MIRA
INFORM REPORT
|
Report Date : |
18.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FIBRE FOILS LIMITED |
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Registered Office : |
Plot No. A 6 Street No. 5, MIDC, Andheri (East), Mumbai – 400 093,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.10.1968 |
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Com. Reg. No.: |
11-14111 |
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CIN No.: [Company
Identification No.] |
U21010MH1968PLC14111 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
Mumf03566D |
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PAN No.: [Permanent
Account No.] |
Aaacf0909n |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Paper Cores and Tubes, Composite, Fibre Drums
Laminated Composite Containers and POY Tubes |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company and a part of
Shetron Group. Available information indicates satisfactory financial responsibility
of the company. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
Plot No. A 6 Street No. 5, MIDC Road, Andheri (East), Mumbai – 400
093, Maharashtra, India |
|
Tel. No.: |
91-22-28326228 / 2832 8609 |
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Fax No.: |
91-22-28372145 |
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E-Mail : |
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Website : |
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Factory : |
Khopoli Near
Mumbai, Village Dheku, Off Khopoli-Pen Road., |
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Tel. No.: |
952192 - 263408 /
263410 / 268930 |
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Fax No.: |
952192 – 268619 |
DIRECTORS
|
Name : |
Mr. Daksharaj Divakar Shetty |
|
Designation : |
Director |
|
Address : |
Divya Dr. R S Jain Marg, Gandhirram Road, Juhu, Mumbai – 400 049,
Maharashtra, India |
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Date of Birth/Age : |
06.11.1977 |
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Date of Appointment : |
10.05.2004 |
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Name : |
Mr. Praveen Vittal Mally |
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Designation : |
Director |
|
Address : |
Divya Dr. R S Jain Marg, Gandhirram Road, Juhu , Mumbai – 400 049,
Maharashtra, India |
|
Date of Birth/Age : |
05.01.1966 |
|
Date of Appointment : |
01.08.1998 |
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|
|
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Name : |
Mr. Diwakar Sanku Shetty |
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Designation : |
Director |
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Address : |
Divya Dr. R S Jain Marg, Gandhirram Road, Juhu , Mumbai – 400 049,
Maharashtra, India |
|
Date of Birth/Age : |
03.06.1943 |
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Date of Appointment : |
09.10.1968 |
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Name : |
Mrs. Yashjoda Diwakar Shetty |
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Designation : |
Director |
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Address : |
Divya Dr. R S Jain Marg, Gandhirram Road, Juhu , Mumbai – 400 049,
Maharashtra, India |
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Date of Birth/Age : |
11.07.1951 |
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Date of Appointment : |
15.07.1977 |
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Name : |
Mr. Balakrishna Shetty |
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Designation : |
Director |
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Address : |
B - 9, Pratibimb CHS Plot No. RH – 159, MIDC, Residential Zone,
Dombivali (East), Thane – 421 203, Maharashtra, India |
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Date of Birth/Age : |
04.05.1959 |
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Date of Appointment : |
16.01.1997 |
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PAN No.: |
AABPS3721R |
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Mobile No.: |
91-9820181262 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Allottees (As on 01.10.2007) |
|
No. of Shares |
|
|
|
|
|
Shetron Enterprises Private Limited |
|
9700 |
Equity Share Breakup (Percentage of Total Equity):- [As on 31.03.2007]
|
Category |
Percentage |
|
Foreign Holdings (Foreign Institutional
Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non –Resident
Indian(s) Or Overseas Corporate Bodies Or Others |
21.00 |
|
Directors or relative of directors |
79.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Paper Cores and Tubes, Composite, Fibre Drums Laminated
Composite Containers and POY Tubes |
GENERAL
INFORMATION
|
Bankers : |
· Union Bank of India (Lead Bank), Andheri (East) Branch, Mayani Manor, Sir M V Road, Andheri (East), Mumbai – 400 069, Maharashtra, India · State Bank of India , MIDC , Andheri (East), Mumbai, Maharashtra, India ·
Bank of India, Chakala, Andheri (East) Branch,
Mumbai, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Financial Institutions: |
The Industrial Finance Corporation of India Limited, Bank of Baroda
Buildings, 16 Sansad Marg, Mumbai, Maharashtra, India |
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Auditors : |
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Name : |
B M Chaturvedi and Company Chartered Accountants |
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Address : |
32, Jolly Maker Chamber, 2, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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|
|
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on 31.03.2007)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
600000 |
Equity Shares |
Rs. 100/- each |
Rs. 60.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
590300 |
Equity Shares |
Rs. 100/- each |
Rs.59.030
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
59.030 |
59.030 |
59.030 |
|
|
2] Share Application Money |
22.000 |
22.000 |
20.000 |
|
|
3] Reserves & Surplus |
23.466 |
15.917 |
14.780 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
104.496 |
96.947 |
93.810 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
73.787 |
29.058 |
44.281 |
|
|
2] Unsecured Loans |
39.172 |
39.734 |
48.272 |
|
|
TOTAL BORROWING |
112.959 |
68.792 |
92.553 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
217.455 |
165.739 |
186.363 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
151.004 |
147.612 |
155.156 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
7.683 |
8.231 |
7.733 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
44.097
|
37.909 |
20.856 |
|
|
Sundry Debtors |
43.853
|
33.582 |
29.452 |
|
|
Cash & Bank Balances |
3.216
|
2.426 |
1.750 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
14.795
|
14.008 |
7.077 |
|
Total
Current Assets |
105.961
|
87.925 |
59.135 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
47.193
|
78.029 |
35.661 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
47.193
|
78.029 |
35.661 |
|
|
Net Current Assets |
58.768
|
9.896 |
23.474 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
217.455 |
165.739 |
186.363 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
204.772 |
137.448 |
186.665 |
|
|
Other Income |
4.900 |
4.242 |
3.112 |
|
|
Total Income |
209.672 |
141.690 |
189.777 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
7.886 |
1.716 |
1.735 |
|
|
Provision for Taxation |
0.337 |
0.006 |
0.000 |
|
|
Profit/(Loss) After Tax |
7.549 |
1.710 |
1.735 |
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
129.882 |
79.339 |
90.107 |
|
|
Consumption of stores and spares parts |
1.634 |
0.767 |
1.510 |
|
|
Increase/(Decrease) in Finished Goods |
[1.790] |
[2.288] |
2.371 |
|
|
Salaries, Wages, Bonus, etc. |
9.346 |
9.280 |
15.598 |
|
|
Managerial Remuneration |
0.991 |
0.991 |
NA |
|
|
Payment to Auditors |
0.115 |
1.006 |
NA |
|
|
Interest |
5.310 |
3.621 |
4.692 |
|
|
Insurance Expenses |
0.907 |
0.911 |
1.104 |
|
|
Power & Fuel |
4.997 |
3.582 |
3.732 |
|
|
Depreciation & Amortization |
9.339 |
9.213 |
9.073 |
|
|
Other Expenditure |
41.055 |
33.552 |
59.855 |
|
Total Expenditure |
201.786 |
139.974 |
188.042 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.60
|
1.21 |
0.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.85
|
1.25 |
0.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
|
0.70 |
0.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.02 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.53
|
1.51 |
1.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.25
|
1.13 |
1.66 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
|
Corporate
identity number of the company |
U21010MH1968PLC014111 |
|
Name of the
company |
FIBRE FOILS
LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
Plot No. A 6 Street No. 5, MIDC Road, Andheri (East), Mumbai – 400
093, Maharashtra, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
Union Bank of
India (Lead Bank), Andheri (East) Branch, Mayani Manor, Sir M V Road, Andheri
(East), Mumbai – 400 069, Maharashtra, India E-mail: cbsandheri@unionbankofindia.com
|
|
Nature of
instrument creating charge |
Memorandum for
creation of equitable mortgage |
|
Date of
instrument Creating the charge |
13.03.2007 |
|
Amount secured by
the charge |
Rs. 90.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest : As per Sanction
terms Terms of Repayment : As per the
repayment schedule fixed by the bank Margin : As per sanction
terms Extent and Operation of the charge : To secure various
facilities of Rs. 60.000 millions granted by Union Bank of India and Rs.
30.000 millions granted by Indian
Overseas Bank; Total Aggregating Rs. 90.000 millions. Union Bank of
India : Cash credit (Hypothecation)
Stocks and Book-Debts Rs. 25.000 millions , Letter of guarantee (BG) Rs. 1.000 million, Inland / Import
L/C (DP/DA 90 days) Rs. 14.000 millions
and Terms Loan Rs. 20.000 millions Total Rs. 60.000 millions Indian
Overseas Bank – Cash Credit (Hypothecation) stocks and Book – Debts Rs.
