MIRA
INFORM REPORT
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Report No. : |
308347 |
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Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
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Name : |
UFLEX LIMITED (w.e.f. 19.03.2007) |
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Formerly Known
As : |
FLEX INDUSTRIES LIMITED |
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Registered
Office : |
305, 3rd Floor, Bhanot Corner, Pamposh Enclave,
Greater Kailash – I, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.06.1988 |
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Com. Reg. No.: |
55-032166 |
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Capital
Investment / Paid-up Capital : |
Rs.722.115 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1988PLC032166 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELF00184C / MRTF00050B |
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PAN No.: [Permanent Account No.] |
AAACF0109J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture and Seller of flexible packaging products and
offer a complete flexible packaging solution |
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No. of Employees
: |
5090 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects company’s above-average operational risk profile supported by established market position in the packaging films as well as flexible packaging business and sound financial base of the company. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Term Long = BBB+ |
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Rating Explanation |
Moderate degree of
safety and moderate credit risk |
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Date |
December, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED DENIED BY
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Name : |
Mr. Rajeev Malthora |
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Designation : |
General Manager in Commercial |
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Contact No.: |
91-11-26440917 |
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Date : |
16.02.2015 |
LOCATIONS
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Registered Office/ Factory: |
305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048, India |
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Tel. No.: |
91-11-26440917/ 26440925 |
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Fax No.: |
91-11-26216922 |
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Email : |
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Website : |
http://www.uflexltd.com |
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Location: |
Owned |
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Corporate Office: |
A-107-108, Sector IV, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4012345 |
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Fax No.: |
91-120-2556040 |
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Email : |
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Head Office : |
A-2, Sector – 60 Noida, District Gautam Budh Nagar – 201307, Uttar Pradesh, India |
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Tel. No.: |
91-120-3982371/ 3982121/ 4002121/ 4002118/ 4002322/ 4002371 |
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Fax No.: |
91-120-2584527/ 3982380/ 2580089/ 4002380 |
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E-mail : |
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Corporate Office 1 : |
110, 1st Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash – I, New Delhi – 110048, India |
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Corporate Office 2 : |
A-107-108, Uflex Sector – IV, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4012345 |
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Fax No.: |
91-120-2556040 |
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E-mail : |
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Film Division : |
A-1, Sector-60, District Gautam Budh Nagar, Noida – 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4002137/ 4002138/ 4002121/ 2580500/ 3982121 |
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Fax No.: |
91-120-2585992/ 25802511/ 2580003/ 2580152/ 2580089/ 2582532/ 2580422/ 2580322 |
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Email : |
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Plant 1 : |
D-1-2, 15-16, Sector 59, Noida, Uttar Pradesh, India |
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Plant 2: |
29-B, Malanpur Industrial Area, District Bhind, Gwalior,
Madhya Pradesh, India |
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Plant 3: |
A-2A, Sector – 60, Noida, Uttar Pradesh, India |
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Plant 4: |
C-3, Sector – 57, Phase – III, Noida, Uttar Pradesh, India |
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Plant 5: |
C-5-8, Sector – 57, Phase III, Noida, Uttar Pradesh, India |
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Plant 6: |
L-1, Industrial Area, Ghirongi (Malanpur), District Bhind, Madhya Pradesh, India |
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Plant 7 : |
Unit I and Unit III Lane 3, Sidco Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu and Kashmir, India |
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Plant 8 : |
Unit I, Lane 2, Sidco Industrial Complex, Bari Brahmana, Jammu – 181133, Jammu and Kashmir, India |
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Overseas Plant 1 : |
Dubai, P.O. Box No. 17930, Near Round About 12, Jebel Ali Free Zone Area, Dubai United Arab Emirates |
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Overseas Plant 2 : |
Mexico, Boulevard De Los Rios #5680 Zona Puerto Industiral, C.P. 89603 Altamira, Tamaulipas, Mexico |
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Overseas Plant 3 : |
Egypt R 2 Plot No. 3, Engineering Square, North Extension of Industrial Zones 6th of October City, Arab Republic of Egypt |
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Overseas Plant 4 : |
Poland 62-300 Wrzesnia, ul. Gen. Wladyslawa Sikorskiego 48, Poland |
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Overseas Plant 5 : |
USA 1221, North Black Branch Road, Elizabethtown, KY 42701 |
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Branch Office : |
FMC Fortuna” Unit No. A-16, 2nd Floor, 234/3A, A.J.C. Bose Road, Kolkata – 700 020, West Bengal, India |
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Zonal Office 1 : |
Unit No. 402, IVth Floor, Naman Center, Block-G, Bandra Kurla Complex, Plot No.C-31, Bandra, Mumbai-400051, Maharashtra, India |
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Zonal Office 2 : |
A-16, FMC Fortuna, 234/3A (2nd Floor), Acharya Jagdish Chandra Bose Road, Kolkata - 700 020, West Bengal, India |
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Zonal Office 3 : |
443, 2nd Floor, 7th Block, Koramangala, Bangalore - 560 095, Karnataka, India |
DIRECTORS
As on 31.03.2014
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Name: |
Mr. Ashok Chaturvedi |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B.Sc. |
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Date of Appointment: |
01.08.1988 |
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Name : |
Mr. Ravi Kathpalia |
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Designation : |
Director |
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Date of Birth: |
18.08.1937 |
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Qualification: |
M.A., M. Phill, I.A.A.S |
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Date of Appointment : |
22.03.2002 |
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Directorship in other public limited companies : |
· Fair Field Atlas limited · Lord Chloro Alkali Limited · U Tech Developers limited · Dhir and Dhir ARC Limited |
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Name : |
Mr. M.G. Gupta |
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Designation: |
Director |
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Name : |
Mr. Achintya Karati |
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Designation: |
Nominee – ICICI Bank |
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Date of Birth: |
23.03.1946 |
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Qualification: |
30.05.2013 |
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Date of Appointment : |
B.Com., LL.B. |
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Directorship in other public limited companies : |
· J.K. Cement Limited · Jay Bharat Maruti Limited · Shyam Telecom Limited · Sangam (India) Limited · Delton Cables Limited · Tech Process Payment Services Limited |
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Name : |
Mr. S.K Kaushik |
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Designation: |
Whole-time Director |
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Date of Birth: |
20.11.1939 |
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Qualification: |
FCA |
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Date of Appointment : |
31.07.2005 |
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Directorship in other public limited companies : |
