MIRA INFORM REPORT

 

 

Report No. :

322183

Report Date :

15.05.2015

 

IDENTIFICATION DETAILS

 

Name :

JINDAL POLY FILMS LIMITED (w.e.f. March, 2005)

 

 

Formerly Known As :

JINDAL POLYESTER LIMITED

 

 

Registered Office :

19th K M, Hapur - Bulandshahr Road, P.O. Gulaothi, Bulandshahr – 245408, Uttar Pradesh

Tel. No.:

91-122-2312088 / 2311087

91-5732-229143 / 229105

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

09.09.1974

 

 

Com. Reg. No.:

20-003979

 

 

Capital Investment / Paid-up Capital :

Rs.420.477 Million

 

 

CIN No.:

[Company Identification No.]

L17111UP1974PLC003979

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MRTJ00149C

 

 

PAN No.:

[Permanent Account No.]

AAACJ7650E

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing of Polyester Resin, Polyester Filament Yarn, Polyester Chips and Biaxially Oriented Polyester Film.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (64)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

USD 2600000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having fine track record.

 

The rating reflects reflect JPFL’s established position in the flexible packaging market in India supported  healthy operating efficiency, decent financial base and favourable profitability margins of the company.

 

Trade relations are reported as fair. Business is active. Payments are reported as per commitment.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

 

 

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating = A+

Rating Explanation

Adequate degree of safety and low credit risk.

Date

February 18, 2015

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating = A1+

Rating Explanation

Very strong degree of safety and lowest credit risk.

Date

February 18, 2015

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

 

 

INFORMATION PARTED BY

 

Management non co-operative (91-11-26139256)

 

 

LOCATIONS

 

Registered Office/Factory 1 :

19th K M, Hapur - Bulandshahr Road, P.O. Gulaothi, Bulandshahr – 203408, Uttar Pradesh, India

Tel. No.:

91-122-2312088 / 2311087

91-5732-229143 / 229105

Fax No.:

91-122-2312244

E-Mail :

info@jindalpolyester.com

secretarial_polyester@jindalgroup.com

sanjay_mittal@jindalgroup.com

Website :

http://www.jindalpolyester.com

http://www.jindalpoly.com 

 

 

Corporate Office :

Plot No 12, Sector B-1, Local Shopping Complex, Vasant Kunj, New Delhi - 110070, India

Tel. No.:

91-11-26139256-65

Fax No.:

91-11-26125739

E-Mail :

jindalpolyester@jindalgroup.com

 

 

Factory 2:

28th K.M. Stone, Nashik-Igatpuri Road, NH – 3, Village Mundhegaon, Taluka Igatpuri District, Nashik - 422403,  Maharashtra, India

Tel. No.:

91-2553-285402 / 285405

Fax No.:

91-2553-285403

 

 

Factory 3 :

160/1/7, Amboli Road, Village Kala, Khanvel, Silvassa ( UT of D and N ), India

Tel. No.:

91-2638-247264 / 358

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. Rashid Jilani

Designation :

Independent Director

Date of Birth :

08.10.1941

Qualification : 

M.Com., C.A. I. I.B.

Date of Appointment :

20.09.2014

DIN No.:

00010624

 

 

Name :

Mr. R K Pandey

Designation :

Independent Director

Date of Birth :

20-01-1940

Qualification : 

M.Com, LLB, FCS

Date of Appointment :

30-09-2009

 

 

Name :

Mr. Hemant Sharma

Designation :

Whole Time Director and Chief Executive Officer

Date of Birth :

23.04.1963

Qualification : 

B. Text. Hons. (Textile) MBA (Marketing)

Date of Appointment :

20.09.2014

DIN No.:

05235723

 

 

Name :

Mr. J. P. Mohta

Designation :

Independent Director

 

 

Name :

Mr. Sanjay Mittal

Designation :

Whole time Director

 

 

Name :

Ms. Sumita Dhingra,

Designation :

Whole Time Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Ajit Mishra

Designation :

Company Secretary and Compliance Officer

Address :

Plot No. 12, Sector B-1, Vasant Kunj, Local Shopping Complex, New Delhi – 110070, India

Tel. No. :

91-11-26139256

Fax No. :

