%20LIMITED%20-%20159304%2012-Nov-2011_files/image002.jpg){kind=small}
1. Summary Information
|
|
|
Country |
|
|
Company Name |
PANTALOON RETAIL ( |
Principal Name 1 |
Mr. Kishore Biyani |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Gopikishan Biyani |
|
|
|
Registration # |
11-044954 |
|
Street Address |
Knowledge House, Shyam Nagar, Off Jogeshwari – |
||
|
Established Date |
12.10.1987 |
SIC Code |
-- |
|
Telephone# |
91-22-30841300 |
Business Style 1 |
Chain of Departmental Stores. |
|
Fax # |
91-22-66442222 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
28000 (Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
1,069,000,000 /- |
Product Name 3 |
-- |
|
Shareholders |
Public Shareholding- 56.34% Promoter Group – 43.66% |
Banking |
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
24 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba (47) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
-- |
Bansi Mall Management Company Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
7,499,300,000 |
Current Liabilities |
11,664,800,000 |
|
Inventories |
17,622,000,000 |
Long-term Liabilities |
21,731,200,000 |
|
Fixed Assets |
14,670,300,000 |
Other Liabilities |
2,169,700,000 |
|
Deferred Assets |
000 |
Total Liabilities |
35,565,700,000 |
|
Invest& other Assets |
23,555,400,000 |
Retained Earnings |
26,712,300,000 |
|
|
|
Net Worth |
27,781,300,000 |
|
Total Assets |
63,347,000,000 |
Total Liab. & Equity |
63,347,000,000 |
|
Total Assets (Previous Year) |
51,025,400,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
40,974,300,000 |
Net Profit |
787,500,000 |
|
Sales(Previous yr) |
59,343,700,000 |
Net Profit(Prev.yr) |
1,763,900,000 |
MIRA INFORM REPORT
|
Report Date : |
12.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PANTALOON RETAIL ( |
|
|
|
|
Registered
Office : |
Knowledge House, Shyam Nagar, Off Jogeshwari – |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2010 |
|
|
|
|
Date of
Incorporation : |
12.10.1987 |
|
|
|
|
Com. Reg. No.: |
11-044954 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 1069.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52399MH1987PLC044954 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP16929D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP6317L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Chain of Departmental Stores. |
|
|
|
|
No. of
Employees: |
28000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 100000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is one of the important company in Future Group, managed and controlled
by Mr. Kishore Biyani. There appears some dip in the turnover and
profitability of the company. However, trade relations are reported as fair.
Business is active. The company’s payments to the suppliers are reported as
slow, perhaps due to liquidity problem experienced by the group. However, 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
Knowledge House, Shyam Nagar, Off Jogeshwari – |
|
Tel. No.: |
91-22-30841300 / 66442200 / 66442444 |
|
Fax No.: |
91-22-66442222 / 66442201 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Factory : |
G – 6, MIDC, Tarapur, District |
|
|
|
|
ZONAL OFFICE |
|
|
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 – 700156, West |
|
Tel. No.: |
91-33-30917500/ 01 |
|
Fax No.: |
91-33-30917502 |
|
Email : |
|
|
|
|
|
West Zone: |
Plot No. 117, Road No. 18, Opposite Army and Navy Press, MIDC, Marol, Andheri-
East, Mumbai – 400093, |
|
Tel. No.: |
91-22-67750300 / 67089500 |
|
Fax No.: |
91-22-67750357 / 67089501 |
|
Email : |
|
|
|
|
|
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 |
|
|
|
|
North Zone |
3rd Floor, Plot No.82, Sector 32, Near NIIT Corporation
Office, Gurgaon – 122001, |
|
Tel. No.: |
91-124-4641000 |
|
Fax No.: |
91-124-4641001 |
|
Email : |
|
|
|
|
|
South Zone : |
No.18/1 (Old No.
125/A), 10th Main, Ashoka Pillar Road, Before Rani Sarla Devi School, 1st
Block, Jayanagar, Bangalore - 560011, Karnataka, India |
|
Tel. No.: |
91-80-66588600 / 43304000 |
|
Fax No.: |
91-80-66588650 / 86577530 |
|
Email : |
DIRECTORS
As on 30.06.2011
|
Name : |
Mr. Kishore Biyani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Gopikishan Biyani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rakesh Biyani |
|
Designation : |
Whole- time Director |
|
|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Chairman -Director |
|
|
|
|
Name : |
Mr. S. Doreswamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Darlie Koshy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Bala Deshpande |
|
Designation |
Director |
|
|
|
|
Name |
Mr. Vijay Kumar Chopra |
|
Designation |
Director |
|
|
|
|
Name |
Mr. Vijay Biyani |
|
Designation |
Wholetime Director |
|
|
|
|
Name |
Mr. Kailash Bhatia |
|
Designation |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Tanna |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. C. P. Toshniwal |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Category |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
90,593,966 |
43.66 |
|
|
90,593,966 |
43.66 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
90,593,966 |
43.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13,789,619 |
6.65 |
|
|
3,600,199 |
1.74 |
|
|
10,070,739 |
4.85 |
|
|
14,079,348 |
6.79 |
|
|
48,934,878 |
23.58 |
|
|
90,474,783 |
43.60 |
|
|
|
|
|
|
13,053,808 |
6.29 |
|
|
|
|
|
|
7,255,595 |
3.50 |
|
|
5,537,869 |
2.67 |
|
|
574,153 |
0.28 |
|
|
429,095 |
0.21 |
|
|
37,600 |
0.02 |
|
|
107,022 |
0.05 |
|
|
436 |
- |
|
|
26,421,425 |
12.73 |
|
Total Public shareholding (B) |
116,896,208 |
56.34 |
|
Total (A)+(B) |
207,490,174 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
207,490,174 |
100.00- |
%20LIMITED%20-%20159304%2012-Nov-2011_files/image004.gif){kind=small}
(1) Indian%20LIMITED%20-%20159304%2012-Nov-2011_files/image005.gif){kind=small}
Bodies Corporate%20LIMITED%20-%20159304%2012-Nov-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs. 1 lakhBUSINESS DETAILS
|
Line of Business : |
