MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
FANCY |
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|
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Formerly Known As
: |
FANCY TEX ELECTRONICS PRIVATE LIMITED |
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Registered
Office : |
K-40, Gandhinagar, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.03.1989 |
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Com. Reg. No.: |
10 - 005120 |
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Capital
Investment / Paid-up Capital : |
Rs. 4.000 Millions |
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CIN No.: [Company Identification
No.] |
U28939MP1989PTC005120 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Textile Machinery Parts, Leather Goods and Trading of
Leather Footware. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 25500 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. S.M. Sharma |
|
Designation : |
Director |
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Contact No.: |
91-9300473544 |
|
Date : |
07.06.2011 |
LOCATIONS
|
Registered Office : |
K-40, Gandhinagar, |
|
Tel. No.: |
91-751-2380806/ 2384806 |
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Mobile No.: |
91-9300473544 (Mr. S.M. Sharma) |
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Fax No.: |
91-751-2370231 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq. ft |
|
Location : |
Owned |
DIRECTORS
As on 15.09.2010
|
Name : |
Ms. Shruti Kaushik |
|
Designation : |
Director |
|
Address : |
K-40, Gandhinagar, |
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Date of Appointment : |
14.01.2006 |
|
DIN No.: |
00795510 |
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|
|
|
Name : |
Ms. Maya Devi Kaushik |
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Designation : |
Director |
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Address : |
K-40, Gandhinagar, |
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Date of Birth/Age : |
01.01.1937 |
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Date of Appointment : |
30.04.2008 |
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DIN No.: |
01264815 |
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Name : |
Ms. Shepkali Kaushik |
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Designation : |
Director |
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Address : |
K-40, Gandhinagar, |
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Date of Appointment : |
08.03.1989 |
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DIN No.: |
01422494 |
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|
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Name : |
Mr. Purshottam Kaushik |
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Designation : |
Director |
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Address : |
K-40, Gandhinagar, |
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Date of Birth/Age : |
01.10.1955 |
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Date of Appointment : |
30.04.2008 |
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DIN No.: |
01442664 |
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|
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Name : |
Ms. Richa Kaushik |
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Designation : |
Director |
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Address : |
K-40, Gandhinagar, |
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Date of Birth/Age : |
26.06.1990 |
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Date of Appointment : |
01.07.2010 |
|
DIN No.: |
02568475 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 15.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
S. Kaushik |
|
14790 |
|
P. Kaushik |
|
14900 |
|
M.D. Kaushik |
|
1130 |
|
Anil Pachouri |
|
380 |
|
Anita Venugopal |
|
180 |
|
B.K. Maheshwari |
|
180 |
|
C.K. Upadhyay |
|
180 |
|
Gopal Gupta |
|
380 |
|
H.B. Sharma |
|
180 |
|
Kirti Gupta |
|
580 |
|
Madhuri Parasher |
|
180 |
|
Malti Parasher |
|
380 |
|
Mohan Chaturvedi |
|
380 |
|
Phoolwall Rana |
|
180 |
|
R.C. Yadav |
|
180 |
|
R.K. Yadav |
|
180 |
|
|
|
380 |
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Ritu Srivastava |
|
180 |
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S.S. Rana |
|
180 |
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Sanjay Tripathi |
|
380 |
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Santosh Mukul |
|
380 |
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Saroj Yadav |
|
180 |
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Shruti Kaushik |
|
760 |
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Suman Pachouri |
|
380 |
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Suman Sharma |
|
380 |
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Sumit Mukul |
|
250 |
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Surjeet Singh |
|
380 |
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Sushila Mukul |
|
1250 |
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Vijay Goswami |
|
180 |
|
Sunil Mukul |
|
380 |
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Total |
|
40000 |
As on 15.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Textile Machinery Parts, Leather Goods and Trading of
Leather Footware. |
GENERAL INFORMATION
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R. Tripathi and Company Chartered Accountant |
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Address : |
Bhagwat Ka Bada, Jayinderganj, |
