MIRA
INFORM REPORT
|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
FRANKE FABER INDIA LIMITED (w.e.f. 26.10.2010) |
|
|
|
|
Formerly Known
As : |
FABER HEATKARFT INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
S. No.1086/1, 1086/2 Village Sanaswadi, Taluka Shirur, Pune - 412208,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.04.1997 |
|
|
|
|
Com. Reg. No.: |
11-107240 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 124.853 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999PN1997PLC107240 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF00532A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF4002G |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Kitchen Hoods, Gas Hobs and Cooking Ranges. |
|
|
|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Franke, Switzerland”. It is an established company
having satisfactory track record. Management of the company has failed to file the latest financial of
2013 with the government department. As per the available of 2012, the company has incurred loss. However,
overall financial position of the company appears to be satisfactory. Trade relation are fair. Business is active. Payment terms are slow
but correct. The company can be considered for business dealing 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rahul |
|
Designation : |
Accounts Deparment |
|
Contact No.: |
91-20-66037900 |
LOCATIONS
|
Registered Office / Factory 1: |
S. No.1086/1, 1086/2 Village Sanaswadi, Taluka Shirur, Pune - 412208,
Maharashtra, India |
|
Tel. No.: |
91-20-66037900 |
|
Fax No.: |
91-20-66037900 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
204, Pentagon 2, Magarpatta City, Hadapsar, Pune – 411028,
Maharashtra, India |
|
Tel. No.: |
91-20-66037900 |
|
Fax No.: |
91-20-66037913 |
|
|
|
|
Factory 2 : |
Plot No. L-7, MIDC, Waluj
Industrial Area, Aurangabad – 431136, Maharashtra, India |
DIRECTORS
AS ON 08.07.2013
|
Name : |
Mr. Ravi Gupta |
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|
Designation : |
Director |
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|
Address : |
C-102, KM Apartments, Plot No.12, Sector 12, Dwarka, New Delhi –
110075, India |
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|
Date of Birth/Age : |
11.07.1964 |
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Qualification : |
B.E. (MECH). Delhi and Master Degree in Management |
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|
Date of Appointment : |
26.10.2010 |
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PAN No.: |
AAEPG1950H |
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DIN No. : |
03033777 |
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Other Directorship :
|
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|||||||||||||||||||||||||||
|
Name : |
Franco Bergamini |
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|
Designation : |
Director |
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|
Address : |
Via Eupilio, Bosisio Parini Lecco, Bosisio, Italy 23842 |
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|
Date of Birth/Age : |
18.02.1946 |
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|
Qualification : |
Bachelors of Electrical Engineering, Italy |
|||||||||||||||||||||||||||
|
Date of Appointment : |
08.07.2013 |
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|
DIN No. : |
05110741 |
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Other Directorship :
|
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|||||||||||||||||||||||||||
|
Name : |
Michael William Gebert |
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|
Designation : |
Director |
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|
Address : |
Werftester 3, Luzern, Switzerland 6005 |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
16.06.1959 |
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|
Qualification : |
BA Finance, Michigan University. |
|||||||||||||||||||||||||||
|
Date of Appointment : |
08.07.2013 |
|||||||||||||||||||||||||||
|
DIN No. : |
05220170 |
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|
Other Directorship :
|
||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||
|
Name : |
Steven Simon Henning |
|||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||
|
Address : |
6C Rochalie Residences Singapore 248237 |
|||||||||||||||||||||||||||
|
Date of Birth/Age : |
28.08.1963 |
|||||||||||||||||||||||||||
|
Date of Appointment : |
08.07.2013 |
|||||||||||||||||||||||||||
|
DIN No. : |
01489554 |
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|
Other Directorship :
|
||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Ms. Neha Satish Dharwadkar |
|
Designation : |
Secretary |
|
Address : |
Flat No.903, Building No. C-1, Mandke Advantage Homes, Opposite
Kendriya Vidyalaya, Pune – 410040, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1985 |
|
Date of Appointment : |
17.12.2012 |
|
PAN No.: |
AUSPD6050F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 08.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Juero Fisher Jointly with Faber SPA, |
|
1 |
|
Jean Claude Michaud Jointly with Faber SPA, |
|
1 |
|
Monika Egli Jointly with Faber SPA, |
|
1 |
|
Faber SPA, |
|
11714308 |
|
Andreas Hausuirth Jointly with Faber SPA, |
|
01 |
|
