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MIRA
INFORM REPORT
|
Report Date : |
17.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HOME SOLUTIONS RETAIL (INDIA) LIMITED |
|
|
|
|
Registered Office : |
Knowledge House, Shyam Nagar, Jogeshwari – Vikroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra |
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|
Country : |
India |
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|
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|
Financials (as on) : |
31.06.2007 |
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|
Date of Incorporation : |
04.10.2004 |
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Com. Reg. No.: |
11-148956 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52330MH2004PLC148956 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH08489F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Retail Store For Home Solutions. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5000000 |
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|
|
|
Status : |
Satisfactory |
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|
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|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary
of Pantaloon Retail (India) Limited, which is doing well. Their Trade
relations are fair. Payments are correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Knowledge House, Shyam Nagar, Jogeshwari – Vikroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
|
Tel. No.: |
91-22-56442200 |
|
Fax No.: |
91-22-56442201 |
|
Website : |
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|
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Corporate Office : |
92/9, 80 FT Road, BSK 3rd Stage, Bangalore – 560085, India |
DIRECTORS
|
Name : |
Mr. Laxminarayan Kishore Biyani |
|
Designation : |
Director |
|
Address : |
406 Jeevan Vihar,
Manav Mandir Road, Mumbai – 400 006, Maharashtra, India. |
|
Date of Birth/Age : |
09.08.1961 |
|
Date of Appointment : |
04.10.2004 |
|
|
|
|
Name : |
Mr. Mathew P.S.
Jacob |
|
Designation : |
Director |
|
Address : |
84, 16th
Main 4th Block, Koramangala, Bangalore – 560 034, Karnataka,
India. |
|
Date of Birth/Age : |
29.03.1961 |
|
Date of Appointment : |
04.10.2004 |
|
|
|
|
Name : |
Mr. Johar Jaswant
Arvindsingh |
|
Designation : |
Director |
|
Address : |
4 Chaman Singh Park,
Kirby Place, Delhi Cantt, Delhi – 110 010 |
|
Date of Birth/Age : |
02.03.1943 |
|
Date of Appointment : |
04.10.2004 |
|
|
|
|
Name : |
Mr. Pillai
Krishnagovind Raghu |
|
Designation : |
Managing Director
|
|
Address : |
Flat No. 6, 4th
Floor, Shangri-La- Apartment, No. 5, 5th Avenue, Besant Nagar,
Chennai – 600 001, Tamilnadu, India. |
|
Date of Birth/Age : |
03.07.1957 |
|
Date of Appointment : |
01.08.2005 |
|
|
|
|
Name : |
Mr. Rathi
Radhamohan Krishnakant |
|
Designation : |
Director |
|
Address : |
B-72, Dakshina
Park, N S Road, 10 JVPD Scheme, Andheri (West), Mumbai – 400 049,
Maharashtra, India. |
|
Date of Birth/Age : |
31.12.1961 |
|
Date of Appointment : |
01.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Arvind Singh
Johar |
|
1 |
|
Shiraj Dej |
|
1 |
|
Unitech Holding
Limited |
|
16666 |
|
Chandraprakash R.
