MIRA INFORM REPORT

 

 

Report No. :

343306

Report Date :

03.10.2015

 

IDENTIFICATION DETAILS

 

Name :

GUJARAT FOILS LIMITED

 

 

Registered Office :

3436-3446, Phase – IV, Chhatral GIDC, Taluka Kalol, District, Gandhinagar - 382729, Gujarat

Tel. No.:

91-2764-233656/ 233657

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

16.11.1992

 

 

Com. Reg. No.:

04-018570

 

 

Capital Investment / Paid-up Capital :

Rs.332.018 Million

 

 

CIN No.:

[Company Identification No.]

L28999GJ1992PLC018570

 

 

IEC No.:

0802005713

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMG00263E

 

 

PAN No.:

[Permanent Account No.]

AAACG8002D

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturing and Exporting of Sheet, Foils (Bare, Coated or Laminated and Printed), Strips, containers for food, Pharmaceuticals and Packaging Applications.

 

 

No. of Employees :

468 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (51)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company incorporated during the year 1992. It has a satisfactory track record.

 

For the financial year 2015, the company has healthy operational activity marked by good top line growth along with decent sales turnover and achieved a profitability margin of 1.3%.

 

Further, the company possesses strong financial base marked by adequate networth position, comfortable capital structure and experienced management.

 

Trade relations are fair. Business is active. Payment terms are reported as usually correct.

 

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

 

 

NOTES :

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

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term Bank Facilities = BBB

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

March 10, 2015

 

Rating Agency Name

CARE

Rating

Short term Bank Facilities = A3+

Rating Explanation

Moderate degree of safety and higher credit risk.

Date

March 10, 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 31-03-2015.

 

 

INFORMATION PARTED BY (GENERAL DETAILS)

 

Name :

Mr. Karthik Mudaliyar

Designation :

Export Import Executive

Contact No.:

91-9033947139

Date :

30.09.2015

 

 

LOCATIONS

 

Registered Office / Plant Address:

3436-3449, Chhatral GIDC, Phase – IV, Taluka Kalol, District, Gandhinagar - 382729, Gujarat, India

Tel. No.:

91-2765-233656/ 233657

Mobile No.:

91-9033947139 (Mr. Karthik Mudaliyar)

Fax No.:

91-2712-233657/ 58

E-Mail :

info@gujaratfoils.com

divyang_oza@gujaratfoils.com

richa.gole@topworthgroup.com

jigna@gujaratfoils.com

secretarial@topworthgroup.com

karthik.mudaliyar@gujaratfoils.com

Website :

http://www.gujaratfoils.com

Location :

Owned

 

 

Corporate Office :

106, 16th Floor Indiabulls Finance Center Tower -3, Senapati Bapat Marg, Elphistione Road (West), Mumbai – 400013, Maharashtra, India 

Tel No.:

91-22-71500500

Fax No.:

91-22-71500520

 

 

Sales and other Enquiries/  Ahmedabad Office :

309, “Akashrath”, Opposite National Handloom corporation, Off C. G. Road, Law Garden, Ahmedabad – 380006, Gujarat, India

Tel. No.:

91-79-40073727

Fax No.:

91-79-40073728

Email Id.:

Lavina.punjabi@gujaratfoils.com

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Abhay Lodha

Designation :

Executive, Chairman and Managing Director

Address :

603, Vaitarna, Sir Pochkhanwala Road, Worli Seaface, Worli, Mumbai – 400030, Maharashtra, India

Date of Birth / Age :

01.06.1971

Date of Appointment :

14.07.2008

DIN No.:

00052194

 

 

Name :

Mr. Prasenjit P. Datta

Designation :

Executive, Whole Time Director

Address :

23/29, Gariahat Road, Po Goipark Sakat Bose Road, Kolkata, 700029, West Bengal, India

Date of Appointment :

01.03.2011

DIN No.:

00013414

 

 

Name :

Mr. Satish Chander Gupta

Designation :

Non-Executive, Independent Director

Address :

A – 1/135, Inder Puri, New Delhi – 110012, India

Date of Birth / Age :

05.05.1947

Date of Appointment :

31.01.2009

DIN No.:

00025780

 

 

Name :

Mr. Rahul B. Chhajed

Designation :

Non-Executive, Independent Director

Date of Birth / Age :

08.01.1972

Qualification :

B.Com

Date of Appointment :

10.07.2012

 

 

Name :

Mr. Viresh Mathur

Designation :

Non-Executive, Independent Director

Date of Birth / Age :

09.04.1946

Qualification :

M.A., Fiscal Studies (Diploma) from University of Bath (U.K.)

