MIRA INFORM REPORT
|
Report
Date : |
23.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
FCML PROJECTS |
|
|
|
|
Registered
Office : |
A-217,
Okhla Industrial Area, |
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Country
: |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
September, 1996 |
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|
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|
TAN
No.: [Tax
Deduction & Collection Account No.] |
DELF01488E |
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|
|
Legal
Form : |
Partnership Concern with an unlimited liability of the
partners. |
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|
Line
of Business : |
Subject acts as suppliers of hospitality industry products such as
sanitary ware, C.P. fitting, bathroom accessories, bath tub, builder’s
hardware, decorative light fixture in
brass, copper & procelain, carpets, signedhes, decorative items in brass
& copper, marble & granite, mattresses, pillows, energy conservation
systems, electromagnetic systems for fire doors, electronic safe, hair dryer, hand dryer, vacuum cleaners,
trollies, stainless steel & silverware (EPNS), glassware (all types of
glassware, plain & cut glass),
crockery, display board, weighing & measuring instruments,
upholstery, towels, chaffing dishes & food services items, pots and pans,
banquet & pool furniture, purified drinking water, guest soaps, laundry
detergents, kitchen hygiene systems, floor cleaners, toiletries, shampoo, moisturisers, bathgel and talcum
powder. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum
Credit Limit : |
USD
350000 |
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|
Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well established and reputed concern having
satisfactory track records. Partners are reported as experienced, respectable
and resourceful businessmen. Their trade relations are fair. Payments are
reported as correct and as per commitments. Nothing adverse reported. The concern can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
A-217,
Okhla Industrial Area, |
|
Tel.
No.: |
91-11-26814240 / 26817270 / 26372701 / 04 / 06 |
|
Fax
No.: |
91-11-26814240 / 41613595 / 26818113 |
|
Mobile
No: |
91-9811071594 / 9818643234 / 9350314133 |
|
E-Mail
: |
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|
Website
: |
http://www.fcmlprojects.com
[Can’t open] |
|
Area: |
600 Sq.ft |
|
Location: |
Owned |
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|
|
|
Showroom: |
Sultanpur Chowk, |
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Tel.
No.: |
91-11-26800482 / 26800492 |
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Showroom: |
M-67, M Block Market, Greater Kailash II, |
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|
|
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Branch: |
Located At
Tel No.: 91-22-26741579/80 Mobile No.: 91-9820626227
Tel No.: 91-44-24354271 Fax No.: 91-44-24335801 |
PARTNERS
|
Name : |
Mr. Nirmal Khandelwal |
|
Designation
: |
Managing Partner |
|
Address
: |
C-783, New Friends Colony, |
|
Date
of Birth/Age : |
56 Years |
|
Qualification
: |
B.Com |
|
Experience
: |
31 Years |
|
|
|
|
Name : |
Mr. Abhinav Khandelwal |
|
Designation
: |
Partner |
|
Address: |
C-783, New Friends Colony, |
|
Age: |
32 Years |
|
Qualification: |
Graduate |
|
Experience: |
10 Years |
|
|
|
|
Name : |
Mrs. Madhu Khandelwal |
|
Designation
: |
Partner |
|
Address: |
C-783, New Friends Colony, |
|
Age: |
54 Years |
|
Qualification: |
Graduate |
|
Experience: |
26 Years |
BUSINESS DETAILS
|
Line
of Business : |
Subject acts as suppliers of hospitality industry products
such as sanitary ware, C.P. fitting, bathroom accessories, bath tub,
builder’s hardware, decorative light
fixture in brass, copper & procelain, carpets, signedhes, decorative
items in brass & copper, marble & granite, mattresses, pillows, energy
conservation systems, electromagnetic systems for fire doors, electronic
safe, hair dryer, hand dryer, vacuum
cleaners, trollies, stainless steel & silverware (EPNS), glassware (all
types of glassware, plain & cut glass),
crockery, display board, weighing & measuring instruments,
upholstery, towels, chaffing dishes & food services items, pots and pans,
banquet & pool furniture, purified drinking water, guest soaps, laundry
detergents, kitchen hygiene systems, floor cleaners, toiletries, shampoo, moisturisers, bathgel and talcum
powder. |
|
|
|
|
Agencies
Held : |
v
Manu v
Jhohnson Wax Professional India Private Limited, v
Jacob Delafone, France v
RND Marketing v
Euroglass Systems Limited, v
Nikko-Patra Crockery, v
Milliken and Company, U.S.A v
v
v
R. v
Interlock, v
Kimberly Clark, v
Better Living Products, v
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Exports
to : |
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Imports
from : |
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Terms
: |
|
|
Selling : |
Cash And Credit (30/45 Days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30/45 days) |
