MIRA INFORM REPORT
|
Report No. : |
306735 |
|
Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL POLY FILMS LIMITED (w.e.f. March, 2005) |
|
|
|
|
Formerly Known
As : |
JINDAL POLYESTER LIMITED |
|
|
|
|
Registered
Office : |
19th K M, Hapur - Bulandshahr Road, P.O.
Gulaothi, Bulandshahr – 245408, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
09.09.1974 |
|
|
|
|
Com. Reg. No.: |
20-003979 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.420.477 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17111UP1974PLC003979 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRTJ00149C |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Polyester Resin, Polyester Filament Yarn,
Polyester Chips and Biaxially Oriented Polyester Film. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 2600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects reflect JPFL’s established position in the flexible
packaging market in India supported
healthy operating efficiency, decent financial base and favourable
profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
|
|
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
11.04.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
11.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
Management non co-operative (91-11-26139256)
LOCATIONS
|
Registered Office/Factory 1 : |
19th K M, Hapur - Bulandshahr Road, P.O.
Gulaothi, Bulandshahr – 203408, Uttar
Pradesh, India |
|
Tel. No.: |
91-122-2312088 / 2311087 91-5732-229143 / 229105 |
|
Fax No.: |
91-122-2312244 |
|
E-Mail : |
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|
Website : |
|
|
|
|
|
Corporate Office : |
Plot No 12, Sector B-1, Local Shopping Complex, Vasant
Kunj, New Delhi - 110070, India |
|
Tel. No.: |
91-11-26139256-65 |
|
Fax No.: |
91-11-26125739 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
28th K.M. Stone, Nashik-Igatpuri Road, NH – 3, Village
Mundhegaon, Taluka Igatpuri District, Nashik - 422403, Maharashtra, India |
|
Tel. No.: |
91-2553-285402 / 285405 |
|
Fax No.: |
91-2553-285403 |
|
|
|
|
Factory 3 : |
160/1/7, |
|
Tel. No.: |
91-2638-247264 / 358 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr.
Rashid Jilani |
|
Designation : |
Independent Director |
|
Date of Birth : |
08.10.1941 |
|
Qualification : |
|
|
Date of Appointment : |
20.09.2014 |
|
DIN No.: |
00010624 |
|
|
|
|
Name : |
Mr. R K Pandey |
|
Designation : |
Independent Director |
|
Date of Birth : |
20-01-1940 |
|
Qualification : |
M.Com, LLB, FCS |
|
Date of Appointment : |
30-09-2009 |
|
|
|
|
Name : |
Mr. Hemant Sharma |
|
Designation : |
Whole Time Director and Chief Executive Officer |
|
Date of Birth : |
23.04.1963 |
|
Qualification : |
B. Text. Hons. (Textile) MBA (Marketing) |
|
Date of Appointment : |
20.09.2014 |
|
DIN No.: |
05235723 |
|
|
|
|
Name : |
Mr. J. P. Mohta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Sanjay Mittal |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Ms. Sumita Dhingra, |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Ajit Mishra |
|
Designation : |
Company Secretary and Compliance Officer |
|
Address : |
Plot No. 12, Sector B-1, Vasant Kunj, Local Shopping Complex, New Delhi – 110070, India |
|
Tel. No. : |
91-11-26139256 |
|
Fax No. : |
91-11-26125739 |
|
E-mail : |
|
|
Website : |
|
|
Qualification : |
B.Com, LLB, ACS |
|
|
|
|
Name : |
Mr. J. Krishna |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and
Promoter Group |
|
|
|
|
|
|
|
|
1313200 |
3.12 |
|
|
30065552 |
71.50 |
|
|
31378752 |
74.63 |
|
|
|
|
|
Total shareholding of Promoter and
Promoter Group (A) |
31378752 |
74.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
138038 |
0.33 |
|
|
657839 |
1.56 |
|
|
795877 |
1.89 |
|
|
|
|
|
|
2599270 |
6.18 |
|
|
|
|
|
|
5249693 |
12.49 |
|
|
1674150 |
3.98 |
|
|
349971 |
0.83 |
|
|
280112 |
0.67 |
|
|
408 |
0.00 |
|
|
69451 |
0.17 |
|
|
9873084 |
23.48 |
|
Total Public shareholding (B) |
10668961 |
25.37 |
|
Total (A)+(B) |
42047713 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
42047713 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Polyester Resin, Polyester Filament Yarn,
Polyester Chips and Biaxially Oriented Polyester Film. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
