|
Report Date : |
30.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
TPG WHOLESALE PRIVATE LIMITED (w.e.f. 21.09.2010) |
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|
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Formerly Known
As : |
MICRONET INFRASTRUCTURE PRIVATE LIMITED |
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Registered
Office : |
704, Platina, Plot No.C-59, G - Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
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Date of
Incorporation : |
31.05.2010 |
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|
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Com. Reg. No.: |
11-203551 |
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Capital
Investment / Paid-up Capital : |
Rs.2159.439
millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U51909MH2010PTC203551 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT16416B |
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PAN No.: [Permanent Account No.] |
AAGCM7158Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Cash and Carry Wholesale Trading Operation |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11083000 |
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a result of acquisition of Vishal Retail Limited by private
equity firm TPG and In view of strong promoters, the company can be considered normal for
business dealings at usual trade terms and conditions. Profit and loss account of the company is not available. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED
Management non-cooperative
LOCATIONS
|
Registered Office : |
704, Platina, Plot No.C-59, G - Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
|
Tel. No.: |
91-22-40391000 |
|
Fax No.: |
91-22-40391001 |
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E-Mail : |
DIRECTORS
As on 30.11.2011
|
Name : |
Jonathan Mark Andrew Price |
|
Designation : |
Additional Director |
|
Address : |
19 |
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Date of Birth/Age : |
19.12.1964 |
|
Date of Appointment : |
30.08.2011 |
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DIN No. : |
03591276 |
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|
|
|
Name : |
Mr. Anish Batlaw |
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Designation : |
Additional Director |
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Address : |
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Date of Birth/Age : |
09.02.1966 |
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Date of Appointment : |
30.08.2011 |
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DIN No. : |
03548526 |
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|
|
|
Name : |
Carlos Miguel Aquino |
|
Designation : |
Additional Director |
|
Address : |
12/B |
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Date of Birth/Age : |
13.01.1962 |
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Date of Appointment : |
30.08.2011 |
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DIN No. : |
03570603 |
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|
|
|
Name : |
Mr. Puneet Bhatia |
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Designation : |
Additional Director |
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Address : |
The Aralias |
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Date of Birth/Age : |
16/12/1966
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|
Date of Appointment : |
19.11.2010 |
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DIN No. : |
00143973 |
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|
Name : |
Mr. Amol Jain |
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Designation : |
Additional Director |
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Address : |
Flat No.12, Merry |
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Date of Birth/Age : |
16.12.1972 |
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Date of Appointment : |
04.03.2011 |
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DIN No. : |
00334710 |
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|
|
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Name : |
Mr. |
|
Designation : |
Additional Director |
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Address : |
B-2/6, Vasant Vihar, R.K. Puram, |
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Date of Birth/Age : |
28.10.1947 |
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Date of Appointment : |
01.06.2011 |
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DIN No. : |
00350100 |
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|
Name : |
Mr. Gunender Kapur |
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Designation : |
Additional Director |
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Address : |
29, CCI Chambers, |
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Date of Birth/Age : |
19.01.1961 |
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Date of Appointment : |
01.06.2011 |
|
DIN No. : |
01927304 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Kumar Gupta |
|
Designation : |
Secretary |
|
Address : |
902, Tower # 3,
Orchid Petals, Sector-49, |
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Date of Birth/Age : |
08.09.1974 |
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Date of Appointment : |
29.03.2011 |
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PAN No.: |
AHDPG2001K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.11.2011
|
Names of Shareholders |
|
No. of Shares |
|
TPG VW, Limited, |
|
215943902 |
|
Mitco Services Limited, |
|
1 |
|
Total |
|
215943903 |
As on 30.11.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Cash and Carry Wholesale Trading Operation |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
State Bank of India (As Monitoring Institution), A-5, Ring Road, South
Extension, Part - 1, New Delhi – 110 058, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
B.S.R.R. and Company Chartered Accountants |
|
Address : |
Building No.10,
8th Floor, Tower-B, |
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PAN No.: |
AAKFB1884H |
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|
|
|
Enterprises over
which individual investing parties exercising joint control over the Company
exercise significant influence (outside |
v
TPG Capital LP |
|
|
|
|
Entities which
exercise control over the Company (outside |
v
TPG Group Holdings (SBS) Advisors, Inc.—(Ultimate
holding entity) v
TPG Group Holdings (SBS), L.P. v
TPG Holdings I, L.P. v
TPG Asia GenPar V Advisors, Inc. v
TPG v
TPG v
TPG VW, Limited (immediate holding company) |
CAPITAL STRUCTURE
As on 30.11.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
260000000 |
Equity Shares |
Rs.10/- each |
Rs.2600.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
215943903 |
Equity Shares |
Rs.10/- each |
Rs.2159.439
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2159.439 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
611.259 |
|
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4] (Accumulated Losses) |
|
|
0.000 |
|
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NETWORTH |
|
|
2770.698 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2662.680 |
|
|
2] Unsecured Loans |
|
|
3357.087 |
|
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TOTAL BORROWING |
|
|
6019.767 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
8790.465 |
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|
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
|
|
7303.357 |
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Capital work-in-progress |
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|
0.000 |
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|
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|
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INVESTMENT |
|
|
1500.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
|
473.361 |
|
|
Sundry Debtors |
|
|
40.862 |
|
|
Cash & Bank Balances |
|
|
411.723 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
777.785 |
|
Total
Current Assets |
|
|
1703.731 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1680.749 |
|
|
Other Current Liabilities |
|
|
17.228 |
|
|
Provisions |
|
|
18.646 |
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Total
Current Liabilities |
|
|
1716.623 |
|
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Net Current Assets |
|
|
(12.892) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
8790.465 |
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KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
2.79 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.99 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs. in millions) |
|
Sundry Creditors |
|
|
- Creditors due small micro enterprises |
6.223 |
|
- Creditors due others |
1674.526 |
|
Total |
1680.749 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51909MH2010PTC203551 |
|
Name of the
company |
TPG WHOLESALE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
156/157, Maker Chambers VI, Nariman Point,
Mumbai – 400 021, E-Mail: rpavrey@vsnl.com |
|
This form is for |
Creation
of charge |
|
Type of charge |
Book Debts Movable property Floating charge |
|
Particular of
charge holder |
State Bank of India (As Monitoring Institution), A-5, Ring Road, South
Extension, Part - 1, New Delhi – 110 058, India E-Mail: sbi.00730@sbi.co.in |
|
Nature of
instrument creating charge |
Unattested Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
14.03.2011 |
|
Amount secured by
the charge |
Rs.3117.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
: 7.5% p.a. with monthly
rests for facility B (Rs.585.000 Millions), 7.5% p.a. with monthly rests for
facility C (Rs.1941.400 Millions) and 7.5% p.a. of facility E (Rs.591.000
Millions) Terms of
repayment : For each facilities
B, C and E, repayment shall take place in 21 unequal quarterly installments,
the first installment being payable on June 30, 2014 an the last installment
being payable on June 30, 2019. |
FIXED ASSETS:
Tangible Assets
v
Plant Machinery
v
Equipments
v
Computer Equipments
v
Furniture Fixtures
v
Vehicles
v
Leasehold Properties
Intangible Assets
v Goodwill
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.51.15 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.68.22 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.