MIRA
INFORM REPORT
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Report Date : |
19.10.2011 |
IDENTIFICATION DETAILS
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Name : |
DOVETAIL FURNITURE PRIVATE LIMITED |
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Registered
Office : |
Block No. 240/B, Bommasandra Industrial Area, Hosur Road, Anekal
Taluk, Bangalore – 560099, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.09.1994 |
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Com. Reg. No.: |
08-016294 |
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Capital
Investment / Paid-up Capital : |
Rs. 37.388 Millions |
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CIN No.: [Company Identification
No.] |
U03610KA1994PTC016294 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRD00816E |
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PAN No.: [Permanent Account No.] |
AAACD5139N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Designs, Builds and Delivers Furniture and Fixtures for Retail Spaces,
Institution and Homes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 227000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under pressure. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Block No. 240/B, Bommasandra Industrial Area, Hosur Road, Anekal
Taluk, Bangalore – 560099, Karnataka, India |
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Tel. No.: |
91-80-27832430 |
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Fax No.: |
91-80-27831516 |
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E-Mail : |
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Website: |
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Design Store : |
982, 1st Floor, 80ft |
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Tel. No.: |
91-80-25522205/25502470 |
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Fax No.: |
91-80-25522205 |
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Website: |
DIRECTORS
As on 29.09.2010
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Name : |
Mr. Sundar Subramanian |
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Designation : |
Managing Director |
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Address : |
456, 3rd Block, Koramangala, |
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Date of Birth/Age : |
13.09.1960 |
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Date of Appointment : |
22.09.1994 |
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DIN No.: |
00506793 |
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Other
Directorship:
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Name : |
Mr. John Mathew Palliath |
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Designation : |
Director |
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Address : |
Sno. 41, Bhoothanahalli, Banner Ghatta Post, |
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Date of Birth/Age : |
24.07.1957 |
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Date of Appointment : |
22.09.1994 |
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DIN No.: |
01548573 |
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Other
Directorship:
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Name : |
Mr. Mahendran Balachandran |
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Designation : |
Director |
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Address : |
301- F, Block 3, Raheja Residency, Koramangala, |
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Date of Birth/Age : |
04.12.1964 |
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Date of Appointment : |
10.12.2007 |
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DIN No.: |
00121640 |
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Other
Directorship:
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KEY EXECUTIVES
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Name : |
Ms. Alka Vernekar |
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Designation : |
Chief Designer |
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Name : |
Mr. Rakesh Thakur |
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Designation : |
Senior Manager – Project |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders (Equity Shares) |
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No. of Shares |
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Sundar Subramanian |
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668 |
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John Mathew Paliath |
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658 |
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Anand Aurora |
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658 |
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Jacob Mathew Paliath |
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668 |
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Erasmic Ventures Fund Limited, |
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1 |
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TOTAL |
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2653 |
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Names of Shareholders (Preferences Shares) |
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No. of Shares |
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Erasmic Ventures Fund Limited, |
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360 |
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TOTAL |
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360 |
Equity Share Break up (Percentage of Total Equity) 29.09.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.04 |
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Bodies corporate |
99.96 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Designs, Builds and Delivers Furniture and Fixtures for Retail Spaces,
Institution and Homes. |
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Products : |
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GENERAL INFORMATION
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Customers : |
Schools
Institution
Shopfit
Lifestyle
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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Financial Institution : |
Mahindra and Mahindra Finance |
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Banking
Relations : |
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Auditors : |
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Name : |
Chavan Associates Chartered Accountants |
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Address : |
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PAN.: |
AAHPC2612H |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs. 0.500 Million |
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360 |
Preference Share |
Rs. 103120/- each |
Rs. 37.123 Millions |
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TOTAL |
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Rs. 37.623 Millions
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2653 |
Equity Shares |
Rs.100/-
each |
Rs. 0.265
Million |
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360 |
Convertible Preference Share |
Rs. 103120/-
each |
Rs. 37.123
Millions |
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TOTAL |
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Rs. 37.388 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
37.381 |
0.265 |
0.206 |
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2] Share Premium Account |
0.119 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.427 |
34.075 |
38.239 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
56.927 |
34.340 |
38.445 |
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LOAN FUNDS |
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1] Secured Loans |
27.550 |
36.358 |
14.695 |
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2] Unsecured Loans |
0.075 |
0.075 |
0.000 |
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TOTAL BORROWING |
27.625 |
36.433 |
14.695 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.727 |
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TOTAL |
84.552 |
70.773 |
53.867 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.319 |
46.106 |
15.627 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
15.274 |
19.547 |
41.841 |
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DEFERREX TAX ASSETS |
7.501 |
1.788 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.658
|
10.785 |
8.891 |
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Sundry Debtors |
37.327
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59.962 |
73.309 |
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Cash & Bank Balances |
2.049
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2.549 |
0.224 |
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Other Current Assets |
7.000
|
12.225 |
18.958 |
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Loans & Advances |
3.435
|
4.615 |
7.014 |
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Total
Current Assets |
62.469
|
90.136 |
108.397 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
20.423
|
32.650 |
47.352 |
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Other Current Liabilities |
21.588
|
53.993 |
62.691 |
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Provisions |
0.000
|
0.161 |
1.956 |
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Total
Current Liabilities |
42.011
|
86.804 |
111.999 |
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Net Current Assets |
20.458
|
3.332 |
(3.603) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.552 |
70.773 |
53.867 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Turnover |
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Other Income |
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TOTAL |
108.484 |
225.907 |
229.335 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
128.845 |
237.689 |
214.687 |
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PROFIT/LOSS
BEFORE TAX |
(20.361) |
(11.782) |
14.648 |
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Less |
TAX |
(5.713) |
(2.378) |
4.261 |
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PROFIT/LOSS AFTER TAX |
(14.648) |
(9.404) |
10.387 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
38.239 |
28.918 |
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Less |
Income Tax of
Earlier Years |
NA |
0.000 |
1.065 |
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BALANCE CARRIED
TO THE B/S |
NA |
28.835 |
38.239 |
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Earnings/
Loss Per Share (Rs.) |
(4863.21) |
(3121.14) |
3448.539 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
(13.50)
|
(4.16) |
4.53 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(19.62)
|
(8.65) |
11.81 |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.36)
|
(0.34) |
0.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.22
|
3.59 |
3.30 |
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Current Ratio (Current Asset/Current Liability) |
|
1.49
|
1.04 |
0.97 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS:
The gross turnover of the company has decreased considerably due to
stiff competition and recession in the market. The Directors are hopeful of
good results in the coming year.