Chain of Departmental Stores. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
28000 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
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 ·
Bank of ·
Allahabad Bank |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
NGS and Company Chartered Accountants |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates: |
|
CAPITAL STRUCTURE
As on 30.06.2011
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 |
|
|
|
|
|
|
201153939 |
Equity Shares |
Rs. 2/- each |
Rs. 402.300 Millions |
|
15929152 |
Class B Series 1 Shares as Bonus |
Rs. 2/- each |
Rs. 31.900 Millions |
|
6347635 |
Preference Shares |
Rs. 100/- each |
Rs. 634.800 Millions |
|
|
Total |
|
Rs. 1069.000 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
201142539 |
Equity Shares |
Rs.2/- each |
Rs. 402.300
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 |
|
6347635 |
Preference Shares |
Rs. 100/- each |
Rs. 634.800 Millions |
|
|
Total
|
|
Rs. 1069.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1069.000 |
412.300 |
380.600 |
|
|
2] Share Application Money |
0.000 |
646.600 |
0.000 |
|
|
3] Reserves & Surplus |
26712.300 |
25274.800 |
22114.800 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27781.300 |
26333.700 |
22495.400 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16758.900 |
12360.300 |
25255.300 |
|
|
2] Unsecured Loans |
4972.300 |
1501.900 |
3248.600 |
|
|
TOTAL BORROWING |
21731.200 |
13862.200 |
28503.900 |
|
|
DEFERRED TAX LIABILITIES |
870.500 |
724.300 |
1161.000 |
|
|
Equity Warrants |
1000.000 |
1228.800 |
228.800 |
|
|
|
|
|
|
|
|
TOTAL |
51383.000 |
42149.000 |
52389.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
14670.300 |
11221.500 |
15687.600 |
|
|
Capital work-in-progress |
1001.300 |
596.800 |
3452.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
22554.100 |
20029.100 |
9540.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17622.000
|
12706.700
|
17878.400 |
|
|
Sundry Debtors |
1852.400
|
1235.700
|
1772.500 |
|
|
Cash & Bank Balances |
857.700
|
1005.400
|
1093.400 |
|
|
Other Current Assets |
13.600
|
13.400
|
57.500 |
|
|
Loans & Advances |
4775.600
|
4216.800
|
12025.600 |
|
Total
Current Assets |
25121.300
|
19178.000 |
32827.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
6502.900
|
4464.900
|
3859.500 |
|
|
Other Current Liabilities |
5161.900
|
4169.300
|
5054.400 |
|
|
Provisions |
299.200
|
242.200
|
204.600 |
|
Total
Current Liabilities |
11964.000
|
8876.400 |
9118.500 |
|
|
Net Current Assets |
13157.300
|
10301.600
|
23708.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
51383.000 |
42149.000 |
52389.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Operating Income |
40974.300 |
59343.700 |
63417.000 |
|
|
|
Other Income |
170.500 |
846.300 |
60.600 |
|
|
|
TOTAL (A) |
41144.800 |
60190.000 |
63477.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost Of Goods Sold |
26496.200 |
40625.300 |
44299.500 |
|
|
|
Personal Cost |
2218.500 |
2795.800 |
2742.600 |
|
|
|
Operating and other Expenses |
7922.300 |
10002.000 |
9690.500 |
|
|
|
Exceptional Item |
0.000 |
129.300 |
0.000 |
|
|
|
TOTAL (B) |
36637.000 |
53552.400 |
56732.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4507.800 |
6637.600 |
6745.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1891.200 |
2882.400 |
3182.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2616.600 |
3755.200 |
3562.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1463.700 |
1618.800 |
1400.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1152.900 |
2136.400 |
2162.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
365.400 |
372.500 |
756.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
787.500 |
1763.900 |
1405.800 |
|
|
|
|
|
|
|
|
|
Less |
EARLIER YEAR
INCOME TAX |
20.800 |
(31.700) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4959.800 |
3805.400 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
SHORT/
(EXCESS) PROVISION FOR DIVIDEND AND DIVIDEND TAX |
(1.600) |
11.300 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture redemption reserve |
350.000 |
250.000 |
0.000 |
|
|
|
Transfer to General Reserve |
78.700 |
179.500 |
140.600 |
|
|
|
Proposed Dividend on Equity Shares |
202.700 |
171.300 |
115.700 |
|
|
|
Tax on proposed dividend |
32.900 |
29.100 |
19.700 |
|
|
|
Proposed Dividend on Preference Shares |
0.100 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5063.700 |
4959.800 |
3805.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
466.200 |
607.400 |
692.800 |
|
|
TOTAL EARNINGS |
466.200 |
607.400 |
692.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7.500 |
16.500 |
20.000 |
|
|
|
Capital Goods |
203.600 |
137.900 |
780.300 |
|
|
|
Finished Goods |
556.300 |
1264.700 |
732.800 |
|
|
|
Accessories and Others |
15.400 |
9.900 |
6.800 |
|
|
TOTAL IMPORTS |
782.800 |
1429.000 |
1539.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.54 |
8.46 |
7.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
|
30.09.2011 |
|
Type |
|
|
|
1st
Quarter |
|
Net Sales |
|
|
|
10784.100 |
|
Total Expenditure |
|
|
|
9586.000 |
|
PBIDT (Excl OI) |
|
|
|
1198.100 |
|
Other Income |
|
|
|
72.800 |
|
Operating Profit |
|
|
|
1270.900 |
|
Interest |
|
|
|
657.200 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
613.700 |
|
Depreciation |
|
|
|
453.400 |
|
Profit Before Tax |
|
|
|
160.300 |
|
Tax |
|
|
|
36.000 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
124.300 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
124.300 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
1.91
|
2.93
|
2.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.81
|
3.60
|
3.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.89
|
7.03
|
4.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.08
|
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.21
|
0.86
|
1.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.09
|
2.16
|
3.60 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
PERFORMANCE
They are pleased to inform that “Core Retail Business” i.e.
Retail business of the Company and Retail business operated and managed under its
wholly owned subsidiary company, Future Value Retail Limited (FVRL), has
crossed $ 2 billion turnover mark during the year. The Company is now present
in Lifestyle Retail segment and for the year recorded a good growth through
increase in presence in various cities. Income from operations for the year
were at 41144.800 Millions in comparision to 60190.000 Millions in FY 2009-10
which also comprises of operations from Value Retail Business for six months.
PBDIT stood at 4507.800 Millions in FY 2010-11, which was at 676.69 in the
previous year. PAT for FY 2010-11 was 766.700 Millions, which was at 1795.600 Millions for the preceding year.
During the preceding year, the operation and profit figures also include the part
of the operation and profit from the Value Retail Business, which in current
year has been transferred to and forms part of its subsidiary company, FVRL.
Accordingly, the current year financial result is not comparable with the
previous year. During FY 2010-11, the Core Retail Business has increased its
retail presence from around 13 million square feet to over 15 million square
feet space spread pan
THE FUTURE
Financial Year 2010-11 had started on a good note, but due to overall global economy downturn, the impact has also been felt in the retail consumption sector. This coupled with the increased finance charges due to steep increase in interest rates has affected the profitability of the Company. However, the Company would continue with its expansion plans diligently. The Company has strategically finalised the plan for acquisition of properties on lease basis for the next three to four years. The management believes that this would be a major winning factor, as there would be space constraints in future with increase of demand for the retail space. The spurt in demand would be from the established organised retail competitors as well as new entrants who may enter due to the opening of the retail sector for the foreign investment. Further the Company has invested in revamping its various format designs and refurnishing the look of the formats to attracts more eyeballs and footfalls. The Company’s plan to continue to pursue its growth strategy to strengthen its position as a leading player in the consumption space of India, would continue with its expansion plans and continue to increase its presence on a pan India basis by opening more retail outlets in tier 2 and tier 3 cities and by further strengthening its position in key metro cities. The Company believes that with such growth strategy the objective of the Company to capture maximum share of the consumer’s wallet for good value to consumer could be achieved. The Company has planned to increase its combined operating retail space from around 15.0 million square feet currently to around 25.0 million square feet in next three to four years. The Company is planning to unlock some value by selling some of its non-core investments/assets to ease the liquidity crunch on the main business activities of the Company. The Company continues to believe that the businesses of the subsidiary would create value over a long run and the Company would be able to unlock better value in future.
SUBSIDIARY COMPANIES
AND JOINT VENTURES SUBSIDIARY COMPANIES
The Company now has in all 27 subsidiaries as at the end of financial year 2010-11.
Future Value Retail
Limited
Future Value Retail Limited (FVRL) is a wholly owned subsidiary of PRIL, and is now engaged in Value Retail Business since 1st January, 2010 as part of the realignment initiative of the Company. PRIL holds 100% of its equity capital. During FY 2010-11, FVRL registered income from operations amounting to 69148.300 Millions and profit for the said financial year stood at 1130.000 Millions. FVRL is operating formats like Big Bazaar and Food Bazaar apart from other smaller format in Value Retail Business. During the year, along with those located with in the 19 new Big Bazaar stores and 26 Food Bazaar stores opened between July 2010 and June 2011. In addition to the above, other formats of FVRL also saw a good growth in terms of numbers as well as turnover. Management at FVRL is positive of the growth of the business.
Future Capital
Holdings Limited
Future Capital Holdings Limited (FCH) is the financial services arm of the Future Group. FCH is involved in the business of providing retail financial services, corporate lending, wholesale credit, trade finance and asset management services. The Company has 53.67% stake in FCH. During FY 2010-11, FCH registered income from operations of 2385.400 Millions and its profit after tax stood at 552.600 Millions. During the year its wholly owned subsidiary has been merged with FCH.
Home Solutions Retail
(
Home Solutions Retail (
Future Supply Chain
Solutions Limited
Future Supply Chain Solutions Limited (FSCSL) is operating in
the logistics, transportation, distribution and warehousing space. FSCSL
provides solutions in the areas of integrated Supply Chain Management,
warehousing, distribution and Multi Modal transportation. The Company has
70.17% stake in FSCSL. FSCSL has warehousing space of 3.60 Million square feet
spread over all across
Future Agrovet
Limited
Future Agrovet Limited (FAL) is to strengthen sourcing and distribution of staples and other food products for the
Company. FAL has sourcing and distribution bases at all key cities across the country. The Company has 96.16%
stake in FAL. During FY 2010-11, FAL registered income from operations amounting to 7783.900 Millions and profit stood at 21.000 Millions.
Future Media (
Future Media (
Future E-Commerce
Infrastructure Limited
Future E-Commerce Infrastructure Limited (FECIL) is to capture the consumption space through the internet, as well as other technology based and digital modes and provide infrastructure services for the same. The Company
has 72% stake in FECIL. During FY 2010-11, FECIL registered income from operations of 873.000 Millions and the loss stood at 301.500 Millions.
