MIRA
INFORM REPORT
|
Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE MOBILESTORE SERVICES LIMITED (w.e.f.10.08.2010) |
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|
|
|
Formerly Known
As : |
THE MOBILESTORE SERVICES PRIVATE LIMITED (w.e.f.03.09.2007) MOBILE STORE SERVICES PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.04.2007 |
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|
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Com. Reg. No.: |
11-169998 |
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Capital
Investment / Paid-up Capital : |
Rs.8.400
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74999MH2007PLC169998 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM32195C |
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|
|
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PAN No.: [Permanent Account No.] |
AAFCM1095F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Distributor of telecom, consumer electronics and related products
including mobile handsets, accessories, domestic appliances and other consumer
durable products. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial
risk profile and thin profitability margins of the company. However, trade relations are fair. Business active. Payments are
reported to be 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.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real
estate outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: B+ |
|
Rating Explanation |
Risk prone credit quality and high risk of
default. |
|
Date |
16.08.2013 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON COOPERATIVE
[CONTACT NO.: 91-22-61276580]
LOCATIONS
|
Registered Office : |
Equinox Business Park, Building-B, 1st Floor, Old Swan
Mills Compound, L.B.S. Marg, Kurla (West), Mumbai – 400070, Maharashtra,
India |
|
Tel. No.: |
91-22-67447727/ 66601100/ 40011100/ 67448996 |
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Fax No.: |
91-22-67082177/ 66669435/ 67447530 |
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E-Mail : |
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Website : |
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Corporate Office : |
Unit 501 and 502, Kohinoor City, Kirol Road, Off LBS Marg, Kurla
(West), Mumbai – 400070, Maharashtra, India |
|
Tel. No.: |
91-22-60006363 |
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E-Mail : |
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Retail Offices : |
Located at: ·
Kolkata ·
Chennai ·
·
·
·
|
DIRECTORS
AS ON 25.09.2013
|
Name : |
Mr. Narottam Banulal Vyas |
|
Designation : |
Director |
|
Address : |
A-3/1701, Whispering Palms, Lokhandwala Complex, Akurli Road,
Kandivali (East), Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1954 |
|
Qualification : |
Chartered
Accountant and Company Secretary |
|
Date of Appointment : |
15.12.2009 |
|
DIN No.: |
00055499 |
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|
|
|
Name : |
Mr. Mark Agnelo Silgardo |
|
Designation : |
Director |
|
Address : |
402/502, Anclare Abode, Plot No.96, St. Andrews Road, Bandra (West),
Mumbai – 400 050, Maharashtra, India |
|
Date of Birth/Age : |
20.04.1958 |
|
Qualification : |
MBA in
International Finance, Post graduate studies in Marketing |
|
Date of Appointment : |
03.03.2010 |
|
DIN No.: |
02298310 |
|
|
|
|
Name : |
Mr. Neeraj Gupta |
|
Designation : |
Director |
|
Address : |
Flat No.3, 2nd
Floor, Samudra Gaurav Apartments, Worli Sea Face, Worli, Mumbai - 400 025,
Maharashtra, India |
|
Date of Birth/Age : |
20.11.1968 |
|
Qualification : |
Chartered
Accountant |
|
Date of Appointment : |
15.12.2009 |
|
DIN No.: |
00317395 |
|
|
|
|
Name : |
Mr. Alok Gupta |
|
Designation : |
Director |
|
Address : |
S- 1202, The Imperial, Tardeo, Mumbai – 400034, Maharashtra, India |
|
Date of Birth/Age : |
02.05.1966 |
|
Qualification : |
Management Graduate
and Attended the Advanced Management Program at Harvard Business School |
|
Date of Appointment : |
18.04.2011 |
|
DIN No.: |
02330045 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2013
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
The Mobilestore Limited, |
|
9998 |
|
Rajiv Agarwal - Nominee and The
Mobilestore Limited, India |
|
1 |
|
The Mobilestore Services (Mauritius) Limited, Mauritius |
|
700000 |
|
Tara India Holdings A Limited, Mauritius |
|
10 |
|
IL and FS Trust Company Limited on behalf of Tara India Fund III
Domestic Trust, India |
|
10 |
|
IL and FS Trust Company Limited on behalf of Tara India Fund III
Trust, India |
|
10 |
|
Narottam Babulal Vyas – Nominee and The Mobilestore Limited, India |
|
1 |
|
Essar Retail Holdings Limited, India |
|
33437 |
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Bennett Coleman and Company Limited, India |
|
100 |
|
|
|
|
|
Total |
|
743567 |
AS ON 25.09.2013
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Tara India Holdings A Limited, Mauritius |
|
76663 |
|
IL and FS Trust Company Limited on behalf of Tara India Fund III
Domestic Trust, India |
|
14005 |
|
IL and FS Trust Company Limited on behalf of Tara India Fund III
