MIRA
INFORM REPORT
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Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
FENASIA LIMITED |
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Registered Office : |
Gargi P.O. Beghatibhadreshwar, District Hooghly – 712124, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.01.1997 |
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Com. Reg. No.: |
082448 |
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CIN No.: [Company
Identification No.] |
U82448WB1997PLC082448 |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Leather
Finishing Chemicals |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 87032 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate performance and
track. The company has some accumulated losses. It’s payments are reported as
slow but correct. The company can be considered normal for business dealings at usual
trade terms and conditions with slight cautions |
LOCATIONS
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Registered Office / Factory: |
Gargi P.O. Beghatibhadreshwar, District Hooghly – 712124, West Bengal,
India |
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Tel. No.: |
91-33-26828700 |
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Fax No.: |
91-33-276828700 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Naresh Kumar Juneja |
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Designation : |
Director |
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Address : |
Raj House, 13, Rja Santosh Road, Kolkata – 700027, West Bengal |
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Date of Birth/Age : |
17.04.1957 |
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Date of Appointment : |
03.03.2004 |
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Name : |
Mr. Minnie Juneja |
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Designation : |
Director |
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Address : |
35 / 1, Janaharlal Nehru Road, Kolkata – 700016, West Bengal |
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Date of Birth/Age : |
29.06.1966 |
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Date of Appointment : |
26.03.1997 |
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Name : |
Mrs. Simi Jairath |
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Designation : |
Director |
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Address : |
41 / 1, Jhowtala Road, Kolkata – 700019, West Bengal |
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Date of Birth/Age : |
17.06.1965 |
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Date of Appointment : |
26.03.1997 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Thakurdas Juneja |
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260200 |
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Mr. Raj Rani Juneja |
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100 |
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Mrs. Simi Jairath |
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100 |
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Mrs. Minnie Juneja |
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100 |
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Mr. Ramesh Kr. Juneja |
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100 |
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Mrs. Meenu Juneja |
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100 |
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Holwart Mercantile Private Limited |
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400000 |
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Fenasia Securities Private Limited |
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200000 |
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Juneja Chemicals Industries Private Limited |
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100000 |
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Fence SPA, Italy |
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399000 |
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AHV Investment Private Limited |
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50000 |
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Authentic Finance Private Limited |
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100000 |
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Consolidated Plantation and Bio-Tech Private Limited |
|
75000 |
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Euvis Securities Private Limited |
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50000 |
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BQT Financial Services Private Limited |
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40000 |
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Goodward Tradelink Private Limited |
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75000 |
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Jagdish Tewari, HUF |
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30000 |
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Shree Agro Industries Limited |
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25000 |
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Total |
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1804700 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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14.00 |
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Bodies Corporate |
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62.00 |
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Foreign holdings(FIIs, FCs, FFIs, NRIs, OCB or others) |
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22.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Leather
Finishing Chemicals |
GENERAL
INFORMATION
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No. of Employees : |
40 |
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Bankers : |
Punjab National Bank Shakespeare Sarani, 52A, Shakespeare Sarani, Kolkata – 700017, West Bengal E-Mail: pnbssarani@vsnl.net |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Kumar Khanna Chartered Accountants |
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Address : |
4, Gangadhar Babu Lane, Kolkata – 700012, West Bengal |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1804700 |
Equity Shares |
Rs.10/-each |
Rs.18.047
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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18.047 |
18.047 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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4.450 |
4.450 |
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4] (Accumulated Losses) |
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(0.739) |
(2.866) |
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NETWORTH |
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21.758 |
19.631 |
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LOAN FUNDS |
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1] Secured Loans |
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17.716 |
10.949 |
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2] Unsecured Loans |
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6.303 |
6.303 |
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TOTAL BORROWING |
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24.019 |
17.252 |
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DEFERRED TAX LIABILITIES |
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3.255 |
3.053 |
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TOTAL |
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49.032 |
39.936 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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21.768 |
21.339 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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49.105 |
22.682 |
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Sundry Debtors |