Toshniwas |
|
1 |
|
Pantaloon Retail
(India) Limited |
|
33329 |
|
Ved Prakash Arya |
|
1 |
|
Kishore L. Biyani
|
|
1 |
|
|
|
|
|
Total: |
|
50000 |
Equity share capital breakup (percentage of total equity)
As on 31.12.2007
|
Category |
|
Percentage |
|
Venture Capital |
|
23.57 |
|
Bodies Corporate
(not mentioned above) |
|
76.43 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail store for
home solutions. |
|
GENERAL
INFORMATION
|
Bankers : |
Kotak Mahindra Bank
Limited, 36-38A, Narimanbhavan, 227, D, Nariman Point, Mumbai – 400 021,
Maharashtra, India. |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and company Chartered Accountant |
|
Address : |
6th Floor, Express Towers, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
|
|
|
Parent Company: |
Ø
Pantaloon
Industries Limited Ø
Future
Capital Holdings Ø
Covergem
Retail (India) Limited Ø
Indus League
Clothing Limited Ø
Galaxy
Entertainment Corporate Limited |
|
|
|
|
Joint Ventures Companies: |
Ø
Planet
Retail Holdings Limited Ø
Footmart
Retail Ø
GJ Future
Fashions Ø
Capitaland
Retail India Ø
ETAM Future
Fashions India Private Limited |
CAPITAL STRUCTURE
As on 31.12.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
2000000 |
Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
|
|
Total |
|
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23207089 |
Equity Shares |
Rs. 10/-
each |
Rs. 232.070
Millions |
|
2000000 |
Preference Shares |
Rs. 100/-
each |
Rs. 200.000
Millions |
|
|
Total |
|
Rs. 432.070 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.06.2007 |
31.06.2006 |
31.06.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
432.071 |
175.155 |
0.500 |
|
|
2] Share Application Money |
30.000 |
90.012 |
0.000 |
|
|
3] Reserves & Surplus |
1270.429 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[467.112] |
[58.195] |
[0.268] |
|
|
NETWORTH |
1265.388 |
206.972 |
0.232 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
473.933 |
167.221 |
0.000 |
|
|
2] Unsecured Loans |
6.000 |
49.000 |
0.026 |
|
|
TOTAL BORROWING |
479.933 |
216.221 |
0.026 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1745.321 |
423.193 |
0.258 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
630.443 |
102.423 |
0.000 |
|
|
Capital work-in-progress |
189.842 |
27.537 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
58.100 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1389.684
|
453.947 |
0.000 |
|
|
Sundry Debtors |
23.531
|
66.286 |
0.000 |
|
|
Cash & Bank Balances |
61.248
|
19.605 |
0.320 |
|
|
Other Current Assets |
1.445
|
0.217 |
0.000 |
|
|
Loans & Advances |
309.566
|
50.504 |
0.000 |
|
Total
Current Assets |
1785.474
|
590.559 |
0.320 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
910.269
|
294.594 |
0.062 |
|
|
Provisions |
8.269
|
2.732 |
0.000 |
|
Total
Current Liabilities |
918.538
|
297.326 |
0.062 |
|
|
Net Current Assets |
866.936
|
293.233 |
0.258 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1745.321 |
423.193 |
0.258 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.06.2007 |
31.06.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
|
3231.364 |
637.340 |
|
|
Other Income |
|
33.742 |
0.300 |
|
|
Total Income |
|
3265.106 |
637.640 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
[400.537] |
[56.193] |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
[400.537] |
[56.193] |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchase made for resale |
|
2833.049 |
562.233 |
|
|
Salaries, Wages, Bonus, etc. |
|
194.551 |
38.761 |
|
|
Managerial Remuneration |
|
3.750 |
6.964 |
|
|
Payment to Auditors |
|
1.390 |
0.771 |
|
|
Interest |
|
46.484 |
8.622 |
|
|
Insurance Expenses |
|
4.803 |
0.536 |
|
