%20LIMITED%20-%20138334%2007-Apr-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PANTALOON RETAIL ( |
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|
Registered Office : |
Knowledge House, Shyam Nagar, Off Jogeshwari – |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
12.10.1987 |
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Com. Reg. No.: |
044954 |
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CIN No.: [Company
Identification No.] |
L52399MH1987PLC044954 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP16929D |
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|
PAN No.: [Permanent
Account No.] |
AAACP6317L |
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Legal Form : |
A Public Limited Liability Company. The Company Shares are Listed on the
Stock Exchange. |
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Line of Business : |
Chain of Departmental Stores. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Very Slow |
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Litigation : |
Clear |
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Comments : |
Subject is one of the important company in Future Group, managed and
controlled by Mr. Kishore Biyani. Trade relations are fair. The company’s
payments to the suppliers are reported as very slow, perhaps due to liquidity
problem experienced by the group. It is reliably learnt that company
management artificially inflate profits by lowering the inventory cost,
ultimately to keep their share price high and attract FDI. However the company can be considered normal for business dealing at
usual trade terms and conditions. The company’s 2 rupees share is quoted at Rs.337/- currently. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
Management Non Co-operative (Name not disclosed)
LOCATIONS
|
Registered/ Head Office : |
Knowledge House, Shyam Nagar, Off Jogeshwari – |
|
Tel. No.: |
91-22-30841300 / 66442200 / 66442444 |
|
Fax No.: |
91-22-66442222 / 66442201 |
|
Email : |
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|
Website : |
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Factory : |
G – 6, MIDC, Tarapur, District |
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ZONAL OFFICE |
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|
East Zone : |
03-097, Fourth Floor, Block No- BG, Plot No. 5.Action Area – 1B,Block
by Block shopping mall, P.O. New Town, Kolkata – 700 156, West |
|
Tel. No.: |
91-33-30917500/ 51 |
|
Fax No.: |
91-33-30917502 |
|
Email : |
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|
West Zone: |
Plot No. 117, Road No. 18, Opposite Army and Navy Press, MIDC, Marol,
Andheri- East, Mumbai – 400093, |
|
Tel. No.: |
91-22-67750300 |
|
Fax No.: |
91-22-67750357 |
|
Email : |
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|
Gujarat Zone |
3rd Floor, Zonal Office, City Gold Mall,132 Feet Ring Road,
Near Shyamal Cross Road, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Tel No.: |
91-79-30413700 |
|
Fax No.: |
91-79-30413737 |
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|
|
North Zone |
3rd Floor, Plot No.82, Sector 32, Near NIIT Corporation
Office, Gurgaon – 122 001, |
|
Tel. No.: |
91-124-4641000 |
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Fax No.: |
91-124-4641001 |
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Email : |
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South Zone : |
No.18/1 (Old No.
125/A), 10th Main, |
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Tel. No.: |
91-80-66588600 |
|
Fax No.: |
91-80-66588650 |
|
Email : |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Kishore Biyani |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Gopikishan Biyani |
|
Designation : |
Whole-time Director |
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Name : |
Mr. Rakesh Biyani |
|
Designation : |
Whole- time Director |
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|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Chairman |
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Name : |
Mr. S. Doreswamy |
|
Designation : |
Director |
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|
Name : |
Dr. Darlie Koshy |
|
Designation : |
Director |
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|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
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|
Name : |
Ms. Bala Deshpande |
|
Designation |
Director |
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|
Name |
Mr. Vijay Kumar Chopra |
|
Designation |
Additional Director |
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|
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Name |
Mr. Vijay Biyani |
|
Designation |
Wholetime Director |
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|
Name |
Dr. D O Koshy |
|
Designation |
Independent Director |
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|
|
Name |
Mr. Kailash Bhatia |
|
Designation |
Executive Director (appointed
w.e.f 01.04.2010) |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Tanna |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. C. P. Toshniwal |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
90076986 |
44.78 |
|
|
|
|
|
|
|
|
|
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|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
17328025 |
8.61 |
|
|
5642224 |
2.81 |
|
|
5176936 |
2.57 |
|
|
8615790 |
4.28 |
|
|
49025291 |
24.37 |
|
|
|
|
|
|
|
|
|
|
12055787 |
5.99 |
|
|
|
|
|
|
|
|
|
|
6645812 |
3.30 |
|
|
5425639 |
2.70 |
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|
|
|
|
|
|
|
|
|
1002036 |
0.50 |
|
|
37600 |
0.02 |
|
|
110077 |
0.05 |
|
|
236 |
-- |
|
Foreign Nationals |
100 |
-- |
|
|
|
|
|
Total |
201142539 |
100.00 |
%20LIMITED%20-%20138334%2007-Apr-2011_files/image004.gif){kind=small}
(1) Indian%20LIMITED%20-%20138334%2007-Apr-2011_files/image005.gif){kind=small}
Bodies Corporate%20LIMITED%20-%20138334%2007-Apr-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Chain of Departmental Stores. |
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Products : |
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PRODUCTION STATUS (As On 30.06.2010)
|
Particulars |
|
|
Unit |
Actual
Production |
|
Stitching Machines |
|
|
Nos |
0.16* |
* includes job work done by third parties.
