MIRA
INFORM REPORT
|
Report Date : |
30.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE VALUE RETAIL LIMTED (w.e.f. 16.11.2009) |
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Formerly Known as : |
PANTALOON FUTURE VENTURES LIMITED |
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Registered Office : |
Knowledge House, Shyam Nagar, |
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Country : |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
11.06.2007 |
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Com. Reg. No.: |
11-171524 |
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Capital Investment
/ Paid-up Capital : |
Rs. 664.999 millions |
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CIN No.: [Company
Identification No.] |
U52100MH2007PLC171524 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF05801F |
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PAN No.: [Permanent
Account No.] |
AAECP3041P |
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Legal Form : |
A Closely Held Pubic Limited Liability Company |
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Line of Business : |
Retail Chain Business of Food and Other items |
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No. of Employees : |
15 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 45600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of Pantaloon Retail ( It is an established company having fine track. The company is doing well. Trade relations are
fair. Business is active. Payments are reported to be regular and as per
commitments. 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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rahul Gupta |
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Designation : |
Assistant Manager |
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Contact No.: |
91-124-4641000 |
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Date : |
29.05.2012 |
LOCATIONS
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Registered Office / Zonal Office 2 : |
Knowledge House, Shyam Nagar, |
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Tel. No.: |
91-22-30841300 / 67840400 |
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Fax No.: |
91-22-66442222 / 67840400 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Zonal Office 2 : |
Plot No.82, Sector-32, Gurgaon, Haryana, India |
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Tel No.: |
91-124-44641000 |
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E-mail: |
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Website: |
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Branch Offices : |
Located at:
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DIRECTORS
AS ON 30.06.2011
|
Name : |
Mr. Chandra Prakash Toshniwal |
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Designation : |
Director |
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Address : |
A-603,Kanishka, Great Eastern Link, |
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Date of Birth/Age : |
20.09.1966 |
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Date of Appointment : |
11.06.2007 |
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DIN : |
00036303 |
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Name : |
Mr. Shailesh Vishnubhai Haribhakti |
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Designation : |
Director |
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Date of Birth/Age : |
12.03.1956 |
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Date of Appointment : |
27.08.2010 |
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DIN : |
00007347 |
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Name : |
Mr. Ashni Biyani |
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Designation : |
Additional Director (w.e.f. 6 January 2011) |
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Name : |
Mr. Vivek Biyani |
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Designation : |
Additional Director (w.e.f. 6 January 2011) |
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Name : |
Mr. Damodar Mall |
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Designation : |
Additional Director (w.e.f. 13 May 2011) |
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Name : |
Ms. Rajni Bakshi |
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Designation : |
Additional Director (w.e.f. 6 January 2011) |
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Name : |
Ms. Ranjana Kumar |
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Designation : |
Additional Director (w.e.f. 6 January 2011) |
KEY EXECUTIVES
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Name : |
Mr. Laxmikant Somani |
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Designation : |
Finance Officer |
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Name : |
Mrs. Rupali M Bhutade |
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Designation : |
Secretary |
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Date of Appointment : |
01.06.2010 |
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PAN : |
AGVPB8438J |
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Name : |
Mr. Amit Kumar |
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Designation : |
Head-Fashion @ Big Bazaar |
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Name : |
Mr. Sanjeev Agrawal |
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Designation : |
Joint CEO - FVRL |
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Name : |
Mr. Dupindera Sand hit |
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Designation : |
GM - Category (Food
Bazaar) |
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Name : |
Mr. Sadashiv Nayak |
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Designation : |
Joint CEO - FVRL |
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Name : |
Mr. G. R Venkatesh |
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Designation : |
Head -People Office |
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Name : |
Mr. Venkateshwar Kumar M |
