|
Report Date : |
17.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAINBOW RETAIL CHAIN PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
22/1, Alipore Road, Ground Floor, Kolkata – 700027, West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.03.2011 |
|
|
|
|
Com. Reg. No.: |
21-161291 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1.072 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52390WB2011PTC161291 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Non Woven Bags. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 160000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company having a moderate track record. In its first year of business operations company has achieved sizeable
turnover but the profit margin appears to be low. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. The company can be considered for business dealings 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
|
Name : |
Mr. Harsh Kothari |
|
Designation : |
Chief Executive Officer |
|
Contact No.: |
91-9007841111 |
|
Date : |
07.06.2013 |
LOCATIONS
|
Registered Office : |
22/1, Alipore Road, Ground Floor, Kolkata – 700027, West Bengal, India
|
|
Tel. No.: |
91-33-32918989 |
|
Mobile No.: |
91-9007841111 (Mr. Harsh Kothari) |
|
Fax No.: |
91-33-40016364 |
|
E-Mail : |
|
|
|
|
|
Factory : |
P-32, Kasba Industrial Estate, Phase – 1, DD House, 2nd
Floor, Kolkata – 700107, West Bengal, India |
DIRECTORS
(AS ON 28.09.2012)
|
Name : |
Mr. Abhishek Kothari |
|
Designation : |
Director |
|
Address : |
22/1, Alipore Road, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
06.11.1978 |
|
Date of Appointment : |
28.03.2011 |
|
DIN No.: |
00608692 |
|
|
|
|
Name : |
Mr. Raj Kumar Damani |
|
Designation : |
Director |
|
Address : |
22/1, Alipore Road, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
31.08.1960 |
|
Date of Appointment : |
28.03.2011 |
|
DIN No.: |
00688568 |
|
|
|
|
Name : |
Mrs. Rita Damani |
|
Designation : |
Director |
|
Address : |
118, Dr. Meghnad Saha Sarani, 5th Floor, Flat – 5A, Kolkata
– 700029, West Bengal, India |
|
Date of Birth/Age : |
11.08.1963 |
|
Date of Appointment : |
28.03.2011 |
|
DIN No.: |
01166730 |
KEY EXECUTIVES
|
Name : |
Mr. Harsh Kothari |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.09.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Abhishek Kothari |
|
3333 |
|
Raj Kumar Damani |
|
3333 |
|
Rita Damani |
|
3334 |
|
Damani Polymers Private Limited, India |
|
32400 |
|
Kanchan Devi Kothari |
|
5000 |
|
Kippy Engineering Private Limited, India |
|
27400 |
|
Magestic Vyapaar Private Limited, India |
|
5000 |
|
Saket Traders Private Limited, India |
|
5000 |
|
Genesis Tie-up Private Limited, India |
|
22400 |
|
|
|
|
|
Total |
|
107200 |
(AS ON )
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
86.01 |
|
Directors or relatives of directors |
|
9.33 |
|
Other top fifty shareholders |
|
4.66 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Non Woven Bags. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· HDFC Bank Limited Baguihati, Kolkata, West Bengal, India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shankar Saraf and Associates Chartered Accountant |
|
Address : |
11, Dacres Lane, 1st Floor, Kolkata – 700069, West Bengal,
India |
|
Tel No.: |
91-33-22624441/2 |
|
Fax No.: |
91-33-22624443 |
|
Mobile No.: |
91-9830115539 |
|
PAN No.: |
ALEPS2178N |
|
Email : |
|
|
|
|
|
Company in which
KMP/ Relatives of KMP can exercise Significant influence : |
· Damani Polymers Private Limited · Kippy Engineering Private Limited · Jiwansagar Niketan Private Limited · Genesis Tie-Up Private Limited |
CAPITAL STRUCTURE
(AS ON 28.09.2012)
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 |
|
|
|
|
|
|
107200 |
Equity Shares |
Rs.10/- each |
Rs.1.072
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
1.072 |
|
(b) Reserves & Surplus |
|
|
38.578 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
|
0.000 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
23.432 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
19.790 |
|
(c) Other current
liabilities |
|
|
1.942 |
|
(d) Short-term provisions |
|
|
0.609 |
|
TOTAL |
|
|
85.423 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
11.697 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital
work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
9.931 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
43.622 |
|
(c) Trade receivables |
|
|
11.743 |
|
(d) Cash and cash
equivalents |
|
|
4.897 |
|
(e) Short-term loans and
advances |
|
|
3.473 |
|
(f) Other current assets |
|
|
0.060 |
|
TOTAL |
|
|
85.423 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
|
150.941 |
|
|
|
Other Income |
|
|
0.890 |
|
|
|
TOTAL (A) |
|
|
151.831 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Traded Goods |
|
|
90.838 |
|
|
|
Change in Stock in Trade |
|
|
8.959 |
|
|
|
Employee Benefit Expenses |
|
|
5.320 |
|
|
|
Other Expenses |
|
|
38.107 |
|
|
|
TOTAL (B) |
|
|
143.224 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
8.607 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
4.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
3.726 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
2.447 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
1.279 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
0.609 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
0.670 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
|
0.670 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
6.25 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2012 |
|
PAT / Total Income |
(%) |
|
|
0.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
0.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
1.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
|
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.86 |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last one years |
Yes |
|
12] |
Profitability for last one 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) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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] |
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 |
No |
UNSECURED LOANS
|
Particulars |
31.03.2012 (Rs. In Millions) |
|
LONG TERM
BORROWINGS |
|
|
Loans and Advances from Directors and Relatives |
11.433 |
|
Loans and Advances from Body Corporate |
11.999 |
|
|
|
|
Total |
23.432 |
NOTE:
The Registered office of the company has been
shifted from 22/1, Alipore Road, Kolkata – 700027, West Bengal, India to the
present address w.e.f. 16.05.2011.
CORPORATE
INFORMATION
Rainbow Retail
Chain Private Limited is a private company domiciled in India and incorporated
under the provisions of the Companies Act, 1956. Being a private company, its
shares are not listed on any stock exchanges in India. The company is engaged
in the retail business of all products of Reebok India Company and Levis Strauss
India Private Limited and manufacturing of non woven bags. The company caters
only to domestic markets.
BUSINESS TAKEOVER
The company has
taken over the business of erstwhile Rainbow Impex on a going concern basis
with effect from 1st April, 2011. All the assets and liabilities of
Rainbow Impex have been incorporated at their respective book values in
pursuance to the agreement between the parties as on 1st April, 2011.
FIXED ASSETS:
· Air Condition
· Aquaguard
· Camera
· Computer
· Computer Software
· Electrical Installation
· Furniture and Fixture
· Generator
· Interior Decoration
· Machinery
· Mobile Phone
· Music System
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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLV |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.