MIRA
INFORM REPORT
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Report Date : |
26.03.2011 |
IDENTIFICATION DETAILS
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Name : |
FENIX PROCESS TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
K 6/1, “Malini”, Erandawane Co-Operative Housing Society, Near |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
19.08.2006 |
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Com. Reg. No.: |
11-128923 |
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CIN No.: [Company
Identification No.] |
U28999PN2006PTC128923 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEF00937G |
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PAN No.: [Permanent
Account No.] |
AABCF0088M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Engineering Products (Like Chemical) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 77000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported a fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
INFORMATION PARTED BY
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Name : |
Ms. Ashwina |
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Designation : |
H. R. Department |
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Date : |
19.03.2011 |
LOCATIONS
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Registered Office : |
K 6/1, “Malini”, Erandwane Co-Operative Housing Society, Near |
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Tel. No.: |
91-20-65008772/3 |
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Fax No.: |
91-20-25458454 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. ft |
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Location : |
Rented |
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Factory : |
Plot No.144-A, Survey No. 7, PCNTDA, MIDC, Bhosari, Pune-411026, |
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Tel. No.: |
91-20-30620371/66304437/38 |
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Fax No.: |
91-20-3062073066304439 |
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Area : |
10000 sq. ft |
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Location : |
Leased |
DIRECTORS
As On : 29.09.2010
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Name : |
Mr. Venkateshwara Pitchhla
Mothukuri Rao |
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Designation : |
Director |
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Address : |
3 MIT Gardens Opposite Nagarwal School, Kalyani Nagar, Pune – 411006, |
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Date of Birth/Age : |
15.03.1965 |
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Date of Appointment : |
29.12.2006 |
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DIN No : |
00373812 |
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Name : |
Mr. Naganjaneyulu Kotaiah Donta |
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Designation : |
Director |
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Address : |
1-105, Opposite Driving School Gudavalli, VJ Rural Mandal,
Krishana-521104, |
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Date of Birth/Age : |
04.01.1964 |
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Date of Appointment : |
31.01.2009 |
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DIN No : |
02496657 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
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Venkateshwara Pitchhla Mothukuri
Rao |
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389800 |
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Alexios chennethu David Sam |
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100 |
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Naganjaneyulu Kotaiah Donta |
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100 |
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Total |
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390000 |
AS ON 29.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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99.98 |
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Other top fifty shareholders |
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0.02 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Engineering Products (Like Chemical) |
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Products : |
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Exports : |
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Products : |
Engineering Products |
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Countries : |
Switzerland Italy |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
PRODUCTION STATUS (As On : 31.03.2010)
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Particulars |
Actual
Production |
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Structured Packing |
124 |
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Random Packing |
47 |
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Static Mixer |
13 |
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Pusher Centrifuge |
8 |
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Heat Exchanger |
2 |
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Mist Eliminator |
4 |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Others ·
Manufacturer |
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No. of Employees : |
40 (In Office) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute : |
Reliance Capital Limited, “H” Block, 1st Floor, Dhrubhai
Ambani Knowledge City, Koparkhairane, Navi Mumbai-400710, Maharashtra, India |
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Auditors : |
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Name : |
Risbud and Apte Chartered Accountant |
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Address : |
Ankur, 802-B, |
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Tel. No.: |
91-22-25661180 |
CAPITAL STRUCTURE
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As On : 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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390000 |
Equity Shares |
Rs. 10/- each |
Rs. 3.900
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.900 |
3.900 |
3.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.598 |
13.492 |
7.418 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.498 |
17.392 |
11.318 |
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LOAN FUNDS |
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1] Secured Loans |
26.633 |
14.653 |
14.249 |
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2] Unsecured Loans |
3.123 |
0.000 |
0.200 |
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TOTAL BORROWING |
29.756 |
14.653 |
14.449 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.940 |
