MIRA
INFORM REPORT
|
Report Date : |
15.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
DIESEL FASHION INDIA RELIANCE PRIVATE LIMITED (w.e.f. 26.11.2008) |
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|
|
Formerly Known
As : |
DIESEL FASHION INDIA ARVIND PRIVATE LIMITED |
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Registered
Office : |
1st Floor, High Street, Shrimali Society, Near Navrangpura
Railway Crossing, Navrangpura, Ahmedabad – 380 009, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.05.2007 |
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Com. Reg. No.: |
04-050985 |
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Capital
Investment / Paid-up Capital : |
Rs.200.000
millions |
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|
|
CIN No.: [Company Identification
No.] |
U18101GJ2007PTC050985 |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Retail Chain Showrooms for brand “Diesel”. |
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No. of Employees
: |
Approximately 14 (In office) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 702000 |
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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 a joint venture between Reliance Group and Diesel of Italy.
It is a company having moderate track records. The operations of the company are
still in the initial stage. Business is active. Payments are reported to be
slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
Management non-cooperative
LOCATIONS
|
Registered Office : |
1st Floor, High Street, Shrimali Society, Near Navrangpura
Railway Crossing, Navrangpura, Ahmedabad – 380 009, |
|
Tel No.: |
91-79-40072457 |
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Fax No.: |
91-79-40072447 |
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E-Mail : |
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Corporate Office 1 : |
Reliance Corporate Park, Gate A, Thane – |
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Tel. No.: |
91-22-44770000 |
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Fax No.: |
91-22-44771882 |
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Corporate Office 2 : |
5th Floor, Court House, LT Marse, Dhobitalao, Mumbai, |
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Tel. No.: |
91-22-67673851 |
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Fax No.: |
91-22-67673850 |
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|
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Stores : |
Three stores were opened in |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Kiran Mathew Thomas |
|
Designation : |
Director |
|
Address : |
77-A, Nandanvan CHS, Sector 17, Nerul, Navi Mumbai, Thane – 400 706, |
|
Date of Birth/Age : |
12.09.1972 |
|
Date of Appointment : |
05.12.2008 |
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DIN No.: |
02242745 |
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|
|
|
Name : |
Mr. Darshan Rasiklal Mehta |
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Designation : |
Director |
|
Address : |
32, Mayflower, |
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Date of Birth/Age : |
31.07.1961 |
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Date of Appointment : |
05.12.2008 |
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DIN No.: |
00103155 |
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|
|
|
Name : |
Flavio Costa |
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Designation : |
Director |
|
Address : |
Grebberstraat 17, |
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Date of Birth/Age : |
08.11.1964 |
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Date of Appointment : |
27.09.2010 |
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DIN No.: |
02796922 |
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|
|
Name : |
Antonio Sperati Ruffoni |
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Designation : |
Director |
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Address : |
A Rosmini 2, Padova PD 35128 |
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Date of Birth/Age : |
20.02.1954 |
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Date of Appointment : |
27.09.2010 |
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DIN No.: |
02800019 |
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Name : |
Marina Giovanni Tosin |
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Designation : |
Director |
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Address : |
Strada Delle Fornaci 28, Bassano Del Grappa 36061 |
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Date of Birth/Age : |
09.02.1959 |
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Date of Appointment : |
27.09.2010 |
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DIN No.: |
02806025 |
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|
|
|
Name : |
Mr. Jagdish Gajanand Dalal |
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Designation : |
Director |
|
Address : |
5-B, Malay Society, Opposite Sumel Flats, Nr. Manekbaug Hall,
Ambawadi, Ahmedabad – 380 015, |
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Date of Birth/Age : |
04.06.1961 |
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DIN No.: |
00009785 |
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Other Directorship : |
CIN of company: U18100GJ1982PTC005662 Name of the company: Amber Apparels Private Limited Designation: Director CIN of company: U65910GJ1981PLC004408 Name of the company: Asman Investments Limited Designation: Director CIN of company: U65990GJ1991PTC016640 Name of the company: Madhuvan Insurance Broking Services Private
Limited Designation: Director CIN of company: U99999JK2000PTC000535 Name of the company: Sonalank Investment and Trading Private Limited Designation: Director CIN of company: U30006GJ1985PLC008289 Name of the company: Syntel Telecom Limited Designation: Director CIN of company: U17110GJ2006PTC048076 Name of the company: VF Arvind Brands Private Limited Designation: Director |
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|
|
|
Name : |
Ramnik Vasrambhai Bhimani |
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Designation : |
Director |
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Address : |
A/2/11, |
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Date of Birth/Age : |
01.06.1962 |
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DIN No.: |
00201475 |
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Other Directorship : |
CIN of company: U65920MH1993PTC072967 Name of the company: Dakini Leasing and Finance Private Limited Designation: Director CIN of company: U65944MH1993PLC072875 Name of the company: Abala Leasing and Finance Limited Designation: Director CIN of company: U65910MH1993PTC072968 Name of the company: Hasita Leasing and Finance Private Limited Designation: Director CIN of company: U18100GJ1982PTC005662 Name of the company: Amber Apparels Private Limited Designation: Director CIN of company: U17110GJ1976PTC002920 Name of the company: Serendipity Apparels Private Limited Designation: Director |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh Kumar Jain |
|
Designation : |
Secretary |
|
Address : |
Flat No.702, Building No.9, |
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Date of Birth/Age : |
29.04.1974 |
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Date of Appointment : |
29.03.2010 |
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PAN No.: |
AEBPJ3853K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Brands Limited, |
|
15924999 |
|
Darshan Mehta Jointly with Reliance Brands Limited, |
|
1 |
|
Diesel International B.V., The |
|
16575000 |
|
Total |
|
32500000 |
As on 18.04.2011
|
Names of Allottees |
|
No. of Shares |
|
Diesel International B.V., The |
|
6375000 |
|
Reliance Brands Limited, |
|
6125000 |
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Total |
|
12500000 |
As on 27.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
51.00 |
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Bodies
corporate |
|
49.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail Chain Showrooms for brand “Diesel” |
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Brand Names : |
“DIESEL” |
GENERAL INFORMATION
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No. of Employees : |
Approximately 14 (In office) |
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Bankers : |
HDFC Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.R. Batliboi and Company Chartered Accountants |
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Address : |
Jalan Mills Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400 013, |
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Tel. No.: |
91-22-40356300 |
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Fax No.: |
91-22-40356400 |
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Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
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Related Company : |
Reliance Brands
Limited (Investing Company) CIN No.: U51900MH2007PLC174470 Address:
Reliance Corporate Park, Building No 4, Ground Floor, C Wing, Diesel
International B.V. (Investing
Company) Address: Diesel SPA (Holding Company of Diesel Props SRL (Subsidiary Company of Diesel
SPA) |
CAPITAL STRUCTURE
After 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs.450.000
millions |
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|
|
|
|
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000
millions |
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|
|
|
|
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 |
200.000 |
1.020 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(24.533) |
(0.003) |
(0.002) |
|
|
NETWORTH |
175.467 |
1.017 |
0.498 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.500 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.500 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
175.467 |
1.517 |
0.498 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
7.605 |
0.000 |
0.000 |
|
|
Capital work-in-progress including Capital Advances |
76.082 |
10.206 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
20.731 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
39.575
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.903
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
12.554
|
0.767 |
0.492 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
68.970
|
0.029 |
0.000 |
|
Total
Current Assets |
122.002
|
0.796 |
0.492 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
52.129
|
9.490 |
0.000 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.027
|
0.000 |
0.000 |
|
Total
Current Liabilities |
52.156
|
9.490 |
0.000 |
|
|
Net Current Assets |
69.846
|
(8.694) |
0.492 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
1.203 |
0.005 |
0.006 |
|
|
|
|
|
|
|
|
TOTAL |
175.467 |
1.517 |
0.498 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
1.334 |
NA |
0.000 |
|
|
|
Other Income |
NA |
NA |
0.000 |
|
|
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TOTAL |
NA |
NA |
0.000 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
|
NA |
NA |
0.002 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
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TOTAL |
NA |
NA |
0.002 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(24.510) |
(0.002) |
(0.002) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
0.011 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(24.521) |
(0.002) |
(0.002) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.009 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(24.530) |
(0.002) |
(0.002) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(24.530) |
(0.002) |
(0.002) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.003) |
(0.002) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(24.533) |
(0.003) |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
30.555 |
0.000 |
NA |
|
|
|
Capital Goods |
16.658 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
47.213 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.04) |
(0.01) |
(0.03) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
0.00
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA
|
0.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.93)
|
(0.25)
|
(0.41)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14)
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
9.82 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.34
|
0.08 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
- Micro
Enterprises and Small Enterprises (1) |
-- |
-- |
0.000 |
|
- Others (2) |
52.129 |
9.490 |
0.000 |
|
Total |
52.129 |
9.490 |
0.000 |
Notes:
(1) The Company
has not received the required information from suppliers regarding their status
under the Micro, Small and Medium Enterprises Development Act, 2006. Hence
disclosures, if any, relating to amounts unpaid as at the year end together
with interest paid / payable as required under the said Act have not been made.
(2) Includes for
Capital Expenditure Rs.1.407 millions.
OPERATIONAL AND
FINANCIAL REVIEW:
The Company
launched its first retail store in Mumbai in March 2010 and subsequently three more stores were opened in
EQUITY SHARE
CAPITAL:
During the year, the Company has issued and allotted 19,898,000 equity
shares of Rs.10 each for cash, at par by way of private placement.
FIXED ASSETS:
Own Assets:
v
Leasehold Improvements
v
Equipments
v
Furniture and Fixtures
Intangible Assets:
v
Software
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 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] 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.44.59 |
|
|
1 |
Rs.71.07 |
|
Euro |
1 |
Rs.62.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
|
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.