MIRA INFORM REPORT
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Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
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Name : |
FANCY FITTINGS LIMITED |
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Registered Office : |
145/ 259, Minerva Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.01.1993 |
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Com. Reg. No.: |
11-070323 |
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CIN No.: [Company
Identification No.] |
L74999MH1993PLC070323 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF01265F |
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PAN No.: [Permanent
Account No.] |
AAACF0537G |
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Legal Form : |
It is a Public Limited
Liability Company. The company’s shares
are listed at the OTC Exchange of |
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Line of Business : |
Manufacturer
of plastic fasteners and buckles for the automobile, home appliances, travel
and sportswear, garment and footwear industries. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1086000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having
satisfactory track. Trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management non-cooperative
LOCATIONS
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Registered/ Head Office/ Fitting/ Hanger Division : |
145/ 259, Minerva Industrial Estate, |
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Tel. No.: |
91-22-66624521/ 66624522/ 61389900 |
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Fax No.: |
91-22-24143288 |
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E-Mail : |
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Website : |
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Factory 1 : |
Unit - I Plot No. D1, D2,
C2, C3, Survey No. 55/2-A, 55/1, 55/1A, 55/1B, Behind Daman Fire Force
Station, Ringanwada, Nani Daman (U.T.) 396 210, |
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Tel. No.: |
91-260-2240723 / 224 2712 / 309 2113 |
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Fax No.: |
91-260-224 0722 |
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Factory 2 : |
Unit - III Plot Nos. E1 to E4,
Survey No. 55/3, 3A, 3B and 4, Behind Daman Fire Force Station, Ringanwada,
Nani Daman (U.T.) 396 210, India |
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Tel. No.: |
91-260-2240723 / 224 2712 / 309 2113 |
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Fax No.: |
91-260-224 0722 |
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Factory 3 : |
SEZ Plot Nos.97, 98,
99 and 100, |
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8/6, 3rd Floor, East Patel Nagar, |
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91-11-32490904 |
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91-11-25789248 |
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C/o. No. 496, 3rd Cross, Gandhi Puram, White Field, |
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198/22, 3rd Floor, Ramesh Market, East of Kailash, |
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91-11-41623218 |
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: |
13 (2) TVK Nagar, |
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91-421-4333183 |
DIRECTORS
As on 27.08.2010
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Name : |
Mr. Jayant Navinchandra Parekh |
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Designation : |
Chairman and Managing Director |
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Address : |
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Date of Birth/Age : |
18.10.1961 |
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Qualification : |
D.M.E. |
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Experience : |
25 Years |
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Date of Appointment : |
06.01.1993 |
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DIN No.: |
00095406 |
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Name : |
Ms. Nishita Kirit Shah |
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Designation : |
Whole Time Director |
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Address : |
67/69, |
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Date of Birth/Age : |
17.08.1964 |
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Date of Appointment : |
22.05.2006 |
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DIN No.: |
00095423 |
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Name : |
Mr. Anup Kumud Shah |
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Designation : |
Director |
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Address : |
1-8-215/4, |
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Date of Birth/Age : |
09.09.1960 |
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Date of Appointment : |
28.06.2001 |
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DIN No.: |
00095450 |
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Name : |
Mr. Nimesh Kishore Sheth |
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Designation : |
Director |
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Address : |
26/82, Stambh
Tirth, |
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Date of Birth/Age : |
11.02.1969 |
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Date of Appointment : |
26.09.2008 |
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DIN No.: |
00772973 |
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Name : |
Mr. Piyush Chandrasinh Sampat |
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Designation : |
Director |
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Address : |
402, Jeevan
Bharat Society, Plot No. 487, 17th Road, Khar (West), Mumbai -400
052, Maharashtra, India |
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Date of Birth/Age : |
02.12.1961 |
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Date of Appointment : |
26.09.2008 |
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DIN No.: |
01613411 |
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Name : |
Mr. Nishit Mohanlal Dhruva |
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Designation : |
Director |
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Address : |
Dariya Mahal, A
Wing, 1st Floor, 80, |
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Date of Birth/Age : |
17.08.1964 |
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Date of Appointment : |
26.09.2008 |
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DIN No.: |
01641751 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2010
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Names of Shareholders |
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No. of Shares |
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Jayant Navinchandra |
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584900 |
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Rupam Jayant Parekh |
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12400 |
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N.H. Securities Limited, |
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274000 |
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Scrips N SC |
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6900 |
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Kishore Morbia |
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6900 |
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Lloyds Securities Limited, |
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69200 |
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Arun J. Shah |
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69100 |
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CFL Capital Financial, |
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8900 |
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Sushila Jasvantlal Pjasvantlal |
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12000 |
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Uma Dilip Shah |
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7000 |
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Jasvantlal Chhotalal |
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8000 |
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Zain Exim Private Limited, |
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17000 |
As on 27.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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23.38 |
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Directors
or relatives of directors |
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55.79 |
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Other
top fifty shareholders |
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15.53 |
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Others
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5.30 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer
of plastic fasteners and buckles for the automobile, home appliances, travel and
sportswear, garment and footwear industries. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
i) Capacity and Production
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Particulars |
2009-10 |
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Licensed Capacity |
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- In respect of goods reserved for small scale Sector |
490.00 MT |
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- Installed Capacity Moulded Goods |
5061.00 MT |
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- Production Moulded Goods |
3182.72 MT |
Notes:
a) Capacity
figures are as given and certified by the management and accepted by the
auditors, being a technical matter.
