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Futura Polyesters Ltd

BSE Code : 500720 | NSE Symbol : INDIANORG | ISIN:INE564A01017| SECTOR: - |

NSE BSE
 

3.75

-0.35 (-8.54%) Volume 280564

04-Jan-2002 09:50:43

Prev. Close

4.10

Open Price

3.75

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 3.75 - 3.75

52 wk High/Low 3.75 - 0.00

Key Stats

MARKET CAP (RS CR) 21.12
P/E 0
BOOK VALUE (RS) -17.3933914
DIV (%) 0
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK -0.221348436970147
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%)
4

News & Announcements

23-Oct-2019

P K Pandya & Co issues share transfer forms receipts of Futura Polyesters

23-Oct-2019

Futura Polyesters Ltd - CERTIFICATE UNDER REGULATION 40(9)OF SEBI(LODR) REGULATIONS 2019 DATED 19-10-2019 ISSUED FOR MARCH 2019 ISSUED BY M/S. P.K.PANDYA &CO FOR TRANSFER/TRANSMISSION ETC.

23-Oct-2019

Futura Polyesters Ltd - CERTIFICATE U/S 40(9) OF SEBI (LODR) REGULATIONS, 2019 FOR SHARE TRANSFER FORMS RECEIVED DURING 1ST MARCH 2017 TO 31ST MARCH 2018 HAVE BEEN ISSUED WITH IN ONE MONTH FROM THE RESPECTIVE DATE OF LODGEMENT .

23-Oct-2019

Futura Polyesters Ltd - Statement Of Investor Complaints For The Quarter Ended September 2019

23-Oct-2019

P K Pandya & Co issues share transfer forms receipts of Futura Polyesters

16-Apr-2019

Futura Polyesters divests entire stake in Innovassynth Investments

11-Mar-2017

Futura Polyesters to hold AGM

30-Apr-2015

Futura Polyesters announces cessation of director

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Aafloat Textiles (India) Ltd 514476 AKAIMPEX
Aditya Birla Nuvo Ltd(Merged) 500303 ABIRLANUVO
APR Ltd 503749 APRAYON
Baroda Rayon Corporation Ltd 500270 BARODARAYN
Central India Polyesters Ltd(merged) 500099 CIPL
Century Enka Ltd 500280 CENTENKA
Chandra Synthetics Ltd(liquidated) 514232
Chetak Spintex Ltd 531655
CIL Nova Petrochemicals Ltd 533407 CNOVAPETRO
Consolidated Fibres & Chemicals Ltd(liquidated) 524260
Filaments India Ltd 514472
Filatex India Ltd 526227 FILATEX
Garware Nylons Ltd 503744
Grasim Industries Ltd 500300 GRASIM
GSL Nova Petrochemicals Ltd 530605 GSLNOVA
Gujarat Craft Industries Ltd 526965
Gujarat Filaments Ltd 514012
Gujarat Texspin Ltd 521129
Haryana Petrochemicals Ltd 506940 HARYANPETR
India Polyfibres Ltd(merged) 500203 INDIAPOLY
Indian Acrylics Ltd 514165 INDIANACRY
Indo Rama Synthetics (India) Ltd 500207 INDORAMA
JBF Industries Ltd 514034 JBFIND
Kavita Fabrics Ltd 535136
Modern Syntex (India) Ltd 500281 MODRNSYNTX
NRC Ltd 503780 NRC
Orissa Synthetics Ltd (Merged) 514024
Orkay Industries Ltd 500320 ORKAY
Paras Petrofils Ltd 521246 PARASPETRO
Parasrampuria Industries Ltd 514040 PARASIND
Parasrampuria Synthetics Ltd 514017 PARSSYNTH
Pasupati Acrylon Ltd 500456 PASUPTACRY
Prag Bosimi Synthetics Ltd 500192 PRAGBOSIMI
Rajashree Polyfil Ltd (Merged) 524620 RAJSREPOLY
Rajratan Synthetics Ltd 514430
RDB Rasayans Ltd 533608
Recron Synthetics Ltd(merged) 500362 RAYMONDSYN
Sanghi Polyesters Ltd 500375 SANGHIPOLY
Shree Synthetics Ltd 503800 SHREESYNTH
SIV Industries Ltd 500462 SIVIND
SRF Ltd 503806 SRF
Sumeet Industries Ltd 514211 SUMEETINDS
Surat Textile Mills Ltd 530185
Sysco Industries Ltd 539842
Vardhman Acrylics Ltd 531106 VARDHACRLC
Vera Synthetic Ltd 535068 VERA
Yogi Polyesters Ltd 526913
Zenith Fibres Ltd 514266

