MIRA INFORM REPORT
|
Report No. : |
323604 |
|
Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
FLEXITUFF INTERNATIONAL LIMITED |
|
|
|
|
Registered Office
: |
304, Diamond Prestige, 41-A, A.J.C Bose Road, Kolkata – 700017, West
Bengal |
|
Tel. No.: |
91-33-32212690/ 40053995 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
08.04.1993 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 248.828
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25202WB1993PLC111382 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACN5986H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. [BSE and NSE] |
|
|
|
|
Line of Business
: |
Manufacturer, Trader and Exporter of HD/PP Woven sacks, FIBC/Jumbo Bags, Special PP Bags and Leno Bags, Reverse Printed BOPP Woven Bags, Geo Textile Fabrics and Ground Covers, Polymer Compound, Injection moulded articles – Drippers and Pallets. |
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|
|
|
No. of Employees
: |
7000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject was formed in 1966 as a partnership firm. Subsequently the
same was converted into a private limited company. It is a manufacturer, trader
and exporter of FIBC, Special PP Bags and Leno Bags, Reverse Printed BOPP
Woven Bags, Geo Textile Fabrics and Ground Covers, Polymer Compound,
Injection moulded articles – Drippers and Pallets. Subject is an old and well-established company having fine track
record. For the financial year ended 2015, company possesses healthy
operational performance along with healthy operating efficiency and sound
operating profitability margins. Rating take into account of established track record of FIL in the
packaging industry supported by diversified product portfolio and long
operating history of business operations. Moreover, rating also takes into account of working capital intensive nature
of FILs operations leads to moderate liquidity profile along with inherent
volatility in the raw material price and fragmented nature of the industry. However, trade relations are reported as fair. Payments are reported
to be regular and as per commitment. In view of adequate operational base backed by extensive industry
experience of its promoters, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
September 12, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
September 12, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION PARTED BY
|
Name : |
Mr. D. K. Sharma |
|
Designation : |
Executive Director |
|
Contact No.: |
91-33-32212690 |
|
Date : |
13.06.2015 |
LOCATIONS
|
Registered Office : |
304, Diamond Prestige, 41-A, A.J.C Bose Road, Kolkata – 700017, West
Bengal, India |
|
Tel. No.: |
91-33-32212690/ 40053995 |
|
Fax No.: |
91-33-22312510 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
SEZ Unit C-41-50, Special Economic Zone, Sector-III, Industrial Area, Pithampur, District Dhar - 454775, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-401681-83 |
|
Fax No.: |
91-7292-401684 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
DTA Unit 94, Industrial Area, Sector-I, Pithampur, District Dhar – 454775, Madhya Pradesh, India |
|
Location : |
Owned |
|
|
|
|
Factory 3 : |
Kashipur Unit Khasra No. 672-728, Village-Mahuakhera, Aliganj Road, Kashipur, District Udhamsingh Nagar, Uttarakhand, India |
|
Location : |
Owned |
|
|
|
|
Marketing Network : |
Located at: · Mumbai · Kolkata · Hyderabad · Bangalore · Indore · Chennai · Noida · Guwahati · Patna |
DIRECTORS
AS ON 01.04.2015
|
Name : |
Mr. Anirudh Sonpal |
|
Designation : |
Chairman |
|
Address : |
8, Pitamber Society, Old Padra Road, Vadodara - 390020, Gujarat, India |
|
Date of Birth/Age : |
03.02.1960 |
|
Qualification : |
Chartered Accountant |
|
Experience : |
30 Years |
|
Date of Appointment : |
09.12.2010 |
|
PAN No.: |
AFOPS7267N |
|
DIN No.: |
03367049 |
|
|
|
|
Name : |
Mr. Saurabh Kalani |
|
Designation : |
Whole Time Director |
|
Address : |
11, Tukoganj Main Road, Indore - 452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
23.09.1962 |
|
Qualification : |
Commerce Graduate |
|
Experience : |
26 Years |
|
Date of Appointment : |
30.05.2012 |
|
PAN No.: |
AADPK3439N |
|
DIN No.: |
00699380 |
|
|
|
|
Name : |
Mr. Sharat Anand |
|
Designation : |
Independent Director |
|
Address : |
Flat # 502, Royale Retreat Apartments, Charmwood Village, Surajkund Road, Faridabad - 121009, Haryana, India |
|
Date of Birth/Age : |
16.10.1959 |
|
Qualification : |
MBA |
|
Experience : |
30 Years |
|
Date of Appointment : |
08.04.2008 |
|
PAN No.: |
AANPA0326J |
|
DIN No.: |
00083237 |
|
|
|
|
Name : |
Mr. D.K. Sharma |
|
Designation : |
Executive Director |
|
Address : |
440-B, Kalani Nagar, Airport Road, Indore - 452005, Madhya Pradesh, India |
|
Date of Birth/Age : |
12.12.1976 |
|
Qualification : |
FCS, LLB, Commerce Graduate |
|
Experience : |
15 Years |
|
Date of Appointment : |
12.08.2014 |
|
PAN No.: |
ANMPS4278H |
|
DIN No.: |
00028152 |
|
|
|
|
Name : |
Mr. Kevan John Upperdine |
|
Designation : |
Independent Director |
|
Address : |
48 Wood Walk, Wombwell, England, S73 0nf, Barnsley, 73, United Kingdom |
|
Date of Birth/Age : |
20.08.1959 |
|
Qualification : |
Mechanical Engineer |
|
Experience : |
29 Years |
|
Date of Appointment : |
18.11.2006 |
|
DIN No.: |
01214264 |
|
|
|
|
Name : |
Mr. Kaushal Ganeriwal |
|
Designation : |
Director |
|
Address : |
Flat No 31, Raj Flavia 3rd Floor, 82 Chapal Road, Mumbai - 400050, Maharashtra, India |
|
Date of Birth/Age : |
04.08.1980 |
|
Qualification : |
Graduate |
|
Experience : |
10 Years |
|
Date of Appointment : |
09.02.2012 |
|
PAN No.: |
AGZPG1072H |
|
DIN No.: |
03497193 |
|
|
|
|
Name : |
Mr. Ritesh Pandey |
|
Designation : |
Investor Director |
|
Address : |
401, Belle Vue, 92, Master Vinayak Road, Perry Road, Bandra (West),
Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
04.10.1979 |
|
Qualification : |
CA |
|
Experience : |
10 Years |
|
Date of Appointment : |
12.02.2015 |
|
PAN No.: |
ALZPP8032H |
|
DIN No.: |
07088000 |
|
|
|
|
Name : |
Mr. Vishwarupe Narain |
|
Designation : |
Bondholder Nominee Director |
|
Address : |
Flat No. 09, 9th Floor, Tytan CHS Limited, Nepean Sea Road, Mumbai - 400036, Maharashtra, India |
|
Date of Birth/Age : |
12.08.1974 |
|
Qualification : |
MBA, IIT-Graduate |
|
Experience : |
17 Years |
|
Date of Appointment : |
27.05.2013 |
|
PAN No.: |
AFLPN8804M |
|
DIN No.: |
03394320 |
|
|
|
|
Name : |
Mrs. Alka Sagar |
|
Designation : |
Additional director |
|
Address : |
68-B, Nyay Nagar Ext., Indore - 452001, Madhya Pradesh, India |
|
Date of Birth/Age : |
19.02.1979 |
|
Qualification : |
LLB |
|
Experience : |
10 Years |
|
Date of Appointment : |
31.03.2015 |
|
PAN No.: |
AYKPS6034Q |
|
DIN No.: |
07138477 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh Sharma |
|
Designation : |
Chief Executive Officer |
|
Address : |
128, Sri Nagar Extn., Indore - 452018, Madhya Pradesh, India |
|
Date of Appointment : |
01.01.2002 |
|
PAN No.: |
AGOPS4910P |
|
Profile : |
Mr. Mahesh Sharma, aged 50 years is a Mechanical Engineer from Shri Vaishnav Polytechnic Institute, Indore and has a master degree in Business Administration from Institute of Management Studies Devi Ahilya Vishwavidyalaya, Indore. He joined their Company on January 1, 2002. He has over two decades of experience in the corporate sector at various levels. He has in the past worked with Forbes and Forbes Campbell Limited, a Tata Group Company at Ahmedabad. |
