for the growth of flexible packaging (including both converted and unconverted materials) at the expense of conventional semi-rigid and rigid packaging. Standup pouches, for instance, are replacing multi-wall bags in packaging of baked goods and snacks.
Polypropylene and polyethylene dominate the global converted flexible packaging market owing to their cost advantages over foil and paper. World market for converted flexible packaging holds mixed potential for growth, with developed and mature markets such as U.S., Europe and Japan posting sedate year on year growth patterns, and developing Asian markets such as India and China registering robust sales gains. Lucrative opportunities also exist in Eastern European, Latin American and Middle East markets.
The global flexible packaging market (at $71 billion in 2011) will grow by around 5.0% a year, reaching $90 billion in 2016. Flexible packaging is an industry relatively immune from global economic downturns. In 2016, 42% of the industry will be in Asian markets, which are growing at about 7% a year – the fastest growing region is Southeast Asia and Oceania, driven by high demand in India with 15-20% annual increases. The global arena remains “local” with regional converters supplying the vast proportion of local packaged-goods customers’ needs. Only 4% of fl ex-pack production is traded outside the region in which it is manufactured (sources - PCI Films Consulting).
BUSINESS REVIEW
PLASTIC FILM BUSINESS
The main products of this business are Polyester Films, OPP Films, Metalized and Specialty films and Polyester Chips of different grades etc.
The Company’s opp films comprising of BOPP and CPP films are highly cost effective and functionally efficient and has rapidly penetrated into high barrier sensitive packaging segment across the World. It is primarily being used for applications in packaging food products such as confectionery, biscuits, bakery, pasta, dried foods, meats and others. The technologically superior and highly dependable BOPP film produced by the Company in its state-of-the-art ISO 9001-2000 certified plants can be structured in up to three layers and tailored for almost any machine requirements and is capable of meeting both rotogravure and flexographic printing standards. The Company produces BOPP film from its Indian plant which largely caters to the captive and domestic market and Egypt plant which caters to the international market.
World demand for BOPP films will continue to grow by an average of 6.6% per annum to reach 8.3 million tones by 2016. Growth in Asia demand is expected to account for a vast majority of the predicted world growth over the next five years
The CPP film is highly dynamic and versatile with high gloss, greater transparency, better heat sealability, good twisting property and better tear strength. These factors provide its application in food wraps, anti wraps, anti fog, garment bags, deep freeze applications, etc. Presently CPP film too is produced from Indian plant and caters to captive consumption and Indian market. The CPP plant in Egypt caters to the international market.
The Company’s BOPET film is one of the main products of the Company. It has not only succeeded in retaining its market share but also continues to expand its markets in today’s dynamic and rapidly changing packaging scenario. Biaxially Oriented PET film (BOPET) is used successfully in a wide range of applications, due to its excellent combination of optical, physical, mechanical, thermal, and chemical properties, as well as its unique versatility. BOPET Films, produced in state-of-the-art ISO 9001-2000 certified plants in different range of microns, have the capacity to sustain the high fidelity graphics and meet the requirements of both rotogravure as well as flexographic printing standards besides having other properties like optically brilliant, clear appearance, unequalled mechanical strength and toughness, excellent dielectric properties good flatness and coefficient of friction (COF), tearresistant and puncture-resistant characteristics, wide range of thickness as thin as 8 micron up to 50 micron, excellent dimensional stability over a wide range of temperatures, good resistance to most common solvents, moisture, oil, and grease, excellent barrier against a wide range of gases. BOPET film is produced from India, Dubai, Mexico, Poland, Egypt and USA. Indian plant meets captive and Indian market requirements whereas overseas plants serve overseas customers.
World demand for BOPET films will continue to grow by an average of 6.8% per annum to reach 4.4 million tones by 2017. Growth in Asian demand is expected to account for almost 80% of world growth over the next five years
The Company has the facility to produce polyester chips of film grade, yarn grade and bottle grade. The film grade chips are used as raw material for the manufacturing of polyester films whereas yarn grade chips are used for the manufacturing of polyester yarn and bottle grade chips for production of PET bottles. The Company has made use of its state-ofthe- art batch processing manufacturing facilities set up in India, by conveniently switching over to produce different grades of chips based on the demand and orders in hand. The Company manufactures a wide range of polyester chips suitable for various applications. Through continuous R and D efforts, the Company developed different speciality polyester chips, which has been well accepted in the Indian and International market. Presently the Chip Unit also caters to the requirement of the Specialty Chips of Company’s overseas Subsidiary Companies.
Major innovations in
plastic films business includes:
Green PET Films – are made from PTA produced by the oxidation of paraxylene and Green MEG, manufactured from ethanol produced from agro-based sources. These films are approved by the USFDA and also meet all EU guidelines for food compliance and food contact.
RPET Films – This is another range of ‘green’ films. They contain up to 30% post consumer recyclate PET (RPET) resins that are obtained by a tertiary chemical glycosis process.
Direct Embossable PET Film - coextruded with a special surface layer that can be embossed directly without any off-line coating, an expensive process. The embossing can be carried out at lower temperatures (lower energy costs) and leaves deep and sharp impressions. The surface can be metalized with excellent metal adhesion and is ideal for holographic applications.
Antistatic Twistable PET Film – This USFDA and EU food compliant film has been developed for highly exacting twist wrapping applications. It is available as a high-transparency or metalized film with zero memory and retains twist perfectly
Special Heat-sealable PET Film – A special range of films (12 to 50 microns), one side of which is printable and the other side seals to itself, APET and CPET over a wide sealing temperature range with high seal strength. The film has superior oxygen and aroma barrier and is approved for direct food contact.
Liquid Packaging PET Film – is barrier metalized (optical density of 2.3) on a surface specially modified for high metal bond strength and enhanced laminate adhesion strength, it is UV resistant and approved for food contact, specially suitable for packaging of liquids and industrial bulk packaging.
Alox Coated BOPET Film – are transparent films with higher barrier properties i.e. moisture barrier values are over 13 times and oxygen barrier are over 33 times than plain uncoated films. It bears thin and highly transparent coating of aluminium oxide that gives extremely high moisture and gas barrier properties.
Flexible Packaging
Business
The main products of this business are laminates made of various combinations of Polyester, BOPP, poly, metalized and hologram films and others in roll form and in various preformed pouches, rotogravure cylinders for various types of rotogravure printing, Anilox/Coating, Rollers for flexo printing and Shims for holographic embossing and holograms and printing ink and adhesives and packaging and processing machines. This business involves customization according to the needs of customer.
The Company has the technical ability and innovative skills to design structures and barrier properties. The Company is one of the world leaders producing world class flexible packaging solutions that:
· Enhance market performance of the product
· Improve utility for the end user
· Help products reach out to new markets
· Replace out-moded options with versatile and cost-effective solutions
The Company offers finished packaging of a wide variety of products such as snack foods, candy and confectionery, sugar, rice and other cereals, beverages, tea and coffee, desert mixes, noodles, wheat fl our, soaps and detergents, shampoos and conditioners, vegetable oil, spices, marinates and pastes, cheese and dairy products, frozen food, sea food, meat, anti-fog, pet food, pharmaceuticals, contraceptives, garden fertilizers and plant nutrients, motor oil and lubricants, automotive and engineering components etc.
The Company client list includes Unilever, Pepsi, Wrigley, Procter and Gamble, Colgate, Palmolive, Nestle, Gillette, Ranbaxy, Perfetti, Joyco, Monsanto, ITC, Godrej Pillsbury, Tata Tea, Hindustan Petroleum, Indian Oil, Britannia, Dabur, Haldiram, Wockhardt, HUL, Parle Biscuit and Birla 3M, among others.
The Company remained ahead in introducing newer and innovative, environmental friendly packaging products and solutions, which are well acknowledged and accepted not only in the domestic market, but also in international market. It had introduced the unit pack concept in India as early as in 1985, which was initially accepted by the Gutka/pan masala manufacturers and subsequently introduced in every segment such as food items, soaps, detergents, shampoo etc. In fact, the introduction of unit concept in India revolutionized the Indian Flexible Packaging Industry, which is now an important contributor under manufacturing segment of Indian GDP. The Company has developed many innovative new products in the last couple of years; some of the major innovations are as under:
Major innovation in
value added flexible packaging business includes:
· Bag with Slider Zipper and Diaphragm
· WPP Bag for Pet foods
· 3D Bags/Pouches
· Spot Hologram Pouches/Bags
· Eco friendly flexi tube for packing cosmetic products, tooth paste and other semi liquid products
· Non-plastic based feed stock laminates for mouth freshener industry
· Special new laminate for the packaging of drinking water fortified with minerals. This is the world’s first flexible laminates that is suitable for packaging drinking water fortified with healthenhancing minerals like zinc, calcium and copper and provides extended shelf-life.
Printing Cylinder – The Company has world class and state-of-the-art expertise and facilities integrated with best software to produce good quality cylinders. The quality of the cylinders is well accepted in India as well as in the International Market.
The Company has bought special software for making specialized Cylinders up to 2.5 mtrs. The same can be used for vinyl flooring, wood grains, Textile and various other specialised purposes. Zero discharge system with effluent treatment plant was installed to stop draining of waste chemical(s) after treatment. The Company saves foreign exchange by developing in-house copper additive for copper plating. It is also having a proofing system which can print on actual substrate without engraving the Cylinders.
Flexographic plates: Flexographic plates, like letterpress plates, are relief plates with image elements raised above open areas. They are elastomeric in nature in contrast with hard letterpress plates. They use rotary presses and low viscosity inks. Flexographic plates have a Shore A durometer hardness of 25-55 versus durometer readings in excess of 60 for letterpress plates. The process was originally called aniline printing because of the aniline dye inks that were first used in the process. Coarse surfaces such as corrugated board and stretchy films can economically be printed only with this process. Flexography leaped into prominence with the introduction of cellophane as a packaging material.
Flexo proof press (Wet Proof): This is capable of proofing on actual substrate with actual ink and plates. This is the first time in India. Prior to printing, jobs can be proofed to obtain the approval from the customer. It saves lot of press time and waste of plates.
Digital Plate Cutting Table: This equipment can cut Flexo Plates either straight or Staggered to the finished size, when mounted on plate sleeve the joining will be more precise. This can cut Flexo plates as well as paper board and Rubber Blanket.
Solvent Recovery Plant: Recycling of used solvent can be recovered by upto 90% through this Equipment and same can be reused in the washout process. Moreover waste of this process can also be used as fuel for our incinator, furnace etc.
Laser: The Company has recently installed Direct Laser Engraving System (by M/s Schepers – Germany, a pioneer in laser techniques) with 4 beam facility by which, the Company can achieve High Resolution Images, High Definition Pictures and Fine Text. It leads to achieve up to 10,000 dpi. With this facility the Company is able to engrave Solid background and Fine Text and Straight Line Text for Paper and Board Packaging especially for Tobacco and Cosmetic Industry.
The Company can also achieve High-Definition Half Tone results, 3D Pictures, Micro Texts, Nano Texts, Hidden Texts and Security Features with 3D effects. The Company is able to make special cylinders e.g. Embossing Rollers, Mica Vinyl Rollers, Textiles, Match Box and Tissue and Paper Napkin etc. The Company can also get low and high depth cylinders to deposit (0.5 gsm – 40 gsm) coating.
Hologram produced by the Company has been well accepted both by the Government and Private Organization across the country. The Company through aggressive marketing has been able to get substantial orders from different states. Being a leading manufacturer of Holographic Films, the Company provides its global customers with many value added products. Hologram being low cost with better margin, add to the bottom line significantly.
Ink and Adhesives: The Company has produced indigenously the new generation cost effective polyester base solvent less adhesive system for flexi pack, new ink system for PVC profile and special coating for producing matt effect in laminates.
