MIRA
INFORM REPORT
|
Report Date : |
30.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPENCER’S RETAIL LIMITED |
|
|
|
|
Formerly Known As : |
GREAT WHOLESALE
CLUB LIMITED |
|
|
|
|
Registered
Office : |
31, Netaji Subhas Road, 1st Floor, Duncan House, Kolkata -
700001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
22.11.2000 |
|
|
|
|
Com. Reg. No.: |
55-154278 |
|
|
|
|
CIN No.: [Company Identification No.] |
U51229TN2000PLC154278 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEG02391E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG3443R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Retailer of Food, Appear, Fashion, Electronics, Lifestyle Products,
Music and Books. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 12990000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a retail chain outlet promoted by RPG Group. It is an
established company having moderate track. There appears some accumulated losses
recorded by the company. Trade relations are reported as fair. Business is
active. Payments are reported to be
slow. 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.
LOCATIONS
|
Registered Office : |
31, Netaji Subhas Road, 1st Floor, Duncan House, Kolkata -
700001, West |
|
Tel. No.: |
91-33-22318761 / 91-33-66257863 |
|
Fax No.: |
Not available |
|
Mobile No: |
91-9831111609 (Malini
Chakraborty) |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
1st Floor, 31, Duncan House, Kolkata – 700001, West |
|
Tel. No.: |
91-33-44115600 |
|
Fax No.: |
91-33-22318761/ 62 |
|
E-Mail : |
DIRECTORS
As on 28.07.2011
|
Name : |
Mr. Rajendra Jha |
|
Designation : |
Additional Director |
|
Address : |
P-6, |
|
Date of Birth/Age : |
13.05.1950 |
|
Date of Appointment : |
26.12.2007 |
|
DIN No.: |
00055489 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L25209WB1983PLC036991 |
NORPLEX OAK
INDIA LTD |
Director |
27-09-95 |
27-09-95 |
30-04-08 |
Active |
NO |
|
2 |
L31901WB1985PLC039419 |
MAPLE CIRCUITS
LTD |
Director |
29-03-96 |
29-03-96 |
30-04-08 |
Active |
NO |
|
3 |
U70100MH1987PTC043920 |
BEST APARTMENTS
PRIVATE LIMITED |
Director |
02-08-99 |
02-08-99 |
- |
Active |
NO |
|
4 |
U45202MH1987PTC043872 |
HIGHWAY
APARTMENTS PRIVATE LIMITED |
Director |
02-08-99 |
02-08-99 |
- |
Active |
NO |
|
5 |
U70100MH1987PTC043864 |
ALLWIN APARTMENTS
PRIVATE LIMITED |
Director |
02-08-99 |
02-08-99 |
30-11-10 |
Converted to LLP
and dissolved |
NO |
|
6 |
U70100PN1987PTC140868 |
AMBER APARTMENTS
PRIVATE LIMITED |
Director |
02-08-99 |
02-08-99 |
28-03-11 |
Active |
NO |
|
7 |
U40102WB1995PLC075937 |
JHARKHAND
ELECTRIC COMPANY LIMITED |
Director |
16-10-00 |
16-10-00 |
16-03-09 |
Active |
NO |
|
8 |
U65993MH2000PTC219686 |
RPG CELLULAR
INVESTMENTS & HOLDINGS PRIVATE LIMITED |
Director |
14-12-00 |
14-12-00 |
03-12-08 |
Active |
NO |
|
9 |
U92413WB1997PLC086183 |
RPG RESORTS
LIMITED |
Director |
19-12-00 |
19-12-00 |
- |
Active |
NO |
|
10 |
U29211WB1997PLC086184 |
RPG FARMS
LIMITED |
Director |
19-12-00 |
19-12-00 |
- |
Active |
NO |
|
11 |
U65922WB1992PTC055828 |
KUTUB PROPERTIES
PRIVATE LIMITED |
Director |
19-12-00 |
19-12-00 |
- |
Active |
NO |
|
12 |
U70101MH1997PLC219476 |
RPG LANDSCAPES
LIMITED |
Director |
19-12-00 |
19-12-00 |
01-12-10 |
Active |
NO |
|
13 |
U40102WB1996PLC079258 |
INTEGRaTED COAL
MINING LTD |
Director |
06-03-02 |
06-03-02 |
- |
Active |
NO |
|
14 |
U63040TN2001PLC047809 |
SPENCER'S TRAVEL
SERVICES LIMITED |
Director |
01-10-03 |
01-10-03 |
- |
Active |
NO |
|
15 |
U70101WB2004PLC099945 |
CRESCENT POWER
LIMITED |
Director |
09-02-05 |
09-02-05 |
- |
Active |
NO |
|
16 |
U70101WB2006PLC108175 |
