%20LIMITED%2004-May-2007_files/image002.jpg)
MIRA INFORM
REPORT
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Report
Date : |
04.05.2007 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE GROUP – PANTALOON RETAIL ( |
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Registered
Office : |
Knowledge House, Shyam Nagar, Off Jogeshwari-Vikhroli Link
. Road, Jogeshwari (East), Mumbai 400060 |
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Country
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Financials
(as on) : |
30.06.2006 |
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Date
of Incorporation : |
12.10.1987 |
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CIN
No.: |
U99999MH1987PTC044954 |
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Com.
Reg. No.: |
11-44954 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
MUMP16929D / CALP06339E |
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PAN
No.: (Permanent
Account No.) |
AAACP6317L |
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Legal
Form : |
It is a Public Limited Liability Company. The company's shares are listed on the
Stock Exchanges. |
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Line
of Business : |
The company engaged in manufacturing of Trousers of
Synthetic Fibers, Shirts of Man-made Fibers and Woven Fabrics of Synthetic
Staple Fibers |
RATING
& COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum
Credit Limit : |
USD
21000000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established and reputed company in
retail chain stores industry. The company is progressing very well. Trade
relations are reported as fair. Business is active. Payments are always correct
and as per commitments. The company can be considered good for any normal business
dealings. |
LOCATIONS
|
Registered
Office / Corporate
Office : |
Knowledge House, Shyam Nagar, Off Jogeshwari-Vikhroli Link
. Road, Jogeshwari (East), Mumbai 400060 |
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Tel.
No.: |
91-22-56442200 |
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Fax
No.: |
91-22-56442201 |
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Website
: |
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Plant
: |
G-6, MIDC, Tarapur, District Thane, |
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Locations
: |
1. Big
Bazaar Kolkata ( Address: Parvati Vihar,
52/6 V.I.P.Road, Baguihati, Kolkata
Phone
no. 91-33-25703651 / 3655 Store
Opening Date 11 Oct 2001 Space
: 25,000 - 30,000 sq.ft. 2. Big Bazaar Abid's Address Maheshwari Palace Mall, Palace
Talkies Compound, #4-1- 833, Abids, Phone
no. 91-40-
4758385/ 8376/ 8377 / 8378 Store
Opening Date 14 Oct 2001 Space
43,500 -
60200sq.ft. 3. Big Bazaar Phone
no. 91-80-
25520889/25520751 Store
Opening Date 8 Nov 2001 Space
36,000
sq.ft. 4. Big
Bazaar Mumbai ( Address Phone
no. 91-22-
56626703 - 4 Store
Opening Date 13 July 2002 Space
40,000
sq.ft. 5. Big
Bazaar Mulund (Mumbai) Address C/O Runwal Arcade, Opp Richardson Factory,
LBS Marg, Near Mulund(West), Mumbai
400 080 Phone
no. 91-22-
55550606 Store
Opening Date 19 April 2003 Space 56,000 sq.ft. 6. Big Bazaar Gurgaon Address: C/O Sahara India Commercial
Corporation Limited., Sahara Mall, Phone
no. 91-124-
5003330 Store
Opening Date 1 June 2003 Space
: 45,000 sq.ft 7. Big Bazaar Address:
Phone
no. 91-95712-
25620201 Store
Opening Date 18 Oct 2003 Space
: 48,600 sq.ft. 8. Big Bazaar Ahmedabad Address:
Rudra Point, Near
Phone
no. 91-79-
55305300 Store
Opening Date 21 Feb 2004 Space
: 55,000 sq.ft. 9. Big
Bazaar Address:
Forum, 89,
Kharavelnagar, Unit-III, Bhubaneswar-751001, Orissa. Phone
no. 91-674-
3217780. Store
Opening Date 27 March 2004 Space
: 40,000 sq.ft. 10. Big Bazaar Address The Zone, Phone
no. 91-253-
2318218 - 28 Store
Opening Date 19 June 2004 Space
26,000
sq.ft. 11. Big Bazaar Kolkata( Address The Metropolis, 6 Hiland Park,
1925 Chakgaria, P.S.Jadavpur, Kolkata. Store
Opening Date 4th December 2004 Space
26,000 sq. ft. 12. Big Bazaar Ahmedabad
(Kankaria) Address Ahmedabad City Mall, New Cotton
Mills Compound, Outside Store
Opening Date 24th Dec 2004 Space
80,000 sq.
ft. 13. Big
Bazaar Gaziabad(EDM) Address EDM, Plot No .1 Kaushambi,
Gaziabad Phone
no. 91-120
3001300/301 Store
Opening Date 25th Dec 2004 Space
60,000 sq.
