MIRA
INFORM REPORT
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Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MAX HYPERMARKET INDIA PRIVATE LIMITED |
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Registered
Office : |
2nd Floor (Above Spar Hypermarket) No 39/3 and 44, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
19.08.2004 |
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Com. Reg. No.: |
08-37768 |
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Capital
Investment / Paid-up Capital : |
Rs.652.983 millions |
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CIN No.: [Company Identification
No.] |
U52190KA2004PTC037768 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject operates Hyper Market and Super Markets. |
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No. of Employees : |
Not Divulged by Management |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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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Maximum Credit Limit : |
USD 1800000 |
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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. Profitability
of the company is under sever pressure. There appears huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 DECLINED BY
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Name : |
Mr. Somshekar |
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Designation : |
Accountant |
LOCATIONS
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Registered Office : |
2nd Floor (Above Spar Hypermarket) No 39/3 and 44, |
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Tel. No.: |
91-80-41811600 |
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Fax No.: |
91-80-26769616 |
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E-Mail : |
DIRECTORS
AS ON 29.09.2010
|
Name : |
Mr. Mukesh Wadhumal Jagtiani |
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Designation : |
Director |
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Address : |
82 Sea Gull, 8th Floor, |
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Date of Birth/Age : |
28.09.1951 |
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Date of Appointment : |
19.10.2004 |
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DIN No. : |
00180876 |
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Name : |
Mr. Ramanathan Hariharan |
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Designation : |
Director |
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Address : |
Meadows, Phase V, Villa No. 22, Street No. 2, |
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Date of Birth/Age : |
24.06.1955 |
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Date of Appointment : |
19.10.2004 |
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DIN No. : |
00323959 |
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Name : |
Mr. Viney Singh |
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Designation : |
Managing Director |
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Address : |
201, Woodvale Apartments, Heather Block, |
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Date of Birth/Age : |
28.11.1959 |
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Date of Appointment : |
25.10.2006 |
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DIN No. : |
00932145 |
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Name : |
Mr. Vipin Bhandari |
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Designation : |
Whole Time Director |
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Address : |
F-403, |
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Date of Birth/Age : |
02.02.1972 |
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Date of Appointment : |
19.10.2004 |
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DIN No. : |
00288440 |
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Name : |
Mr. Sundararaman Nagarajan |
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Designation : |
Director |
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Address : |
51-B, Block C, Sobha Emerald, Jakkur, |
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Date of Birth/Age : |
30.07.1963 |
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Date of Appointment : |
20.02.2006 |
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DIN No. : |
00291247 |
KEY EXECUTIVES
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Name : |
Mr. Somshekar |
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Designation : |
Accountant |
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Name : |
Mr. Girdharan |
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Designation : |
Finance Manager |
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Name : |
Mr. N Anantha Murthy |
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Designation : |
Secretary |
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Address : |
No. 888, 50th Main, 25th Cross, Kumara Swamy
Layout, 1st Stage, |
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Date of Birth/Age : |
14.11.1973 |
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Date of Appointment : |
17.11.2008 |
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PAN No. : |
ACEPM1429K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
|
Names of Shareholders |
No. of Shares |
|
Kabir Anil Lumba |
5000 |
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Mukesh Wadhumal Jagtiani |
43743182 |
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Renuka Mukesh Jagtiani |
21545150 |
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Sundararaman Nagarajan |
5000 |
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Total |
65298332 |
AS ON 29.09.2010
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Equity Share Breakup
|
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
99.99 |
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Other top fifty shareholders |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject operates Hyper Market and Super Markets. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by Management |
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Bankers : |
·
Standard Chartered Bank, Raheja Towers, No.