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|
Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Notes on Secured
Loans : Term loans from banks
are secured by first pari-pasu equitable mortgage of immovable properties of
the company situated at Nasik (Maharastra) and hypothecation of movable
assets as second charge. Foreign currency
term loans from AKA Ausfuhrkredit-Gesellschaft mbh Germany and Commerzbank
Germany are guaranteed by HERMES Kreditversicherungs-Aktiengesellschaft
Germany. The above
foreign currency loans are repayable on yearly/half yearly basis and the last
repayment is due in September, 2017. Secured Working
Capital Loans from banks are secured by way of hypothecation of all stocks of
raw materials, semi finished goods, finished goods, goods in transit, stores
and spares and book debts of the company. These are further secured by way of
second pari-pasu charge on immovable properties of the company situated at
Gulaothi (U.P.) and Nasik (Maharashtra). |
|
Auditors : |
|
|
Name : |
Kanodia
Sanyal and Associates Chartered Accountants |
|
|
|
|
Enterprises owned by major shareholders of reporting enterprises : |
|
|
|
|
|
Associates : |
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|
|
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|
Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs. 800.000 Millions |
|
100000000 |
Preference Share |
Rs.10/- each |
Rs. 1000.000 Millions |
|
|
Total |
|
Rs. 1800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42047713 |
Equity Shares |
Rs.10/- each |
Rs. 420.477
Millions |
|
|
|
|
|
Notes on Share
capital :-
1.
Reconciliation of Shares outstanding at the beginning and at the closing of the
reporting period:
|
Particulars |
31.03.2014 |
|
|
No.
of Shares |
|
Opening Balance |
42047713 |
|
Less: Buyback of equity
shares |
-- |
|
Closing Balance |
42047713 |
2.
Details of each shareholder holding more than 5 percent shares specifying the
number of shares held.
|
Name of Shareholder |
31.03.2014 |
|
|
|
No. of Shares |
% |
|
Soyuz Trading Company Limited |
11848266 |
28.18 |
|
Jindal
Photo Investments Limited |
11450302 |
27.23 |
|
Rishi Trading Company Limited |
4999056 |
11.89 |
3. The Company has
bought back following equity shares during last five years:
|
Financial
Year |
No.
of Shares |
|
2008-2009 |
2271735 |
|
2009-2010 |
2803007 |
|
2010-2011 |
-- |
|
2011-2012 |
3020421 |
|
2012-2013 |
974142 |
4. Authorised Equity Capital of the Company was reduced to Rs. 800.000 Millions vide order of Hon’ble
High Court of Allahabad dated 16th May 2013 consequent to demerger of
Investment division of the company.
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 |
420.477 |
420.477 |
430.218 |
|
(b) Reserves & Surplus |
12168.412 |
10872.679 |
16775.392 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12588.889 |
11293.156 |
17205.61 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
322.629 |
1958.859 |
2566.187 |
|
(b) Deferred tax liabilities
(Net) |
1714.975 |
1710.952 |
1625.322 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
2037.604 |
3669.811 |
4191.509 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2720.812 |
2986.415 |
1789.077 |
|
(b) Trade payables |
2346.992 |
1134.801 |
1115.644 |
|
(c) Other current liabilities |
2389.563 |
1428.594 |
1623.568 |
|
(d) Short-term provisions |
124.666 |
107.452 |
164.149 |
|
Total
Current Liabilities (4) |
7582.033 |
5657.262 |
4692.438 |
|
|
|
|
|
|
TOTAL |
22208.526 |
20620.229 |
26089.557 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11548.507 |
12494.180 |
12936.261 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
508.015 |
487.892 |
489.451 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2198.027 |
97.006 |
4155.992 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
|
|
(d) Long-term Loan and Advances |
185.535 |
43.501 |
258.824 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
14440.084 |
13122.579 |
17840.528 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
348.173 |
979.467 |
2071.703 |
|
(b) Inventories |
3218.093 |
2717.870 |
2015.686 |
|
(c) Trade receivables |
1816.654 |
1570.162 |
1667.67 |
|
(d) Cash and cash equivalents |
630.706 |
195.323 |
160.115 |
|
(e) Short-term loans and
advances |
539.621 |
589.222 |
1033.988 |
|