91-11-26125739

E-mail :

cs_jpoly@jindalgroup.com

Website :

www.jindapoly.com

Qualification :

B.Com, LLB, ACS

 

 

Name :

Mr. J. Krishna

Designation :

Chief Financial Officer

 

 

 SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholder

No. of Shares

Percentage of Holding

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

1313200

3.12

http://www.bseindia.com/include/images/clear.gifBodies Corporate

30065552

71.50

http://www.bseindia.com/include/images/clear.gifSub Total

31378752

74.63

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

31378752

74.63

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

128342

0.31

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

563087

1.34

http://www.bseindia.com/include/images/clear.gifSub Total

691429

1.64

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

2264467

5.39

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

5557611

13.22

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1840458

4.38

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

314996

0.75

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

265283

0.63

http://www.bseindia.com/include/images/clear.gifTrusts

404

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

49309

0.12

http://www.bseindia.com/include/images/clear.gifSub Total

9977532

23.73

Total Public shareholding (B)

10668961

25.37

Total (A)+(B)

42047713

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

42047713

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of Polyester Resin, Polyester Filament Yarn, Polyester Chips and Biaxially Oriented Polyester Film.

 

 

Products :

Not Available

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :
  • Punjab National Bank
  • State Bank of India
  • State Bank of Patiala
  • Axis Bank Limited
  • Hongkong and Shanghai Banking Corp. Limited
  • The Bank of Nova Scotia
  • DBS Bank Limited
  • Aka, Ausfuhrkredit-Gesellschaft MBH Frankfurt, Germany
  • Commerzbank, Aktiengesellschaft Frankfurt, Germany
  • Standard Chartered Bank
  • ICICI Bank Limited
  • Deutsche Bank
  • Citi Bank
  • Ingvysya Bank
  • Indusind Bank

 

 

Facilities :

(Rs. In Million)

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Secured Loans From Banks

 

 

Foreign Currency Loans

322.629

1958.859

 

 

 

SHORT TERM BORROWING

 

 

From Banks

 

 

Working Capital Loan

1130.205

952.589

 

 

 

Total

1452.834

2911.448

 

 

Notes on Secured Loans :

 

Term loans from banks are secured by first pari-pasu equitable mortgage of immovable properties of the company situated at Nasik (Maharastra) and hypothecation of movable assets as second charge.

 

Foreign currency term loans from AKA Ausfuhrkredit-Gesellschaft mbh Germany and Commerzbank Germany are guaranteed by HERMES Kreditversicherungs-Aktiengesellschaft Germany.

 

The above foreign currency loans are repayable on yearly/half yearly basis and the last repayment is due in September, 2017.

 

Secured Working Capital Loans from banks are secured by way of hypothecation of all stocks of raw materials, semi-finished goods, finished goods, goods in transit, stores and spares and book debts of the company. These are further secured by way of second pari-pasu charge on immovable properties of the company situated at Gulaothi (U.P.) and Nasik (Maharashtra).

 

 

Auditors :

 

Name :

Kanodia Sanyal and Associates

Chartered Accountants

Address :

1520, Ansal Tower, 38, Nehru Place, New Delhi – 110019, India

Tel. No.:

91-11-26452344/ 26467214

Fax No.:

91-11-41000897

E-Mail :

kanodiasanyal@gmail.com

 

 

Enterprises owned by major shareholders of reporting enterprises :
  • Jindal Photo Investment Limited
  • Soyuz Trading Company Limited
  • Rishi Trading Company Limited
  • Consolidated Finvest and Holdings Limited
  • Jindal Poly Investment and Finance Company Limited
  • Jindal India Limited
  • Anchor Image and Films Private Limited
  • Anchor Image and Films Private Limited Signapore
  • Jindal India Powertech Limited
  • Jindal India Thermal Power Limited

 

 

Associates :
  • Rexor Holding SAS (Formerly Known as Jindal France SAS)
  • Hindustan Powergen Limited

 

 

