MIRA INFORM REPORT
|
Report Date : |
13.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
FENO PLAST LIMITED |
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|
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Registered
Office : |
306, Chenoy Trade Centre, Park Lane, Secunderabad – 500003, Telangana |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
16.10.1975 |
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Com. Reg. No.: |
36-001942 |
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Capital
Investment / Paid-up Capital : |
Rs. 45.968 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209TG1975PLC001942 |
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|
|
IEC No.: |
Not Available |
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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 Exchange. |
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Line of Business
: |
Manufacturer, Exporter and Importer of PVC Film and PVC Leather Cloth. |
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No. of Employees
: |
268 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
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|
Status : |
Satisfactory |
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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 satisfactory track record. Profit margin of the company is low. However, net worth of the company
is satisfactory. General financial position of the company is normal and
acceptable for business dealing. Trade relations are reported as fair. Business is active. Payments
terms are reported to be slow but correct. 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
CARE
Rating suspended as the company has not furnished the information
required.
October 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Ms. Archana |
|
Designation : |
Export Department |
|
Contact No.: |
91-40-27840322 |
|
Date : |
10.11.2014 |
LOCATIONS
|
Registered Office : |
306, Chenoy Trade Centre, Park Lane, Secunderabad – 500003, Telangana,
India |
|
Tel. No.: |
91-40-27840322/ 27840722 |
|
Fax No.: |
91-40-27721739 |
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E-Mail : |
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Website : |
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Factory : |
PlotNo.21/A, Industrial Development Area, Patancheru, Medak Dist., ·
Unit-II Survey No. 132 and 133,
Survey No. 165 and 166, Nandigoan Village,
Patancheru Mandal, Medak Dist., Andhra Pradesh, India |
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|
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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 31.03.2014
|
Name : |
Mr. B. Kamalakar Rao |
|
Designation : |
Chariman |
|
Date of Birth/Age : |
27.03.1949 |
|
Date of Appointment : |
28.09.2005 |
|
Expertise in specific functional area : |
More than 38 years in Finance and Management. |
|
Qualification : |
B. Tech, M.B.A. and F.I.E. |
|
|
|
|
Name : |
Mr. H Narsaiah |
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Designation : |
Director |
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|
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|
Name : |
Mr. H Kishen |
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Designation : |
Managing Director |
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|
Name : |
Mr. H Krishna Kumar |
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Designation : |
Whole-Time Director |
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|
|
Name : |
Dr. K Malhar Rao |
|
Designation : |
Director |
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Date of Birth/Age : |
14.12.1934 |
|
Date of Appointment : |
30.04.2004 |
|
Expertise in specific functional area : |
He is a retired Professor of Pediatrics, Kakatiya University. He is
having wide contacts in Pharma Industry, which would help the Company to
improve the business in the PVCF film. |
|
Qualification : |
M.B.B.S., M.D. |
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|
|
|
Name : |
Dr. H Anuradha |
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Designation : |
Director |
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Date of Birth/Age : |
04.02.1962 |
|
Date of Appointment : |
02.03.2008 |
|
Expertise in specific functional area : |
She has been working as Civil Assistant
Surgeon inthe department of Radiology in Gandhi Medical College, Hyderabad. |
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|
|
|
Name : |
Mr. P Niroop |
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Designation : |
Director |
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Date of Birth/Age : |
08.06.1958 |
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Date of Appointment : |
13.05.2010 |
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Expertise in specific functional area : |
He is a Supreme Court Lawyer having good experience and exposure to
various matters related to Company law, Environment law etc. |
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|
|
KEY EXECUTIVES
|
Name : |
Ms. Archana |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
2796916 |
60.80 |
|
|
2796916 |
60.80 |
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|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2796916 |
60.80 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
|
|
|
|
99797 |
2.17 |
|
|
|
|
|
|
656407 |
14.27 |
|
|
933065 |
20.28 |
|
|
113815 |
2.47 |
|
|
810 |
0.02 |
|
|
113005 |
2.46 |
|
|
1803084 |
39.20 |
|
Total Public
shareholding (B) |
1803084 |
39.20 |
|
Total (A)+(B) |
4600000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
4600000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of PVC Film and PVC Leather Cloth. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
268 (Approximately) |
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Bankers : |
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Facilities : |
Notes : Long Term
Borrowing a) Term loan from banks
include loan from Syndicate bank b) Term loans from banks are secured by first charge on all existing
and future assets of the Company on pari pasu basis and personal guarantee of
directors (Mr. H. Narsaiah, Mr. H. Kishen and Mr.H.Krishna Kumar) of the
Company, other managerial persons (Mr. H. Mahesh Kumar and Mr. H.Praveen
Kumar) Second charge on Current Assets of the Company. Short Term
Borrowing Working capital loans from banks are secured by hypothecation of
movable assets including inventories and assignment of receivables, personal
guarantees of Directors (Mr. H. Kishen, Mr. H. Krishna Kumar and Mr. H.