b) i) Production
does not include production made for outsiders on job work basis.
ii) Opening Stock, Closing Stock, Turnover of Goods Produced/Traded.
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
Notes: Term Loan and Working
Capital Loan is secured by way of equitable mortgage on Freehold/Leasehold
Land at Daman / Sachin and Other Secured
Loan are the Loan taken for Purchase of Machineries and Cars, said loans are
Secured against respective Machineries and Cars.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.B. Parekh and Associates Chartered Accountants |
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Address : |
113, Bhaveshwar Complex, Near Vidyavihar Railway Station,
Vidyavihar (West), Mumbai – 400 086, |
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Other Related
Parties with whom transactions have taken place during the year : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1998000 |
Equity Shares |
Rs.10/- each |
Rs.19.980 millions |
|
2000 |
11% Non-cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.0.020 million |
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Total
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Rs.20.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1629000 |
Equity Shares |
Rs.10/- each |
Rs.16.290
millions |
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Out of the above
6,00,000 Equity Shares were issued as Fully Paid Bonus Shares by capitalisation
of Revaluation Reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
16.290 |
16.290 |
16.290 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
255.158 |
225.148 |
202.310 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
271.448 |
241.438 |
218.600 |
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LOAN FUNDS |
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1] Secured Loans |
139.080 |
96.424 |
91.893 |
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2] Unsecured Loans |
8.246 |
0.268 |
0.268 |
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TOTAL BORROWING |
147.326 |
96.692 |
92.161 |
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DEFERRED TAX LIABILITIES |
21.410 |
20.083 |
18.983 |
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TOTAL |
440.184 |
358.213 |
329.744 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
227.309 |
208.825 |
195.084 |
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Capital work-in-progress |
16.763 |
1.277 |
1.611 |
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INVESTMENT |
10.530 |
11.449 |
13.017 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
150.393
|
93.579
|
92.604 |
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Sundry Debtors |
108.499
|
78.451
|
73.171 |
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Cash & Bank Balances |
28.862
|
20.766
|
17.254 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
75.902
|
44.810
|
38.438 |
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Total
Current Assets |
363.656
|
237.606
|
221.467 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
150.782 |
80.923 |
83.233 |
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Other Current Liabilities |
18.507
|
11.776
|
10.395 |
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Provisions |
8.898
|
8.358
|
7.940 |
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Total
Current Liabilities |
178.187
|
101.057
|
101.568 |
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Net Current Assets |
185.469
|
136.549
|
119.899 |
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MISCELLANEOUS EXPENSES |
0.113 |
0.113 |
0.133 |
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TOTAL |
440.184 |
358.213 |
329.744 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
508.114 |
450.617 |
347.660 |
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Other Income |
1.989 |
1.266 |
2.032 |
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TOTAL (A) |
510.103 |
451.883 |
349.692 |
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Less |
EXPENSES |
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Material Cost |
292.483 |
239.148 |
203.201 |
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Manufacturing, Selling & Other Expenses |
171.682 |
143.223 |
105.739 |
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Increase/Decrease in Stock of Finished Goods & Work-in-Progress |
(35.210) |
(0.183) |
(10.998) |
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TOTAL (B) |
428.955 |
382.188 |
297.942 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
81.148 |
69.695 |
51.750 |
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Less |
INTEREST (D) |
18.178 |
16.552 |
12.241 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
62.970 |
53.143 |
39.509 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.521 |
20.329 |
18.331 |
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PROFIT BEFORE
TAX (E-F) (G) |
40.449 |
32.814 |
21.178 |
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Less |
TAX (H) |
4.527 |
3.742 |
3.939 |
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PROFIT AFTER TAX
(G-H) (I) |
35.922 |
29.072 |
17.239 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
186.557 |
166.626 |
155.876 |
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(Short)/Excess Income Tax Provision of
Earlier year adjusted |
(0.213) |
(0.517) |
-- |
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Less |
APPROPRIATIONS |
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Proposed Dividend |
4.887 |
4.887 |
4.073 |
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Tax on Dividend |
0.812 |
0.830 |
0.692 |
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Transferred to General Reserve |
3.592 |
2.907 |
1.724 |
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BALANCE CARRIED TO
