MIRA INFORM REPORT
|
Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SEASONS FURNISHING LIMITED |
|
|
|
|
Registered
Office : |
D-29 (Ground Floor), Defence Colony, New Delhi -110024 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.02.1990 |
|
|
|
|
Com. Reg. No.: |
55-039238 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 73.939 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36101DL1990PLC039238 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS08576B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS1002M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trading Of Furnishing Fabrics And Other Lifestyle Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 474000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct. |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred a loss from its operation during record 2013. However, trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealing 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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.
INFORMATION DENIED BY
|
Name : |
Mr. Indrajeet |
|
Designation : |
Office Executive |
|
Contact No.: |
91-011-6643677 |
|
Date : |
23.04.2014 |
LOCATIONS
|
Registered Office/Showroom : |
D-29, Defence Colony, (Ground Floor), New Delhi -110 024, India |
|
Tel No : |
Not Available |
|
Fax No : |
Not Available |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
B-18, Sector-5, Noida-201301, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4690000 |
|
|
|
|
Manufacturing Plant : |
Plot No. 466-67, HSIIDC Industrial Estate,Barhi Sonepat-131001,
Haryana |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Inderjeet Singh Wadhwa |
|
Designation : |
Chairman & Managing Director |
|
|
|
|
Name : |
Mr. Mandeep Singh Wadhwa |
|
Designation : |
Non Executive Director |
|
|
|
|
Name : |
Mr. Kailash Chandra Mehra |
|
Designation : |
Non Executive Independent Director |
|
|
|
|
Name : |
Mr. Bishan Dass Bhagat |
|
Designation : |
Non Executive Independent Director |
KEY EXECUTIVES
|
Name : |
Mr.Prasenjit Kalita |
|
Designation : |
Company Secretary & Compliance Officer |
|
Address : |
B-18, Sector-5, Noida, Uttar Pradesh-201301, India |
|
Tel No : |
91- 120-4690000 |
|
Fax No : |
91- 120-4351485 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
Total No. of
Shares |
% of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
4818529 |
65.17 |
|
Bodies Corporate |
50200 |
0.68 |
|
Sub Total |
4868729 |
65.85 |
|
2) Foreign |
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4868729 |
65.85 |
|
(B) Public Shareholding |
|
|
|
(1) Institutions |
|
|
|
Financial Institutions / Banks |
400 |
0.01 |
|
Sub Total |
400 |
0.01 |
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
420470 |
5.69 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs.
0.100 million |
1653106 |
22.36 |
|
Individual shareholders holding nominal share capital in excess of
Rs. 0.100 million |
396830 |
5.37 |
|
Any Others (Specify) |
54365 |
0.74 |
|
Non Resident Indians |
24132 |
0.33 |
|
Hindu Undivided Families |
30233 |
0.41 |
|
Sub Total |
2524771 |
34.15 |
|
Total Public shareholding (B) |
2525171 |
34.15 |
|
Total (A)+(B) |
7393900 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
(1) Promoter and Promoter
Group |
0 |
0.00 |
|
(2) Public |
0 |
0.00 |
|
Sub Total |
0 |
0.00 |
|
Total (A)+(B)+(C) |
7393900 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading Of Furnishing Fabrics And Other Lifestyle Products. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||
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|
|
|||||||||
|
Bankers : |
|
|||||||||
|
|
|
|||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Anuj Garg and Company Chartered Accountant |
|
Address : |
Kajol Bagh, New Delhi - 110005 |
|
|
|
|
Internal Auditors : |
Ashok Kantoor and Company Chartered Accountant |
|
Address : |
Kajol Bagh, New Delhi - 110005 |
|
|
|
|
Associates : |
|
|
|
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7393900 |
Equity Shares |
Rs.10/- each |
Rs.73.939
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
73.939 |
63.939 |
63.939 |
|
(b) Reserves & Surplus |
44.669 |
55.929 |
55.790 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
118.608 |
119.868 |
119.729 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
25.539 |
31.735 |
37.563 |
|
(b) Deferred tax liabilities (Net) |
9.837 |
14.459 |
16.454 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
35.376 |
46.194 |
54.017 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
25.339 |
82.157 |
87.319 |
|
(b) Trade
payables |
47.385 |
82.597 |
66.205 |
|
(c) Other current
liabilities |
50.291 |
38.677 |
39.940 |
|
(d) Short-term
provisions |
0.226 |
3.194 |
0.788 |
|
Total Current
Liabilities (4) |
123.241 |
206.625 |
194.252 |
|
|
|
|
|
|
TOTAL |
277.225 |
372.687 |
367.998 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
24.688 |
44.808 |
50.051 |
|
(ii)
Intangible Assets |
0.708 |
0.010 |
0.015 |
|
(iii)
Capital work-in-progress |
7.283 |
7.283 |
7.533 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.907 |
9.765 |
10.811 |
|
(e) Other Non-current
assets |
25.819 |
25.244 |
29.931 |
|
Total Non-Current
Assets |
69.405 |
87.110 |
98.341 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
99.499 |
121.631 |
133.856 |
|
(c) Trade
receivables |
91.219 |
149.775 |
106.383 |
|
(d) Cash
and cash equivalents |
2.742 |
0.121 |
1.649 |
|
(e)
Short-term loans and advances |
14.360 |
14.050 |
27.769 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
207.820 |
285.577 |
269.657 |
|
|
|
|
|
|
TOTAL |
277.225 |
372.687 |
367.998 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
168.574 |
304.986 |
348.966 |
|
|
Other Income |
17.196 |
3.342 |
4.309 |
|
|
TOTAL
(A) |
185.770 |
308.328 |
353.275 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
107.058 |
205.116 |
285.426 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
22.132 |
12.225 |
(44.419) |
|
|
Employees benefits expense |
16.305 |
18.913 |
18.752 |
|
|
Other expenses |
36.623 |
45.942 |
67.016 |
|
|
TOTAL
(B) |
182.118 |
282.196 |
326.775 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3.652 |
26.132 |
26.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.089 |
19.805 |
15.959 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(10.437) |
6.327 |
10.541 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
5.445 |
5.449 |
5.515 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(15.882) |
0.878 |
5.026 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(4.622) |
0.739 |
0.691 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(11.260) |
0.139 |
4.335 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.020 |
NA |
9.984 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Trading Goods |
44.233 |
34.919 |
36.156 |
|
|
Capital Goods |
NA |
0.045 |
NA |
|
|
TOTAL |
44.233 |
34.964 |
36.156 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(1.52) |
0.02 |
0.68 |
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
Jun 2013 |
Sep 2013 |
Dec 2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter
|
|
Particulars |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
35.500 |
33.900 |
42.500 |
|
Total Expenditure |
34.100 |
29.600 |
41.600 |
|
PBIDT (Excl OI) |
1.400 |
4.300 |
0.900 |
|
Other Income |
1.600 |
0.200 |
2.400 |
|
Operating Profit |
3.000 |
4.500 |
3.300 |
|
Interest |
1.900 |
3.300 |
2.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1.200 |
1.200 |
1.200 |
|
Depreciation |
1.100 |
1.100 |
1.100 |
|
Profit Before Tax |
0.000 |
0.100 |
0.200 |
|
Tax |
0.200 |
(0.200) |
0.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
0.000 |
0.300 |
(0.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
0.000 |
0.300 |
(0.200) |
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(6.06) |
0.05 |
1.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(9.42) |
0.29 |
1.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(5.88) |
0.24 |
1.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13) |
0.01 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.43 |
0.95 |
1.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69 |
1.38 |
1.39 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
63.939 |
63.939 |
73.939 |
|
Reserves & Surplus |
55.790 |
55.929 |
44.669 |
|
Net
worth |
119.729 |
119.868 |
118.608 |
|
|
|
|
|
|
long-term borrowings |
37.563 |
31.735 |
25.539 |
|
Short term borrowings |
87.319 |
82.157 |
25.339 |
|
Total
borrowings |
124.882 |
113.892 |
50.878 |
|
Debt/Equity
ratio |
1.043 |
0.950 |
0.429 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
348.966 |
304.986 |
168.574 |
|
|
|
(12.603) |
(44.727) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
348.966 |
304.986 |
168.574 |
|
Profit |
4.335 |
0.139 |
(11.260) |
|
|
1.24% |
0.05% |
(6.68%) |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
in Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
TERM LOANS FROM RELATED
PARTIES From Directors Less: Due with in One
Year (Separately Shown in Current Liabilities FROM OTHERS Bajaj Finance Ltd. (Loans guaranteed by the Directors and the loan is repayablein
24 installment monthly of 1.25 lacs each alongwith interest from the date of
loan) Less: Due with in One
Year (separately shown in Current Liabilities) Religare Finvest Ltd. (Loans guaranteed by the Directors and the loan
is repayable in 24 installment monthly of 1.25 lacs each alongwith interest
from the date of loan) Less: Due with in One
Year (separately shown in Current Liabilities) Asmum chits pvt ltd Less: Due with in One
Year (separately shown in Current Liabilities) |
0.345 0.124 0.124 0.124 0.245 0.245 0.875 0.875 |
0.448 0.103 1.464 1.340 1.567 1.322 2.975 2.100 |
|
Total |
0.221 |
1.589 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10191196 |
01/12/2009 |
86,500,000.00 |
IDBI Bank
Limited |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, Maha |
A75037739 |
|
2 |
10248847 |
09/01/2009 |
30,000,000.00 |
IDBI Bank
Limited |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, Maha |
A86099306 |
* Date of charge modification
The total income of the Company during the
financial year 2012-13 stands at Rs. 1857.69 Lacs as against Rs. 308.327
Million in the previous financial year 2011-12. The Company during the
financial year ended 2012-13 incurred loss before tax of Rs. 15.883 Million
against profit before tax of Rs. 0.878 Million in theprevious financial year
ended 2011-12. The loss after tax during the financial year stands of Rs.