ft. 14. Big Bazaar Phone
no. 91-95343-2543021 Store
Opening Date 5th April 2005 Space
16,000
sq.ft. 15. Big Bazaar Kandivali Address : Phone
no. Store
Opening Date May
14, 2005 Space
65,000 sq.ft. 16. Big
Bazaar -Lake City Mall (Thane) Address Lake City Mall (Thane),
Kapurbawdi Junction , Phone
no. 91-22-2542
6644 Store
Opening Date May 14, 2005 Space 50,000 sq.ft. 17. Big Bazaar Banshankari Address 92/9, Phone
no. 91-80-5514
9000 Store
Opening Date June 24, 2005 Space
94,120 sq. ft. 18. Big Bazaar Sangli Address New Pride Multiplex Near
CircuitHouse, Phone
no. 91-233-262
4141 Store
Opening Date June 29, 2005 Space
28,000 sq. ft. 19. Big
Bazaar Inderlok Address Metro Mall, Inderlok, Phone
no. Store
Opening Date July 1, 2005 Space
29,700 sq. ft. 20. Big Bazaar Address Sahar Ganj, Phone
no. Store
Opening Date Nov 17, 2005 Space
60,000 sq ft 21. Big Bazaar Address Phone
no. 91-731-3011300 Store
Opening Date Dec 23, 2005 Space
50,000 sq ft 22. Big
Bazaar Pune Address
Fun n Phone
no. 91-20-5642
0500 Store
Opening Date Dec 17, 2005 Space
36,000 sq ft 23. Big
Bazaar Vizag Address
GV Manor, Beside
Sangam Sharat Theatre, Phone
no. Store
Opening Date October 5,
2005 Space 47,000 sq ft 24. Big Bazaar Pune Address
Phone
no. 91-11 -3952
8244 Store
Opening Date July 22, 2005 Space
35,000 sq ft 25. Big
Bazaar at Citi Gold Multiplex, Ahmedabad Address Citi Gold Multiplex, Bapu Nagar,
Ahmedabad Phone
no. : Store
Opening Date : April 14, 2006 Space
: 30,000 sq ft 26. Big Bazaar at Star
& Sitara at Banshankari, Address Big Bazaar, 3rd Flr, Banshankari,
Banglore Phone
no. Store
Opening Date April 20, 2006 Space
30,000 sq ft 27. Big Bazaar at Bharat
Mall, Mangalore Address Bharath Mall, Phone
no. Store
Opening Date April
22, 2006 Space 6,715 sq ft |
DIRECTORS
|
Name : |
Mr. Kishore Biyani |
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Designation
: |
Managing Director |
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Date
of Birth/Age : |
45 years |
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Qualification
: |
B.Com, PGD in marketing |
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Experience
: |
25 Years |
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Date
of Appointment : |
01/06/1991 |
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Name : |
Mr. Gopikishan Biyani |
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Designation
: |
Wholetime Director |
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Date of
Birth/Age : |
60 Years |
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Qualification
: |
B. Com |
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Experience
: |
29 Years |
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Date
of Appointment : |
01/06/1991 |
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Name : |
Mr. Shailesh Harfbhakti |
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Designation
: |
Director |
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Name : |
Mr. S. Doreswamy |
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Designation
: |
Director |
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Name : |
Dr. Darlie Koshy |
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Designation
: |
Director |
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Name : |
Mr. Anil Harish |
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Designation
: |
Director |
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Name : |
Ms. Anju Poddar |
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Designation
: |
Director |
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Name : |
Ms. Bala Deshpande |
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Designation
: |
Nominee Director |
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Name : |
Mr. Shiraj Dej |
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Designation
: |
Company secretary |
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Name : |
Mr. Rakesh Biyani |
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Designation
: |
Wholetime Director |
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Date
of Birth/Age : |
33 Years |
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Qualification
: |
B. Com |
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Experience
: |
11 Years |
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Date
of Appointment : |
01/04/1997 |
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Name : |
Mr. Ved Prakash Arya |
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Designation
: |
Director - Operations & Chief Operating Officer |
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Date
of Birth/Age : |
35 Years |
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Qualification
: |
BE, MBA |
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Experience
: |
10 Years |
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Date of
Appointment : |
29/03/2004 |
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Name : |
Mr. Chinar S. Deshpande |
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Designation
: |
Chief Information Technology |
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Date
of Birth/Age : |
36 Years |
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Qualification
: |
BE, |
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Experience
: |
12 Years |
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Date
of Appointment : |
17/05/2004 |
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Last
Employment: |
Dodsal Private Limited. |
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Name : |
Mr. Krishnakant Rathi |
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Designation
: |
Head Risk Management and Finance |
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Date
of Birth/Age : |
43 Years |
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Qualification
: |
ACA, ACS |
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Experience
: |
20 Years |
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Date of
Appointment : |
17/01/2005 |
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Last
Employment: |
H and R Johnson India Limited |
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MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters
& their Relatives |
11894906 |
44.24 |
|
Mutual
Funds |
1736353 |
6.46 |
|
Banks,
Financial Institutions |
67928 |
0.25 |
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Foreign
Institutional Investors |
7595216 |
28.25 |
|
Non
Resident Indians & OCBs |
108713 |
0.40 |
|
Indian
Companies |
1900342 |
7.07 |
|
Indian
Public |
3578250 |
13.31 |
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Clearing
Members |
2913 |
0.01 |
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Total |
26884621 |
100.00 |
BUSINESS
DETAILS
|
Line
of Business : |
The company engaged in manufacturing of Trousers of Synthetic
Fibers, Shirts of Man-made Fibers and Woven Fabrics of Synthetic Staple
Fibers |
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Products
: |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Apparels |
Nos. in Millions |
NA |
373 Stitching Machines |
313.9 |
GENERAL
INFORMATION
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Bankers
: |
Ø Bank of Ø UTI Bank Limited Ø Syndicate Bank Ø Oriental Bank of Commerce Ø Andhra Bank Ø UCO Bank Ø Corporation Bank Ø HDFC Bank Limited Ø IDBI Bank Limited Ø State Bank of Travancore |
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Facilities : |
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Banking Relations : |
Good |
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Auditors
: |
NGS and Company Chartered Accountants |
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Advocates
and Solicitors: |
Haresh Jagtiani & Associates |
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Associates
: |
1.
Pantaloon Industries Limited 2. Indus
League Clothing Limited 3. KB
Mall Management Company Limited 4. PFH
Entertainment Limited 5. Manz
Retail Private Limited 6. Idiom
Design & Consulting Limited 7. Nishta
Mall Management Company Private Limited 8. Niyaman
Mall Management Company Private Limited 9. Acute
Realty Private Limited 10. Dhruv
Synthetics Private Limited 11.
Anchor Malls Private Limited 12.
Varnish Trading Private Limited 13. Bansi
Silk Mills 14.