10.000 millions , Corporate Loan Rs. 20.000 millions Total Rs. 30.000
millions |
|
Short Particulars
of the property charged |
Equitable
mortgage by deposit of title deeds on pari passu First charge of the company‘s immovable properties Factory Building
constructed on piece or parcel of land bearing (1) survey No. 13 Hissa
No.1 and Survey No. 11, Hissa No. 1 (2) Survey No. 11 Hissa No. 3 (3) Survey
No.11 Hissa No. 2 and Survey No. 12 Hissa
No. 2 and Survey No. 12 Hissa
No. 3 and (4) Survey No. 12 Hissa No. 4 at Village Dheku Plot No. A -46 at
Marol Industrial Area and Industrial Shed Bearing No. A -18 Peenya Ind Area
Bangalore |
|
Name of the
company |
FIBRE FOILS LIMITED |
||||||||||
|
Presented By |
Fibre Foils Limited |
||||||||||
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1) Date and
description of instrument creating the change |
No instrument was
executed. A Joint Mortgage by deposit of title Deeds was created by the company dated 24.10.1996 |
||||||||||
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 32.000
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 |
|
||||||||||
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4) Gist of the
terms and conditions and extent and operation of the charge. |
IDBI deposit of title
deeds with IDBI, IDBI acting for itself and as agent of IFCI, ICICI , UBI,
SBI, BOI in respect of all the immovable properties of the company. Plot No. A-6
(Admeasuring 630 Sq.Mtrs in Marol Industrial Area, within the village limits
of Malegaon Taluka Andheri in the
state of Maharashtra Plot and
Industrial Shed No. A/181 (Admeasuring
863.51 Sq.Mtrs ) in peenya Industrial Area of KSSIDC within the
village limits of peenya Taluka district Bangalore in the state in the sate of Karnataka Gat No. 182
(formerly Survey No. 11/1, 11/2, 11/3, 12/2, 12/3, /12/4 and 13/1 within the
village limits Dheku Taluka, Khalapur
, District Raigad in the State of Maharashtra ROI: As could be
determined by the Bank from time to time |
||||||||||
|
5) Name and
Address and description of the person entitled to the charge. |
Myani Manor , Sir M V Road, Andheri (East), Mumbai – 400 069,
Maharashtra, India
|
||||||||||
|
6) Date and brief description of instrument
modifying the charge |
No instrument SBI
Letter No. AGM/C&I/AKM/BKI/1165 dated 20.10.2004 for transferred of
account |
||||||||||
|
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. |
The original
charge was created on 24.10.1996 for Rs. 32.000 millions Now by this letter dated 20.10.2004 the
said account has since been
transferred from State Bank of India, industrial Finance Branch, Andheri
(East), Mumbai – 400 069, Maharashtra, India |
Website details:-
Company Profile
Fibre Foils Technology encompasses "The
Power of Packaging" comprising Fibre Drums, Paper Cores, Textile Tubes,
Film Cores, Composite Cans and Paper Sleeves.
With world class manufacturing facilities, at
Khopoli in Maharashtra State and Bangalore in Karnataka State, the company
offers products of international standards, in a wide range of sizes and types
to meet the requirements of various industries.
Major users of these products include
manufacturers of Snack Foods, Spices, Agricultural Seeds, Bulk Drugs, Chemicals,
Paper, Plastic Films, Textile Yarns and other products.
Highly focussed on
Core business – Manufacturers of: Fibre Drums, Paper Cores, Textile Tubes, Film
Cores, Composite Cans, Paper Sleeves.
· Large capacity in all production activities.
· Most integrated production plant.
· High technology application in production process - Swiss and German technology
· Fully equipped Quality Lab.
· Well equipped Tool Room for maintenance and upgradation on continuous basis.
· In-house facility for adhesive and component manufacture.
· Most modern, state-of-the-art plant, with excellent infrastructure.
· Large volume of key raw materials buying – able to negotiate on better pricing
Subject is a leader
specialising in the field of Fibre Drums. The company makes three varieties of
fibre drums – Traditional, All-Fibre and Customised Drums.
The Fibre Drums
manufactured by the company have set industry standards and have earned the
trust and confidence of a large number of customers.
Subject believes in
working as partners with their customers to provide products that both can be
proud of, meeting specific requirements that reflect a good value investment
demonstrated by profitable operating results.
Products:
· Fibre Drums
· All-fibre Drums
Advantages
· Cost-effective alternative to rigid packaging of bulk products.
· Affixed with top and bottom closures of plywood/hardboard/ plastic/metal with metal rings and closures – as per requirement.
· Available in a wide range of diameters, heights and capacities.
· Lightweight, yet tough and resilient.
· Eco-friendly and Bio-degradable.
· Facilitate easy opening and closing and has a tamper evident sealing feature.
· Lifting handles can also be provided.
· Custom designed.
· Smooth interior with special linings or coatings ensure barrier properties.
· Low tare weight.
· Easy to open, fill and close.
· Stackable.
· Can be attractively decorated with printed labels.
· Conforming to European and UN code requirements as approved by Indian Institute of Packaging
Subject is an ISO 9001:2000 COMPANY, assessed
for Design, Development and Manufacture of Paper Tubes, Fibre Drums and Composite
Cans — a testimony to the quality assurance and product performance.
With world class manufacturing facilities, at
Khopoli in Maharashtra State and Bangalore in Karnataka State, Fibre Foils
offers products of international standards, in a wide range of sizes and types
to meet the requirements of various industries.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.82 |
|
UK Pound |
1 |
Rs.80.01 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|