MIRA
INFORM REPORT
|
Report Date : |
14TH
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
FURNITEX |
|
|
|
|
Registered Office : |
17A/39
Wea Vardan Complex, Karol Bagh, New Delhi-110005 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1996 |
|
|
|
|
IEC No.: |
05010585312
dated January 14, 2002 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGPD7980A |
|
|
|
|
Legal Form : |
A Sole
Proprietorship Concern |
|
|
|
|
Line of Business : |
Trader,
Importer and Distributor of Carpets and Soft Furnishings |
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
20000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject
is a well established concern having satisfactory track. Trade relations are
fair. Financial position is satisfactory. Payments are usually correct and as
per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions |
LOCATIONS
|
Registered Office/ Head Office : |
17A/39
Wea Vardan Complex, Karol Bagh, New Delhi-110005 |
|
Tel. No.: |
91-11-25710232/
25747009/ 55461200 |
|
Mobile No.: |
91-9910391110 |
|
Fax No.: |
91-11-25710232 |
|
E-Mail : |
envougue@ndb.vsnl.net.in,
envogue@ndb.vsnl.net.in, envogue@envogueindia.com |
|
Area : |
2000
Sq. ft approx |
|
Location : |
Owned |
|
|
|
|
Branch
Office: |
106,
Nirma Plaza, Makwana Road, Behind S M Dyechem Building, Off Andheri Kurla
Road, Marol, Andheri (East), Mumbai-400059 |
|
Tel. No.: |
91-22-28596084/
28596084/ 28596086 |
|
Fax No.: |
91-22-28590778 |
|
Location : |
Owned
(Commercial) |
|
|
|
|
Show Room: |
18,
Pusa Road, Karol Bagh, New Delhi-110005 |
|
Area : |
3500
sq. ft |
|
Location : |
Owned
(Prime Commercial) |
SOLE PROPRIETOR
|
Name : |
Mr.
Jagdish Chand Dhingra |
|
Designation : |
Proprietor |
|
Address : |
R-740,
New Rajinder Nagar, New Delhi-110060 |
|
Mobile No.: |
91-9810066900 |
|
Date of Birth/Age : |
73
years |
|
Qualification : |
Graduate |
|
Experience : |
50
years |
KEY EXECUTIVES
|
Name
: |
Mr.
Ashish Dhingra |
|
Designation
: |
Chief
Executive Officer |
|
Mobile
No. : |
91-9810059559 |
BUSINESS DETAILS
|
Line of Business : |
Trader,
Importer and Distributor of Carpets and Soft Furnishings |
|
|
|
|
Products : |
v
Furnishing
Fabric Upholstery v
Curtain v
Bath
Rom Accessories v
Shower
Curtains v
Carpets
(Area Rugs) v
Soft
Furnishing products |
|
|
|
|
Imports of: |
Carpets,
Doormats, Bath Room Accessories, Shower Curtains, Carpets (Area Rugs), Soft
Furnishing products from Belgium, Turkey, Finland and China |
|
|
|
|
Terms : |
|
|
Selling : |
Credit
upto 120 days |
|
|
|
|
Purchasing : |
Credit
upto 120 days |
GENERAL
INFORMATION
|
Customers : |
Wholesalers
and Retailers |
|
|
|
|
No. of Employees : |
45 |
|
|
|
|
Bankers : |
v
Punjab
& Sind Bank, Karol Bagh, New Delhi-110005 v
Syndicate
Bank, Karol Bagh, New Delhi-110005 v
ICICI
Bank v
The
Karur Vysya Bank v
South
India Bank Limited, Karol Bagh, New Delhi |
|
|
|
|
Facilities : |
Punjab
& Sind Bank – L/C Facility – Rs. 2.500 Millions |
|
|
|
|
Auditors : |
M/s
Pal & Company Chartered
Accountant |
|
Address: |
Darya
Ganj, New Delhi |
|
|
|
|
Sister Concern: |
Envogue Furnishings India
Private limited |
|
Address: |
No. 1, 1st Floor,
Milders Corner, Vasanta Nagar, Bangalore – 560052 |
|
Tel. No.: |
91-80-32932107 |
|
Legal Status: |
Private Limited Company |
|
Date of incorporation: |
4th March, 2004 |
|
Line of Business: |
Importers and Distributors of
Soft furnishing and Carpets |
|
Paid up Capital: |
Rs. 2.150 millions |
|
Annul Turnover |
Rs. 24.857 Millions |
|
Directors: |
Mr. J C Dhingra, Director Mr. Ashish Dhingra, Managing
Director Mrs. Bimla Dhingra, Director |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.3.438
millions |
|
Borrowed : |
-- |
|
Total : |
Rs.3.438
millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 [Provisional |
31.03.2005 |
31.03.2004 |
|
|
PROPRIETORS FUNDS |
|
|
|
|
|
1] Share Capital |
3.438 |
2.965 |
2.678 |
|
|
2] Reserves & Surplus |
1.682 |
0.393 |
0.287 |
|
|
NETWORTH |
5.120 |
3.358 |
2.965 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
5.160 |
3.209 |
|
|
2] Unsecured Loans |
|
7.473 |
8.018 |
|
|
TOTAL BORROWING |
13.815 |
12.633 |
11.227 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18.935 |
15.991 |
14.192 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.924 |
0.974 |
1.226 |
|
|
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 |
|
6.223 |
16.336 |
|
|
Sundry Debtors |
|
11.424 |
12.857 |
|
|
Cash & Bank Balances |
|
0.111 |
0.291 |
|
|
Loans & Advances |
|
0.169 |
0.090 |
|
Total Current Assets |
32.922
|
17.927 |
29.574 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry creditors |
|
2.242 |
16.151 |
