MIRA INFORM REPORT
|
Report Date : |
22.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
FENO PLAST LIMITED |
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Registered
Office : |
306, Chenoy Trade
Centre, |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
16.10.1975 |
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Capital Investment / Paid-up Capital : |
Rs. 45.968 Millions |
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Com. Reg. No.: |
01-001942 |
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CIN No.: [Company
Identification No.] |
L25209AP1975PLC001942 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDF00369F |
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PAN No.: [Permanent
Account No.] |
AAACF3076C |
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Legal Form : |
Public Limited
Liability Company. The company’s
shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of PVC Film and PVC Leather Cloth. |
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No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There are seems some dip in the profit of the company. During
financial year 2013. The rating is also constrained by high working capital utilization and
high gearing level. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra
topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn,
Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office locations.
London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities : “B+” (Suspended) |
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Rating Explanation |
High risk of default |
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Date |
October 2013 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities : “A4” (Suspended) |
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Rating Explanation |
Minimal degree of safety. It carry very high credit risk |
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Date |
October 2013 |
Reason for Suspension: Rating suspended as the company not furnished the
information required.
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.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (Tel. No. 91-40-27846322)
LOCATIONS
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Registered Office : |
306, Chenoy Trade
Centre, Park Lane, Secunderabad - 500003, Andhra Pradesh, India |
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Tel. No.: |
91-40-27840322 / 27840722 / 27814651 |
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Fax No.: |
91-40-27721739 |
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E-Mail : |
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Website : |
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Factory : |
·
Unit-I PlotNo.21/A, Industrial Development Area, Patancheru, Medak Dist., ·
Unit-II Survey No. 132 and 133, ·
Unit-III Survey No. 165 and 166, |
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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, District Krishnagiri, Hosur
- 635126, Tamilnadu, India ·
Kolkata P-175, Kalindi Housing Estate, Kolkata - 700089, 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 -110091, India ·
Roorkee D K Cold Storeage Compound, Sunhera Road, Kashipuri Pragna and Tehsil Roorkee,
District Hardwar - 247667, Uttrarakhand, India ·
Kalyan Plot No 681, at Post Kon, Taluka-Bhiwandi,
Dist-Thane (Near Water Park), Kon Village, Kalyan-Bhiwandi Road, Maharashtra,
India ·
Indore 67, Mangalmurti Nagar, Scheme No. 77, Ring
Road, Behind Mayur Hospital, Indore - 452018, Madhya Pradesh, India ·
Attibele Kaveri Nilaya, Bhuvaneshwari Nagar,
Attibele - 562107, Karnataka, India ·
Baddi Bhud Road, Vill. Gullarwala, Teshil.
Nalagarh, P.O. Karuana, District Solan, Baddi, Himalchal Pradesh, India ·
Ludhiana Street No.8, Baba Deep Singh Nagar, Ambala
Bye Pass Road, Near Transport Nagar Crossing, Ludhiana – 141010, Punjab,
India |
DIRECTORS
As on 31.03.2013
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Name : |
Mr. Bhandari Kamalaker Rao |
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Designation : |
Director |
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Address : |
603, Bhandari Residency, Begumpet,
Hyderabad, Andhra Pradesh, India |
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Date of Birth : |
27.03.1949 |
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Date of Appointment : |
28.09.2005 |
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DIN No.: |
00038686 |
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Name : |
Mr. Haridas Narsaiah |
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Designation : |
Director |
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Address : |
Near Municipal park, Saraswati Nagar,
Nizamabad, |
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Date of Birth : |
09.11.1936 |
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Date of Appointment : |
27.09.2006 |
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DIN No.: |
00292864 |
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Name : |
Mr. Haridas Krishna Kumar |
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Designation : |
Whole-time Director |
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Address : |
Flat No.503, Pooja Palace, Motilal Nehru
Nagar, Begumpet, Hyderabad, Andhra Pradesh, India |
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Date of Birth : |
11.08.1959 |
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Qualification : |
M.A. |
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Date of Appointment : |
25.05.2013 |
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PAN No.: |
AAIPH8688K |
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DIN No.: |
00260198 |
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Name : |
Mr. Niroop Reddy Patlolla |
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Designation : |
Director |
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Address : |
S-172, L.G.F., Greater Kailash – 2\, |
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Date of Birth : |
08.06.1958 |
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Date of Appointment : |
20.08.2010 |
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DIN No.: |