Subsidiaries :
  • Jindal Films India Limited (Previously Known as Jindal Metal and Mining Limited)
  • Jindal Metal and Mining International Limited
  • Global Nonwovens Limited (w.e.f. 14.02.2014)
  • JPF Netherland B.V. (w.e.f. 18.01.2013)
  • JPF Dutch B.V. (w.e.f. 21.01.2013)
  • JPF Netherland Holding B.V. (w.e.f. 28.01.2013)
  • JPF USA Holding LLC (w.e.f. 23.01.2013)
  • JPF USA LLC (w.e.f. 24.01.2013)
  • JPF ITALY Holding SA (w.e.f. 14.05.2013)
  • JPF Luxembourg Holding S.a.r.l (Limited Liability Company) (w.e.f.14.05.2013)
  • Jindal Films America LLC (w.e.f. 01.10.2013)
  • Films Shawnee LLC (w.e.f. 01.10.2013)
  • Films LaGrange LLC (w.e.f. 01.10.2013)
  • Films Macedon LLC (w.e.f. 01.10.2013)
  • Jindal Films Europe Virton LLC (w.e.f. 01.10.2013)
  • Jindal Films Europe Brindsi Srl (w.e.f. 01.10.2013)
  • Jindal Films Europe Kerkrade B.V (w.e.f. 01.10.2013)
  • Jindal Films Europe S.a.r.l (w.e.f. 01.10.2013)
  • Jindal Films Singapore Private Limited (w.e.f. 01.10.2013)
  • Jindal Films (Shanghai) Company Limited. (w.e.f. 10.09.2013)
  • Jindal Films Capital LLC (w.e.f. 01.10.2013)
  • Films International LLC (w.e.f. 03.12.2013)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorized Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

80000000

Equity Shares

Rs.10/- each

Rs. 800.000 Million

100000000

Preference Share

Rs.10/- each

Rs. 1000.000 Million

 

Total

 

Rs. 1800.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

42047713

Equity Shares

Rs.10/- each

Rs. 420.477 Million

 

 

 

 

 

Notes on Share capital:-

 

1. Reconciliation of Shares outstanding at the beginning and at the closing of the reporting period:

 

Particulars

31.03.2014

 

No. of Shares

Opening Balance

42047713

Less: Buyback of equity shares

--

Closing Balance

42047713

 

 

2. Details of each shareholder holding more than 5 percent shares specifying the number of shares held.

 

Name of Shareholder

31.03.2014

 

No. of Shares

%

Soyuz Trading Company Limited

11848266

28.18

Jindal Photo Investments Limited

11450302

27.23

Rishi Trading Company Limited 

4999056

11.89

 

 

3. The Company has bought back following equity shares during last five years:

 

Financial Year

No. of Shares

2008-2009

2271735

2009-2010

2803007

2010-2011

--

2011-2012

3020421

2012-2013

974142

 

4. Authorized Equity Capital of the Company was reduced to    Rs. 800.000 Million vide order of Hon’ble High Court of Allahabad dated 16th May 2013 consequent to demerger of Investment division of the company.

 

 

FINANCIAL DATA

[All figures are in Rupees 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

420.477

420.477

430.218

(b) Reserves & Surplus

12168.412

10872.679

16775.392

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

12588.889

11293.156

17205.61

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

322.629

1958.859

2566.187

(b) Deferred tax liabilities (Net)

1714.975

1710.952

1625.322

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

2037.604

3669.811

4191.509

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2720.812

2986.415

1789.077

(b) Trade payables

2346.992

1134.801

1115.644

(c) Other current liabilities

2389.563

1428.594

1623.568

(d) Short-term provisions

124.666

107.452

164.149

Total Current Liabilities (4)

7582.033

5657.262

4692.438

 

 

 

 

TOTAL

22208.526

20620.229

26089.557

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

11548.507

12494.180

12936.261

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

508.015

487.892

489.451

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

2198.027

97.006

4155.992

(c) Deferred tax assets (net)

0.000

0.000

 

(d)  Long-term Loan and Advances

185.535

43.501

258.824

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

14440.084

13122.579

17840.528

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

348.173

979.467

2071.703

(b) Inventories

3218.093

2717.870

2015.686

(c) Trade receivables

1816.654

1570.162

1667.67

(d) Cash and cash equivalents

630.706

195.323

160.115

(e) Short-term loans and advances

539.621

589.222

1033.988

(f) Other current assets

1215.195

1445.606

1299.867

Total Current Assets

7768.442

7497.650

8249.029

 

