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|
|
MIRA INFORM REPORT
|
Report No. : |
483488 |
|
Report Date : |
02.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
POLYPLEX CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Lohiya Head Road, Khatima, District Udham Singh Nagar- 262308,
Uttarakhand |
|
Tel. No.: |
91-5943-250136 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
18.10.1984 |
|
|
|
|
Com. Reg. No.: |
011596 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 319.846
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209UR1984PLC011596 |
|
|
|
|
IEC No.: |
0588085359 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP0278J |
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|
|
|
GSTIN : |
Not Divulged |
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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
: |
Manufactures and Sells Thin and Thick Polyester (PET) Films primarily for Flexible Packaging. (Registered activity) |
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|
|
|
No. of Employees
: |
775 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Polyplex Corporation Limited was incorporated in the year 1984. For the financial year 2017, the company has reported decline in its revenue as compared to previous year but has managed to maintain average profit margin of 3.85%. The healthy financial profile of the company is marked by strong networth base along with negligible debt level. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. The company has its share price trading at around INR. 554.60 Against the Face Value (FV) of INR. 10 on BSE as on 28th December, 2017. However, rating strengths are partially offset by exposure of the group to inherent risk associated with demand supply disparity affecting PET films industry, susceptibility of group’s margins to volatility in raw material prices and exposure to foreign exchange fluctuation risk and regulatory risk and unfavourable gap between trade payables and trade receivables. Business is active. Payments are reported to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
18.01.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
18.01.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction)
LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 02.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
MANAGEMENT NON – COOPERATIVE (TEL. NO.: 91-5943-250285)
91-120-2443719 (RINGING)
LOCATIONS
|
Registered Office/ Factory 1: |
Lohiya Head Road, Khatima, District Udham Singh Nagar- 262308,
Uttarakhand, India |
|
Tel. No.: |
91-5943-250136 / 250285 / 250286 |
|
Fax No.: |
91-5943-250281 / 250069 |
|
E-Mail : |
investorrelations@polyplex.com |
|
Website : |
|
|
|
|
|
Corporate Office: |
B-37, Sector 1, Noida, District -Gautam Budh Nagar- 201301, Uttar
Pradesh, India |
|
Tel. No.: |
91-120-2443716-19 |
|
Fax No.: |
91-120-24473723 / 2443924 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Plot No. 227, MI- 228 MI, Banna, Khera Road, Village Vikrampur,
Tehesil, Bajapur, District- Udham Singh Nagar – 262401, Uttarakhand, India |
|
Tel. No.: |
91-5949-281593-281596 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sanjiv Saraf |
|
Designation : |
Director |
|
Address : |
B-42, Maharani Bagh, New Delhi - 110065, India |
|
Date of Birth/Age : |
30.12.1958 |
|
Qualification : |
B. Tech (IIT-KGP) |
|
Expertise
in specific functional areas : |
General Management |
|
Date of Appointment : |
18.10.1984 |
|
DIN No.: |
00003998 |
|
|
|
|
Name : |
Mr. Brij Kishore Soni |
|
Designation : |
Director |
|
Address : |
D-838, New Friends Colony, New Delhi - 110065, India |