|
Power & Fuel |
|
31.053 |
2.276 |
|
|
Depreciation & Amortization |
|
32.220 |
2.403 |
|
|
Other Expenditure |
|
518.343 |
71.267 |
|
Total Expenditure |
|
3665.643 |
693.833 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
[12.26]
|
[8.81] |
N.A. |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
[12.39]
|
[8.82] |
N.A. |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
[16.58]
|
[7.24] |
N.A. |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.32]
|
[0.27] |
N.A. |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.11
|
2.48 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.99 |
5.16 |
LOCAL AGENCY
FURTHER INFORMATION
|
Name of the owner of the Building |
If Leased whether lease agreement was
obtained |
Period of Lease |
Address of the godown/ Building |
|
NSR Wh Private Limited |
Owned |
N.A. |
C/o Kaveri Warehousing Private Limited, 7-20 NDR, Godown Complex, Opposite Sanathnagar Goods Compalex Moosa Pet, Hyderabad – 500 018, India. |
|
|
|
|
|
|
M/S. Ashoka Industries |
Yes |
3 years from 1.02.2006 to 31.01.2009 |
Ashoka Industries Shed No. 4 & 5, 98/1, Konena Agrahari National Park Road, Bangalore
– 560 076, Karnataka, India. |
|
|
|
|
|
|
Manjuben K Porwal/ Hemlata Porwal/ Taramati Porwal |
Yes |
3 years from 1.04.2006 to 31.03.2009 |
Kaveri Warehousing Private Limited Behind Hotel Alfa, Opposite Jamnagar Trpt, Ahmedabad – 328 427, Gujarat, India. |
|
|
|
|
|
|
P Nageshwar Rao |
Yes |
3 years from 1.04.2006 to 31.03.2009 |
T. Nageshwara Rao & Bros. Door No. 10-197, Indira Nagar, Gopalapatnam, Vishkhapatnam – 530 046, India. |
|
|
|
|
|
|
M/S Hari Har Corporation |
Yes |
5 years from 16.03.2006 to 15.03.2011 |
Dapode, Near Gajanan Petrol Pump, Mankoli Naka, Bhiwandi – 421 302, Maharashtra, India. |
|
|
|
|
|
|
J D Agencies |
Yes |
11 Months from 01.04.2006 to 28.02.2007 |
J. D. Warehousing, Gat No. 745/1, Bakuri Phata, Wagholi, Pune – 412
207, Maharahstra, India. |
|
|
|
|
|
|
Mrs. Oriya & Vanita |
Yes |
3 Years from 01.04.2006 to 31.09.2009 |
Door No. 42, Narima House, Khadgaon Road, Wadi, Nagpur – 440 023,
India. |
|
|
|
|
|
|
Shyam Sunder Agrawal |
Yes |
3 Years from 01.04.2006 to 31.09.2009 |
H. S. Agarwal, Rudrapur Godown, Plot No. 101-106, Rudrapur Pahal,
Bhubneshwar – 752 101, India. |
|
|
|
|
|
|
Rushabh Commercial Co. Pct Limited/ Kothari Estate Private Limited |
Yes |
3 Years from 01.04.2006 to 31.09.2009 |
D-193, Trenching Ground, Malia Depot, Kolkata – 700 024, India. |
|
|
|
|
|
|
Mr. Wilfred
D’souza |
Yes |
3 Years from 15.03.2006 to 14.03.2008 |
Souza Cashew Industries No. 16/145,
Kulasekhar, Mangalore – 575 005, India. |
|
|
|
|
|
|
Mr. Lokender
Singh |
Yes |
1 Years from 1.02.2006 to 31.01.2007 |
Indo Arya Central Transport Limited,
102, Lasudia Mori (Near Balaji Tol Kanta), S. R. Compound, A. B. Road,
Devas Naka, Indore(M.P.) – 450 010, India. |
|
|
|
|
|
|
Mr. Charanjeet Singh – Partner of Doaba Roadlines. |
Yes |
3 years from 1.02.2006 to 31.01.2009 |
Indo Arya Central Transport Limited,
C – 2, T. P. Nagar, Opposite R.T. O. Office, Kanpur Road, Lucknow –
226 012, India. |
|
Central Warehousing Corporation |
Yes |
2 years from 21.04.2005 to 20.04.2007 |
Indo Arya Central Transport Limited, Central Warehousing Corpoartion, Godown No. 5A, Near Anaj Mandi, Khandsa Road, Gurgaon – 122 001, India. |
|
|
|
|
|
|
Mr. Hafed (Haryana State Co-operative supply and marketing federation
limited) |
Yes |
6 year from 01.02.2005 to 31.01.2011 |
Indo Arya Central Transport Limited,
Hafed Ware house, Adjoining Wazirpur DTC Bus Depot, Lawrance Road, New
Delhi – 110 034, India. |
|
|
|
|
|
|
Indo Arya Central Transport Limited |
Owned |
N.A. |
Indor Arya House, 7th Mile Stone, Giani Border, P.O.