 

 

 

TOTAL

22208.526

20620.229

26089.557

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

26307.247

22317.911

23643.961

 

Other Income

294.355

240.327

186.333

 

TOTAL (A)

26601.602

22558.238

23830.294

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

18973.117

16595.484

15590.966

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(79.909)

(171.291)

271.491

 

Employees benefits expense

368.877

337.448

301.393

 

Other expenses

4202.843

4148.138

3994.501

 

Exceptional Item

267.649

215.998

(61.217)

 

TOTAL (B)

23732.577

21125.777

2928.673

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

2869.025

1432.461

9732.881

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

511.705

351.187

204.386

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

2357.320

1081.274

9528.495

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

943.899

889.178

842.326

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

1413.421

192.096

8686.169

 

 

 

 

 

Less

TAX (I)

580.525

107.523

2759.611

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

832.896

84.573

5926.558

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

3292.066

3506.687

4128.859

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

250.000

250.000

500.000

 

Equity Shares

42.048

42.048

105.119

 

Tax on Dividend

7.146

7.146

17.053

 

Total (M)

299.194

299.194

622.172

 

 

 

 

 

 

Balance Carried to the B/S (J+K+L-M)

3825.768

3292.066

9497.809

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

7951.941

7037.786

5813.766

 

Freight

 

 

 

 

Insurance

 

 

 

 

TOTAL EARNINGS

7951.941

7037.786

5813.766

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

8862.874

5553.638

3414.112

 

Components and Stores parts

159.261

117.569

274.44

 

Capital Goods

0.825

209.686

1029.761

 

TOTAL IMPORTS

9022.960

5880.893

4718.313

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

19.81

2.01

30.35

 

 

QUARTERLY / SUMMARISED RESULTS

 

PARTICULARS

 

Unaudited

30.06.2014

Unaudited

30.09.2014

Unaudited

31.12.2014

Type

1st Quarter

2nd Quarter

3rd Quarter

Revenue

5,495.000

6,748.300

6,672.300

Other Income

36.400

64.800

95.400

Total Income

5,531.400

6,813.100

6,767.700

Expenditure

(5,301.100)

(5,867.000)

(5,940.600)

Interest

(86.700)

(48.100)

(88.800)

PBDT

143.600

897.900

738.300

Depreciation

(139.800)

(136.500)

(236.000)

PBT

3.800

761.400

502.300

Tax

0.300

(260.800)

(107.600)

Net Profit

2.000

496.900

390.400

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

3.17

0.38

25.34

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

10.91

6.42

41.16

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

7.25

0.96

27.94

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.11

0.02

0.35

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.24

0.44

0.25

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.02

1.33

1.76

 

 

FINANCIAL ANALYSIS

[All figures are in Rupees 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

430.218

420.477

420.477

Reserves & Surplus

16775.392

10872.679

12168.412

Net worth

17205.610

11293.156

12588.889

 

 

 

 

long-term borrowings

2566.187

1958.859

322.629

Short term borrowings

1789.077

2986.415

2720.812

Total borrowings

4355.264

4945.274

3043.441

Debt/Equity ratio

0.253

0.438

0.242

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

23643.961

22317.911

26307.247

 

 

(5.608)

17.875

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

23643.961

22317.911

26307.247

Profit

5991.122

84.573

832.896

 

25.34%

0.38%

3.17%

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

No

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

No

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Working Capital Loan

1590.607

2033.826

 

 

 

Total

1590.607

2033.826

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

OVERVIEW

 

Jindal Poly Films Limited (JPFL) is a leading producer of high performance Polyester and BOPP films (plain and metallized) mainly used for the flexible packaging industry. The Company’s manufacturing facility at Nasik is the world’s single largest location factory for producing these plastic films. The Company’s manufacturing units are amongst the most modern facilities available and are capable of producing high quality products. In October 2013, Jindal Poly Films Limited acquired the BOPP films division of ExxonMobil to emerge as the largest producer of BOPP films in the world with a combined capacity of 445000 TPA ExxonMobil is known globally as a reputed manufacturer of BOPP films for food packaging and for labels. Now the Company has five manufacturing locations – two in U.S.A. and three in Europe in Itly, Belgium and Netherlands. They are leading suppliers of specialty BOPP films and tap coated BOPP films to the leading global brand owner in food, beverage and confectionery.

