MIRA INFORM REPORT

 

 

Report Date :

04.08.2011

 

IDENTIFICATION DETAILS

 

Name :

WINE SOC. OF INDIA PRIVATE LIMITED

 

 

Registered Office :

Premises No.23, Ground Floor, Keytuo Industrial Estate, 220 Kondivita Road, MIDC, Andheri (East), Mumbai-400059, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

13.06.2006

 

 

Com. Reg. No.:

11-162593

 

 

Capital Investment / Paid-up Capital :

Rs.4.401 millions

 

 

CIN No.:

[Company Identification No.]

U51228MH2006PTC162593

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMW03052A

 

 

PAN No.:

[Permanent Account No.]

AAACW6673N

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Trader and Importer of  Wine, they also Host Wine Appreciation Events

 

 

No. of Employees :

16 [In Office] Approximately

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (15)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Profitability of the company is under severe pressure. There appears huge accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings on a secured trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Sunil Agarwal

Designation :

Country Manager [Finance]

Contact No.:

91-9821361633

Date :

02.08.2011

 

 

LOCATIONS

 

Registered Office :

Premises No.23, Ground Floor, Keytuo Industrial Estate, 220 Kondivita Road, MIDC, Andheri (East), Mumbai-400059, Maharashtra, India

Tel. No.:

9122-43459100 / 42639200 / 22852286 / 87 / 66282205

Fax No.:

9122-22709044 / 28386335 / 22852288

E-Mail :

sunil@thewinesocietyofindia.com

Website :

http://www.thewinesocietyofindia.com

Area :

573 Sq.ft.

Location :

Rented

 

DIRECTORS

 

AS ON 31.03.2010

 

Name :

Mr. David John Banford

Designation :

Director

Address :

7A, Rajesh Mansion, Oval Maindan, Churchgate, Mumbai-400020, Maharashtra, India

Date of Birth/Age :

26.06.1947

Date of Appointment :

27.07.2006

DIN :

00578272

 

 

Name :

Mr. Spurrier Hugh Walthall Steven

Designation :

Director

Address :

10 Playfair Mansions, Queens Club Gardens, London – W149TR

Date of Birth/Age :

05.10.1941

Date of Appointment :

27.07.2006

DIN :

00557675

 

 

Name :

Mr. R. N. Pillai

Designation :

Director

 

 

Name :

Mr. S. N. Prasad

Designation :

Director

 

 

Name :

Mr. Victor Uruttia

Designation :

Director

 

 

Name :

Mr. Nishant Jagvir Kapoor

Designation :

Director

Address :

303, Tower Apartments, Swasthya Vihar, Preet Vihar, New Delhi – 110092, Delhi, India

Date of Birth/Age :

06.09.1976

Date of Appointment :

07.11.2008

DIN :

02044266

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2009

 

Names of Shareholders

No. of Shares

Preetbir Kapoor

20000

David Banford

47500

Steven Spurrier

47500

Harsh Yashpal Sethi

5000

Rajesh Madanlal Tapuriah

7500

Four Seasons Wines Limited, India 

122500

 

 

Total

250000

 

(AS ON 29.09.2009)

Category

 

Percentage

 

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

48.00

Bodies corporate

 

49.00

Others

 

3.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Importer of  Wine, they also Host Wine Appreciation Events

 

 

Imports :

 

Products :
  • Wines

Countries :
  • USA
  • France
  • Germany
  • Worldwide

 

 

Terms :

 

Selling :

Credit

 

 

Purchasing :

Credit

 

 

GENERAL INFORMATION

 

Customers :

Distributors

 

 

No. of Employees :

16 [In Office] Approximately

 

 

Bankers :
  • Axis Bank
  • CITI Bank
  • State Bank of Hyderabad

 

 

Facilities :

Particulars

31.03.2010

(Rs. In Millions)

31.03.2009

(Rs. In Millions)

Unsecured Loan

 

 

Four Seasons Wines Limited

69.876

49.320

Total

69.876

49.320

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Vishnu Ram and Company

Chartered Accountant

Address :

2nd Floor, #12, (Above IDBI Bank), Between 8th and 9th Cross, Margosa Road, Malleshwaram, Bangalore-560003, Karnataka, India

Tel. No.:

91-80-23568910

Fax No.:

91-80-23568916

E-Mail :

vishnuram@vishnuram.in

 

 

Related Party :
  • Four Seasons Wines Limited
  • CVNE Excellar S.L.
  • Sahaya Print Services Private Limited

 

 

CAPITAL STRUCTURE

 

AS ON 24.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,500,000

Equity Share

Rs.10/- Each

Rs.15.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital : Rs.6.500 millions

 

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,500,000

Equity Share

Rs.10/- Each

Rs.15.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

440,147

Equity Share

Rs.10/- Each

Rs.4.401 millions

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

4.401

2.500

2.500

2] Share Application Money

0.191

2.053

0.020

3] Reserves & Surplus

40.582

14.640

14.640

4] (Accumulated Losses)

(110.249)

(70.005)

(21.717)

NETWORTH

(65.075)

(50.812)

(4.557)

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

69.876

49.320

2.000

TOTAL BORROWING

69.876

49.320

2.000

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

4.801

(1.492)

(2.557)

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1.205

0.996

0.429

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
3.634

0.000

0.000

 

Sundry Debtors
0.732

0.365

0.000

 

Cash & Bank Balances
6.154

1.741

0.299

 

Other Current Assets
1.288

1.296

0.975

 

Loans & Advances
5.829

5.922

0.767

Total Current Assets
17.637

9.324

2.041

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

0.000

0.000

0.000

 

Current Liabilities
13.656

11.533

4.970

 

Provisions
0.385

0.279

0.057

Total Current Liabilities
14.041

11.812

5.027

Net Current Assets
3.596

(2.488)

(2.986)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

4.801

(1.492)

(2.557)

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

 

2.676

0.818

 

 

Other Income

 

0.002

0.033

 

 

TOTAL                                    

16.653

2.678

0.851

 

 

 

 

 

 

EXPENSES

 

 

 

 

 

Administrative and Other Expenses

48.982

15.254

 

 

TOTAL                                    

50.608

48.982

15.254

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

(33.692)

(46.304)

(14.403)

 

 

 

 

 

Less

FINANCIAL EXPENSES                        

6.308

1.809

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

(40.000)

(48.113)

(14.403)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.244

0.090

0.054

 

 

 

 

 

 

PROFIT BEFORE TAX

(40.244)

(48.203)

(14.457)

 

 

 

 

 

Less

TAX                                                                 

0.000

0.085

2.238

 

 

 

 

 

 

PROFIT AFTER TAX                            

(40.244)

(48.288)

(16.695)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(70.005)

(21.717)

(5.022)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(110.249)

(70.005)

(21.717)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

1.503

0.000

0.000

 

 

 

 

 

 

IMPORTS

4.725

0.000

0.000

 

 

 

 

 

 

Earnings Per Share (Rs.)

(144.03)

(193.15)

(117.06)

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover [Approximately]

 

 

39.300

 

The above information has been parted by Mr. Sunil Agarwal [Country Manager - Finance].

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

[241.66]

(1803.14)

(1961.81)

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

NA

(1801.31)

(1767.36)

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(213.59)

(467.08)

(585.30)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.62)

(0.95)

(3.17)

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

(1.29)

(1.20)

(1.54)

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.26

0.79

0.41

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References :

  • S.V. Distributors Private Limited
  • Four Seasons Wines Limited, Bangalore 

 

Note : Registered office address of the company has been shifted from 1407 Maker Chambers V, Nariman Point

Mumbai – 400021, Maharashtra, India to the present address w.e.f. 01.10.2009

 

FINANCIAL PERFORMANCE

 

During the financial year, the gross income of the Company amounted to Rs. 8.573 millions from Fees and Rs.8.080 millions from Trading, while the expenditure was of Rs.57.160 including the depreciation of Rs. 0.244 millions and finance cost of Rs.6.308 millions. Thus the working of the Company resulted into a loss of Rs. 40.244 millions. The Company has not recognized the deferred tax assets as a matter of prudence. As such the total loss for the year works out to Rs. 40.244 millions. The said loss together with the loss of previous year has aggregated to Rs.110.249 millions and has been carried forwarded to the Balance sheet.

 

Creditors Details - Not Available

 

Contingent Liabilities :

 

Claims against company not acknowledged as debt – Rs. 1.086 millions [As on 31.03.2010]

 

FIXED ASSETS

 

  • Office Equipments
  • Computers
  • Furniture and Fixtures

 

 

AS PER WEB DETAILS

 

PROFILE

 

Subject began company operations in the last quarter of 2006, and opened offices in Nariman Point, Mumbai. The business model is based on the successful programme developed in the United States by The Wine Society of America, which was founded by David Banford.  The Wine Society of America enrolled members over 10 years and was floated on the Nasdaq Stock Exchange in 1991.


The Wine Society of India has aims and mission objectives which fall into 3 separate but inter-related categories.

Firstly to inform and educate those in this country (who do not have a religious or ethical objection to alcohol) about the wonderful world of wine!  WSI provides this through a developing range of online and offline programmes, including home-study and classroom wine courses, a vineyard visit programme, a helpline to answer wine-related queries, newsletters, a free two-year subscription to Sommelier India (worth Rs 1000), access to edited portions of Decanter Magazine, a global vineyard visit programme, a restaurant programme that offers you a 50% discount on the first bottle of wine, wine storage systems and supply of wine accessories.

Secondly, they organise wine events - including informal wine appreciation events, more formal sit-down winemaker dinners, and instructional master classes.


And finally, through their Four Seasons Wine Discoveries programme they arrange for the supply of exceptional quality wines at modest prices. Four times a year, their Board of Wine Advisors taste hundreds of wines throughout the vineyards of the world, including India, to discover the best possible quality wines at the lowest possible price which are recommended to members, then imported, distributed and sold through licensed retailers with home delivery under temperature-controlled conditions.

 

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.44.37

UK Pound

1

Rs.72.20

Euro

1

Rs.62.87

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

--

--CREDIT LINES

1~10

2

--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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

15

 

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

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

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.