Narsaiah) of the Company and Second charge on the fixed assets of the
Company. |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
M. Anandam and Company Chartered Accountants |
|
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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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Rex - O - Knits Private Limited CIN No.: U17123AP1984PTC004465 |
CAPITAL STRUCTURE
As On 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
|
60,00,000 |
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 |
|
46,00,000 |
Equity Shares |
Rs. 10/-
each |
Rs.46.000
Millions |
|
|
Less :Call in Arrears |
|
Rs.0.033
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 45.968 Millions |
Details of shareholders holding more than 5% shares
|
Name of
Shareholders |
As on 31.03.2014 |
|
|
% of Share
Holdings |
Number of Shares |
|
|
H. Krishna Kumar |
6.38 |
293,500 |
|
H. Saparna |
6.93 |
319,000 |
|
H. Narsaiah |
5.92 |
272,392 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
45.968 |
45.968 |
45.968 |
|
(b) Reserves & Surplus |
306.438 |
297.163 |
288.360 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
352.406 |
343.131 |
334.328 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
43.259 |
47.596 |
75.753 |
|
(b) Deferred tax liabilities (Net) |
39.464 |
38.091 |
36.439 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
8.032 |
6.222 |
5.272 |
|
Total Non-current
Liabilities (3) |
90.755 |
91.909 |
117.464 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
580.334 |
487.454 |
428.968 |
|
(b) Trade
payables |
467.315 |
385.373 |
300.499 |
|
(c) Other
current liabilities |
163.340 |
126.893 |
123.178 |
|
(d) Short-term
provisions |
0.150 |
0.020 |
12.952 |
|
Total Current
Liabilities (4) |
1211.139 |
999.740 |
865.597 |
|
|
|
|
|
|
TOTAL |
1654.300 |
1434.780 |
1317.389 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
332.746 |
320.448 |
336.168 |
|
(ii)
Intangible Assets |
5.699 |
5.298 |
0.000 |
|
(iii)
Capital work-in-progress |
6.103 |
0.497 |
5.675 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.300 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
21.706 |
21.300 |
24.319 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
366.554 |
347.543 |
366.162 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
361.330 |
251.267 |
248.481 |
|
(c) Trade
receivables |
795.597 |
685.682 |
566.616 |
|
(d) Cash
and cash equivalents |
48.750 |
45.897 |
30.612 |
|
(e)
Short-term loans and advances |
60.513 |
95.354 |
89.502 |
|
(f) Other
current assets |
21.556 |
9.037 |
16.016 |
|
Total Current
Assets |
1287.746 |
1087.237 |
951.227 |
|
|
|
|
|
|
TOTAL |
1654.300 |
1434.780 |
1317.389 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2186.294 |
1941.335 |
1963.235 |
|
|
|
Other Income |
119.321 |
6.193 |
4.780 |
|
|
|
TOTAL (A) |
2305.615 |
1947.528 |
1968.015 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1769.982 |
1400.256 |
1516.953 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(95.277) |
30.212 |
(42.932) |
|
|
|
Employees Benefit Expenses |
93.703 |
83.818 |
67.224 |
|
|
|
Other Expenses |
353.427 |
251.366 |
245.116 |
|
|
|
TOTAL (B) |
2121.835 |
1765.652 |
1786.361 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
183.780 |
181.876 |
181.654 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
140.677 |
134.986 |
118.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
43.103 |
46.890 |
63.238 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.996 |
21.199 |
23.019] |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
22.107 |
25.691 |
40.219 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.240 |
9.176 |
13.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
16.867 |
16.515 |
26.667 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.67 |
3.59 |
5.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
0.77
|
0.85 |
1.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.40
|
9.36 |
9.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.34 |
1.79 |
3.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.07 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.77 |
1.56 |
1.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.09 |
1.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
45.968 |
45.968 |
45.968 |
|
Reserves & Surplus |
288.360 |
297.163 |
306.438 |
|
Net
worth |
334.328 |
343.131 |
352.406 |
|
|
|
|
|
|
long-term borrowings |
75.753 |
47.596 |
43.259 |
|
Short term borrowings |
428.968 |
487.454 |
580.334 |
|
Total
borrowings |
504.721 |
535.050 |
623.593 |
|
Debt/Equity