Share Holding

Category No. of shares Percentage
Total Foreign 3381597 6.16
Total Institutions 3087039 5.63
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 7287676 13.28
Total Promoters 9145378 16.67
Total Public & others 31969989 58.26
Total 54871679 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Futura Polyesters Ltd

Futura Polyesters Ltd.(formerly Indian Organic Chemicals Ltd) is into manufacture of Speciality Fine Chemicals and Polyesters. The company was promoted by B M Ghia and D S Dalal as a public limited company in Feb.'60. The Chemical division of the company manufactures Alcohol based cheimicals like acetic acid, acetic anhydride, acetaldehyde, benzyl products, plasticisers and glyoxal from its plant at Khopoli Maharashtra. The Polyester division has manufacturing facility at Manali near Chennai in Tamilnadu. The main products of this division is PSF and PFY and PET Resins. The PET resin business of the company owns an export oriented unit enagaged in PET resins exporting mainly to USA and Eastern Europe. The PET preforms business of the company caters mainly to carbonated beverage segment. The company is undertaking an major restructuring exercise which envisages spinning off the Chemical division of the company into a separate subsidiary viz. Innovasynth Technologies (India) Ltd w.e.f. Jan 1, 2004. This is subject to necessary approvals. IOCL made a Rs 26.25-cr rights issue in Mar.'92 of 15% PCDs to part-finance its project for phenyl glycine and its derivatives in Khopoli, Maharashtra, at an estimated cost of Rs 24.43 cr and also to meet the normal capital expenditure. The company has completed its project of para hydroxy phenyl glycine & its dane salt with positive results during 1996-97.A contract signed with CIBA Speciality Chemicals during 2000 for manufacture of speciality chemicals has started the operations and is progressing smoothly. The company is planning to absorb new technologies for their Chemicals Division like Pharma intermediates, Aroma Chemicals etc. The company has identified nucleoside chemistry an important area to concentrate on, by supplying products to Research Based companies in the US and Europe. IOCL, along with Pepsi Foods, floated a joint venture, Futura Polymers, to set up a Rs 75-cr plant to produce polyester resin used in the manufacture of PET bottles. The project was set up as a 100% EOU and commenced operations in 1994-95. The capacities of PET resin would be increased from 28000 MT to 62000 MT p.a in 2001-02.During 1998-99, the company acquired Transmere Inc., Mauritius from PepsiCo and subsequently amalgamated it with the Company. The company has decided to spin off the Chemical Division at Khopoli to a separate company as on going business and amalgmation of Futura Polymers Ltd., Chennai (100% subsidiary of the company) with the company. The companys chemical division was taken over by Innovasynth Technologies(India) Ltd. The amalgamation between Futura Polymers and the company was approved with effect from 1st April,2002. IOCL also has a software division -- Sonata. It plans to set up a joint venture, with equity participation, to market software and digitising services in the US, which will provide a marketing base to Sonata.