Bartraya Mall Management Company Private Limited 15.
Unique Malls Private Limited 16. BLB
Mall Management Company Private Limited 17. ESES
Commercials Private Limited 18. Bansi
Mall Management Company Private Limited 19. Ojas
Mall Management Company Private Limited 20. Suhani
Mall Management Company Private Limited |
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Subsidiaries: |
1. Home
Solutions Retail ( 2.
Pantaloon Food Product ( 3. Pan
India Restaurant Limited 4. KB
Infin Private Limited 5.
FootMart Retail ( 6. Future
Media India Limited 7.
Convergem Retail ( 8. Future
Logistic Solutions Limited 9. Myra
Mall Management Company Private Limited 10. CIG
Infrastructure Private Limited 11. Ambit
Investments Advisory Company Limited 12. Indivision
Investments Advisors Limited 13.
KSHITIJ Investment Advisory Company Limited |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.
10/-each. |
Rs. 350.000 Millions |
Issued
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
26887081 |
Equity Shares |
Rs. 10/-each. |
Rs. 268.870 Millions |
Subscribed
& Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
26884621 |
Equity Shares |
Rs. 10/-each. |
Rs. 268.846 Millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
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SHAREHOLDERS
FUNDS |
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|
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|
1] Share
Capital |
268.846 |
219.977 |
191.374 |
|
|
2] Share
Application Money |
0.000 |
30.000 |
0.000 |
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3]
Reserves & Surplus |
5000.154 |
1965.275 |
757.529 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
5269.000 |
2215.252 |
948.903 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
4280.956 |
2561.700 |
2147.606 |
|
|
2]
10%Unsecured Fully Convertible Debenture |
0.000 |
0.000 |
213.547 |
|
|
3]
Unsecured Loans |
1732.904 |
300.379 |
0.082 |
|
TOTAL
BORROWING
|
6013.860 |
2862.079 |
2361.235 |
|
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DEFERRED
TAX LIABILITIES |
279.151 |
130.436 |
60.301 |
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TOTAL
|
11562.011 |
5207.767 |
3370.439 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
3094.276 |
2137.417 |
1603.879 |
|
Capital work-in-progress
|
860.636 |
157.916 |
144.414 |
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INVESTMENT
|
1406.157 |
319.155 |
52.623 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
5070.222
|
2759.256
|
1575.974 |
|
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Sundry Debtors
|
170.292
|
123.066
|
175.842 |
|
|
Cash & Bank Balances
|
217.699
|
215.004
|
138.476 |
|
|
Other Current Assets
|
10.910
|
4.608
|
0.000 |
|
|
Loans & Advances
|
3355.014
|
936.800
|
409.543 |
Total Current Assets
|
8824.137
|
4038.734
|
2299.835 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
2298.162
|
1264.744
|
664.822 |
|
|
Provisions
|
325.033
|
183.471
|
69.491 |
Total Current Liabilities
|
2623.195
|
1448.215
|
734.313 |
|
Net
Current Assets
|
6200.942
|
2590.519
|
1565.522 |
|
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MISCELLANEOUS EXPENSES
|
0.000 |
2.760 |
4.001 |
|
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|
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TOTAL
|
11562.011 |
5207.767 |
3370.439 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
|
Sales
Turnover |
18677.705 |
|
6596.395 |
|
|
Other Income |
42.018 |
30.542 |
|
|
|
Total
Income |
18719.723 |
10558.510 |
6596.395 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
918.968 |
531.207 |
244.119 |
|
|
Provision for Taxation |
277.393 |
145.697 |
46.333 |
|
|
Profit/(Loss) After Tax |
641.575 |
385.510 |
197.786 |
|
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|
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|
|
|
|
Total
Earnings |
354.711 |
260.440 |
115.322 |
|
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Imports
: |
|
|
|
|
|
|
Raw Materials |
26.178 |
|
|
|
|
Stores & Spares |
0.581 |
0.592 |
131.946 |
|
|
Capital Goods |
65.203 |
86.841 |
|
|
|
Others |
40.068 |
79.708 |
|
|
Total
Imports |
132.030 |
184.448 |
131.946 |
|
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
3702.329 |
|
|
|
|
Raw Material Consumed |
12434.280 |
7003.085 |
|
|
|
Salaries, Wages, Bonus, etc. |
1120.737 |
506.542 |
6352.276 |
|
|
Finance Charges |
335.248 |
274.566 |
|
|
|
Depreciation & Amortization |
208.161 |
133.333 |
|
|
Total Expenditure |
17800.755 |
10027.303 |
6352.276 |
|
%20LIMITED%2004-May-2007_files/image003.gif){kind=small}
%20LIMITED%2004-May-2007_files/image004.gif){kind=small}
%20LIMITED%2004-May-2007_files/image005.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2006 (1st Quarter) |
31.12.2006 (2nd Quarter) |
31.03.2007 (3rd Quarter) |
|
Sales Turnover |
6033.7 |
7526.900 |
8610.500 |
|
Other Income |
355.4 |
377.600 |
9.400 |
|
Total Income |
6389.1 |
7904.500 |
8619.900 |
|
Total Expenditure |
5618.2 |
6956.700 |
8007.700 |
|
Operating Profit |
770.9 |
947.800 |
612.200 |
|
Interest |
124.6 |
207.300 |
228.900 |
|
Gross Profit |
646.3 |
740.500 |
383.300 |
|
Depreciation |
67.0 |
82.300 |
93.300 |
|
Tax |
80.2 |
135.000 |
64.200 |
|
Reported PAT |
386.4 |
439.700 |
187.200 |
200609 Quarter 1
Notes:
1. The above results have been reviewed by the Audit
Committee along with the Limited Review Report given by Statutory Auditor's and
taken on record by the Board of Directors of the Company at its meeting held on
27th October,2006. 2. 'Big Bazaar' stores at Minerva Complex-Ambala, Pacific
Mall-Agra, Old Madras Road-Bangalore were opened on 05/07/2006, 15/09/2006 and
22/09/2006 respectively. 'Food Bazaar' at Maruti Mall-Bhubaneshwar, Sapna
Sangeeta Mall- Indore were opened on 24/07/06 and 01/09/06. 'Pantaloons' at
West Gate Mall, Rajouri Garden-Delhi was opened on 24/08/06.'Depot' at Treasure
Island-Indore was opened on 02/08/2006.'
