MIRA INFORM REPORT
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Report No. : |
330907 |
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Report Date : |
08.07.2015 |
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, New Delhi – 110048 |
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Tel. No.: |
91-11-26440917 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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.722.145 Million |
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CIN No.: [Company Identification
No.] |
L74899DL1988PLC032166 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELF00184C / MRTF00050B |
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PAN No.: [Permanent Account No.] |
AAACF0109J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture and Seller of flexible packaging products and offer
a complete flexible packaging solution |
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No. of Employees
: |
Information declined by the management |
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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Maximum Credit Limit : |
USD 48000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject was established in 1988 and it is manufacture and seller of
flexible packaging products and offer a complete flexible packaging solution.
It is an established company having satisfactory track record. For the financial year ended 2015, company possesses healthy
operational performance with topline growth of 3.92% and it has maintained
profitability margins at 4.27%. Rating takes into account the company’s large scale of operations and
established market position in the packaging films and flexible packaging
business supported by its geographically diversified portfolio with
operations in both domestic and overseas markets. Rating also takes into consideration company’s adequate financial risk
profile marked by healthy net worth base and favorable liquidity position of
the company. Rating strengths are partially offset exposure of profit margins to
cyclicality in the commoditized films manufacturing business and fragmented
nature of the flexible packaging industry resulting in high competition from
organized as well as unorganized players. However, trade relations are reported as fair. Payment terms are
reported to be usually correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
|
Rating Agency Name |
ICRA |
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Rating |
Term Long = BBB+ |
|
Rating Explanation |
Moderate degree of
safety and moderate credit risk |
|
Date |
December, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management non-cooperative (91-120-3982371)
LOCATIONS
|
Registered Office/ Factory/ Correspondence : |
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 II, 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 31.03.2015
|
Name: |
Mr. Ashok Chaturvedi |
|
Designation : |
Chairman and Managing Director |
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Qualification : |
B.Sc. |
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Date of Birth: |
15.10.1956 |
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Date of Appointment: |
01.08.1988 |
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Name: |
Mr. Ashok Chaturvedi |
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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 : |
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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 : |
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Name : |
Vijay Kumar Gupta |
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Designation: |
Nominee IFCI |
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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 : |
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Name : |
Ms. Tara Sankar Sudhir Bhattacharya |
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Designation : |
Director |
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Date of Birth: |
24.01.1948 |
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Qualification: |
M.Sc.(Nuclear Physics), P.G.Diploma in Management Science |
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Date of Appointment : |
14.02.2015 |
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Name : |
Ms. Indu Liberhan |
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Designation : |
Director |
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Date of Birth: |
28.05.1950 |
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Qualification: |
M.A.(Eng.) & M.Phil. (Public Administration) |
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Date of Appointment : |
28.05.2015 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Krishna |