(f) Other current assets |
1215.195 |
1445.606 |
1299.867 |
|
Total
Current Assets |
7768.442 |
7497.650 |
8249.029 |
|
|
|
|
|
|
TOTAL |
22208.526 |
20620.229 |
26089.557 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
26307.247 |
22317.911 |
23643.961 |
|
|
Other Income |
294.355 |
240.327 |
186.333 |
|
|
TOTAL
(A) |
26601.602 |
22558.238 |
23830.294 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
18973.117 |
16595.484 |
15590.966 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(79.909) |
(171.291) |
271.491 |
|
|
Employees benefits expense |
368.877 |
337.448 |
301.393 |
|
|
Other expenses |
4202.843 |
4148.138 |
3994.501 |
|
|
Exceptional Item |
267.649 |
215.998 |
(61.217) |
|
|
TOTAL
(B) |
23732.577 |
21125.777 |
2928.673 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2869.025 |
1432.461 |
9732.881 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
511.705 |
351.187 |
204.386 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2357.320 |
1081.274 |
9528.495 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
943.899 |
889.178 |
842.326 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1413.421 |
192.096 |
8686.169 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
580.525 |
107.523 |
2759.611 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
832.896 |
84.573 |
5926.558 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
3292.066 |
3506.687 |
4128.859 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
250.000 |
250.000 |
500.000 |
|
|
Equity Shares |
42.048 |
42.048 |
105.119 |
|
|
Tax on Dividend |
7.146 |
7.146 |
17.053 |
|
|
Total
(M) |
299.194 |
299.194 |
622.172 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
3825.768 |
3292.066 |
9497.809 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
7951.941 |
7037.786 |
5813.766 |
|
|
Freight |
|
|
|
|
|
Insurance |
|
|
|
|
|
TOTAL
EARNINGS |
7951.941 |
7037.786 |
5813.766 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
8862.874 |
5553.638 |
3414.112 |
|
|
Components and Stores parts |
159.261 |
117.569 |
274.44 |
|
|
Capital Goods |
0.825 |
209.686 |
1029.761 |
|
|
TOTAL
IMPORTS |
9022.960 |
5880.893 |
4718.313 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
19.81 |
2.01 |
30.35 |
QUARTERLY RESULTS
|
Particulars (Rs. In
Millions) |
Jun 2014 |
Sep 2014 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
6672.200 |
6748.300 |
|
Total Expenditure |
5938.000 |
5831.400 |
|
PBIDT (Excl OI) |
734.200 |
916.900 |
|
Other Income |
95.400 |
64.800 |
|
Operating Profit |
829.600 |
981.700 |
|
Interest |
88.800 |
48.100 |
|
Exceptional Items |
(2.500) |
(35.600) |
|
PBDT |
738.300 |
898.000 |
|
Depreciation |
236.000 |
136.600 |
|
Profit Before Tax |
502.300 |
761.400 |
|
Tax |
107.600 |
260.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
394.700 |
500.600 |
|
Extraordinary Items |
(4.300) |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
(3.700) |
|
Net Profit |
390.400 |
496.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.17 |
0.38 |
25.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
10.91 |
6.42 |
41.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.25 |
0.96 |
27.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.02 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.44 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.33 |
1.76 |
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 |
430.218 |
420.477 |
420.477 |
|
Reserves & Surplus |
16775.392 |
10872.679 |
12168.412 |
|
Net
worth |
17205.610 |
11293.156 |
12588.889 |
|
|
|
|
|
|
long-term borrowings |
2566.187 |
1958.859 |
322.629 |
|
Short term borrowings |
1789.077 |
2986.415 |
2720.812 |
|
Total
borrowings |
4355.264 |
4945.274 |
3043.441 |
|
Debt/Equity
ratio |
0.253 |
0.438 |
0.242 |
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 |
23643.961 |
22317.911 |
26307.247 |
|
|
|
(5.608) |
17.875 |
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 |
23643.961 |
22317.911 |
26307.247 |
|
Profit |
5991.122 |
84.573 |
832.896 |
|
|
25.34% |
0.38% |
3.17% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED
LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
SHORT TERM
BORROWING |
|
|
|
Working Capital Loan |
1590.607 |
2033.826 |
|
|
|
|
|
Total |
1590.607 |
2033.826 |
MANAGEMENT DISCUSSION
