MIRA
INFORM REPORT
|
Report Date : |
28.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
HYPERCITY RETAIL (INDIA) LIMITED (w.e.f. 30.03.2007) |
|
|
|
|
Formerly Known
As : |
HYPERCITY RETAIL (INDIA) PRIVATE LIMITED (w.e.f. 04.03.2005) RAINBOW RETAIL PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Plot No. C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
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Country : |
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|
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Financials (as
on) : |
31.03.2011 |
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|
|
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Date of
Incorporation : |
27.05.2004 |
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|
|
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Com. Reg. No.: |
11-146577 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2799.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52510MH2004PLC146577 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MIUMR16595F |
|
|
|
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PAN No.: [Permanent Account No.] |
AACCR8461K |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Retail Store Business. |
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No. of Employees
: |
1800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 180000 |
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|
|
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established chain of retail stores. Financial position
of the company is moderate. Profitability is under pressure. There appears to
be huge accumulated losses in the company. However trade relations are fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Rohit Mistry |
|
Designation : |
Assistant in Finance Manager |
|
Contact No.: |
91-9870004370 |
|
Date : |
25.05.2012 |
LOCATIONS
|
Registered Office : |
Plot No. C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400 051, |
|
Tel. No.: |
91-22-26564000 / 26002177 |
|
Mobile No.: |
91-9870004370 (Mr. Rohit Mistry) |
|
Fax No.: |
91-22-26564909 |
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E-Mail : |
prashant.mehta@shppersstop.com
|
|
Website : |
|
|
Location : |
Owned |
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|
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Corporate Office : |
“Paradigm”, A Wing, 1st Floor, Mindspace, |
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Tel. No.: |
91-22-40695555 |
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Fax No.: |
91-22-40032120 |
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Location : |
Owned |
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|
|
|
Retail Stores : |
Located At: ·
Mumbai ·
Thane ·
Jaipur ·
·
·
·
·
|
DIRECTORS
As on 25.07.2011
|
Name : |
Mr. Chandru Lachmandas Raheja |
|
Designation : |
Chairman |
|
Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400 050, |
|
Date of Birth/Age : |
12.10.1940 |
|
Qualification : |
S.S.C. |
|
Date of Appointment : |
27.05.2004 |
|
DIN No.: |
00027979 |
|
|
|
|
Name : |
Mr. Nagesh Satyanarayan Basavanhalli |
|
Designation : |
Vice Chairman |
|
Address : |
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Date of Birth/Age : |
12.04.1959 |
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Qualification : |
M.B.A. |
|
Date of Appointment : |
23.05.2005 |
|
DIN No.: |
00027595 |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400 050, |
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Date of Birth/Age : |
23.09.1971 |
|
Qualification : |
M.B.A. |
|
Date of Appointment : |
27.05.2004 |
|
DIN No.: |
00028044 |
|
|
|
|
Name : |
Mr. Neel Chandru Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400 050, |
|
Date of Birth/Age : |
27.06.1974 |
|
Qualification : |
B.E. Tech |
|
Date of Appointment : |
27.05.2004 |
|
DIN No.: |
00029010 |
|
|
|
|
Name : |
Mr. Deepak Keshav Ghaisas |
|
Designation : |
Director |
|
Address : |
B/61-62, Swapnashilp, |
|
Date of Birth/Age : |
19.11.1957 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
23.09.2010 |
|
DIN No.: |
00001811 |
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|
|
|
Name : |
Mr. Nitin Jagubhai Sanghavi |
|
Designation : |
Director |
|
Address : |
15, |
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Date of Birth/Age : |
28.12.1948 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
23.09.2010 |
|
DIN No.: |
00863107 |
|
|
|
|
Name : |
Mr. Govind Shridhar Shrikhande |
|
Designation : |
Director |
|
Address : |
Flat No. 1801, 18th Floor, Brooke Villa, |
|
Date of Birth/Age : |
07.09.1960 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