Machines: The Company also manufactures customized need based packaging and processing machines. The ongoing process of innovation and introduction of machines through its in-house RandD facilities, having unique features and facilities for packaging products of different varieties, enables the Company to manufacture both tailor made machines as well as machines of specific design to suit the needs and requirements of various customers both in India and abroad. The Company’s machines have found global acceptance in more than 35 countries. The Company’s valued customers in India and abroad include Unilever, Coca Cola, Wrigley, Procter and Gamble, Nestle, Ranbaxy, Perfetti, ITC, Britannia, Dabur, Haldiram, Parle Biscuit, Tata Tea etc.
Expansion projects
The status of Company’s following expansion plans are narrated below:
Project at Poland
Flex Film Europa Sp.z.o.o. set up as a 100% subsidiary of Flex Middle East FZE, Dubai, has set up facilities in Wrzesnia under Walbrzych Special Economic Zone “Invest Park” in Poland to produce 30000 TPA of PET film with an estimated total capital outlay of US$ 75 million. The project has been successfully commissioned in during second quarter of financial year 2012.
Project at USA
Flex Films (USA) Inc., 100% Subsidiary of the Company has set up facilities in Elizabeth Town, Kentucky, USA to Produce 30000 TPA of BOPET film with an estimated cost of US$ 75.00 million. The Project has been successfully completed and commenced production during last quarter of financial year 2013.
FUTURE OUTLOOK
The global flexible packaging market is expected to grow by an average of 5% annually from 2012 to 2017 to reach close to US$ 100 billion. The retail market is a key driver of demand. The increasing demand for packaged foods, driven by the development of retail infrastructure in the emerging economies, is eroding the traditional markets for many products sold in loose or semi-packed formats. Industrial markets too in addition to consumer goods such as agricultural products and building materials are seeing an increasing utilization of bulk storage, transportation and distribution methods, which is leading the growth in demand for flexible packaging in these sectors.
Equally in India, flexible packaging industry is expected to witness a minimum growth of 18-20% annually due to rising demand for consumer goods, setting up of organized supply chain system, improved demographic and standard of living of the people due to high economic growth.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
Rs. in Millions
31.03.2013 |
Rs. in Millions
31.03.2012 |
|
Guarantees issued by Banks |
128.641 |
93.876 |
|
Corporate Gurantee issued for facilities taken by subsidiary / step down subsidiaries from Banks |
17590.420 |
13136.750 |
|
Import duty obligations on outstanding export commitment under Advance Licence / EPCG Schemes |
285.416 |
597.034 |
|
Letters of Credit (Unexpired) issued by Banks (Net of Margin) |
635.577 |
1309.590 |
|
Show cause notice / demands of Excise Authorities not acknowledged by the Company and are contested / appealed / replied. |
638.420 |
537.058 |
|
Additional demands raised by the Income Tax Department, which are under rectification and appeal |
48.071 |
37.135 |
|
Additional demands raised by the Sales Tax Department, which are under rectification and appeal |
20.463 |
37.772 |
|
Demand raised by PF authority for alleged lower contribution of PF and are under appeal |
2.773 |
2.773 |
|
Amount demanded by the erstwhile workers of the Company and are pending in labour Court |
0.977 |
1.360 |
|
