MIRA
INFORM REPORT
|
Report Date : |
15.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
FURNITURE
CONCEPTS INDIA LIMITED |
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Registered Office : |
1ST
Floor, Vikas Centre, S V Road, Neat to Bus Depot, Santacruz [West] Mumbai
400054, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
20.04.1994 |
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Com. Reg. No.: |
11-79089 |
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CIN No.: [Company
Identification No.] |
L36100MH1994PLC079089 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03127F |
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PAN No.: [Permanent
Account No.] |
AABCC1243K |
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Legal Form : |
A
closely held public limited liability company. |
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Line of Business : |
Subject
act as an Interior Decorators and Furnishers |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
70000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
markets household and office furniture under the brand of CONCEPTS. Trade
relations are fair. Payments are reported as slow but correct. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
1ST
Floor, Vikas Centre, S V Road, Neat to Bus Depot, Santacruz [West] Mumbai
400054, Maharashtra |
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Tel. No.: |
91-22-26631510
/ 26631512 / 28476411 /6631520 / 6631530 / 6631540 |
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Fax No.: |
91-22-26631560 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
Ashfaq Salim Merchant |
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Designation : |
Director
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Address : |
B
303 / 304, Nebulla AP, Lokhandwala 4 Bungalow, Andheri West, Mumbai 400058,
Maharashtra, India |
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Date of Birth/Age : |
13.11.1960 |
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Date of Appointment : |
20.06.1994 |
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Name : |
Mr.
Yasmin Ashfaq Merchant |
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Designation : |
Director
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Address : |
B
303 / 304, Nebulla AP, Lokhandwala 4 Bungalow, Andheri West, Mumbai 400058,
Maharashtra, India |
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Date of Birth/Age : |
12.12.1957 |
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Date of Appointment : |
18.07.1995 |
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Name : |
Mr.
Salima Sadruddin Hooda |
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Designation : |
Director
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Address : |
B 17
Ismailabad Housing Society, V P Road, Andheri West, Mumbai 400058,
Maharashtra, India |
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Date of Birth/Age : |
14.03.1977 |
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Date of Appointment : |
18.07.1995 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr.
Ashfaq Salim Merchant |
|
239000 |
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Mr.
Sultan Ebrahim Merchant |
|
5100 |
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Mr.
Aziz Noorav Hooda |
|
5100 |
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Ms.
Mirza ismail hooda |
|
5100 |
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Ms.
Bakul N Harishankar |
|
2500 |
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Mr.
Hafiza Nadir Merchant |
|
2500 |
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Mr.
Kanan Satish Dhawan |
|
2500 |
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Mr.
Manish Dharnendra Ladage |
|
2500 |
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Mr.
Mushtaq Hussain Khan |
|
2500 |
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Mr.
Moiz Ashfaq Merchant |
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107000 |
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Mr.
Nadir Kamruddin |
|
2500 |
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Mr.
Nazir Merchant |
|
2500 |
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Mr.
Narendra Maini |
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5000 |
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Mr.
Bazim Virani |
|
5000 |
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Mr.
Nazli Akhtar Virani |
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5000 |
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Mr.
Salim Ebrahim Merchant |
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20000 |
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Ms.
Shabnam Suleman Mukhi |
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2500 |
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Ms.
Yasmin Ashfaq Merchant |
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330000 |
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Mr.
Yvonne Ashfaq Merchant |
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142500 |
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Mr.
Salimah Sadruddin Hooda |
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12500 |
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Ms.
Ashmira Poonamchand Lengde |
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36010 |
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Mr.
Vinod Vasant Agarwal HUF |
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10 |
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Mr.
Agarwal Vinod Agarwal |
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10 |
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Ms.
Kusum J Sangtani |
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100 |
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Mr.
Ravindra Giridharlal Wadhwa |
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70 |
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Mr.
Alicetec Machaho |
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2500 |
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Mr.
Satishkumar Dawan |
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2500 |
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Mr.
Shamim Mardhani |
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2500 |
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Mr.