Date of Appointment :

14.08.2012

DIN No.:

01382982

 

 

Name :

Ms. Ankita Singh

Designation :

Director

Address :

A/24, Central Park , Andheri Kurla Road, Chakala , Andheri East, Mumbai - 400093, Maharashtra, India

Date of Appointment :

04.02.2015

DIN No.:

07038161

 

 

Name :

Mr. Jagannath Pandharinath Dange

Designation :

Director

Address :

21, Floor-3, Plot212/213, Yashodhan, Dinshaw Wachha Road, Brabourne Stadium, Churchgate, Mumbai - 400020, Maharashtra, India

Date of Appointment :

05.03.2015

DIN No.:

01569430

 

 

Name :

Mr. Surender Kumar Tuteja

Designation :

Non-Executive, Independent Director

Date of Birth / Age :

15.06.1945

Qualification :

I.A.S., M.COM., F.C.S.

Date of Appointment :

11.04.2012

 

 

Name :

Mr. Kanchan Murarka

Designation :

Non-Executive, Non-Independent Director

Date of Birth / Age :

06.01.1966

Qualification :

C.A., C.S., ICWA, B.Com

Date of Appointment :

16.05.2011

 

 

KEY EXECUTIVES

 

Name :

Ms. Dipesh U. Gosar (w.e.f.11.11.2014)

Designation :

Company Secretary and Compliance Officer

Address :

B-4, Janvikas Society, Sunder Lane, Marve Road, Malad (West), Mumbai - 400064, Maharashtra, India

Date of Appointment :

11.11.2014

PAN No.:

AJEPG2040D

 

 

Name :

Mr. Amit Kumar Gupta (Upto 14.10.2014)

Designation :

Company Secretary and Compliance Officer

 

 

Name :

Mr. Jagjit Shrikant Padgaonkar

Designation :

Chief Executive Officer

Address :

B-302, Homai Mahal Premises Chs, Shahaji Raje Road, Vile Parle (East), Mumbai - 400057, Maharashtra, India

Date of Appointment :

01.08.2014

PAN No.:

AGTPP2079B

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.06.2015

 

Category of Shareholder

Total No. of Shares

Total Shareholding as a % of Total No. of Shares

 

(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

4041201

49.27

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

792876

9.67

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

4834077

58.94

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

 

 

Total shareholding of Promoter and Promoter Group (A)

4834077

58.94

(B) Public Shareholding

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

 

 

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

 

 

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

401915

4.90

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

1370160

16.71

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

1502524

18.32

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

93134

1.14

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

30428

0.37

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

60706

0.74

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

2000

0.02

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

3367733

41.06

Total Public shareholding (B)

3367733

41.06

Total (A)+(B)

8201810

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)

8201810

0.00

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

No.

Name of the Shareholder

Details of Shares held

Encumbered shares (*)

No. of Shares held

As a % of grand total (A)+(B)+(C)

No

As a percentage

As a % of
grand total
(A)+(B)+(C) of sub-clause (I)(a)

1

Akshata Realtors Private Limited

7,92,876

9.67

0

0.00

0.00

2

Abhay Narendra Lodha

30,47,104

37.15

1034000

33.93

12.61

3

Ashwin Narendra Lodha

7,03,959

8.58

180000

25.57

2.19

4

Sheela Abhay Lodha

94,388

1.15

0

0.00

0.00

5

Prasanna Champalal Lodha

65,224

0.80

0

0.00

0.00

6

Surendra Champalal Lodha

65,263

0.80

0

0.00

0.00

7

Rajesh Kumar Jain

65,263

0.80

0

0.00

0.00

 

Total

48,34,077

58.94

1214000

25.11

14.80

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

 

l. No.

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

1

Parmod Jain

627813

7.65

2

Asuti Trading Private Limited

99500

1.21

3

Atul Dinkerray Raval

95300

1.16

 

Total

822613

10.03

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

 

l. No.

