MIRA
INFORM REPORT
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Report Date : |
07.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
PLANET RETAIL HOLDINGS PRIVATE
LIMITED |
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Formerly Known As : |
PLANET SPORTS PRIVATE LIMITED |
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Registered Office : |
7A and 8A, Gaurav Tower, Malviya Nagar, Jaipur – 302 017, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.11.1999 |
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Com. Reg. No.: |
17-15993 |
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CIN No.: [Company
Identification No.] |
U52190RJ1999PTC015993 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRP00715B |
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PAN No.: [Permanent
Account No.] |
AABCP7756L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Chain of Retail Store |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 1200000 |
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Status : |
Moderate |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject runs retail business under various brands. Trade relations are
fair. Financial position is moderate as the company has accumulated losses. It’s payments are correct and as per commitments. The company can be considered for moderate business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
7A and 8A, Gaurav Tower, Malviya Nagar, Jaipur – 302 017, Rajasthan,
India |
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E-Mail : |
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Website : |
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Corporate Office : |
E-10, Gokhale Marg, ‘C’ Scheme, Jaipur – 302 001, Rajasthan, India |
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Branch Office 1 : |
2nd Floor, DLF Gateway Tower, Phase – III, NH 8, Gurgaon –
122 002, Haryana, India |
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Branch Office 2 : |
7th Floor, Infinity Tower, Tower A, DLF Cyber Citi, DLF
Phase – II, Gurgaon – 122 022, Haryana, India |
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Tel. No.: |
91-124-4171444 / 2562096-99 |
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Fax No.: |
91-124-2562094 |
DIRECTORS
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Name : |
Mr. Kishore Laxminarayan Biyani |
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Designation : |
Director |
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Address : |
406, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai – 400 006,
Maharashtra, India |
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Date of Birth/Age : |
09.08.1960 |
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Date of Appointment : |
03.03.2005 |
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Name : |
Mr. Ved Prakash Arya |
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Designation : |
Director |
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Address : |
Flat No. 701, Gladioli CHS, Off Yari Road, Versova, Andheri (West),
Mumbai – 400 058, Maharashtra, India |
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Date of Birth/Age : |
07.12.1969 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. Virendra Prakash Sharma |
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Designation : |
Director |
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Address : |
113C, Green View Apartment, Pondok Indah Jakarta, NA, Indonesia |
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Date of Birth/Age : |
23.03.1958 |
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Date of Appointment : |
03.03.2005 |
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Name : |
Mr. Anil Biyani |
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Designation : |
Director |
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Address : |
13.12.1963 |
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Date of Appointment : |
27.07.2007 |
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Name : |
Mr. Sameer Prasad |
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Designation : |
Director |
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Date of Birth/Age : |
04.04.1970 |
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Date of Appointment : |
27.07.2007 |
KEY EXECUTIVES
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Name : |
Mr. Suvendu Sahu |
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Designation : |
Director |
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Date of Birth/Age : |
22.03.1972 |
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Date of Appointment : |
24.07.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Magnus Fashion Tradelinks Private Limited |
2956834 |
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Pantaloon Retail (India) Limited |
2840880 |
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Total |
5797714 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
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Category |
Percentage |
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Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Chain of Retail Store |
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Brand Names : |
·
Debenhams ·
Accessorize ·
Next ·
The Body Shop ·
Fashion Cube ·
Guess by Marciano ·
Sole effect |
GENERAL
INFORMATION
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No. of Employees : |
20 |
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Bankers : |
·
ING Vyasya Bank Limited ·
ICICI Bank |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
R Mohnot and Company Chartered Accountants |
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Address : |
C-68, Lalkothi Scheme, Jaipur – 302 015, Rajasthan, India |
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Collaborators : |
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Associates/Subsidiaries : |
Supreme Tradelinks Private Limited CIN No.: U51311RJ2002PTC017552 |
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Holding Company : |
Magnus Fashion Tradelinks Private Limited |
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Investing Venture : |
Pantaloon Retail (India) Limited |
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Significant Influence : |
·
Quest Retail Private Limited ·
KB Investment Private Limited ·
Blossom Retail Private Limited ·
KB Mall Management Private Limited ·
PFH Entertainment Private Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5797714 |
Equity Shares |
Rs.10/- each |
Rs.57.977
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
57.977 |
57.977 |
57.977 |
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2] Share Application Money |
53.081 |
53.081 |
53.081 |
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3] Reserves & Surplus |
231.886 |
231.886 |
231.886 |
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4] (Accumulated Losses) |
(107.975) |
(52.364) |
(33.163) |
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NETWORTH |
234.969 |
290.580 |
309.781 |
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LOAN FUNDS |
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1] Secured Loans |
292.833 |
46.452 |
0.375 |
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2] Unsecured Loans |
239.380 |
161.920 |
87.960 |
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TOTAL BORROWING |
532.213 |
208.372 |
88.335 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
767.182 |
498.952 |
398.116 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
146.619 |
82.906 |
21.647 |
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Capital work-in-progress |
24.540 |
8.986 |
6.067 |
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INVESTMENT |
70.093 |
70.093 |
70.093 |
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DEFERREX TAX ASSETS |
73.012 |
20.585 |
10.310 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
475.470
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316.491 |
173.925 |
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Sundry Debtors |
98.185
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172.310 |
30.273 |
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Cash & Bank Balances |
20.594
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10.500 |
47.463 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
161.617
|
95.238 |
73.365 |
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Total
Current Assets |
755.866
|
594.539 |
325.026 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
297.426
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275.870 |
34.396 |
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Provisions |
5.522
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2.287 |
0.631 |
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Total
Current Liabilities |
302.948
|
278.157 |
35.027 |
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Net Current Assets |
452.918
|
316.382 |
289.999 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
767.182 |
498.952 |
398.116 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
949.445 |
675.496 |
295.501 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
949.445 |
675.496 |
295.501 |
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Profit/(Loss) Before Tax |
(107.037) |
(28.400) |
2.320 |
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Provision for Taxation |
(51.426) |
(9.200) |
3.802 |
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Profit/(Loss) After Tax |
(55.611) |
(19.200) |
(1.482) |
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FOB Value of Exports : |
0.000 |
0.184 |
3.424 |
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CIF Value : |
258.694 |
162.559 |
19.942 |
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Expenditures : |
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Depreciation & Amortization |
27.713 |
14.254 |
8.123 |
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Other Expenditure |
1028.769 |
689.642 |
285.058 |
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Total Expenditure |
1056.482 |
703.896 |
293.181 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(5.86)
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(2.84) |
(0.50) |
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Net Profit Margin (PBT/Sales) |
(%) |
(11.27)
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(4.20) |
0.79 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(11.86)
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(4.19) |
0.67 |
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Return on Investment (ROI) (PBT/Networth) |
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(0.46)
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(0.10) |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.55
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1.67 |
0.40 |
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Current Ratio (Current Asset/Current Liability) |
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2.50
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2.14 |
9.28 |
LOCAL AGENCY
FURTHER INFORMATION
Web Details
History
Planet Retail – Overview
Subject formerly known as Planet Sports Private Limited is the
lifestyle retailer in India today offering premium retail options to Indian
consumers.
Subject has always
been in the forefront of retailing in India - setting new industry standards,
venturing into uncharted territories and launching revolutionary retail
concepts.
The retail stores have become household names in India, synonymous with the
very best in Sports Lifestyle and Fashion. Soon they will lead in the
Department store and Beauty and Health products segment.
Currently subject
offers famous stores such as Planet Sports, Sports Warehouse and ‘The Athlete’s
Foot” under the sports lifestyle segment. It also brings to India famous
fashion stores Marks and Spencer, Guess, Next and Women’s Secret catering to
Fashion/ Lifestyle retailing segment. The company will be shortly foraying into
Department stores through Debenhams and is very soon planning to enter the
Health and Beauty segment with the launch of The Body Shop.
Subject has over 55 stores
of various concepts spread across India with a total retail space of over 1 Lac
sq. ft. It employs more than 400 people across its offices and stores.
Business
Subject is divided into the following business
groups:
Retail and
Department Stores
·
Debenhams
Specialty Retail
·
Sports
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Fashion
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Health and Beauty
Planet Retail
Support Centre
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Finance and Accounting
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Supply Chain / Logistics
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Information Technology
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Marketing, Advertising and Promotion
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Human Resources and Training
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Legal and General Affairs
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Visual Merchandising
Partners
Networks and
strong business partnerships are our key strengths. The business associates,
partners, vendors, agencies, brands, real estate companies together fuel the
speed of our growth. They always look forward to working with the right
partners who can work with them towards fulfillment of long-term goals that
they aspire for. They regularly work with partners in the following areas:
- Real estate and mall owners
- Marketing agencies
- Headhunting firms and placement
agencies
- Banking and financial institutions
- IT support agencies
- Sports products dealers and
distributors
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.46 |
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UK Pound |
1 |
Rs.83.37 |
|
Euro |
1 |
Rs.64.46 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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29 |
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 |
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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 |
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