|
Date of Appointment : |
08.08.1985 |
|
DIN No.: |
00183432 |
|
|
|
|
Name : |
Mr. Jitender Balakrishnan |
|
Designation : |
Director |
|
Address : |
208, Tower - 2 Casa Grande, Senapati Bapat Marg, Lower
Parel, Mumbai - 400013, Maharashtra,
India |
|
Date of Appointment : |
20.07.2010 |
|
DIN No.: |
00028320 |
|
|
|
|
Name : |
Ms. Pooja Haldea |
|
Designation : |
Director |
|
Address : |
C-101, Rishi Apartments, Alaknanda, New Delhi - 110019, India |
|
Date of Birth/Age : |
29.07.1980 |
|
Qualification : |
B.A. (Hons); PGDIBM (IIM-Bangalore) |
|
Expertise in specific functional areas : |
Market Analysis and Research |
|
Date of Appointment : |
30.03.2015 |
|
DIN No.: |
07123158 |
|
|
|
|
Name : |
Mr. Ranjit Singh |
|
Designation : |
Director |
|
Date of Appointment : |
12.05.2016 |
|
|
|
|
Name : |
Mr. Sanjiv Chadha |
|
Designation : |
Director |
|
Address : |
10045 S. Bell, Chicago, Il, 60643, United States Of America |
|
Date of Appointment : |
17.06.2005 |
|
DIN No.: |
00356187 |
|
|
|
|
Name : |
Dr. Suresh Inderchand Surana |
|
Designation : |
Director |
|
Address : |
601/602, Raj Pushp Apartment, 6th Floor, Subhash Road,
Near Sun City Cinema,Vile Parle East, Mumbai - 400057, Maharashtra, India |
|
Date of Appointment : |
01.03.2002 |
|
DIN No.: |
00009757 |
|
|
|
|
Name : |
Mr. Pranay Kothari |
|
Designation : |
Whole-Time Director |
|
Address : |
J-202 Saket, New Delhi – 110017, India |
|
Date of Birth/Age : |
06.02.1959 |
|
Qualification : |
FCA, CS |
|
Experience : |
32 Years |
|
Expertise
in specific functional areas : |
General Management |
|
Date of Appointment : |
15.03.1996 |
|
DIN No.: |
00004003 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Gupta |
|
Designation : |
Chief Financial Officer |
|
Address : |
P 221, ATS Village, Sector 93 A, Noida - 201301, Uttar Pradesh, India |
|
Date of Appointment : |
13.08.2014 |
|
PAN No.: |
AAIPG4568M |
|
|
|
|
Name : |
Mr. Ashok Kumar Gurnani |
|
Designation : |
Secretary |
|
Address : |
4/24 Vikram Vihar, Lajpat Nagar IV, New Delhi - 110024,
India |
|
Date of Appointment : |
01.08.2003 |
|
PAN No.: |
AAIPG4567E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on September, 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares |
|
|
Promoter and Promoter Group |
16001534 |
50.03 |
|
|
Public |
15983066 |
49.97 |
|
|
Grand
Total |
31984600 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
584198 |
1.83 |
|
|
SANJIV SARAF |
325138 |
1.02 |
|
|
SARITA SARAF |
20 |
0.00 |
|
|
NARAYANDAS DURGAPRASADJI SARAF |
20 |
0.00 |
|
|
URMILADEVI NARAYANDAS SARAF |
20 |
0.00 |
|
|
AMLA SARAF |
259000 |
0.81 |
|
|
Any Other (specify) |
2010202 |
6.28 |
|
|
UTKARSH TRADING & HOLDINGS LTD |
411278 |
1.29 |
|
|
SANJIV SARITA CONSULTING PRIVATE LIMITED |
1390924 |
4.35 |
|
|
BHILANGANA HYDRO POWER LIMITED |
208000 |
0.65 |
|
|
Sub Total A1 |
2594400 |
8.11 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident Individuals/ Foreign Individuals) |
249000 |
0.78 |
|
|
SANJIV CHADHA |
4000 |
0.01 |
|
|
SAKHI SARAF |
245000 |
0.77 |
|
|
Any Other (specify) |
13158134 |
41.14 |
|
|
MAHALAXMI TRADING & INVESTMENT CO. LTD |
7622390 |
23.83 |
|
|
SECURE INVESTMENTS LIMITED |
5535744 |
17.31 |
|
|
Sub Total A2 |
13407134 |
41.92 |
|
|
A=A1+A2 |
16001534 |
50.03 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
2634151 |
8.24 |
|
|
RELIANCE CAPITAL TRUSTEE CO. LTD-A/C RELIANCESMALLCAP FUND |
1404314 |
4.39 |
|
|
DSP BLACKROCK SMALL AND MID CAP FUND |
1208337 |
3.78 |
|
|
Foreign Portfolio Investors |
563911 |
1.76 |
|
|
Financial Institutions/ Banks |
14653 |
0.05 |
|
|
