MIRA INFORM REPORT

 

 

Report No. :

333996

Report Date :

07.08.2015

 

IDENTIFICATION DETAILS

 

Name :

ARVIND INTERNET LIMITED (w.e.f. 19.11.2013)

 

 

Formerly Known As :

ARVIND INTERNET PRIVATE LIMITED

 

 

Registered Office :

Final Plot No. 10, Arvind Limited Premises, Naroda Road, Ahmedabad – 380025, Gujarat

Tel. No.:

91-79-30138000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

18.04.2013

 

 

Com. Reg. No.:

04-074576

 

 

Capital Investment / Paid-up Capital :

Rs. 0.500 Million

 

 

CIN No.:

[Company Identification No.]

U72400GJ2013PLC074576

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AALCA5602J

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of E-commerce and also manufacturer and Importer of Garments.

 

 

No. of Employees :

187 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Arvind Limited”

 

It is a relatively new company having moderate track record

 

Even though the company was incorporated during the year 2013, company commenced its commercial operation from 25th June 2014.

 

Mr. Nagraj (Finance Department) provided all  the information

 

For the financial year ended March 2014, Company has incurred huge pre – operative expenses which has resulted into accumulatead losses

 

However, the rating derives strength from its strong holding support received to trhe subject

 

In view of strong holding support, it 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.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Mr. Nagaraj

Designation :

Finance Department

Contact No.:

91-9900165664

Date :

28.07.2015

 

 

LOCATIONS

 

Registered Office :

Final Plot No. 10, Arvind Limited Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India

Tel. No.:

91-79-30138000

Mobile No.:

91-9900165664 (Mr. Nagraj)

Fax No.:

91-79-30138671

E-Mail :

rv.bhimani@arvind.in

nagaraj@arvindinternet.com

Website :

http://www.arvind.com

 

 

Factory:

Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka, India

 

 

Head Office :

6th Floor, DU parc, Trinity Buildng, Trinity Circle, M.G. Road, Bengalore – 560001, Karnataka, India

Tel. No.:

91-80-33719000

 

 

DIRECTORS

 

As on 23.09.2014

 

Name :

Mr. Jayesh Kantilal Shah

Designation :

Director

Address :

26, Amaltas Bunglows, Vastrapur, Ahmedabad – 380015, Gujarat, India

Date of Appointment :

12.08.2013

DIN No.:

00008349

 

 

Name :

Mr. Punit Lalbhai

Designation :

Director

Address :

Lalbaug, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Appointment :

12.08.2013

DIN No.:

05125502

 

 

Name :

Mr. Kulin Lalbhai

Designation :

Director

Address :

Lalbaug, Shahibaug, Ahmedabad – 380004, Gujarat, India

Date of Appointment :

12.08.2013

DIN No.:

05206878

 

 

KEY EXECUTIVES

 

Name :

Mr. Nagaraj

Designation :

Finance Department

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 23.09.2014

 

Names of Shareholders

 

No. of Shares

Arvind Brands and Retail Limited, India

 

49949

Ramnik Vashrambhai Bhimani

 

1

Devanshu Sureshchandra Desai

 

10

Jayesh Narandas Thakkar

 

10

Rohit Sarojkumar Jani

 

10

Bharat Patel

 

10

Dinesh Oza

 

10

 

 

 

Total

 

50000

 

As on 16.03.2015

 

Names of Allotees

 

No. of Shares

Arvind Brands and Retail Limited, India

 

240200

 

 

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on 23.09.2014

 

Category

Percentage

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of E-commerce and also manufacturer and Importer of Garments.

 

 

Products :

Garments and  Provide E-commerce Services

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Available

 

 

Imports :

 

Products :
  • Trims
  • Fabrics

Countries :

Italy

 

 

Terms :

 

Selling :

L/C, Cash and Credit

 

 

Purchasing :

L/C, Cash and Credit

 

PRODUCTION STATUS NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

187 (Approximately)

 

 

Bankers :

Bank Name

HDFC Bank Limited

Branch

Ahmedabad, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

 

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Term Loan form Bank

 

0.629

 

 

 

Total

 

0.629

 

Auditors :

 

Name :

Sorab S. Engineer and Company

Chartered Accountants

Address :

Ismail Building, 381, Dr. D. Naroji Road, Fort, Mumbai – 400001, Maharashtra, India

PAN No. :

AAAFS5191E

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

  • Arvind Limited, India

CIN NO.:L17119GJ1931PLC000093

 

 

Fellow Subsidiaries :

 

  • Arvind Lifestyles Brand Limited, India

 CIN NO.:U64201GJ1995PLC024598

 

 

 

Joint Venture:

  • Arvind Goodhill Suit Manufacturing Private Limited, India

CIN NO.:U17121GJ2012PTC071968

 

 

 

 

 

CAPITAL STRUCTURE

 

After 23.09.2014

 

Authorised Capital : Rs. 25.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 7.186 million

 

 

As on 23.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs. 0.500 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

50000

Equity Shares

Rs.10/- each

Rs. 0.500 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2014

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

0.500

(b) Reserves & Surplus

 

 

(15.493)

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

(14.993)

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

 

0.629

(b) Deferred tax liabilities (Net)

 

 

0.125

(c) Other long term liabilities

 

 

0.000

(d) long-term provisions

 

 

0.433

Total Non-current Liabilities (3)

 

 

1.187

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

0.000

(b) Trade payables

 

 

4.499

(c) Other current liabilities

 

 

65.125

(d) Short-term provisions

 

 

0.065

Total Current Liabilities (4)

 

 

69.689

 

 

 

 

TOTAL

 

 

55.883

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

7.694

(ii) Intangible Assets

 

 

0.526

(iii) Capital work-in-progress

 

 

26.810

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

0.000

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

11.799

(e) Other Non-current assets

 

 

0.000

Total Non-Current Assets

 

 

46.829

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

0.000

(b) Inventories

 

 

4.509

(c) Trade receivables

 

 

0.000

(d) Cash and cash equivalents

 

 

2.078

(e) Short-term loans and advances

 

 

2.467

(f) Other current assets

 

 

0.000

Total Current Assets

 

 

9.054

 

 

 

 

TOTAL

 

 

55.883

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

 

31.03.2014

 

 TOTAL SALES

 

 

 0.000

 

 

 

 

 

Less

TOTAL EXPENSES

 

 

 

 

Employees benefits expense

 

 

8.624

 

Other expenses

 

 

5.849

 

TOTAL

 

 

14.473

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION 

 

 

(14.473)

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

 

0.008

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

 

(14.481)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

 

0.886

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

 

(15.367)

 

 

 

 

 

Less

TAX

 

 

0.125

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

 

(15.492)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

 

 

 (443.37)

 

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

 

 

31.03.2014

Current Maturities of Long term debt

 

 

0.175

Cash generated from operations

 

 

N.A

Net cash flow from Operating Activity

 

 

(11.188)

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2014

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

(52.86)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

(1.02) 

 

 
 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 
 

 

(0.05)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

0.13

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

No

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

No

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last one years

No

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

 No

29

Profitability for last one years

No

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

---

33

Market information

---

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

 

FIXED ASSETS

  • Furniture and Fixture
  • Vehicle
  • Office equipment
  • Computer

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.63.76

UK Pound

1

Rs.99.60

Euro

1

Rs. 69.71

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

RKI

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

1

--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

 

26

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.