GENERAL INFORMATION
|
No. of Employees : |
The company employees few thousand people in Retail Industry. |
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Bankers : |
·
Bank Of ·
Axis Bank Limited ·
Andhra Bank ·
Corporation Bank ·
HDFC Bank Limited ·
IDBI Bank ·
State Bank Of Travancore ·
UCO Bank ·
Standard Chartered Bank ·
The Federal Bank Limited ·
Union Bank Of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
STATUTORY
AUDITORS NGS and Company Chartered Accountant |
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Associate
Companies : |
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Subsidiaries
Companies : |
|
|
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Fellow
Subsidiaries : |
|
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|
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|
Joint
Ventures |
|
CAPITAL STRUCTURE
As On 30.06.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
7000000 |
Preference Share |
Rs. 100/- each |
Rs.700.000 Millions |
|
50000000 |
Class B Series 1 Shares |
Rs. 2/- each |
Rs.100.000 Millions |
|
|
Total
|
|
Rs.1300.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190225121 |
Equity Shares |
Rs.2/- each |
Rs.380.400 Millions |
|
15929152 |
Class B Series 1 Shares as Bonus |
Rs. 2/- each |
Rs.31.900 Millions |
|
|
Total |
|
Rs.412.300 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
190213721 |
Equity Shares |
Rs.2/- each |
Rs.380.400
Millions |
|
15929152 |
Class B Series 1 Shares as Bonus (Of the above class B Series 1 Shares 15929152 shares allotted as
fully paid up by way of capitalization of share premium) |
Rs.2/- each |
Rs.31.900
Millions |
|
|
Total
|
|
Rs.412.300 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
412.300 |
380.600 |
318.600 |
|
|
2] Share Application Money |
646.600 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25274.800 |
22114.800 |
17515.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
26333.700 |
22495.400 |
17833.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
12360.300 |
25255.300 |
19917.700 |
|
|
2] Unsecured Loans |
1501.900 |
3248.600 |
2000.100 |
|
|
TOTAL BORROWING |
13862.200 |
28503.900 |
21917.800 |
|
|
DEFERRED TAX LIABILITIES |
724.300 |
1161.000 |
678.400 |
|
|
Equity Warrants |
1228.800 |
228.800 |
632.600 |
|
|
|
|
|
|
|
|
TOTAL |
42149.000 |
52389.100 |
41062.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11221.500 |
15687.600 |
11981.700 |
|
|
Capital work-in-progress |
596.800 |
3452.300 |
3306.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
20029.100 |
9540.300 |
5865.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12706.700
|
17878.400 |
14298.400
|
|
|
Sundry Debtors |
1235.700
|
1772.500 |
1131.600
|
|
|
Cash & Bank Balances |
1005.400
|
1093.400 |
1211.000
|
|
|
Other Current Assets |
13.400
|
57.500 |
21.600
|
|
|
Loans & Advances |
4216.800
|
12025.600 |
9623.200
|
|
Total
Current Assets |
19178.000
|
32827.400 |
26285.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4464.900
|
3859.500 |
3104.000
|
|
|
Current Liabilities |
4169.300
|
5054.400 |
5890.400
|
|
|
Provisions |
242.200
|
204.600 |
175.800
|
|
Total
Current Liabilities |
8876.400
|
9118.500 |
6376.600
|
|
|
Net Current Assets |
10301.600
|
23708.900 |
19909.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
42149.000 |
52389.100 |
41062.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
59343.700 |
63417.000 |
50489.100 |
|
|
|
Other Income |
846.300 |
60.600 |
37.600 |
|
|
|
TOTAL (A) |
60190.000 |
63477.600 |
50526.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost Of Goods Sold |
40625.300 |
44299.500 |
35121.900 |
|
|
|
Operating and other Expenses |
12797.800 |
12433.100 |
10762.000 |
|
|
|
Exceptional Item |
129.300 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
53552.400 |
56732.600 |
45883.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6637.600 |
6745.000 |
4642.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2882.400 |
3182.200 |
1852.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3755.200 |
3562.800 |
2790.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1618.800 |
1400.500 |
833.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2136.400 |
2162.300 |
1956.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
340.800 |
756.500 |
696.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1795.600 |
1405.800 |
1259.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3805.400 |
2675.600 |
|
|
|
|
|
|
|
|
|
|
Less |
DIVIDEND
AND DIVIDEND TAX PAID TO QUALIFIED INSTITUTIONAL BUYERS |
11.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture redemption reserve |
250.000 |
0.000 |
NA |
|
|
|
Transfer to General Reserve |
179.500 |
140.600 |
|
|
|
|
Proposed Dividend |
171.300 |
115.700 |
|
|
|
|
Proposed dividend on preference share |
0.000 |
0.000 |
|
|
|
|
Tax on proposed dividend |
29.100 |
19.700 |
|
|
|
BALANCE CARRIED
TO THE B/S |
4959.800 |
3805.400 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
607.400 |
692.800 |
544.200 |
|
|
TOTAL EARNINGS |
607.400 |
692.800 |
544.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16.500 |
20.000 |
45.500 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.500 |
|
|
|
Capital Goods |
137.900 |
780.300 |
927.800 |
|
|
|
Finished Goods |
1264.700 |
732.800 |
459.900 |
|
|
|
Stitching Material |
0.000 |
0.000 |
1.900 |
|
|
|
Accessories and Others |
9.900 |
6.800 |
3.500 |
|
|
TOTAL IMPORTS |
1429.000 |
1539.900 |
1439.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.46 |
7.94 |
8.34 |
|
%20LIMITED%20-%20138334%2007-Apr-2011_files/image007.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2010 |
31.12.2010 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
9914.900 |
10242.600 |
|
Total Expenditure |
|
8956.700 |
9169.100 |
|
PBIDT (Excl OI) |
|
958.200 |
1073.500 |
|
Other Income |
|
75.500 |
37.300 |
|
Operating Profit |
|
1033.700 |
1110.800 |
|
Interest |
|
419.800 |
461.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
613.900 |
649.300 |
|
Depreciation |
|
345.700 |
351.500 |
|
Profit Before Tax |
|
268.200 |
298.100 |
|
Tax |
|
92.400 |
99.000 |
|
Profit After Tax |
|
175.800 |
199.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
175.800 |
199.100 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
2.98
|
2.21 |
2.49
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.60
|
3.41 |
3.87
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.03
|
4.46 |
5.11
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.10 |
0.11
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
1.67 |
1.59
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.16
|
3.60 |
4.12
|
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors |
4464.900 |
3859.500 |
3104.000 |
|
|
|
|
|
REVIEW OF
PERFORMANCE
The Company has recorded
growth (after transfer of value retail business operations w.e.f. January 2010)
in both the topline as well as in bottom line. Income from operations for the
current year stood at Rs. 59343.700 Millions compared to FY08-09 operating
income of Rs. 63417.000 Millions. Further, PBDIT stood at Rs. 6766.900 Millions
in FY09-10, compared to PBDIT of Rs. 6745.000 Millions for the FY 08-09. PAT
for the year FY09-10 stood at Rs. 1795.600 Millions compared to PAT of Rs.
1405.800 Millions for the FY 08-09.
The performance
for the current year cannot be compared with the previous year due to the
realignment exercise
initiated by the
Company.
MANAGEMENT
DISCUSSION AND ANALYSIS
THE FUTURE
After sustaining the
economic slow down with its strategic and confident moves, the year was a
welcome change from many perspective. The Company has initiated its strategic
decision to focus on the retail business where it has core competency and
monetise the other support businesses or demerge the same from the main
company. The Company in the said strategic move, transferred its Value Retail
Business to its wholly owned subsidiary and consolidated its home furnishing
and improvement as well as electronic business. Further the non-core retail
business related to the mall management, project management, mall asset
management and food services businesses were moved into separate companies. The
Company and management is committed to complete the initiative of the
concentrating in pure retail play and would be coming to you for few more
approvals to demerge / sale / transfer the other non-retail non-core
businesses.
The Company has
planned to increase its operating retail space from around 11.65 million square
feet currently to around 13.25 million square feet by FY 2010-11. During the
year, as per mandate received from the shareholders, the Company managed to
reduce the number of subsidiaries from 30 at the beginning of the year to 25 at
the close of the year. Further, during the current year also the Company is
planning to reduce the number of other subsidiaries, which are not required to
be retained under the Company and can be either monetised or transferred,
without affecting its core business activities. The Company has incubated few
support businesses under various subsidiary companies, which were in its
startup phase during the FY2008-09 and also suffered some setback due to
slowdown of the economy. The Company would be identifying all such businesses
and evaluate the need for further nurturing and development of such businesses
or consider divestment/unlocking value. The Company continues to believe that
the support businesses of the various subsidiaries would create value over a
long run and the Company would be able to unlock such values in future.
The Company
continues to analyse customer spend on various categories and accordingly fi
nalise its strategy to further enhance shareholder’s wealth by strengthening
existing business and taking new initiatives that helps increase its share in
four key categories that the Company is focussing on. The four key consumption
categories are: food, fashion, general merchandise and home, which includes
home improvement products and consumer electronics.
MANAGEMENT
DISCUSSION AND ANALYSIS
The purpose of
this discussion is to provide an understanding of Subject’s financial results
and business performance by focusing on changes in certain key measures from
year to year. Management Discussion and Analysis (MD and A) is organized in the
following sections:
• Introduction
• Operational
Overview
• Competitive
Landscape
• Business Outlook
• Internal
Controls and their Adequacy
• Review of
Financial Performance
Introduction
The Indian economy
has shown great resilience in the back drop of a continued year of global
economic crisis. With the Indian economy steadily recovering to pre-2007
levels, economists are once again predicting growth of above 9% levels for the
next decade. The PFCE (Private Final Consumption Expenditure) is expected to reach
about $1 trillion by the end of this decade. Main economic drivers, like
investments and infrastructure, compliment the consumption growth story and
thus the two will propel each other’s growth. That brings in a huge amount of
optimism and enthusiasm with regards to consumption and thus enhances the
belief that
As part of this
realignment, the company divested its interests in subsidiaries involved in
brand building, technology and knowledge services, training and manpower
development and mall management and property services. To consolidate its
retail businesses, it merged the home solutions business of its subsidiary,
Home Solutions Retail (
Operational
Overview
From a business
perspective, the company has shown robust revenue and profit growth. Pantaloon
Retail India) Limited reported a consolidated turnover of Rs. 7869.400 million for the financial year ended
2009.
2010 representing
a CAGR of 29.4% over the last 3 ears. The consolidated EBIDTA for FY 2009-10 is
Rs. 9522.400 million, compared to
Rs. 6090.000 million in FY 2008- 09. The
consolidated PAT for FY 2009-10 is Rs. 763.500 million, compared to a loss of
Rs. 74.600 million in FY 2008-09. Profi t after minority interest increased from
Rs. 100.700 Millions in FY 2008-09 to Rs. 674.900 Millions in FY 2009-10,
representing an increase of 570% Significantly enough, they have achieved a
significant amount of increase in sales without commensurate space expansion,
indicating the effective results of the initiatives undertaken over the last
year. They added approx 1.6 million square feet of space at the PRIL standalone
level and including around 2 million square feet of space of the home business,
they reached 13.25 million square feet at a consolidated level. During the year
the company spent resources and time on strengthening the supply chain network.
They strongly believe that a robust supply chain is the key to sustainable
scale and leadership. Efforts have been made in terms of IT integration, SKU
rationalization, vendor management, warehouse optimization and transportation
network ensuring a seamless integration between all partners in the value
chain. As a result, they have seen improvements in the fill rates and turnover
rates at the store level, thereby improving margins and turns. The consequence
of these efficiencies can be seen in the robust SSG’s the company has recorded
in the various categories.
Simultaneously, the
company worked on giving a fresh new look, feel and experience within its
stores, across all its formats. Fresh merchandise and assortment planning,
visual merchandising, and innovative services, complimented new and innovative
communication, marketing and loyalty initiatives to bring in new customers and
acquire a larger share of spending from existing customers. New approaches to
understanding customers, based on community insights, and translating them into
customized and targeting communication and advertising strategies helped the
company acquire a larger share of their trust and loyalty towards its formats.
These were
reflected in the Same Store Sales Growth (SSG) which showed healthy trends
across the segments of lifestyle (13.6%), value (9.5%) and home (12%). Home, in
particular, showed great revival signs from negative growth last year, to
significant positive growth in 2009-2010. Going forward, they believe two
things will influence SSGs, (A) There own initiatives addressing efficiencies
and merchandising (B) the consumer led push given increasing disposable income
and more affinity towards the modern retail.
Going forward,
value will continue to hold a dominant share in the sales mix which was 59% in
2009-2010, while Lifestyle and Home were 25% and 15% respectively. This sales
mix trend is expected to continue.
While focusing on
its retail business, the company has identified four key categories that it
will concentrate its efforts on. These four categories capture over 65% of the
aspirational customers’ consumption basket and the company will extend its
merchandise across both value and lifestyle segment, thus capturing the
consumption spends of a very broad cross-section of customers. The four key
categories are food, fashion, home (which includes furniture and consumer
electronics) and general merchandise. The company has been working on an
integrated food strategy to secure a position as a leading food retailer.
According to leading market research agency, the company’s food retailing formats
has a market share of over 30% in modem retail in the top 10 cities. Being
pioneers of fashion in the modern retail sector, the company has a strong
understanding of the needs of the consumers and the formats Pantaloons,
Central, Brand Factory and Fashion@Big Bazaar have registered strong growth in
this category even during the downturn. General Merchandise, which contributes
to approximately 10% of Big Bazaar’s business, has shown steady growth. Home is
expected to be a business with high potential and growth and thus the company
opened 2 large
Overall, there has
been steady expansion with a focused approach giving more emphasis to customer
evolution. The company continues to dominate the mindshare of the Indian
consumer as they see steady acceptance of there formats as their choice formats
for consumption, reflected in the steady increase in footfalls to 220 million
this year, from 185 million in the previous year.
Business Outlook
As much as it was
on refreshing its operations, customer experience and communication, the focus
for this year was also towards margin expansion which has been achieved due to
the supply chain and IT efficiencies creeping into the system. EBITDA
registered a CAGR of ~61% from 2007 to 2010. A key area to work on was how to
convert maximum EBITDA to cash and thereby bringing in working capital
efficiencies. The company also ensured that optimal level of capital is
deployed into the business and it was able to bring down leverage as is
reflected in the interest cost reducing as a percentage of sales. As a result,
there was a growth in EPS despite equity dilutions during the course of the
year. EPS increased from 7.9 to 8.5 in the current year. Balance Sheet
productivity continues to be one of the main objectives. Through the fresh
induction of equity during the year, the balance sheet is fairly well
capitalized. Also, from FY09 to FY10, with a limited amount of capital employed
into the core retail, they managed a significant increase in the overall
turnover. The company has managed an incremental turnover of nearly Rs.
25000.000 Millions on a limited capital employed of Rs. 6200.000 Millions,
translating into an incremental capital employed ratio of close to 4% or a
three-fold increase in the overall balance sheet efficiencies correlated to
top-line. In other words, it managed a Sales on Net Working Capital turn of
close to 4. Thus there has been specific attention paid towards rationalization
of inventory and making sure these efficiencies contribute to increased sale
throughputs. A lot of steps were taken towards addressing working capital and
better release of liquidity through those efficiencies is being noticed.
Another focus has been towards overall liability management and debt profiling.
The debt maturity profile has been enhanced to over 3.9 years as opposed to the
previous sub 3 levels. Capitalization and focus on efforts towards debt
reduction has reduced gearing which has come down to 1x levels.
Equity Share
Capital
During the year,
Company has allotted 1,58,22,200 fully paid up Equity Shares of the face value
of Rs.2/- each at a premium of Rs.314/- (Rupees three hundred fourteen only)
under qualified institutional placement.
The Company has
further allotted 1,00,00,000 Equity warrants to Promoters on a preferential
basis at a price of Rs. 400/- after receipt of 25% of the warrant price as
application amount. The promoters can be exercise option available on the said
warrants by making payment of balance 75% amount for conversion on equivalent
number of equity shares at the option of the holders within 18 months from the
date of allotment of the warrants. The resultant increase in “Equity” on
account of allotment of fresh equity shares during the year is Rs.4999.700
Millions.
Contingent
Liabilities not provided for:
Rs. In Millions
|
Particulars
|
2009-10 |
|
A. Claims against the Company not acknowledged as debts |
|
|
i) Value Added Tax Act |
2.900 |
|
ii) Others |
47.900 |
|
B. Corporate Guarantees given to banks and Financial Institutions on
behalf of Group Companies |
35194.700 |
|
C. Total Guarantees by banks on behalf of the company and Group
Companies |
225.000 |
FIXED ASSETS:
- Building
- Plant and Machinery
- Office Equipment
- Computers
- Furniture and Fixture
- Electrical Installations
- Vehicles
- Air Conditioners
WEBSITE DETAILS:
PROFILE:
Subject, is
The company’s leading formats include Pantaloons, a chain of fashion
outlets, Big Bazaar, a uniquely Indian hypermarket chain, Food Bazaar, a
supermarket chain, blends the look, touch and feel of Indian bazaars
with aspects of modern retail like choice, convenience and quality and Central,
a chain of seamless destination malls. Some of its other formats include Brand
Factory, Blue Sky, aLL, Top 10 and Star and Sitara. The company also operates
an online portal, futurebazaar.com.
Future
Value Retail Limited is a wholly owned
subsidiary of Subject. This entity has been
created keeping in mind the growth and the current size of the company’s value
retail business, led by its format divisions, Big
Bazaar and Food Bazaar.
The company operates 120 Big Bazaar stores, 170 Food Bazaar stores,
among other formats, in over 70 cities across the country, covering an
operational retail space of over 6 million square feet.
As a focussed entity driving the growth of the group's value retail business,
Future Value Retail Limited will continue to deliver more value to its
customers, supply partners, stakeholders and communities across the country and
shape the growth of modern retail in
A subsidiary company, Home Solutions Retail (India) Limited, operates Home
Town, a large-format home solutions store, Collection i, selling home furniture
products and eZone focussed on catering to the consumer electronics segment.
Pantaloon Retail is the flagship company of Future Group, a business group
catering to the entire Indian consumption space.
FUTURE GROUP:
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is
one of
Led by its flagship enterprise, Pantaloon Retail, the group operates over 16
million square feet of retail space in 73 cities and towns and 65 rural
locations across
The group’s speciality retail formats include supermarket chain - Food Bazaar,
sportswear retailer - Planet Sports, electronics retailer - eZone, home
improvement chain -
Future Group believes in developing strong insights on Indian consumers and
building businesses based on Indian ideas, as espoused in the group’s core
value of ‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain
values.’
Group Websites:
- Pantaloon Retail (www.pantaloonretail.in)
- Future Bazaar (www.futurebazaar.com)
- Future Brands (www.futurebrands.co.in)
- Future Group (www.futuregroup.in)
- Future Capital Holdings (www.fch.in)
- Future Generali (www.futuregenerali.in)
- Future Human Development (www.fhdl.in)
- Future Supply Chain Solutions (www.futuresupplychains.com)
- Future Media (www.futuremedia.in)
Boards
of Directors
Mr. Kishore Biyani, Managing Director
Kishore Biyani is the Managing Director of Subject and the
Group Chief Executive Officer of Future Group.
Mr. Gopikishan Biyani, Wholetime Director
Gopikishan Biyani, is a commerce graduate and has more than
twenty years of experience in the textile business.
Mr. Rakesh Biyani, Wholetime Director
Rakesh Biyani, is a commerce graduate and has been actively
involved in category management; retail stores operations, IT and exports. He
has been instrumental in the implementation of the various new retail formats.
Mr. Vijay Biyani, Wholetime Director
Vijay Biyani has more than twenty years of experience in manufacturing,
textiles and retail industry and has been actively involved in the financial,
audit and corporate governance related issues within the company.
Mr. Vijay Kumar Chopra, Independent Director
V.K.Chopra is a fellow member of The Institute of Chartered
Accountants of India (ICAI) by profession and is a Certified Associate of
Indian Institute of Bankers (CAIIB). His banking career spans over 31 years and
he has served senior management positions in Central Bank of India, Oriental
Bank of Commerce, SIDBI, Corporation Bank and SEBI.
Mr. Shailesh Haribhakti, Independent Director
Shri Shailesh Haribhakti, is a Chartered Accountant, Cost
Accountant, and a Certified Internal Auditor. He is the Deputy Managing Partner
of Haribhakti and Co., Chartered Accountants and past president of Indian
merchant Chambers. He is on the Board of several Public Limited Companies,
including Indian Petrochemicals Corporation Limited, Ambuja Cement Eastern
Limited etc. He is on the Board of Company since June 1, 1999.
Mr. S Doreswamy, Independent Director
S. Doreswamy, is a former Chairman and Managing Director of
Central Bank of
Dr. D O Koshy, Independent Director
D. O. Koshy, holds a doctorate from IIT,
Ms. Bala Deshpande, Independent Director
Bala Deshpande, is Independent Director, Subject and also
serves on the boards of Deccan Aviation, Nagarjuna Construction, Welspun
Mr. Anil Harish, Independent Director
Anil Harish, is the partner of DM Harish and Company Associates and Solicitors and an LLM from
AFFILIATE
COMPANIES
Home Solutions Retail (
Home Solutions Retail (
Future Brands Limited
Future Brands Limited (FBL) has been incorporated on November, 2006 and is involved in the
business of creating, developing, managing, acquiring and dealing in
consumer-related brands and IPRs (Intellectual Property Rights).
Future Media (
Future Media (
Future Logistic Solutions Limited
`Future Logistic Solutions Limited (FLSL) has been incorporated as a separate entity and is involved
in the business of providing logistics, transportation and warehousing services
for all group companies and third-parties.
Future Axiom Telecom Limited
Future Axiom Telecom Limited is a Joint Venture with Axiom
Telecom LLC, UAE. The Company has a 50% stake in Future Axiom Telecom Limited (FATL) which is a joint venture
Company with Axiom Telecom LLC, UAE. The Company would be engaged in sourcing
and wholesale distribution of mobile handsets, accessories and in setting up
service centers for mobile handsets in
Pantaloon Food Product (
Pantaloon Food Product (
Future Knowledge Services Limited
Future Knowledge Services Limited (FKSL) was incorporated on January, 2007 and is engaged in the
business of business process outsourcing and knowledge process outsourcing.
Future Capital Holdings Limited
Future Capital Holdings Limited (FCH) was formed to manage the financial services business of
Subject and other group entities. FCH is one of the fastest growing financial
services company in
Future Generali India Insurance Company Limited
Future Generali India Insurance Company Limited (FGIICL) was incorporated on October
30, 2006 to undertake and carry on the business of general insurance. The
approval for carrying on General Insurance Business has been received from the
Insurance Regulatory and Development Authority of India (IRDA) on September 4,
2007.
Future Generali India Life Insurance Company Limited
Future Generali India Life Insurance Company Limited (FGILICL) was incorporated on October
30, 2006 to establish and conduct the business of life insurance in
Futurebazaar India Limited
Futurebazaar India Limited (FBIL) is set up as the e-Retailing arm of the Future Group for
providing on-line shopping experience. Futurebazaar.com was launched on January
2, 2007, and has emerged as one of the most popular online shopping portals in
Staples Future Office Products Private Limited
Staples Future Office Products Private Limited (SFOPPL) was incorporated on January,
2007 and is involved in the business of dealing in all kinds of office
supplies, office equipments and products. SFOPPL is a joint venture between the
Company and Staples Asia Investment Limited (a subsidiary of Staples Inc USA).
The company’s first retail outlet opened in
AWARDS: 2009
CNBC Awaaz Consumer
Awards 2009
- Most Preferred Multi Product Chain - Big
Bazaar
- Most Preferred Multi Brand Food &
Beverage Chain - Big Bazaar
Images Fashion
Forum 2009
- Most Admired
Fashion Group Of The Year - Future Group
- Most Admired
Private Label - Pantaloons, the lifestyle format
- Critics
Choice For Pioneering Effort In Retail Concept Creation - Central
Coca-Cola Golden
Spoon Awards 2009
- Most Admired
Food and Grocery Retailer Of The Year
- Most Admired
- Most Admired
Food Professional
Indian
Retail Forum Awards 2008
- Most Admired Retail Company of the year - Future Group
- Retail Face of the Year - Kishore Biyani
- Best Retailer Of The Year ( Hypermarket) - Big Bazaar
Future Group was awarded the Most Admired Retail Company of
the year by the Indian Retail Forum at a glittering ceremony organised in
Mumbai. Mr. Kishore Biyani also won Retail Face of the Year.
India Retail Forum (IRF) is a platform for intellectual
insights and information exchange for the retail business in the Indian
subcontinent. The forum presents the business of retail in the region to a
global audience, with the express aim of facilitating understanding about and
encouraging investment in this massive marketplace.
Big Bazaar, the value format of Future Group bagged the Best
Retailer Of The Year (Hypermarket).
The
INDIASTAR Award 2008
- Food Bazaar: Best Packaging Innovation
Food Bazaar bagged the Indiastar Award for Best Packaging
Innovation in
Indiastar Award is a biennial event which aims to promote
and encourage excellence in packaging design, innovation and technology. The
contest was established in 1972 and is considered as the most popular and
premier event for
With this award, Subject becomes the first Indian Retailer
to win the prestigious Indiastar Award.
Retail
- Gold Winner -Top Retailer 2008
Retail Asia Publishing Pte, the institutor of these
awards, aims to set a platform that appraise, raises and recognizes the
development and growth of retailing throughout the Asia Pacific region.
Coca-Cola Golden Spoon Awards 2008
- Most Admired Food and Grocery Retail Visionary of the Year: Kishore
Biyani
- Most Admired Food and Grocery Retailer of the Year – Supermarkets:
Food Bazaar
- Most Admired Food and Grocery Retailer of the Year - Hypermarkets:
Big Bazaar
- Most Admired Retailer of the Year - Dynamic Growth in Network
Expansion across Food, Beverages and Grocery: Future Group
- Most Admired Food and Grocery Retailer of the Year - Consumer's
Choice: Big Bazaar
The Coca-Cola Golden Spoon Awards 2008, were given away for
the first time as a culmination of the ‘Food Forum India 2008’ – a two day
convention, which saw the participation of leading brands, retailers and retail
support organizations from across the globe. The awards were presented to
honour enterprise, innovation and achievement in the food retailing business as
a benchmark of excellence.
The Reid and
- Retail Leadership Award: Kishore Biyani
- Retail Best Employer of the Year: Future
Group
- Retailer of The Year: Home Products and Office
Improvements: HomeTown
The Reid and
Taylor Awards for Retail Excellence are an important feature of the Asia Retail
Congress,
2007:
Images Retail Awards
- Most Admired Retail Face of the Year:
Kishore Biyani
- Most admired retailer of the year: Large
format, multi product store: Big Bazaar
- Most admired retailer of the year: Food and
Grocery: Food Bazaar
- Most admired retailer of the year: Home and
office improvement: HomeTown
- Most admired Retail Company of the year:
Subject
Images Retail
Forum followed strict international benchmarks in deciding the top honours for
Images Retail Awards ’07, with IRIS as knowledge partner and global consulting
firm AT Kearney as the Process Approver.
National
Retail Federation Awards
- International Retailer for the Year 2007 – Subject
The National Retail Federation is the world’s largest retail
trade association with over 1.4 million members in the
World
Retail Congress Awards
- Emerging Market Retailer of the Year 2007 – Subject
The inaugural World Retail Congress held in
Hewitt
Best Employers 2007
- Best Employers in
Human resources consultancy, Hewitt Associates conducts an
annual survey of the best employers in
PC
World Indian Website Awards
- Best Indian Website In The Shopping Category - Futurebazaar.com
PC World, a consumer technology magazine selected the best
Indian websites in various categories based on use of technology for delivering
solutions, information being presented in an intuitive and concise manner and
overall experience aided by design.
Reader’s
Digest Trusted Brands Platinum Awards
- Trusted Brands Platinum Award (Supermarket Category) – Big Bazaar
The Reader’s Digest awards are based on surveys done among
consumers by independent research agency, Nielsen Media Research. This is the
second consecutive time Big Bazaar has won this award.
2006
Retail
- Best Retailer in
The Retail Asia publication in association with EuroMonitor and
KPMG honours the best retailers in 14 countries across the Asia Pacific region.
The awards were presented in
Asiamoney
Awards
- Best Managed Company in
The Asiamoney publication conducts a poll among fund manages
and investors and does a quantitative analysis of financial performance to
select best managed companies in Asian countries.
Ernst
and Young Entrepreneur of the Year Award
- Ernst and Young Entrepreneur of the Year (Services) – Kishore Biyani
Considered to be one of the most prestigious business awards
in
CNBC
Indian Business Leaders Awards
- The First Generation Entrepreneur of the Year – Kishore Biyani
Organized by CNBC-TV18, the twelve awardees in various
categories are decided by a high profile jury, along with research partners -
The University of Chicago Graduate School of Business, Development Dimensions
International (DDI) and AC Neilson ORG MARG.
Lakshmipat
Singhania – IIM
- Young Business Leader – Kishore Biyani
The award recognizes and honors individuals who have contributed consistently to
the betterment of there country through their pursuit of excellence. The awards
were presented in
Images
Retail Awards
- Best Value Retail Store – Big Bazaar
- Best Retail Destination – Big Bazaar
- Best Food and Grocery Store – Food Bazaar
- Retail Face of the Year – Kishore Biyani
The Images Retail Awards are decided through a nationwide
consumer and industry poll and nominations followed by performance assessment
by team of analysts and jury.
Readers’
Digest Awards
- Platinum Trusted Brand Award - Big Bazaar
The Reader’s Digest awards are based on surveys done among
consumers by independent research agency, Nielsen Media Research.
CNBC
Awaaz Consumer Awards
- Most Preferred Large Food and Grocery Supermarket – Big Bazaar
Conducted in association with AC Nielsen-ORG Marg across 21
major cities, nearly 10,000 consumers were asked to choose their most preferred
brands.