 

 

INDUSTRY, STRUCTURE & DEVELOPMENTS

 

Flexible Packaging Film

 

Flexible packaging typically includes materials such as plastic films, paper and aluminum foil. Over the years, BOPET Film and BOPP Film (forms of plastic-based flexible packaging film) have become the preferred choice for packaging consumer articles including food, personal products and clothing. Besides such films, JPFL also offers a range of metallised and coated film products to its customers for increased barrier properties.

 

JPFL is the leading producer of flexible packaging films in the country. The Company also maintains a strong presence as a key exporter to several countries. Flexible packaging film follows a business-to-business model, supplying base film to key converters/processors - who in turn sell the value added product to customers.

 

BOPET Film

 

BOPET Film is a versatile product broadly classified according to thickness of the film. Thick Films (50-350 microns in thickness)find application in photographic/X-ray, electronics, printing, textile, pre-press back up films,  for photo voltaic cells used for generating solar power and office supplies, motor insulations photopolymer plates and document lamination. Thin Films (10- 36 microns in thickness) are used in flexible packaging metallic yarn, cables, transformers, capacitors, audio/video tape, hot stamping foils, release films, decorative ribbons and labels.

 

JPFL has recently launched an opaque white polyester film with an off line coating on both sides to replace paper in the photographic printing industry. This film is increasingly finding popularity in the photo album segment. The Company’s opaque white films have made significant entry in the label face stock application for the replacing paper JPFL has a capacity to manufacture 1,27,000 TPA of BOPET Film, in the current financial year 2013-14.

 

BOPP Film

 

Better moisture retention properties render BOPP Film more suitable for food products like snack foods, biscuits, pasta, dried foods and woven polypropylene bags. Further, BOPP Film also finds application in over wrapping of cigarettes, C.Ds, cassettes perfume cartoons wrapping cigarette cartons, ready-made garment bags, adhesive tapes and print lamination.

 

The market for BOPP Film in India, unlike the rest of the world is underdeveloped, due to existence of popular low quality, cheap alternative in the form of TQPP (Tubular Quenched Polypropylene Film) which is being replaced by BOPP. Growing preference for premium and sophisticated packaging however is driving growth in India with increased availability of BOPP, TQPP is being fast replaced by BOPP.

 

JPFL has a capacity to manufacture 210000 TPA of BOPP Film, in the current financial year 2013-14.

 

Metallised Films

 

Vacuum deposition of Aluminium on BOPET and BOPP films increases the barrier properties of such films. Besides flexible packaging metallised BOPET films is used for metallic yarn. Metallised BOPP is widely used for gift wrapping. In the last few years metallised polyester film has found application in sequins for the textile industry for sarees and dress material for women’s wear. However the largest application of metalized BOPET and BOPP films continue to be in the flexible packaging segment.

 

Coated Films

 

PVDC coated BOPP and BOPET films are used in the flexible packaging industry. The Company has a capacity of 4500 TPA to manufacture PVDC, Acrylic and LTS coated films. During the current financial year the Company’s silicon coating and other coated films have found wide range of applications in the label stock and flexible packaging industry. The Company expects to enhance capacity utilization in 2014-15. Acrylic coated BOPP films has been developed by the Company which is replacing import in the bottle label application.

 

Polyester Chips

 

JPFL has the in-house ability to manufacture polyester (BOPET) chips as per the product requirement, for its BOPET Film business. The Company has installed capacity of 176400 TPA at Nashik. Maharashtra.

 

OUTLOOK

 

Flexible Packaging Film

India is leading the growth in the global flexible packaging films, growing at above 12% per annum over the last few years. This growth is powered by increased penetration of packaged food and personal products in to the semi urban and rural segment. In tier 2 and tier 3 cities, the average pack sizes are usually smaller than the pack sizes in tier 1 cities. This results in increased use of flexible packaging consumption in the FMCG industry. As the Government is increasing its spending in the rural economy, increased demand for FMCG products is experienced in the hinter lands of India. The growth is likely to intensify in the next 2 – 3 years.