Any Other (specify) |
17600 |
0.06 |
|
|
FOREGIN FINANCIAL INTITUTION |
13800 |
0.04 |
|
|
FOREIGN MUTUAL FUNDS |
1400 |
0.00 |
|
|
OVERSEAS CORPORATE BODIES |
2400 |
0.01 |
|
|
Sub Total B1 |
3230315 |
10.10 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto Rs. 2 Lacs |
3402068 |
10.64 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
1171314 |
3.66 |
|
|
NBFCs registered with RBI |
34098 |
0.11 |
|
|
Any Other (specify) |
8145271 |
25.47 |
|
|
NRI – Repat |
2889541 |
9.03 |
|
|
RICKY ISHWARDAS KIRPALANI |
1358805 |
4.25 |
|
|
KESWANI HARESH |
1458790 |
4.56 |
|
|
NRI – Non- Repat |
31633 |
0.10 |
|
|
Clearing Members |
12935 |
0.04 |
|
|
Bodies Corporate |
4969571 |
15.54 |
|
|
IL AND FS TRUST CO LTD |
4328373 |
13.53 |
|
|
HUF |
176407 |
0.55 |
|
|
Director or Director's Relatives |
4584 |
0.01 |
|
|
Unclaimed or Suspense or Escrow Account |
60600 |
0.19 |
|
|
Sub Total B3 |
12752751 |
39.87 |
|
|
B=B1+B2+B3 |
15983066 |
49.97 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and Sells Thin and Thick Polyester (PET) Films primarily for Flexible Packaging. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
775 (Approximately) |
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Bankers : |
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Facilities : |
NOTE : LONG-TERM
BORROWINGS Loans are secured as under: The Foreign Currency Term Loan of INR 888.689
Million (Previous year: INR 1456.644 Million) are secured on a pari passu basis by hypothecation /
equitable mortgage in respect of Company’s movable / immovable Fixed Assets
at Khatima and Bazpur, both present and future. SHORT-TERM
BORROWINGS Short Term Borrowing in the form of Working
Capital Loans and Buyer’s Credit from Banks aggregating to INR 1079.734
Million (Previous Year INR 336.698 Million) are secured / to be secured by
way of hypothecation of inventories, book debts and other current assets both
present and future, and second charge on company’s movable and immovable
Fixed Assets both present and future at Khatima and Bazpur. |
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
|
|
|
Statutory Auditors |
|
|
Name : |
S S
Kothari Mehta and Company |
|
Address : |
No. 68, Okhla Industrial
Area, Phase III, New Delhi – 110020, India |
|
Tel No.: |
91-11-46708888 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary / Step
down Subsidiaries : |
|
|
|
|
|
Enterprises over
which Key Management Personnel, their relatives
and major shareholders have significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34000000 |
Equity Shares |
INR 10/- each |
INR 340.000 Million |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33180300 |
Equity Shares |
INR 10/- each |
INR 331.803
Million |
|
|
|
|
|
Subscribed & Fully Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31984600 |
Equity Shares |
INR 10/- each |
INR 319.846 Million |
|
|
Add: Forfeited Shares |
|
INR 5.786 Million |
|
|
|
|
|
|
|
Total |
|
INR 325.632 Million |
Reconciliation of
Number of Shares
|
Particulars |
No. of shares |
|
Shares outstanding as at the beginning of the year |
31984600 |
|
Additions
during the year |
-- |
|
Shares outstanding as at the end of the year |
31984600 |
Shareholders Holding
more than 5% Shares
|
Particulars |
As at 31 March, 2017 No. of shares |
|
Mahalaxmi Trading and Investment Company Limited |
7622390 |
|
Secure Investments Limited |
5535744 |
|
K2 Family Trust through its Trustee IL and FS Trust Company Limited |
4244535 |
Rights Attached to
the Shares
The
Company has only one class of Equity Shares of par value of C10/- 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.
