MIRA INFORM REPORT
|
Report Date : |
12TH June, 2006 |
IDENTIFICATION DETAILS
|
Name : |
FLOOR
AND FURNISHINGS INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office : |
2213
Gurudwara Road, Karol Bagh, new Delhi-110005 |
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Country : |
India |
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|
Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.07.1991 |
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|
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Com. Reg. No.: |
55-44969 |
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|
|
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CIN No.: [Company Identification No.] |
U74899DL1991PTC044969 |
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|
|
|
TAN No.: [Tax Deduction & Collection Account No.] |
DELF02612B |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACF0785A |
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|
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Legal Form : |
Private
limited liability company. |
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|
|
|
Line of Business : |
Importers,
Distributors and Suppliers of carpets, rug, furnishing fabrics, non-woven
rods, blinds wooden flooring, milliken carpet tiles |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company having satisfactory track. Directors are
reported as experienced, respectable, and having satisfactory track records.
Their trade relations are fair. Payments are usually correct and as per
commitment. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
2213
Gurudwara Road, Karol Bagh, new Delhi-110005 |
|
Tel. No.: |
91-11-25738138/25788256/25738960/25784264 |
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Fax No.: |
91-11-25757082 |
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E-Mail : |
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Website: |
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Location : |
Commercial
|
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|
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Showrooms: |
A-5
Sushant Lok, 2213 Gurudwara Road Karol
Bagh, |
DIRECTORS
|
Name : |
Mr.
Subhash Khandelwal |
|
Designation : |
Chairman |
|
Address: |
37-B,
Pusa Road, Karol Bagh, New Delhi – 110005 |
|
Date of Birth/Age : |
18.08.1955 |
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Date of Appointment : |
27.07.1991 |
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|
|
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Name : |
Mr.
Vivek Khandelwal |
|
Designation : |
Director |
|
Address: |
37-B,
Pusa Road, Karol Bagh, New Delhi – 110005 |
|
Date of Birth/Age : |
20.11.1976 |
|
Date of Appointment : |
01.04.1995 |
|
|
|
|
Name : |
Ms.
Madhu Khandelnal |
|
Designation : |
Director
|
|
Address: |
37-B,
Pusa Road, Karol Bagh, New Delhi – 110005 |
|
Date of Appointment : |
12.04.2005 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Subhash Khandelwal |
16000 |
|
Ms.
Madhu Khandelnal |
15000 |
|
Mr. Vivek Khandelwal |
19000 |
|
Mr. Nakul Khandelwal |
16060 |
|
Mr. Jagdish Khandelwal |
10 |
|
M/s Subhash and Company,
HUF |
100 |
|
Ms. Derrco Devi Khandewlwal |
10 |
|
Limited Chotey Lal
Khandelwal |
10 |
|
Ms. Neeti Khandelwal |
1000 |
|
TOTAL |
67190 |
BUSINESS DETAILS
|
Line of Business : |
Importers,
Distributors and Suppliers of carpets, rug, furnishing fabrics, non-woven
rods, blinds wooden flooring, milliken carpet tiles |
|
|
|
|
Product |
v
Furnishings v
Cloth v
Carpets Floorings Furnishing
|
GENERAL INFORMATION
|
|
|
|
Bankers : |
v
Bank of Punjab, Karol
Bagh Branch, New Delhi-110005 v
Syndicate Bank v
Punjab National Bank v
Oriental Bank Of
Commerce v
ABN Amro Bank v
Standard Chartered
Bank v
Centurion Bank of
Punjab Limited, Karol Bagh Branch, Karol Bagh, New Delhi v
American Express Bank v
State Bank of India v
UTI Bank Limited |
|
|
|
|
Facilities : |
Secured Loan Cash
Credit Limit from Bank of Punjab – Rs. 23.656 Secure
by hypothecation of stocks ABN
Amro Bank Car Loan – Rs. 0.189 ABN
Amro Bank Van – Rs. 0.074 ICICI
Bank Car Loan - Rs. 1.340 Total – Rs. 1.604 |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Shalabh
Jasoria and Associates Chartered
Accountants B-5
Local Shopping Centre, Naraina Industries Area, Phase II, New Delhi-110028 |
|
Tel. No.: |
91-11-25707273,
25707858/51007273 |
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Fax No.: |
91-11-25701192/51418584 |
|
E-Mail : |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000 |
Equity
Shares |
Rs. 100/- each |
Rs. 7.500 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
67190 |
Equity
Shares |
Rs. 100/- each |
Rs. 6.719 Millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
6.719 |
6.719 |
6.719 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22.103 |
16.246 |
13.909 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
28.822 |
22.965 |
20.628 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.604 |
1.384 |
1.050 |
|
|
2] Unsecured Loans |
24.709 |