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Designation : |
Senior Vice
President (Legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
||
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|
|
|
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|
2321729 |
3.22 |
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|
29462610 |
40.80 |
|
|
31784339 |
44.02 |
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|
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Total
shareholding of Promoter and Promoter Group (A) |
31784339 |
44.02 |
|
(B)
Public Shareholding |
||
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|
|
|
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|
22647 |
0.03 |
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|
135766 |
0.19 |
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|
5504147 |
7.62 |
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|
0 |
0.00 |
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|
5662560 |
7.84 |
|
|
|
|
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|
7666557 |
10.62 |
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|
|
|
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|
9277748 |
12.85 |
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|
6917486 |
9.58 |
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|
5436956 |
7.53 |
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|
5165156 |
7.15 |
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|
271800 |
0.38 |
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|
29298747 |
40.57 |
|
Total
Public shareholding (B) |
34961307 |
48.42 |
|
Total
(A)+(B) |
66745646 |
92.43 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
5465840 |
7.57 |
|
|
5465840 |
7.57 |
|
Total
(A)+(B)+(C) |
72211486 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Seller of flexible packaging products and
offer a complete flexible packaging solution |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
UFLEX Limited, India - Bankers
Flex Middle East FZE, Dubai - Bankers
Flex Americas S.A. de C.V., Mexico - Bankers
Flex P. Films (Egypt) S.A.E., Egypt - Bankers
Flex Films Europa Sp. z.o.o., Poland- Bankers
Flex Films (USA) Inc., Kentucky, USA- Bankers
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Facilities : |
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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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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : |
U74140TG2013PTC086996
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Associates : |
L15133UR1990PLC023970
U40100DL2009PTC226628 |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 Million |
|
19000000 |
Preferences Shares |
Rs. 100/- each |
Rs. 1900.000 Million |
|
|
Total |
|
Rs. 3400.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
72211486 |
Equity Shares |
Rs. 10/- each |
Rs.722.115 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
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|
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|
(1)Shareholders' Funds |
|
|
|
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(a) Share Capital |
722.115 |
722.115 |
722.115 |
|
(b) Reserves & Surplus |
16155.210 |
15215.060 |
14132.706 |
|
(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) |
16877.325 |
15937.175 |
14854.821 |
|
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|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3475.481 |
4572.633 |
5514.744 |
|
(b) Deferred tax liabilities
(Net) |
1054.455 |
1426.938 |
1593.238 |
|
(c) Other long term
liabilities |
32.069 |
39.829 |
37.273 |
|
(d) long-term provisions |
107.410 |
90.211 |
87.413 |
|
Total
Non-current Liabilities (3) |
4669.415 |
6129.611 |
7232.668 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2928.770 |
2677.054 |
2825.209 |
|
(b) Trade payables |
4657.326 |
4454.810 |
4410.225 |
|
(c) Other current liabilities |
2916.349 |
3815.178 |
4350.279 |
|
(d) Short-term provisions |
605.468 |
671.801 |
620.191 |
|
Total
Current Liabilities (4) |
11107.913 |
11618.843 |
12205.904 |
|
|
|
|
|
|
TOTAL |
32654.653 |
33685.629 |
34293.393 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12745.621 |
12757.308 |
13879.145 |
|
(ii) Intangible Assets |
72.197 |
67.995 |
94.958 |
|
(iii) Capital work-in-progress |
239.971 |
727.150 |
144.467 |
|
(iv) Intangible assets under
development |
23.657 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4482.596 |
5304.859 |
6580.094 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1661.507 |
1568.278 |
844.675 |
|
(e) Other Non-current assets |
14.580 |
42.847 |
123.695 |
|
Total
Non-Current Assets |
19240.129 |
20468.437 |
