MIRA
INFORM REPORT
|
Report Date : |
24.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SMART RETAIL PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, No.50, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.07.2004 |
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Com. Reg. No.: |
08-034357 |
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Capital
Investment/ Paid-up Capital: |
Rs.200.000 Millions |
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CIN No.: [Company Identification
No.] |
U52190KA2004PTC034357 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS16086A |
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PAN No.: [Permanent Account No.] |
AAICS2694D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The company is engaged in the business of retailing of Staples
and Food Products, Home and Personal Care Products and General Merchandise. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 6000 |
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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 pressure. There appear 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
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
3rd Floor, No.50, |
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Tel. No.: |
91-80-40554144/ 41447272/ 43000000 |
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Mobile No.: |
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Fax No.: |
91-80-40554155 |
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E-Mail : |
DIRECTORS
As on: 30.09.2011
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Name : |
Mr. Kapil Kumr Rajesh Kumar Wadhawan |
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Designation : |
Director |
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Address : |
Wadhawan House Plot No.32/A, |
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Date of Birth/Age : |
18.10.1973 |
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Qualification : |
MBA, Masters in Finance |
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Date of Appointment : |
14.06.2010 |
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DIN No : |
00028528 |
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Other Directorships :
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Name : |
Mr. Dheeraj Rajesh Kumar Wadhawan |
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Designation : |
Director |
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Address : |
#22/23, Sea View Palace, Pali Hill, Bandra (West), Mumbai – 400050,
Maharashtra, India |
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Date of Birth/Age : |
10.11.1978 |
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Qualification : |
Graduation In Construction Management |
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Date of Appointment : |
06.12.2012 |
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DIN No : |
00096026 |
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Other Directorships :
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Name : |
Mr. Bhagwat Swarup Bal Swarup Sharma |
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Designation : |
Director |
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Address : |
Flat No. 1306, A-I, |
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Date of Birth/Age : |
12.11.1939 |
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Qualification : |
M.COM., CAIIB |
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Date of Appointment : |
06.12.2012 |
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DIN No : |
00230202 |
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Other Directorships :
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Name : |
Mr. Pradeep Lalchand Chechani |
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Designation : |
Director |
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Address : |
B-502, B Wing, Satellite Tower Chs Limimted, Film City Road, Satellite
Garden Layout, Phase – II, Near Vege, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Date of Birth/Age : |
19.04.1970 |
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Qualification : |
B.COM., MBA, CPIM-APICS certified Supply Chain Management |
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Date of Appointment : |
01.08.2011 |
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DIN No : |
03585083 |
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KEY EXECUTIVES
|
Name : |
Mr. C R Sharma |
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Designation : |
Secretary |
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Address : |
GF-34, S-High-C/3, Khb Colony, 5th Phase, Yelahanka New
Town, Bangalore – 560064, Karnataka, India |
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Date of Birth/Age : |
26.11.1930 |
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Date of Appointment : |
02.08.2008 |
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PAN No : |
AOOPS8341E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Bhaskar Anand Rao |
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120000 |
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120000 |
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Umesh Sangurmath |
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120000 |
|
Wadhawan Retail Private Limited, |
|
19639600 |
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Wddhawan Holding Private Limited, |
|
100 |
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Wddhawan Retail Ventures Private Limited, |
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100 |
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Wddhawan Realtors Private Limited, |
|
100 |
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Wddhawan Consolidated Holdings Private Limited, |
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100 |
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Total |
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20000000 |
As on: 30.09.2011
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Category |
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Percentage |
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Bodies corporate |
|
98.20 |
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Others |
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1.80 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in the business of retailing of
Staples and Food Products, Home and Personal Care Products and General
Merchandise. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
ICICI Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.M. Chaturvedi and Company Chartered Accountant |
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Address : |
32, Jolly Maker Chamber II, Nariman Point, Mumbai - 400
021, |
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Pan No.: |
ABLPC2269H |
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Holding Company : |
Wadhawan Retail Private Limited (U52190MH2005PTC155413) |
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Associates : |
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CAPITAL STRUCTURE
As on: 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Share |
