MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
Note: The Given address could not be confirmed
IDENTIFICATION DETAILS
|
Name : |
SPICE RETAIL LIMITED |
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Registered
Office : |
Village Bhillanwali Labana, Post Office-Baddi, Tehsil Nalahgarh Baddi,
Nalagarh-173205, Himachal Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.02.1988 |
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Com. Reg. No.: |
008020 |
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Capital
Investment / Paid-up Capital : |
Rs.367.594 Millions |
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CIN No.: [Company Identification
No.] |
U45202HP1988PLC008020 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Trader of |
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No. of Employees
: |
Not Divulged by the Management |
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 |
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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 established company having moderate track. There appears
some 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 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 DENIED BY
Management Non Cooperative
LOCATIONS
|
Registered Office : |
Village Bhillanwali Labana, Post Office-Baddi, Tehsil Nalahgarh Baddi,
Nalagarh-173205, |
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E-Mail : |
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Website : |
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Corporate Office : |
D-1, Sector-3, Noida – 201 301, District Gautam Budh
Nagar, |
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Tel. No.: |
91-120-4363600/4363800 |
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Fax No.: |
91-120-4320467/4363845 |
DIRECTORS
AS ON 05.09.2010
|
Name : |
Dr. Bhupendra Kumar Modi |
|
Designation : |
Chairman |
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Address : |
1, |
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Date of Birth/Age : |
02.01.1949 |
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Date of Appointment : |
05.08.2010 |
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Other Directorship
: |
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Name : |
Mr. Dilip Modi |
|
Designation : |
Director |
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Address : |
36, Amrita Shergill Marg, New Delhi-110003, |
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Date of Birth/Age : |
12.03.1974 |
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Date of Appointment : |
19.07.2006 |
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Other Directorship
: |
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Name : |
Ms. Preeti Malhotra |
|
Designation : |
Director |
|
Address : |
40, NRI Complex, Greater Kailash IV, New Delhi-110019, |
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Date of Birth/Age : |
09.04.1964 |
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Date of Appointment : |
05.08.2010 |
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Name : |
Mr. Krishan Lal Chugh |
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Designation : |
Director |
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Address : |
N-79, |
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Date of Birth/Age : |
13.09.1937 |
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Date of Appointment : |
05.08.2010 |
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Name : |
Mr. Devendra Raj Mehta |
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Designation : |
Director |
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Address : |
B-5, Mahavir Udyan Marg, Bajaj Nagar, Jaipur,
Rajasthan-302015, |
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Date of Birth/Age : |
25.06.1937 |
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Date of Appointment : |
05.08.2010 |
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Name : |
Mr. Subroto Chattopadhyay |
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Designation : |
Director |
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Address : |
6, |
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Date of Birth/Age : |
04.09.1958 |
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Date of Appointment : |
05.08.2010 |
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Name : |
Mr. Rajneesh Arora |
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Designation : |
Manager |
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Address : |
263, |
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Date of Birth/Age : |
12.01.1974 |
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Date of Appointment : |
01.04.2009 |
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Name : |
Mr. Kashi Nath Memani |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Sonika Jain |
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Designation : |
Company Secretary |
|
Address : |
A-10, F1, Surya Nagar, |
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Date of Birth/Age : |
25.05.1978 |
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Date of Appointment : |
10.03.2009 |
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|
Name : |
Mr. Gaurav Arya |
|
Designation : |
Vice President - Projects |
|
Date of Birth/Age : |
39 Years |
|
Qualification : |
BA (Hons), |
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Experience : |
17 Years |
|
Date of Appointment : |
15.12.2007 |
|
Last Employment : |
Ernst and Young |
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|
Name : |
Mr. Mukesh Jain |
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Designation : |
Vice President - Service |
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Date of Birth/Age : |
45 years |
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Qualification : |
PGD in Marketing ( |
|
Experience : |
25 Years |
|
Date of Appointment : |
10.09.2007 |
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Last Employment : |
HCL Infosystems Limited |
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Name : |
Mr. Mukesh Batra |
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Designation : |
Vice President – HR |
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Date of Birth/Age : |
43 Years |
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Qualification : |
MCom, MBA |
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Experience : |
20 Years |
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Date of Appointment : |
13.12.2007 |
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Last Employment : |
New River Software Solutions Limited |
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Name : |
Mr. Pallakal Krishna Kumar |
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Designation : |
Head Sales |
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Date of Birth/Age : |
39 Years |
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Qualification : |
Graduate in Mathematics |
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Experience : |
19 Years |
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Date of Appointment : |
01.10.2005 |
|
Last Employment : |
Al Futtaim Private limited, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.09.2010
|
Names of Shareholders |
No. of Shares |
|
Hindustan Retail Private Limited, |
36759319 |
|
Dr. Bhupendra Kumar Modi (beneficial owner is Hindustan Retail Private Limited, |
10 |
|
Mrs. Veena Modi (beneficial owner is Hindustan Retail Private Limited, |
10 |
|
Mr. Dilip Modi (beneficial owner is Hindustan Retail Private Limited, |
05 |
|
Ms. Divya Modi (beneficial owner is Hindustan Retail Private Limited, |
10 |
|
Mr. Ashok Kumar Goyal (beneficial owner is Hindustan Retail Private Limited, |
10 |
|
Mr. Atul Prakash (beneficial owner is Hindustan Retail Private Limited, |
10 |
|
Total |
36759374 |
(AS ON 05.09.2010)
|
Category |
|
Percentage |
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|
|
|
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Bodies corporate |
|
100.00 |
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|
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|
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Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the Management |
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Bankers : |
Not Available |
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Facilities : |
* Overdraft
facilities ere given by the bank against the lien of Units of Mutual Funds
held by Spice Televentures Private Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountant |
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Address : |
Golf View Corporate Tower B, Sector 42, |
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Tel. No.: |
91-124-4644000 |
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Fax No.: |
91-124-4644050 |
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Ultimate Holding Company : |
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Holding Company : |
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Subsidiaries : |
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Associates : |
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Enterprises over which any person in is able to exercise significant influence : |
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CAPITAL STRUCTURE
AS ON 05.09.2010
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 |
|
36759374 |
Equity Shares |
Rs.10/- Each |
Rs.367.594
millions |
Notes:
- Out of the above 33,092,561 (Previous year 15,137,358) Equity Shares are held by Hindustan Retails Private Limited, the Holding Company.
