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MIRA INFORM REPORT
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Report No. : |
494750 |
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Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
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Name : |
COSMO FILMS LIMITED |
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Registered
Office : |
1008, DLF Tower- A, Jasola District Centre, New Delhi – 110025 |
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Tel. No.: |
91-11-49494950 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
07.10.1976 |
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Com. Reg. No.: |
55-008355 |
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Capital
Investment / Paid-up Capital : |
INR 194.400 Million |
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CIN No.: [Company Identification
No.] |
L92114DL1976PLC008355 |
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IEC No.: |
0588119440 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKC01059C |
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GSTIN : [Goods & Service Tax Registration No.] |
07AAACC1152C1ZF |
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TIN No.: |
27800299141 |
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PAN No.: [Permanent Account No.] |
AAACC1152C |
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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
: |
Subject is engaged in the Production of Flexible Packaging Films. Company’s Product majorly Comprises of BOPP Films, Thermal Films and Coated Flims. (Registered Activity and Also Confirmed by Management) |
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No. of Employees
: |
725 [Approximately] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was established in the year 1976. Subject is engaged in the production of packaging films. The company’s product majorly comprises of BOPP films and thermal films. For the financial year ended 2017, revenue of the company has achieved revenue growth by 1.23% as compared to the previous year along with a satisfactory profit margin at 7.65% during the year under review. The sound financial profile of the company is reflected by its healthy solvency indicators due to low debt balance sheet profile along with sound net worth base and satisfactory liquidity position. As per quarterly financial of December 2017, the company achieved revenue on INR 4541.600 million along with profit margin of INR 160.900 Million. Rating takes into account the subject’s long established track record of business operations along with extensive experience of its promoters. However, rating strength partially offset by vulnerability of its operating margins to volatility in raw material prices and working capital intensive operations. Payments are reported to be regular and as per commitment. In view of aforesaid, 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
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Rating |
Long-term issuer rating = A+ |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
11.08.2017 |
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Rating Agency Name |
INDIA RATING |
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Rating |
Non-fund-based working capital limits = A1 |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
11.08.2017 |
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 01.03.2018
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
Note Tel. No: 91-11-49494949
(Office Executive) 27.02.2018
LOCATIONS
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Registered Office : |
1008, DLF Tower- A, Jasola District Centre, New Delhi - 110025, India |
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Tel. No.: |
91-11-49494949 |
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Mobile No.: |
91-8286084269 (Mr. Narayan Singh) |
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Fax No.: |
91-11-49494950 |
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E-Mail : |
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Website : |
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Plant 1: |
J-4, MIDC Industrial Area, Chikalthana, Aurangabad-431210,
Maharashtra, India |
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Tel. No.: |
91-240-2485894 |
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Plant 2: |
B-14/8-9, MIDC Industrial Area, Waluj, Aurangabad-431136, Maharashtra, India |
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Tel. No.: |
91-240-2554611/ 12/ 13/ 14 |
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Fax No.: |
91-240-2554416 |
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Plant 3: |
AL-24/1, MIDC-SEZ, Shendra Industrial Area, Aurangabad-431201, Maharashtra, India |
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Tel. No.: |
91-240-2622205/ 2622301 |
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Plant 4: |
Vermardi Road, Village Navi Jithardi, Near Inox, Office N H Road, Taluka Karjan District Vadodara-391240, Gujarat, India |
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Tel. No.: |
91-2666-232960/ 320707 |
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Fax No.: |
91-2666-232961 |
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Plant 5: |
Plot No. 359-B, Baska Village, Taluka Halol, District Panchmahals, Gujarat, India |
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Tel. No.: |
91-2676-247216 |
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Plant 6 : |
560, Maryland, Parkway, Hagerstown Maryland, USA 21740 |
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Tel. No.: |
1302 328 7780 |
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Fax No.: |
1302 295 9945 |
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Plant 7 : |
48-62, Dogomyeon-ro, Sineon-RI, Dogomyeon, Asan-si, Chungcheongnam-Do Republic of Korea - 31550 |
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Sales Offices: |
Located At:
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DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ashish Kumar Guha |
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Designation : |
Director |
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Address : |
23 Poorvi Marg, First Floor, Vasant Vihar, New Delhi - 110057, India |
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Date of Birth/Age : |
18.11.1956 |
