MIRA INFORM REPORT
|
Report No. : |
348127 |
|
Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
FENO PLAST LIMITED |
|
|
|
|
Registered
Office : |
306, Chenoy Trade Centre, Park Lane, Secunderabad – 500003, Telangana |
|
Tel. No.: |
91-40-27840322 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
16.10.1975 |
|
|
|
|
Com. Reg. No.: |
36-001942 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 45.968 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209TG1975PLC001942 |
|
|
|
|
IEC No.: |
0988007851 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDF00369F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF3076C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Importer of PVC Film and PVC Leather Cloth. |
|
|
|
|
No. of Employees
: |
289 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company incorporated in the year
1975 having a 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. The rating also takes into consideration rich experience of its
promoters and long established track record of business operation. Further, the rating also takes into consideration favorable gap
between trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct and as per commitments. In view of long track record and acceptable financial base, 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. N. N. Rao |
|
Designation : |
Export Department |
|
Contact No.: |
91-40-27840322 |
|
Date : |
02.11.2015 |
LOCATIONS
|
Registered Office : |
306, Chenoy Trade Centre, Park Lane, Secunderabad – 500003, Telangana,
India |
|
Tel. No.: |
91-40-27840322/ 27840722 |
|
Fax No.: |
91-40-27721739 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
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 |
|
|
|
|
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 31.03.2015
|
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 |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H Kishen |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. H Krishna Kumar |
|
Designation : |
Whole-Time Director |
|
|
|
|
Name : |
Dr. K Malhar Rao |
|
Designation : |
Director |
|
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. |
|
|
|
|
Name : |
Dr. H Anuradha |
|
Designation : |
Director |
|
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. |
|
|
|
|
Name : |
Mr. P Niroop |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.06.1958 |
|
Date of Appointment : |
13.05.2010 |
|
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. |
KEY EXECUTIVES
|
Name : |
Mr. N. N. Rao |
|
Designation : |
Export Department |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
2854916 |
62.06 |
|
|
2854916 |
62.06 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2854916 |
62.06 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
|
|
|
|
97181 |
2.11 |
|
|
|
|
|
|
664242 |
14.44 |
|
|
863899 |
18.78 |
|
|
119762 |
2.60 |
|
|
109605 |
2.38 |
|
|
10157 |
0.22 |
|
|
1745084 |
37.94 |
|
Total Public
shareholding (B) |
1745084 |
37.94 |
|
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 |
0.00 |
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 : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
289 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Statutory Auditors : |
|
|
Name : |
M. Anandam and Company Chartered Accountants |
|
Address : |
7A, Surya Towers, S.P. Road, Secunderabad, Andhra Pradesh,
India |
|
Tel. No.: |
91-22-27812377,27812034 |
|
Fax No.: |
91-22-27812091 |
|
E-Mail : |
|
|
PAN No.: |
AACFM8791J |
|
|
|
|
Internal Auditors : |
|
|
Name : |
S C Bose and Company Chartered Accountants |
|
Address : |
#497, 1-10-98/29, Lane 3, Street 3, Begumpet, Hyderabad – 500016,
Telangana, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Enterprises in which Key Management Personnel has significant influences : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs. 60.000 Million |
|
6000000 |
Preference Shares |
Rs. 10/- each |
Rs. 60.000 Million |
|
|
Total |
|
Rs. 120.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4600000 |
Equity Shares |
Rs.10/- each |
Rs. 46.000
Million |
|
|
Less: Calls in Arrears |
|
Rs. 0.033
Million |
|
|
Total |
|
Rs. 45.968 Million |
Details of shareholders holding more than 5% shares
|
Name of
Shareholders |
As on 31.03.2015 |
|
|
% of Share
Holdings |
Number of Shares |
|
|
H. Krishna Kumar |
6.38 |
293500 |
|
H. Saparna |
6.93 |
319000 |
|
H. Narsaiah |
7.06 |
324792 |
The company has only one class of paid up
equity shares having face value of Rs. 10 each. Each shareholder of Equity share
is entitled to one vote per share. The company declares and pays dividends in
Indian Rupees.
In the event of liquidation of the company,
the equity shareholders will be entitled to receive remaining assets of the
company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholder.