Futurebazaar India
Limited
Futurebazaar India Limited (FBIL) has been set up as the e-Retailing arm of the Future Group for providing on-line shopping experience. The Company is presently holding 100% in FBIL. FBIL commenced its ecommerce services through eportal www.futurebazaar.com. FBIL is successfully operating its e-retailing business and during
FY 2010-11, FBIL registered income from operations of 225.300 Millions and its profit after tax stood at 0.500 Million.
Other Subsidiaries
In addition to the above operating subsidiaries, other subsidiaries viz Future Knowledge Services Limited, Future Learning and Development Limited, Splendor Fitness Private Limited, nuZone Electronics Limited, nuZone Ecommerce Infrastructure Limited and Winner Sports Limited have been created as subsidiary with the certain specific objectives and will be utilised accordingly at opportune time. In addition to direct subsidiaries, the Company has thirteen step-down subsidiaries which includes eleven subsidiaries of FCH and one each of FVRL and FSCSL. As required under the Listing agreement with the Stock Exchanges, the Company is mandatorily required to prepare the Consolidated Financial Statements, according to the applicable Indian Accounting Standards and reflects the financial position of all the subsidiary Companies of the Company. A statement pursuant to section 212 of the Companies Act, 1956 relating to subsidiary companies has been given as an annexure in this Annual Report before consolidated statements. Further the Board has passed resolution pursuant to the General Circular No. 2/2011 dated 8 February, 2011, issued by Ministry of Corporate Affairs, giving consent for not attaching the balance sheet of the subsidiary companies. The Company is publishing the consolidated financial statements of the holding company and all subsidiaries duly audited by its auditors, in compliance with the applicable accounting standards and listing agreement and a statement disclosing the necessary information regarding each of subsidiary. It is hereby confirmed that Annual accounts of the subsidiary companies and the related detailed information shall be made available to the shareholders of the holding and subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies shall be available for inspection by any shareholders in the head office of the holding company and of the subsidiary companies concerned. Details of accounts of subsidiaries shall be furnished to any shareholder on demand;
JOINT VENTURES
Future Axiom Telecom
Limited Joint Venture with Axiom Telecom LLC, UAE
The Company had disposed its entire investment in Future Axiom Telecom Limited (FATL) which was a joint venture company with Axiom Telecom LLC, UAE during the year.
Insurance Joint
Venture
Future Generali India
Life Insurance Company Limited
Future Generali India Life Insurance Company Limited (FGI-Life) is Company’s joint venture in the Life insurance
sector. FGI-Life has commenced the commercial operations from September 2007. The Company has also entered into joint venture arrangements with Sprint Advisory Services Private Limited (formerly known as Sain Advisory Services Private Limited) which is SPV for this insurance venture of the Company. FGI-Life has introduced many insurance products to suit requirements of various categories of customers.
Future Generali India
Insurance Company Limited
Future Generali India Insurance Company Limited (FGINonlife) is Company’s joint venture in the general insurance sector. FGI-Nonlife has commenced the commercial operations from September 2007. The Company has also entered into joint venture arrangements with Shendra Advisory Services Private Limited which is SPV for this insurance venture of the Company. FGI-Nonlife has also introduced general insurance products for various insurance needs of the different categories of customers.
NTC joint ventures Apollo
Design Apparel Parks Limited and Goldmohur Design and Apparel Park Limited
The Company has entered into joint venture with NTC for the restructuring and development of the Apollo Mills and Goldmohur Mills situated in Mumbai. For the same two separate SPV companies have been created viz. Apollo Design Apparel Parks Limited (ADAPL) and Goldmohur Design and Apparel Park Limited (GDAPL). The ADAPL and GDAPL would be working for the restructuring and development of the Apollo Mills and GoldMohur Mills respectively. During the year ADAPL made a turnover of 2349.800 Millions and earned profit of 53.900 Millions. Further during the year GDAPL made a turnover of 2365.600 Millions and earned profit of 62.800 Millions.
Office Products Joint
Venture Staples Future Office Products Private Limited
Staples Future Office Products Private Limited (SFOPPL) is designed to capture the consumption space 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). During FY10-11, SFOPPL registered income from operations amounting to 1751.700 Millions and the loss stood at 176.400 Millions.
Footwear Joint
Venture Clarks Future Footwear Limited
The Company has entered into a 50 : 50 joint venture with C
and J Clark International, a company incorporated in
MANAGEMENT DISCUSSION AND ANALYSIS
The significant driver of Indian economic growth has been the growth of domestic consumption demand. This trend continues to gather momentum. An increasing working population, coupled with growing urbanization and demand for more value-added products distributed through modern supply and distribution networks is driving the growth in consumption and economic development. The steps taken by the organization during the previous twelve months to secure, preserve and enhance its economic value creation, has enabled it to provide better returns in form of economic value, stakeholders’ satisfaction, compliance and governance. The opportunities grabbed in the previous year, has given the organization firmer ground to build a more efficient and productive business. The investments made in building the infrastructure, technology networks and management bandwidth is now poised to deliver disproportional amount of growth and efficiency, compared to the build-up phase. It is also true that with the economy growth, costs have started to escalate and the organization has to constantly
monitor and evaluate options to control these costs and improving performance.