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Date of Appointment : |
12.08.2014 |
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DIN No.: |
00004364 |
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Name : |
Mr. Anil Kumar Jain |
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Designation : |
Wholetime Director |
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Address : |
C-2, Sector - 20, Noida - 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
18.03.1951 |
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Qualification : |
B. Com (Hons.) ICWA, CISA |
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Date of Appointment : |
24.05.2011 |
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DIN No.: |
00027911 |
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Name : |
Mr. Hoshang Noshirwan Sinor |
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Designation : |
Director |
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Address : |
764-F, Sarosh Court, Tilak Road, Dadar, Mumbai - 400014, Maharashtra, India |
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Date of Birth/Age : |
05.12.1944 |
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Qualification : |
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Date of Appointment : |
25.05.2015 |
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DIN No.: |
00074905 |
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Name : |
Mr. Ashok Jaipuria |
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Designation : |
Managing Director and Chairman |
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Address : |
1/27, Shanti Niketan, New Delhi - 110021, India |
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Date of Birth/Age : |
11.09.1953 |
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Qualification : |
Diploma in Marketing Science and Degree in Arts in Business Admin |
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Date of Appointment : |
10.10.1976 |
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DIN No.: |
00214707 |
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Name : |
Mr. Rajeev Gupta |
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Designation : |
Director |
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Address : |
Krishna Kutir, Ground Floor 28, Union Park, Khar (West), Mumbai - 400052, Maharashtra, India |
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Date of Birth/Age : |
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Date of Appointment : |
19.02.202 |
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DIN No.: |
00241501 |
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Name : |
Mr. Har Kishanlal Agrawal |
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Designation : |
Director |
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Address: |
D-2385, Sector D, Pocket 2, Vasant Kunj, New Delhi - 110070, India |
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Date of Appointment: |
13.01.2002 |
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DIN No.: |
00260592 |
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Name : |
Mr. Pratip Chaudhuri |
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Designation : |
Director |
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Address: |
H - 1591, Pocket H C. R. Park, New Delhi 110019, India |
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Date of Appointment: |
10.11.2014 |
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DIN No.: |
00915201 |
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Name : |
Mrs. Alpana Parida Shah |
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Designation : |
Director |
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Address: |
201, Lodha Bellissimo, N M Joshi Marg, Apollo Mills,Compound Mahalaxmi, Jacob Circle Mumbai - 400011, Maharashtra, India |
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Date of Appointment: |
14.02.2014 |
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DIN No.: |
06796621 |
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Name : |
Mr. Vivek Nangia |
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Designation : |
Additional Director |
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Address: |
Block III, Villa - 82, Eros Garden Suraj Kund Road, Faridabad - 121009, Haryana, India |
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Date of Appointment: |
03.11.2016 |
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DIN No.: |
07646933 |
KEY EXECUTIVES
|
Name : |
Mr. Neeraj Jain |
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Designation : |
Chief Financial Officer (KMP) |
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Address : |
B - 9, Sector - 33, Noida Noida - 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
|
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Date of Appointment : |
10.11.2014 |
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Qualification : |
B.Com, CA, CISA |
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PAN No.: |
AEXPJ4396R |
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Name : |
Mr. Pankaj Poddar |
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Designation : |
Chief Executive Officer (KMP) |
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Address : |
Am - 174 Shalimar Bagh, Delhi - 110088, India |
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Date of Appointment : |
10.11.2014 |
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Qualification : |
B.Com, CA, PGDBM |
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PAN No.: |
AFGPP7331A |
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Name : |
Mrs. Jyoti Dixit |
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Designation : |
Company Secretary and Compliance Officer |
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Address : |
83g, Sfs Flats Sector 8, Jasola New Delhi - 110025, India |
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Date of Appointment : |
03.12.2012 |
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PAN No.: |
AJZPD6695E |
MAJOR SHAREHOLDERS
As on 31.12.2017
|
Category of
shareholder |
No. of fully paid
up equity shares held |
Shareholding as a %
of total no. of shares |
|
|
(A) Promoter & Promoter Group |
8359539 |
43.00 |
|
|
(B) Public |
10804141 |
55.58 |
|
|
(C) Non Promoter-Non Public |
276396 |
1.42 |
|
|
Grand Total |
19440076 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