21667.034 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
20.000 |
|
(b) Inventories |
2887.761 |
2166.581 |
2185.752 |
|
(c) Trade receivables |
7818.873 |
8089.475 |
7124.169 |
|
(d) Cash and cash equivalents |
726.101 |
1440.257 |
903.407 |
|
(e) Short-term loans and
advances |
1970.416 |
1366.713 |
2155.666 |
|
(f) Other current assets |
11.373 |
154.166 |
237.365 |
|
Total
Current Assets |
13414.524 |
13217.192 |
12626.359 |
|
|
|
|
|
|
TOTAL |
32654.653 |
33685.629 |
34293.393 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
33271.679 |
31792.695 |
31563.656 |
|
|
Other Income |
612.939 |
812.534 |
240.300 |
|
|
TOTAL
(A) |
33884.618 |
32605.229 |
31803.956 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
21320.106 |
19675.555 |
17229.164 |
|
|
Purchases of Stock-in-Trade |
407.464 |
743.336 |
2860.614 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(114.379) |
109.886 |
(197.240) |
|
|
Employees benefits expense |
2557.564 |
2234.705 |
1844.731 |
|
|
Expenses allocated to
Self-Constructed Assets |
(153.542) |
(159.372) |
(319.811) |
|
|
Other expenses |
5507.777 |
5273.843 |
5417.209 |
|
|
TOTAL
(B) |
29524.990 |
27877.953 |
26834.667 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
4359.628 |
4727.276 |
4969.289 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1164.610 |
1672.269 |
1747.846 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3195.018 |
3055.007 |
3221.443 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1639.448 |
1468.123 |
1468.260 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1555.570 |
1586.884 |
1753.183 |
|
|
|
|
|
|
|
Less |
TAX (H) |
135.744 |
293.320 |
368.48 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1419.826 |
1293.564 |
1384.703 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. value of Export of Manufactured
goods / stock in trade |
5124.285 |
5023.401 |
5511.18 |
|
|
Sales of Services |
14.206 |
283.897 |
0.000 |
|
|
Support Fees |
38.649 |
43.181 |
648.154 |
|
|
Interest on loans granted to
Subsidiaries |
0.000 |
133.379 |
15.868 |
|
|
Commission for extension of
Corporate Guarantee for Subsidiaries |
52.575 |
61.139 |
51.452 |
|
|
Design and Art Work Recovery |
0.000 |
0.000 |
21.59 |
|
|
Discount Received |
0.416 |
0.000 |
0.000 |
|
|
TOTAL
EARNINGS |
5230.131 |
5544.997 |
6248.244 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials / Stock in trade
|
5865.739 |
5210.358 |
5587.727 |
|
|
Components and Stores parts |
126.210 |
107.235 |
129.698 |
|
|
Material-in-Transit - Raw
Materials |
406.020 |
37.857 |
36.402 |
|
|
Material-in-Transit - Spare
Parts |
0.000 |
0.578 |
0.000 |
|
|
Material-in-Transit -
Machinery |
1.045 |
0.000 |
0.000 |
|
|
Capital Goods |
814.935 |
422.472 |
0.000 |
|
|
TOTAL
IMPORTS |
7213.949 |
5778.500 |
5753.827 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
19.66 |
17.91 |
19.18 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1565.369 |
2354.654 |
2308.008 |
|
Cash generated from operations |
2034.527 |
2561.329 |
5562.359 |
|
Net cash flow from operating activity |
1690.432 |
2234.126 |
5093.720 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.27 |
4.07 |
4.39 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.10 |
14.87 |
15.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.57 |
5.74 |
6.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.10 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47 |
0.60 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21 |
1.14 |
1.03 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.121.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
722.115 |
722.115 |
722.115 |
|
Reserves & Surplus |
14132.706 |
15215.060 |
16155.210 |
|
Net
worth |
14854.821 |
15937.175 |
16877.325 |
|
|
|
|
|
|
long-term borrowings |
5514.744 |
4572.633 |
3475.481 |
|
Short term borrowings |
2825.209 |
2677.054 |
2928.770 |
|
Current Maturities of
Long-Term Debts |
2308.008 |
2354.654 |
1565.369 |
|
Total
borrowings |
10647.961 |
9604.341 |
7969.620 |
|
Debt/Equity
ratio |
0.717 |
0.603 |
0.472 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
31803.956 |
32605.229 |
33884.618 |
|
|
|
2.519 |
3.924 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Total Income |
31803.956 |
32605.229 |
33884.618 |
|
Profit |
1384.703 |
1293.564 |
1419.826 |
|
|
4.35% |
3.97% |
4.19% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
IN THE HIGH
COURT OF DELHI AT NEW DELHI RFA 44/2015 NEW DELHI ASSURANCE COMPANY LIMITED
…….Apple
Through: Mr. Sanjay
Rawat, Advocate
Versus UFLEX LIMITED
…….Respo Through: Nemo CORAM: HON’BLE MR.
JUSTICE J.R. MIDHA O R D E R %
07.05.2015 RFA 44/2015 and CM No. 1275/2015 (application for stay) Issue notice to the
respondent by ordinary mode as well returnable on 15th July, 2015. The record
of RFA No. 555/2014 be returned back.
