|
|
|
MIRA INFORM REPORT
|
Report No. : |
494961 |
|
Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
FAASO'S FOOD SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Office No.3 & 4, First Floor, Aditi Commerce, S. No.1, Baner
Village, Pune-411045, Maharashtra |
|
Tel. No.: |
91-20-65600770 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
27.07.2010 |
|
|
|
|
Com. Reg. No.: |
11-136943 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 32.275 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U93000PN2010PTC136943 |
|
|
|
|
IEC No.: |
Not Applicable (As informed by the management that firm does not
have export and import) |
|
|
|
|
GST No.: |
27AABCF5718Q1Z4 |
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|
|
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TIN No.: |
27550805764V |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF5718Q |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Providing Online Food Services. [Registered Activity and also
Confirmed by Management] |
|
|
|
|
No. of Employees
: |
Information declined 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 : |
Faaso’s Food Services Private Limited is an Indian "food on demand" company and was incorporated in 2010. Faaso’s operates in the 16 of the largest cities in India and takes customer orders via its mobile app and also the website. It is the only vertically integrated food business in India and operates all three stages of a "food on demand" business: ordering, distribution and order fulfilment.
|
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
31-03-2016.
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 01.03.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-22-65600770]
[91-22-66923805/ 06/ 07] not working
LOCATIONS
|
Registered Office : |
Office No.3 & 4, First Floor, Aditi Commerce, S. No.1, Baner
Village, Pune-411045, Maharashtra, India |
|
Tel. No.: |
91-20-65600770 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
906/907, Damji Shamji Business Galleria, LBS Road, Kanjurmarg (West),
Mumbai-400078, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Ganapathyagraharam Venkataraman Ravishankar |
|
Designation : |
Director |
|
Address : |
17a, Eta Binny Crescent Apts Benson Cross Road, Benson
Town, Bangalore-560046, Karnataka, India |
|
Date of Birth/Age : |
04.04.1978 |
|
Date of Appointment : |
22.11.2011 |
|
DIN No.: |
02604007 |
|
|
|
|
Name : |
Mr. Jaydeep Barman |
|
Designation : |
Director |
|
Address : |
23/2 1a K B Sarani, Kolkata-700080, West Bengal, India |
|
Date of Birth/Age : |
22.10.1973 |
|
Date of Appointment : |
27.07.2010 |
|
DIN No.: |
03122071 |
|
|
|
|
Name : |
Mr. Prashant Pravin Mehta |
|
Designation : |
Director |
|
Address : |
Flat No. A-1403, Bhakti Park, Building No. 14 Near Imax
Theatre, Wadala (E), Mumbai-400037, Maharashtra, India |
|
Date of Appointment : |
19.05.2015 |
|
DIN No.: |
05113137 |
|
|
|
|
Name : |
Mr. Kallol Sachi Banerjee |
|
Designation : |
Director |
|
Address : |
Flat No 223, Clover Citadel Salunke Vihar Road, Wanwore,
Pune-411040, Maharashtra, India |
|
Date of Birth/Age : |
07.03.1973 |
|
Date of Appointment : |
28.09.2012 |
|
DIN No.: |
06360676 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Jaydeep Barman |
|
6669 |
|
Anand Lunia |
|
737 |
|
Saikat Basak |
|
10 |
|
Monika Lunia |
|
286 |
|
Harsh Lunia |
|
49 |
|
Sudeep Chakraborty |
|
153 |
|
Arnab Banerjee |
|
153 |
|
Sequoia Capital India Investment Holdings III, Mauritius |
|
10 |
|
Sequoia Capital India Investment III, Mauritius |
|
2416 |
|
SCI Growth Investments II, Mauritius |
|
526 |
|
Lightbox Ventures II, Mauritius |
|
330 |
|
Ru-net South Asia |
|
5 |
|
Faaso’s Employee Welfare Trust |
|
2950 |
|
Sashank Mehta |
|
9 |
|
Adarsh Sharma |
|
9 |
|
Jayant Gourkar |
|
109 |
|
Raichand Lunia |
|
10 |
|
Bennett, Coleman and Co. Limited |
|
1 |
|
Ankur Sharma |
|
20 |
|
Ankush Grove |
|
20 |
|
Raghav Joshi |
|
20 |
|
Soumyadeep Barman |
|
20 |
|
Sagar Kochhar |
|
20 |
|
Revant Bhate |
|
34 |
|
|
|
|
|
Total |
|
14566 |
|
Names of Preference Shareholders |
|
No. of Shares |
|
Sequoia Capital India Investment Holdings III, Mauritius |
|
8098 |
|
SCI Growth Investments II, Mauritius |
|
12147 |
|
Lightbox Ventures II, Mauritius |
|
7703 |
|
RB Investments Pte Limited, Singapore |
|
803 |
|
Ru-net South Asia, Mauritius |
|
2675 |
|
Beenext Pte Limited, Singapore |
