MIRA
INFORM REPORT
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Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
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Name : |
FRANKE FABER INDIA LIMITED (w.e.f. 26.10.2010) |
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Formerly Known
As : |
FABER HEATKARFT INDUSTRIES LIMITED |
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Registered
Office : |
37/1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.04.1997 |
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Com. Reg. No.: |
11-107240 |
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Paid – up
Capital : |
Rs. 124.853 Millions
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CIN No.: [Company Identification
No.] |
U99999PN1997PTC107240 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF00532A |
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PAN No.: [Permanent Account No.] |
AAACF4002G |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Kitchen Hoods, Gas Hobs and Cooking Ranges. |
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No. of Employees
: |
Not Available |
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 2967000 |
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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 company having satisfactory track
records. 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
|
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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-20-26930408 |
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Fax No.: |
91-20-26930893 |
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E-Mail : |
DIRECTORS
As on 26.10.2010
|
Name : |
Mr. Stefano Socci |
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Designation : |
Director |
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Address : |
V Fossati 2, Manza – 20052, |
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Date of Birth/Age : |
15.01.1961 |
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Date of Appointment : |
20.07.2010 |
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DIN No.: |
02878490 |
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Name : |
Mr. Christian Kuehl |
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Designation : |
Director |
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Address : |
2, CD, Building 11, Lane 555, |
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Date of Birth/Age : |
06.05.1969 |
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Date of Appointment : |
20.07.2010 |
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DIN No.: |
03028478 |
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Name : |
Mr. Torsten Tuerling |
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Designation : |
Director |
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Address : |
Batlimattweg, Oberentfelden – 5036, |
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Date of Birth/Age : |
14.06.1967 |
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Date of Appointment : |
20.07.2010 |
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DIN No.: |
03105838 |
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Name : |
Mr. Ravi Gupta |
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Designation : |
Director |
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Address : |
C 102 K M Apartments, Plot 12, Sector 12 Dwarka, New Delhi-110075, |
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Date of Birth/Age : |
11.07.1964 |
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Date of Appointment : |
26.10.2010 |
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DIN No.: |
03033777 |
KEY EXECUTIVES
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Name : |
Mr. Vasudev Bindurao Savalgi |
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Designation : |
Secretary |
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Address : |
C/O, SS Indalkar, Plot 33/3, Urmila Housing Society, Dhanakwadi, Pune
– 411043, |
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Date of Birth/Age : |
23.07.1973 |
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Date of Appointment : |
09.08.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.10.2010
|
Names of Shareholders |
|
No. of Shares |
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11714308 |
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Andreas Hausuirth Jointly with Faber Spa |
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1 |
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Bruno Bigaran Jointly with Faber Spa |
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1 |
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Juero Fisher Jointly with Faber Spa |
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1 |
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Jean Claude Michaud Jointly with Faber Spa |
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1 |
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Monika Egli Jointly with Faber Spa |
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1 |
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Wolfganag Kemmerling Jointly with Faber Spa |
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1 |
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Franke Holding AG, |
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770969 |
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FRanke Schweiz AG, |
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1 |
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Total |
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12485284 |
Equity Share Breakup (Percentage of Total Equity)
As on 26.10.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Kitchen Hoods, Gas Hobs and Cooking Ranges. |
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Products : |
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PRODUCTION STATUS AS ON
As on 31.12.2007
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Kitchen Hood |
Nos. |
|
120000 |
96641 |
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Built I n Gas Hobs and Cooktop |
Nos. |
|
55000 |
47304 |