· Flex Foods Limited · UTech Developers Limited |
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Name : |
Mr. Vijay Kumar Gupta |
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Designation: |
Nominee IFCI |
KEY EXECUTIVES
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Name : |
Mr. Ajay Krishna |
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Designation : |
Senior Vice
President (Legal) and Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
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Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
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(A) Shareholding of Promoter and Promoter Group |
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2321729 |
3.48 |
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29065246 |
43.55 |
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31386975 |
47.02 |
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Total shareholding of Promoter and Promoter Group (A) |
31386975 |
47.02 |
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(B) Public Shareholding |
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22715 |
0.03 |
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42842 |
0.06 |
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5458489 |
8.18 |
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0.000 |
0.00 |
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5524046 |
8.28 |
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8389276 |
12.57 |
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9357369 |
14.02 |
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6769979 |
10.14 |
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5318004 |
7.97 |
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5065158 |
7.59 |
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252846 |
0.38 |
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29834625 |
44.70 |
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Total Public shareholding (B) |
35358671 |
52.98 |
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Total (A)+(B) |
66745646 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
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0 |
0.00 |
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5465840 |
0.00 |
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5465840 |
0.00 |
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Total (A)+(B)+(C) |
72211486 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Seller of flexible packaging products and
offer a complete flexible packaging solution |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
5090 (Approximately) |
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Bankers : |
UFLEX Limited, India - Bankers ·
ICICI Bank Limited ·
Canara Bank ·
Bank of Baroda ·
Punjab National Bank ·
State Bank of India ·
Bank of India ·
Allahabad Bank ·
Oriental Bank of Commerce ·
Corporation Bank ·
The Jammu and Kashmir Bank Limited ·
Syndicate Bank ·
CTBC Bank Company Limited Flex Middle East FZE, Dubai - Bankers ·
United Arab Bank, Dubai ·
Bank of India, New York Flex Americas S.A. de C.V., Mexico - Bankers ·
KFW IPEX Bank, Germany ·
KBC Bank Deutschland AG, Germany ·
DZ Bank AG Deutsche Zentral- ·
Genossenschaftsbank, Germany ·
State Bank of India, New York Flex P. Films (Egypt) S.A.E., Egypt - Bankers ·
KFW IPEX Bank, Germany ·
Qatar National Bank Alahli, S.A.E., Egypt ·
National Bank for Development, Egypt ·
National Bank of Abu Dhabi, Egypt Flex Films Europa Sp. z.o.o., Poland- Bankers ·
KFW IPEX Bank, GmbH - Germany ·
PKO Bank Polski, Poznan Flex Films (USA) Inc., Kentucky, USA- Bankers ·
KBC Bank, Deutschland AG, Germany ·
JP Morgan Chase Bank N.A., USA |
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Facilities : |
(Rs. In
Millions)
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Banking
Relations : |
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Statutory Auditors : |
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Name : |
Vijay Sehgal and Company Chartered Accountants |
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Address : |
100, New Rajdhani Enclave, Delhi – 110092, India |
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Tel. No.: |
91-11-32906809 |
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Fax No.: |
91-11-22025054 |
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E-Mail : |
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Internal Auditors : |
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Name : |
Jain Singhal and Associates Chartered Accountants |
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Address : |
2nd Floor, M - 6, M Block Market, Greater Kailash - II, New Delhi – 110048, India |
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Cost Auditors : |
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Name : |
Jitender, Navneet and Company Cost Accountants |
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Address : |
2-D, OCS Apartments, Mayur Vihar, Phase-I, Delhi - 110 091, India |
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Secretarial
Auditors : |
M/s Mahesh Gupta and Company Chartered Accountants |
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Address : |
110, Wadhwa Complex, D 288/10, Laxmi Nagar, Delhi-110 092, India |
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Wholly Owned
Subsidiaries : |
· Flex America Inc. (Up to 7th January, 2014) · Flex Middle East FZE · UFlex Europe Limited · UFlex Packaging Inc. · UPET Holdings Limited · UTech Developers Limited · Flex Films · (USA) Inc. (Up to 6th December, 2013) · Flex P Films (Brasil) Comercio De Films Plasticos Limiteda · USC Holograms Private Limited |
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Fellow Subsidiaries
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· Flex Films Europa Sp. Z.o.o, · Flex P Films (Egypt) S.A.E. · UPET (Singapore) PTE Limited · Flex Americas S.A. DE C.V. · SD Buildwell Private Limited · Flex Films (USA) Inc. (w.e.f 7th December, 2013) · Flex America Inc. (w.e.f 8th January, 2014) |
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Associate : |
Flex Foods Limited |
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Joint Venture : |
Qcell Limited (Till 30th September 2013) |
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Enterprises in which the persons referred in (v)
along with their relatives exercise significant Influence : |
Flex International Private Limited. Anshika Investments Private Limited Ultimate Flexipack Limited. A.R.Infrastructure and Projects Private Limited Anant Overseas Private Limited Apoorva Extrusion Private Limited, Anshika Consultants Private Limited A.R. Leasing Private Limited Cinflex Infotech Private
Limited Ultimate Enterprises Private
Limited AR Aerotech Private Limited AR Airways Private Limited Kaya Kalpa Medical Services
Private Limited AC Infrastructures Private Limited Club One Airways Private Limited Flex Industries Private Limited AC Infratech Private Limited RC Properties Private Limited A to Z Infratech Private Limited Ultimate Infratech Private Limited AKC Investments Private Limited Ganadhipati Investments Private Limited Ultimate Prepress LLP, AKC Retailers Limited., Niksar Finvest Private Limited Refex Energy (Rajasthan) Private Limited A-One Infratech Private Limited Ganadhipati Infraproject Private Limited Nirman Overseas Private Limited, Holofix Urban Infrastructures Private Limited Laurel Real Estates Private Limited Sungrace Products (India) Private Limited Virgin Infrastructures Private Limited Vendee Builders Private Limited, Ultimate Energy Limited., Modern Info Technology Private Limited Liberal Advisory Services
Private Limited Saga Realtors Private Limited Genius Infratech Private Limited and Naveli Collections Private Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
|
19000000 |
Preferences Shares |
Rs. 100/- each |
Rs. 1900.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 3400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72211486 |
Equity Shares |
Rs. 10/- each |
Rs.722.115 Millions |
|
|
|
|
|
The Company’s issued, subscribed and paid up capital of 72211486 (previous Year 72180775) Equity Shares of
Rs.10/- each, is distributed as under:
|
|
As at 31.03.2013 |
|
|
Number |
% |
|
|
a) Promoter & Promoter Group |
31386975 |
43.47 |
|
Of which Shareholders holding More than 5% of the Paid up
Capital |
||
|
Flex International Private Limited |
9197577 |
12.74 |
|
Anant Overseas Private Limited |
1000000 |
1.38 |
|
Anshika Investments Private Limited |
5771092 |
7.99 |
|
A.R. Leasing Private Limited |
4994891 |
6.92 |
|
Anshikha Consultants Private Limited |
3778524 |
5.23 |
|
Apoorva Extrusion Private Limited |
4323162 |
5.99 |
|
b) Public Shareholding |
40824511 |
56.53 |
|
i) Institution |
4536661 |
6.28 |
|
ii) Non-Institution |
30822010 |
42.68 |
|
iii) GDRs (underlying shares) |
5465840 |
7.57 |
|
Of which Shareholder holding More than 5% of the Paid up
Capital |
||
Further, the issued, subscribed and paid up capital of the Company includes 54,65,840 (Previous Year Same) Equity Shares lying with Depository, representing 27,32,920 (Previous Year Same ) Global Depository Receipts (GDRs), issued through an international offering in US Dollars, outstanding as at Balance Sheet date.
Restriction on Voting
Rights
Holders of GDRs have no voting rights in respect of underlying shares represented by the GDRs. However Depository can exercise the power to vote in respect of shares represented by the GDRs as directed by the Board, in terms of the conditions contained in offering circular. Registered holders of Shares, withdrawn from the deposit facility will be entitled to Vote and exercise other direct shareholder rights.
However the holders of the GDRs are entitled to portion of the annual dividend, if any declared, on the shares represented by the outstanding GDRs.
LISTING DETAILS:
|
|
BSE : 500148 NSE : UFLEX |
|
Stock Exchange Place : |
· BSE Limited, Mumbai · National Stock Exchange of India Limited, Mumbai · Societe de la Bourse de Luxembourg, Luxembourg (GDRs only) |
|
Listed Date : |
Not Available |
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 |
722.115 |
722.115 |
722.115 |
|
(b) Reserves & Surplus |
15215.060 |
14132.706 |
12200.765 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
750.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
15937.175 |
14854.821 |
13672.880 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4572.633 |
5514.744 |
6302.015 |
|
(b) Deferred tax liabilities (Net) |
1426.938 |
1593.238 |
1339.238 |
|
(c) Other long term liabilities |
39.829 |
37.273 |
33.857 |
|
(d) long-term provisions |
90.211 |
87.413 |
65.888 |
|
Total Non-current Liabilities (3) |
6129.611 |
7232.668 |
7740.998 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2677.054 |
2825.209 |
3098.581 |
|
(b) Trade payables |
4454.810 |
4410.225 |
3548.049 |
|
(c) Other current
liabilities |
3815.178 |
4350.279 |
4598.089 |
|
(d) Short-term provisions |
671.801 |
620.191 |
686.723 |
|
Total Current Liabilities (4) |
11618.843 |
12205.904 |
11931.442 |
|
|
|
|
|
|
TOTAL |
33685.629 |
34293.393 |
33345.320 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12757.308 |
13879.145 |
14380.073 |
|
(ii) Intangible Assets |
67.995 |
94.958 |
105.216 |
|
(iii) Capital
work-in-progress |
727.150 |
144.467 |
87.103 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
1.030 |
|
(b) Non-current Investments |
5304.859 |
6580.094 |
4904.821 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
654.778 |
844.675 |
1292.379 |
|
(e) Other Non-current assets |
42.847 |
123.695 |
397.713 |
|
Total Non-Current Assets |
19554.937 |
21667.034 |
21168.335 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
20.000 |
0.000 |
|
(b) Inventories |
2166.581 |
2185.752 |
2152.492 |
|
(c) Trade receivables |
8089.475 |
7124.169 |
6218.325 |
|
(d) Cash and cash
equivalents |
1440.257 |
903.407 |
871.505 |
|
(e) Short-term loans and
advances |
2280.213 |
2155.666 |
2789.663 |
|
(f) Other current assets |
154.166 |
237.365 |
145.000 |
|
Total Current Assets |
14130.692 |
12626.359 |
12176.985 |
|
|
|
|
|
|
TOTAL |
33685.629 |
34293.393 |
33345.320 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
31792.695 |
31563.656 |
30789.368 |
|
|
|
Other Income |
812.534 |
240.300 |
277.100 |
|
|
|
TOTAL (A) |
32605.229 |
31803.956 |
31066.468 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
19675.555 |
17229.164 |
17773.269 |
|
|
|
Purchase of Stock-in-trade |
743.139 |
2860.614 |
2620.401 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
110.083 |
(197.240) |
(32.893) |
|
|
|
Employee benefits expense |
2234.705 |
1844.731 |
1575.905 |
|
|
|
Other expenses |
5273.843 |
5417.209 |
4723.279 |
|
|
|
Expenses Allocated to Self-Constructed Assets |
(159.372) |
(319.811) |
(319.357) |
|
|
|
TOTAL (B) |
27877.953 |
26834.667 |
26340.604 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4727.276 |
4969.289 |
4725.864 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1672.269 |
1747.846 |
1599.862 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3055.007 |
3221.443 |
3126.002 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1468.123 |
1468.260 |
1236.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1586.884 |
1753.183 |
1889.532 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
293.320 |
368.480 |
393.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1293.564 |
1384.703 |
1495.920 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5023.401 |
5511.180 |
3688.410 |
|
|
|
Design and Art Work Recovery |
10.521 |
21.590 |
8.771 |
|
|
|
Technical and Support Services |
316.557 |
648.154 |
599.119 |
|
|
|
Interest on loans granted to subsidiaries |
13.379 |
15.868 |
14.756 |
|
|
|
Misc. Income |
0.000 |
0.000 |
0.502 |
|
|
|
Commission for extension of Corporate Guarantee for Subsidiaries |
61.138 |
51.452 |
0.000 |
|
|
TOTAL EARNINGS |
5424.996 |
6248.244 |
4311.558 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5210.358 |
5587.727 |
7088.971 |
|
|
|
Stores and Spares |
107.235 |
129.698 |
126.310 |
|
|
|
Capital Goods |
422.472 |
215.719 |
2016.801 |
|
|
|
Material-in-Transit-Raw Material |
37.857 |
36.402 |
65.457 |
|
|
|
Material-in-Transit-Capital Goods/Spare Parts |
0.578 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
5778.500 |
5969.546 |
9297.539 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.91 |
19.18 |
20.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.07 |
4.38 |
4.86 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
14.87 |
15.74 |
15.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.74 |
6.36 |
6.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.12 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.45 |
0.56 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.03 |
1.02 |
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 |
722.115 |
722.115 |
722.115 |
|
Reserves & Surplus |
12200.765 |
14132.706 |
15215.060 |
|
Money received against share warrants |
0.750 |
0.000 |
0.000 |
|
Net
worth |
12923.630 |
14854.821 |
15937.175 |
|
|
|
|
|
|
long-term borrowings |
6302.015 |
5514.744 |
4572.633 |
|
Short term borrowings |
3098.581 |
2825.209 |
2677.054 |
|
Total
borrowings |
9400.596 |
8339.953 |
7249.687 |
|
Debt/Equity
ratio |
0.727 |
0.561 |
0.455 |
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 |
30789.368 |
31563.656 |
31792.695 |
|
|
|
2.515 |
0.726 |
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 |