Operational Overview
While strengthening its the top eight cities strategy for gaining market leadership and developing specific business strategies for future growth in these cities, the Company is also focusing on the smaller cities. These cities provide large untapped opportunities and latent demand. A combination of prudent expansion plans both for smaller cities and the metropolises, has helped the Company to achieve its topline targets. Smaller cities are contributing in better margins due to lesser fixed cost of operations. Further, with the consolidation move, the strategies are clear on focusing on the growth of the key categories, viz. fashion, food, general merchandise and home improvement and electronics. Fashion is a category where the Company has had developed a strong presence and strength. The Company is now working on building a similar strength in the food category, focusing on backward integration, efficient sourcing and in-depth customer knowledge. During the year, the Company also developed a strong repository of business intelligence, know-how and learnings in the home improvement category. The efforts on the sourcing as well as supply chain management in order to reduce the carrying cost of the products, has helped these categories to perform better as well improved the overall productivity and efficiency. The better management of the resources and use of technology tools for the replenishment and supply chain solutions has resulted in improved efficiency and higher customer satisfaction. The Company is also working on the developing private branded products, across all the key categories. Dedicated and cross-functional teams are working on private brands business and this is leading to continuous improvement in share of private brands in the key categories as well as improvement in overall margins. The Company is concentrating on developing special products as per specific regional needs and encashing its local knowledge about the demand of various local products. As an organization, our businesses are now consolidated in three verticals – retail, financial services and support services. The support services includes our key subsidiary Future Supply Chain Solutions Limited, which has counts one of the world’s most prominent retail sourcing and logistics company, Hong Kong-based Li and Fung Group as its investor and partner. Their expertise and insights, coupled with investments in technology and processes is helping drive efficiency across all our formats and businesses.
Customer and Marketing Overview
The Company has focused its efforts in increasing its turnover by getting gaining a larger business from existing
customers and also by creating new class of customers. The Company now has a strong management bandwidth in its creative, communication, branding and media buying teams that develops targeted promotions, and brand
communication initiatives focused on delivering business results. Various marketing efforts and drives such as happiness sale, sabse sasta 5 din, exchange festival, furniture festivals, blind fold sale, future festival and other category specific and product specific launches and communication of the same to the targeted customers ensured that the Company achieves its objective of the larger share in the overall consumption spent. In addition to the above marketing drives, the loyalty programmes launched under various formats, ensures that the regular customers gets better benefits for their consumptions in those formats and the cost of customer acquisition remains low. The company is working on rolling a group-wide loyalty initiative that will help move customers acquired from one format to shop in other formats as well. These marketing drives as well as the loyalty programs helped the Company to conserve on the media and publicity costs, while contributing to increased turnover. The increase in turnover was also possible due to number of events and festivals held within the stores and actively involving the customers in such events and inducing their consumption pulse. Further due to improved experience in the stores and higher levels of customer service offered by trained shop floor personnel and marketing teams around the shop floor, encouraged customers to revisit formats. In all the better shopping experience induced the customers to spend more time and money in the various formats of the Company.
Competition
Pantaloon Retail being one of the pioneers in
the organized retail has established itself in Indian retail
industry. However, further growth and
expansion plans of the Company would surely be affected by the number of the
new players who entered the organised retail field. The Company has eight city
approach as well as targeting new upcoming urban and semi-urban centres, as new
areas where the ample opportunities are available for the growth and expansion.
Further the experience of various trends possessed by the Company and its
management team is a treasure, which would help it to take appropriate steps to
counter competition in various modes. The key to counter competition is to
identify proper retail location, format which can be operated from such retail
locations and providing proper product mix at such formats which should appeal
to potential customers. The Management
has already identified various locations for its future expansion plans and the
formats as well as product mix is being reviewed on a continuous basis and is
changed as per the requirements to ensure holistic experience for the
customers.
Business Outlook
With the change in the strategy, of
concentrating on the pure retail play, the Company defined its retail business
in two divisions, viz. Lifestyle Retail and Value Retail. In order to provide both the divisions level
playing field for growth, the business has been realigned and the Value Retail business
has been transferred to the Company’s wholly owned subsidiary. The Company now
would be concentrating only on Lifesytle Retail business. This way both the businesses would have its
own goal for the expansion and growth. With addition of
home improvement and electronic business by demerger of these business from its
subsidiary, Home Solutions Retail (India) Limited into the Company, the
Company’s Lifestyle Retail now comprise of all the major categories of consumption
and can attract all types of customers for its various offerings. The
FIXED ASSETS:
- Building and Lease Hold Improvement
- Plant and Machinery
- Office Equipment
- Computers and Software
- Furniture and Fixture
- Electrical Installations
- Vehicles
- Air Conditioners
UNAUDITED FINANCIAL RESULTS OF CORE RETAIL FOR THE QUARTER ENDED 30th
SEPTEMBER, 2011
(Rs.
In Millions)
|
Particulars |
|
3
Months ended 30.09.2011 |
|
Net sales/ Other Operating Income |
|
29106.300 |
|
Expenditure |
|
|
|
a) Increase and Decrease in stock in trade & Work in Progress |
|
(2083.300) |
|
b) Consumption of raw materials |
|
89.200 |
|
c) Purchase of trading goods |
|
22624.800 |
|
d) Employees cost |
|
1269.800 |
|
e) Depreciation |
|
828.400 |
|
f) Other expenditure |
|
4702.700 |
|
Total |
|
27411.600 |
|
|
|
|
|
Profit from
operations before other income and interest |
|
1694.700 |
|
Other income |
|
79.000 |
|
Profit before interest
|
|
1773.700 |
|
Interest |
|
1306.300 |
|
Profit Before
Tax |
|
468.400 |
|
Tax expenses |
|
|
|
a) Current Tax |
|
84.400 |
|
b) Deferred Tax |
|
63.900 |
|
Adjustment for earlier year’s income tax |
|
- |
|
Net Profit(+) / Loss
(-) for the Period |
|
330.100 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED30TH SEPTEMBER, 2011
(Rs.
In Millions)
|
Particulars |
|
3 months ended |
|
|
|
Unaudited |
|
Net sales/ Other Operating Income |
|
10784.100 |
|
|
|
|
|
Expenditure |
|
|
|
a) Increase and Decrease in stock in trade |
|
(721.300) |
|
b) Consumption of raw materials |
|
69.200 |
|
c) Purchase of trading goods |
|
7526.800 |
|
d) Employees cost |
|
569.100 |
|
e) Depreciation |
|
453.400 |
|
f) Other expenditure |
|
2143.200 |
|
Total |
|
10039.400 |
|
|
|
|
|
Profit from
operations before other income and interest (1-2) |
|
744.700 |
|
Other income |
|
72.800 |
|
Profit before
interest (3+4) |
|
817.500 |
|
Interest |
|
657.200 |
|
Profit Before Tax (5-6) |
|
160.300 |
|
Tax expenses |
|
|
|
a) Current tax |
|
21.600 |
|
b) Deferred tax |
|
14.400 |
|
Adjustment for earlier year’s income tax |
|
- |
|
Net Profit(+) /
Loss (-) for the Period |
|
124.300 |
|
|
|
|
|
Paid up Equity share capital (face value of the share of Rs.2/- each) |
|
446.800 |
|
Reserve excluding Revaluation Reserve |
|
- |
|
Earning per share (EPS) |
|
|
|
Basic |
|
|
|
a) Equity Shares |
|
0.56 |
|
b) Class B Shares (Series 1) |
|
0.66 |
|
Diluted |
|
|
|
a) Equity Shares |
|
0.55 |
|
b) Class B Shares (Series 1) |
|
0.65 |
|
Public Share
holding |
|
|
|
Equity Shares |
|
|
|
a) Number of Shares |
|
116896208 |
|
% of Shareholding |
|
68.34 |
|
Class B Shares (Series 1) |
|
|
|
b) Number of Shares |
|
8521459 |
|
% of Shareholding |
|
53.50 |
|
|
|
|
|
Promoters and Promoter Group shareholding |
|
|
|
a) Pledge/
emcumberred |
|
|
|
Number of Shares |
|
26911574 |
|
Number of Class B Shares |
|
494000 |
|
% of Shareholding of Promoter and Promoter group |
|
29.71 |
|
% of Shareholding of Class B Shares |
|
6.67 |
|
% of Shareholding to Equity Share |
|
12.97 |
|
% of Shareholding of Class B Shares |
|
3.10 |
|
|
|
|
|
b) Non-
Encumbered |
|
|
|
Number of Shares |
|
63682392 |
|
Number of Class B Shares |
|
6913693 |
|
% of Shareholding of Promoter and Promoter group |
|
70.29 |
|
% of Shareholding of Class B Shares |
|
93.33 |
|
% of Shareholding to Equity Share |
|
30.69 |
|
% of Shareholding of Class B Shares |
|
43.40 |
Notes:
- During the
quarter paid up equity share capital has increased from Rs. 434.143 to Rs.
446.838 due to conversion of 6347635
- There were no
investor complaints during the beginning of the quarter A total of 37
complaints were received during the quarter ended 30th
- company has
only one business segment i.e “Retail”
- Figures for
the previous year have been re-arranged and re-grouped wherever necessary.
- The company
is also presenting the consolidated results for the quarter ended 30th
September 2011
UNAUDITED
CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER,
2011
(Rs.
In Millions)
|
Particulars |
|
3
Months ended 30.09.2011 |
|
Net sales/ Other Operating Income |
|
31802.600 |
|
Expenditure |
|
|
|
a) Increase and Decrease in stock in trade & Work in Progress |
|
(2166.300) |
|
b) Consumption of raw materials |
|
212.800 |
|
c) Purchase of trading goods |
|
22584.500 |
|
d) Employees cost |
|
1800.85 |
|
e) Depreciation |
|
931.900 |
|
f) Other expenditure |
|
5914.100 |
|
Total |
|
29278.600 |
|
|
|
|
|
Profit from
operations before other income and interest |
|
2526.100 |
|
Other income |
|
77.700 |
|
Profit before interest
And Exceptional Items |
|
2603.800 |
|
Interest |
|
2099.900 |
|
Profit from ordinary activities before tax |
|
603.900 |
|
Profit Before
Tax |
|
|
|
Tax expenses |
|
|
|
a) Current Tax |
|
222.800 |
|
b) Deferred Tax |
|
49.300 |
|
Net Profit after taxation |
|
231.800 |
|
Earlier years income tax |
|
- |
|
Less: Prior period items |
|
(0.400) |
|
Less: Share of minority Interest |
|
77.800 |
|
Less: share in loss of Associates company |
|
3.900 |
|
Net Profit after minority interest |
|
150.600 |
WEBSITES DETAILS
BUSINESS
DESCRIPTION
Subject is a retailer that operates multiple retail formats
in both the value and lifestyle segment of the Indian consumer market. The Company
operates over 16 million square feet of retail space, has over 1000 stores
across 73 cities in
OVERVIEW
Pantaloon Retail (India) Limited (Pantaloon) offers a wide
range of food, fashion, home and electronics, telecom and IT, general
merchandise, leisure and entertainment, wellness and beauty, and books and
music products through its retail formats such as Pantaloons, Big Bazaar, and
Food Bazaar, Central, e zone, home town, m port. The company multi-format
retailing, strong financial performance, strong marketing activities and
efficient supply chain and logistics operations are its strengths. Furthermore,
falling rents, expansion through opening new stores and retail boom in
BOARD OF
DIRECTORS:
Shailesh Haribhakti
Shailesh Haribhakti is the Chairman and Non-Executive
Independent Director of the Company. He is the Managing Partner of Haribhakti
and Company, Chartered Accountants and the Chairman of BDO Consulting. He is
the Chairman of the Banking, Finance and Insurance Committee of the Indian
Merchant’s Chamber and Member of the Adhoc Advisory Committee for Master’s
Degree in Management Studies,
Vijay Kumar Chopra
Vijay Kumar Chopra is a Non-executive Independent Director of the Company. He has over 31 years of experience in the banking industry. He was Chairman and Managing Director of SIDBI and Corporation Bank. His last assignment was with SEBI as Whole-time Member. He is on the Board of a number of public limited companies like Rolta India Limited and Havells India Limited among others. He 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).