FORM 8:
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Corporate
identity number of the company |
U03610KA1994PTC016294 |
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Name of the
company |
DOVETAIL
FURNITURE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Block No. 240/B, Bommasandra Industrial Area, Hosur Road, Anekal Taluk,
Bangalore – 560099, Karnataka, India |
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This form is for |
Creation
of charge |
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Type of charge |
Movable Property
(not being pledge) |
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Particular of
charge holder |
Axis Bank
Limited, No.7, Email : sujaya.shetty@axisbank.com |
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Nature of
instrument creating charge |
Composite
hypothecation deed |
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Date of
instrument Creating the charge |
04.08.2008 |
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Amount secured by
the charge |
Rs. 72.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
: CC - BPLR - 2.50%
p.a. i.e.13.25% p.a. Presently payable at monthly intervals CC - BPLR - 1.75%
p.a. i.e.14.00% p.a. Presently payable at monthly intervals Terms of
Repayment: CC - on demand TL-4 of Rs.
20.000 Millions – Rs. 0.333 Millions for 60 months commencing after 6 months
from the date of disbursement. Margin : CC - 25% BG - 25% TL-4 - 26% Extent and Operation
of the charge : The charge on the
properties being charged shall operate to the extent of Rs. 72.000 millions
plus interest, costs, commission, expenses and other charges thereon. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypothecation of
all current assets both present and future. |
FIXED ASSETS
- Goodwill
- Land
- Building
- Plant and Machinery
- Office Equipment
- Vehicles
- Computer
WEBSITES DETAIL
ABOUT
Subject was established in 1994 to design,
build and deliver furniture and fixtures for retail spaces, schools,
institution and homes. The company new includes its sister concern studio line
interior systems private limited that was established in 1984 by the same
founding group of designers. Dovetail stands for making good designs happen in
the form of well made products that are desirable affordable and usable and
participates in the evolutions of design as a collaborator and business
partner.
MANAGEMENT:
S. Sundar, Managing
Director
Sundar is an alumnus of the National Institute of Design.
He specialized in industrial design and graduated in 1984. After working in
Wipro R&D briefly, he started Studioline with John Mathew in 1985 and
founded Tessaract design, a Design consultancy with 3 others in 1986. Sundar
managed the production operations at Studioline and also headed his own design
team at Tessaract working on designing products, retail showrooms and
institutional workspaces. In 2000, Sundar was appointed as CEO of the group of
companies – Tessaract, Dovetail & Studioline and functioned as such till
April 2005 when he decided to focus his energies into expanding the furniture
business. Sundar brings a unique blend of design sensibilities, production
management and overall leadership to the organization.
John Mathew, Director
John
is an alumnus of NID, 1982 batch. He specialized in furniture design and set up
Studioline in 1985 with Sundar. John heads the furniture design discipline at Shrishti
School of Design, Bangalore. He has considerable experience in furniture and
interior design and has headed many interior projects for corporates and
institutions.
Alka Vernekar, Chief Designer
Alka
has worked as a senior designer at Tessaract for 6 years, and was a project
head till 2005. She has worked on institutional and retail interiors and
understands the requirements. Alka now heads the new design studio at the
factory. Her dual qualification of architecture and product design brings a complete
design sensibility to the studio.
Bobby Koothur, Country Manager
Bobby come to Dovetail after heading the countrywide
operations of Visplay, arguably the best fixture manufacturer in the world. He
has also worked with Style Spa as a regional manager. Bobby brings to Dovetail
a dynamic and aggressive approach to sales and marketing, seeking to drive the
company to realise its true potential as India’s best design plus manufacturing
furniture and fixturing company.
Ramesh Gopalakrishnan, Business Head
Ramesh
has been the regional sales head for Philips Lighting, followed by stints in
Kodak and TVS. He brings a dynamism and focus to build the sales and marketing
function that is able to service the clientele and look for new opportunities.
Rakesh Thakur, Senior Manager – Projects
Rakesh
is a civil engineer with a background of managing projects for large PMC
companies and heads the logistics and installation operations team.
·
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.49.13 |
|
|
1 |
Rs.77.58 |
|
Euro |
1 |
Rs.67.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.