989881 |
5.09 |
|
|
Ashok Jaipuria |
470161 |
2.42 |
|
|
Aanchal Jaipuria Bhandari |
91720 |
0.47 |
|
|
Ambrish Jaipuria |
402800 |
2.07 |
|
|
Abha Jaipuria |
24200 |
0.12 |
|
|
Yamini Kumar |
1000 |
0.01 |
|
|
Any
Other (specify) |
7369658 |
37.91 |
|
|
PRAVASI ENTERPRISES LTD |
131100 |
0.67 |
|
|
SUNRISE MANUFACTURING CO LTD |
2680 |
0.01 |
|
|
HANUMAN TEXTILE MANUFACTURING
AND INVESTMENT CO LTD |
1280 |
0.01 |
|
|
ANDHERI PROPERTIES &
FINANCE LIMITED |
622 |
0.00 |
|
|
Ashok Jaipuria - Registered Owner C/o Gayatri and Annapurana - Beneficial Owner |
7233876 |
37.21 |
|
|
Ashok Jaipuria Private Trust |
100 |
0.00 |
|
|
Sub
Total A1 |
8359539 |
43.00 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
8359539 |
43.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
1980 |
0.01 |
|
|
Foreign Portfolio Investors |
792428 |
4.08 |
|
|
LLOYED GEORGE INDIAN OCEAN MASTER FUND |
335214 |
1.72 |
|
|
Financial Institutions/ Banks |
26779 |
0.14 |
|
|
Any Other (specify) |
140 |
0.00 |
|
|
Bank Foreign |
140 |
0.00 |
|
|
Sub Total B1 |
821327 |
4.22 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto Rs. 2 Lacs |
6383261 |
32.84 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
1662562 |
8.55 |
|
|
Anil Kumar Goel |
607000 |
3.12 |
|
|
NBFCs registered with RBI |
81391 |
0.42 |
|
|
Any Other (specify) |
1855600 |
9.55 |
|
|
Bodies Corporate |
1043439 |
5.37 |
|
|
NRI |
328682 |
1.69 |
|
|
Trusts |
6635 |
0.03 |
|
|
Foreign National |
145 |
0.00 |
|
|
Clearing Members |
21514 |
0.11 |
|
|
HUF |
328836 |
1.69 |
|
|
Investor Education And Protection Fund |
126349 |
0.65 |
|
|
Sub Total B3 |
9982814 |
51.35 |
|
|
B=B1+B2+B3 |
10804141 |
55.58 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Production of Flexible Packaging Films. Company’s Product majorly Comprises of BOPP Films, Thermal Films and Coated Flims. (Registered Activity and Also Confirmed by Management) |
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Products / Services
: |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
|||||
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Products : |
Packaging Flims, Laminating Flims |
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Countries : |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Advance Payment and Credit |
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Purchasing : |
Advance Payment and Credit |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
725 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Walker Chandiok and Company LLP Chartered Accountants |
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Address : |
L-41 Connaught Circus, New Delhi-110001, India |
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Tel. No.: |
91-11-42787070 |
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Fax No.: |
91-11-42787071 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
· CF Global Holdings Limited, Mauritius · Cosmo Films Inc., USA · CF (Netherlands) Holdings Limited BV., Netherlands · Cosmo Films Japan (GK) · Cosmo Films Korea Limited, Korea · CF Investment Holding Private (Thailand) Company Limited, Thailand. · Cosmo Films (Singapore) Pte. Limited |
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|
Enterprises over which key managerial personnel of the Company and their
relatives have significant influence: |
· Sunrise Manufacturing Company Limited · Prime Securities Limited · Cosmo Ferrites Limited · Cosmo Foundation · Gayatri and Annapurana |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
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|
|
|
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
19440076 |
Equity Shares |
INR 10/- each |
INR 194.400
Million |
|
|
|
|
|
|
|
Notes:
(i) Of the above 242,051 shares have been allotted to erstwhile shareholders of Gujarat Propack Limited on amalgamation in the financial year 2002-03. No shares has been issued for consideration other than cash in the current reporting year and in last five years immediately preceding the current reporting year.
(ii) Of the above 8,486,705 shares have been allotted as fully paid bonus shares by capitalization of capital reserves and share premium account in the financial year 2002-03. No shares has been issued as bonus shares in the current reporting year and in last five years immediately preceding the current reporting year.
(iii) There has not been any buy-back of shares in the current reporting year and in last five years immediately preceding the current reporting year.
(iv) There is no movement in equity share capital during the current year and previous year.
(B)Terms and rights attached to equity shares:
The Company has only one class of equity shares having the par value of ` 10 per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by Board of Directors is subject to approval of shareholders in Annual General Meeting except in case of interim dividend.
During the year Board of Directors declared an interim dividend of ` Nil per equity share, (previous year ` 10 per equity shares). Final dividend is recommended by the board is ` 10 per equity share, (previous year ` Nil) and is subject to shareholders approval.
During the year ended 31 March 2017 the amount of per share dividend recognized as distributions to equity shareholders was ` Nil per share (previous year ` 10 per share).
In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after payment of all liabilities. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in the Company
|
Name of
shareholders |
As at 31 March 2017 |
|
|
|
Number of shares held |
% of holding |
|
Mr. ashok Jaipuria |
7233876 |
37.21% |
[FINANCIAL DATA]
[all figures are INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
194.400 |
194.400 |
194.400 |
|
(b) Reserves & Surplus |
5907.600 |
4786.700 |
3913.000 |
|
(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) |
6102.000 |
4981.100 |
4107.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3492.800 |
2230.100 |
2349.900 |
|
(b) Deferred tax liabilities (Net) |
1109.500 |
1005.200 |
784.800 |
|
(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) |
4602.300 |
3235.300 |
3134.700 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1752.900 |
1038.900 |
1593.900 |
|
(b) Trade
payables |
1822.600 |
1427.900 |
990.000 |
|
(c) Other
current liabilities |
878.700 |
945.500 |
932.100 |
|
(d) Short-term
provisions |
26.200 |
17.700 |
116.100 |
|
Total Current
Liabilities (4) |
4480.400 |
3430.000 |