Growth in the flexible packaging industry is also aided by increase in the export of packaging material to high cost countries in Europe and the U.S.A.

 

BOPET Films

 

Over the last ten years, the dominance of the four leading producers – TORAY, DUPONT-TEIJIN, MITSUBISHI and SKC has been challenged by a new emerging breed of producers in India and China. These companies including Jindal Poly Films have identified an opportunity to gain market position through investment in low cost and highly efficient modern thin film extrusion plants and in doing so, have found their way in to the exclusive club of large producers.

 

BOPP Films

 

The BOPP film market in India is increasing owing to increased consumption in food packaging and large growth in textile packaging. Almost two thirds of the world’s production of BOPP is consumed in food packaging. In India the consumption for food packaging is only one third of production. This gap is rapidly being bridged as the customers are increasing displaying a strong preference for hygienically packed food products. Combined with a robust growth in ready to wear apparels, the Indian BOPP film industry is expected to grow at over 15% per annum over the next 3 years.

 

 

PERFORMANCE HIGHLIGHTS

 

- Gross sales/turnover increased to Rs.28485.000 Million in financial year 2013-14 i.e. up 18.17% from Rs.     24105.500 Million in year before

 

- The operating profit before exceptional item of the Company was Rs. 3115.400 Million as against Rs. 1622.500 Million last year given a growth of 92 %

 

The Company is taking various measures to retain its market share and as also to improve margins.

 

 

INDEX OF CHARGES

 

S. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10551998

19/12/2014

1,500,000,000.00

Export-Import Bank of India

Centre One Building, Floor 21, World Trade Centre 
Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, INDIA

C45058963

2

10536729

05/05/2015 *

1,000,000,000.00

SOCIETE GENERAL NEW DELHI BRANCH

6th Floor, Mohan Dev, building,13 Tolstoy, Marg, 
New Delhi, New Delhi - 110001, INDIA

C52343027

3

10488261

06/05/2014

1,500,000,000.00

GE MONEY FINANCIAL SERVICES Private LIMITED

GE MONEY FINANCIAL SERVICES Private LIMITED, E12 3 NETAJI SUBHASH PLACE, PITAMPURA DELHI-110034, INDIA

C02717023

4

10490238

24/03/2014

2,877,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202- Maker Tower - E, Cuffe Parade, Mumbai - 400006, Maharashtra, INDIA

C03808797

5

10483957

13/02/2014

1,350,000,000.00

Axis Bank Limited

2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, 
NEW DELHI - 110001, INDIA

C00107938

6

10462541

04/10/2013

2,000,000,000.00

PUNJAB NATIONAL BANK

LCB, TOLSTOY HOUSE, TOLSTOY MARG, NEW DELHI - 110001, INDIA

B90469891

7

10189723

06/02/2014 *

859,357,800.00

AKA AUSFUHRKREDIT-GESELLSCHAFT M.B.H.

GROSSE GALLUSSTRASSE 1-7, 60311, FRANKFURT AM MAIN,  60311, GERMANY

B96160858

8

10053556

19/12/2014 *

5,000,000,000.00

Punjab National Bank

LCB, Tolstoy House, Tolstoy Marg, New Delhi  
- 110001, INDIA

C40149056

9

90276271

21/10/2005

750,000,000.00

PUNJAB NATIONAL BANK

A-9; CONNAUGHT PLACE, NEW DELHI, INDIA

-

 

* Date of charge modification

 

                                                                  

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ON 31.12.2014

 

[RS. IN MILLIONS]

 

PARTICULARS

 

 

 

3 Months Ended

9 Months Ended

31.12.2014

[Unaudited]

30.09.2014

[Unaudited]

31.12.2014

[Unaudited]

Income from Operations

 

 

 

(a) Net sates/income from operations (Net of excise duty)

5489.300

6743.700

18899.900

(b) Other Operating Income

5.700

4.600

15.600

Total income from operations (net)

5495.000

6748.300

18915.500

Expenses

 

 

 

(a) Cost of materials consumed

3951.400

4915.400

13562.600

(b) Purchases of stock-in trade

0.000

0.000

0.000

(c) Changes in inventories of finished goods. work-in-progress and stock in trade

