MIRA
INFORM REPORT
|
Report Date : |
02.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SPORTS STATION INDIA PRIVATE LIMITED |
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Registered Office : |
B-1/F4, Mohan Co-Operative Industrial Area, New Delhi-110044 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
24.08.1998 |
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Com. Reg. No.: |
55-95708 |
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CIN No.: [Company
Identification No.] |
U19201DL1998PTC095708 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS12804B/DELS20824G |
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PAN No.: [Permanent
Account No.] |
AADCS6357C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers, Importers and Retailers of Sports Footwear with sole of
Leather, Bags, Watches and T- Shirt Mill made other than hand printed |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s
profitability is under severe pressure and has incurred a huge loss during
the year 2006-07. Trade relations are fair. Payments are reported as slow and
delayed. The company can be considered for small to mediocre business dealings
on safe and secured terms only. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ajay |
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Designation : |
Finance Controller |
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Date : |
01.08.2008 |
LOCATIONS
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Registered Office : |
B-1/F4, Mohan Co-Operative Industrial Area, Main Mathura Road, New
Delhi-110044, India |
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Tel. No.: |
91-11-42299999 |
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Fax No.: |
91-11-41000253 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Rishab Soni |
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Designation : |
Managing Director |
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Address : |
11, Eastern Avenue, Maharani Bagh, New Delhi-110065, India |
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Date of Birth/Age : |
05.11.1972 |
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Date of Appointment : |
20.09.2000 |
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Name : |
Ms. Kiran Soni |
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Designation : |
Director |
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Address : |
D-838, New friends Colony, New Delhi-110065, India |
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Date of Birth/Age : |
06.03.1950 |
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Date of Appointment : |
24.08.1998 |
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Name : |
Ms. Alka Taneja |
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Designation : |
Director |
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Address : |
A-42, New friends Colony, New Delhi-110065, India |
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Date of Birth/Age : |
16.03.1957 |
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Date of Appointment : |
24.08.1998 |
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Name : |
Mr. Ashok Mathur |
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Designation : |
Director |
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Address : |
75, Sersa Road, Kundli, Sonepat, Haryana, India |
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Date of Birth/Age : |
19.07.1943 |
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Date of Appointment : |
30.04.2001 |
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Name : |
Mr. Abhay Soi |
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Designation : |
Director |
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Address : |
K-25, South Extension -11, New Delhi-110049, India |
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Date of Birth/Age : |
19.08.1973 |
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Date of Appointment : |
18.02.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 03.09.2007
|
Names of Shareholders |
|
No. of Shares |
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Mr. Rishab Soni |
|
534102 |
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Mrs. Alka Taneja |
|
115100 |
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Mrs. Kiran Soni |
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411530 |
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Ms. Divya Mathur |
|
80 |
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Mr. Sunil Taneja |
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65000 |
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Mrs. Nandita Soni |
|
297918 |
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Mr. B.K. Soni |
|
01 |
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Mr. Himmaj Soni |
|
03 |
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Sunil Taneja (HUF) |
|
01 |
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Mrs. Alice Koshy |
|
01 |
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Mr. Amit Mathur |
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43000 |
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Mr. Dilip Mathur |
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300000 |
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Mr. Ashok Mathur |
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175000 |
|
Jay Dee International Private Limited |
|
353000 |
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Mrs. Esha Mathur |
|
01 |
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Mrs. Meera Mathur |
|
01 |
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Mr. R.K Mathur |
|
01 |
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Mrs. Rohini Mathur |
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15000 |
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Mrs. Aruna Chatterjee |
|
01 |
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Mrs. Asha Taneja |
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01 |
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Mr. K.B. Mathur |
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01 |
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Ms. Divrina Dhingra |
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01 |
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Mr. Nupur Dhingra |
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01 |
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Sports Station Retail Private Limited |
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01 |
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Beekelne Fabrics Private Limited |
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01 |
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Mr. Gulshan Bhel |
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01 |
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Mr. Janak Bhel |
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01 |
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Mrs. Jyoti Bhel |
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01 |
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Mr. Hiten Bhel |
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01 |
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Shegal Builders Private Limited |
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01 |
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Mr. Ajudhia Prasad Sehgal |
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02 |
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Mr. Meera Sehgal |
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09 |
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Total: |
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2309762 |
Equity Share Break Up As on 29.09.2007
|
Particulars |
Percentage |
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Bodies Corporate |
14.53 |
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Directors or relatives of Directors |
85.00 |
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Other top 50 share holders |
0.47 |
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Total: |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importers and Retailers of Sports Footwear with sole of
Leather, Bags, Watches and T- Shirt Mill made other than hand printed |
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Products : |
ITC Code:640319.01
ITC code:620520.07 |
GENERAL
INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
T.R.Chadha and Company (Chartered Accountant) |
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Address : |
B-30, Kuthiala Building, Cananught Place, New Delhi-110001, India |
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Associates/Subsidiaries : |
SSIPL Luxury Fashion Private Limited CIN No.: U74899DL2005PTC137991 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2309762 |
Equity Shares |
Rs.10/- each |
Rs.23.098
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
23.098 |
16.004 |
