MIRA INFORM REPORT
|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAGZONE LIFESTYLES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
401, 4th Floor, Ackruti Star Building, Central Road, MIDC,
Andheri (East), Mumbai – 400093, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.12.2008 |
|
|
|
|
Com. Reg. No.: |
11-188558 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 116.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74994MH2008PTC188558 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB19207G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB6432B |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Trading in Samsonite and Other Branded Consumer Products
like Travel luggage (Hard Side and Soft Side), Casual and Outdoor Bags,
Business and Computer Cases, Travel Accessories, Ladies Handbags and
Footwear. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 730000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having moderate track record. Company has incurred loss from its operation in the year 2013. However, trade relation are fair. Business is active. Payment terms
are slow but correct. 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’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BB” |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
10.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
10.12.2013 |
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-COOPERATIVE (Tel. No.: 91-22-33212370)
LOCATIONS
|
Registered Office : |
401, 4th Floor, Ackruti Star Building, Central Road, Midc, Andheri
(East), Mumbai – 400093, Maharashtra, India |
|
Tel. No. : |
91-22-33212370/ 33212600/ 33212601 |
|
Fax No. : |
91-22-33212300/ 28352510 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.09.2013
|
Name : |
Mrs. Shobha Ramesh Tainwala |
|
Designation : |
Director |
|
Address : |
Flat No.4/5, Plot No. 9, The Shimmer Presidency CHS, Road- 8, Juhu, JVPD Scheme, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
08.08.1960 |
|
Date of Appointment : |
02.12.2008 |
|
PAN No.: |
ACBPT1559L |
|
DIN No. : |
00294369 |
|
|
|
|
Name : |
Mr. Mahendra Kumar Singhania |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Dharamraj Plaza, 3rd Floor, Old Gangapur Road, Nashik – 422005, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1965 |
|
Date of Appointment : |
02.12.2008 |
|
DIN No. : |
00830792 |
|
|
|
|
Name : |
Mr. Sandeep Keshav Goenka |
|
Designation : |
Director |
|
Address : |
232/C, Grand Paradi Apartment, August Kranti Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
03.06.1967 |
|
Qualification : |
B.E |
|
Date of Appointment : |
28.01.2009 |
|
PAN No. : |
AACPG3487H |
|
DIN No. : |
01117386 |
|
|
|
|
Name : |
Ms. Anushree Ramesh Tainwala |
|
Designation : |
Director |
|
Address : |
Flat No.4/5, Plot No. 9, The Shimmer Presidency CHS, Road- 8, Juhu, JVPD Scheme, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
08.01.1987 |
|
Date of Appointment : |
02.12.2008 |
|
PAN No. : |
AEYPT4141F |
|
DIN No. : |
00293802 |
KEY EXECUTIVES
|
Name : |
Nilam Ramniklal Ghaghada |
|
Designation : |
Secretary |
|
Date of Appointment : |
01.10.2011 |
|
PAN No.: |
BLDPS5672M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shobha Tainwala and Ramesh Tainwala |
6749900 |
51.95% |
|
Sandeep Goenka |
1000000 |
7.69% |
|
Mahendra Singhania |
100 |
0.00% |
|
Anushree Tainwala and Shobha Tainwala |
20000 |
0.15% |
|
Periwinkle Fashions Private Limited, India |
2864000 |
22.04% |
|
Ramesh Tainwala and Shobhatainwala |
410000 |
3.16% |
|
Tainwala Holdings Private Limited |
100000 |
0.77% |
|
Tainwala Trading and Investment Company Limited, India |
80000 |
0.62% |
|
Samtain Sales Private Limited, India |
1670000 |
12.85% |
|
Praveen Tainwala |
100000 |
0.77% |
|
Total |
12994000 |
100.00% |
Allottees as on 06.11.2013
|
Names of Allottee |
|
No. of Shares |
|
Periwinkle Fashions Private Limited, India |
|
310000 |
|
Total |
|
310000 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
36.28 |
|
Directors or relatives of Directors |
63.72 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading in Samsonite and Other Branded Consumer Products
like Travel luggage (Hard Side and Soft Side), Casual and Outdoor Bags, Business
and Computer Cases, Travel Accessories, Ladies Handbags and Footwear. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· Indusind Bank Limited, 2401 Gen Thimmayya Road, Contonment, Pune - 411001, Maharashtra, India · State Bank of India, Industrial Finance Branch, Snehal Chambers, Telli Galli, Andheri (East), Mumbai - 400069, Maharashtra, India |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Details of personal
