MIRA INFORM REPORT
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Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
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Name : |
COSMO FILMS LIMITED |
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Registered Office : |
1008, DLF Tower- A, Jasola District Centre, |
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Country : |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
07.10.1976 |
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Com. Reg. No.: |
55-008355 |
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Capital Investment / Paid-up Capital : |
Rs.194.400 Millions |
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CIN No.: [Company
Identification No.] |
L92114DL1976PLC008355 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKC01059C |
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Legal Form : |
A Public Limited Liability Company. Company's Shares are Listed on the
Stocks Exchange. |
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Line of Business : |
Manufacturer and Supplier of Packaging Films, Label Films, Print Lamination and Specialty Films. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
B (36) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 15000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and continuous dip in profit of the company over a year. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some
caution. |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED BY
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Name : |
Mr. Joshi |
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Designation : |
Accounts Manager |
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Contact No.: |
91-240-2554611 |
LOCATIONS
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Registered / Corporate Office : |
1008, DLF Tower- A, Jasola District Centre, New Delhi - 110025, India |
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Tel. No.: |
91-11-49494949 |
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Fax No.: |
91-11-49494950 |
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E-Mail : |
ashok@dl.cosmo.sprintsmx.ems.vsnl.net.in mm.rao@gndel-cfldel.global.net.in skmittal@gndel-cfldel.global.net.in
secretary@cosmofilms.com
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Website : |
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Factory 1 : |
J-4, MIDC
Industrial Area, Chikalthana, Aurangabad – 431210, Maharashtra, India |
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Tel. No.: |
91-240-2485894 |
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Factory 2 : |
B-14/8-9, MIDC Industrial
Area, Waluj, Aurangabad – 431136, Maharashtra, India |
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Tel. No.: |
91-240-2554612 /
13 / 14 / 2554611 |
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Fax No.: |
91-240-2554416 /
2556275 |
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E-Mail : |
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Factory 3 |
B – 21, MIDC Industrial Area, Aurangabad – 431136, Maharashtra, India |
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Tel No.: |
91-240-2551888/ 2553353/ 54 |
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Factory 4 : |
Vermardi Road,
Village Navi Jihardi, Near Inox, Off. N. H. Road, Taluka-Karjan,
Vadodara-391240, |
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Tel. No.: |
91-2666-232960/231635
/ 231097 |
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Fax No.: |
91-2666-232961 |
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E-Mail : |
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Factory 5 : |
Plot No. 359-B, |
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Tel. No.: |
91-2676-247021/247128 |
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Fax No.: |
91-2676-247041 |
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Factory 6 : |
Mercuriusstraat
9, 6468 ES |
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Tel. No.: |
31 45
535 7676 |
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Fax No.: |
31 45
535 7878 |
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Factory 7 : |
560, Western
Maryland Parkway, Hagerstown, Maryland 21740 |
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Tel. No.: |
+302-3287780
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Fax No.: |
+302-5311831 |
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Factory 8 : |
811, Sineon-RI, Dogo-Myeon, Asan-SI, Choongnam-336-914 South Korea |
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Tel. No.: |
+82-41-531-1830 |
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Fax No.: |
+82-41-531-1831 |
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Factory 9 : |
303, 3rd Floor, Gokul Arcade, A Wing, Opposite Hong Kong Bank, Subhash Raod, Vile Parle (East), Mumbai – 400057, Maharashtra, India |
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Tel. No.: |
91-22-28261195/ 28261197/ 28266395 |
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E-Mail : |
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Factory 9 : |
AL-24/1, MIDC-SEZ, Slendra Industrial Area, Aurangabad – 431201, Maharashtra, India |
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Tel. No.: |
91-240-2622205/ 2622301 |
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Branch Offices
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Located at: · Mumbai Aurangabad Vadodara |
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Overseas
Offices : |
Located at: · Illinois, America Amsterdam, The Netherlands Korea Tokyo, Japan |
DIRECTORS
As on 31.03.2013
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Name : |
Mr. Ashok Jaipuria |
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Designation : |
Chairman and Managing Director |
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Qualification : |
Degree in Associates of Arts in Business Administration & Diploma
in Marketing Science |
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Date of Appointment : |
02.04.1980 |
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Name : |
Mr. Anil Kumar Jain |
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Designation : |
Whole Time Director |
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Date of Birth : |
18.03.1951 |
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Date of Appointment : |
24.05.2011 |
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Qualification : |
B.Com. (H), A.I.C.W.A., CISA |
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ssss |
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Name : |
Mr. H K Agarwal |
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Designation : |
Independent Director |
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Date of Birth : |
11.10.1947 |
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Date of Appointment : |
13.01.2000 |
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Name : |
Dr. Surinder Kapur |
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Designation : |
Independent Director |
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Qualification : |
Ph.D. in Mechanical Engineering |
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Name : |
Mr. Rajeev Gupta |
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Designation : |
Independent Director |
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Qualification : |
B E and MBA |
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Name : |
Mr. Badri Agarwal |
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Designation : |
Director |
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Qualification : |
Chartered Accountant |
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Name : |
Mr. R Vasudevan |
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Designation : |
Independent Director |
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Qualification : |
B.A. (Hons) Economics, M.A. (Economics and Statistics), MPA
(Development Economics) |
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Name : |
Mr. Suresh Rajpal |
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Designation : |
Independent Director |
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Date of Birth : |
17.08.1943 |
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Date of Appointment ; |
28.05.2010 |
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Qualification : |
BE (Electrical) MBA |
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Name : |
R Vasudevan |
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Designation : |
Independent Director |
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Qualification : |
B.A (Hons) Economics, M A (Economics and Statistics), MPA (Development
Economics) Harvard University, USA |
KEY EXECUTIVES
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Name : |
Mr. Neeraj Jain |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Pankaj Poddar |
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Designation : |
President |
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Name : |
Mr. A G Deshpande |
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Designation : |
Vice President – R and D and Business Development |
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Name : |
Mr. Janardhan Gupta |
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Designation : |
Vice President – Legal and Special Assignment |
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Name : |
Mr. Tanuj Agarwal |
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Designation : |
Vice President- International Operation |
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Name : |
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Designation : |
General Manager – Manufacturing |
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Name : |
Mr. A.K. Pathak |
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Designation : |
General Manager – Manufacturing |
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Name : |
Mr. N.R. More |
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Designation : |
General Manager – Engineering |
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Name : |
Mr. R.K. Gupta |
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Designation : |
General Manager – Commercial |
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Name : |
Mr. Sanjay Chincholikar |
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Designation : |
General Manager – Global Head Packing Films |
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Name : |
Mr. S. K. Dutta |
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Designation : |
General Manager- Manufacturing |
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Name : |
Mr. Rajeev Joshi |
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Designation : |
Head – HR |
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Name : |
Mr. Jagdip Kumar |
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Designation : |
Assistant General Manager – Information Technology |
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Name : |
Mr. Shailesh Verma |
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Designation : |
General Manager - Global Head Specialty Films |
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Name : |
Ms. Jyoti Dixit |
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Designation : |
Company Secretary |
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Name : |
Mr. Joshi |
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Designation : |
Accounts Manager |
SHAREHOLDING PATTERN
As on 30.06.2014
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Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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1138881 |
5.86 |
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7189558 |
36.98 |
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8328439 |
42.84 |
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Total
shareholding of Promoter and Promoter Group (A) |
8328439 |
42.84 |
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(B)
Public Shareholding |
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|
2380 |
0.01 |
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4300 |
0.02 |
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|
4200 |
0.02 |
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10880 |
0.06 |
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|
1399955 |
7.20 |
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6660211 |
34.26 |
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1728107 |
8.89 |
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1312484 |
6.75 |
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1307384 |
6.73 |
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|
5100 |
0.03 |
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|
11100757 |
57.10 |
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Total
Public shareholding (B) |
11111637 |
57.16 |
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Total
(A)+(B) |
19440076 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
19440076 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Supplier of Packaging Films, Label Films, Print Lamination and Specialty Films. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
· Landesbank Baden- Wurttemberg ·
IDBI Bank Limited ·
ICICI Bank Limited ·
HSBC Bank Plc ·
Export Import Bank of India ·
Union Bank of India ·
State Bank of India ·
ING Vysya Bank Limited ·
HDFC Bank Limited ·
Yes Bank Limited ·
Kotak Mahindra Bank Limited ·
International Finance Corporation ·
Development Bank of Singapore (DBS Limited) |
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Facilities : |
Note: Long Term
Borrowings Foreign currency loans comprises of : (i) Loan of USD 10,000,000 taken from ICICI Bank during the financial year 2010-11 and carries interest @ Libor +400 bps per annum. The loan is repayable in 5 equal semiannual installments of USD 2,000,000 each after moratorium period of 3.5 years from the date of loan. (ii) Loan of USD 7,500,000 taken from HSBC PLC Bank during the financial year 2008-09 and carries interest @ Libor+150 bps per annum. The loan is repayable in 6 equal semiannual installments of USD 1,250,000 each after moratorium period of 2.5 years from the date of loan. (iii) Loan of USD 13,272,220 taken from Landesbank Baden Wurttemberg Bank (LBBW) during the financial year 2008- 09 and 2009-10 and carries interest @ Libor+37.5 bps per annum. The loan is repayable in 16 equal semiannual installments of approx. USD 832,640 each after six month from the date of start of commercial production. (iv) Loan of USD 5,000,000 taken from IFC Bank during the financial year 2011-12 and carries interest @ Libor+400 bps per annum. The loan is repayable in 15 equal semi-annual installments of USD 333,333 after moratrorium period of 2.5 years from the date of loan. (v) Loan of EURO 9,219,450 taken from Landesbank Baden Wurttemberg Bank (LBBW) during the financial year 2012-13 and carries interest @ Libor+105 bps per annum. The loan is repayable in 17 equal semiannual installments starting after six month from the date of start of commercial production. (vi) Loan of USD 7,000,000 taken from DBS Bank during the financial year 2012-13 and carries interest @ Libor+225 bps per annum. The loan is repayable in 8 semi-annual installments from April-2015. (The loan has been fully hedged into an equivalent Rupee loan with fixed rate of interest). b) Rupee term loans comprises of : (i) Loan of Rs.108.675 Millions taken from Kotak Mahindra Bank during the financial year 2011-12 and carries interest @ base rate+ 3.75% per annum. The loan is repayable in 78 equal monthly installments of Rs.1.393 Millions alongwith interest from the date of loan. (ii) Loan of Rs. 318.159 Millions taken from IDBI Bank during the financial year 2008-09 and carries interest @ base rate+ 2.65% per annum. The loan is repayable in 10 equal semiannual installments of Rs. 31.816 Millions alongwith interest from the date of loan. (iii) Loan of Rs. 300.000 Millions taken from SBI during the financial year 2012-13 and carries interest @ base rate+ 2.25% per annum. The loan is repayable after a Moratorium of 12 month from the date of disbursement in 8 equal quarterly installments of Rs. 37.500 Millions. c) Vehicle loans taken from Union Bank of India carries interest @10.5% -12% per annum. This loan is repayable in 3 years. d) Details of security for each type of borrowings:- (i) Foreign currency loan from ICICI Bank is secured by subservient charge on all of the Company’s moveable fixed assets, both present and future, save and except plant and machineries at Baska and Chikalthana and any assets charged exclusively to other lenders. (ii) Foreign currency loan from Landesbank Baden Wurttemberg Bank (LBBW) taken in financial year 2008-09 and financial year 2009-10 is secured against hypothecation of machinery financed out of the loan amount at the Company’s plant at Karjan, Vadodara. (iii) Foreign currency loan from HSBC PLC Bank is secured by first pari-passu charge over the entire fixed assets of the Company except assets exclusively charged to Landesbank Baden Wurttemberg Bank (LBBW). iv) Foreign currency loan from IFC Bank is secured by first ranking security interest over all present and future movable and immovable fixed assets except the excluded assets, ranking pari passu with the other lenders. (v) Foreign currency loan from Landesbank Baden Wurttemberg Bank (LBBW) taken in financial year 2012-13 is secured against hypothecation of machinery financed out of the loan amount at the Company’s new plant at Shendra, Aurangabad. (vi) Foreign currency loan from DBS Bank is secured by pari passu charge on the movable and immovable fixed assets both present and future of the Company, except the excluded assets. (vii) Rupee term loan from Kotak Mahindra Bank is secured against mortgage by way of exclusive charge on the immovable properties being commercial properties situated at 1004-1010, 10th floor, DLF Towers, Jasola, New Delhi. (viii) Rupee term loan from IDBI Bank is secured against pari-passu first charge on entire fixed assets of the Company by way of extension except assets exclusively charged to Landesbank Baden Wurttemberg (LBBW) (ix) Rupee term loan from SBI is secured against pari-passu charge with other term lenders on entire fixed assets of the Company, present and future including equitable mortgage of certain properties. (x) Vehicle loans from Union Bank of India are secured against hypothecation of vehicles financed out of the loan amount. e) Current maturities of long term borrowings are disclosed under the head other current liabilities. Short Term
Borrowings a) Cash credits/ working capital demand loans/ export packing credits are secured/to be secured by hypothecation of inventories, trade receivable and second charge on fixed assets secured to financial institutions except assets exclusively charged. Cash credit and working capital demand loans from the bank comprises of the following: (i) Cash credit/working capital demand loan of Rs. 300.000 Millions sanctioned by Export Import Bank of India is repayable on demand and carries interest rate @ 11.5% per annum, Libor+4% and 11.75% per annum for PCFC INR, PCFC USD and working capital demand loan respectively. (ii) Cash credit/working capital demand loan of Rs.150.000 Millions sanctioned by CITI Bank is repayable on demand and carries interest as mutually decided. (iii) Working capital demand of Rs. 200.000 Millions sanctioned by HDFC Bank is repayable on demand and carries interest rate as mutually decided. (iv) Cash credit/working capital demand of Rs.150.000 Millions sanctioned by ICICI Bank is repayable on demand and carries interest @ base rate+3.5% per annum. (v) Cash credit/working capital demand of Rs. 250.000 Millions sanctioned by ING Vysya Bank is repayable on demand and carries interest @ base rate+2.55% per annum. (vi) Cash credit/working capital demand of Rs.550.000 Millions sanctioned by Union Bank of India is repayable on demand and carries interest @ base rate+3% per annum. (vii) Cash credit/working capital demand of Rs.150.000 Millions sanctioned by YES Bank of India is repayable on demand and carries interest @ base rate+2.5% per annum. (viii) Working capital demand loan of Rs.200.000 Millions sanctioned by Kotak Mahindra Bank is repayable on demand and carries interest as mutually agreed. (ix) Cash credit/working capital demand of Rs.300.000 Millions sanctioned by IDBI Bank is repayable on demand and carries interest @ base rate+2.5% per annum. (x) Cash credit of Rs. 500.000 Millions sanctioned by State Bank of India is repayable on demand and carries interest @ base rate+2.5% per annum. (xi) Cash credit/working capital loan/export packing credit of Rs.200.000 Millions sanctioned by DBS Bank is repayable on demand and carries interest as mutually agreed. b) Overdraft of Rs. 50.000 Millions from HDFC Bank are secured against pledge of the fixed deposits of the Company is repayable on demand and carries interest rate as mutually decided. c) Short term Loans Rs. NIL (Previous year Rs.1000.100
Millions) is taken from Tata Capital Financials Services Limited, has been
paid in the current year and carries interest @ 12% per annum |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Walker Chandlok and Company Chartered Accountants |
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Address : |
21st Floor, DLF Square, Jacaranda Marg, DLF Phase II,
Gurgaon – 122002, Haryana, India |
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Tel No.: |
91-124-4528000 |
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Fax No.: |
91-124-4528001 |
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Email: |
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As on 31.03.2013 |
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Subsidiary and
step-down subsidiary companies: |
· CF Global Holdings Limited, Mauritius ·
Cosmo Films Inc., USA ·
CF (Netherlands) Holdings Limited BV.,
Netherlands ·
Cosmo Films (Singapore) Pte. Limited,
Singapore ·
Cosmo Films Japan (GK) ·
Cosmo Films Korea Limited, Korea |
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Enterprises over which
Key managerial personnel of the Company and their relatives have significant influence: |
· Pravasi Enterprises Limited ·
Sunrise Manufacturing Company Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.194.400 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19440076 |
Equity Shares |
Rs.10/- each |
Rs.194.400 Millions |
Notes:
Of the above 242,051 (previous year 242,051) shares have been allotted to erstwhile shareholders of Gujarat Propack Limited on amalgamation.
Of the above 8,486,705 (previous year 8,486,705) shares have been allotted as fully paid bonus shares by capitalization of capital reserves and share premium account.
a) There is no movement in equity share capital during the current year and previous year.
b) Terms and rights attached to equity shares
The Company has only one class of equity shares having the par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees.
During the year ended 31 March 2013, the amount of per share dividend recognised as distributions to equity shareholders was Rs.2.50 (previous year Rs.5 per share). The dividend proposed by Board of Directors is subject to approval of shareholders in Annual General Meeting.
In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after payment of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Sunrise Manufacturing Company Limited |
3957552 |
20.36% |
|
Pravasi Enterprises Limited |
2271104 |
11.68% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
194.400 |
194.400 |
194.400 |
|
(b) Reserves & Surplus |
3,558.500 |
3,494.900 |
3,388.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3,752.900 |
3,689.300 |
3,582.700 |
|
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|
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|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3,068.300 |
2,278.700 |
1,335.300 |
|
(b) Deferred tax liabilities (Net) |
704.000 |
697.100 |
660.500 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
17.600 |
|
Total Non-current Liabilities (3) |
3,772.300 |
2,975.800 |
2,013.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2,018.600 |
1,963.000 |
1,683.800 |
|
(b) Trade payables |
1,165.700 |
894.600 |
580.300 |
|
(c) Other current
liabilities |
675.000 |
442.900 |
407.600 |
|
(d) Short-term provisions |
22.800 |
63.000 |
121.100 |
|
Total Current Liabilities (4) |
3,882.100 |
3,363.500 |
2,792.800 |
|
|
|
|
|
|
TOTAL |
11,407.300 |
10,028.600 |
8,388.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5,766.200 |
3,670.800 |
3,659.200 |
|
(ii) Intangible Assets |
0.000 |
65.400 |
71.500 |
|
(iii) Capital
work-in-progress |
0.000 |
1,577.000 |
38.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1,662.800 |
1,659.900 |
1,209.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
46.400 |
145.200 |
242.900 |
|
(e) Other Non-current assets |
1.500 |
1.400 |
1.300 |
|
Total Non-Current Assets |
7,476.900 |
7,119.700 |
5,222.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1,371.600 |
795.700 |
967.100 |
|
(c) Trade receivables |
1,363.600 |
1,145.000 |
1,049.900 |
|
(d) Cash and cash
equivalents |
442.400 |
138.800 |
389.600 |
|
(e) Short-term loans and
advances |
738.600 |
825.000 |
753.200 |
|
(f) Other current assets |
14.200 |
4.400 |
6.300 |
|
Total Current Assets |
3,930.400 |
2,908.900 |
3,166.100 |
|
|
|
|
|
|
TOTAL |
11,407.300 |
10,028.600 |
8,388.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12,566.900 |
10,418.800 |
9,230.500 |
|
|
|
Other Income |
73.800 |
40.600 |
11.700 |
|
|
|
TOTAL (A) |
12,640.700 |
10,459.400 |
9,242.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
9,256.100 |
7,066.800 |
6,140.200 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(391.800) |
47.600 |
(218.400) |
|
|
|
Power, water and fuel |
858.600 |
0.000 |
0.000 |
|
|
|
Employees benefits expense |
546.300 |
463.000 |
528.100 |
|
|
|
Other expenses |
1,261.800 |
2,065.900 |
1,782.000 |
|
|
|
Exceptional items |
205.000 |
57.500 |
-69.000 |
|
|
|
TOTAL (B) |
11,736.000 |
9,700.800 |
8,162.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
904.700 |
758.600 |
1,079.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
401.900 |
227.400 |
225.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
502.800 |
531.200 |
854.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
403.400 |
331.700 |
301.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
99.400 |
199.500 |