THE B/S |
212.975 |
186.557 |
166.626 |
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EARNINGS IN
FOREIGN CURRENCY |
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FOB Value of Exports made during the year |
198.609 |
182.237 |
90.788 |
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TOTAL EARNINGS |
198.609 |
182.237 |
90.788 |
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IMPORTS |
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Capital Goods |
1.493 |
0.000 |
1.819 |
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Raw Materials |
99.392 |
50.870 |
48.249 |
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Other Purchases for Trading |
0.000 |
0.000 |
0.079 |
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TOTAL IMPORTS |
100.885 |
50.870 |
50.147 |
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Earnings Per
Share (Rs.) |
21.92 |
17.53 |
10.58 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.04 |
6.43
|
4.93 |
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Net Profit Margin (PBT/Sales) |
(%) |
7.96 |
7.28
|
6.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.84 |
7.35
|
5.08 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.14
|
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.20 |
0.82
|
0.89 |
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Current Ratio (Current Asset/Current Liability) |
|
2.04 |
2.35
|
2.18 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
150.782 |
80.923 |
83.233 |
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OPERATIONS
The Company
achieved total Turnover of Rs.508.114 millions during the year, as against total
Turnover of Rs.450.617 millions during the previous year, which represents
increase of about 12.76%. Export Turnover during the year is Rs.198.609
millions as against Export Turnover of Rs.182.237 millions during the previous
year, which represents increase of about 8.98%. Profit after tax during the
year was Rs.35.709 millions as against Rs.28.556 millions during the previous
year. The Company has obtained ISO 9001:2008 Certification during the year
under consideration.
FUTURE OUTLOOK
The Company has
recently completed expansion plan of its unit at Sachin, Surat (SEZ). The
impact of the same on turnover and profitability of the Company will be
reflected from the 3rd quarter of the year 2010-11. The company also proposes
to acquire a new unit at Sachin which is nearby to its existing unit. Export to
IKEA Trading Hongkong Limited is expanding significantly. The Company is also
exploring opportunities for direct supply of various products to US Chain
Stores. The Company is also evaluating automation of various processes to
increase production.
FORM 8:
|
Corporate
identity number of the company |
L74999MH1993PLC070323 |
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Name of the
company |
FANCY FITTINGS LIMITED |
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Address of the
registered office or of the principal place of business in |
145/ 259, Minerva Industrial Estate, E-Mail: fancy@ffltd.com |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90350300 |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
State Bank of E-Mail: kamalax_saraf@hotmail.com |
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Nature of
description of the instrument creating or modifying the charge |
A) Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall limit
(Form C.2-A) B) Letter
regarding the grant of individual limits within the overall limit (Form C.5) Both the above
agreements constitute a single modification. |
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Date of
instrument Creating the charge |
10/03/2011 |
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Amount secured by
the charge |
314,300,000.00 |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As determined by
the bank from time to time Terms of
Repayment: As per sanction
term Margin: 1) Raw Materials: Domestic - 25% Imported - 20% 2)
Stocks-In-Process - 40% 3) Finished Goods
- 33.33% 4) Letter of
Credit - 15% 5) Book Debts/
Receivables (Cover Period 90 Days) - 40% 6) Bank Guarantee
- 25% Extent and
Operation of the charge:
|
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Short particulars
of the property charged |
All present and
future goods, book debts and all other movable assets of the borrower including
documents of title to goods and other assets, such as book-debts outstanding
moneys, receivables, including receivables by way of cash assistance and/or
cash incentives under the cash incentive scheme or any other scheme, claims,
including claims by way of refund of customs/ excise duties under the duty
drawback credit scheme, or any other scheme bills, invoices, documents,
contracts, insurance policies, guarantees, engagements, securities,
investments and rights and the present and future machineries belonging to or
under the control of the company, wherever lying stored and kept whether in
India or elsewhere including such goods and other movable assets in course of
transit/ shipment/ delivery. |
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Date of latest
modification prior to the present modification |
20/09/2010 |
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Particulars of
the present modification |
Now by the
present modification dated 10/03/2011 the limit has been increased from
Rs.284.300 millions to Rs.314.300 millions. |
Contingent liabilities not provided for in the accounts:
|
Particulars |
31.03.2010 (Rs. in
millions) |
|
(a) Counter
Guarantees given to the Bank |
1.650 |
FIXED ASSETS:
·
·
·
·
Buildings
·
Plant and Machinery
·
Dies and Moulds
·
Furniture and Fixtures
·
Vehicles
·
Trade Mark
·
Goodwill
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.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.