Futura Polyesters Ltd Chairman Speech

Futura Polyesters Ltd Company History

Futura Polyesters Ltd.(formerly Indian Organic Chemicals Ltd) is into manufacture of Speciality Fine Chemicals and Polyesters. The company was promoted by B M Ghia and D S Dalal as a public limited company in Feb.'60. The Chemical division of the company manufactures Alcohol based cheimicals like acetic acid, acetic anhydride, acetaldehyde, benzyl products, plasticisers and glyoxal from its plant at Khopoli Maharashtra. The Polyester division has manufacturing facility at Manali near Chennai in Tamilnadu. The main products of this division is PSF and PFY and PET Resins. The PET resin business of the company owns an export oriented unit enagaged in PET resins exporting mainly to USA and Eastern Europe. The PET preforms business of the company caters mainly to carbonated beverage segment. The company is undertaking an major restructuring exercise which envisages spinning off the Chemical division of the company into a separate subsidiary viz. Innovasynth Technologies (India) Ltd w.e.f. Jan 1, 2004. This is subject to necessary approvals. IOCL made a Rs 26.25-cr rights issue in Mar.'92 of 15% PCDs to part-finance its project for phenyl glycine and its derivatives in Khopoli, Maharashtra, at an estimated cost of Rs 24.43 cr and also to meet the normal capital expenditure. The company has completed its project of para hydroxy phenyl glycine & its dane salt with positive results during 1996-97.A contract signed with CIBA Speciality Chemicals during 2000 for manufacture of speciality chemicals has started the operations and is progressing smoothly. The company is planning to absorb new technologies for their Chemicals Division like Pharma intermediates, Aroma Chemicals etc. The company has identified nucleoside chemistry an important area to concentrate on, by supplying products to Research Based companies in the US and Europe. IOCL, along with Pepsi Foods, floated a joint venture, Futura Polymers, to set up a Rs 75-cr plant to produce polyester resin used in the manufacture of PET bottles. The project was set up as a 100% EOU and commenced operations in 1994-95. The capacities of PET resin would be increased from 28000 MT to 62000 MT p.a in 2001-02.During 1998-99, the company acquired Transmere Inc., Mauritius from PepsiCo and subsequently amalgamated it with the Company. The company has decided to spin off the Chemical Division at Khopoli to a separate company as on going business and amalgmation of Futura Polymers Ltd., Chennai (100% subsidiary of the company) with the company. The companys chemical division was taken over by Innovasynth Technologies(India) Ltd. The amalgamation between Futura Polymers and the company was approved with effect from 1st April,2002. IOCL also has a software division -- Sonata. It plans to set up a joint venture, with equity participation, to market software and digitising services in the US, which will provide a marketing base to Sonata.

Futura Polyesters Ltd Directors Reports

To

The Members,

Your Directors submit the 53rd Annual Report of the Company along with the Audited Statement of Accounts for the period ended 31st March 2014 pursuant to the Annual General Meeting which now stands adjourned to March, 2017.

1. FINANCIAL RESULTS :

2013-2014 2011-2012
(18 months) (15 months)
Gross Profit/(Loss) before interest & depreciation
Interest
Depreciation
Operating Profit / (Loss)
Profit / (Loss) before tax
Excess Provision of earlier years 1,06,44,517
Provision for Fringe benefit tax
Provision for wealth-tax 3,00,000
Deferred Tax Adjustment 9,58,86,653
Provision for taxation
Profit / (Loss) after tax (92,31,18,650) (189,67,81,562)
Balance of Profit brought forward from previous year (214,92,51,196) (25,24,69,634)
Balance carried to Balance Sheet (307,23,69,846) (2149251196)

2. DIVIDEND:

Your Directors do not recommend any dividend for the year under review due to the loss suffered by the Company.

3. OPERATIONS:

The Turnover of the company during the financial year ending 31st March, 2014 was Rs. Nil crores compared with Rs. 214.74 crores during the previous year. This fall in turn over was due to the company facing severe financial crises and suspension of its operations partially in mid 2012 and further all operations w.e.f. 31st Dec 2012. During the year the company approached the concerned authorities for Corporate Debt Restructuring (CDR cell) for Restructuring of its debts. We made serious efforts to comply with the strict norms and conditions of Corporate Debt Restructuring (CDR) which was granted to it in May 2012. However inspite of making serious efforts to comply with the strict norms and conditions of Corporate Debt Restructuring (CDR) it could not be put into effect thereby losing precious time, in restarting operations. This had the effect of making the operations permanently unviable. The substantial fall in revenues added to that the burden of bearing the fixed costs. The company drifted into a irreversible path. Prime customers were lost and the company became overburdened with debt, interest, fixed costs, which could not be met thru operations. As a consequence the company lost its key personnel, and had an effect of mass exodus of employees.

4. SALE OF LAND, PLANT& MACHINERY ETC.

Members have approved the sale of land, together with structures thereon, Plant & Machinery in accordance with Section 293(1)(a) of the Companies Act 1956, by way of Postal Ballot, in the month of June/July 2013. Efforts have been made to put the resolution of shareholders into effect and consequently the company signed a MOU with purchaser based in Chennai. Your Directors expect to complete the transaction soon.

5. EXPLANATION & COMMENTS ON AUDITORS REPORT:

Management perception and Explanations/ clarifications to Auditor's Opinion in the Auditor's Report dated 19th January, 2017 considered by the Board of Directors is given below: a) The company is continuing with the assessment of alternate plans and all efforts are be made to achieve the same. b) Effective and necessary steps are being taken.

The company expects to recover the moneys from M/s. Golden Star Promoter Pvt. Ltd. (GSPL) in a reasonable period of time. The company is confident of realising the monies from GSPL. c) Based on the certificate of bankers liability has been recorded in the books of accounts of the company. The impact of the Loss to the company will be computed at the time of final settlement with the bankers. In the Consortium of 9 bankers 2 banks are charging interest where as others are not charging interest. d) The status of bank balances in current and deposit account is has been stated. The note is self explanatory and does not call for further explanation e) As a Conservative accounting practice the lesser amount payable to Daewoo has been shown. The matter is being heard in the Honorable Bombay High Court and it is expected that hearings here after will take place. f) The note is self explanatory and does not call for further explanation g) All efforts have been made to obtain confirmation from sundry debtors and creditors h) The company has already taken all efforts to meet export obligations. i) Employees of the company in large numbers left the organisation at the end of calendar year 2012. The company had no funds to pay for operating expenses and hence no electricity to run its computers and Systems.

This prevented the company from updating its records and data. The company made best efforts whatever necessary to maintain statutory records. There were also litigations with concerned government departments and made best efforts to update and collate data and information.

6. SUBSIDIARY OF THE COMPANY

The company does not have any Subsidiary.

7. FIXED DEPOSITS AND LOANS

As on 31st March, 2014, the Company had an aggregate sum of 185.69 Lakhs as fixed deposits from Public / Shareholders. The total number of depositors who have not claimed / renewed their deposits on maturity was 112 and the amount that remained unclaimed / not renewed as on 31st March, 2016 was Rs. 27.98 Lakhs The Company has not accepted any fresh deposits nor renewed any deposits during the period under review. The Company has approached the Hon'ble Company Law Board (CLB) (now name changed to National Company Law Tribunal (NCLT) suo moto for certain reliefs in the repayment of the Fixed Deposits of the company and is awaiting reliefs/extended time for repayment of Fixed Deposits amounting to Rs. 1.86 Crs.

8. INSURANCE

The Company's plant & Machineries, stores, inventories have been disposed off & since the company does not carry on any operations no insurance have been provided for.

9. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

The Company does not carry any operation, the relevant information is not called for.

10. DIRECTORS

Mr. M Sarvanan nominee of IDBI. IDBI has withdrawn his nomination from the Board of the Company with effect from 10-03-2014. Mr. K. Ramasubramanian resigned from the Board in 4th December, 2014. The Board places on record their services made by them during their tenure as Directors.

11. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to requirements under section 217(2A) of the Companies Act, 1956 ("the Act") with respect to directors' responsibility statement, it is hereby confirmed that:-

1. In preparation of annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departure.

2. the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st Dec 2012 and of the loss of the Company for the period ended on that date.

3. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. The Directors have prepared the annual accounts on a ‘going-concern' basis.

12. AUDITORS:

Members will recall that the earlier Statutory Auditors M/s. N. M. Raiji & Co. Chartered Accountants had resigned and in their place M/s. LLB & Co, Chartered Accountant had been appointed as Statutory Auditors at the recently concluded the Extra Ordinary General Meeting held on 8th December, 2016. The terms of appointment of M/s. LLB & Co, Chartered Accountant, Statutory Auditor comes to an end at this\annual General Meeting. The reappointment is now sought from the conclusion of this meeting till the next Annual General Meeting to conduct Audit for the next financial year.

13. COST AUDITOR:

As the company does not have operations the requirement of maintaining of Cost Accounts does not arise.

14. REAPPOINTMENT OF MR. S. B. GHIA AND

MR. M. D. DALAL

Mr. S. B. Ghia and Mr. M.D. Dalal have been appointed as the Managing Director & Joint Managing Director respectively.

15. CORPORATE GOVERNANCE:

As required under Clause 49 of the Listing Agreement with the Bombay Stock Exchange Limited, Corporate Governance and Management Discussion and Analysis Report annexed to this report, form part of this Annual Report.

16. INDUSTRIAL RELATIONS:

A settlement is being arrived at with workmen at Chennai. The Directors wish to place on record their appreciation for the co-operation extended by the Ex. Workmen

17. COMPLIANCE CERTIFICATE:

A Certificate from the Practising Company Secretary of the Company regarding compliance of conditions of corporate governance as stipulated under Clause 49 of the Listing Agreement is attached to this report.

18. PERSONNEL:

In terms of the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended, none of the Company's employees was in receipt of remuneration aggregating to Rs. 60,00,000/- or more per annum or Rs. 5,00,000/- or more per month during the period under review.

19. ACKNOWLEDGEMENTS:

The Board of directors wishes to place on record its gratitude for the continued support from Government authorities, Banks, members etc.

By Order of the Board
S. B. GHIA
Chairman & Managing Director
Registered Office:
Paragon Condominium, 3rd Floor,
Pandurang Budhkar Marg, Mumbai-400 013.
Place: Mumbai
Dated: 19th January 2017

   

Futura Polyesters Ltd Company Background

S B GhiaS B Ghia
Incorporation Year1960
Registered OfficeParagon Condominium 3rd Floor,Pandurang Budhkar Marg
Mumbai,Maharashtra-400013
Telephone91-022-24922999,Managing Director
Fax91-022-24923142
Company Secretary
AuditorLLB & Co/N M Raiji & Co
Face Value10
Market Lot1
ListingBSE,
RegistrarSatellite Corporate Serv Pvt L
B-302 Sony Apartment,Off-Andheri Kurla Rd,Jarimari Sakinaka,Mumbai-400072

Futura Polyesters Ltd Company Management

Director NameDirector DesignationYear
S B Ghia Chairman & Managing Director 2014
M D Dalal Joint Managing Director 2014
K V K Murthy Independent Director 2014
K Ramasubramanian Independent Director 2014

Futura Polyesters Ltd Listing Information

Futura Polyesters Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Service Income NA 0000
CG 29-1127 MT 0000
Custom Synthetics MT 0000
Others NA 0000
Provisons no Longer NA 0000
Sale of Products NA 0000
Solid State Polymer MT 0000
Scrap NA 0000
Ciba Products MT 0000
Agricultural Products-Traded Ltr0000
Amorphous Grade MT 0000
Benzyl Products MT 0000
Chemicals-Alcohol based MT 0000
Glyoxal MT 0000
Benzaldehyde MT 0000
Phenyl Glycine MT 0000
Pesticides MT 0000
Plasticizers MT 0000
PET Preforms MT 0000
Polyester Staple Fibre/Chips MT 0000
Silver MT 0000

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