30789.368 |
31563.656 |
31792.695 |
|
Profit |
1495.920 |
1384.703 |
1293.564 |
|
|
4.86% |
4.39% |
4.07% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
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
|
Particulars |
31.03.2014 (Rs. in
Millions) |
31.03.2013 (Rs. in
Millions) |
|
Long Term Borrowings |
|
|
|
From Bodies Corporate |
263.179 |
112.674 |
|
Current Portion |
(2354.654) |
(2308.008) |
|
Short Term Borrowings |
|
|
|
From Others* * Guaranteed by Chairman and
Managing Director of the company |
138.500 |
426.927 |
|
|
|
|
|
Total |
(1952.975) |
(1768.407) |
COMPANY AND ITS BACKGROUND
The Company was registered with the ROC, Delhi & Haryana under the Registration number 55-32166 dated 21st June 1988. Old Registration number has been converted into new Corporate Identification number (CIN) L74899DL1988PLC032166
The Registered Office of the Company is situated at 305, 3rd Floor, Bhanot Corner, Pamposh Enclave, Greater Kailash-I, New Delhi- 110 048
The Company has been engaged in the manufacture and sale of flexible packaging products & offer a complete flexible packaging solution to its customers across the globe.
YEAR IN RETROSPECT
Further,
The Company achieved on standalone basis total revenue of Rs.32605.200 Millions
including other income of Rs.812.500 Millions as against total revenue of
Rs.31804.000 Millions including other income of Rs.240.300 Millions of the
previous financial year ended 31st March, 2013. The
profit for the year ended 31st March, 2014 at
Rs.1293.600 Millions was lower than the previous financial year ended March,
2013 at Rs.1384.700 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS
Business Review
Plastic Film Business
The main products of this business are OPP Films, Polyester Films, Metalized & Specialty films and Polyester Chips of different grades etc. The Company’s OPP films comprising of BOPP and CPP films are highly cost effective and functionally efficient and has rapidly penetrated into high barrier sensitive packaging segment across the World. It is primarily being used for applications in packaging food products such as tea, coffee, confectionery, biscuits, bakery, pasta, dried foods, meats and others. The technologically superior and highly dependable BOPP film can be structured in up to three layers and tailored for almost any machine requirements and is capable of meeting both Rotogravure ad Flexography Printing standards. The Company produces BOPP film from its Indian plant which largely caters to the captive & domestic market and Egypt plant which caters to the international market.
The CPP film is highly dynamic and versatile with high gloss, greater transparency, better heat sealability, good twisting property and better tear strength. These factors provide its application in food wraps, anti wraps, anti fog, garment bags, deep freeze applications, etc. Presently CPP film too is produced from Indian plant and caters to captive consumption & Indian market. The CPP plant in Egypt caters to the international market.
BOPET films in different range of microns have the capacity to sustain the high fidelity graphics and meet the requirements of both rotogravure as well as flexography printing standards besides having properties of BOPET film like optically brilliant, clear appearance, unequaled mechanical strengths and toughness, excellent
dielectric properties good flatness and coefficient of friction (COF), tear resistant and puncture resistant characteristics wide range of thickness, excellent dimensional stability over a wide range of temperature, good resistant to most common solvents, moistures, oil and grease, excellent barrier against a wide range of gases. BOPET film is produced from India, Dubai, Mexico, Poland, Egypt and USA. Indian plant meets captive & Indian market requirements whereas overseas plants serve overseas market.
The Company has the facility to produce polyester chips of film grade, yarn grade and bottle grade. The film grade chips are used as raw material for the manufacturing of polyester films whereas yarn grade chips are used for the manufacturing of polyester yarn and bottle grade chips for production of PET bottles. The Company has made use of its state-of-the-art batch processing manufacturing facilities set up in India, by conveniently switching over to produce different grades of chips based on the demand and orders in hand. The Company manufactures a wide range of polyester chips suitable for various applications. Through continuous R&D efforts, the Company has developed different speciality polyester chips, which has been well accepted in the Indian and International market. Presently the Chip Unit also caters to the requirement of the Specialty Chips of Company’s overseas
Subsidiary Companies.
Flexible Packaging
Business
The main products of this business are laminates made of various combinations of Polyester, BOPP, poly, metalized & hologram films and others in roll form and in various preformed pouches & bags of many sizes, rotogravure cylinders for various types of rotogravure printing, Anilox/Coating, Rollers for flexo printing and
Shims for holographic embossing and holograms and printing ink and adhesives and packaging & processing machines. This business involves customization according to the needs of customer.
The Company has the technical ability and innovative skills to design structures and barrier properties. The Company is one of the world leaders producing world class flexible packaging solutions that:
Enhance market performance of the product
• Improve utility for the end user
• Help products reach out to new markets
• Replace out-moded options with versatile and cost-effective solutions
The Company offers finished packaging of a wide variety of products such as snack foods, candy and confectionery, sugar, rice & other cereals, beverages, tea & coffee, desert mixes, noodles, wheat flour, soaps and detergents, shampoos & conditioners, vegetable oil, spices, marinates & pastes, cheese & dairy products, frozen food, sea food, meat, anti-fog, pet food, pharmaceuticals, contraceptives, garden fertilizers and plant nutrients, motor oil and lubricants, automotive and engineering components etc.