ratio |
1.510 |
1.559 |
1.770 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1963.235 |
1941.335 |
2186.294 |
|
|
|
(1.116) |
12.618 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1963.235 |
1941.335 |
2186.294 |
|
Profit |
26.667 |
16.515 |
16.867 |
|
|
1.36% |
0.85% |
0.77% |
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 |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
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 |
Yes |
|
18] |
Major
customers |
Yes |
|
19] |
Payments
terms |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10481556 |
08/02/2014 |
300,000,000.00 |
Syndicate Bank |
First Floor,Varalakshmi
Complex, Mahatma Gandhi R |
B98055221 |
|
2 |
10459208 |
30/09/2013 |
350,000,000.00 |
Canara Bank |
Rashtra Pathi Road,
Secunderabad, Andhra Pradesh - |
B89145536 |
|
3 |
10389461 |
01/12/2012 |
95,000,000.00 |
INDIAN BANK |
Surabhi Arcade,
Bank Street, Hyderabad, Andhra Pr |
B63140248 |
|
4 |
10388167 |
29/09/2012 |
20,000,000.00 |
CANARA BANK |
RASHTRAPATHI ROAD,
SECUNDRABAD, Andhra Pradesh - 5 |
B62648001 |
|
5 |
10365496 |
19/06/2012 |
20,000,000.00 |
CANARA BANK |
R.P.ROAD,
SECUNDERABAD, Andhra Pradesh - 500003, I |
B43633791 |
|
6 |
10365491 |
22/05/2012 |
8,000,000.00 |
CANARA BANK |
R.P.ROAD, SECUNDERABAD,
Andhra Pradesh - 500003, I |
B43632355 |
|
7 |
10320516 |
08/11/2011 |
48,700,000.00 |
SYNDICATE BANK |
M G Road,
Secunderabad Branch, 1st Floor, Varalax |
B26565424 |
|
8 |
10294177 |
11/06/2011 |
19,500,000.00 |
CANARA BANK |
R P ROAD,
SECUNDERABAD, Andhra Pradesh - 500003, I |
B15809460 |
|
9 |
10233314 |
29/07/2010 |
5,900,000.00 |
State Bank of India |
Commercial Branch, Bank
Street, Koti, Hyderabad, |
A91536847 |
|
10 |
10201159 |
06/03/2013 * |
901,000,000.00 |
Canara Bank (Lead Bank) |
R P Road,
Secunderabad, Andhra Pradesh - 500003, I |
B73313280 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from Financial Institutions |
6.840 |
11.620 |
|
SHORT TERM
BORROWINGS |
|
|
|
From Directors |
0.000 |
0.883 |
|
|
|
|
|
Total |
6.840 |
12.503 |
BUSINESS REVIEW
During the year your Company has achieved gross revenues amounting to Rs.24.136 millions as against Rs. 21.383 millions in the previous year. Continuous depreciation of rupee, increase in power tariff and other input costs have affected the margins severely. Management has implemented various measures to improve the margins and quality of the product by adding new machinery. These efforts have enabled theCompany to operate the optimum level of Capacities without any interruption. 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 & Pearlized products. Your 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.
OPERATIONS:
For the year, production of PVC Leather Cloth was 60.49 Ln. Mtrs. as against the previous year's production of 62.85 Ln. Mtrs. Production of PVC Film was 11181.30 MT as against the previous year's production of 9556.06 MT.
EXPORTS:
During the year 2013-2014, your Company made exports to various countries aggregating Rs.1.682 millions as against the previous exports of Rs. 1.636 millions.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
A) Industry Structure
and Developments
The Company is involved in the manufacture of
a) PVC rigid film
b) PVC leather cloth
a) PVC Rigid Film is majorly used in the Pharma application for tablets packaging, healthcare products packaging. It is now gaining wide acceptance in the packaging of consumer goods like shaving products, batteries, tooth brushes confectionery, tools, stationery and toys etc.,. The demand for PVC film has been increasing because of its inherent versatile advantages like easy usability and durability. PVC intrinsic properties make it suitable for a wide variety of applications.
b) PVC Leather Cloth - PVC leather cloth is mostly manufactured either by a Direct coating process or by a transfer coating method using release paper. The transfer coating process is a versatile process where different type of fabric can be used as the backing fabric. The main applications of PVC leather cloth manufactured by our Company goes into automotive upholstery for cars, bikes, scooters, auto rickshaws, tractors, buses, boats and railways. The Company manufactures as per the specifications of the Original Equipment Manufacturers wherever required. The Company also makes PVC Leather Cloth for other applications such as ladies bags and footwear, men's wallets and footwear and for children shoes. All these products of PVC leather cloth manufactured by the Company come in a myriad of textures, colours and finishes.