14.104 |
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2] Share Application Money |
0.000 |
0.000 |
1.400 |
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3] Reserves & Surplus |
0.000 |
12.220 |
12.618 |
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4] (Accumulated Losses) |
(92.344) |
0.000 |
0.000 |
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NETWORTH |
(69.246) |
28.224 |
28.122 |
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LOAN FUNDS |
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1] Secured Loans |
192.150 |
139.992 |
58.926 |
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2] Unsecured Loans |
165.821 |
184.322 |
35.546 |
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TOTAL BORROWING |
357.971 |
324.314 |
94.472 |
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DEFERRED TAX LIABILITIES |
0.000 |
5.266 |
4.344 |
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TOTAL |
288.725 |
357.804 |
126.938 |
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APPLICATION OF FUNDS |
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Goodwill |
1.313 |
0.000 |
0.000 |
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FIXED ASSETS [Net Block] |
158.869 |
79.623 |
26.946 |
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Capital work-in-progress |
0.715 |
7.800 |
0.000 |
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INVESTMENT |
0.100 |
0.100 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
297.825
|
230.838 |
120.859 |
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Sundry Debtors |
11.597
|
11.967 |
7.143 |
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Cash & Bank Balances |
8.091
|
2.998 |
2.504 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
176.622
|
209.146 |
45.311 |
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Total
Current Assets |
494.135
|
454.949 |
175.817 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
366.207
|
184.284 |
73.464 |
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Provisions |
0.200
|
0.384 |
2.361 |
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Total
Current Liabilities |
366.407
|
184.668 |
75.825 |
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Net Current Assets |
127.728
|
270.281 |
99.992 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
288.725 |
357.804 |
126.938 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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|
31.03.2005 |
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Sales Turnover |
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|
0.577 |
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Other Income |
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|
0.000 |
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Total Income |
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|
0.577 |
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Profit/(Loss) Before Tax |
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|
0.008 |
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Provision for Taxation |
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|
0.003 |
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Profit/(Loss) After Tax |
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|
0.005 |
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Expenditures : |
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Other Expenditure |
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|
0.569 |
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Total Expenditure |
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|
0.569 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
NA
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NA |
0.87 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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NA |
1.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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NA |
0.00 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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NA |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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(10.46)
|
18.22 |
6.21 |
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Current Ratio (Current Asset/Current Liability) |
|
1.35
|
2.46 |
2.32 |
LOCAL AGENCY
FURTHER INFORMATION
Form No:8:
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U19201DL1998PTC095708 |
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Name of the
company |
SPORTS STATION
INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
B-1/F-4, Mohan Co-Operative
Industrial Area, Main Mathura Road, New Delhi-110044, India |
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Type of charge |
Book Debts Movable property Floating Charge |
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Particular of
charge holder |
The Hong Kong and
Shanghai banking Corporation Limited APJ Chambers, Ground
Floor, Behind New Excelsior cinema, 3, Wallace Street, Mumbai-400001,
Maharashtra, India Email: vlaxman@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for overdraft/
cash / credit/loan against hypothecation of revolving stock and other Movable
assets and also present and future book debts related to “Nike” brand of the
company. |
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Date of
instrument Creating the charge |
16.07.2007 |
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Amount secured by
the charge |
Rs. 80.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Rate of Interest
@12.50%p.a shall be calculated on the daily balance payable by the borrower
to the Bank. Terms of
Repayment: On Demand Margin: As may be
stipulated by Bank from Time to time Extent and
operation of the Charge: The company
hypothecates by way of first charge of present and future stocks and book
debts as described in column no. 14 as security for the payment to the Bank
for the balance at any time at debit of the said facilities together with all
interest discount commission charges costs and expenses payable to or
incurred by the bank in relation to such indebtedness or liabilities. |
|
Short particulars
of the property charged |
1.
all the
company’s stocks in trade both present and future, including stocks of aw
material, work in progress, spares and stores and finished goods whether
stored in the company’s factory and 2.
and all the company’s
present and future book debts, outstanding monies receivables, claims due and
owing |
Bankers Charges
Report as per Registry
|
Name of the company |
SPORTS STATION
(India) PRIVATE LIMITED |
|
Presented By |
Andhra Bank R.K. Puram,
New Delhi-110022, India |
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1) Date and description of instrument creating the change |
19.08.2004 Application to
open Irrecoverable Documentary credit |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all goods, receivables under FLC/ILC |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The interest/
commission on FLC/ILC on DA basis limit of Rs. 10.000 millions shall be
charged as per Head Office guidelines of the Bank Margin:25% on DA/
LC Usuance period
not to exceed 120 days on DA/ LC |
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5) Name and Address and description of the person entitled to the charge. |
Andhra Bank,
Sector -6, R.K. Puram, New Delhi-110022, India |
About Subject:
Subject was incorporated in 1998, subject is a name which pioneered
organized retail in India.It is among the first organized retail companies that
brought international names like Levis, and Dockers to the country, besides
that subject has provided services to many other leading international brands
too. Today with over a decade of experience in branded retailing, subject keeps
redefining lifestyle with its world class products & stores. Subject niche
position is attributed to its focus on unparalleled service, world class
ambience and the best quality, Reason why, the most acclaimed international
brands vouch for subject, at any point of time, Add to this, the trust of
customers that ensures its lead all the times, Currently, the company is
managing over 70 stores in the country across 5 brands, and has access to the
best retail space, clearly making it the leader by any standard.
Today, subject is persisting relentlessly, with its thrust
on excellence. Ensuring its patrons too, stay ahead.
Management
The management team of Professionals led by Rishab Soni, a designer at heart and a dynamic entrepreneur who at the age of 37 years is spearheading the entire group with the support of a team of directors and professionals.
Retailing
Subject was one of the first players in the organized retail
segment and established a separate SBU for retail in 1998. Their retail SBU is
headed by experienced professionals and supported by a team of Directors &
Professionals.
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.42.37 |
|
UK Pound |
1 |
Rs.84.01 |
|
Euro |
1 |
Rs.65.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|