MIRA INFORM REPORT
|
Report No. : |
320911 |
|
Report Date : |
08.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
POLYPLEX CORPORATION LIMITED |
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|
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Registered
Office : |
Lohia Head Road, Khatima, District Udham Singh Nagar-262 308,
Uttarakhand. |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.10.1984 |
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Com. Reg. No.: |
20-011596 |
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Capital
Investment / Paid-up Capital : |
Rs. 325.632 Million |
|
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CIN No.: [Company Identification
No.] |
L25209UR1984PLC011596 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELP08882G |
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PAN No.: [Permanent Account No.] |
AAACP0278J |
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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
: |
Manufacturer, Importer and Exporter of Polyester Films, Polyester
Chips and Solar PV Modules. |
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|
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No. of Employees
: |
1870 (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 |
|
Maximum Credit Limit : |
USD 10000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having a fine track
record. Financial Position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON- CO-OPERATIVE
(05943-250285)
LOCATIONS
|
Registered Office / Work : |
Lohia Head Road, Khatima, District Udham Singh Nagar-262 308,
Uttarakhand, India. |
|
Tel. No.: |
91-5943 250136 |
|
Fax No.: |
91-5943 250281 |
|
E-Mail : |
investorrelations@polyplex.com |
|
Website : |
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Corporate Office : |
B-37, Sector-1, Noida, District-Gautam Budh Nagar – 201 301, Uttar
Pradesh, India. |
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Tel. No.: |
91-120 2443716 - 19 |
|
Fax No.: |
91-120 2443723 & 24 |
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E-Mail : |
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|
|
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Work : |
Plot No. 227 MI – 228 MI, Banna Khera Road, Village Vikrampur, Tehsil Bajpur,
District Udham Singh Nagar – 262 401, Uttarakhand, India. |
DIRECTORS
As on : 31.03.2014
|
Name : |
Mr. Sanjiv Saraf |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Brij Kishore Soni |
|
Designation : |
Director |
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|
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Name : |
Mr. Sanjiv Chadha |
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Designation : |
Director |
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|
Name : |
Dr. Suresh Inderchand Surana |
|
Designation : |
Director |
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|
Name : |
Mr. Jitender Balakrishnan |
|
Designation : |
Director |
|
Name : |
Mr. Rakesh Awasthi |
|
Designation : |
Nominee Director - IDBI Bank Limited (from July 16, 2013) |
|
Name : |
Mr. Pranay Kothari |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Manish Gupta |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Ashok Kumar Gurnani |
|
Designation : |
Company Secretary |
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E-mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.12.2014
|
Category of Shareholders |
No. of Shares |
% of Shares |
|
|
|
|
|
|
|
Bodies Corporate |
1802202 |
5.63 |
|
Any Others
(Specify) |
60 |
0.00 |
|
Directors/Promoters & their Relatives & Friends |
60 |
0.00 |
|
Sub Total |
1802262 |
5.63 |
|
|
|
|
Bodies Corporate |
13158134 |
41.14 |
|
Any Other
Specify |
50138 |
0.16 |
|
Directors/Promoters & their Relatives & Friends |
50138 |
0.16 |
|
Sub Total |
13208272 |
4.30 |
|
Total
Shareholding of Promoter and Promoter Group (A) |
15010534 |
46.93 |
|
|
|
|
|
|
|
Mutual Funds UTI |
1335960 |
4.18 |
|
Financial Institutions / Banks |
14225 |
0.04 |
|
Insurance Companies |
145005 |
0.45 |
|
Foreign Institutional Investors |
214179 |
0.67 |
|
Sub Total |
1709369 |
5.34 |
|
|
|
|
Bodies Corporate |
6182671 |
19.33 |
|
Individuals |
|
|
|
Individual Shareholders holding nominal share Capital up to Rs. 1 Lakh |
4182865 |
13.08 |
|
Individual Shareholders holding nominal share Capital in excess of Rs.