CESC PROPERTIES
LIMITED |
Director |
17-08-07 |
03-02-07 |
- |
Active |
NO |
|
17 |
U67120WB1984PLC038346 |
HILLTOP HOLDINGS
INDIA LTD |
Director |
28-09-07 |
23-02-07 |
- |
Amalgamated |
NO |
|
18 |
U74899WB1995PLC121756 |
JUBILEE
INVESTMENTS AND INDUSTRIES LIMITED |
Director |
29-09-08 |
06-03-07 |
- |
Amalgamated |
NO |
|
19 |
U51229WB2000PLC154278 |
SPENCER' S
RETAIL LIMITED |
Director |
26-12-07 |
18-04-07 |
- |
Active |
NO |
|
20 |
U10100JH2008PTC013086 |
Mahuagarhi Coal
Company Private Limited |
Director |
17-03-08 |
17-03-08 |
- |
Active |
NO |
|
21 |
U40102WB2008PLC124401 |
RPG Power
Trading Company Limited |
Director |
24-03-08 |
24-03-08 |
19-05-08 |
Active |
NO |
|
22 |
U45400WB2008PTC131598 |
DEVISE
PROPERTIES PRIVATE LIMITED |
Director |
30-12-08 |
30-12-08 |
- |
Active |
NO |
|
23 |
U67120WB1979PLC032193 |
ADAPT
INVESTMENTS LTD |
Director |
29-09-09 |
18-05-09 |
- |
Active |
NO |
|
24 |
U67120WB1979PLC032191 |
ADORN INVESTMENTS
LTD |
Director |
29-09-09 |
18-05-09 |
- |
Active |
NO |
|
25 |
U70109WB2006PLC111457 |
DHARIWAL
INFRASTRUCTURE LIMITED |
Director |
30-09-09 |
27-08-09 |
- |
Active |
NO |
|
26 |
U55101TN1977PLC007261 |
SPENCER
INTERNATIONAL HOTELS LIMITED |
Director |
25-09-10 |
12-10-09 |
- |
Active |
NO |
|
27 |
U74999WB2009PTC140477 |
RP-Sanjiv Goenka
Group Private Limited |
Director |
30-12-09 |
30-12-09 |
- |
Active |
NO |
|
28 |
U74210WB1994PLC066154 |
HALDIA ENERGY
LIMITED |
Director |
30-03-10 |
30-03-10 |
- |
Active |
NO |
|
29 |
U10400UP1995PLC019228 |
GHAZIABAD POWER
COMPANY LIMIED |
Director |
06-04-10 |
06-04-10 |
18-03-11 |
Active |
NO |
|
30 |
U40108WB2010PLC150712 |
Surya Vidyut
Limited |
Director |
28-06-10 |
28-06-10 |
- |
Active |
NO |
|
31 |
U51398WB1976PLC030693 |
OFF-SHORE INDIA
LTD |
Additional
director |
03-11-10 |
03-11-10 |
- |
Active |
NO |
|
32 |
U51909WB2010PTC149064 |
ACCURATE
COMMODEAL PRIVATE LIMITED |
Additional
director |
11-11-10 |
11-11-10 |
- |
Active |
NO |
|
33 |
U40101WB2011PLC157466 |
Jarong
Hydro-Electric Power Company Limited |
Director |
17-01-11 |
17-01-11 |
21-03-11 |
Active |
NO |
|
34 |
U70101WB2011PLC159584 |
CESC
INFRASTRUCTURE LIMITED |
Director |
22-02-11 |
22-02-11 |
- |
Active |
NO |
|
Name : |
Mr. Subhasis Mitra |
|
Designation : |
Additional Director |
|
Address : |
14, |
|
Date of Birth/Age : |
03.04.1953 |
|
Date of Appointment : |
26.12.2007 |
|
DIN No.: |
01277136 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U70101WB2006PLC108175 |
CESC PROPERTIES
LIMITED |
Director |
17-08-07 |
21-02-07 |
- |
Active |
NO |
|
2 |
U51229WB2000PLC154278 |
SPENCER' S
RETAIL LIMITED |
Director |
26-12-07 |
18-04-07 |
- |
Active |
NO |
|
3 |
U70109WB2006PLC111457 |
DHARIWAL INFRASTRUCTURE
LIMITED |
Director |
30-09-09 |
27-08-09 |
- |
Active |
NO |
|
4 |
U93090WB2009PTC138394 |
Myriad Ventures
Private Limited |
Director |
14-09-09 |
14-09-09 |
- |
Active |
NO |
|
5 |
U74999WB2009PTC140477 |
RP-Sanjiv Goenka
Group Private Limited |
Director |
30-12-09 |
30-12-09 |
- |
Active |
NO |
|
6 |
U40108WB2010PLC150712 |
Surya Vidyut
Limited |
Director |
28-06-10 |
28-06-10 |
- |
Active |
NO |
|
7 |
U70101WB2004PLC099945 |
CRESCENT POWER
LIMITED |
Director |
29-09-10 |
06-09-10 |
- |
Active |
NO |
|
8 |
U40101WB2011PLC157466 |
Jarong
Hydro-Electric Power Company Limited |
Director |
17-01-11 |
17-01-11 |
- |
Active |
NO |
|
9 |
U70101WB2011PLC159584 |
CESC
INFRASTRUCTURE LIMITED |
Director |
22-02-11 |
22-02-11 |
- |
Active |
NO |
|
10 |
U74999WB2011PLC163658 |
CESC PROJECTS
LIMITED |
Director |
13-06-11 |
13-06-11 |
- |
Active |
NO |
|
Name : |
Mr. Bhagwati Prasad Bajoria |
|
Designation : |
