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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
PLANET ‘M’ RETAIL LIMITED (w.e.f 01.09.2007) |
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Formerly Known As : |
MAGICBRIX COMPANY LIMITED |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.02.2007 |
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Com. Reg. No.: |
11-167606 |
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Paid-Up Capital : |
Rs. 11.000 Millions |
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CIN No.: [Company
Identification No.] |
U70102MH2007PLC167606 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM31709G |
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PAN No.: [Permanent
Account No.] |
AAFCM0037P |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Chain of departmental stores |
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No. of Employees : |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Videocon Group. It is an established company
having moderate track. Profitability of the company is under severe pressure.
There appears huge accumulated losses recorded by the company. However, trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED
Management Non-cooperative
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22885106/7 |
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Mobile No.: |
91-9076549657 (Mr. Kuntal) |
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Fax No.: |
Not Available |
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E-Mail : |
abhijit.tikam@planetmretail.com |
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Website : |
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Location : |
Owned |
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Corporate Office
1 : |
Essar Techno Park, Building ‘B’, 1st Floor, Pyramid
Infotech Park, Swan Mill Compound, LBS Marg, Kurla (West), Mumbai – 400070,
Maharashtra, India |
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60006363 |
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Toll – Free : |
1800-425-6363 |
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Email ID : |
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Corporate Office
2 : |
Mittal Court, A Wing, 16th Floor, Nariman Point, Mumbai, |
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Location : |
Owned |
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Corporate Office
3 : |
Tech Web Centre, Ground Floor, |
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Tel No.: |
91-22-42554000 |
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Branches : |
Located at :
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DIRECTORS
As On 28.09.2010
|
Name : |
Mr. Bhaskar Srimanta Kumar Das |
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Designation : |
Additional Director |
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Address : |
C-1, Queens View, 28/30, |
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Date of Birth/Age : |
08.05.1953 |
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Date of Appointment : |
29.06.2007 |
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DIN No.: |
00055594 |
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Name : |
Mr. Padmakar Manjunath Rao |
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Designation : |
Director |
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Address : |
212, Aster, 2nd Floor, Dosti Acress, |
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Date of Birth/Age : |
23.05.1953 |
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Date of Appointment : |
06.02.2007 |
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DIN No.: |
00132048 |
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Name : |
Mr. Sridhar Mahadevan Cranganore |
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Designation : |
Director |
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Address : |
Flat No.7, |
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Date of Birth/Age : |
13.05.1965 |
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Date of Appointment : |
06.02.2007 |
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DIN No.: |
00933083 |
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Name : |
Mr. Saurabh Pradhipkumar Dhoot |
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Designation : |
Director |
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Address : |
Dhoot Bunglow, Station Road, Aurangadad – 431001, Maharashtra, India |
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Date of Birth/Age : |
11.08.1984 |
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Date of Appointment : |
04.08.2008 |
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DIN No.: |
00970362 |
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Name : |
Mr. Suresh Madhava Hegde |
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Designation : |
Director |
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Address : |
51, Plot No. C-1, C-2, Dream Qeen, S.V.P. Road, Santacruz (W), Mumbai
– 400054, Maharashtra, India |
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Date of Birth/Age : |
19.03.1958 |
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Date of Appointment : |
04.08.2008 |
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DIN No.: |
01321882 |
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Name : |
Mr. Vivek Dattatray Dharm |
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Designation : |
Additional Director |
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Address : |
D-31, Shree Ramkrishna Colony, Behind markendaya Society, Savedi,
Ahmednagar – 414001, |
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Date of Birth/Age : |
22.11.1964 |
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Date of Appointment : |
01.04.2008 |
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DIN No.: |
