MIRA
INFORM REPORT
|
Report Date : |
25.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONSOLIDATED CARPET INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
4 – A, 1st Floor, Adhchini, Sri Aurobindo Marg,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
01.09.1994 |
|
|
|
|
Com. Reg. No.: |
55-061199 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.20.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U74899DL1994PLC061199 |
|
|
|
|
Legal Form : |
A
Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of all types
of Carpets mostly Hand Made, Hand Tufed and Hand Hooked. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 441676 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
4 – A, 1st Floor, Adhchini, Sri Aurobindo Marg,
|
|
Tel. No.: |
91-11-26965469 / 26965470 / 26564648 / 51681092 / 40697000 |
|
Fax No.: |
91-11-26564665 / 40697021 / 40697028 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative
Office : |
403-405, “Salcon Aurum”, 4th Floor, Jasola District
Centre, Jasola, |
|
Tel. No.: |
91-11-40697000 |
|
Fax No.: |
91-11-40697021 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
23 Anand Lok, |
|
Tel. No.: |
91-11- 2696 5469 / 2696 5470 |
|
Fax No.: |
91-11- 2656 4665 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Located at :- Jonapur, |
|
|
|
|
Branches : |
Located at :-
|
DIRECTORS
AS ON 30.09.2010
|
Name : |
Ms. Ekta Sodhani |
|
Designation : |
Director |
|
Address : |
23 Anand Lok, |
|
Date of Birth/Age : |
12.11.1974 |
|
Date of Appointment : |
16.05.2008 |
|
DIN No.: |
02197885 |
|
|
|
|
Name : |
Mr. Anil Kumar Sodhani |
|
Designation : |
Managing Director |
|
Address : |
23 Anand Lok, |
|
Date of Birth/Age : |
13.08.1947 |
|
Date of Appointment : |
01.09.1994 |
|
DIN No.: |
00023062 |
|
|
|
|
Name : |
Mr. Vidur Sodhani |
|
Designation : |
Director |
|
Address : |
23 Anand Lok, |
|
Date of Birth/Age : |
18.11.1974 |
|
Date of Appointment : |
01.10.2005 |
|
|
|
|
Name : |
Mr. Dhruv Sodhani |
|
Designation : |
Director |
|
Address : |
23 Anand Lok, |
|
Date of Birth/Age : |
29.08.1971 |
|
Date of Appointment : |
01.09.1994 |
|
DIN No.: |
00023095 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Aggarwal |
|
Designation : |
Company Secretary |
|
Address : |
A-3/196, Sec – 5, Rohini, |
|
Date of Birth/Age : |
01.07.1973 |
|
Date of Appointment : |
01.05.2001 |
|
PAN No.: |
AAOPA8280A |
MAJOR SHAREHOLDERS
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anil Kumar Sodhani |
|
629940 |
|
Rama Sodhani |
|
10 |
|
Ekta Sodhani |
|
10 |
|
Dhruv Sodhani |
|
425010 |
|
Vidur Sodhani |
|
369510 |
|
Kedar Mal Sharma |
|
10 |
|
Chander Shekhar Gupta |
|
10 |
|
Anil Kumar Sodhani C/O Indian Carpet Centre |
|
345300 |
|
Dhruv Sodhani C/O Indian Carpet Centre |
|
115100 |
|
Vidur Sodhani C/O Indian Carpet Centre |
|
115100 |
|
Total |
|
2000000 |
As on 30.09.2010
Equity share breakup (percentage of total equity)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Trader, Exporter and Importer of all types
of Carpets mostly Hand Made, Hand Tufed and Hand Hooked. |
|
|
|
|
Products : |
·
FloorMaster
Entrance
Systems |
|
|
|
|
Imports : |
|
|
Countries : |
|
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Customers : |
|
|
|
|
|
Bankers : |
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Sanjiv Aggarwal Chartered Accountants |
|
Address : |
3 / 7 B Asaf Ali Road, 1st Floor, Flat No. 4,
New Delhi - 110 002, India. |
|
Tel. No.: |
91-11-23271407 / 23284825 / 23284826 |
|
Fax No.: |
91-11-23270362 |
|
E-Mail : |
|
|
PAN No.: |
AACPA0255D |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
90.419 |
84.919 |
75.666 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
110.419 |
104.919 |
95.666 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
33.495 |
46.566 |
22.680 |
|
|
2] Unsecured Loans |
10.000 |
10.000 |
10.000 |
|
|
TOTAL BORROWING |
43.495 |
56.566 |
32.680 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
153.914 |
161.485 |
128.346 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28.301 |
30.166 |
7.833 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.182 |
3.644 |
4.100 |
|
|
