|
Report Date : |
30.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
FANCY FITTINGS LIMITED |
|
|
|
|
Formerly Known
As : |
FANCY FITTINGS PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
145/259, Minerva Industrial Estate, Sewri Bunder Road, Sewri (East),
Mumbai – 400015, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.01.1993 |
|
|
|
|
Com. Reg. No.: |
11-070323 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.16.290
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1993PLC070323 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF01265F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF0537G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Plastic Fasteners and Buckles for the Automobile, Home
Appliances, Travel and Sportswear, Garment and Footwear Industries. |
|
|
|
|
No. of Employees
: |
Information Denied By Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1190000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. There appear sharp dip in profitability during the current year. However, the general financial position of the company seems to be good.
Trade relations are reported to be fair. Business is active. Payments are
reported to be usually correct and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com while quoting report
number, name and date.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
CRISIL BBB- (Long Term Rating) |
|
Rating Explanation |
Having moderate degree of safety regarding
timely securing of financial obligation it carry moderate credit risk. |
|
Date |
November 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Kalpesh |
|
Designation : |
Manager |
|
Contact No.: |
91-22-6624521 |
|
Date : |
28.01.2013 |
LOCATIONS
|
Registered Office : |
145/259, Minerva Industrial Estate, Sewri Sunder Road, Sewri (East),
Mumbai – 400015, Maharashtra, India |
|
Tel. No.: |
91-22-61389900 |
|
Fax No.: |
91-22-24143288 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1: |
Unit I: Plot
No. D1-D2 Survey No. 55/2-A, Ringanwada Behind Daman Fire Force
Station Nani Daman (U.T.) 396210, India |
|
|
|
|
Factory 2: |
Unit III: Plot
No. 55/3, 55/3A, 55/3B, 55/4, Survey No. 55/2-A Ringanwada Behind
Daman Fire Force Station Nani Daman (U.T.) 396210, India |
|
|
|
|
Factory 2: |
Plot No. 97, 98, 99 and 100, Surat Special Economic Zone, Diamond
Park, G.I.D.C, Sachin, Surat - 394 230, Gujarat India |
|
|
|
|
Branch Offices : |
Located at: Fittings
Division · Mumbai · Delhi Hanger Division · Mumbai · Delhi · Bangalore · Tirupur |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Jayant Navinchandra Parekh |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
Fortune
Building, 3rd Floor, Plot No. 568, Lady Jahangir Road, Matunga (East), Mumbai
– 400019, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1961 |
|
Date of Appointment : |
06.01.1993 |
|
DIN No.: |
00095406 |
|
|
|
|
Name : |
Mrs. Nishita Kirit Shah |
|
Designation : |
Whole-time Director |
|
Address : |
67/69, Perin Nariman
Street, Bhagwan Bhuvan, 4th Floor, Fort, Mumbai – 400001, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1964 |
|
Date of Appointment : |
22.05.2006 |
|
DIN No.: |
00095423 |
|
|
|
|
Name : |
Mr. Anup Kumud Shah |
|
Designation : |
Director |
|
Address : |
1-8-215/4, Prenderghast Road, Secunderabad – 500003, India |
|
Date of Birth/Age : |
09.09.1960 |
|
Date of Appointment : |
28.06.2001 |
|
DIN No.: |
00095450 |
|
|
|
|
Name : |
Mr. Nimesh Kishore Sheth |
|
Designation : |
Director |
|
Address : |
26/82, Stambh
Tirth, Rafi Ahmed Kidwai Road, Wadala, Mumbai- 400031, Maharashtra, India |
|
Date of Birth/Age : |
11.02.1969 |
|
Date of Appointment : |
28.06.2008 |
|
DIN No.: |
00772973 |
|
|
|
|
Name : |
Mr. Piyush Chandrasinh Sampat |
|
Designation : |
Director |
|
Address : |
402, Jeevan
Bharat Society, Plot No. 487, 17th Road, Khar (West), Mumbai-400052,
Maharashtra, India |
|
Date of Birth/Age : |
02.12.1961 |
|
Date of Appointment : |
28.06.2008 |
|
DIN No.: |
01613411 |
|
|
|
|
Name : |
M. Nishit Mohanlal Dhruva |
|
Designation : |
Director |
|
Address : |
Dariya Mahal, A
Wing, 1st Floor, 80, Napean Sea Road, Mumbai- 400006, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1964 |
|
Date of Appointment : |
28.06.2008 |
|
DIN No.: |
01641751 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Note: Shareholder
details file attached.