AND ANALYSIS
Overview
Jindal Poly Films Limited
(JPFL) is a leading producer of high performance Polyester and BOPP films
(plain and metallized) mainly used for the flexible packaging industry. The
Company’s manufacturing facility at Nasik is the world’s single largest
location factory for producing these plastic films. The Company’s manufacturing
units are amongst the most modern facilities available and are capable of
producing high quality products. In October 2013, Jindal Poly Films Limited
acquired the BOPP films division of ExxonMobil to emerge as the largest
producer of BOPP films in the world with a combined capacity of 4,45,000 TPA
ExxonMobil is known globally as a reputed manufacturer of BOPP films for food
packaging and for labels. Now the Company has five manufacturing locations – two
in U.S.A. and three in Europe in Itly, Belgium and Netherlands. They are
leading suppliers of speciality BOPP films and tap coated BOPP films to the
leading global brand owner in food, beverage and confectionery.
INDUSTRY, STRUCTURE & DEVELOPMENTS
Flexible Packaging Film
Flexible packaging
typically includes materials such as plastic films, paper and aluminum foil.
Over the years, BOPET Film and BOPP Film (forms of plastic-based flexible
packaging film) have become the preferred choice for packaging consumer
articles including food, personal products and clothing. Besides such films,
JPFL also offers a range of metallised and coated film products to its
customers for increased barrier properties.
JPFL is the
leading producer of flexible packaging films in the country. The Company also
maintains a strong presence as a key exporter to several countries. Flexible
packaging film follows a business-to-business model, supplying base film to key
converters/processors - who in turn sell the value added product to customers.
BOPET Film
BOPET Film is a
versatile product broadly classified according to thickness of the film. Thick
Films (50-350 microns in thickness)find application in photographic/X-ray,
electronics, printing, textile, pre-press back up films, for photo voltaic cells used for generating
solar power and office supplies, motor insulations photopolymer plates and
document lamination. Thin Films (10- 36 microns in thickness) are used in
flexible packaging metallic yarn, cables, transformers, capacitors, audio/video
tape, hot stamping foils, release films, decorative ribbons and labels.
JPFL has recently
launched an opaque white polyester film with an off line coating on both sides
to replace paper in the photographic printing industry. This film is
increasingly finding popularity in the photo album segment. The Company’s
opaque white films have made significant entry in the label face stock
application for the replacing paper JPFL has a capacity to manufacture 1,27,000
TPA of BOPET Film, in the current financial year 2013-14.
BOPP Film
Better moisture
retention properties render BOPP Film more suitable for food products like
snack foods, biscuits, pasta, dried foods and woven polypropylene bags.
Further, BOPP Film also finds application in over wrapping of cigarettes, C.Ds,
cassettes perfume cartoons wrapping cigarette cartons, ready-made garment bags,
adhesive tapes and print lamination.
The market for
BOPP Film in India, unlike the rest of the world is underdeveloped, due to
existence of popular low quality, cheap alternative in the form of TQPP
(Tubular Quenched Polypropylene Film) which is being replaced by BOPP. Growing
preference for premium and sophisticated packaging however is driving growth in
India with increased availability of BOPP, TQPP is being fast replaced by BOPP.
JPFL has a
capacity to manufacture 2,10,000 TPA of BOPP Film, in the current financial
year 2013-14.
Metallised Films
Vacuum deposition
of Aluminium on BOPET and BOPP films increases the barrier properties of such
films. Besides flexible packaging metallised BOPET films is used for metallic
yarn. Metallised BOPP is widely used for gift wrapping. In the last few years
metallised polyester film has found application in sequins for the textile
industry for sarees and dress material for women’s wear. However the largest
application of metalized BOPET and BOPP films continue to be in the flexible
packaging segment.
Coated Films
PVDC coated BOPP
and BOPET films are used in the flexible packaging industry. The Company has a capacity
of 4500 TPA to manufacture PVDC, Acrylic and LTS coated films. During the
current financial year the Company’s silicon coating and other coated films
have found wide range of applications in the label stock and flexible packaging
industry. The Company expects to enhance capacity utilization in 2014-15.
Acrylic coated BOPP films has been developed by the Company which is replacing
import in the bottle label application.
Polyester Chips
JPFL has the
in-house ability to manufacture polyester (BOPET) chips as per the product
requirement, for its BOPET Film business. The Company has installed capacity of
1,76,400 TPA at Nashik. Maharashtra.
OUTLOOK
Flexible Packaging Film
India is leading
the growth in the global flexible packaging films, growing at above 12% per
annum over the last few years. This growth is powered by increased penetration
of packaged food and personal products in to the semi urban and rural segment.
In tier 2 and tier 3 cities, the average pack sizes are usually smaller than
the pack sizes in tier 1 cities. This results in increased use of flexible
packaging consumption in the FMCG industry. As the Government is increasing its
spending in the rural economy, increased demand for FMCG products is
experienced in the hinter lands of India. The growth is likely to intensify in
the next 2 – 3 years.
Growth in the
flexible packaging industry is also aided by increase in the export of
packaging material to high cost countries in Europe and the U.S.A.
BOPET Films
Over the last ten
years, the dominance of the four leading producers – TORAY, DUPONT-TEIJIN,
MITSUBISHI and SKC has been challenged by a new emerging breed of producers in
India and China. These companies including Jindal Poly Films have identified an
opportunity to gain market position through investment in low cost and highly
efficient modern thin film extrusion plants and in doing so, have found their
way in to the exclusive club of large producers.
BOPP Films
The BOPP film
market in India is increasing owing to increased consumption in food packaging
and large growth in textile packaging. Almost two thirds of the world’s
production of BOPP is consumed in food packaging. In India the consumption for
food packaging is only one third of production. This gap is rapidly being
bridged as the customers are increasing displaying a strong preference for
hygienically packed food products. Combined with a robust growth in ready to
wear apparels, the Indian BOPP film industry is expected to grow at over 15%
per annum over the next 3 years.
PERFORMANCE HIGHLIGHTS
- Gross
sales/turnover increased to Rs.28485.000 Millions in financial year 2013-14
i.e. up 18.17% from Rs. 24105.500
Millions in year before
- The operating
profit before exceptional item of the Company was Rs. 3115.400 Millions as
against Rs. 1622.500 Millions last year given a growth of 92 %
The Company is taking various measures to retain its market share and as
also to improve margins.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10488261 |
06/05/2014 |
1,500,000,000.00 |
GE MONEY FINANCIAL SERVICES Private LIMITED |
GE MONEY FINANCIAL SERVICES Private LIMITED, E123 NETAJI SUBHASH PLACE, PITAMPURA DELHI, Delhi - 110034, INDIA |
C02717023 |
|
2 |
10490238 |
24/03/2014 |
2,877,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202- Maker Tower - E, Cuffe Parade, Mumbai, Maharashtra - 400006, INDIA |
C03808797 |
|
3 |
10483957 |
13/02/2014 |
1,350,000,000.00 |
Axis Bank Limited |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA |
C00107938 |
|
4 |
10462541 |
04/10/2013 |
2,000,000,000.00 |
PUNJAB NATIONAL BANK |
LCB, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA |
B90469891 |
|
5 |
10430775 |
24/05/2013 |
855,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA |
B76974492 |
|
6 |
10288649 |
12/05/2011 * |
2,250,000,000.00 |
AXIS BANK LTD. |
4/10, OPG HOUSE,
ASAF ALI ROAD, NEW DELHI, Delhi |
B14131304 |
|
7 |
10189723 |
06/02/2014 * |
859,357,800.00 |
AKA AUSFUHRKREDIT-GESELLSCHAFT M.B.H. |
GROSSE GALLUSSTRASSE 1-7, 60311, FRANKFURT AM MAIN, - 60311, GERMANY |
B96160858 |
|
8 |
10143290 |
06/02/2014 * |
1,020,000,000.00 |
Standard Chartered Bank |
(acting as an
security agent of SCB, Singapore), |