26-27, M G Road, Bangalore 560001, Karnataka, India ·
State Bank of India, Specialised Commercial
Branch, Krishi Bhavan, I Floor, Hudson Circle, Bangalore – 560 001,
Karnataka, India ·
IDBI Bank Limited, Specialised Corporate Branch,
102, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
5th Floor, The Mellenia, 1 and 2 Tower D, Murphy Road,
Ulsoor, Bangalore – 560 008, Karnataka, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
After 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity Shares |
Rs.10/ each |
Rs.750.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70964998 |
Equity Shares |
Rs.10/- each |
Rs.709.650 millions |
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
75000000 |
Equity Shares |
Rs.10/ each |
Rs.750.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65298332 |
Equity Shares |
Rs.10/- each |
Rs.652.983 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
652.983 |
602.983 |
152.983 |
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2] Share Application Money |
0.001 |
0.000 |
0.000 |
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3] Reserves & Surplus |
882.916 |
632.916 |
632.916 |
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4] (Accumulated Losses) |
(1092.956) |
(803.049) |
(440.804) |
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NETWORTH |
442.944 |
432.850 |
345.095 |
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LOAN FUNDS |
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1] Secured Loans |
50.000 |
50.504 |
0.088 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
50.000 |
50.504 |
0.088 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
492.944 |
483.354 |
345.183 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
307.493 |
225.860 |
206.072 |
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Capital work-in-progress |
22.662 |
44.648 |
2.375 |
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INVESTMENT |
63.757 |
62.982 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
143.311
|
86.687 |
108.339 |
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Sundry Debtors |
14.577
|
16.452 |
6.093 |
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Cash & Bank Balances |
67.378
|
32.917 |
29.321 |
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Other Current Assets |
175.898
|
165.732 |
118.287 |
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Loans & Advances |
25.003
|
19.292 |
11.846 |
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Total
Current Assets |
426.167
|
321.080 |
273.886 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
206.124
|
102.900 |
92.783 |
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Other Current Liabilities |
66.594
|
53.844 |
39.416 |
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Provisions |
54.417
|
14.472 |
4.951 |
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Total
Current Liabilities |
327.135
|
171.216 |
137.150 |
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Net Current Assets |
99.032
|
149.864 |
136.736 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
492.944 |
483.354 |
345.183 |
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PROFIT & LOSS
ACCOUNT
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(19.11)
|
(31.93) |
(112.90) |
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Net Profit Margin (PBT/Sales) |
(%) |
(19.11)
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(31.81) |
(111.85) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(39.51)
|
(65.98) |
(66.46) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.65)
|
(0.83) |
(0.92) |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.85
|
0.51 |
0.39 |
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Current Ratio (Current Asset/Current Liability) |
|
1.30
|
1.87 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered office of the company has been shifted from No.651, C.V. Naidu Chambers, 11th Cross Junction, 7th Block, Jayanagar Kanakapura Main Road, Bangalore – 560 082, Karnataka to the present address w.e.f. 01.08.2009
BACKGROUND
The company was incorporated in August 19, 2004 as a private limited
company under the Companies Act, 1956. the company operates Hyper Market and Super
Markets under the brand name of “SPAR”
OPERATIONS
The company launched largest SPAR Hypermarket Store at Mantri Mall in
During the financial year 2010-2011, the company would be opening 5 new
SPAR hypermarket stores at different locations across the country. While the
company has already opened SPAR hypermarket store at Managalore during Q1 of
the current financial year, the new stores at
The company is actively exploring opportunity to extend its footprint in
tier-II cities in southern region as well as northern region.
FIXED ASSETS
·
Leasehold Improvements
·
Plant, Machinery and Equipments
·
Computers
·
Furniture and Fittings
·
Motor Vehicles
·
Trade Marks
·
Software Licence
FORM 8
|
Corporate
identity number of the company |
U52190KA2004PTC037768 |
|
Name of the
company |
MAX HYPERMARKET INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
2nd Floor (Above Spar Hypermarket) No 39/3 and 44, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
|
Particular of charge
holder |
Standard Chartered Bank, |
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Nature of
instrument creating charge |
Unattested
memorandum of hypothecation Dated 6th December 2010 |
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Date of
instrument Creating the charge |
06.12.2010 |
|
Amount secured by
the charge |
Rs. 650.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 12% per annum or
such other rate of interest as may be specified by the bank from time to time
and as notified to the company by the bank Terms of repayment Term Loan:
Repayable in 16 equal quarterly installments Working Capital :
On demand Margin As may be agreed
between the company and the bank Extent and operation of the charge Charge extends by
way of First Charge on Secured Assets viz., Book Debts, Stocks and machinery |
|
Short particulars
of the property charged (Including location of the property) |
First Charge on
Secured Assets viz., Book Debts, Stocks to cover working capital facilities
of Rs.150.000 millions and First Charge on
Secured Assets viz., Plant and Machineries to cover Term Loan of Rs.500.000
millions |
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.46.13 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.