J.R. MID MAY 07, 2015 sd |
YEAR IN RETROSPECT
During the year, the Company achieved on consolidated basis total
revenue of Rs. 62014.000 Million including other income of Rs.166.100 Million
and share in profit of associate of Rs. 44.500 Million as against total revenue
of Rs.58967.600 Million including other income of Rs.286.300 Million and share
in profit of associate of Rs.48.800 Million of the previous financial year
ended 31st March, 2014. The profit for the year ended 31st March, 2015 at
Rs.2547.600 Million was higher than the previous financial year ended March,
2014 at Rs.2016.400 Million.
Further, the Company achieved on Standalone basis total revenue of Rs.
33884.600 Million including other income of Rs. 612.900 Million as against
total revenue of Rs.32605.200 Million including other income of Rs.812.500
Million of the previous financial year ended 31st March, 2014. The profit for
the year ended 31st March, 2015 at Rs. 1419.800 Million was higher than the
previous financial year ended March, 2014 at Rs.1293.600 Million.
`
MANAGEMENT
DISCUSSION AND ANALYSIS
Forward-Looking
Statements
Forward-looking statements are based on certain assumptions and
expectations of future events. The Company cannot guarantee that these
assumptions and expectations are accurate or will be realized. The Company’s
actual results, performance or achievements could thus differ materially from
those projected in any such forward-looking statements. The Company assumes no
responsibility to publicly amend, modify or revise any forward looking
statements, on the basis of any subsequent developments, information or events.
1. Global Economy
The global economy is still under stress for gaining momentum as many
high-income countries continue to grapple with the past impacts of the global
financial crisis. Emerging economies continue to remain as less vibrant than in
the past. After rising slightly in 2014, to 2.6 percent, world GDP will grow by
an estimated 3.0 percent in 2015 and 3.3 percent in 2016, supported by gradual
recovery in high-income countries, low oil prices, and receding domestic
headwinds in developing countries. Developing economies are projected to see a
rise in growth from 4.4 percent in 2014 to 4.8 percent and 5.3 percent in 2015
and 2016 respectively.
2. Indian Economy
After years of diminutive growth the reform momentum has picked up in
India. Inflation has declined by over 6 percentage points since late 2013, and
the current account deficit has shrunken from a peak of 6.7 percent of GDP (in
Q3, 2012-13) to an estimated 1.0 percent in the coming fiscal year Going ahead
it is widely expected that a further momentum to growth will be provided by
declining oil prices and increasing monetary easing facilitated by ongoing
moderation in inflation. Simulating the effects of tax cuts, declining oil prices
will add spending power to households, thereby boosting consumption and growth.
Oil is also a significant input in production and declining prices will shore
up profit margins and hence balance sheets of the corporate sector.
3. Industry
Structure & Developments
The global flexible packaging market will grow at a rate of 3.5% PA
until the year 2018. This impressive rate of expansion is higher than the gross
domestic product (GDP), suggesting the flexible packaging market is growing
more quickly than well-developed and traditional rigid packaging markets. The
world consumer flexible packaging market has picked up significantly since the
global economic downturn of 2008-2009. The market tonnage in this segment is
estimated at 24.3 million tones in 2013 and is forecast to grow at a CAGR of
4.1% during the period 2013-18, to reach a total of 29.8 million tones.
As one of the fastest growing segments of the packaging industry,
flexible packaging combines the best qualities of plastic film, paper and aluminum
foil to deliver a broad range of protective properties while employing a
minimum of material. Typically taking the shape of a bag, pouch, liner or over
wrap, flexible packaging is defined as any package or any part of a package
whose shape can be readily changed. Flexible packages are used for consumer and
institutional products and in industrial applications, to protect, market, and
distribute a vast array of products.
Leading the way in packaging innovation, flexible packaging adds value
and marketability to food and non-food products alike. From ensuring food
safety and extending shelf life, to providing even heating, barrier protection,
ease of use, reseal ability and superb printability, the industry continues to
advance at an unprecedented rate.