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Cooking Range |
Nos. |
|
5000 |
3007 |
GENERAL INFORMATION
|
Bankers : |
ABN Amro Bank
N.V., 71/72, 7th Floor, Sakhar Bhavan, Nariman Point,
Mumbai-400021, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Associates Chartered Accountant |
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Address : |
703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall
Clinic, Bund Garden Road, Pune-411001, Maharashtra, India |
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Tel. No.: |
91-20-30586764/ 30595786 |
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Fax No.: |
91-20-30595776 |
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Enterprises over which key management personnel is able to exercise
significant influences : |
Heatkraft Heatkraft Appliances Limited |
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Holding Company: |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
40500000 |
Equity Shares |
Rs. 10/- each |
Rs. 405.000 Millions |
|
10000000 |
Preference Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
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Total |
|
Rs. 505.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12485284 |
Equity Shares |
Rs. 10/-
each |
Rs. 124.853
Millions |
Note:
Of the above Shares:
- 11714314 Equity Shares are held by
- 770970 Equity Shares to be issued to Franke Holding AG,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
|
1] Share Capital |
124.853 |
124.853 |
17.143 |
|
|
2] Share Application Money |
75.000 |
75.000 |
0.000 |
|
|
3] Reserves & Surplus |
541.969 |
393.366 |
263.685 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
741.822 |
593.219 |
280.828 |
|
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LOAN FUNDS |
|
|
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
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2] Unsecured Loans |
9.084 |
10.099 |
0.000 |
|
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TOTAL BORROWING |
9.084 |
10.099 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
750.906 |
603.318 |
280.828 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
299.785 |
232.173 |
36.243 |
|
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Capital work-in-progress |
30.521 |
59.288 |
7.634 |
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
62.588 |
43.951 |
24.221 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
268.105
|
236.859
|
150.205 |
|
|
Sundry Debtors |
55.299
|
76.023
|
124.395 |
|
|
Cash & Bank Balances |
302.202
|
152.930
|
216.623 |
|
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Other Current Assets |
6.109
|
0.000
|
0.000 |
|
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Loans & Advances |
86.540
|
62.426
|
34.486 |
|
Total
Current Assets |
718.255
|
528.238
|
525.709 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
98.526
|
64.379
|
146.732 |
|
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Other Current Liabilities |
42.242
|
43.590
|
37.806 |
|
|
Provisions |
219.475
|
152.363
|
128.441 |
|
Total
Current Liabilities |
360.243
|
260.332
|
312.979 |
|
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Net Current Assets |
358.012
|
267.906
|
212.730 |
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
750.906 |
603.318 |
280.828 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1130.413 |
1162.765 |
|
|
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Other Income |
|
34.907 |
13.789 |
|
|
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TOTAL (A) |
|
1165.320 |
1176.554 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material costs |
|
623.494 |
645.879 |
|
|
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Personnel Costs |
|
69.234 |
76.769 |
|
|
|
Manufacturing, selling and general Expenses |
|
285.366 |
322.254 |
|
|
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TOTAL (B) |
|
978.094 |
1044.902 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
187.226 |
131.652 |
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
0.009 |
0.881 |
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
187.217 |
130.771 |
|
|
|
|
|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
19.022 |
19.175 |
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
168.195 |
111.596 |
|
|
|
|
|
|
|
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|
Less |
TAX (I) |
|
19.592 |
(12.093) |
|
|
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|
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|
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|
PROFIT AFTER TAX
(G-I) (J) |
|
148.603 |
123.689 |
|
|
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
11.90 |
14.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (12 Months) |
31.03.2009 (15 Months) |
31.12.2007 (12 Months) |
|
PAT / Total Income |
(%) |
12.75
|
10.51 |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.88
|
9.60 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.52
|
14.67 |
-- |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.19 |
-- |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
0.45 |
1.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.99
|
2.03 |
1.68 |
LOCAL AGENCY FURTHER INFORMATION
Background:
Subject was incorporated on 11 April 1997 as a Public Limited Company
with 51% shareholding by
Amalgamation of Franke India Private Limited with the Company:
The company has completed the process of
amalgamation of Franke India Private Limited with the company. To facilitate
the amalgamation process, the company had extended its accounting year by three
months beyond 31st December 2008 to 31st March 2009 and
the Annual General Meeting is also convened beyond statutory period with the
permission of appropriate authority. The shares of the company have been
allotted to the shareholders of the erstwhile Franke India Private Limited as
envisaged and approved in the scheme of amalgamation.
The financial results o the company for the
period ended 31st March 2009 would not be comparable with results fo
the end of previous financial year ended 31st March 2009 for the
reason of aforesaid amalgamation with retrospective affect i.e. 1st
April 2009 and extension of accounting year by three months.
