MIRA
INFORM REPORT
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Report Date : |
08.01.2011 |
IDENTIFICATION DETAILS
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Name : |
PLANET M RETAIL LIMITED |
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Formerly Known As : |
MAGICBRIX COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
06.02.2007 |
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Com. Reg. No.: |
167606 |
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CIN No.: [Company
Identification No.] |
U70102MH2007PLC167606 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM31709G |
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PAN No.: [Permanent
Account No.] |
AAFCM0037P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Chain of departmental stores |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
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 Indian music retail store originally founded by the
Times of India group and was acquired by Videocon group in 2007. It is a well established company having moderate track. Trade
relations are fair. There appears to be some accumulated losses in the
company. Business is active. Payments are reported to be slow. Company can be considered for
business dealings with slight caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DENIED BY
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Name : |
Mr. Durgesh |
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Designation : |
Senior Executive |
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Date : |
03.01.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22885106/7 |
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E-Mail : |
abhijit.tikam@planetmretail.com |
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Website : |
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Location : |
Owned |
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Corporate Office
: |
Essar Techno Park, Building ‘B’, 1st Floor, Pyramid
Infotech Park, Swan Mill Compound, LBS Marg, Kurla (West), Mumbai – 400070,
Maharashtra, India |
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60006363 |
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Toll – Free : |
1800-425-6363 |
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Email ID : |
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Corporate Office
: |
Mittal Court, A Wing, 16th Floor, Nariman Point, Mumbai, |
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Location : |
Owned |
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Corporate Office
: |
Tech Web Centre, Ground Floor, |
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Tel No.: |
91-22-42554000 |
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Branches : |
Located at :
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DIRECTORS
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Name : |
Mr. Bhaskar Das |
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Designation : |
Additional Director |
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Address : |
C-1, Queens View, 28/30, |
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Date of Birth/Age : |
08.05.1953 |
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Date of Appointment : |
29.06.2007 |
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Name : |
Mr. Ranjan Kumar Garg |
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Designation : |
Director |
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Address : |
601, Excella, Plot No. F 4-D, |
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Date of Birth/Age : |
03.07.1951 |
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Date of Appointment : |
29.06.2007 |
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Name : |
Mr. Padmakar M. Rao |
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Designation : |
Director |
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Address : |
212, Aster, 2nd Floor, Dosti Acress, |
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Date of Birth/Age : |
23.05.1953 |
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Date of Appointment : |
06.02.2007 |
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Name : |
Mr. Sridhar Mahadevan |
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Designation : |
Director |
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Address : |
Flat No.7, |
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Date of Birth/Age : |
13.05.1965 |
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Date of Appointment : |
06.02.2007 |
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Name : |
Mr. Saurabh P |
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Designation : |
Director |
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Name : |
Mr. Sanjiv K. Shelgikar |
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Designation : |
Director |
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Address : |
Suruchi, 320, Sakaram Savant Marg, Vile Parle East, Mumbai – 400057, |
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Date of Birth/Age : |
07.04.1955 |
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Name : |
Mr. Hegde |
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Designation : |
Director |
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Name : |
Mr. Vivek D. Dharm |
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Designation : |
Additional Director |
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Address : |
D-31, Shree Ramkrishna Colony, Behind markendaya Society, Savedi,
Ahmednagar – 414001, |
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Date of Birth/Age : |
22.11.1964 |
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Date of Appointment : |
01.04.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Abhijeet |
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Designation : |
Assistant Manager |
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Name : |
Mr. Kuntal Lohiya |
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Designation : |
General Manager in Finance |
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Name : |
Mr. Subash Garg |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 01.11.2007)
|
Names of Shareholders |
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No. of Shares |
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Bennett, Coleman and Company Limited |
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999940 |
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P. M. Rao |
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10 |
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Sridhar Mahadevan |
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10 |
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K |
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10 |
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Bijan Boral |
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10 |
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V |
|
10 |
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Ajit Dabholkar |
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10 |
|
Next Retail India Limited |
|
100000 |
BUSINESS DETAILS
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Line of Business : |
Chain of departmental stores |
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Products : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
Ř
HDFC Bank, Branch Manikchi Fort. |
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Facilities : |
Unsecured Loan
as on 31.03.2008 Short Term Loan from Bank – Rs. 1999.992 Millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Shashank Suvarnapathaki And Company Chartered Accountant |
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Address : |
3801, |
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Holding Companies: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1,100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 11.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1,000,000 |
Equity Shares |
Rs. 10/-
each |
Rs. 10.000
Millions |
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|
Note: Out of which 950,000 equity shares of Rs. 10/-
each were allotted pursuant to acquisition of retail business without payments
being received in cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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|
10.000 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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(65.285) |
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NETWORTH |
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(55.285) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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|
1999.992 |
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TOTAL BORROWING |
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1999.992 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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|
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TOTAL |
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1944.707 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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877.633 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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|
20.778 |
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
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389.718 |
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Sundry Debtors |
|
|
31.858 |
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Cash & Bank Balances |
|
|
17.159 |
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Other Current Assets |
|
|
6.082 |
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Loans & Advances |
|
|
874.574 |
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Total
Current Assets |
|
|
1319.391 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
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Current Liabilities |
|
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268.346 |
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Provisions |
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|
4.749 |
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Total
Current Liabilities |
|
|
273.095 |
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Net Current Assets |
|
|
1046.296 |
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|
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MISCELLANEOUS EXPENSES |
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|
0.000 |
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|
|
|
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TOTAL |
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1944.707 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2008 |
|
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SALES |
|
|
|
|
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Income |
|
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408.581 |
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Other Income |
|
|
7.024 |
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|
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TOTAL (A) |
|
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415.605 |
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|
|
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|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases made for re-sale |
|
|
300.153 |
|
|
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Salaries, Wages, Bonus, etc. |
|
|
37.912 |
|
|
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Payment to Auditors |
|
|
0.020 |
|
|
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Insurance Expenses |
|
|
0.271 |
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Power & Fuel |
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|
7.217 |
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Other Expenditure |
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|
88.937 |
|
|
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TOTAL (B) |
|
|
434.510 |
|
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
(18.905) |
|
|
|
|
|
|
|
|
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Less |
FINANCIAL
EXPENSES (D) |
|
|
27.099 |
|
|
|
|
|
|
|
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
(46.004) |
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
39.712 |
|
|
|
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|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
(85.716) |
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|
|
|
|
|
|
|
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Less |
TAX (H) |
|
|
(20.430) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
(65.286) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2008 |
|
PAT / Total Income |
(%) |
|
|
(15.70) |
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
(20.97) |
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|
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(3.86) |
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|
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
1.55 |
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|
|
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|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
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(41.11) |
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|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
|
4.83 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
Sundry Creditors details are not available.
Note:
The Registered Office of the company has been
shifted from The Times of India Building,
Fixed
Assets
Ř
Civil Work
Ř
Computer
Ř
Furniture And Fixture
Ř
Office Equipment
Ř
Vehicle
As per website details
About The MobileStore:
Mr. Rajiv Agarwal, CEO and Director, The MobileStore
Limited, heads
The MobileStore format is a one stop mobile solution shop
that provides, multi brand handsets, accessories, connections, repairs, VAS etc
all under one roof.
The MobileStore currently has more than 1050 outlets and the
vision is to have a network of 2500 stores by 2010 across 650 cities, thus
covering virtually every major town in every state across
The MobileStore outlets are in three formats: Large -
1000-1500 square feet, Medium- 800-1000 square feet and Corner-150-200 square
feet, with smaller formats located primarily in large malls.
Key thrust areas for the retail format are:
The MobileStore caters to the Indian consumer's choice of
the widest and most comprehensive range of mobile phones with special offers
from all the key brands available across the globe. The MobileStore offers
complete telecom solutions right from handset purchase to the choice of service
operator and miscellaneous services like monthly bill collections etc., the
stores also offer connections (pre paid and post paid), accessories and VAS
including the latest ring tones, wallpapers and gaming and prompt after sales
service, available not only in the city of purchase but in all The MobileStore
outlets across the country.
The MobileStore has undertaken an extensive training program
to equip all its employees with in-depth knowledge of the products and brands
available at the store, thereby allowing them to provide the right kind of
guidance to the customer.
The MobileStore has categorized its mobile device offerings
into consumer segments keeping in mind the profiles and needs of different
consumers. The unique segments available in The MobileStore The MobileStore
are: Business - PDA & Smartphones, Emails, data transfer etc., Lifestyle -
Fashion phones, Look and elegance, Fun - Multimedia and music, camera, games,
wacky ring tones and wallpapers, Value for Money - Special offers, discounts
and budget phones.
All major handset brands like Nokia, Sony Ericsson, LG,
Samsung, Motorola, Fly, Sagem, HP, iMate, Dopod, HTC and Blackberry are
available at the store. The MobileStore has also tied up with all leading
operators including Airtel, Vodafone, BPL, Idea, MTNL/BSNL and Reliance, Tata
Indicom.
All major handset brands like Nokia, Sony Ericsson, LG,
Samsung, Motorola, Fly, Sagem, HP, iMate, Dopod, HTC and Blackberry are
available at the store. The MobileStore has also tied up with all leading
operators including Airtel, Vodafone, BPL, Idea, MTNL/BSNL and Reliance, Tata
Indicom.
News
The MobileStore Announces 55% Money Back On
September 30th,
2009
The
MobileStore the one stop mobile solution retail chain of multibrand and
multiservice telecom outlets, today announced its special offer for this
festive season.The Mobilestore has introduced its special festive season offer
for its customers, a ‘Money Back of up to 55%’.
This
offer is valid on purchase of GSM mobiles of select brands from any of The
MobileStore outlets on Purchase of a mobile, customer will be provided a
scratch card. Customer would need to scratch the card to know the percentage of
the money back offered to him.
The company
claims customer would also be given a money back form which he would have to
fill and send to the redemption centre for processing. This offer would be
valid at all the outlets of The MobileStore commenting on the offer, Mr. Rajiv
Agarwal, CEO and Director of The MobileStore said, “The soon approaching major
festival of Diwali is celebrated with great passion and enthusiasm throughout
the nation. To join in the celebrations and to make the season even more
festive, we are offering this exciting offer to our esteemed customers.
The
offer is intended to spice up the festive season and excite the customer to
enjoy his shopping experience. It will also provide great value to the
customers and enable them to buy their favorite mobile at an attractive price”.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.37 |
|
|
1 |
Rs.70.03 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
NO |
|
--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 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.