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|
|
|
Name : |
Mr. Rishabh Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
G-1, Shlok Enclave, 9B, Sanchar Nagar Main, Indore - 452016, Madhya Pradesh, India |
|
Date of Appointment : |
04.11.2014 |
|
PAN No.: |
AHYPJ1203B |
|
|
|
|
Name : |
Mr. Ajay Mundra |
|
Designation : |
Mentor |
|
Date of Appointment : |
01.11.2002 |
|
Profile : |
Mr. Ajay Mundra, 56 years, is a fellow member of the Institute of Chartered Accountants of India, New Delhi. He joined their Company on November 1, 2002. He has as over 30 years experience in the field of corporate accounts and finance. He has worked with various renowned business houses like Birla Group and Jhunjhunwala Group. |
|
|
|
|
Name : |
Mr. Rahul Bidasaria |
|
Designation : |
President (Technical Co-ordination) |
|
Profile : |
Mr. Rahul Bidasaria, 45 years, is an industrial and production engineering graduate from the Bangalore University. He joined their Company on July 1, 2007. He has experience in the steel, food processing and plastics industries. |
|
|
|
|
Name : |
Mr. Atul Asawa |
|
Designation : |
Vice President |
|
Profile : |
Mr. Atul Asawa, aged 38 years, is a fellow member of the Institute of Chartered Accountants as well as a member of the Company Secretaries Institute. He is a merit holder with a post graduate degree from Devi Ahilya University. He joined their Company on August 1, 2007. Prior to joining their Company he was working for Sia Euro Arti, Latvia. He has served at senior levels in various organization in past 16 years of his professional career. His core areas of competence are corporate finance, MIS, operations and administration. |
|
|
|
|
Name : |
Mr. M. S. Negi |
|
Designation : |
Vice President (Production, SEZ) |
|
Profile : |
Mr. M.S. Negi, aged 51 years is an electrical engineer and joined their Company on November 1, 2005. He has experience of over two decades in the FIBC and engineering industry. He looks after and manages the production responsibilities of their SEZ units. |
|
|
|
|
Name : |
Mr. Saravanan P.S. |
|
Designation : |
Business Head (Micro Irrigation) |
|
Profile : |
Mr. Saravanan P.S, aged 40 years, is a qualified engineer in plastics from Central Institute of Plastics Engineering and Technology (CIPET). He joined their Company on February 1, 2010. He has rich experience in injection moulding and micro irrigation systems. Prior to joining their Company he was associated with Tulsi Extrusion Limited, Jalgaon as General Manager (Operations). Currently he is looking after the setting up of the proposed dripper project. |
|
|
|
|
Name : |
Mr. Rajeeva Upadhyay |
|
Designation : |
Country Head (Geo-Synthetics) |
|
Profile : |
Mr. Rajeev Upadhyay, aged 43 years, is a qualified civil engineer from Karnataka University and holds a Master in Business Administration in Marketing from the LNM Institute of Economic Change and Development. He joined their Company on May 2, 2011. He has rich experience in managing businesses and has an in-depth knowledge of geosyntheics. Prior to joining their Company he was associated with Geofabrics India Private Limited as Country Head (India) and Techfab India (geosynthetics division). Currently he is responsible for the geosynthetic division of their Company. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
8162802 |
32.80 |
|
|
8162802 |
32.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
8162802 |
32.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
241 |
0.00 |
|
|
1599203 |
6.43 |
|
|
2450783 |
9.85 |
|
|
4050227 |
16.28 |
|
|
|
|
|
|
7132079 |
28.66 |
|
|
|
|
|
|
165372 |
0.66 |
|
|
464490 |
1.87 |
|
|
4907836 |
19.72 |
|
|
338413 |
1.36 |
|
|
19000 |
0.08 |
|
|
4550423 |
18.29 |
|
|
12669777 |
50.92 |
|
Total Public shareholding (B) |
16720004 |
67.20 |
|
Total (A)+(B) |
24882806 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
24882806 |
100.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader and Exporter of HD/PP Woven sacks, FIBC/Jumbo Bags, Special PP Bags and Leno Bags, Reverse Printed BOPP Woven Bags, Geo Textile Fabrics and Ground Covers, Polymer Compound, Injection moulded articles – Drippers and Pallets. |
|
|
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|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
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|
Exports : |
|
|
Products : |
FIBC |
|
Countries : |
· US · Europe · Middle East |
|
|
|
|
Imports : |
|
|
Products : |
-- |
|
Countries : |
-- |
|
|
|
|
Terms : |
|
|
Selling : |
Credit [90 Days and 180 Days] |
|
|
|
|
Purchasing : |
L/C and Cash |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
·
Himu Rich Pte. Limited ·
Pankti International Pte. Limited ·
United Bags Inc. ·
Hasmmimoto Industral Co ·
Nebig International ·
Dhampur Sugar Mills (Group) · Baobag · Itw Syntex ·
Interjute BV ·
Alexander Calquhoun and Sons |
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|
No. of Employees : |
7000 (Approximately) |
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Bankers : |
· Punjab National Bank Mid Corporate Finance Branch, Siyaganj Branch, Indore – 452007, Madhya Pradesh, India Tel. No.: 91-731-2544110 Fax No.: 91-731-2431077 · Central Bank of India Corporate Finance Branch, Siyaganj Branch, Phase I, Palika Plaza, 2nd Floor, M.T.H. Compound, Indore – 452007, Madhya Pradesh, India Tel. No.: 91-731-4083826 Fax No.: 91-731-2540250 · CTBC Bank New Delhi Branch, Birla Tower, Upper Ground Floor, 25 Barakhamba Road, New Delhi – 110001, India Tel. No.: 91-11-23356001/ 43688888 Fax No.: 91-11-23731815/ 43688873 · Tamilnad Mercantile Bank Limited Sudershan Complex, Mumbai – 400051, Maharashtra, India Tel. No.: 91-7292-252121 Fax No.: 91-7292-252121 ·
SBER Bank Upper Ground Floor, Gopal Das Bhawan, 28 Barakhamba Road, New Delhi – 110001, India Tel. No.: 91-11-40048821 · Axis Bank Limited Kamal Palace, 1 Yeshwant Colony, 29/2, Y.N. Road, Indore – 452001, Madhya Pradesh, India Tel. No.: 91-731-4295321 Fax No.: 91-731-4295330 · State Bank of Patiala Mid Corporate Branch, Lower
Ground Floor, Orbit Mall, A.B. Road, Scheme No. 54, PU -3, Indore – 452010,
Madhya Pradesh, India · ING Vysya Bank Limited 8th Floor, Plot No. C-12, G-Block, BKC Bandra (East), Mumbai – 400051, Maharashtra, India Tel. No.: 91-731-2549244 · State Bank of India · ICICI Bank Limited |
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Facilities : |
|
|
|
|
|
Financial Institution : |
· GE Money Financial Services Private Limited 401 402 4th Floor, Aggarwal Millenium Tower, E1 23 Netaji Subhash Place, Pitampura Delhi, Delhi - 110034, India |
|
|
|
|
Auditors : |
|
|
Name : |
L.K. Maheshwari and Company Chartered Accountants |
|
Address : |
324, 3rd Floor, Starlit Tower, 29, Y.N. Road, Indore - 452001, Madhya Pradesh, India |
|
Tel. No.: |
91-755-2462467/ 2462468/ 2462469 |
|
Fax No.: |
91-755-2421464 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Wholly owned Subsidiary : |
· Flexiglobal Holdings Limited Address: 2, Sophouli
Street, Chanteclair House, 3rd Floor, Flat/ office No. 303, P.C.
1096, Nicosia, Cyprus Activity: Holding and
Investment Company · Nanofil Technologies Private Limited Address: 2nd
Floor, of Main Building, 19, R.N. Mukherjee Road, Kolkata – 700001, West
Bengal, India Activity: Research and
Development |
|
|
|
|
Step down Subsidiary : |
Flexiglobal (UK) Limited |
|
|
|
|
Jointly Controlled Entities : |
· Flexituff S.A. Enterprises LLP · Flexituff Javed Ahmed LLP · Flexituff Hi-Tech LLP |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,882,806 |
Equity Shares |
Rs. 10/- each |
Rs. 248.828
Million |
|
|
|
|
|
Details of Shareholders holding more than 5% shares
|
Name of the Shareholders |
No. of Shares |
% Held |
|
Kalani Industries Private Limited |
3621730 |
14.56 |
|
Clearwater Capital Partners (Cyprus) Limited |
2197037 |
8.83 |
|
International Finance Corporation |
1902173 |
7.64 |
|
Saurabh Properties Private Limited |
1637905 |
6.58 |
|
Miscellani Global Private Limited |
1359163 |
5.46 |
The Reconciliation of the number of shares outstanding is set out below:
|
Particulars |
31.03.2015 |
|
Equity Shares at the beginning of the year |
24,882,806 |
|
Add: Shares issued in Initial Public Offer |
-- |
|
Add: Conversion of Fully Convertible
Debenture |
-- |
|
Add: Conversion of Warrants into Equity
Shares |
-- |
|
Add: Allotment on Private Placement basis |
-- |
|
Add: Shares issued on exercise of Employee
Stock Options |
-- |
|
Equity Shares at the end of the year |
24,882,806 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
248.828 |
248.828 |
229.810 |
|
(b) Reserves & Surplus |
3492.020 |
3350.512 |
2851.350 |
|
(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) |
3740.848 |
3599.340 |
3081.160 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2837.501 |
2333.161 |
1274.490 |
|
(b) Deferred tax liabilities (Net) |
369.697 |
446.752 |
374.250 |
|
(c)
Other long term liabilities |
6.910 |
1.660 |
2.330 |
|
(d)
long-term provisions |
39.462 |
34.338 |
20.290 |
|
Total
Non-current Liabilities (3) |
3253.570 |
2815.911 |
1671.360 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2542.790 |
2157.272 |
1889.190 |
|
(b)
Trade payables |
1519.902 |
1314.839 |
1312.120 |
|
(c)
Other current liabilities |
1224.623 |
909.572 |
1035.030 |
|
(d)
Short-term provisions |
55.152 |
71.135 |
100.410 |
|
Total
Current Liabilities (4) |
5342.467 |
4452.818 |
4336.750 |
|
|
|
|
|
|
TOTAL |
12336.885 |
10868.069 |
9089.270 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6552.964 |
4713.814 |
4109.370 |
|
(ii)
Intangible Assets |
215.598 |
137.160 |
0.650 |
|
(iii)
Capital work-in-progress |
44.976 |
997.144 |
336.630 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12.855 |
12.620 |
104.720 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
28.250 |
26.149 |
23.900 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6854.643 |
5886.887 |
4575.270 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1218.463 |
992.815 |
1083.270 |
|
(c)
Trade receivables |
2631.435 |
2373.016 |
2154.350 |
|
(d)
Cash and cash equivalents |
296.314 |
263.246 |
238.300 |
|
(e)
Short-term loans and advances |
1336.030 |
1352.105 |
1038.080 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
5482.242 |
4981.182 |
4514.000 |
|
|
|
|
|
|
TOTAL |
12336.885 |
10868.069 |
9089.270 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10477.909 |
9662.584 |
8588.970 |
|
|
|
Other Income |
93.729 |
94.278 |
34.800 |
|
|
|
TOTAL (A) |
10571.638 |
9756.862 |
8623.770 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5071.698 |
4605.408 |
3737.260 |
|
|
|
Purchases of Stock-in-Trade |
1845.127 |
1670.322 |
1978.630 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(57.166) |
104.065 |
(226.270) |
|
|
|
Employees benefits expense |
1259.644 |
1077.295 |
884.430 |
|
|
|
Provision for Foreign Exchange Fluctuation |
(28.356) |
91.477 |
83.750 |
|
|
|
Other expenses |
1237.701 |
1082.195 |
954.000 |
|
|
|
Extra ordinary Items |
0.000 |
100.371 |
0.000 |
|
|
|
TOTAL (B) |
9328.648 |
8731.133 |
7411.800 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1242.990 |
1025.729 |
1211.970 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
670.247 |
563.530 |
630.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
572.743 |
462.199 |
581.720 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
452.175 |
262.002 |
213.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
120.568 |
200.197 |
368.110 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(77.055) |
72.500 |
91.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
197.623 |
127.697 |
276.360 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings (FOB Basis) |
6116.241 |
5403.608 |
4387.520 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Materials |
636.274 |
363.136 |
416.940 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
7.94 |
5.44 |
12.67 |
|
|
|
Diluted
|
5.86 |
3.94 |
12.38 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
480.200 |
480.000 |
696.200 |
|
|
|
|
|
|
Cash from operating activity |
1317.921 |
550.357 |
741.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.89 |
1.32 |
3.22 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.86 |
10.62 |
14.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.98 |
2.03 |
4.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.06 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.57 |
1.38 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.12 |
1.04 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities of
Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 249.55/- (23.06.2015) |
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 |
229.810 |
248.828 |
248.828 |
|
Reserves & Surplus |
2851.350 |
3350.512 |
3492.020 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3081.160 |
3599.340 |
3740.848 |
|
|
|
|
|
|
Long-term borrowings |
1274.490 |
2333.161 |
2837.501 |
|
Short term borrowings |
1889.190 |
2157.272 |
2542.790 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
696.200 |
480.000 |
480.200 |
|
Total
borrowings |
3859.880 |
4970.433 |
5860.491 |
|
Debt/Equity ratio |
1.253 |
1.381 |
1.567 |
%2027-Jun-2015_files/image022.gif)
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) |
|
Sales |
8588.970 |
9662.584 |
10477.909 |
|
|
|
12.500 |
8.438 |
%2027-Jun-2015_files/image024.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
8588.970 |
9662.584 |
10477.909 |
|
Profit |
276.360 |
127.697 |
197.623 |
|
|
3.22% |
1.32% |
1.89% |
%2027-Jun-2015_files/image026.gif)
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 |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
(RS.
IN MILLION)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
LONG-TERM BORROWINGS |
|
|
|
TPG Growth II SF Pte. Limited, Singapore (5.44% Foreign Currency Convertible Bonds of USD 25.00 million) |
1564.750 |
1338.750 |
|
International Finance Corporation (IFC) (5.34% Foreign Currency Convertible Bonds of USD 9.00 million) |
563.310 |
529.809 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from Others |
3.000 |
12.500 |
|
|
|
|
|
Total |
2131.060 |
1881.059 |
------------------------------------------------------------------------------------------------------------------------------
CALCULATION OF DSCR
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
Profit After tax |
476.959 |
732.235 |
907.823 |
1025.082 |
1249.092 |
|
Add Depreciation |
360.814 |
397.774 |
403.054 |
416.254 |
416.254 |
|
Add Interest on Term
Loan |
247.660 |
111.998 |
61.914 |
38.043 |
15.792 |
|
|
|
|
|
|
|
|
Total |
1085.433 |
1242.008 |
1372.791 |
1479.379 |
1681.138 |
|
|
|
|
|
|
|
|
Interest on term Loan |
247.660 |
111.998 |
61.914 |
38.043 |
15.792 |
|
Other Term Loan |
315.682 |
149.729 |
23.739 |
16.673 |
1.200 |
|
Proposed Term Loan
750.000 Million |
112.500 |
150.000 |
150.000 |
150.000 |
150.000 |
|
|
|
|
|
|
|
|
Instalment of Term Loan |
428.182 |
299.729 |
173.739 |
166.673 |
151.200 |
|
|
|
|
|
|
|
|
Total |
675.842 |
411.727 |
235.653 |
204.716 |
166.992 |
|
|
|
|
|
|
|
|
DSCR |
1.61 |
3.02 |
5.83 |
7.23 |
10.07 |
|
|
|
|
|
|
|
|
AVG DSCR |
2.50 |
||||
------------------------------------------------------------------------------------------------------------------------------
PROJECTED PROFITABILITY
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
- Domestic
Sales |
5800.722 |
6994.043 |
7693.448 |
8462.792 |
9309.072 |
|
- Export
Sales |
8198.832 |
9483.684 |
10432.053 |
11475.258 |
12622.784 |
|
|
|
|
|
|
|
|
Gross Sales |
13999.554 |
16477.727 |
18125.500 |
19938.050 |
21931.855 |
|
|
|
|
|
|
|
|
Less: Excise Duty |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Net Sales |
13999.554 |
16477.727 |
18125.500 |
19938.050 |
21931.855 |
|
|
|
|
|
|
|
|
Expenses: |
12.84% |
17.70% |
10.00% |
10.00% |
10.00% |
|
Raw Material Consumption |
7839.750 |
9227.527 |
10150.280 |
11165.308 |
12281.839 |
|
Spares |
592.181 |
697.008 |
766.709 |
843.380 |
927.717 |
|
Power and Fuel |
440.986 |
535.526 |
589.079 |
647.987 |
712.785 |
|
Other Mfg Expenses |
1934.738 |
2356.315 |
2628.198 |
2891.017 |
3180.119 |
|
|
|
|
|
|
|
|
SUB TOTAL |
10807.655 |
12816.376 |
14134.265 |
15547.692 |
17102.461 |
|
|
|
|
|
|
|
|
ADD-Opening Stock in Proc |
528.429 |
592.200 |
702.267 |
890.652 |
979.718 |
|
|
|
|
|
|
|
|
SUB TOTAL |
11336.084 |
13408.577 |
14836.532 |
16438.344 |
18082.178 |
|
|
|
|
|
|
|
|
LESS-Closing Stock in Proc |
592.200 |
702.267 |
890.652 |
979.718 |
1077.689 |
|
|
|
|
|
|
|
|
OST OF PRODUCTION |
10743.884 |
12706.310 |
13945.880 |
15458.626 |
17004.489 |
|
|
|
|
|
|
|
|
ADD-Opening Stock of Fin. Goods |
352.344 |
397.377 |
469.959 |
515.807 |
571.757 |
|
|
|
|
|
|
|
|
SUB TOTAL |
11096.228 |
13103.686 |
14415.839 |
15974.433 |
17576.246 |
|
|
|
|
|
|
|
|
LESS-Closing Stock of Fin. Goods |
397.377 |
469.959 |
515.807 |
571.757 |
628.933 |
|
|
|
|
|
|
|
|
COST OF SALES |
10698.851 |
12633.727 |
13900.033 |
15402.675 |
16947.313 |
|
|
|
|
|
|
|
|
Total Expenses |
10698.851 |
12633.727 |
13900.033 |
15402.675 |
16947.313 |
|
|
|
|
|
|
|
|
Gross Profit (GP) |
3300.702 |
3844.001 |
4225.467 |
4535.375 |
4984.542 |
|
|
|
|
|
|
|
|
Gross Profit % (GP) |
23.58% |
23.33% |
23.31% |
22.75% |
22.73% |
|
|
|
|
|
|
|
|
Adm. & Selling exps |
1343.957 |
1581.862 |
1740.048 |
1914.053 |
2105.458 |
|
|
|
|
|
|
|
|
Total Expenses |
1343.957 |
1581.862 |
1740.048 |
1914.053 |
2105.458 |
|
|
|
|
|
|
|
|
PBIDT |
1956.745 |
2262.139 |
2485.419 |
2621.322 |
2879.084 |
|
|
|
|
|
|
|
|
PBIDT % |
13.98% |
13.73% |
13.71% |
13.15% |
13.13% |
|
|
|
|
|
|
|
|
Interest & Financial Charges |
793.873 |
878.873 |
927.473 |
927.473 |
927.473 |
|
|
|
|
|
|
|
|
Interest on Term Loans |
146.010 |
95.057 |
61.914 |
38.043 |
15.792 |
|
|
|
|
|
|
|
|
Interest on ECB |
101.650 |
16.942 |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Operating profit before deprn. |
915.213 |
1271.268 |
1496.033 |
1655.806 |
1935.819 |
|
|
|
|
|
|
|
|
Depreciation |
360.814 |
397.774 |
403.054 |
416.254 |
416.254 |
|
|
|
|
|
|
|
|
Operating profit |
554.399 |
873.494 |
1092.979 |
1239.552 |
1519.565 |
|
|
|
|
|
|
|
|
OPM % |
3.96% |
5.30% |
6.03% |
6.22% |
6.93% |
|
|
|
|
|
|
|
|
Other Income (Net) |
41.800 |
41.800 |
41.800 |
41.800 |
41.800 |
|
|
|
|
|
|
|
|
Misc. Expenditure W/Off |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Extra Ordinary Expenses |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Prior Period Expenses |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Profit before tax |
596.199 |
915.294 |
1134.779 |
1281.352 |
1561.365 |
|
|
|
|
|
|
|
|
Tax (Including FBT) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Income Tax & Deferred Tax Liability |
119.240 |
183.059 |
226.956 |
256.270 |
312.273 |
|
|
|
|
|
|
|
|
Profit after tax |
476.959 |
732.235 |
907.823 |
1025.082 |
1249.092 |
|
|
|
|
|
|
|
|
PAT% |
3.41% |
4.44% |
5.01% |
5.14% |
5.70% |
|
|
|
|
|
|
|
|
Dividends |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Gross Cash Accruals |
837.773 |
1130.009 |
1310.877 |
1441.336 |
1665.346 |
|
|
|
|
|
|
|
|
Net cash accruals |
837.773 |
1130.009 |
1310.877 |
1441.336 |
1665.346 |
|
|
|
|
|
|
|
|
RM Content in sales |
60.23% |
60.23% |
60.23% |
60.23% |
60.23% |
|
PBDIT/Sales |
14.28% |
13.98% |
13.94% |
13.36% |
13.32% |
|
Operating Profits/Sales |
3.96% |
5.30% |
6.03% |
6.22% |
6.93% |
|
PBT/Sales |
4.26% |
5.55% |
6.26% |
6.43% |
7.12% |
|
PAT/Sales |
3.41% |
4.44% |
5.01% |
5.14% |
5.70% |
|
Cash Accruals/ Sales |
5.98% |
6.86% |
7.23% |
7.23% |
7.59% |
------------------------------------------------------------------------------------------------------------------------------
PROJECTED BALANCE SHEET
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
Fixed assets: |
|
|
|
|
|
|
Gross fixed assets |
7341.883 |
8041.883 |
8141.883 |
8391.883 |
8391.883 |
|
|
|
|
|
|
|
|
Less : Depreciation |
1716.376 |
2114.150 |
2517.204 |
2933.458 |
3349.712 |
|
|
|
|
|
|
|
|
Net fixed assets |
5625.506 |
5927.732 |
5624.678 |
5458.424 |
5042.171 |
|
|
|
|
|
|
|
|
Capital work in progress |
217.144 |
575.000 |
1437.500 |
2587.500 |
3105.000 |
|
Fixed
Assets |
5842.651 |
6502.732 |
7062.178 |
8045.924 |
8147.171 |
|
|
|
|
|
|
|
|
Advances for Capital Goods |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Investments |
110.600 |
110.600 |
110.600 |
110.600 |
110.600 |
|
|
|
|
|
|
|
|
Other Non Current Assets-Debtors Exceeding six
Months |
244.989 |
281.737 |
335.765 |
335.765 |
335.765 |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Inventories |
1846.334 |
2162.058 |
2484.773 |
2727.121 |
2989.333 |
|
- Raw
materials |
751.757 |
884.831 |
973.315 |
1070.646 |
1177.711 |
|
- Work-in-progress |
592.200 |
702.267 |
890.652 |
979.718 |
1077.689 |
|
- Finished
goods |
397.377 |
469.959 |
515.807 |
571.757 |
628.933 |
|
- Stores and spares, etc. |
105.000 |
105.000 |
105.000 |
105.000 |
105.000 |
|
|
|
|
|
|
|
|
Receivables |
3751.945 |
4063.001 |
4469.301 |
4916.232 |
5407.855 |
|
|
|
|
|
|
|
|
Loans & Advances |
1531.935 |
1685.128 |
1853.641 |
2039.005 |
2242.906 |
|
|
|
|
|
|
|
|
Deposits |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Cash and bank balance |
409.782 |
624.615 |
722.506 |
871.976 |
1486.891 |
|
|
|
|
|
|
|
|
Margin on LC & BG |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Current Assets |
7539.995 |
8534.802 |
9530.222 |
10554.334 |
12126.985 |
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Sundry creditors |
2051.835 |
2422.906 |
2665.760 |
2953.938 |
3250.170 |
|
Sundry Creditors Project |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Other Current liabilities |
185.000 |
190.000 |
195.000 |
200.000 |
205.000 |
|
|
|
|
|
|
|
|
Provisions |
-- |
-- |
-- |
-- |
-- |
|
Bank borrowings WC |
3500.000 |
4200.000 |
4600.000 |
5200.000 |
5200.000 |
|
Term Loan Instalments -Re TL |
-- |
-- |
-- |
-- |
-- |
|
Term Loan Instalments -ECB |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Current Liabilities |
5736.835 |
6812.906 |
7460.760 |
8353.938 |
8655.170 |
|
|
|
|
|
|
|
|
Surplus of CA over CL |
1803.161 |
1721.896 |
2069.462 |
2200.396 |
3471.815 |
|
|
|
|
|
|
|
|
Net tangible assets |
8001.401 |
8616.966 |
9578.006 |
10692.686 |
12065.351 |
|
|
|
|
|
|
|
|
Long term
liabilities: |
|
|
|
|
|
|
Term Deposits |
|
|
|
|
|
|
Term loans |
828.841 |
529.111 |
355.373 |
188.700 |
-- |
|
Borrowing on ECB |
-- |
-- |
-- |
-- |
-- |
|
Other Loan (OD) |
-- |
-- |
-- |
-- |
-- |
|
Secured Loans |
828.841 |
529.111 |
355.373 |
188.700 |
-- |
|
|
|
|
|
|
|
|
Unsecured Loan and Capex Crs. |
193.849 |
193.849 |
193.849 |
193.849 |
193.849 |
|
|
|
|
|
|
|
|
Unsecured Loans |
193.849 |
193.849 |
193.849 |
193.849 |
193.849 |
|
|
|
|
|
|
|
|
Total Long Term Liabilities |
1022.690 |
722.961 |
549.222 |
382.549 |
193.849 |
|
|
|
|
|
|
|
|
Net worth |
6978.710 |
7894.005 |
9028.784 |
10310.136 |
11871.502 |
|
|
|
|
|
|
|
|
Networth
represented by: |
|
|
|
|
|
|
Equity Capital |
248.828 |
248.828 |
248.828 |
248.828 |
248.828 |
|
|
|
|
|
|
|
|
Share Application money |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Fully NCD & Share Warrants/FCCB |
1868.559 |
1868.559 |
1868.559 |
1868.559 |
1868.559 |
|
|
|
|
|
|
|
|
Reserves and surplus |
2014.047 |
2014.047 |
2014.047 |
2014.047 |
2014.047 |
|
|
|
|
|
|
|
|
Deferred Tax Liability |
659.562 |
842.621 |
1069.577 |
1325.847 |
1638.120 |
|
|
|
|
|
|
|
|
Profit & Loss A/c |
2187.715 |
2919.950 |
3827.774 |
4852.856 |
6101.948 |
|
|
|
|
|
|
|
|
Less : Misc. Exps not w/o |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Tangible Net worth |
6978.710 |
7894.005 |
9028.784 |
10310.136 |
11871.501 |
|
|
|
|
|
|
|
|
Current Ratio |
1.31 |
1.25 |
1.28 |
1.26 |
1.40 |
|
|
|
|
|
|
|
|
Fixed assets coverage |
7.05 |
12.29 |
19.87 |
42.64 |
NA |
|
|
|
|
|
|
|
|
TOL / (TNW + Quasi Capital) |
0.92 |
0.91 |
0.85 |
0.81 |
0.72 |
------------------------------------------------------------------------------------------------------------------------------
PROJECTED CASH FLOW STATEMENT
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
SOURCES |
|
|
|
|
|
|
Net
Profit after tax |
476.959 |
732.235 |
907.823 |
1025.082 |
1249.092 |
|
|
|
|
|
|
|
|
Add.
Depreciation |
360.814 |
397.774 |
403.054 |
416.254 |
416.254 |
|
|
|
|
|
|
|
|
Add.