GENERAL INFORMATION
|
Customers
: |
End Users Some of
the major customers are : v
ITC Hotels Limited, v
East India Hotels Limited, v
Taj Group of Hotels, v
v
Raddison Hotel (AB Hotels Limited), v
Southern Pacific Hotel Corporation, v
Holiday Inn Chain of Hotels, v
v
Hyatt Regency, v
v
Serling Resorts, v
ITDC Chain of Hotels, v
International Group of v
Pizza v
Pizza v
Marriant Group of |
|
|
|
|
No. of
Employees : |
56 |
|
|
|
|
Bankers
: |
Ř
Punjab & Sind Bank, Chawri Bazar, Ř
Canara Bank, Janapath, |
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|
|
|
Facilities : |
The concern reported to enjoy credit of Rs. 40.000
millions from its Canara Bank. |
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|
|
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Banking Relations : |
Satisfactory |
|
|
|
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Auditors
: |
P.K. Behl And Company Chartered Accountant |
|
Address: |
108, Jama Masjid, |
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|
|
|
Sister
Concern: |
Ajanta Trading Company, Address: 3607, Chawri Bazar Line of Business: Trading FCML Distributors Private Limited Address: A 217, Okhla Industrial Area, 1100120, New
Delhi-India Line of Business: Trading |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs. 18.000 millions |
|
Borrowed : |
Rs. 67.500 millions |
|
Total : |
Rs. 85.500 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales
Turnover |
400.000 |
180.000 |
140.000 |
|
|
|
|
|
|
Exports |
0.500 |
0.400 |
0.200 |
|
|
|
|
|
|
Import |
NA |
65.000 |
43.000 |
|
|
|
|
|
|
Net
Profit |
NA |
2.200 |
1.900 |
The concern’s latest financial information for the period
ended 31st March, 2001 is enclosed herewith for some indication.
This is an audited statement. No subsequent financials could be available.
However sales and capital figures were given by the management verbally.
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2001 |
31.03.2000 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
|
2.535 |
1.647 |
|
|
2] Share
Application Money |
|
-- |
-- |
|
|
3]
Reserves & Surplus |
|
-- |
-- |
|
|
4]
(Accumulated Losses) |
|
-- |
-- |
|
NETWORTH
|
|
2.535 |
1.647 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
|
5.255 |
2.378 |
|
|
2]
Unsecured Loans |
|
7.078 |
4.670 |
|
TOTAL
BORROWING
|
|
12.333 |
7.048 |
|
|
DEFERRED
TAX LIABILITIES |
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|
|
|
|
|
|
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|
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TOTAL
|
|
14.868 |
8.695 |
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|
|
|
|
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|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block]
|
|
4.271 |
3.245 |
|
Capital work-in-progress
|
|
-- |
-- |
|
|
|
|
|
|
|
INVESTMENT
|
|
0.256 |
0.229 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
|
8.779 |
5.875 |
|
|
Sundry Debtors
|
|
12.422 |
10.282 |
|
|
Cash & Bank Balances
|
|
0.424 |
0.403 |
|
|
Other Current Assets
|
|
0.024 |
0.001 |
|
|
Loans & Advances
|
|
2.019 |
0.410 |
Total Current Assets
|
|
23.668 |
16.971 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
|
13.327 |
11.750 |
|
|
Provisions
|
|
-- |
-- |
Total Current Liabilities
|
|
13.327 |
11.750 |
|
Net
Current Assets
|
|
10.341 |
5.221 |
|
|
|
|
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|
MISCELLANEOUS EXPENSES
|
|
|
|
|
|
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|
|
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TOTAL
|
|
14.868 |
8.695 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2001 |
31.03.2000 |
Sales Turnover [including other income]
|
|
78.919 |
55.296 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
|
0.612 |
0.400 |
Provision for Taxation
|
|
-- |
-- |
Profit/(Loss) After Tax
|
|
0.612 |
0.400 |
|
|
|
|
|
Export Value
|
|
NA |
2.184 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2001 |
31.03.2000 |
PAT / Total Income
|
(%)
|
|
0.78 |
0.72 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
|
0.78 |
0.72 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
|
2.17 |
1.96 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
|
0.24 |
0.24 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
|
11.12 |
12.41 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
|
1.78 |
1.44 |
LOCAL AGENCY FURTHER INFORMATION
For FCML Projects, globalisation has come with
responsibilities. It has generated a multi-product enviorment, facilitated a
faster response time to change and encouraged subscription to globally accepted
standards of quality, prompt delivery and price reasonability. In their
endeavour to pass on the benefits of globalisation to its customers. FCML
projects has forged beneficial economic linkages with leading companies thereby
introducing the Indian audience to products and services that conformed to
highest international standards. Some such domestic and international business
partnerships are given below that offer clients more choice, more economy and
more satisfaction.
You just name the product, FCML Projects has it
|
Company |
Country |
Products |
|
Alape |
|
|
|
Art |
|
|
|
Allicy |
|
Designer Accessories |
|
|
Imported |
Bar Accessories |
|
Bertocci |
|
Bathroom Accessories |
|
Better Living Products |
|
Soap Dispenser |
|
Bodum |
Bodum |
Tea/Coffee Plunger And Kettles |
|
Bormioli Rocco |
|
Complete range of table-top glassware |
|
Demista |
|
Anti-Fogging heat Pads for Mirrors |
|
Euroglass |
|
Glass Door hinges And Hardware for Frameless shower
enclosures / |
|
Fcml |
|
|
|
Interlock |
|
Concealed Security Chin for Guest room |
|
Jacob Delafon |
|
Steel Enamel/cast iron bath tubs, WCs Bidets, Washbasin,
Shower panel and enclosures |
|
Jerdon |
|
Shaving/Make-up Mirrors |
|
JVD |
|
Automatic hand Dryers / Hair Dryers |
|
JVD |
|
Hospitality Tray consisting of main Tray. |
|
|
|
Lift-off tray and Ingredient Holder |
|
Mr. Steam And Mr. Sauna |
|
Personal And Commercial Steam System for Guest Room/
Health Clubs |
|
Milliken |
|
Carpets |
|
Nikko Company |
|
Bone China And Perception Porcelain |
|
|
|
Crockery |
|
Panasonic Company |
|
Plasma T.V. |
|
Patra ( |
|
Porcelain Crockery |
|
Presto |
|
Auto Flash, Auto Tap And Soap Dispenser |
|
Sony |
|
Radio Alarm Clock |
|
Tefal |
|
Kettles |
|
Victorinox |
|
Professional And Commercial range of knives |
|
Waring Commercial |
|
Mixer and Blender |
DOMESTIC – TIE-UPS
|
Company |
Products |
|
AOS |
Auto Flash Systems And Auto Tap |
|
Balsara Home Products |
Promise Toothpaste And Toothbrush, Odonil Sticks |
|
BMW |
Wrought Iron Furniture, Decorative Grills |
|
|
Bed Linen, Pillow Covers and Towel |
|
Borosil |
Table- Top Glassware And Other Accessories |
|
Black And Decker |
Hair Dryers And Other Accessories |
|
Diversey Lever |
Soap And Detergents |
|
Duracel |
|
|
Earl Bihari (EBCO) |
Hardware |
|
Gillete/Wilkinson |
Razors And Shave |
|
Hydro |
Acrylic |
|
Kimberly Clark |
Soap Dispensers, Soap Refills, Tissue Paper Dispenser,
tissue Paper Personal Seat Cover Dispenser, Hand Towels, Utility Wipes |
|
Krups |
Personal Weighing Scale |
|
Libra |
Personal Weighing Scale |
|
|
Pens |
|
Never-Slip |
Anti Slip Mats |
|
Oral B |
Tooth Brushes |
|
Ozone |
Electronic Safes, Weighing Scale |
|
Prudent |
Tooth Brush And tooth paste |
|
Siemens |
Hair Dryers |
|
Shushco |
Shoe Shine Machine, Instant Shoe Shine |
|
Snoozer Beddings |
Bed Base And Mattress |
|
Venus |
Chaffing Dish, Hollow-ware, Cutlery |
|
FCML |
Bathroom Accessories – Towel racks, Tpwel Rail, Grab Bar,
Soap Dish, Robe Hook, Shoe Shine Hook, curtain Road, Hide-a-Line, |
|
|
Ashtrays, Dustbins, Decorative Brassware Items, |
|
|
Function Board, Display Board, Barricading Poles and a
whole range of other customized items. |
|
FCML |
Signage – In Brass, Stainless Steel, Iron, Glass, etc. |
|
FCML |
Light Fitting – Custom made decorative Light fitting. |
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
records 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 records 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.44.21 |
|
|
1 |
Rs.87.30 |
|
Euro |
1 |
Rs.57.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP
CAPITAL |
1~10 |
5 |
|
OPERATING
SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |