MIRA
INFORM REPORT
|
Report Date : |
14.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SHOPPERS STOP LIMITED |
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Registered
Office : |
Eureka Towers, B – Wing, 9th Floor, plot No. 504, Mindspace Link Road, Malad (West), Mumbai –
400 064, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.06.1997 |
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Com. Reg. No.: |
11-108798 |
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Capital Investment
/ Paid-up Capital : |
Rs.410.834
Millions |
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CIN No.: [Company Identification
No.] |
l51900mh1997plc108798 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
mums39981E MUMS22857C |
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PAN No.: [Permanent Account No.] |
AABCS4383A |
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Legal Form : |
Public Limited Liability Company. The Company's shares are listed on
the Stock Exchange. |
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Line of Business
: |
Departmental Stores |
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No. of Employees
: |
3577 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 23000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a It is an established and reputed company having fine track. Trade
relations are reported as fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered good for normal business dealings at
usual 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.
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 |
|
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 |
LOCATIONS
|
Registered Office : |
Eureka Towers, B – Wing, 9th Floor, plot No. 504, Mindspace Link Road, Malad (West), Mumbai – 400
064, Maharashtra |
|
Tel. No.: |
91-22-42497000 |
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Fax No.: |
91-22-28808877 |
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E-Mail : |
prashant.mehta@shoppersstop.com |
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Website : |
www.shoppersstop.com
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Store location : |
Western Region 1. 211 -D, 2. Krushal
Commercial Centre, 3. Suburbia,
Old Bandra Talkies, Linking Road, Bandra (W), Mumbai - 400 050 4. 5. Nirmal Lifestyles,
L.B.S. Marg, Mulund (W), Mumbai - 400 080 6. Inorbit
Mall, Plot no. 1406-A, 28/A, 7. Dynamix
Mall, JVPD Scheme, Juhu, Mumbai - 400 049 8. Godrej
Eternia, B Wing, Shivaji Nagar, 9. Nucleus
Mall, 10. HomeStop,
Inorbit Mall, 11. Inorbit
Mall, Plot no. 39/1, Vashi, Navi Mumbai - 400 705 12. HomeStop,
Inorbit Mall, Vashi, Navi Mumbai - 400 705 Southern Region 1. Garuda
Star Mall, 2.
Commerce@Mantri, 3. Plot No.
1-11-251/1, 4. No. 2, 5. HomeStop,
Raheja Point No. 17/2, Northern Region 1. Gaurav
Towers 2, Plot No. 2, Indira Palace, Malviya Nagar, Jaipur - 302 017 2. Ansal
Plaza, Hudco Palace, Andrews Ganj, Khelgaon Marg, New Delhi -110 049 3. The
Metropolitan Mall, 4. Shipra
Mall, Shipra Suncity, 9 Vaibhav Khand, Indirapuram, 5. HomeStop,
Plot No.A/3, Select City Walk, District Centre, Saket, New Delhi -110 017 6. 7. Eros Mall,
Plot no. 10, Shivaji Palace, District Centre, Raja Garden, New Delhi -110 027 8. The Great
India Palace, Plot No : 2, Sector 38 - A, New Okhla Industrial Development
Area, District - Gautam Budh Nagar, Noida, Uttar Pradesh - 201301 9. Plot No.
2, MGF Metropolitan Saket, District Centre Saket, Sector II, 10. Suncity
Triton, Eastern Region 1. 10/3, Lala
Lajpat Rai Sarani ( 2. City
Centre, DC - 1 , Block - 1 , 3. South City
Mall, 375, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Chandru Raheja |
|
Designation : |
Chairman |
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Name : |
Mr. Ravi C Raheja |
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Designation : |
Director |
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Name : |
Mr. Neel C raheja |
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Designation : |
Director |
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Name : |
Mr. Gulu L Mirchandani |
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Designation : |
Director |
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Name : |
Mr. Shahzaad S Dalal |
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Designation : |
Director |
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Name : |
Mr. Nitin Sanghavi |
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Designation : |
Director |
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Name : |
Mr. Deepak Ghaisas |
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Designation : |
Director |
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Name : |
Mr. Nirvik Singh |
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Designation : |
Director |
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Name : |
Mr. B S Nagesh |
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Designation : |
Managing Director |
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Name : |
Mr. Govind Shrikande |
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Designation : |
Executive Director & CEO |
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Audit Committee |
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Mr. Deepak Ghaisas Mr. Prof. Nitin Sanghavi Mr. Shahzaad S. Dalai |
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Remuneration Committee/ Compensation Committee |
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Mr. Gulu L. Mirchandani Mr. Prof. Nitin Sanghavi Mr. Shahzaad S. Dalai |
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Finance Committee |
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Mr. Mr. Neel C. Raheja Mr. B. S. Nagesh Mr. Govind Shrikhande |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Mehta |
|
Designation : |
Vice President – Legal and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
3695000 |
4.48 |
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|
52334674 |
63.45 |
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(B) Public Shareholding |
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|
|
|
|
|
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|
5392255 |
6.54 |
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|
10629201 |
12.89 |
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|
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|
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|
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|
7314344 |
8.87 |
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|
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|
1009544 |
1.22 |
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|
2071707 |
2.51 |
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|
54 |
-- |
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|
18725 |
0.02 |
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|
10710 |
0.01 |
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|
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Total |
82476214 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Departmental Stores |
GENERAL INFORMATION
|
No. of Employees : |
3577 (Approximately) |
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Bankers : |
·
Axis Bank
Limited ·
Citibank N.A. ·
IDBI Bank
Limited ·
ICICI Bank
Limited ·
Kotak Mahindra
Bank Limited ·
Calyon Bank ·
HDFC Bank
Limited |
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Facilities : |
Note: Term loans, cash credit facilities, working capital demand loans and buyers
credit are secured by a first charge on all movable tangible properties and
an exclusive lien on lease deposits and on all current assets of the company,
both present and future. |
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Banking
Relations : |
-- |
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Statutory Auditor: |
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Name : |
Deloitte Haskins and Sells Chartered
Accountants |
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Address : |
12, |
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internal Auditor: |
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Name : |
Ernst and Young
Private Limited |
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Address : |
Jalan Mill Compound, 95, Ganpatrao Kadam
Marg, Lower Parel, Mumbai-400 013, |
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Associates/Subsidiaries : |
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Joint Venture: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.5/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
82166836 |
Equity Shares |
Rs.5/- each |
Rs.410.834
Millions |
Note:
- Under employee stock option schemes the company has granted (net of
options lapsed)
a)
219276 (2010: 225660)
options in 2004-05, of which 219276 vested options have been exercised.
b)
148354 (2010: 152902)
options in 2004-05, of which 148354 vested options have been exercised.
c)
112562 (2010: 115970)
options in 2005-06, of which 89630 vested options have been exercised.
d)
1014660 (2010: 1025400) options
in 2009-10, of which 253560 vested options have been exercised.
e)
389000 (2010: 400000)
options in 2009-10, of which 13200 vested options have been exercised.
- Of the above, 338148 options were exercised during the year
Note: Each option entitles the holder there of
to apply for and be allotted 1 ordinary shares of the face value of Rs.5/-
each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
410.834 |
349.143 |
348.660 |
|
|
2] Optionally Convertible Warrants |
0.000 |
307.180 |
0.000 |
|
|
3] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
5570.188 |
2432.599 |
2099.650 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
(117.470) |
|
|
NETWORTH |
5981.022 |
3088.922 |
2330.840 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1287.217 |
1843.480 |
1782.220 |
|
|
2] Unsecured Loans |
200.000 |
150.000 |
295.410 |
|
|
TOTAL BORROWING |
1487.217 |
1993.480 |
2077.630 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7468.239 |
5082.402 |
4408.470 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3121.423 |
2709.956 |
2355.060 |
|
|
Capital work-in-progress |
446.461 |
276.774 |
232.250 |
|
|
|
|
|
|
|
|
INVESTMENT |
2371.934 |
1196.745 |
974.450 |
|
|
DEFERREX TAX ASSETS |
32.500 |
45.500 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1511.366
|
1498.932 |
1449.810
|
|
|
Sundry Debtors |
160.063
|
109.090 |
112.990
|
|
|
Cash & Bank Balances |
26.181
|
30.371 |
157.280
|
|
|
Other Current Assets |
12.572
|
0.000 |
0.000
|
|
|
Loans & Advances |
2785.468
|
1911.285 |
1788.690
|
|
Total
Current Assets |
4495.650
|
3549.678 |
3508.770
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2771.100
|
2528.838 |
|
|
|
Other Current Liabilities |
133.122
|
88.393 |
2647.220
|
|
|
Provisions |
95.507
|
79.020 |
14.840
|
|
Total
Current Liabilities |
2999.729
|
2696.251 |
2662.060
|
|
|
Net Current Assets |
1495.921
|
853.427 |
846.710
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7468.239 |
5082.402 |
4408.470 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17097.424 |
14055.008 |
12623.830 |
|
|
|
Other Income |
94.547 |
63.117 |
85.580 |
|
|
|
TOTAL (A) |
17191.971 |
14118.125 |
12709.410 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
10890.073 |
8899.623 |
|
|
|
|
Employee Costs |
989.837 |
875.855 |
12217.000 |
|
|
|
Operating and Administrative Expenses |
3718.948 |
3170.027 |
|
|
|
|
Exceptional Items |
(0.510) |
(18.772) |
|
|
|
|
TOTAL (B) |
15598.348 |
12926.733 |
12217.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1593.623 |
1191.392 |
492.410 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
145.377 |
224.435 |
504.670 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1448.246 |
966.957 |
(12.260) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
309.988 |
310.254 |
631.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1138.258 |
656.703 |
(643.570) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
386.500 |
154.398 |
(6.390) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
751.758 |
502.305 |
(637.180) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
268.519 |
(147.600) |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
37.588 |
25.115 |
NA |
|
|
|
Proposed Dividend |
61.626 |
52.372 |
NA |
|
|
|
Corporate Dividend Tax |
7.958 |
8.699 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
913.105 |
268.519 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Foreign Currency and Foreign Credit Card Collection on |
448.710 |
416.429 |
NA |
|
|
|
Royalty |
0.000 |
6.011 |
NA |
|
|
TOTAL EARNINGS |
448.710 |
422.440 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Computer Software and Hardware |
9.390 |
5.429 |
NA |
|
|
|
Capital Goods |
32.552 |
40.004 |
NA |
|
|
|
Purchase of Merchandise |
390.931 |
220.815 |
NA |
|
|
TOTAL IMPORTS |
432.873 |
266.248 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic |
9.52 |
6.61 |
(18.27) |
|
|
|
Earnings Per
Share (Rs.)diluted |
9.42 |
6.53 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
3930.250 |
4973.380 |
|
Total Expenditure |
|
3666.860 |
4586.240 |
|
PBIDT (Excl
OI) |
|
263.390 |
387.140 |
|
Other Income |
|
37.400 |
51.500 |
|
Operating
Profit |
|
300.790 |
438.640 |
|
Interest |
|
44.130 |
56.890 |
|
Exceptional
Items |
|
0.000 |
0.000 |
|
PBDT |
|
256.660 |
381.750 |
|
Depreciation |
|
81.000 |
87.850 |
|
Profit
Before Tax |
|
175.660 |
293.900 |
|
Tax |
|
58.850 |
98.450 |
|
Reported PAT |
|
116.810 |
195.450 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
116.810 |
195.450 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.37
|
3.56 |
(5.01) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.66
|
4.67 |
(5.10) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.94
|
10.54 |
(10.97) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.21 |
(0.28) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
1.52 |
2.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.32 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
Performance Review
The Company has opened eight departmental
stores i.e. one each at
Awards and Recognition
The Company has been conferred inter-alia with
the following awards and recognitions during the year under review:
- Department Store of the Year by Star Retailer Awards.
- Merit Certificate in the category Department Store > 20000 sq.ft.
at the VMRD Retail Design Awards 2011.
- Prestigious Loyalty award for Customer & Brand loyalty in the
Retail Sector at the Loyalty Summit.
- Best Retail Marketing Campaign of the Year Award and Customer
Loyalty programme award at the 7th Reid and Taylor Awards for Retail
Excellence at Asia Retail Forum (Asia Retail Congress).
- Marketing Idea of The Year award for the Zoozoo merchandise tie-up
with Vodafone-Essar at ET Retail Awards, backed by the Economic Times and
Retailers Association of India (RAI).
- Most Respected Company in the Retail Sector by Business World.
- Shoppersstop.com has been recognised as the Most Admired Non-Store
Fashion and Lifestyle Retailer of the Year at the Images Fashion Awards
2011.
Further Issue of Capital
To meet the fund requirements entailed by the
strong growth potentials, the Company issued 2,000,000 equity shares of 10/-
each to Qualified Institutional Buyers at a price of 649/- in accordance with
SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and pursuant to the approval of members accorded
by Postal Ballot on December 16, 2009. Further the Company has also
simultaneously allotted 4,000,000 equity shares of 10/- each at a price of
307.18/-, to the promoters of the Company on preferential basis, consequent
upon exercise of their option for conversion of 4,000,000 warrants, in
accordance with SEBI Guidelines.
Finance
The Company continues with various initiatives
for bringing down the cost of borrowings which includes application of short- term
instruments like commercial paper, working capital demand loans within working
capital borrowing, so as to have funds at competitive cost.
Indian Retail — Today
Indian Retail — Tomorrow
The ongoing and expanding penetration of
modern retail will continue to be characterised by certain key features. There
would be a double pronged expansion into major urban cities and expansion to
smaller cities and towns. Sectors such as food and grocery, with far lesser modern trade
penetration currently, would see significantly greater jenetration.
Profitability of players would be stable and global majors would be playing a
greater role through strategic investments and transfer of know-how. Thus
penetration of organised retail in such a scenario would grow at an aggressive
pace and in line with top qutile growth of penetration witnessed in other
countries. If modern retail were to meet its true potential, the size of the
sector is estimated to reach —US$ 260 billion by 2020 which translates
approximately to a 21% percent modern retail penetration. The current size of
organised retail is currently estimated at close to US$ 28 billion or 6—7
percent of total retail. This includes food and beverages, clothing and
accessories, electronics and appliances, furniture and furnishings, health and
personal care, food services and drinking places, sporting goods, hobby, books,
music, leisure and entertainment and other miscellaneous items. Hence macro—economic
factors such as GDP growth, private consumption growth and mix of goods and
services within private consumption will drive growth in modern retail. The
challenges of inequity within the Indian economy remain pervasive. The issue of
inclusive growth and development is probably one of the most complex issues
that the economy faces today, and it is here that modern retail can contribute
significantly. The organised retail sector has the ability to directly drive
inclusion for a very large number of people falling into three stakeholder
categories: suppliers, customers and employees. Probably one of the biggest
“boon” that modern retail brings to the picture is also one that is often
ignored. Modern retail can be a significant driver of inclusive growth in the
country by it’s sheer volume of touch points. The retail sector has played a
phenomenal role throughout the world in increasing productivity of consumer
goods and services. It is the second largest industry in US in terms of numbers
of employees and establishments. There is no denying the fact that most of the
developed economies are very much relying on their retail sector as a
locomotive of growth, and the Indian story of modern retail is not expected to
be any different. The India Retail Industry is the largest among all the
industries, accounting for over 10 per cent of the country’s GDP and around 8
per cent of the employment. The Retail Industry in
Indian Retail — Challenges Ahead
Probably one of the biggest challenges in the
growth story of Indian modern retail will be the cost, availability and
delivery of quality retail real estate. Rentals continue to be the highest
expense of modern retailers and are almost 4 to 5 times that of their western
counterparts. This cost continues to pose a challenge to its growth. The timely
delivery of malls and stores is a key factor in the growth and penetration of
modern retail. Delays here will mean substantial setbacks for the players in
the industry. Trained manpower shortage is a challenge facing the modern retail
sector in
CONTINGENT
LIABILITIES IN RESPECT OF:
|
Particular |
As
on 31.03.2011 (Rs.