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Designation : |
Vice President-South |
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Name : |
Mr. Hans Udeshi |
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Designation : |
CEO - General
Merchandising |
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Name : |
Mr. Rajiv Nambiar |
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Designation : |
Chief People
Officer-Talent Design and Development |
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Name : |
Ms.Suzette Sugathan |
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Designation : |
Business Head - Health
& Beauty |
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Name : |
Mr. Upamanyu Bhattacharya |
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Designation : |
CEO-KB's Fair Price |
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Name : |
Mr. Vinod Bajaj |
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Designation : |
Head - Business Development,
Food Business |
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Name : |
Mr. Saurabh Bhushan
Chadha |
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Designation : |
Head - Operations |
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AUDIT COMMITTEE |
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Name : |
Mr. C P Toshniwal |
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Designation : |
Chairman |
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Name : |
Mr. Vivek Biyani |
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Designation : |
Member (w.e.f. 6 January 2011) |
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Name : |
Mr. Damodar Mall |
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Designation : |
Member (w.e.f. 13 May 2011) |
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Name : |
Mr. Raghu Pillai |
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Designation : |
Member (w.e.f. 6 January 2011 upto 10 April 2011) |
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Name : |
Mr. Rajesh Kalyani |
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Designation : |
Member (upto 6 January 2011) |
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Name : |
Mr. Sanjay Rathi |
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Designation : |
Member (upto 6 January 2011) |
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Name : |
Mr. Rahul Gupta |
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Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.08.2010
|
Names of Shareholders |
No. of Shares |
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Pantaloon Retail ( |
66499905 |
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Pantaloon Retail ( |
1 |
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Pantaloon Retail ( |
1 |
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Pantaloon Retail ( |
1 |
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Pantaloon Retail ( |
1 |
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Pantaloon Retail ( |
1 |
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Pantaloon Retail ( |
1 |
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Pantaloon Retail ( |
1 |
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Total |
66499912 |
AS ON 28.08.2010
|
Equity Share
Breakup Category |
Percentage |
|
Bodies corporate |
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Retail Chain Business of Food and Other items |
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Brand Names : |
Big Bazaar |
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Terms : |
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Selling : |
Depends / 21 to 45 Days / NEFT |
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Purchasing : |
Depends / NEFT |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
15 [Approximately] |
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Bankers : |
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Facilities : |
Rs. In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
NGS and Company Chartered Accountant |
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Address : |
B-46, 3rd Floor, Pravasi Industrial Estate, |
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Holding Company : |
Pantaloon Retail ( CIN No.: L52399MH1987PLC044954 |
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Subsidiaries |
Future
Fresh Foods Limited |
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Associates : |
Galaxy Entertainment Corporation Limited |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100,000,000 |
Equity Shares |
Rs. 10 each |
Rs. 1000.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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66,499,912 |
Equity Shares |
Rs. 10 each |
Rs. 665.000 millions |
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Note:
Out of above 66499912 equity shares of Rs. 10 each
fully paid up are held by Pantaloon Retail India Limited, the holding company
26399912 equity shares of RS. 10 each fully
paid up allotted as fully paid up Bonus share by capitalization of shares
premium
FINANCIAL DATA
[All figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 (12 Months) |
30.06.2010 (15 Months) |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
665.000 |
665.000 |
21.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10748.600 |
9618.600 |
264.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(1.928) |
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NETWORTH |
11413.600 |
10283.600 |
283.072 |
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LOAN FUNDS |
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1] Secured Loans |
16945.100 |
12976.300 |
0.000 |
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2] Unsecured Loans |
10077.100 |
2313.400 |
0.000 |
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TOTAL BORROWING |
27022.200 |
15289.700 |
0.000 |
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DEFERRED TAX LIABILITIES |
780.000 |
563.000 |
0.000 |
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TOTAL |
39215.800 |
