MIRA
INFORM REPORT
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Report Date : |
09.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
LIFESTYLE
INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
84, Asma Building, TTK Road, Alwarpet, Chennai-600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
24.11.1997 |
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Com. Reg. No.: |
18-46843 |
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CIN No.: [Company
Identification No.] |
U00063KA1997PTC023058 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEL02215D |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Retailing business of ready made garments
for men, women and children, footwear, and Perfumery articles and cosmetics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
2500000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
run well known retail departmental stores under the brand “LIFE STYLE”.
Financial position is satisfactory. Payments are usually correct and as per
commitments. The
company is doing very well. It can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
84, Asma Building, TTK Road, Alwarpet, Chennai-600018, Tamilnadu,
India |
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Tel. No.: |
91-44-24982001 |
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Fax No.: |
91-44-24981974 |
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E-Mail : |
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Branches
: |
Retailing Stores at Ř
Chennai Ř
Hyderabad Ř
Bangalore Ř
Gurgaon Ř
Mumbai |
DIRECTORS
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Name : |
Mr. Mukesh Wadyamal Jagtiani |
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Designation : |
Director |
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Address : |
82, Seagull, 8th Floor, Carimichael Road, Mumbai – 400 026, India. |
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Date of Birth/Age : |
28.09.1951 |
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Date of Appointment : |
19.12.1997 |
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Name : |
Mr. Manohar Jewsan |
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Designation : |
Director |
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Address : |
Falt
502, Trishal Garden, Sindhi Society, Chembur, Mumbai – 400 074, India. |
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Date of Birth/Age : |
05.06.1954 |
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Date of Appointment : |
19.12.1997 |
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Name : |
Mr. Vinod Grover |
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Designation : |
Director |
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Name : |
Mr. Jon William Jagtiani |
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Designation : |
Director |
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Address : |
36, Street 4, Meadows – 7, Dubai. |
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Date of Birth/Age : |
02.12.1964 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Nimo Punwani |
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Designation : |
Director |
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Address : |
25,
Mayflower, Carmicheal Road, Mumbai – 400 026, India. |
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Date of Birth/Age : |
02.05.1942 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. H Ramanathan |
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Designation : |
Director |
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Address : |
20, 17th
East Street, Kamaraj Nagar, Thriuvanmiyur, Chennai – 600 041, India. |
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Date of Birth/Age : |
24.06.1955 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. G Sankar |
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Designation : |
Managing Director |
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Address : |
501,
Raheja Gardenia, 38, Millers Road, Oposite Benson Town P O, Bangalore – 500
046, India. |
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Date of Birth/Age : |
28.11.1961 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. Kabir Lumba |
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Designation : |
Director |
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Address : |
Time
Apartments, Apartment# 242, 6th Cross Indira Nagar I Street,
Bangalore – 500 038, India. |
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Qualification: |
B.
Com. (Honours) |
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Date of Birth/Age : |
16.08.1968 |
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Date of Appointment : |
01.04.2005 |
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Previous Employment: |
COO,
Proline India COO,
Pantaloon Fashions (India) Limited Profit
Manager, Lifewood International Limited Asst.
Manager, Carritt Moran Private Limited |
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Name : |
Mr. Kumar Sitaraman |
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Designation : |
Managing Director |
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Address : |
Flat#1-A,
(Block - 1), Abborsbury, 74, C P Ramaswamy Road, Alwarpet, Chennai – 600 018. |
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Date of Birth/Age : |
01.08.1955 |
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Date of Registration : |
01.04.2005 |
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Name : |
Mrs.
Renuka Jagtiani |
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Designation : |
Director
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Address : |
82, Seagull, 8th Floor, Carimichael Road, Mumbai – 400 026, India. |
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Date of Birth/Age : |
11.03.1955 |
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Date of Registration : |
01.04.2005 |
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Name : |
Mr.
Vipen Sethi |
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Designation : |
Director |
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Address : |
7,
Owners Court, A-Road, Churchgate, Mumbai – 400 005, Maharashtra, India. |
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Date of Birth/Age : |
28.05.1998 |
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Date of Registration : |
01.04.2005 |
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Name : |
Mr.
Vinod Grover |
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Designation : |
Director |
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Address : |
A/12,
Darshan Apartments, Mount Pleasant Road, Mumbai – 400 006, Maharashtra,
India. |
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Date of Birth/Age : |
08.10.1948 |
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Date of Registration : |
01.04.2005 |
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Name : |
Mr. K
Sridhar |
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Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
No. of Shares |
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Life
Style Intl Mauritius |
5224618 |
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Mr. N
V Ratan |
40000 |
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Mr.
Vipen Sethi |
40000 |
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Mr.
Raza Beig |
33300 |
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Mr.
Ravikumar |
15000 |
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Mr. S
Sudhakaran |
3000 |
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Mr. V
Radhakrishnan |
15000 |
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Mr. K
M Khader |
135900 |
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Mr.
Vinod Talreja |
53300 |
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Mr.
Manohar Jeswani |
65000 |
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Mr. H
Ramanathan |
10620 |
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Mr. P
K Aboobaker |
8000 |
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Mr.
Mathew Simon |
8000 |
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Mr.
Viraf Raimalwa |
7500 |
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Mr. P
K Aboobaker |
5000 |
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Mr. M
Rajan |
8000 |
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Mr.
Manuel Dzouza |
4000 |
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Mr. A
P Abdul Latheef |
3200 |
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Mr.
Kumar Sitaraman |
4000 |
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Mr.
Nandan Bendarkar |
10000 |
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Mr.
Gavin Martins |
2000 |
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Mr. P
Srikanth |
2000 |
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Mr. D
L Narayanan |
2000 |
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Mr.
Piyus Shah |
2600 |
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Mr. H
S Motwani |
2600 |
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Mr. N
N Rao |
5300 |
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Mr.
Mohammedd Shereef |
2600 |
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Mr.
Sudhakar Maller |
6500 |
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Mr.
Bharat Melwani |
5300 |
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Mr. P
K Kamalakshan |
8000 |
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Mr.
Louis Rodrigues |
4000 |
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Mr.
David Anend Singh |
13630 |
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Mr.
Prakash Anchan |
2600 |
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Mr. S
T Thomas Verghese |
8000 |
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Mr. V
V Prasad |
10600 |
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Mr.
Ramgopal |
2000 |
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Mr.
Neelesh Bhatnagar |
10000 |
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Mr. K
Unnikrishnan |
5300 |
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Mr. P
Mohan |
2000 |
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Mr.
Sanjeev Mathur |
2600 |
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Mr.
Ravikrishnan |
2000 |
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Total: |
5795068 |
BUSINESS DETAILS
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Line of Business : |
Retailing business of ready made garments
for men, women and children, footwear, and Perfumery articles and cosmetics |
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Products: |
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Brand Names : |
“LIFE
STYLE” |
GENERAL
INFORMATION
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No. of Employees : |
500 |
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Bankers : |
The
Hong Kong and Shanghai Banking Corporation Limited, No. 30, Rajaji Salai,
Chennai – 600 001, India Indian
Overseas Bank, Commercial & Institutional Credit Branch, Mylapore,
Chennai – 600 004, India ABN
Amro Bank, Bank, N. V. 18, Haddows Road, Chennai – 600 006, India State
Bank of India Commercial Branch, 1st Floor, Krishi Hudson Circle,
Bangalore – 560 001, India |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
RSM
& Company Chartered
Accountant |
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Address: |
Bangalore |
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Associates: |
RNA
Resources Group Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity
Shares |
Rs. 100/- each |
Rs. 600.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5795068 |
Equity
Shares |
Rs. 100/- each |
Rs. 579.506 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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579.506 |
579.506 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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96.393 |
72.575 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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675.899 |
652.081 |
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LOAN FUNDS |
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1] Secured Loans |
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470.849 |
436.222 |
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2] Unsecured Loans |
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0.000 |
17.505 |
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TOTAL BORROWING |
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470.849 |
453.727 |
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DEFERRED TAX LIABILITIES |
|
29.920 |
27.367 |
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TOTAL |
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1176.668 |
1133.175 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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650.871 |
699.934 |
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Capital work-in-progress |
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10.249 |
0.416 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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579.299 |
545.270 |
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Sundry Debtors |
|
15.731 |
4.325 |
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Cash & Bank Balances |
|
4.051 |
3.541 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
362.150 |
220.323 |
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Total Current Assets |
|
961.231 |
773.459 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
299.704 |
236.852 |
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Provisions |
|
146.265 |
104.212 |
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Total Current Liabilities |
|
445.969 |
341.064 |
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Net Current Assets |
|
515.262 |
432.395 |
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MISCELLANEOUS EXPENSES |
|
0.286 |
0.430 |
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TOTAL |
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1176.668 |
1133.175 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
2901.106 |
2369.649 |
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Profit/(Loss)
Before Tax |
|
99.178 |
88.441 |
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Provision
for Taxation |
|
35.713 |
34.550 |
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Profit/(Loss)
After Tax |
|
63.465 |
53.891 |
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Import
Value |
|
163.521 |
110.728 |
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Total
Expenditure |
|
2801.928 |
2281.207 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
2.19 |
2.27 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
3.42 |
3.73 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
6.11 |
7.80 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.15 |
0.14 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.36 |
1.22 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
2.16 |
2.27 |
LOCAL AGENCY
FURTHER INFORMATION
Background:
Life
Style International Private Limited was incorporated in 24.11.1997 as a Private
Limited Liability Company under the companies Act, 1956. The company is in the
retailing business and operates stores under the name of ‘Lifestyle’ and has
stores at chennai, Hyderabad, Bangalore, Gurgaon, and Mumbai.
General Industry Trends:
The retail industry saw a lot of activity this year. The pace was eset
by a number of new malls being announced as well opened. This was also
accompanied by many retailers ramping up their expansion plans. Significant new
entrants and formats are the Central and Fashion Station from the Pantaloon
Group and Star Bazaar from Trent. Also opened was the first Shoprite in the
country in Mumbai through the franchisee route.
Fixed Assets:
Land, Building, Plant & Machinery, Equipments, Computers, Motor
Vehicles and Furniture & Fixtures, etc
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Name
of the company |
LIFESTYLE
INTERNATIONAL PRIVATE LIMITED |
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Presented By |
The Hong Kong and Shanghai Banking
Corporation Limited |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
50.000 Millions |
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation of Plant & Machinery, Furniture & Fixture, Stock in Trade, Book Debts etc. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
Supplemental
Agreement for Overdraft/Loan against hypothecation of revolving stocks and
other movables assets and supplemental agreement deed of hypothecation for
plant & machinery. |
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5)
Name and Address and description of the person entitled to the charge. |
The Hong Kong and
Shanghai Banking Corporation Limited 76, Cathedral Road, Chennai – 600086, Tamilnadu., India. |
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6)
Date and brief description of
instrument modifying the charge |
Supplemental
hypothecation agreements dated 30.08.2006 by way of 1st pari passu
charge on stocks & receivables and 2nd pari passu charge on
plant & machinery aggregating Rs. 480.000 Millions. |
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7)
Particulars of the Present Modification. |
Enhancement
of the credit facilities form Rs. 190.000 Millions to Rs. 480.00 Millions and
hypothecation of stock book debts, plant & machinery in respect of the
enhanced facilities. |
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Name
of the company |
LIFESTYLE
INTERNATIONAL PRIVATE LIMITED |
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Presented By |
Mr.
K. Sridhar – Vice President – Finance & Company Secretary |
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1)
Date and description of instrument creating the change |
To
HSBC: Agreement
for Overdraft/ cash credit loan against Hypothecation of Stocks dated
03.10.2000. Pari
Passu Letter No. MDR CDT 03.10.2000. To
IOB: Letter
of hypothecation (110 A) dated 03.10.2000 DPN
dated 03.10.2000 Letter
of hypothecation (F110E) dated 03.10.2000 Paripassu
dated 03.10.2000 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
To
HSBC: Rs.