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

No. of Shares

Shares as % of Total No. of Shares

1

Parmod Jain

627813

7.65

 

Total

627813

7.65

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Exporting of Sheet, Foils (Bare, Coated or Laminated and Printed), Strips, containers for food, Pharmaceuticals and Packaging Applications.

 

 

Products :

ITC Code No.

 

Product Description

76071991

Aluminium Foil / Sheet / Strip

76061200

Aluminium Coil / Sheet / Strip

76069290

Aluminium Foil / Sheet / Strip

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Finished Goods

Countries :
  • Dubai
  • Pakistan

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

L/C and Cheque 

 

 

Purchasing :

L/C and Cheque 

 

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 :

Retailers

 

·         LUPIN

·         Sun Pharmaceutical Industries Limited

·         AUROBINDO

·         Cadila Pharmaceuticals Limited

·         MAXHEAL

·         Ayrton Drug

·         ISEAL

·         HITACHI

·         Positive Packaging

·         AJANTA PHARMA

·         ALKEMLABORATORIES

·         APEX PHARMA

·         CADILAPHARMA

·         EMZOR PHARMA

·         FAMY CARE

·         FOURTS INDIA

·         HETERO DRUGS

·         IMPACT LABS

·         INTAS PHARMA

·         INVENTIA / PHAROSE

·         IPCALABS

·         KAPL

·         MACLEODS

 

 

No. of Employees :

468 (Approximately)

 

 

Bankers :

·         State Bank of India

Backbay Reclamation Branch, Raheja Chambers, Free Press Journal Marg, Nariman Point, Mumbai-400021, Maharashtra, India

 

·         Allahabad Bank

Industrial Finance Branch, Parliament Street, New Delhi, India

 

·         Oriental Bank of Commerce

Mumbai Overseas Branch, Nariman Point, Mumbai, Maharashtra, India

 

·         Dena Bank

Corporate Business Branch, Bandra-Kurla Complex, Bandra – East, Mumbai, Maharashtra, India

 

·         Union Bank of India

·         Bank of India

·         IDBI Bank

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term loan from Bank

326.303

296.821

Other loans and Advances

0.172

0.391

(Secured by hypothecation of Motor Vehicle)

 

 

Short-term borrowings

 

 

Loans repayable on demand from banks

1153.926

1053.393

Total

1480.401

1350.605

 

Note : LONG TERM BORROWING

 

a) Term loans from State Bank of India and Dena Bank have been secured by first mortgage / equitable mortgage on pari-passu basis on the Land, Building, Plant and Machinery and other fixed assets of the Company, situated on plot no. 3436 to 3439 and 3442 to 3446 at Chattral Industrial Area of GIDC, Phase IV, Tal: Kalol, Dist. Gandhinagar, Gujarat and second pari-passu charge on all the Current Assets of the Company (excluding Current Assets relating to Aluminium Pharma Foil Project and Wind Mill).

 

b) Term loan from Bank of India for Aluminium Pharma Foil Project has been secured by mortgage / equitable mortgage on exclusive basis on the Land, Building, Plant and Machinery and other fixed assets of the Company, situated on plot no. 3440 and 3441 at Chattral Industrial Area of GIDC, Phase IV, Tal: Kalol, Dist. Gandhinagar, Gujarat.

 

c) Corporate Loan from State Bank of India (pending creation) is secured by first pari-passu charge with other Term Lenders on entire Fixed Assets of the Company excluding Wind Mill project, Pharma Division project and Vehicles and extension of second pari-passu charge on the entire Current Asset of the Company.

 

d) Car loans have been secured by hypothecation of respective cars.

 

SHORT TERM BORROWING:

 

A. Working Capital Facilities availed by the Company from the Consortium Lenders (excluding Working Capital limits availed from Bank of India for Aluminium Pharma Foil Project) are secured by way of first pari-passu hypothecation charge on all the Stocks, Receivable, Book Debts and other Current Assets of the Company and second pari-passu charge on the entire Fixed Assets (excluding Aluminium Pharma Foil Project and Wind Mill project) of the Company.

 

B. Working Capital Facilities availed by the Company for its Aluminium Pharma Foil division from Bank of India are secured by way of exclusive hypothecation charge on all the Stocks, Receivable, Book Debts and other Current Assets of the Aluminium Pharma Foil Project of the Company and also secured by mortgage / equitable mortgage on exclusive basis on the Land, Building, Plant and Machinery and other fixed assets of the Company situated on plot no 3440 and 3441 at Chattral Industrial Area of GIDC, Phase IV, Tal: Kalol, Dist. Gandhinagar, Gujarat.

