Great Question :-) After re-engineering Field UI module found a simple way to retrieve above details...


      $bundle = field_extract_bundle('field_collection_item', 'field_my_collection_fields');
    
      $instances = field_info_instances('field_collection_item', $bundle);
    
    
      foreach ($instances as $field_name => $field_properties) {
       if ($field_properties['required'] == 1) {
         dpm($field_name . " is  required");
       }
       else {
         dpm($field_name . " is  not required");
       }
      }

Replace field_my_collection_fields with your field collection field name in above code ...