in Millions) |
As
on 31.03.2010 (Rs.
in Millions) |
|
Guarantee given for loan taken by joint venture companies from banks |
133.857 |
449.000 |
|
Claims against the company not acknowledged as debts comprise of |
53.591 |
24.542 |
|
Disputed income tax matters in appeal |
1.646 |
42.863 |
|
Dispute sale tax matters in appeal |
1.709 |
2.400 |
|
Contingent contractual claims |
23.619 |
23.619 |
|
Others |
5.225 |
0.000 |
|
Total |
219.647 |
542.424 |
FIXED ASSETS:
- Leasehold Improvements
- Air Conditioning and Other Equipment
- Furniture and Fixtures
- Other Fittings
- Computer
- Vehicles
- Trademark and Patents
- Software
AS PER WEBSITE DETAILS:
Board of Directors
Mr. Chandru L. Raheja
Chairman and
Non-Executive Director
Mr. Chandru L. Raheja, 70, is the Chairman and Non-Executive
Director of their Company. He is a law graduate from Mumbai. Mr. Raheja has
extensive experience with the real estate, hospitality and retail industries
across
Mr.
Non-Executive
Director
Mr. Ravi C. Raheja, 39, is the Non-Executive Director of
their Company. He is a management graduate from
Mr. Neel Raheja
Non-Executive
Director
Mr. Neel Raheja, 36, is the Non-Executive Director of their
Company. He is an alumnus of
Mr. B. S. Nagesh
Customer Care
Associate, Vice Chairman and Non-Executive Director
Mr. B. S. Nagesh, 52, is the Vice Chairman and Non-Executive
Director of their Company. He holds a degree of Masters in Management Studies
from the
Mr. Gulu L.
Mirchandani
Independent and
Non-Executive Director
Mr. Gulu L. Mirchandani, 67, is the Independent and Non-Executive Director of their Company. He is an alumnus of BITS, Pilani and holds a degree in BE (Mechanical). Mr. Mirchandani presently serves as the chairman and managing director of Mirc Electronics Limited.
Mr. Shahzaad Dalal
Independent and
Non-Executive Director
Mr. Shahzaad Dalal, 52, is the Independent and Non-Executive
Director of their Company. He is a Management Graduate from Northeast Louisiana
University (USA). He is the Vice Chairman of IL and FS Investment Managers
Limited (IIML) one of
Prof. Nitin J.
Sanghavi
Independent and
Non-Executive Director
Prof. Nitin J. Sanghavi, 62, is the Independent and
Non-Executive Director of their Company. He holds Bachelor’s in Science from
Mr. Deepak Ghaisas
Independent and
Non-Executive Director
Mr. Deepak Ghaisas, 53, is the Independent and Non-Executive Director of their Company. He is a qualified Chartered Accountant, Cost Accountant and Company Secretary. He leads strategy development, visioning and conceptualisation of breakthrough business models for Gencoval Group,
Mr. Nirvik Singh
Independent and
Non-Executive Director
Mr. Nirvik Singh, 46, is the Independent and Non-Executive Director of their Company. He is a post graduate from St. Xavier’s College, Kolkata. Mr. Singh brings to their board his keen sense of marketing communications.
Mr. Govind Shrikhande
Customer Care
Associate and Managing Director
Mr. Govind Shrikhande, 50, is the Managing Director of their Company. He is a graduate of Technology from Veermata Jijabai Technological Institute (VJTI), Mumbai, and is a management graduate from Symbiosis Institute of Business Management, Pune. Mr. Shrikhande has been with their Company for more than ten years
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.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.