3632.100 |
|
|
|
|
|
|
TOTAL |
15184.700 |
11646.400 |
10874.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
7717.200 |
5817.800 |
5319.300 |
|
(ii)
Intangible Assets |
22.100 |
35.100 |
44.900 |
|
(iii)
Capital work-in-progress |
86.000 |
120.300 |
140.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1946.100 |
1972.600 |
1685.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1025.000 |
811.300 |
269.600 |
|
(e) Other
Non-current assets |
1.300 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
10797.700 |
8757.100 |
7460.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1535.500 |
1075.300 |
984.000 |
|
(c) Trade
receivables |
1871.900 |
1190.500 |
1575.200 |
|
(d) Cash
and cash equivalents |
173.000 |
179.000 |
133.400 |
|
(e)
Short-term loans and advances |
742.600 |
441.100 |
672.900 |
|
(f) Other
current assets |
64.000 |
3.400 |
48.700 |
|
Total
Current Assets |
4387.000 |
2889.300 |
3414.200 |
|
|
|
|
|
|
TOTAL |
15184.700 |
11646.400 |
10874.200 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
14578.400 |
14401.300 |
14787.400 |
|
|
Other Income |
86.600 |
45.300 |
37.100 |
|
|
TOTAL |
14665.000 |
14446.600 |
14824.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9960.000 |
9220.400 |
10122.600 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(415.300) |
45.400 |
331.400 |
|
|
Employees benefits expense |
768.700 |
773.000 |
634.600 |
|
|
|
4.200 |
63.600 |
92.000 |
|
|
Other expenses |
2531.700 |
2393.200 |
2474.600 |
|
|
TOTAL |
12849.300 |
12495.600 |
13655.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1815.700 |
1951.000 |
1169.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
288.000 |
287.800 |
382.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1527.700 |
1663.200 |
786.800 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
340.000 |
311.700 |
300.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
1187.700 |
1351.500 |
486.300 |
|
|
|
|
|
|
|
Less |
TAX |
72.200 |
268.800 |
82.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1115.500 |
1082.700 |
404.100 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
40.400 |
|
|
Dividend |
0.000 |
194.400 |
68.000 |
|
|
Tax on Dividend |
0.000 |
39.600 |
13.900 |
|
|
Total
|
0.000 |
234.000 |
122.300 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
1115.500 |
848.700 |
281.800 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
6384.300 |
6118.200 |
6926.800 |
|
|
TOTAL
EARNINGS |
6384.300 |
6118.200 |
6926.800 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2425.200 |
2076.900 |
2344.500 |
|
|
Components and Stores parts |
93.500 |
107.700 |
60.000 |
|
|
Capital Goods |
1189.000 |
66.600 |
64.900 |
|
|
TOTAL
IMPORTS |
3707.700 |
2251.200 |
2469.400 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
57.38 |
55.69 |
20.79 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
628.000 |
747.200 |
730.900 |
|
Cash generated from operations |
544.200 |
2766.000 |
1241.000 |
|
Net cash flows from (used in) operating activity |
307.000 |
2450.800 |
1231.100 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended 30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
|
|
|
|
Net Sales |
4578.700 |
4587.900 |
4541.600 |
|
Total Expenditure |
4203.700 |
4226.200 |
4171.000 |
|
PBIDT (Excl OI) |
375.000 |
361.700 |
370.600 |
|
Other Income |
13.900 |
169.100 |
42.800 |
|
Operating Profit |
388.900 |
530.800 |
413.400 |
|
Interest |
93.900 |
114.600 |
109.100 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
295.000 |
416.200 |
304.300 |
|
Depreciation |
111.100 |
115.400 |
113.100 |
|
Profit Before Tax |
183.900 |
300.800 |
191.200 |
|
Tax |
35.800 |
53.500 |
30.300 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
148.100 |
247.300 |
160.900 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
148.100 |
247.300 |
160.900 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
46.87 |
30.17 |
38.88 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.79 |
12.10 |
9.39 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
66.79 |
56.25 |
35.70 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.18 |
0.00 |
1.19 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.23 |
0.00 |
0.21 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.57 |
0.55 |
0.62 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.96 |
0.81 |
1.14 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.73 |
0.69 |
0.88 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.28 |
1.20 |
1.34 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
6.30 |
6.78 |
3.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
7.65 |
0.00 |
2.73 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
7.35 |
0.00 |
3.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
18.28 |
0.00 |
9.84 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.98 |
0.84 |
0.94 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.64 |
0.53 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.40 |
0.43 |
0.38 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
30.21 |
20.85 |
24.05 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets
/ Total Current Liabilities) |
0.98 |
0.84 |
0.94 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 289.85/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
194.400 |
194.400 |
194.400 |
|
Reserves & Surplus |
3913.000 |
4786.700 |
5907.600 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4107.400 |
4981.100 |
6102.000 |
|
|
|
|
|
|
long-term borrowings |
2349.900 |
2230.100 |
3492.800 |
|
Short term borrowings |
1593.900 |
1038.900 |
1752.900 |
|
Current maturities of
long-term debts |
730.900 |
747.200 |
628.000 |
|
Total
borrowings |
4674.700 |
4016.200 |
5873.700 |
|
Debt/Equity
ratio |
1.138 |
0.806 |
0.963 |
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 |
14787.400 |
14401.300 |
14578.400 |
|
|
|
(2.611) |
1.230 |
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 |
14787.400 |
14401.300 |
14578.400 |
|
Profit |
404.100 |
1082.700 |
1115.500 |
|
|
2.73% |
7.52% |
7.65% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
194.400 |
194.400 |
|
(b) Reserves & Surplus |
5273.400 |
4368.300 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5467.800 |
4562.700 |
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
(a) Long-term borrowings |
3492.800 |
2230.200 |
|
(b) Deferred tax liabilities (Net) |
1109.500 |
1005.100 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
4602.300 |
3235.300 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a)