Reconciliation of shares outstanding at the beginning and at the ending
of the year.
|
Equity Shares |
As on 31.03.2015 |
|
|
No. of shares |
Rs. In Million |
|
|
Shares at the beginning of the year |
4600000 |
46.000 |
|
Add: Shares issued during the year |
-- |
-- |
|
Shares at the end of the year |
4600000 |
46.000 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
45.968 |
45.968 |
45.968 |
|
(b) Reserves & Surplus |
317.774 |
306.438 |
297.163 |
|
(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) |
363.742 |
352.406 |
343.131 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
31.288 |
43.259 |
47.596 |
|
(b) Deferred tax liabilities (Net) |
39.231 |
39.464 |
38.091 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
9.856 |
8.032 |
6.222 |
|
Total Non-current
Liabilities (3) |
80.375 |
90.755 |
91.909 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
597.026 |
580.334 |
487.454 |
|
(b) Trade
payables |
462.427 |
461.771 |
385.373 |
|
(c) Other
current liabilities |
208.941 |
168.884 |
126.893 |
|
(d) Short-term
provisions |
0.484 |
0.150 |
0.020 |
|
Total Current
Liabilities (4) |
1268.878 |
1211.139 |
999.740 |
|
|
|
|
|
|
TOTAL |
1712.995 |
1654.300 |
1434.780 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
337.435 |
332.746 |
320.448 |
|
(ii)
Intangible Assets |
4.537 |
5.699 |
5.298 |
|
(iii)
Capital work-in-progress |
1.023 |
6.103 |
0.497 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3.500 |
0.300 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.976 |
21.706 |
21.300 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
363.471 |
366.554 |
347.543 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
410.039 |
361.330 |
251.267 |
|
(c) Trade
receivables |
810.530 |
795.597 |
685.682 |
|
(d) Cash
and cash equivalents |
39.892 |
48.721 |
45.897 |
|
(e)
Short-term loans and advances |
57.958 |
60.543 |
95.354 |
|
(f) Other
current assets |
31.105 |
21.555 |
9.037 |
|
Total
Current Assets |
1349.524 |
1287.746 |
1087.237 |
|
|
|
|
|
|
TOTAL |
1712.995 |
1654.300 |
1434.780 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2373.043 |
2186.294 |
1941.335 |
|
|
Other Income |
9.747 |
119.322 |
6.193 |
|
|
TOTAL |
2382.790 |
2305.616 |
1947.528 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1824.274 |
1769.983 |
1400.256 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(38.577) |
(95.277) |
30.212 |
|
|
Employees benefits expense |
115.403 |
93.702 |
83.818 |
|
|
Other expenses |
285.919 |
353.428 |
251.366 |
|
|
TOTAL |
2187.019 |
2121.836 |
1765.652 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
195.771 |
183.780 |
181.876 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
150.979 |
140.677 |
134.986 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.792 |
43.103 |
46.890 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
21.066 |
20.996 |
21.199 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
23.726 |
22.107 |
25.691 |
|
|
|
|
|
|
|
Less |
TAX |
5.953 |
5.240 |
9.176 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
17.773 |
16.867 |
16.515 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.86 |
3.67 |
3.59 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
18.732 |
44.459 |
|
Cash generated from operations |
176.722 |
21.718 |
130.574 |
|
Net cash flow from (used in) operation |
173.065 |
12.879 |
113.574 |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
30.06.2015 Unaudited |
|
Net Sales |
549.760 |
|
Total Expenditure |
502.930 |
|
PBIDT (Excl OI) |
46.830 |
|
Other Income |
1.120 |
|
Operating Profit |
47.950 |
|
Interest |
39.120 |
|
Exceptional Items |
NA |
|
PBDT |
8.830 |
|
Depreciation |
5.470 |
|
Profit Before Tax |
3.360 |
|
Tax |
1.090 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
2.270 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
2.270 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.75 |
0.77 |
0.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.25 |
8.41 |
9.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.39 |
1.34 |
1.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.06 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.73 |
1.77 |
1.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.06 |
