MIRA INFORM REPORT

Report Date :

27.06.2013

IDENTIFICATION DETAILS

Name :	FENO PLAST LIMITED
Registered Office :	306, Chenoy Trade Centre, Park Lane, Secunderabad-500003, Andhra Pradesh
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.10.1975
Capital Investment / Paid-up Capital :	Rs. 45.968 Millions
Com. Reg. No.:	01-001942
CIN No.: [Company Identification No.]	L25209AP1975PLC001942
TAN No.: [Tax Deduction & Collection Account No.]	HYDF00369F
PAN No.: [Permanent Account No.]	AAACF3076C
Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturing of PVC Leather Cloth and PVC Film.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1337000
Status :	Moderate
Payment Behaviour :	Slow But Correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. The rating is constrained by high working capital utilization and high gearing level. The profits remain stable. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	B+ (Long Term Bank Facilities)
Rating Explanation	Having high risk of default regarding timely servicing of financial obligation.
Date	March 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	306, Chenoy Trade Centre, Park Lane, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-40-27840322 / 27840722 / 27814651
Fax No.:	91-40-27721739
E-Mail :	hyd2_fenplast@sancharnet.in fenplast@hd2.dot.net.in fenoexports@eth.net
Website :	http://www.fenoplast.com
Factory :	· Unit-I PlotNo.21/A, Industrial Development Area, Patancheru, Medak Dist., Andhra Pradesh, India · Unit-II Survey No. 132 and 133, Nandigoan Village, Patancheru Mandal, Medak Dist., Andhra Pradesh, India · Unit-III and Unit III Expansion Survey No. 165 and 166, Nandigoan Village, Patancheru Mandal, Medak Dist., Andhra Pradesh, India
Depot / Marketing Office :	Located at : · Mumbai A/11, Parle Colony, CHS, Near Garware House, Sahakar Road, Vile Parle (East) Mumbai - 400 057, Maharashtra, India · Hosur No.6, Sidco Industrial Estate, Phase-III, Hosur-635126, District Krishnagiri, Tamilnadu, India · Kolkata P-175, Kalindi Housing Estate, Kolkata - 700 089, West Bengal, India · Gurgaon Shed No.02, Saraya Ka Rasta, behind Prince Vatika, Opposite Sector-05, Gurgaon-122001, Haryana, India · New Delhi 35B and 36, Samaspur Village, Patpargunj, New Delhi -110 091, India · Roorkee D K Cold Storeage Compound, Sunhera Road, Kashipuri Pragna and Tehsil Roorkee-247667, District Hardwar, Uttrarakhand, India · Kalyan Plot No 681, at Post Kon, Taluka-Bhiwandi, Dist-Thane (Near Water Park), Kon Village, Kalyan-Bhiwandi Road · Indore 67, Mangalmurti Nagar, Scheme No. 77, Ring Road, Behind Mayur Hospital, Indore - 452 018, India · Attibele Kaveri Nilaya, Bhuvaneshwari Nagar, Attibele-562107, Karnataka, India · Baddi Bhud Road, Vill. Gullarwala, Teshil. Nalagarh, P.O. Karuana, District Solan, Baddi (HP) · Ludhiana Street No.8, Baba Deep Singh Nagar, Ambala Bye Pass Road, Near Transport Nagar Crossing, Ludhiana – 141 010, Punjab, India

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Bhandari Kamalaker Rao
Designation :	Chairman
Address :	603, Bhandari Residency, Begumpet, Hyderabad, Andhra Pradesh, India
Date of Birth :	27.03.1949
Date of Appointment :	28.09.2005
DIN No.:	00038686