1 Lakh |
974442 |
3.05 |
|
Any Others
(Specify) |
3924719 |
12.27 |
|
Non-Resident Indians |
3312082 |
10.36 |
|
Overseas Corporate Bodies |
2400 |
0.01 |
|
Directors & their Relatives & Friends |
4584 |
0.01 |
|
Hindu Undivided Family |
605653 |
1.89 |
|
Sub Total |
15264697 |
47.73 |
|
Total Public
Shareholding (B) |
16974066 |
53.07 |
|
|
|
|
|
Total (A) + (B) |
31984600 |
31424528 |
|
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Polyester Films, Polyester
Chips and Solar PV Modules. |
|
|
|
|
Products : |
Polyester Films, Polyester Chips and Solar PV Modules. |
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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 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1870 (Approximately) |
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Bankers : |
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Facilities : |
Loans are secured as under:
Loans are repayable as
under:
@ In FY 2014-15 & 2015-16 : Rs. 0.100 Million
Quaterly, FY 2016-17: Rs. 0.325 Million Quaterly, FY 2017-18: Rs. 0.425
Million Quaterly, FY 2018-19: Rs. 0.500 Million in Quarter 1 & Quarter 2
and Balance Rs. 0.369 Million in Quarter 3. # Repayment starting from Quarter 4' 2014-15.
* Short Term Borrowing in the form of Working Capital Loans &
Buyer’s Credit from Banks aggregating to Rs. 673.691 Million (Previous Year –
Rs. 801.820 Million) are secured / to be secured by way of hypothecation of
inventories, book debts and other current assets both present and future,
besides second charge on Company’s immovable properties at Khatima and
Bajpur. |
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Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
12, Bhagat Singh Marg, New Delhi – 110 001, India. |
|
Tel : |
91-11-23710176 / 23710177 / 23364671 / 2414 |
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Fax : |
91-11-23345168 / 23314309 |
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E-mail : |
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Cost Auditors : |
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|
Name : |
Sanjay Gupta and Associates Cost Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
-- |
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Subsidiary / Step down Subsidiaries : |
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Enterprises over
which Key Management Personnel, their relatives and major shareholders have
significant influences |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34000000 |
Equity Shares |
Rs.10/- each |
Rs. 340.000 Million |
|
|
|
|
|
Issued & Subscribed Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33180300 |
Equity Shares |
Rs.10/- each |
Rs. 331.803
Million |
|
|
|
|
|
Issued, Subscribed & Fully Paid-up Capital :
|
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
31984600 |
Equity Shares |
Rs.10/- each |
Rs. 319.846
Million |
|
Add : |
|
Forfeited Shares (Amount Originally Paid up) |
|
Rs. 5.786
Million |
|
|
|
|
|
|
|
|
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Total |
|
Rs. 325.632 Million |
Reconciliation of Number of Shares
|
Particulars |
No of Shares |
|
|
|
|
Shares outstanding as at the beginning of
the year |
31984600 |
|
Shares outstanding as at the end of the year
|
31984600 |
|
|
|
Shareholders Holding More Than 5% Shares
|
Particulars |
No. of Shares 31.03.2014 |
|
Mahalaxmi Trading & Investment Company Limited. |
7622390 |
|
Secure Investments Limited |
5535744 |
|
IL & FS Trust Company Limited. |
3676809 |
|
ICICI Prudential (Tax Plan + Child Care
Plan) |
1876419 |
Aggregate Number of Equity Shares Allotted as Fully Paid up by way of
Bonus Shares
|
2013-14 |
2012-13 |
2011-12 |
2010-11 |
2009-10 |
|
|
|
|
|
|
|
-- |
-- |
-- |
15992300 |
-- |
RIGHTS ATTACHED TO
THE SHARES :
The Company has only one class of Equity Shares of par value of Rs. 10/-
per share. Each holder of Equity Share is entitled to one vote per share. The
Company declares and pays dividend in Indian Rupees. The dividend proposed by
Board of Directors is subject to the approval of shareholders in ensuing Annual
General Meeting.