Director |
|
Address : |
7, |
|
Date of Birth/Age : |
07.06.1929 |
|
Date of Appointment : |
22.07.2009 |
|
DIN No.: |
00075026 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L17119WB1919PLC003429 |
KESORAM
INDUSTRIES LTD |
Director |
03-08-84 |
03-08-84 |
- |
Active |
NO |
|
2 |
L35111WB1939PLC009800 |
TEXMACO LTD |
Director |
05-02-85 |
05-02-85 |
18-09-10 |
Active |
NO |
|
3 |
L27202OR1989PLC002971 |
IFGL
REFRACTORIES LIMITED |
Director |
27-11-91 |
27-11-91 |
10-05-10 |
Active |
NO |
|
4 |
L31901WB1978PLC031411 |
CESC LTD |
Director |
24-11-95 |
24-11-95 |
- |
Active |
NO |
|
5 |
L15494WB1895PLC000963 |
GROB TEA CO LTD |
Director |
20-11-97 |
20-11-97 |
29-04-09 |
Active |
NO |
|
6 |
U51909WB2004PTC127982 |
DANIN
ENTERPRISES PRIVATE LIMITED |
Director |
06-07-04 |
06-07-04 |
03-09-07 |
Active |
NO |
|
7 |
U67120WB1955PTC022269 |
BUDGE BUDGE
INVESTMENT CO PVT LTD |
Director |
17-12-07 |
28-08-07 |
22-12-07 |
Active |
NO |
|
8 |
U51229WB2000PLC154278 |
SPENCER' S
RETAIL LIMITED |
Director |
22-07-09 |
05-08-08 |
- |
Active |
NO |
|
9 |
U29261WB1998PLC087404 |
TEXMACO RAIL
& ENGINEERING LIMITED |
Director |
25-09-10 |
25-09-10 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Soumyajit Roy |
|
Designation : |
Manager |
|
Address : |
|
|
Date of Birth/Age : |
12.10.1967 |
|
Date of Appointment : |
10.05.2011 |
|
|
|
|
Name : |
Mr. Avjit Chakravorty |
|
Designation : |
Secretary |
|
Address : |
Flat 2C Block – 6, |
|
Date of Birth/Age : |
31.01.1973 |
|
Date of Appointment : |
01.11.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 28.07.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Lend Lease Company ( |
|
54960 |
|
Madhusudan Kela |
|
274801 |
|
Anand Kumar Gupta |
|
219841 |
|
Rajendra K. Mishra |
|
82440 |
|
Sanjay Kothari (HUF) |
|
43968 |
|
Sailesh Raj Bhan |
|
5496 |
|
Imran S Contractor |
|
5496 |
|
Omprakash Kuckian |
|
5496 |
|
Manoj Manekji Dand |
|
5496 |
|
Ashwani Kumar |
|
5496 |
|
Novel Suppliers (Private) Limited, |
|
109921 |
|
Mackertich Consultancy Services (Private)
Limited, |
|
54960 |
|
Aniruddh Mundra |
|
24182 |
|
PVS Raju |
|
24732 |
|
|
|
6870 |
|
Sudhanshu Mundra |
|
6595 |
|
Merlin Holding (Private) Limited, |
|
54960 |
|
Aban Investments (Private) Limited, |
|
40671 |
|
SMIFS Capital Markets Limited, |
|
236329 |
|
Mahi Kela (Minor) |
|
54960 |
|
Kanchan Singhania |
|
10992 |
|
Krishna Kothari jointly with Sanjay Kothari |
|
6870 |
|
Adapt Investments Limited, |
|
1 |
|
Adorn Investments Limited, |
|
1 |
|
Trade Apartments Limited, |
|
1 |
|
Rainbow Investments Limited, |
|
1 |
|
Petrochem International Limited,
|
|
1 |
|
Off-Shore India Limited, |
|
1 |
|
Suddepto Deb and Moumita Deb |
|
13740 |
|
Anand Parekh |
|
10992 |
|
Badri Narayan Pilinja |
|
13740 |
|
CESC Limited, |
|
24638103 |
|
|
|
|
|
Total |
|
26012113 |
Equity Share Break up (Percentage of Total Equity)
(AS ON 30.09.2011)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies Corporate |
|
97.00 |
|
Others |
|
3.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailer of Food, Appear, Fashion, Electronics, Lifestyle Products,
Music and Books. |
|
|
|
|
Products : |
·
Home Care Product ·
Office and Home Stationery ·
Apparel and Fashion Accessories ·
Electrical and Electronics ·
Music, Toys and other Entertainment ·
Furniture |
|
|
|
|
Brand Names : |
·
Spencer Smart Choice ·
Tasty Wonders Fabulous Foods ·
Maroon ·
Clean Home ·
Collage Studio (The Stationery Zone) ·
Asankhya ·
Mark Nicolas ·
Scorez ·
Island Marks ·
La Bonita ·
U and I |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
ICICI Bank Limited ·