Financial Performance
Margins and performance were affected severely due to continuous increase in the crude oil prices and the depreciation of the rupee effecting in increase of prices of principal raw materials. Apart from this the Company had to pay a onetime power surcharge and Foreign exchange losses due to the depreciation of the rupee Measures implemented for effective utilization of working capital credit facilities gave good result in interest costs and better debtors' control.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
SI. No. |
Particulars |
Quarter Ended
30.06.2014 |
|
|
|
(Unaudited) |
|
1 |
Income From
Operations |
|
|
|
a) Net Sales/Income from Operations (Net of Excise Duty) |
561.915 |
|
|
b) Other Operating Income |
0.000 |
|
|
Total Income from
operations(net) (a+b) |
561.915 |
|
2 |
Expenses |
|
|
|
a) Cost of Materials Consumed |
424.078 |
|
|
b) Purchases of stock-in-trade |
0.000 |
|
|
c) Changes in Inventories of Finished Goods, works-in-progress and stock-in-trade |
(0.484) |
|
|
d) Employee Benefits Expense |
23.227 |
|
|
e) Depreciation and Amortization Expense |
6.158 |
|
|
f) Power & Fuel |
0.000 |
|
|
g) Other Expenses |
66.132 |
|
|
Total Expenses (a
to g) |
519.110 |
|
3 |
Profit from Operations before Other Income, Finance Costs and Exceptional Items |
42.805 |
|
4 |
Other Income |
0.827 |
|
5 |
Profit from Ordinary Activities before Finance Costs and Exceptional Items |
43.631 |
|
6 |
Finance Costs |
33.143 |
|
7 |
Profit from Ordinary Activities after Finance Costs but before Exceptional Items |
10.488 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from Ordinary Activities before Tax |
10.488 |
|
10 |
Tax Expense |
3.403 |
|
11 |
Net Profit from Ordinary Activities after tax |
7.085 |
|
12 |
Extraordinary Items (Net of Tax Expense) |
-- |
|
13 |
Net Profit for the Period |
7.085 |
|
14 |
Paid-up Equity Share Capital (Face Value - Rs. 10/- per share) |
45.968 |
|
15 |
Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year |
-- |
|
16 |
Earnings Per Share before and after Extraordinary Items (In Rs.) |
|
|
|
(a) Basic |
1.54 |
|
|
(b) Diluted |
1.54 |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public
shareholdings |
|
|
|
- Number of Shares |
1855884 |
|
|
- Percentage of Shareholding |
40.35 |
|
2 |
Promoters &
Promoter Group Shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares (as a % of the total Shareholding of promoter and promoter Group) |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
-- |
|
|
b) Non-encumbered |
|
|
|
- Number of Shares |
2744116 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group) |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
59.65 |
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2014 |
|
|
(Unaudited) |
|
Segment Revenue |
|
|
a) PVC Leather Cloth |
242.247 |
|
b) PVC Film |
319.668 |
|
Total |
561.915 |
|
Less: Inter Segment Revenue |
-- |
|
Net Sales/Income
from Operations |
561.915 |
|
|
|
|
Segment Results |
|
|
Profit/(Loss) before Tax .Exceptional items and Interest |
|
|
from each segment |
|
|
a) PVC Leather Cloth |
52.167 |
|
b) PVC Film |
7.636 |
|
Total |
59.803 |
|
Less: i) Interest |
33.143 |
|
ii) Other Un-allocable expenditure net off un-allocable income |
16.172 |
|
Total Profit /
(Loss) before Tax |
10.488 |
|
|
|
|
Capital Employed |
|
|
(Segment assets - Segment Liabilities) |
|
|
a) PVC Leather Cloth |
304.628 |
|
b) PVC Film |
607.430 |
|
c) Un allocated |
(554.434) |
|
Total |
357.624 |
FIXED ASSETS
- Land and Land
Development
- Buildings
- Plant and
Equipments
- Office
Equipments
- Furniture and
Fixture
- Vehicle
- Factory
Equipments
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 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. 61.55 |
|
|
1 |
Rs. 97.52 |
|
Euro |
1 |
Rs. 76.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
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 |
|
42 |
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.