|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CONSOLIDATED CARPET INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
4 – A, 1st Floor, Adhchini, Sri Aurobindo Marg,
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
01.09.1994 |
|
|
|
|
Com. Reg. No.: |
55-061199 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs 20.000 million |
|
|
|
|
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 400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record.
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
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 : |
4 – A, 1st Floor, Adhchini, Sri Aurobindo Marg,
|
|
Tel. No.: |
91-11-40697000 |
|
Fax No.: |
91-11-40697028 |
|
E-Mail : |
|
|
Website : |
|
|
Factory : |
Located at :- Jonapur, |
|
Branches : |
Located at :-
|
DIRECTORS
As on : 29.09.2012
|
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. Dhruv Sodhani |
|
Designation : |
Director |
|
Address : |
23 Anand Lok, |
|
Date of Birth/Age : |
29.08.1971 |
|
Date of Appointment : |
01.09.1994 |
|
DIN No.: |
00023095 |
|
|
|
|
|
|
|
Name : |
Mr. Vidur Sodhani |
|
Designation : |
Director |
|
Address : |
23 Anand Lok, |
|
Date of Birth/Age : |
18.11.1974 |
|
Date of Appointment : |
01.10.2005 |
|
DIN No.: |
00023298 |
|
|
|
|
|
|
|
Name : |
Ms. Ekta Sodhani |
|
Designation : |
Director |
|
Address : |
23 Anand Lok, |
|
Date of Birth/Age : |
16.05.2008 |
|
Date of Appointment : |
16.05.2008 |
|
DIN No.: |
02197885 |
|
|
|
|
|
|
KEY EXECUTIVES
|
Name : |
Mr Sanjay Aggarwal |
|
Designation : |
Secretary |
|
Address : |
B -46, 1st Floor Moti Nagar, New Delhi-110015, |
|
Date of Birth/Age : |
01.07.1973 |
|
Date of Appointment : |
31.03.2010 |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 29.09.2012
|
Names of Shareholders |
No. of Shares |
|
Mr Anil Kumar Sodhani |
629940 |
|
Mr Rama Sodhani |
10 |
|
Mrs Ekta Sodhani |
10 |
|
Mr Dhruv Sodhani |
42510 |
|
Mr Vidur Sodhani |
369510 |
|
Mr Kedar Mal Sharma |
10 |
|
Mr Chander Shekhar Gupta |
10 |
|
Mr Anil Kumar Sodhani |
345300 |
|
Mr Dhruv Sodhani |
115100 |
|
Mr Vidhur Sodhani |
115100 |
|
Total |
20,000,00 |
Equity
Share Break up (Percentage of Total Equity)
As on : 29.09.2012
|
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 |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
|||||||||
|
|
|
|||||||||
|
Bankers : |
Citi Bank, N.A, Bank of Khan Market Branch, 32-33, Raja Gyan Naye Building, Khan
Market, New Delhi – 110003, India. Syndicate Bank, Corporate Finance
Branch, R K Puram, |
|||||||||
|
|
Rs. In Millions |
|||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
B K Shroff and Company Chartered Accountant |
|
Address : |
3 / 7 B Asaf Ali Road, 1st Floor, Flat No. 4,
New Delhi - 110 002, India. |
|
Tel. No.: |
91-23271407, 91-23284825, 91-2328482 |
|
Fax No.: |
91-23270362 |
|
E-Mail : |
|
|
PAN No.: |
AACPA0255D |
|
|
|
CAPITAL STRUCTURE
As on : 29.09.2012
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 |
Rs10/-each |
Rs. 20.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
20.000 |
20.000 |
20.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
100.443 |
96.078 |
90.419 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
120.443 |
116.078 |
110.419 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
55.087 |
53.272 |
33.495 |
|
|
2] Unsecured Loans |
6.000 |
5.000 |
10.000 |
|
|
TOTAL BORROWING |
61.087 |
58.272 |
43.495 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
181.530 |
174.350 |
153.914 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
31.367 |
33.189 |
28.301 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.100 |
1.000 |
1.182 |
|
|
DEFERRED TAX ASSETS |
0.766 |
0.632 |
0.812 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
92.097
|
77.290 |
62.235 |
|
|
Sundry Debtors |
64.727
|
71.546 |
61.771 |
|
|
Cash & Bank Balances |
6.648
|
5.609 |
6.261 |
|
|
Other Current Assets |
12.432
|
11.937 |
0.000 |
|
|
Loans & Advances |
27.521
|
26.602 |
32.283 |
|
Total
Current Assets |
203.425
|
192.984 |
162.550 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
27.510
|
32.855 |
0.000 |
|
|
Other Current Liabilities |
21.165
|
14.876 |
35.831 |
|
|
Provisions |
6.453
|
5.724 |
3.100 |
|
Total
Current Liabilities |
55.128
|
53.455 |
38.931 |
|
|
Net Current Assets |
148.297
|
139.529 |
123.619 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
181.530 |
174.350 |
153.914 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
223.620 |
213.413 |
196.480 |
|
|
|
Other Income |
25.390 |
28.862 |
19.271 |
|
|
|
TOTAL (A) |
249.010 |
242.275 |
215.751 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of goods traded |
178.289 |
173.929 |
142.166 |
|
|
|
Changes in inventories of stock in trade |
(14.806) |
(15.054) |
(3.134) |
|
|
|
Selling and distribution expenses |
|
|
14.339 |
|
|
|
Employee Benefits Expenses |
19.477 |
17.946 |
15.999 |
|
|
|
Other expenses |
46.472 |
47.044 |
28.450 |
|
|
|
TOTAL (B) |
229.432 |
223.865 |
197.820 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
19.578 |
18.410 |
17.931 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.080 |
7.329 |
6.586 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.498 |
11.081 |
11.345 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.485 |
2.579 |
2.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7.013 |
8.502 |
8.360 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
2.649 |
2.843 |
2.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
4.364 |
5.659 |
5.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
84.919 |
|
|
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO BALANCESHEET |
NA |
NA |
90.419 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.18 |
2.83 |
2.70 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.95
|
2.65 |
2.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.81
|
3.50 |
3.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.98
|
3.75 |
4.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.82
|
0.07 |
7.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.50
|
0.50 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.69
|
3.61 |
4.17 |
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 |
(Yes) |
|
5] |
Type of Business |
(Yes) |
|
6] |
Line of Business |
(Yes) |
|
7] |
Promoter's background |
(No) |
|
8] |
No. of employees |
(Yes) |
|
9] |
Name of person contacted |
(Yes) |
|
10] |
Designation of contact
person |
(No) |
|
11] |
Turnover of firm for last
three years |
(No) |
|
12] |
Profitability for last
three years |
(No) |
|
13] |
Reasons for variation
<> 20% |
-------------------- |
|
14] |
Estimation for coming
financial year |
(No) |
|
15] |
Capital in the business |
(No) |
|
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 |
(No) |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
(No) |
|
28] |
Incorporation details, if
applicable |
(Yes) |
|
29] |
Last accounts filed at
ROC |
(No) |
|
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) |
OPERATION:
During the year, the company has achieved a Turnover and Miscellaneous
Income of Rs. 249.010 Millions as compared to Rs. 242.275 Millions in the
previous year.
Rs.
In Millions
|
Unsecured Loan |
31.03.2011 |
31.03.2010 |
|
Short term Loan and advanced from related parties |
6.000 |
5.000 |
|
Total |
6.000 |
5.000 |
Bankers Charges Report as per Registry:
|
Corporate
identity number of the company |
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 |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10286452 |
|
Type of charge |
Other |
|
Particular of
charge holder |
Bank of India, Khan Market Branch, 32-33, Raja Gyan Naye
Building, Khan Market, New Delhi – 110003, India. |
|
Nature of
instrument creating charge |
Deed Of Guarantee |
|
Date of
instrument Creating the charge |
22.07.2011 |
|
Rs. 8.227
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest: NA Terms of repayment: On Demand Margin: NA Extent and operation of the charge: First charge on
all the assets of the Company. Other : The charge is modified to reduce the sum secured from Rs.12.890
million to Rs.8.227 million to secure various Credit Facilities granted by
the Bank to M/s. Elemention Health And Sport Private Limited in favour of
which M/s. Consolidated Carpet Industries Limited has provided its guarantee. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Corporate
Guarantee |
|
Particulars of
the present modification |
The amount secured
by the charge stands reduced from Rs.12.890 million to Rs.8.227 million to
secure various Credit Facilities granted by the Bank to M/s. Elemention
Health And Sport Private Limited in favour of which M/s. Consolidated Carpet
Industries Limited has provided its guarantee. |
Fixed Assets :
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 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. 54.34 |
|
|
1 |
Rs. 82,56 |
|
Euro |
1 |
Rs. 70,10 |
INFORMATION DETAILS
|
Information
Gathered by : |
|
|
|
|
|
Report Prepared
by : |
|
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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.