200612 Quarter 2
Notes
Expenditure Includes (Increase)/Decrease in Stock in Trade
Rs (977.603) million Consumption of Raw Materials/Cost of finished goods Rs
6080.558 million Staff Cost Rs 490.936 million Other Expenditure Rs 1362.792
million Tax Includes Provision for Fringe Benefit Tax Rs 4.508 million Current
Tax Rs 130.534 million Deferred Tax Rs 83.479 million EPS is Basic Status of
Investor Complaints for the quarter ended December 31, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 81
Complaints disposed off during the quarter 81 Complaints unresolved at the end
of the quarter Nil 1. The above results have been reviewed by the Audit
Committee along with the Limited Review Report and taken on record by the Board
of Directors of the Company at its meeting held on January 25, 2007. 2. 'Big
Bazaar' stores at Nagpur Mumbai Central, Haldia, Allahbad, Coimbatore
Ahmedabad, Surat Chennai and Hyderabad were opened on October 05, 2006, October
18, 2006, October 19, 2006 , November 11, 2006, November 11, 2006,, November
12, 2006, November 24, 2006, December 30, 2006 and December 30, 2006
respectively. Stand alone 'Food Bazaar' stores were opened at Mumbai,
200703 Quarter 3
Notes
Expenditure Includes (Increase)/Decrease in Stock in Trade
Rs (958.296) million Consumption of Raw Materials/Cost of finished goods Rs
6767.122 million Staff Cost Rs 536.628 million Other Expenditure Rs 1662.263
million Tax Includes Provision for Fringe Benefit Tax Rs 5.508 million Current
Tax Rs 58.695 million Deferred Tax Rs 38.585 million EPS is Basic Status of
Investor Complaints for the quarter ended March 31, 2007 Complaints Pending at
the beginning of the quarter Nil Complaints Received during the quarter 88
Complaints disposed off during the quarter 88 Complaints unresolved at the end
of the quarter Nil 1. The above results have been reviewed by the Audit
Committee alongwith the Limited Review given by Statutory Auditors and taken on
record by the Board of Directors of the Company at its meeting held on April
27, 2007. 2. Pantaloon - Magastore were opened at Chennai, Kolkatta,
KEY RATIOS
|
PARTICULARS |
30.06.2006 |
30.06.2005 |
30.06.2004 |
|
Debt-Equity Ratio |
1.19 |
1.67 |
1.36 |
|
Long Term Debt-Equity Ratio |
0.62 |
1.18 |
0.96 |
|
Current Ratio |
1.46 |
1.60 |
1.50 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
6.35 |
4.98 |
3.10 |
|
Inventory |
5.01 |
5.01 |
4.84 |
|
Debtors |
133.66 |
72.61 |
33.00 |
|
Interest Cover Ratio |
3.66 |
2.88 |
2.00 |
|
Operating Profit Margin(%) |
7.51 |
8.72 |
8.75 |
|
Profit Before Interest And Tax Margin(%) |
6.45 |
7.49 |
7.41 |
|
Cash Profit Margin(%) |
4.33 |
4.78 |
4.34 |
|
Adjusted Net Profit Margin(%) |
3.27 |
3.55 |
3.00 |
|
Return On Capital Employed(%) |
15.49 |
19.47 |
14.77 |
|
Return On Net Worth(%) |
17.21 |
24.60 |
14.11 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Ø Land
Ø
Ø Building
Ø Plant & Machinery
Ø Office Equipments
Ø Computer Owned
Ø Computer Leased
Ø Furniture & Fittings
Ø Electrical Installation
Ø Vehicles
Ø Air Conditioner
Ø Generator
Ø Delivery Van
The Company is not required to
obtain License under Industries (Development and Regulation) Act, and therefore
licensed capacity is not applicable.
The
Company having dealt in a large number of products in several locations, the
information required in terms of Schedule VI of the Companies Act in respect of
value of the products sold has been drawn up in respect of major items namely
Apparels and Household Items. The other items have been grouped together as
sales value in respect of each product is not practical to ascertain.
Big Bazaar
Big Bazaar is a
chain of shopping malls in
In 2003 the workers at one of
its outlets in a store in Mulund, A Mumbai suburb caught a man shoplifting. It
was alleged that the man was bashed after having been caught stealing a razor
worth Rs.80 (less than $2). The man died shortly afterwards.
Big Bazaar of
External links
Pantaloon Group
Big Bazaar
Pantaloon Retail India Limited made Its foray into the
retail industry by launching its flagship brand Pantaloons which is today one of
the largest retails store claims in the country. The emphasis here was
primarily apparel and lifestyle products.
With Big Bazar, Pantaloon promise more for less addressing a winder range of product lines which are of
interest to the mass market. The high
service levels good ambience and implicit guarantees make shopping at Big Bazar
a worry free experience. Essentially this hypermarket concept it well on it’s
way to changing the very face of the Indian retelling industry.
What's in store for you at Big Bazaar?
1,70,000 products at 6- 60 % discount.
At Big Bazaar, you will get : A wide range of products at 6 – 60 % lower than
the corresponding market price, coupled with an international shopping
experience.