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52520AP1989PTC010037	KAY KAY DISTRIBUTORS PRIVATE LIMITED	Director	22-05-89	22-05-89	-	Strike off	NO
2	U67120AP1993PTC016665	AISWARYA HOLDINGS PRIVATE LIMITED	Director	01-12-93	01-12-93	-	Active	NO
3	U01119AP1995PTC019755	SRI KALYAN AGRO SERVICES PRIVATE LIMITED	Director	21-03-95	21-03-95	-	Strike off	NO
4	U26942AP1984PLC004951	MY HOME INDUSTRIES LIMITED	Director	27-09-99	27-09-99	28-02-08	Active	NO
5	L25209AP1975PLC001942	FENO PLAST LIMITED	Director	28-09-05	28-09-05	-	Active	NO
6	L27109AP1975PLC001919	PENNAR INDUSTRIES LIMITED	Director	19-08-09	30-01-09	-	Active	NO

Name :	Mr. Haridas Narsaiah
Designation :	Director
Address :	Near Municipal park, Saraswati Nagar, Nizamabad, Andhra Pradesh, India
Date of Birth :	09.11.1936
Date of Appointment :	27.09.2006
DIN No.:	00292864

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U17119AP1981PLC003338	FENO FIBER LIMITED	Director	01-04-01	01-04-01	Active	YES
2	L25209AP1975PLC001942	FENO PLAST LIMITED	Director	27-09-06	27-09-06	Active	NO
3	U17123AP1984PTC004465	REX-O-KNITS PRIVATE LIMITED	Managing director	30-06-07	30-06-07	Active	NO

Name :	Mr. Haridas Krishna Kumar
Designation :	Whole-time Director
Address :	Flat No.503, Pooja Palace, Motilal Nehru Nagar, Begumpet, Hydrabad, Andhra Pradesh, India
Date of Birth :	11.08.1959
Qualification :	M.A.
Date of Appointment :	01.04.2006
DIN No.:	00260198

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67120AP1987PTC007200	FENO INVESTMENTS PRIVATE LIMITED	Director	01-04-06	01-04-06	31-07-07	Under Process of Striking off	NO
2	L25209AP1975PLC001942	FENO PLAST LIMITED	Whole-time director	01-04-09	01-04-06	-	Active	NO
3	U18209AP1980PTC002792	FENO-FOAMS PRIVATE LIMITED	Director	30-06-07	30-06-07	-	Dormant	NO
4	U22219AP2011PTC073869	TELANGANA TELEVISION PRIVATE LIMITED	Director	15-04-11	15-04-11	-	Active	NO

Name :	Mr. Niroop Reddy Patlolla
Designation :	Director
Address :	S-172, L.G.F., Greater Kailash – 2\, New Delhi, India
Date of Birth :	08.06.1958
Date of Appointment :	13.05.2010
DIN No.:	03110997

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L25209AP1975PLC001942	FENO PLAST LIMITED	Director	20-08-10	13-05-10	Active	NO
2	U22219AP2011PTC073869	TELANGANA TELEVISION PRIVATE LIMITED	Additional director	14-05-11	14-05-11	Active	NO
3	U74900AP2009PTC065761	SKS TRUST ADVISORS PRIVATE LIMITED	Director	09-07-12	29-01-12	Active	NO

Name :	Mr. Haridas Kishen
Designation :	Managing Director
Address :	B-3, Vikrampuri Colony, Karkana, Secunderabad, Andhra Pradesh, India
Date of Birth :	20.09.1941
Qualification :	B.Com.
Date of Appointment :	01.04.2004
DIN No.:	00160625

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	L25209AP1975PLC001942	FENO PLAST LIMITED	Managing director	01-04-09	01-04-04	Active	NO

Name :	Dr. Katikeneni Malhar Rao
Designation :	Director
Address :	H- No. 8-2-703/1A, Road No.12, banjara Hills, Hyderabad, Andhra Pradesh, India
Date of Birth :	04.01.1952
Date of Appointment :	30.04.2004
DIN No.:	00294715
Name :	Mr. Haridas Anuradha
Designation :	Director
Address :	Flat No.402, Panaroma Mansion, Renuka Enclave, Somajiguda, Hyderabad, Andhra Pradesh, india
Date of Birth :	04.02.1962
Date of Appointment :	02.03.2008
DIN No.:	02623626