Uflex is known for introduction of Latest Technology and Marketable Concepts –
· World’s first 8 micron BOPP Film for Conversion (2013) – It is suitable for conversion operations like printing, lamination, coating and metallisation. This is a significant down-gauging achievement when compared to the 12 to 15 micron thick BOPP films that are conventionally used for these applications and effects cost and material savings ranging from 33% to 47%, which is a great boon to convertors and endusers.
· High barrier Laminate for Shampoo Packaging (2013) - The new laminate is a reverse printed 12 micron BOPET/40 micron metalized LDPE structure. It reduces material consumption by over 12% because of the down-gauging achieved and cuts out one laminate ply and hence, one operation to provide substantial source reduction and energy saving as well as cost reduction.
· New laminate for packaging of Fortified Drinking Water (2013) – It is the world’s first flexible laminate that is suitable for packaging drinking water fortified with health-enhancing minerals like zinc, calcium and copper and provides extended shelf -life. The laminate has excellent organoleptic properties and does not degrade even on extensive exposure to UV rays in tropical conditions. These pouches replace rigid PET bottles and provide a much cheaper and a much more sustainable option.
· Universal Grade Of Polyester Film (2012)- Flex films has launched a revolutionary “universal” grade of Polyester Film designated FLEXPET F_UPF. It is a special grade of film that is suitable for all standard and special conversion processes as well as demanding application like high bond strength in coating and lamination, excellent metal bond during metallization, hot filling, retort processing, pasteurization, boiling or microwave heating.
· EB Curing Stand-up Bag (2012) - A preform bag for filling and made from 45gsm Paper/ Metalized BOPP/LDPE laminate that is surface printed and coated in line using electron beam (EB) curing. Bag has standup construction and made from four separate laminate webs. This bag has special properties like very high scuff resistance; precisely tailored COF to facilitate stacking of filled bags and gloss that mimics a reverse printed biaxially oriented film. The inks are fade resistant and bag is water resistant and highly chemical resistant.
· Eco Friendly Flexi Tube (2011) – Uflex is the 1st company in world offering – use of PET film as top layer printing and 360 degree printing on flexi tubes for various end segments, making flexi tubes more colourful compared to current industry trends of white tubes only. This tubing technology innovation provides “butt” side seam option, as against existing “overlap” side seam variety for last 40 years. First instance in world of tube industry, Uflex commercialized holographic tubes with 150 microns thickness without foil with printing on substrate viz PET, Matt PET, BOPP, Matt BOPP, PE.
· AL-OX Coated Polyester Film (2011) – (Al-Ox) coater applies a thin and highly transparent coating of aluminum oxide on packaging films that gives moisture barrier i.e. over 13 times of plain uncoated BOPET film. Oxygen barrier of plain BOPET film is enhanced 33 times. Properties are not affected by even by high level of temperature and relative humidity, provides transparency, enables optical scanning, inspection and facilitates metal detection. These films can also be used for microwave heating or cooking.
Printing Cylinder – The main activities of the Cylinder business is to produce Rotogravure Cylinders for various types of Rotogravure printing, Anilox/Coating Rollers for flexo printing and Shims for holographic embossing. The
printing Cylinders business of the Company is one of the largest in India. These cylinders are made for captive consumption as well as for domestic and international sales. Printing Cylinder is at the core of the Rotogravure Flexible printing and the Company has capabilities to provide complete solution starting from Artwork/Mock up stage to producing final printing cylinders.
The Company has bought special software for making specialized Cylinders up to 2.5 meters. The same can be used for vinyl flooring, wood grains, Textile & various other specialized purposes. Zero discharge system with effluent treatment plant was installed to stop draining of waste chemical(s) after treatment. The Company saves foreign exchange by developing in-house copper additive for copper plating. It is also having a proofing system which can print on actual substrate without engraving the Cylinders.
Flexographic plates : Flexographic plates, like letterpress plates, are relief plates with image elements raised above open areas. They are elastomeric in nature in contrast with hard letterpress plates. They use rotary resses and low viscosity inks. Flexographic plates have a Shore A durometer hardness of 25-55 versus durometer eadings in excess of 60 for letterpress plates. The process was originally called aniline printing because of the aniline dye inks that were first used in the process. Coarse surfaces such as corrugated board and stretchy films can economically be printed only with this process. Flexography leaped into prominence with the introduction of cellophane as a packaging material.
Flexo proof press (Wet Proof) : Introduced first time in India, this is capable of proofing on actual substrate with actual ink and plates. Prior to printing, jobs can be proofed to obtain the approval from the customer. It saves lot of press time & waste of plates.
Digital Plate Cutting Table: This equipment can cut Flexo Plates either straight or Staggered to the finished size, when mounted on plate sleeve the joining will be more precise. This can cut Flexo plates as well as paper board and Rubber Blanket.
Solvent Recovery Plant: Recycling of used solvent can be recovered by upto 90% through this Equipment and same can be reused in the washout process. Moreover waste of this process can also be used as fuel for our incinator, furnace etc.
Laser: The Company has recently installed Direct Laser Engraving System (by M/s Schepers – Germany, a pioneer in laser techniques) with 4 beam facility by which, the Company can achieve High Resolution Images, High Definition Pictures and Fine Text. It leads to achieve up to 10,000 dpi. With this facility the Company is able to engrave Solid background and Fine Text and Straight Line Text for Paper & Board Packaging especially for Tobacco & Cosmetic Industry.
The Company can also achieve
High-Definition Half Tone results, 3D Pictures, Micro Texts, Nano Texts, Hidden
Texts and Security Features with 3D effects. The Company is able to make
special cylinders e.g. Embossing Rollers, Mica Vinyl Rollers, Textiles, Match
Box and Tissue & Paper Napkin etc. The Company can also get low
& high depth cylinders to deposit
(0.5 gsm – 40 gsm) coating.
Hologram produced by the Company has been well accepted both by the Government and Private Organization across the country. The Company through aggressive marketing has been able to get substantial orders from different states. With a strong foothold in innovating products and design, research & development of holography
division is committed to refine and upgrade the processes and products being manufactured. Our fully equipped research laboratory is a result of core technical strength & commitments to manufacturing holography and related products. Hologram being low cost with better margin, add to the bottom line significantly.
Ink & Adhesives: The Company has produced indigenously the new generation cost effective polyester base solvent less adhesive system for flexi pack, new ink system for PVC profile and special coating for producing matt effect in laminates.