00214361 |
KEY EXECUTIVES
|
Name : |
Mr. Devendra Deshpande |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Next Retail India Limited – India |
|
1099940 |
|
Dhoot Nandlal Venugopal |
|
10 |
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Dhoot Nandlal Pradipkumar |
|
10 |
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Dhoot Pradipkumar Saurabh |
|
10 |
|
Hedge Madhava Suresh |
|
10 |
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Shelgikar Krishnaji Sanjiv |
|
10 |
|
Padmanabhan Subramanian |
|
10 |
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Total |
|
1100000 |
As On 28.09.2010
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Chain of departmental stores |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
HDFC Bank, Branch Manikchi Fort. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
KSS and Company Chartered Accountants |
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Address : |
3801, Barde Lane, Navi Peth, Ahmednagar – 414001, Maharashtra, India |
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Pan No.: |
AAIFK3397A |
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Holding Companies: |
·
Next Retail India Limited (from
01.11.2007) CIN: U51395MH2003PLC143371 |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1100000 |
Equity Shares |
Rs. 10/-
each |
Rs. 11.000
Millions |
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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 |
11.000 |
11.000 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(912.401) |
(513.207) |
(65.285) |
|
|
NETWORTH |
(901.401) |
(502.207) |
(55.285) |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
1999.992 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
1999.992 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
(904.401) |
(502.207) |
1944.707 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
827.993 |
965.318 |
877.633 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
401.791 |
227.498 |
20.778 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
561.288
|
502.848 |
389.718 |
|
|
Sundry Debtors |
28.855
|
11.235 |
31.858 |
|
|
Cash & Bank Balances |
81.950
|
14.659 |
17.159 |
|
|
Other Current Assets |
66.606
|
44.065 |
6.082 |
|
|
Loans & Advances |
174.314
|
663.025 |
874.574 |
|
Total
Current Assets |
913.013
|
1235.832 |
1319.391 |
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
346.649 |
299.200 |
247.520 |
|
|
Other Current Liabilities |
2692.446
|
2625.952 |
20.826 |
|
|
Provisions |
6.103
|
5.703 |
4.749 |
|
Total
Current Liabilities |
3045.198
|
2930.855 |
273.095 |
|
|
Net Current Assets |
(2132.185)
|
(1695.023) |
1046.296 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(902.401) |
(502.207) |
1944.707 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales/ Income from Operations |
1998.593 |
1649.749 |
408.581 |
|
|
|
Other Income |
7.793 |
10.876 |
7.024 |
|
|
|
TOTAL (A) |
2006.386 |
1660.625 |
415.605 |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
1729.697 |
1408.584 |
300.153 |
|
|
|
Salaries, Wages and Employee’s Benefits |
229.394 |
206.828 |
37.912 |
|
|
|
Operating and Other Expenses |
433.985 |
452.328 |
92.496 |
|
|
|
Selling and Distribution Expenses |
56.623 |
46.953 |
3.949 |
|
|
|
TOTAL (B) |
2449.699 |
2114.693 |
434.510 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(443.313) |
(454.068) |
(18.905) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.199 |
74.397 |
27.099 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(443.512) |
(528.465) |
(46.004) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
129.974 |
123.534 |
39.712 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(573.486) |
(651.999) |
(85.716) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(174.292) |
(204.077) |
(20.431) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(399.194) |
(447.922) |
(65.285) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(513.207) |
(65.285) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(912.401) |
(513.207) |
(65.285) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(362.90) |
(414.53) |
(165.77) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(19.90)
|
(26.97) |
(15.70) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(28.69)
|
(39.52) |
(20.97) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(32.94)
|
(29.62) |
(3.86) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.64)
|
(1.30) |
1.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(3.38)
|
(5.84) |
(41.11) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.30
|
0.42 |
4.83 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Due to micro, small and medium enterprises under MSMED Act, 2006 |
0.000 |
0.000 |
0.000 |
|
Due to others |
346.649 |
299.200 |
247.520 |
|
Total |
346.649 |
299.200 |
247.520 |
Operations and
Financial Results:
During the year,
the Company has earned a total income of Rs. 2006.400 Millions as against Rs.
1660.600 Millions for the previous year and total expenditure amounted to Rs.
2579.900 Millions as against Rs. 2312.600 Millions for the previous financial
year. Net Loss after Tax amounted to Rs. 399.200 Millions as against Rs.
447.900 Millions for the previous year.
The Company is
engaged in the business of selling and distribution of music and movies and
related accessories through its own chain of shops Planet 'My across India. The
retail chains are also engaged in distributing and selling of gaming consoles
and handhelds like playstation portable, PS2, PS3, Xbox 360 and also mobile
handsets. During the year, the Company has come out with various lucrative
schemes in order to expand its operations and activities.
Note:
The Registered Office of the company has been
shifted from The Times of India Building,
Fixed
Assets
·
Civil Work
·
Electrical Installation
·
Computers
·
Furniture And Fixtures
·
Office Equipment
·
Vehicle
·
Computer software
·
Goodwill
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.