MIRA
INFORM REPORT
|
Report Date : |
29.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
CLASSIC FLOORING
AND INTERIORS PRIVATE LIMITED |
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Registered Office : |
Ground Floor, Raghuvanshi
Mansion, Raghuvanshi Mills Compound, Senapati Bapat Marg, Mumbai – 400013,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.08.1995 |
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Com. Reg. No.: |
11-91743 |
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CIN No.: [Company
Identification No.] |
U74999MH1995PTC091743 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10296G |
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PAN No.: [Permanent
Account No.] |
AAACC1815A |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Providing
Floorings for Homes, Offices, Schools, Hospitals, Pharmaceuticals, Companies,
etc. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 140000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Mr. Moti Saraf,
Director updated the details. Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are reported as usually
correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/Factory : |
Ground Floor,
Raghuvanshi Mansion, Raghuvanshi Mills Compound, Senapati Bapat Marg, Mumbai
– 400013, Maharashtra, India |
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Tel. No.: |
91-22-24976211 |
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Fax No.: |
91-22-24976216 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Padan No 2, Flat
No 1, 4 B Peddar Road, Mumbai – 400026, Maharashtra |
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Tel. No. : |
91-22-55606211 |
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Fax No. : |
91-22-56606216 |
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E-mail : |
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Branches : |
Srinagar, Ludhiana, Chandigarh, Dehradun, Delhi, Kanpur, Lucknow,
Shillong , Manipur, Jaipur, Udaipur, Ahmedabad, Rajkot, Surat, Baroda, Bhopal,
Indore, Kolkata, Bhubaneshwar, Mumbai, Pune, Sangli, Kolhapur, Goa,
Visakhapatnam, Hyderabad, Mysore, Mangalore, Bangalore, Chennai, Coimbatore,
Cochin, Trivandrum . |
DIRECTORS
|
Name : |
Mr Moti Saraf |
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Designation : |
Director |
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Address : |
601, Divyalok, L
D Ruparel Marg, Malabar Hill, Mumbai – 400006, Maharashtra, India |
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Date of Birth/Age : |
01.10.1947 |
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Date of Appointment : |
14.08.1995 |
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Name : |
Mr Vinod Saraf |
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Designation : |
Director |
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Address : |
A-32, Kalpataru
Habitat, S S Rao Marg, Parel, Mumbai – 400012, Maharashtra, India |
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Date of Birth/Age : |
13.08.1951 |
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Date of Appointment : |
14.08.1995 |
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Name : |
Mr Subhash
Bagaria |
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Designation : |
Director |
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Address : |
157, Raj Mahal Villas,
Extension – 8B, Main Road, Bangalore – 560080, Karnataka, India |
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Date of Birth/Age : |
17.04.1952 |
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Date of Appointment : |
14.08.1995 |
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Name : |
Mr. Abhishek M
Saraf |
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Designation : |
Director |
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Name : |
Mr. Gaurav M
Saraf |
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Designation : |
Director |
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Name : |
Mr. Subhash
Bagaria |
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Designation : |
Director |
MAJOR SHAREHOLDERS
As on 31.03.2005:
|
Names of
Shareholders |
No. of Shares |
Percentage of Holding |
|
Mr Moit Saraf |
350 |
33.33% |
|
Mr Vinod Saraf |
50 |
4.76% |
|
Mr Subhash
Bagaria |
350 |
33.33% |
|
Mrs. Saral Saraf |
300 |
28.58% |
|
Total |
1050 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing
Floorings for Homes, Offices, Schools, Hospitals, Pharmaceuticals, Companies,
etc. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
· IndusInd Bank Limited 1st Floor, West Wing, Duparc Trinity, No 17, M G Road,
Bangalore - 56001, Tamil Nadu,
India · IndusInd Bank Limited Ground Floor, Maker Chamber IV, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Banking Relations : |
Satisfactory |
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Auditors : |
K C Todarwal and
Company Chartered
Accountants |
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Address : |
615, Maker
Chamber V, 221, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Associates/Subsidiaries : |
- Chemsworth
Private Limited - AGH Marketing
Services - Perfect
Plantation Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10500 |
Equity shares |
Rs.10/- each |
Rs. 0.105
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.105 |
0.105 |
0.105 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
25.948 |
13.248 |
9.925 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.053 |
13.353 |
10.030 |
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|
LOAN FUNDS |
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|
1] Secured Loans |
1.045 |
1.646 |
0.082 |
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2] Unsecured Loans |
4.232 |
3.457 |
3.627 |
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TOTAL BORROWING |
5.277 |
5.103 |
3.709 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.072 |
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TOTAL |
31.330 |
18.456 |
13.811 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.217 |
6.643 |
4.873 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.190 |
0.472 |
0.472 |
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DEFERREX TAX ASSETS |
0.338 |
0.818 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.879
|
22.852 |
13.845 |
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Sundry Debtors |
24.447
|
12.287 |
8.336 |
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Cash & Bank Balances |
2.143
|
3.364 |
1.165 |
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Other Current Assets |
3.282
|
1.877 |
0.992 |
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Loans & Advances |
19.593
|
6.426 |
3.101 |
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Total