|
|
Expenses Payable |
|
0.517 |
0.334 |
|
|
Advance from Customers |
|
0.151 |
0.123 |
|
Total Current Liabilities |
14.911
|
2.910 |
16.608 |
|
|
Net Current Assets |
18.011
|
15.017 |
12.966 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
18.935 |
15.991 |
14.192 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 [Provisional] |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other
income] |
39.252 |
37.982 |
35.617 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
1.682 |
0.514 |
0.473 |
|
Provision
for Taxation |
0.000 |
0.121 |
0.186 |
|
Profit/(Loss)
After Tax |
1.682 |
0.393 |
0.287 |
|
|
|
|
|
|
Total
Expenditure |
40.934 |
79.309 |
35.904 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 [Provisional] |
31.03.2005 |
31.03.2004 |
|
|
|
|
|
|
PAT /
Total Income |
4.29
|
1.03 |
0.81 |
|
Net
Profit Margin |
4.29
|
1.35 |
1.33 |
|
Return
on Total Assets |
4.97
|
2.08 |
0.93 |
|
Return
on Investments (ROI) |
32.85
|
11.70 |
9.68 |
|
Current
Ratio |
2.21
|
6.16 |
1.78 |
|
Quick
Ratio |
2.21
|
4.02 |
0.80 |
|
Debt
Equity Ratio |
2.70
|
3.76 |
3.79 |
ABRIDGED
BALANCE SHEET
Envogue
Furnishings India Private limited
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
PROPRIETORS FUNDS |
|
|
|
|
|
1] Share Capital |
|
3.150 |
2.150 |
|
|
2] Reserves & Surplus |
|
0.771 |
0.054 |
|
|
NETWORTH |
|
2.921 |
2.204 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
6.159 |
3.561 |
|
|
2] Unsecured Loans |
|
6.980 |
6.580 |
|
|
TOTAL BORROWING |
|
13.139 |
10.124 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.017 |
|
|
|
|
|
|
|
|
TOTAL |
|
16.060 |
12.362 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.144 |
1.464 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
11.460 |
7.703 |
|
|
Sundry Debtors |
|
7.668 |
5.864 |
|
|
Cash & Bank Balances |
|
0.197 |
0.068 |
|
|
Loans & Advances |
|
0.563 |
0.330 |
|
Total Current Assets |
|
19.888 |
13.965 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
3.023 |
|
|
Provisions |
|
|
0.100 |
|
Total Current Liabilities |
|
5.028 |
3.123 |
|
|
Net Current Assets |
|
14.860 |
10.842 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.056 |
0.056 |
|
|
|
|
|
|
|
|
TOTAL |
|
16.060 |
12.362 |
|
PROFIT
& LOSS ACCOUNT
Envogue
Furnishings India Private limited
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other
income] |
|
28.669 |
26.260 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.717 |
0.171 |
|
Provision
for Taxation |
|
- |
0.117 |
|
Profit/(Loss)
After Tax |
|
0.717 |
0.054 |
|
|
|
|
|
|
Total
Expenditure |
|
26.750 |
24.739 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Balta Group, Belguium
India has
a rich and varied
textile heritage, where each region of India has 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
of 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 terms of the share of world trade, Indian carpet exports at present
are estimated to account for 19 per cent of global trade in carpets. The main
importers of Indian carpets are Germany (34 per cent) and the US (32 per cent).
Associates
Envogue Furnishings was
established in 1995 in the name of “ Envogue Furnishings” by Mr. JC Dhingra as
Proprietorship Concern and Mrs. Bimla Dhingra, Proprietor W/o Mr. JC Dhingra.
Subsequently it was converted into Private Limited Company on March 4, 2004 and
effective business activities taken place in the name of “ Envogue Furnishings
India Private Limited” w.e.f. April 1, 2004
Credit Recommendations: USD 137,121
Rating: A3 (Medium Risk, good profile to establish business and credit relationship)
Observations – Business dealings
are permissible. The subject is
importing soft furnishings and carpets (Rux), doormats, curtains and other
materials from Belgium, Turkey, Finland and China on the purchasing terms of open
credit of 120 days from its suppliers.
The subject is having its Distributors throughout India and they are
selling on credit basis upto 120 days.
Mr JC
Dhingra (Age: 73 Years), Proprietor is having around 40 years experience in
trading.
Mr
Ashish Dhingra (Age: 38 years), CEO of the group S/o Mr JC Dhingra is looking
after imports and trading activities.
He is having around 15 years experience and looking after importing and
marketing activities since 1988
The
subject’s Corporate Office & Showroom at Pusha Road, New Delhi are situated
at prime commercial locations, which are owned by them.
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.45.91 |
|
UK
Pound |
1 |
Rs.84.63 |
|
Euro |
1 |
Rs.57.74 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
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 |