MIRA
INFORM REPORT
|
Report Date : |
01.06.2011 |
Note:
The Correct name of the company is “Landmark
Limited”
IDENTIFICATION DETAILS
|
Name : |
LANDMARK LIMITED |
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Registered
Office : |
Trent House, G Block, Plot No. C – 60, Besides, Citi Bank, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.03.2006 |
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Com. Reg. No.: |
11-160918 |
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Paid-up Capital
: |
Rs. 73.147 Millions |
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CIN No.: [Company Identification
No.] |
U70109MH2006PLC160918 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Chain of Retail Store and Books and Music |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some caution.
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Trent House, G Block, Plot No. C – 60, Besides, Citi Bank, Bandra
Kurla Complex, Bandra (East), Mumbai – 400051, |
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Tel. No.: |
91-22-67008063 |
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Fax No.: |
91-22-67008100 |
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E-Mail : |
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Website : |
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Corporate Office : |
110, |
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Tel. No.: |
91-44-66954400 |
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Fax No.: |
91-44-43561154 |
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Branches : |
Located at:
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DIRECTORS
As On 17.08.2010
|
Name : |
Mr. Aspy Dady Cooper |
|
Designation : |
Director |
|
Address : |
Quest End - 47, Cuffe Parade Colaba, Mumbai - 400 005, |
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Date of Birth/Age : |
23.08.1940 |
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Date of Appointment : |
31.03.2006 |
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DIN No.: |
00026134 |
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|
Name : |
Mr. Noel Naval Tata |
|
Designation : |
Nominee Director |
|
Address : |
Windmere, 55, Cuffe Parade, Mumbai – 400005, |
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Date of Birth/Age : |
12.11.1956 |
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Date of Appointment : |
31.03.2006 |
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DIN No.: |
00024713 |
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Name : |
Mr. Pradeep Kumar Anand |
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Designation : |
Director |
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Address : |
303/304, Gulshan Khar Danda, |
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Date of Birth/Age : |
03.05.1953 |
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Date of Appointment : |
31.03.2006 |
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DIN No.: |
00108891 |
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Name : |
Mr. Shreeharsha Vasnat Phene |
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Designation : |
Director |
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Address : |
901/902, Vaastu, 26 R. G. Thadani Marg, |
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Date of Birth/Age : |
08.05.1955 |
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Date of Appointment : |
31.03.2006 |
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DIN No.: |
00103297 |
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Name : |
Mr. Venkatesalu Palaniswamy |
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Designation : |
Director |
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Address : |
Tata Colony, Falcon Crest, Flat# 102, G. D. Ambedkar Marg, Parel Tank
Road, Parel, Mumbai – 400017, Maharashtra, India |
|
Date of Birth/Age : |
27.02.1977 |
|
Date of Appointment : |
25.06.2008 |
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DIN No.: |
02190892 |
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|
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Name : |
Mr. Gopal Srinivasan |
|
Designation : |
Director |
|
Address : |
Old No. 2, New No. 3, West Side House, Adyar Club Gate Road, Chennai –
600028, Tamilnadu, India |
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Date of Birth/Age : |
04.08.1958 |
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Date of Appointment : |
04.11.2009 |
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DIN No.: |
0017699 |
KEY EXECUTIVES
|
Name : |
Ms. Pameela Paruchuri |
|
Designation : |
Company Secretary |
|
Address : |
C-204, Seawoods Garden, Palm Beach Road, Sanpada, Sector 17, Navi
Mumbai – 400702, Maharashtra, India |
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Date of Birth/Age : |
13.10.1978 |
|
Date of Appointment : |
28.09.2007 |
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Pan No.: |
AMFPP4589E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 17.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Trent Limited – |
|
4192344 |
|
Hemalatha Ramaiah – |
|
100 |
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Trent Brends Limited – |
|
264028 |
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TVS Shriram Growth Fund I – |
|
1825074 |
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Flora Services Limited – |
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2500 |
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Flora Link Road Properties Limited – |
|
2500 |
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Flora Link Road Properties Limited – |
|
1023079 |
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Flora Services Limited – |
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11 |
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Flora Link Road Properties Limited – |
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13 |
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Flora Services Limited Jointly with Mr. N. N. Tata – |
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1 |
