MIRA INFORM REPORT
|
Report
Date : |
24th June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
FLOOR AND FURNISHINGS INDIA PRIVATE LIMITED |
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Registered
Office : |
2213 Gurudwara Road, Karol Bagh, new Delhi-110005 |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
21.07.1991 |
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Com.
Reg. No.: |
55-44969 |
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IEC No
: |
0593020910 dtd. 05.08.1993 |
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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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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
125000 |
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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 records. 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/ Showrooms: |
2213 Gurudwara Road, Karol Bagh, new Delhi-110005 |
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Tel.
No.: |
91-11-25738138/25788256/25738960/25784264/25717468 |
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Fax
No.: |
91-11-25757082/25753283 |
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E-Mail
: |
sfipl@nda.vsnl.net.in, ffipl@vsnl.com, ffkb@floorandfurnishings.com |
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Website: |
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Areas : |
Owned |
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Location : |
Commercial |
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Showrooms / Branch : |
A-5
Sushant Lok, Email : ffsl@floorandfurnishings.com Areas : Owned |
DIRECTORS
|
Name : |
Mr. Subhash Khandelwal |
|
Designation
: |
Chairman |
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Address:
|
37-B, Pusa Road, Karol Bagh, New Delhi – 110005 |
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Date
of Birth/Age : |
18.08.1955 |
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Qualification
: |
Graduate |
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Experience
: |
35 years |
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Date
of Appointment : |
27.07.1991 |
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|
|
|
Name : |
Mr. Vivek Khandelwal |
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Designation
: |
Director |
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Address:
|
37-B, Pusa Road, Karol Bagh, New Delhi – 110005 |
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Date
of Birth/Age : |
20.11.1976 |
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Qualification
: |
Graduate |
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Experience
: |
15 years |
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Date
of Appointment : |
01.04.1995 |
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|
|
|
Name : |
Ms. Madhu Khandelnal |
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Designation
: |
Director |
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Address:
|
37-B, Pusa Road, Karol Bagh, New Delhi – 110005 |
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Date
of Appointment : |
12.04.2005 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Subhash Khandelwal |
16000 |
|
Ms. Madhu Khandelnal |
18000 |
|
Mr. Vivek
Khandelwal |
16000 |
|
Mr. Nakul
Khandelwal |
16000 |
|
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 : |
Traders, 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
v
Kronotex,
Germany – Laminate Flooring v
The
United Agencies (Pte), Singapore –
Rugs v
N.V.
Balta, Belgium – Rugs & Wall to Wall v
Ragolle
/ Ragotex - Rugs |
|
|
|
|
Agencies
: |
v
Mowhak
International v
Walls
and Floors v
The
United Agencies (Pte) |
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|
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Terms
: |
|
|
Selling : |
L/C,
Credit |
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Purchasing : |
Others |
GENERAL INFORMATION
|
Customers
: |
Wholesalers, Retailers and End Users |
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Employees
: |
In office
60 + in branch 20 = Total 80 |
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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 |
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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 Centurion
Bank of Punjab Ltd Cash
Credit Limit : Rs. 20.000 millions |
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|
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Banking Relations : |
Satisfactory |
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Auditors
: |
Shalabh Jasoria and Associates Chartered Accountants B-5 Local Shopping Centre, Naraina Industries Area, Phase
II, New Delhi-110028 |
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Tel.
No.: |
91-11-25707273, 25707858/51007273 |
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Fax
No.: |
91-11-25701192/51418584 |
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E-Mail
: |
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Subsidiary:
|
Divine (Proprietor) 37, Pusa Road, Karol Bagh, New Dehli – 110005 (India) |
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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 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
6.719 |
6.719 |
6.719 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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|
3]
Reserves & Surplus |
26.756 |
22.103 |
16.246 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
33.475 |
28.822 |
22.965 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
27.629 |
1.604 |
1.384 |
|
|
2]
Unsecured Loans |
3.988 |
24.709 |
24.480 |
|
|
3] OD
with Bank |
0 |
23.656 |
24.271 |
|
TOTAL
BORROWING
|
31.617 |
49.969 |
50.135 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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TOTAL
|
65.092 |
78.791 |
73.100 |
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APPLICATION OF FUNDS
|
|
|
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|
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FIXED ASSETS [Net Block]
|
34.274 |
31.680 |
22.157 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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Inventories
|
25.850
|
45.774
|
47.795 |
|
|
Sundry Debtors
|
11.035
|
33.204
|
48.050 |
|
|
Cash & Bank Balances
|
2.274
|
2.267
|
0.636 |
|
|
Other Current Assets
|
0.760
|
0.570
|
0.507 |
|
|
Loans & Advances
|
5.799
|
7.539
|
3.620 |
Total Current Assets
|
45.718 |
89.354
|
100.608 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
14.900
|
42.243
|
49.665 |
Total Current Liabilities
|
14.900 |
42.243
|
49.665 |
|
Net
Current Assets
|
30.818 |
47.111
|
50.943 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
65.092 |
78.791 |
73.100 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
174.700 |
230.351 |
262.388 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
5.553 |
5.857 |
4.294 |
Provision for Taxation
|
0.900 |
1.900 |
NA |
Profit/(Loss) After Tax
|
4.653 |
3.975 |
NA |
|
|
|
|
|
Import values
|
105.021 |
128.862 |
NA |
|
|
|
|
|
Total Expenditure
|
424.44 |
44.863 |
48.837 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
2.66 |
1.72
|
-- |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
3.32 |
2.54
|
1.63 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
6.94 |
4.83
|
3.49 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
16.58 |
0.20
|
0.18 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
1.38 |
3.19
|
4.34 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
3.06 |
2.11
|
2.02 |
LOCAL AGENCY FURTHER INFORMATION
Business Activities
The director report a net profit of Rs. 4.653 during the
current financial year ending on 31.03.2006 (Previous year Rs. 3.975) The
director are further 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 |
YES |
|
--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 |