Kotak Mahindra Bank Limited 36-38-A, Nariman Bhavan, Nariman Point,
Mumbai – 400021, ·
HDFC Bank Limited ITC Centre, 759, Anna
Salai, Chennai – 600002, ·
Scheduled Bank |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Financial Institution : |
·
Infrastructure Development Finance Company
Limited ITC, Center, 3rd Floord, 760
Anna Salai, Chennai – 600002, Tamil |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R Batliboi and Company Chartered Accountant |
|
Address : |
22, |
|
Tel No.: |
91-33-66153400 |
|
Fax No.: |
91-33-22817750 |
|
PAN No: |
AALFS0506L |
|
|
|
|
Holding Company : |
·
CESC Limited L314901WB1978PLC031411 |
|
|
|
|
Subsidiaries : |
·
Music World Retail Limited U15411WB2008PLC124063 ·
Au Bon Pain Cafe India Limited U15411WB2008PLC124062 |
|
|
|
|
Associates (As on 31.03.2009) : |
·
RPG Cellucom India Private Limited (Subsidiary upto 20/09/2007, Associates upto 01.12.2008) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26012113 |
Equity Shares |
Rs.10/- each |
Rs.260.121 Millions |
|
|
|
|
|
Of the above
24638103 Shares are held by the Holding
Company, CESC Limited
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 |
260.121 |
260.121 |
260.121 |
|
|
2] Share Application Money |
7674.500 |
6186.500 |
2480.000 |
|
|
3] Reserves & Surplus |
1157.447 |
1158.447 |
1158.447 |
|
|
4] (Accumulated Losses) |
(5844.219) |
(3259.354) |
(1482.637) |
|
|
NETWORTH |
3247.849 |
4345.714 |
2415.931 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
571.804 |
762.789 |
845.388 |
|
|
2] Unsecured Loans |
3500.000 |
3000.000 |
3500.000 |
|
|
TOTAL BORROWING |
4071.804 |
3762.789 |
4345.388 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
Stock Option Outstanding |
10.952 |
15.005 |
13.228 |
|
|
|
|
|
|
|
|
TOTAL |
7330.605 |
8123.508 |
6774.547 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3007.015 |
3740.019 |
3154.352 |
|
|
Capital work-in-progress |
354.762 |
651.733 |
869.133 |
|
|
|
|
|
|
|
|
INVESTMENT |
882.500 |
803.000 |
10.080 |
|
|
DEFERREX TAX ASSETS |
2463.131 |
1744.554 |
620.157 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1219.795
|
1496.947
|
1758.260 |
|
|
Sundry Debtors |
186.996
|
248.848
|
277.056 |
|
|
Cash & Bank Balances |
135.431
|
277.948
|
282.887 |
|
|
Other Current Assets |
0.550
|
0.849
|
0.480 |
|
|
Loans & Advances |
824.911
|
891.036 |
1748.230 |
|
Total
Current Assets |
2367.683
|
2915.628
|
4066.913 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1641.525
|
1516.739
|
1736.281 |
|
|
Other Current Liabilities |
69.433
|
181.638
|
176.740 |
|
|
Provisions |
32.528
|
33.049
|
33.067 |
|
Total
Current Liabilities |
1743.486
|
1731.426
|
1946.088 |
|
|
Net Current Assets |
624.197
|
1184.202
|
2120.825 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7330.605 |
8123.508 |
6774.547 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8566.158 |
10212.224 |
7681.141 |
|
|
|
Income from Recoveries and Services |
378.145 |
452.851 |
379.685 |
|
|
|
Other Income |
144.148 |
28.915 |
67.290 |
|
|
|
TOTAL (A) |
9088.451 |
10693.990 |
8128.116 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
7531.608 |
9037.348 |
6576.164 |
|
|
|
Personal Expenses |
1052.525 |
1403.505 |
828.983 |
|
|
|
Selling and Administrative Expenses |
2609.331 |
3247.220 |
1769.998 |
|
|
|
Other Expenditure |
431.843 |
(765.525) |
0.000 |
|
|
|
TOTAL (B) |
11625.307 |
12922.548 |
9175.145 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(2536.856) |
(2228.558) |
(1047.029) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
280.842 |
249.140 |
174.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(2817.698) |
(2477.698) |
(1221.850) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
485.744 |
407.867 |
277.424 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
(3303.442) |
(2885.565) |
(1499.274) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(718.577)
|
(1108.848) |
(606.222) |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-H) (I) |
(2584.865) |
(1776.717) |
(893.052) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3259.354) |
(1482.637) |
(589.585) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(5844.219) |
(3259.354) |
(1482.637) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
Capital Goods |
0.000 |
21.823 |
407.729 |
|
|
|
Trading Goods |
11.883 |
119.433 |
59.764 |
|
|
|
IMPORT VALUE |
11.883 |
141.256 |
467.493 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(99.37) |
(68.30) |
(34.33) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(28.44)
|
(16.61)
|
(10.99) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(38.56)
|
(28.26)
|
(19.52) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(61.46)
|
(43.36)
|
(20.76) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.02)
|
(0.66)
|
(0.62) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
1.26
|
2.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
1.68
|
2.09 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
Rs. In Millions |
||
|
|
|
|
|
|
Micro Small and Medium Enterprises |
0.000 |
0.000 |
0.000 |
|
Others |
1641.525 |
1516.739 |
1736.281 |
|
|
|
|
|
|
Total |
1641.525 |
1516.739 |
1736.281 |
NOTE
Registered office of the company has been sifted from “Spencer plaza IV Floor,
769, Anna Salai, Chennai – 600002, Tamil Nadu,
PERFORMANCE REVIEW
During the year,
the company further consolidated its operations by closing down non-viable
stores as well as completely exiting from few cities which had not responded
encouragingly to the organized retailing. The focus on select geographies will
enable the company to further improve its market position by fully leveraging
the back-end infrastructure investment.
Current focus is
in favour of opening large format stores where the economic model is working
well and has high customer acceptance. Performance of the first half of the
year was impacted by the difficult economic scenario which affected the same
store sales growth but at the same time provided an opportunity to the company
to optimize its cost structure across various levels / geographies to become
more cost effective for the coming period.
The company successfully
tested and launched stand-alone stores of international apparel brand BHPC and
find very encouraging response from the consumers. The company has put in place
the aggressive expansion plan for these stores in the coming years. In view of
various measures taken by the company, the loss for the year before exceptional
items and Taxes was Rs.2871 million against Rs.3651 million in the previous
year. The company is confident of much better performance in the coming years.
CURRENT OUTLOOK
Organized
Retailing is only 4.8% of the total retail space and is expected to grow at 25%
CAGR over next 5 years. This is supported by improvement in infrastructure and
improving income level. The convenience, one stop shop and variety are the key
factors in support of organized retailing as confirmed by the consumers under
various market research. By 2020, the organized retailing will become 16% of
the total retailing sector.
Industry
Profitability will continue to be a challenge, the turnover growth is likely to
remain robust. The efficient cost management will be the key for retailers to
deliver the bottom line.