Short term borrowings |
1950.100 |
1209.300 |
|
(b)
Trade payables |
1937.800 |
1591.700 |
|
(c)
Other current liabilities |
883.400 |
988.100 |
|
(d)
Short-term provisions |
67.900 |
48.900 |
|
Total
Current Liabilities (4) |
4839.200 |
3838.000 |
|
|
|
|
|
TOTAL |
14909.300 |
11636.000 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a)
Fixed Assets |
|
|
|
(i)
Tangible assets |
8302.900 |
6437.300 |
|
(ii)
Intangible Assets |
22.100 |
35.100 |
|
(iii)
Capital work-in-progress |
85.900 |
120.300 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
|
(b) Non-current
Investments |
275.300 |
308.000 |
|
(c) Deferred tax assets
(net) |
219.500 |
217.000 |
|
(d) Long-term Loan
and Advances |
1037.400 |
833.600 |
|
(e)
Other Non-current assets |
1.300 |
0.000 |
|
Total
Non-Current Assets |
9944.400 |
7951.300 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a)
Current investments |
0.000 |
0.000 |
|
(b)
Inventories |
2374.500 |
1720.400 |
|
(c)
Trade receivables |
1472.000 |
1174.400 |
|
(d)
Cash and cash equivalents |
284.000 |
323.500 |
|
(e)
Short-term loans and advances |
770.300 |
463.000 |
|
(f)
Other current assets |
64.100 |
3.400 |
|
Total
Current Assets |
4964.900 |
3684.700 |
|
|
|
|
|
TOTAL |
14909.300 |
11636.000 |
ABRIDGED
PROFIT AND LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
15865.200 |
16206.200 |
|
|
Other Income |
92.100 |
55.400 |
|
|
TOTAL
|
15957.300 |
16261.600 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials Consumed |
10654.900 |
10020.900 |
|
|
Purchases of Stock-in-Trade |
8.500 |
38.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(639.800) |
192.800 |
|
|
Employees benefits expense |
1260.000 |
1215.900 |
|
|
Other expenses |
3001.100 |
2824.800 |
|
|
Exceptional item |
24.800 |
69.400 |
|
|
TOTAL |
14309.500 |
14362.600 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1647.800 |
1899.000 |
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
302.900 |
301.800 |
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1344.900 |
1597.200 |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
396.900 |
356.800 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
948.000 |
1240.400 |
|
|
|
|
|
|
Less |
TAX |
59.500 |
278.000 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
888.500 |
962.400 |
LEGAL
CASE
High court
|
COMMISSIONER OF CENTRAL E XCISE AND CUSTOMS VS MS COSMO FILMS LTD |
|
high court-Aurangabad |
|
Case no:23. FA/1628/2010 |
|
Case status:Pending |
|
Judge:HON'BLE SHRI JUSTICE S V GANGAPURWALA |
|
Date:2011-01-21T00:00:00Z |
High court
|
COMMISSIONER OF CENTRAL E XCISE AND CUSTOMS VS MS COSMO FILMS LTD |
|
high court-Aurangabad |
|
Case no:22. FA/1623/2010 |
|
Case status:Pending |
|
Judge:HON'BLE SHRI JUSTICE S V GANGAPURWALA |
|
Date:2011-01-21T00:00:00Z |
High court
|
COMMISSIONER OF CENTRAL E XCISE AND CUSTOMS VS MS COSMO FILMS LTD |
|
high court-Aurangabad |
|
Case no:21. FA/1622/2010 |
|
Case status:Pending |
|
Judge:HON'BLE SHRI JUSTICE S V GANGAPURWALA |
|
Date:2011-01-21T00:00:00Z |
High court
|
MAHARASHTRA STATE ELECTRI CITY DISTRIBUTION COMPANY VS MS. COSMO FILMS LTD. |
|
high court-Aurangabad |
|
Case no:19. WP/6244/2013 |
|
Case status:Pending |
|
Judge:HON'BLE SHRI JUSTICE RAVINDRA V. GHUGE |
|
Date:2013-12-17T00:00:00Z |
High court
|
MAHARASHTRA STATE ELECTRI CITY DISTRIBUTION COMPANY VS MS. COSMO FILMS LTD. |
|
high court-Aur |
|
Case no:57. WP/6244/2013 |
|
Case status:Pending |
|
Judge:HON'BLE SHRI JUSTICE N.W. SAMBRE |
|
Date:2015-07-27T00:00:00Z |
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 |
Yes |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
Yes |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
Yes |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
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% |
Yes |
|
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 |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
Yes |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G48931612 |
100111304 |
Co-operatieve Rabobank UA Mumbai Branch |
12/07/2017 |
- |
300000000.0 |
20/F, Tower A, Peninsula Business Park, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
|
2 |
G44840445 |
100100194 |
Indusind Bank Limited |
19/05/2017 |
- |
550000000.0 |
Dr. Gopal Das Bhawan 28, Barakhamba Road, New Delhi-110001, India |
|
3 |
G31274814 |
100066062 |
The Shamrao Vithal Co-operative Bank Limited |
29/11/2016 |
29/11/2016 |
700000000.0 |
G-4, Guru Amardas Bhavan, 78, Nehru Place Flyover, Nehru Place, New Delhi-110019, India |
|
4 |
G04063939 |
100028142 |
Indusind Bank LTD. |
19/05/2016 |
- |
350000000.0 |
2401 Gen Thimmayya Road, Contonment, Pune-411001, Maharashtra, India |
|
5 |
C81964454 |
10626626 |
Export Import Bank of India |
17/03/2016 |
- |
650000000.0 |
Centre One Building, Floor 21 World Trade Centre Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India |
|
6 |
C75386441 |
10611899 |
LANDESBANK BADEN-WUERTTEMBERG |
24/12/2015 |
- |
1102970000.0 |
Am Hauptbahnhof 2, 70173 Stuttgart, Germany, Stuttgart-70173 |
|
7 |
G43060227 |
10490231 |
SBI CAP Trustee Company Limited |
31/03/2014 |
05/04/2017 |
8591195300.0 |
202, Maker Tower E, Cuffe Parade, Mumbai-400005, Maharashtra, India |
|
8 |
B86125994 |
10451915 |
IDBI Bank Limited |
16/09/2013 |
- |
300000000.0 |
IDBI Bank Limited, 3rd Floor, Red Cross Building, 1 Red Cross Road, New Delhi-110001, India |
|
9 |
B78970860 |
10425265 |
International Finance Corporation |
07/05/2013 |
20/06/2013 |
600400000.0 |
Vibgyor Towers, 6th Floor, G - Blockc - 62, Bandra Kurla Complex, Bandra (E)Mumbai-400051, Maharashtra, India |
|
10 |
B38148268 |
10351543 |
Union Bank of India |
05/04/2012 |
- |
554000.0 |
11 Krupa Building, Near Pathan Gate, Aurangabad, 431005, Maharashtra, India |
COMPANY PROFILE
Cosmo Films Limited (‘Cosmo’ or the ‘Company’) was incorporated in 1981 and since then the Company has transformed itself into one of the largest manufacturers of Biaxially Oriented Polypropylene (BOPP) Films in the world. The Company is the leading manufacturer of BOPP films and provides a complete solution in the form of
specialized and laminations films to the food and beverage industries. Cosmo has successfully entered the flexible packaging sectors from its traditional base in BOPP. Flexible packaging is one of the most dynamic applications in the packaging industry and has become the preferred choice of packaging material due to its print quality, moisture retention properties and environment friendly nature.