B95807517 |
|
9 |
10053556 |
30/12/2013 * |
2,200,000,000.00 |
PUNJAB NATIONAL BANK |
LCB, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI, Delhi - 110001, INDIA |
B93222321 |
|
10 |
90276271 |
21/10/2005 |
750,000,000.00 |
PUNJAB NATIONAL BANK |
A-9; CONNAUGHT PLACE, NEW DELHI, Delhi, INDIA |
- |
* Date of charge modification
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR
ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
S.No |
Particulars |
Quarter
ended |
Quarter
ended |
Half ended |
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1. |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations (Net of Excise Duty) |
6743.700 |
6667.000 |
13410.600 |
|
|
(b) Other Operating Income |
04.600 |
05.300 |
09.900 |
|
|
Total Income
from Operations (Net) |
6748.300 |
6672.200 |
13420.500 |
|
2. |
Expenses |
|
|
|
|
a. |
Consumption of Raw Materials |
4915.400 |
4695.700 |
9611.100 |
|
b. |
Purchase of stock in trade |
0.000 |
0.000 |
0.000 |
|
c. |
Changes in inventories of finished goods, Work in progress and Stock-
in- trade |
(151.400) |
(134.700) |
(16.700) |
|
d. |
Employees Cost |
85.800 |
85.600 |
171.400 |
|
e. |
Power & Fuel |
448.300 |
441.600 |
889.900 |
|
f. |
Depreciation |
136.500 |
136.300 |
272.800 |
|
g. |
Other Expenditure |
533.300 |
580.500 |
1113.800 |
|
|
Total Expenses |
5967.900 |
6074.300 |
12042.200 |
|
3. |
Profit from
Operations before other income, Finance cost and Exceptional items (1-2) |
780.300 |
597.900 |
1378.200 |
|
4. |
Other Income |
64.800 |
95.400 |
160.200 |
|
5. |
Profit from
ordinary activities before finance costs and Exceptional items (3+4) |
845.100 |
693.300 |
1538.400 |
|
6. |
Finance Costs |
48.100 |
88.800 |
136.900 |
|
7. |
Profit from ordinary
activities after finance costs but before Exceptional items (5-6) |
797.000 |
604.500 |
1401.500 |
|
8. |
Exceptional items |
(35.600) |
(2.500) |
(38.000) |
|
9. |
Profit/Loss from
ordinary activities before tax (7+8) |
761.400 |
602.000 |
1363.400 |
|
10. |
Tax Expense |
|
|
|
|
|
- Provision - Income Tax |
|
|
|
|
|
- Deferred Tax |
|
|
|
|
|
Total Tax
Expense |
260.800 |
107.600 |
368.400 |
|
11. |
Net Profit from
ordinary activities after tax (9-10) |
500.600 |
494.400 |
995.000 |
|
12. |
Extraordinary items (Net of
Tax Expense) |
0.000 |
0.000 |
0.000 |
|
13. |
Loss from discontinuing operations(Net of Taxes) |
(3.700) |
(4.300) |
(8.000) |
|
14. |
Net Profit for
the period (11-12) |
496.900 |
490.100 |
987.000 |
|
15. |
Add : Share of Profit /(Loss) in Associates |
NA |
NA |
NA |
|
16. |
Less : Share of Profit/(Loss) of Minority |
NA |
NA |
NA |
|
17. |
Net Profit after
Share in Minority/ Associates |
496.900 |
490.100 |
987.000 |
|
18. |
Paid up Equity Share Capital ( Face Value Rs. 10/- each) |
420.500 |
420.500 |
420.500 |
|
19. |
Reserves excluding revaluation reserves |
--- |
--- |
--- |
|
20 |
Basic/Diluted
EPS (Not annualised/Rs.) |
|
|
|
|
|
Before Extraordinary Items |
11.82 |
11.66 |
23.47 |
|
|
After Extraordinary Items |
11.82 |
11.66 |
23.47 |
|
|
|
|
|
|
|
A 1 |
PARTICULARS OF
SHARE HOLDING Public Shareholding |
|
|
|
|
|
No of Equity Shares |
10668961 |
10668961 |
10668961 |
|
|
% of Share holding |
25.37 |
25.37 |
25.37 |
|
2 |
Promoters and
Promoter Group Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of Equity shares |
Nil |
Nil |
Nil |
|
|
- % of shares (of the total shareholding of promoter and promoter
group) |
NA |
NA |
NA |
|
|
- Percentage of shares (of the total share capital of the company) |
NA |
NA |
NA |
|
|
- Percentage of
shares (of the total share capital of the company) |
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of Equity shares |
31378752 |
31378752 |
31378752 |
|
|
- % of shares (of the total shareholding of promoter and promoter
group) |
100% |
100% |
100% |
|
|
- Percentage of shares (of the total share capital of the company) |
74.63% |
74.63% |
74.63% |
|
|
Particulars |
Quarter
ended 30th September 2014 |
|
B |
INVESTOR
COMPLAINTS : Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter |
Nil 12 12 Nil |
Notes:
1. The above results were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meetings held on Nov 14, 2014. Limited Review of these results, as required under clause 41 of the listing agreement has been carried out by the Statutory Auditors of the Company.