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28.646 |
18.582 |
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Cash & Bank Balances |
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0.995 |
1.938 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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13.326 |
5.757 |
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Total
Current Assets |
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92.072 |
48.959 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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63.899 |
29.941 |
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Provisions |
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0.918 |
0.439 |
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Total
Current Liabilities |
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64.817 |
30.380 |
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Net Current Assets |
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27.255 |
18.579 |
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MISCELLANEOUS EXPENSES |
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0.009 |
0.0018 |
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TOTAL |
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49.032 |
39.936 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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90.399 |
75.910 |
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Other Income |
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1.635 |
0.586 |
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Total Income |
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92.034 |
76.496 |
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Profit/(Loss) Before Tax |
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2.802 |
1.775 |
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Provision for Taxation |
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0.674 |
0.602 |
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Profit/(Loss) After Tax |
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2.128 |
1.173 |
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FOB Value |
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15.269 |
4.111 |
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CIF Value |
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5.100 |
3.249 |
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Expenditures : |
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Manufacturing Expenses |
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5.565 |
4.958 |
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Administrative Expenses |
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6.698 |
4.536 |
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Raw Material Consumed |
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72.779 |
61.543 |
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Depreciation & Amortization |
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1.159 |
1.111 |
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Other Expenditure |
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1.626 |
1.327 |
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Total Expenditure |
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87.827 |
73.475 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.31 |
1.53 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.09 |
2.33 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.46 |
2.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.12 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.97 |
1.54 |
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Current Ratio (Current Asset/Current Liability) |
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1.42 |
1.61 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
FENASIA LIMITED |
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Presented
By |
Punjab National Bank |
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1) Date and description of instrument creating the change |
Agreement for hypothecation of good dated 30.08.2004 Agreement for hypothecation of book debts dated 30.08.2004 Deed of hypothecation to secure LC dated 30.08.2004 letter of mortgage dated 30.06.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
C/C Rs.10.500 millions FLC (DA) Rs.2.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of raw materials, stores, stock in progress, finished goods and finished chemicals, leather etc. under first charge on entire current assets including book debts both present and future and 1st charge on block assets as collateral security also secured by equitable mortgage of property admeasuring 1.53 acre of land situated at Mouza Gargi, P.S. Badreshwar, Dist. Hooghly, West Bengal where of land measuring 1.20 acre bearing Khaitan No. 107 Deg No. 2084 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest BPLR + 1.5% as per L and A cir 4/05 applicable for the contract or as amended by H.O. time to time with monthly rest |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National Bank 52A, Shakespeare Sarant, Kolkata – 700017 |
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6) Date and brief description of instrument modifying the charge |
Agreement for cash dated – 14.12.2005 Agreement for hypothecation of goods dated – 14.12.2005 Agreement for hypothecation of book debts dated – 14.12.2005 Letter of continuity for equitable mortgage Agreement for hypothecation of Plant and Machinery dated – 14.12.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By this modification cash credit limit is enhanced from Rs.10.500 millions to Rs.15.000 millions and total limit is kept Rs.17.000 millions |
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Corporate identity number (CIN) Foreign company registration number |
U82448WB1997PLC082448 |
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Name of the Company |
FENASIA LIMITED |
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Address |
Gargi P.O. Beghatibhadreshwar, District Hooghly – 712124, West Bengal |
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This form is for |
Modification of Charge |
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Type of Charge |
Immovable Property, Book Debts and Movable property (not being pledge) |
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Particulars of the charge holder |
Punjab National Bank Shakespeare Sarani, 52A, Shakespeare Sarani, Kolkata – 700017, West Bengal E-Mail: pnbssarani@vsnl.net |
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Amount secured by the charge |
Rs.48.000 millions |
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Brief of the principal terms and conditions |
Rate of Interest As per Bank’s Guidelines from time to time Terms of Repayment As stipulated by Bank from time to time Margin: As Per Bank’s Guidelines from time to time Extent and operation of the charge By way of first charge Others Cash Credit (H) Rs.38.000 millions I LC / FLC Rs.10.000 millions |
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Description of the property charged indicating |
Hypothecation of all present and future machinery lying at Co’s premises godown and factories Equitable mortgage of Land Building and Factory Shed of the company |
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Date of Instrument modifying the charge |
09.07.2007 |
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 records 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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.49 |
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UK Pound |
1 |
Rs.78.33 |
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Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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38 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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