MIRA
INFORM REPORT
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Report Date : |
14.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
RELIANCE FRESH LIMITED |
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Formerly Known As : |
RANGER FARMS PRIVATE LIMITED |
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Registered Office : |
4th Floor, Brindavan , Shriram Mills Compound, Ganpatrao
Kadam Marg, Worli , Mumbai – 400 013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.06.1999 |
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Com. Reg. No.: |
11-120563 |
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CIN No.: [Company
Identification No.] |
U01100MH1999PLC120563 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR19954E |
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PAN No.: [Permanent
Account No.] |
AABCR1718E |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Departmental Stores |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Reliance Group, a well – reputed name in the
Indian Market and country’s premier industrial house. The company has incurred
some initial losses. Payments are however reported as slow. In view of strong promoters, the company can be considered good for
normal business dealings. |
INFORMATION
DECLINED BY
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Name : |
Mr. Sanjay Samant |
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Designation : |
Account Department |
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Date : |
13.11.2008 |
LOCATIONS
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Registered Office : |
4th Floor, Brindavan , Shriram Mills Compound, Ganpatrao
Kadam Marg, Worli , Mumbai – 400 013, Maharashtra , India |
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Tel. No.: |
91-22-44816000 |
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Fax No.: |
91-22-29771882 |
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E-Mail : |
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Corporate Office : |
9th Floor, Maker Chambers IV, 222, Nariman Point, Mumbai –
400021, Maharashtra, India |
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Tel. No.: |
91-22-44772522 |
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Fax No.: |
91-22-22785211 |
DIRECTORS
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Name : |
Mr. Bijaya Kumar Sahoo |
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Designation : |
Director |
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Address : |
47/A, 4th Floor, Hill Park, A G Bell Marg, Malabar Hills,
Mumbai – 400 006, Maharashtra, India |
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Date Of Birth/Age : |
08.05.1966 |
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Date Of Appointment : |
31.12.2007 |
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Name : |
Mr. Madhavan Ganesan |
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Designation : |
Director |
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Address : |
Lake View Developers, Flat No. 901, Tower Odyssey , Hiranandani
Gardens, Powai, Mumbai – 400 076, Maharashtra, India |
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Date Of Birth/Age : |
07.09.1964 |
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Date Of Appointment : |
31.12.2007 |
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Name : |
Mr. Vineet Malaviya |
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Designation : |
Director |
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Address : |
S – 3, Second Floor, Akriti Residency, Plot No. 185, Sector – 6,
Vaishali, Ghaziabad – 201010, Uttar Pradesh, India |
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Date Of Birth/Age : |
05.07.1966 |
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Date Of Appointment : |
31.12.2007 |
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Name : |
Mr. Ravichandran Nageswaran |
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Designation : |
Director |
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Address : |
Row House No. 7/8, Rosewood CHS Limited, Sector 2, Near Airoli Railway
Station, Airoli, Navi Mumbai – 400 708, Maharashtra, India |
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Name : |
Mr. Srinivasan Chakravarthy |
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Designation : |
Director |
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Address : |
Flat No. 301, 3rd Floor, Mandakini Safal Complex, Sector
19A, Nerul, Navi Mumbai – 400 706, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 11.01.2008):- |
No. of Shares |
Percentage of
Holding |
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Reliance Retail Limited |
49994 |
100%
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Mr. Ravichandran Nageswaran Jointly With Reliance Retail Limited |
1 |
---- |
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Mr. Srinivasan Chakravarthy Jointly
With Reliance Retail Limited |
1 |
---- |
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Mr. Srinath Chakravarthy Raghunathan Jointly With Reliance Retail
Limited |
1 |
---- |
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Mr. Rajendra Madhav Kamath Jointly With Reliance Retail Limited |
1 |
---- |
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Mr. Sudhakar Saraswatula Jointly With Reliance Retail Limited |
1 |
---- |
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Mr. Sridhar Kothandaranman With Reliance Retail Limited |
1 |
---- |
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Total
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50000 |
100%
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Equity Shares Breakup (Percentage of Total Equity): as on 31.03.2007:-
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Sr No. |
Category |
Percentage |
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1 |
Bodies Corporate |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Departmental Stores |
GENERAL
INFORMATION
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Bankers : |
NA |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Address : |
714/715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Holding Company: |
Reliance Retail Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[71.461] |
[0.335] |
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NETWORTH |
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[70.961] |
[0.235] |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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199.643 |
4.200 |
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TOTAL BORROWING |
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199.643 |
4.200 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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128.682 |
3.965 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.337 |
0.000 |
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Capital work-in-progress |
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9.937 |
0.000 |
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INVESTMENT |
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0.000 |
5.284 |
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DEFERREX TAX ASSETS |
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36.714 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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190.478 |
27.097 |
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Sundry Debtors |
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50.478 |
0.000 |
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Cash & Bank Balances |
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17.657 |
0.017 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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34.367 |
0.248 |
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Total
Current Assets |
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292.980 |
27.362 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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214.940 |
28.681 |
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Provisions |
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1.346 |
0.000 |
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Total
Current Liabilities |
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216.286 |
28.681 |
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Net Current Assets |
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76.694 |
[1.319] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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128.682 |
3.965 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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771.529 |
NA |
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Other Income |
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2.085 |
NA |
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Total Income |
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773.614 |
NA |
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Profit/(Loss) Before Tax |
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[107.559] |
[0.316] |
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Provision for Taxation |
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36.434 |
0.000 |
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Profit/(Loss) After Tax |
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143.993 |
[0.316] |
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Expenditures : |
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Purchases made for re-sale |
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791.272 |
NA |
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Salaries, Wages, Bonus, etc. |
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13.552 |
NA |
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Managerial Remuneration |
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NA |
NA |
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Payment to Auditors |
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0.480 |
0.009 |
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Interest |
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0.004 |
0.271 |
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Insurance Expenses |
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0.575 |
NA |
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Power & Fuel |
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0.217 |
NA |
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Depreciation & Amortization |
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0.077 |
NA |
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Other Expenditure |
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74.996 |
0.037 |
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Total Expenditure |
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881.173 |
[0.317] |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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18.61 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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[18.66] |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[31.18] |
[0.97] |
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Return on Investment (ROI) (PBT/Networth) |
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1.52 |
[1.34] |
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Debt Equity Ratio (Total Liability/Networth) |
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[5.86] |
[139.91] |
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Current Ratio (Current Asset/Current Liability) |
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1.35 |
0.95 |
LOCAL AGENCY
FURTHER INFORMATION
FURTHER DETAILS:
Ranger Farms Private Limited which was
originally incorporated on 29.06.1999 under the companies Act , 1956 (No. 1 of 1956)
as Ranger Farms Private Limited having
duly passed the necessary resolution on 20.12.2006 in terms of section 31/21
read with section 44 of the companies Act, 1956, the name of the said company
is this day changed to Ranger Farms Limited and this Certificate is issued
pursuant to section 23(1) of the Said act.
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 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.48.79 |
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UK Pound |
1 |
Rs.75.41 |
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Euro |
1 |
Rs.61.48 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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