26.10.2010 |
|
DIN No.: |
00029419 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat Kanaklal Sanghavi |
|
Designation : |
Company Secretary and Manager |
|
Address : |
202, |
|
Date of Birth/Age : |
05.04.1971 |
|
Date of Appointment : |
01.09.2010 |
|
PAN No.: |
APRPS4260C |
|
|
|
|
Name : |
Mr. Rohit Mistry |
|
Designation : |
Assistant in Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.07.2011
|
Names of Shareholders (Equity) |
|
No. of Shares |
|
Support Properties Private Limited jointly with Anbee Construction
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Cape Trading Private
Limited, |
|
1 |
|
Support Properties Private Limited jointly with Capstan Trading
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Casa Maria Properties
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Palm Shelter Estate
Development Private Limited, |
|
1 |
|
Shopper’s Stop Limited, |
|
484500 |
|
Support Properties Private Limited, |
|
227995 |
|
Eternus Logistics Private Limited, |
|
228000 |
|
Palm Shelter Estate Development Private Limited , |
|
950 |
|
Anbee Construction Private Limited, |
|
950 |
|
Cape Trading Private Limited, |
|
950 |
|
Capstan Trading Private Limited, |
|
950 |
|
Casa Maria Properties Private Limited, |
|
950 |
|
Raghukool Estate Development Private Limited, |
|
950 |
|
|
|
950 |
|
Chandru Lachmandas Raheja |
|
950 |
|
Jyoti Chandru Raheja |
|
950 |
|
Neel Chandru Raheja |
|
950 |
|
Total |
|
950000 |
As on 25.07.2011
|
Names of Shareholders (Preference) |
|
No. of Shares |
|
Casa Maria Properties Private Limited, |
|
279000 |
|
Raghukool Estate Development Private Limited, |
|
279000 |
|
Capstan Trading Private Limited, |
|
279000 |
|
Palm Shelter Estate Development Private Limited, |
|
279000 |
|
Anbee Constructions Private Limited, |
|
279000 |
|
Cape Trading Private Limited, |
|
279000 |
|
Chandru L Raheja |
|
279000 |
|
Jyoti C Raheja |
|
279000 |
|
|
|
279000 |
|
Neel C Raheja |
|
279000 |
|
Shopper’s Stop Limited, |
|
164290000 |
|
Support Properties Private Limited, |
|
66960000 |
|
Eternus Logistics Private Limited, |
|
66960000 |
|
Total |
|
301000000 |
As on 25.07.2011
|
Equity Share
Break up |
Percentage of Holding |
|
Category |
|
|
Bodies corporate |
99.60 |
|
Directors or relatives of Directors |
0.40 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail Store Business |
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Imports : |
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|
Products : |
Furniture |
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Countries : |
·
Malaysia ·
China |
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|
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Terms : |
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Selling : |
L/C |
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|
|
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Purchasing : |
L/C |
GENERAL INFORMATION
|
Customers : |
Wholesaler and Others [Manufacturer]
·
Sony ·
Philips ·
LG ·
Samsung ·
HP ·
Nokia ·
Sony Ericsson ·
Raleigh ·
Inalsa ·
American Tourister ·
Bajaj Appliances ·
Kodak |
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No. of Employees : |
1800 (Approximately) |
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Bankers : |
·
Industrial Development Bank of India Limited, IDBI Tower, WTC
Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India ·
Yes Bank Limited, 9th Floor, Nehru
Centre, Discover of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018,
Maharashtra, India ·
Indian Overseas Bank, Bandra (West) Branch,
Radhaswami Apartments, 36th TPS III, Mumbai – 400 050,
Maharashtra, India ·
Oriental Bank of Commerce, 181-A, Maker Tower (E)
18th Floor, Cuffe Parade, Mumbai – 400 005, Maharashtra, India ·
Industrial Development Bank of India Limited, MIDC Andheri Branch,
Mumbai, Maharashtra, India ·
Kotak Mahindra Bank, Nariman Point Branch,
Mumbai, Maharashtra, India |
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Facilities : |
Notes A.
Secured by exclusive charge on the assets
purchased from the Term Loan and by second charge on the current assets of
the Company, present and future and corporate guarantees of K. Raheja
Corporation Private Limited. B.
includes Rs.120.000 millions secured by first
pari passu charge on current assets, present and future; Rs.124.209 millions
further secured by second pari passu charge on the movable fixed assets,
present and future; Rs.50.000 millions secured by subservient charge on the
movable fixed asset, present and future of the Company. All the loans are
further secured by corporate guarantees from K. Raheja Corporation Private
Limited. C.
This includes bill discounting Rs.11.024 millions
(Previous 29.835 millions) and buyers credit Rs.13.185 millions. Cash Credit
Rs. NIL millions (Previous Year Rs.80.142 millions)
Notes A.
Against personal guarantee given by Promoter
Director and Corporate guarantees of
Pact Real Estate Private Limited. B.
Against Corporate guarantees given by K Raheja
Corporation Private Limited. C.
This includes bill discounting Rs.49.928 millions
(previous year 27.074 millions), loan from holding company Rs1247.800
millions (previous year Rs. 411.545 millions) and Other Loans NIL (previous
year Rs.194.615 millions). |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
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PAN.: |
AACFD4815A |
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Holding Company : |
Shopper’s Stop Limited CIN No. : L51900MH1997PLC108798 |
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Fellow Subsidiaries : |
Crossword Bookstores Limited |
|
|
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|
Companies under
common control / Significant influence : |
·
Avacado Properties and Trading India Private
Limited, ·
Ivory Properties and Hotels Private Limited ·
Ivory Properties and Hotels Private Limited ·
Trion Properties Private Limited, |
|
|
|
|
Joint Venture : |
Gateway Multichannel Retail ( |
CAPITAL STRUCTURE
After 25.07.2011
Authorised Capital : Rs.4100.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.3720.873
Millions
As on 25.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
345000000 |
Preference Shares |
Rs.10/- each |
Rs.3450.000 Millions |
|
|
Total |
|
Rs.3500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500
Millions |
|
301000000 |
Preference Shares |
Rs.10/- each |
Rs.3010.000
Millions |
|
|
Total |
|
Rs.3019.500 Millions |
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares (A) |
Rs.10/- each |
Rs.50.000 Millions |
|
280000000 |
Preference Shares (B) |
Rs.10/- each |
Rs.2800.000 Millions |
|
|
Total |
|
Rs.2850.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
950000 |
Equity Shares (C) |
Rs.10/- each |
Rs.9.500
Millions |
|
279000000 |
Preference Shares (D) |
Rs.10/- each |
Rs.2790.000
Millions |
|
|
Total |
|
Rs.2799.500 Millions |
Notes
A.
5000000 Equity Shares of Rs.10/- each
B.
280000000 7% Preference Shares of Rs.10/- each
C.
950000 Equity Shares of Rs.10/- each :- of the
above 484500 shares are held by Shoppers Stop Limited, the holding Company
D.
i) 257000000 7% Compulsory Convertible Preference
Shares (CCPS) of Rs.10/- each : Of the above 131070000 shares are held by
Shoppers Stop Limited, the holding Company.
ii) (47000000 CCPS were issued during the year)
ii) (210000000 shares were converted from Redeemable to Compulsory
Convertible Preference Shares)
iv) (Five CCPS of Rs.10/- each would be converted into One equity share
of Rs.10/- each, fully paid-up at a premium of Rs.40/- per equity share, on
August 31, 2017 or a prior date at the option of all the CCPS holders together
by giving one month's written notice to the Company)
v) 22000000 7% Cumulative Redeemable Preference Shares of Rs.10/-
each.(To be redeemed on or before March 28, 2016) (Of the above 11220000 shares
are held by Shoppers Stop Limited, the holding Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2799.500 |
2109.500 |
1609.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(2753.877) |
(2067.771) |
(1516.821) |
|
|
NETWORTH |
45.623 |
41.729 |
92.679 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
775.865 |
1335.691 |
815.084 |
|
|
2] Unsecured Loans |
1510.228 |
883.234 |
1555.333 |
|
|
TOTAL BORROWING |
2286.093 |
2218.925 |
2370.417 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2331.716 |
2260.654 |
2463.096 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1445.871 |
1372.960 |
596.502 |
|
|
Capital work-in-progress |
84.789 |
57.502 |
427.312 |
|
|
Expenses awaiting Capitalization |
0.000 |
0.000 |
241.017 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
707.749
|
542.652
|
267.951
|
|
|
Sundry Debtors |
84.247
|
68.854
|
17.306
|
|
|
Cash & Bank Balances |
92.107
|
20.105
|
10.004
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
527.413
|
907.604
|
1233.691
|
|
Total
Current Assets |
1411.516
|
1539.215
|
1528.952
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
519.418 |
623.578 |
324.613
|
|
|
Other Liabilities |
82.511
|
80.039
|
|
|
|
Provisions |
8.531
|
5.406
|
6.074
|
|
Total