 

Auditors :

 

Name :

H. R. Agarwal and Associates

Chartered Accountants

Address :

219-C, Old China Bazar Street, 1st Floor, Room No. B-6, Kolkata, West Bengal, India

Tel. No.:

91-33-2248-6561 / 30226561

Fax No.:

91-33-22303207

E-Mail :

gk.sons@hotmail.com

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Associates/Subsidiaries :

Not Available

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000000

Equity Shares

Rs.10/- each

Rs.250.000 Million

25000000

10% Non-convertible Non-Cumulative Redeemable Preference shares

Rs.10/- each

Rs.250.000 Million

 

Total

 

Rs.500.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

82,01,810

Equity Shares

Rs. 10/- each

Rs. 82.018 Million

2,50,00,000

10% Non-convertible Non-Cumulative Redeemable Preference shares

Rs. 10/- each

Rs. 250.000 Million

 

Total

 

Rs. 332.018 Million

 

 

(A) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

 

Particulars

2013-14

No. of Shares

Shares outstanding at the beginning of the year

8201810

Shares outstanding at the end of the year

8201810

 

 

(B Shares in the Company held by each shareholder holding more than 5% shares in the Company

 

Name of Shareholder

2014-2015

 

 

No. of Shares

% of Holding

Abhay Narendra Lodha

3047104

37.15

Parmod Jain

827813

10.09

Akshata Realtors Private Limited

792876

9.67

Ashwin Narendra Lodha

703959

8.58

Rockdude Financial Services Private Limited

1372

0.02

 

 

(C) Preference Shares in the Company held by each shareholder holding more than 5 percent shares

 

Name of Shareholders

2014-15

No. of shares held

% of holdings

Abhay Narendra Lodha

20000000

80%

Ashwin Narendra Lodha

500000

20%

 

 

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

332.018

332.018

82.018

(b) Reserves & Surplus

680.652

609.503

267.444

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

433.900

Total Shareholders’ Funds (1) + (2)

1012.670

941.521

783.362

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

636.677

655.338

626.410

(b) Deferred tax liabilities (Net)

119.893

75.331

67.711

(c) Other long term liabilities

760.014

452.597

153.592

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

1516.584

1183.266

847.713

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1153.926

1053.393

1039.350

(b) Trade payables

1481.402

863.463

635.313

(c) Other current liabilities

134.412

128.322

99.579

(d) Short-term provisions

40.168

5.753

1.610

Total Current Liabilities (4)

2809.908

2050.931

1775.852

 

 

 

 

TOTAL

5339.162

4175.718

3406.927

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1207.337

935.636

1044.796

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

160.237

508.430

80.125

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

1367.574

1444.066

1124.921

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1957.437

1532.718

1072.154

(c) Trade receivables

1759.546

1052.028

1064.453

(d) Cash and cash equivalents

196.437

110.739

87.578

(e) Short-term loans and advances

0.000

0.000

0.000

(f) Other current assets

58.168

36.167

57.821

Total Current Assets

3971.588

2731.652

2282.006

 

 

 

 

TOTAL

5339.162

4175.718

3406.927

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

4865.659

4292.554

3443.319

 

Other Income

11.914

6.661

0.000

 

TOTAL (A)

4877.573

4299.215

3443.319

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

3994.606

3771.820

2832.368

 

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

(33.967)

(306.774)

(120.105)

 

Employees benefits expense

120.737

111.068

81.547

 

Other expenses

222.146

222.082

225.735

 

TOTAL (B)

4303.522

3798.196

3019.545

 

 

 

 

 

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

574.051

501.019

423.774

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

342.377

260.903

230.900

 

 

 

 

 

 

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

231.674

240.116

192.874

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

89.443

111.437

111.201

 

 

 

 

 

 

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

142.231

128.679

81.673

 

 

 

 

 

Less

TAX (H)

75.042

36.620

21.308

 

 

 

 

 

 

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

67.189

92.059

60.365

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

261.609

169.550

109.185

 

 

 

 

 

 

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

328.798

261.609

169.550

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

15.602

28.676

69.291

 

TOTAL EARNINGS

15.602

28.676

69.291

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

18.048

43.385

118.281

 

