MIRA
INFORM REPORT
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Report Date : |
19.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
CONSOLIDATED CARPET INDUSTRIES LIMITED |
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Registered Office : |
4 – A, 1st Floor, Adhchini, Sri Aurobindo Marg,
New Delhi |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.09.1994 |
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Com. Reg. No.: |
55-61199 |
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CIN No.: [Company
Identification No.] |
L74899DL1994PLC061199 |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturing, trading, exporting and importing of all
types of carpets mostly hand made, hand tufed and hand hooked. |
RATING &
COMMENTS
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MIRA’s 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 : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
4 – A, 1st Floor, Adhchini, Sri Aurobindo Marg,
New Delhi, India |
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Tel. No.: |
91-11-26965469 / 26965470 / 26564648 / 51681092 |
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Fax No.: |
91-11-26564665 |
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E-Mail : |
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Website : |
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Corporate Office : |
23 Anand Lok, New Delhi 110
045, INDIA. |
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Tel. No.: |
91-11- 2696 5469 / 2696 5470 |
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Fax No.: |
91-11- 2656 4665 |
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E-Mail : |
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Factory : |
Located at :- Jonapur, New Delhi |
DIRECTORS
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Name : |
Mr. Anil Kumar Sodhani |
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Designation : |
Managing Director |
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Address : |
23 Anand Lok, New Delhi 110
045. |
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Date of Birth/Age : |
12.08.1947 |
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Date of Appointment : |
01.09.1994 |
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Name : |
Mr. Vidur Sodhani |
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Designation : |
Director |
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Address : |
23 Anand Lok, New Delhi 110
045. |
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Date of Birth/Age : |
17.11.1974 |
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Date of Appointment : |
01.10.2005 |
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Name : |
Mr. Dhruv Sodhani |
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Designation : |
Director |
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Address : |
23 Anand Lok, New Delhi 110
045. |
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Date of Birth/Age : |
29.08.1971 |
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Date of Appointment : |
01.09.1994 |
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Name : |
Mr. Ved Prakash Gupta |
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Designation : |
Director |
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Address : |
House No. 439 –L, Model Town, Panipat – 132103, Haryana, India |
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Date of Birth/Age : |
26.09.1959 |
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Date of Appointment : |
23.07.2001 |
KEY EXECUTIVES
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Name : |
Mr. Sanjay Aggarwal |
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Designation : |
Company Secretary |
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Address : |
A-3/196, Sec – 5, Rohini, Delhi – 110085, India |
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Date of Birth/Age : |
01.07.1973 |
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Date of Appointment : |
01.05.2001 |
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Name : |
Mahipal Gupta and Associates |
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Designation : |
Company Secretary |
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Address : |
139-140, DDA Complex, Jhandewalan Extn. New Delhi – 110055 |
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Tel No. : |
91-11-23518343 / 44 / 51 / 54 / 02 / 80 |
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Fax No. : |
91-11-23518344 |
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Email : |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Anil Kumar Sodhani |
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629,940 |
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Rama Sodhani |
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10 |
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Ekta Sodhani |
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10 |
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Dhruv Sodhani |
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425,010 |
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Vidur Sodhani |
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369,510 |
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Kedar Mal Sharma |
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10 |
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Chander Shekhar Gupta |
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10 |
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Anil Kumar Sodhani |
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345,300 |
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Dhruv Sodhani |
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115,100 |
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Vidur Sodhani |
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115,100 |
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Total |