03110997 |
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Name : |
Mr. Haridas
Kishen |
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Designation : |
Managing Director |
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Address : |
B-3, Vikrampuri Colony,
Karkana, Secunderabad, |
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Date of Birth : |
20.09.1941 |
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Qualification : |
B.Com. |
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Date of Appointment : |
25.05.2013 |
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PAN No.: |
AEXPK7462F |
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DIN No.: |
00160625 |
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Name : |
Dr. Katikeneni Malhar Rao |
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Designation : |
Director |
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Address : |
H- No. 8-2-703/1A, Road No.12, Banjara
Hills, Hyderabad, Andhra Pradesh, India |
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Date of Birth : |
04.01.1952 |
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Date of Appointment : |
30.04.2004 |
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DIN No.: |
00294715 |
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Name : |
Mr. Haridas Anuradha |
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Designation : |
Director |
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Address : |
Flat No.402, Panaroma Mansion, Renuka Enclave, Somajiguda, Hyderabad,
Andhra Pradesh, India |
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Date of Birth : |
04.02.1962 |
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Date of Appointment : |
02.03.2008 |
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DIN No.: |
02623626 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % |
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(A) Shareholding of Promoter and Promoter Group |
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2744116 |
59.65 |
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2744116 |
59.65 |
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Total shareholding of Promoter and Promoter Group (A) |
2744116 |
59.65 |
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(B) Public Shareholding |
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|
96609 |
2.10 |
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679658 |
14.78 |
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965165 |
20.98 |
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114452 |
2.49 |
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|
752 |
0.02 |
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113700 |
2.47 |
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1855884 |
40.35 |
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Total Public shareholding (B) |
1855884 |
40.35 |
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Total (A)+(B) |
4600000 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
4600000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of PVC Film and PVC Leather Cloth. |
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Products : |
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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
- Being technical matter, not verified by
auditors.
GENERAL INFORMATION
|
Customers : |
·
·
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 ·
·
·
Romsons Scientific and Surgical Industries ·
Emil Pharmaceutical Industries ·
Franco Indian Remedies Private Limited ·
Johnson and JohnsonLimited ·
Albert David Limited |
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No. of Employees : |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
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Bankers : |
· Syndicate Bank, First Floor, Varalakshmi Complex, Mahatma Gandhi Road, Secunderabad - 500003, Andhra Pradesh, India · Canara Bank, Rashtra Pathi Road, Secunderabad - 500003, Andhra Pradesh, India · Indian Bank, Surabhi Arcade,Bank Street, Hyderabad - 500001, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M. Anandam and Company Chartered Accountants |
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Address : |
7A, Surya Towers, S.P. Road, Secunderabad, Andhra Pradesh, India |
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Tel. No.: |
91-22-27812377,27812034 |
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Fax No.: |
91-22-27812091 |
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E-Mail : |
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PAN No.: |
AACFM8791J |
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Associates : |
Rex - O - Knits Private Limited CIN No.: U17123AP1984PTC004465 |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
|
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TOTAL |
|
Rs. 120.000
Millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4600000 |
Equity Shares |
Rs.10/- each |
Rs. 46.000
Millions |
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|
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Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
4596750 |
Equity Shares |
Rs.10/- each |
Rs. 45.968
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
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(1)Shareholders'
Funds |
|
|
|
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(a) Share Capital |
45.968 |
45.968 |
45.968 |
|
(b) Reserves & Surplus |
297.163 |
288.360 |
269.547 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
343.131 |
334.328 |
315.515 |
|
|
|
|
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(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
47.596 |
75.753 |
56.226 |
|
(b) Deferred tax liabilities (Net) |
38.091 |
36.439 |
35.777 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
6.222 |
5.272 |
1.000 |
|
Total Non-current
Liabilities (3) |
91.909 |
117.464 |
93.003 |
|
|
|
|
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(4) Current Liabilities |
|
|
|
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(a) Short
term borrowings |
497.697 |
428.968 |
398.067 |
|
(b) Trade
payables |
374.070 |
300.499 |
318.801 |