Claims against the Company/disputed liabilities not acknowledged as debt. |
41.967 |
45.205 |
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10417881 |
18/03/2013 |
1,250,000,000.00 |
Canara Bank |
PRIME CORPORATE BRANCH II, WORLD TRADE TOWER, BARA KHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
B72636566 |
|
2 |
10410566 |
14/03/2013 |
500,000,000.00 |
IFCI LIMITED |
IFCI LIMITED, 61, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B70349881 |
|
3 |
10395743 |
12/06/2013 * |
500,000,000.00 |
The Jammu and Kashmir Bank Limited |
A-17,
RING ROAD, LAJPAT NAGAR IV, NEW DELHI, DELH |
B79028551 |
|
4 |
10335387 |
27/05/2013 * |
150,000,000.00 |
Canara Bank |
PRIME CORPORATE BRANCH, IIND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, DELHI - 110001, INDIA |
B76836014 |
|
5 |
10301923 |
12/08/2011 |
750,000,000.00 |
Syndicate Bank |
LARGE CORPORATE BRANCH, 3RD FLOOR,NO.10 HOMJI STREET, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B18609917 |
|
6 |
10281550 |
27/07/2012 * |
200,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PALCE, NEW DELHI, DELHI - 110019, INDIA |
B56908692 |
|
7 |
10223626 |
27/07/2012 * |
1,000,000,000.00 |
Bank of India |
NEW
DELHI LARGE CORPORATE BRANCH, PTI BUILDING, 4 |
B55797419 |
|
8 |
10219536 |
27/07/2012 * |
2,400,000,000.00 |
Allahabad Bank |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B55797146 |
|
9 |
10209063 |
27/07/2012 * |
2,500,000,000.00 |
UCO Bank |
FLAGSHIP CORPORATE CENTRE, 5 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B56096522 |
|
10 |
10182472 |
27/07/2012 * |
1,600,000,000.00 |
ICICI Bank Limited |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B55803779 |
|
11 |
10173188 |
27/07/2012 * |
5,650,000,000.00 |
Canara Bank |
PRIME CORPORATE BRANCH II, WORLD TRADE TOWER, BAR AKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
B45489036 |
|
12 |
10114823 |
02/06/2009 * |
75,000,000.00 |
CANARA BANK |
PRIME
CORPORATE BRANCH-II, IIND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI,
DELHI - 11000 |
A66123217 |
|
13 |
10000468 |
09/11/2006 * |
435,000,000.00 |
Allahabad Bank |
INDUSTRIAL
FINANCE BRANCH, 17, PARLIAMENT STREET, |
A00155556 |
|
14 |
80062136 |
20/10/2005 |
280,000,000.00 |
ALLAHABAD BANK |
2,
NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 7 |
- |
|
15 |
80057655 |
16/08/2005 |
255,725,000.00 |
IFCI LIMITED |
IFCI TOWER, 61, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
- |
|
16 |
90063472 |
26/11/2010 * |
100,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, TOLOSTOY HOUSE TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B00842500 |
|
17 |
80023749 |
06/05/2010 * |
350,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17 PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
A86230687 |
|
18 |
90063342 |
21/12/2004 |
110,000,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, 2ND; FLOOR WORLD TRADE |
- |
|
19 |
90063301 |
29/01/2009 * |
755,600,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17, PARLIAMENT STREET, |
A58802406 |
|
20 |
80043885 |
18/07/2003 |
37,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE TOWER, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
- |
|
21 |
80057738 |
18/05/2001 |
371,800,000.00 |
ICICI LIMITED |
ICICI TOWER, NBCC PLACE, BISHAM PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA |
- |
|
22 |
80057739 |
18/05/2001 |
371,800,000.00 |
ICICI LIMITED |
ICICI TOWER, NBCC PLACE, BISHAM PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA |
- |
|
23 |
80057744 |
01/09/2001 * |
250,857,800.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR CO LIMITED |
16TH FLOOR, C WING, MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