Cosmo offers a comprehensive range of BOPP Films for flexible packaging, lamination, labelling and industrial applications, including specialty films such as high barrier films, velvet thermal lamination films and direct thermal printable films:
|
• Packaging Films |
1. Print & Pouching Films 2. Barrier Films 3. Overwrap Films |
|
• Lamination Films |
1. Dry (Thermal) Lamination Films 2. Wet (Print) Lamination Films |
|
• Label Films |
1. Pressure Sensitive Label Stock Films 2. Direct Thermal Printable Films 3. In-mould Films 4. Wrap around Label Films |
|
• Industrial Films |
1. Synthetic Paper 2. Tape & Textile Films |
The Company takes pride in its continuous research and development which focus on providing innovative solutions as opposed to simply producing commodity films. With these consistent efforts in research and development activities, Cosmo is well placed to benefit from accelerated growth and drive new product development globally. Recently Cosmo has developed a special BOPP film that enhances the moisture resistance of cement bags. The film is used for laminating block bottom cement bags which are made of woven PP material and is already in commercial use by leading cement brands. Cosmo’s special film provides additional protection to the contents by adding a moisture barrier while enhancing the print quality of the packaging.
Cosmo has five state of the art manufacturing facilities spread across India (3), US (1) and Korea (1), with a manufacturing capacity of 196,000 MT per annum of BOPP films, 40,000 MT per annum ofThermal Lamination Films, 15,000 MT per annum of Metalized Films and 10,000 MT per annum of Coated Films. The Company has recently added a new line for the production of BOPP films at Karjan, Gujarat. The line is 10.4 meter wide with a capacity of 60,000 MT per annum and is considered to be the most advanced line in India. The new installed capacity is expected to add an additional 35% to 40% production volume in F.Y. 2018.
The Company closely monitors the growing need of the retail and packaging industry and in order to meet the growing demand Cosmo has recently announced a further plan to set up a new production line for Specialized Polyester (Biaxially-Oriented Polyethylene Teerphthalate) Film at Aurangabad, Maharashtra with capacity of 36,000 MT per annum. This line will require an investment of about ` 250 47 Crores which will be funded through internal accruals and debt. The line is scheduled to be commissioned by 3Q of F.Y. 2019.
Cosmo has leveraged its deep and wide distribution network, both in India and overseas, to become a leading supplier of BOPP films and specialty films globally. The Company’s international network includes three subsidiaries in USA, Japan and Korea and global channel partners in more than eighty countries.
By investing in innovation, Cosmo has established a leading market share in India and continues to enter new international markets with a focus on specialty films. Over the years, Cosmo has developed long standing customer relationships with exports to more than 80 countries around the world.
The Company remains fully committed to creating long term value for all stakeholders, while ensuring the highest standards of business ethics and professionalism. The Corporate Governance Code is adopted by the Board of Directors of the Company and is a testament of Cosmos’s sound governance practices in promoting its core values which include transparency, accountability and integrity.
In addition, the Company is committed to operate and grow in a socially responsible way and has aligned its business units and processes to adopt strategies that support sustainable development across society.
OVERVIEW OF
PERFORMANCE
During the financial year 2017, Speciality sales of the Company grew about 20% on YoY basis. On full year basis, revenue marginally declined by (2.2%) to INR 15.800 million from INR 16.16 million in financial year 2016, however there was 5% increase in sales volume. This lower sales price realization is primarily due to reduced raw material prices where the benefit was then passed on to the end customers. In addition, there was drop in commodity film prices which to some extent was compensated by an increase in the sale of higher margin specialty products and benefits from operational efficiency improvements.
During the Financial Year 2017 EBITDA declined to INR 167.000 million from INR 197 million in Financial Year 2016 with margins under pressure for most part of the second half (post mid November 2016) due to the impact of demonetization. However, margins started to recover since the start of the year and with an increasing focus towards the higher margin Specialty Film category and new product launches for Value Added Films. These business developments are likely to support the move toward normalized margins in the coming quarters.
