MIRA INFORM REPORT
|
Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE MOBILESTORE LIMITED (w.e.f 30.10.2007) |
|
|
|
|
Formerly Known
As : |
ESSAR TELECOM RETAIL LIMITED ESSAR RETAIL LIMITED |
|
|
|
|
Registered
Office : |
Essar House, 11, K K Marg, Mahalaxmi, Mumbai- 400 034, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
22.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160647 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.333.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH2006PLC160647 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUME06487F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACFE1386K AACCT9399N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of retailing and marketing of
telecom and related products and services. |
|
|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
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 : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “ESSAR RETAIL HOLDINGS LIMITED”. It is an
established company having moderate track record. The company has incurred huge accumulated losses which has eroded net
worth of the company. Profitability of
the company is under pressure. Business is active. Payment terms are slow. The company can be considered for business dealings on 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
US investment bank Goldman
Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB- (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
30.03.2013 |
Reason for Suspended: Company has not furnished the information required
by CARE
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 BY
|
Name : |
Mr. Satish Patil |
|
Designation : |
Manager |
|
Contact No.: |
91-9890648455 |
|
Date : |
04.06.2014 |
LOCATIONS
|
Registered Office : |
Essar House, 11, K K Marg, Mahalaxmi, Mumbai- 400 034, Maharashtra,
India. |
|
Tel. No.: |
91-22-67447727/ 66601100/ 40011100/ 67335000 / 64647305 |
|
Mobile No.: |
91-9890648455 (Mr. Satish Patil) |
|
Fax No.: |
91-22-67082177/ 66669435 / 67447530 / 66669426 |
|
E-Mail : |
|
|
Website : |
www.themobilestore.in |
|
|
|
|
Corporate Office 1 : |
Essar Techno Park, Building ‘B’, 1st Floor, Pyramid Infotech
Park, Swan Mill Compound, LBS Marg, Kurla (West), Mumbai-400070, Maharashtra,
India |
|
Tel. No.: |
91-22-67335000/60006363 |
|
Fax No.: |
91-22-67082177 |
|
E-mail : |
|
|
|
|
|
Corporate Office 2 : |
Unit # 501 and 502, Kohinoor
City, Kirol Road, Off L.B.S Marg, Kurla (West), Mumbai – 400070, Maharashtra,
India |
|
|
|
|
Warehouse : |
Located at:
|
|
|
|
|
The |
Located At:
|
|
|
|
|
Retail Office: |
Located At:
|
DIRECTORS
As on 27.09.2013
|
Name : |
Mr. Haseeb Ahmad Drabu |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 1101, 11th Floor, Hicon Residency, 26th
Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth : |
10.04.1961 |
|
Date of Appointment : |
29.09.2012 |
|
DIN No.: |
00489888 |
|
|
|
|
Name : |
Mr. Himanshu Chakrawarti |
|
Designation : |
Managing Director |
|
Address : |
1-A, Rosemere
No. 18, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India |
|
Date of Birth : |
14.11.1966 |
|
Date of Appointment : |
31.01.2012 |
|
PAN No.: |
ACGPC5033K |
|
DIN No.: |
01196050 |
|
|
|
|
Name : |
Mr. Suresh Sundaram |
|
Designation : |
Director |
|
Address : |
Flat No.7, 3rd
Floor, Battery House, Warden Road, Plot No. 74, Mumbai – 400026, Maharashtra,
India |
|
Date of Birth : |
03.10.1942 |
|
Date of Appointment : |
15.02.2010 |
|
DIN No.: |
00063535 |
|
|
|
|
Name : |
Mr. Kamlesh Niranjan Sarangi |
|
Designation : |
Director |
|
Address : |
Plot No. 503, Floor 5, Lakschandi Height, Gokuldham, Goregaon (East),
Mumbai - 400063, Maharashtra, India |
|
Date of Birth : |
28.11.1971 |
|
Date of Appointment : |
03.03.2010 |
|
DIN No.: |
02852838 |
|
|
|
|
Name : |
Mr. Sudip Rungta |
|
Designation : |
Director |
|
Address : |
Shubhada Apartment, Flat No. 101, First Floor, 63, Sir Pochkanwala
Road, Worli, Mumbai – 400030, Maharashtra, India |
|
Date of Birth : |
13.09.1971 |
|
Date of Appointment : |
30.09.2011 |
|
DIN No.: |
03146989 |
|
|
|
|
Name : |
Mr. Arvind Kumar Singhal |
|
Designation : |
Director |
|
Address : |
3, Padmini Enclave, Hauz Khas, New Delhi - 110 016, India |
|
Date of Birth/Age : |
10.08.1958 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
00709084 |
|
|
|
|
Name : |
Mr. Neeraj Roy |
|
Designation : |
Director |
|
Address : |
