MIRA
INFORM REPORT
|
Report Date : |
17.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
INFINITI RETAIL LIMITED |
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Registered Office : |
Bombay House, 24-Homo Modi Street, Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
16.12.2005 |
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Com. Reg. No.: |
11-158120 |
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CIN No.: [Company
Identification No.] |
U31900MH2005PLC158120 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMV13188A |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Chain of Retail Stores |
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 4900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Sunil, Accounts Head and Mr. Pankaj, Accounts Manager denied to
part any details. Subject is a subsidiary of Tata Sons Limited, an investment company of
county’s premier industrial house. Trade relations are fair. Payments are correct and as per commitments. The company’s CROMA Showrooms are doing brick business in electronics
consumer durables. The company can issue to incur losses but expressed to do better in
future. It’s payments are usually correct and as per commitments. The company can be regarded as normal for business dealings at usual
trade terms and conditions. |
INFORMATION
DECLINED BY
|
Name : |
Mr. Sunil |
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Designation : |
Accounts Head |
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Date : |
14.11.2008 |
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Name : |
Mr. Pankaj |
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Designation : |
Accounts Manager |
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Date : |
14.11.2008 |
LOCATIONS
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Registered Office : |
Bombay House, 24-Homo Modi Street, Mumbai – 400 001, Maharashtra,
India |
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Tel. No.: |
91-22-67613600 |
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Fax No.: |
91-22-67101903 |
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E-Mail : |
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Website : |
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Corporate Office : |
202 Akruti Centre Point, Next to Marol Telephone Exchange, MIDC,
Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Tel. No.: |
91-22-67101900 |
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Fax No.: |
91-22-67101903 |
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CROMA (Juhu Office) : |
CROMA Ground Floor, Vasundhara CHS, Opp. Utpal Shanghvi School, JVPD, Vile
Parle (West), Mumbai – 400 049, Maharashtra, India |
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Tel. No.: |
91-22-67103333 |
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Fax No.: |
91-22-67107630 |
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Branch Office (CROMA) : |
Located at Mumbai ·
Malad ·
Santacruz Airport ·
Dahisar ·
CBD Belapur ·
Vashi ·
Mira Bhayender ·
Mulund Pune Ahmedabad ·
Himalaya ·
Devarc Surat ·
Bengalooru Eva Mall Koramangala New Delhi · Vikas Surya Shopping Mall |
DIRECTORS
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Name : |
Mr. Rayaroth Kariandi Krishna Kumar |
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Designation : |
Chairman |
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Address : |
‘Apsara’ NCPA Complex, Flat No. 213, B Block, Nariman Point, Mumbai –
400 021, Maharashtra, India |
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Date of Birth/Age : |
18.07.1938 |
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Date of Appointment : |
18.05.2006 |
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Name : |
Mr. Rajendra R Bhinge |
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Designation : |
Director |
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Address : |
83, Landmark Carmichael Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
29.05.1952 |
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Date of Appointment : |
16.12.2005 |
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Name : |
Mr. Bharat D Vasani |
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Designation : |
Director |
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Address : |
Flat No. B-11, The Peregrine Apartments, 400, Veer Savarkar Marg,
Prabhadevi, Mumbai – 400 025, Maharashtra, India |
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Date of Birth/Age : |
24.08.1958 |
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Date of Appointment : |
16.12.2005 |
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Name : |
Mr. Pankaj K Gupta |
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Designation : |
Director |
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Address : |
B 7, Sneh Milan Khandelwal Society, 17th Road, Khar (West),
Mumbai – 400 052, Maharashtra, India |
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Date of Birth/Age : |
07.08.1972 |
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Date of Appointment : |
16.12.2005 |
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Name : |
Mr. Ajit Joshi |
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Designation : |
Chief Executive Officer and Managing Director |
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Address : |
Flat No. 802, 8th Floor, Badrinath Towers, Kailash Sarovar
Sankul, Off Seven Bunglow, Versova, Andheri (West), Mumbai – 400 061,
Maharashtra, India |
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Date of Birth/Age : |
12.05.1960 |
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Date of Appointment : |
27.11.2006 |
KEY EXECUTIVES
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Name : |
Mr. Taher Ali |
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Designation : |
Assistant Manager – Legal and Company Secretary |
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Address : |
Flat No. 1, Old Jamali Building, Saifee Park, Church Road, Marol, Andheri
(East), Mumbai – 400 059, Maharashtra, India |
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Date of Birth/Age : |
06.03.1975 |
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Date of Appointment : |
18.09.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 10.06.2008)
|
Names of Shareholders |
No. of Shares |
|
Tata Sons Limited |
1799999994 |
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Tata Sons Limited and Farokh Nariman Subedar |
1 |
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Tata Sons Limited and Phillie Dara Karkaria |
1 |
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Tata Sons Limited and Bharat DVasani |
1 |
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Tata Sons Limited and Rohinton P Wadia |
1 |
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Tata Sons Limited and Kersi Rustom Bhagat |
1 |
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Tata Sons Limited and Manoj Kumar Cheranalloor Vasudevan |
1 |
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Total |
1800000000 |
List of Allotment (As on 07.09.2006)
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Names of Allottees |
No. of Shares |
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Tata Sons Limited |
11000000 |
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Total |
11000000 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2008)
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Category |
Percentage |
|
Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Chain of Retail Stores |
GENERAL
INFORMATION
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Bankers : |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
PKF Sridhar and Santhanam Chartered Accountant |
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Address : |