11.260 Million as against profit after tax Rs. 0.139 Million in theprevious
financial year.
The negative profitability of the Company during the last financial year
was due to:
1. low turnover which is the result of slow
demand in the market,
2. high Inventory carrying cost, and
3. old Pattern/ Designs which were not in
demand were sold in bulk at a marginal profit which resulted in fall of profit.
Company is coming up with new plan, design
& strategy for greater consumer acceptance & profitability in the near
future. No material changes have occurred since the date of the Balance sheet
and this report, which has any adverse effect on the working of the Company.
MANAGEMENT DISCUSSION & ANALYSIS
COMPANY OVERVIEW
Seasons Furnishings Limited (SFL) was
incorporated on 16th February, 1990 and promoted by Late Shri Nanak Singh
Wadhwa, Shri Inderjeet Singh Wadhwa, Shri Mandeep Singh Wadhwa. SFL is one of
the pioneer companies in organized sector which market exclusively designed
furnishing fabric, made-ups and life style products to institutional as well as
retail customers. The Company not only sells products but sell a concept to
sell its products. The Company is regularly participating in fairs and
exhibitions to keep itself abreast with the latest trends and customers' taste
as also to show case its products. Besides, the Company has its their Design
Studio, continuously engaged in creating new and innovative designs. The
in-house Design Studio help the company to market its exclusive designed
products. As on date Seasons Furnishings Limited is having Pan India presence
through its 6 (Six) showrooms including showrooms operated through its
franchisees located in Delhi, Gurgaon, Mumbai, Bangalore, Hyderabad and
Chandigarh and shop in shop dealers in all major cities throughout the country.
Every care is made to provide quality products, service and excellent ambience
at all Seasons’ outlets.
INDUSTRY STRUCTURE & DEVELOPMENT
The Textile Industry in India is one of the
largest segments of the Indian economy accounting for over one fifth of the
country's industrial production. It provides employment to around 15 million
people. The Home Furnishings Industry in India falls under the purview of the
textile industry. Indian home furnishings manufacturers and home furnishings
exporters offers a spectacular range of bedspreads, furnishing fabrics,
curtains, rugs, durries, carpets, placemats, cushion covers, table covers,
linen, kitchen accessories, made-ups, bed spreads, bath linen, and other home
furnishings accessories to the nation as well as to the world. Manufacturers of
Home Furnishings from India, whether floor coverings, kitchen linen, bath
linen, cushion covers, bed spreads, curtains etc. create a rage in the
international markets. With the increasing textile industry in the Country, the
furnishing fabric market will also continue to flourish. The home furnishing
market is anticipated to witness huge demand with the booming real-estate
projects like hotels, hospitals, commercial and big residential apartments. As
per research, in the near future, home furnishing market in India is expected
to grow at CAGR of 8% by value to reach USD 5.29 Billion.
INDUSTRY OUTLOOK:
India is one of the leading producers and
exporters of home furnishings from bed, bath, kitchen linen to window dressing,
carpets and rugs. India is the world leader in carpet exports, with a 36%
market share. The industry is witnessing all-round growth in the global
scenario, which is coupled with gradual rise in demand in the housing and
infrastructure. Changing life styles and people's acumen to opt for
sophisticated standards are the key factors in its growth pattern too. These
factors will help the Company to achieve its projected growth for the future.
The Company's continued thrust in retail segment aimed at ensuring a horizontal
growth and to extend its reach to the untapped segments has helped in achieving
its long term goals which will lead the Company to the consolidation phase later.
The Company's expansion plans in the retail foray will greatly help the Company
to improve margins, overall return on the capital and eventually shareholders
value. The Company remains apprehensive about possible changes in government
policies, which will help to control the shoring inflation affecting the
purchasing power of consumers. Foreign exchange volatility is expecting to be
under control resulting in reduction in the prices of raw materials and
finished goods. Market volatility and fluctuating prices of materials are key
concerns, which are to be addressed appropriately at crucial stages to ensure
projected growth.
FIXED ASSETS
·
Building
·
Temp
Modification/ Interiors on Lease Premises
·
Data
Processing Equipments
·
Electrical
Installation and Fitting
·
Generators
·
Office
Equipments
·
Furniture
and Fixtures
·
Plant
and Machinery
·
Refrigeration
and Air Conditioning
·
Designing
Software
·
Vehicle
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.60.20 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PRTT |
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 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.