2. The Company has only one reportable business segment, namely, Flexible
Packaging Films.
3. Dividend of 10% i.e. Re.1/- per Equity Shares amounting to Rs. 42.000 Millions in respect of Financial Year 2013-14 was declared at 40th Annual General Meeting of the Company held on September 20, 2014 being distributed w.e.f. October 07, 2014 onwards.
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
Half year ended
on 30.09.2014 |
|
EQUITY AND LIABILITIES |
(Unaudited) |
|
(1)Shareholders'
Funds |
|
|
(a) Share Capital |
420.500 |
|
(b) Reserves & Surplus |
13462.700 |
|
(c) Minority Interest |
- |
|
|
|
|
(2) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
1500.500 |
|
(b) Deferred tax liabilities (Net) |
1757.000 |
|
(c) Other long term liabilities |
- |
|
(d) long-term provisions |
- |
|
|
|
|
(3) Current
Liabilities |
|
|
(a) Short term borrowings |
1145.400 |
|
(b) Trade payables |
3063.300 |
|
(c) Other current liabilities |
1454.600 |
|
(d) Short-term provisions |
137.500 |
|
|
|
|
TOTAL EQUITIES AND LIABILITIES
|
22941.400 |
|
|
|
|
ASSETS |
|
|
(1) Non-current
assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
11264.300 |
|
(ii) Intangible Assets |
- |
|
(iii) Capital work-in-progress |
625.100 |
|
(iv) Intangible assets under development |
- |
|
(b) Non-current Investments |
2933.000 |
|
(c) Deferred tax assets (net) |
- |
|
(d) Long-term Loan and Advances |
15.200 |
|
(e) Other Non-current assets |
- |
|
Total Non-Current
Assets |
|
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
5.800 |
|
(b) Inventories |
3445.400 |
|
(c) Trade receivables |
1498.800 |
|
(d) Cash and cash equivalents |
708.000 |
|
(e) Short-term loans and advances |
1172.500 |
|
(f) Other current assets |
1273.200 |
|
Total Current
Assets |
|
|
|
|
|
TOTAL |
22941.400 |
Notes:
- The company has not exercised the option provided by the Ministry of corporate affairs (MCA ) vide its notification no G.S.R.378(E) dated May 11, 2011, and continued to adjust profit/loss due to exchange difference on long term foreign currency loans taken for fixed assets in the profit and loss account as per Accounting Standard (AS-11) on "Effects on change in Foreign Exchange Rates" and the same amounts to a loss of Rs 35.600 Millions during the year is shown under the head "Exceptional items".
- Tax liability/provision written off is based upon the estimated tax computation for the whole year and excess/short provision will be adjusted in the last quarter.
- Figures for the previous quarters/period have been regrouped/rearranged wherever required, to make them comparable.
FIXED ASSETS
- Land (Freehold)
- Factory Buildings
- Plant and Machinery
- Furniture and Fixture
- Office Equipments
- Computers
- Vehicles
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.61.68 |
|
|
1 |
Rs.93.53 |
|
Euro |
1 |
Rs.70.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.