26136.300 |
283.072 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15937.800 |
12070.300 |
0.000 |
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Capital work-in-progress |
2383.100 |
2240.700 |
0.000 |
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INVESTMENT |
99.800 |
2.400 |
283.048 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18229.700
|
11325.400
|
0.000 |
|
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Sundry Debtors |
1965.600
|
1475.000
|
0.000 |
|
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Cash & Bank Balances |
409.500
|
634.800
|
0.043 |
|
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Other Current Assets |
0.000
|
0.000
|
0.000 |
|
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Loans & Advances |
9586.600
|
6060.900
|
0.000 |
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Total
Current Assets |
30191.400
|
19496.100
|
0.043 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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Sundry Creditors |
4146.700 |
3074.700 |
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Current Liabilities |
5039.200
|
4404.900
|
0.019 |
|
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Provisions |
210.400
|
193.600
|
0.000 |
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Total
Current Liabilities |
9396.300
|
7673.200
|
0.019 |
|
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Net Current Assets |
20795.100
|
11822.900
|
0.024 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
39215.800 |
26136.300 |
283.072 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 (12 Months) |
30.06.2010 (15 Months) |
31.03.2009 |
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SALES |
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|
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Sales and Operating Income |
69148.300 |
29917.100 |
0.000 |
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Other Income |
37.700 |
11.000 |
0.200 |
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TOTAL (A) |
69186.000 |
29928.100 |
0.200 |
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Less |
EXPENSES |
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|
|
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Cost of goods sold |
51777.900 |
22430.500 |
0.000 |
|
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Operating and other Expenses |
9443.300 |
4071.600 |
0.300 |
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Personal Expenses |
2664.000 |
1144.600 |
0.000 |
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TOTAL (B) |
63885.200 |
27646.700 |
0.300 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5300.800 |
2281.400 |
(0.100) |
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Less |
FINANCIAL
EXPENSES (D) |
2397.000 |
1030.300 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2903.800 |
1251.100 |
(0.100) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1211.700 |
504.400 |
0.000 |
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1692.100 |
746.700 |
(0.100) |
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|
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Less |
TAX (H) |
562.100 |
240.700 |
0.000 |
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|
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PROFIT AFTER TAX
(G-H) (I) |
1130.000 |
506.000 |
(0.100) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
254.100 |
(1.900) |
(1.800) |
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Less |
APPROPRIATIONS |
|
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|
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|
Debenture Redemption Reserve |
250.000 |
250.000 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1134.100 |
254.100 |
(1.900) |
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings through credit cards |
204.200 |
92.100 |
0.000 |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
220.300 |
32.400 |
0.000 |
|
|
|
Finished Goods |
1077.400 |
222.200 |
0.000 |
|
|
TOTAL IMPORTS |
1297.700 |
254.600 |
0.000 |
|
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|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
16.99 |
13.99 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 (12 Months) |
30.06.2010 (15 Months) |
31.03.2009 |
|
PAT / Total
Income |
(%) |
1.63
|
1.69
|
(50.00) |
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|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.45
|
2.49
|
(17.28) |
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|
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.67
|
2.36
|
(232.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.07
|
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.19
|
2.23
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.21
|
2.54
|
2.26 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
30.06.2011 (12 Months) |
30.06.2010 (15 Months) |
31.03.2009 |
|
Sundry Creditors |
4146.700 |
3074.700 |
NA |
|
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 |
No |
|
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 |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
COMMENCEMENT OF VALUE
RETAIL BUSINESS
The Company is
100% subsidiary of Pantaloon Retail (
BUSINESS OVERVIEW,
GROWTH AND EXPANSION
The Company
is engaged in Value Retail Business since 1st January, 2010 as part of the
realignment initiative of the Future Group and its holding company Pantaloon
Retail (
During
the year, the Company opened new 26 Food Bazaars including SIS located within
the 19 new Big Bazaar stores between July 2010 and June 2011. In addition to
the above, other formats of the Company also saw a good growth in terms of
numbers as well as turnover.
A
crucial roll out for the forthcoming year is the launch of Food Hall - an
upgraded food store catering to a more evolved set of customers willing to pay
a higher price for more value added food products as well as international food
ingredients.
The
management is also concentrating in increasing its presence in fashion through
"fashion at Big Bazaar" [f@bb], providing multiple choice to value customer in fashion
segment.