Bruno Bigaran Jointly with Faber SPA, |
|
01 |
|
Wolfganag Kemmerling Jointly with Faber SPA, |
|
01 |
|
Franke Kuchentechnik AG, Switzerland |
|
770969 |
|
Franke Schweiz AG, |
|
01 |
|
|
|
|
|
Total |
|
12485284 |
AS ON 08.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
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 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Kitchen Hoods, Gas Hobs and Cooking Ranges. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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|
Countries : |
Kathmandu |
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|
|
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Imports : |
|
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Products : |
Raw Material |
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|
Countries : |
· China Taiwan
Italy
|
||||||||
|
|
|
||||||||
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Terms : |
|
||||||||
|
Selling : |
L/C and Credit |
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|
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|
||||||||
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
|
|
|
|
No. of Employees : |
400 (Approximately) |
|
|
|
|
Bankers : |
· ABN Amro Bank N. V., 71/72, 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai - 400021, Maharashtra, India Indusind
Bank Limited, 2401, East Street, Pune – 411001, Maharashtra, India |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
703, 7th Floor, Goderage, Castlemaine,Next To Ruby Hall, Clinic, Bund Garden Road, Pune, Maharashtra, India |
|
Tel. No.: |
91-20-30586764/ 30595786 |
|
Fax No.: |
91-20-30595776 |
|
PAN No. : |
AADFB6889R |
|
|
|
|
Holding company : |
· Franke Artemis Holding AG, Switzerland (erstwhile Artemis Holding AG, Switzerland), Switzerland Franke
Kuchentechnik AG, Switzerland Faber
SpA, Italy |
|
|
|
|
Fellow Subsidiary
Company : |
· Franke Artemis Management AG Faber
A Franke Company Franke
Asia Sourcing Limited Franke
China Kitchen System Company Limited Franke
Nederland B.V. Franke
Technology and Trademark Limited (erstwhile Niro Plan AG) Franke
Kaffeemaschinen AG Franke
Food Services System |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40500000 |
Equity Shares |
Rs.10/- each |
Rs. 405.000 Millions |
|
10000000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
|
|
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 |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
124.853 |
124.853 |
|
(b) Reserves & Surplus |
|
577.121 |
613.475 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
75.000 |
75.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
776.974 |
813.328 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
160.830 |
168.999 |
|
Total Non-current Liabilities (3) |
|
160.830 |
168.999 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
261.028 |
163.810 |
|
(c) Other current
liabilities |
|
36.807 |
20.458 |
|
(d) Short-term provisions |
|
22.391 |
17.114 |
|
Total Current Liabilities (4) |
|
320.226 |
201.382 |
|
|
|
|
|
|
TOTAL |
|
1258.030 |
1183.709 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
269.475 |
281.965 |
|
(ii) Intangible Assets |
|
1.953 |
0.241 |
|
(iii) Capital
work-in-progress |
|
208.155 |
36.046 |
|
(iv)
Intangible assets under development |
|
7.562 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
64.112 |
69.722 |
|
(d) Long-term Loan and Advances |
|
74.428 |
31.553 |
|
(e) Other Non-current assets |
|
1.231 |
9.424 |
|
Total Non-Current Assets |
|
626.916 |
428.951 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
289.632 |
309.037 |
|
(c) Trade receivables |
|
231.337 |
153.405 |
|
(d) Cash and cash
equivalents |
|
72.316 |
250.634 |
|
(e) Short-term loans and
advances |
|
37.829 |
39.066 |
|
(f) Other current assets |
|
0.000 |
2.616 |
|
Total Current Assets |
|
631.114 |
754.758 |
|
|
|
|
|
|
TOTAL |
|
1258.030 |
1183.709 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
124.853 |
|
|
2] Share Application Money |
|
|
75.000 |
|
|
3] Reserves & Surplus |
|
|
541.969 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
741.822 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
9.084 |
|
|
TOTAL BORROWING |
|
|
9.084 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
750.906 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
299.785 |
|
|
Capital work-in-progress |
|
|
30.521 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
62.588 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
268.105
|
|
|
Sundry Debtors |
|
|
55.299
|
|
|
Cash & Bank Balances |
|
|
302.202
|
|
|
Other Current Assets |
|
|
6.109
|
|
|
Loans & Advances |
|
|
86.540
|
|
Total
Current Assets |
|
|
718.255
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
98.526
|
|
|
Other Current Liabilities |
|
|
42.242
|
|
|
Provisions |
|
|
219.475
|
|
Total
Current Liabilities |
|
|
360.243
|
|
|
Net Current Assets |
|
|
358.012
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
750.906 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1376.478 |
1214.941 |
1141.571 |
|
|
|
Other Income |
39.998 |
83.529 |
23.749 |
|
|
|
TOTAL (A) |
1416.476 |
1298.470 |
1165.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
634.371 |
549.239 |
|
|
|
|
Purchases of stock-in-trade |
207.417 |
152.061 |
|
|
|
|
Employee benefit expense |