|
167 |
|
Lightbox Expansion Fund, Mauritius |
|
554 |
|
|
|
|
|
Total |
|
32147 |
AS ON: 30.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Individual/Hindu Undivided Family - Indian) |
57.18 |
|
Promoters (Body corporate) |
22.50 |
|
Promoters (Others - Trust) |
20.25 |
|
Public/Other than promoters (Venture capital) |
0.07 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Online Food Services. [Registered Activity and also
Confirmed by Management] |
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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 : |
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||||
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Selling : |
Not Divulged |
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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 : |
· Small Industries Development Bank of India Mumbai Metropolitan Retail Business Branch Office11-13, Atlanta Building, 209, Vinay K. Shah Marg, Mumbai-400021, Maharashtra, India · State Bank of India |
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Facilities : |
|
|
Financial Institution: |
Innoven Capital India Private Limited |
|
|
|
|
Auditors : |
|
|
Name : |
SRBC and Company LLP Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don Bosco
School), Pune-411006, Maharashtra, India |
|
Tel. No.: |
91-20-66036000 |
|
Fax No.: |
91-20-66015900 |
|
Income-tax
PAN of auditor or auditor's firm : |
ACHFS9117R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises having significant influence
: |
· Sequoia Capital India Investment Holdings III, Mauritius · SCI Growth Investments II, Mauritius · Lightbox Ventures II, Mauritius |
|
|
|
|
Significant Influence in Enterprise: |
Quinto Technologies Private Limited, India |
CAPITAL STRUCTURE
AFTER 30.09.2017
Authorised Capital : INR
34.120 Million
Issued, Subscribed & Paid-up Capital : INR 33.616 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20600 |
Equity Shares |
INR 10/- each |
INR 0.206 Million |
|
32414 |
Preference Shares |
INR 1000/- each |
INR 32.414 Million |
|
|
Total |
|
INR 32.620
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14565 |
Equity Shares |
INR 10/- each |
INR 0.146 Million |
|
32147 |
Preference Shares |
INR 1000/- each |
INR 32.147 Million |
|
|
Less: Amount
recoverable from ESOP Trust |
|
INR 0.018 Million |
|
|
Total |
|
INR 32.275
Million |
FINANCIAL DATA
[all figures are
in 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 |
32.275 |
30.131 |
24.106 |
|
(b) Reserves & Surplus |
577.495 |
947.107 |
858.313 |
|
(c) Money received against share warrants |
16.250 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
626.020 |
977.238 |
882.419 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
23.173 |
60.667 |
61.667 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
2.542 |
0.000 |
0.000 |
|
(d)
long-term provisions |
19.871 |
13.144 |
3.247 |
|
Total
Non-current Liabilities (3) |
45.586 |
73.811 |
64.914 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
204.156 |
202.552 |
75.505 |
|
(c)
Other current liabilities |
109.660 |
96.112 |
50.146 |
|
(d)
Short-term provisions |
26.144 |
11.762 |
4.676 |
|
Total
Current Liabilities (4) |
339.960 |
310.426 |
130.327 |
|
|
|
|
|
|
TOTAL |
1011.566 |
1361.475 |
1077.660 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
168.099 |
198.437 |
75.952 |
|
(ii)
Intangible Assets |
7.837 |
9.687 |
14.885 |
|
(iii)
Capital work-in-progress |
0.000 |
3.677 |
5.762 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
10.000 |
5.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
76.290 |
54.677 |
39.910 |
|
(e)
Other Non-current assets |
4.140 |
5.507 |
0.000 |
|
Total
Non-Current Assets |
266.366 |
276.985 |
136.509 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
862.127 |
0.000 |
|
(b)
Inventories |
54.107 |
50.108 |
19.258 |
|
(c)
Trade receivables |
2.860 |
0.883 |
1.192 |
|
(d)
Cash and cash equivalents |
659.321 |
145.518 |
913.400 |
|
(e)
Short-term loans and advances |
18.705 |
24.490 |
5.308 |
|
(f)
Other current assets |
10.207 |
1.364 |
1.993 |
|
Total
Current Assets |
745.200 |
1084.490 |
941.151 |
|
|
|
|
|
|
TOTAL |
1011.566 |
1361.475 |
1077.660 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
827.819 |
620.590 |
375.286 |
|
|
|
Other Income |
62.848 |
41.528 |
7.616 |
|
|
|
TOTAL |
890.667 |
662.118 |
