MIRA
INFORM REPORT
|
Report Date : |
17.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLOOR AND FURNISHING INDIA PRIVATE LIMITED |
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Registered Office : |
2213, Gurdwara Road, Karol Bagh, New Delhi – 110005 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.07.1991 |
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Com. Reg. No.: |
55-44969 |
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CIN No.: [Company
Identification No.] |
U74899DL1991PTC044969 |
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IEC No.: |
0593020910 Dated:
05.08.1993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELF02612B |
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PAN No.: [Permanent
Account No.] |
AAACF0785A |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Importers, Distributors
and Suppliers of carpets, rug, furnishing fabrics, non-woven rods, blinds
wooden flooring, milliken carpet tiles |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 133900 |
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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 company having satisfactory track. Directors are reported as
experienced, respectable, and having satisfactory track records. Their trade
relations are fair. Payments are usually correct and as per commitment. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office/ Showrooms: |
2213, Gurudwara
Road, Karol Bagh, New Delhi-110005, India |
|
Tel. No.: |
91-11-25738138/25788256/25738960/25784264/25717468/
25711582 |
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Fax No.: |
91-11-25757082/25753283 |
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E-Mail : |
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Website: |
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Areas : |
Owned |
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Location : |
Commercial |
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Showrooms/ Branch:
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A-5 Sushant Lok,
Mehrauli Gurgaon Main Road, Gurgaon – 122001 Fax: 91-124-635
6867 /4038198 Email : ffsl@floorandfurnishings.com Areas : Owned |
DIRECTORS
|
Name : |
Mr. Subhash
Khandelwal |
|
Designation : |
Chairman cum
Managing Director |
|
Address: |
37-B, Pusa Road,
Karol Bagh, New Delhi – 110005, India |
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Date of
Birth/Age : |
18.08.1955 |
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Qualification
: |
Graduate |
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Experience : |
35 years |
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Date of
Appointment : |
27.07.1991 |
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|
|
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Name : |
Mr. Vivek
Khandelwal |
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Designation : |
Director |
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Address: |
37-B, Pusa Road,
Karol Bagh, New Delhi – 110005, India |
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Date of
Birth/Age : |
20.11.1976 |
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Qualification
: |
Graduate |
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Experience : |
15 years |
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Date of
Appointment : |
01.04.1995 |
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|
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Name : |
Ms. Madhu
Khandelnal |
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Designation : |
Director |
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Address: |
37-B, Pusa Road,
Karol Bagh, New Delhi – 110005, India |
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Date of
Birth/Age : |
08.03.1955 |
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Date of Appointment
: |
12.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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Mr. Subhash
Khandelwal |
|
16000 |
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Ms. Madhu
Khandelnal |
|
18000 |
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Mr. Vivek Khandelwal |
|
16000 |
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Mr. Nakul
Khandelwal |
|
16000 |
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Mr. Jagdish
Khandelwal |
|
10 |
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M/s Subhash and
Company, HUF |
|
100 |
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Ms. Derrco Devi
Khandewlwal |
|
10 |
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Limited Chotey
Lal Khandelwal |
|
10 |
|
Ms. Neeti
Khandelwal |
|
1000 |
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|
|
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Total |
|
67190 |
(As on 31.03.2006)
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Category |
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Percentage |
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Directors ore relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers, Distributors
and Suppliers of carpets, rug, furnishing fabrics, non-woven rods, blinds
wooden flooring, milliken carpet tiles |
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Products : |
Floorings
Furnishing
Linen
Window Blinds
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Agencies Held : |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
Others |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
In office 60 + in
branch 20 = Total 80 |
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Bankers : |
Karol Bagh
Branch, New Delhi-110005
10166/67,
Gurudwara Road, Karol Bagh Branch, Karol Bagh, New Delhi
16/8, Arya Samaj
Road, Karol Bagh New Delhi – 110005, India |
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Facilities : |
Secured Loan Cash Credit Limit
from Bank of Punjab – Rs. 23.656 Secure by
hypothecation of stocks ABN Amro Bank Car
Loan – Rs. 0.189 ABN Amro Bank Van
– Rs. 0.074 ICICI Bank Car
Loan - Rs. 1.340 Total – Rs. 1.604 Centurion Bank of
Punjab Limited Cash Credit Limit
: Rs. 20.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shalabh Jasoria
and Associates Chartered
Accountants |
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Address : |
B-5 Local
Shopping Centre, Naraina Industries Area, Phase II, New Delhi-110028 |
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Tel. No.: |
91-11-25707273, 25707858/51007273 |
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Fax No.: |
91-11-25701192/51418584 |
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E-Mail : |
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Subsidiary: |
Divine
(Proprietor) 37, Pusa Road,
Karol Bagh, New Delhi – 110005, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000 |
Equity Shares |
Rs. 100/- each |
Rs. 7.500
millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67190 |
Equity Shares |
Rs. 100/- each |
Rs. 6.719
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
No subsequent financials could be available from any sources.
Management declined to part with financial details.