KEY EXECUTIVES

Name :	Mr. P Surya Prakash
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2742354	59.62
Sub Total	2742354	59.62
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	2742354	59.62
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	97832	2.13
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	722873	15.71
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	922464	20.05
Any Others (Specify)	114477	2.49
Clearing Members	777	0.02
NRIs/OCBs	113700	2.47
Sub Total	1857646	40.38
Total Public shareholding (B)	1857646	40.38
Total (A)+(B)	4600000	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	4600000	0

BUSINESS DETAILS

Line of Business :

Manufacturing of PVC Leather Cloth and PVC Film.

Products :

Product Descriptions	ITC Code
Textile fabrics coated with PVC (PVC Leather Cloth)	59031000
PVC Cellular Sheets	39211200
PVC Film and Sheets (Rigid)	39204100
PVC Film and Sheets (Flexible)	39204200

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity*	Actual Production
PVC Leather Cloth/Cellular Sheets	LLM	75.00	70.67
PVC Film	MT	15000.00	10907.75

NOTE

1. Being technical matter, not verified by auditors.

GENERAL INFORMATION

Customers :

· Ajanta Pharma

· Merck Limited

· Pfizer Limited

· Abbott India Limited

· Nicholas Piramal India Limited

· Pharmacia Healthcare Limited

· RPG Life Sciences Limited

· Aristo Pharmaceuticals Limited

· Aurobindo Pharma

· Cadila Pharmaceuticals

· AstraZeneca Pharma India Limited

· Medreich Sterilab

· U.S.Vitamins Limited

· Strides Arcolab Limited

· The Himalaya Drug Company

· Eastern Medikit

· Hindustan Syringes and Medical Devices

· Romsons Scientific and Surgical Industries

· Emil Pharmaceutical Industries

· Franco Indian Remedies Private Limited

· Johnson and JohnsonLimited

· Albert David Limited

· Emcure Pharmaceuticals Limited

· Hetero Drugs

· Biological E. Limited

· Orchid Healthcare Limited

· Aventis Pharma

· Alfred Berg Company

· Hindustan Antibotics Limited

· Eveready Industries India Limited

· BPL Soft Energy Systems Limited, Bangalore

· Indo National Limited, Chennai

· Matsushita Lakanpal Battery India Limited

· Schiffer and Menezes, Goa

· The Paper Print Products, Mumbai

· Ajay Home Products Limited, Delhi

· Needle Industries (India) Private Limited, Nilgiris

· Royal Brushes

No. of Employees :

500 (Approximately)

Bankers :

• Canara Bank
• State Bank of India
• Syndicate Bank

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

LONG-TERM BORROWINGS

Term Loans from Banks

59.705

52.640

Vehicle Loans from Banks

0.368

0.786

SHORT TERM BORROWINGS

Working Capital from Banks

427.583

395.182

TOTAL

487.656

448.608

NOTES

LONG TERM BORROWINGS

1. Term loan from banks include loan from Canara bank and Syndicate bank

2. Term loans from banks are secured by first charge on all existing and future assets of the company on Pari Passu basis and personal guarantee of directors of the company and second charge on current assets

Repayment schedule and Rate of Interest of Term Loans from Banks as follows:

(Rs. In Millions)

Particulars	Repayment Schedule
	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20
Canara Bank – Rate of Interest: BPLR - 0.75% (effective rate of interest as on 31/03/2012 - 14%)	26.320	--	--	--	--	--	--
Syndicate Bank – Rate of Interest: Base Rate + 6.5% (effective rate of interest as on 31/03/2012-17.25%)	5.076	5.076	5.076	5.076	5.076	5.076	2.929

Vehicle loans from banks are hypothecated against vehicles. The rate of interest and repayment schedule is as follows:

(Rs. In Millions)

Particulars	Repayment Schedule
	2013-14	2014-15	2015-16
Kotak Mahindra Prime Limited (Rate of Interest: 9.71%)	0.025	--	--
Kotak Mahindra Prime Limited (Rate of Interest: 10.37%)	0.160	0.160	0.023
TOTAL	0.185	0.160	0.023

SHORT TERM BORROWINGS

Working capital from banks is secured by hypothecation of movable assets including inventories and assignment of receivables, personal guarantees of Directors of the company and second charge on the fixed assets of the Company.

Banking Relations :	--
Auditors :
Name :	M. Anandam and Company Chartered Accountants
Address :	7A, Surya Towers, Sardar Patel Road, Secunderabad-500003, Andhra Pradesh, India
Tel. No.:	91-22-27812377,27812034
Fax No.:	91-22-27812091
E-Mail :	www.anandam.in
PAN No.:	AACFM8791J
Related Parties :	Feno Foams Private Limited Feno Fiber Limited Feno Investments Limited H. Gangaram Cloth Merchants Ganga Bros Spinning Private Limited Rex -O -Knits Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Shares	Rs.10/- each	Rs. 60.000 Millions
6000000	Preference Shares	Rs.10/- each	Rs. 60.000 Millions
	TOTAL		Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4600000	Equity Shares	Rs.10/- each	Rs. 46.000 Millions
Less	Calls In Arrears		Rs. 0.033 Million
	TOTAL		Rs. 45.968 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	45.968	45.968
(b) Reserves & Surplus	288.360	269.547
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	334.328	315.515
(3) Non-Current Liabilities
(a) long-term borrowings	75.753	56.226
(b) Deferred tax liabilities (Net)	36.439	35.777
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	5.272	1.000
Total Non-current Liabilities (3)	117.464	93.003
(4) Current Liabilities
(a) Short term borrowings	428.968	398.067
(b) Trade payables	300.498	318.801
(c) Other current liabilities	123.178	132.888
(d) Short-term provisions	11.540	7.939
Total Current Liabilities (4)	864.184	857.695
TOTAL	1315.976	1266.213
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	336.169	325.280
(ii) Intangible Assets	5.674	1.911
(iii) Capital work-in-progress	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.673	5.372
(e) Other Non-current assets	8.166	5.103
Total Non-Current Assets	354.682	337.666
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	248.480	228.077
(c) Trade receivables	566.616	559.268
(d) Cash and cash equivalents	30.612	35.151
(e) Short-term loans and advances	112.639	100.986
(f) Other current assets	2.947	5.065
Total Current Assets	961.294	928.547
TOTAL	1315.976	1266.213

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		45.967
2] Share Application Money		0.000
3] Reserves & Surplus		254.226
4] (Accumulated Losses)		0.000
NETWORTH		300.193
LOAN FUNDS
1] Secured Loans		463.005
2] Unsecured Loans		36.047
TOTAL BORROWING		499.052
DEFERRED TAX LIABILITIES		33.720
TOTAL		832.965
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		337.904
Capital work-in-progress		0.074
INVESTMENT		5.173
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	164.563
	Sundry Debtors	524.873
	Cash & Bank Balances	25.784
	Other Current Assets	0.000
	Loans & Advances	121.615
Total Current Assets		836.835
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	284.242
	Other Current Liabilities	47.786
	Provisions	14.993
Total Current Liabilities		347.021
Net Current Assets		489.814
MISCELLANEOUS EXPENSES		0.000
TOTAL		832.965

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1963.235	1762.778	1440.973
		Other Income	4.780	12.171	12.951
		TOTAL (A)	1968.015	1774.949	1453.924
Less	EXPENSES
		Cost of materials consumed	1516.954	1377.705	1315.922
		Employee benefits expense	71.685	62.449
		Other expenses	240.655	221.238
		Changes in inventories	(42.932)	(42.746)
		TOTAL (B)	1786.362	1618.646	1315.922
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		181.653	156.303	138.002
Less	FINANCIAL EXPENSES (D)		118.416	101.233	82.740
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		63.237	55.070	55.262
Less/ Add	DEPRECIATION/ AMORTISATION (F)		23.019	17.780	21.972
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		40.218	37.290	33.290
Less	TAX (H)		13.551	12.387	11.315
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		26.667	24.903	21.975
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		159.827	134.924	112.949
	BALANCE CARRIED TO THE B/S		186.494	159.827	134.924
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	135.949
	TOTAL EARNINGS		NA	NA	135.949
	IMPORTS
		Raw Materials	400.099	370.562	244.328
		Stores & Spares	3.315	0.919	0.189
	TOTAL IMPORTS		403.414	371.481	244.517
	Earnings / (Loss) Per Share (Rs.)		5.80	5.41	4.78

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012	31.12.2012	31.03.2013
	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	494.400	458.700	445.800	542.400
Total Expenditure	445.600	416.000	406.900	497.100
PBIDT (Excl OI)	48.800	42.700	38.900	45.300
Other Income	2.200	0.700	1.300	2.100
Operating Profit	51.000	43.400	40.100	47.400
Interest	30.200	33.700	33.400	37.700
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	20.800	9.700	6.800	9.700
Depreciation	6.200	5.100	5.100	4.800
Profit Before Tax	14.600	4.600	1.700	4.900
Tax	4.700	1.500	0.500	2.400
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	9.900	3.100	1.100	2.500
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	9.900	3.100	1.100	2.500

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	1.36	1.40	1.51
Net Profit Margin (PBT/Sales)	(%)	2.05	2.12	2.31
Return on Total Assets (PBT/Total Assets}	(%)	3.06	2.95	2.83
Return on Investment (ROI) (PBT/Networth)		0.12	0.12	0.11
Debt Equity Ratio (Total Debt /Networth)		1.51	1.44	1.66
Current Ratio (Current Asset/Current Liability)		1.11	1.08	2.41

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Unsecured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

LONG-TERM BORROWINGS

Loan from Financial Institutions

15.680

2.800

SHORT TERM BORROWINGS

From Directors

1.385

2.885

TOTAL

17.065

5.685

NOTES

LONG TERM BORROWINGS

Unsecured loans are taken from Andhra Pradesh State Financial Corporation, which are secured by collateral security of spouse of the managing director and guaranteed by Managing Director, Whole Time Director, one more director and spouse of managing director.

Repayment schedule and Rate of Interest of unsecured loans are as follows:

(Rs. In Millions)

Particulars	Repayment Schedule
	2013-14	2014-15	2015-16	2016-17
APSFC - (Rate of Interest 15.50%)	4.320	4.320	4.320	2.720

BUSINESS REVIEW

Revenues increased from Rs.1774.900 Millions in the previous year to Rs 1968.000 Millions, at a growth rate of 11%. Profit before tax increased from Rs. 37.300 Millions to Rs.40.200 Millions. Growth in the profitability for this year was a result of growth in market share of existing products, and launch of products with minimal competition. Profit after tax increased from Rs.24.900 Millions to Rs.26.700 Millions.

The continuous escalation in the cost of raw materials has affected the margins of the Company. Effective implementation of cost-saving measures and other costing systems have helped to protect the margins and to compete in the market. During the period the management's focus is on optimum utilization of resources and production capacities and on the implementation of the PVDC project for high value addition. The Company added PVDC to its product lines and this is a reflection of the demand for the Company's products in the premium markets. The Company envisages increase in customer demand and in order to facilitate manufacture of new and existing products, it is in the process of expansion.

The Company's marketing strategy is to compete in market segments that are diverse yet profitable. The focus of their sales and marketing force is to establish a premium market position for all their products in general and value addition products in particular and to increase that share until they have cemented a majority through the product life cycle. However the highly competitive environment and market dynamics is a constant phenomenon in any business environment and it is imperative need to face such challenges.

OPERATIONS

For the year, production of PVC Leather Cloth was 73.77 Ln. Mtrs. as against the previous year's production of 70.67 Ln. Mtrs. Production of PVC Film was 10642.43 MT as against the previous year's production of 10907.75 MT.

MARKETING

The continuous growth in automobile and pharma sectors augurs well for the Company and efforts are being made to further increase the Company's share in both these sectors.

EXPORTS

During the year 2011-2012, the Company made exports to various countries aggregating Rs. 133.416 Millions as against the previous exports of Rs. 144.479 Millions.

The Company has remained a preferred source to all its customers and is constantly taking steps to mitigate risk and stay ahead of competition.

BUSINESS FOCUS

Following is a list of limited but broad level initiatives that your company has taken to manage business effectively

Comprehensive yet simple objectives for their employees at all levels that are consistent with the long term vision of the company;

Increase presence in Foreign Markets that are complex yet strategically important for the long term sustainability of the Company;

Constant review and assessment and action plan for business improvement

Use of appropriate technology and software for increased productivity and

Training.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY OUTLOOK

The Company's main two products are :

1. PVC Leather Cloth

2. PVC Film

PVC Leather Cloth finds its application mainly for Automobile Industries, where it is used for Car Seat upholstery and Two Wheeler Seats. The Automobile Industry has been growing consistently with many more international car makers making their presence in India and with many more entry level vehicles in which PVC Leather Cloth finds its application.

The demand for PVC Leather Cloth in other application such as three wheeler hoods, seats, two wheeler and car seats' replacement market, domestic upholstery, ladies bags, gents footwear has also been growing.

The company's other product line PVC film finds its main application in blister packing for the pharma industry, which has shown a steady growth. Apart from pharma, the company has now ventured into packaging of non-pharma products and is catering to the stationery, toy, confectionery and consumers' industry like shaving products, batteries, toothbrushes etc. There is now a greater acceptance of PVC film in all such applications where visual highlighting of the product is essential, apart from tamper proof packaging.

LOOKING AHEAD

During the present financial year, the company envisages growth in both PVC Leather Cloth and PVC Film business because of the healthy trends of both the automotive and pharmaceutical industry to which the company's products cater to. The addition of PVDC line has given the company an edge over competition as the company will be only amongst a few who can cater to this requirement. PVDC coated PVC film is a better barrier film presently in demand by a select few companies looking for better barrier properties.

CHANGING DYNAMICS

The main threat is the raising cost of raw-materials particularly PVC Resin and Plasticizer. The increase and expectation to increase further in the price of crude oil would definitely impact the industry with the falling margins. Apart from this, the easy entry of new players with minimum capital into the industry and cheaper imports are also

putting pressure on the margins.

SEGMENTWISE PERFORMANCE

The demand from automobile sector helped the Company in achieving higher capacity utilization as compared to previous year and the future looks bright with automobile companies coming out with various models at different levels. Demand from Pharma Industry is also expected very encouraging.

PVC Leather Cloth: The production during the year is increased from 70.67 Ln. Mts. for the year 2010-11 to 73.77 Ln. Mts. for the year 2011-12.

PVC Film: The PVC Film segment showed a marginal decrease in output from 10907.75 MT to 10642.43 MT and this is due to insistence of better credit control by the company.

FINANCIAL PERFORMANCE REVIEW

The increase in the raw-material price coupled with raising interest costs has severely affected the margins. The net profit before tax for the year increased to Rs 40.200 Millions as compared to previous year Rs.37.300 Millions. The volumes for the products have been improved during the year under review. The Company implemented various measures for better utilization working capital credit facilities so as to reduce the interest costs as well as optimum utilization working capital funds by better debtors' management. However, the increase in interest rates has affected the margins severely.