91.448 |
76.050 |
|
|
|
|
Other expenses |
502.662 |
389.780 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(21.429) |
(16.130) |
|
|
|
|
TOTAL (B) |
1414.469 |
1151.000 |
978.095 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
2.007 |
147.470 |
187.225 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.067 |
0.001 |
0.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.940 |
147.469 |
187.216 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.168 |
25.231 |
19.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(20.228) |
122.238 |
168.194 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.611 |
34.866 |
19.591 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(25.839) |
87.372 |
148.603 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
4.312 |
NA |
4.163 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
351.112 |
|
|
|
Capital Goods |
NA |
NA |
21.990 |
|
|
TOTAL IMPORTS |
NA |
NA |
373.102 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.91) |
5.73 |
7.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.82)
|
6.73 |
12.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.47)
|
10.06 |
14.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.07)
|
11.34 |
16.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03)
|
0.15 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97
|
3.75 |
1.99 |
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 |
Yes |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES : NO
CHARGES EXIST FOR COMPANY
BACKGROUND
The Company was incorporated on 11 April 1997 as a public limited company with 51% shareholding by Faber SpA, Italy (the holding Company). Subsequently, the holding Company increased its holding and the Company became a 100% subsidiary of Faber SpA , Italy.
In accordance with the Scheme of Amalgamation approved by the Honourable High Court of Bombay on 10 July 2009, Franke India Private Limited (hereinafter Limited or transferor Company) was amalgamated with the Company with effect from 1 April 2008 .
The Company has its manufacturing facilities located at Pune, Maharashtra where it is engaged in manufacturing / trading of imported Kitchen Hoods, Gas Hobs and Cooking Ranges and trading of kitchen appliances / other kitchen related accessories and at Waluj , near Aurangabad, Maharashtra where it is engaged in manufacturing of stainless steel sinks and accessories and trading of imported sinks and other kitchen related accessories .
PERFORMANCE
During the financial year, the Company took various growth initiatives to improve Sales volumes. The Company shifted its Registered Office and Factory unit to Village -Sanaswadi. The production at the same commenced with effect from October 2012.
The Company has set up a new manufacturing plant at Sanaswadi, Pune, Maharashtra and operation and production at new site is underway.
FIXED ASSETS
Tangible assets
Land
Buildings
Office
Building
Plant
and Equipment
Factory
Equipments
Furniture
and Fixtures
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
Intangible Assets
Computer
Software
PRESS RELEASE:
FRANKE FABER INDIA
INVESTS RS 550.000 MILLIONS IN SANASWADI PLANT
Pune October 24, 2012
Switzerland based Franke Faber India, manufacturer of kitchen products
has set up a plant in Sanaswadi, near Pune with the total investment of Rs
550.000 Millions. The plant will manufacture chimneys, cooking hoods, hobs
and other kitchen appliances. This is the third plant of the company after
Turkey and Italy. Also, Faber is eying export market from India operations. The
products manufactured from India will be exported to SAARC countries,
Middle East regions, South America and Africa. Over 2500 retail counters
are presently engaged in sales and service across the country.
Commenting on this, Urs Meyer, president and CEO, Franke Kitchen Systems
Group, Faber India said, " The new plant will service our exports to
South East Asia and SAARC countries and also to the group
companies worldwide. With changiNg conditions in China, many manufacturing
companies are looking forward to set up business. China is no longer a
cheap labour nation and has became very competitive. Considering this, we are
coming up with manufacturing facility in India. Faber holds 40 per cent market
share of this segment"
It manufactures kitchen hoods, hobs, cook tops, cooking rage, built in
ovens, microwave ovens and dish washers under the brand name 'Faber' and
kitchen sinks, taps, accessories and bio-waste disposers under the brand
name 'Franke'. Also, the company is relocating its entire research and
development centre from Sweden to India. It is investing Rs 100.000
Millions in this centre. Faber Franke has other two R&D centres in Italy
and France. Currently, Faber produces more than 300 products in Aurangbad and
Pune plants of Franke Faber. Aurangabad factory has current production
capacity of 80,000 sinks per annum and being ramped up to 120,000 sinks
and newly set up Pune factory will produce 500,000 cooking hoods 100,000 hobs
and 50,000 other kitchen appliances per annum.
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 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. 62.36 |
|
|
1 |
Rs. 101.11 |
|
Euro |
1 |
Rs. 84.68 |
INFORMATION DETAILS
|
Report Prepared by
: |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.