No. 98-A, IV Floor, Dr. Radhakrishnan Salai, Mylapore, Chennai – 600
004, Tamilnadu, India |
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Holding Company : |
Tata Sons Limited |
CAPITAL STRUCTURE
(As on
30.09.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
360000000 |
Equity Shares |
Rs.10/- each |
Rs.3600.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000
millions |
(As on
31.03.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
360000000 |
Equity Shares |
Rs.10/- each |
Rs.3600.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
180000000 |
Equity Shares |
Rs.10/- each |
Rs.1800.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1800.000 |
500.000 |
10.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(825.812) |
(192.842) |
(3.610) |
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NETWORTH |
974.188 |
307.158 |
6.890 |
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LOAN FUNDS |
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1] Secured Loans |
111.510 |
56.767 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
111.510 |
56.767 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1085.698 |
363.925 |
6.890 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
464.779 |
191.995 |
0.235 |
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Capital work-in-progress |
22.834 |
2.021 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
2.505 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
470.522
|
169.906 |
0.000 |
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Sundry Debtors |
61.344
|
13.224 |
0.000 |
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Cash & Bank Balances |
34.956
|
9.472 |
0.254 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
293.843
|
111.334 |
5.132 |
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Total
Current Assets |
860.665
|
303.936 |
5.386 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
274.532
|
133.451 |
2.746 |
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Provisions |
6.094
|
3.108 |
0.000 |
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Total
Current Liabilities |
280.626
|
136.559 |
2.746 |
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Net Current Assets |
580.039
|
167.377 |
2.640 |
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MISCELLANEOUS EXPENSES |
18.046 |
2.532 |
1.510 |
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TOTAL |
1085.698 |
363.925 |
6.890 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
|
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Sales Turnover |
|
2837.340 |
301.519 |
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Other Income |
|
24.200 |
5.673 |
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Total Income |
|
2861.540 |
307.192 |
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Profit/(Loss) Before Tax |
|
(630.423) |
(175.373) |
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Provision for Taxation |
|
2.547 |
0.415 |
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Profit/(Loss) After Tax |
|
(632.970) |
(175.788) |
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Expenditures : |
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Purchases made for re-sale |
|
2704.118 |
293.908 |
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Salaries, Wages, Bonus, etc. |
|
132.736 |
40.054 |
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Managerial Remuneration |
|
9.497 |
2.670 |
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Payment to Auditors |
|
4.609 |
1.108 |
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Interest |
|
14.340 |
1.830 |
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Insurance Expenses |
|
2.196 |
0.430 |
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Depreciation & Amortization |
|
24.348 |
4.227 |
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Other Expenditure |
|
600.119 |
138.338 |
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Total Expenditure |
|
3491.963 |
482.565 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
(22.12)
|
(57.22) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(22.22)
|
(58.16) |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(47.56)
|
(35.36) |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.65)
|
(0.57) |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.40
|
0.63 |
0.40 |
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Current Ratio (Current Asset/Current Liability) |
|
3.07
|
2.23 |
1.96 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U31900MH2005PLC158120 |
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Name of the
company |
INFINITI RETAIL LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Bombay House, 24-Homo Modi Street, Mumbai – 400 001, Maharashtra,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Movable property
(not being pledge) ·
Floating
charge ·
Others o
Stocks |
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Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, Maharashtra, India |
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Nature of
instrument creating charge |
Letter of
Hypothecation of Stocks and Book Debts |
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Date of
instrument Creating the charge |
08.10.2007 |
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Amount secured by
the charge |
Rs.200.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest As per the Sanction Letter of HDFC ·
Terms of
repayment On demand raised by HDFC Bank Limited ·
Margin 25% or such other margin as stipulated by the bank from time to time ·
Extent and
operation of the charge First Pari passu charge on all stocks and book debts both present and
future ·
Others As mentioned in Sanction Letter of HDFC Bank Limited dated 12th
September 2007 |
|
Particulars of
the property charged |
First Pari passu
charge on all stocks and book debts both present and future |
Fixed Assets
·
Leasehold improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
Web Details
About Croma
Subject, is a 100% subsidiary of Tata Sons Limited, promoted to operate
in the promising consumer electronics retail market that is evolving in India.
Subject, has entered into a technical and sourcing agreement with an
Australian retail giant, Woolworths
Limited, which currently operates more than 2000 stores across Australia
in 12 different formats, including consumer electronics retailing Subject will own and run the retail
operations in India, while Woolworths will provide technical support and
strategic sourcing facilities from its global network.
Subject has announced its plans to operate a national chain of
multi brand outlets of consumer electronics and durables, under the brand name ‘CROMA’. These electronics mega
stores, will offer the country’s widest range of consumer electronics products
across categories and brands. With more than 6000 products, 180 brands and 8
categories – Home Entertainment, Small Appliances, White Goods, Computers,
Communication, Music, Imaging and Gaming software - the stores will be spread
over 15000 to 20000 sq.ft.
The
first ‘Croma’ store was
inaugurated on 9 th October 2006, in a suburb of Mumbai, Juhu. Corma is now
also at Malad in Mumbai and has opened it doors in Ahmedabad too. Subject plans to launch 30 such large
format stores across the country by 2008. Subject has ambitious plans to expand across India with atleast
100 stores by 2010.
With
the philosophy of ‘We help you buy’,
this high tech store promises to provide world class service through a team of
highly qualified and trained staff, the best product range in India to choose
from and great prices on a consistent basis.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
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 |
- |
|
--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 |
|
48 |
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 |
|