MIRA INFORM REPORT
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Report No. : |
309703 |
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Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
BESTSELLER
WHOLESALE INDIA PRIVATE LIMITED |
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Registered
Office : |
D-1st Floor, Oberoi
Garden Estates, Chandivali Farms Road, Chandivali, Andheri (East), Mumbai –
400 072, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
11.06.2009 |
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Com. Reg. No.: |
11-193223 |
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Capital
Investment / Paid-up Capital : |
Rs.10.100 million |
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CIN No.: [Company Identification
No.] |
U51109MH2009PTC193223 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCB7879C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of trading in
readymade garments and accessories items. |
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No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The company has incurred huge accumulated losses which has eroded the
networth of the company. However, business is active as per status shown in the registrar of companies.
Payment terms are reported to be slow and delayed. 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.
EXTERNAL AGENCY RATING
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
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-39809000)
LOCATIONS
|
Registered Office : |
D-1st Floor,
Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Andheri (East),
Mumbai – 400 072, Maharashtra, India |
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Tel. No. : |
91-22-28031800 |
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Fax No. : |
91-22-28476992 |
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E-Mail : |
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Correspondence Address : |
401, 4th Floor, DLF Mangal Murti Building, Above Jack and
Jones Store, Near Arya Samaj Mandir, Linking Road, Santacruz (West), Mumbai –
400 054, Maharashtra, India |
|
Tel. No. : |
91-22-39809000 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Aman Janardhan Agarwal |
|
Designation : |
Director |
|
Address : |
Villa # 144, Prestige Ozone, Varthur Kodi, Whitefield, Bangalore – 560
066, Karnataka, India |
|
Date of Birth/Age : |
21.05.1972 |
|
Date of Appointment : |
11.06.2009 |
|
DIN No. : |
00019534 |
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|
Name : |
Mr. Prashant Janardan Agarwal |
|
Designation : |
Director |
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Address : |
Flat No.602, 6th Floor, Daffodills, N.S. Road No.7, JVPD
Scheme, Vile Parle, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1974 |
|
Date of Appointment : |
11.06.2009 |
|
DIN No. : |
00019464 |
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Name : |
Mr. Janardan Biseshwarlal Agarwal |
|
Designation : |
Director |
|
Address : |
Flat No.602, 6th Floor, Daffodills, N.S. Road No.7, JVPD
Scheme, Vile Parle, Mumbai – 400 049, Maharashtra, India |
|
Date of Birth/Age : |
25.05.1949 |
|
Date of Appointment : |
07.09.2010 |
|
DIN No. : |
00019497 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
Prashant Janardan Agarwal |
5000 |
0.50 |
|
Aman Janardhan Agarwal |
5000 |
0.50 |
|
B.R. Machine Tools Private Limited, India |
1000000 |
99.00 |
|
Total |
1010000 |
100.00 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
99.00 |
|
Directors or relatives of Directors |
1.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of trading in
readymade garments and accessories items. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the Management. |
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Bankers : |
Axis Bank Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Modi Roongta and Associates Chartered Accountants |
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Address : |
B-406, Shubam Center No.2, Chankala, Andheri (East), Mumbai – 400 099, Maharashtra, India |
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Telefax No. : |
91-22-28348716 |
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Mobile No. : |
91-9820251934/ 9987773908 |
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PAN
No.: |
AAQFM9931J |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company : |
B.R. Machine Tools Private Limited, India (CIN No.:
U29220KA1978PTC003427) |
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Associate/
Enterprises where Control/ Significant influence exists : |
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CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 million |
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1010000 |
Equity Shares |
Rs.10/- each |
Rs.10.100 million |
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FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
10.100 |
10.100 |
10.100 |
|
(b) Reserves & Surplus |
(95.609) |
(54.509) |
(52.423) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(85.509) |
(44.409) |
(42.323) |
|
|
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(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 |
15.000 |
10.000 |
0.000 |
|
(d) Long-term
provisions |
3.814 |
2.344 |
0.313 |
|
Total Non-current
Liabilities (3) |
18.814 |
12.344 |
0.313 |
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|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
229.428 |
222.800 |
388.916 |
|
(b) Trade
payables |
768.030 |
263.479 |
108.790 |
|
(c) Other
current liabilities |
43.618 |
23.775 |
14.270 |
|
(d) Short-term
provisions |
2.031 |
0.016 |
0.000 |
|
Total Current
Liabilities (4) |
1,043.107 |
510.070 |
511.976 |
|
|
|
|
|
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TOTAL |
976.412 |
478.005 |
469.966 |
|
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|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
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|
(a) Fixed Assets |
|
|
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|
(i)
Tangible assets |
82.931 |
80.003 |
22.046 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
45.488 |
6.909 |
17.609 |
|
(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 |
25.788 |
6.734 |
2.775 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
154.207 |
93.646 |
42.430 |
|
|
|
|
|
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(2) Current assets |
|
|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
161.583 |
22.947 |
5.360 |
|
(c) Trade
receivables |
636.148 |
360.170 |
155.835 |
|
(d) Cash
and cash equivalents |
22.819 |
0.834 |
1.884 |
|
(e)
Short-term loans and advances |
1.655 |
0.408 |
264.457 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
822.205 |
384.359 |
427.536 |
|
|
|
|
|
|
TOTAL |
976.412 |
478.005 |
469.966 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
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Revenue from Operations |
1032.900 |
514.213 |
219.412 |
|
|
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Other Income |
|
0.007 |
0.309 |
|
|
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TOTAL |
1032.900 |
514.220 |
219.721 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Purchases of stock-in-trade |
1032.300 |
380.485 |
145.772 |
|
|
|
Changes in inventories of stock-in-trade |
|
(17.587) |
1.567 |
|
|
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Employee Benefit Expenses |
|
73.519 |
43.579 |
|
|
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Other Expenses |
|
64.359 |
30.939 |
|
|
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TOTAL |
1032.300 |
500.776 |
221.857 |
|
|
|
|
|
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PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
0.600 |
13.444 |
(2.136) |
|
|
|
|
|
|
|
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|
Less |
|
|
8.863 |
0.000 |
|
|
|
|
|
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|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
4.581 |
(2.136) |
|
|
|
|
41.700 |
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
6.667 |
2.526 |
|
|
|
|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX |
(41.100) |
(2.086) |
(4.662) |
|
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|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
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|
|
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|
PROFIT/
(LOSS) AFTER TAX |
(41.100) |
(2.086) |
(4.662) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(54.509) |
(52.423) |
(47.761) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(95.609) |
(54.509) |
(52.423) |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
3.836 |
9.806 |
|
|
TOTAL IMPORTS |
NA |
3.836 |
9.806 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
(40.69) |
(2.07) |
(4.62) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
NA |
(0.41) |
(2.12) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
0.06 |
2.61 |
(0.97) |
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.41) |
(0.44) |
(1.03) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48 |
0.05 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(2.68) |
(5.02) |
(9.19) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79 |
0.75 |
0.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
10.100 |
10.100 |
10.100 |
|
Reserves & Surplus |
(52.423) |
(54.509) |
(95.609) |
|
Net worth |
(42.323) |
(44.409) |
(85.509) |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
388.916 |
222.800 |
229.428 |
|
Total borrowings |
388.916 |
222.800 |
229.428 |
|
Debt/Equity ratio |
(9.189) |
(5.017) |
(2.683) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Total Income |
219.721 |
514.220 |
1032.900 |
|
|
|
134.033 |
100.867 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Total Income |
219.721 |
514.220 |
1032.900 |
|
Profit |
(4.662) |
(2.086) |
(41.100) |
|
|
(2.12%) |
(0.41%) |
(3.98%) |
LOCAL AGENCY FURTHER INFORMATION
NOTE: Current
Maturities of Long Term Debts is 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 |
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FINANCIAL HIGHLIGHTS:
In
the Financial Year 2013-14, the Company recorded overall revenue of Rs.1032.900
million, an overall growth of 100% over the corresponding period of the
previous year and incurred operating and administrative expenses of Rs.1074.000
million (Previous Period Rs.516.300 million), resulting in the Net Loss of
Rs.41.100 million against a Loss of Rs.2.100 million in the previous year.
During the year, the Company has charged additional depreciation of Rs.16.100
million due to change in its Accounting Policies.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from others |
220.000 |
220.000 |
|
Loans and advances from others |
1.500 |
2.800 |
|
Other loans and advances |
7.928 |
0.000 |
|
Total |
229.428 |
222.800 |
INDEX OF CHARGES
No Charges Exist for Company.
FIXED ASSETS:
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
·
Electrical Installations
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.62.28 |
|
|
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
-- PROFITABILITY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
16 |
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.