24.480 |
22.205 |
|
|
3] OD with Bank |
23.656 |
24.271 |
25.691 |
|
TOTAL
BORROWING
|
49.969 |
50.135 |
48.946 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
78.791 |
73.100 |
69.574 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
31.680 |
22.157 |
21.238 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
45.774
|
47.795 |
52.485 |
|
|
Sundry Debtors
|
33.204
|
48.050 |
21.574 |
|
|
Cash & Bank Balances
|
2.267
|
0.636 |
0.570 |
|
|
Other Current Assets
|
0.570
|
0.507 |
0.496 |
|
|
Loans & Advances
|
7.539
|
3.620 |
11.087 |
Total Current Assets
|
89.354
|
100.608 |
86.212 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
42.243
|
49.665 |
37.876 |
|
|
|
|
|
|
Total Current Liabilities
|
42.243
|
49.665 |
37.876 |
|
Net Current
Assets
|
47.111
|
50.943 |
48.336 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
78.791 |
73.100 |
69.574 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
230.351 |
262.388 |
208.461 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
5.857 |
4.294 |
8.285 |
Provision for Taxation
|
0.000 |
0.000 |
5.739 |
Profit/(Loss) After Tax
|
5.857 |
4.294 |
2.546 |
|
|
|
|
|
Total Expenditure
|
44.863 |
48.837 |
198.230 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
2.54
|
1.63 |
1.22 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
2.54
|
1.63 |
1.67 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
4.83
|
3.49 |
2.37 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.20
|
0.18 |
0.12 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
3.19
|
4.34 |
2.96 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
2.11
|
2.02 |
2.28 |
LOCAL AGENCY FURTHER INFORMATION
Business Activities
The
director report a net profit of Rs. 5.857 during the current financial year
ending on 31.03.2005 (Previous year Rs. 4.294) The director are future trying
to improve the profitability of the company
Fixed Assets
v
Computer
v
Scooter
v
Water Cooler
v
Motor Car
v
Air Conditioners
v
Electric Fitting
v
Generator
v
Office Equipment
v
Building
v
Furniture &
Fixture
India
has a rich and varied textile heritage, where each region of India had its own
unique native costume and traditional attire. While traditional clothes are
still worn in most of rural India, urban India is changing rapidly with
international fashion trends reflected by the young and glamorous, in the
cosmopolitan metros on India. Fashion in India is a vibrant scene, a nascent
industry and a colorful and glamorous world where designers and models start
new trends every day.
The
growth of the Indian carpet industry has been quite impressive in the recent
past. In the terms of the share of world trade, Indian carpets exports at
present are estimated to accounts for 19 per cent of global trade in carpets.
The main importers of Indian carpets are Germany and the US.
The
highlights of the Exim Policy 2002-07 pertaining to the Textiles Industry are:
Sample
fabrics permitted duty free within the 3 % limit for trimmings and
embellishments
10
% variation in GSM be allowed for fabrics under Advance Lances
Additional
items such as zip fasteners, inlay cards, eyelets, rivers, eyes, toggles,
Velcro taps, cord and cord stopper included un input output norms
India
is on a fierce race to become a more dominant player in the US home textiles
industry post2004 but some experts say it may need to do more to get there.
India is especially strong in the terry towel and bed lines segments. In terry
towels, they spun the country’s leading manufacturing and exporters is set to
become asia largest within the next year.
History/Background:
Floor
& Furnishings’ story is a saga of continuous evolution, innovation,
performance and relationship. Started out modestly in 1952 as a small firm
dealing only in rugs, over the years Floor & Furnishings grew from strength
to strength. Today it’s one of the most renowned names in floorings &
furnishings. Exhibiting a vast range of exquisite interiors, Floor &
Furnishings is a meeting ground of connoisseurs and masses alike.
Floor & Furnishings is a hub of a truly stunning range of floorings &
furnishings. One can choose from the fascinating collection of carpets, curtain
fabrics, upholstery or household linen. Each one of these are made with
exemplary work of craftsmanship. The breathtaking collection casts a
mesmerizing spell with a beautiful mélange of colours, designs and patterns.
Once you are at Floor & Furnishings, you’re sure to find the dream
collection for the home and office.
Wall
to Wall Carpets
F&F presents the most exclusive range of Wall to Wall
Carpets. Each, woven to perfection, and adorned with unexplored colours. One
can select from an exclusive range of Contract, Hospitality and Residential
Carpets. They are available in different textures of piles - cut pile, loop
pile, cut & loop pile and in different printed patterns. Customised designs
can also be developed as per the need or area in use. Wall to wall Carpets are
also available in a wide range of carpet tiles designed specially for the IT
industry.