382.902 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of food items |
444.519 |
362.522 |
188.269 |
|
|
|
Employees benefits expense |
576.339 |
477.095 |
181.570 |
|
|
|
Other expenses |
607.648 |
847.895 |
211.387 |
|
|
|
TOTAL |
1628.506 |
1687.512 |
581.226 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(737.839) |
(1025.394) |
(198.324) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
16.987 |
21.709 |
9.224 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(754.826) |
(1047.103) |
(207.548) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
65.507 |
64.211 |
36.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(820.333) |
(1111.314) |
(243.973) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
(820.333) |
(1111.314) |
(243.973) |
|
|
|
|
|
|
|
|
|
|
Earnings/(Loss)
Per Share (INR) |
(64673.00) |
(88664.00) |
(19471.00) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
83.922 |
69.333 |
30.333 |
|
|
|
|
|
|
Cash (used in) operations |
(736.428) |
(945.006) |
(157.966) |
|
|
|
|
|
|
Net Cash flow (used in) Operating Activities |
(732.984) |
(951.417) |
(158.972) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
1.26 |
0.52 |
1.16 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
289.45 |
702.82 |
314.84 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
167.63 |
203.94 |
146.38 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(13.64) |
(20.46) |
(10.30) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(4.19) |
(4.84) |
(2.05) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.44 |
0.32 |
0.21 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.17 |
0.13 |
0.10 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.54 |
0.32 |
0.15 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.28 |
0.22 |
0.11 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(43.44) |
(47.23) |
(21.50) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(99.10) |
(179.07) |
(65.01) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(81.10) |
(81.63) |
(22.64) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(131.04) |
(113.72) |
(27.65) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.19 |
3.49 |
7.22 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.03 |
3.33 |
7.07 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.62 |
0.72 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.32 |
4.31 |
3.82 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.19 |
3.49 |
7.22 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in 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 |
24.106 |
30.131 |
32.275 |
|
Reserves & Surplus |
858.313 |
947.107 |
577.495 |
|
Money received against share
warrants |
0.000 |
0.000 |
16.250 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
882.419 |
977.238 |
626.020 |
|
|
|
|
|
|
long-term borrowings |
61.667 |
60.667 |
23.173 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
term debt |
30.333 |
69.333 |
83.922 |
|
Total
borrowings |
92.000 |
130.000 |
107.095 |
|
Debt/Equity
ratio |
0.104 |
0.133 |
0.171 |
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 |
375.286 |
620.590 |
827.819 |
|
|
|
65.365 |
33.392 |
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 |
375.286 |
620.590 |
827.819 |
|
Profit/(Loss) |
(243.973) |
(1111.314) |
(820.333) |
|
|
(65.01%) |
(179.07%) |
(99.10%) |
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 |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G14665673 |
100053968 |
INNOVEN CAPITAL
INDIA PRIVATE LIMITED |
28/09/2016 |
- |
- |
50000000.0 |
12TH FLOOR, EXPRESS
TOWERS,NARIMAN POINT,MUMBAIMA400021IN |
|
2 |
C49577653 |
10560370 |
SVB INDIA FINANCE
PRIVATE LIMITED |
24/03/2015 |
- |
- |
140000000.0 |
12TH FLOOR,
EXPRESS TOWERS,NARIMAN POINT,MUMBAIMH400021IN |
|
3 |
G33696915 |
10488475 |
SVB INDIA FINANCE
PRIVATE LIMITED |
29/03/2014 |
- |
20/01/2017 |
60000000.0 |
SVB INDIA FINANCE
PRIVATE LIMITEDNARIMAN POINT,MUMBAIMH400021IN |
|
4 |
C02376523 |
10268466 |
SMALL INDUSTRIES
DEVELOPMENT BANK OF INDIA |
01/02/2011 |
- |
19/03/2014 |
15000000.0 |
MUMBAI
METROPOLITAN RETAIL BUSINESS BRANCH OFFICE11-13, ATLANTA BUILDING, 209, VINAY
K. SHAH MARG,MUMBAIMH400021IN |
CORPORATE
INFORMATION:
Subject is a Private Company domiciled in India. The company is engaged in operating the Faasos’s Chain of restaurants at various cities across India. The CIN of the company is U93000PN2010PTC136943.