Current Liabilities |
610.460
|
709.023
|
330.687
|
|
|
Net Current Assets |
801.056
|
830.192
|
1198.265
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2331.716 |
2260.654 |
2463.096 |
|
%20LIMITED%20-%20181538%2028-May-2012_files/image001.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating Revenue |
5671.569 |
3110.980 |
1960.789 |
|
|
|
Other Income |
36.365 |
242.001 |
133.209 |
|
|
|
TOTAL (A) |
5707.934 |
3352.981 |
2093.998 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
4499.182 |
2473.867 |
2485.964 |
|
|
|
Employee related expenses |
446.069 |
295.805 |
|
|
|
|
Administrative, Selling other expenses
|
1048.549 |
662.318 |
|
|
|
|
TOTAL (B) |
5993.800 |
3431.990 |
2485.964 |
|
|
|
|
|
|
|
|
Less |
LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(285.866) |
(79.009) |
(391.966) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST /
FINANCIAL CHARGES (D) |
273.638 |
395.100 |
161.414 |
|
|
|
|
|
|
|
|
|
|
LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(559.504) |
(474.109) |
(553.380) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
126.602 |
95.347 |
69.517 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL
ITEMS |
0.000 |
18.507 |
238.642 |
|
|
|
|
|
|
|
|
|
|
LOSS BEFORE TAX
(E-F) (G) |
(686.106) |
(550.949) |
(861.539) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
3.711 |
|
|
|
|
|
|
|
|
|
|
LOSS AFTER TAX
(G-H) (I) |
(686.106) |
(550.949) |
(865.250) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(2067.770) |
(1516.821) |
(651.571) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(2753.876) |
(2067.770) |
(1516.821) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
97.329 |
70.835 |
60.600 |
|
|
TOTAL EARNINGS |
97.329 |
70.835 |
60.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Merchandise |
87.189 |
20.609 |
76.641 |
|
|
|
Capital Goods |
8.226 |
2.721 |
95.410 |
|
|
|
Software |
2.755 |
3.354 |
0.000 |
|
|
TOTAL IMPORTS |
98.170 |
26.684 |
172.051 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(925.89) |
(732.04) |
(910.79) |
|
%20LIMITED%20-%20181538%2028-May-2012_files/image002.gif){kind=small}
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover [Approximately] |
|
|
8500.000 |
Expected Sales (2012-13) : Rs.10000.000 Millions.
The above information has been parted by Mr. Rohit Mistry.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(12.02)
|
(16.43)
|
(41.32)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.10)
|
(17.71)
|
(43.94)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(24.01)
|
(18.92)
|
(40.53)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(15.04)
|
(13.20)
|
(9.30)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
63.49
|
70.17
|
29.14
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.31
|
2.17
|
4.62
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS
|
Particulars |
As on 31.03.2011 Rs. in millions |
As on 31.03.2010 Rs. in millions |
As on 31.03.2009 Rs. in millions |
|
Creditors due small micro enterprises |
2.023 |
3.645 |
|
|
Creditors due others |
517.395 |
619.933 |
|
|
Total |
519.418 |
623.578 |
NA |
%20LIMITED%20-%20181538%2028-May-2012_files/image003.gif){kind=small}
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
Yes |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
NOTE
The Registered Office of the company has been
shifted from Construction House, ‘A’
COMPANY BACKGROUND
The Company was
incorporated on May 27, 2004 as a Private Limited Company. The Company became a
Public Limited Company on March 30, 2007. The Company is engaged in the
business of retailing mainly food and grocery, health and beauty products,
fruits and vegetables, homeware and homecare products, furniture, appliances,
multi media, sports, toys and ready made garments. The Company has recently
made a foray into the Real Estate business. As at 31 March 2011, the Company
operated through 9 Hypercity stores located in different
cities of
PERFORMANCE REVIEW
During the year,
the Company opened 2 new hypermarket stores at
SUBSIDIARY COMPANY
OF SHOPPERS STOP LIMITED
During the year,
on June 30, 2010, Shoppers Stop Limited (SSL), has acquired additional 32%
equity share capital and raised its shareholdings to 51% of equity share
capital of the Company, and made the Company a Subsidiary of SSL. SSL has also
acquired certain preference share capital of the Company. As on March 31, 2011,
the 51% of equity and preference share capital of the Company is held by SSL.
