MIRA
INFORM REPORT
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Report Date : |
30.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
CLASSIC
FLOORING AND INTERIORS PRIVATE LIMITED |
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Registered Office : |
Ground
Floor, Raghuvanshi Mansion, Raghuvanshi Mills Compound, Senapati Bapat Marg,
Mumbai – 400013 |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
14.08.1995 |
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Com. Reg. No.: |
11-091743 |
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CIN No.: [Company
Identification No.] |
U74999MH1995PTC091743 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10296G |
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PAN No.: [Permanent
Account No.] |
AAACC1815A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
The
subject is engaged in the business of manufacturer, importer, exporter,
buyer, seller, distributor and dealer in various types of wooden, marble,
granite for flooring wall, flooring false ceiling, roofing, filling, interior
decorators, architectural designers, furnishers, decorative, wooden
furnishers, plastic base or any other materials and to undertake contracts
for furnishing, decorative, planning, designing of fibres, veneers and
materials, required for flooring false ceiling and other household and
kindered articles required for decorative commercial centre, office
flats. |
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 : |
USD40000 |
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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 and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are reported as
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 : |
Ground
Floor, Raghuvanshi Mansion, Raghuvanshi Mills Compound, Senapati Bapat Marg,
Mumbai – 400013 |
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Tel. No.: |
91-22-24976211 |
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Fax No.: |
91-22-24976216 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Padan
No 2, Flat No 1, 4 B Peddar Road, Mumbai – 400026 |
DIRECTORS
|
Name : |
Mr
Moit Saraf |
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Designation : |
Director |
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Address : |
601,
Divyalok, L D Ruparel Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India
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Date of Birth/Age : |
01.10.1947 |
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Qualification : |
14.08.1995 |
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Experience : |
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Date of Appointment : |
Mr
Vinod Saraf |
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Director |
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Name : |
A-32,
Kalpataru Habitat, S S Rao Marg, Parel, Mumbai – 400012, Maharashtra,
India |
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Designation : |
13.08.1951 |
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Address : |
14.08.1995 |
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Date of Birth/Age : |
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Qualification : |
Mr
Subhash Bagaria |
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Experience : |
Director |
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Date of Appointment : |
157,
Raj Mahal Villas, Extension – 8B, Main Road, Bangalore – 560080, Karnataka,
India |
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17.04.1952 |
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Name : |
14.08.1995 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr
Moit Saraf |
350 |
33.33 |
|
Mr
Vinod Saraf |
50 |
4.76 |
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Mr
subhash Bagaria |
350 |
33.33 |
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Mrs
Saral Saraf |
300 |
28.58 |
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Total |
1050 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
subject is engaged in the business of manufacturer, importer, exporter,
buyer, seller, distributor and dealer in various types of wooden, marble,
granite for flooring wall, flooring false ceiling, roofing, filling, interior
decorators, architectural designers, furnishers, decorative, wooden
furnishers, plastic base or any other materials and to undertake contracts
for furnishing, decorative, planning, designing of fibres, veneers and
materials, required for flooring false ceiling and other household and
kindered articles required for decorative commercial centre, office flats. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
1]
IndusInd Bank Limited 1st Floor, West Wing, Duparc
Trinity, No 17, M G Road, Bangalore -
56001 2]
IndusInd Bank Limited Ground
Floor, Maker Cahmber IV, nariman Point, Mumbai – 400021 |
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Banking Relations : |
Satisfactory |
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Auditors : |
K C
Todarwal and Company Chartered
Accountants |
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Address : |
615,
Maker Chamber V, 221, Nariman Point, Mumbai - 21 |
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Associates : |
-
Chemsworth Private Limited - AGH
Marketing Services |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000 |
Equity
Shares |
Rs 100/- each |
Rs 1.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1050 |
Equity
Shares |
Rs 100/- each |
Rs 0.105 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.105 |
0.105 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
9.925 |
7.917 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
10.030 |
8.022 |
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LOAN FUNDS |
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1] Secured Loans |
|
3.708 |
0.271 |
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2] Unsecured Loans |
|
3.926 |
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TOTAL BORROWING |
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3.708 |
4.197 |
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DEFERRED TAX LIABILITIES |
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0.072 |
0.000 |
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TOTAL |
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13.810 |
12.219 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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4.872 |
3.084 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.471 |
0.471 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.016 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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27.439 |
12.589 |
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Sundry Debtors |
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6.463 |
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Cash & Bank Balances |
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0.366 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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6.622 |
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Total Current Assets |
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27.439 |
26.040 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities and Provisions |
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18.972 |
17.394 |
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Total Current Liabilities |
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18.972 |
17.394 |
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Net Current Assets |
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8.467 |
8.646 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.002 |
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TOTAL |
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13.810 |
12.219 |
PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
85.621 |
62.419 |
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Profit/(Loss)
Before Tax |
|
4.757 |
3.714 |
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Provision
for Taxation |
|
1.806 |
0.994 |
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Profit/(Loss)
After Tax |
|
2.951 |
2.720 |
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Total
Expenditure |
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80.863 |
58.704 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
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3.44 |
4.35 |
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Net
Profit Margin(PBT/Sales) |
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5.55 |
5.95 |
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Return
on Total Assets(PBT/Total Assets} |
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14.72 |
12.75 |
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Return
on Investment (ROI)(PBT/Networth) |
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0.47 |
0.46 |
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Debt
Equity Ratio(Total Liability/Networth) |
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2.26 |
2.69 |
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Current
Ratio(Current Asset/Current Liability) |
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1.44 |
1.50 |
LOCAL AGENCY
FURTHER INFORMATION
Classic
Floorings is a company which specializes in floor coverings. Today our product
range includes Natural Hardwood Flooring, Solid Wood Flooring, Homogenous Vinyl
Flooring, Heterogeneous Vinyl Flooring, Sports Flooring, Outdoor Deck Hardwood
Flooring, Carpets, Linoleum and a small division in Wall Paper.