In last five years there was no Bonus issue, buyback and / or issue of shares other than for cash considerations.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
325.632 |
325.632 |
325.632 |
|
(b) Reserves &
Surplus |
4252.517 |
3984.534 |
3808.181 |
|
(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) |
4578.149 |
4310.166 |
4133.813 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
335.446 |
923.293 |
1792.964 |
|
(b) Deferred tax
liabilities (Net) |
27.283 |
9.376 |
61.871 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
22.363 |
16.333 |
13.611 |
|
Total Non-current
Liabilities (3) |
385.092 |
949.002 |
1868.446 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1179.734 |
336.698 |
690.953 |
|
(b) Trade payables |
97.364 |
128.115 |
102.303 |
|
(c) Other current
liabilities |
808.852 |
930.485 |
1021.468 |
|
(d) Short-term provisions |
13.300 |
111.187 |
94.802 |
|
Total Current Liabilities
(4) |
2099.250 |
1506.485 |
1909.526 |
|
|
|
|
|
|
TOTAL |
7062.491 |
6765.653 |
7911.785 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3814.769 |
4158.905 |
4615.897 |
|
(ii) Intangible Assets |
1.148 |
1.312 |
1.538 |
|
(iii) Capital
work-in-progress |
1.028 |
21.934 |
6.784 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
469.871 |
195.143 |
195.143 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
288.297 |
259.496 |
189.003 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4575.113 |
4636.790 |
5008.365 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
153.500 |
|
(b) Inventories |
1198.079 |
899.252 |
947.584 |
|
(c) Trade receivables |
823.605 |
641.538 |
1037.925 |
|
(d) Cash and cash
equivalents |
28.390 |
52.304 |
98.116 |
|
(e) Short-term loans and
advances |
420.408 |
513.366 |
648.407 |
|
(f) Other current assets |
16.896 |
22.403 |
17.888 |
|
Total Current Assets |
2487.378 |
2128.863 |
2903.420 |
|
|
|
|
|
|
TOTAL |
7062.491 |
6765.653 |
7911.785 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
9459.101 |
9682.841 |
10520.292 |
|
|
Other Income |
308.747 |
183.151 |
174.663 |
|
|
TOTAL |
9767.848 |
9865.992 |
10694.955 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6712.051 |
6620.829 |
7369.858 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(88.975) |
34.606 |
152.941 |
|
|
Employees benefits
expense |
608.112 |
687.826 |
480.183 |
|
|
Exceptional
Items |
0.000 |
99.600 |
0.000 |
|
|
Other expenses |
1441.119 |
1444.916 |
1532.664 |
|
|
TOTAL |
8672.307 |
8887.777 |
9535.646 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1095.541 |
978.215 |
1159.309 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
74.376 |
82.107 |
162.042 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1021.165 |
896.108 |
997.267 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
583.114 |
646.482 |
768.893 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
438.051 |
249.626 |
228.374 |
|
|
|
|
|
|
|
Less |
TAX |
74.114 |
(19.892) |
28.992 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
363.937 |
269.518 |
199.382 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B.
Value of Exports |
2358.108 |
2434.074 |
2334.924 |
|
|
Dividend (Gross) from
Subsidiary Companies |
202.418 |
104.893 |
65.194 |
|
|
TOTAL EARNINGS |
2560.526 |
2538.967 |
2400.118 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
395.648 |
326.31 |
504.509 |
|
|
Stores and Spares |
44.525 |
67.027 |
72.612 |
|
|
Capital Goods |
191.998 |
25.488 |
113.228 |
|
|
TOTAL IMPORTS |
632.171 |
418.825 |
690.349 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
11.38 |
8.43 |
6.23 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
553.243 |
533.351 |
744.171 |
|
Cash generated from operations |
238.715 |
1418.221 |
1424.545 |
|
Net cash flow from operating activity |
152.916 |
1437.610 |
1381.301 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
|
Net Sales |
2767.900 |
251.000 |
|
Total Expenditure |
2612.600 |
2320.500 |
|
PBIDT (Excl OI) |
155.300 |
189.500 |
|
Other Income |
157.200 |
149.600 |
|
Operating Profit |
312.500 |
339.100 |
|
Interest |
20.000 |
22.3000 |
|
Exceptional Items |
0.000 |
NA |
|
PBDT |
292.500 |
316.800 |
|
Depreciation |
125.700 |
128.700 |
|
Profit Before Tax |
166.800 |
188.100 |
|
Tax |
32.200 |
53.400 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
134.600 |
134.700 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
134.600 |
134.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
31.78 |
24.18 |
36.01 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
11.48 |
15.09 |
10.14 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
5.29 |
7.06 |
5.07 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.91 |
1.09 |
1.22 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.29 |
0.23 |
0.25 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.42 |
0.44 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.45 |
0.42 |
0.78 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.46 |
0.35 |
0.46 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.83 |
0.97 |
1.12 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
14.73 |
11.91 |
7.15 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