Reid and
Retail Entrepreneur of the Year –
Kishore Biyani: 2005
Images
Retail Awards 2005
- PRIL- Most Admired Retailer of the Year
- Food Bazaar- Retailer of the Year(Food and Grocery)
- Big Bazaar-Retailer of the Year(Value Retailing)
- Central-Retail Launch of the Year
Voted by
Business Today magazine as one of the
- Top 20 Companies in
DAKS
- PRIL- Brand Builder of the Year
2004
- Images Retail Awards 2004
- PRIL- Most Admired Retailer of the Year
- Food Bazaar- Retailer of the Year(Food and Grocery)
- Big Bazaar-Retailer of the Year(Value Retailing)
- Central-Retail Launch of the Year
Reid
and
- PRIL - Retailer of the year
2003:
Indian Express Award
- PRIL –Marketing Excellence and Excellence in
Indusland
Bank (
- PRIL - Excellence in
Milestone
|
1987 |
Company incorporated as Manz Wear Private
Limited. Launch of Pantaloons trouser, |
|
1991 |
Launch of BARE, the Indian jeans brand. |
|
1992 |
Initial public offer (IPO) was made in the
month of May. |
|
1994 |
The Pantaloon Shoppe – exclusive menswear
store in franchisee format launched across the nation. The company starts the
distribution of branded garments through multi-brand retail outlets across
the nation. |
|
1995 |
John Miller – Formal shirt brand launched. |
|
1997 |
Company enters modern retail with the
launch of the first 8000 square feet store, Pantaloons in Kolkata. |
|
2001 |
Three Big Bazaar stores launched within a span of 22 days in Kolkata, |
|
2002 |
Food Bazaar, the supermarket chain is
launched. |
|
2004 |
Central - |
|
2005 |
Group moves beyond retail, acquires stakes
in Galaxy Entertainment, Indus League Clothing and Planet Retail. Sets up |
|
2006 |
Future Capital Holdings, the company’s
financial is formed to manage over $1.5 billion in real estate, private equity
and retail infrastructure funds. Plans forays into retailing of consumer
finance products. Future Group enters into joint venture
agreements to launch insurance products with Italian insurance major,
Generali. Forms joint ventures with |
|
2007 |
Future Group crosses $1 billion turnover
mark. Specialised companies in retail media,
logistics, IPR and brand development and retail-led technology services
become operational. Pantaloon Retail wins the International
Retailer of the Year at US-based National Retail Federation convention in Futurebazaar.com becomes |
|
2008 |
Future Capital Holdings becomes the second
group company to make a successful Initial Public Offering in the Indian
capital markets. Big Bazaar crosses the 100-store mark,
marking one of the fastest ever expansion of a hypermarket format anywhere in
the world. Total operational retail space crosses 10
million square feet mark. Future Group acquires rural retail chain,
Aadhar present in 65 rural locations. |
NEWS
Pantaloon Retail gets new name
Pantaloon Retail has decided to rechristen itself
and create multiple subsidiaries as part of a restructuring plan to unlock value
and raise capital for expansion.
The operating company for its fast moving consumer goods and consumer
business would be called Future Market and Consumer Group Limited instead of
Subject, Kishore Biyani, managing director, Pantaloon Retail said.
It would also be the holding company for the group's other entities ---
financial, value and fashion retail.
DNA had on March 13
reported that Pantaloon Retail was looking to restructure itself by demerging
some businesses to unlock value and is likely to go for a preferential
allotment of equity to fund expansion.
Biyani said Pantaloon was looking at creating two separate companies for
raising private equity. "They are looking to create two separate companies
--- one in fashion and another in retail and logistics, and looking to raise
Rs.7500 millions and Rs.5000 millions for the two companies, respectively
through private equity," he added.
The fashion company is likely to be called Future Fashion Merchandising Limited,
while the retail company is likely to be called Future Consumer Enterprise
Limited.
Other decisions taken by the board on Monday include issue of 11 millions
equity shares at a price of Rs 183 per share aggregating Rs 2013 millions to
the promoters and their associates; 41 lakh equity shares at a price of Rs 183
per share aggregating Rs.750.300 millions to Dharmyug Investments Limited; and
5 millions warrants at a price of Rs 183 per share aggregating Rs 915 millions
to the promoters and their associates with an option to the warrant holders to
acquire same number of equity shares within a period of 18 months.
The board noted cancellation of the balance 1,26,51,944 warrants for which
conversion option was not exercised up to April 1, 2009, the last due date to
exercise conversion option.
"This (restructuring and raising funds) will help us achieve what they
have been aiming for," Biyani said.
An extraordinary general meeting would be held on May 12 for obtaining
shareholders' approval for the preferential issue of shares and warrants.
The group has seen a pickup in its same store sales since January this
year, after a huge drop in December. In March, same store sales accounted for
4.28% of the pie in lifestyle retailing and 5.32% in the value segment.
An analyst from a leading brokerage said the retail major's growth in the
value segment has bottomed out after months of declining sales and negative
growth, but the pain in the home solutions segment continues.
"But Pantaloon seems to be amongst the very few retailers that will
survive this slowdown. It will have to raise this kind of money if it wants to
expand," said the analyst.
Unconfirmed media reports suggest the retailer has approached lenders such
as, Blackstone, Bain Capital, Carlyle and the Goldman Sachs' private equity
arm.
PRESS RELEASES
Pantaloons Embarks
On Its ‘Next Gen’ Journey
Opens Its 50th
Flagship Store In
New ‘Avatar’ With
High End Concept Feel
Spread over two floors in an area of 31,109 sq. ft, the 50th Pantaloons
Flagship store has been uniquely designed to create an international shopping
experience for customers. The aesthetic, creative and prestigious ambience
gives its patrons a chance to interact with the merchandise through touch and
feel.
The interior walls are made up of dark wood and tiles giving it a contemporary
look. The lighting plays an important role in the showroom, climatically
increasing its beauty with strategic accented highlights while the colour
scheme used in the store is bright. The floor has been done in modern Italian
tiles to provide just the right amount of sheen to the store. Display of
merchandise has been spaced out uniformly giving its customers room to walk
around at their leisure enjoying the store experience.
Commenting on this milestone, Mr.
Rakesh Biyani, Director and CEO – Retail, Future Group said,
“Pantaloons today has set another benchmark with the launch of 50 stores. More
than a number, the journey has been an indicator of our successful growth
nationally. It makes us only believe that we have successfully delivered on
Pantaloons promise of providing our customers Great Fashion at Great Value with
extensive array of private and internationally acclaimed brands.
“
Speaking at the launch Mr. Kailash
Bhatia, Chief Executive Officer and Director, Pantaloon Retail (India) Limited
said, “Pantaloons has always strived to remain the first choice for its
customers through its trendy designs, wide range of apparel and customer
service without losing the fashion sense. It is one format that provides
fashion for every occasion to all its customers.”
