|
|
|
MIRA INFORM REPORT
|
Report No. : |
492013 |
|
Report Date : |
16.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHOP CJ NETWORK PRIVATE LIMITED (w.e.f. 19.03.2015) |
|
|
|
|
Formerly Known
As : |
STAR CJ NETWORK INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, Star CJ Plaza, Dr. D. B. Marg, Grant Road (East), Mumbai – 400007,
Maharashtra |
|
Tel. No.: |
91-22-43217000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
01.09.2008 |
|
|
|
|
Com. Reg. No.: |
11-186380 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 4794.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2008PTC186380 |
|
|
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|
IEC No.: |
Not Divulged |
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|
|
GSTIN/UIN: |
Not Divulged |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAMCS4905R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of wholesale cash and carry trading in India and broadcasting of non-news and non-current affairs television channel in India. (Registered Activity) |
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|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a 50:50 Joint Venture between “P5 Asia Holdings Investments
(Mauritius) Limited” and “CJO Shopping Company Limited”, Republic of Korea. The company was incorporated in the year 2008. For the financial year 2017, the revenue of the company has decreased
by 33.39% and incurred operational loss. The moderate financial profile of the company is marked by negative
reserve base due to huge accumulated losses. However, rating weakness is partially offset by strong debt coverage
indicators due to debt free balance sheet profile. Rating takes into consideration equity infused by its promoters. Rating also takes into consideration strong financial and managerial
support that company receives from it joint venture entity backed by and its
well experienced management team. Business is active. Payments seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 16.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (91-22-43217000)
LOCATIONS
|
Registered Office : |
6th Floor, Star CJ Plaza, Dr. D. B. Marg, Grant Road
(East), Mumbai – 400007, Maharashtra, India |
|
Tel. No.: |
91-22-43217000/ 43217106 |
|
Fax No.: |
91-22-43217121 |
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E-Mail : |
|
|
Website : |
|
|
|
|
|
Warehouse : |
Located at:
|
DIRECTORS
AS ON 31.03.2017
|
Name : |
Seung Ro Yoon |
|
Designation : |
Director |
|
Address : |
602-1506 Parkview, Jungja- il-Ro 248 Bundang-Ku,
SungNam-Si, Gyeonggi-do Seongnam si NA Korea |
|
Date of Birth/Age : |
10.03.1962 |
|
Qualification: |
Graduation Bachelor’s in International Trade |
|
Date of Appointment : |
27.09.2017 |
|
DIN No.: |
07677532 |
|
|
|
|
Name : |
Choul Gu Kang |
|
Designation : |
Director |
|
Address : |
Sin Donga 2-1309, 164 Hyoryeong-ro, Seocho-gu Seoul, ZIP
code : 06704 Seoul NA Korea |
|
Date of Birth/Age : |
25.01.1970 |
|
Qualification: |
BE, Electrical engineering |
|
Date of Appointment : |
27.09.2017 |
|
DIN No.: |
07677554 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Kewaliya |
|
Designation : |
Company Secretary |
|
Address : |
B 104 Indian Ocean Building, Sagar City Complex, Off S.V. Road,
Andheri West, Mumbai -400058, Maharashtra, India |
|
Date of Birth/Age : |
31.08.1982 |
|
Date of Appointment : |
19.09.2016 |
|
PAN No.: |
ASVPK6461C |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
%age
holding |
|
CJ O Shopping Company Limited, South Korea |
239700020 |
50.00 |
|
P5 Asia Holding Investments (Mauritius) Limited, Mauritius |
239700020 |
50.00 |
|
Total |
479400040 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 27.09.2017
|
Category |
Percentage |
|
Public/Other than promoters- Venture capital |
50.00 |
|
Public/Other than promoters - Body corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of wholesale cash and carry trading in India and broadcasting of non-news and non-current affairs television channel in India. (Registered Activity) |
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Products / Services
: |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th 32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400 013, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint Venturer
Company: |
|
CAPITAL STRUCTURE
AFTER 27.09.2017
Authorised Capital : INR 6110.000 Million
Issued, Subscribed & Paid-up Capital : INR 5864.351
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
551000000 |
Equity Shares |
INR 10/- each |
INR 5510.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
479400040 |
Equity Shares |
INR 10/- each |
INR 4794.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4794.000 |
4167.496 |
2931.592 |
|
(b) Reserves and Surplus |
(4705.201) |
(3522.682) |
(2710.774) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
88.799 |
644.814 |
220.818 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
21.177 |
32.597 |
30.556 |
|
Total Non-current
Liabilities (3) |
21.177 |
32.597 |
30.556 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1435.171 |
1530.741 |
1265.607 |
|
(c) Other
current liabilities |
167.565 |
149.258 |
70.326 |
|
(d) Short-term
provisions |
7.510 |
4.392 |
4.375 |
|
Total Current
Liabilities (4) |
1610.246 |
1684.391 |
1340.308 |
|
|
|
|
|
|
TOTAL |
1720.222 |
2361.802 |
1591.682 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
178.684 |
168.376 |
144.151 |
|
(ii)
Intangible Assets |
46.813 |
37.513 |
38.798 |
|
(iii) Tangible assets
capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
2.621 |
10.200 |
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 loans and advances |
306.725 |
172.006 |
125.234 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
534.843 |
388.095 |
308.183 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
257.325 |
534.102 |
475.758 |
|
(c) Trade
receivables |
493.176 |
393.550 |
352.718 |
|
(d) Cash and
bank balances |
43.635 |
720.345 |
326.972 |
|
(e) Short-term
loans and advances |
293.606 |
270.063 |
127.426 |
|
(f) Other
current assets |
97.637 |
55.647 |
0.625 |
|
Total
Current Assets |
1185.379 |
1973.707 |
1283.499 |
|
|
|
|
|
|
TOTAL |
1720.222 |
2361.802 |
1591.682 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3763.890 |
5650.748 |
5608.228 |
|
|
Other Income |
61.669 |
146.715 |
34.996 |
|
|
TOTAL |
3825.559 |
5797.463 |
5643.224 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
2127.877 |
4271.777 |
4701.823 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
276.776 |
(58.343) |
5.593 |
|
|
Employee benefit expense |
465.717 |
469.553 |
310.607 |
|
|
Other expenses |
2390.777 |
2478.477 |
1334.230 |
|
|
Extraordinary items |
0.000 |
0.000 |
107.157 |
|
|
TOTAL |
5261.147 |
7161.464 |
6459.410 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
(1435.588) |
(1364.001) |
(816.186) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.014 |
6.032 |
0.023 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1435.602) |
(1370.033) |
(816.209) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
56.410 |
52.412 |
47.034 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1492.012) |
(1422.445) |
(863.243) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(1492.012) |
(1422.445) |
(863.243) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(3.11) |
(3.41) |
(2.07) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(1540.925) |
(1319.656) |
(759.926) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(1549.869) |
(1365.656) |
(865.644) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
47.83 |
25.42 |
22.96 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
7.63 |
14.36 |
15.90 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
246.18 |
130.79 |
98.25 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(5.58) |
(2.55) |
(1.72) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(6.29) |
(6.31) |
(4.46) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.94 |
0.71 |
0.84 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
18.13 |
2.61 |
6.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.57 |
0.34 |
0.83 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(102542.00) |
(226.13) |
(35486.35) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(39.64) |
(25.17) |
(15.39) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(86.73) |
(60.23) |
(54.23) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(1680.21) |
(220.60) |
(390.93) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.74 |
1.17 |
0.96 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.58 |
0.85 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.05 |
0.27 |
0.14 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.74 |
1.17 |
0.96 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are INR
Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
2931.592 |
4167.496 |
4794.000 |
|
Reserves & Surplus |
(2710.774) |
(3522.682) |
(4705.201) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
220.818 |
644.814 |
88.799 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
5608.228 |
5650.748 |
3763.890 |
|
|
|
0.758 |
(33.391) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
5608.228 |
5650.748 |
3763.890 |
|
Profit/ (Loss) |
(863.243) |
(1422.445) |
(1492.012) |
|
|
(15.39
%) |
(25.17
%) |
(39.64
%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
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 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 |
INDEX OF CHARGE: No Charges Exists for Company
CORPORATE INFORMATION
The Company was a 50:50 Joint Venture between STAR HS Limited, Mauritius and CJ O Shopping Company Limited, South Korea until 28th May 2014. Pursuant to the Share Purchase Agreement dated 12th December 2012, executed between P5 Asia Holding Investments (Mauritius) Limited (P5), STAR HS Limited and the Company, P5 has acquired 11,25,77,400 Equity Shares held by STAR HS Limited which represents 50% of the total issued and paid-up Share capital of the Company. The said transfer has been approved by the Board of Directors in their meeting held on 29th May 2014, from which date, P5 Asia Holding Investments (Mauritius) Limited, Mauritius and CJ O Shopping Company Limited, South Korea are 50:50 Joint venture Partners. The Company is engaged in business of inter alia, wholesale cash and carry trading in India, broadcasting of non news and current affairs programs and television channel in India and operation of an e-commerce website to facilitate its business model and arranging for and providing delivery facility to the sellers to facilitate them to fulfill orders received from their customers through Shop CJ platform.
Name of the Company has been changed from STAR CJ Network India Private Limited to SHOP CJ Network Private Limited with effect from 19 March 2015 in terms of the fresh certificate of incorporation received from the Registrar of Companies.
STATE OF COMPANY’S AFFAIR
During the financial year 2016-17, the management has decided to follow a conservative sales plan and accordingly the total revenue of the Company has declined to INR 3825.500 Million compared to previous year. Loss during the period was INR 1492.000 Million as against INR 1422.400 Million in the previous financial year.
FIXED ASSETS:
Tangible assets
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
Intangible assets
- Computer software
WEBSITE DETAIL
PRESS
RELEASES
HOMESHOP18, SHOP CJ
AGREE TO MERGE
SEPTEMBER 29 2017
Under the merger deal, shareholders of Shop CJ will be issued 25% equity in HomeShop18, making Shop CJ a subsidiary of HomeShop18
New Delhi: E-commerce Company Homeshop18 on Thursday entered into an agreement with home shopping network Shop CJ Network Private Limited to combine the businesses of both entities.
Homeshop18 is a subsidiary of Network18 Media & Investments, with SAIF Partners, GS Home Shopping South Korea and OCP as co-investors. Shop CJ is an equal joint venture between South Korean home shopping company CJO Shopping Co. Limited and P5 Asia Holding Investments (Mauritius) Limited from the Providence Equity Partners group.
“The transaction is aimed at uniting two of India’s top home-shopping players, to create the largest home-shopping platform in the country. The resultant benefits of scale shall better the growth prospects for the combined entity, allowing it to improve its standing in the TV home-shopping landscape and compete better with the challenge from e-commerce players,” the company said in a statement.
Under the deal, shareholders of Shop CJ will be issued 25% equity in HomeShop18, making Shop CJ a subsidiary of HomeShop18. Post the transaction, HomeShop18 will cease to be a subsidiary of Network18 Media & Investments Ltd; however, Network18 shall continue to be the largest shareholder in the combined entity.
“HomeShop18 has optimized its operations substantially since the challenges faced in the last year. We believe multiple synergies with respect to sourcing, marketing and delivery can be exploited through a combination with Shop CJ, which shall further accelerate this process,” the company further added.
Homeshop18 raised an undisclosed sum in its last round of funding in July 2016. Before that, in April 2013, the company had raised $30 million (around Rs163 crore) from hedge fund OCP Asia, and Network18. OCP and Network18 contributed $15 million each.
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 records 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
|
INR |
|
US Dollar |
1 |
INR 63.92 |
|
|
1 |
INR 89.55 |
|
Euro |
1 |
INR 79.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
GUT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.