1. Summary Information
|
Country |
|
||
|
Company Name |
Next Retail
India Limited |
Principal Name 1 |
Mr. Pradeepkumar Nandlal Dhoot |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Venugopal Nandlal Dhoot |
|
Registration # |
11-143371 |
||
|
Street Address |
Auto Cars
Compound, |
||
|
Established Date |
04.12.2003 |
SIC Code |
-- |
|
Telephone# |
-- |
Business Style 1 |
Distributors |
|
Fax # |
-- |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Electronics |
|
|
# of employees |
- |
Product Name 2 |
Electrical Appliances |
|
Paid up capital |
Rs.1002,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies Corporate- 90.02%, Directors or
relatives of directors- 9.98% |
Banking |
IDBI Bank |
|
Public Limited Corp. |
No |
Business Period |
8 years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba (45) |
|
Related
Company |
|||
|
Relation
- Associates |
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
Planet ‘M’ Retail Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,503,109,000 |
Current Liabilities |
781,029,000 |
|
Inventories |
2,092,614,000 |
Long-term Liabilities |
2,053,927,000 |
|
Fixed Assets |
244,240,000 |
Other Liabilities |
2,313,000 |
|
Deferred Assets |
1,524,000 |
Total Liabilities |
2,837,269,000 |
|
Invest& other Assets |
10,000,000 |
Retained Earnings |
12,218,000 |
|
|
|
Net Worth |
2,014,218,000 |
|
Total Assets |
4,851,487,000 |
Total Liab. & Equity |
4,851,487,000 |
|
Total Assets (Previous Year) |
1,963,178,000 |
|
|
|
P/L Statement as of |
31.03.2008 |
(Unit: Indian Rs.) |
|
|
Sales |
6644,433,000 |
Net Profit |
12,135,000 |
|
Sales(Previous yr) |
2860,125,000 |
Net Profit(Prev.yr) |
7,039,000 |
MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
NEXT RETAIL INDIA LIMITED (w.e.f. 2007) |
|
|
|
|
Formerly Known As : |
E MART INDIA LIMITED |
|
|
|
|
Registered Office : |
Auto Cars Compound, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
04.12.2003 |
|
|
|
|
Com. Reg. No.: |
11-143371 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51395MH2003PLC143371 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKE00404F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCE3142P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Distributors of Electronics and Electrical Appliances |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established electronic retail chain, having satisfactory
track. The company is owned by the Videocon Group. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 |
LOCATIONS
|
Registered Office : |
Auto Cars Compound, |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 sq ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office / Work Office : |
1st Floor, Shiv Ashish, Behind Lathia Rubber, |
|
Tel. No.: |
91-22-66897500 |
|
Fax No.: |
91-22-28598484 |
|
E-Mail : |
|
|
Area : |
25000 sq ft |
|
Location : |
Owned |
|
|
|
|
Head Office: |
Techweb Centre, Ground Floor, Next to Raigad Military School, New Link
Road, Beharam Bagh, Oshiwara, Jogeshwari (West), Mumbai-400102, Maharashtra,
India. |
|
Tel No.: |
91-22-42553000 |
|
|
|
|
Branches : |
99-19A, Tel. No.: 91-44-45076001/ 45076002 Located At:
|
DIRECTORS
As on 26.09.2008
|
Name : |
Mr. Venugopal Nandlal Dhoot |
|
Designation : |
Director |
|
Address : |
90, |
|
Date of Birth/Age : |
30.09.1951 |
|
Date of Appointment : |
20.12.2006 |
|
|
|
|
Name : |
Mr. Pradeepkumar Nandlal Dhoot |
|
Designation : |
Director |
|
Address : |
99, 1st Floor, Videocon House, Manav Mandir Road, Napean
Sea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1960 |
|
Date of Appointment : |
05.12.2003 |
|
|
|
|
Name : |
Mr. Krishnamahari Soundrarajan Raman |
|
Designation : |
Director |
|
Address : |
67, |
|
Date of Birth/Age : |
17.07.1947 |
|
Date of Appointment : |
06.11.2004 |
|
|
|
|
Name : |
Mr. NaveenKumar Mandhana |
|
Designation : |
Director |
|
Address : |
907-908/A, Akruti Nova, Saiwadi, Opposite
Teli Galli Andheri (East), Mumbai – 400069, |
|
Date of Birth/Age : |
18.09.1956 |
|
Date of Appointment : |
20.12.2006 |
|
|
|
|
Name : |
Mr. Suresh Madhava Hegde |
|
Designation : |
Director |
|
Address : |
51, Plot No.C1-C2, Dream Queen, |
|
Date of Birth/Age : |
19.03.1958 |
|