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2000,000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, trading, exporting and importing of all
types of carpets mostly hand made, hand tufed and hand hooked. |
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Imports : |
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Countries : |
Australia, Germany, Italy, France, etc. |
GENERAL
INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Bank of India 32-33, Raja Gyan Naye Building, Khan Market, New Delhi –
110003, Delhi, India Syndicate Bank,
Corporate Finance Branch, R K Puram, New Delhi |
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Facilities : |
Secured against hypothecation of stock in trade and book debts and
personal guarantee of all the directors and on associate concern along with
collateral security of land and building of an associate concern. Secured against hypothecation of vehicle purchased. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. K. Shroff and Company Chartered Accountants |
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Address : |
3 / 7 B Asaf Ali Road, 1st Floor, Flat No. 4,
New Delhi - 110 002 |
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Tel. No.: |
91-11-23271407 / 23284825 / 23284826 |
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Fax No.: |
91-11-23270362 |
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E-Mail : |
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Branch Address : |
23-A, Netaji Subhash Road, Kolkata – 700001 Tel No. : 91-30-22200751 /
22200752 Fax No. : 91-33-22200680 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.039 |
26.537 |
16.420 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
60.039 |
46.537 |
36.420 |
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LOAN FUNDS |
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1] Secured Loans |
17.849 |
13.852 |
10.484 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
17.849 |
13.852 |
10.484 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
77.888 |
60.389 |
46.904 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.269 |
7.850 |
6.773 |
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Capital work-in-progress |
0.000 |
0.293 |
0.000 |
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INVESTMENT |
0.900 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.269 |
0.051 |
0.010 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
42.049
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42.465 |
29.009 |
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Sundry Debtors |
37.089
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41.475 |
26.831 |
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Cash & Bank Balances |
3.097
|
4.883 |
2.358 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
15.202
|
8.705 |
4.934 |
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Total
Current Assets |
97.437
|
97.528 |
63.132 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.063
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39.246 |
19.284 |
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Provisions |
8.935
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6.105 |
3.750 |
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Total
Current Liabilities |
27.998
|
45.351 |
23.034 |
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Net Current Assets |
69.439
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52.177 |
40.098 |
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MISCELLANEOUS EXPENSES |
0.011 |
0.018 |
0.023 |
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TOTAL |
77.888 |
60.389 |
46.904 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
152.051 |
160.360 |
116.378 |
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Other Income |
40.216 |
9.281 |
8.576 |
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Total Income |
192.267 |
169.641 |
124.954 |
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Profit/(Loss) Before Tax |
22.202 |
16.192 |
10.205 |
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Provision for Taxation |
-- |
6.075 |
3.741 |
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Profit/(Loss) After Tax |
22.202 |
10.117 |
6.464 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
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Commission Earnings |
NA |
7.238 |
4.594 |
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Other Earnings |
NA |
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Total Earnings |
NA |
7.238 |
4.594 |
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Imports : |
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Purchase |
NA |
78.956 |
50.442 |
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Capital Goods |
NA |
0.014 |
0.000 |
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Total Imports |
NA |
78.970 |
50.442 |
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Expenditures : |
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Selling and Distribution Expenses |
0.000 |
0.000 |
6.783 |
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Purchases made for re-sale |
117.941 |
123.963 |
89.282 |
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Employees |
0.000 |
0.000 |
5.153 |
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Increase/(Decrease) in Finished Goods |
0.162 |
[13.399] |
0.000 |
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Salaries, Wages, Bonus, etc. |
9.957 |
7.918 |
0.000 |
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Interest |
1.193 |
0.992 |
0.934 |
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Depreciation & Amortization |
1.786 |
1.457 |
1.140 |
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Other Expenditure |
39.026 |
32.518 |
11.457 |
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Total Expenditure |
170.065 |
153.449 |
114.749 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
11.55
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5.96 |
5.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.60
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10.10 |
8.77 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.20
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15.37 |
14.60 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.35 |
0.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.76
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1.27 |
0.92 |
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Current Ratio (Current Asset/Current Liability) |
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3.48
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2.15 |
2.74 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
Ř
Land
Ř
Building
Ř
Furniture and Fixture
Ř
Office Equipments
Ř
Computer
Ř
Vehicles
Ř
Farm Shed and Building
Ř
Farm Equipments
Bankers Charges
Report as per Registry
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Name of the company |
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Presented By |
Syndicate Bank
Corporate Finance Branch, R K Puram, new Delhi |
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1) Date and description of instrument creating the change |
Charge Created on
16.11.2001 and registered on 14.12.2001. Previously Modified on 02.04.2002
for overall limits stands enhanced from Rs. 5.500 Millions to Rs. 8.500
Millions and modification registered on 30.04.202 charge charge modified
26.12.2002, 26.05.2003, 26.05.2003, 17.07.2003, 12.09.2003 and modification
Regd. On 20.01.2003, 16.06.2003, 18.08.2003, 08.10.2003 and finally modified
on 05.02.2004 for overall limit stands enhanced from Rs. 20.000 Millions to
Rs. 25.000 Millions and modification Regd on 23.02.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 5.500
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 |
Hypothecation of
stocks in trade consisting of imported and Indian Carpets and flooring stored
/ to be stored of the borrower Khasra No. 410, Village Jonepur, Ttehsil Hauz
Khas, New Delhi and all the borrower present and future debts, outstanding
monies receivables, claims, bills etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is
hypothecated to secured the following credit facilities granted to the
company
The interest on
SOD limit shall be charged @ 16 % p.a. with quarterly rests of at such other
rate’s as may be specified by the bank from time to time Margin – 30 %
payable on demand. |
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5) Name and Address and description of the person entitled to the charge. |
Syndicate Bank,
Corporate Finance Branch, R K Puram, New Delhi |
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6) Date and brief description of instrument modifying the charge |
Composite
Hypothecation agreement 30.11.2004 |
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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 extent of
operation of charge on hypothecation of stock in trade consisting of
Synthetic Carpets, Woolen Laminated Flooring etc. stands enhanced from Rs.
25.000 Millions. The above is hypothecated to secure following credit
facilities granted to the company.
Interest shall be
charged @ 12 % p.a. being 1 % over and above the Syndicate Bank PLR rate
raising or of falling therewith from time to time with calendar monthly
rests. Other terms and conditions remains the same. |
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Corporate
identity number of the company |
L74899DL1994PLC061199 |
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Name of the
company |
CONSOLIDATED CARPET INDUSTRIES LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
4 – A, 1st Floor, Adhchini, Sri Aurobindo Marg,
New Delhi |
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This form is for |
Creation of Charge |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Bank of India 32-33, Raja Gyan Naye Building, Khan Market, New Delhi –
110003, Delhi, India |
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Nature of
instrument creating charge |
No instrument.
Oral assent for creation of equitable mortgage. |
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Date of
instrument Creating the charge |
18.12.2006 |
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Amount secured by
the charge |
Rs. 30.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge : 100 % Others : The said charge
is mortgage to collaterally secure following credit facilities granted by the
bank to the India Carpet Centre.
Total [1 to 4]
Rs. 20.000 Millions Term Loan Rs.
10.000 Millions Total Rs. 30.000
Millions |
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Short particulars
of the property charged [including location of the property] |
Equitable
mortgage by deposit of title deeds in respect of immovable property of the
company being Khasra No. 251/200 min. situated in the Abadi Lal Dora
[1908-1909] of village Adhchini,
Tehsil Haus Khas, New Delhi together with all buildings, super structures,
fixed machinery and plant, fixture and fittings thereat. |
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.44.17 |
|
UK Pound |
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.58.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
PRIVATE & CONFIDENTIAL : This information
is provided to you at your request, you having employed MIPL for such purpose.
You will use the information as aid only in determining the propriety of giving
credit and generally as an aid to your business and for no other purpose. You
will hold the information in strict confidence, and shall not reveal it or make
it known to the subject persons, firms or corporations or to any other. MIPL
does not warrant the correctness of the information as you hold it free of any
liability whatsoever. You will be liable to and indemnify MIPL for any loss,
damage or expense, occasioned by your breach or non observance of any one, or
more of these conditions