24 |
80045787 |
16/08/2005 * |
215,937,344.00 |
IFCI LIMITED |
IFCI TOWER,, 61, NEHRU PLACE , NEW DELHI, DELHI - 110019, INDIA |
- |
|
25 |
90046939 |
09/02/2001 * |
32,500,000.00 |
VIJAYA BANK |
A -5; SEC. -19, NOIDA, UTTAR PRADESH - 201301, INDIA |
- |
|
26 |
80064010 |
05/07/1997 |
24,000,000.00 |
BANK OF BARODA |
15-A/14, W.E.A KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA |
- |
|
27 |
80064004 |
05/07/1997 |
65,700,000.00 |
BANK OF BARODA |
15-A/14,
, W.E.A , KAROL BAGH, NEW DELHI, DELHI - |
- |
|
28 |
90046784 |
29/01/2009 * |
65,000,000.00 |
ORIENTAL BANK OF COMMERCE |
A - 135A, SECTOR - 27, NOIDA, UTTAR PRADESH - 201301, INDIA |
A58555608 |
|
29 |
90060963 |
25/03/1997 * |
83,700,000.00 |
ING BANK |
7TH; FLOOR; HAECHST HOUSE; POST BAG NO.9971, NARIMAN POINT, BOMBAY, MAHARASHTRA, INDIA |
- |
|
30 |
90041725 |
29/01/2009 * |
40,500,000.00 |
CORPORATION BANK |
16/10, ARYA SAMAJ ROAD, KAROL BAGH, NEW DELHI, DELHI - 110005, INDIA |
A58415704 |
|
31 |
90041656 |
09/12/1999 * |
500,000,000.00 |
ICICI LIMITED. |
ICICI TOWERS, BANDRA KURLA COMPLEX; BANDRA, MUMBAI, MAHARASHTRA, INDIA |
- |
|
32 |
80057734 |
25/03/1997 * |
23,000,000.00 |
ICICI BANK LIMITED |
163, BACKBAY RECLAMATION , MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
33 |
80057735 |
25/03/1997 * |
23,000,000.00 |
ICICI BANK LIMITED |
163, BACKBAY RECLAMATION , MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
34 |
90060832 |
25/03/1997 * |
83,700,000.00 |
ING BANK |
7th;
FLOOR; HAECHST HOUSE; POST BAG NO.9971, NARI |
- |
|
35 |
90046434 |
09/02/2001 * |
42,500,000.00 |
THE ICICI BANK LIMITED. |
9-A; CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
- |
|
36 |
80045786 |
15/02/2010 * |
20,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A80119902 |
|
37 |
90060723 |
25/03/1997 * |
900,000,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED |
BANK OF BARODA BUILDING, 16; SANSAD MARG; P. B. NO. 363, NEW DELHI, DELHI - 110003, INDIA |
- |
|
38 |
80000384 |
09/03/2006 * |
936,617,160.00 |
INDUSTRIAL
CREDIT AND INVESTMENT CORPORATION OF IN |
163, BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
A00136994 |
|
39 |
90060446 |
29/01/2009 * |
168,300,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 1ST FLOOR, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A58426750 |
|
40 |
80045190 |
29/01/2009 * |
145,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 1ST FLOOR, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
A58599838 |
|
41 |
90041277 |
12/02/2002 * |
26,500,000.00 |
BANK OF BARODA |
15A/14; WESTERN EXTENSION AREA, KAROL BAGH, NEW D ELHI, DELHI - 110005, INDIA |
- |
|
42 |
90060444 |
03/08/1994 |
98,000,000.00 |
THE INDUSTRIAL CREDIT and INVESTMENT |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 0020, INDIA |
- |
|
43 |
90060369 |
29/01/2009 * |
298,300,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 11TH FLOOR, BOB BUILDING, 16 SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
A58244237 |
|
44 |
90041197 |
12/02/2002 * |
10,000,000.00 |
BANK OF BARODA |
15A/14; WESTERN EXTENSION AREA, KAROL BAGH, NEW D ELHI, DELHI - 110005, INDIA |
- |
|
45 |
80000447 |
16/07/1993 |
282,187,500.00 |
THE
INDUSTRIAL CREDIT AND INVESTMENT CORPORATION O |
163, BACBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
46 |
90060270 |
14/06/2000 * |
282,187,500.00 |
ICICI LIMITED |
ICICI
TOWERS, BANDRA KURLA COMPLEX; BANDRA EAST, |
- |
|
47 |
90060241 |
25/03/1997 * |
15,000,000.00 |
THE INDUSTRIAL CREDIT and INVESTMENT CORP OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
48 |
80064074 |
20/03/1993 |
10,000,000.00 |
CANARA BANK |
INDL.