TOTAL IMPORTS

18.048

43.385

118.281

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

8.19

11.22

7.36

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

78.544

79.805

79.804

Cash generated from operations

(524.297)

(193.985)

(84.423)

Net cash flow from operating activity

50.262

306.569

328.660

 

 

QUARTERLY RESULTS

 

Particulars

30.06.2015

Audited / Unaudited

Unaudited

Net Sales

1372.380

Total Expenditure

1243.700

PBIDT (Excl OI)

128.680

Other Income

NA

Operating Profit

128.680

Interest

77.610

Exceptional Items

NA

PBDT

51.070

Depreciation

23.070

Profit Before Tax

28.000

Tax

9.690

Provisions and contingencies

NA

Profit After Tax

18.310

Extraordinary Items

NA

Prior Period Expenses

NA

Other Adjustments

NA

Net Profit

18.310

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

1.38

2.14

1.75

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

11.80

11.67

12.31

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

2.75

3.51

2.46

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.14

0.14

0.10

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.85

1.90

2.23

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.41

1.33

1.29

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.49.45 /-

 

 

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

82.018

332.018

332.018

Reserves & Surplus

267.444

609.503

680.652

 Share Application money pending allotment

433.900

0.000

0.000

Net worth

783.362

941.521

1012.670

 

 

 

 

long-term borrowings

626.410

655.338

636.677

Short term borrowings

1039.350

1053.393

1153.926

Current Maturities of Long-Term Debts

79.804

79.805

78.544

Total borrowings

1745.564

1788.536

1869.147

Debt/Equity ratio

2.228

1.900

1.846

 

 

 

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

3443.319

4292.554

4865.659

 

 

24.663

13.351

 

 

 

 

 

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

3443.319

4292.554

4865.659

Profit

60.365

92.059

67.189

 

1.75%

2.14%

1.38%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

REVIEW OF OPERATIONS/STATE OF COMPANY’S AFFAIRS:

 

During the year, the Company’s Net Income from operations stood at Rs. 4865.659 Million as compared to Rs. 4292.554 Million in the previous year, thereby registering a growth of about 13%. Earnings before interest. Depreciation, tax and amortization for the year stood at Rs. 574.051 Million against Rs. 501.019 Million in the previous year, thereby registering a growth of about 15 %. Profit after Tax registered a growth of about 11 % and increased from Rs. 128.679 Million to Rs. 142.231 Million.

 

The Pharma Foils and Food Packaging (FMCG) operations are working on optimum level. The company commenced commercial operations of Semi-Rigid Containers (SRC) in November 2014, the same is expected to be streamlined and stabilized by the next financial year.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

INDUSTRY STRUCTURE AND DEVELOPMENTS

 

The aluminium industry one of the leading industries of the Indian economy. In the previous decade experienced substantial success among the other industries despite of the fact that globally aluminium industry continued to go through a difficult phase. But the aluminum market in India is still growing at a CAGR of 9% to 10% over the last five years and it is going to remain so in the near future.

 

This favourable situation is expected mainly due to the government’s focus on inform infrastructure development in rural areas, cultural change resulting in more and more nuclear families with higher disposable income, strong growth in pharma, confectionary and ready-to-eat food sector.

 

In order to take advantage of favourable situation. Indian aluminium industry is developing fast and the advancement in its technologies is boosting the growth even faster. It has a bright future and it can become one of the largest players in the global aluminium market as in India, the consumptions are fairly low as compared to developed countries.

 

They are aware that Aluminium Rolled Products i.e. “SHEET and FOIL” are commonly used by Pharma Industry, Food and   Beverage Industry, Chocolate, Confectionary and Liquor Industry. As per the report by “Indian Pharma 2015/ Unlocking the Potential of the Indian Pharmaceutical Market from McKinsey and Company. India is projected as 10th largest market with turnover of US$20 billion. Further this report states, based on absolute growth between 2005to2015. India is placed at no. 3 just behind US and China with an incremental growth of US $ 14 billion during the period. The above statement clearly places India among the top 5 emerging pharma markets in the world. McKinsey and Company in their report “Indian Pharma 2020” quotes that Indian pharma market is growing at 14.5% on CAGR basis and expected to touch US$ 55 billion market by 2020. 

 

From the above reports it is evident that Indian pharma market will continue to register a strong double digit growth rate till 2020 and onwards. Based on above report, we assume that current foil requirement by Indian pharma industry is at 24,000 MT/Annum and the same will increase to 66,500 MT/Annum by 2020.

 

According to the Indian Institute of Packaging (IIP), the turnover of the Indian packaging industry is likely to touch USD 43.7 billion by 2016, from USD 27.6 billion in 2012. India's per capita consumption of packaging is only 4.3 kg per person per annum (approx), as against Germany's 42 kg and China's 20 kg and is thus very low compared to the global standards.

 

Consumer Products Business Division (CPB) caters to household and HORECA food packing opportunities. With growing user base for household use and HORECA use this branded category is growing at about 15 % per annum.

 

Product wise performance

 

GFL is presently dealing in Manufacturing and supply of Aluminium Sheet, Foils (Bare, Coated or Laminated and Printed), Strips, Containers for Food, Pharmaceuticals and Packaging Applications.

 

In their Aluminium Sheet Business, GFL sheet products are positioned as quality products and are comparable with international quality standards. The company had taken some measures in order to ensure better services to its customers and improving the realization from sheet business. The details of corrective measure are as under:

 

Their industry had witnessed a great deal of metal price fluctuation in F.Y. 2013 – 2014. In order to safeguard the interest of their customers and the Company, GFL had continued with NALCO based pricing policy for sheet business. This policy will ensure the mitigation of risks associated with metal price fluctuation.

 

The company is continuously evaluating the product wise sales price realisation in sheet business. Products with lower sales price realisation had been phased out in a systematic manner and they have been substituted with value added options.

 

In their Aluminium Foil Business, during the F.Y. 2014 – 2015, the focus was to maximum the sales of value added product resulting in increase in printed production by 98% and production of converted product by 21% as compared to production in FY 2013-2014.

 

GFL has a very wide and complete range of products. Also we are among very few companies in the country who have integrated state of art foil rolling and foil converting facility under one roof. Their technical team and after sales service makes GFL distinct and distinguishable in the market. GFL had set a very stringent quality benchmarks for self and maintaining the same. This is the reason GFL been able to position in the market so very quickly. Today GFL is considered as preferred supplier of Light Gauge Foil, Coated Foil, Laminated Foil. Our battery of Gravure Printing Machines are capable of printing up to 5 colours and are truly state of art machines. These Printing Machines are equipped with advance turner bar for reverse printing and also equipped with auto registration system.

 

Today major pharma companies are in their fold. The list of their major Pharma Customers is given below alphabetical order only.

 

AJANTA PHARMA

ALKEMLABORATORIES

APEX PHARMA

AUROBINDO

CADILAPHARMA

EMZOR PHARMA

FAMY CARE

FOURTS INDIA

HETERO DRUGS

IMPACT LABS

INTAS PHARMA

INVENTIA / PHAROSE

IPCALABS

KAPL

LUPIN

MACLEODS

 

During the year 2014-2015 they have not only retained existing customers but have also been able to successfully add few more prestigious pharma companies in their clients. Further in order to improve the profitability from foil business, the Company is continuously monitoring every element of operational cost at micro level. Suitable measures to control the overall operating cost have been taken into various processes which has improved the bottom line of the company.

 

 

UNSECURED LOAN

 

Unsecured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Other loans and Advances

 

 

Other than Bank

310.202

358.126

Total

310.202

358.126

Note :

 

Unsecured Loans other than banks are free of Interest.

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10558541

02/03/2015

2,836,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

Asian Bldg., Ground Floor, 17, R. Kamani Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA

C48662704

2

10550419

14/02/2015

300,000,000.00

UNION BANK OF INDIA

Lower Parel Branch, Yashwant Bhawan, Pandurang Bhudkar Marg, Lower Parel, MUMBAI, Maharashtra - 400013, INDIA

C44254597

3

10526673

30/09/2014

45,000,000.00

Oriental Bank Of Commerce

Large Corporate Branch, 14th Floor, Maker Tower, 
F Wing, Cuffe Parade, Mumbai, Maharashtra - 400005, INDIA

C30308571

4

10519729

26/08/2014

100,000,000.00

UNION BANK OF INDIA

Lower Parel Branch,Yashwant Bhawan,, Pandurang Bhudkar Marg, Lower Parel, Mumbai, Maharashtra - 400013, INDIA