3.85 |
2.78 |
1.90 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
5.15 |
3.98 |
2.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
7.95 |
6.25 |
4.82 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.18 |
1.41 |
1.52 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.61 |
0.82 |
1.02 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.65 |
0.64 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
6.35 |
5.51 |
9.91 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.18 |
1.41 |
1.52 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- each |
|
Market Value |
INR 554.60/- each |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
325.632 |
325.632 |
325.632 |
|
Reserves & Surplus |
3808.181 |
3984.534 |
4252.517 |
|
Net
worth |
4133.813 |
4310.166 |
4578.149 |
|
|
|
|
|
|
Long Term borrowings |
1792.964 |
923.293 |
335.446 |
|
Short Term borrowings |
690.953 |
336.698 |
1179.734 |
|
Current Maturities of Long term debt |
744.171 |
533.351 |
553.243 |
|
Total
borrowings |
3228.088 |
1793.342 |
2068.423 |
|
Debt/Equity
ratio |
0.781 |
0.416 |
0.452 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
10520.292 |
9682.841 |
9459.101 |
|
|
|
(7.960) |
(2.311) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
10520.292 |
9682.841 |
9459.101 |
|
Profit |
199.382 |
269.518 |
363.937 |
|
|
1.90% |
2.78% |
3.85% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
325.632 |
325.632 |
|
(b) Reserves &
Surplus |
|
23473.298 |
22886.503 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Minority Interest |
|
8241.864 |
6351.996 |
|
Total Shareholders’ Funds
(1) + (2) |
|
32040.794 |
29564.131 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4105.035 |
7141.233 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
3.069 |
6.142 |
|
(d) long-term provisions |
|
75.797 |
64.798 |
|
Total Non-current
Liabilities (3) |
|
4183.901 |
7212.173 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2524.069 |
4960.289 |
|
(b) Trade payables |
|
2561.582 |
1865.466 |
|
(c) Other current
liabilities |
|
2392.228 |
1938.561 |
|
(d) Short-term provisions |
|
13.300 |
122.361 |
|
Total Current Liabilities
(4) |
|
7491.179 |
8886.677 |
|
|
|
|
|
|
TOTAL |
|
43715.874 |
45662.981 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
22115.932 |
24014.607 |
|
(ii) Intangible Assets |
|
8.767 |
44.695 |
|
(iii) Capital
work-in-progress |
|
102.634 |
29.328 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
984.654 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
363.077 |
303.315 |
|
(d) Long-term Loan and Advances |
|
36.377 |
47.632 |
|
(e) Other Non-current
assets |
|
250.711 |
267.908 |
|
Total Non-Current Assets |
|
23862.152 |
24707.485 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
12.832 |
8.337 |
|
(b) Inventories |
|
4357.189 |
4095.175 |
|
(c) Trade receivables |
|
4684.579 |
4295.532 |
|
(d) Cash and cash
equivalents |
|
9817.583 |
11350.013 |
|
(e) Short-term loans and
advances |
|
774.995 |
892.512 |
|
(f) Other current assets |
|
206.544 |
313.927 |
|
Total Current Assets |
|
19853.722 |
20955.496 |
|
|
|
|
|
|
TOTAL |
|
43715.874 |
45662.981 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
32076.710 |
32020.359 |
|
|
Other Income |
|
967.590 |
335.802 |
|
|
TOTAL |
|
33044.300 |
32356.161 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
18008.789 |
18561.559 |
|
|
Purchases of
Stock-in-Trade |
|
1254.497 |
370.777 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
93.002 |
137.070 |
|
|
Employees benefits
expense |
|
2934.427 |
2951.517 |
|
|
Other expenses |
|
5304.751 |
6466.681 |
|
|
TOTAL |
|
27595.466 |
28487.604 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
5448.834 |
3868.557 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
354.227 |
480.791 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
5094.607 |
3387.766 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
2021.628 |
2089.556 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
3072.979 |
1298.210 |
|
|
|
|
|
|
|
Less |
TAX |
|
2948.353 |
819.051 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
124.626 |
479.159 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
69.23 |
9.08 |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
Corporate 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 global integrated
producers of thin polyester (PET) films. Polyester is an integral part of our everyday
lives – when we eat or drink, at home, at office, when we shop, besides many
other daily activities. The largest application of thin PET films is flexible
packaging. Flexible packaging provides unmatched value as compared to rigid
packaging by consuming lower raw material owing to being light weight, occupies
lesser shelf space, generates relatively lesser waste and is the most
cost-effective method for packaging. Better packaging not only improves the
shelf life of products but is also essential for improving product appeal in a
competitive consumer goods industry. Flexible packaging companies supply
laminates to consumer product companies for packaging food products, household
goods, and personal care products, among others.
Polyplex
also offers other substrates (BOPP, CPP and Blown PP/PE) used in the flexible
packaging industry. BOPP, CPP and Blown PP films are polypropylene-based films.
They are used in packaging besides certain industrial applications like tapes,
labels and
thermal
lamination.
The Company’s diversification into the manufacture
of thick PET films is suitable for a range of industrial applications including
imaging and graphics, photovoltaic and flat panel displays.
The
downstream businesses like metallizing, silicone coating, extrusion coating and
offline chemical coating
has
enabled Polyplex to offer products for a variety of applications – general
packaging, specialty packaging, electrical, liners, roofing and a whole gamut
of other industrial applications like hot stamping foil, flexible
air-conditioning ducts, book lamination, yarn, etc. The Blown PP line in
Thailand has helped expand the product line of the downstream silicone coated
films. The Company also introduced an innovative non-tearable polyester film in
India designed especially for digital print media segments like photo albums,
commercial printing, promotional and customized digital printing, labels and
flexible packaging applications.
One of the Company’s other ventures is 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) and Mono-
Ethylene Glycol (MEG). The Company produces its own PET resin.
YEAR IN RETROSPECT
During
the year, total income declined from INR 9865.992 Million to INR 9767.848 Million, due to softening of selling prices despite
increase in sales volume. Profit after Tax for the year was higher at INR
363.937 Million as
compared to INR 269.518
Million during the preceding year.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER, 2017
(INR
in Million)
|
|
|
Particulars |
30.09.2017 (Quarter Ended) |
30.06.2017 (Quarter Ended) |
30.09.2017 (Half Year Ended) |
|
|
|
Revenue from operations |
2510.000 |
2767.900 |
5277.900 |
|
|
|
Other Income |
149.600 |
157.200 |
306.800 |
|
|
Total Income from
Operations (Net) |
2659.600 |
2925.100 |
5584.700 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
1773.300 |
1938.000 |
3711.300 |
|
|
b) |
Purchase of Stock-in-trade |
-- |
-- |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(46.000) |
(36.000) |
(82.000) |
|
|
d) |
Excise duty |
-- |
157.000 |
157.000 |
|
|
e) |
Employee benefit expenses |
169.700 |
140.600 |
310.300 |
|
|
f) |
Finance Costs |
22.300 |
20.000 |
42.300 |
|
|
g) |
Depreciation and amortization expense |
128.700 |
125.700 |
254.400 |
|
|
h) |
Power and fuel |
180.300 |
159.000 |
339.300 |
|
|
i) |
Other expenses |
243.200 |
254.000 |
497.200 |
|
|
Total Expenses |
2471.500 |
2758.300 |
5229.800 |
|
|
|
|
|
|
|
|
|
3 |
Profit before Tax |
188.100 |
166.800 |
354.900 |
|
|
4 |
Tax Expense |
53.400 |
32.200 |
85.600 |
|
|
5 |
Net Profit for the
period after tax |
134.700 |
134.600 |
269.300 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
4.21 |
4.21 |
8.42 |
|
STATEMENT OF ASSETS AND LIABILITIES
(INR
in Million)
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
(Unaudited) |
|
|
|
|
|
Non-Current Assets |
|
|
|
|
(a) Property, Plant and
Equipment |
|
|
3582.800 |
|
(b) Capital Work-in-progress |
|
|
31.200 |
|
(c) Investment property |
|
|
0.000 |
|
(d) Other Intangible Assets |