Machines: The Company also manufactures customized need based packaging and processing machines. The ongoing process of innovation and introduction of machines through its in-house R&D facilities, having unique features and facilities for packaging products of different varieties, enables the Company to manufacture both tailor made machines as well as machines of specific design to suit the needs and requirements of various customers both in India and abroad. The Company’s machines have found global acceptance in more than 35 countries. The Company’s valued customers in India and abroad include Unilever, Coca Cola, Wrigley, Procter & Gamble, Nestle, Ranbaxy, Perfetti, ITC, Britannia, Dabur, Haldiram, Parle Biscuit, Tata Tea etc.
Future Outlook
Because of growing consumer focus on convenience and sustainability, general flexible packaging use has been growing rapidly worldwide both in absolute and percentage terms. It is gaining market share from other packaging formats such as rigid packaging. This growth is projected to continue because flexible packaging, particularly pouch packaging, uses less energy and materials and has lower transport costs, environmental impact and carbon footprint than its rigid counterparts. These current trends concerning flexible packaging and rapid growth are anticipated to continue and increase over the next 10 years to 2023. there will be continuous development of new flexible packaging products for new markets and applications encroaching on traditional rigid packaging. High growth is expected in Europe and North America, as well as in the emerging markets of Asia and Central and South America.
Important drivers from a manufacturing viewpoint will
include savings in materials, manufacturing and transportation costs and
increased line filling speeds for pouches to match those for rigid bottles.
From the consumer viewpoint two important drivers will be the growing focus on
convenience and sustainability.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
Rs. in Millions
31.03.2014 |
Rs. in Millions
31.03.2013 |
|
Guarantees issued by Banks |
212.405 |
128.641 |
|
Corporate Gurantee issued for facilities taken by subsidiary / step down subsidiaries from Banks |
21390.750 |
17590.420 |
|
Import duty obligations on outstanding export commitment under Advance Licence / EPCG Schemes |
226.464 |
285.416 |
|
Letters of Credit (Unexpired) issued by Banks (Net of Margin) |
612.132 |
635.577 |
|
Show cause notice / demands of Excise Authorities not acknowledged by the Company and are contested / appealed / replied. |
803.809 |
638.420 |
|
Additional demands raised by the Income Tax Department, which are under rectification and appeal |
51.904 |
48.071 |
|
Additional demands raised by the Sales Tax Department, which are under rectification and appeal |
79.191 |
20.463 |
|
Demand raised by PF authority for alleged lower contribution of PF and are under appeal |
2.773 |
2.773 |
|
Amount demanded by the erstwhile workers of the Company and are pending in labour Court |
1.048 |
0.977 |
|
Claims against the Company/disputed liabilities not acknowledged as debt. |
41.586 |
41.967 |
INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10504071 |
24/05/2014 |
1,516,500,000.00 |
CANARA BANK |
PCB CONNAUGHT PLACE, NEW DELHI, DELHI, DELHI - 11 |
C07265069 |
|
2 |
10488516 |
24/03/2014 |
500,000,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
JAMMU AND KASHMIR BANK LIMITED, LAJPAT NAGAR IV, NE |
C02530079 |
|
3 |
10485032 |
21/07/2014 * |
1,549,750,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH II, WORLD TRADE TOWER, BAR |
C15938467 |
|
4 |
10452372 |
14/08/2013 |
9,300,000.00 |
JAMMU AND KASHMIR BANK LIMITED |
P-2,JOP PLAZA, SECTOR-18, NOIDA, NOIDA, UTTAR PRA |
B86388923 |
|
5 |
10417881 |
04/09/2013 * |
1,250,000,000.00 |
CANARA BANK |
PCB CONNAUGHT PLACE, WORLD TRADE TOWER,BARAKHAMBA |
B85561819 |
|
6 |
10410566 |
14/11/2013 * |
500,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 11 |
B89298582 |
|
7 |
10395743 |
27/08/2013 * |
500,000,000.00 |
THE JAMMU AND KASHMIR BANK LIMITED |
A-17, RING ROAD, LAJPAT NAGAR IV, NEW DELHI, DELH |
B84727890 |
|
8 |
10335387 |
27/05/2013 * |
150,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, IIND FLOOR, WORLD TRADE T |
B76836014 |
|
9 |
10301923 |
12/08/2011 |
750,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATE BRANCH, 3RD FLOOR,NO.10 HOMJI STR |
B18609917 |
|
10 |
10281550 |
14/11/2013 * |
2,000,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PLACE, DELHI - 110019, INDIA |
B89299838 |
|
11 |
10223626 |
27/07/2012 * |
1,000,000,000.00 |
BANK OF INDIA |
NEW DELHI LARGE CORPORATE BRANCH, PTI BUILDING,4 |
B55797419 |
|
12 |
10219536 |
27/07/2012 * |
2,400,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17 PARLIAME |
B55797146 |
|
13 |
10182472 |
27/07/2012 * |
1,600,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
B55803779 |
|
14 |
10173188 |
21/07/2014 * |
5,650,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH II, WORLD TRADE TOWER, BAR |
C15808454 |
|
15 |
10114823 |
02/06/2009 * |
75,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRAD |
A66123217 |
|
16 |
10000468 |
09/11/2006 * |
435,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET, |
A00155556 |
|
17 |
80057655 |
16/08/2005 |
255,725,000.00 |
IFCI LIMITED |
IFCI TOWER, 61, NEHRU PLACE , NEW DELHI, DELHI - |
- |
|
18 |
90063472 |
26/11/2010 * |
100,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, TOLOSTOY HOUSE TOLSTOY MA |
B00842500 |
|
19 |
80023749 |
06/05/2010 * |
350,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17 PARLIAME |
A86230687 |
|
20 |
90063342 |
21/12/2004 |
110,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, 2ND; FLOOR WORLD TRADE |
- |
|
21 |
90063301 |
29/01/2009 * |
755,600,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET, |
A58802406 |
|
22 |
80043885 |
18/07/2003 |
37,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, WORLD TRADE TOWER, BA |
