MIRA
INFORM REPORT
|
Report Date : |
11.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AAR ESS FLOOR
ZONE PRIVATE LIMITED |
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Registered Office : |
8/37, Grants
Building, 2nd Floor, Arthur Bunder Road, Colaba, Mumbai – 400 005,
Maharashtra. |
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Country : |
India. |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.04.2006 |
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Com. Reg. No.: |
161242 |
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CIN No.: [Company
Identification No.] |
U51109MH2006PTC161242 |
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IEC No.: |
0306070278 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA28435B |
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PAN No.: [Permanent
Account No.] |
AAFCA6964M |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Importer of
Rephouse (Rubber florring), Balterio (Laminate Flooring), Balta (Rugs), Wall
& Floors (wall covering/ paper) and many more. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
New Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a new company and has incurred some initial losses as per
its first financials of 31.03.2007. Trade Relations are fair. Payments are reported
as slow but correct. The Company can be considered for small to mediocre
business dealings with slight caution, initially. |
INFORMATION PARTED
BY
|
Name : |
Mr. Rehan Sumar |
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Designation : |
Director |
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Contact No.: |
91-9821322674 |
LOCATIONS
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Registered Office : |
1, Tulip Building, Ground Floor, 3rd Pasta Lane, Colaba,
Mumbai, 400 005, Maharashtra, India. |
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Tel. No.: |
91-22-22040350 |
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Fax No.: |
91-22-22040350 |
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E-Mail : |
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Corporate Office : |
8/37, Grants
Building, 2nd Floor, Arthur Bunder Road, Colaba, Mumbai – 400 005,
Maharashtra, India. |
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Tel. No.: |
91-22-22040350/51/52 |
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Mobile NO : |
91-9820213560 |
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Fax No.: |
91-22-22040350 |
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E-Mail : |
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Web site : |
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Area : |
6000 Sq. ft. |
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Location : |
Rented |
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Factory : |
M-1, M-2, M-3, Raj
Laxmi Commercial Complex, India |
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Show Room : |
R Mall, 2nd
Floor, # 24, L.B.S. Marg, Mulund (west), Mumbai – 400 080, Maharashtra,
India. |
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Tel. No.: |
91-22-67107050/51 |
DIRECTORS
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Name : |
Mr. Rehan Sumar |
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Designation : |
Director |
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Address : |
1 Tulip Building,
Ground Floor, 3rd Pasta Lane, Colaba, Mumbai – 400 005,
Maharashtra, India. |
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Date of Birth/Age : |
30.06.1970 |
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Qualification : |
B. Com. |
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Date of Appointment : |
19.04.2006 |
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Name : |
Mrs. Amberin R.
Sumar |
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Designation : |
Director |
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Address : |
1 Tulip Building,
Ground Floor, 3rd Pasta Lane, Colaba, Mumbai – 400 005,
Maharashtra, India. |
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Date of Birth/Age : |
23.12.1974 |
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Qualification : |
B. Com. |
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Date of Appointment : |
19.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 30.09.2007) |
No. of Shares |
|
Mr. Rehan Sumar |
20000 |
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Mrs. Amberin R.
Sumar |
20000 |
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Total |
40000 |
Equity Share breakup (Percentage of Total Equity) (As on 30.03.2007):-
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer of Rephouse
(Rubber flooring), Balterio (Laminate Flooring), Balta (Rugs), Wall &
Floors (wall covering/ paper) and many more. |
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Products : |
·
Carpets ·
Laminate ·
Rubber ·
Wall Paper |
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Brand Names : |
·
Alsoriya ·
Balterio ·
Rep House ·
Walls and Floors |
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Agencies Held : |
·
Aviva ·
Preverco ·
Green Vision ·
Mahawat ·
Basmat ·
Balta ·
Balterio ·
Rep House ·
Al Soraiya ·
Prime |
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Imports : |
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Products : |
·
Wall Paper ·
Sports Flooring ·
Solid Wood ·
Laminate Flooring ·
Carpets |
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Countries : |
·
Dubai ·
Malaysia ·
Canada ·
Belgium ·
Saudi Arabia |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 Days/60 Days/90 Days) |
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Purchasing : |
L/C, Cash and Credit (30 Days/60 Days/90 Days) |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s ·
Others |
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No. of Employees : |
25 (Office : 20, Factory : 5) |
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Bankers : |
ABN Amro Bank,
Fort, Mumbai, Maharashtra, India. |
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Facilities : |
All Facilities |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
L. K. Jain Chartered
Accountant |
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Address : |
9/303, Pavan Baug, S. V. Road, Chincholi, Malad (West), Mumbai,
400064, Maharashtra, India. |
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Tel. No.: |
91-22-28742511 |
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Associates: |
·
Associated Weavers ·
Balta ·
Prime ·
Al- Soriya Carpet Factory ·
Balsan ·
Rep House ·
Nelca ·
Prado ·
Balterio |
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Subsidiaries: |
· Aar Ess Enterprise 19 A/ 308, Grants Building Annex, 1st Floor, Behind Strand
Cinema , Colaba, Mumbai – 400 005, Maharashtra, India. Line of Business: Flooring · S. R. Enterprises 37, Grants Building Annex, 1st Floor, Behind Strand Cinema,
Colaba, Mumbai – 400 005, Maharashtra, India. Line of Business : Flooring |
CAPITAL STRUCTURE
(As on 31.03.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- Each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
Estimated 2008: (As Claimed by the Company)
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 |
|
500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.100 |
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2] Share Application Money |
|
0.120 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(0.219) |
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NETWORTH |
|
0.001 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
|
1.180 |
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TOTAL BORROWING |
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1.180 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1.181 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.443 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.951
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Sundry Debtors |
|
1.006
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Cash & Bank Balances |
|
0.461
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Other Current Assets |
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0.000
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Loans & Advances |
|
0.775
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Total Current Assets |
|
8.193
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
7.214
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Provisions |
|
0.274
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Total Current Liabilities |
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7.488
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Net Current Assets |
|
0.705
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MISCELLANEOUS EXPENSES |
|
0.033 |
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TOTAL |
|
1.181 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
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Sales Turnover |
3.800 |
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Other Income |
0.019 |
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Total Income |
3.819 |
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Profit/(Loss) Before Tax |
(0.200) |
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Provision for Taxation |
0.019 |
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Profit/(Loss) After Tax |
(0.219) |
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Export Value |
3.801 |
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Expenditures : |
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Production and Operational Expenses |
2.362 |
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Depreciation & Amortization |
0.078 |
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Administrative and Other Expenditure |
1.579 |
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Total Expenditure |
4.019 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
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PAT / Total Income |
(%) |
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5.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.24 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
7488 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.09 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Capital
Enterprise
Address: 3728, 2nd
Floor, Netaji Subhash Marg, Darya Ganj, New Delhi – 110 002., India
Contact: 91-11-23265404
Concerned
Person: Mr. Prasan Kr. Bhutoria
·
Malsa Carpets
Address: 3540,
Hal, 2nd Stage, Indira Nagar, Banglore - 560038., Karnataka, India
Contact:
91-80-25270346
Concerned
Person: Mr. Akmal Jan
·
Venjara
Address: 81, D,
Lehri House, Mohmad Ali Road, Mumbai -
40003, Maharashtra, India
Contact:
91-22-223449961
Concerned
Person: Mr. Salman Nensy
VISION:
The commitment with
which they embrance the future. Staying with the times and brings the ultimate
in contemporary flooring solutions, is what they always belive in.
When it come to
quality, look on future than Floor Zone, the name that is highly recognised.
Come home to the best known brands. Floor Zone houses products from the
Renowned Prado, Balta, Balsan, Balterio, Nelca, Associated Weavers, Al Sorayai,
Rephouse and more. Many happy consumers have been coming home to quality
flooring showcased by them. Their products are tested and designed to serve the
best.
They never rest on
their past achievements because they recognize that they must remain on the
leading edge of technology and quality in order to satisfy their customers.
They continually bring new and exciting ideas to the marketplace, ideas that
keep their customers coming for more.
AS PER WEBSITE:
PRODUCTS
Carpet Tiles
Carpet Tiles have been used for years in a variety of applications from prestige offices to household. They are versatile, easy to install, modular and in irregular shaped rooms, less waste is generated.
Floor Zone has put together an exciting range of versatile yet practical Carpet Tiles for use in a variety of applications. Their use of different fiber types provides the consumer with a variety of finishes from tough, hard wearing carpet tiles, for the most demanding of applications, to soft, opulent fibers, to stylish carpet tiles ideal for office and board room fit outs. Check out their range below. Carpet Tiles are cost effective and easy to install in offices on ground floors or in high rises.
· Traffic
· Zodiac
· Waves
Area Design Rugs
The element of surprise, to add style to the room, ground up. A rug instantly
transforms that given space whether it is about adding that contemporary chic
look to a new surrounding or rejuvenating a not so new room, the rug works like
magic.
To put it simply,
Floor Zone has one for every room, be it contemporary, classical, neo classical
or traditional. Always keeping an eye for the latest trends both here and in the
international markets, Floorz Zone is always up to date in its product
offerings.
They have an
exclusive range of woven carpets for the commercial and residential markets in
Cromojet printed area design rugs. Their finishing range from loop to cut piles
to twisted pile treatment. A rich array of color adds to the appeal.
These Area Rugs run
in various patterns from Irregular and wavy shapes, paisleys, squares, semi
circles, circular, squares etc. The prints range from Sunrises, sunflowers and
sunsets to abstract geometrical designs. There one for each palette.
They have divided the area design rugs
in the following categories:
Ø
Modern
Ø
Abstract
Ø
Children
Wooden Laminated Flooring
Wood has its own charm. Enrich the floor with wooden laminates from Belgium and discover the warm and inviting hues. Make the floors the envy of every visitor. Their exclusive range of wooden laminates are enough to floor with their sophistication. Balterio laminate flooring is ideal for the residential and office space. Considered as one of the world's most versatile covering, this traditional beauty brings the practical advantages like high resistance to stain, hygienic and are virtually maintenance free.
Choose a floor for the style of living with the..
Coming as it does with a ten year to lifetime warranty, the floors are of the highest quality, and ensure a good looking floor for years to come.
Ø Tradition Sculpture 90 Handscraped
Ø Tradition Quattro 90 4 sided v-groove
Ø Reflexions plus 80 soft sheen finish
Ø Authentic Style 80 genuine wood structure
Ø Ambassador Touch 70 brushed structure
Ø Ambassador 70 woodgrain structure
Wallcoverings
Floor Zone, the premier
name in floors, now brings to the Indian market wall coverings of international
quality and style. Prime Wallcoverings is a collection of the best designs and
quality sourced from different parts of the world. Floor Zone has always
strived to give the best there is to offer. And with Tuscany wall coverings, a
parts of their Prime collection, Floor Zone reaffirms this reputation. Imported
from Italy, it is naturally inspired by the beauty and history that is
associated with the land of great artists and architecture. This range of wall
coverings are available in elaborate designs, subtle stripes, geometric borders
with metallic finish, and a myriad of colours that are idea for residential
spaces, hotels and apartments. Opulent and stylish, their wall coverings are an
absolute delight and will definitely enhance the beauty and de'cor of any
space. Apart from beautifying spaces, wall coverings also improve the
durability of walls. So, it is an advantage that is definitely worth having!
Rubber Flooring
Floor Zone exhibits a range of innovative rubber flooring systems for the first time in India. Their range of Neoflex Rubber Flooring has excellent features to enhance the look, feel and life of the floor. Neoflex is an environmentally friendly, homogenous EPDM/recycled rubber floor covering for areas subject to heavy wear. The durability, flexibility, safety, comfort, slip resistance and aesthetic appeal make Neoflex the true perfect solution for both in and outdoor applications. Their Decoflex range of sports surfacing systems have the approval of ITF, IST, IAAF and other recognised sports authorities. Their range consists of floors for all kinds of sporting activities like athletic tracks, tennis, badminton, basketball, volleyball, handball, as well as multipurpose play areas. Their SW14 athletic track has been installed at the 2004 Athens Olympic track in Filis, Greece. Their reputation rests on steadfast pursuit in the development of rubber flooring systems for recreational, architectural and commercial applications.
Their Rubber Flooring products have been
divided in to the following categories:
Ø Sports Flooring
Broad Loom Carpets
The element of surprise, to add style to the room, ground up. A rug instantly transforms that given space whether it is about adding that contemporary chic look to a new surrounding or rejuvenating a not so new room, the rug works like magic.
To put it simply, Floor Zone has one for every room, be it contemporary, classical, neo classical or traditional. Always keeping an eye for the latest trends both here and in the international markets, Floor Zone is always up to date in its product offerings.
They have an exclusive range of woven carpets for the commercial and residential markets in Cromojet printed area design rugs. Their finishing range from loop to cut piles to twisted pile treatment. A rich array of color adds to the appeal.
These Area Rugs run in various patterns from Irregular and wavy shapes, paisleys, squares, semi circles, circular, squares etc. The prints range from Sunrises, sunflowers and sunsets to abstract geometrical designs. There one for each palette.
They have divided the Broad Loom Carpets
in the following categories:
Ø Commercial
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.39.95 |
|
UK Pound |
1 |
Rs.78.91 |
|
Euro |
1 |
Rs.63.24 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
21 |
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. |
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 |
|