|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
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Registered
Office : |
‘V’ Mall, 3rd Floor, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra |
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Country : |
India |
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Year of
Establishment : |
1967 |
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Capital
Investment / Paid-up Capital : |
Not Divulged |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMV07473E/
MUMV07767E |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners |
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Line of Business
: |
Dealer of Electronic Products. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well established, reputed partnership concern
having a fine track record. Management has denied to disclose any detail to us. However, the
concern being a reputed one is known to have huge customer base. As per previous year’s, the concern is found to be performing well. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The concern can be considered good for 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’s current
account deficit or CAD in April-June widened to 4.9 % of gross domestic
product. High imports of gold and oil led to a worsening of the trade deficit,
resulting in CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9
billion in the corresponding quarter of the previous financial year. The
government aims to bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from
4.8 % or $ 88.2 billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on social
media this year, according to a global study by information technology major
Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-61711000)
LOCATIONS
|
Registered Office : |
‘V’ Mall, 3rd Floor, Thakur Complex, Kandivali (East), Mumbai – 400 101, Maharashtra, India |
|
Tel. No.: |
91-22-61711000 |
|
Fax No.: |
91-22-24415211 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
Located At:
· Mumbai - 400 016, Maharashtra, India Tel. No. 91-22-24464822 · 225, Pandurang Bhuvan, L. J. Road, Shivaji Park, Dadar, Mumbai, Maharashtra, India Tel. No. 91-22-24309660 · S. V. Road, Borivali (West), Mumbai, Maharashtra, India Tel. No. 91-22-28021781 · Indrapuri Society, Sion Circle, Sion, Mumbai, Maharashtra, India Tel. No. 91-22-24077981/24075847 · 1, Abhisekh, Plot No. 65, S. V. Road, Andheri (West), Mumbai, Maharashtra, India Tel. No. 91-22-26248447 · S. V. Road, Goregaon (West), Mumbai, Maharashtra, India Tel. No. 91-22-28765234 · Mama Parmanand Road, Opera House, Mumbai, Maharashtra, India Tel. No. 91-22-23639210 Fax. No. 91-22-23639214 |
PARTNERS
|
Name : |
Mr. Nanu Gupta |
|
Designation : |
Partner |
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Name : |
Mr. Nilesh Gupta |
|
Designation : |
Partner |
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Qualification : |
Graduate |
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|
Name : |
Mr. Ashish Gupta |
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Designation : |
Partner |
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Qualification : |
Graduate |
BUSINESS DETAILS
|
Line of Business : |
Dealer of Electronic Products. |
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|
|
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Agencies Held : |
· BPL · Godrej · Hitachi · LG |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
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|
|
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Bankers : |
Saraswat Co-Operative Bank, Mahim Branch, Mumbai,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
N. H. Nahar and Company Chartered Accountants |
CAPITAL STRUCTURE
|
Capital Investment : |
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Owned : |
Not Divulged |
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Borrowed : |
Not Divulged |
|
Total : |
Not Divulged |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
Not Divulged |
Not Divulged |
9200.000 |
Note : Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last one years |
Yes |
|
12] |
Profitability for last three years |
No |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
No |
|
16] |
Details of sister concerns |
No |
|
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 |
No |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
PRESS RELEASE:
Vijay Sales
prefers the ‘Slow and steady’ approach
Vijay Sales stocks its goods in nine warehouses
that helps it maintain optimum inventory levels, without over- or
under-stocking any item.
MUMBAI, OCTOBER. 7:
In the late 1960s, when televisions
were still unheard of in India, Nanu Gupta was busy setting up a store for
consumer durables in the heart of Mumbai. Having worked with an Usha
International distributor, he knew the nuances of the consumer durables
business. He decided to strike out on his own by selling the same sewing
machines and fans he had dealt with earlier.
Funds were limited and
so was space. Gupta borrowed Rs 2,000 from family and friends to set up his
first store in Mahim in 1967. To make room for customers, he had to keep a
folding chair in the 40 sq ft store named Vijay Sales after his younger
brother.
Gupta started off by
taking goods on credit directly from manufacturers and paying them after sales.
Direct purchases helped him save on dealer commissions and pass on the benefit
to consumers in the form of prices lower than the competitors. The store was
soon a hit and footfalls multiplied rapidly.
The outlet now measures
40,000 sq. ft. and has become a landmark in the island-city. Vijay Sales is now
run by the second generation with Nilesh Gupta (son of Nanu Gupta) as the
Managing Partner.
“It was not easy to get
customers as there was tough competition even in those days. We kept all the TV
sets on at our stores unlike competitors, who switched them off. This was a way
to attract customers to our stores,” says Nilesh Gupta.
“Today, we try to beat
the competition by bringing in branded flat panel and plasma TVs even before
companies start advertising the new models,’’ he adds.