1.09 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 42.30/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
45.968 |
45.968 |
45.968 |
|
Reserves & Surplus |
297.163 |
306.438 |
317.774 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
343.131 |
352.406 |
363.742 |
|
|
|
|
|
|
long-term borrowings |
47.596 |
43.259 |
31.288 |
|
Short term borrowings |
487.454 |
580.334 |
597.026 |
|
Current Maturities of Long
Term Debt |
44.459 |
18.732 |
0.000 |
|
Total
borrowings |
579.509 |
642.325 |
628.314 |
|
Debt/Equity
ratio |
1.689 |
1.823 |
1.727 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1941.335 |
2186.294 |
2373.043 |
|
|
|
12.618 |
8.542 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1941.335 |
2186.294 |
2373.043 |
|
Profit |
16.515 |
16.867 |
17.773 |
|
|
0.85% |
0.77% |
0.75% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
----- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOA
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Loan from Financial Institution |
2.720 |
6.840 |
|
|
|
|
|
Total |
2.720 |
6.840 |
|
|
|
|
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 Road, Secunderabad, Andhra Pradesh - 500003, INDIA |
B98055221 |
|
2 |
10459208 |
30/09/2013 |
350,000,000.00 |
Canara Bank |
Rashtra Pathi Road, Secunderabad, Andhra Pradesh - 500003, INDIA |
B89145536 |
|
3 |
10389461 |
01/12/2012 |
95,000,000.00 |
INDIAN BANK |
Surabhi Arcade, Bank Street, Hyderabad, Andhra Pradesh - 500001, INDIA |
B63140248 |
|
4 |
10388167 |
29/09/2012 |
20,000,000.00 |
CANARA BANK |
RASHTRAPATHI ROAD, SECUNDRABAD, Andhra Pradesh - 500003, INDIA |
B62648001 |
|
5 |
10365496 |
19/06/2012 |
20,000,000.00 |
CANARA BANK |
R.P.ROAD, SECUNDERABAD, Andhra Pradesh - 500003, INDIA |
B43633791 |
|
6 |
10365491 |
22/05/2012 |
8,000,000.00 |
CANARA BANK |
R.P.ROAD, SECUNDERABAD, Andhra Pradesh - 500003, INDIA |
B43632355 |
|
7 |
10320516 |
08/11/2011 |
48,700,000.00 |
SYNDICATE BANK |
M G Road,
Secunderabad Branch, 1st Floor, Varalax Andhra Pradesh - 500003, INDIA |
B26565424 |
|
8 |
10294177 |
11/06/2011 |
19,500,000.00 |
CANARA BANK |
R P ROAD, SECUNDERABAD, Andhra Pradesh - 500003, INDIA |
B15809460 |
|
9 |
10233314 |
29/07/2010 |
5,900,000.00 |
State Bank of India |
Commercial Branch,
Bank Street, Koti, Hyderabad, |
A91536847 |
|
10 |
10201159 |
12/06/2015 * |
956,000,000.00 |
Canara Bank (Lead Bank) |
SMC, R P Road, Secunderabad, Telangana - 500003, INDIA |
C60698818 |
* Date of charge modification
BUSINESS REVIEW
During the year the company has achieved gross revenues amounting to Rs.
2382.800 Million as against Rs. 2305.600 Million in the previous year. Though
the numbers are truly incomparable yet it could be inferred that trend of these
parameters to continue to be on the right path.
Increased interest costs and arrears of payments towards increase in
employees’ benefits have affected the bottom line.
OPERATION
For the year, production of PVC Leather Cloth was 66.72 Ln. Mtrs. as
against the previous year’s production of 60.49 Ln. Mtrs. Production of PVC Flim
was 11,310.56 MT as against the previous year’s production of 11,181.30 MT.
MANAGEMENT DISCUSSION
AND ANALYSIS
Industry Structure
and Developments
The Company is primarily engaged in the manufacturing of PVC
Rigid Film and PVC Leather Cloth
PVC Rigid Film is majorly used in the pharma application for tablets packaging, healthcare products packaging and is gaining acceptance in the packaging of consumer goods like shaving products, tooth brushes, batteries, tools and toys etc.
PVC Leather Cloth is mostly used for car upholstery, motor cycle seat covers, auto rickshaw hoods and seats, tractors, trucks and buses. It is also used for making ladies bags and footwear
Expanding population, study economic growth, increased urbanization and industrialization, rising infrastructure development and growing production and consumption of vinyl, represent key growth drivers. This is a good sign for a company as its progress in directly linked to the progress of vinyl industry in the country
Very soon some capital expenditure has to be incurred to refurbish the is existing machine and equipment in your company which is likely to improve the efficiency and the quality of the products being manufactured.
Quality, efficiency and reliability are some of the key attributes a customer associates with the company’s products over the years we have been constantly striving not only to maintain but also to improve the standards of quality efficiency and reliability in all areas of our operation to become the preferred business partner of our customer.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
Income Tax Disputes |
18.864 |
|
Sales Tax Disputes |
31.183 |
|
Bank Guarantees and Letter of Credits |
52.150 |
|
|
|
|
Total |
102.198 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
Part I |
|
|
|
1. |
Income from Operations |
|
|
|
a) Net Sales / Income
from Operations |
548.682 |
|
|
b) Other Operating Income |
1.077 |
|
|
Total Income from
Operations (net) |
549.759 |
|
2. |
Expenditure |
|
|
|
a) Cost of materials
consumed |
400.716 |
|
|
b) Purchase of
stock-in-trade |
0.000 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
7.534 |
|
|
d) Employee benefits
expense |
28.011 |
|
|
e) Depreciation and
amortisation expense |
5.469 |
|
|
f) Power and Fuel Charges |
0.000 |
|
|
g) Other expenses |
66.670 |
|
|
Total Expenses |
508.400 |
|
3. |
Profit/ (Loss) from Operations before Other
Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2) |
41.359 |
|
4. |
Other Income |
1.124 |
|
5. |
Profit /(Loss) from Ordinary activities before finance costs and
Exceptional items (3+4a+4b) |
42.483 |
|
6. |
Finance
Costs |
39.122 |
|
7. |
Profit
/ (Loss) from ordinary activities after Finance costs but before Exceptional
items (5-6) |
3.361 |
|
8. |
Exceptional
items |
-- |
|
9. |
Profit/
(Loss) from ordinary activities before tax (7+8) |
3.361 |
|
10. |
Tax
expenses |
1.090 |
|
11. |
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
2.271 |
|
12. |
Extraordinary items |
-- |
|
13. |
Net Profit / (Loss) for the period (11+12) |
2.271 |
|
14. |
Paid-up equity share
capital (Face Value of Rs. 10 per share) |
45.968 |
|
15. |
Reserve excluding
Revaluation reserve |
|
|
16. |
Earnings Per Share (EPS) before
and after extraordinary items (of Rs. 10/- each) a) Basic b) Diluted |
0.49 0.49 |
|
|
|
|
|
Part II |
|
|
|
A. |
PARTIULARS
OF SHAREHOLDINGS |
|
|
|
Public Shareholding |
|
|
|
- Number of Shares |
1745084 |
|
|
- Percentage of
Shareholding |
37.94 |
|
|
Promoters and 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 |
2854916 |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of Promoter and Promoter Group) |
100 |
|
|
- Percentage of Shares (as
a % of the Total Share Capital of the Company) |
62.06 |
|
PARTICULARS |
For the quarter ended 30th June 2015 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at
the beginning of the quarter |
Nil |
|
Received
during the quarter |
Nil |
|
Disposed during
the quarter |
Nil |
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
FOR THE QUARTER ENDED 30TH JUNE
2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
A |
Segment Revenue |
|
|
|
a) PVC Leather Cloth |
244.488 |
|
|
b) PVC Film |
305.271 |
|
|
Total |
549.759 |
|
|
Less:
Inter segment revenue |
-- |
|
|
Net
Sales/Income from operations |
549.759 |
|
|
|
|
|
B |
Segment Results |
|
|
|
Profit/(Loss) (Before Tax
and Interest) For each Segment |
|
|
|
a) PVC Leather Cloth |
44.210 |
|
|
b) PVC Film |
17.292 |
|
|
Total |
61.503 |
|
|
|
|
|
|
Less: i) Inerest |
39.122 |
|
|
Add :ii) Other
Un-allocable Income / (Expenses) |
19.020 |
|
|
Total
Profit Loss Before Taxation |
3.361 |
|
|
|
|
|
C |
Capital Employed (Segment Assets - Segment
Liabilities) |
|
|
|
a) PVC Leather Cloth |
457.261 |
|
|
b) PVC Film |
460.258 |
|
|
c) Unallocated |
(552.443) |
|
|
Total
|
365.076 |
FIXED ASSETS
- Land and
Building
- Plant and
Equipments
- Electrical
Installation
- Office
Equipments
- Furniture and
Fixture
- Vehicles
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. 65.45 |
|
UK Pound |
1 |
Rs. 100.96 |
|
Euro |
1 |
Rs. 72.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.