AS ON 28.09.2012
|
Equity Shares Break Up |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
23.38 |
|
Directors or relatives of directors |
|
55.79 |
|
Other top fifty shareholders |
|
16.19 |
|
Others |
|
4.64 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Plastic Fasteners and Buckles for the Automobile, Home
Appliances, Travel and Sportswear, Garment and Footwear Industries. |
|
|
|
|
|
|
Product |
Product
Description |
ITC No |
|
|
Plastic Fastners,
Buckles, Hooks And Locks of Handbags, Soft Luggage, Suitcases, Plastic
Hangers, Etc |
392640.09 |
GENERAL INFORMATION
|
No. of Employees : |
Information Denied By Management. |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· State Bank of India Backbay Reclamation Branch, Raheja Chambers, Ground Floor, Nariman
Point, Mumbai - 400021, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N B Parekh and Associates Chartered Accountants |
|
Address : |
A-16, Arihant
Owners Colony Vidyavihar-East Mumbai – 400077, Maharashtra, India |
|
PAN No.: |
AAJPP9063H |
|
|
|
|
Other Related
Parties : |
· Zipper (India) Private Limited CIN NO : U01100MH1961PTC023004 · Apeksha Plastic Products Private Limited · Fancy Fittings Pty. Limited · Mrs Nishita K Shah · Rupam J Parekh · Riddhi K Shah PAN NO : BHSPS0073B · Mr. Jayant N Parekh PAN NO : AADPP0435F · Mr. Amita A Shah PAN NO : AKAPS0093F |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1998000 |
Equity Share |
Rs.10/- each |
Rs.19.980 Millions |
|
2000 |
Preference Shares |
Rs.10/- each |
Rs.0.020 Million |
|
|
|
|
|
|
|
Total |
|
Rs.20.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1629000 |
Equity Share |
Rs.10/- each |
Rs.16.290
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
16.290 |
16.290 |
16.290 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
282.103 |
274.047 |
255.158 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
298.393 |
290.337 |
271.448 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
213.540 |
220.331 |
139.080 |
|
|
2] Unsecured Loans |
10.421 |
8.421 |
8.246 |
|
|
TOTAL BORROWING |
223.961 |
228.752 |
147.326 |
|
|
DEFERRED TAX LIABILITIES |
22.959 |
22.312 |
21.410 |
|
|
|
|
|
|
|
|
TOTAL |
545.314 |
541.400 |
440.184 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
257.373 |
269.845 |
227.309 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
16.763 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.730 |
10.630 |
10.530 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
202.051
|
211.576
|
150.393 |
|
|
Sundry Debtors |
113.727
|
106.756
|
108.499 |
|
|
Cash & Bank Balances |
27.625
|
33.117
|
28.862 |
|
|
Other Current Assets |
23.068
|
29.211
|
0.000 |
|
|
Loans & Advances |
79.782
|
75.542
|
75.902 |
|
Total
Current Assets |
446.253
|
456.202 |
363.656 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
104.586
|
131.255
|
150.782 |
|
|
Other Current Liabilities |
39.238
|
42.406
|
18.507 |
|
|
Provisions |
25.218
|
21.616
|
8.899 |
|
Total
Current Liabilities |
169.042
|
195.277 |
178.188 |
|
|
Net Current Assets |
277.211
|
260.925 |
185.468 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.114 |
|
|
|
|
|
|
|
|
TOTAL |
545.314 |
541.400 |
440.184 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
649.299 |
665.732 |
509.114 |
|
|
|
Other Income |
1.433 |
1.919 |
0.989 |
|
|
|
TOTAL (A) |
650.732 |
667.651 |
510.103 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
374.658 |
404.867 |
0.000 |
|
|
|
Purchased of Stock in trade |
7.272 |
5.747 |
0.000 |
|
|
|
Purchased of finished goods, work-in-progress and stock in trade |
(6.135) |
(44.231) |
0.000 |
|
|
|
Consumption Materials Changed Inventories |
0.000 |
0.000 |
281.395 |
|
|
|
Manufacturing Service costs |
0.000 |
0.000 |
61.171 |
|
|
|
Employee Related Expenses |
61.843 |
55.095 |
37.820 |
|
|
|
Administrative, Selling and Other Expenses |
0.000 |
0.000 |
48.569 |
|
|
|
Other Expenses |
131.215 |
163.135 |
0.000 |
|
|
|
TOTAL (B) |
568.853 |
584.613 |
428.955 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
81.879 |
83.038 |
81.148 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.117 |
30.077 |
18.178 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.762 |
52.961 |
62.970 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
27.422 |
24.471 |
22.521 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15.340 |
28.490 |
40.449 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.391 |
3.902 |
4.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.949 |
24.588 |
35.709 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
229.404 |
212.975 |
186.557 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
2.460 |
3.592 |
|
|
|
Proposed Dividend |
NA |
4.887 |
4.887 |
|
|
|
Tax on Dividend |
NA |
0.812 |
0.812 |
|
|
BALANCE CARRIED
TO THE B/S |
239.353 |
229.404 |
212.975 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
284.896 |
198.609 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
99.392 |
|
|
|
Stores & Spares |
NA |
NA |
0.000 |
|
|
|
Capital Goods |
NA |
NA |
1.493 |
|
|
TOTAL IMPORTS |
NA |
NA |
100.885 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.11 |
15.09 |
21.92 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.54
|
3.68 |
7.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.38
|
4.28 |
7.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.15
|
3.86 |
6.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.10 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75
|
0.79 |
0.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.64
|
2.34 |
2.04 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED
LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Loans and Advance from Directors |
9.400 |
8.000 |
|
Loans and Advance from Others |
0.421 |
0.421 |
|
Other Loans and Advances |
0.600 |
0.000 |
|
|
|
|
|
Total |
10.421 |
8.421 |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
104.586 |
131.255 |
150.782 |
|
TOTAL |
104.586 |
131.255 |
150.782 |
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
During the year, the industry faced problem
of uncertain market conditions due to steep fluctuations in prices of raw
materials and overall slow down of world economy. Further, high inflation is a
matter of concern for Indian economy and tighter monetary conditions and rising
prices is leaving consumers with less disposable income.