Paras Virani |
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2500 |
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Mr.
Manu Behrani |
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50000 |
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Mr. M
A Khan |
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2500 |
BUSINESS DETAILS
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Line of Business : |
Subject
act as an Interior Decorators and Furnishers |
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Products : |
v
Sofa
Set v
Sofa
Cum Bed v
Sofa
Chairs v
Bed
Room Sets v
Wall
units v
Writing
Tables v
Dining
Tables v
Dining
Chairs v
Furnishing
and Fabrics v
Foam
and mattress |
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Brand Names : |
CONCEPTS |
GENERAL INFORMATION
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Suppliers : |
v
Alibhai
Kurji and Company v
Arihant
Traders v
Brahma
Cloth Store v
Eureka
Forbes Limited v
Harsh
Microtech Systems v
Modern
Trading Company v
P
R Timbers Private Limited v
Shivshkti
Paints and Sanitary Mart v
Windoor
Marketing |
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No. of Employees : |
110 |
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Bankers : |
v
Dev
Credit Bank Limited v
Development
Credit Bank Limited v
HDFC
Bank v
Kotak
Mahindra Finance Limited v
ICICI
Bank Limited |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Manish
D Ladage and Company Chartered
Accountants 2124,
2nd Floor, Oberai Garden Estates, Chandivli Farms Road, off. Saki
Vihar Road, Chandivli, Mumbai 400072 |
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Tel. No.: |
91-22-28476411 |
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Fax No.: |
91-22-28474788 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
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|
Share Application |
|
Rs. 1.050 Millions |
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Total
|
|
Rs. 11.050 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
10.000 |
11.150 |
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2] Share Application Money |
1.050 |
1.150 |
0.000 |
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3] Reserves & Surplus |
6.234 |
7.710 |
4.252 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
17.284 |
18.860 |
15.402 |
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LOAN FUNDS |
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1] Secured Loans |
56.164 |
60.606 |
51.754 |
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2] Unsecured Loans |
9.196 |
10.072 |
11.546 |
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TOTAL BORROWING |
65.360 |
70.678 |
63.300 |
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DEFERRED TAX LIABILITIES |
3.593 |
0.000 |
0.000 |
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TOTAL |
86.237 |
89.538 |
78.702 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
63.843 |
57.105 |
39.473 |
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INVESTMENT |
0.134 |
0.068 |
0.430 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
20.733
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Sundry Debtors |
22.459
|
15.720 |
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Cash & Bank Balances |
0.820
|
1.158 |
55.627 |
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Other Current Assets |
0.000
|
0.000 |
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Loans & Advances |
4.569
|
4.656 |
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Total Current Assets |
48.581
|
48.055 |
55.627 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
25.871
|
15.118 |
16.837 |
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Provisions |
0.450
|
0.572 |
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Total Current Liabilities |
26.321
|
15.690 |
16.837 |
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Net Current Assets |
22.260
|
32.365 |
38.790 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.009 |
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TOTAL |
86.237 |
89.538 |
78.702 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Sales Turnover [including other income] |
80.158 |
71.742 |
70.550 |
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Profit/(Loss)
Before Tax |
2.292 |
3.760 |
3.780 |
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Provision
for Taxation |
0.177 |
0.301 |
0.285 |
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Profit/(Loss)
After Tax |
2.115 |
3.459 |
3.495 |
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Total
Expenditure |
77.866 |
67.981 |
66.770 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
|
PAT / Total Income |
(%) |
2.64
|
4.82 |
4.95 |
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Net
Profit Margin (PBT/Sales) |
(%) |
2.86
|
5.24 |
5.36 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
2.04
|
3.58 |
3.97 |
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Return
on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.20 |
0.25 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
5.30
|
4.58 |
5.20 |
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Current
Ratio (Current
Asset/Current Liability) |
|
1.85
|
3.06 |
3.30 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Air
Conditioner
v
Electrical
Fittings
v
Office
Equipments
v
Showroom
Premises
v
Motor
Car
v
Tempo
v
Goodwill
v
Parking
spaces
Operation
Despite
stiff competition in furniture industry due to new players having come into the
market the company has managed to achieve a increase of 12 % in turnover of Rs.
80.1 millions as compared to Rs. 71.7 millions in the earlier year. The Net
profit after interest and Depreciation has decreased from 3.76 millions to 229.1 millions. This is mainly on account
of reduced margins due to competition and also on account of losses in the
newly opened Ahmedabad Branch due to lower Sale than expected. During the
current the current year the company has closed down operation in Ahmedabad and
has stared offering new products like kitchen Units etc in its existing units
at Santacruz and Kandivli which it fills would lead to increased sales and in
turn profitability.
|
Name of the company |
Furniture
Concepts India Limited |
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Presented By |
Mr. A. Merchant, Director |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation dated 08.02.2003 to secure demand loan against stock credit Card Receivables |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
An exclusive first charge in favour of ICICI Bank by way of hypothecation of the future credit card receivable. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The demand loan of Rs. 8.5 millions is for a period of nine months repayable in Equal monthly instruments on the last working day of the month at the rate of 10.5 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
ICICI Bank Limited having its registered office at Landmark, Race Course, Baroda 390007 and among others and branch office at sagan Avenue opp. Shoppers Stops S. V. Road, Andheri [West], Mumbai - 400058 |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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|
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Name of the company |
Furniture
Concepts India Limited |
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Presented By |
Mr. A. Merchant, Director |
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1) Date and description of instrument creating the change |
Letter of recording dated 03.10.2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 11.800 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable mortgage by deposit of title deed of property at Shop No. 7 A, 7B and 7C on 1st Floor of building known as Vikas centre at S V Road, Santacruz [West], Mumbai - 400054 |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest @ 18 % p.a. Repayment on Demand Margin Na |
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5) Name and Address and description of the person entitled to the charge. |
Development Credit Bank Limited, Fort Branch, Mumbai 400001 |
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6) Date and brief description of instrument modifying the charge |
Tripartite Agreement dated 27.03.2003 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge dated 03.10.2000 for Rs. 11.8 millions was modified as under Date of modification : 03.10.2000 Equitable Mortgage by deposit of title deeds of property at Showroom at F / 17, Area 1363 sq. ft. as Vikas centre at S V Road, Santacruz [West], Mumbai 400054 and Office premises at 501, Area : 415 sq. ft. Hiibiscus, 7 Bungalows, Andheri [west] Mumbai 400058 Date of modification : 03.10.2000 Equitable Mortgage by deposit of title deeds of property at Showroom at F / 17, Area 1363 sq. ft. as Vikas centre at S V Road, Santacruz [West], Mumbai 400054 Office premises at 501, Area : 415 sq. ft. Hiibiscus, 7 Bungalows, Andheri [west] Mumbai 400058 Shop No. 7 A, Area : 817 sq. ft. Vikas centre at S V Road, Santacruz [West], Mumbai - 400054 Shop No. 7B , Area : 826 sq. ft. Vikas centre at S V Road, Santacruz [West], Mumbai 400054 Shop No. 7 C, Area : 357 sq. ft. Vikas centre at S V Road, Santacruz [West], Mumbai 400054 Basement B / 001, Vikas centre at S V Road, Santacruz [West], Mumbai 400054 Basement B / 001, Vikas Santacruz [West], Mumbai 400045, other terms and conditions remains unchanged. Now by the present modification the limit reduced from Rs. 11.8 millions to Rs. 9.295 millions. The charge is further secured by the assets charged to the bank by Furniture World Private Limited for its own credit facilities to the credit facilities sanctioned to the company under this form. Rate of interest LTPLR 1.5 % p.a. presently 13 % p.a. or such other rates as may be applicable. Other terms an conditions remains unchanged. |
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 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 Intl 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
companys 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.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
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 |
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 |
|
45 |
This score serves as a reference to assess SCs 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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|