|
(c) Other
current liabilities |
127.952 |
123.178 |
132.888 |
|
(d) Short-term
provisions |
4.321 |
12.952 |
7.939 |
|
Total Current
Liabilities (4) |
1004.040 |
865.597 |
857.695 |
|
|
|
|
|
|
TOTAL |
1439.080 |
1317.389 |
1266.213 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
320.448 |
336.168 |
325.280 |
|
(ii)
Intangible Assets |
5.298 |
0.000 |
1.911 |
|
(iii)
Capital work-in-progress |
0.497 |
5.675 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
25.599 |
24.319 |
5.372 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
5.103 |
|
Total Non-Current
Assets |
351.842 |
366.162 |
337.666 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
251.267 |
248.481 |
228.077 |
|
(c) Trade
receivables |
685.683 |
566.616 |
559.268 |
|
(d) Cash
and cash equivalents |
45.897 |
30.612 |
35.151 |
|
(e)
Short-term loans and advances |
95.354 |
89.502 |
100.986 |
|
(f) Other
current assets |
9.037 |
16.016 |
5.065 |
|
Total
Current Assets |
1087.238 |
951.227 |
928.547 |
|
|
|
|
|
|
TOTAL |
1439.080 |
1317.389 |
1266.213 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1941.335 |
1963.235 |
1762.778 |
|
|
|
Other Income |
6.194 |
4.780 |
12.171 |
|
|
|
TOTAL (A) |
1947.529 |
1968.015 |
1774.949 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1400.256 |
1516.953 |
1377.705 |
|
|
|
Employee benefits expense |
80.218 |
67.224 |
62.449 |
|
|
|
Other expenses |
254.966 |
245.116 |
221.238 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
30.212 |
(42.932) |
(42.746) |
|
|
|
TOTAL (B) |
1765.652 |
1786.361 |
1618.646 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
181.877 |
181.654 |
156.303 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
134.986 |
118.416 |
101.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
46.891 |
63.238 |
55.070 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.199 |
23.019 |
17.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
25.692 |
40.219 |
37.290 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.177 |
13.552 |
12.387 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
16.515 |
26.667 |
24.903 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
146.996 |
118.721 |
138.515 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
|
370.562 |
|
|
|
Stores & Spares |
|
|
0.919 |
|
|
TOTAL IMPORTS |
352.038 |
403.414 |
371.481 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.59 |
5.80 |
5.41 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
496.200 |
541.400 |
563.100 |
|
Total Expenditure |
445.800 |
498.800 |
521.200 |
|
PBIDT (Excl OI) |
50.300 |
42.500 |
41.900 |
|
Other Income |
3.200 |
1.800 |
1.000 |
|
Operating Profit |
53.500 |
44.300 |
42.900 |
|
Interest |
34.200 |
33.800 |
36.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
19.400 |
10.500 |
6.200 |
|
Depreciation |
4.700 |
5.000 |
5.200 |
|
Profit Before Tax |
14.600 |
5.500 |
1.000 |
|
Tax |
4.700 |
1.800 |
0.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
9.900 |
3.700 |
0.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
9.900 |
3.700 |
0.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.85 |
1.36 |
1.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.32 |
2.05 |
2.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.82 |
3.12 |
2.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.12 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.59 |
1.51 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.08 |
1.10 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
45.968 |
45.968 |
45.968 |
|
Reserves & Surplus |
269.547 |
288.360 |
297.163 |
|
Net
worth |
315.515 |
334.328 |
343.131 |
|
|
|
|
|
|
long-term borrowings |
56.226 |
75.753 |
47.596 |
|
Short term borrowings |
398.067 |
428.968 |
497.697 |
|
Total
borrowings |
454.293 |
504.721 |
545.293 |
|
Debt/Equity
ratio |
1.440 |
1.510 |
1.589 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1762.778 |
1963.235 |
1941.335 |
|
|
|
11.372 |
(1.116) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1762.778 |
1963.235 |
1941.335 |
|
Profit |
24.903 |
26.667 |
16.515 |
|
|
1.41% |
1.36% |
0.85% |
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances |
11.620 |
15.680 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
0.883 |
1.385 |
|
TOTAL |
12.503 |
17.065 |
BUSINESS REVIEW
The Company has
achieved the same revenues close to the previous year amounting to Rs.2138.300 Millions as against Rs.2136.100 Millions in previous year in-spite of the severe
power shortage. As the Company has passed through tough times during the year
due to power shortage and has been able to overcome by supplementing through
internal generation coupled with sourcing, of power from expensive power
purchase scheme envisaged by AP Transco. These efforts have enabled the Company
to operate the optimum level of capacities without any interruption. However,
the Profit before tax decreased from Rs.40.200 Millions
in previous year to Rs.25.700 Millions mainly
due to increase in Power costs by Rs.17.000 Millions.
During the year. The management has continued its focus on optimizing the
utilization of resources and production capacities as well as on the value
addition products like PVDC, Metalized and Pearlized products. The Company
envisages significant increase in revenues from both the existing and new
products from next year for all the efforts that have been put in the last two
years.
The Company’s
marketing strategy is to compete in market segments that are diverse yet
profitable. The focus of their sales and marketing team is to establish a
premium market position for all their products in general and value addition
products in particular thereby increase its market share. However, the highly
competitive environment and market dynamics is a constant phenomenon in any
business environment and it is an imperative need to face such challenges.
A new Company logo
was unveiled on the 28th April 2013, as the Company felt the need for a proper
and better identity that symbolized the vibrancy and the growth of the Company:
OPERATIONS
For the year,
production of PVC Leather Cloth was 62.85 Ln. Mtrs. as against the previous
year’s production of 73.77 Ln. Mtrs. Production of PVC Film was 9556.06 MT as
against the previous year’s production of 10642.43 MT.
