MIRA
INFORM REPORT
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Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
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Name : |
FLAIR WRITING AIDS |
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Registered
Office : |
Survey No. 708/1 and 2, 709/12 and 18, Somnath Dabhel, Daman – 396
210, |
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Country : |
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Year of
Establishment : |
2002 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business
: |
Manufacturer and Exporter of all kinds of Writing Instruments like
Metal Pens, Ball Point Pens, Gel Ink Pens and Refills. |
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No. of Employees
: |
Approximately 2000 (Group) |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
-- |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established partnership concern having moderate track.
Mr. Keshav, Accounts Manager provided to us the general information and denied
to disclose any financial details. However, trade relations are reported as
fair. Business is active. Payment terms are unknown. The concern can be considered for business dealings with some caution.
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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 PARTED BY (General Details)
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Name : |
Mr. Keshav Shetty |
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Designation : |
Accounts Manager |
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Date : |
16.08.2011 |
LOCATIONS
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Registered Office : |
Survey No. 708/1 and 2, 709/12 and 18, Somnath Dabhel, Daman – 396
210, |
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Tel. No.: |
91-260-2243827 |
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Fax No.: |
91-260-2243826 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
63, B/C, Government Industrial Estate, Charkop, Kandivali (West),
Mumbai – 400 067, |
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Tel. No.: |
91-22-28683084/ 28683676/ 42030402/ 403/ 404 |
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Fax No.: |
91-22-28689318 |
PARTNERS
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Name : |
Mr. K.J. Rathod |
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Designation : |
Partner |
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Date of Birth/Age : |
60 Years |
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Name : |
Mr. V.J. Rathod |
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Designation : |
Partner |
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Date of Birth/Age : |
58 Years |
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Name : |
Mr. Rajesh Rathod |
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Designation : |
Partner |
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Date of Birth/Age : |
35 Years |
KEY EXECUTIVES
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Name : |
Mr. Keshav Shetty |
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Designation : |
Accounts Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all kinds of Writing Instruments like
Metal Pens, Ball Point Pens, Gel Ink Pens and Refills. |
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Products : |
v Markers, Hi-lighters v Correction Pens v Refills |
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Exports : |
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Products : |
v Markers, Hi-lighters v Correction Pens v Refills |
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Countries : |
v
v
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Imports : |
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Products : |
v
Raw Materials |
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Countries : |
v
v
v
v
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Terms : |
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Selling : |
Cash and Credit (30/ 60 days) |
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Purchasing : |
Cash and Credit (30/ 60 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers and Distributors |
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No. of Employees : |
Approximately 2000 (Group) |
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Bankers : |
Citi Bank, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jaswani and Company Chartered Accountants |
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Associates/Subsidiaries : |
v
National Pen and
Plastic Industries Address: Plot No.2, Unit No.1, Udyog Nagar, Telephone No. 91-22-28752157/ 28746235/ 28749450 Fax No.: 91-22-28749561/ 26853012 v
Flair Impex
Corporation Address: Plot No. 206 and 207 – A, Telephone No. : 91-261-2399124/ 2397284 Fax No. 91-261-2399324 v
Flair Pens
Limited (Mumbai) Address: 63, B/C, Government Industrial Estate, Charkop, Kandivali
(West), Mumbai – 400 067, Telephone No.: 91-22-28683876/ 28683806/ 28683084 Fax No.: 91-22-28689318 v
Flair Pen and
Plastic Industries Address: Survey No. 377/1, Plot No. 19 and 21, Zari Causeway Road,
Kachigam, Daman – 396 210, India v
Flair Pens
Limited (Dehradun) Address: Plot No. 13 and 14, Village Central Hope Town, Selaqui,
Dehradun – 248 001, v
Flair Pens
Limited ( Address: Survey No.709/ 12 and 18, v
Flair Writing
Instruments Address: 30-A, Deven Industrial Estate, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
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Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
NOT DIVULGED
The above information has been declined by Mr. Keshav Shetty (Accounts
Manager).
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
PROFILE:
FLAIR, being the exporter of fine writing instruments from the Asian continent, commenced its success story 4 decades back with the an exclusive range of fine writing Metal Pens under the able guidance of Mr. K. J. Rathod, the visionary and President of Writing Instruments Manufacturer Organization, India.
During the era, Flair has ventured into various territories
by the efforts of Mr. V.J. Rathod,
the financial mentor of the group, who has also served a successful tenure as
Chairman of Plastics Export Promotion Council,
Flair,
attributes innovation and commitment to
quality as its core competence. These competencies have made Flair one
of the ace manufacturers of complete range of writing instruments from
Flair, being an ISO 9001:2008 and SA 8000:2008 certified company, abides to all the global guidelines. Flair has joint venture and tie ups with some of the pioneers of writing instrument industry, and 3 of its own brands FLAIR, LANDMARK and RUDI KELLNER are conquering the whole world.
Flair operations
are diversified throughout the Indian subcontinent with its production
facilities concentrated in the western region of
Flair has
state of art automatic production facilities that contribute to its inbuilt
production capacity of 2.5 million pieces per day from its production lines
spread across 300,000 sq. ft. at different locations with approximately 100
sets of multi cavity moulds, designed and fabricated in
Flair's product assortment includes Plastic Ball Pens, Gel Pens, Metal Ball Pens, Roller Pens, Fountain Pens, Gift Sets, Refills and Water based writing instruments such as Markers, Hi-lighters, Permanent Markers and Correction Pens.
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.45.25 |
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1 |
Rs.73.88 |
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Euro |
1 |
Rs.65.06 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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32 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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- |
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.