MIRA INFORM REPORT
|
Report Date : |
10th May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
MEGASAVE TRADING PRIVATE
LIMITED |
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Registered Office : |
Plant
18B, Gate No. 7, Godrej & Boyece Industries Complex, Pir-Ojshangar
Compound, Vikharoli (East), Mumbai-400079, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
30.01.2003 |
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CIN No.: |
U51909MH2003PTC138943 |
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Com. Reg. No.: |
11-138943 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
MUMM21934D |
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PAN No.: (Permanent Account No.) |
AADCM4672L |
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Legal Form : |
A
Private Limited Company |
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Line of Business : |
The
Company is engaged in cash and carry wholesale trading operations in India
for food and non-food products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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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 a trading company having moderate track. Company’s profitability is under
severe pressure. It continue to incur heavy losses. Payments are reported as
slow but correct. The
company can be considered for business dealings at usual trade terms &
conditions with slight caution initially |
LOCATIONS
|
Registered Office/ Head
Office/ Factory : |
Plant
18B, Gate No. 7, Godrej & Boyece Industries Complex, Pir-Ojshangar
Compound, Vikharoli (East), Mumbai-400079, Maharashtra |
|
Tel. No.: |
91-22-25905563/55551801/2/3/4 |
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Fax No.: |
91-22-55551805 |
DIRECTORS
|
Name : |
Mr.
Carel Genis Goosen |
|
Designation : |
Director |
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Address : |
42,
Nederburg Street, Welgemoed, 7530 |
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Nationality: |
South
African |
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Date of Appointment : |
13.02.2003 |
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Name : |
Mr.
Ram Harishunker |
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Designation : |
Director |
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Address : |
7,
Ridge Road, La Lucia |
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Nationality: |
South
African |
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Date of Appointment : |
13.02.2003 |
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Name : |
Mr.
James Wellwood Basson |
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Designation : |
Director |
|
Address : |
Blaauwklippen
Road, “ Klien Dasbosch”, Stellen Bosch |
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Nationality: |
South
African |
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Date of Appointment : |
13.02.2003 |
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|
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|
Name : |
Mr.
Tobias Gerhardus Wlese |
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Designation : |
Director |
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Address : |
239,
Ocean View Drive, Cape Town |
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Nationality: |
South
African |
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Date of Appointment : |
13.02.2003 |
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|
Name : |
Mr.
Bisham Singh |
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Designation : |
Whole
Time Director |
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Address : |
257,
Annet Drive, Res Hill, Durban-4091 |
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Nationality: |
South
African |
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Date of Appointment : |
13.02.2003 |
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|
|
|
Name : |
Mr.
Jay Jhaveri |
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Designation : |
Whole
Time Director |
|
Address : |
F
305, Red Woods, Vasant Gardens, Near Swapna Nagari, Mulund (West),
Mumbai-400080 |
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Nationality: |
Indian |
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Date of Appointment : |
22.11.2004 |
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MAJOR SHAREHOLDERS
|
Names of Shareholders |
Type of Shares |
No. of Shares |
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Mr. Shailesh Joshi |
Equity |
9896 |
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Mrs. Abha Joshi |
Equity |
100 |
|
Shoprite Guernsay Limited |
Equity |
989000 |
|
Mr. Vivek Vikram Rai |
Equity |
1 |
|
Mr. Ronald Valeriyan
D’Souza |
Equity |
1 |
|
Mr. Vikrant Kishore Tare |
Equity |
1 |
|
Mrs. Nisha Jay Jhaveri |
Equity |
1 |
|
Shoprite Guernsay Limited |
Redeemable Preference |
100000 |
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BUSINESS DETAILS
|
Line of Business : |
The
Company is engaged in cash and carry wholesale trading operations in India
for food and non-food products |
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|
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Products : |
Food
and Non-Food products |
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GENERAL INFORMATION
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Bankers : |
Citibank |
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Banking Relations : |
Satisfactory |
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Auditors : |
Prince
Waterhouse Chartered
Accountant |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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3,000,000 |
Equity
Shares |
Rs. 10 each |
Rs. 30.000 millions |
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|
3,000,000 |
Preference
Shares |
Rs. 10 each |
Rs. 30.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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999,900 |
Equity
Shares |
Rs. 10 each |
Rs. 9.999 millions |
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1,000,000 |
Preference
Shares |
Rs. 10 each |
Rs. 10.000 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
19.999 |
17.673 |
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2] Reserves & Surplus |
|
89.091 |
68.156 |
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NETWORTH
|
|
109.090 |
85.829 |
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LOAN FUNDS |
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1] Secured Loans |
|
97.039 |
43.820 |