FIXED ASSETS

• Land and Land Development
• Buildings
• Plant and Machinery
• Electrical installations
• Office Equipment
• Furniture and fixtures
• Bore Well
• Motor Vehicles
• Factory Equipment

CONTINGENT LIABILITIES (NOT PROVIDED FOR) IN RESPECT OF

(Rs. In Millions)

Sr. No	Particulars	2011-12	2010-11
1	Demand raised by the Income Tax authorities, being disputed by the Company	9.221	7.355
2	Demands raised by Sales tax authorities, being disputed by the Company	4.615	4.028
3	Bank guarantees, Letter of credits and other guarantees	44.374	97.480
	TOTAL	58.210	108.863

AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^ST MARCH, 2013

(Rs. in millions)

Sr. No.	Particular	Quarter Ended		Year Ended
		31.03.2013 (Audited)	31.12.2012 (Unaudited)	31.03.2013 (Audited)
1.	Income from Operations
	Net Sales	542.411	445.801	1941.335
	Other Operating Income
	Net Sales/Income from Operations	542.411	445.801	1941.335
2.	Expenditure
	Consumption of Raw Materials	360.318	322.476	1400.256
	Change in Inventories of Finished Goods, Work-In-Progress and Stock In Trade	45.219	6.470	30.212
	Employee Benefits Expenses	19.996	19.297	83.818
	Depreciation and Amortization Expenses	4.844	5.077	21.199
	Other Expenses	71.560	58.707	251.366
	f) Total	501.937	412.027	1786.851
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	40.474	33.774	154.484
4.	Other Income	2.060	1.279	6.193
5.	Profit Before Interest and Exceptional Items (3+4)	42.534	35.054	160.677
6.	Interest	37.666	33.388	134.986
7.	Profit After Interest but before Exceptional Items (5-6)	4.868	1.665	25.691
8.	Exceptional Items	--	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	4.868	1.665	25.691
10.	Tax Expense	2.418	0.540	9.176
11.	Net Profit from Ordinary Activities after Tax (9-10)	2.450	1.125	16.515
12.	Extraordinary Item (net of expense)	--	--	--
13.	Net Profit for the period (11-12)	2.450	1.125	16.515
14.	Paid-up Equity Share Capital (Face Value of Rs.10/- Each)	45.968	45.968	45.968
15.	Reserves Excluding Revaluation Reserve	--	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	0.53	0.24	3.59
	b) Basic and diluted EPS after extraordinary items	0.53	0.24	3.59
17.	Public Shareholding
	-Number of Shares	1857646	1857646	1857646
	- Percentage of Shareholding	40.38	40.38	40.38
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil	Nil
	b) Non Encumbered
	- Number of Shares	2742354	2742354	2742354
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100	100	100
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	59.62	59.62	59.62

Particulars	3 Months ended on March 31, 2013
Pending at the beginning of the quarter	Nil
Received during the quarter	1
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	1

NOTES

1. Audit Committee reviewed the above results. The Board of Directors at its board meeting held on 25^th May, 2013 approved the above results. The statutory auditors of the company have carried out limited review of results for the Quarter ended 31^st March, 2013

2. The above figures of previous periods have been restated, wherever necessary, to make them comparable.

3. The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and year to date figures up to the third quarter of the financial year.

4. Figures for the previous period/ year have been rearranged ad regrouped wherever necessary.

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Sl. No.	Particulars	Quarter Ended		Nine Months Ended
		31.03.2013	31.12.2012	31.03.2013
		(Audited)	(Unaudited)	(Audited)
1	Segment Revenue
	PVC Leather Cloth	229.136	173.859	864.568
	PVC Film	313.274	271.941	1076.767
	Total	542.410	445.800	1941.335
	Less : Inter Segment Revenue (Net of Excise)	--	--	--
	Net Sales / Income from Operation	542.410	445.800	1941.335
2	Segment Results
	PVC Leather Cloth	22.283	18.630	97.484
	PVC Film	29.004	31.789	114.152
	Total segment profit before interest and tax	51.287	50.419	211.636
	Less :Interest	37.666	33.388	134.986
	Less : Other Unallocable Expenses and Extra Ordinary Items	8.902	15.366	50.958
	Profit Before Tax	4.718	1.665	25.691
3	Capital Employed
	PVC Leather Cloth	347.106	312.476	347.106
	PVC Film	445.242	436.608	445.242
	Un allocated	(449.216)	(406.500)	(449.216)
	Total	343.132	342.584	343.132