|
|
1.000 |
|
(e) Financial Assets |
|
|
|
|
(i)
Investment |
|
|
469.900 |
|
(ii)
Loans |
|
|
83.100 |
|
(iii)
Other
Financial Assets |
|
|
0.000 |
|
(e) Other Non-Current Assets |
|
|
289.000 |
|
|
|
|
|
|
Total
Non- Current Assets |
|
|
4457.000 |
|
|
|
|
|
|
Current
Assets |
|
|
|
|
(a) Inventories |
|
|
1169.900 |
|
(b) Financial Assets |
|
|
|
|
(i)
Current Investment |
|
|
0.000 |
|
(ii)
Trade Receivables |
|
|
1011.000 |
|
(iii)
Cash and cash equivalents |
|
|
19.800 |
|
(iv)
Bank Balance other than (iii) above |
|
|
141.000 |
|
(v)
Loans |
|
|
150.400 |
|
(vi)
Other Financial Assets |
|
|
16.900 |
|
(c) Current Tax Assets |
|
|
16.500 |
|
(d) Other Current Assets |
|
|
502.800 |
|
(e)
Non Current Assets Held for Sale |
|
|
3.400 |
|
Total
Current Assets |
|
|
3031.700 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
7488.700 |
|
|
|
|
|
|
(B)
EQUITY AND LIABILITIES |
|
|
|
|
1
EQUITY |
|
|
|
|
(a)
Equity Share Capital |
|
|
325.600 |
|
(b)
Other Equity |
|
|
4375.700 |
|
Total
Equity |
|
|
4701.300 |
|
|
|
|
|
|
2.
Non-current Liabilities |
|
|
|
|
(a) Financial Liabilities |
|
|
|
|
(i)
Borrowing |
|
|
78.600 |
|
(ii)
Other Financial Liabilities |
|
|
0.000 |
|
(b) Long Term Provisions |
|
|
22.400 |
|
(c) Deferred tax Liabilities |
|
|
48.900 |
|
(d) Other Non-current
liabilities |
|
|
0.000 |
|
|
|
|
|
|
Total
Non-current Liabilities |
|
|
149.900 |
|
|
|
|
|
|
2.Current
Liabilities |
|
|
|
|
|
|
|
|
|
(a) Financial Liabilities |
|
|
|
|
(i) Borrowing |
|
|
1374.400 |
|
(ii) Trade payables |
|
|
146.600 |
|
(iii) Other Financial Liabilities |
|
|
915.800 |
|
(b) Other Current Liabilities |
|
|
187.400 |
|
(c) Provisions |
|
|
13.300 |
|
|
|
|
|
|
Total
Current Liabilities |
|
|
2637.500 |
|
|
|
|
|
|
TOTAL
EQUITY AND LIABILITIES |
|
|
7488.700 |
NOTE :
1. Previous period figures have been regrouped / rearranged / recast wherever considered necessary to make them comparable with current period.
2. "Other Income" includes dividend income received from subsidiaries amounting to INR 104.300 Million for quarter ended September 30, 2017 (INR 129.000 Million for quarter ended June 30, 2017 and Nil for quarter ended September 30, 2016) and INR 233.300 Million for Half year ended September 30, 2017 (INR 100.700 Million for Half year ended June 30, 2016).
3. With the introduction and applicability of Goods and Service Tax (GST) with effect from July 1, 2017. Revenue from Operations are required to be disclosed net of GST in accordance with the requirements of Ind AS. Accordingly, Revenue from Operations for the quarter ended and half year ended September 30, 2017 are not comparable with the quarters ended June 30, 2017, September 30, 2016 and half year ended September 30, 2016.
4. The Board of Directors have approved payment of Interim Dividend @ INR 5/- per share (of the face value of Rs.10/- each). ‘Record Date’ for the purpose of payment of Interim Dividend has been fixed as November 24, 2017.
5. The Company has adopted Indian Accounting Standards (Ind-AS) with effect from April 1, 2017. Figures for the quarter and half year ended September 30, 2016 are also Ind-AS compliant. They have not been subjected to limited review or audit. However, the Management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of Company’s affairs.