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Flora Services Limited Jointly with Mr. P. Venkatesalu – |
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1 |
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Trent Limited |
|
5026 |
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Total |
|
7314677 |
As On 17.08.2010
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Chain of Retail Store and Books and Music |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Amount repayable within one year – Rs. 1.834 millions (previous year
Rs. Nil) |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
2nd Floor, |
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Pan No.: |
AACFD3771D |
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Holding Company : |
CIN: L24240MH1952PLC008951 |
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Subsidiaries : |
CIN: U72900TN2001PTC046790
CIN: U85250TN1992PTC022838
CIN: U22190TN2007PLC064265 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8700000 |
Equity Shares |
Rs. 10/- each |
Rs. 87.000 Millions |
|
1630000 |
Preferences Shares |
Rs. 100/- each |
Rs. 163.000 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7314677 |
Equity Shares |
Rs. 10/- each |
Rs. 73.147
Millions |
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|
|
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|
(Of the above, 4,192,344(Previous
year 44450471 Equity Sharer are held by the Holding Company, TRENT Limited)
(Of the above,
525,000 Equity Shares (previous year 525,000) of Rs. 10 each fully paid up were
issued for cash, upon conversion of warrants)
(Of the above, 217,306
Equity Sharer (previous year 217,306) of Rs. 10 each fully pad up were issued,
pursuant to conversion of
preference sharer, without consideration being received in cash)
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 |
73.147 |
57.423 |
212.980 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
712.290 |
168.013 |
12.081 |
|
|
4] (Accumulated Losses) |
(31.445) |
(14.686) |
0.000 |
|
|
NETWORTH |
753.992 |
210.750 |
225.061 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
61.776 |
333.390 |
286.005 |
|
|
2] Unsecured Loans |
1.834 |
50.896 |
22.264 |
|
|
TOTAL BORROWING |
63.610 |
384.286 |
308.269 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
7.990 |
|
|
|
|
|
|
|
|
TOTAL |
817.602 |
595.036 |
541.320 |
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|
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|
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
398.510 |
368.440 |
335.170 |
|
|
Capital work-in-progress |
30.798 |
0.299 |
7.597 |
|
|
|
|
|
|
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INVESTMENT |
70.120 |
27.784 |
27.784 |
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DEFERREX TAX ASSETS |
0.000 |
0.856 |
0.000 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
685.356
|
550.829 |
538.348 |
|
|
Sundry Debtors |
18.820
|
16.151 |
9.316 |
|
|
Cash & Bank Balances |
19.062
|
12.762 |
26.470 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
271.297
|
201.517 |
186.092 |
|
Total
Current Assets |
994.535
|
781.259 |
760.226 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
557.592
|
467.081 |
471.144 |
|
|
Other Current Liabilities |
117.936
|
115.473 |
91.304 |
|
|
Provisions |
0.833
|
1.048 |
27.009 |
|
Total
Current Liabilities |
676.361
|
583.602 |
589.457 |
|
|
Net Current Assets |
318.174
|
197.657 |
170.769 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
817.602 |
595.036 |
541.320 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2269.837 |
1964.935 |
1795.166 |
|
|
|
Other Income |
15.043 |
0.568 |
0.556 |
|
|
|
TOTAL (A) |
2284.880 |
1965.503 |
1795.722 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of trading goods sold |
1507.823 |
1285.481 |
1183.061 |
|
|
|
Employee costs |
157.208 |
148.667 |
123.077 |
|
|
|
Operating and administrative expenses |
563.870 |
478.183 |
396.924 |
|
|
|
TOTAL (B) |
2228.901 |
1912.331 |
1703.062 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55.979 |
53.172 |
92.660 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.441 |
42.032 |
26.812 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.538 |
11.140 |
65.848 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.597 |
37.062 |
29.709 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(16.059) |
(25.922) |
36.139 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.700 |
(6.622) |
14.072 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(16.759) |
(19.300) |
22.067 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(14.687) |
4.874 |
10.319 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Preference Dividend |
-- |
0.223 |
1.630 |
|
|
|
Corporate Dividend Tax |
-- |
0.038 |
3.676 |
|
|
|
Transfer to General Reserve |
-- |
0.000 |
2.206 |
|
|
|
Interim Dividend |
-- |
0.000 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(31.446) |
(14.687) |
4.874 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
|
72.451 |
79.545 |
NA |
|
|
TOTAL EARNINGS |
72.451 |
79.545 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
|
|
|
|
Traded Goods |
11.376 |
2.978 |
NA |
|
|
|
Capital Goods |
20.347 |
0.000 |
NA |
|
|
TOTAL IMPORTS |
31.723 |
2.978 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
(2.63) |
(3.47) |
4.03 |
|
|
|
- Diluted |
(2.63) |
(3.47) |
3.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(0.73)
|
(0.98) |
1.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.71)
|
(1.32) |
2.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.15)
|
(2.25) |
3.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02)
|
(0.12) |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
4.59 |
3.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.34 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from Enterprise
Centre, Off Nehru Road, Beside Orchid Hotel, Vile Parle, Mumbai,
FINANCIAL RESULTS:
During the year, the Company incurred a loss of Rs.16.759 millions as against a loss of Rs.19.300 millions during the previous year, due to various reasons including economic conditions.