552.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
18.600 |
58.200 |
97.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
80.800 |
141.300 |
455.700 |
|
|
|
|
|
|
|
|
|
|
EXPORT OF GOODS CALCULATED
ON F.O.B BASIS |
NA |
5077.400 |
4182.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1968.200 |
1593.100 |
|
|
|
Stores & Spares |
NA |
38.600 |
32.200 |
|
|
|
Capital Goods |
NA |
1017.800 |
33.900 |
|
|
TOTAL IMPORTS |
NA |
3024.600 |
1659.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.16 |
7.27 |
23.44 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
3996.500 |
|
Total Expenditure |
|
|
3719.200 |
|
PBIDT (Excl OI) |
|
|
277.300 |
|
Other Income |
|
|
14.200 |
|
Operating Profit |
|
|
291.500 |
|
Interest |
|
|
95.200 |
|
Exceptional Items |
|
|
(13.400) |
|
PBDT |
|
|
182.900 |
|
Depreciation |
|
|
78.900 |
|
Profit Before Tax |
|
|
104.000 |
|
Tax |
|
|
34.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
69.500 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
69.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.64 |
1.35 |
4.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.79 |
1.91 |
5.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.02 |
2.94 |
7.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.05 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.36 |
1.15 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
0.86 |
1.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
194.400 |
194.400 |
194.400 |
|
Reserves & Surplus |
3388.300 |
3494.900 |
3558.500 |
|
Net
worth |
3582.700 |
3689.300 |
3752.900 |
|
|
|
|
|
|
long-term borrowings |
1335.300 |
2278.700 |
3068.300 |
|
Short term borrowings |
1683.800 |
1963.000 |
2018.600 |
|
Total
borrowings |
3019.100 |
4241.700 |
5086.900 |
|
Debt/Equity
ratio |
0.843 |
1.150 |
1.355 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
9,230.500 |
10,418.800 |
12,566.900 |
|
|
|
12.874 |
20.618 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
9,230.500 |
10,418.800 |
12,566.900 |
|
Profit |
455.700 |
141.300 |
80.800 |
|
|
4.94% |
1.36% |
0.64% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
No |
LITIGATION DETAILS
|
IN THE
HIGH COURT OF DELHI AT NEW DELHI HON'BLE
MR. JUSTICE SANJIV KHANNA ORDER To be
shown in the Regular Matters as per turn.
|
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Term Loan |
0.000 |
100.100 |
|
Total |
0.000 |
100.100 |
BACKGROUND AND NATURE
OF OPERATIONS
Subject manufacturers of Bi-axially Oriented Polypropylene Films (BOPP) was incorporated in India in 1981, under the Companies Act 1956. The Company is engaged in the production of packaging films. Company’s product majorly comprises of BOPP Films and Thermal Films. In India, the Company is currently working at Aurangabad in Maharashtra and at Karjan in Gujarat. It also has its subsidiaries working in different countries.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
3982.000 |
|
b) Other operating income |
14.500 |
|
Total
income from Operations(net) |
3996.500 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
179.500 |
|
b) Purchases of stock in trade |
2763.100 |
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
0.000 |
|
d) Power, water and fuel |
246.100 |
|
e) Employees benefit expenses |
163.600 |
|
f) Depreciation and amortization expenses |
78.900 |
|
g) Other expenditure |
366.900 |
|
Total expenses |
3798.100 |
|
3. Profit from operations before other income and
financial costs |
198.400 |
|
4. Other income |
14.200 |
|
5. Profit from ordinary activities before finance costs |
212.600 |
|
6. Finance costs |
95.200 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
117.400 |
|
8. Exceptional item |
13.400 |
|
9. Profit from ordinary activities before tax
Expense: |
104.000 |
|
10.Tax expenses |
34.500 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
69.500 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
69.500 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
194.400 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
3.58 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
3.58 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
|
|
- Percentage of shareholding |
11111637 |
|
2. Promoters and Promoters group Shareholding- |
57% |
|
a) Pledged /Encumbered |
|
|
Number of shares |
|
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
Nil |
|
b) Non Encumbered |
|
|
Number of shares |
8328439 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
43% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
Segment Revenue |
|
|
Packing Films |
3982.000 |
|
Others |
0.000 |
|
Sub Total |
3982.000 |
|
Less: Inter Segment Revenue |
0.000 |
|
Total |
3982.000 |
|
|
|
|
Segment Results |
|
|
Profit / (Loss) before tax and interest |
|
|
Packing Films |
208.400 |
|
Others |
0.000 |
|
Sub Total |
208.400 |
|
Less: Finance Cost |
95.200 |
|
Less: Unallocable expenses net of Unallocable income |
9.200 |
|
Profit from ordinary activity before tax |
104.000 |
|
|
|
|
Capital Employed |
|
|
Packing Films |
7713.800 |
|
Others |
0.000 |
|
Unallocated |
1949.000 |
|
Total |
9662.800 |
Notes:
a. The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Director on 12th August 2014 and limited review of the same has been carried out by the Statutory Auditors of the company.
b. Exceptional Items during the quarter includes:
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
Profit / (loss) on exchange rate fluctuations* |
(13.400) |
c. The Company has reassessed the useful 81% of fixed assets in accordance with the guidelines under schedule II of companies Act 2013 with effect from 1st April 2014 resulting into a charge of Rs.9.000 Millions (net of deferred tax) to the opening balance of retained earnings and reduction in depreciation expenses for the current year quarter by Rs.27.900 Millions.
d. Figures for the previous periods / year have been regrouped wherever required.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10451915 |
16/09/2013 |
300,000,000.00 |
IDBI BANK
LIMITED |
IDBI BANK LIMITED,
3RD FLOOR RED CROSS BUILDING, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B86125994 |
|
2 |
10425265 |
20/06/2013 * |
600,400,000.00 |
INTERNATIONAL
FINANCE CORPORATION |
VIBGYOR TOWERS, 6TH
FLOOR, G - BLOCK, C - 62, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI,
MAHARASHTRA |
B78970860 |
|
3 |
10427044 |
02/05/2013 |
200,000,000.00 |
DBS BANK LIMITED |
CAPITOL POINT, BABA
KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B75595462 |
|
4 |
10422571 |
15/04/2013 |
392,000,000.00 |
DBS BANK LIMITED |
CAPITOL POINT,
BABA KHARAK SINGH MARG, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B73982183 |
|
5 |
10351543 |
05/04/2012 |
554,000.00 |
UNION BANK OF
INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, MAHARASHTRA - 431005, INDIA |
B38148268 |
|
6 |
10351562 |
05/04/2012 |
555,000.00 |
UNION BANK OF
INDIA |
11 KRUPA BUILDING,
NEAR PATHAN GATE, AURANGABAD, |
B38148011 |
|
7 |
10328207 |
29/12/2011 |
560,000.00 |
UNION BANK OF
INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B29492535 |
|
8 |
10328209 |
29/12/2011 |
586,000.00 |
UNION BANK OF
INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B29493137 |
|
9 |
10328205 |
15/12/2011 |
715,000.00 |
UNION BANK OF
INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B29491859 |
|
10 |
10311334 |
29/09/2011 |
600,000.00 |
UNION BANK OF
INDIA |
11 KRUPA
BUILDING, NEAR PATHAN GATE, AURANGABAD, |
B22998041 |
FIXED ASSETS:
· Freehold Land
·
Leasehold
Land
·
Land
and building
·
Building
·
Plant
and Machinery
·
Furniture,
Fixture and Fittings
·
Factory
and Office Equipments
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.44 |
|
UK Pound |
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
36 |
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.