The life cycle attributes of flexible packaging demonstrate many
sustainable advantages. Flexible packaging starts with less waste in the first
place, and even after its use, it is recyclable thereby greatly reducing
landfill discards. Innovation and technology have enabled flexible packaging
manufacturers to use fewer natural resources in the creation of their packaging
and improvements in production process have reduced water and energy
consumption, greenhouse gas emissions and volatile organic compounds. Even
more, lighter-weight flexible packaging result in less transportation-related
energy and fossil fuel consumption, and environmental pollution.
4. 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 and 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 seal ability, good twisting property and better tear
strength. These factors provide its application in food wraps, ant 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, unequalled 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 & USA. Indian plants meet captive and
Indian market requirements whereas overseas plants serve overseas markets the
across the globe.
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. 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 specialised purposes. Zero discharge system with effluent
treatment plant was installed to stop draining of waste chemical(s) after
treatment. The Company saves foreign exchange by developing in-house copper
additive for copper plating. It is also having a proofing system which can
print on actual substrate without engraving the Cylinders.
Flexographic plates: Flexographic plates, like letterpress plates, are
relief plates with image elements raised above open areas. They are elastomeric
in nature in contrast with hard letterpress plates. They use rotary presses and
low viscosity inks. Flexographic plates have a Shore A durometer hardness of
25-55 versus durometer readings in excess of 60 for letterpress plates. The
process was originally called aniline printing because of the aniline dye inks
that were first used in the process. Coarse surfaces such as corrugated board
and stretchy films can economically be printed only with this process.
Flexography leaped into prominence with the introduction of cellophane as a
packaging material.
Flexo proof press (Wet Proof): 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 and waste of plates. Digital Plate Cutting Table: This
equipment can cut Flexo Plates either straight or Staggered to the finished
size, when mounted on plate sleeve the joining will be more precise. This can
cut Flexo plates as well as paper board and Rubber Blanket. Solvent Recovery
Plant: Recycling of used solvent can be recovered by upto 90% through this
Equipment and same can be reused in the washout process. Moreover waste of this
process can also be used as fuel for our incinator, furnace etc.
Laser: The Company has recently installed Direct Laser Engraving System
(by M/s Schepers – Germany, a pioneer in laser techniques) with 4 beam facility
by which, the Company can achieve High Resolution Images, High Definition
Pictures and Fine Text. It leads to achieve up to 10,000 dpi. With this
facility the Company is able to engrave Solid background and Fine Text and
Straight Line Text for Paper and Board Packaging especially for Tobacco and
Cosmetic Industry.
The Company can also achieve High-Definition Half Tone results, 3D
Pictures, Micro Texts, Nano Texts, Hidden Texts and Security Features with 3D
effects. The Company is able to make special cylinders e.g. Embossing Rollers,
Mica Vinyl Rollers, Textiles, Match Box and Tissue and Paper Napkin etc. The
Company can also get low and high depth cylinders to deposit (0.5 gsm – 40 gsm)
coating.
Hologram produced by the Company has been well accepted both by the
Government and Private Organizations 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. Their fully equipped research
laboratory is a result of core technical strength and commitments to
manufacturing holography and related products. Hologram being low cost with
better margin, add to the bottom line significantly.
Ink and Adhesives: The Company has produced indigenously the new
generation cost effective polyester base solvent less adhesive system for flexi
pack, new ink system for PVC profile and special coating for producing matt
effect in laminates. Machines: The Company also manufactures customized
need-based packaging and processing machines. The ongoing process of innovation
and introduction of machines through its in-house 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 designs to suit the needs and requirements of various
customers both in India and abroad. Recently the Company has made very
specialized high speed state-of-art technology Rotary machines working at very
high speed. The Company has made Rotary machine capable of running at a speed
of 2000 bags/minute. The Company is also working on machines to make Cement Bag
making machines, Pet Food Bag making machines and Asceptic packaging machine to
pack and give longer shelf life to liquid products. The Company has also
recently added specialized machine in the field of making and sealing of WPP
bag. These products will help the Company to achieve a better turnover. Company
is working on specialized bigger pack packaging machines.