Misc Exp. W/off |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Deferred
Tax |
119.240 |
183.059 |
226.956 |
256.270 |
312.273 |
|
|
|
|
|
|
|
|
Dividend
on Equity |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Cash from Operations |
957.013 |
1313.068 |
1537.833 |
1697.606 |
1977.619 |
|
|
|
|
|
|
|
|
Capital
Brought in |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Share
Warrants |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Disbursement
of Term Loans |
-- |
-- |
-- |
(166.673) |
(188.700) |
|
|
|
|
|
|
|
|
Disbursement
of ECB |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Increase
in Reserves |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Loan
from Promoters/Corp. Loan |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Increase
in Deferred Tax |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Increase
in Current Liabilities |
370.376 |
376.072 |
247.853 |
293.178 |
301.232 |
|
|
|
|
|
|
|
|
Increase
in Corp. Loans |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Decrease
in other non Current assets |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Decrease
in Investments |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Decrease
in Current Assets |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Increase
in Bank Borrowings |
400.000 |
700.000 |
400.000 |
600.000 |
-- |
|
|
|
|
|
|
|
|
TOTAL |
1727.389 |
2389.140 |
2185.686 |
2424.112 |
2090.151 |
|
|
|
|
|
|
|
|
USES |
|
|
|
|
|
|
Repayment
of Term Loans |
428.182 |
299.729 |
173.739 |
-- |
-- |
|
|
|
|
|
|
|
|
Repayment
of ECB |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Decrease
in Unsecured Loans |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Purchase
of Fixed Assets |
420.000 |
1057.856 |
962.500 |
1400.000 |
517.500 |
|
|
|
|
|
|
|
|
Increase
in Investments |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Misc.
/Deferred Exp incurred |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Increase in Current Assets |
767.584 |
779.974 |
897.528 |
874.642 |
957.736 |
|
|
|
|
|
|
|
|
Decrease
in Current Liabilities |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Increase
in Non Current Assets |
31.955 |
36.748 |
54.028 |
-- |
-- |
|
|
|
|
|
|
|
|
Decrease
in Bank Borrowings |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
TOTAL |
1647.720 |
2174.308 |
2087.795 |
2274.642 |
1475.236 |
|
|
|
|
|
|
|
|
Surplus/(Deficit)
for the year |
79.668 |
214.833 |
97.891 |
149.470 |
614.916 |
|
|
|
|
|
|
|
|
Opening
Balance |
330.114 |
409.782 |
624.615 |
722.506 |
871.976 |
|
|
|
|
|
|
|
|
Closing
Balance |
409.782 |
624.615 |
722.506 |
871.976 |
1486.891 |
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENT OF WORKING CAPITAL REQUIREMENTS
OPERATING STATEMENT
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
GROSS SALES: |
|
|
|
|
|
|
Sales - Domestic |
5800.722 |
6994.043 |
7693.448 |
8462.792 |
9309.072 |
|
Export |
8198.832 |
9483.684 |
10432.053 |
11475.258 |
12622.784 |
|
|
|
|
|
|
|
|
Less: Excise Duty |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
NET
SALES |
13999.554 |
16477.727 |
18125.500 |
19938.050 |
21931.855 |
|
|
|
|
|
|
|
|
% rise or fall in net sales |
12.84% |
17.70% |
10.00% |
10.00% |
10.00% |
|
|
|
|
|
|
|
|
COST
OF SALES: |
|
|
|
|
|
|
Purchase of Raw Materials |
7839.750 |
9227.527 |
10150.280 |
11165.308 |
12281.839 |
|
|
|
|
|
|
|
|
Spares |
592.181 |
697.008 |
766.709 |
843.380 |
927.717 |
|
|
|
|
|
|
|
|
Power and Fuel |
440.986 |
535.526 |
589.079 |
647.987 |
712.785 |
|
|
|
|
|
|
|
|
Other Manufacturing Expenses |
1934.738 |
2356.315 |
2628.198 |
2891.017 |
3180.119 |
|
|
|
|
|
|
|
|
SUB
TOTAL |
10807.655 |
12816.376 |
14134.265 |
15547.692 |
17102.461 |
|
|
|
|
|
|
|
|
ADD-Opening Stock in Proc |
528.429 |
592.200 |
702.267 |
890.652 |
979.718 |
|
|
|
|
|
|
|
|
SUB TOTAL |
11336.084 |
13408.577 |
14836.532 |
16438.344 |
18082.178 |
|
|
|
|
|
|
|
|
LESS-Closing Stock in Proc |
592.200 |
702.267 |
890.652 |
979.718 |
1077.689 |
|
|
|
|
|
|
|
|
COST OF PRODUCTION |
10743.884 |
12706.310 |
13945.880 |
15458.626 |
17004.489 |
|
|
|
|
|
|
|
|
ADD-Opening Stock of Fin. Goods |
352.344 |
397.377 |
469.959 |
515.807 |
571.757 |
|
|
|
|
|
|
|
|
SUB TOTAL |
11096.228 |
13103.686 |
14415.839 |
15974.433 |
17576.246 |
|
|
|
|
|
|
|
|
LESS-Closing Stock of Fin. Goods |
397.377 |
469.959 |
515.807 |
571.757 |
628.933 |
|
|
|
|
|
|
|
|
COST
OF SALES |
10698.851 |
12633.727 |
13900.033 |
15402.675 |
16947.313 |
|
|
|
|
|
|
|
|
Selling, General & Admin Exps |
1343.957 |
1581.862 |
1740.048 |
1914.053 |
2105.458 |
|
|
|
|
|
|
|
|
Depreciation |
360.814 |
397.774 |
403.054 |
416.254 |
416.254 |
|
|
|
|
|
|
|
|
SUB TOTAL |
12403.622 |
14613.362 |
16043.135 |
17732.982 |
19469.025 |
|
|
|
|
|
|
|
|
Operating Profit Before Interest |
1595.931 |
1864.365 |
2082.365 |
2205.068 |
2462.830 |
|
|
|
|
|
|
|
|
OPIT % |
11.40% |
11.31% |
11.49% |
11.06% |
11.23% |
|
|
|
|
|
|
|
|
Interest |
1041.533 |
990.871 |
989.386 |
965.516 |
943.265 |
|
|
|
|
|
|
|
|
Operating Profit After Interest |
554.399 |
873.494 |
1092.979 |
1239.552 |
1519.565 |
|
|
|
|
|
|
|
|
Add: Other Income |
41.800 |
41.800 |
41.800 |
41.800 |
41.800 |
|
|
|
|
|
|
|
|
Less: Other Expenses |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Less: Extra Ordinary Expenses |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Prior Period Expenses |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Profit\Loss before Tax |
596.199 |
915.294 |
1134.779 |
1281.352 |
1561.365 |
|
|
|
|
|
|
|
|
Provision for Tax |
119.240 |
183.059 |
226.956 |
256.270 |
312.273 |
|
|
|
|
|
|
|
|
Profit\Loss after Tax |
476.959 |
732.235 |
907.823 |
1025.082 |
1249.092 |
|
|
|
|
|
|
|
|
Equity Dividend Paid / Drawings |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Extra Ordinary Items |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Retained Profit |
476.959 |
732.235 |
907.823 |
1025.082 |
1249.092 |
------------------------------------------------------------------------------------------------------------------------------
ANALYSIS OF BALANCE SHEET
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
CURRENT LIABILITIES |
|
|
|
|
|
|
Short term borrowing from Bank (BP & BD
included above) |
3500.000 |
4200.000 |
4600.000 |
5200.000 |
5200.000 |
|
|
|
|
|
|
|
|
SUB TOTAL |
3500.000 |
4200.000 |
4600.000 |
5200.000 |
5200.000 |
|
|
|
|
|
|
|
|
Short term borrowings- others |
-- |
-- |
-- |
-- |
-- |
|
Sundry Creditors |
2051.835 |
2422.906 |
2665.760 |
2953.938 |
3250.170 |
|
Advance From Customers |
-- |
-- |
-- |
-- |
-- |
|
Provision for Taxation |
-- |
-- |
-- |
-- |
-- |
|
Dividend Payable |
-- |
-- |
-- |
-- |
-- |
|
Other statutory liabilities |
-- |
-- |
-- |
-- |
-- |
|
Instalment of TL due within a year |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Other Current Liabilities |
185.000 |
190.000 |
195.000 |
200.000 |
205.000 |
|
|
|
|
|
|
|
|
SUB
TOTAL |
2236.835 |
2612.906 |
2860.760 |
3153.938 |
3455.170 |
|
|
|
|
|
|
|
|
TOTAL CURRENT LIABILITIES |
5736.835 |
6812.906 |
7460.760 |
8353.938 |
8655.170 |
|
|
|
|
|
|
|
|
TERM
LIABILITIES |
|
|
|
|
|
|
Debentures |
-- |
-- |
-- |
-- |
-- |
|
Preference Shares |
-- |
-- |
-- |
-- |
-- |
|
Term Loans |
828.841 |
529.111 |
355.373 |
188.700 |
-- |
|
Borrowing
on ECB |
-- |
-- |
-- |
-- |
-- |
|
Hire Purchase Finance |
-- |
-- |
-- |
-- |
-- |
|
Unsecured Loans & Capex Creditors
(Promoters) |
193.849 |
193.849 |
-- |
-- |
-- |
|
Other Term Liabilities /Unsecured Loans |
-- |
-- |
-- |
-- |
-- |
|
Term
Deposits |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Total Term Liabilities |
1022.690 |
722.961 |
355.373 |
188.700 |
-- |
|
|
|
|
|
|
|
|
Total Outside Liabilities |
6759.525 |
7535.867 |
7816.133 |
8542.638 |
8655.170 |
|
|
|
|
|
|
|
|
NETWORTH |
|
|
|
|
|
|
Equity Capital |
248.828 |
248.828 |
248.828 |
248.828 |
248.828 |
|
|
|
|
|
|
|
|
Share Application |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Quasi Capital |
-- |
-- |
193.849 |
193.849 |
193.849 |
|
|
|
|
|
|
|
|
FCCB |
1868.559 |
1868.559 |
1868.559 |
1868.559 |
1868.559 |
|
|
|
|
|
|
|
|
General
Reserve |
2014.047 |
2014.047 |
2014.047 |
2014.047 |
2014.047 |
|
|
|
|
|
|
|
|
Deferred Tax Liability |
659.562 |
842.621 |
1069.577 |
1325.847 |
1638.120 |
|
|
|
|
|
|
|
|
Profit and Loss Account |
2187.715 |
2919.950 |
3827.774 |
4852.856 |
6101.948 |
|
|
|
|
|
|
|
|
TOTAL NETWORTH |
6978.710 |
7894.005 |
9222.633 |
10503.985 |
12065.351 |
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
13738.235 |
15429.872 |
17038.766 |
19046.623 |
20720.521 |
|
|
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
|
|
Cash & Bank Balances |
409.782 |
624.615 |
722.506 |
871.976 |
1486.891 |
|
|
|
|
|
|
|
|
Investments other than long term inv. |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Other Deposits |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Receivables
|
|
|
|
|
|
|
Domestic |
1351.945 |
1383.001 |
1539.301 |
1736.232 |
1827.855 |
|
Export |
2400.000 |
2680.000 |
2930.000 |
3180.000 |
3580.000 |
|
|
|
|
|
|
|
|
Instalment of Deferred
Receivables due within one year |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Inventory |
|
|
|
|
|
|
Raw Materials |
751.757 |
884.831 |
973.315 |
1070.646 |
1177.711 |
|
Stock in process |
592.200 |
702.267 |
890.652 |
979.718 |
1077.689 |
|
Stock of Finished Goods |
397.377 |
469.959 |
515.807 |
571.757 |
628.933 |
|
Other Spares |
105.000 |
105.000 |
105.000 |
105.000 |
105.000 |
|
Loans & Advances |
1531.935 |
1685.128 |
1853.641 |
2039.005 |
2242.906 |
|
Advance Payment of Taxes |
-- |
-- |
-- |
-- |
-- |
|
Other Current Assets ( Margins, Advances
& Deposits) |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
7539.995 |
8534.802 |
9530.222 |
10554.334 |
12126.985 |
|
|
|
|
|
|
|
|
FIXED ASSETS |
|
|
|
|
|
|
Gross Block |
7341.883 |
8041.883 |
8141.883 |
8391.883 |
8391.883 |
|
Depreciation to date |
1716.376 |
2114.150 |
2517.204 |
2933.458 |
3349.712 |
|
Capital WIP |
217.144 |
575.000 |
1437.500 |
2587.500 |
3105.000 |
|
Net Block |
5842.651 |
6502.732 |
7062.178 |
8045.924 |
8147.171 |
|
Other Non Current Assets |
-- |
-- |
-- |
-- |
-- |
|
Long Term Investments |
110.600 |
110.600 |
110.600 |
110.600 |
110.600 |
|
Non Consumable Stores |
-- |
-- |
-- |
-- |
-- |
|
Other non Current
Assets(Debtors > 6 Month) |
244.989 |
281.737 |
335.765 |
335.765 |
335.765 |
|
Total Other Non Current Assets |
355.589 |
392.337 |
446.365 |
446.365 |
446.365 |
|
|
|
|
|
|
|
|
INTANGIBLE ASSETS |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
13738.235 |
15429.872 |
17038.766 |
19046.623 |
20720.521 |
|
|
|
|
|
|
|
|
TANGIBLE NETWORTH |
6978.710 |
7894.005 |
9222.633 |
10503.985 |
12065.351 |
|
NET WORKING CAPITAL |
1803.161 |
1721.896 |
2069.462 |
2200.396 |
3471.815 |
|
CURRENT RATIO |
1.31 |
1.25 |
1.28 |
1.26 |
1.40 |
|
TOL / TNW |
0.97 |
0.95 |
0.85 |
0.81 |
0.72 |
------------------------------------------------------------------------------------------------------------------------------
FUND FLOW STATEMENT
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
SOURCES |
|
|
|
|
|
|
Net profit
after tax |
476.959 |
732.235 |
907.823 |
1025.082 |
1249.092 |
|
Depreciation |
360.814 |
397.774 |
403.054 |
416.254 |
416.254 |
|
Non Cash
expenditure |
-- |
-- |
-- |
-- |
-- |
|
Increase
in Capital |
-- |
-- |
-- |
-- |
-- |
|
Increase
in Term Liabilities |
-- |
-- |
-- |
-- |
-- |
|
Increase
in Term Deposit |
-- |
-- |
-- |
-- |
-- |
|
Increase
in Reserves and Surplus |
-- |
-- |
-- |
-- |
-- |
|
Disbursement of ECB |
-- |
-- |
-- |
-- |
-- |
|
Decrease
in Fixed Assets |
-- |
-- |
-- |
-- |
-- |
|
Increased
Unsecured loans |
-- |
-- |
-- |
-- |
-- |
|
Decrease
in Non Current assets |
(31.955) |
(36.748) |
(54.028) |
-- |
-- |
|
Increase
in Deferred Tax |
119.240 |
183.059 |
226.956 |
256.270 |
312.273 |
|
|
|
|
|
|
|
|
TOTAL |
925.057 |
1276.320 |
1483.805 |
1697.606 |
1977.619 |
|
|
|
|
|
|
|
|
USES |
|
|
|
|
|
|
Decrease
in Term Loan |
428.182 |
299.729 |
173.739 |
166.673 |
188.700 |
|
Decrease
in HP Finance |
-- |
-- |
-- |
-- |
-- |
|
Increase
in Fixed Assets |
420.000 |
1057.856 |
962.500 |
1400.000 |
517.500 |
|
Dividend
payments |
-- |
-- |
-- |
-- |
-- |
|
Decrease
in Unsecured Loans |
-- |
-- |
-- |
-- |
-- |
|
Increase
in Investments |
-- |
-- |
-- |
-- |
-- |
|
Misc.
/Deff Exp incurred |
-- |
-- |
-- |
-- |
-- |
|
Decrease
in other term liabilities |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
TOTAL |
848.182 |
1357.585 |
1136.239 |
1566.673 |
705.200 |
|
|
|
|
|
|
|
|
LONG TERM
SURPLUS/(DEFICIT) |
76.876 |
(81.265) |
347.567 |
130.934 |
1271.419 |
|
|
|
|
|
|
|
|
INC./DEC
IN CURRENT ASSETS |
847.252 |
994.807 |
995.420 |
1024.112 |
1572.651 |
|
INC./DEC
IN CURRENT LIABILITIES |
370.376 |
376.072 |
247.853 |
293.178 |
301.232 |
|
INC./DEC
IN WCG |
476.876 |
618.735 |
747.567 |
730.934 |
1271.419 |
|
|
|
|
|
|
|
|
NET SURPLUS/DEFICIT |
(400.000) |
(700.000) |
(400.000) |
(600.000) |
0.000 |
|
INC./DEC IN BANK BORROWING |
400.000 |
700.000 |
400.000 |
600.000 |
-- |
|
INC./DEC IN NET SALES |
1592.733 |
2478.174 |
1647.773 |
1812.550 |
1993.805 |
------------------------------------------------------------------------------------------------------------------------------
COMPARATIVE STATEMENT OF CURRENT ASSETS
& CURRENT LIABILITIES
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
A. CURRENT
ASSETS |
|
|
|
|
|
|
Raw
Materials |
751.757 |
884.831 |
973.315 |
1070.646 |
1177.711 |
|
(
Month's consumption) |
1.15 |
1.15 |
1.15 |
1.15 |
1.15 |
|
|
|
|
|
|
|
|
Other
Consumable Stores |
105.000 |
105.000 |
105.000 |
105.000 |
105.000 |
|
Stock in
Process |
592.200 |
702.267 |
890.652 |
979.718 |
1077.689 |
|
( Month's
cost of production) |
0.66 |
0.66 |
0.77 |
0.76 |
-- |
|
|
|
|
|
|
|
|
Finished
Goods |
397.377 |
469.959 |
515.807 |
571.757 |
628.933 |
|
( Month's
cost of sales) |
0.45 |
0.45 |
0.45 |
0.45 |
0.45 |
|
|
|
|
|
|
|
|
Receivables |
|
|
|
|
|
|
Exports |
2400.000 |
2680.000 |
2930.000 |
3180.000 |
3580.000 |
|
( Month's
Sale) |
3.51 |
3.39 |
3.37 |
3.33 |
3.40 |
|
|
|
|
|
|
|
|
Domestic |
1351.945 |
1383.001 |
1539.301 |
1736.232 |
1827.855 |
|
( Month's
Sale) |
2.80 |
2.37 |
2.40 |
2.46 |
2.36 |
|
|
|
|
|
|
|
|
Other
Current Assets |
1531.935 |
1685.128 |
1853.641 |
2039.005 |
2242.906 |
|
|
|
|
|
|
|
|
Cash &
Bank Balances |
409.782 |
624.615 |
722.506 |
871.976 |
1486.891 |
|
|
|
|
|
|
|
|
Advances
& Deposits |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
TOTAL
CURRENT ASSETS |
7539.995 |
8534.802 |
9530.222 |
10554.334 |
12126.985 |
|
|
|
|
|
|
|
|
B. CURRENT
LIABILITIES |
|
|
|
|
|
|
Trade
Creditors |
2051.835 |
2422.906 |
2665.760 |
2953.938 |
3250.170 |
|
(Month's
Expenses) |
3.14 |
3.15 |
3.15 |
3.17 |
3.18 |
|
|
|
|
|
|
|
|
Advances from
Customers |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Statutory
Liabilities |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Other
Current Liabilities |
185.000 |
190.000 |
195.000 |
200.000 |
205.000 |
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES |
2236.835 |
2612.906 |
2860.760 |
3153.938 |
3455.170 |
------------------------------------------------------------------------------------------------------------------------------
COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE
FOR WORKING CAPITAL
(RS. IN MILLION)
|
PARTICULARS |
2016 |
2017 |
2018 |
2019 |
2020 |
|
|
|
|
|
|
|
|
1] Total
Current Assets |
7539.995 |
8534.802 |
9530.222 |
10554.334 |
12126.985 |
|
|
|
|
|
|
|
|
2] Current
Liabilities other than bank borrowings |
2236.835 |
2612.906 |
2860.760 |
3153.938 |
3455.170 |
|
|
|
|
|
|
|
|
3] Working
Capital Gap |
5303.161 |
5921.896 |
6669.462 |
7400.396 |
8671.815 |
|
|
|
|
|
|
|
|
4] Minimum
stipulated net working capital (25% of total current asset excl. export
receivables) |
1284.999 |
1463.701 |
1650.056 |
1843.583 |
2136.746 |
|
|
|
|
|
|
|
|
5] Actual
projected Net Working Capital |
1803.161 |
1721.896 |
2069.462 |
2200.396 |
3471.815 |
|
|
|
|
|
|
|
|
6] Item 3
minus item 4 |
4018.162 |
4458.195 |
5019.407 |
5556.813 |
6535.069 |
|
|
|
|
|
|
|
|
7] Item 3
minus item 5 |
3500.000 |
4200.000 |
4600.000 |
5200.000 |
5200.000 |
|
|
|
|
|
|
|
|
8] Maximum
Permissible Bank Finance (6 or 7 whichever is less) |
3500.000 |
4200.000 |
4600.000 |
5200.000 |
5200.000 |
|
|
|
|
|
|
|
|
9] Short
Fall in NWC (4 minus 5) |
-- |
-- |
-- |
-- |
-- |
------------------------------------------------------------------------------------------------------------------------------
COMPANY PROFILE
COMPANY OVERVIEW
·
Flexituff International Limited (FIL) is a
leading manufacturers of
Flexible intermediate bulk container (FIBC), Geo-Textile
Fabric and Ground
Cover, Reverse Printed BOPP
Woven Bags, Special
PP Bags including
Leno Bags and
polymer compounding.
·
These products
are manufactured at its
three integrated manufacturing units out of which two are located in
Pithampur (Madhya Pradesh)
and one in Kashipur (Uttrakhand)
with a total installed capacity of 48,500 MT which it proposes to expand upto
70,311 MT by FY12
·
FIL is the largest exporter of FIBC bags in
India and 2nd largest in the world, it exported ~18 mn bags in FY13
constituting around ~20% of the total Indian FIBC exports.
·
Company has consecutively received Top Exporter
Award from the PLEXCONCIL, Ministry of Commerce from 2005-06 to 2008-09
·
Professionally managed company, with a total
workforce of 7,000 personnel as on May 2014
·
FIL received investment of approximately Rs. 460
million by private equity fund Clearwater Capital Partners Limited (Cyprus) in
2007 and Rs. 270 mn by TPG Capital in 2013
·
Recently, TPG Growth Inc and International
Finance Corporation have invested ~ Rs. 1,350 mn and ~ Rs. 1,000 respectively
by a mix of equity and FCCB
·
FIL is listed on BSE and NSE with a market
capitalization of Rs 6,000 mn as on 30th May 2014
POLYMER INDUSTRY
·
The plastics and polymer consumption will have
an average growth rate of 5% and it is expected touch a figure of 227 mn tons
by 2015.
·
Globally, it is projected that PET (Bottle
grade) will have the highest growth rate of about 11%
AAGR (Annual Average Growth Rate) amongst all polymers, followed by PP, PE, PVC
and PS in the descending order.
· India - The per capita consumption of polymers in India is 4 kg p.a. against around 90 kg p.a. in the US, around 60 kg p.a. in the Europe and a global average of 17 kg p.a. With the end user profile changing and new applications being introduced, the demand for plastics is expected to increase at a greater rate and likely to go up to 8 kg p.a. in next couple of years. (Source: AIPMA, Diamond Jubilee edition)
PACKAGING INDUSTRY
Packaging industry serves the following purposes in India:
·
Containment
·
Protection and Preservation
·
Supplementary Product Protection
·
Communication
·
Convenience
·
Environmental Aspects
·
Reduction of Pilferage
·
Marketing Trends
FIBC INDUSTRY
·
Indian
FIBC Industry is the third largest producer in the world and the Indian
producers are supplying to virtually every country across the globe.
·
India is currently exporting approximately
75,000 MTPA of FIBC.
·
While, the US market has been growing at rate of
10% - 15% per annum whereas Europe has registered annual growth of about 4.5%
in the recent past.
·
The primary mode of selling overseas is through
resellers, direct supply to end users is also increasing rapidly.
GEO-TEXTILE FABRIC
GROUND COVERS
·
Consumption of Geogrids has mostly been for
Mechanically Stabilized Earth (MSE) and Reinforced Soil Slope (RSS)
applications. Geogrids in NHAI projects have mostly been used in reinforced
soil retaining walls and approaches to flyover.
·
With the focus of new government on the
infrastructure sector, this industry will experience a tremendous boost
REVERSE PRINTED
BOPP WOVEN BAGS
·
This is basically a new development which has
led an ordinary woven polypropylene bag to have additional usage and widened
its market
·
Opportunities:
BOPP woven bags were mainly exported to USA from China. However, in the year
2010 the U.S. has imposed anti-dumping duty on BOPP bags from China. This has
given a huge opportunity for the Indian manufacturers to enter the USA’s vast
market.
POLYOLEFIN WOVEN
SACKS AND LENO BAGS
Market dynamics and key growth drivers: There is great potential for the
leno bags in India and few reasons of the same are:
·
Suitable for dry skin vegetables (Potato, Onion,
Garlic etc.) where India is the 3rd largest producer
·
Suitable for fruits and vegetables where India is the 2nd largest
producer
· Suitable for cold storage
POLYMER
COMPOUNDING
·
Long fiber technology is certain to make waves
in the automotive industry as the pressure on quality and costs keep mounting.
·
As new materials and compounding technologies
are evolving continuously, markets will explode and it may be no surprise to
see the Indian compounding industry double in five years
CLARIFICATION
ABOUT EWDPL:
Clarification note on relationship between Flexituff International
Limited and Entertainment World Developers Private Limited (EWDPL)
1)
These two are separate companies involved in
completely different businesses.
2)
Flexituff is managed and handled by Mr. Saurabh
Kalani whereas EWDPL is managed and handled by Mr. Manish Kalani who is the
brother of Mr. Saurabh Kalani. Mr. Manish Kalani was earlier a Director in
Flexituff also. However, he resigned in 2011 following an understanding in the
family about division of the businesses between the two brothers.
3)
Mr. Manish Kalani had resigned from Flexituff in
2011. A copy of Form No.32 is enclosed. In view of the bank’s pressure he was
forced to continue as a Director and seek permission to resign though he was not
involved in any of the decision-making processes. A copy of Form No.32 for
re-joining is also enclosed.
4)
They thus approached UCO Bank formally (copy of
request letter enclosed). Once UCO Bank gave permission to Mr. Manish Kalani,
he finally resigned in 2012. A copy of Form No.32 is enclosed again.
5)
In UCO Bank the then Board Note states that EWDPL
and Flexituff are group companies only on account that Mr. Manish Kalani was a
common Director in both the companies prior to 2011.
6)
EWDPL has many subsidiaries, however, its 5
subsidiaries namely a) Turning Point Estate Private Limited b) Indore Treasure
Market City Private Limited and c) Jabalpur Treasure Island Private Limited d)
Surya Treasure Island Limited and e) Raipur Island Limited, have become NPA the
Directors of which are as under:
|
Name of Company |
Names of
Directors |
|
Turning Point Estate Private Limited |
1)
Sanjay Khatau Asher 2)
Narayan Khandelwal 3)
Avnish Hasija 4)
Yogesh Goswami 5)
Maximilian Johannes Glasl 6)
Bhumika Batra 7)
George Christian Rueb |
|
Indore Treasure Market City Private Limited |
1) Sanjay Khatau Asher 2) Narayan Khandelwal 3) Avnish Hasija 4) Yogesh Goswami 5) Maximilian Johannes Glasl |
|
Jabalpur Treasure Island Private Limited |
1) Sanjay Khatau Asher 2) Narayan Khandelwal 3) Avnish Hasija 4) Yogesh Goswami 5) Maximilian Johannes Glasl 6) Bhumika Batra 7) Gajanan Prasad Chaturvedi 8) George Christian Rueb |
|
Surya Treasure Island Limited (This company is not a subsidiary of EWDL. EWDL is only 17 % share
holder ) |
1) Sanjay Chandru Chandirmani 2) Avnish Hasija 3) Yogesh Goswami 4) Sanjeev Rastogi 5) Hartmut S 6) Sanjay Agrawal 7) Kamal Agarwal 8) Georg Christian Rueb 9) Bhumika Batra |
|
Raipur Island Limited |
1) Narayan Khandelwal 2) Avnish Hasija 3) Yogesh Goswami 4) Georg Christian Rueb 5) Bhumika Batra 6) Hartmut S |
It is pertinent to note that Mr. Manish Kalani is not a Director in
these companies and there is no link between these companies and Flexituff.
Moreover, in the list of group companies filed with the SEBI in DRHP the names
of 5 companies are not there.
7)
It is further important to note that there is no
inter-company transaction between Flexituff and these companies.
8)
Lastly, it is important to note that a formal
family separation agreement has been entered into between all members of the
family, dividing the companies and the assets, a copy of which is enclosed
herewith for the ready reference.
9)
It is therefore their request not to link us with
any of the companies in Mr. Manish Kalani Group and process their case on
merits independently.
10)
Mr. Manish Kalani being a Director had given his
personal guarantee then, however, since partition they have been requesting for
removal of the bank guarantee of Mr. Manish Kalani as after separation he
didn’t want to continue the guarantee and, at the same time, Mr. Saurabh Kalani
had extended the guarantee to the bank. Since the net worth of Mr. Manish
Kalani was more than Mr. Saurabh Kalani the lead bank has accepted the proposal
of waiver of personal guarantee of Mr. Manish Kalani after taking security of
Rupees Four Crores or FDR of Rs. 4 crores in the latest sanction.
------------------------------------------------------------------------------------------------------------------------------
NETWORTH STATEMENT
MR. SAURABH KALANI
(RS. IN MILLION)
|
SR. NO. |
PARTICULARS |
AS ON 31.03.2014 |
|
|
|
|
|
1 |
Investment in Shares/ Mutual Funds |
4.020 |
|
|
|
|
|
2 |
Jewellery and Gold Ornaments |
5.030 |
|
|
|
|
|
3 |
Investment in Life Insurance |
3.914 |
|
|
|
|
|
4 |
Investment in Firm |
0.003 |
|
|
|
|
|
5 |
Loans and Advances |
24.492 |
|
|
|
|
|
6 |
Other Assets |
0.554 |
|
|
|
|
|
|
Total Assets |
38.013 |
|
|
|
|
|
|
Less: Liabilities including Loans |
37.043 |
|
|
|
|
|
|
NETWORTH |
0.970 |
------------------------------------------------------------------------------------------------------------------------------
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10550967 |
23/12/2014 |
250,000,000.00 |
BANK OF BARODA |
15/16 JAWAHAR MARG, SIYAGANJ ROAD, INDORE,
MADHYA |
C44527794 |
|
2 |
10522337 |
24/09/2014 |
250,000,000.00 |
GE MONEY FINANCIAL SERVICES PRIVATE LIMITED |
401 402 4TH FLOORAGGARWAL MILLENIUM TOWER,
E1 23 NETAJI SUBHASH PLACE, PITAMPURA DELHI, DELHI - 110034, INDIA |
C22883714 |
|
3 |
10489566 |
08/04/2015 * |
250,000,000.00 |
CENTRAL BANK OF INDIA |
MID CORPORATE BRANCH, PALIKA PLAZA,
PHASE-I, SECOND FLOOR, M.T.H COMPOUND, INDORE, MADHYA PRADESH - |
C51082592 |
|
4 |
10490127 |
28/03/2014 |
27,400,000.00 |
STATE BANK OF PATIALA |
MID CORPORATE BRANCH, ORBIT MALL, A.B ROAD,
INDORE, MADHYA PRADESH - 452010, INDIA |
C03556321 |
|
5 |
10487129 |
29/04/2015 * |
10,400,000.00 |
SBER BANK |
UPPER GROUND FLOOR, GOPAL DAS BHAWAN, 28,
BARAKHAMBA ROAD, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
C51683829 |
|
6 |
10383843 |
21/09/2013 * |
95,600,000.00 |
CENTRAL BANK OF INDIA |
SECOND FLOOR PALIKA PLAZA, PHASE -1, M.T.H.
COMPOUND, INDORE, INDORE, MADHYA PRADESH - 452007, INDIA |
B85952604 |
|
7 |
10377138 |
24/12/2012 * |
250,000,000.00 |
GE CAPITAL SERVICES INDIA |
401, 402, 4TH FLOOR, AGGARWAL MILLENNIUM
TOWER,, E-1,2,3, NETAJI SUBHASH PLACE, WAZIRPUR, NEW DELHI, DELHI - 110034,
INDIA |
B65217010 |
|
8 |
10370121 |
21/09/2013 * |
150,000,000.00 |
ING VYSYA BANK LIMITED |
22, M G ROAD, BANGALORE, BANGALORE, KARNATAKA
- 560001, INDIA |
B86694130 |
|
9 |
10208715 |
25/03/2010 |
160,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA, TILAK NAGAR, INDORE,
MADHYA PRAD |
A81897621 |
|
10 |
10186893 |
08/10/2009 |
545,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA, TILAK NAGAR BRANCH,,
INDORE, MADHYA PRADESH - 452001, INDIA |
A73732075 |
|
11 |
10117541 |
29/04/2015 * |
870,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA BRANCH, TILAK NAGAR,
INDORE, MADHYA PRADESH - 452001, INDIA |
C51633972 |
|
12 |
10043512 |
19/03/2015 * |
4,962,000,000.00 |
UCO BANK |
GRAM PIPLIAHANA, TILAK NAGAR, INDORE,
MADHYA PRADESH - 452018, INDIA |
C49728421 |
* Date of charge modification
CONTINGENT
LIABILITIES (AS ON 31.03.2015):
1) Estimated amount of contracts remaining to be executed
on capital account and not provided for Rs.397.027 Million (Previous Year Rs.
275.565 Million)
2) Guarantee given by Banks on behalf of the Company
for Rs. 73.445 Million (Previous year Rs. 47.058 Million)
3) On account of Letter of Credit for Rs. 131.214
Million (Previous year Rs.40.357 Million).
4) Foreign Bills Discounted with Bank Rs. 287.038
Million (Previous year Rs. 225.329 Million).
5) Corporate Guarantee given by the Company is as
under :
|
SR. NO. |
GIVEN IN FAVOUR OF |
GIVEN ON BEHALF OF |
AMOUNT IN MILLION |
|
|
|
|
|
|
1 |
Governor of Uttarakhand |
Nanofil Technologies Private Limited, Kashipur |
Rs. 0.200 Million (Previous Rs. 0.200 Million) |
|
|
|
|
|
6) Outstanding of Taxes on account of disputes are as
follows-
a) The company filed appeal before CIT(A) / ITAT and
contested Income Tax demand for the A.Y. 2004-05, 2005-06 and 2006-07 for Rs.
26.188 Million, Rs. 22.611 Million and Rs. 6.029 Million respectively and also
contested TDS demand for the A.Y. 2005-06 to 2007-08 Rs. 0.708 Million.
b) The Income Tax department has filed an appeal
before the M. P. High Court, challenging the order of ITAT passed in favour of
Company for the A.Y.2003-04. The amount of tax and penalty is Rs. 6.576 Million
and Rs. 1.453 million respectively.
c) The company has contested M.P.VAT/CST. demand for
F.Y. 2006-07, 2007-08, 2008-09, 2009-10, 2010-11, 2011-12 and 2012-13 for
Rs.3.847 Million, Rs.1.961 million, Rs.1.056 million, Rs. 4.379 million, Rs.
0.921 million, Rs. 0.657 Million and Rs. 0.993 Million respectively and Entry
Tax demand for F.Y. 2006-07, 2007-08, 2008-09, 2009-10 & 2010-11 for Rs.
2.414 million, Rs. 2.770 million, Rs. 4.616 million, Rs. 3.717 million &
Rs.0.376 million respectively as per legal opinion obtained.
d) The company has contested VAT/CST Demand for FY
2009-10, 2010-11, 2011-12, 2012-13, 2013-14 and 2014-15 for Rs. 20.547 million,
Rs. 8.920 million, Rs.6.809 Million, Rs. 4.000 Million and Rs. 2.000 million
respectively at Kashipur unit.
FIXED ASSETS:
· Land
· Factory Building
· Plant and Machinery
· Electric Installation
· Furniture and Fixture
· Office Equipment
· Vehicles
· Computer
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. 63.60 |
|
|
1 |
Rs. 100.09 |
|
Euro |
1 |
Rs. 71.23 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
54 |
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.