50.000 Millions comprising of O.D., Foreign Currency Loan, Bank Guarantee,
Letter of Credit, Working Capital, Demand Loan. To
IOB: Cash Credit Rs. 62.500 Millions Letter
of Credit Rs. 5.000 Millions Letter
of Guarantee Rs. 1.500 Millions Total:
Rs. 69.000 Millions Total
(A+B) = Rs. 119.000 Millions |
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
The
whole of the company stock viz. Raw Material, Work in Progress, Finished
Goods (both present & future) including stocks in transit and also
present and future book debts lying and or situated anywhere in India. |
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4)
Gist of the terms and conditions and extent and operation of the charge. |
To
HSBC: Loan
amount: Rs. 50.000 Millions in the form of
working capital, Demand Loan, O.D., Foreign Currency Loan, Bank Guarantee
and Letter of Credit. Secured
by first pari passu charge on all the current assets of the company and
hypothecation of all the present & future assets of the company on pari
passu basis. Other
Terms: as per facility agreement Indian
Overseas Bank: Loan
amount: Cash Credit Rs. 62.500 Millions, Letter of Credit Rs. 5.000 Millions,
Letter of Guarantee Rs. 1.500 Millions. Security:
Secured
by First paripasu charge on all the current assets of the company and
hypothecation of all the present & future assets of the company on
paripasu basis. Other
terms and conditions: As per the Hypothecation dated 03.10.2000. |
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5)
Name and Address and description of the person entitled to the charge. |
The
Hong Kong and Shanghai Banking Corporation Limited, No. 30, Rajaji Salai,
Chennai – 600 001, India. Indian
Overseas Bank, Commercial & Institutional Credit Branch, Mylapore,
Chennai – 600 004, India. ABN
Amro Bank, Bank, N. V. 18, Haddows Road, Chennai – 600 006, India. |
|||||||||||||||
|
6)
Date and brief description of
instrument modifying the charge |
Date:
09.02.2004 Agreement
for Hypothecation. |
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
The
existing credit limit has been enhanced as follows: For
HSBC Only First
paripassu charge on stocks and receivables of the company and second
paripassu charge on fixed assets of the company at all locations. (Rs. In Millions)
|
|
Name
of the company |
LIFESTYLE
INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
Mr.
K. Sridhar – Vice President – Finance & Company Secretary |
|
1)
Date and description of instrument creating the change |
To
HSBC: Agreement
for Overdraft/ cash credit loan against Hypothecation of Stocks dated
03.10.2000. Pari
Passu Letter No. MDR CDT 03.10.2000. To
IOB: Letter
of hypothecation (110 A) dated 03.10.2000 DPN
dated 03.10.2000 Letter
of hypothecation (F110E) dated 03.10.2000 Paripassu
dated 03.10.2000 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
To
HSBC: Rs.
50.000 Millions comprising of O.D., Foreign Currency Loan, Bank Guarantee,
Letter of Credit, Working Capital, Demand Loan. To
IOB: Cash Credit Rs. 62.500 Millions Letter
of Credit Rs. 5.000 Millions Letter
of Guarantee Rs. 1.500 Millions Total:
Rs. 69.000 Millions Total
(A+B) = Rs. 119.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
The
whole of the company stock viz. Raw Material, Work in Progress, Finished
Goods (both present & future) including stocks in transit and also
present and future book debts lying and or situated anywhere in India. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
To
HSBC: Loan
amount: Rs. 50.000 Millions in the form of working capital, Demand Loan,
O.D., Foreign Currency Loan, Bank Guarantee and Letter of Credit. Secured
by first pari passu charge on all the current assets of the company and
hypothecation of all the present & future assets of the company on pari
passu basis. Other
Terms: as per facility agreement Indian
Overseas Bank: Loan
amount: Cash Credit Rs. 62.500 Millions, Letter of Credit Rs. 5.000 Millions,
Letter of Guarantee Rs. 1.500 Millions. Security:
Secured
by First paripasu charge on all the current assets of the company and
hypothecation of all the present & future assets of the company on
paripasu basis. Other
terms and conditions: As per the Hypothecation dated 03.10.2000. |
|
5)
Name and Address and description of the person entitled to the charge. |
The
Hong Kong and Shanghai Banking Corporation Limited, No. 30, Rajaji Salai, Chennai
– 600 001, India. Indian
Overseas Bank, Commercial & Institutional Credit Branch, Mylapore,
Chennai – 600 004, India. ABN
Amro Bank, Bank, N. V. 18, Haddows Road, Chennai – 600 006, India. State
Bank of India Commercial Branch, 1st Floor, Krishi Hudson Circle,
Bangalore – 560 001, India. |
|
6)
Date and brief description of
instrument modifying the charge |
Letter
of acceptance of Title deeds, dated 16.06.2005, deposited for enhancement of
facilities. |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Second
charge on the properties as mentioned in the letter, on pari passu basis, for
enhancement of CCH/LC/ LG limits from Rs. 86.500 Millions to Rs. 146.500
Millions. |
|
Name
of the company |
LIFESTYLE
INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
Mr.
K. Sridhar – Vice President – Finance & Company Secretary |
|
1)
Date and description of instrument creating the change |
Hypothecation
agreement dated 12.01.2004 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
100.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
First
pari passu charge along with other bankers on the inventories at all location
i.e. Chennai, Hyderabad, Bangalore, Gurgaon, Mulund and Phoenix. Second
charge on the fixed assets of the company located in Chennai and Bangalore
alone on pari passu basis with other working capital lenders. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
With State Bank of India: As per sanction letter dated 07.01.2004 New Credit Facility of Rs. 100.000 Millions. |
|
5)
Name and Address and description of the person entitled to the charge. |
State
Bank of India, Bangalore Commercial Branch, Bangalore – 560 001, India. |
|
6)
Date and brief description of
instrument modifying the charge |
Dated
19.10.2004 Letter regarding the Grant of Individual Limits with in the
overall limit. Form C.5 (FCNRBDL) |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Grant
Additional FCNR facility of US$ 650000/- in addition to the earlier limit of
US$ 1550000/- sanctioned, both with in the overall limit of Rs. 100.000
Millions sanctioned. Rate
of Interest: 3.25% over 6m LIBOR Period
of Loan: 6 months with an option to renew both the FCNR loans or US$
1550000/- and US$ 650000/- Other
Terms: As per SBI letter dated 08.10.2004. |
|
Name
of the company |
LIFESTYLE
INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
Mr.
K. Sridhar – Vice President – Finance & Company Secretary |
|
1)
Date and description of instrument creating the change |
To
HSBC: Agreement
for Overdraft/ cash credit loan against Hypothecation of Stocks dated
03.10.2000. Pari
Passu Letter No. MDR CDT 03.10.2000. To
IOB: Letter
of hypothecation (110 A) dated 03.10.2000 DPN
dated 03.10.2000 Letter
of hypothecation (F110E) dated 03.10.2000 Paripassu
dated 03.10.2000 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
To
HSBC: Rs.
50.000 Millions comprising of O.D., Foreign Currency Loan, Bank Guarantee,
Letter of Credit, Working Capital, Demand Loan. To
IOB: Cash Credit Rs. 62.500 Millions Letter
of Credit Rs. 5.000 Millions Letter
of Guarantee Rs. 1.500 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
The
whole of the company stock viz. Raw Material, Work in Progress, Finished
Goods (both present & future) including stocks in transit and also
present and future book debts lying and or situated anywhere in India. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
To
HSBC: Loan
amount: Rs. 50.000 Millions in the form of working capital, Demand Loan,
O.D., Foreign Currency Loan, Bank Guarantee and Letter of Credit. Secured
by first pari passu charge on all the current assets of the company and
hypothecation of all the present & future assets of the company on pari
passu basis. Other
Terms: as per facility agreement Indian
Overseas Bank: Loan
amount: Cash Credit Rs. 62.500 Millions, Letter of Credit Rs. 5.000 Millions,
Letter of Guarantee Rs. 1.500 Millions. Security:
Secured
by First paripasu charge on all the current assets of the company and
hypothecation of all the present & future assets of the company on
paripasu basis. Other
terms and conditions: As per the Hypothecation dated 03.10.2000. |
|
5)
Name and Address and description of the person entitled to the charge. |
The
Hong Kong and Shanghai Banking Corporation Limited, No. 30, Rajaji Salai,
Chennai – 600 001, India. Indian
Overseas Bank, Commercial & Institutional Credit Branch, Mylapore,
Chennai – 600 004, India. ABN
Amro Bank, Bank, N. V. 18, Haddows Road, Chennai – 600 006, India. State
Bank of India Commercial Branch, 1st Floor, Krishi Hudson Circle,
Bangalore – 560 001, India. |
|
6)
Date and brief description of
instrument modifying the charge |
As per
Letter of confirmation dated 19.05.2005
of IOB register of title deeds deposited. |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Equitable
mortgage for enhanced limit (funded & non funded) to Rs. 190.000 Millions
from Rs. 116.000 Millions. |
|
Name
of the company |
LIFESTYLE
INTERNATIONAL PRIVATE LIMITED |
|
Presented By |
Mr.