MARKETS
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
2012-13, the Company made exports to various countries aggregating Rs.163.558 Millions
as against the previous exports of Rs.133.416 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.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The
Company is engaged in manufacturing of PVC Film and PVC Leather Cloth which are
widely used by pharma and automobile industries. Due to various inherent
advantages like cost effectiveness, durability along with increase in cost of
alternate products the demand for PVC Leather Cloth has been growing. PVC
leather has widely been used as alternative for leather. PVC Leather cloth
finds its application in Car seats, 2-Wheelerseats, domestic upholstery,
3-wheeler seats and Hoods, ladies bags and footwear industry. PVC Film finds
its applications mainly in pharma blister packaging. Off late there’s been a
spurt in other Non – Pharma applications such as consumer products like tooth
brushes, shaving products, batteries, confectionery, stationery, toys etc.,
wherever visual packaging is required. The advantage of PVC Film over other
plastics is easy usability, transparency which highlights the items that are
packed and are tamper proof.
This
year the Company introduced PVDC Coated PVC Film, which is a specialized Film
that enhances barrier properties and is especially used for high cost
formulations and hygroscopic formulations.
SEGMENT-WISE
PERFORMANCE
The
demand from automobile sector helped the Company in optimizing the capacity
utilization and the future looks bright with automobile companies coming out
with various models at different levels. Demand from Pharma Industry is also
very encouraging for PVC Film. But the volumes have marginally come down due to
severe power cuts. The fall in production of PVC Leather is a conscious
decision by the Company to cut down low yielding products and make capacity
available for new projects in the automobile sector.
PVC
Leather Cloth: The production during the year is 62.85 Ln. Mts. as against
73.77Ln. Mts. in the previous year.
PVC
Film: The production during the year is 9,556.06 MT as against
10,642.43 MT in the previous year.
FINANCIAL
PERFORMANCE
Continuous
increase in the crude-oil prices is affecting the PVC prices, being base raw material
for which Company’s products, are derived and increase in the cost of knitted
cloth another base material in addition to severe power shortage and rising
interest costs have severely affected the margins. The net profit before tax
for the year decreased to Rs.25.692 Millions as compared to previous year
Rs.40.219 Millions.
The
Company implemented various measures for better utilization of 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 of interest rates has affected the margins severely.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
L25209AP1975PLC001942 |
|
Name of the
company |
FENO PLAST LIMITED |
|
Address of the
registered office or of the principal place of business in |
306, Chenoy Trade Centre, Park Lane, Secunderabad - 500003, Andhra Pradesh, India Email: inbox@fenoplast.com |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) Others (Raw Materials, Work In Progress, Finished Goods) |
|
Particular of
charge holder |
Syndicate Bank, First Floor, Varalakshmi Complex, Mahatma Gandhi Road, Secunderabad - 500003, Andhra Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Fund Based: SODH Limit –
162.000 Millions DATBD/DBD/CDD
Limit -10.000 Millions PCL Limit – 8.700
Millions FDBP/FUBP Limit -
11.300 Millions Non Fund Based: FLC/ILC Limit -
105.500 Millions BG Limits – 2.500
Millions |
|
Date of
instrument Creating the charge |
08.02.2014 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Bank Rate + 3.25%
(i.e presently
13.50% p.a) Terms of Repayment As and when due Extent and Operation of the charge To Secure the loan amount of Rs.300.000 Millions along with the interest by way of Charge on Raw material, WIP, Finished Goods of PVC leather cloth, PVC film and PVDC film. Charge on Unit-I situated at 21/A, IDA, Patancheru, Medak District. Charge on Unit-II situated at s.no.132 and 133 Nandigam Village, Patancheru mandal. Charge on Unit-III situated at s.no 165 and 166 Nandigam Village, Patancheru mandal. Others Company shall
undertake to liquidate existing NFB limits of Rs.23.000 Millions with Indian
Bank on expiry of validity and no further LC/BG to be availed from Indian
Bank. |
|
Short particulars
of the property charged |
First pari passu
charge on Raw material, WIP, Finished Goods of PVC leather cloth, PVC film
and PVDC film. Charge on Unit-I
situated at 21/A, IDA, Patancheru, Medak District. Charge on Unit-II
situated at s.no.132 and 133 Nandigam Village, Patancheru mandal. Charge on
Unit-III situated at s.no 165 and166 Nandigam Village, Patancheru mandal. |
FIXED ASSETS
v
Tangible
Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Other Equipment’s
v
Intangible
Assets
· Computer Software
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 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 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] 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. 61.05 |
|
|
1 |
Rs. 100.81 |
|
Euro |
1 |
Rs. 84.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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 |
|
30 |
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.