SHARE CAPITAL
During the year,
the Authorized Share Capital was increased from Rs. 2250.000 Millions to Rs.
2850.000 Millions divided into Rs. 50.000 Millions of equity share capital
(previous year Rs. 50.000 Millions) and Rs. 2800.000 Millions of preference
share capital (previous year Rs. 2200.000 Millions). The paid up share capital
of the Company has increased from Rs. 2109.500 Millions to Rs. 2799.500
Millions divided into Rs. 9.500 Millions of Equity share capital (previous year
Rs. 9.500 Millions) and Rs. 2790.000 Millions Preference share capital
(previous year Rs. 2100.000 Millions). During the year, 25,70,00,000 7 %
Cumulative Redeemable Preference Shares of Rs. 10 each was converted into 7%
Compulsorily Convertible Preference Shares of Rs.10 each on the agreed terms
and conditions.
FINANCE
During the year,
The Company made part prepayment of terms loans of IDBI Bank Limited and
Oriental Bank of Commerce Limited of Rs. 221.428 Millions and Rs. 400.000
Millions respectively, to bring down the cost of borrowings. Re-payment was
made out of the long term funds infused by the members. The Company continues
with various initiatives for bringing down the cost of borrowings which
includes reduction in working capital, application of various financial
instruments so as to meet short term and long term requirement and reduce
interest cost. During the year, they have entered into financial borrowing
arrangement with Yes Bank Limited; for working capital requirements. They have
also got enhanced borrowing limits from Kotak Mahindra Bank Limited. They
continue to enjoy credit facility from Indian Overseas Bank and IDBI Bank
Limited.
FORM 8
|
This form is for |
Modification of charge |
|
Corporate identity number of the company |
10230974 |
|
Name of the company |
HYPERCITY RETAIL ( |
|
Address of the registered office or of the principal place of business in |
Plot No. C- 30, Block 'G', Opposite SIDBI, Bandra Kurla Complex,
Bandra (East) ,Mumbai - 400051 |
|
Type of charge |
·
Movable property (not being pledge) ·
Floating charge |
|
Particular of charge holder |
YES BANK Limited 9th Floor, Nehru Centre, Discover of CIN No.: L65190MH2003PLC143249 E-Mail : shareholders@yesbank.in |
|
Nature of description of the instrument creating or modifying the
charge |
Supplemental Deed of Hypothecation dated October 12, 2011 |
|
Date of instrument Creating the charge |
12.10.2011 |
|
Amount secured by the charge |
Rs.500.000 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest Cash Credit: Floating 3.25% above YBL's Base Rate prevailing from time
to time. Other Facilities: To be decided at the time of disbursement. Terms of repayment CC/WCDL - on demand. RSTL - at the end of the tenor Others – NA Margin Margin on Cash Credit (CC), Working Capital Demand Loan (WCDL):
0.25 of (Book debts less than 90 days
plus stock minus Creditors) Margin on Bill Discounting: 10 percent of the Invoice Value Extent and operation of the charge Subservient charge on Movable Fixed Assets of the Borrower |
|
Short particulars of the property |
subservient charge on movable Fixed Assets of the Borrower including
Plant and Machinery located at various locations across |
|
Particulars of the present modification |
Vide Supplemental Deed of Hypothecation dated October 12, 2011, Yes Bank
Limited has enhanced the credit facilities from Rs.250.000 millions to
Rs.500.000 millions. |
CONTINGENT
LIABILITIES (As on 31.03.2011)
·
Claims against the Company not acknowledged as
debts Rs.75.580 millions
1.
-Income Tax matters Rs.34.703 millions
2.