In the event of liquidation of the company, the holder of Equity Shares
will be entitled to receive remaining assets of the Company after distribution of
all preferential amount and the remaining balance is distributed in proportion
to the number of equity shares held by the Equity Shareholders.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
325.632 |
325.632 |
325.632 |
|
(b) Reserves & Surplus |
3680.679 |
3429.448 |
3474.253 |
|
(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) |
4006.311 |
3755.080 |
3799.885 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2675.480 |
2301.642 |
2667.343 |
|
(b) Deferred tax liabilities
(Net) |
42.567 |
128.884 |
128.039 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.627 |
7.078 |
5.828 |
|
Total
Non-current Liabilities (3) |
2727.674 |
2437.604 |
2801.210 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
733.801 |
939.315 |
626.320 |
|
(b) Trade payables |
77.188 |
94.389 |
144.445 |
|
(c) Other current liabilities |
1076.893 |
1068.222 |
1351.684 |
|
(d) Short-term provisions |
75.632 |
97.253 |
150.077 |
|
Total
Current Liabilities (4) |
1963.514 |
2199.179 |
2272.526 |
|
|
|
|
|
|
TOTAL |
8697.499 |
8391.863 |
8873.621 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4930.635 |
5196.633 |
5795.438 |
|
(ii) Intangible Assets |
1.212 |
2.207 |
4.018 |
|
(iii) Capital work-in-progress |
302.750 |
101.474 |
21.224 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
195.393 |
195.393 |
199.847 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
171.756 |
120.364 |
90.802 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
5601.746 |
5616.071 |
6111.329 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
52.000 |
0.000 |
188.000 |
|
(b) Inventories |
1245.400 |
1143.932 |
1146.776 |
|
(c) Trade receivables |
1077.581 |
838.335 |
384.572 |
|
(d) Cash and cash equivalents |
51.745 |
105.108 |
557.648 |
|
(e) Short-term loans and
advances |
649.834 |
663.251 |
455.542 |
|
(f) Other current assets |
19.193 |
25.166 |
29.754 |
|
Total
Current Assets |
3095.753 |
2775.792 |
2762.292 |
|
|
|
|
|
|
TOTAL |
8697.499 |
8391.863 |
8873.621 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
11186.361 |
9481.011 |
8971.956 |
|
|
|
Other Income |
228.259 |
486.346 |
1466.670 |
|
|
|
TOTAL (A) |
11414.620 |
9967.357 |
10438.626 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Materials Consumed |
8377.617 |
7048.124 |
6004.898 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.252 |
2.489 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(65.719) |
(23.065) |
263.654 |
|
|
|
Employees benefits expense |
410.744 |
429.081 |
426.902 |
|
|
|
Other expenses |
1521.679 |
1480.170 |
1523.496 |
|
|
|
Exceptional Items |
0.000 |
(11.613) |
707.880 |
|
|
|
TOTAL
(B) |
10244.321 |
8922.949 |
8929.319 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
1170.299 |
1044.408 |
1509.307 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
201.933 |
217.068 |
264.846 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
968.366 |
827.340 |
1244.461 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION (F) |
732.172 |
778.541 |
736.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
236.194 |
48.799 |
507.476 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(89.878) |
(2.350) |
(252.467) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
326.072 |
51.149 |
759.943 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2555.350 |
2523.196 |
2502.987 |
|
|
|
Dividend (Goss)from Subsidiary Companies |
147.631 |
423.958 |
1397.128 |
|
|
|
Sale of Investments |
0.000 |
16.068 |
0.000 |
|
|
|
Other Claims |
0.000 |
0.000 |
25.765 |
|
|
TOTAL EARNINGS |
2702.981 |
2963.222 |
3925.880 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
328.750 |
337.475 |
638.169 |
|
|
|
Stores & Spares |
95.830 |
45.017 |
19.356 |
|
|
|
Capital Goods |
58.542 |
39.822 |
719.222 |
|
|
|
Others |
0.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
483.123 |
422.315 |
1376.748 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
10.19 |
1.60 |
23.76 |
|
|
|
Diluted |
10.19 |
1.60 |
23.76 |
|
QUARTERLY RESULTS
|
PARTICULARS Audited /
UnAudited |
June 2014 |
Sept 2014 |
Dec 2014 |
|
Net Sales |