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2] Unsecured Loans |
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TOTAL
BORROWING
|
|
97.039 |
43.820 |
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DEFERRED TAX LIABILITIES
|
|
- |
0.651 |
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|
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TOTAL
|
|
206.129 |
129.649 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
|
38.378 |
19.288 |
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Capital work-in-progress
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|
- |
15.491 |
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|
34.780 |
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INVESTMENT
|
|
- |
- |
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DEFERRED TAX ASSETS
|
|
1.126 |
0.705 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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38.095 |
10.486 |
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Sundry Debtors
|
|
32.463 |
- |
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Cash & Bank Balances
|
|
5.966 |
13.938 |
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Loans & Advances
|
|
57.803 |
57.083 |
Total Current Assets
|
|
134.327 |
81.507 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
|
|
57.489 |
20.441 |
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Provisions
|
|
0.515 |
0.212 |
Total Current Liabilities
|
|
58.004 |
20.653 |
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Net Current
Assets
|
|
76.323 |
60.854 |
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PROFIT AND LOSS ACCOUNT
|
|
90.302 |
33.960 |
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TOTAL
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206.129 |
129.649 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
|
134.153 |
1.048 |
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Profit/(Loss) Before Tax
|
|
(57.414) |
(34.014) |
Provision for Taxation
|
|
(1.072) |
(0.054) |
Profit/(Loss) After Tax
|
|
(56.342) |
(33.960) |
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Export Value
|
|
2.865 |
0.265 |
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Import Value
|
|
27.607 |
5.270 |
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Total Expenditure
|
|
77.811 |
(32.912) |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
PAT / Total Income
|
(%)
|
|
-41.99 |
-3240.46 |
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Net Profit Margin
(PBT/Sales) |
(%) |
|
-43.65 |
-12835.47 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
|
-33.24 |
-29.25 |
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Return on Investment (ROI)
(PBT/Networth) |
|
|
-0.53 |
-39.63 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
|
1.42 |
0.75 |
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Current Ratio
(Current Asset/Current
Liability) |
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|
2.31 |
3.95 |
LOCAL AGENCY FURTHER INFORMATION
Fixed
Assets:
Computers,
Leasehold Improvements, Office Equipment, Furniture & Fixtures, Motor
Vehicles and Plant & Machinery.
Performance
during the Current year:
Your
Director expects to achieve better performance during the current year.
Background:
The
Company is engaged in cash and carry wholesale trading operations in India for
food and non-food products and has established cold chain facilities to cater perishable
and frozen foods.
Name
of the Company: Megasave Trading Private Limited
Presented
By: Mr. Bisham Singh
1.
Date and Discription of
the instrument creating the charge: Goods Security Agreement dated 24-11-2004
executed by Megasave Trading Private Limited
(herein referred to as “the Company”) in favour of the
Citibank N.A. (herein referred to as “the lender”)
2.
Amount secured by the
charge/Amount owing on security of the charge:
Rs.
65.000millions
3.
Short Particulars of the
property charged. If the property acquired is subject to charge, date of
acquisition of property should be given: The whole of the movable assets,
including stocks of raw materials, goods in process, of manufactured goods and
articles together with all stores, components and spares which now belongs to
and pertains to, or may hereafter from time to time during the continuance of
this security belongs to and pertains to, The Borrower’s factory, godowns
and/or their premises wherever else the same may be situated, stored, or lying
or being including any such raw materials, inventories, articles or goods, any
stores spares and components or other similar movable assets in course of
transit or delivery to the Borrower and all of the Borrower’ present and future
book debts, outstanding monies, receivables, claims, bills, investments, rights
to or on movable assets which are now due owing or payable or belonging to or
pertaining to The Borrowers or which may at any time hereafter during the
continuance of this security become due, owing payable or belonging to or
pertaining to The Borrower in the course of its business and Together With all
benefits, advantages and legal incidence thereof
4.
Gist of the terms and
conditions and extent and operation of the charge: In
consideration of lender have agreed
to lend advance to the company said credit
facility agreement and
declaration by the company, inter alia, as follows:
·
Covenant by the company
to repay the facility and pay interest and all other monies in the manner set
out in the Agreement between the
company and the lender and to comply with the terms and conditions of the said
Agreement
·
The Said current asset
were thereby hypothecated to lender, as and by way of first charge as security
for and be charged with the repayment of the Facility with all interest,
liquidated damages, and expenses payable by the Company to lender in respect
thereof.
·
The Company to keep the
said assets in marketable and good conditions and also insured as provided
therein
·
Power of entry, power to
take charge and/or possession of, seize, recover, receive, appoint and sell,
contract, dispatch for realization or otherwise dispose of or deal with all or
any part of the said goods; etc., as provided therein
5.
Names, addresses and
description of the persons entitled to the charge: Citibank, citigroup center,
Bandra Kurla Complex, G – Block Bandra (East), Mumbai-400051
6.
Date and Brief
description of instrument modifying the charge: NA
7.
Particulars of
modification specifying the terms, condition or the extent of operation of the
charge in which modification is made, and the details of the modification: NA
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |