MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
PLANET RETAIL HOLDINGS PRIVATE LIMITED |
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Registered
Office : |
G-10, Ground Floor, City Pulse, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.11.1999 |
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Com. Reg. No.: |
17-015993 |
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Capital
Investment / Paid-up Capital : |
Rs.57.977
Millions |
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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
: |
Trading of Sports Goods, Footwear and Readymade Garments. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
to be huge accumulated losses recorded by the company. Profitability of the
company us under severe pressure. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
G-10, Ground Floor, City Pulse, |
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E-Mail : |
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Website : |
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Head Office : |
7th Floor, Tower – A, Infinity Tower, DLF Cyber City, DLF
Phase – II, Gurgaon – 122002, Haryana, India |
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Tel. No.: |
91-124-4171444 |
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Fax No.: |
91-124-2562094 |
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Email : |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. Virendra Prakash Sharma |
|
Designation : |
Director |
|
Address : |
Flat No. 113, Tower – C, Green View Apt, Jalan Sekolah Kenkanapondok
Indah, |
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Date of Birth/Age : |
23.03.1958 |
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Date of Appointment : |
09.12.2005 |
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Name : |
Mr. Sameer Prasad |
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Designation : |
Director |
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Address : |
SC – 302, |
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Date of Birth/Age : |
04.04.1970 |
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Date of Appointment : |
11.05.2007 |
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Name : |
Mr. Anil Biyani |
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Designation : |
Director |
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Address : |
305, Jeevan Vihar, Manav Mandir Road, Malabar Hills, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
13.12.1963 |
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Date of Appointment : |
27.07.2007 |
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|
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Name : |
Mr. Subrata Dutta |
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Designation : |
Additional Director |
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Address : |
A 403 / 404, Dosti Elite, Near Sion telephone Exchange, Sion East,
Mumbai – 400022, |
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Date of Birth/Age : |
18.09.1963 |
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Date of Appointment : |
08.03.2010 |
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Name : |
Mr. Rakesh Dungarmal Tainwala |
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Designation : |
Additional Director |
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Address : |
71, Kalptaru, Nutan laxmi CHS, J.V. P.D.S. Juhu, Vile parle (W), Mumbai – 400049, |
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Date of Birth/Age : |
05.05.1968 |
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Date of Appointment : |
08.03.2010 |
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|
|
|
Name : |
Mr. Mahesh Salamtrai Makhijani |
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Designation : |
Additional Director |
|
Address : |
5 – A, Space Venus Apts, Mahatma Nagar, Nashik – 422007, |
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Date of Birth/Age : |
26.01.1959 |
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Date of Appointment : |
08.03.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Suvendu Sahu |
|
Designation : |
Secretary |
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Address : |
532, Sector 29, |
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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 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Magnus Fashions Tradelinks Private Limited, |
|
16258280 |
|
Pantaloon Retail ( |
|
2840878 |
|
Property venture India Private Limited, |
|
21399331 |
|
Ayush Tainwala and Shobha Tainwala |
|
30969431 |
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Katyayan Construction and Developers Private Limited, |
|
7940879 |
|
|
|
|
|
Total |
|
79408799 |
As on 27.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
61.00 |
|
Directors
or relatives of directors |
|
39.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Sports Goods, Footwear and Readymade Garments. |
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Products : |
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GENERAL INFORMATION
|
Bankers : |
·
Centurion Bank of Punjab Limited, SG6, SLF, Phase
– IV, Gurgaon – 122002, ·
ING Vysaya Bank Limited, Narian Manzil, 23, ·
ICICI Bank Limited ·
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
R Mohnot and Company Chartered Accountant |
|
Address : |
C 68, Lal Kothi Scheme, Jaipur-302015, Rajasthan |
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Tel. No.: |
91-141-2742718 / 2741517 |
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Fax No.: |
91-124-2742073 |
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E-Mail : |
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Holding Company: |
Magnus Fashion Tradelinks Private Limited (U52190RJ2005PTC020202) |
CAPITAL STRUCTURE
As on 27.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
85000000 |
Equity Shares |
Rs.10/- each |
Rs.850.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
79408799 |
Equity Shares |
Rs.10/- each |
Rs.794.087
Millions |
As On 31.03.2010
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 |
Note:
5797714 (Previous Year 5797714) equity shares
of Rs.10/- each fully paid up, out of which 2956834 (Previous Year 2956834) are
held by Magnus Fashion Tradelinks Private Limited, the holding company of the
company.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
57.977 |
57.977 |
57.977 |
|
|
2] Share Application Money |
510.000 |
312.500 |
327.581 |
|
|
3] Reserves & Surplus |
231.886 |
231.886 |
231.886 |
|
|
4] (Accumulated Losses) |
(471.931) |
(188.160) |
(164.010) |
|
|
NETWORTH |
327.932 |
414.203 |
453.434 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.275 |
167.802 |
302.931 |
|
|
2] Unsecured Loans |
316.285 |
496.832 |
545.178 |
|
|
TOTAL BORROWING |
316.560 |
664.634 |
848.109 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
644.492 |
1078.837 |
1301.543 |
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
125.515 |
326.883 |
308.331 |
|
|
Capital work-in-progress |
14.371 |
9.677 |
31.531 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
70.193 |
|
|
DEFERREX TAX ASSETS |
192.758 |
79.166 |
62.343 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
183.907
|
345.442
|
786.063 |
|
|
Sundry Debtors |
20.779
|
18.131
|
104.093 |
|
|
Cash & Bank Balances |
217.781
|
338.880
|
34.641 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
173.235
|
341.263
|
354.827 |
|
Total
Current Assets |
595.702
|
1043.716
|
1279.624 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
157.299
|
209.759 |
217.411 |
|
|
Other Current Liabilities |
123.587
|
164.920
|
227.532 |
|
|
Provisions |
2.968
|
5.926
|
5.536 |
|
Total
Current Liabilities |
283.854
|
380.605
|
450.479 |
|
|
Net Current Assets |
311.848
|
663.111
|
829.145 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
644.492 |
1078.837 |
1301.543 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
701.300 |
1381.029 |
1196.756 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(320.978) |
(51.693) |
14.624 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
75.943 |
91.581 |
58.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(396.921) |
(39.888) |
(44.141) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(113.150) |
(15.739) |
(12.617) |
|
|
|
|
|
|
|
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|
|
PROFIT AFTER TAX
|
(283.771) |
(24.149) |
(31.524) |
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(188.159) |
(164.010) |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(471.930) |
(188.159) |
NA |
|
|
|
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|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
0.606 |
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Trading Goods |
NA |
433.667 |
340.681 |
|
|
|
Capital Goods |
NA |
17.122 |
22.505 |
|
|
TOTAL IMPORTS |
NA |
450.789 |
363.186 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(3.57) |
(4.17) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(56.60)
|
(2.89) |
(3.69) |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(55.03)
|
(2.91) |
(2.77) |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.21)
|
(0.10) |
(0.10) |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.83
|
2.52 |
2.86 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
2.74 |
2.84 |
LOCAL AGENCY FURTHER INFORMATION
Note: The registered
office of the company has been shifted E-10, Gokhle Marg, ‘C’ Scheme, Jaipur-302004,
FINANCIAL
HIGHLIGHTS:
During the fiscal 2009-10, net sales at Rs.701.300 millions was down by
49% as compared to net sales at Rs.1381.029 millions in the previous financial
year. Net sales for fiscal 2008-09 was inclusive of the sales from sports
division the company, which was spin off and transferred by way of slump sale
on November 30, 2008. The company has incurred a net loss of Rs.283.771
millions as against a net loss of Rs.24.149 millions of the previous year due
to deep discounting, additional markdown on goods for liquidation of aged goods
and above all on account of disposal of fixed assets/ loss of deposits of loss
making/ unviable store closure.
OVERVIEW OF
OPERATIONS:
During the last few years Company's products have received fairly good
response and acceptance in Indian homes. However, looking into the depressed
market conditions during the last 2 years clubbed with the retail industry
recession in particular, the Company has closed down 7 (Seven) loss making /
unviable stores as a part of consolidation process during the financial year.
Looking into huge potential for
consumption of high class fashion products in
Looking into the future economic growth of the country and the aggressive expansion plans, The Directors
are confident that the company will do much better in the year to come.
Bankers Charges
Report as per Registry
|
This form is for |
Creation of charge |
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|
Corporate identity number of the company |
U52190RJ1999PTC015993 |
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Name of the company |
PLANET RETAIL HOLDINGS PRIVATE LIMITED |
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Address of the registered office or of the
principal place of business in |
G-10, Ground Floor, City Pulse, |
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Type of charge |
Book Debts Movable Property (not being pledge) |
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Particular of charge holder |
State Bank of |
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Email |
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Nature of description of the instrument
creating or modifying the charge |
Agreement of hypothecation of goods and
assets Letter regarding the grant of individual
limits within the overall limit |
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Date of instrument Creating the charge |
02.11.2010 |
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Amount secured by the charge |
Rs.360.000 Millions |
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Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest 5.00% above base rate Terms of Repayment 25 monthly installments commencing from
October 2011 of Rs.4.400 Millions. Margin FG 25.00% Book Debts(cover period 90 days) 25.00% Extent and Operation of the charge
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Short particulars of the property charged |
All present and future goods book debts
and all other movable assets of the borrower including documents of title to
the goods, outstanding moneys, receivables including receivables by way of
cash Assistance and/or cash incentives under
the cash incentive scheme or any other scheme claims including claims by way
of refund of customs/excise duties under the duty drawback credit scheme or
any Other scheme, bills, invoices documents,
contracts, insurance policies, guarantees, engagements, securities, investments
and rights and all the present and future machinery. |
FIXED ASSETS:
- Leasehold
Improvements
- Interior and
Fixtures
- Office and
Other Equipments
- Vehicles
- Moulds
- Computers
- Brand Rights
AS PRE WEBSITE
DETAILS:
OVERVIEW:
Subject has always been at the forefront of retailing in
Subject offers some of the best brands in the Fashion
industry like Guess, Next, Guess by Marciano and Accessorize catering to
Fashion and Lifestyle retailing segments. The company has also forayed into
Department stores with Debenhams and the Health and Beauty segment with The
Body Shop.
Recently the company has also ventured into kid’s fashion
with the introduction of the brands Oshkosh B’Gosh and Carter’s. Company has
over 75 stores of various concepts spread across
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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
- |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.