MIRA
INFORM REPORT
|
Report Date : |
12.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RENAISSANCE FURNITURE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
G-11, Anand Niketan Extension, New Delhi – 110 021 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
29.05.1995 |
|
|
|
|
Com. Reg. No.: |
55-69132 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1995PTC069132 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELR09862G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACR4088E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Importers and Traders of Furniture and Fabric |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company having moderate track. Company’s
profitability is under severe pressure. It has huge accumulated losses and
its networth has been eroded. Payments are reported as slow and delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions.
|
LOCATIONS
|
Registered Office : |
G-11, Anand Niketan Extension, New Delhi – 110 021, India |
|
Tel. No.: |
91-11-26910865/26915326 |
|
Fax No.: |
91-11-26847074 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office / Warehouse : |
B-5/1, Okhla Industrial Area – II, New Delhi – 110 021 |
|
Tel. No.: |
91-11-26387181 / 26386046 |
|
Fax No.: |
91-11-26847074 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mrs. Rachna Kriplani |
|
Designation : |
Director |
|
Address : |
G – 11, Anand Niketan Extension, New Delhi – 110021, India |
|
Date of Birth/Age : |
28.11.1942 |
|
Date of Appointment : |
29.05.1995 |
|
|
|
|
Name : |
Mrs. Anjalika Kriplani |
|
Designation : |
Director |
|
Address : |
G – 11, Anand Niketan Extension, New Delhi – 110021, India |
|
Date of Birth/Age : |
20.08.1972 |
|
Date of Appointment : |
29.05.1995 |
|
|
|
|
Name : |
Ms. Renu Sharma |
|
Designation : |
Director |
|
Date of Birth/Age : |
10.11.1958 |
|
Date of Appointment : |
30.08.2006 |
KEY EXECUTIVES
|
Name : |
D Verma and Associates |
|
Designation : |
Company Secretary |
|
Address : |
N – 226 LGF, Greater Kailash – I, New Delhi – 110048 |
|
Tel No.: : |
91-11-41734656 / 41734567 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
Mrs. Rachna Kriplani |
|
90000 |
|
Mrs. Anjalika Kriplani |
|
5000 |
|
Mrs. Shaifalika Kriplani |
|
5000 |
|
Total |
|
100000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importers and Traders of Furniture and Fabric |
|
|
|
|
Agencies Held : |
|
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
Suppliers : |
|
|
|
|
|
No. of Employees : |
20 |
|
|
|
|
Bankers : |
Canara Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
B. R. Kapoor and Company Chartered Accountants |
|
Address : |
6, Tilak Marg, New Delhi – 110002, India |
|
Tel. No.: |
91-11-23382912 / 23382280 |
|
Fax No.: |
91-11-23782940 |
|
E-Mail : |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1.000 |
1.000 |
1.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[10.936] |
[6.647] |
[3.216] |
|
|
NETWORTH |
[9.936] |
[5.647] |
[2.216] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3.740 |
10.613 |
11.922 |
|
|
2] Unsecured Loans |
6.347 |
7.674 |
6.281 |
|
|
TOTAL BORROWING |
10.087 |
18.287 |
18.203 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
0.151 |
12.640 |
15.987 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.656 |
5.120 |
5.827 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14.711
|
11.362
|
10.104 |
|
|
Sundry Debtors |
2.095
|
0.181
|
1.853 |
|
|
Cash & Bank Balances |
0.983
|
0.458
|
0.321 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
8.575
|
4.457
|
3.601 |
|
Total
Current Assets |
26.364
|
16.458
|
15.879 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
30.534
|
7.373
|
4.257 |
|
|
Provisions |
0.335
|
1.565
|
1.462 |
|
Total
Current Liabilities |
30.869
|
8.938
|
5.719 |
|
|
Net Current Assets |
[4.505]
|
7.520
|
10.160 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
0.151 |
12.640 |
15.987 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
25.710 |
14.369 |
|
|
Designing Fee |
|
1.875 |
0.475 |
|
|
Other Income |
|
0.865 |
0.063 |
|
|
Total Income |
|
28.450 |
14.907 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[4.123] |
[3.262] |
|
|
Provision for Taxation |
|
0.166 |
0.169 |
|
|
Profit/(Loss) After Tax |
|
[4.289] |
[3.431] |
|
|
|
|
|
|
|
|
Import Value |
|
11.683 |
5.853 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
[3.349] |
[1.258] |
|
|
Financial Charges |
|
0.861 |
1.242 |
|
|
Depreciation & Amortization |
|
0.765 |
0.809 |
|
|
Other Expenditure |
|
34.296 |
17.376 |
|
Total Expenditure |
|
32.573 |
18.169 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[15.08]
|
[23.02] |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[16.04]
|
[22.70] |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[13.29]
|
[15.12] |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.41]
|
[0.58] |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[4.12]
|
[4.82] |
[10.80] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85
|
1.84 |
2.78 |
LOCAL AGENCY FURTHER
INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
RENAISSANCE
FURNITURE PRIVATE LIMITED |
|
Presented By |
Canara Bank |
|
1) Date and description of instrument creating the change |
Deed of hypothecation
regarding machinery and Supplement collateral security agreement both dated
27.10.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.488
Millions |
|