2927.600 |
2764.600 |
2360.600 |
|
Total
Expenditure |
2591.700 |
2482.600 |
2239.500 |
|
PBIDT (Excl OI) |
335.900 |
282.000 |
121.100 |
|
Other Income |
20.100 |
102.200 |
26.500 |
|
Operating Profit |
356.000 |
384.200 |
147.600 |
|
Interest |
43.200 |
45.800 |
39.000 |
|
PBDT |
312.800 |
338.400 |
108.600 |
|
Depreciation |
162.800 |
239.400 |
192.900 |
|
Profit Before
Tax |
150.000 |
99.000 |
(84.300) |
|
Tax |
32.400 |
37.100 |
(45.600) |
|
Profit After Tax
/ Net Profit |
117.600 |
61.900 |
(38.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
2.91 |
0.54 |
8.47 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
10.46 |
11.02 |
16.82 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.88 |
0.60 |
5.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.01 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.85 |
0.86 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.26 |
1.22 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
325.632 |
325.632 |
325.632 |
|
Reserves & Surplus |
3474.253 |
3429.448 |
3680.679 |
|
Net
worth |
3799.885 |
3755.080 |
4006.311 |
|
|
|
|
|
|
long-term borrowings |
2667.343 |
2301.642 |
2675.480 |
|
Short term borrowings |
626.320 |
939.315 |
733.801 |
|
Total
borrowings |
3293.663 |
3240.957 |
3409.281 |
|
Debt/Equity
ratio |
0.867 |
0.863 |
0.851 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
8971.956 |
9481.011 |
11186.361 |
|
|
|
5.674 |
17.987 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
8971.956 |
9481.011 |
11186.361 |
|
Profit |
759.943 |
51.149 |
326.072 |
|
|
8.47% |
0.54% |
2.91% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
OVERVIEW :
In this document, the terms ‘Company’, ‘Polyplex’ and ‘Group’ refer to the consolidated operations of Polyplex Corporation Limited.
Polyplex is one of the leading integrated producers of thin Polyester (PET) films in the world. Polyester is used in everyday life – when they eat or drink, at home, in the office, when they shop, etc. The largest application of thin PET films is flexible packaging. Better packaging not only improves the shelf life of the products but is also essential for improving product appeal in a highly competitive consumer goods industry.
Polyplex is in a position to offer other substrates (BOPP & CPP) used in the flexible packaging industry. BOPP and CPP films are polypropylene (PP) based films, which are pre-dominantly used in packaging besides certain industrial applications like tapes, labels, thermal lamination and textiles. This has enabled Polyplex to offer a variety of products and solutions to customers. Flexible packaging companies supply their laminates to consumer product companies for packaging of a diverse range of products like food products, household goods, personal care products, etc.
As part of its concentric diversification strategy, the Company has entered into thick PET film segment suitable for a range of industrial applications including imaging & graphics, photovoltaics and flat panel display.
In the past few years, the Company has ventured into downstream businesses like Metallizing, Silicone Coating, Extrusion Coating, Blown Polypropylene (PP) / Polyethylene (PE) & Offline Chemical coating. This has enabled Polyplex to offer products for a variety of applications, general packaging, specialty packaging, electrical, liners, roofing and a whole gamut of industrial applications like hot stamping foil, flexible air conditioning ducts, book lamination, yarn, etc. The new Blown PP line has further expanded the product line of its silicone coated films. The Company has recently introduced an innovative non tearable polyester film segment in India designed especially for digital print media segment for photo albums, commercial printing, promotional & customized digital printing, label and flexible packaging applications.
Seeking continuous growth and creation of value, Company has ventured into a new but related business segment of Bottle Grade PET Resins in Turkey. Other ventures of the Company include the business of marketing, sales & distribution of packaged beverages and food products in India and a recycling unit in Thailand to provide sustainable solutions for film based process waste.