Chikamberpur District, Ghaziabad – 201 006, India. |
|
Name of the company |
HOME SOLUTIONS INDIA LIMITED |
|
Presented By |
HOME SOLUTIONS INDIA LIMITED |
|
1) Date and description of instrument creating the change |
Deed of Hypothecation Dated 13.07.2006 |
|
2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 50.000 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 borrower’s movable assets, both present & future
as stated in the second schedule to the deed of hypothecation. Hypothecation of Plant & machinery, Furniture & Fixtures,
Stock in Trade, Book Debts and Vehicles. |
|
4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest: 10.50% p.a. floating Interest rate upon default 2% p.m.
compounded monthly. Security: 1st pari passu charge with HDFC Bank Limited, on
fixed assets of 12 stores financed by the bank 1st pari passu charge with HDFC Bank limited on credit card
receivable of the 12 stores. 2nd pari passu charge on present & future current
assets irrevocable & unconditional Guarantee of Mr. Kishore Biyani in his
personal capacity. |
|
5) Name and Address and description of the person entitled to the
charge. |
Kotak Mahindra Bank Limited 36-38A, Narimanbhavan, 227, D, Nariman Point, Mumbai – 400 021,
Maharashtra, 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 |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10010328 |
|
Corporate identity
number of the company |
U52330MH2004PLC148956 |
|
Name of the
company |
HOME SOLUTIONS
RETAIL (INDIA) LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Knowledge House, Shyam
Nagar, Off Jogeshwari- Vikroli Link Road, Jogeshwari (East), Mumbai – 400060,
Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Others |
|
Particular of
charge holder |
Kotak Mahindra Bank
Limited, 36, 38A Narimanbhavan, 227, D, Nariman Point, Mumbai – 400021,
W.E.F. 29.01.2001, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental Deed
of Hypothecation |
|
Date of
instrument Creating the charge |
22.01.2007 |
|
Amount secured by
the charge |
Rs. 200.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Letter of Credit
: Enhanced from Rs. 100.000 Millions Commission :
As advised by the Bank Trade Credit : Rs. 150.000 Millions (inner
limit to Letter of Credit) Rate of
Interest : As Advised by the Bank Terms of Repayment As per Sanction
Letters Margin Letter of Credit
: 10% Cash Margin Extent and Operation of the charge (i)
First
pari-passu charge on all present and future current assets (excluding the
credit card receivables form the stores) (ii)
Second
pari-passu charge on all present and future fixed assets to be shared with
other working capital bankers. |
|
Short particulars
of the property charged |
(i)
First
pari-passu charge on all present and future current assets (excluding the
credit card receivables form the stores as described in the Schedule I to the
supplemental Deed of Hypothecation (ii)
Second
pari-passu charge on all present and future fixed assets to be shared with
other working capital bankers. |
|
Particulars of
the present modification |
Letter of Credit
Facility is enhanced from Rs. 100.000 Millions to Rs. 150.000 Millions. A
buyer Credit Limit of Rs. 150.000 Millions has also been sanctioned as an
inner limit of the facility. The said charge is now enhanced to Rs. 200.000
Millions form Rs. 150.000 Millions. |
As per Website
Press Releases
MUMBAI: ICICI Venture Funds Management, India’s
largest domestic private equity fund, and Kotak
SEAF India Fund have together invested over Rs 120.000 Millions Home
Solutions Retail, a 100%
subsidiary of Pantaloon Retail.
The move comes amidst rising competition in India’s red-hot retail industry.
Global giants such as Wal-Mart, Tesco and Carrefour have shown a keen interest
in entering the country, while Reliance Industries is preparing
a huge retail foray with estimated spends rising up to Rs 250.000 Millions.
Pantaloon, the largest domestic
chain, is gearing up to take on competition by expanding its own chain and
entering new formats. Home Solutions operates multiple formats
and has plans to expand its number of stores across the country. The amount
raised by Pantaloon Retail through private equity will be used for its
expansion plans. ICICI Venture will take up to 15% stake in Home Solutions, while Kotak SEAF will take a 6% stake in the company.
Pantaloon promoters have also invested in Home Solutions
through warrants.
India Advantage Fund Series II, through which ICICI Venture has
invested in Home Solutions, is a 810 Millions fund and this is its first
investment in this space, company officials said. “We believe that the
opportunity for providing products and services to new home-builders in India is
huge,” said Kishore Biyani, managing director, Pantaloon Retail.
“We are pleased to partner once again with the Future Group with whom we have
been an investor in the past, and to assist Home Solutions in
creating a new retail offering for the Indian consumer,” said Renuka Ramnath,
managing director and chief executive officer of ICICI Venture.