Date of Appointment : |
01.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.09.2008
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Dhoot Brothers Investment Company Private Limited |
|
36000 |
|
R N Dhoot Investment Company Private Limited |
|
36000 |
|
Domebell Electronics India Private Limited |
|
15036000 |
|
Videocon Industries Limited |
|
10036000 |
|
Keshar Dhoot Investment Company Private Limited |
|
36000 |
|
Shree Dhoot Trading and Agencies Limited |
|
15010000 |
|
V N Dhoot Investment Company Private Limited |
|
10000 |
|
Videocon Exports Private Limited |
|
15000000 |
|
Applicomp ( |
|
15000000 |
|
Anirudh Venugopal Dhoot |
|
2000000 |
|
Saurabh Pradipkumar Dhoot |
|
2000000 |
|
Venugopal Dhoot |
|
2000000 |
|
Pradipkumar Dhoot |
|
2000000 |
|
Rajkumar Dhoot |
|
2000000 |
|
Electroparts ( |
|
10000000 |
|
Tekcare India Private Limited |
|
5000000 |
|
Waluj Components Private Limited |
|
5000000 |
|
|
|
|
|
Total |
|
100200000 |
As on 30.09.2008
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate (not mentioned above) |
|
90.02 |
|
Directors or relatives of directors |
|
9.98 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Distributors of Electronics and Electrical Appliances |
|
|
|
|
Products : |
·
Electronics ·
Home Appliances |
|
|
|
|
Imports : |
|
|
Countries : |
·
·
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
In Head Office : 70 ; All over India on Roll Above 1200 |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
IDBI Bank, ·
ICICI Bank, Bandra |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
||||||||||||
|
Auditors : |
|
|
Name : |
Shashank Suvarnapathaki and Company Chartered Accountant |
|
Address : |
3801, |
|
|
|
|
Financial Institute : |
·
IDBI Trusteeship Services Limited |
|
|
|
|
Associates/Subsidiaries : |
·
Sidharth Assets and Services Private Limited
(U74920MH2006PTC161438) ·
Videocon Appliances Limited, PLUG In, Pune
(U99999MH1988PTC046445) ·
Planet ‘M’ Retail Limited (U70102MH2007PLC167606) |
CAPITAL STRUCTURE
As on 26.09.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs.10/- each |
Rs.1250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100200000 |
Equity Shares |
Rs.10/- each |
Rs.1002.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1002.000 |
1002.000 |
2.000 |
|
|
2] Share Application Money |
1000.000 |
0.000 |
50.000 |
|
|
3] Reserves & Surplus |
12.218 |
0.084 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(6.954) |
|
|
NETWORTH |
2014.218 |
1002.084 |
45.046 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2053.927 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2053.927 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
1.439 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4068.145 |
1003.523 |
45.046 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
244.240 |
182.426 |
89.979 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
10.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
1.524 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2092.614
|
796.447
|
313.906 |
|
|
Sundry Debtors |
819.831
|
491.521
|
740.687 |
|
|
Cash & Bank Balances |
77.906
|
81.630
|
6.571 |
|
|
Other Current Assets |
356.919
|
41.657
|
42.390 |
|
|
Loans & Advances |
1248.453
|
369.497
|
47.497 |
|
Total
Current Assets |
4595.723 |
1780.752
|
1151.051 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
781.029
|
953.060
|
1193.007 |
|
|
Provisions |
2.313
|
6.595
|
2.977 |
|
Total
Current Liabilities |
783.342 |
959.655
|
1195.984 |
|
|
Net Current Assets |
3812.381 |
821.097
|
(44.933) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4068.145 |
1003.523 |
45.046 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
6644.433 |
2860.125 |
1752.577 |
|
|
Other Income |
64.079 |
0.872 |
0.000 |
|
|
Total Income |
6708.512 |
2860.997 |
1752.577 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
19.870 |
15.028 |
12.943 |
|
|
Provision for Taxation |
7.735 |
7.989 |
1.428 |
|
|
Profit/(Loss) After Tax |
12.135 |
7.039 |
11.515 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Purchases made for re-sale |
5639.792 |
2452.123 |
1560.997 |
|
|
Salaries, Wages, Bonus, etc. |
216.875 |
80.221 |
39.047 |