C20438982

5

10510662

06/06/2014

100,000,000.00

IDBI Bank

Specialised Corporate Branch, Opp. National Stock, 
Exchange, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, INDIA

C12663852

6

10471740

09/01/2014

50,000,000.00

IDBI BANK LIMITED

Plot No. C-7, G- Block,, Opp. NSE Building, Bandra Kurla Complex, Bandra E, Mumbai, Maharashtra - 400051, INDIA

B94081163

7

10468603

16/11/2013

100,000,000.00

STATE BANK OF INDIA

BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBER, NARIM 
AN POINT, MUMBAI, Maharashtra - 400021, INDIA

B92894377

8

10395459

11/12/2012

140,000,000.00

ALLAHABAD BANK

Industrial Finance Branch, 2nd Floor, 37, Mumbai 
Samachar Marg, Fort, Mumbai, Maharashtra - 400023, 
INDIA

B65311078

9

10312834

24/09/2011

50,000,000.00

DENA BANK

CORPORATE BUSINESS BRANCH, C-10, G-BLOCK, BANDRA 
KURLA COMPLEX, BANDRA (E), MUMBAI, Maharashtra - 
400051, INDIA

B23446248

10

10299386

30/07/2011

70,000,000.00

IDBI BANK LIMITED

INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS 
ROAD, NEW DELHI, Delhi - 110001, INDIA

B17757527

 

 

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED JUNE 30, 2015

 

(Rs. In Million)

 

 

Particulars

Quarter  ended 30.06.2015

1

 

Income from Operations

 

 

 

A) Net Sales/Income from Operations (Gross)

1366.150

 

 

b) Other Operating Income

6.231

 

Total Income from Operations (Net)

1372.361

2

Expenses

 

 

a)

Cost of Materials consumed

1182.638

 

b)

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(1.519)

 

c)

Employee benefit expenses

27.637

 

d)

Depreciation and amortization expense

23.066

 

e)

Other expenses

34.953

 

Total Expenses

1266.775

 

 

 

3

 

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

105.606

4

Other Income

--

5

Profit /(Loss) from ordinary activities before finance costs and exceptional items

105.606

6

Finance Costs

77.608

7

Profit /(Loss) from ordinary activities after finance costs but before exceptional items

27.998

8

Exceptional Items

--

9

Profit /(Loss) from ordinary activities before tax

27.998

10

Tax Expense

9.690

11

Net Profit /(Loss) from ordinary activities after tax

18.308

12

Paid up equity share capital (Eq. shares of  Rs.10/- each)

82.018

13

Reserve excluding revaluation reserves

 

14

 

Earnings per share (before/after extraordinary items) of  Rs.10/- each

 

 

 

Basic

2.23

 

 

Diluted

2.23

 

 

 

 

A

 

PARTICULARS OF SHAREHOLDING

 

1

 

Public Shareholding

 

 

 

- No. of Shares

3367733

 

 

- Percentage of Shareholding

41.06

2

 

Promoters and promoter group shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

- Number of shares

1214000

 

 

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

25.11

 

 

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

14.80

 

 

b) Non- encumbered

 

 

 

- Number of shares

3620077

 

 

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

74.89

 

 

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

44.14

 

 

Particulars

Quarter Ended

30.06.2015

Pending at the beginning of the quarter

Nil

Received during the quarter

Nil

Disposed of during the quarter

Nil

Remaining unresolved at the end of the quarter

Nil

 

Note :

 

  1. The above Un-Audited financial results have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors in their respective meeting held on 11.08.2015.

 

  1. The company operates only in single i.e. “Aluminium”. There are no seprate reportable segment as per Accounting Standard on “Segment Reporting (AS-17)

 

  1.  Figures for previous periods/year have been regrouped/reclassified/recast, wherever necessary.

 

  1. The Limited Review by the Statutory Auditors for the quarter as required under clause 41 of the Listing

 

  1. Agreement has been completed and the related Report in being forwarded to the Stock Exchange.

 

 

FIXED ASSETS

 

  • Land
  • Buildings
  • Plant and Equipments
  • Furniture and Fixture
  • Vehicles
  • Office Equipments
  • Computers

 

 

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.65.55

UK Pound

1

Rs.99.17

Euro

1

RS.73.07

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

TRI

 

 

Report Prepared by :

SUJ

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

51

 

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.