Unorganised market players have also come
into play in a big way. However, despite of all these constraints, the Indian
Plastic Industry is growing. The Industry is providing immense scope and vast
opportunities in terms of wide varieties of plastic goods and the management
anticipates better future of Plastic Industry in the domestic as well as
international market in the coming years.
OUTLOOK
The Company is expecting to achieve
turnover of more than Rs. 800.000 Millions during the year 2012-13. The Company
is also exploring opportunities to tap new markets.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN THE ACCOUNTS
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In
Millions) |
||
|
|
|
||
|
Counter Guarantees given to the bank |
13.600 |
5.477 |
1.650 |
|
|
|
|
|
FORM 8:
|
Corporate
identity number of the company |
L74999MH1993PLC070323 |
|
Name of the
company |
FANCY FITTINGS
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
145/259
Minerva Industrial Estate, Sewri
Bunder Road, Sewri (East), Mumbai – 400015, Maharashtra, India
|
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90350300 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of
India’ Backbay
Reclamation Branch, Raheja Chambers,
Ground Floor, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
No instrument. memorandum
of entry (recording extension of equitable mortgage by giving oral assent for
constructive delivery of title deeds already deposited with SBI) |
|
Date of
instrument Creating the charge |
28.11.2011 |
|
Amount secured by
the charge |
Rs.367.100 Millions
|
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest As per sanction
terms Terms of
Repayment As per sanction
terms Margin As per sanction
terms Extent and Operation
of the charge As per sanction
terms |
|
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. |
|
Date of latest
modification prior to the present modification |
07.10.2011 |
|
Particulars of
the present modification |
Now Present
Modification.dt.28.11.2011 a Memo. of entry was executed by SBI, SBI acting
as the agent of HDFC Bank and stated that the said oral assent was given with
an intent to create further security
on the Immovable Property by way of constructive delivery for Extn. of E.M.
as and by way of 1st pari passu charge to secure SBI limits from Rs. 314.300
Millions to Rs. 328.000 Millions and HDFC Bank limits of Rs.39.100 Millions
Totalling to Rs.367.100 Millions |
FIXED ASSETS:
· Leasehold Land
· Freehold Land
· Bangalore Property
· Building
· Plant and Machinery
· Dies and Moulds
· Furniture and Fixture
· Vehicles
· Trade Mark
AS PER WEBSITE
DETAILS
Company Profile
Fancy Fittings has moulded the choice
of the discerning consumer across the globe while carving a niche for itself in
the moulded plastic industry. In the year 1995, it evolved from a private
limited company to a public limited company, under the guidance of the dynamic
duo Jayant Parekh and late Kirit Shah, with a turnover of over 9.20 million USD
Fancy Fittings has three manufacturing units located at Daman, a union
territory of India.
A dedicated work force of qualified professionals,
state-of-the art machinery and advanced technology assist in transcending the
limits of visualization. Their impressive range of products and a customer base
of more than 200 satisfied brands are a testimony to it. Quality is the fulcrum
which reiterates the company ethos of maintaining high international standards.
Fancy Fittings has emerged to be a synonym for dependability.
In the present age, where time is a premium, they meet deadlines without compromising on quality.
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 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 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.53.70 |
|
|
1 |
Rs.84.35 |
|
Euro |
1 |
Rs.72.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPR |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
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.