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TOTAL |
49.254 |
32.045 |
26.707 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.239 |
16.055 |
17.942 |
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Capital work-in-progress |
0.856 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.462 |
0.379 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
23.690
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21.118
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10.085 |
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Sundry Debtors |
13.784
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13.522
|
4.455 |
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Cash & Bank Balances |
5.331
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0.680
|
1.669 |
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Other Current Assets |
2.383
|
1.811
|
0.000 |
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Loans & Advances |
8.797
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12.395
|
9.081 |
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Total
Current Assets |
53.985
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49.526 |
25.290 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
18.497
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24.067 |
10.232 |
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Other Current Liabilities |
11.220
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6.620
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5.033 |
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Provisions |
1.648
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3.348
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1.421 |
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Total
Current Liabilities |
31.365
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34.035
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16.686 |
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Net Current Assets |
22.620
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15.491
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8.604 |
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MISCELLANEOUS EXPENSES |
0.077 |
0.120 |
0.161 |
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TOTAL |
49.254 |
32.045 |
26.707 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
96.765 |
123.245 |
76.673 |
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Other Income |
0.236 |
0.623 |
0.020 |
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TOTAL |
97.001 |
123.868 |
76.693 |
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Less |
EXPENSES |
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Cost of Sales |
51.055 |
78.171 |
44.399 |
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Expenses |
42.831 |
35.854 |
23.246 |
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Prior Period Items |
0.000 |
0.000 |
0.032 |
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TOTAL |
93.886 |
114.025 |
67.677 |
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PROFIT BEFORE
TAX |
3.115 |
9.843 |
9.016 |
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Less |
TAX |
1.011 |
3.768 |
3.076 |
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PROFIT AFTER TAX
|
2.104 |
6.075 |
5.940 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
20.522 |
0.460 |
NA |
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Service Income |
0.486 |
0.011 |
NA |
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TOTAL EARNINGS |
21.008 |
0.471 |
NA |
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Earnings Per
Share (Rs.) |
5.40 |
15.57 |
15.23 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
2.17
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4.90
|
7.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.22
|
7.99
|
11.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.91
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14.92
|
20.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.57
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0.80 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.13
|
2.80
|
2.75 |
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Current Ratio (Current Asset/Current Liability) |
|
1.72
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1.45
|
1.51 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
The unit has received very good response and the Directors are hopeful
for better working for next years.
The company is planning for some expansion in the forth-coming years,
which will be implemented from the current year itself. The Director are hopeful
for good business in up coming years.
FORM 8
|
This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U28999PN2006PTC128923 |
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Name of the
company |
FENIX PROCESS
TECHNOLOGIES PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
K 6/1, “Malini”, Erandwane Co-Operative Housing Society, Near |
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Type of charge |
Movable Property
(not being pledge) |
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Number of charge
holder (s) |
Facility cum
Hypothecation loan agreement between Reliance Capital Limited and Fenix
Process Technologies Private Limited. |
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Particular of
charge holder |
Reliance Capital
Limited, “H”, Block 1st Floor, Dhirubhai Ambani Knowledge City,
Koparkhairne, Navi Mumbai-400710, Maharashtra, India. |
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Email |
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Nature of description
of the instrument creating or modifying the charge |
Facility-cum-Hypothecation
Loan Agreement between Reliance Capital Limited and Fenix Process
Technologies Private Limited. |
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Date of
instrument Creating the charge |
23.02.2010 |
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Amount secured by
the charge |
Rs.3.775 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 15.52% p.a. Terms of
Repayment 1st Month- 12th
month - Rs.0.126 millions 13th month - 24th
month - Rs.0.121 millions 25th month- 36th
month- Rs.0.117 millions 37th month- 48th
month- Rs.0.034 millions 49th month- 60th
month -Rs.0.006 millions |
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Short particulars
of the property charged |
I)
G C
Lab Equipment. II)
Punch-Press
Machine. |
FIXED ASSETS:
- Plant and
Machinery
- Office
Equipment
- Computers and
Software
- Furniture and
Fixture
- Leasehold
Improvement
- Vehicle
TRADE REFERENCE:
·
SRS Limited
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 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.63.28 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.