MIRA INFORM REPORT
|
Report Date : |
03.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
PROMART RETAIL INDIA PRIVATE LIMITED [w.e.f. 28.09.2011] |
|
|
|
|
Formerly Known
As : |
PROMART RETAIL (I) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Flat No. 15/16, 4th Floor, A Wing, Krishna Co-operative
Housing Society, Off Subhash Road, Next to Iflex, Vile Parle (East),
Mumbai-400057, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
21.02.2011 |
|
|
|
|
Com. Reg. No.: |
11-213851 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.500
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52300MH2011PTC213851 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMP29201E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCP8743B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Retailer and Trader of Garments and Apparels. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1300 |
|
|
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|
Status : |
Yet to commence business |
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Payment Behaviour : |
Unknown |
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|
Litigation : |
Clear |
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|
Comments : |
Though the company was incorporated in the year February 2011. They have
not yet started with their business activities. The management is non
co-operative. Payments terms are unknown. The company can be considered for business dealing with some caution. |
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 |
CRISIL |
|
Rating |
BB [Long Term] |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
29.08.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A4 + [Short Term] |
|
Rating Explanation |
Having minimal degree of safety regarding timely payment of financial
obligation it carry very high credit risk and are susceptible of default. |
|
Date |
29.08.2012 |
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
Management non co-operative.
LOCATIONS
|
Registered Office : |
Flat No. 15/16, 4th Floor, A Wing, Krishna Co-operative
Housing Society, Off Subhash Road, Next to Iflex, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Tel. No.: |
91-22-26841653/94 |
|
Fax No.: |
91-22-26841790 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Ashish Narendra Garg |
|
Designation : |
Managing Director |
|
Address : |
F-22, Model Town II, New Delhi-110009, India |
|
Date of Birth/Age : |
31.05.1976 |
|
Date of Appointment : |
30.12.2011 |
|
Din No.: |
00013343 |
|
|
|
|
Name : |
Mr. Punit Shivkumar Agarwal |
|
Designation : |
Director |
|
Address : |
2, Shweta Building, Plot No. 42, 1st Glumohar Road, Juhu,
Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
19.03.1977 |
|
Date of Appointment : |
21.02.2011 |
|
Din No.: |
00325616 |
|
|
|
|
Name : |
Mrs. Neetu Agarwal |
|
Designation : |
Director |
|
Address : |
2, Shweta Building, Plot No. 42, 1st Glumohar Road, Juhu,
Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
08.07.1976 |
|
Date of Appointment : |
21.02.2011 |
|
Din No.: |
01506024 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Tanaya Enterprises Private Limited, India |
|
4500 |
|
Punit Shivkumar Agarwal |
|
45500 |
|
|
|
|
|
TOTAL
|
|
50000 |
AS ON 01.10.2011
|
Names of Allottees |
|
No. of Shares |
|
Ashish Narendra Garg |
|
50000 |
|
|
|
|
|
TOTAL
|
|
50000 |
AS ON 31.03.2012
|
Names of Allottees |
|
No. of Shares |
|
Punit Shivkumar Agarwal |
|
1290000 |
|
Shaloo Garg |
|
500000 |
|
Ashish Narendra Garg |
|
200000 |
|
Apple Green Power Limited, India |
|
30010000 |
|
|
|
|
|
TOTAL
|
|
32000000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
9.00 |
|
Directors
or relatives of directors |
|
91.00 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailer and Trader of Garments and Apparels. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
Punjab National Bank, ECE House Branch, Connaught Place, New
Delhi-110001, India |
||||||
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Facilities : |
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
Singrodia Goyal and Company Chartered Accountants |
|
Address : |
A-201, Rajeshri Accord, Telly Cross Lane, Off S.N. Road, Andheri, Mumbai-400069,
Maharashtra, India |
|
Tel. No.: |
91-22-42256363 |
|
Fax No.: |
91-22-42256364 |
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E-Mail : |
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|
Website: |
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|
Pan No.: |
AAAFS7106D |
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|
Related Parties : |
|
CAPITAL STRUCTURE
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs. 10/- each |
Rs.350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32100000 |
Equity Shares |
Rs. 10/-
each |
Rs.321.000
Millions |
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000 |
Equity Shares |
Rs. 10/- each |
Rs.2.500 Millions |
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(0.154) |
|
|
NETWORTH |
|
|
0.346 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.028 |
|
|
TOTAL BORROWING |
|
|
0.028 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.374 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.117 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.268 |
|
Total
Current Assets |
|
|
0.385 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
0.011 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.011 |
|
|
Net Current Assets |
|
|
0.374 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.374 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
0.000 |
|
|
|
Other Income |
|
|
0.000 |
|
|
|
TOTAL |
|
|
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
0.154 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
|
0.154 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
|
(0.154) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
|
(0.154) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
(0.154) |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
(3.09) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
40.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
35.00 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2011 (Rs. in millions) |
|
Sundry Creditors |
0.011 |
|
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 |
No |
|
12] |
Profitability for last one year |
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) |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U52300MH2011PTC213851 |
|
Name of the
company |
PROMART RETAIL
INDIA PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Flat No. 15/16, 4th Floor, A Wing, Krishna Co-operative
Housing Society, Off Subhash Road, Next to Iflex, Vile Parle (East),
Mumbai-400057, Maharashtra, India |
|
Type of charge |
Book Debts Others |
|
Particular of
charge holder |
Punjab National Bank, ECE House Branch, Connaught Place, New
Delhi-110001, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Hypothecation of
movable assets forming part of block assets, deed of hypothecation to secure
LC on DA/ DP basis, undertaking, hypothecation of goods and book debts to
secure cash credit facility, master agreement for inland and documentary
credit, hypothecation of current assets to secure FBWC limit of Rs. 240.000
Millions (out of this Rs.60.000 Millions for 2011-2012). NFB limit of
Rs.700.000 Millions (out of this Rs.170.000 Millions for 2011-2012). |
|
Date of
instrument Creating the charge |
04.01.2012 |
|
Amount secured by
the charge |
Rs.940.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Base Rate + 3.75%
i.e.14.50% Terms of
Repayment On Demand Margin CC 25% LC 10% (Cash/ FDR) 25% (Margin against SBLC) Extent and
Operation of the charge 100% |
|
Short particulars
of the property charged |
1st
charge on entire current assets, present and future, INCL entire stock, book
debts, loans and advances, stores consumables lying at stores/ godowns/ other
places Shipping
documents (DA/DP) including bills of lading/ covering imported raw
materials/stores/ spares along with insurance and other documents DP/DA bills
accompanied by RRS/ Mtrs of approved transport companies covering purchase of
raw material/ stores/ spares Personal
guarantee of directors of the company, Mr. Punit Shivkumar Aggarwal and Mr.
Ashish Garg |
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 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.55.72 |
|
|
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
|
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.