Rs.10/- each |
Rs.200.000 Millions |
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|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
20000000 |
Equity Share |
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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
200.000 |
200.000 |
185.040 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
258.000 |
258.000 |
213.120 |
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4] (Accumulated Losses) |
(456.436) |
(368.865) |
(200.148) |
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NETWORTH |
1.564 |
89.135 |
198.012 |
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LOAN FUNDS |
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1] Secured Loans |
150.997 |
130.113 |
131.467 |
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2] Unsecured Loans |
238.387 |
147.661 |
0.000 |
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TOTAL BORROWING |
389.384 |
277.774 |
131.467 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
390.948 |
366.909 |
329.479 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
102.915 |
110.251 |
135.077 |
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Capital work-in-progress |
34.521 |
34.531 |
31.794 |
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INVESTMENT |
0.000 |
0.000 |
49.635 |
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DEFERREX TAX ASSETS |
200.900 |
155.559 |
78.501 |
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Finance lease receivables long-term |
31.239 |
37.133 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
39.252
|
44.813 |
70.584 |
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Sundry Debtors |
8.729
|
12.941 |
11.595 |
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Cash & Bank Balances |
5.498
|
2.359 |
7.022 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.904
|
11.796 |
38.238 |
|
Total
Current Assets |
63.383
|
71.909 |
127.439 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
13.293
|
12.935 |
59.069 |
|
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Other Current Liabilities |
11.152
|
14.542 |
17.791 |
|
|
Provisions |
17.884
|
15.577 |
16.949 |
|
Total
Current Liabilities |
42.329
|
43.054 |
93.809 |
|
|
Net Current Assets |
21.054
|
28.855 |
33.630 |
|
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|
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|
|
|
MISCELLANEOUS EXPENSES |
0.319 |
0.580 |
0.842 |
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|
|
|
|
|
|
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TOTAL |
390.948 |
366.909 |
329.479 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
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SALES |
|
|
|
|
|
|
|
Sales and
Operating Income (A) |
523.200 |
480.900 |
576.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
630.400 |
700.700 |
772.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(107.200) |
(219.800) |
(195.800) |
|
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|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.300 |
15.700 |
11.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(123.500) |
(235.500) |
(207.700) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.400 |
10.400 |
8.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(132.900) |
(245.900) |
(216.400) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
45.400 |
77.100 |
65.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(87.500) |
(168.800) |
(150.500) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(368.900) |
(200.100) |
(49.700) |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.38) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.01.2011 |
31.03.2010 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(16.72)
|
(35.10) |
(26.11) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(79.92)
|
(134.99) |
(95.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(84.97)
|
(2.76) |
(1.09) |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
276.03
|
3.60 |
1.14 |
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.67 |
1.36 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
No |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Note:
The registered office of the company has been shifted from #
36/3, 1st Floor, Haralukunte Dhakale, HSR Layout, 2nd Sector, Somasunderapalya,
Operations:
The Company had 34 supermarket stores for the financial year
2009-10. During the current financial year the no of supermarket stores have
come to 35. Currently it is operating with 30 Supermarket Stores, 1
Distribution Centre and 3
The promoters have infused an amount of Rs.108.700 Millions as unsecured loan to the company.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U52190KA2004PTC034357 |
|
Name of the
company |
SMART RETAIL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
# 36/3, 1st
Floor, Haralukunte Dhakale, HSR Layout, 2nd Sector, Somasunderapalya, E-mail: info@smartretail.co.in
|
|
This form is for |
Creation
of charge |
|
Type of charge |
|
|
Particular of
charge holder |
ICICI Bank
Limited, E-mail: shanthi.venkatesan@icicibank.com
|
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated 10.12.2010 to secure Loan given by ICICI BANK LIMITED to
Smart Retail Private Limited |
|
Date of
instrument Creating the charge |
10.12.2010 |
|
Amount secured by
the charge |
Rs.120.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest As on date, the
I-Base is 7.75% per annum, Spread is 4.25% per annum and the Applicable Rate
is 12.00% per annum. Terms of
repayment The Borrower
agrees and undertakes to repay the principal amounts of the Rupee Term Loan
to ICICI Bank in 18 equal monthly installments and in accordance with the
repayment schedule as specified Margin Not Applicable Extend and
Operations of the charge Extension of charge
by way of Deed of Hypothecation on all Bank Accounts rights , titles,
interest , benefits, claims and
demands whatsoever as specified in Schedule II of Deed of Hypothecation. Others Not Applicable |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Debt Service
Reserve Account no.054405004771maintained with ICICI Bank |
Contingent
Liabilities:
Company has filed a writ petition against levy of service tax on rent before Karnataka High Court and on 24.08.2010 Karnataka high court has pleased to pass an interim stay order on liability to pay the service tax in respect of renting of immovable property. Therefore, no provision for service tax on rent has been made for the estimated Contingent Liabilities of approximately Rs.5.653 Millions thereon.
The Bank has given certain guarantees of Rs.0.509 Millions on behalf of the company in favour of different
Government & other authorities which are secured by way of lien on the company’s FDR with the bank for Rs.0.509 Millions
Fixed Assets:
- Plant and Machinery
- Furniture and Fixture
- Leasehold Improvement
- Office Equipment
- Computer
- Software Development
- Vehicles
- Electrical Installations
- Intagibles
- Uniforms
- Store Setup Expenses
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.52.23 |
|
|
1 |
Rs.84.16 |
|
Euro |
1 |
Rs.68.84 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
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.