K. Sridhar – Vice President – Finance & Company Secretary |
|
1)
Date and description of instrument creating the change |
Letter
of Hypothecation dated 18.05.2005 |
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
240.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
First
Charge in favour of Indian Overseas Bank, on the specific Fixed Assets,
created out of this finance, t be situated at New Showrooms at: Chennai:
No. 10 & 11, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600 004. Goregaon:
Oberoi Garden Estate, Western Express Highway, Goregaon (east), Mumbai – 400
063, India. Kolkata:
Bantala Hillock, At the crossing of Eastern Metropolitan By-Pass and park
Circus Connector, Kolkata. Extension
ofequitable mortgage relating to land & building at chennai and bangalore
owned by the company. First
charge on other fixed assets of the company at Chennai, Mumbai and Bangalore,
subject to the second paripassu charge created in favur of the working
capital lenders. |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest: Presently 8.5% p.a. Repayable in 20 quarterly instalments after a holiday period of 6
months. Other terms and conditions as per agrrement. |
|
5)
Name and Address and description of the person entitled to the charge. |
Indian
Overseas Bank, C & IC Branch, # 98 A, Radhakrishnan Salai, Mylapore,
Chennai – 600 004, India. |
|
6)
Date and brief description of
instrument modifying the charge |
Not
Applicable |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Not
Applicable |
Press Clipping
LifeStyle plans Rs 140-cr expansion
Bangalore , Oct. 1
AS the country is on the threshold of a retail revolution with about 200 shopping malls expected to come up in the next five years, LifeStyle International (Private) Limited is bracing up itself to latch on to the opportunity with a plan to scale up its outlets to 21 in three years.
Riding on the encouraging response to its concept of trendy multi-brand stores, the company would be investing Rs 1400 millions during the period to increase its floor space from the current 27,000 sq. ft. to more than one million sq. ft, spread across the country.
Unveiling the plans here on Friday, Mr Kumar Sitaraman, Managing Director of the company, said LifeStyle would be opening 13 stores in the next two years, with mini-metros such as Ahmedabad, Pune and Noida in Uttar Pradesh being brought into the `Lifestyle shopping scape'.
Bangalore would see two more stores coming up in the next two years. Though the business potential was good, infrastructure facility was a matter of concern, said Mr Sitaraman, adding that the company was scouting for suitable location for new outlets.
He said, in Chennai, where the Dubai-based parent, launched its Indian foray, LifeStyle would be expanding its facility to 75,000 sq. ft shop in Chennai City Centre shopping mall.
"The competition form large shopping malls pose no problem to LifeStyle," Mr Sitaraman said, adding that the company would be able to maintain its average 3 to 5 per cent net profit, even with the planned investment. It expects a 34 per cent jump in its turnover during 2004-05 with the figure touching Rs 3100 millions from last year's Rs 2300 millions, Mr Sitaraman said.
January 23 2004:
Subject
has unveiled its largest store at In Orbit Mall in Malad on Friday January 23,
2004. Saunter down the cool stone footpath of Link Road and glide into the new
55,000 sq. ft Malad LifeStyle store, which to provide customers the very best
international shopping experience at their doorstep. In 2003, LifeStyle has
launched stores at High Street Phoenix and Mulund.
Speaking on the occasion, of its inauguration Mr. Kumar. S., Managing Director, LifeStyle International (Private) Limited said, "In less than one year, with the Malad store launch, LifeStyle now has 3 stores in Mumbai. The style conscious customers in Mumbai's western suburbs now have the convenience of shopping at an International store locally. Their Malad store boasts of 55,000 sq. feet floor with convenient parking and is open 365 days."
The two levels at Malad LifeStyle are built around five Concepts that offer an extensive and exhaustive range of merchandise.
The five Concepts include Apparels (formal, casual, western and Indian); Health and Beauty products (perfumes, cosmetics, fashion accessories, jewellery and gifts); Households and Furnishings department (collection of household products, linen, furnishings, glassware, crockery, cutlery and furniture); Children Concept (an extensive collection of children's wear, toys, infant basics and nursery furniture), Footwear / Travel accessories (bringing together one of the largest collection in the city of shoes and related accessories for men, women and children).
Some of the international products that are available at LifeStyle are Glassware from Spain, Crockery from UK and France, Fashion gifts from Far East and Furniture from Denmark. In addition, the LifeStyle store also has its own in-house labels within each concept. The store also houses Qwiky's Coffee Island, which stocks the most scrumptious bites, topped with divine coffee and sinful desserts.
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No 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.44.65 |
|
UK
Pound |
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.56.98 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|