MIRA
INFORM REPORT
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Report Date : |
31.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SKIPPER FURNISHING PRIVATE LIMITED |
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Registered Office : |
46/31/1 Gariahat Road , Gariahat, Kolkata - 700 019, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.09.2004 |
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Com. Reg. No.: |
21-99730 |
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CIN No.: [Company
Identification No.] |
U17299WB2004PTC099730 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALS13345D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the Wholesale and Retail Business of Curtain Cloth,
Tapestry and Carpet. |
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 : |
USD 27000 |
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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 records. 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 : |
46/31/1 Gariahat Road , Gariahat, Kolkata - 700 019, West
Bengal, India |
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Tel. No.: |
91-33-2463 7781 |
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E-Mail : |
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Website : |
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Branch Office : |
5, Russel Street, Kolkata - 700 071 |
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Tel. No.: |
91-33- 2226 2270/7034 |
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Fax No.: |
91-33- 2226 5170 |
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Branch Office : |
P-14/1, C.I.T. Road, Scheme
VIII-M, Kankurgachi, Kolkata - 700 054 |
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Tel. No.: |
91-33- 2355 0371/2 |
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Branch Office : |
6-3-351 Road No.1, Banjara Hills, Nagarjuna Circle,
Hyderabad – 34, Andhra Pradesh, India |
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Tel. No.: |
91-40- 2335 5404/3062/1171 |
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Branch Office : |
48, St.Johns Road, Bangalore –
42, Karnataka, India |
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Tel. No.: |
91-80- 25113 4356 |
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Branch Office : |
Daba Garden, Vishakhapatnam -
20 |
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Tel. No.: |
91-891-3102103/2508818 |
DIRECTORS
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Name : |
Mr. Kamlesh Agarwal |
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Designation : |
Director |
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Address : |
P – 547, Block – N, New Alipore, Kolkata – 700053, West Bengal, India |
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Date of Birth/Age : |
10.02.1965 |
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Date of Appointment : |
09.09.2004 |
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Name : |
Mrs. Rashmi Devi Agarwal |
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Designation : |
Director |
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Address : |
P – 547, Block – N, New Alipore, Kolkata – 700053, West Bengal, India |
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Date of Birth/Age : |
20.02.1969 |
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Date of Appointment : |
01.09.2005 |
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Name : |
Mr. Arbind Kumar Choudhary |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
M/s R K Lain and Company |
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Designation : |
Company Secretary |
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Address : |
39-B, Kankurgachi , 2nd lane, Kolkata – 700 054, West
Bengal, India |
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Tel. No.: |
91-33-23628632 |
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Fax No.: |
91-33-23649701 |
SHAREHOLDING
PATTERN
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the Wholesale and Retail Business of Curtain Cloth,
Tapestry and Carpet. |
GENERAL
INFORMATION
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Bankers : |
· Citi Bank N. A. No. 2, Club House Road, Chennai – 600002, Tamilnadu, India · Union Bank of India Sarat Bose Road Branch, 57, Rash Behari Avenue, Kolkata – 26 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajiv Ranjan and Associates Chartered Accountants |
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Address : |
1458, Garia Main Road, Hindusthan Complex, Block B, Kolkata – 700084,
West Bengal, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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100440 |
Equity Shares |
Rs. 10/- each |
Rs. 1.004
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.004 |
1.000 |
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2] Share Application Money |
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1.100 |
0.000 |
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3] Reserves & Surplus |
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4.672 |
4.401 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.776 |
5.401 |
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LOAN FUNDS |
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1] Secured Loans |
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19.114 |
18.794 |
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2] Unsecured Loans |
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16.195 |
8.679 |
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TOTAL BORROWING |
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35.309 |
27.473 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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42.085 |
32.874 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.358 |
14.620 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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34.526 |
30.003 |
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Sundry Debtors |
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7.048 |
7.437 |
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Cash & Bank Balances |
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3.065 |
2.004 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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11.092 |
3.610 |
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Total
Current Assets |
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55.731 |
43.054 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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26.509 |
24.710 |
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Provisions |
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0.511 |
0.114 |
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Total
Current Liabilities |
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27.020 |
24.824 |
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Net Current Assets |
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28.711 |
18.230 |
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MISCELLANEOUS EXPENSES |
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0.016 |
0.024 |
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TOTAL |
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42.085 |
32.874 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2007 |
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Sales Turnover |
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76.004 |
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Other Income |
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0.318 |
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Total Income |
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76.322 |
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Profit/(Loss) Before Tax |
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0.669 |
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Provision for Taxation |
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0.398 |
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Profit/(Loss) After Tax |
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0.271 |
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Expenditures : |
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Financial Charges |
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2.663 |
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Other Expenditure |
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74.850 |
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Total Expenditure |
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77.513 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.35 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.88 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.96 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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9.20 |
9.68 |
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Current Ratio (Current Asset/Current Liability) |
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2.06 |
1.73 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
SKIPPER
FURNISHING PRIVATE LIMITED |
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Presented By |
Union Bank of India |
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1) Date and description of instrument creating the change |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 19.500
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 by way of first charge. All tangible
machineries, plant, machinery, fixtures, fittings, other installations,
cranes, furniture, computers and other accessories, vehicles together with spares,
tools and accessories and all other articles installed / lying / stored at
the company’s premises / factories / godowns at 46/31/1 Gariahat Road,
Kolkata – 71 and Ravi Chamber, 1st Floor, Part – B – 6-3-351 Road
No. 1, Banjara Hills, Hyderabad 500034 or wherever else the same may be or in
course or transit. The whole of the
Company’s movable goods and assets, both present and future, including all
stocks or raw materials, work in progress, semi – finished goods and finished
goods such as furnishing materials etc. packing materials, consumable stores
and spares etc. stored / lying at the aforesaid place or wherever else the
same may be in course of transit. All the company’s
present and future book debts, outstanding, monies receivables, claims, bills,
contracts, engagements and securities etc. Showroom
admeasuring 1800 sq. ft. situated at 46/31/1, Gariahat Road, Kolkata – 29 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest /
commission as may be fixed by the Bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India Sarat Bose Road
Branch, 57, Rash Behari Avenue, Kolkata – 26 |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U17299WB2004PTC099730 |
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Name of the
company |
SKIPPER FURNISHING PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
46/31/1 Gariahat Road , Kolkata -700 029, West Bengal,
India |
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Particular of
charge holder |
Citi Bank N. A. No. 2, Club House
Road, Chennai – 600002, Tamilnadu, India |
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Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation |
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Date of
instrument Creating the charge |
27.07.2007 |
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Amount secured by
the charge |
Rs. 6.700
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: As per the loan
agreement enclosed [the same is subject to change from time to time by the
Bank] Terms of
repayment : As per the loan
agreement enclosed Extent and
operation of the charge : Exclusive first
charge Others : All other terms
and conditions as per the loan agreement. |
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Short particulars
of the property charged |
Hypothecation of Credit
card Receivables at Skipper Furnishing Private Limited, 46/31/1, Gorlahat
Road, Kolkata – 700029 |
AS PER WEBSITE
Profile
The SKIPPER Furnishings,
a furnishing store in Russel Street, the heart of Kolkata's commercial centre to
8 locations nationwide. Surrounded by hotels, offices, shops, eateries and
residences, It became a household name almost overnight because of the vast
varieties of materials they stocked and especially for the personalized
services.
Skipper started out as a small retail outlet selling
furnishings, upholstery and curtains. From this humble beginning, it has now
grown to become one of India 's leading furnishing stores. A growth that speaks volumes for Skipper. Today,
Skipper has its outlets across the length and breadth of the country.
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.39.43 |
|
UK Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.58.26 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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. |
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 |
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