PET film is made from Polyester resin (chips), which in turn is produced from Purified Terephthalic Acid (PTA) & Mono Ethylene Glycol (MEG), Company has its own facilities to produce PET resin.
GLOBAL OPERATIONS
:
Polyplex has attained a leadership position in the thin PET films business with manufacturing and distribution operations in six countries viz. India, Thailand, Turkey, U.S.A., China & Netherlands, which along with warehouses in Poland, Spain, Germany & Mexico facilitate active sales in all major regional markets/customers across the globe.
Polyplex (Asia)
Pte. Ltd. (PAPL) :
PAPL was established as a 100% subsidiary of PCL in July, 2004 and has a shareholding of 34.5% in PTL as on March 31, 2014. PAPL, inter-alia is engaged in trading of various plastic products. The issued and paid up capital of PAPL as of March 31, 2014 is USD 1.13 million.
Peninsula
Beverages and Foods Company Private Limited. (PBF) :
PAPL acquired 99.90% shares in PBF on Feb 6, 2013. On May
14, 2013, PBF, which is in the business of wholesale trading of packaged
beverages and food products became the wholly owned subsidiary of PAPL. The
issued and paid up capital of PBF as of March 31, 2014 is INR 98.740 million.
PAR LLC (PAR) :
PAR LLC is a United States Limited Liability Company
incorporated in Texas on May 6, 2011. The Company is 100% owned by PAPL. The
Company was set up for providing shared services to the group companies. The
issued and paid up capital of PAR LLC as of March 31, 2014 stands at USD 2.2 million.
Polyplex
(Thailand) Public Co. Limited (PTL) :
PTL was incorporated as a private Company on March 26, 2002
to manufacture and distribute PET film. In August 2004, the Company became a public
Company and subsequently listed on the Stock Exchange of Thailand (SET) in
December 2004. As on date, PCL has 51% stake in the Company through both direct
and indirect shareholding and the balance 49% is with the general public. The
issued and paid up capital of PTL as of March 31, 2014 stands at THB 800
million.
Polyplex
(Singapore) Pte. Limited (PSPL) :
PSPL was established in July 2004 as a wholly owned
subsidiary of PTL, which further invested in Polyplex Europa Polyester Film
Sanayi Ve Ticaret Anonim Þirketi (PE). The issued and paid up capital of PSPL
(including Preference Share Capital) as of March 31, 2014 is Euro 9.140
million.
Polyplex Europa
Polyester Film Sanayi Ve Ticaret Anonim Sirketi (PE) :
PSPL had incorporated a 100% owned subsidiary Company, PE in
Turkey for setting up a green field PET film/chips plant to cater to the
European and other proximate markets. The commercial operations started in
December, 2005 with the start up of the first thin PET film line. The issued
and paid up capital of PE, including additional contribution from PSPL, as of
March 31, 2014 stands at Euro 8.83 million.
Polyplex Trading
(Shenzhen) Co. Limited (PTSL) :
In the Financial Year 2009-10, PTL invested in the setting
up of a wholly owned trading Company in Shenzhen, China, through PSPL. The
decision to invest in the setting up of the trading Company in China was a
strategic initiative to establish the Company’s presence in China, which is one
of the largest and the fastest growing market in this industry. The issued and
paid up capital of PTSL as at March 31, 2014 is USD 0.400 million.
Polyplex Americas
Holding Inc (PAH) :
In FY 2011-12, PTL invested in setting up a 100% Investment
and Trading & Distribution Company in USA named PAH. PAH has further invested
in Polyplex (USA) LLC, which is the manufacturing/distribution entity. The
issued and paid up capital of PAH (including the Additional Paid-In Capital) as
on March 31, 2014 is USD 29.620 million.
Polyplex USA LLC
(PU) :
Polyplex USA LLC was established in FY 2011-12 as a 100% subsidiary of PAH. PU was incorporated to expand the global manufacturing footprint into North America by setting up a thin PET film line, a continuous process PET chips plant and metallizing capacity. Manufacturing operations at Decatur, Alabama have commenced with the commissioning of the thin PET film line and more recently the PET chips plant. In order to streamline the manufacturing & distribution operations and to optimize costs, Polyplex (Americas) Inc. (PA), which was selling films in North America sourced from offshore manufacturing locations of the Group, had been merged with PU during FY 2012-13. Under this merger, the minority stake in PA had been acquired by PTL. The members’ contribution which represents the paid up capital of PU is USD 29.460 million as on March 31, 2014.
Polyplex Resins Sanayi Ve Ticaret Anonim
Sirketi (PR):
Polyplex Resins Sanayi Ve Ticaret Anonim Sirketi (PR) was incorporated in Turkey, in December 2011, as a 100% subsidiary of PAPL. In October 2012, PE acquired 67% stake in PR from PAPL. The PET Bottle Grade Resin line, the first such line in the Group, is being implemented at PR. The Paid up Capital of PR as at March 31, 2014 is Turkish Lira 20.2 million.
EcoBlue Ltd. (EL)
:
EcoBlue Ltd., a 80% subsidiary of PTL was established on October 1, 2012 in Thailand to provide end-of-life solutions for film-based process waste. The Paid up Capital of EcoBlue Ltd as at March 31, 2014 is THB 10.65 million.
Polyplex Europe
B.V. (PEBV) :
PEBV was established in Netherlands on April 17, 2013 as a 100% owned distribution subsidiary of PTL, to better service EU customers for Polyplex products. The Paid up Capital of Polyplex Europe B.V. as at March 31, 2014 is Euro 0.200 million.
Polyplex Paketleme
Çözümleri Sanayi Ve Ticaret Anonim Sirketi (PP) :
On September 11, 2013, PE established a Company in Turkey,
named Polyplex Paketleme Çözümleri Sanayi Ve Ticaret Anonim Þirketi (PP)
holding 100% of its share capital for trading of PET Film, PET chips and other
products of the Company. The Registered Share capital of this Company is
Turkish Lira 100,000 as of March 31, 2014, which has been fully called and paid
up.
FUTURE OUTLOOK AND
PLANNED INVESTMENTS :
The exceptionally high margins in 2010/2011 have attracted a lot of new investments in the PET film business. Even for the next 12 months, additions to global capacity are expected to be higher than the growth in demand, and hence the current situation of oversupply is expected to remain for another 1-2 years. New entrants from China have been increasingly dominating the market for PET film in the last 2-3 years, but their production is expected to mainly fulfill domestic demand which is growing rapidly.
The Company remains confident that with its strengths of
distributed manufacturing operations, a diversified product portfolio,
consistent quality, access to international customers, efficient supply chain
model, higher proportion of value added products and conservative balance
sheet, it should be able to grow profitably and withstand volatility in
industry environment. The Company is well poised to capture growth
opportunities in all its business segments within the confines of business
prudence.
UNSECURED LOAN :
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Short Term Loans
: |
|
|
|
Working Capital Demand Loans from Banks |
60.110 |
137.495 |
|
|
|
|
|
Total |
60.110 |
137.495 |
CONTINGENT
LIABILITIES NOT PROVIDED FOR AND OTHER COMMITMENTS, IN RESPECT OF
- Disputed matters under litigation :
(Rs. In Million)
|
Particulars |
Current
Year |
Previous
Year |
|
Sales Tax & Entry Tax |
11.315 |
17.903 |
|
Excise Duty & Customs Duty |
2.914 |
2.914 |
|
Income Tax |
23.267 |
7.354 |
|
Others |
3.284 |
3.005 |
ii.
Bills discounted with banks –
Nil (Previous Year – Rs. 14.269 Million).
iii.
Custom duty saved amounting to
Rs. 151.389 Million (Previous Year – Rs. 246.966 Million) in respect of import
of machinery under Export Promotion Capital Goods (EPCG) Scheme against which
export obligation is pending to be fulfilled.
iv.