DEFERREX TAX ASSETS |
0.812 |
0.583 |
0.936 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
62.235
|
59.101
|
47.719
|
|
|
Sundry Debtors |
61.771
|
72.312
|
56.356
|
|
|
Cash & Bank Balances |
6.261
|
1.890
|
3.827
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
32.283
|
24.744
|
43.987
|
|
Total
Current Assets |
162.550
|
158.047
|
151.889
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
25.315
|
16.106
|
|
|
Current Liabilities |
35.831
|
0.000
|
10.196
|
|
|
Provisions |
3.100
|
5.640
|
10.110
|
|
Total
Current Liabilities |
38.931
|
30.955
|
36.412
|
|
|
Net Current Assets |
123.619
|
127.092
|
115.477
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
153.914 |
161.485 |
128.346 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
196.480 |
162.591 |
177.728 |
|
|
|
Other Income |
19.271 |
17.868 |
29.285 |
|
|
|
TOTAL (A) |
215.751 |
180.459 |
207.013 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
142.166 |
124.154 |
129.104 |
|
|
|
Employees |
15.999 |
13.922 |
12.721 |
|
|
|
Selling and Distribution Expenses |
14.339 |
10.949 |
14.398 |
|
|
|
Other Expenses |
6.586 |
4.700 |
3.181 |
|
|
|
Increase / (Decrease) in stock |
(3.134) |
(11.382) |
(3.410) |
|
|
|
TOTAL (B) |
175.956 |
142.343 |
155.994 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
39.795 |
38.116 |
51.019 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.450 |
19.954 |
20.936 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.345 |
18.162 |
30.083 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.985 |
2.970 |
2.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8.360 |
15.192 |
27.856 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.860 |
5.940 |
9.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5.500 |
9.252 |
18.102 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
84.919 |
75.667 |
57.565 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
90.419 |
84.919 |
75.667 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.75 |
4.63 |
9.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.55 |
5.28 |
8.74
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.25 |
9.34 |
15.67
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.38 |
8.07 |
17.44
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.14 |
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75 |
0.83 |
0.72
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.18 |
5.11 |
4.17
|
LOCAL AGENCY FURTHER INFORMATION
OPERATIONAL
PERFORMANCE
During the year, the company has achieved a Turnover and Miscellaneous
Income of Rs. 215.751 Millions as compared to Rs. 180.459 Millions in the
previous year.
Bankers Charges
Report as per Registry
|
Charge
identification number of the modified |
U74899DL1994PLC061199 |
|
Name of the
company |
CONSOLIDATED
CARPET INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
4-A Ist Floor Adhchini,
Sri Aurobindo Marg, |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Citi Bank N.A, |
|
Nature of
description of the instrument creating or modifying the charge |
Declaration. Memorandum of Entry. |
|
Date of
instrument Creating the charge |
31.05.2011 |
|
Amount secured by
the charge |
Rs. 15.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest As per sanction terms and as may be decided by the bank and company
mutually from time to time. Terms of repayment Repayable on demand, annually renewable. Margin Borrower shall at all times during the continuance of the
security maintain a sufficient amount to provide the margin of security as
may from time to time advised by the bank. Extent and operation of the charge First exclusive charge on equitable mortgage on property located at
403, Salcon Aurum, 4th Floor, Dist. Centre, Jasola, |
|
Short particulars
of the property charged |
Property located at 403, Salcon Aurum, 4th Floor, Dist. Centre,
Jasola, |
Fixed Assets
- Land
- Building
- Furniture and
Fixture
- Office
Equipments
- Computer
- Vehicles
- Farm Shed and
Building
- Farm
Equipments
WEBSITE DETAILS:
PROFILE:
Subject, a company driven by conviction and excellence, brings to you some of the
finest floor coverings from all over the world.