Bala Deshpande
Bala Deshpande is a Non-executive Independent Director of
the Company. She has multi-industry exposure and has worked with FMCG companies
like Bestfoods, Cadburys Limited and ICI. She was also nominated to the Women
Leadership forum held in
Kishore Biyani
Kishore Biyani is the Managing Director of Pantaloon Retail
(
Kishore Biyani led the company’s foray into organised retail
with the opening of the Pantaloons family store in 1997. This was followed in
2001 with the launch of Big Bazaar, a uniquely Indian hypermarket format that
democratized shopping in
2006 marked the evolution of Future Group that brought together the multiple initiatives taken by group companies in the areas of Retail, Brands, Space, Capital, Logistics and Media.
Kishore Biyani advocates ‘Indianness’ as the core value driving the group and the corporate credo ‘Rewrite Rules, Retain Values.’
Regularly ranked among
Dr. Darlie Koshy
Dr. Darlie Koshy is a Non-executive Independent Director of
the Company. He has served the National Institute of Design (Ministry of
Commerce, Govt. Of
Anil Harish
Anil Harish is a Non-executive Independent Director of the Company. He is a partner at D.M. Harish and Company, Advocates and Solicitors. He specialises in Income Tax, FEMA and property matters. He is on the Board of a number of public limited companies like Hotel Leela Ventures Limited and Mahindra Lifespace Developers Limited among others. He holds an LLM degree from the University of Miami, USA.
Gopikishan Biyani
Gopikishan Biyani is a Non-executive Director of the Company and looks after the manufacturing operations. He has more than two decades of experience in the textile business.
Rakesh Biyani
Rakesh Biyani is an Executive Director of the Company. He is actively involved in category management, retail stores operations, information technology and exports.
Vijay Biyani
Vijay Biyani is an Executive Director of the Company. He brings more than 25 years of experience in textile, yarn and ready-made apparels business. He is actively involved in the financial and administrative functions of the Company.
Kailash Bhatia
Co-founder of the ColorPlus brand, Kailash has over three decades of experience in the fashion business and is considered a stalwart in the Indian fashion industry. Before joining Pantaloon Retail, he was associated with Weekender, Arvind Mills and Mafatlal Industries, among other companies.
AWARDS
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
Brand Equity’s Most Trusted Brands 2011 Awards
Most Trusted Retailer - Big Bazaar.
Food Forum of India 2011-Coca Cola Golden Spoon
Awards
Most Admired Food and Grocery Retailer of the year: Private Labels.
PRESS RELEASE
17 October 2011
Mumbai, October 17Asia Pulse -
"After considering all the facts and circumstances of the case ... find that the noticee (Pantaloon Retail India Limited) failed/delayed in redressing the complaints ... within the time stipulated by Sebi," the market regulator said in an order while imposing the Rs 0.500 Million penalty.
The Securities and Exchange Board of India (Sebi) had earlier identified the Kishore Biyani-promoted firm as one of the companies against whom a large number of investor grievances were pending for more than six months as on June 30 last year.
In July 2010, Sebi had asked the company to redress the complaints and submit an action taken report within 30 days. However, Pantaloon Retail failed to do so, Sebi said in the order. The regulator had then initiated proceedings against the company.
"13 out of the 40 complaints were outstanding as on February 15, 2011," Sebi said, adding that several other complaints regarding delay in payment of dividend for 2005-06 and 2006-07 by the company were also received from an indivudual investor.
Sebi has sent a show cause notice to Pantaloon Retail in March this year and the company replied to the notice a month later.
After going through the matter, Sebi found that delays and failure had occurred in a few of the cases.
"...it is established beyond doubt that the noticee delayed failed to redress the investor grievances of complainants. The noticee, therefore, violated section 15C of Sebi Act which warrants imposition of monetary penalty under the same section of Sebi Act," the order said.
Section 15C of the Sebi act deals with imposition of penalty in case of failure to address investors complaints by listed firms.
17 October 2011
MUMBAI -
"After considering all the facts and circumstances of
the case ... find that the noticee (Pantaloon Retail India Ltd) failed/delayed
in redressing the complaints ... within the time stipulated by Sebi," the
market regulator said in an order while imposing the Rs 0.500 Million penalty.
Analysis: china q4 cpi growth expected to slow
-- Food prices drive up CPI growth in September.
TOKYO - Japan-based United Arrows Limited's (TSE:7606) group operating profit likely soared 35 per cent to around 3.6 billion yen (US$46.8 million) in the six months through September, beating the 3.4 billion yen forecast and reaching an all-time high for an interim half.
Sales grew an estimated 10 per cent to slightly more than 45
billion yen, driven by the apparel retailer's namesake label and the
"green label relaxing" line. Same-store sales, excluding online
sales, rose 6 per cent thanks to a selection of trendy items.
Sales volume shrank 25.1 per cent on the year to 99.9
billion cigarettes in the six months through September 30, according to data
released Friday by the Tobacco Institute of Japan. This marked the sharpest
fall for a half-year period since comparable data became available in 2006.