NOTE

Segment Reporting is in accordance with the Accounting Standard 17 issued by the ICAI. The revenue, results, capital employed have been given Business Segment wise. Expenditure, Assets and liabilities, are classified to the segments to the extent that are identified and the balance of expenditure, assets, and liabilities were considered as un-allocable

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

PARTICULARS	31.03.2013 AUDITED
Equity and liabilities
Shareholders' fund
Share capital	45.968
Reserve & surplus	297.163
Sub-total - Shareholders' funds	343.131
Non - current liabilities
Long term borrowings	47.596
Deferred tax liability (net)	38.091
Long term provisions	6.222
Sub-total - Non-current liabilities	91.909
Current liabilities
Short term borrowings	497.698
Trade payables	374.070
Other current liabilities	127.951
Short term provisions	4.321
Sub-total - Current liabilities	1004.040
Total - Equity & Liabilities	1439.080
Assets
Non-current assets
Fixed assets
Tangible assets	320.448
Intangible assets	5.298
Capital work in progress	0.497
Long term loans & advances	25.599
Sub-total - Non-current Assets	351.842
Current assets
Inventories	251.267
Trade receivables	685.682
Cash & bank balances	45.897
Short term loans & advances	95.354
Other current assets	9.038
Sub-total - Current Assets	1087.238
Total – Assets	1439.080

AS PER WEB DETAILS

PROFILE

Fenoplast-The name behind the finest automotive upholstery

Often, the elegance and comfort of an automobile is best reflected in its upholstery. Whether it is a tiny two-wheeler or powerful four-wheeler, among all the parts of an automobile, what lends easily for an aesthetic touch is the upholstery with which people are in intimate touch.

For decades now, subject is a name that has been at the core of the finest automotive upholstery. Known for making world-class quality PVC Leather Cloth, subject has been preferred by many Indian as well as International automobile majors for automotive upholstery. Today, subject has a formidable presence far and wide - in over 20 countries, including UK, USA, Germany, France, Holland, South Africa and Singapore. Since its inception, subject has come a long way. The single-product unit it was in 1975 has grown to become a multi product, multi-unit group.

Fenoplast - The genesis of Growth

· 1976 -- Fenoplast begins manufacture of PVC Leather Cloth

Investment : Rs. 7 million

Production Capacity : 3 million square meters per annum

Technology : Direct Coating

· 1983 -- Fenoplast new unit setup

Production Capacity : 3 million square meters per annum

Technology : Transfer coating using Release Paper

Machinery :   imported from Italy, Japan, Taiwan

· 1987 -- First plant modernized assimilating the Transfer Coating technology.

· 1988 -- Fenoplast new unit setup to manufacture PVC Rigid/Soft Film

Investment : Rs. 150 million

Technology : Calendering with two stage planetary extrusion.

Machinery : from Battenfeld Extrusions Technic  GmbH, Germany

It is to the credit of Fenoplast to acquire and adopt, for the first time in India, the fully automatic and advanced technology, known as C7 Calenderette. The project is equipped with fully automatic no-break generator with a capacity of 1300 kva, enough to run the entire plant and machinery, to ensure optimal and uninterrupted utilization of the plant.

Fenoplast - The plants and Products Presently, the Fenoplast Group has five manufacturing units in its ambit, each producing a specialized range of PVC and PVC - related products. Together, the five units of subject constitute an integrated facility, enabling the company reap rich economies of scale in production and ensure excellent quality in its products, which in turn get passed on to the end-users.

Fenoplast - The Quality Control Fenoplast places special accent on the quality of its products. Subject has adopted a comprehensive quality control process to ensure excellence at every stage of production, The 8 - stage quality control system leaves virtually no aspect to chance.

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 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. 59.85
UK Pound	1	Rs. 92.30
Euro	1	Rs. 78.22

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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	YES
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.