**Current Status: Under Corporate Insolvency Resolution Process (CIRP)** Bloom Dekor Limited is an Indian manufacturer and exporter of decorative laminates and doors. The company is currently undergoing a **Corporate Insolvency Resolution Process (CIRP)** under the **Insolvency and Bankruptcy Code, 2016**, effective from **October 11, 2023**. Consequently, the powers of the Board of Directors are suspended, and operations are managed by the **Resolution Professional (RP), Ms. Vineeta Maheshwari**. --- ### **Insolvency Status & Governance Restructuring** The company’s governance and operational control are currently dictated by legal proceedings under the **NCLT Ahmedabad Bench**. * **CIRP Initiation:** Triggered by an application from an operational creditor (**Karan Monomers Pvt. Ltd.**). * **Resolution Plan Status:** A resolution plan was previously remanded by the **NCLT** to the **Committee of Creditors (CoC)** for reconsideration. Following a series of appeals and withdrawals at the **NCLAT** level, the **RP** is currently taking steps to conclude the resolution process. * **Interim Funding:** To sustain immediate operations, the CoC has approved raising **Interim Finance** from CoC members and other financial institutions. * **Management:** While the Board is suspended, **Dr. Sunil Sitaram Gupta** was re-appointed as **Managing Director** for a five-year term (effective **August 10, 2023**) to maintain operational continuity. * **Compliance Vacancies:** The company currently faces a shortage of **Key Managerial Personnel (KMP)**, including a **Company Secretary** and **Independent Directors**, leading to improper composition of the **Audit** and **Nomination & Remuneration Committees**. --- ### **Operational Pivot & Asset Divestment** Following a major structural shift in 2022, the company has transitioned from a heavy asset-owner model to a leaner, outsourced manufacturing approach. * **The Greenlam Transaction (June 2022):** The company sold its primary Laminate unit, including land, buildings, and movable assets, to **Greenlam Industries Limited** for **₹36 crore**. * **Current Manufacturing Model:** Operations have moved to a **rented facility in Gandhinagar**. Manufacturing for the **Doors and Laminates divisions** is now largely conducted on an **outsourcing basis** to mitigate fixed costs. * **Technology & Inventory:** The company utilizes **imported sanding machines** to minimize thickness variations and **heavy-duty racks** to reduce stock damage. Physical verification of inventory is conducted at regular intervals, with no discrepancies exceeding **10%** reported. * **Human Capital:** The company operates with a lean staff of **10 employees** across manufacturing and administration. Recent strategic hiring includes a **Business Development Manager** in **Pune** (November 2025) to capture regional demand. --- ### **Product Portfolio & Market Presence** Bloom Dekor serves both domestic and international markets with a focus on high-quality wood and laminate solutions. * **Core Product Categories:** * **Laminates & Doors:** The primary reportable segment under **Ind AS 108**. * **Solid Wood Furniture:** Handcrafted and painted pieces featuring traditional Indian craftsmanship. * **Upholstered Goods:** Sofas, armchairs, and fabric-based seating. * **Residential & Office Sets:** Comprehensive collections for dining, bedrooms, and modular workspaces. * **Revenue Concentration:** The business relies on a limited customer base. In FY 2023-24, two major customers accounted for **₹108.09 lakh** and **₹72.97 lakh** respectively. * **Export Recognition:** Previously recognized as the **Second Highest Exporter of Decorative Laminates** by PLEXICON, the company continues to target markets in the **USA, Germany, UK, UAE, Saudi Arabia, and Australia**. --- ### **Financial Profile & Capital Structure** The company’s balance sheet has been defined by debt settlements and the subsequent insolvency claims process. | Metric | Details | | :--- | :--- | | **Authorized Capital** | **₹10.00 crore** (1,00,00,000 shares of ₹10 each) | | **Paid-up Capital** | **₹6.85 crore** (68,50,000 shares of ₹10 each) | | **Listing Status** | Listed on the **Bombay Stock Exchange (BSE)** | | **Debt Settlement (PNB)** | **OTS** of **₹29.00 crore** against dues of **₹31.61 crore** (May 2022) | | **Debt Settlement (Bajaj)** | **OTS** of **₹7.15 crore** against dues of **₹7.22 crore** (July 2022) | | **Admitted CIRP Claims** | **₹12.40 Cr** (Financial Creditors); **₹8.45 Cr** (Operational Creditors) | **Financial Performance Trends:** * **Revenue Decline:** Net revenue fell from **₹10.97 Cr (FY23)** to **₹4.52 Cr (FY24)**, a **21.09%** YoY decrease following asset sales. * **Profitability:** While FY23 showed a profit of **₹21.47 Cr** due to exceptional gains from asset sales (**₹31.19 Cr**), the company recorded a Loss Before Tax of **₹138.44 Lakhs** in FY24. * **Cash Position:** The company reported a cash loss of **₹61.25 Lakhs** in FY24. --- ### **Sector Outlook & Strategic Alignment** Despite internal distress, the company operates in a high-growth macro environment. | Segment | Metric | Forecast / Target | | :--- | :--- | :--- | | **Indian Real Estate** | Market Size | **$985.80 billion** by **2030** (**24.25% CAGR**) | | **Global Plywood** | Market Size | **$104.53 billion** by **2033** (**6.60% CAGR**) | | **Furniture Exports** | Growth Rate | **11.9% CAGR** (2024–2033) | * **Growth Drivers:** The company aims to leverage the **'Make in India'** initiative and the **RoDTEP** scheme to increase its export footprint. * **Consumer Trends:** Rising demand for **modular furniture** and **engineered wood** in Tier 2 cities presents a recovery pathway for the Doors and Laminates division. --- ### **Critical Risk Factors & Audit Qualifications** Investors should note significant red flags identified in recent financial audits and regulatory filings. * **Going Concern Uncertainty:** Auditors have issued a **modified opinion** due to accumulated losses of **₹14.08 crore** (as of Dec 2025) and **negative net worth**. * **Ind AS Non-Compliance:** The company failed to provide for interest on **Inter Corporate Deposits (ICD)**, leading to an understated loss of **₹4.05 lakhs** for FY25. * **Regulatory Delays:** The company has faced delays in filing **Form DIR-12** and paying **BSE annual listing fees**. * **FEMA Risk:** **₹1.43 crore** in foreign trade payables has been outstanding for **more than 3 years**, posing potential non-compliance risks with the **Foreign Exchange Management Act (FEMA)**. * **Market Impact:** The insolvency status has led to a **loss of credit** in the market and a **gradual decrease in sales** as vendors and customers exercise caution.