During the financial year, the Company was able to avail tax deduction on the new investment in plants and machinery allowable under the Income Tax Act. As the Company commissioned new investment in the plant and machinery it was eligible for investment allowance having overall impact of INR 98.000 million Crores on its tax.
Company’s overseas subsidiaries continue to be on improving trend operationally. The overseas subsidiaries achieved a break even in quarter four taken together at EBITDA level.
Company launched many new products during the financial year. Under packaging films category, high moisture barrier films, aroma barrier films, aroma and oxygen barrier films were launched. These films have excellent moisture and gas barrier properties. Under lamination category, black velvet lamination films, scuff free matte lamination films were introduced. Under industrial film category, low noise tape was launched that is easy to release and generates low noise on unwinding. Besides these there were many other new product launches.
FUTURE OUTLOOK AND
STRATEGY
Flexible packaging demand is continuously increasing with greater recognition its key advantages including light weight, small pack size, energy savings, ease of storage, transportation and convenient disposal. The increase in demand is also supported by economic factors such as rising 49 incomes, urban lifestyle changes, modern retail trade and growing e-commerce. As urban regions account for more than 80% of the demand for packaged food, there is a significant growth potential in the semi-urban and rural regions.
The Company has progressed well in implementing its long term manufacturing strategy with efficient capacity creation. The newly installed BOPP line which started commercial production in February 2017 and is expected to add an additional 25% to 30% reduction volume in F.Y. 2018. The Company has also announced its plan to commission new BOPET line which is expected to contribute from F.Y. 2019.
Cosmo is focusing on value added films which has higher margins and has a strong pipeline of innovative films to meet the ever changing requirement of the customers. The Company’s successful approach towards research and development allows it to continuously innovate customer centric products. Cosmo is well positioned to become the global preferred manufacturer of specialty films with a clearly defined mission:
a) For Customers: To deliver the finest product and service experience, backed by innovation, people and processes
b) For Employees: To nurture a working environment that fosters personal and professional growth
c) For Shareholders: To generate sustainable long term returns on investment with focus on transparency and accountability
d) For Vendors: To create symbiotic relationships that drives mutual growth
e) For Community: Contribute to community growth through education, skills development and sustainable green practices
STATEMENT
OF UNAUDITAED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 31st
DECEMBER, 2017
(INR In Million)
|
Particulars |
3
Months Ended |
9
Months Ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1 |
Income |
|
|
|
|
|
a) Income from
operations (Gross) |
4541.600 |
4587.900 |
13708.100 |
|
|
b) Other
operating income |
42.800 |
169.100 |
225.800 |
|
|
Total Income
from Operations (net) |
4584.400 |
4757.000 |
13933.900 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
a) Cost of
Materials Consumed |
3219.300 |
3138.600 |
9303.800 |
|
|
b) Purchases
of Stock-in-Trade |
0.000 |
34.500 |
34.500 |
|
|
c) Changes in inventories of finished goods, work-in-progress and traded goods |
10.200 |
48.600 |
65.900 |
|
|
d) Excise
duty |
0.000 |
0.000 |
304.600 |
|
|
e) Employee
benefits expense |
225.100 |
233.000 |
665.200 |
|
|
f)
Depreciation and amortisation expense |
113.100 |
115.400 |
339.600 |
|
|
a) Finance Cost |
109.100 |
114.600 |
317.600 |
|
|
g) Other
expenses |
716.400 |
771.500 |
2226.900 |
|
|
Total
Expenses |
4393.200 |
4456.200 |
13258.100 |
|
|
|
|
|
|
|
3 |
Profit/(Loss)
from Operations before exceptional Items and Tax |
191.200 |
300.800 |
675.800 |
|
4 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
5 |
Profit/(Loss)
before tax |
191.200 |
300.800 |
675.800 |
|
6 |
Tax
expense |
|
|
|
|
a) Current Tax |
28.100 |
40.400 |
109.800 |
|
|
b) Deferred Tax |
2.200 |
13.100 |
9.800 |
|
|
|
Income Tax
expense |
30.300 |
53.500 |
119.600 |
|
7 |
Net
Profit/(Loss) for the period |
160.900 |
247.300 |
556.200 |
|
8 |
Other
Comprehensive Income |
|
|
|
|
a) Items that will not be reclassified to
profit or Loss |
2.100 |
2.100 |
6.400 |
|
|
b) Income Tax related to above |
-0.700 |
(0.700) |
(2.200) |
|
|
c) Items that will be reclassified to
profit or Loss |
6.200 |
(4.000 |
9.000 |
|
|
9 |
Total Other Comprehensive Income for the period |
7.600 |
(2.600) |
13.200 |
|
|
Total Other Comprehensive Income for the period |
168.500 |
244.700 |
569.400 |
|
10 |
Paid – up Equity Share Capital (Face Value Rs.10) |
19.160 |
19.160 |
19.160 |
|
11 |
Earning Per Share for the Period of Rs 10/- each |
|
|
|
|
Basic |
8.4 |
12.900 |
29.020 |
|
|
Diluted |
8.39 |
12.900 |
29.010 |
|
REPORTING
OF SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
3
Months Ended |
9 Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
` |
|
|
A) Segment Revenue |
|
|
|
|
Packing films |
4541.600 |
4587.900 |
13708.100 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Sub Total |
4541.600 |
