MIRA
INFORM REPORT
|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
FRANKE FABER INDIA LIMITED (w.e.f. 26.10.2010) |
|
|
|
|
Formerly Known
As : |
FABER HEATKARFT INDUSTRIES LIMITED |
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Registered
Office : |
S. No.1086/1, 1086/2 Village Sanaswadi, Taluka Shirur, Pune - 412208, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
11.04.1997 |
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|
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Com. Reg. No.: |
11-107240 |
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Capital
Investment / Paid-up Capital : |
Rs. 124.853 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999PN1997PLC107240 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEF00532A |
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|
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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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|
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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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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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 financial of 2012, the company has incurred loss.
However, overall financial position of the company is satisfactory. Trade relation are fair. Business is active. Payment terms are slow
but correct. The company can be considered normal 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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE
CONTACT NO.:91-2138-612400
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 : |
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|
Website : |
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|
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 |
|
Designation : |
Director |
|
Address : |
C-102, KM Apartments, Plot No.12, Sector 12, Dwarka, New Delhi –
110075, India |
|
Date of Birth/Age : |
11.07.1964 |
|
Qualification : |
B.E. (MECH). Delhi and Master Degree in Management |
|
Date of Appointment : |
26.10.2010 |
|
PAN No.: |
AAEPG1950H |
|
DIN No. : |
03033777 |
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|
|
|
Name : |
Franco Bergamini |
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Designation : |
Director |
|
Address : |
Via Eupilio, Bosisio Parini Lecco, Bosisio, Italy 23842 |
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Date of Birth/Age : |
18.02.1946 |
|
Qualification : |
Bachelors of Electrical Engineering, Italy |
|
Date of Appointment : |
08.07.2013 |
|
Date of cessation : |
31.12.2013 |
|
DIN No. : |
05110741 |
|
|
|
|
Name : |
Michael William Gebert |
|
Designation : |
Director |
|
Address : |
Werftester 3, Luzern, Switzerland 6005 |
|
Date of Birth/Age : |
16.06.1959 |
|
Qualification : |
BA Finance, Michigan University. |
|
Date of Appointment : |
08.07.2013 |
|
Date of cessation : |
31.12.2013 |
|
DIN No. : |
05220170 |
|
|
|
|
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 |
|
Date of cessation : |
31.12.2013 |
|
DIN No. : |
01489554 |
Note :
Latest director’s details are not available.
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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Imports : |
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Products : |
Raw Material |
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Countries : |
· China Taiwan
Italy
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Retailers and End Users |
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|
|
|
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 |
|
|
|
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Banking
Relations : |
-- |
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|
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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 |
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Fax No.: |
91-20-30595776 |
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PAN No. : |
AADFB6889R |
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|
|
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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 08.07.2013
Authorised Capital : Rs.
505.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 124.853
Millions
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 |
|
|
|
|
|
|
|
Revenue from operation |
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
31.03.2012 |
|
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
|
124.853 |
124.853 |
|
Reserves & Surplus |
|
613.475 |
577.121 |
|
Share Application money
pending allotment |
|
75.000 |
75.000 |
|
Net
worth |
|
813.328 |
776.974 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
0.000 |
|
Short term borrowings |
|
0.000 |
0.000 |
|
Total
borrowings |
|
0.000 |
0.000 |
|
Debt/Equity
ratio |
|
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
1141.571 |
1214.941 |
1376.478 |
|
|
|
6.427 |
13.296 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
1141.571 |
1214.941 |
1376.478 |
|
Profit/(Loss) After Tax |
148.603 |
87.372 |
(25.839) |
|
|
13.02% |
7.19% |
(1.88%) |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG TERM DEBTS : NOT AVAILABLE
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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
NOTE:
The registered office of the company has been shifted from 37/1, Kondhwa
Pisoli Road, Pisoli, Pune – 411028, Maharashtra, India to the present w.e.f.
01.10.2012
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
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. 61.41 |
|
|
1 |
Rs. 103.42 |
|
Euro |
1 |
Rs. 82.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
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.