CONTINGENT
LIABILITIES
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
|
|
Contingent liability
not provided for in respect of: |
|
|
|
|
|
|
|
Sales Tax Demands under appeal |
9.345 |
66.113 |
|
Services tax on rent expense/ Income, applicability where of has been
stayed by certain High courts. |
0.000 |
21.386 |
|
Rent towards unexpired lock-in-period on account of closed stores. |
12.298 |
43.243 |
|
Guarantees on behalf of subsidiary company |
15.761 |
18.261 |
|
Estimated amount of Contracts remaining to be executed on capital
account (Net of advances) |
26.800 |
45.246 |
FORM 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51229TN2000PLC046165 |
|
Name of the
company |
Great Wholesale
Club Limited |
|
Address of the registered
office or of the principal place of
business in |
31, Netaji Subhas Road, 1st Floor, Duncan House, Kolkata -
700001, West E-mail Id : |
|
Type of charge |
Book Debts Movable Property |
|
Particular of charge
holder |
ICICI Bank Limited E-mail id : avishek.saraogi@icicibank.com |
|
Nature of
description of the instrument creating or modifying the charge |
Deed of
Hypothecation dated 4 December 2006 executed by Spencer’s Retail Limited
(Formerly – Great Wholesale Club Limited) (“Borrower”) in favour of ICICI
Bank Limited (“Lender”) |
|
Date of
instrument Creating the charge |
04.12.2006 |
|
Amount secured by
the charge |
Rs.750.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest In terms of the
Facility Agreement dated 4 December 2006 executed between Spencer’s Retail
Limited (Formerly Great Wholesale Club Limited) (“Company”) and ICICI Bank
Limited (“Bank”) The rate of
interest for each interest period shall be the % rate per annum, which is the
aggregate of the appliances: a) PLR; and b) Margin; and c) Term Premium Terms of Repayment In term of the
Facility Agreement 4 December 2006 executed between Spencer’s Retail Limited
(Formerly Great Wholesale Club Limited) (“Company”) and ICICI Bank Limited
(“Bank”) The borrower
shall repay the Loans outstanding at the end of the Availability Period in
twenty equal quarterly repayment installments. One Repayment Installment
falling due on each Repayment date. Margin In term of the
Facility Agreement 4 December 2006 executed between Spencer’s Retail Limited
(Formerly Great Wholesale Club Limited) (“Company”) and ICICI Bank Limited
(“Bank”) a) Until
18 month from the first drawdonwn date, (-) 4.75% per annum, and b) (-) 1.75%, per annum thereafter Extent and Operation of the charge In consideration
of the Bank having agreed to lend and advance to the Company the facility,
agreement and declaration by the company, inter alia, as follows: Covenant by the
Company that the Company shall not be in breach of any term, convenant,
representation or warrenty contained in the facility Agreement dated 4
December 2006 executed between Spencer’s Retail Limited (Formerly Great
Wholesale Club Limited) (“Company”) and ICICI Bank Limited (“Bank”) |
|
Short particulars
of the property charged |
A First charge on
all the current assets and movable assets ( tangible and intangible, present
and future) of the Borrower and on all the receivables of the borrower
arising out of, pursuant to or under the Merchant Establishment
Agreements ( including the Credit Receivables Accountant) save and except any
assets situated in or any such receivables arising from, the Hyper Stores of
the borrower situated at Vishkapatnam, |
|
Name of the company |
Great Wholesale
Club Limited |
||||||||
|
Presented By |
M/s Sundaram
Finance Limited, No. 21, |
||||||||
|
1) Date and description of instrument creating the change |
Loan Agreement
Dated 12.12.2005 Cont No. AC-3329 |
||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Total Repayable
Amount Rs.0.638 Million Finance Amount
Rs.0.565 Million Interest Rs.0.073
Million |
||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On the security
of 1. No. 2005- Model- Hyundai-Accent E. No.
G4ED5M129519 CH No.
MALCJ41CR5M144595M |
||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rs.0.637 Million
repayable in 36 Monthly installments ad under.
|
||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Sundaram Finance
Limited, No. 21, |
||||||||
|
6) Date and brief description of instrument modifying the charge |
N.A |
||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A |
FIXED ASSETS
·
Leasehold Improvement
·
Plant and Machinery
·
Computers
·
Motor Vehicles
·
Furniture and Fittings
·
Computer Software
·
License
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.48.93 |
|
|
1 |
Rs.76.52 |
|
Euro |
1 |
Rs.66.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--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 |
|
31 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.