602, RNA, Aurovilla, 6th Floor, Near Poddar School, Jain Daresar Marg, Opposite Jain Mandir, Santacruz (West), Mumbai – 400054, Maharashtra, India |
|
Date of Birth/Age : |
13.08.1967 |
|
Date of Appointment : |
27.09.2013 |
|
DIN No.: |
00285875 |
KEY EXECUTIVES
|
Name : |
Ms. Neelam Vyas |
|
Designation : |
Secretary |
|
Address : |
Ambika
Tower, A Wing, Flat No. 202, Opposite Aghadi Nagar, Jija Mata Chowk, Near
Pump House, Andheri, East, Mumbai – 400093, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1983 |
|
Date of Appointment : |
01.12.2007 |
|
PAN NO: |
AETPV3741C |
|
|
|
|
Name : |
Mr. Satish Patil |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2013
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Essar Retail Holdings Limited |
|
29278940 |
|
Essar Retail Holdings Limited and S. Shankaranarayanan |
|
10 |
|
Essar Retail Holdings Limited and Madan Mundhra |
|
10 |
|
Essar Retail Holdings Limited and Girish K. Sathe |
|
10 |
|
Essar Retail Holdings Limited and B. Shivkumar |
|
10 |
|
Essar Retail Holdings Limited and V. Ganeshan |
|
10 |
|
Essar Retail Holdings Limited and Vipul Shah |
|
10 |
|
IL and FS Trust Company Limited on behalf of Tara India Fund III
Domestic Trust |
|
10 |
|
Total |
|
29279010 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
IL and FS Trust Company Limited on behalf of Tara India Fund III
Domestic Trust |
|
4038473 |
|
Total |
|
4038473 |
As on 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of retailing and marketing of
telecom and related products and services |
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Products : |
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Brand Names : |
“The MobileStore” |
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Terms : |
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Selling : |
Cash / Cheque / Credit Card |
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Purchasing : |
Cash / Cheque / Credit Card |
GENERAL INFORMATION
|
Suppliers : |
|
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|
Customers : |
End Users |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Financial Institutes : |
The Mobilestore Services Limited, Equinox Business Park,
Building-B, 1st Floor, Old, Swan Mills Compound, L.B.S. Marg, Kurla West,,
Mumbai - 400070, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Company Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29,Senapati Bapat Marg, Dadar (West),
Mumbai - 400028, Maharashtra, India |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Holding company |
Essar Retail Holdings Limited |
|
|
|
|
Ultimate Holding
company |
Imperial Consultants and Securities Private Limited |
|
|
|
|
Fellow Subsidiary
company : |
|
CAPITAL STRUCTURE
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Share |
Rs.10/- each |
Rs.350.000 Millions |
|
5000000 |
Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
TOTAL |
|
Rs.400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29279010 |
Equity Shares |
Rs.10/- each |
Rs.292.790
Millions |
|
4038473 |
Preference Shares |
Rs.10/- each |
Rs.40.385
Millions |
|
|
TOTAL |
|
Rs.333.175 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 |
333.200 |
333.200 |
333.200 |
|
(b) Reserves & Surplus |
(5853.400) |
(5286.300) |
(4236.100) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
3572.900 |
2408.100 |
1020.600 |
|
Total
Shareholders’ Funds (1) + (2) |
(1947.300) |
(2545.000) |
(2882.300) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
605.500 |
1304.300 |
|
(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 |
4.300 |
3.300 |
2.500 |
|
Total Non-current
Liabilities (3) |
4.300 |
608.800 |
1306.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
745.000 |
656.600 |
|
(b) Trade
payables |
3109.500 |
1369.900 |
1852.400 |
|
(c) Other
current liabilities |
569.600 |
1056.100 |
787.100 |
|
(d) Short-term
provisions |
49.100 |
46.700 |
41.200 |
|
Total Current
Liabilities (4) |
3728.200 |
3217.700 |
3337.300 |
|
|
|
|
|
|
TOTAL |
1785.200 |
1281.500 |
1761.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
76.100 |
158.300 |
471.000 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
32.300 |
35.200 |
53.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.100 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
213.800 |
207.000 |
246.900 |
|
(e) Other
Non-current assets |
4.800 |
1.800 |
2.000 |