security given by promoters, other shareholders or other third parties,
though such security does not result in classification of borrowings as
secured Term Loan from IndusInd Bank Limited is repayable in 60 months (including moratorium period of 6 months). It is secured by first charge by way of hypothecation of the movable fixed assets of the company and Equitable Mortgage of property situated at 401 Ackruti Star, Marol MIDC, Andheri East, Mumbai. The loan is guaranteed by the personal guarantee of Dr. Ramesh Tainwala and Shobha Tainwala. On 17th May 2012 the company has entered into an USD INR Currency Swap Deal in respect of the said loan, effectively reducing the rate of interest to 14% from 15.25%. Term Loan from State Bank of India is repayable in 24 monthly instalments commencing after 12 months from first draw down of Term Loan. The rate of interest is 15% with monthly rests. The loan is guaranteed by the personal guarantee of Dr. Ramesh Tainwala and Shobha Tainwala. The collateral given is of Office Unit in Bangalore bearing no S-506, having area of 3900 sq. ft at World Trade Centre, Bangalore, Brigade Gateway, Dr Rajkumar Road, Malleswaram-Rajajinagar and extension of charge of Flat B-705, Brigade Gateway, Malleswaram, Bangalore having area of 1,790 sq ft. SBI has 2nd charge on office in Bangalore. Terms of
repayment of long-term loans and other long-term loans Term loan from IndusInd Bank Limited is repayable in 60 months (including moratorium period of 6 months.) and Term loan from State Bank of India is repayable in 24 monthly installments commencing after 12 months from first draw down of term loan. SHORT TERM BORROWINGS Secured by hypothecation on all current assets present and
future. The rate of interest is 15.75%. The Cash Credit is guaranteed by the
personal guarantee of Dr. Ramesh Tainwala and Mrs. Shobha Tainwala. The
Collateral given is of Office premises at 401 Ackruti Star, Marol MIDC,
Andheri (East) and extension of charge on movable fixed assets of the
Company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Anil D. Doshi and Company Chartered Accountants |
|
Address : |
B-104, Gyan Deep V Carter Road, Borivali (East), Mumbai - 400066, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAPD2414F |
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|
|
|
Entities which are
under common control with Company: |
Samtain Sales Private Limited CIN No.: U51900MH1997PTC105387 Periwinkle Fashions Private Limited CIN No.: U74994MH2004PTC144846 Tainwala Trading and Investment Company Private Limited CIN No.: U65990MH1982PTC027073 Satya Buildmart Private Limited CIN No.: U70109DL2011PTC213000 Planet Retail Holdings Private Limited CIN No.: U52190RJ1999PTC015993 |
CAPITAL STRUCTURE
After 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 140.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,452,000 |
Equity Shares |
Rs.10/- each |
Rs. 134.520 Millions |
|
|
|
|
|
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 120.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11,650,000 |
Equity Shares |
Rs.10/- each |
Rs. 116.500 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
116.500 |
116.500 |
82.600 |
|
(b) Reserves & Surplus |
(13.553) |
74.837 |
(2.185) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
79.700 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
182.647 |
191.337 |
80.415 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
36.237 |
45.481 |
43.858 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
2.896 |
1.980 |
3.300 |
|
(d) long-term
provisions |
8.444 |
2.737 |
0.866 |
|
Total Non-current
Liabilities (3) |
47.577 |
50.198 |
48.024 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
46.848 |
52.259 |
5.377 |
|
(b) Trade
payables |
477.953 |
258.432 |
110.084 |
|
(c) Other
current liabilities |
86.448 |
88.120 |
32.993 |
|
(d) Short-term
provisions |
23.133 |
8.513 |
3.044 |
|
Total Current
Liabilities (4) |
634.382 |
407.324 |
151.498 |
|
|
|
|
|
|
TOTAL |
864.606 |
648.859 |
279.937 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
245.662 |
205.801 |
111.178 |
|
(ii)
Intangible Assets |
4.244 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.682 |
1.325 |
6.182 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
42.692 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
