MIRA
INFORM REPORT
|
Report No. : |
334726 |
|
Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
FSN E-COMMERCE VENTURES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
104, Vasan Udyog Bhavan, Sun Mill Compound, Mumbai - 400013, |
|
Tel. No.: |
91-9222201010 (Ms. Sneha) |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.04.2012 |
|
|
|
|
Com. Reg. No.: |
11-230136 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.74.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52600MH2012PTC230136 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF06729C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF9661J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company operates an online
store for beauty and wellness products for men and women. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
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 : |
Slow but Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
FSN E-Commerce Ventures Private Limited incorporated on 24th
April, 2012, it is an established company having moderate track record. During FY-2014, the company have reported increase in its sales
turnover from its previous years 2013. The company have reported accumulated
losses from its operational activities from its inceptions. Rating are constrained on company short track record of its business
operations and moderate capital structure marked by its low debt protection
metrics. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Ms. Sneha |
|
Designation : |
Admin Department |
|
Contact No.: |
91-9222201010 |
|
Date : |
30.07.2015 |
LOCATIONS
|
Registered Office : |
104, Vasan Udyog Bhavan, Sun Mill Compound, Tulsi Pipe Road, Lower Parel , Mumbai - 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66149696 |
|
Mobile No.: |
91-9222201010 (Ms. Sneha) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.09.2014
|
Name : |
Mrs. Falguni Sanjay Nayar |
|
Designation : |
Director |
|
Address : |
Flat No. 9, Rushilla 5th Floor, Carmicheal Road, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
19.02.1963 |
|
Date of Appointment : |
24.04.2012 |
|
PAN No.: |
ABHPN4229N |
|
DIN No.: |
00003633 |
|
|
|
|
Name : |
Mr. Om Prakash Nayar |
|
Designation : |
Director |
|
Address : |
F-14, Jangpura Expension, New Delhi - 110014, India |
|
Date of Birth/Age : |
24.01.1929 |
|
Date of Appointment : |
24.04.2012 |
|
DIN No.: |
00921947 |
|
|
|
|
Name : |
Rashmi Mehta Vinodchandra |
|
Designation : |
Director |
|
Address : |
B-38 Seagull Apartment, 4A, Bhulabhai Desai Raod, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
30.05.1939 |
|
Date of Appointment : |
24.04.2012 |
|
DIN No.: |
05232196 |
KEY EXECUTIVES
|
Name : |
Mr. Pratik Prakash Bhujade |
|
Designation : |
Company Secretary |
|
Address : |
A/403, Rajsatyam Bldg, Shiv Vallabh Road, Ashokvan, Dahisar (E), Mumbai - 400068, Maharashtra, India |
|
Date of Birth/Age : |
|
|
Date of Appointment : |
02.02.2015 |
|
PAN No.: |
Atypb5011d |
|
|
|
|
Name : |
Ms. Sneha |
|
Designation : |
Admin Department |
MAJOR SHAREHOLDERS
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Falguni Sanjay Nayar |
|
3999998 |
|
Vijay K. G. |
|
213333 |
|
Indra JT With Haridarpal Singh Banga |
|
924000 |
|
Mala Gaonkar |
|
308000 |
|
Jeenoo JT With Isha and Kanika Khakhar |
|
51333 |
|
Zia JT With Jaydev Mody |
|
102667 |
|
Sanjay Maliah |
|
51333 |
|
Arun Gandhi |
|
102667 |
|
JM Financial and Investment Consultancy Services Private Limited |
|
102667 |
|
Narottam Sekhsaria |
|
410667 |
|
Sanjay Nayar |
|
3999998 |
|
Om Prakash Nayar |
|
2 |
|
Rashmi Mehta |
|
2 |
|
Total |
|
10266667 |
As on 29.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
1.00 |
|
Directors or relatives of Directors |
78.00 |
|
Other top fifty shareholders |
21.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company operates an online
store for beauty and wellness products for men and women. |
|
|
|
|
Products : |
· Makeup Products · Skin Care Products · Hair Care Products · Bath And Body Products · Shaving Products · Fragrances · Herbal Products ·
Mom And Baby Products |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
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|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
|
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Auditors : |
|
|
Name : |
V. C. Shah and Company Chartered Accountants |
|
Address : |
12-14, 3rd Floor Rajgir Chamber, Shahid Bhagat Singh Road, Opp Old Custom House, Fort, Mumbai - 400001, Maharashtra, India |
|
Tel. No.: |
91-22-22662667 |
|
PAN No.: |
ADUPS8282P |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 29.09.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10266667 |
Equity Shares |
Rs.10/- each |
Rs.102.666
Million |
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000
Million |
|
6000000 |
Equity Shares [Not fully Paid up
Capital] |
Rs.9/- each |
Rs.54.000
Million |
|
|
|
|
Rs.74.000
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
74.000 |
4.200 |
|
(b) Reserves &
Surplus |
|
(61.048) |
(7.303) |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
12.952 |
(3.103) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
9.700 |
19.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.579 |
0.282 |
|
Total Non-current
Liabilities (3) |
|
10.279 |
19.282 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
2.922 |
0.175 |
|
(c) Other current
liabilities |
|
8.027 |
2.660 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total Current Liabilities
(4) |
|
10.949 |
2.835 |
|
|
|
|
|
|
TOTAL |
|
34.180 |
19.014 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4.447 |
2.495 |
|
(ii) Intangible Assets |
|
5.895 |
9.317 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
3.005 |
3.254 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
13.347 |
15.066 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
11.875 |
1.885 |
|
(c) Trade receivables |
|
2.103 |
0.233 |
|
(d) Cash and cash
equivalents |
|
1.805 |
1.076 |
|
(e) Short-term loans and
advances |
|
3.849 |
0.441 |
|
(f) Other current assets |
|
1.201 |
0.313 |
|
Total Current Assets |
|
20.833 |
3.948 |
|
|
|
|
|
|
TOTAL |
|
34.180 |
19.014 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
0.827 |
|
|
Other Income |
|
|
0.026 |
|
|
TOTAL |
|
27.070 |
0.853 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits
expense |
|
|
5.528 |
|
|
Other expenses |
|
|
4.496 |
|
|
TOTAL |
|
75.935 |
10.024 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
(48.865) |
(9.171) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
0.268 |
0.053 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
(49.133) |
(9.224) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
4.364 |
1.332 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(53.497) |
(10.556) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.268 |
(3.254) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(53.765) |
(7.302) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
(26.88) |
(3.65) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(171.60) |
(66.98) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(4.13) |
3.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
0.75 |
(6.12) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.90 |
1.39 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
4.200 |
74.000 |
|
Reserves & Surplus |
(7.303) |
(61.048) |
|
Net worth |
(3.103) |
12.952 |
|
|
|
|
|
long-term borrowings |
19.000 |
9.700 |
|
Short term borrowings |
0.000 |
0.000 |
|
Total borrowings |
19.000 |
9.700 |
|
Debt/Equity ratio |
(6.123) |
0.749 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
0.853 |
27.070 |
|
|
|
3,173.277 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
0.853 |
27.070 |
|
Profit |
(7.302) |
(53.765) |
|
|
(856.04%) |
(198.61%) |
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 |
---------------------- |
|
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 |
Yes |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
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 three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note:
Registered office of the company has been shifted from the 9, Rushilla,
17 C Carmichael Road, Mumbai – 400026, Maharashtra, India
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Loans and advances from related parties |
9.700 |
19.000 |
|
Total |
9.700 |
19.000 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10533447 |
24/02/2015 * |
50,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400051, Maharashtra, INDIA |
C44770311 |
* Date of charge modification
FIXED ASSETS
· Buildings
· Plant and equipment
· Furniture and fixtures
· Office equipment
· Computer equipment’s
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.64.00 |
|
|
1 |
Rs.99.83 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
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Analysis Done by
: |
KYP |
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Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
NO |
|
--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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.