Future Outlook
The latest evolution in the packaging industry is flexible packaging
which has gained popularity worldwide for its benefits over rigid packaging.
With benefits such as functional convenience in handling and transportation,
cost effectiveness and brand protection from counterfeiting, flexible packaging
industry worldwide is led by a strong growth.
Today, the flexible packaging industry globally is growing at steady
pace of 7-7.5% annually. The developed world regions of North America, Western
Europe and Japan, which boast higher incomes per head, constitute the biggest
markets for flexible packaging, accounting for about 70% of the share of the
world’s total market. In developed nations the growth of the flexible packaging
sector is estimated to be growing at a rate of about 2.5 – 3.5% whereas, in
developing countries this growth is in the range of 8-12% annually. India in
fact, historically is growing at 15-18% p.a.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From Bodies Corporate |
69.212 |
263.179 |
|
Less: Current portion |
(1565.369) |
(2354.654) |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From Others |
235.000 |
138.500 |
|
From a Related Party |
50.000 |
0.000 |
|
Total |
(1211.157) |
(1952.975) |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10536349 |
08/08/2014 |
13,800,000.00 |
The Jammu & Kashmir Bank Limited |
P-2, JOP Plaza, Sector - 18, Noida, Noida, Uttar |
C36819639 |
|
2 |
10504071 |
24/05/2014 |
1,516,500,000.00 |
Canara Bank |
PCB Connaught Place, New Delhi, Delhi, Delhi - 110001, INDIA |
C07265069 |
|
3 |
10488516 |
21/07/2014 * |
500,000,000.00 |
The Jammu and Kashmir Bank Limited |
A-17, Ring Road, Lajpat Nagar IV, New Delhi, Delhi - 110024, INDIA |
C19437318 |
|
4 |
10485032 |
21/07/2014 * |
1,549,750,000.00 |
Canara Bank |
Prime Corporate Branch II, World Trade Tower, Barakhamba Lane, New
Delhi, Delhi - 110001, INDIA |
C15938467 |
|
5 |
10452372 |
14/08/2013 |
9,300,000.00 |
JAMMU & KASHMIR BANK LIMITED |
P-2,JOP Plaza, Sector-18, Noida, Noida, Uttar Pradesh - 201301, INDIA |
B86388923 |
|
6 |
10417881 |
04/09/2013 * |
1,250,000,000.00 |
Canara Bank |
PCB Connaught Place, World Trade Tower, Barakhamba |
B85561819 |
|
7 |
10410566 |
14/11/2013 * |
500,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PLACE, NEW DELHI - 110019, INDIA |
B89298582 |
|
8 |
10395743 |
27/08/2013 * |
500,000,000.00 |
The Jammu and Kashmir Bank Limited |
A-17, Ring Road, Lajpat Nagar IV, New Delhi, Delhi - 110024, INDIA |
B84727890 |
|
9 |
10335387 |
27/05/2013 * |
150,000,000.00 |
Canara Bank |
Prime Corporate Branch, IInd Floor, World Trade Tower, Barakhamba
Lane, Delhi - 110001, INDIA |
B76836014 |
|
10 |
10301923 |
12/08/2011 |
750,000,000.00 |
Syndicate Bank |
Large Corporate Branch, 3rd Floor,No.10 Homji Street, Fort, Mumbai,
Maharashtra - 400023, INDIA |
B18609917 |
FIXED ASSETS
TANGIBLE ASSETS
- Freehold Land
- Leasehold Land
- Building
- Plant & Machinery
- Electrical Installation
- Office Equipments
- Furniture & Fixtures
- Vehicles
INTANGIBLE ASSETS
- Software
- Patent
- Technical Know-How
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.63.56 |
|
|
1 |
Rs.98.22 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.