MIRA
INFORM REPORT
|
Report Date : |
24.02.2014 |
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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Com. Reg. No.: |
11-169998 |
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Capital
Investment / Paid-up Capital : |
Rs.8.400
Millions |
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CIN No.: [Company Identification
No.] |
U74999MH2007PLC169998 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM32195C |
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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
: |
Distribution 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 Management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2400000 |
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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 a moderate track record. The rating reflects moderate financial risk profile marked by
stretched liquidity position and within profile margin due to the trading
nature of operations. However, trade relations are fair. Business active. Payment terms are
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs.39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs.35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
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 |
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Tel. No.: |
91-22-60006363 |
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E-Mail : |
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Retail Office: |
Located at: ·
Kolkata ·
Chennai ·
·
·
·
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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 |
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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 |
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Designation : |
Director |
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Address : |
402/502, Anclare Abode, Plot No.96, St. Andrews Road, Bandra (West),
Mumbai – 400 050, Maharashtra, India |
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Date of Birth/Age : |
20.04.1958 |
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Qualification : |
MBA in
International Finance, Post graduate studies in Marketing |
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Date of Appointment : |
03.03.2010 |
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DIN No.: |
02298310 |
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|
|
|
Name : |
Mr. Neeraj Gupta |
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Designation : |
Director |
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Address : |
Flat No.3, 2nd
Floor, Samudra Gaurav Apartments, Worli Sea Face, Worli, Mumbai - 400 025,
Maharashtra, India |
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Date of Birth/Age : |
20.11.1968 |
|
Qualification : |
Chartered
Accountant |
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Date of Appointment : |
15.12.2009 |
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DIN No.: |
00317395 |
|
|
|
|
Name : |
Mr. Alok Gupta |
|
Designation : |
Director |
|
Address : |
S- 1202, The Imperial, Tardeo, Mumbai – 400034, Maharashtra, India |
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Date of Birth/Age : |
02.05.1966 |
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Qualification : |
Management
Graduate and Attended the Advanced Management Program at Harvard Business
School |
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Date of Appointment : |
18.04.2011 |
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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 |
|
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 |
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Bodies corporate |
|
5.86 |
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|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distribution 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 Management |
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Bankers : |
·
Punjab National Bank as the Lead Bank Raheja
Chambers, I Floor, Nariman Point, Mumbai, Maharashtra - 400021, India ·
State Bank of Patiala Atlanta,
1st Floor, Jamnalal Bajaj Marg,, Nariman Point, Mumbai, Maharashtra - 400021,
India ·
UCO Bank Flagship
Corporate Branch, Nariman Point, Mumbai, Maharashtra - 400021, India ·
The Jammu and Kashmir Bank Limited 1st
Floor, National Business Center, (Near MMRDA, Ground), Bandra Kurla Complex,
Bandra (East), Mumbai, Maharashtra - 400051, 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 |
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PAN No.: |
AALFS0506L |
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|
|
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Holding Company: |
· The Mobilestore Service (Mauritius) Limited, (TMSSML) Mauritius |
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|
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|
Ultimate Holding Company: |
· Essar Global Limited (EGL) |
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|
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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 |
Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
Equity shares |
31.03.2013 |
|
|
Nos. |
Amount (Rs. In millions) |
|
|
At the beginning of the period |
743467 |
7.400 |
|
Issued during
the period |
-- |
-- |
|
Outstanding at
the end of the period |
743467 |
7.400 |
|
NCCCPS |
31.03.2013 |
|
|
Nos. |
Amount (Rs. In millions) |
|
|
At the beginning of the period |
102512 |
1.000 |
|
Issued during
the period |
-- |
-- |
|
Outstanding at
the end of the period |
102512 |
1.000 |
Terms/ rights attached to equity shares
The company has only
one class of equity shares having par value of Rs.10 per share. Each holder of
Equity Shares is entitled to one vote per share.
In the event of
liquidation of the company, the holders of Equity Shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of Equity Shares
held by the shareholders.
Terms/ rights attached to NCCCPS
Each NCCCPS will
be compulsorily converted into equity share after the end of 20 year from the
date of Issue or liquidity event as per the terms of NCCCPS, whichever is
earlier.
The NCCCPS are
compulsorily convertible at an agreed conversion price based on various
conversion options as per the terms of NCCCPS allotment.
Shares held by holding company
Out of equity and preference shares issued by the Company, shares held
by its holding company, ultimate holding company and their subsidiaries/
associates are as below:
|
Particulars |
Amount (Rs. In millions) |
|
The Mobilestore Services (Mauritius) Limited, the holding Company. |
|
|
700,000 Equity
Shares of Rs.10 each fully paid-up |
7.000 |
|
The ultimate holding company is Essar Global Limited |
|
Aggregate number of shares issued for consideration
other than cash during the period of five years immediately preceding the
reporting date:
|
Particulars |
Nos. |
|
Equity shares of
Rs.10 each are allotted as fully paid up pursuant to the scheme of merger
other than cash. |
33437 |
|
Non Cumulative Compulsorily
Convertible Preference Shares of Rs.10 each are allotted as fully paid up
other than cash pursuant to the merger of Cash and Carry business. |
4612 |
Details of
shareholders holding more than 5% shares in the Company
|
Name of the shareholder |
As at 31st
March, 2013 |
|
|
Nos. |
% holding in the
class |
|
|
Equity shares of Rs.10 each fully paid |
|
|
|
The MobileStore
Services (Mauritius) Limited, the holding Company. |
700000 |
94.15% |
|
Non Cumulative Compulsorily Convertible Preference Shares of Rs.10/-
each fully paid-up |
|
|
|
Tara India Holdings A limited |
76663 |
74.78% |
|
IL&FS Trust Company Limited on behalf of Tara India Fund III Trust |
11844 |
11.55% |
|
IL&FS Trust Company Limited on behalf of Tara India Fund III
Domestic Trust |
14005 |
13.66% |
As per of the
Company, including its register of shareholders/ members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownerships of shares.
Shares reserved for Issue
under NCCCPS for details of shares reserved for Issue on Non-cumulative
Compulsorily Convertible Preference Shares, please refer Note 3(c) regarding
terms of conversion of NCCCPS.
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 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
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 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
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 |
|
|
(INR) |
(INR) |
(INR) |
|
Sales |
12,138.800 |
12,084.700 |
14,179.000 |
|
Profit |
(29.500) |
11.200 |
11.300 |
|
|
(0.24%) |
0.09% |
0.08% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBTS DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Debts |
789.600 |
0.000 |
Not Available |
|
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 |
NOTE:
The registered office of the company has been shifted from Essar House, 11, K.K. Marg, Mahalaxmi, Mumbai – 400 034, Maharashtra to the present address w.e.f. 25.02.2013.
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.
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.
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 Contingent Liabilities |
0.800 |
0.000 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
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 |
|
2 |
10456966 |
05/10/2013 |
70,000,000.00 |
The Jammu and Kashmir
Bank Limited |
1st Floor, National
Business Center, (Near MMRDA, |
B88263330 |
|
3 |
10452258 |
28/09/2013 |
100,000,000.00 |
UCO Bank |
Flagship Corporate Branch,
Nariman Point, Mumbai, Maharashtra - 400021, India |
B86345402 |
|
4 |
10454094 |
27/09/2013 |
67,400,000.00 |
STATE BANK OF PATIALA |
Atlanta, 1st Floor,
Jamnalal Bajaj Marg,, Nariman Point, Mumbai, Maharashtra - 400021, India |
B87115416 |
|
5 |
10454093 |
27/09/2013 |
75,000,000.00 |
PUNJAB NATIONAL BANK |
Raheja Chambers, Nariman
Point, Mumbai, Maharashtra - 400021, India |
B87114468 |
|
6 |
10430676 |
13/12/2013 * |
2,005,500,000.00 |
Punjab National Bank as
Lead Bank |
Raheja Chambers, I Floor,
Nariman Point, Mumbai |
B92202555 |
* Date of charge modification
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 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.62.16 |
|
|
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NIT |
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.