|
Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRABAL ALOK ( |
|
|
|
|
Formerly Known
As : |
HAMSARD 2353 LIMITED |
|
|
|
|
Branch Office : |
C/O. Alok Industries Limited, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2013 |
|
|
|
|
Date of
Incorporation : |
10.09.2007 |
|
|
|
|
FCRN No.: |
F03190 |
|
|
|
|
Legal Form : |
Foreign Registry Company |
|
|
|
|
Line of Business
: |
The company is engaged in retailing of clothing and liomewares,
trading as the brand name of “QS” and “Stroe Twenty One”. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Branch office of a foreign registered company |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a presently a part of the reputed “Alok Group”. It is an
independent business unit engaged into retailing in United Kingdom. As per indirect sources, we found that the subject an erstwhile
associate became a subsidiary of “Alok Industries Limited” which has reported
huge accumulated losses during past some years. Moreover, the management failed to revamp the business profile as a
result of prevailing losses on account of economic downturn. Further the management also reported that the subject is not
indicating any potential economic value of the investment as a result of
which the group is considering to exit the business in order to prevent
further losses and concentrate on the core business operations of the group. However, Business is active. Payment terms are slow. In view of weak business profile, the subject can be considered for
business dealings as a matter of your confidence, that too on a fully safe
and secured 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles from
its Talegaon plant near Pune in the second half of 2014. GM was one of the few
global carmakers that was using its India plant only for the domestic market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 DENIED
Management Non-Cooperative
Contact No.: 91-22-61787000
LOCATIONS
|
Registered Office : |
Tureck House, Drayton Road, Shirley, Solihull, West Midlands, B90,
4NG, United Kingdom |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
|
|
|
Branch Office : |
C/O. Alok Industries Limited, Peninsula Tower – A, Peninsula Corporate
Park, G.K. Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-61787000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Tower B, 2nd and 3rd
Floor, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400 013, Maharashtra India |
|
|
91 22 61787000 |
|
|
|
|
Marketing Offices : |
Located At : ·
New Delhi ·
Bengaluru ·
Chennai ·
Sri Lanka ·
Bangladesh ·
China ·
British Virgin Islands ·
USA - New York ·
USA – Dallas ·
Dubai · Czech Republic |
DIRECTORS
|
Name : |
A B Jiwrajka |
|
Designation : |
Director |
|
|
|
|
Name : |
D B Jiwrajka |
|
Designation : |
Director |
|
Address : |
6, bay vierw, Abdul Gafar Khan Road, Worli Sea Face, Worli, Mumbai –
400030, Maharashtra, India |
|
Date of Birth : |
09.10.1956 |
|
|
|
|
Name : |
S S Jiwrajka |
|
Designation : |
Director |
|
Address : |
901, Plam Beach Apartment, 67-A, Pochkhanwala Road, Worli Sea Face,
Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Birth : |
17.10.1958 |
|
|
|
|
Name : |
K S Tatla |
|
Designation : |
Director |
|
Address : |
47, London Road, Langley, Slough, Berks, SL3 7RP, United Kingdom |
|
Date of Birth : |
13.05.1950 |
|
|
|
|
Name : |
I Vaswani |
|
Designation : |
Director |
|
|
|
|
Name : |
A Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
33 Woodhouse Eaves, Northwood, London HA6 3 NF |
|
Date of Birth : |
09.10.1971 |
|
|
|
|
Name : |
M Wostmorcland |
|
Designation : |
Director |
|
|
|
|
Name : |
M U Ahmed |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
M U Ahmed |
|
Designation : |
Secretary |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in retailing of clothing and liomewares,
trading as the brand name of “QS” and “Stroe Twenty One”. |
|
|
|
|
Brand Names : |
“QS” and “Stroe Twenty One” |
GENERAL INFORMATION
|
|
|
|
Bankers : |
·
State Bank of India, London Branch ·
Barclays Bank Plc, North Street |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
|
|
|
Name : |
Kingstone Smith LLP Chartered Accountants |
|
Address : |
Devonshire House, 60 Goswell Road, London. |
FINANCIAL DATA
[All figures are
in Rupees Millions]
(Rs.
In Millions)
SALES
|
Name of the
company |
30.09.2013 (18 Months) |
31.03.2012 (12 Months) |
|
Grabal Alok (UK)
Limited |
11541.900 |
7189.200 |
|
Transaction |
30.09.2013 (18 Months) |
31.03.2012 (12 Months) |
|
Sales Promotion
Expenses |
|
|
|
Grabal Alok (UK) Limited |
-- |
26.700 |
|
|
|
|
|
Legal and
Professional charges |
|
|
|
Grabal Alok (UK) Limited |
-- |
120.800 |
|
|
|
|
|
Exchange Rate
Difference |
|
|
|
Grabal Alok (UK) Limited |
-- |
689.800 |
LOANS AND ADVANCES AS
ON 30.09.2013
|
Particulars |
30.09.2013 (18 Months) |
Maximum
balance during 18 months ended 30.09.2013 |
31.03.2012 (12 Months) |
Maximum balance
during the year
11-12 |
|
Grabal Alok (UK) Limited |
0.500 |
1.300 |
0.500 |
302.000 |
LOANS AND ADVANCES AS
ON 31.03.2012
|
Particulars |
31.03.2012 |
Maximum
balance during the year 11-12 |
31.03.2011 |
Maximum balance
during the year
10-11 |
|
Grabal Alok (UK) Limited |
0.500 |
302.00 |
15.900 |
15.900 |
FINANCIAL INFORMATION
RELATING TO COMPANIES FOR THE PERIOD ENDED 30 SEPTEMBER 2013
(Rs. In Crores)
|
Name of the Company |
|
Grabal Alok (UK) Limited |
|
Currency |
|
GBP |
|
Capital * |
|
5.770 |
|
Reserves |
|
(463.940) |
|
Total asset |
|
545.960 |
|
Total liabilities |
|
1004.130 |
|
Investment [other than investment ] |
|
--- |
|
Turnover |
|
1185.660 |
|
PBT |
|
(210.210) |
|
Provision for tax |
|
--- |
|
PAT |
|
(210.210) |
|
Dividend |
|
--- |
FINANCIAL INFORMATION
RELATING TO COMPANIES FOR THE PERIOD ENDED 31 MARCH 2012
(Rs. In Crores)
|
Name of the Company |
|
Grabal Alok (UK) Limited |
|
Capital * |
|
4.650 |
|
Reserves |
|
(174.490) |
|
Total asset |
|
649.620 |
|
Total liabilities |
|
819.460 |
|
Investment [other than investment ] |
|
--- |
|
Turnover |
|
759.160 |
|
PBT |
|
(151.760) |
|
Provision for tax |
|
--- |
|
PAT |
|
(151.760) |
|
Dividend |
|
--- |
THE COMPANIES
CONSIDERED IN THE CONSOLIDATED FINANCIAL STATEMENTS
|
Name of the Company |
Country Of Incorporation |
Ownership Interest 30.09.2013 |
Ownership Interest 31.03.2012 |
|
Grabal Alok (UK) Limited |
UK |
90.43% |
90.43% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation of
contact person |
No |
|
11] |
Turnover of
firm for last three 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 |
Yes |
|
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 |
Yes |
|
29] |
Last accounts
filed at ROC |
No |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
NOTE :
Consequent to amalgamation of Grabal Alok Impex Limited with Alok
Industries Limited during 2011-12, Grabal Alok (UK) Limited, (“GAUK”) – an
erstwhile associate, became a subsidiary of the Company, and a Goodwill of
Rs.4480.000 Millions was recognized in the consolidated financial statements of
the Group. GAUK is an independent business unit in retailing in the United
Kingdom. The management’s efforts in revamping the business and pruning
unprofitable stores have not made much headway in the wake of the economic
downturn globally and in the business situation in UK in particular. While The
management believes that the current performance, impacted by the difficult
economic situation is not indicative of the long term economic value of the
investment, the group is considering exiting this business as a part of its strategy to focus on the
core areas of the group. Considering such shift in strategy and on a
prudent assessment of the recoverable
value in accordance with Accounting Standard (AS) 28 “Impairment of Assets” ,
a provision for impairment of goodwill
amounting to Rs.3169.900 Millions has
been recognised. Such amount has been
Considered as “exceptional item” and disclosed as such in the financial
statements
BASIS OF ACCOUNTING
The financial
statements have been prepared under the historical cost convention, modified to
include the revaluation of certain fixed assets and in accordance with
applicable accounting standards.
CORPORATE INFORMATION
Reserve bank of
India vide letter FE Co. EID9165/10.82.944/2006-07 dated 02.06.2011 had grinned
permission under provision of FEMA 1999 and FEMR 2000, Notification No. FEMA
22/200 R B dated 03.05.2000 vide letter FE Co. FID /9165/10.82.944/2006-07
dated 02.06.2011 of Reserve Bank of India. The branch office is now carrying
on any business activities therefore
Profit and Loss A/c has been prepared for the same.
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.60.14 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
1 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
13 |
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.