Design Carpets Rugs
A
stunning international collection of rugs, imported from Europe and USA is
available at F&F in fascinating designs & patterns. Also, an exotic
range of traditional Indian carpets hand-crafted in wool and all silk textures
is available. F&F represents many internationally acclaimed brands like
Balta Carpets (Belgium), MAC Carpets-(Egypt), Rogotax, amongst others.
Upholstery
F&F
presents the widest range of upholstery fabrics: from fabric for sofa, dining
chair, settee to office chair. For people having a taste for exclusive, rare
upholstry, it is the right place to look in for.One can find an exclusive range
of silk fabric, jacquard fabrics in modern, classic, contemporary designs; in
different yarns and textures.
Curtains
F&F
presents a wide range of curtains that coordinate perfectly with the interiors.
One can choose from plains, floral, geometric shapes and othe forms of designs.
Special Curtain fabrics are available in different textures One can pick from cotton, silk, polyester and
blended fabrics. Curtain Fabric can be especially stitched with the help of
F&F’s expert curtain makers as per the latest trends and patterns - tassels
and laces can also be attached.
Window Blinds
F&F
presents a wide range of Awnings and Blinds that suits perfectly to home or
office decor.These awnings not only add style to the decor, but also help in
protecting interiors of home from harsh sunrays or rainwater.Best national
brands of exclusively made Curtain Drapery Rods available at F&F.
Present Activity
Keeping with the requirements of both Delhi
& the fast growing surrounding population, Floor & Furnishings’ two
showrooms are strategically located to cover Delhi and the areas around.
Thoughtfully architectured, these showrooms present the vast collection of
floorings & furnishings products in the most elegant way. You will always
find pleasing staff around, to help you explore the wonderful world of Floor
& Furnishings. The overall ambience of showrooms is sure to win the heart.
To
add life and verve to the home/office, they have put together some of the most
interesting ideas, exhibiting their penchant for only the exquisite in
floorings & furnishings.
Wholesale
Division
Floor
& Furnishings has always been considered as the source of getting the most
creative and elaborate range of products. It’s exclusivity lies in the brilliant
array of ensembles it stocks. A fullfledged team of dedicated people is
continuously involved in establishing and managing dealer network spread across
the boundaries of India.
Import
Division
Keeping
up with the tradition of providing its customers with the latest and the best,
Floor & Furnishings imports a wide range of products. All of which are
carefully selected, brought in and made available at the most reasonable
prices. Floor & Furnishings is the authorised distributor in India for many
renowned multinational brands like Mohawk Carpets USA, Milliken Carpets USA,
Balta Carpets Belgium, Mac Carpets Egypt, Hoffman Mills (USA), etc.
Institutional
Division
Floor
& Furnishings has a separate division to look into the needs of
Institutions like Corporate House, Banks, Hotels, Theatres, Public undertaking
and large projects. Backed by experienced professionals, this department is
capable of providing services at any place in India. Their experts comprise
specialized carpet layers and other professionals, for stitching of curtains
and upholstery or fixing blinds and rods.
Form 8 Particular for creation or modification of
charges
|
Corporation
identity number or foreign company registrations number of the company |
U74899DL1991PTC044969 |
|
Name
of the company |
FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED |
|
Address |
2213 Gurudwara Road, Karol Bagh, new Delhi-110005 |
|
This
Form is for |
Modification Charge |
|
Particular
of the charge holder |
Centurion Bank of Punjab Limited, Karol Bagh Branch,
Karol Bagh, New Delhi – 110005 |
|
Name
or description of the instrument creating charge |
Hypothecation Agreement dated 1.09.1999 |
|
Date
of the instrument creating charge |
1.09.1999 |
|
Amount
Secure by the charge |
Rs. 9.500 Millions |
|
Description
of the property charge whether it is a charge on |
Immovable, Stock in trade, Book Debts and other |
|
Modification
charge Charge
identification number of the charge to be modified |
90061770 |
|
Date
of instrument modifying the charge |
19.04.2006 |
|
Particulars
of the present modification |
The amount secured by this charge is increased from
Rs. 73.500 to additionally secure the additional facility granted to M/s.
Divine to the extent of Rs. 15.000 more particularly described in letter of
continuity dated 19.04.2006. The charge is secured by extension of equitable
mortgage pf property at plot no. 42, sector 32, Gurgaon, Haryana of stock,
book debts, movable property |
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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. 46.04 |
|
UK
Pound |
1 |
Rs. 84.73 |
|
Euro |
1 |
Rs. 57.92 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |