A F Enterprises Limited is an **ISO 9001:2015 Certified** industrial entity primarily focused on the manufacturing and trading of **Plastic Moulded Components**. While its core manufacturing base is located in **Faridabad, Haryana**, the company operates a diversified business model that includes the trading of precious gemstones, textiles, and glassware, alongside a strategic presence in the IT services sector through its subsidiary. --- ### **Industrial Manufacturing Infrastructure & Capabilities** The company’s primary value driver is its specialized plastic molding facility, which is engineered for high-precision production and technical development. | Facility/Equipment | Details | |:---|:---| | **Injection Molding Machines** | **33 units** (Brands: Jet Master, Pasl, Super Master, Windsor) | | **Machine Capacity** | **100 to 850 Tons** | | **Ancillary Equipment** | **6 Pad Printing** machines, **1 Ultra Sonic Welding** unit | | **In-house Capabilities** | Prototype tool making, Plastic Compound Development | | **Technical Specialization** | Heat/Oil resistance, electrical resistance, and low-temperature endurance | The company specializes in **Plastic Crates**, offering a comprehensive portfolio designed for diverse industrial applications. These products are customizable by **size, variant, and color** to meet specific logistical needs across several sectors: * **Pharma:** Specialized storage for medical supplies. * **Fisheries & Dairy:** Moisture-resistant solutions for perishables. * **Automobile:** Heavy-duty crates for assembly line component handling. * **Textile:** Large-format containers for garment transport. * **Horticulture:** Ventilated designs for agricultural produce. In **December 2024**, the company expanded its public sector footprint by securing a contract with the **M.P. State Agro Industry Development Corporation** to supply plastic crates (**Model RX/RIDH0058**) at a price of **₹441 per unit**. --- ### **Segmented Revenue Analysis** The company identifies five reportable operating segments. Recent data indicates a heavy reliance on the gemstone trading arm to supplement manufacturing revenues. | Segment Revenue (₹ in thousands) | FY 2022-23 | FY 2021-22 | |:---|:---|:---| | **Rough Emerald (Trading)** | **1,57,012.10** | **1,01,964.01** | | **Plastic Molded Components** | **84,835.83** | **1,36,935.17** | | **Fabric (Trading)** | Included in Trading | Included in Trading | | **Shares & Securities** | Investment Income | Investment Income | | **Glasses (Trading)** | Included in Trading | Included in Trading | --- ### **Capital Restructuring & Strategic Financial Actions** Following a period of financial volatility, the company has undertaken significant steps to stabilize its balance sheet and fund future growth. * **Successful Rights Issue (2024):** After a failed attempt in 2023, the company successfully raised capital not exceeding **₹22.00 Crores**. In **November 2024**, it converted **1,93,24,007** partly paid-up shares into fully paid-up shares following the receipt of **₹14.49 Crores** in call money. * **Preferential Allotment:** In **FY 2022-23**, the company raised **₹12.625 Crore** by issuing **50,00,000 shares** at **₹101** per share (including a **₹91 premium**). These funds were primarily used for **Creditor Payments (₹12.58 Crore)**. * **Investment Limits:** Shareholders have approved an increase in investment and loan limits under **Section 186** of the Companies Act up to **₹200 Crores**, providing the board with significant flexibility for strategic lending or acquisitions. * **Asset Monetization:** The board is authorized to sell, lease, or mortgage assets to secure borrowings for the company or its associates. --- ### **Corporate Governance & Leadership** The leadership team is currently focused on risk management and the operational scaling of the manufacturing division. * **Mr. Santosh Kumar Kushawaha (Managing Director):** Leads strategic divestments and corporate actions. He demonstrated confidence in the firm by acquiring **4,55,000 shares (3.22%)** via the open market in **September 2024**. * **Mr. Abhishek Singh (WTD & CFO):** Re-appointed for **5 years** (from April 2023) with a specific mandate to drive the **manufacturing unit** and manage principal risks. * **Promoter Re-classification:** In **September 2023**, **RMS Mosquto Private Limited** (holding **5.72%**) was re-classified from 'Promoter' to 'Public' category. --- ### **Subsidiary Management & Divestment Strategy** The company’s relationship with its wholly-owned subsidiary, **Aunik IT Solutions Private Limited**, has been a point of strategic pivot: * **Divestment Decision:** In **June 2023**, the Board approved the sale of its entire investment (**95,270 shares**) in Aunik IT Solutions due to a lack of cooperation from the subsidiary's management. * **Audit Concerns:** Auditors issued a **Disclaimer of Opinion** for **FY 2023-24** regarding this subsidiary, citing **₹23.43 crore** in unconfirmed trade receivables outstanding for over two years and **₹22.98 crore** in unconfirmed payables to **Morpheus Care Limited**. --- ### **Financial Health & Performance Summary** The company experienced a sharp contraction in **FY 2023-24**, largely due to raw material price volatility (Polypropylene and Polyethylene prices fluctuated by over **20%**). | Metric (₹ in thousands) | FY 2023-24 | FY 2022-23 | % Change | | :--- | :--- | :--- | :--- | | **Gross Turnover** | **85,013.85** | **241,847.93** | **-64.8%** | | **EBITDA** | **132.51** | **17,982.87** | **-99.3%** | | **Net Profit** | **2,474.93** | **10,320.05** | **-76.0%** | **Debt Profile:** * The company utilizes **External Commercial Borrowings (ECB)**, **Term Loans**, and **Working Capital facilities**. * Specific vehicle finance leases with **Axis Bank** and **HDFC Bank** total **₹2,806.76 thousand**. * The company recognized an exceptional income of **₹100.00 Lakhs** in **FY 2023-24** from a dispute settlement with **First Overseas Capital Limited (FOCL)**. --- ### **Critical Risk Factors & Contingencies** Investors should note several high-impact risks identified in recent regulatory filings and audit reports: * **Going Concern Status:** Auditors have expressed doubt regarding the company’s ability to continue as a going concern, citing **accumulated losses of ₹2.45 crore**, a **fully eroded net worth**, and current liabilities exceeding assets by **₹1.73 crore**. * **Legal & Insolvency:** The company was admitted into **Insolvency (CIRP)** in **April 2025** over a **₹2.44 crore** debt. However, the matter was **settled and disposed of** by the **NCLAT** in **July 2025** after full payment. * **Regulatory Warnings:** **SEBI** issued an administrative warning in **March 2025** regarding **LODR non-compliance**. Additionally, the company faces a **GST Department demand of ₹5.42 crore**, which is currently under appeal. * **Operational Hurdles:** A major project remains stalled due to a funding shortage, with only **₹2.1 crore** of a sanctioned **₹5 crore** loan disbursed by a financial creditor. * **Compliance Issues:** Auditors noted a **₹2.12 crore** loan from a director taken from borrowed funds, violating **Section 73(2)** of the Companies Act. The company also surrendered its **GST registration** during **FY 2023-24**.