Vijay Sales stocks its
goods in nine warehouses that supply to all the 54 stores across Maharashtra,
Gujarat and Delhi — the classic hub-and-spoke model. That helps it maintain
optimum inventory levels, without over- or under-stocking any item, besides
reducing warehousing costs. “Logistics is very critical to our business and we
maintain individual distribution centres in every city,” says Nilesh Gupta.
What has also helped the
firm do better than competition is its willingness to buy out the inventory MNC
players are saddled with at a discounted price and charge consumers cheaper
rates. “That helps propel sales,” he adds.
Vijay Sales scaled up
rapidly from 2006, sensing impending competition from biggies such as Reliance
Retail, Croma. “Modern trade players actually challenged us to scale up and
there were even some who wanted to buy us out. But that was the time we decided
to expand our operations and entered new States,’’ said Gupta.
This expansion was not
without its share of challenges. Being an unknown retailer in the northern
market, there was the question of trust. “We asked consumers to call up just
about anyone they knew in Mumbai to verify our credibility. That worked for
us.” Outside Maharashtra, the firm is now better known as ‘Mumbai Wali
Company’.
Devangshu Dutta,
Managing Director of retail consultancy firm Third Eyesight, gives the company
a thumbs up. “Vijay Sales has been able to transform itself, in a staged
manner, from a family-run business to a modern trade format.” The consumer
durables business continues to run on thin margins, about three per cent of net
sales, making it difficult for smaller players to scale up. But Vijay Sales
does not want to exercise the franchise option to widen its reach. “We feel a
franchise is unlikely to add any value to the business. The durable brands
already have equity and the business will not be any different if it were to be
run by a franchise,’’ says Nilesh Gupta.
While the firm claims it
has been making profits consistently (Gupta says they were profitable from Day
1), sustaining them could be difficult in the current economic environment.
“Expenses are on the rise. Companies are reducing the margins but if the cost
increases are passed on to the consumers, it will result in a massive slowdown.
Also, the rising dollar has affected our import-dependent industry,’’ observes
Nilesh Gupta.
Given the uncertain
business scenario, Vijay Sales is not in a hurry to become a pan-India player.
But its ‘slow and
steady’ approach will ensure that it doesn’t have to lament over expansion at a
later date. “We are not in a hurry; we have been around for the last 46 years
and would want to last many more years,’’ says Nilesh Gupta.
VIJAY SALES BARRED FROM RETAILING THE IPAD 2?
[UPDATE]
APRIL 29TH, 2011
Remember that incident last year when Mr. McGraw (CEO of the publishing
company McGraw-Hill) leaked the details of the first-gen iPad on an interview with
CNBC a day before the official launch? We all know what happened next – the
publisher was barred from the launch event and Apple’s iBook store. Apple does
not take these things lightly and it seems that Vijay Sales, a retail partner
for the iPad 2 in India might have learned it the hard way.
A day before Apple officially announced that it would launch the iPad 2
in India, Vijay Sales broke the news of its arrival on Twitter saying – “It’s
finally here! Thinner, Lighter, Faster…The iPad 2 now available at #Vijay Sales
store near you. Go grab it!!!” Today when the iPad 2 was officially launched
and stores like Croma, Reliance Digital, Jumbo and of course the iWorld sold
the tablet, Vijay Sales disappointed its customers with absolutely no stock
availability.
It’s a possibility that Apple is furious with this retail chain for
breaking the news early and as a result might have barred them to sell the
next-gen iPad. Though the Vijay Sales chains in Delhi are promising to get the
stock in 2-3 days. We’ll update you if the store does gets the tablets in the
stated time.
UPDATE: We have been informed by Vijay Sales that they now have limited
stocks of the iPad 2. (Status on May 14.)
SNAPDEAL.COM AND VIJAY SALES ENTER INTO STRATEGIC PARTNERSHIP
JULY 9, 2013
Snapdeal.com, one of
India’s largest online marketplace has entered into a strategic alliance with
Vijay Sales, one of the largest retail store chain in India for electronics.
With this
partnership, Vijay Sales will leverage Snapdeal’s marketplace platform to reach
out to customers in the online space. Snapdeal.com will showcase all the
popular electronics brands housed by the retailer to its 20+ million members
spread across 4000 plus towns and cities in the country. Customers can now
avail the best of deals offered by Vijay Sales through Snapdeal.
This partnership is
in line with Snapdeal’s goal to provide a platform with nationwide reach to
large offline retailers in India.
Speaking of the
alliance, Tony Navin, Vice President – Business Development, Snapdeal.com said,
“Snapdeal has always focused on ensuring that our customers have access to the
best brands at affordable prices. With this strategic partnership with Vijay
Sales, India’s leading electronics chain, the selection available to consumers
will expand significantly, while providing them great prices. We look forward
to a building long term & meaningful partnership with Vijay Sales”.
On the partnership,
Nilesh Gupta, Managing Partner, Vijay Sales said, “In the everchanging market
scenario, we at Vijay Sales too want to leverage the power of online retail and
our main thrust would be to cater to markets in which our physical stores our
not present and at the same time ensure that it enhances our market penetration
even in markets where our physical stores are present.”
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.