Guarantees given to the banks
and others - Rs. 15.417 Million (Previous Year – Rs. 36.197 Million), including
Rs. 0.200 Million (Previous Year – Rs. 0.200 Million) on behalf of other bodies
corporate.
INDEX
OF CHARGES :
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN |
|
1 |
10412954 |
27/02/2013 |
270,000,000.00 |
DBS Bank
Limited. |
Capital Point,
Baba Kharak Singh Marg, C P,, New |
B71181580 |
|
2 |
10401412 |
10/01/2014 * |
500,000,000.00 |
Axis Bank
Limited |
2nd Floor,
Statement House 148,, Barakhamba Road, |
B95473385 |
|
3 |
10361388 |
10/01/2014 * |
465,000,000.00 |
DBS Bank Limited |
Acting on behalf
of DBS Bank Ltd, Singapore, Capitol Point, Baba Kharak Singh Marg, CP, New
Delhi, Delhi - 110001, INDIA |
B95555785 |
|
4 |
10326366 |
10/01/2014 * |
1,600,000,000.00 |
STATE BANK OF
PATIALA( LEAD BANK ) |
COMMERCIAL BRANCH,,
CHANDRALOK BUILDING, 36, JANPATH ,, NEW DELHI, Delhi - 110001, INDIA |
B95515102 |
|
5 |
10274289 |
10/01/2014 * |
350,000,000.00 |
IDBI Bank
Limited |
3rd Floor,, IRCS
Building, New Delhi, Delhi - 110001, INDIA |
B95312989 |
|
6 |
10269094 |
10/01/2014 * |
300,146,314.00 |
UniCredit Bank
AG |
Structured Trade
and Export Finance, Am Tucherpar |
B97127518 |
|
7 |
10140029 |
10/01/2014 * |
1,415,816,660.00 |
UniCredit Bank AG
-formerly Known as Bayerische Hypo-und
Vereinsbank Aktiengesellschaft |
Structured Trade
and Export Finance, Am Tucherpar |
B97128284 |
|
8 |
10128938 |
10/01/2014 * |
477,000,000.00 |
The Hongkong and
Shanghai Banking Corporation Limited |
Birla Towers, 25
Barakhamba Road, New Delhi, Delhi - 110001, INDIA |
B95762506 |
Standalone Unaudited Financial Results for the Quarter / Nine Months
Ended December 31, 2014
(Rs. In Million)
|
Part I :
PARTICULARS |
Quarter Ended |
Nine Months
ended |
|
|
30.09.2014 |
31.12.2014 |
31.12.2014 |
|
|
Unaudited (Rs. in Million) |
Unaudited |
||
|
Net Sales/Income from Operations(Net of Excise Duty) |
2757.200 |
2360.100 |
8043.900 |
|
Other Operating Incomes |
7.400 |
0.500 |
8.900 |
|
Total Income from Operations |
2764.600 |
2360.600 |
8052.800 |
|
Expenses : |
|
|
|
|
Cost of Materials Consumed |
1995.400 |
1772.800 |
5762.900 |
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(70.100) |
(3.300) |
39.800 |
|
Employees benefits expense |
123.900 |
117.500 |
352.200 |
|
Depreciation and Amortisation Expenses |
239.400 |
192.900 |
595.100 |
|
Power and Fuel |
178.500 |
125.900 |
457.800 |
|
Other expenditure |
254.900 |
226.600 |
701.100 |
|
Total Expenses |
2722.000 |
2432.400 |
7908.900 |
|
Profit/Loss from
Operations before Other Income, Finance Cost and Exceptional Items |
42.600 |
(71.800) |
143.900 |
|
Other Income |
102.200 |
26.500 |
148.800 |
|
Profit/Loss from
Ordinary Activities before Finance Costs and Exceptional Items |
144.800 |
(45.300) |
292.700 |
|
Finance Costs (Net) |
45.800 |
39.000 |
128.000 |
|
Profit/Loss from
Ordinary Activities after Finance Costs but before Exceptional Items |
99.000 |
(84.300) |
164.700 |
|
Exceptional Items (Gain)/Loss |
0.000 |
0.000 |
0.000 |
|
Profit/Loss from
Ordinary Activities before Tax |
99.000 |
(84.300) |
164.700 |
|
Tax Expense |
37.100 |
(45.600) |
23.900 |
|
Net Profit/Loss
from Ordinary activities after Tax |
61.900 |
(38.700) |
140.800 |
|
Extraordinary Items (Net of Tax Expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit/Loss
for the Period |
61.900 |
(38.700) |
140.800 |
|
Paid up Equity
Share Capital (Face value Rs. 10/- each) |
319.800 |
319.800 |
319.800 |
|
Earnings Per
share (EPS) before and after Extraordinary items. (In Rs.) not annualised |
|
|
|
|
Basic |
1.94 |
1.21 |
4.40 |
|
Diluted |
1.94 |
1.21 |
4.40 |
|
Part II : Select
Information |
Quarter Ended |
Nine Months
ended |
|
|
30.09.2014 |
31.12.2014 |
31.12.2014 |
|
|
Unaudited |
Unaudited |
||
|
|
|
|
|
1.