SUBSIDIARIES:
Westland Limited (
During the year, the Company has transferred 27,39,800 (96.64%)
equity shares held by the Company in
Regent Management
Private Limited (Regent)
Regent is a 100% subsidiary of the Company. Regent recorded a loss of Rs.0.018 millions during the year. The Company declared no dividend for the year.
Landmark E-tail
Private Limited (E-tail)
E-tail ended the year with a net profit of Rs.0.087 millions. The Company declared no dividend during the year.
Form 8:
|
Corporate
identity number of the company |
U70109MH2006PLC160918 |
||||||
|
Name of the
company |
LANDMARK LIMITED
(PART IX) |
||||||
|
Address of the
registered office or of the principal place of business in |
Trent House, G Block,
Plot No. C - 60, Besides, Citibank, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Letter from the
Bank relating to modification dated 08.12.2009 |
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|
Date of
instrument Creating the charge |
08.12.2009 |
||||||
|
Amount secured by
the charge |
Rs. 250.000 Millions
|
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Any such rate as may be advised to the Company from time to time in respect
of the credit facilities. Terms of Repayment
- Cash Credit of Rs. 250.000 millions - Repayable on Demand Margin - As may
be prescribed by the Bank from time to time for the credit facilities. Extent and
Operation of the charge - Hypothecation in favour of HDFC Bank Limited, on
all the current assets and fixed assets and extension of mortgage on
immovable properties of the Company both present and future. |
||||||
|
Particulars of
the property charged |
Hypothecation in
favour of HDFC Bank Limited, on all the current assets and fixed assets and
extension of mortgage on immovable properties of the Company both present and
future. |
||||||
|
Date of
instrument modifying the charge |
13.08.2008 |
||||||
|
Particulars of
the present modification |
By this modification,
the term loan facilities of Rs.321.500 millions have been fully repaid and
the aggregate credit facilities grated to the Company have been reduced from
Rs.571.500 millions to Rs.250.000 millions and the reduced credit facilities
are secured by hypothecation of the current assets, fixed assets and
extension of mortgage on immovable properties of the Company both present and
future. All other terms
and conditions for the cash credit facilities already granted shall remain
unchanged. |
Fixed Assets:
- Buildings
- Leasehold
improvements
- Furniture and
fixtures
- Plant and
machinery
- Computers
- Office
equipments
- Vehicles
- Goodwill
- Software
AS PER WEBSITE
DETAILS
PROFILE:
Subject commenced its operations in 1987 with its first store in Chennai with a floor space of 5500 sq. ft. Subject currently has 16 stores, ranging in size from 12,000 sq. ft. to 45,000 sq. ft. Landmark has 4 stores in Chennai, 2 in Bangalore, 2 in Hyderabad, 2 Mumbai and 1 each Vadodara, Gurgaon, Pune, Ahmedabad, Lucknow & Navi Mumbai.
In addition Subject has 8 hotel book stores in leading
hotels, 1 IT Park store, 5 airport stores at the
Subject is the largest book and music retail chain in
Until 1996, Subject was focused on books, stationery, greeting cards and then added music to its product portfolio and also started the trend of stocking curios, toys, movies, gaming, Technology products and other gift items. Category killers in all focus categories- Landmark's USP is the range and depth of its stocks.
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.45.03 |
|
|
1 |
Rs.74.43 |
|
Euro |
1 |
Rs.64.75 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.