152.500

(151.400)

135.800

(d) Employee benefits expense

126.400

85.800

297.800

(e) Depreciation and Amortization Expenses

139.800

136.500

412.500

(f) Other Expenses

582.800

533.300

1696.600

(g)Foreign Exchange

450.300

448.300

1340.200

Total expenses

5403.200

5967.900

17445.500

Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)

91.800

780.400

1470.000

Other Income

36.400

64.800

196.500

Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)

128.200

845.200

1666.500

Finance Costs

86.700

48.100

223.600

Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)

41.500

797.100

1442.900

Exceptional items

37.700

35.600

75.700

Profit/ (Loss) from ordinary activities before tax (7+8)

3.800

761.500

1367.200

Tax expenses

(0.200)

260.900

368.200

Net Profit / (Loss) from ordinary activities after tax (9-10)

4.000

500.600

999.000

Extraordinary item (net of tax expense)

2.100

3.700

10.100

Net Profit / (Loss) for the period (11-12)

1.900

496.900

988.900

Paid-up equity share capital (Nominal value Rs.10 per share)

420.500

420.500

420.500

Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

-

-

-

i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualized):

-

-

-

(a) Basic and diluted

0.05

11.82

23.52

 

 

 

 

A. PARTICULARS OF SHAREHOLDING

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

10668961

10668961

10668961

- Percentage of shareholding

25.37

25.37

25.37

2. Promoters and Promoters group Shareholding

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

NA

NA

NA

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

NA

NA

NA

Percentage of shares (as a % of total share capital of the company)

NA

NA

NA

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

31378752

31378752

31378752

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

100.00

100.00

Percentage of shares (as a % of total share capital of the company)

74.63

74.63

74.63

 

 

 

PARTICULARS

3 Months Ended 31.12.2014

B

Investor complaints (Nos.)

Nil

 

Pending at the beginning of the quarter

10

 

Received during the Quarter

10

 

Disposed of during the quarter

Nil

 

Remaining unresolved at the end of the quarter 

 

 

1. The above results were reviewed by the Audit Committee and taken on record at the meeting of the Board of Directors at their respective meeting held on February 11, 2015. Limited Review of these results as required under clause 41 of the listing agreement has been carried out by the Statutory Auditors of the Company.


2. The Company has only one reportable business segment, namely, Flexible Packaging Films.


3. The Company has not exercised the option provided by the Ministry of Corporate Affairs (MCA) vide its notification no G.S.R.378 (E) dated May 11, 2011, and continued to adjust profit/loss due to exchange difference on long term foreign currency loans taken for fixed assets in the profit and loss account as per Accounting Standard (AS-11) on "Effects on Change in Foreign Exchange Rates" and the same amount to a loss of Rs. 35.600 Million during the quarter is shown under the head "Exceptional Items".


4. The company has revised /reassessed the useful lives of the fixed assets in accordance with the guidelines under schedule II of the Companies, Act 2013. Further the depreciation charged for the quarter ended is lower by Rs 96.300 lakhs and Nine months ended December 31, 2014 is lower by Rs 296.200 Million.


5. The Board of Directors of the company in its meeting held on January 12, 2015 has approved a Scheme of Demerger of manufacturing division of Jindal Photo Limited ("Demerged Company") into Jindal Poly Films Limited. ("Resulting Company") and pursuant to Clause 24(f) of the Listing Agreement, an application has been made to the Stock Exchanges for approval of the Scheme.


6. Tax liability/provision written off is based upon the estimated tax computation for the whole year and excess/short provision if any will be adjusted in the last quarter. 


7. Figures for the previous quarters/period have been regrouped /rearranged wherever required, to make them comparable.

 

 

FIXED ASSETS

 

  • Land (Freehold)
  • Factory Buildings
  • Plant and Machinery
  • Furniture and Fixture
  • Office Equipments
  • Computers
  • Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.63.84

UK Pound

1

Rs.100.65

Euro

1

Rs.72.88

 

 

INFORMATION DETAILS

 

Information Gathered by :

DPA

 

 

Analysis Done by :

KRN

 

 

Report Prepared by :

MTN

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

7

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

7

--PROFITABILIRY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

64

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.