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 plant, machinery, tools, accessories and motors vehicles such as genset valued
at Rs. 0.410 Million and interior decorators valued Rs. 0.200 Million
purchased / to be purchased and stored at premises at B – 5/1, Okhla
Industrial Area, Phase II, New Delhi or at any other place wheresoever
including those in transit. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure term loan of Rs. 0.488 Million with interest @ 14.05 % p.a. compounded
monthly or at such other rates as may be specified by the Bank from time to
time. Overdue interest @ 2 % p.a. The loan is repayale in 36 monthly
installment of Rs. 0.014 Million and last installment fo Rs. 0.012 Million
commencing from November, 2004. |
|
5) Name and Address and description of the person entitled to the charge. |
Canara Bank,
South Extension, Phase – I, New Delhi |
|
6) Date and brief description of instrument modifying the charge |
Nil |
|
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. |
Nil |
AS PER WEBSITE
“Renaissance Homes” epitomizes
pure design & aesthetics of interiors where each design can stand out as
something unusual and stand by other forms in a distinctive room. Established
in 1995, the flagship brand of Renaissance Furniture Pvt. Ltd., “Renaissance
Homes” is a dream realized by two entrepreneurial sisters, Anjalika Kriplani
and Shaifalika Panda. If tradition speaks to a high standard-something for
yesterday, today and tomorrow- Renaissance Homes is home to tradition with
beautiful artifices to be cherished by generations to come. With the entrepreneurial
efforts of the dynamic duo, India witnessed the entry of famous International
furniture and accessory brands.
“Home” is what you make of it and so at Renaissance Homes it is a constant
endeavor to turn each customer’s aspirations into reality. The store caters to
the aesthete of art who value artisan tradition and at the same time appreciate
contemporary design.
Renaissance Homes offers furniture & accessories in more periods, styles
and international influences than any other store in the country. The offerings
are unlimited, from elegant furniture, rich fabrics, fabulous lighting to
scores of exquisite accessories from renowned international brands all
available under one roof. Each piece exhibits the strength of character to
stand alone as well as the versatility to harmonize within an environment a collection truly mesmerizing.
Baker and Henredon are amongst the best known furniture
companies in the United States and, indeed, are instantly recognized by the
cognoscenti. Their products reflect the finest harmony of distinct design and
essential quality. Each piece is aesthetically pleasing and designed to
withstand the test of time. It is furniture truly worthy of those who
appreciate the finest.
These furniture lines are uniquely complemented by McGuire (Wicker) Donghia
(Modern designs), Sligh (Executive and Home Office furniture), Milling Road
(The Country look), Fiam & Gambarovetri (Glass Furniture), Mirror Fair
(Mirrors), Fine Art Lamps (Lamps), Codutti (Office solution) & Elite (Restaurant
furniture).
As far as upholstery and drapery is concerned, two vital aspects of a truly
stunning home, they represent Beacon Hill and Robert Allen Fabrics besides also
importing from Italy, Spain and England. In all they have a superb collection of
over 2500 designs.
Baker Furniture takes pride in the fact that they are present not only in the
White House but also in the celebrity homes like those of Donald Trump, Cindy
Crawford, and Madonna. While Henredon Furniture designs for Ralph Lauren; Bernhardt
Furniture and McGuire have collections designed by the world’s most prominent
designers like Barbara Barry, Michael Vanderbyl, Jones Barnes and Lauren
Rottet. Some of these lines of furniture have also made their debut in
Hollywood in “Vanilla Sky” starring Tom Cruise and more recently “Intolerable
Cruelty” starring Catherine Zeta Jones and George Clooney.
Renaissance Homes has well understood the customers need for personal attention
and hence offers a complete range of services includes interior design
consulting & execution of turnkey projects under Anjalika Kripalani
(Interior designer FIT New York. She has a very versatile style and uses a
varied range of furniture and accessories according to her clients’ taste and
personality. Anjalika has successfully lead & executed projects like the
New Delhi residence of Dr. Vijay Mallya and the Sarafs, a country house for Dr.
Karan Singh, villas for Mr. Lalit Suri of Bharat Hotels, The Spa & Health
Club at The Qutab Hotel, Delhi, as well as corporate offices of Jindal Steel,
IMFA Ltd. & Radico Khaitan.
By working closely with their clients Renaissance Homes brings to life the
timeless vision of gracious living everyday & thus keeps up with the
tradition of their international counterparts and can today boast of a very
huge customer base, which has in its hall of fame corporates like Bajaj, The
Times of India Group, Abhishek Industries Ltd., Nahar Spinning Mills,
Karanjawala & Co and Escorts; architects like Hafeez Contractor and Talati
Panthaky; celebrities Dr. Vijay Mallya, Feroze Gujral.
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.41.38 |
|
UK Pound |
1 |
Rs.63.89 |
|
Euro |
1 |
Rs.80.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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 |
|