- |
|
23 |
80057738 |
18/05/2001 |
371,800,000.00 |
ICICI LIMITED |
ICICI TOWER, NBCC PLACE, BISHAM PITAMAH MARG, PRA |
- |
|
24 |
80057739 |
18/05/2001 |
371,800,000.00 |
ICICI LIMITED |
ICICI TOWER, NBCC PLACE, BISHAM PITAMAH MARG, PRA |
- |
|
25 |
80057744 |
01/09/2001 * |
250,857,800.00 |
THE WESTERN INDIA TRUSTEE AND EXECUTOR CO LIMITED |
16TH FLOOR, C WING, MITTAL COURT, , NARIMAN POINT |
- |
|
26 |
80045787 |
16/08/2005 * |
215,937,344.00 |
IFCI LIMITED |
IFCI TOWER,, 61, NEHRU PLACE , NEW DELHI, DELHI - |
- |
|
27 |
90046939 |
09/02/2001 * |
32,500,000.00 |
VIJAYA BANK |
A -5 ; SEC. -19, NOIDA, UTTAR PRADESH - 201301, IN |
- |
|
28 |
80064010 |
05/07/1997 |
24,000,000.00 |
BANK OF BARODA |
15-A/14, W.E.A KAROL BAGH, , NEW DELHI, DELHI - 1 |
- |
|
29 |
80064004 |
05/07/1997 |
65,700,000.00 |
BANK OF BARODA |
15-A/14, , W.E.A , KAROL BAGH, NEW DELHI, DELHI - |
- |
|
30 |
90046784 |
29/01/2009 * |
65,000,000.00 |
ORIENTAL BANK OF COMMERCE |
A - 135A, SECTOR - 27, NOIDA, UTTAR PRADESH - 201 |
A58555608 |
|
31 |
90060963 |
25/03/1997 * |
83,700,000.00 |
ING BANK |
7TH; FLOOR; HAECHST HOUSE; POST BAG NO.9971, NARI |
- |
|
32 |
90041725 |
29/01/2009 * |
40,500,000.00 |
CORPORATION BANK |
16/10, ARYA SAMAJ ROAD,, KAROL BAGH, NEW DELHI, D |
A58415704 |
|
33 |
90041656 |
09/12/1999 * |
500,000,000.00 |
ICICI LIMITED. |
ICICI TOWERS, BANDRA KURLA COMPLEX; BANDRA, MUMBA |
- |
|
34 |
80057734 |
25/03/1997 * |
23,000,000.00 |
ICICI BANK LIMITED |
163, BACKBAY RECLAMATION , MUMBAI, MAHARASHTRA - 4 |
- |
|
35 |
80057735 |
25/03/1997 * |
23,000,000.00 |
ICICI BANK LIMITED |
163, BACKBAY RECLAMATION , MUMBAI, MAHARASHTRA - 4 |
- |
|
36 |
90060832 |
25/03/1997 * |
83,700,000.00 |
ING BANK |
7TH; FLOOR; HAECHST HOUSE; POST BAG NO.9971, NARI |
- |
|
37 |
90046434 |
09/02/2001 * |
42,500,000.00 |
THE ICICI BANK LIMITED. |
9-A ; CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, |
- |
|
38 |
80045786 |
15/02/2010 * |
20,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PLACE, NEW DELHI, DELHI - 1 |
A80119902 |
|
39 |
90060723 |
25/03/1997 * |
900,000,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED |
BANK OF BARODA BUILDING, 16; SANSAD MARG; P. B. N |
- |
|
40 |
80000384 |
09/03/2006 * |
936,617,160.00 |
INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF IN |
163, BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
A00136994 |
|
41 |
90060446 |
29/01/2009 * |
168,300,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 1ST FLOOR, TOLSTOY HOUSE, |
A58426750 |
|
42 |
80045190 |
29/01/2009 * |
145,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, 1ST FLOOR, TOLSTOY HOUSE, |
A58599838 |
|
43 |
90041277 |
12/02/2002 * |
26,500,000.00 |
BANK OF BARODA |
15A/14; WESTERN EXTENSION AREA, KAROL BAGH, NEW D |
- |
|
44 |
90060444 |
03/08/1994 |
98,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
- |
|
45 |
90060369 |
29/01/2009 * |
298,300,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 11TH FLOOR, |
A58244237 |
|
46 |
90041197 |
12/02/2002 * |
10,000,000.00 |
BANK OF BARODA |
15A/14; WESTERN EXTENSION AREA, KAROL BAGH, NEW D |
- |
|
47 |
80000447 |
16/07/1993 |
282,187,500.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION O |
163, BACBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400 |
- |
|
48 |
90060270 |
14/06/2000 * |
282,187,500.00 |
ICICI LIMITED |
ICICI TOWERS, BANDRA KURLA COMPLEX; BANDRA EAST, |
- |
|
49 |
90060241 |
25/03/1997 * |
15,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORP OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
- |
|
50 |
80064074 |
20/03/1993 |
10,000,000.00 |
CANARA BANK |
INDL. FINANCE BRANCH, WORLD TRADE TOWER, BARAKHAM |
- |
|
51 |
80064003 |
28/05/1992 |
2,200,000.00 |
CANARA BANK |
INDUSTRIAL FIFNANCE BRANCH, , NEW DELHI, DELHI - |
- |
|
52 |
90045847 |
06/02/1992 |
7,500,000.00 |
CANARA BANK |
NEW DELHI, NEW DELHI, DELHI, INDIA |
- |
|
53 |
90045839 |
21/01/1992 |
7,670,000.00 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORPN. OF |
PICUP BHAWAN, GOMTI NAGAR, LUCKNOW, UTTAR PRADESH |
- |
|
54 |
90045778 |
16/04/1991 |
194,063.00 |
FINANCE LIMITED. |
413 ; SWAPNA LOK COMPLEX, S.D. ROAD, SECUNDERABAD |
- |
|
55 |
90059963 |
25/03/1997 * |
7,100,000.00 |
THE INDUSTRIAL FINACNE CORP OF INDIA |
BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DEL |
- |
|
56 |
90045612 |
02/06/2009 * |
419,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRAD |
A66233834 |
|
57 |
80064009 |
15/03/2001 * |
25,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCJ, , NEW DELHI, DELHI - 1 |
- |
|
58 |
80064001 |
23/01/1990 |
76,900,000.00 |
CANARA BANK |
NEHRU PLACE , , NEW DELHI, DELHI - 110019, INDIA |
- |
|
59 |
80043886 |
02/06/2009 * |
316,500,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH-II, IIND FLOOR, WORLD TRAD |
A66236266 |
|
60 |
90045446 |
15/10/1988 |
2,300,000.00 |
CANARA BANK |
NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
61 |
90052136 |
03/04/1989 * |
1,250,000.00 |
CANARA BANK |
NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
62 |
90052111 |
12/03/1987 |
45,500.00 |
U.P. FINANCIAL CORPORATION |
KANPUR, KANPUR, UTTAR PRADESH, INDIA |
- |
|
63 |
90052033 |
01/06/1985 |
1,800,000.00 |
U.P. FINANCIAL CORPORATION |
14/88; CIVIL LINES, KANPUR, UTTAR PRADESH, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Electrical Installations
· Office Equipments
· Furniture and Fixtures
· Vehicles
· Software
· Aircraft
· Patent
· Technical Know-How
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEARLY ENDED 30.09.2014
(Rs. In Millions)
|
Particulars |
Quarter ended |
Half Year Ended |
||
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
8914.400 |
8040.300 |
16954.700 |
|
|
(b) Other Operating Income |
274.900 |
218.100 |
493.000 |
|
|
Total income from operations (net) |
9189.300 |
8258.400 |
17447.700 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
5965.100 |
5392.400 |
11357.500 |
|
|
(b) Purchases of stock-in trade |
145.600 |
35.400 |