Public
Shareholding |
|
|
|
|
-
Number of Shares |
16974066 |
16974066 |
16974066 |
|
-
Percentage of Shares |
53.07% |
53.07% |
53.07% |
|
2.
Promoters and
Promoter Group Shareholding |
|
|
|
|
a)
Pledged Encumbered |
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
-
Percentage of Shares (as a % of the total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
-
Percentage of Shares (as a % of the total share
capital of the company) |
Nil |
Nil |
Nil |
|
b)
Non-Encumbered |
|
|
|
|
-
Number of Shares |
15010534 |
15010534 |
15010534 |
|
-
Percentage of Shares (as a % of the total
Shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
-
Percentage of Shares (as a % of the total share
capital of the company) |
46.93% |
46.93% |
46.93% |
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
Nil |
Nil |
|
Received during the quarter |
Nil |
2 |
Nil |
|
Disposed of during the quarter |
Nil |
Nil |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
2 |
Nil |
Notes :- Standalone Results:
1) Previous Period figures have been regrouped/rearranged wherever
considered necessary to make them comparable with current period.
2) “Other Income” includes dividend income received from subsidiaries
amounting to Nil for quarter ended December 31, 2014 (Rs. 65.200 Million during
the quarter ended September 30, 2014, Nil during the quarter ended December 31,
2013). Rs. 65.200 Million during nine months ended December 31, 2014 (Rs.
147.600 Million during nine months ended on December 2013) and Rs. 147.600
Million during the year ended March 31, 2014.
3) The useful life of Fixed Assets has been revised in accordance with
Schedule II of Companies Act. 2013 w. e. f. April 01, 2014. Due to this change,
Depreciation for the quarter and nine months period ended December 31, 2014 is
higher by Rs. 16.100 Millions and Rs. 96.100 Million respectively. The Company
has decided to charge full amount of depreciation in respect of certain assets
whose life has expired (life as per the Schedule II) to Statement of Profit and
Loss in line with option given in notification no. G.S.R. 627 (E) dated August
29, 2014 issued by Ministry of Corporate Affairs. Additional adjustment, if
any, based on further refinement of estimates would be carried out as and when
determined.
4) These results were reviewed by the Audit Committee and have been approved
by the Board in its meeting held on February 13, 2015.
5) The Limited Review under clause 41 of Listing Agreement has been
completed by the Statutory Auditors.
FIXED ASSETS :
- Tangible
Assets :
- Freehold Land
- Leasehold
Land
- Buildings
- Plant &
Machinery
- Electrical
Installations
- Furniture
& Fixtures
- Office
Equipments
- Vehicles
- Intangible
Assets :
- Computer
Software
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. 63.64 |
|
|
1 |
Rs. 96.81 |
|
Euro |
1 |
Rs. 71.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
THR |
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 |
|
--PROFITABILITY |
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.