Infusion of share capital for Expansion:
The parent company
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90086550 |
|
Corporate
identity number of the company |
U99999PN1997PTC107240 |
|
Name of the
company |
FRANKE FABER INDIA LIMITED |
|
Address of the registered
office or of the principal place of
business in |
|
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
ABN Amro Bank N.V.,
71/72, 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai-400021, |
|
Nature of
description of the instrument creating or modifying the charge |
a) Supplemental Facility cum Hypothecation
Agreement. b) Supplemental Special Hypothecation
Agreement (both constitute a single charge) |
|
Date of
instrument Creating the charge |
02.08.2007 |
|
Amount secured by
the charge |
Rs. 32.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest OD- At Bank’s PLR
(Presently 12.75% p.a.) less 0.75% p.a i.e. 12% p.a. STPLR/ FCNR (B)
Loans / Chequ3s Purchase / Bill Discounting- At negotiated rates. LC/ Guarantee –
Standard Tariff Terms of
Repayment OD- Repayable on
demand CP- Fluctuating STPLR/ FCNR (B)
Loans Max 12 Months] Bill Discounting
– Max 180 Days LC- Validity /
usance – Max 180 days each Guarantee – Max.
12 Months including Clain period Margin 25% Extent and
Operation of the charge The ban k is
having pari passu charge with other leaders (Limit will be restricted to the
extent of ABN Amro Bank’s shares in the multiple banking arrangement) on the
security offered by the company. |
|
Short particulars
of the property charged |
Hypothecation by
way of pari passu charge on a) All the book debt and other tangible
movable properties of the borrower including stocks, spares, finished and
semi finished goods, goods in process of manufacture b) Fixed assets to the agreement whether
installed or not and whether now lying loose |
|
Date of latest
modification prior to the present modification |
02.06.2005 |
|
Particulars of
the present modification |
At the borrower
request, the total existing facility of Rs. 32.500 Millions (Fund and Non
Fund Based) has been modified/ revised in the following manner by the Bank 1)
LC- Rs. 32.500 Millions 2) OD/ STPLR/ CP/FCNR (B)/ BD of Rs. 27.500 Millions
(sub limit of 1) 3) Guarantee- Rs. 5.000 Millions (Sub limit of 1) Hence
there is no change in the charge amount and other terms and conditions shall
remain the same. |
Fixed Assets:
·
·
Building
·
Plant and Machinery
·
Dies and Tools
·
Furniture and Fixtures
·
Office Equipments
·
Computers
·
Vehicles
·
Air Conditioner
·
Computer Software
NEWS:
Franke Faber India
Limited Invests 500.000 Millions in the New State – of - the - Art - Technology
Plant in Pune
March 10, 2011 -
Pune,
Franke Faber India Limited (FFIL), the leading kitchen chimneys and hob
manufacturers in
The plant occupies a total area of over 17 Acres. The construction of the plant
is divided in 3 phases where the first phase of the plant will be completed by
December 2011 and first production lot will be rolled out in January 2012. The
plant has an annual production capacity of 9 lakh units - 5 lakh hoods, 3 lakh
hobs and 1 lakh other appliances. The plant will use futuristically designed
state-of-the-art equipment and will be the export hub for Asia and
Speaking on the occasion, Mr. Ravi Gupta, Managing Director, Franke Faber India
Limited said. “With this investment in setting up the plant, we will look at
creating employment opportunities in the industry and we are positive it will
lead to further development of Sanaswadi as an industrial hub. He further
stated “Globally Franke Faber has focused on introducing new products based on
understanding of customer needs. The outstanding acceptance of all our products
is a testimony to the success of that approach. We apply the same approach in
The new plant will meet the global standards of Franke Faber on productivity,
throughput, quality, finishes and safety. New Technologies introduced at the
plant will be "Sunzi Technology" and "Silk Technology".
Sunzi Technology provides electronic controls for better efficiency, aesthetics
and makes it user friendly whereas the Silk Technology reduces noise levels of
hoods significantly and creates a tranquil environment in the kitchen.
About Franke Faber India Limited:
Franke Faber India Limited (FFIL) is the leading kitchen chimneys and hob
manufacturers in
Faber is a 57 year old company with presence in 13 countries across 3
continents. Faber products include kitchen chimneys, hobs, and kitchen
appliances like oven and cooking range. Faber became a part of the Swiss Franke
Group in 2005.
To view the photographs, please click on the links given below:
Mr. Ravi Gupta, Managing Director, Franke Faber India Limited performing the
ground breaking ceremony of the new plant in the presence of guests and
employees
Mr. Ravi Gupta, Managing Director, Franke Faber India Limited performing the
ground breaking ceremony of the new plant in the presence of guests and
employees
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.44.53 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.