MIRA INFORM REPORT
|
Report Date : |
28.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE WEBSTORE LIMITED |
|
|
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|
Formerly Known
As : |
RELIANCE WEBSTORE PRIVATE LIMITED |
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Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge
City, Opposite Koparkhairane, Railway Station, Thane Belapur Road, Navi
Mumbai-400710, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.08.2000 |
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Com. Reg. No.: |
11-128101 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2000PLC128101 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR01042G |
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|
Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business
: |
The products and services offered by the Company are Subscriber Acquisition (Mobile Business), Customer Service to Mobile Customer, Broadband Centre Operations, Video Conferencing (VC), Virtual Classroom, Digital Electronic News Gathering, Personal Financial Services, Music Downloads, DVD Rentals, E-Travel. |
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No. of Employees
: |
Information denied to the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 99000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is a part of Reliance Group. It is an established company having a satisfactory track record. The latest
financials are not made available with the government department. As per previous year’s record. The company performance capacity
appears to be high. Subject gets strong support from its group company.
Fundamental are healthy and strong. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct and as per commitment. In view of strong holdings company can be considered 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A-(Long Term Bank Facilities) |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligations. It carry low credit risk. |
|
Date |
July 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Opposite Koparkhairane, Railway Station, Thane Belapur Road, Navi Mumbai-400710, Maharashtra, India |
|
Tel. No.: |
91-22-30386286 |
|
Fax No.: |
91-22-30376622 |
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E-Mail : |
DIRECTORS
AS ON 25.09.2012
|
Name : |
Mr. Hiteshbhai Lalitbhai Marthak |
|
Designation : |
Director |
|
Address : |
E 301, Lily, Jalvayu Vihar, Phase-1, Near Shilp Chowk, Navi
Mumbai-410210, Maharashtra, India |
|
Date of Birth/Age : |
25.10.1975 |
|
Date of Appointment : |
28.06.2012 |
|
DIN No.: |
01039229 |
|
|
|
|
Name : |
Mr. Kavuseri Narayanswami Swaminathan |
|
Designation : |
Director |
|
Address : |
Flat No B/1601, Patel Heritage, Sector-7, Kharghar, Heena Nandani,
Navi Mumbai-410210, Maharashtra, India |
|
Date of Birth/Age : |
17.06.1967 |
|
Date of Appointment : |
02.11.2010 |
|
DIN No.: |
03307029 |
|
|
|
|
Name : |
Mr. Prakash Chand Bumb |
|
Designation : |
Director |
|
Address : |
C-1505, Lake Lucerne, Lake Homes, Powai, Chandivali, Mumbai-400076,
Maharashtra, India |
|
Date of Birth/Age : |
15.08.1963 |
|
Date of Appointment : |
31.03.2012 |
|
DIN No.: |
03339630 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2012
|
Names of Shareholders |
No. of Shares |
|
Reliance
Communications Limited, India |
49994 |
|
Prakash
Shenoyjointly with Reliance Communications Limited, India |
1 |
|
Anil Shah
jointly with Reliance Communications Limited, India |
1 |
|
Gaurang Shahi
jointly with Reliance Communications Limited, India |
1 |
|
Hitesh Marthak jointly
with Reliance Communications Limited, India |
1 |
|
Hasit Shukla
jointly with Reliance Communications Limited, India |
1 |
|
Hitesh Chawda
jointly with Reliance Communications Limited, India |
1 |
|
TOTAL
|
50000 |
AS ON 25.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The products and services offered by the Company are Subscriber Acquisition (Mobile Business), Customer Service to Mobile Customer, Broadband Centre Operations, Video Conferencing (VC), Virtual Classroom, Digital Electronic News Gathering, Personal Financial Services, Music Downloads, DVD Rentals, E-Travel. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Chaturvedi and Shah Chartered Accountant |
|
Address : |
714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021, |
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PAN No.: |
AAAFC0662N |
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|
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Holding Company : |
Reliance Communications Limited CIN No.:- L45309MH2004PLC147531 |
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|
|
|
Ultimate Holding Company : |
Reliance Innoventures Private Limited |
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|
|
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Fellow Subsidiaries : |
Reliance Communications Infrastructure Limited CIN No.:- U64203MH1997PLC166329 Reliance Infratel Limited CIN No.:- U72900MH2001PLC131598 Reliance Infocomm Infrastructure Private Limited CIN No.:- U45300MH1993PTC173775 Reliance Tech Services Private Limited CIN No.:- U72900MH2007PTC172690 Reliance Telecom Limited CIN No.:- U32100MH1994PLC162841
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
|
|
|
|
|
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
24.400 |
8.211 |
7.179 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
24.900 |
8.711 |
7.679 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
3320.486 |
3082.385 |
4608.764 |
|
|
TOTAL BORROWING |
3320.486 |
3082.385 |
4608.764 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
14.377 |
14.377 |
|
|
|
|
|
|
|
|
TOTAL |
3345.386 |
3105.473 |
4630.820 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1427.698 |
1764.482 |
1676.032 |
|
|
Capital work-in-progress |
269.926 |
263.725 |
625.481 |
|
|
|
|
|
|
|
|
INVESTMENT |
51.911 |
117.822 |
1862.336 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
507.896
|
647.041
|
988.875 |
|
|
Sundry Debtors |
1828.229
|
784.971
|
1081.663 |
|
|
Cash & Bank Balances |
18.677
|
35.910
|
41.445 |
|
|
Other Current Assets |
0.054
|
0.033
|
105.819 |
|
|
Loans & Advances |
884.282
|
1480.320
|
633.856 |
|
Total
Current Assets |
3239.138
|
2948.275 |
2851.658 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
243.547
|
401.287
|
718.408 |
|
|
Other Current Liabilities |
1388.227
|
1568.521
|
1639.914 |
|
|
Provisions |
11.513
|
19.023
|
26.365 |
|
Total
Current Liabilities |
1643.287
|
1988.831 |
2384.687 |
|
|
Net Current Assets |
1595.851
|
959.444
|
466.971 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3345.386 |
3105.473 |
4630.820 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4689.196 |
4953.709 |
2431.052 |
|
|
|
Other Income |
14.230 |
36.261 |
2602.461 |
|
|
|
TOTAL (A) |
4703.426 |
4989.970 |
5033.513 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
2736.597 |
2673.933 |
|
|
|
|
Manufacturing service costs |
680.027 |
983.240 |
|
|
|
|
Employee related expenses |
145.091 |
202.641 |
|
|
|
|
Administrative selling other expenses |
746.603 |
830.835 |
|
|
|
|
TOTAL (B) |
4308.318 |
4690.649 |
4805.081 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
395.108 |
299.321 |
228.432 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.771 |
(32.016) |
(24.946) |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
342.337 |
331.337 |
253.378 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
340.347 |
332.398 |
244.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1.990 |
(1.061) |
8.678 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(14.199) |
(2.093) |
7.427 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
16.189 |
1.032 |
1.251 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.211 |
7.179 |
5.928 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
24.400 |
8.211 |
7.179 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
0.000 |
7.219 |
1.337 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
323.78 |
20.64 |
25.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.34
|
0.02 |
0.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.04
|
(0.02) |
0.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.04
|
(0.02) |
0.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
(0.12) |
1.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
199.35
|
583.81 |
910.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.97
|
1.48 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
4.245 |
7.965 |
5.103 |
|
Creditors due others |
239.302 |
393.322 |
713.305 |
|
TOTAL |
243.547 |
401.287 |
718.408 |
NOTE
The registered office address of the company has been shifted from E
Block,
OPERATIONS
During the year,
the Company had earned a profit after tax of Rs. 16.189 Millions compared to
profit after tax of Rs. 1.032 Millions during the previous financial year
2009-10. The Company has entered into various contracts in the areas of retail
business, while benefits from such contracts will accrue in the future years;
the Board of Directors shall periodically review their progress.
The Company has
one of the most extensive distribution and service networks amongst all the
telecom players in India, consisting of nearly 2,300 Reliance World and Reliance
Mobile Stores throughout India equipped to sell wireless handset and service
packages, customer service centers with multilingual capabilities. In addition,
nearly a million retail outlets sell recharges (of which approximately 90
percent are electronic recharge enabled). The Company also has alliance with
banks for providing electronic recharge at about 14,000 ATMs.
FIXED ASSETS
- Building
- Plant and
Machinery
- Furniture and
Fixtures
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 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 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. 54.84 |
|
|
1 |
Rs. 88.54 |
|
Euro |
1 |
Rs. 72.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.