Current Assets |
80.344
|
46.806 |
27.439 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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|
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|
57.759
|
36.283 |
17.167 |
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Provisions |
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|
1.806 |
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Total
Current Liabilities |
57.759
|
36.283 |
18.973 |
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Net Current Assets |
22.585
|
10.523 |
8.466 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
31.330 |
18.456 |
13.811 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
159.513 |
99.846 |
78.077 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
159.513 |
99.846 |
78.077 |
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Profit/(Loss) Before Tax |
19.641 |
6.165 |
4.757 |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
19.641 |
6.165 |
4.757 |
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Expenditures : |
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Interest |
0.752 |
|
73.320 |
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Depreciation |
1.636 |
1.280 |
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Total Expenditure |
139.872 |
93.681 |
73.320 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
12.31
|
6.17 |
6.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.31
|
6.17 |
6.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
22.18
|
11.53 |
14.72 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
0.46 |
0.47 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.42
|
3.10 |
2.26 |
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Current Ratio (Current Asset/Current Liability) |
|
1.39
|
1.29 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSTES:
- Computers
- Furniture and Fixtures
- Office Apartments
- Motor Car
- Display Samples and Tools
FORM 8:-
|
Name of the company |
CLASSIC FLOORINGS AND INTERIORS PRIVATE
LIMITED |
|
Presented
By |
MR P R KRISHNAN |
|
1) Date and description of instrument creating the change |
1.10.1996 Agreement of loan
for overall limit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs 3.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1] Mortgage of
immovable properties both present and future. 2] First charge
by way of Hypothecation of goods, movables and other assets such as Book
debts present and future including documents of title to goods and other
assets such as book debts, outstanding moneys receivables, receivable by
way of cash assistance / cash
incentive scheme, claims, invoices documents, securities, contracts,
guarantees, investments, rights uncalled capital and machinery present and
future. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1] Interest at
the rate presented by the bank from time to time. 2] As detailed in
clause 4 to 12 of agreement of loan for overall limit. |
|
5) Name and Address and description of the person entitled to the charge. |
Indus Ind Bank
Limited 1st
Floor, West Wing, Duparc Trinity No 17, M G Road, Bangalore - 56001 |
|
Name of the company |
CLASSIC FLOORINGS AND INTERIORS PRIVATE
LIMITED |
|
Presented
By |
JOINTLY BY THE COMPANY AND CHARGE HOLDER |
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1) Date and description of instrument creating the change |
Agreement for Hypothecation
of stocks, book debts and receivables dated 10.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs 2.500 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The company’s
stock, receivables and book debts, existing and future to secure repayment to
the bank to the principal monies together with interest, all costs, charges
and expenses arising out of letter of credit limit sanctioned and
disbursed |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The company is
sanctioned letter of credit limit of Rs 2.500 Millions secured by hypothecation
of company’s stock, book debts and receivables. The company will open a LC
limit account and interest will be charged at BPLR +5% p.a. on outstanding
debit balances arising out of L/C liabilities. The operation of the charge
will continue till the letter of
credit limit is cancelled and all charges due to the bank are be paid in full by the borrowers at rates
indiacted above. |
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5) Name and Address and description of the person entitled to the charge. |
Indus Ind Bank
Limited having their branch at Ground Floor,
Maker Chamber IV, Nariman Point, Mumbai – 400021 |
WEBSITE DETAILS:
Subject is a large integrated soft flooring concern. They
have products which can be used to make hospitals, pharmaceutical factories, sports
complexes, offices, retail stores, offices and last but not the least homes
look beautiful.
By listening to their customers they have chosen from the best products
available in the world for floorings, each having its own individual
application and usage.
All their products come backed by their team of qualified sales and technical
people and more importantly trained installation teams. With three offices and
more then 100 retailers they can handle sites from Kulu Manali to
Vishakapatnam.
Square Foot has the answers to all the soft flooring needs.
Subject is a concern which
specializes in floor coverings. Today their product range includes Natural
Hardwood Flooring, Solid Wood Flooring, Homogenous Vinyl Flooring, Heterogeneous
Vinyl Flooring, Sports Flooring, Outdoor Deck Hardwood Flooring, Carpets,
Linoleum and a small division in Wall Paper.
Subject was established 11 years ago in 1995 and solely represents Tarkett in
India since its inception.
Tarkett is a 1.5 billion euro concern which manufactures engineered Wood
Flooring, Laminated Wood Flooring, Vinyl Flooring, Linoleum Flooring, Carpets
and Vinyl Wall Paper.
They represent Hortus SRL for Outdoor Wood Flooring. Hortus is one of the
largest manufacturers of pre-finished and ready-to-install Outdoor Deck
Flooring.
They represent Action Sports from USA for the Indoor Hardwood segment and
Tarkett Sports for the Indoor Vinyl segment.
Pristine Wood from Malaysia works with them for the Solid Wood segment.
They have a pan India presence with offices in Mumbai, Delhi and Bangalore and
are represented by over 100 retailers in 35 cities in India with a strong
growing presence. They employ more then 60 people in India in their various
offices.
Subject imports, markets, distributes and installs floor covering from Europe,
USA and Malaysia. They also have their brand display showrooms - Square Foot
which displays and markets all their products.
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.46.43 |
|
UK Pound |
1 |
Rs.85.38 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|