Trust, India |
|
11844 |
|
|
|
|
|
Total |
|
102512 |
AS ON 30.09.2013
Equity Shares Break – up
|
Category |
|
Percentage |
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|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
94.14 |
|
Bodies corporate |
|
5.86 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributor of telecom, consumer electronics and related products
including mobile handsets, accessories, domestic appliances and other
consumer durable products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
·
Punjab National Bank as the Lead Bank Raheja
Chambers, I Floor, Nariman Point, Mumbai - 400021, Maharashtra, India ·
State Bank of Patiala Atlanta,
1st Floor, Jamnalal Bajaj Marg,, Nariman Point, Mumbai - 400021, Maharashtra,
India ·
UCO Bank Flagship
Corporate Branch, Nariman Point, Mumbai - 400021, Maharashtra, India ·
The Jammu and Kashmir Bank Limited 1st
Floor, National Business Center, (Near MMRDA, Ground), Bandra Kurla Complex,
Bandra (East), Mumbai - 400051, Maharashtra, India |
||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S.R. Batliboi and
Company LLP Chartered Accountants |
|
Address : |
14th
Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400028,
Maharashtra, India |
|
PAN No.: |
AALFS0506L |
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|
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Holding Company: |
· The Mobilestore Service (Mauritius) Limited, (TMSSML) Mauritius |
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|
|
|
Ultimate Holding Company: |
· Essar Global Limited (EGL) |
|
|
|
|
Fellow
Subsidiary Company : |
· Aegis Limited, India (CIN No.: U99999MH1992PLC064767) · Future Travels Limited, India (CIN No.: U63040MH1990PLC056592) |
CAPITAL STRUCTURE
AS ON 25.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
|
500000 |
Preference Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 25.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
743567 |
Equity Shares |
Rs.10/- each |
Rs.7.436
Millions |
|
102512 |
Preference Shares |
Rs.10/- each |
Rs.1.025
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 8.461 Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
250000 |
Non-Cumulative Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs. 2.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 12.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
743467 |
Equity Shares |
Rs.10/- each |
Rs. 7.400
Millions |
|
102512 |
Non-Cumulative Compulsorily Convertible Preference Shares |
Rs.10/- each |
Rs. 1.000
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 8.400 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 |
8.400 |
8.400 |
8.400 |
|
(b) Reserves & Surplus |
583.600 |
572.300 |
561.100 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
592.000 |
580.700 |
569.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.200 |
3.600 |
2.700 |
|
Total Non-current Liabilities (3) |
5.200 |
3.600 |
2.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
672.000 |
0.000 |
0.000 |
|
(b) Trade payables |
720.800 |
710.500 |
1,029.900 |
|
(c) Other current
liabilities |
1,073.900 |
197.100 |
809.900 |
|
(d) Short-term provisions |
11.000 |
8.800 |
7.800 |
|
Total Current Liabilities (4) |
2,477.700 |
916.400 |
1,847.600 |
|
|
|
|
|
|
TOTAL |
3,074.900 |
1,500.700 |
2,419.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
0.100 |
2.100 |
4.100 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
61.500 |
2.200 |
7.200 |
|
(e) Other Non-current assets |
1.800 |
1.500 |
1.500 |
|
Total Non-Current Assets |
63.400 |
5.800 |
12.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
8.500 |
17.700 |
124.500 |
|
(c) Trade receivables |
2,790.300 |
1,049.200 |
1,634.500 |
|
(d) Cash and cash
equivalents |
10.900 |
0.200 |
57.500 |
|
(e) Short-term loans and
advances |
201.800 |
427.800 |
590.500 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
3,011.500 |
1,494.900 |
2,407.000 |
|
|
|
|
|
|
TOTAL |
3,074.900 |
1,500.700 |
2,419.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
14179.000 |
12084.700 |
12138.800 |
|
|
|
Other Income |
10.400 |
61.800 |
39.700 |
|
|
|
TOTAL (A) |
14189.400 |
12146.500 |
12178.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
13857.300 |
11852.300 |
11847.600 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
9.200 |
18.500 |
23.800 |
|
|
|
Employee benefit expense |
170.400 |
194.700 |
252.000 |
|
|
|
Other expenses |
139.200 |
67.800 |
73.900 |
|
|
|
TOTAL (B) |
14176.100 |
12133.300 |
12197.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
13.300 |
13.200 |
(18.800) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
13.300 |
13.200 |
(18.800) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.000 |
2.000 |
10.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
11.300 |
11.200 |
(29.500) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
11.300 |
11.200 |
(29.500) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(385.100) |
(396.300) |
(27.400) |
|
|
|
|
|
|
|
|
|
|
AMOUNT
TRANSFERRED ON MERGER OF CASH AND CARRY BUSINESS |
-- |
-- |
(339.400) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(373.800) |
(385.100) |
(396.300) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
15.19 |
15.07 |
(39.81) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.08
|
0.09 |
(0.24) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.08
|
0.09 |
(0.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.37
|
0.75 |
(1.22) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.02 |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.14
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22
|
1.63 |
1.30 |
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 |
8.400 |
8.400 |
8.400 |
|
Reserves & Surplus |
561.100 |
572.300 |
583.600 |
|
Net worth |
569.500 |
580.700 |
592.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
672.000 |
|
Total borrowings |
0.000 |
0.000 |
672.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
1.135 |
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 |
12,138.800 |
12,084.700 |
14,179.000 |
|
|
|
(0.446) |
17.330 |
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 |
12,138.800 |
12,084.700 |
14,179.000 |
|
Profit/ [Loss] |
(29.500) |
11.200 |
11.300 |
|
|
(0.24%) |
0.09% |
0.08% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Debts |
789.600 |
0.000 |
NA |
|
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 |
10511510 |
25/07/2014 |
130,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL
BRANCH, ATLANTA,, FIRST FLOOR, NARIMAN |
C14011886 |
|
2 |
10496519 |
05/05/2014 |
130,000,000.00 |
JAMMU AND
KASHMIR BANK LIMITED |
1ST FLOOR,
NATIONAL BUSINESS CENTRE, (NEAR MMRDA, GROUND), BANDRA KURLA COMPLEX, BANDRA
EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
C05102223 |
|
3 |
10466822 |
13/12/2013 |
706,600,000.00 |
PUNJAB NATIONAL
BANK AS THE LEAD BANK |
RAHEJA CHAMBERS,
I FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B92224690 |
|
4 |
10456966 |
05/10/2013 |
70,000,000.00 |
THE JAMMU AND
KASHMIR BANK LIMITED |
1ST FLOOR,
NATIONAL BUSINESS CENTER, (NEAR MMRDA, GROUND), BANDRA KURLA COMPLEX,
BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
B88263330 |
|
5 |
10452258 |
28/09/2013 |
100,000,000.00 |
UCO BANK |
FLAGSHIP
CORPORATE BRANCH, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B86345402 |
|
6 |
10454094 |
27/09/2013 |
67,400,000.00 |
STATE BANK OF
PATIALA |
ATLANTA, 1ST
FLOOR, JAMNALAL BAJAJ MARG, NARIMAN |
B87115416 |
|
7 |
10454093 |
27/09/2013 |
75,000,000.00 |
PUNJAB NATIONAL
BANK |
RAHEJA CHAMBERS,
NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B87114468 |
|
8 |
10430676 |
13/12/2013 * |
2,005,500,000.00 |
PUNJAB NATIONAL
BANK AS LEAD BANK |
RAHEJA CHAMBERS,
I FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B92202555 |
* Date of charge modification
CHANGE OF ADDRESS
The Registered Office of the company has been shifted from Essar House, 11,
K.K. Marg, Mahalaxmi, Mumbai – 400034, Maharashtra to the present
address w.e.f.25.02.2013.
CORPORATE INFORMATION
The Company was
originally incorporated on April 16, 2007 as The MobileStore Services Private
Limited. On August 10, 2010, the Company changed its name to The MobileStore
Services Limited, consequent to conversion to public company.
The Company is
engaged in the business of distribution of telecom, consumer electronics and
related products including mobile handsets, accessories, domestic appliances
and other consumer durable products. The Company commenced the said business
activity in January, 2010.
The Company is a subsidiary of Essar Global Limited, the ultimate
holding company.
FINANCIAL RESULTS AND
OPERATIONS:
The Company was originally
incorporated on April 16, 2007 under the name: “MobileStore Services Private
Limited”. Then after the name of the Company was changed to “The MobileStore
Services Private Limited”. The Company has been converted into a public limited
company w.e.f. 10th August, 2010.
MERGER OF CASH AND CARRY BUSINESS
In the previous
year with effect from April 1, 2010 (the Appointed Date), pursuant to a Scheme
of Arrangement (the Scheme) under sections 391 to 394 of the Companies
Act,1956, the Cash and Carry business of The MobileStore Limited (TMSL) was
merged with the Company.
In terms of the
approved Scheme, all assets and liabilities of the Cash and Carry business of
TMSL were transferred to the Company with effect from the Appointed Date at their
respective book values on that date.
The difference
between the consideration of Rs.0.400 million (being Equity Shares and
Preference Shares of the Company issued) and the Net Book Value of assets and
liabilities transferred and debited to Statement of Profit and Loss amounting
to Rs.339.400 millions in the previous year, in accordance with the Scheme.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
Claims against company not acknowledged as
debt |
0.800 |
0.000 |
|
|
|
|
|
Total |
0.800 |
0.000 |
FIXED ASSETS:
Tangible Assets
· Furniture and Fixtures
· Office Equipment
· Computers
Intangible Assets
· 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. 60.67 |
|
|
1 |
Rs. 100.81 |
|
Euro |
1 |
Rs. 80.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.