- 3,666,813 (Previous year 3,666,813) equity shares are allotted as fully paid-up to Karma Mobility Solutions India Private Limited ("Karma") without payments being received in cash, in consideration of transfer of 20,000,000 equity shares of Rs 10 each held by Karma in Cellucom Retail India Private Limited to the Company.
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 |
367.594 |
188.042 |
43.501 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
399.503 |
273.278 |
0.000 |
|
|
4] (Accumulated Losses) |
(1670.774) |
(1267.265) |
(536.388) |
|
|
NETWORTH |
(903.677) |
(805.945) |
(492.887) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
30.000 |
134.724 |
156.051 |
|
|
TOTAL BORROWING |
30.000 |
134.724 |
156.051 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(873.677) |
(671.221) |
(336.836) |
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|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
47.591 |
71.851 |
97.177 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.092 |
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|
|
|
|
|
|
|
INVESTMENT |
182.439 |
182.439 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
274.304
|
235.410 |
117.554 |
|
|
Sundry Debtors |
52.189
|
13.604 |
12.659 |
|
|
Cash & Bank Balances |
28.734
|
23.139 |
40.178 |
|
|
Other Current Assets |
0.225
|
0.146 |
0.082 |
|
|
Loans & Advances |
405.454
|
239.862 |
106.306 |
|
Total
Current Assets |
760.906
|
512.161 |
276.779 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1719.516
|
1327.277 |
664.429 |
|
|
Other Current Liabilities |
131.366
|
89.807 |
34.253 |
|
|
Provisions |
13.731
|
20.588 |
12.202 |
|
Total
Current Liabilities |
1864.613
|
1437.672 |
710.884 |
|
|
Net Current Assets |
(1103.707)
|
(925.511) |
(434.105) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(873.677) |
(671.221) |
(336.836) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4794.355 |
4365.976 |
2868.302 |
|
|
|
Other Income |
4.589 |
0.660 |
0.656 |
|
|
|
TOTAL (A) |
4798.944 |
4366.636 |
2868.958 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Trading Goods |
4454.288 |
4270.922 |
2803.213 |
|
|
|
Personnel Expenses |
301.479 |
313.805 |
182.930 |
|
|
|
Operating and Other Expenses |
438.987 |
571.800 |
342.789 |
|
|
|
(Increase) in Inventories |
(38.894) |
(118.013) |
(60.020) |
|
|
|
TOTAL (B) |
5155.860 |
5038.514 |
3268.912 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(356.916) |
(671.878) |
(399.954) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
22.142 |
26.894 |
26.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(379.058) |
(698.772) |
(426.200) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.451 |
22.951 |
20.853 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(403.509) |
(721.723) |
(447.053) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(403.509) |
(730.877) |
(451.769) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1267.265) |
(536.388) |
(84.619) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1670.774) |
(1267.265) |
(536.388) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(16.87) |
(125.89) |
(103.85) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(8.41)
|
(16.74) |
(15.75) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.42)
|
(16.53) |
(15.59) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(49.91)
|
(123.58) |
(119.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.45)
|
(0.90) |
(0.91) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.10)
|
(1.95) |
(1.76) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.41
|
0.36 |
0.39 |
LOCAL AGENCY FURTHER INFORMATION
Nature of Operations
Spice Retail Limited is into the business of trading in mobile
handsets and related accessories. The Company operates through its chain of
outlets across
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
a) total outstanding dues of Micro and Small
Enterprises |
- |
- |
- |
|
b) total outstanding dues of creditors other than Micro and Small
Enterprises |
1719.516
|
1327.277 |
664.429 |
Registered Office of the company
has been shifted from
|
Contingent
Liabilities not provided for |
31.03.2010 (Rs. In Millions) |
31.03.2009 (Rs. In Millions |
|
Claims against the Company not acknowledged as debts. The cases are pending with various Consumer Disputes Redressal Forums. As per the management, the Company is made only a proforma party to these claims and liability, if any, arising out of these claims would be on the manufacturer and not likely to devolve on the Company. |
1.846 |
3.454 |
FIXED ASSETS
- Office
Equipment
- Furniture and
Fixture
- Computers
- Plant and
Machinery
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] 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.44.78 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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.