If you deal in the categories mentioned there's a big deal
of success for you.
Apparel and Accessories for Men , Women and Children.
Baby Accessories.
Cosmetics
Crockery
Dress Materials Suiting & Shirting
Electrical Accessories
Electronics
Footwear
Toys
Home Textiles
Home Needs
Household Appliances
Household Plastics
Hardware
Home Decor
Luggage
Linens
Sarees
Stationery
Utensils & Utilities
EXPANSION PLANS
The company has drawn up an aggressive expansion plan for the
future. Total retail space at the end of 2004-05 stood at over 1.9 million
square feet with around 1 million square feet being added in the year under
review. The company will further step up the pace of expansion and based on the
space currently signed, expects 3.5 million square feet to be operational by
June 2006 and 7 million square feet by June 2007
LINE OF BUSINESS –
Fashion Comprising cose to 50 per cent of the total revenues
of the company, fashion continues to be the strength of Pantaloon. The
antecedents of the company lie in garment manufacturing and it is the ability
to understand the fashion business backed by years of experience that has been
a key differentiator for Pantaloon. This knowledge has enabled the company to
come up with a robust private label programme. Private labels have a crucial
role to play for any retailer and especially so for a fashion chain. Having its
own labels allows the company more control and flexibility in determining
style, fashion, fabric and inventory. And ultimately, private labels help in
achieving better margins. Pantaloon has over the years been able to create,
develop and sustain a large number of its own labels, targeting men, women,
kids and infants at different price points. These have created a strong equity
for the company and Pantaloon stores today are known for differentiated
products but with a value-formoney proposition. The company reaches out to
customers in the lifestyle segment, through Pantaloons and Central and in the
value segment through Big Bazaar and Fashion Station.
Category Performance
The various launches under different categories in
Pantaloons stores have been described below.
MEN'S
The category witnessed the addition of ethnic and party wear
to a strong existing western wear collection. The company was able to
capitalize on the trend of differentiated dressing for diverse occasions. The
category witnessed the following initiatives: Men's Formats
JOHN MILLER
By periodically introducing technically superior products at
competitive price points, the John Miller label as an executive attire brand
was strengthened further this year.
BARE DENIM
Bare Denim; one of the most successful private brands was
repositioned to target the fashion conscious 18-35 year age segment. The
selection now includes fashion forward denims with contemporary fits In order
to meet the fast growing demand for party and evening wear, Pantaloons
introduced club and lounge wear through the 'F' brand. Products include shirts,
t-Shirts and trousers and cater to the party going 16 to 30 year age segment.
Akkriti Men's ethnic wear is undergoing a renaissance helped
by the exposure through films and television soaps. To meet this demand
Pantaloons extended its popular women's ethnic wear brand akkriti to include
men's wear as well. Men's Knits
AJILE
Ajile was re-launched with the objective of making it a
trendy sports wear label for both men and women.
LADIES
The category was dominated by the demand for western formal
wear for both work and leisure. The company has two strong brands in this
space, Honey - for young women and Annabelle - for mature women. Ethnic wear
found favour for the corporate look as well as for evening and leisurewear.
Mix-nmatch was also a popular trend. The rising awareness for fitness resulted
in a strong demand for sports wear and the existing sports private label Ajile
was successfully extended to cover women. The other milestones for this
category in
REVIEW OF PERFORMANCE
During the year, the company recorded growth in both topline
as well as bottom line. Income from operations went up from Rs. 10527.968
millions in 2004-05 to Rs. 18677.705 millions in 2005-06 recording a growth of
77v41 percent.
PBDIT stood at Rs.1462.377 millions in 2005-06, an increase
of 55.72 percent over the preceding year. PAT for 2005-06 was Rs. 641.575
millions, an increase of 66.42 percent over 2004-05.
SUBSIDIARY COMPANIES
Home Solutions Retail (
Home Solutions Retail (India) Limited was incorporated to
offer solutions in home retailing The company offers everything and anything a
consumer would need to make a home. The key product categories are consumer
durable & electronics (CDE), furniture, home furnishing & decor, home
improvement and home services. The company has 100% stake in Home Solutions
Retail (
Pantaloon Food Product (
Pantaloon Food Product (
FootMart Retail (
Foot Mart Retail India Limited is 51% subsidiary company
operating in Footwear retail space. Liberty Shoes Limited, a leading footwear
manufacturing and distribution company holds other 49% stake in the company.
The company operates footwear retail format Shoe Factory in value retailing and
is also launching retail format in lifestyle segment. The company has been
operational from 17th November 2005
and has registered income of Rs.2.079 millions. Loss
incurred during the period amounts to Rs.6.273 millions.
PAN India Restaurants Limited
The main business of PAN India Restaurants Limited is to
carry on the business of quick service restaurants and food courts through
restaurants, food court, hotels, eating house etc. The company operates food on
go retail format Chamosa and Food Stop. The company has 98.46 % stake in PAN
India Restaurants Limited. The company has registered the profit of 0.043
millions on the turnover of Rs 5.887 millions.
Future Media (
The Company is being set up to manage the Out of Home Media
Business. The company will manage and sell in-store media rights. PRIL has
invested Rs. 0.500 millions as equity representing 100% of the equity. The
company is in the process of being fully operational and no material
transactions were recorded during the year.
Future Logistic Solutions Limited.
The company is formed as a separate logistics company
where all logistics activities would be centralized for Pantaloon Retail (
Convergem Retail (
This Wholly owned subsidiary company is being set up to
manage the communication business. The company is still in the stage of being
fully operational and there were no significant transactions during the year
ended 2005-2006.
CIG Infrastructure Private Limited.
The company is holding 51% of the equity in the company. The
company is in the process of being fully operational.