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PAN.: |
ABDPT2759D |
CAPITAL STRUCTURE
As on 15.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/-
each |
Rs. 4.000
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
4.000 |
4.000 |
4.000 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
2.381 |
1.452 |
1.377 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
6.381 |
5.452 |
5.377 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
12.151 |
12.093 |
10.912 |
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|
2] Unsecured Loans |
6.174 |
2.987 |
3.287 |
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TOTAL BORROWING |
18.325 |
15.080 |
14.199 |
|
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DEFERRED TAX LIABILITIES |
0.505 |
0.110 |
0.000 |
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|
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|
|
|
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TOTAL |
25.211 |
20.642 |
19.576 |
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|
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18.602 |
18.807 |
11.883 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
0.313 |
0.290 |
0.271 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.124 |
|
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|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.620
|
3.039 |
6.939 |
|
|
Sundry Debtors |
1.328
|
6.042 |
4.053 |
|
|
Cash & Bank Balances |
1.473
|
0.643 |
2.597 |
|
|
Other Current Assets |
0.585
|
0.682 |
0.341 |
|
|
Loans & Advances |
0.726
|
1.575 |
3.906 |
|
|
Less: Advance Tax for
the year 2006-07 |
0.000
|
0.000 |
(0.100) |
|
Total
Current Assets |
8.732
|
11.981 |
17.736 |
|
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2.048
|
6.957 |
6.864 |
|
|
Other Current Liabilities |
0.225
|
3.116 |
3.296 |
|
|
Provisions |
0.163
|
0.363 |
0.278 |
|
Total
Current Liabilities |
2.436
|
10.436 |
10.438 |
|
|
Net Current Assets |
6.296
|
1.545 |
7.298 |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
25.211 |
20.642 |
19.576 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
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Income |
|
34.225 (Turnover) |
31.684 (Turnover) |
|
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Other Income |
|
NA |
NA |
|
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TOTAL |
35.824 |
NA |
NA |
|
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|
|
|
|
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|
Less |
|
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|
|
|
|
|
Office Expenses |
|
|
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|
Administrative Expenses |
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Advertising Expenses |
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Financial Expenses |
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Depreciation |
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|
|
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TOTAL |
34.780 |
NA |
NA |
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|
|
|
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|
PROFIT BEFORE
TAX |
1.044 |
6.728 |
0.806 |
|
|
|
|
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|
|
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|
Less |
TAX |
0.163 |
6.653 |
0.284 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
0.881 |
0.075 |
0.522 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
-- |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.46
|
-- |
-- |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
--
|
0.22 |
1.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.82
|
21.85 |
2.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
1.23 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.25
|
4.68 |
4.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.58
|
1.15 |
1.70 |
LOCAL AGENCY FURTHER INFORMATION
Form 8:
|
Corporate
identity number of the company |
U28939MP1989PTC005120 |
|
Name of the
company |
FANCY |
|
Address of the registered
office or of the principal place of
business in |
K-40, Gandhinagar, |
|
This form is for |
Modification of charge |
|
Charge
identification (ID) number of the charge to be modified |
10152172 |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Supplementary Agreement
of Hypothecation of Goods and Assets for increasing in overall Limit. |
|
Date of
instrument Creating the charge |
10.08.2010 |
|
Amount secured by
the charge |
Rs. 13.500
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest @ 12.75% with
monthly rest Terms of
Repayment CC Repay on
Demand Margin As per Agreement Extent and
Operation of the charge As per Agreement |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
Goods and Assets for increasing in the overall Limit |
|
Date of
instrument modifying the charge |
|
|
Particulars of the
present modification |
The overall Limit
increased from Rs. 10.000 Millions to Rs. 13.500 Millions Limit increased by
Rs. 3.500 Millions |
Fixed Assets:
- Building
- Computer
- Cycle
- EPBAX
- Fans and Coolers
- Fax Machines
- Fire Extinguisher
- Furniture and Fixture
- Geezer
- Invertor
- Land and Shed
- Plant and Machinery
- Mobile Machine
- Refrigerator
- Tools and Handling Equipment
- Typewriter
- Water Filter
- Water Pump
- Work – in – Progress Plant
Assets at Malanpur:
- A.C.
- Building
- Computer
- Datiya Unit
- Electric Installation
- Fans and Cooler
- Fire Extinguisher
- Furniture
- Last
- Leasehold
- Mould Aluminum
- Tube Wells
- Water Cooler
- Yo Bike
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.