Subject offers a kaleidoscopic range of Floorings suitable for residential,
hospitality and commercial applications.
Their qualified
and experienced sales team helps the client make an informed choice. Working
together as a team with a spirit of co-operation and efficient management, they
serve the needs of their clients through Subject's nationwide distribution network.
As direct importers and distributors, they
have an excellent support system to offer timely deliveries to various parts of
the country. A large, modern warehouse ensures availability of a wide selection
of stocks for immediate installation. A team of experienced and committed
installers help provide quality installations as well as after sales service.
Today, subject exclusively represents some of
the world's leading manufacturers to give you unlimited choices sealed with
world class quality. Together they work to achieve a common goal of customer
satisfaction through professionalism and integrity.
What’s new
Inspired by a rich variety of visual media, ranging from exotic fruit
trees and reclaimed timber to modern architectural surfaces and engineered
metals, the new Expona Design collection of luxury vinyl tiles from Polyflor
(Vinyl Flooring Manufacturer) is, says the company, a unique and unrivalled
combination of exceptionally creative design and strong commercial appeal.
“Our aim is to push back the boundaries of creative freedom in relation
to commercial floors whilst at the same time responding to current and
anticipated design trends,” says Polyflor’s luxury vinyl tile product manager
Craig Moorhouse. “To this end we have developed in close collaboration with
global colleagues, designers and printers an attractive, realistic and unique
collection suitable for a vast array of commercial interiors.”
The new Expona Design collection offers a beautifully balanced choice of
26 wood, 15 stone and 15 material reproductions, incorporating a total of 12
different surface finishes, eight alternative tile and plank sizes as well as
bevelled edge options.
Several important developments in print technology triggered by
Polyflor’s design process can be seen in the new range. In the wood collection
a new standard surface with a fine, long pore emboss has enabled the creation
of the authentic Indian Apple, Brushed Oak and American Nut Tree wood effects,
whilst hand-hewn timber floorboards inspired the dramatic new surface emboss of
Swiss Nut Tree and the subtle shade and texture of Egyptian parchment inspired
Blond Papyrus.
Among the material tiles Aluminium Rivet Sheet – mirroring the panels of
an Airstream caravan – demonstrates how new in-register embossing graphically
accentuates the look of the rivets as well as the aging of the metal surface.
Aged rustic renderings bring Antique Travertine and Roman Limestone to the
stone collection alongside a new selection of grey tonal concrete effects and
black and white oilshale tiles which subtly play with ambient light.
Solid colour options in the original Expona range are transformed –
thanks to the Saharan desert sands. Working from photographs showing the tonal
effect of the dunes, the design team enlarged, pixelated and recoloured the
images to produce the more muted colours currently preferred.
“New Expona Design (Latest Vinyl Flooring Product launch by Polyflor) is
unashamedly aimed at architects and interior designers looking for high design
flooring options which are aligned with today’s material trends,” says Craig
Moorhouse. “The range incorporates researched, developed and uniquely
individual decorations, providing the confidence of commercial suitability as
well as a fantastic choice of styles, colours and surface finishes in a variety
of plank and tile sizes.”
The collection also includes feature strips, grouting strips and a
bespoke border, compass inlay and design service to meet specific customer
requirements.
With a 3mm gauge and a 0.7mm wear layer, new Expona Design is suitable
for very heavy commercial use and ideal for a variety of retail, leisure,
corporate, education, and specific healthcare installations. The polyurethane
surface treatment aids maintenance and helps to negate traditional restrictions
on freedom of design choice.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.77 |
|
|
1 |
Rs.75.58 |
|
Euro |
1 |
Rs.69.97 |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.