MIRA
INFORM REPORT
|
Report Date : |
12.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
ENVOGUE FURNISHINGS INDIA PRIVATE LIMITED |
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Registered
Office : |
17A/39, Vardhan Complex, 2nd Floor, Wea Karol Bagh, |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.03.2004 |
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Com. Reg. No.: |
55-124979 |
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Capital
Investment / Paid-up Capital : |
Rs.2.150 Millions |
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CIN No.: [Company Identification
No.] |
U74994DL2004PTC124979 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading in Soft Furnishing Materials, Mats, Carpets, etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 29000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has
huge external borrowings which can be a treat to the company’s liquidity
position. Even though the company has achieved better growth in its sales
turnover during 2011, the profits earned appears to be low. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
17A/39, Vardhan Complex, 2nd Floor, Wea Karol Bagh, New
Delhi – 110005, India |
|
Tel. No.: |
91-11-28757109/ 28752142/ 43549455 |
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Fax. No.: |
91-11-28752232 |
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E-Mail : |
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Website : |
DIRECTORS
As on: 30.09.2011
|
Name : |
Mr. Jagdish Chand Dhigra |
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Designation : |
Director |
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Address : |
R-740, New Rajinder Nagar, New Delhi – 110060, India |
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Date of Birth/Age : |
23.02.1933 |
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Date of Appointment : |
04.03.2004 |
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DIN No.: |
00287674 |
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Other Directorship :
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Name : |
Ms. Bimla Bhingra |
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Designation : |
Director |
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Address : |
R-740, New Rajinder Nagar, New Delhi – 110060, India |
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Date of Birth/Age : |
16.11.1938 |
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Date of Appointment : |
04.03.2004 |
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DIN No.: |
00287564 |
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Other Directorship :
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Name : |
Mr. Ashish Dhingra |
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Designation : |
Whole Time Director |
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Address : |
R-740, New Rajinder Nagar, New Delhi – 110060, India |
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Date of Birth/Age : |
01.01.1968 |
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Date of Appointment : |
04.03.2004 |
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DIN No.: |
00150701 |
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Other Directorship :
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Jagdish Chand Dhingra |
|
4820 |
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Bimla Dhingra |
|
205000 |
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Ashish Dhingra |
|
5000 |
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Shelpa Dhingra |
|
180 |
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Total |
|
215000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2011
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
|
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in Soft Furnishing Materials, Mats, Carpets, etc. |
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Products : |
·
Shower Curtain Fabric Printed ·
PVC Shower Mats ·
Half Moon Oscar Doormats ·
Exercise Mats ·
Rubber Mats ·
Hookless Shower Curtains ·
New Shower Curtains ·
Shower Curtain Premium ·
Lactic PVC Bath Mats ·
PVC Shower Curtains ·
Shower Curtain Rods ·
Mini Mats ·
Accessories ·
Super Luxury Acrylics ·
Muze Door Mats ·
Bubble PVC Bathmats ·
Super Luxury Polyesters ·
Oscar Printed Doormats ·
Concept Doormats ·
Table Cover Florence ·
Polyester Shower Curtains ·
Confetti Acrylic Doormats ·
Textile Laundry Baskets ·
PVC Geometry and Shells ·
Embosed Shaped+Embosed Collections ·
Glam Laundry Bags ·
PVC Printed Bath Mats ·
Fantasi Door Mats ·
Carpets ·
Rugs and Mats |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
The South Indian Bank Limited, 16A/17, Ajmal Khan
Road, Karol Bagh Branch, New Delhi – 110005, India · Development Credit Bank ·
ICICI Bank Limited ·
Axis Bank ·
Syndicate Bank |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M Pal and Company Chartered Accountant |
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Address : |
909-9th Floor, Ansal Bhawan, 16-K G Marg, Connaught, New Delhi
– 110001, India |
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PAN No.: |
AALFM8928L |
CAPITAL STRUCTURE
As on: 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
215000 |
Equity Shares |
Rs.10/- each |
Rs.2.150
Millions |
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|
|
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|
Note: (including 2,00,000 Equity Shares of Rs.10/- each fully paid up issued for consideration other than cash)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
2.150 |
2.150 |
2.150 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
5.057 |
3.645 |
2.542 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.207 |
5.795 |
4.692 |
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LOAN FUNDS |
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1] Secured Loans |
33.922 |
22.277 |
11.099 |
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2] Unsecured Loans |
9.176 |
1.150 |
13.625 |
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TOTAL BORROWING |
43.098 |
23.427 |
24.724 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
50.305 |
29.222 |
29.416 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.048 |
1.984 |
2.404 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.044 |
0.000 |
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DEFERREX TAX ASSETS |
0.161 |
0.000 |
0.004 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
47.946
|
13.984 |
24.515
|
|
|
Sundry Debtors |
18.369
|
14.328 |
12.514
|
|
|
Cash & Bank Balances |
0.122
|
0.032 |
0.149
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
3.347
|
2.063 |
3.226
|
|
Total
Current Assets |
69.784
|
30.407 |
40.404 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
20.734
|
1.617 |
8.963 |
|
|
Other Current Liabilities |
0.849
|
0.536 |
2.364 |
|
|
Provisions |
1.105
|
1.060 |
2.069 |
|
Total
Current Liabilities |
22.688
|
3.213 |
13.396 |
|
|
Net Current Assets |
47.096
|
27.194 |
27.008 |
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50.305 |
29.222 |
29.416 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
62.775 |
54.729 |
42.760 |
|
|
|
Other Income |
0.559 |
1.194 |
0.936 |
|
|
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TOTAL |
63.334 |
55.923 |
43.696 |
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
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|
|
Administrative Expenses |
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|
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Advertising Expenses |
|
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|
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|
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TOTAL |
60.849 |
53.626 |
42.028 |
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.485 |
2.297 |
1.668 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.560 |
0.540 |
0.694 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.925 |
1.757 |
0.974 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.513 |
0.653 |
0.521 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.412 |
1.104 |
0.453 |
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.645 |
2.541 |
2.088 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
5.057 |
3.645 |
2.541 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.57 |
5.13 |
2.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.23 |
1.97 |
1.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.07 |
3.16 |
2.28 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.64 |
5.42 |
2.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.30 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
9.13 |
4.60 |
8.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.08 |
9.46 |
3.02 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
FINANCIAL RESULTS:
During the year under report the sales amounted to Rs.62.775 Millions (Previous Year Rs. 54.729 Millions). Other Income received during the year was Rs.0.559 Millions. (Previous Year Rs.1.194 Millions). After making provisions of Rs.0.560 Million in respect of depreciation (Previous Year Rs.0.540 Million the working of the company resulted in a Net Profit of Rs 1.925 Millions (Previous Year Net Profit of Rs. 1.757 Millions)
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U74994DL2004PTC124979 |
|
Name of the
company |
ENVOGUE
FURNISHINGS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
17A/39, Vardhan Complex, 2nd Floor, Wea Karol Bagh, New
Delhi – 110005, India E-mail: contact@mpalco.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90336429 |
|
Type of charge |
·
Book
debts ·
Others
(Stock) |
|
Particular of
charge holder |
The South Indian Bank Limited, 16A/17, Ajmal Khan Road, Karol Bagh
Branch, New Delhi – 110005, India E-mail: br0117@sib.co.in |
|
Nature of
instrument creating charge |
Sanction letter, Agreement of
Hypothecation for stock and Book debts Demand Promissory
Note |
|
Date of
instrument Creating the charge |
09.08.2012 |
|
Amount secured by
the charge |
Rs.17.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest CCOL: base rate
10.5%+ spread 3.00%= effective rate of interest 13.50% with monthly rests Terms of
Repayment On demand but
renewable within 12 months. Margin 25% Stock and 50%
Book debt Extent and
Operation of the charge 100% in favour of
the Bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Stock and Book
debts in the ordinary course of the business of Borrower, in present and in
future. |
|
Date of instrument
modifying the charge |
23.06.2010 |
|
Particulars of
the present modification |
Enhancement of
CCOL from Rs. 15.000 Millions to Rs.17.400 Millions with a sub limit of ILC
Rs. 5.000 Millions interchangeable with CCOL. Total of ILC and CCOL not to exceed
Rs.17.400 Millions at any time. |
FIXED ASSETS:
· Furniture and Fixtures
· Cellular Phone
· Air Conditioner
· C.V.T
· EPBAX and Telephone
· Fax
· Fridge
· Generator
· Electric Fans
· UPS and Voltage
· Stabilizer
· Fire Fighting
· Instruments
· Camera with T.V.
· Photo copy Machine
· Water Purifier
· Paper Shedder
· Music Systems and Speakers
· Inverter
· Punch Card Machine
· Cycle
· Scooter
· Motor Car
· Tata- 207
· Computer and Printer
· Weighing Scale
· Rickshaw
· Office Equipment
· Commercial Van
· Software under
· Development
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 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.53.07 |
|
|
1 |
Rs.84.95 |
|
Euro |
1 |
Rs.68.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
34 |
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.