ABRIDGED BALANCE
SHEET
|
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 |
6.719 |
6.719 |
6.719 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.756 |
22.103 |
16.246 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.475 |
28.822 |
22.965 |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
27.629 |
1.604 |
1.384 |
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2] Unsecured Loans |
3.988 |
24.709 |
24.480 |
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3] OD with Bank |
0 |
23.656 |
24.271 |
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TOTAL BORROWING |
31.617 |
49.969 |
50.135 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.092 |
78.791 |
73.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.274 |
31.680 |
22.157 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
25.850
|
45.774
|
47.795 |
|
|
Sundry Debtors |
11.035
|
33.204
|
48.050 |
|
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Cash & Bank Balances |
2.274
|
2.267
|
0.636 |
|
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Other Current Assets |
0.760
|
0.570
|
0.507 |
|
|
Loans & Advances |
5.799
|
7.539
|
3.620 |
|
Total
Current Assets |
45.718 |
89.354
|
100.608 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
14.900
|
42.243
|
49.665 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
14.900 |
42.243
|
49.665 |
|
|
Net Current Assets |
30.818 |
47.111
|
50.943 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.092 |
78.791 |
73.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
174.700 |
230.351 |
262.388 |
|
Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
174.700 |
230.351 |
262.388 |
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|
|
|
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Profit/(Loss) Before Tax |
5.553 |
5.857 |
4.294 |
|
Provision for Taxation |
0.900 |
1.900 |
NA |
|
Profit/(Loss) After Tax |
4.653 |
3.975 |
NA |
|
|
|
|
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Import Value |
105.021 |
128.862 |
NA |
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|
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Total Expenditure |
424.44 |
44.863 |
48.837 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
2.66 |
1.72
|
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.32 |
2.54
|
1.63 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
6.94 |
4.83
|
3.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
16.58 |
0.20
|
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.38 |
3.19
|
4.34 |
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Current Ratio (Current Asset/Current Liability) |
|
3.06 |
2.11
|
2.02 |
LOCAL AGENCY
FURTHER INFORMATION
History:
Subject is a saga of continuous evolution, innovation,
performance and relationship. Started out modestly in 1952 as a small firm
dealing only in rugs, over the years subject grew from strength to strength.
Today it’s one of the most renowned names in floorings and furnishings.
Exhibiting a vast range of exquisite interiors, subject is a meeting ground of
connoisseurs and masses alike.
Subject is a hub of a truly stunning range of floorings and
furnishings. One can choose from the fascinating collection of carpets, curtain
fabrics, upholstery or household linen. Each one of these is made with
exemplary work of craftsmanship. The breathtaking collection casts a
mesmerizing spell with a beautiful mélange of colours, designs and patterns.
Form 8
|
Name of the company |
FLOOR AND
FURNISHINGS INDIA PRIVATE LIMITED |
|
Presented By |
Bank of Punjab
Limited and Floor and
Furnishing India Private Limited |
|
1) Date and description of instrument creating the change |
Hypothecation
Agreement Dated 01.09.1999 (Registered on
17.09.1999) Modified upto
Rs.36.000 Millions on 20.11.2003 (Registered on
16.12.2003) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.500 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
all kind of furnishing materials, like carpets, carpets upholstery, and
certain fabrics lines durings doormat and roads, blinds including all products
goods, and movable property of any kinds belonging to them stored at 2213,
Gurudwara Road, Karol Bagh, New Delhi or other godowns or be in course of
trasit and all the present and future book debts of the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests to be
charged at 2% p.a. over PLR Bank of Punjab with a minimum 16.5% p.a. plus
interests tax Margin 25% |
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Punjab Limited Karoal Bagh, New
Delhi, India |
|
6) Date and brief description of instrument modifying the charge |
Memorandum of
title deeds dated 09.05.2005 |
|
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 amount
secured by this charge in increased from Rs.36.000 Millions to Rs.43.500
Millions to additionally secure the credit facilities sanctioned to M/s
Divine to the extent of Rs.7.500 Millions The charges is secured by extension
of equitable mortgage by deposit of title deeds in respect of company
property at Plot no. 42, Sector No.32, Gurgaon, Haryana together with
building construction to be thereon. Other terms and conditions remain same. |
|
Corporation identity number or foreign company registrations number of
the company |
U74899DL1991PTC044969 |
|
Name of the company |
FLOOR AND
FURNISHINGS INDIA PRIVATE LIMITED |
|
Address |
2213 Gurudwara
Road, Karol Bagh, new Delhi-110005, India |
|
This Form is for |
Creation of Charge |
|
Type of Charge |
Corporate Guarantee of the company |
|
Particular of the charge holder
|
Centurion Bank of Punjab Limited 10166-67, Gurudwara Road, Karol Bagh Branch, Karol Bagh, New Delhi –
110001, India |
|
Name or description of the instrument creating charge |
Deed of Guarantee |
|
Date of the instrument creating charge |
28.03.2007 |
|
Amount Secure by the charge |
Rs. 51.000 Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interests: Interests as per Bank Norms Terms of repayment: Repayable as per Bank Norms Margin: Margin as per Bank Norms Extent and operation of the charge: The charge operates as continuing security inter alia, for the due repayment
by the company to the Bank of the extent of Rs.51.000 Millions sanctioned to
Divine (a unit of F and F Global Private Limited) together with interests,
additional interests, liquidated damages, premia on repayment costs, charges,
expenses and other moneys payable to the Bank in terms of the loan agreements
and Bank norms from time to time. Others: Corporate Guarantee of the Company is to secure the credit facilities
sanctioned to M/s, Divine (a unit of F and F Global Private Limited) |
|
Short particulars
of the property charged (including location of the property) |
Corporate Guarantee of the company |
|
Particulars of the present modification |
NA |
Fixed Assets
- Computer
- Scooter
- Water Cooler
- Motor Car
- Air Conditioners
- Electric Fitting
- Generator
- Office Equipment
- Building
- Furniture and Fixture
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.40.45 |
|
UK Pound |
1 |
Rs.82.25 |
|
Euro |
1 |
Rs.63.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|