The store offers comprehensive lifestyle experience with the best and trendy
fashion merchandise. The store features ready to wear collections for men,
women and kids, a full range of men’s and women’s accessories which would
include a selection of ladies bags, belts, watches, sunglasses apart from
cosmetics and perfumes. The store will be providing it’s customers an exquisite
experience in shopping with a luxurious combination of personnel service and
attention to details.
In western wear the brands for Mens include John Miller, Lombard,
Apart from apparels, customers can shop for watches from brands like Tommy
Hilfiger, Citizen, Titan, Fastrack, Timex, Esprit, Kennethe cole and more. The
customers can also buy trendy sunglasses from popular brands like Allen Solly,
Polaroid, I Dee, Scott, Guess, Police and many more. Ladies handbags brands
like Lino Perros, Richborn and ‘Baggit’ and Colour cosmetics and perfumes will
respectively be the added attractions to the accessory and beauty segments of
the store.
To share the joy and excitement with customers, Pantaloons has announced a
bonanza of great offers and fabulous prizes. Every 50th customer will be given
a gift voucher worth Rs.250/- while the highest shopper on the launch day will
be adorned with a gift voucher worth Rs.2,500.
On this eventful occasion, Pantaloons welcomes its customers to shop and win
gifts. It also takes the opportunity of thanking its valued customers for their
trust and support so far and continues to believe that it will remain so
forever.
About Pantaloons
Pantaloons, a part of Pantaloon Retail (
Pantaloons ‘Great Fashion’ stands out as a segment trendsetter, in step with
global fashion trends. This 'great fashion, great value' destination allows
customers to shop for the latest in fashion apparel and accessories throughout
the year in an attractive and visually stimulating ambience at affordable
prices. Pantaloons stores have presence in cities across
Fight Inflation,
Win with Big Bazaar
5 days of mega
savings commence from 11th – 15th August
Never before offers on daily household needs of food and grocery to
apparel, footwear, kitchenware, bed and bath linen, electronics and fine gold
jewellery
Mumbai, 10.08.2010: Big Bazaar, certified by AC Nielsen as the only modern retail format where price change has been minimal over last one year announces its fifth edition of ‘Mahabachat’, the 5-day annual shopping festival across its 134 stores in the country. Known as one of country’s largest occasion of consumption, Big Bazaar’s ‘Mahabachat’ is all set to bring in the aam aadmi, lot of offers, mega deals and loads of savings. This year’s ‘Mahabachat’ is from 11th – 15th August across all Big Bazaar and Food Bazaar stores across all product categories for the entire family. The 5-day shopping bonanza covers categories such as food, apparel, footwear, kitchenware, bed and bath linen, electronics, gold jewellery and much more.
Big Bazaar’s ‘Mahabachat’, completes 5 successful years since it started in
2005. Big Bazaar attains a new dimension as it has been certified as the only
modern retail format where price fluctuation has been minimal in a recent study
by AC Nielsen. The study on high inflationary trends and food inflation for key
household food and personal use items amongst general trade, modern retail and
Big Bazaar stores reveals that Big Bazaar prices were lower than anywhere else.
The Nielsen retail index for Q4 2009 v/s Q1 2010 indicates that at an aggregate
basket level the price change in Big Bazaar stores was 5.8% lower than
comparable changes in general trade.
Like every year, this year too Big Bazaar has lot of attractive offers
across various categories -
Food
Tilda Khush Rice 5 Kg, Nature Fresh Soyabean Oil 5 ltr /Gemini Sunflower
Oil 5 ltr and Madhur Sugar 5 kg; Offer – Rs. 599
Good Day Cashew 180g/207g + Good Day Butter 180g/207g/270g+Bourbon 78g +
Good Day Pista Badam 90g/92g, MRP - Rs 70-77; Offer - Get Rs. 22 off
Fashion
Saree - Flat 60 % Off
Shirt - Men's formal and casual shirts (wide range); Offer - Buy 1 get 1
free
Kitchenware
Dinner Set - 47 pcs La Opala Dinner Set MRP – Rs. 2180/- ; Offer – Rs.
1799/-
Prestige 4 Burner - Buy Prestige 4 burner duplex gas stove. MRP - Rs.
6095/- ; Offer - Get 5 ltr pressure cooker, 3 pcs non-stick cookware set,
pop-up toaster and hand blender worth Rs. 5600/- Free
Buy Nirlep non-stick Kadhai MRP - Rs. 679/-; Offer - Get non - stick
Tava and Frypan worth Rs. 1024/-
Electronics
Laptop - Samsung Laptop N150; Offer - Rs 14990/- and Get MTS Broadband
Data card
Get Upto 20% OFF* on MRP on Nokia, Samsung or Sony Ericsson phones *(offer
valid on select models)
LCD at Rs. 19990; Get Airtel DTH Free
Color Camera Phones at Rs. 999/- onwards
Footwear
Reebok Sports Shoe – MRP Rs. 7998/-; Offer – Rs. 1999/- and Get Big
Reebok Travel Bag worth Rs. 3999/-
Bed and Linen
FREE
Buy mattress at MRP Rs. 6990/-; get metal Double Bed worth Rs. 7000/-
FREE
Jewellery
Navaras - Upto 60% off on making charges of 22 k BIS hallmarked gold
jewelry
Mr. Sandeep Walunj, Chief Marketing Officer, Big Bazaar said, “Big
Bazaar, country’s most popular savings destination is proud to bring to its
patrons yet another edition of the block-buster savings extravaganza
‘Mahabachat’, 5- days of never before savings across 2 lacs products in the
stores.”
“Big Bazaar leverages its huge purchasing power and strong customer support to
negotiate rock-bottom prices with suppliers, thereby passing on the benefits to
its shoppers.”
Also during this offer period the store will be open from at 9 am onwards on
all five days. For those who wish to avoid the rush can also place their orders
online at www.bigbazaar.com
or call 1800-209-5001 or SMS <
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.45.22 |
|
|
1 |
Rs.71.41 |
|
Euro |
1 |
Rs.59.99 |
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 |
YES |
|
--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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.