STATE OF COMPANY’S
AFFAIRS:
In the financial 2015-16, the company achieved a sales turnover of INR 827.819 million as against INR 620.590 million for the previous year. However, the company has incurred loss of INR 820.333 million in current financial year. The management is confident to drive the operations of the company to a decent position in the years to come. The directors have planned certain activities in the forthcoming financial year that will result in further strengthening the financial position of the company.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Demand for additional VAT liability |
0.298 |
0.000 |
FIXED ASSETS:
· Leasehold Improvements
· Kitchen Equipment’s
· Computer
·
Furniture and Fixtures
·
Motor Vehicles
·
Office Equipment
·
Computer Software
PRESS RELEASE
EXCLUSIVE: FAASOS
REDIALS INVESTORS AFTER LOSING AS MUCH AS IT EARNED LAST YEAR
09 January, 2018
Pune-headquartered Faasos Food Services Pvt. Ltd, a quick service restaurant chain and online food delivery platform, will receive fresh funding of around INR 330.000 million ($5 million) from existing investors, two people familiar with the development told VCCircle.
The participating investors will include Lightbox Ventures, Sequoia Capital India, RuNet South Asia and RB Investments, said the above-mentioned persons who wished to remain anonymous.
The same investors had put in $6.3 million last April.
Jaydeep Barman, co-founder of Faasos, told VCCircle in a text message: “This money, deal yet to be concluded, is part of a Series C tranche that was committed a year back when we raised Series C, based on meeting certain milestones. We have met those milestones.”
In December 2015, Faasos had raised a Series C round of $30 million from Russian investment firm RuNet. Sequoia Capital had led a $8 million Series A funding round in the firm in 2011.
In February 2015, the firm had raised $20 million in a funding round led by Lightbox Ventures.
Barman said the fresh funds will primarily be used to set up more delivery (cloud) kitchens in the 15 cities where it currently operates. Faasos currently has 150 such kitchens and Barman said the company plans to add another 100 this year.
A former McKinsey and Co executive, Barman had founded Faasos in 2004 with Kallol Banerjee. Both Barman and Kallol are engineers with MBAs from Indian Institute of Management (IIM) Lucknow and France-headquartered business school INSEAD, respectively.
Financial Performance
The firm had narrowed its losses by 35% to INR 820.000 million in 2016-17 from
INR 1110.000 million the previous fiscal, show filings with the Registrar of
Companies (RoC).
Net sales rose to INR 822.800 million in the last financial year, up from INR 620.000 million in 2015-16.
Faasos’ comparable rivals in the food delivery space have also been making losses while increasing sales.
FreshMenu more than doubled its net sales in 2016-17 to INR 709.000 million from INR 317.000 million in 2015-16. Net loss widened to INR 423.000 million from INR 338. 00million, as total expenses increased to INR 1170.000 million from INR 670.000 million.
Another peer, Mumbai-headquartered Poncho Hospitality Pvt. Ltd which offers an on-demand food delivery service under the brand Box8, reported revenues of INR 510.000 million in 2016-17, a significant increase from INR 280.000 million in the previous fiscal. Losses narrowed to INR 124.000 million from INR 151.000 million in 2015-16.
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 65.10 |
|
UK Pound |
1 |
INR 90.45 |
|
Euro |
1 |
INR 79.59 |
INFORMATION
DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
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.