65.094 |
26.291 |
0.717 |
|
(d) Long-term Loan and Advances |
130.293 |
111.000 |
60.303 |
|
(e) Other
Non-current assets |
1.678 |
1.711 |
0.000 |
|
Total Non-Current
Assets |
491.345 |
346.128 |
178.380 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
277.363 |
172.108 |
64.377 |
|
(c) Trade
receivables |
65.348 |
37.626 |
9.257 |
|
(d) Cash
and cash equivalents |
8.703 |
10.174 |
5.358 |
|
(e)
Short-term loans and advances |
21.842 |
82.823 |
19.394 |
|
(f) Other
current assets |
0.005 |
0.000 |
3.171 |
|
Total
Current Assets |
373.261 |
302.731 |
101.557 |
|
|
|
|
|
|
TOTAL |
864.606 |
648.859 |
279.937 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1237.203 |
626.068 |
300.493 |
|
|
|
Other Income |
3.920 |
11.379 |
0.963 |
|
|
|
TOTAL (A) |
1241.123 |
637.447 |
301.456 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
783.574 |
488.874 |
253.799 |
|
|
|
Changes in inventories of
Stock-in-Trade |
(96.557) |
(107.731) |
(40.029) |
|
|
|
Employees benefits expense |
156.032 |
68.047 |
22.745 |
|
|
|
Other expenses |
479.855 |
241.986 |
51.206 |
|
|
|
TOTAL (B) |
1322.904 |
691.176 |
287.721 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(81.781) |
(53.729) |
13.735 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.033 |
11.183 |
6.244 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(96.814) |
(64.912) |
7.491 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
30.380 |
19.239 |
7.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(127.194) |
(84.151) |
(0.379) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(38.803) |
(25.574) |
(0.133) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(88.391) |
(58.577) |
(0.246) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.504 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(7.12) |
(9.19) |
(0.08) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.28) |
(13.44) |
(0.13) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(16.84) |
(13.55) |
(0.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.70) |
(0.44) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.45 |
0.51 |
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.59 |
0.74 |
0.67 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
82.600 |
116.500 |
116.500 |
|
Reserves & Surplus |
(2.185) |
74.837 |
(13.553) |
|
Share Application money pending allotment |
0.000 |
0.000 |
79.700 |
|
Net
worth |
80.415 |
191.337 |
182.647 |
|
|
|
|
|
|
long-term borrowings |
43.858 |
45.481 |
36.237 |
|
Short term borrowings |
5.377 |
52.259 |
46.848 |
|
Total
borrowings |
49.235 |
97.740 |
83.085 |
|
Debt/Equity
ratio |
0.612 |
0.511 |
0.455 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
300.493 |
626.068 |
1237.203 |
|
|
|
108.347 |
97.615 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
300.493 |
626.068 |
1237.203 |
|
Profit |
(0.246) |
(58.577) |
(88.391) |
|
|
(0.08%) |
(9.36%) |
(7.14%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term borrowings |
40.000 |
13.827 |
12.500 |
|
|
|
|
|
|
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) |
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN 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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10339646 |
06/02/2012 |
53,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, SNEHAL CHAMBERS, TELLI GALLI, ANDHERI (EAST), MUMBAI - 400069, MAHARASHTRA, INDIA |
B33894734 |
|
2 |
10230231 |
18/02/2014 * |
122,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE - 411001, MAHARASHTRA, INDIA |
B98890320 |
* Date of charge modification
COMPANY BACKGROUND
The Company was incorporated on 2nd December, 2008. The Company is engaged in the business of retailing Suitcases, briefcases and accessories, Ladies handbags and Footwear through its own stores and departmental stores. As at 31 March 2012, the Company operated through 117 own stores and departmental stores located in different cities of India.
OPERATIONS:
During the year ended 31st March, 2013, the Company achieved a sales of Rs. 1237.203 Millions as compared to Rs. 626.068 Millions for the year ended 31st March, 2012. The Company incurred a net loss of Rs. 88.391 Millions as compared to net loss of Rs. 58.577 Millions in the previous year.
FIXED ASSETS
v
Tangible
Assets
· Buildings
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
v
Intangible
Assets
· Computer Software
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.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.