-Third Party Contractual claims Rs.40.877 millions
·
Unpaid dividend on cumulative preference shares
Rs.404.316 millions
·
Pursuant to levy of service tax on renting of
immoveable properties given for commercial use, retrospectively with effect
from 1 June 2007 by the Finance Act, 2010, the Company has, based on a legal
advice, challenged the said levy and, inter-alia, its retrospective application
in various High Courts. An interim stay has been granted by various High Courts
from recovery of the said service tax and the matter is pending. Accordingly,
the Company has not provided for service tax aggregating to Rs.26.911 millions
for the retrospective period upto 31 March 2010, which will be appropriately
recognized on final determination.
FIXED ASSETS:
·
Leasehold Improvement
·
Plant and Machinery
·
Office Equipments
·
Furniture and Fixtures
·
Computer Equipments
·
Vehicles
·
Electrical Installation
NEWS:
HYPERCITY RETAIL
PARTNERS WITH ORACLE FOR INVENTORY MANAGEMENT TECH
19 APRIL 2012
Hypercity Retail India Limited, the hypermarket arm of Shoppers Stop Limited, has partnered with Oracle Retail Solutions to ramp up its in-store technology system for better management of inventory, store data, orders, promotions, payments, delivery and customer services.
This partnership will help the large-format retailer improve centralized inventory, financial processes and information governance across store locations, and reduce their integration costs. Oracle's point-of-service, central and back office applications will enable Hypercity to create a single platform for its hypermarket operations.
"This will help us offer a more personalized experience to our customers, and help us match their demands with our merchandise, daily promotions and other services," said Mark Ashman, chief executive officer of Hypercity. "It will also help us in optimizing our store operations and improving store-level functionality."
In a highly competitive retail environment, retaining customers is critical and most retail companies have been looking to make better use of advanced technology, in order to improve backend operations as well as point-of-sale services.
"Hypercity's approach to leveraging technology to build an experience platform that delivers a more holistic view of its stores, inventory and customer information will be the key to driving business performance and optimising the customer experience,” said Mike Webster, senior vice president and general manager, Oracle Retail.
HYPERCITY DEPLOYS
ORACLE RETAIL TO OPTIMISE STORE OPERATIONS
19 APRIL 2012
HyperCity Retail India has implemented Oracle Retail solutions to
integrate retail store operations and help deliver better insight into its
12-store hypermarket business to optimise sales, profitability, and customer
service initiatives.
Commenting on the move, Mark Ashman, CEO, HyperCity Retail India, said: “Our
investment in Oracle Retail solutions is enabling us not only to provide a more
consistent customer experience in stores but also to optimise our performance
by better matching consumer demand with merchandising and operational
requirements. Ultimately, this will help HyperCity to continue to deliver that
differentiated and superior shopping experience that we are committed to
providing.”
According to the company officials, Oracle Retail's point-of-service,
central, and back office will enable HyperCity to create a single, centralised
platform for hypermarket operations to deliver a consolidated and accurate view
of store data, customer information, compliance analysis, and item performance.
HyperCity has integrated Oracle Retail Stores applications with its existing
Oracle E-Business Suite Financials, Oracle's PeopleSoft Human Capital
Management, and Oracle Data Integrator to improve and leverage centralised
inventory and financial processes and information governance across store
locations, and reduce integration costs.
“HyperCity has distinguished itself as a leader in using the power of
technology to provide an excellent experience to its customers with great
product availability, attractive promotions and quick check outs. Hypercity is
a valuable addition to our list of successful retailers worldwide using Oracle
technology,” said Mukesh Mathur, Executive Director and Business Head, Oracle
Retail India.
“In the highly competitive Indian retail environment, retaining customers is
critical,” said Mike Webster, Senior Vice President and General Manager, Oracle
Retail.
Webster further added: “HyperCity’s approach to leveraging technology to build
an experience platform that delivers a more holistic view of its stores,
inventory and customer information is key to driving business performance and
optimising the customer experience.”
In addition, Oracle Retail solutions will integrate the existing Discovery Club
customer loyalty programme and employee discount interfaces to allow HyperCity
to coordinate activities, manage compliance, and provide a comprehensive view
of the business.
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.55.73 |
|
|
1 |
Rs.87.26 |
|
Euro |
1 |
Rs.69.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
-- |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.