MIRA
INFORM REPORT
|
Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FUTURE AXIOM TELECOM LIMITED |
|
|
|
|
Formerly Known As : |
Convergem Retail (India) Limited |
|
|
|
|
Registered Office : |
Knowledge House Shyam Nagar Jogeshwari Vikhroli Road, Jogeshwari (East),
Mumbai -400 060, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
30.06.2007 |
|
|
|
|
Date of Incorporation : |
07.02.2006 |
|
|
|
|
Com. Reg. No.: |
11-159581 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52110mh2006plc159581 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC14105A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCC7717P |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Retailers of outlets for dealing in areas of
communication, data & voice storage and other related 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. |
Small |
|
Maximum Credit Limit : |
USD 88000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Pantaloons Retail (i) Limited, a Future Group Company. Subject’s
profitability is under severe pressure. It has some accumulated losses. However,
no complaints have been heard. Subject can be considered for small to mediocre business
dealings. |
LOCATIONS
|
Registered Office : |
Knowledge House Shyam Nagar Jogeshwari Vikhroli Link Road, Jogeshwari (East),
Mumbai -400 060, Maharashtra |
|
Tel. No.: |
91-22-66442200 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Krishan Kant Rathi |
|
Designation : |
Director |
|
Address : |
B/72, Dakshina Park, plot no. 15 N S Road, 10th JVPD Scheme,
Mumbai -= 400 049, Maharashtra, India |
|
Date of Birth/Age : |
30.12.1961 |
|
Date of Appointment : |
07.02.2006 |
|
|
|
|
Name : |
Mr. Chandra prakash
Toshniwal |
|
Designation : |
Director |
|
Address : |
A – 603, Great Eastern Link , Ram Mandir Road, Goregaon (West), Mumbai
– 400 104, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1966 |
|
Date of Appointment : |
07.02.2006 |
|
|
|
|
Name : |
Mr. Sanjay Narayan Jog |
|
Designation : |
Director |
|
Address : |
Indra Darshan Phase – 1, Flat No. 201/202 II Floor, Bldg., No. 9
Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra, India |
|
Date of Birth/Age : |
02.02.1960 |
|
Date of Ceasing : |
05.12.2007 |
|
|
|
|
Name : |
Mr. Mayur Kishore Toshniwal |
|
Designation : |
Director |
|
Address : |
518-A, Hamilton Court, DLF Phase – 4, Gurgaon – 122 002, Haryana,
India |
|
Date of Birth/Age : |
22.02.1968 |
|
Date of Appointment : |
05.12.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Pantaloon Retail (India) Limited |
|
2519994 |
|
Others |
|
6 |
|
|
Total
|
2520000 |
List of Allotees (As on 29.06.2007)
|
Names of Allotees |
|
No. of Shares |
|
Pantaloon Retail (India) Limited |
|
2470000 |
|
Total |
|
2470000 |
AS ON 31.12.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailers of outlets for dealing in areas of
communication, data & voice storage and other related products |
GENERAL
INFORMATION
|
Bankers : |
Not available |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Company Chartered Accountants |
|
Address : |
6th Floor, Express Tower, Nariman Point, Mumbai – 400 021,
Maharashtra |
|
Tel. No.: |
91-22-22876485/6 |
|
Fax No.: |
91-22-22876401 |
|
|
|
|
Holding Company : |
Pantaloon Retail (India) Limited CIN : L52399mh1987Plc044954 |
|
|
|
|
Associates/Subsidiaries : |
· Home Solutions Retail (India) Limited · Home Solutions Services (India) Limited · Future Bazaar India Limited · Home Lighting India Limited · Future Brands Limited · Future media (India) Limited · Future Finmart Limited · Sivagami Finance and Investments limited · Foot Mart Retail (India) Limited · Convergem Retail (India) Limited · Cig Infrastructure Private Limited · Indivision Investment Advisors Limited · Pan India Restaurants Limited · Myra Mall Management Company Limited · Ambit Investment Advisory Company Limited · Future E- Commerce Infrastructure Limited · Kshitij Investment Advisory Company Limited · Myra Mall Management Company Limited · Future Mobiles and Accessories Limited |
CAPITAL STRUCTURE
AS ON 31.12.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 200.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2520000 |
Equity Shares |
Rs. 10/- Each |
Rs. 25.200 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2007 |
30.06.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
25.200 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
21.500 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[7.746] |
[6.753] |
|
|
NETWORTH |
|
17.454 |
15.247 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17.454 |
15.247 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
2.451 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
1.799 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.503 |
0.000 |
|
|
Sundry Debtors |
|
0.347 |
0.000 |
|
|
Cash & Bank Balances |
|
0.382 |
1.398 |
|
|
Other Current Assets |
|
0.003 |
0.002 |
|
|
Loans & Advances |
|
15.403 |
13.681 |
|
Total
Current Assets |
|
16.638 |
15.081 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
1.635 |
1.633 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
1.635 |
1.633 |
|
|
Net Current Assets |
|
15.003 |
13.448 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
17.454 |
15.247 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
30.06.2007 |
30.06.2006 |
|
|
Sales Turnover |
|
5.157 |
0.000 |
|
|
Interest on deposits |
|
0.014 |
0.002 |
|
|
Total Income |
|
5.171 |
0.002 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[0.992] |
[6.753] |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
[0.992] |
[6.753] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
|
5.461 |
NA |
|
|
Increase/(Decrease) in Finished Goods |
|
[0.503] |
NA |
|
|
Depreciation & Amortization |
|
0.798 |
NA |
|
|
Operating and other expenses |
|
0.409 |
6.755 |
|
Total Expenditure |
|
6.164 |
6.755 |
|
KEY RATIOS
|
PARTICULARS |
|
|
30.06.2007 |
30.06.2006 |
|
PAT / Total Income |
(%) |
|
[19.18] |
[337650.00] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
[19.23] |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
[5.20] |
[40.00] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
[0.06] |
[0.44] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.09 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
10.17 |
9.24 |
LOCAL AGENCY
FURTHER INFORMATION
REVIEW
The Company has achieved the turnover of Rs. 5.157 millions with net loss of Rs. 6.753 millions due to setting up costs are higher and form major part of the expenses. The directors are optimistic to deliver better results for the current year.
SUBSIDIARY STATUS
Pantaloon Retail (India) Limited (PRIL) was holding 100% issued and paid up capital of the Company. Hence, the Company is wholly own subsidiary of Pantaloon Retail (India) Limited.
The Company has entered into an Agreement on 20 July 2007 with Pantaloon Retail (India) Limited and Axiom Telecom LLC to run the Company as a joint venture company and carry own business of wholesale cash and carry business in mobile, its accessories and related activities.
SHARE CAPITAL
During the year, the Company has increased its authorised share capital from Rs.0.100 million to Rs.50 millions with approval of members at Extra Ordinary General Meeting of the Company held on 15.01.2007.
During the year, the Company has issued and allotted 2470000 equity shares of Rs.10 each fully paid at par to Pantaloon Retail (India) Limited for consideration in cash.
CHANGE OF NAME
The name of the Company has been changed from Convergem Retail (India) Limited to Convergem Communication (India) Limited with effect from 27 August 2007 with approval of Registrar of Companies.
FIXED ASSETS:-
· Leasehold Improvements
· Computer
· Furniture and Fixture
· Office Equipments
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 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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
3 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
|