Classic Floorings was established 11 years ago in 1995 and solely represents Tarkett
in India since its inception.
Tarkett is a 1.5 billion euro company which manufactures engineered Wood
Flooring, Laminated Wood Flooring, Vinyl Flooring, Linoleum Flooring, Carpets
and Vinyl Wall Paper.
We represent Hortus SRL for Outdoor Wood Flooring. Hortus is one of the largest
manufacturers of pre-finished and ready-to-install Outdoor Deck Flooring.
We represent Action Sports from USA for the Indoor Hardwood segment and Tarkett
Sports for the Indoor Vinyl segment.
Pristine Wood from Malaysia works with us for the Solid Wood segment.
We have a pan India presence with offices in Mumbai, Delhi and Bangalore and
are represented by over 100 retailers in 35 cities in India with a strong
growing presence. We employ more then 60 people in India in our various
offices.
Classic Floorings imports, markets, distributes and installs floor covering
from Europe, USA and Malaysia. We also have our brand display showrooms -
Square Foot which displays and markets all our products
Performance
The
performance of the company for the year under review has been satisfactory.
As
reported in the last year’s Directors report that a new State Showroom for
Floor covering namely Square Foot was opened in Bangalore. After this,
Bangalore showroom sales have gone yp, which clearly indicates that the reach
has definitely increased.
After
strengthening Delhi office further results have started coming in as the sales
graph is going up.
In this
Financial years, the company opened an exclusive showroom for Floor Covering
namely Square Foot and the same has already showing results to the company.
During
the year another product namely wooden deck flooring have been further added to
the product list and the said product has been well accepted by the market.
The
company is looking for further products to be added in their product list.
Taking
into consideration whatever reported in the above paragraph, the directors hope
that their will good growth during the next financial year.
Property
- Computers
- Furniture and Fixtures
- Office Apartments
- Motor Car
- Display Samples and Tools
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Name of the company |
CLASSIC FLOORINGS AND INTERIORS PRIVATE
LIMITED |
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Presented By |
MR P R KRISHNAN |
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1) Date and description of instrument creating the change |
1.10.1996 Agreement
of loan for overall limit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
3.000 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 |
1]
Mortgage of immovable properties both present and future. 2]
First charge by way of Hypothecation of goods, movables and other assets such
as Book debts present and future including documents of title to goods and
other assets such as book debts, outstanding moneys receivables, receivable
by way of cash assistance / cash
incentive scheme, claims, invoices documents, securities, contracts,
guarantees, investments, rights uncalled capital and machinery present and
future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1]
Interest at the rate presented by the bank from time to time. 2] As
detailed in clause 4 to 12 of agreement of loan for overall limit. |
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5) Name and Address and description of the person entitled to the charge. |
Indus
Ind Bank Liimited 1st
Floor, West Wing, Duparc Trinity No 17, M G Road, Bangalore - 56001 |
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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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Name of the company |
CLASSIC FLOORINGS AND INTERIORS PRIVATE
LIMITED |
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Presented By |
JOINTLY BY THE COMPANY AND CHARGE HOLDER |
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1) Date and description of instrument creating the change |
Agreement
for Hypothecation of stocks, book debts and receivables dated 10.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs
2.500 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 |
The
company’s stock, receivables and book debts, existing and future to secure
repayment to the bank to the principal monies together with interest, all
costs, charges and expenses arising out of letter of credit limit sanctioned
and disbursed |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The
company is sanctioned letter of credit limit of Rs 2.500 Millions secured by
hypothecation of company’s stock, book debts and receivables. The company
will open a LC limit account and interest will be charged at BPLR +5% p.a. on
outstanding debit balances arising out of L/C liabilities. The operation of
the charge will continue till the
letter of credit limit is cancelled and all charges due to the bank are be
paid in full by the borrowers at
rates indiacted above. |
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5) Name and Address and description of the person entitled to the charge. |
Indus
Ind Bank Liimited having their branch at Ground
Floor, Maker Cahmber IV, Nariman Point, Mumbai – 400021 |
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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 |
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.44.24 |
|
UK
Pound |
1 |
Rs.86.71 |
|
Euro |
1 |
Rs.57.13 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--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 |
|