KB Infin Private. Limited
The company was formed to manage the financial services
business of the Future group, KB Infin Private Limited is capital holding
company and manages the asset management business. Pantaloon Retail (
The name of the company is proposed to be changed to Future
Capital Holdings Limited from KB Infin Private Limited. The company has made a
modest profit of Rs. 0.006 Millions during the period ended 31st March,
2006.The following are the subsidiaries of KB Infin Limited:
Kshitij Investment Advisory Co. Limited is an investment advisor to domestic
scheme of Kshitij Venture Capital Fund (Kshitij). KB Infin Private. Limited has
92% stake in the company. Kshitij is Rs. 3500 million Real Estate Venture Fund
focused on retail and commercial real estate. Kshitij Fund has 14670.300
millions assets under management as on date. The name of the company has been
changed from PFH Investment Advisory Co. Limited to Kshitij Investment Advisory
Co. Limited. The company is the subsidiary of KB Infin Private. Limited. The
Company has incurred loss to the tune of Rs 9.912 Millions for the period ended
31st March 2006.
Ambit Investment Advisory Co. Limited is an investment advisor to Horizon
scheme of Kshitij Venture Capital Fund (Kshitij) and Horizon Realty Fund LLC,
Indivision Investment Advisors Limited will act as domestic advisor to
Myra Mall Management Company Private Limited is the wholly owned subsidiary of KB
Infin Private Limited. Myra Mall Management Company Limited is Special Purpose
Vehicle (SPV) to acquire office premises at Parel, Mumbai.The company owns
office premises of 44,000 square feet at
The Company has incurred loss of Rs 0.024 Millions for the
period ended 31st March 2006.
Gupta Infrastructure (
The company has been floated as a joint venture with Gupta
Coal India Limited., and Cineline Entertainment India Private. Limited The
company has 20% stake in Gupta Infrastructure (
Company has entered in to a joint venture agreement with
Capital and based in
JOINT VENTURES The General! Group,
GJ Future Fashions Limited
The Company has been formed as a 50:50 joint venture with
Gini & Jony Apparels Private. Limited., one of the leading producers of
Kids wear in the country. The Joint Venture Company shall provide focused
attention to the kids wear category by establish a retail chain outlets in
The Company has achieved turnover of Rs.249.84 millions for
the period ended 30th June, 2006.Loss incurred during the period amounted Rs
86.34 Millions.
Planet Retail Holdings Private Limited.
The company has 49 % stake in Planet Retail Holdings Private
Limited. The company has master franchisee for Marks & Spencer brand in
The company during the year has achieved the operational
income of Rs 6,298.91 Lac and has incurred loss to the tune of Rs 210.61
Millions. Supreme Tradelinks Private Limited (Subsidiary) has achieved the
turnover of 4,035.54 millions and has registered the profit of Rs 289.22
Millions.The financials are based on the unaudited figures as of 31st March
2006.
PRIL has entered into a joint venture agreement with The
Generali Group ("Generali")
The joint venture would look to distribute the insurance
products utilizing the vast distribution network of the Company along with
other conventional formats of insurance distribution presently prevailing in
MEMORANDUM OF UNDERSTANDING WITH TALWALKARS
The Company on June 08, 2006 has signed a Memorandum of
Understanding (MOU) with Talwalkars Better Value Fitness Private. Limited. to
form a 50-50 Joint Venture Company for retailing of fitness / wellness related
products and for the rendering of health and fitness related services.
MEMORANDUM OF UNDERSTANDING WITH MANIPAL HEALTH SYSTEM
PRIVATE LIMITED
The Company has signed a Memorandum of Understanding (MOU)
with Manipal Health Systems Private Limited to form a 50 - 50 Joint Venture
Company for rendering healthcare related services and sale of health care
products.
THE FUTURE
The company has expansion plan to increase the retail space
under control substantially. The total retail space at the end of 2005-06 stood
at over 2.75 million square feet. The company has planned to roll out further
retail space of 2.50 million square feet in the 06-07 under various retailing
formats it operates. The company had launched several retail concepts during
last year as well current year to increase its product offering in new product
categories to capture the consumer spend. The focus of company will be to capitalise
on increasing consumer spend as core driver of the economic growth in some
decades. The company has already created a property supply chain in place to
meet its growth objectives. The new products categories in Home, Consumer
Durable & Electronics, Furniture, Health & Beauty, Communication and
Book, Music & Stationery will help to keep the growth momentum continue
beyond the focus on fashion business. The company is also rolling out new
concept in specialty retailing to capture the specific consumer segments.
Press Releases :
Pantaloon Retail posts 73 per cent increase in gross
turnover for the quarter ended March 31, ‘07
For the quarter ended March 31, 2007, gross turnover
rises 73 per cent; profit before tax rises 25.9 per cent and net profit rises
15.2 per cent
Mumbai, April 27, 2007:
Pantaloon Retail (India) Limited, part of the Future Group, declared its
unaudited financial results for the quarter ended March 31, 2007 wherein the
gross turnover (Rs.9042.900 millions) for the quarter increased by 73 per cent;
net sales/ income from operations (Rs. 8610.400 millions) increased by 89 per
cent; profit before tax (Rs. 289.900 millions) increased by 25.9 per cent; and
net profit (Rs. 187.100 millions) increased by 15.2 per cent.
The Meeting of the Board of Directors was held as scheduled
i.e. 27th April 2007 and the Board inter-alia took on record the Segmented
Unaudited Financial Results for the third quarter ended 31st March, 2007 along
with the Limited Review Report of their Statutory Auditors (M/s. NGS &
Co.). The Board also took the following decisions:
Board has approved setting up a subsidiary company to deal in FMCG products
with a niche brand to be created incorporating core brand values to be centered
around Mr. Sachin Tendulkar, Cricket Celebrity Star. Board took on record the
Memorandum of Understanding entered with Mr. Sachin Tendulkar in this regard.
An initial investment of up to Rs. 50 millionss was approved in this Company.
Board has approved setting up two wholly owned subsidiaries for carrying on
business in the field of sourcing & vendor management for various products
for web and e-commerce activities and in the field of sourcing, selling mobile
communication and accessories on wholesale / cash & carry basis with investment
approval of upto Rs. 50 millionss in each subsidiary.
Board took on record the resignation of Mr. Ved Prakash Arya, Director –
Operations & COO w.e.f. 1st April, 2007. Mr. Ved Prakash Arya would
continue as a non–executive director of the Company.
Board took on record the withdrawal by ICICI Venture Funds Management Company
Limited their nominee Ms. Bala Deshpande from the Board of the Company. Ms.
Bala Deshpande has been co-opted on the Board as an additional director.
The ‘Value Retailing’ segment revenue for the quarter ended March 31, 2007,
increased to Rs. 5584.600 millions (Rs. 2978.600 millions as of the quarter
ended March 31, 2006). The ‘Lifestyle Retailing’ segment revenue increased to
Rs. 2833.200 millions (Rs. 1528 millions as of March 31, 2006). The profit
before tax and interest from the ‘Value Retailing’ segment increased to Rs.
421.600 millions (Rs. 233.500 millions as of March 31, 2006).
The profit before tax and interest from the ‘Lifestyle Retailing’ segment
increased to Rs. 363.600 millions (Rs. 214.800 millions as of March 31, 2006).
The capital employed for the ‘Value Retailing’ segment for the quarter ended
March 31, 2007, increased to Rs. 10132.600 millions (Rs. 4811.200 millions as
of the quarter ended March 31, 2006) and that for the ‘Lifestyle Retailing’
segment increased to Rs. 5841.400 millions (Rs. 3425.300 millions as of the
quarter ended March 31, 2006).
About Pantaloon Retail (
Pantaloon Retail (
The company has about 331 stores in over 40 cities across the country,
constituting 5 million square feet of retail space. The company caters to the
‘Lifestyle’ segment through its 31 Pantaloons Stores and 4 Central Malls, as
well as its other concepts. In ‘Value’ retailing it is present through 51 Big
Bazaar hypermarkets, 67 Food Bazaars and 5 Fashion Stations, and other delivery
formats.
About Future Group
Future Group is positioned to cater to the entire Indian consumption space. It
operates through six verticals: Future Retail (encompassing all lines of retail
business), Future Capital (financial products and services), Future Brands (all
brands owned or managed by group companies), Future Space (management of retail
real estate), Future Logistics (management of supply chain and distribution)
and Future Media (development and management of retail media spaces).
The group's flagship enterprise, Pantaloon Retail, is India's leading retail
company with presence in food, fashion and footwear, home solutions and
consumer electronics, books and music, health, wellness and beauty, general
merchandise, communication products, E-tailing and leisure and entertainment.
Future Group's vision is to, “deliver Everything, Everywhere, Every time to
Every Indian Consumer in the most profitable manner.” One of the core values at
Future Group is, ‘Indianness' and its corporate credo is – Rewrite Rules,
Retain Values.
Future Group introduces
revolutionary new concept in retail – HomeTown
Noida, April 6, 2007:
Home Solutions (India) Limited., a part of the Future Group, today, announced
the launch of first of its kind home improvement retail format in India – ‘HomeTown’ at Great India Place
(Unitech Mall), Noida. Spread across an area of about 125,000 sq.ft., HomeTown
will provide consumers all that goes into building a house and everything to
make it a ‘Home’. HomeTown offers consumers largest choice and variety under
one roof and a specialized team of experts to set it all up for them at their
home. The launch of HomeTown also marks the entry of Future Group into the
services business. In addition to retailing, the newly launched format will
also provide services like electrical, plumbing, interior decoration, vaastu,
etc.
The Store is divided into three sections – exhibitions, markets and services. HomeTown will have live
displays various rooms such as living room, dining room, bedroom, kids' room,
kitchen & bathroom in the exhibitions
section. Markets
section will feature products for living market, dining market, bedroom market,
kids' room market, kitchen market, bathroom market, Home furnishings,
mattresses, eZone (consumer durables and electronics) & Depot (books,
music, etc). The services
section will offer service options such as - Mr. Carpenter, Mr. Plumber, Mr.
Electrician, Mr. Painter, Tilewala, DesignCentre, best wishes, grihapravesh,
door delivery and installation.
Said Kishore Biyani,
CEO, Future Group, “Owning a home has always been the ultimate
Indian dream. Currently, consumers have to visit multiple stores & markets,
while building a home and have to often rely on advice from unqualified
sources. HomeTown will address this consumer pain point by providing a single
point destination for all their needs to build, equip and decorate their homes.
Additionally, consumers will also get professional advice on various aspects,
ranging from interiors, carpentry, plumbing, painting, etc to grihapravesh pooja
for the home.” He added, “HomeTown is an amalgamation of the
value-lifestyle propositions, so appears eminently approachable to the
budget-buyer, as well as the aspirational customer, and also to the
lifestyle-driven customer. The displays will echo the aspirations of the
consumer, keeping traditions alive in a contemporary world.”
About Pantaloon Retail (
Pantaloon Retail (
The company has about 331 stores in over 40 cities across the country,
constituting 5 million square feet of retail space. The company caters to the
‘Lifestyle’ segment through its Pantaloons Stores and Central Malls, as well as
its other concepts. In ‘Value’ retailing it is present through Big Bazaar
hypermarkets, Food Bazaars and Fashion Stations, and other delivery formats.