TING HSIN MULLING
SHANGHAI - Ting Hsin International Group, a Taiwanese-owned food manufacturer with a broad production base in China, said Saturday it is considering the possibility of taking its restaurant and logistics business public as a primary listing in Taiwan in 2014.
Wei Ying-heng, head of the restaurant and logistics business
division of Ting Qiao Holdings, said the division has become profitable since
2003, while its accumulated losses have been zero since 2011.
SYDNEY - Australia'sSuper Retail Group (ASX:SUL) has agreed to buy sports goods retailer Rebel Group for A$610 million (US$628.09 million) from private equity firm Archer Capital as the company seeks to expand in the leisure retail market.
Rebel is a market leader in the Australian sporting goods sector with 128 stores and about 24 per cent of market share, Super Retail said in a statement on Monday. SALES OF GALAXY S2 SMARTPHONE TOP 20 MLN IN 6 MONTHS
SEOUL - Samsung Electronics Company (KSE:005930), the world's second-largest maker of mobile phones, said Monday that sales of its flagship Galaxy S2 smartphone reached 20 million in less than six months since its debut.
The Galaxy sequel was launched in
TAIPEI - Taiwan'sHTC Corp. (TAIEX:2498), the world's No. 5 smartphone maker, expects demand to warm up in the fourth quarter based on recovering consumer confidence and a buying trend in the Christmas season, an HTC executive was quoted in local newspapers as saying Saturday.
"Based on how the
The retailer, registered in the
These findings are part of a new report by eBay
Shoppera are back as festive sales surge
Times of
07 October 2011
"We had set aside money for purchasing a car a few months back. But the fuel prices spoiled our plans. But look, this gives me a chance to spend even more on clothes and accessories," she said, shopping at DLF Emporio.
Like Desai, a lot of consumers have begun spending after a fortnight long lull due to shraadh, generally considered inauspicious for making purchases. Most retailers across the city saw sales increase almost by 100% last weekend as compared with the one before.
Though inflation and high bank interest rates mean that festive buying may not be as unrestrained as it was last year, retailers still have a lot to look forward to.
"The rise in prices is taking place in the backdrop of rising incomes. While you may not go for big ticket items, this doesn't mean you won't spend on apparel and accessories. This obviously bodes well for us," said Yogesh Tiwari, V-P (sales and marketing) Blackberrys Clothing.
Many retailers have already set growth targets of 20-25% this season as compared to last year.
"Our sales growth compared to the last weekend has doubled. While we do not really count on Onam as a sales booster in the North, Diwali will surely act as one," said Ravdeep Singh, CEO (sports division) Pantaloon Retail India Limited.
Sports brand
"We were a little apprehensive in September when sales
were low. But we had never depressed our growth target. The beginning of this
season has wiped out all anxieties," said
"There are some problems every year. It's not like we don't account for them. But as of now, the indicators are great for the rest of the year," Singh added.
High-end brands have even less to worry about, with their target being really niche consumers. For them too, weekend to weekend sales have been over 80%.
Beside festivals, retailers are also upbeat because of the upcoming winter, as the season generally enhances sales. Most retailers do not plan to raise prices.
What's more, not all of them are banking on discounts and offers for sales to go up. With off-season sales planned for early next year, there is no point in offering discounts now, they say.
Future Group owned Indus League Clothing has an overall growth target for 35% this year. The company, which saw 13% growth over the same period last year, is confident that sales will surge to over 30%. The company is planning on offering gift vouchers, but discounts are not really the focus right now.
"It is still too early to comment on consumer buying this festival season as it has just begun. However, Onam and Puja both have shown robust growth for us. This weekend especially has been great. There was a bit of a downturn in September, but we believe that the sales will pick up," said Rachna Aggarwal, CEO Indus League Clothing.
"With winters setting in, sales will catch up. We are hopeful good sales would continue after the festive season as well," Aggarwal said.
For jewellery and watch br
ands it is a win-win situation. Apart from the festive shoppers, these brands would also be looking at the wedding season which sets in with the winter. Most of these brands said they did not mind shelling out extra bucks for advertisement and promotions as the sales will be worth the spend.
Timex watches will be spending over a $1 million on advertisements this season. The company is "100% sure" that sales would be great. Targeting a 37% growth this year, the company is looking at 11% of the entire sales to be coming from just the Diwali period.
"We grew by almost 30% in September as compared to last
year and we should meet our targets this month too. Sales slightly drop in
November. But we can easily cover 20% of our November sales in October
itself," said V D Wadhwa, MD, Timex Group.
Equity Bites
06 October 2011
6 October 2011 - CRISIL downgraded yesterday the rating on the INR49.3m (USD999,000/EUR751,000) lease rental discounting loan of Indian construction firm Esquire Estates Developers Private Limited (EEDPL) to B with a "negative" outlook from BB with a "stable" outlook.
The reduction of the rating is based on the deterioration of the liquidity of the Shree Realtors Private Limited (SRPL)-EEDPL combine due to operational delays in receiving the rental payment from Pantaloon Retail India Ltd (Pantaloon).
CRISIL's rating takes into account the weak financial risk profile of the SRPL-EEDPL combine, which was partly compensated for by long-term lease contract with Pantaloon.
SRPL-EEDPL's liquidity will further be burdened by delays in receiving rentals from Pantaloon. If it goes down again, CRISIL may lower its rating on EEDPL. It may revise it to "stable", if the combine's liquidity improves as a result of liquidating some of investments or of an improvement in rental receivables.
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.50.27 |
|
|
1 |
Rs.80.07 |
|
Euro |
1 |
Rs.68.44 |
\
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
47 |
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.