FINANCE BRANCH, WORLD TRADE TOWER, BARAKHAM |
- |
|
49 |
80064003 |
28/05/1992 |
2,200,000.00 |
CANARA BANK |
INDUSTRIAL
FIFNANCE BRANCH, NEW DELHI, DELHI - |
- |
|
50 |
90045847 |
06/02/1992 |
7,500,000.00 |
CANARA BANK |
NEW DELHI, NEW DELHI, DELHI, INDIA |
- |
|
51 |
90045839 |
21/01/1992 |
7,670,000.00 |
THE
PRADESHIYA INDUSTRIAL AND INVESTMENT CORPN. OF |
PICUP
BHAWAN, GOMTI NAGAR, LUCKNOW, UTTAR PRADESH |
- |
|
52 |
90045778 |
16/04/1991 |
194,063.00 |
FINANCE LIMITED. |
413 ; SWAPNA LOK COMPLEX, S.D. ROAD, SECUNDERABAD, UTTAR PRADESH, INDIA |
- |
|
53 |
90059963 |
25/03/1997 * |
7,100,000.00 |
THE INDUSTRIAL FINACNE CORP OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, DELHI, INDIA |
- |
|
54 |
90045612 |
02/06/2009 * |
419,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
A66233834 |
|
55 |
80064009 |
15/03/2001 * |
25,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCJ, NEW DELHI, DELHI - 110001, INDIA |
- |
|
56 |
80064001 |
23/01/1990 |
76,900,000.00 |
CANARA BANK |
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
- |
|
57 |
80043886 |
02/06/2009 * |
316,500,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRADE TOWER, BARAKHAMBA LANE, NEW DELHI, DELHI - 110001, INDIA |
A66236266 |
|
58 |
90045446 |
15/10/1988 |
2,300,000.00 |
CANARA BANK |
NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
59 |
90052136 |
03/04/1989 * |
1,250,000.00 |
CANARA BANK |
NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
60 |
90052111 |
12/03/1987 |
45,500.00 |
U.P. FINANCIAL CORPORATION |
KANPUR, KANPUR, UTTAR PRADESH, INDIA |
- |
|
61 |
90052033 |
01/06/1985 |
1,800,000.00 |
U.P. FINANCIAL CORPORATION |
14/88; CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Electrical Installations
· Office Equipments
· Furniture and Fixtures
· Vehicles
· Software
· Aircraft
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2013
Rs. In Millions
|
Particulars |
Quarter ended |
Nine Months ended |
||
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
7242.700 |
7969.900 |
22849.400 |
|
|
(b) Other Operating Income |
366.000 |
253.900 |
798.700 |
|
|
Total income from operations (net) |
7608.700 |
8223.800 |
23648.100 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
4915.600 |
5193.000 |
1588.200 |
|
|
(b) Purchases of stock-in trade |
28.300 |
266.800 |
729.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(28.000) |
(56.800) |
68.400 |
|
|
(d) Employee benefits expense |
554.400 |
525.800 |
1601.000 |
|
|
(e) Depreciation and Anmortisation Expenses |
375.100 |
373.200 |
1112.600 |
|
|
(f) Power and Fuel |
406.600 |
497.800 |
1359.600 |
|
|
(f) Other Expenses |
888.500 |
843.600 |
2444.500 |
|
|
Total expenses |
7140.500 |
7643.400 |
21903.300 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
468.200 |
580.400 |
1744.800 |
|
4 |
Other Income |
409.500 |
89.600 |
546.600 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
877.700 |
670.000 |
2291.400 |
|
6 |
Finance Costs |
407.300 |
417.400 |
1241.000 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
470.400 |
252.600 |
1050.400 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
470.400 |
252.600 |
1050.400 |
|
10 |
Tax expenses |
62.900 |
52.700 |
198.300 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
407.500 |
199.900 |
852.100 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
407.500 |
199.900 |
852.100 |
|
14 |
Share of profit' (loss) of associates |
-- |
-- |
-- |
|
15 |
Minority Interest |
-- |
-- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates (13+14+15) |
407.500 |
199.900 |
852.100 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
722.100 |
722.100 |
722.100 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
-- |
-- |
-- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
|
|
(a) Basic |
5.64 |
2.77 |
11.80 |
|
|
(b) Diluted |
5.64 |
2.77 |
11.80 |
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.59.88 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.