Reconciliation of net profits as previously reported on account of transition from previous Indian GAAP to Ind-AS for the quarter and half year ended September 30, 2016 is as under:
|
Nature of Adjustments |
Quarter ended 30.09.2016 |
Half Year ended 30.09.2016 |
|
Net Profit as per Indian GAAP |
32.900 |
194.200 |
|
Borrowings at Amortized Cost |
(0.400) |
(0.800) |
|
Fair Valuation of derivative contracts (net) |
2.400 |
1.700 |
|
Net Profit as per Ind-AS |
34.900 |
195.100 |
6. These results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on November 14, 2017. The Auditors of the Company have carried out a 'Limited Review' of the same.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Working Capital Demand Loans from Banks |
100.000 |
0.000 |
|
|
|
|
|
Total |
100.000 |
0.000 |
INDEX
OF CHARGES:
|
Sno |
SRN |
Charge Id |
Charge Holder Name |
Date Of Creation |
Date Of Modification |
Date Of Satisfaction |
Amount |
Address |
|
1 |
G56965635 |
100128120 |
AXIS BANK LIMITED |
07/10/2017 |
- |
- |
500000000.0 |
2nd Floor, Parsvnath Capital Towers,Bhai Veer Singh Marg, Gole Marketnew Delhidl110001in |
|
2 |
C71066104 |
10604426 |
HDFC BANK LIMITED |
05/11/2015 |
- |
- |
160000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
B71181580 |
10412954 |
DBS Bank Ltd. |
27/02/2013 |
- |
- |
270000000.0 |
Capital Pointbaba Kharak Singh Marg, C P,New Delhidl110001in |
|
4 |
B95473385 |
10401412 |
Axis Bank Limited |
30/01/2013 |
10/01/2014 |
- |
500000000.0 |
2nd Floor, Statement House 148,Barakhamba Roadnew Delhidl110001in |
|
5 |
B95555785 |
10361388 |
DBS Bank Limited |
18/06/2012 |
10/01/2014 |
- |
465000000.0 |
Acting On Behalf Of DBS Bank Ltd, Singaporecapitol Point, Baba Kharak Singh Marg, Cpnew Delhidl110001in |
|
6 |
B95515102 |
10326366 |
STATE BANK OF PATIALA( LEAD BANK ) |
19/12/2011 |
10/01/2014 |
- |
1600000000.0 |
COMMERCIAL BRANCH,CHANDRALOK BUILDING, 36, JANPATH ,NEW DELHIDL110001IN |
|
7 |
B97127518 |
10269094 |
Unicredit Bank AG |
25/02/2011 |
10/01/2014 |
- |
300146314.0 |
Structured Trade And Export Financeam Tucherpark 1, D-80538, Munichmunichna80538de |
|
8 |
B97128284 |
10140029 |
Unicredit Bank AG (Formerly Known As Bayerische Hypo-Und Vereinsbank Aktiengesellschaft) |
29/01/2009 |
10/01/2014 |
- |
1415816660.0 |
Structured Trade And Export Financeam Tucherpark 1, D - 80538, Munichmunichna80538de |
|
9 |
C80195290 |
10128938 |
The Hongkong And Shanghai Banking Corporation Limited |
05/11/2008 |
10/01/2014 |
24/02/2016 |
477000000.0 |
Birla Towers25 Barakhamba Roadnew Delhidl110001in |
|
10 |
C66611781 |
10274289 |
IDBI Bank Limited |
23/03/2011 |
10/01/2014 |
06/10/2015 |
350000000.0 |
3rd Floor,IRCS Buildingnew Delhidl110001in |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
i.
Disputed
matters under litigation: |
|
|
|
Sales Tax and Entry Tax |
9.945 |
9.376 |
|
Excise Duty and Customs Duty |
38.236 |
4.114 |
|
Service
Tax |
0.000 |
1.255 |
|
Income
Tax |
72.871 |
72.731 |
|
Others |
2.680 |
2.793 |
|
Total |
123.732 |
90.269 |
ii. Guarantees
given to the banks and others amounts to INR 56.315 Million (Previous Year: INR 678.61 Million).
iii. Bills
discounted with banks: INR Nil
(Previous Year: INR 422.12
Million).
iv. Custom
duty saved amounting to INR 959.45
Million (Previous Year: C706.23
Million) in respect of import of machinery under Export Promotion Capital Goods
(EPCG) Scheme against which export obligation is pending to be fulfilled.
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Electrical Installations
- Furniture and Fixtures
- Office Equipments
- 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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.93 |
|
|
1 |
INR 86.07 |
|
Euro |
1 |
INR 76.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SWT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.