|
|
Interest |
99.125 |
0.039 |
0.000 |
|
|
Depreciation & Amortization |
14.808 |
8.056 |
3.146 |
|
|
Other Expenditure |
718.041 |
305.530 |
136.444 |
|
Total Expenditure |
6688.641 |
2845.969 |
1739.634 |
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
0.12 |
0.25 |
-- |
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
18000.000 |
18000.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
0.18
|
0.25
|
0.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.30
|
0.52
|
0.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.41
|
0.76
|
1.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.41
|
0.96
|
26.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.87
|
1.85
|
0.96 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
The Company achieved turnover of Rs.6708.510 Millions as against
Rs.2861.000 Millions for the previous financial year. The Company has earned a
Net Profit of Rs.12.130 Millions for the current financial year as against a
Net Profit of Rs.7.040 Millions for the previous financial year.
The Company is primarily engaged in the distribution of Electronics and
Electrical Appliances through its Retail Chain 'NEXT".
During the year, with a view to fuel and synergize the retail
operations, the Company acquired Planet "M" Retail Limited, a popular
chain of Music and Lifestyle stores.
FORM 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U51395MH2003PLC143371 |
|
Name of the
Company |
Next Retail India Limited |
|
Address |
Auto Cars Compound, |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Immovable
Property Book Debts Movable Property
(Not being pledge) |
|
Particulars of
the charge holder |
IDBI Trusteeship Services Limited Cuffe Parade, Mumbai – 400005, CIN : L65190MH2004GOI148838 Email : sn.baheti@idbi.co.in |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Deed of Hypothecation
dated 25.01.2010 for secured working capital facilities of Rs.1600.000
Millions as sanctioned IDBI Bank Limited |
|
Date of the
instrument creating or modifying the charge |
25.01.2010 |
|
Amount secured by
the charge |
Rs.1600.000
Millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: As per the
Sanctioned Letter Terms of
Repayment: As per the
Sanctioned Letter Margin: As per the
Sanctioned Letter Extent and
operation of the Charge: The charge shall
operate as security for due repayment by the Company to IDBI Bank Limited
(IDBI) of its Rupee Term Loan of 1600.000 Millions together with interest,
liquidated damages, costs, charges, expenses and all other monies payable by
the Company to IDBI in terms of Hypothecation Agreement dated 25.01.2010
entered into by the Company with IDBI. |
|
Short particulars
of the property charged (including location of the property) |
First charge by
way of hypothecation and / or of Borrower's current assets, namely, stocks of
raw material, semi-finished and finished goods, stores and spares not relating to plant and machinery
(consumable stores and spares), bills receivable and book debts and all
movable current assets excluding machineries of the Borrower, both present
and future excluding such movables as may be permitted by the Bank from time
to time. Second mortgage
and charge in favour of the Bank ranking after the charge created and or to
be created in favour of the term lenders on the immovable and movable
properties (other than current assets) both, present and future, in the form and manner acceptable to the
Bank. |
FIXED ASSETS:
·
Building
·
Electrical Installation
·
Computers
·
Furniture and Fixture
·
Office Equipment
OVERVIEW:
Subject deals with electronics and home appliances in the
retail segment. It works with reputed brands such as Electrolux, HCL, Hyundai,
Kelvinator, Kenstar, LG, NEXT, Nokia, Onida, Philips,
Subject assures a stimulating and fun work environment for
its employees. It provides them ample responsibilities, which assist in
sharpening their skills.
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 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] 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.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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.