Home Solutions plans to increase the number of stores under its five retail
brands. For E-zone, it plans to increase from the current five stores to 20
stores by ’07.
Electronics Bazaar is likely to grow from the current 35 stores to 66 stores,
while Collection I will increase from five stores to 12. Furniture Bazaar will
see growth from 34 stores to 62 stores, while Home Town, a large format retail outlet which opens its first
store in December, will have five stores by ’07.
Home Solutions has large format stores called Home Town, which sell home
furnishings, furniture, consumer durables and appliances, building materials
and home services.
The furniture and furnishings businesses ensure high margins, while consumer
durables and appliances are low-margin businesses, but have a high turnover per
square feet. The company hopes to eventually have a turnover of Rs 100.000 millions by ’07-08.
Kolkata, West
Bengal, IND, 2007-04-19 12:32:42 (IndiaPRwire.com)
Home Solutions Retail (India)
Ltd, part of the Future Group today launched eZone, an electronics specialty
store and Collection-i, a furniture and furnishings Store at Homeland Mall,
Ashutosh Mukherji Road, Bhawanipur. These large stores are first independent
outlets of eZone and Collection-i in Kolkata,
spread across 13,300 sq.ft. and 18,200 sq.ft. respectively, which have
traditionally been present as shop-in-shop formats in other Pantaloons stores
at Kakurgachi and Camac Street.
Speaking at the launch, Mr. Kush Medhora, Operations Head, Home
Solutions Retail (I) Ltd. said, “We are delighted to introduce eZone and
Collection-i outlets at Homeland Mall at Bhawanipur. It is our constant
endeavour to offer newer outlets at convenient locations to our customers.
These large new stores will enable us to provide a complete service experience
to our customers, unique to these formats.”
eZone offers several brands of consumer durable and electronics. eZone
has three dedicated zones - Liberation Zone, Experience Zone and Home Zone to
meet the electronic needs of the entire family and different target groups. The
Liberation Zone offers personal products like computers, laptops, handy cams,
MP 3 players and mobile phones, while the Experience Zone has a wide array of
entertainment products such as Plasma / LCD, Flat TV’s, Home Theatre systems,
DVD players and Stereo systems. The Home Zone has all electronic products that
go in a home such as Refrigerators, Air Conditioners, washing machines and
Microwave ovens among other kitchen related appliances.
The Collection i store is built on the concept of ideas for good living,
offering a complete range of quality furniture, modular kitchens, lighting,
furnishings, crockery and home accents at affordable prices. The store provides
a live display of living rooms, dining rooms, bedrooms and modular kitchens
with furnishings and accessories to provide customers a first hand look and
feel of how the furniture would look in our homes.
Mr. Manoj Kumar, Head – Consumer Durable and Electronics, Home Solutions
Retail (I) Ltd., “eZone is not only about showcasing the electronics products
and gadgets but providing a complete shopping experience through touch and
feel. A customer gets to choose from an array of different brands under one
roof. The unique post purchase customer service support is one of the best in
the industry.”
Mr. Mahesh Shah, Head - Furniture, Home Solutions Retail (I) Ltd., “A
home plays a very important role in a person’s life and is a priced possession
for most of us. At Collection-i we enable our customers to democratize the
process of decorating one’s home by enabling them to ideate our perfect home
through our room settings and purchase the trendiest products at the most
affordable prices.”
About Pantaloon Retail (India) Limited
Pantaloon Retail (India)
Limited is a leading retailer with a turnover of Rs. 201.900 millions for the
financial year 2005-06. Headquartered in Mumbai, the company operates through
primarily the ‘Lifestyle’ and ‘Value’ formats through multiple delivery
mechanisms and lines of business — some of them being, fashion, food, general
merchandise, home, leisure and entertainment, financial services,
communications and wellness.
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.
For further information please contact
Mr. Atul Takle
Head – Corporate Communications
Pantaloon Retail (India) Limited
Email: atul.takle@pantaloon.com
Website: www.pantaloon.com
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 our 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. 42.64 |
|
UK Pound |
1 |
Rs. 83.00 |
|
Euro |
1 |
Rs. 66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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. |
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 |
|