About Future Group
Future Group is positioned to cater to the entire Indian consumption space. It
operates through six verticals: Future Retail (encompassing all lines of retail
business), Future Capital (financial products and services), Future Brands (all
brands owned or managed by group companies), Future Space (management of retail
real estate), Future Logistics (management of supply chain and distribution)
and Future Media (development and management of retail media spaces).
The group's flagship enterprise, Pantaloon Retail, is India's leading retail
company with presence in food, fashion and footwear, home solutions and
consumer electronics, books and music, health, wellness and beauty, general
merchandise, communication products, E-tailing and leisure and entertainment.
Future Group's vision is to, “deliver Everything, Everywhere, Every time to
Every Indian Consumer in the most profitable manner.” One of the core values at
Future Group is, ‘Indianness' and its corporate credo is – Rewrite Rules,
Retain Values.
Future Group opens
Brand Factory in Pune
After enjoying tremendous success in Bangalore,
Hyderabad and Ahmedabad, the fourth Brand Factory has come in Pune
Pune, April 6, 2007: After experiencing tremendous
success with Big Bazaar, Central Malls, Pantaloon’s Fresh stores, Food Bazaar,
E-Zone and Collection-I across the country, Pantaloon has come up with
something new. This time by launching their latest retail format that has
revolutionised Value - Fashion shopping in
Located in the Convent street in Pune ‘Brand Factory’ brings to the consumer
the Best Brands that
India and the World has to offer at discounted
prices, without compromising on the Shopping Experience. The brands will
be presented in a fully air-conditioned, slick environment spanning 50,000 square feet.
According to Mr. Vishnu Prasad,
CEO-Central & Brand Factory, “Over the years, we have seen
that ‘Factory Outlets’ have become distinct shopping destinations with distinct
audiences. With fashion cycles reducing, larger quantities of stocks are
reaching factory outlets. But then, what is compromised here is the brand and
its image. But, the emphasis at ‘Brand Factory’ is to offer the customer the
widest range of brands possible at absolutely great prices in an ambience that
befits the brand. The Future Group clearly has the first mover advantage in
this space and we plan to capitalize on this by scaling up fast across key
cities.”
Mr. Rajesh Seth, Chief – Marketing, Central &
Brand Factory, said
“Their idea is to raise the bar of expectation and experience when it comes to
‘Brand + Bargain Shopping’. Over 70% of the people shopping at Factory outlets
are under the age group of 30 years who are smart shoppers that want fashion
brands at reasonable prices. With most retailers focusing either on top or the
bottom of the urban pyramid, there is a huge middle that has been clearly
ignored. This is the segment that we wish to tap through ‘Brand Factory’”
The growth in retail scope and scale has allowed Future
Group to increase focus on emerging opportunities. The ‘Brand Factory’ stores
promises its customers that value shopping is not about seconds’ experience,
it’s not about a garage sale environment and it’s not about buying cheap.
Instead, it’s all about an amazing experience of ‘Buying Smart’.
The first ‘Brand factory’ store is located in Marathahalli,
With the launch of Brand Factory in Pune, customers get the benefit of value
shopping along with the true brand experience, under one roof. The stores
offers a wide range of products from, men’s wear, ladies’ wear, infant wear,
ladies’ accessories, cosmetics, footwear, sportswear, luggage, home linen and
much more.
Brand Factory will host many Indian and International fashion brands including
Arrow, Esprit, Bossini, Van Heusen, Louis Philippe Levis, Lee, Pepe Jeans,
DockersWrangler, Lee Cooper among many others.
About Pantaloon Retail (
Pantaloon Retail (
The company has about 331 stores in over 40 cities across the country,
constituting 5 million square feet of retail space. The company caters to the
‘Lifestyle’ segment through its Pantaloons Stores and Central Malls, as well as
its other concepts. In ‘Value’ retailing it is present through Big Bazaar
hypermarkets, Food Bazaars and Fashion Stations, and other delivery formats.
About Future Group
Future Group is positioned to cater to the entire Indian consumption space. It
operates through six verticals: Future Retail (encompassing all lines of retail
business), Future Capital (financial products and services), Future Brands (all
brands owned or managed by group companies), Future Space (management of retail
real estate), Future Logistics (management of supply chain and distribution)
and Future Media (development and management of retail media spaces).
The group's flagship enterprise, Pantaloon Retail, is India's leading retail
company with presence in food, fashion and footwear, home solutions and
consumer electronics, books and music, health, wellness and beauty, general
merchandise, communication products, E-tailing and leisure and entertainment.
Future Group's vision is to, “deliver Everything, Everywhere, Every time to
Every Indian Consumer in the most profitable manner.” One of the core values at
Future Group is, ‘Indianness' and its corporate credo is – Rewrite Rules,
Retain Values.
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that
subject is or was the subject of any formal or informal allegations, prosecutions
or other official proceeding for making any prohibited payments or other
improper payments to government officials for engaging in prohibited
transactions or with designated parties.
3] Asset Declaration :
No
records exist to suggest that the property or assets of the subject are derived
from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or
conviction registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available information
exist that suggest that subject or any of its principals have been formally
charged or convicted by a competent governmental authority for any financial
crime or under any formal investigation by a competent government authority for
any violation of anti-corruption laws or international anti-money laundering
laws or standard.
8] Affiliation with Government :
No record exists to
suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report
:
No press reports / filings exists on the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments
on Corporate Governance to identify management and governance. These factors
often have been predictive and in some cases have created vulnerabilities to
credit deterioration.
Our Governance Assessment focuses principally on the
interactions between a company’s management, its Board of Directors,
Shareholders and other financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local
laws, regulations or policies that prohibit, restrict or otherwise affect the
terms and conditions that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 40.90 |
|
|
1 |
Rs. 81.29 |
|
Euro |
1 |
Rs. 55.47 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING
SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT
LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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
|
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 |