|
Total Non-Current
Assets |
327.100 |
402.400 |
773.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
614.100 |
486.200 |
598.200 |
|
(c) Trade
receivables |
91.000 |
75.000 |
141.800 |
|
(d) Cash
and cash equivalents |
98.600 |
65.800 |
53.500 |
|
(e)
Short-term loans and advances |
654.400 |
252.100 |
194.500 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1458.100 |
879.100 |
988.000 |
|
|
|
|
|
|
TOTAL |
1785.200 |
1281.500 |
1761.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11006.500 |
10068.800 |
10628.800 |
|
|
|
Other Income |
138.500 |
11.100 |
15.200 |
|
|
|
TOTAL (A) |
11145.000 |
10079.900 |
10644.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
9982.800 |
8828.100 |
9573.300 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(127.900) |
112.000 |
405.100 |
|
|
|
Employees benefits expense |
438.700 |
396.800 |
389.800 |
|
|
|
Other expenses |
1001.800 |
1083.100 |
1297.600 |
|
|
|
TOTAL (B) |
11295.400 |
10420.000 |
11665.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(150.400) |
(340.1000 |
(1021.800) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
277.000 |
366.300 |
417.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(427.400) |
(706.400) |
(1438.900) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
139.700 |
343.800 |
562.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(567.100) |
(1050.200) |
(2001.500) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(567.100) |
(1050.200) |
(2001.500) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(8175.000) |
(7124.800) |
(5123.300) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(8742.100) |
(8175.000) |
(7124.800) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(19.36) |
(35.87) |
(68.36) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(5.09) |
(10.42) |
(18.80) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(5.15) |
(10.430 |
(18.83) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(32.35) |
(84.27) |
(117.19) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.41 |
0.69 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
-0.53 |
-0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39 |
0.27 |
0.30 |
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 |
333.200 |
333.200 |
333.200 |
|
Reserves & Surplus |
(4236.100) |
(5286.300) |
(5853.400) |
|
Share Application money pending allotment |
1020.600 |
2408.100 |
3572.900 |
|
Net
worth |
(3902.900) |
(4953.100) |
(5520.200) |
|
|
|
|
|
|
long-term borrowings |
1304.300 |
605.500 |
0.000 |
|
Short term borrowings |
656.600 |
745.000 |
0.000 |
|
Total
borrowings |
1960.900 |
1350.500 |
0.000 |
|
Debt/Equity
ratio |
-0.502 |
-0.273 |
0.000 |
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 |
10628.800 |
10068.800 |
11006.500 |
|
|
|
(5.269) |
9.313 |
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 |
10628.800 |
10068.800 |
11006.500 |
|
Profit |
(2001.500) |
(1050.200) |
(567.100) |
|
|
(18.83%) |
(10.43%) |
(5.15%) |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
CORPORATE
INFORMATION
Subject formerly known as Essar Telecom Retail Limited was originally
incorporated on March 22, 2006. The Company commenced it's business activity in
December, 2006. The Company is engaged in the business of retailing and
marketing of telecom and related products and services including mobile
handsets, accessories, connections, recharge talk time, value added service,
repairs and after sales services across India through its chain of retail
stores having brand name “The MobileStore”. The Company is a subsidiary of
Imperial Consultants and Securities Private Limited, (Demerged Company from
Essar Investment Limited wef 1st April 2011) the ultimate holding company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10465778 |
13/12/2013 |
2,700,000,000.00 |
THE MOBILESTORE SERVICES LIMITED |
EQUINOX BUSINESS PARK, BUILDING-B, 1ST FLOOR, OLD, SWAN MILLS COMPOUND, L.B.S. MARG, KURLA WEST, MUMBAI, Maharashtra - 400070, INDIA |
B91804104 |
|
2 |
10133153 |
22/10/2008 |
706,600,000.00 |
PUNJAB NATIONAL BANK and as per Annexure I |
1ST FLOOR, RAHEJA CHAMBERS,, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A52476470 |
|
3 |
10133152 |
22/10/2008 |
2,756,700,000.00 |
PUNJAB NATIONAL BANK as Lead Bank and as per Annex |
RAHEJA CHAMBERS, 1ST FLOOR, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A52475753 |
|
4 |
10118869 |
05/08/2008 |
120,000,000.00 |
STATE BANK OF PATIALA |
ATLANTA, 1ST FLOOR,, JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
A44337574 |
|
1 |
10465778 |
13/12/2013 |
2,700,000,000.00 |
THE MOBILESTORE SERVICES LIMITED. |
EQUINOX BUSINESS PARK, BUILDING-B, 1ST FLOOR, OLD, SWAN MILLS COMPOUND, L.B.S. MARG, KURLA WEST, MUMBAI, Maharashtra - 400070, INDIA |
B91804104 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Furniture and
fixtures
- Office
equipment
- Computer
equipments
- Leasehold
improvements
Intangible assets
- Computer
software
AS PER WEBSITE
PRESS RELEASES
THE MOBILE STORE SET
TO DIAL FRANCHISEES IN NORTHEASTERN STATES
Nov 28, 2013
"Northeast is one of the big opportunity areas, but it's a troublesome territory to approach. We will have several franchisees and master franchisees for some of the states," he said. The retail chain currently owns 800 stores that sell multiple brand handsets with 10% on the franchise model.
The company's move fits well with the telecom regulator's proposed Rs 29180.000 Millions investment plan to boost voice and data coverage in the northeastern states, where connectivity is much lower than the nationalaverage. The Telecom Regulatory Authority of India (Trai) has suggested that the government will require a large investment in Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura that have an average tele-density of 40%, which reduces to 10% in villages.
Trai has recommended 2% discount in licence fee, charged annually for those telecom operators who cover at least 80% of the habitations with a population of 250 and subsidies for installation of solar power units at telecom towers.
The Essar Group-owned mobile retailer, which holds a 27% share of the modern trade mobile phone retail, is happy with its leadership position in the north, south and eastern regions of the country, but doesn't have any aggressive expansion plans in the south, which is dominated by regional players.
Chakravarti said over the next 12 months, the retail store is planning to upgrade around 100 of its existing retail outlets into lounges that allow the customer to try out smartphones from various brands before making a choice.
The move will cost the company, which gets around 93% of its sales from smartphones, around Rs 300.000 Millions which it plans to source from internal accruals.
The retailer is planning to add around 40 new stores a year, based on opportunities in different states and may look at various funding options through equity and debt, said Chakravarti. "We won't go in for an IPO though." It is planning to also aggressively push the sale of post-paid mobile connections, including data plans, as well as of accessories in its stories to boost footfalls, he added.
THE MOBILESTORE TO
OPEN 50 NEW LOUNGES IN NEW AVATAR
MARCH 12, 2014
The MobileStore launched its smartphone destination, The MobileStore Lounge franchise in Ballygunge, Kolkata and was inaugurated by actress Rituparna Sengupta. The MobileStore plans to convert 100 of its existing stores into the lounge format and open 50 new lounges via the franchise route.
Located in the most iconic place in Kolkata, at Ballygunge, The MobileStore Lounge makes it easy to browse, choose, use and pay for smart phones and tablets with the help of brand experience zones where devices from brands like Samsung, Nokia, HTC, Sony and Apple are displayed in each brand experience zone.
Himanshu Chakrawarti, CEO, The MobileStore Limited says, “The MobileStore Lounge is a unique experience and moves beyond live display into the realm of actual larger than life experience.”
The MobileStore Lounge is the first ever store with complimenting accessories for each phone placed below the phone. So a customer doesn’t really need to look around what compliments his handset.The MobileStore Lounge, is a one stop smart phone shop that provides, multi-brand handsets, tablets, complimenting accessories and brand experience zones all under one roof. It showcases ‘live experience’ to bring out the power of technology for everyday consumer use. The MobileStore India’s largest mobile telephony retailer provides one stop mobile solution shop that provides, multi-brand handsets, tablets, accessories, connections, repairs, easy EMI solutions and VAS, across its 800 outlets in 100 plus cities, thus covering every major town in every state across India.
BUY DEVICES ON EMI WITHOUT
CREDIT CARD FROM THE MOBILESTORE
Jan 20, 2014
NEW DELHI: Mobile phone retail chain The MobileStoretoday launched a new instalment scheme for consumers to buy devices on EMI (equated monthly installments) without a credit card across five cities in the country.
The personal finance option, introduced in Mumbai, Delhi, Pune, Kolkata and Chennai, will allow consumers to buy smartphones by submitting their Know Your Customer (KYC) documents, The MobileStore (TMC) said in a statement. The company has partnered with Japanese company AEON Credit Service India to introduce this solution in order to target the base of consumers without a credit card.
"EMI schemes have always played a crucial role in making high-end smartphones affordable for the Indian consumers. However, such schemes have only been restricted to credit card holders," The MobileStore CEO Himanshu Chakrawarti said.
There are 18-19 million credit card holders in the country and the numbers are growing at a slow pace."An EMI solution without a credit card opens-up the smartphone market to a significantly larger group of consumers, who do not own a credit card," he added.
THE MOBILESTORE LOOKS
FOR PROFIT THIS YEAR
Mumbai June 14,
2012
More than five years after it launched its first outlet, Essar Group’s handset retail chain, The Mobile Store, expects to record operating profits in the current financial year.
Of late, the chain has expanded through shop-in-shops, franchisees and its e-commerce site, Chief Executive Officer Himanshu Chakrawarti told Business Standard.
Of its 1,200-odd outlets, the chain has, in the last two years, closed 300 stores that recorded losses. Recently, the chain had also shut its consumer durable chain The Electronic Store. “All loss-making stores have been shut to have sustainable business and provide profitability to shareholders. Now, nearly 90 per cent of our stores are profitable, while the rest are on track to becoming profitable,” Chakrawarti said, adding, “We have grown six to seven per cent in 2011-12, despite closing 30 per cent of our stores. We expect growth of 30-35 per cent in 2012-13.”
When it launched the venture in early 2007, 2,500 stores were scheduled to be opened by 2010. It had also set a revenue target of Rs 50000.000 Millions by 2010 and expected to break even within two to three years of launch.
However, like other retailers that rapidly opened stores earlier, it was forced to scale down operations.
Aditya Birla Retail, which also launched operations in 2006-07, had to shut 75 stores in 2009-10. The company recently shut 50 supermarkets to stem losses. According to sources in the company, the retailer needs at least two to three years to turn profitable.
Kishore Biyani’s Future Group had also scaled down operations of Ezone, its consumer durables chain. The stores, earlier present in 18 cities, were later limited to only six major cities.
Chakrawarti said growth in smartphone sales had aided modern retailers such as The MobileStore. “While the overall mobile market has remained constant, smartphone sales have grown from 0.5 million a year ago to 1.7 million handsets,” he said.
Annual mobile phone sales in India stand at about 13 million. While The MobileStore has a share of 33 per cent in total sales, BK Modi’s Spice Hotspot and South-based Univercell have a share of 20-25 per cent each.
Naimish Dave, director at OC and C Strategy Consultants, said, “Since the category is very price-driven, it makes sense to rationalise stores, cut costs and focus on alternatives to push sales….Volumes give players better bargaining power with suppliers, but that is limited play. They have to watch out for costs.”
Chakrawarti said The MobileStore had seen a 15 per cent rise in average selling prices after it introduced the equated monthly instalment (EMI) scheme in August 2011. The chain has tied up with banks such as State Bank of India and HDFC, waived processing fees and carried out a co-marketing exercise with brands to boost EMI-backed transactions.
It has also expanded through shop-in-shops, or small counters within large stores, of Raheja-owned Hypercity and is currently putting up such shops in Tata-owned Landmark, Future Group-partnered Staples and hypermarket chain Total, Chakrawarti said. “Shop-in-shops are profitable within the first month of their operations,” he added.
The company’s e-commerce site had also aided sales, and it was now supplying products to a number of other online companies, he added.
“We are as aggressive as earlier, but the model is different. Instead of doing everything ourselves, we have a de-risked and co-opted model," he said, adding, “We will open our own stores only in well-known locations in cities.”
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.59.21 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
14 |
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.