181.000 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(102.300) |
29.000 |
(73.300) |
|
|
(d) Employee benefits expense |
642.900 |
614.100 |
1257.0000 |
|
|
(e) Depreciation and Anmortisation Expenses |
423.600 |
419.400 |
843.000 |
|
|
(f) Power and Fuel |
410.500 |
384.700 |
795.200 |
|
|
(f) Other Expenses |
1027.700 |
821.600 |
1849.300 |
|
|
Total expenses |
8513.100 |
7696.600 |
16209.700 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
676.200 |
561.800 |
1238.000 |
|
4 |
Other Income |
172.000 |
71.600 |
243.600 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
848.200 |
633.400 |
1481.600 |
|
6 |
Finance Costs |
323.900 |
302.500 |
654.800 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
524.300 |
302.500 |
826.800 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
524.300 |
302.500 |
826.800 |
|
10 |
Tax expenses |
69.800 |
50.100 |
119.900 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
454.500 |
252.400 |
706.900 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
454.500 |
252.400 |
722.100 |
|
14 |
Share of profit' (loss) of associates |
-- |
--- |
-- |
|
15 |
Minority Interest |
-- |
--- |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
454.500 |
252.400 |
706.900 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
722.100 |
722.100 |
722.100 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
-- |
-- |
- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
-- |
|
- |
|
|
(a) Basic |
6.29 |
3.50 |
9.79 |
|
|
(b) Diluted |
6.29 |
3.50 |
9.79 |
|
|
- No. of shares |
40824511 |
40824511 |
40824511 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
56.53% |
56.53% |
56.53% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
|
b) Non-encumbered |
-- |
-- |
-- |
|
|
- No. of shares |
31386975 |
31386975 |
31386975 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
43.47% |
43.47% |
43.47% |
|
|
Particulars |
Quarter ended 30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
3 |
|
|
Disposed off during the quarter |
3 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particulars |
As at half year ended on 30.09.2014 (Unaudited) |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
722.100 |
|
|
(b) Reserves & Surplus |
15549.500 |
|
|
Total
Shareholders’ Funds |
16271.600 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
3933.000 |
|
|
(b) Deferred tax liabilities (Net) |
1285.400 |
|
|
(c) Other long term liabilities |
34.400 |
|
|
(d) long-term provisions |
90.200 |
|
|
Sub Total Non-current Liabilities |
5343.000 |
|
|
|
|
|
3 |
Current Liabilities |
|
|
|
(a) Short term
borrowings |
2861.600 |
|
|
(b) Trade payables |
4969.400 |
|
|
(c) Other current
liabilities |
3848.400 |
|
|
(d) Short-term provisions |
679.600 |
|
|
Sub
Total Current Liabilities |
12359.000 |
|
|
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
33973.600 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
13041.000 |
|
|
(b) Non-current Investments |
4889.800 |
|
|
(c) Long-term Loan and Advances |
871.500 |
|
|
(d) Other Non-current assets |
23.000 |
|
|
Sub Total Non-Current Assets |
18825.300 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
0.000 |
|
|
(b) Inventories |
2496.200 |
|
|
(c) Trade receivables |
8842.800 |
|
|
(d) Cash and cash
equivalents |
1077.100 |
|
|
(e) Short-term loans
and advances |
2672.300 |
|
|
(f) Other current
assets |
59.900 |
|
|
Sub Total Current
Assets |
15148.300 |
|
|
|
|
|
|
TOTAL-ASSETS |
33973.600 |
Note:
1. Pursuant to the amended Clause no. 41 of the Listing Agreement, the company has opted to publish only the consolidated results of the company. The investors can view the stand alone results of the company on its website uflexltd.com or the websites www.bseindia.com and www.nseindia.com
2. Standalone financial results for the quarter & half yearly ended 30.09.2014 are as under :
|
|
Quarter ended |
Half Year Ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Total income from operations (net) |
9189.300 |
8258.400 |
17447.700 |
|
Profit I (Loss) from Ordinary Activities before tax |
524.300 |
302.500 |
826.800 |
|
Tax expense |
69.800 |
50.100 |
119.900 |
|
Net profit I (Loss) from Ordinary Activities after tax |
454.500 |
252.400 |
706.900 |
|
Extraordinary Items (net of tax expenses) |
- |
- |
- |
|
Net Profit I (Loss) for the period |
454.500 |
252.400 |
706.900 |
3. Consolidated financial results includes the results of its associate concern, joint venture and subsidiaries.
4. Figures have been regrouped I re-arranged wherever considered necessary.
5. In accordance with AS -17 "Segment Reporting", the segment reporting by the Company is not applicable.
6. Company's has divested remaining 25% of its holding in Flex Films (USA) Inc to its Wholly own subsidiary, Flex Middle East, FZE, Dubai.
7. Pursuant to the enactment of the Companies Act 2013 (the 'Act'), the Company has, effective 1st April'2014, reviewed and revised the estimated useful lives of its fixed assets, generally in accordance with the provisions of Schedule II to the Act. Accordingly, the carrying amount of Rs.372.500 Millions in respect of assets with nil revised remaining life as at 1st April 2014 is reduced from the retained earnings as at such date. Further as a result of this change, the depreciation for the quarter and half year ended 30th September 2014 is higher by Rs. 47.600 Millions and Rs. 102.400 Millions respectively and profit for the quarter and half year ended 30th September 2014 is lower by such amount.
8. The above results have been approved and taken on record by the Board of Directors of the Company at their meeting held on 11th November,2014.
9.
Limited Review of the Standalone Financial
Results for the quarter ended 30th September,2014 has been carried out by the
Statutory Auditors of the Company.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.95.72 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
50 |
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.