4587.900 |
13708.100 |
|
Less: Inter segment revenue |
0.000 |
0.000 |
0.000 |
|
Total |
4541.600 |
4587.900 |
13708.100 |
|
|
|
|
|
|
B) Segment Results |
|
|
|
|
Profit before Tax and Interest |
|
|
|
|
Packing films |
318.000 |
449.200 |
1061.800 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Sub Total |
318.000 |
449.200 |
1061.800 |
|
Less: Finance cost |
109.100 |
114.600 |
317.600 |
|
Less: Unallocable expense net of unallocable income |
17.700 |
33.800 |
68.400 |
|
Profit
from ordinary activity before tax |
191.200 |
300.800 |
675.800 |
|
|
|
|
|
|
C) Capital Employed |
|
|
|
|
Segment assets |
|
|
|
|
Packing films |
14166.500 |
14734.700 |
14166.500 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Unallocable |
2426.100 |
2193.100 |
2426.100 |
|
Total |
16592.600 |
16927.800 |
16592.600 |
|
|
|
|
|
|
Segment Liability |
|
|
|
|
Packing films |
2510.300 |
2480.100 |
2510.300 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Unallocable |
6.700 |
6.700 |
6.700 |
|
Total |
2517.000 |
2486.800 |
2517.000 |
|
|
|
|
|
|
Segment Capital Employed |
|
|
|
|
Packing films |
11656.200 |
12254.600 |
11656.200 |
|
Others |
0.000 |
0.000 |
0.000 |
|
Unallocable |
2419.400 |
2186.400 |
2419.400 |
|
Total |
14075.600 |
14441.000 |
14075.600 |
Notes:
- The above unaudited financial results were reviewed by the Audit
Committee and approved by the Board of Directors on 5th February 2018 and
limited review of the same has been carried out by the statutory auditors
of the company.
2. The Company adopted Indian Accounting
Standards ("IND-AS") effective 1st April, 2017 (transition date being
1st April, 2016) and accordingly, the financial results have been prepared in
accordance with the recognition and measurement principles laid down in the IND
AS prescribed under section 133 of the Companies Act, 2013 read with the
relevant rules issued thereunder and the other accounting principles generally
accepted in India.
3. According to the requirements of Ind-AS and
SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015,
revenue for the corresponding previous quarter ended 31st December 2016 and for
the nine months ended 31st December 2016 were reported inclusive of Excise
Duty. The Government of India has implemented Goods and Service Tax (GST) from
1st July 2017 replacing Excise Duty, Service Tax and various other indirect
taxes. As per Ind-AS 18, the revenue for the quarter ended 31st December 2017,
is reported net of GST. Had the previously reported revenue shown net of excise
duty, comparative revenue of the Company would have been as follows:
|
Particulars |
3
Months Ended |
9 Months
Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
` |
|
|
Revenue from operation |
4541.600 |
4587.900 |
13403.500 |
5. Income Tax Expense is based on estimated
effective tax rate for the whole year and excess/short provision if any will be
adjusted in the last quarter.
6. Tax expense for the quarter ending 31st December
2016 is net of tax reversal of Rs. 6.2 crores comprising of Rs. 4.5 crores
pertaining to year ended March 31, 2016 and Rs. 1.7 crores pertaining to 6
months ended Sept 2016.
7. Other Income for quarter ending 31st December
2017 includes INR 24.000 Million (September 2017 quarter INR 122.000 Million)
on account of recompilation of sales tax exemption benefit.
8. Figures for the previous period have been
regrouped wherever required.
CONTINGENT
LIABILITIES:
(INR in million)
|
Particulars |
31.03.2017 (INR In Million) |
31.03.2016 (INR In Million) |
|
a) Disputed demands for income tax |
48.300 |
48.300 |
|
b) Disputed demands for excise and custom duty and service tax |
137.900 |
74.500 |
|
c) Disputed demands for labour/employee dispute |
65.800 |
59.700 |
|
d) Claims against the Company not acknowledged as debts |
03.100 |
2.800 |
|
e) Discounting of export customer invoices |
152.000 |
72.100 |
|
f) Discounting of domestic customer invoices |
15.800 |
22.800 |
NOTES:
i)
Disputed demand for income tax includes a dispute of INR 48.300 Million
(previous year INR 48.300 Million) between the Company and income tax
department over computation of deduction under section 80HHC of the Income-Tax
Act, 1961. The Company has filed a special leave petition against the order of
Hon’ble Court which has been accepted by Supreme Court and is pending. Based on
the legal opinion taken from an independent expert, the management is of the
view that it is more likely than not that matter will be decided in favour of
the Company.
ii)
It represents discounted export debtors amount to INR 48.100 Million (previous
year INR 7.600 Million) against letter of credit and other discounted debtors
of INR 103.900 Million (previous year INR 64.500 Million) which has 90% credit
insurance coverage from Export Credit and Guarantee Corporation of India
Limited. All the discounted invoices have been reduced from trade receivables.
iii)
It represents discounted domestic debtors amount to INR 15.800 Million (previous
year INR 22.800 Million) against letter of credit. All the discounted invoices
have been reduced from trade receivables.
FIXED ASSETS
Intangible Assets
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Equipments
- Vehicles
- Office
Equipments
Intangible Assets
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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 64.85 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PYK |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.