With
such initiative and many more to be added, Management is positive of the growth
of the business and Company.
HOLDING
COMPANY
The
Company is 100% subsidiary of Pantaloon Retail (
DIRECTORS
With deep regret, we report the sad
and sudden demise of Mr. Raghu Piilai, then Executive Director, on 10 April
2011. Mr. Raghu Pillai was associated with the Company since December, 2010. In the short stint he had given right direction
to the Company operations. The Board places on record its appreciation for
contribution of Mr. Raghu Pillai during his tenure as Executive Director of the
Company. As per the applicable provisions of the Companies Act, 1956, the
resolution for approving his appointment for the period of his service and
remuneration paid to him during that period has been submitted to the members
for their consideration with recommendation of the Board.
During the year, the Board
had co-opted Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni Bakshi and Ms.
Ranjana Kumar as Additional Directors of the Company with effect from 6 January
2011.
Further the Board had appointed
Mr. Damodar Mall as an Additional Director of the Company with effect from 13
May 2011. He has further been appointed as Executive Director for a period of 3
years with effect from 13 May 2011 in accordance with the recommendation of the
Remuneration and Nomination Committee. As per the applicable provisions of the
Companies Act, 1956, the resolution for approving his appointment and
remuneration payable to him is being submitted to the members for their
consideration with recommendation of the Board.
During the year, Mr. Sanjay
Rathi and Mr. Rajesh Kalyani resigned from the Directorship of the Company with
effect from 6 January 2011. The Board wishes to place on record its
appreciation for the valuable services rendered by them during their tenure.
In terms of Section 255 and
256 the Companies Act, 1956, Mr. C P Toshniwal retires at the ensuing Annual
General Meeting of the Company and being eligible, offers himself for the
appointment as Director.
In terms of section 260 of the
Companies Act, 1956, Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni S Bakshi,
Ms. Ranjana Kumar and Mr. Damodar Mall hold office as Additional Directors till
the date of ensuing annual general meeting. The Company is in receipt of
notices pursuant to the provisions of Section 257 of the Companies Act, 1956
read with Articles of Association of the Company from the members proposing the
candidature of Ms. Ashni Biyani, Mr. Vivek Biyani, Ms. Rajni S Bakshi, Ms.
Ranjana Kumar and Mr. Damodar Mall for the appointment as Directors liable to
retire by rotation.
Contingent
Liabilities : [As on 30.06.2011]
- Amount outstanding for guarantees given by
banks on behalf of the company and group companies is Rs 90.400 Millions
(2010: Rs. 34.900 Millions)
- Amount outstanding for Corporate guarantee
given to banks on behalf of Holding company is Rs.613.200 Millions (2010 :
Rs.NIL)
- Claims against the company not acknowledged as
debts : Rs. 02.400 Millions (2010: Rs.Nil)
FIXED ASSETS:
·
Building and Leasehold Improvement
·
Plant and Machinery
·
Office Equipments
·
Computers and Software
·
Furniture and Fittings
·
Vehicles
·
Air Conditioners
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U52100MH2007PLC171524 |
|
Name of the
company |
FUTURE VALUE RETAIL LIMTED |
|
Address of the
registered office or of the principal place of business in |
Knowledge House, Shyam Nagar, |
|
This form is for |
Creation of
charge |
|
Type of charge |
|
|
Particular of
charge holder |
Axis Bank, 2nd Floor E Wing, Axis House, Bombay Dying Mills
Compound, Pandurang Budhkar Marg, Worli, Mumbai 400025, Maharashtra, India |
|
Nature of
instrument creating charge |
Indenture of
Mortgage dated 25th March 2011 between the Company and Axis Bank
Limited(security trustee) |
|
Date of
instrument Creating the charge |
25.03.2011 |
|
Amount secured by
the charge |
Rs. 1250.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest mutually agreed
between Company and the Lender Terms of repayment As per sanction
letter. Extent and operation of the charge The Company has
created residual charge on fixed assets (both movable and immovable) and
current assets in favour of Axis Bank Limited (security Trustee) to secure
the repayment of the working capital facilities of Rs. 1250.000 millionss
with all interest, fees, premia, cost, charges, expenses. |
|
Short particulars
of the property charged (Including location of the property) |
Residual Charge
on fixed asset of the Company situated at Flat no 10 1, Building Ostwal Empire, Boisar, Tal
Palghar, District Thane and on current assets of the Company |
WEBSITE DETAILS:
Overview
Subject is a wholly owned subsidiary of
Pantaloon Retail (India) Limited. This entity has been created keeping in mind
the growth and the current size of the company’s value retail business, led by
its format divisions, Big Bazaar and Food Bazaar.
The company operates 120 Big Bazaar stores,
170 Food Bazaar stores, among other formats, in over 70 cities across the
country, covering an operational retail space of over 6 million square feet. As
a focused entity driving the growth of the group's value retail business,
Future Value Retail Limited will continue to deliver more value to its
customers, supply partners, stakeholders and communities across the country and
shape the growth of modern retail in India.
Milestones
2009
Pantaloon Retail celebrates its first Shopping
Festival across all retail formats in key Indian cities.
2008
Big Bazaar crosses the 100-store mark, marking
one of the fastest expansions of the hypermarket format anywhere in the world.
2007
Pantaloon Retail wins the International
Retailer of the Year award at US-based National Retail Federation convention in
New York, and Emerging Retailer of the Year award at the World Retail Congress
held in Barcelona.
2006
Home Town, the home building and improvement
products retail chain, is launched along with consumer durables format Ezone
and furniture chain Furniture Bazaar.
2004
Pantaloon Retail launches India’s first
seamless mall, Central, in Bangalore.
2002
Food Bazaar, the supermarket chain is
launched.
2001
Pantaloon Retail launches three Big Bazaar
stores within a span of 22 days in Kolkata, Bangalore and Hyderabad.
1997
Pantaloon Retail enters modern retail with the
launch of the first 8000-sq. ft. store Pantaloons in Kolkata.
1994
The Pantaloon Shoppe, our exclusive menswear
store in a franchisee format is launched across the nation. The company starts
distribution of branded garments through multi-brand retail outlets across the
nation.
1992
Pantaloon Retail India Limited makes an Initial
public offer (IPO).
1991
BARE, an Indian denim brand is launched.
1987
The company is incorporated under the name of
Manz Wear Private Limited
Pantaloons, one of India’s first formal
trouser brands, is launched.
PRESS RELEASE:
Pantaloon Retail to be unaffected by business demerger: Fitch
May 28, 2012,
MUMBAI/SINGAPORE: Fitch Ratings says the
proposed demerger of the Pantaloon format business (Pantaloon Retail and
Pantaloon Factory outlets) is not expected to impact the credit profile of
Pantaloon Retail India Limited (PRIL, 'Fitch A-(ind)'/Stable) and Future Value
Retail Limited (FVRL, 'Fitch A-(ind)/Stable).
Aditya Birla Nuvo Limited (ABNL) has proposed
to acquire a controlling interest in the new entity post demerger.
Fitch expects that post demerger lower
inventory requirements and a shift towards lower discretionary retail format
accruing to PRIL will be counterbalanced by a decline in its operating
profitability, resulting in no immediate credit impact.
Fitch expects PRIL's (excluding the Pantaloon
format business) overall fixed charge ratio (operating EBITDAR/net interest
expense + rents) to remain in the range of 1.1x to 1.3x, a level consistent
with the present ratings.
The current positive rating guidelines include
an improvement in PRIL's operating parameters (such as inventory turns and
operating margins) leading to lower adjusted leverage levels of around 5x and
higher fixed charge of above 1.5x on a sustained basis.
Negative rating guidelines include a weakening
in same-store-sales growth (SSSG), resulting in lower EBITDA margins or
higher-than-expected debt-led capex/investment in its core
business/subsidiaries, leading to adjusted leverage exceeding 7.0x on a
sustained basis.
ABNL will subscribe to PRIL's Rs 8000.00
Millions optionally fully convertible debentures (OFCDs), and subsequently the
Pantaloon format business will be demerged to a separate entity. The OFCDs
along with PRIL's additional debt of Rs 8000.000 Millions is likely to be
transferred to the new entity.
Fitch expects the infusion of Rs 8000.000
Millions from ABNL (which will be initially in the form of debt and would be
converted into equity in the new entity) to provide a liquidity cushion and be
used largely to refinance existing debt.
Post demerger, PRIL on a standalone basis will
continue to own formats such as Central, e-Zone, Home Town and other lifestyle
formats. Fitch will continue to analyse the residual portion of PRIL's retail
business on a consolidated basis, including FVRL and other retail related
subsidiaries and excluding Future Capital Holdings Limited
On the basis of 9MFY12 (nine months ended
March) results, an estimated 14 percent of PRIL's (pre-transaction) revenue and
19 percent of EBITDA will move to the new company. PRIL's post-transaction
revenue would be driven by FVRL which is likely to contribute 70 percent to the
overall sales mix.
Typically, PRIL has generated lower EBITDA
margins in its value business (around 7 percent-8 percent) than in its
lifestyle counterpart (around 11 percent-12 percent), despite the former being
less working capital intensive (especially inventory) compared with the
lifestyle business. Additionally, lower capex execution and improved cash flows
are expected to result in lower debt requirement in future.
For 9MFY12, PRIL's core retail revenue grew
8.3 percent yoy to Rs 88300.000 Millions (9MFY11: Rs 81500.000 Millions) with
an EBITDAR margin of 15.9 percent (9MFY11: 15.2 percent) and profit after tax
of Rs 585.300 Millions (9MFY11: Rs 14050.000 Millions).
PRIL's value, lifestyle and home segments
registered SSSG in full of 3.2 percent, 5.1 percent and negative 2.7 percent,
respectively during the same period.
Warburg may buy stake in Future Cap via Future Value Retail
May 22, 2012
Private equity major Warburg Pincus is likely
to acquire a controlling stake in Kishor Biyani's non-banking financial
company, Future Capital Holdings by buying majority stake in Future Value
Retail.
Pantaloon will transfer its entire stake in
Future Capital to Future Value Retail, sources told CNBC-TV18's Kritika Saxena.
Post the deal, Warburg will indirectly hold more than 25% in Future Capital.
According to sources, the US-based private
equity company is likely to pay Rs 160-175 per share for FCH, valuing the deal
at Rs.6000.000 Millions. The Future Group was also in discussion with other PE
players, including Bain Capital, for selling its stake in FCH.
Post the stake sale, the consolidated debt of
Future Group is likely to go below Rs 20000.000 Millions, from Rs 70000.000
Millions currently.
Warburg Pincus, however, said it cannot
discuss deal-related investment activities as the firm is bound by internal
operational policies. On the other hand, Future Capital said it was still in
talks with potential investors for a sale, adding that it will not comment on
speculation.
The Future Capital deal will be the second
that the Biyanis have announced within a week, aimed at easing the debt burden
of the group.
The sale of the Pantaloon format business of
Pantaloon Retail India Limited to Aditya Birla Nuvo Limited was announced
earlier this month. Pantaloon Retail had Rs 28260.000 Limited of debt on its
books as of December 31, 2011.
Future Capital had debt of Rs 25000.000
Limited as of March 31, 2011. Another chunk of debt is held in the unlisted arm
Future Value Retail Limited.
The company has been struggling to cope with
its high debt, which has more than doubled over the last two years.
Pantaloon Retail to transfer 53.67 percent to Future Capital
May 14, 2012
NEW DELHI: Future Group firm Pantaloon Retail
India (PRIL) will transfer its 53.67 per cent stake in Future Capital Holdings
Limited to Future Value Retail (FVRL).
Future Value Retail is a wholly-owned
subsidiary of Pantaloon Retail (India) Limited
The proposed transfer will be completed within
90 days starting May 18, 2012, Future Capital Holdings said in a BSE filing.
Around 3.4 crore shares would be transferred
by PRIL to FVRL at a weighted average market price of Rs 133.89.
Shares of Future Capital Holdings Limited
closed at Rs 135.20 apiece, down 0.33 per cent from the previous close on the
BSE.
Big Bazaar launches its first store in Zirakpur
Aditya Birla Nuvo to invest Rs 16000.000 Millions in Pantaloon stores
April 30, 2012:
NEW DELHI: Kishore Biyani-led Future Group on
Monday said Aditya Birla Nuvo Limited will infuse Rs 16000.000 Millions into
its flagship 'Pantaloon' and will acquire a majority stake in the store chain,
which will later be demerged to be listed as a separate entity.
The group's flagship firm, Pantaloon Retail
India Limited (PRIL) currently operates the 'Pantaloon' chain of fashion
apparel and accessories stores.
As a part of the deal between the two
companies, the Pantaloon format will be demerged from PRIL, a listed entity on
the BSE and National Stock Exchange.
"The demerged entity, subject to
necessary and statutory approvals, will invite an investment from Aditya Birla
Nuvo Limited (ABNL)," PRIL said in a statement.
ABNL will subscribe to debentures amounting to
Rs 8000.000 Millions issued by PRIL and on completion of the demerger process,
the debentures will convert into equity in the demerged entity of the Pantaloon
format.
Besides, ABNL will also take care of Rs 8000.000
Millions debt of Pantaloon, the statement said.
"The existing shareholders of PRIL,
including its promoters will continue to own shares in the demerged entity.
Post demerger, the total debt of Pantaloon Retail will reduce by Rs 16000.000
Millions," the statement said.
In a separate statement, ABNL said it will
make an open offer of a minimum 26 per cent to the shareholders of the
resulting entity.
"After the listing of the resulting
entity and on conversion of debentures into equity, ABNL's holding in the
resulting entity post open offer shall be a minimum of 50.01 per cent. The
resulting entity will become a subsidiary of ABNL," it added.
Commenting on the development, ABNL Chairman,
Kumar Mangalam Birla said: "The proposed acquisition is in line with our
strategic intent to be on the top of the league and to create the largest
integrated branded fashion player in the country through an extension into the
value segment."
The proposed transaction is likely to be
completed within eight to 10 months, subject to the finalisation of the Scheme
of Arrangement, due diligence and statutory and other requisite approvals, the
statement added.
Launched in 1997, the Pantaloon format is
spread in 35 cities with 65 stores and 21 factory outlets covering total retail
space of over 2 million square feet.
Future Group operates a number of retail
chains including Pantaloons, Central, Big Bazaar, Food Bazaar, Home Town and
eZone and also has allied businesses in consumer finance, life and non-life
insurance, logistics infrastructure and supply chain and brand development.
Big Bazaar Redefines the Concept of Customer Service
Launches its Seva Initiative – where the customer is truly King!
Bengaluru, February 23, 2012
The hypermarket retail chain of Future Group, launched
the new Rajajinagar Family Centre outlet with a format that promises to
revolutionize the history of Indian retail. Focusing on its unique service
offering ‘Seva’, the Rajajinagar outlet will redefine the way customers shop
henceforth.
Radiating ‘Seva’ warmth to all its customers,
the new Big Bazaar format will be seen offering services that will redefine the
time spent in Indian kitchens henceforth. Not only will the new Big Bazaar
store offer customer services that are unique and exemplary, but will also be
focusing on going back to our traditional roots.
A few of the sevas that will be on offer are
free cutting and dicing of vegetables purchased, in different styles, according
to specifics mentioned by the customer. For those who enjoy healthy multi grain
rotis, customers have the option of choosing the grains that go into their roti
doughs. The grains will not only be ground and made into doughs, but will also
be made into fresh, hot and healthy rotis by the Seva staff (Sevaks) at Big
Bazaar. Also available at the new Big Bazaar store will be a Bangalore One
Counter that will offer a bouquet of services. Offering a multitude of such
services, the new Big Bazaar format stands to be a forerunner in the race of
future outstanding retail customer servicing in the country.
Mr. Venkateshwar Kumar, Head- South, Big
Bazaar, says, “We are pleased to announce the launch of our new ‘Seva’
initiative through our Rajajinagar Big Bazaar store. This will be the first Big
Bazaar store in India with the new format. The initiative focuses on the needs
of our customers where we at Big Bazaar will strive to make them truly feel
like a King. This initiative will be a first for the organized retailing sector
in India.”
About Future Group
Big Bazaar is part of the retail network of
Future Group. Future Group operates some of India’s most popular retail chains
including Pantaloons, Central, Big Bazaar, Food Bazaar, Home Town and eZone and
also has allied businesses in consumer finance, life and non-life insurance,
logistics infrastructure and supply chain and brand development. The group
operates over 17 million square feet of retail space in over 90 cities and
towns and 60 rural locations across India. The group’s retail formats connect
over 300 million customers to over 30,000 small, medium and large enterprises
that supply products and services to its retail chains. Future Group believes in developing strong insights
on Indian consumers and building businesses based on Indian ideas, as espoused
in the group’s core value of ‘Indianness.’ The group’s corporate credo is,
‘Rewrite rules, Retain values.
Pantaloons forays into Ludhiana
Launches its first high end Concept Store
Ludhiana, January 11, 2012
Pantaloons, India’s leading fashion retailer,
a part of Future Group, today launched its first store in Ludhiana at 108,
Surya Tower, Mall Road. This marks the advent of Pantaloons “Next Gen” Journey
in Ludhiana. Currently, Pantaloons boasts of 65 stores across India including
both metros and tier II and tier III cities.
Spread across an area of 14,970 sq. ft, this
store has been uniquely designed to create an international shopping experience
for customers. The aesthetic, creative and prestigious ambience gives its
patrons a chance to interact with the merchandise through touch and feel.
The store offers comprehensive lifestyle
experience with the best and trendy fashion merchandise. Pantaloons features
ready to wear collections for men, women and kids, a full range of men’s and
women’s accessories which includes a selection of ladies bags, belts, watches,
sunglasses apart from cosmetics and perfumes.
Speaking on this occasion, Mr. Kailash Bhatia,
CEO and Director Pantaloons said, “Ludhiana is the fastest emerging city of
Punjab and is growing to become one of the mega city of Northern India. We are
delighted to launch our first store in this promising city and hope that
Pantaloons with its innovative offerings, international experience and
exclusive ‘fresh fashion’ merchandise becomes the fashion destination in
Ludhiana.”
Pantaloons apparel appeals to every individual
and is apt for different occasions. In western wear, the brands for Men include
John Miller, Lombard, Urbana, Scullers, Indigo Nation, RIG, UMM, BARE Denim,
BARE Leisure, and JM Sport. Women can take their pick from Annabelle, Honey,
RIG, UMM, Ajile and Chalk, BARE, RIG & Lee Cooper Junior for Kids. In
Ethnic wear customers can opt for in-house brands like Rangmanch, Trishaa and
Akkritti along with trying hands on brands like Biba.
What’s more, Pantaloons exclusive loyalty
programme promises customers an inimitable shopping experience. Positioned at
reiterating and strengthening Pantaloons partnership with its customers,
Pantaloons Green Card – My Card My Way offers a range of unique privileges and
value added services to its members. The membership to this programme is open
to all the shopping enthusiasts at no extra cost. Through this membership,
customers not only have access to exclusive sale preview days but also can get
instant discounts on every purchase, relaxed return policy, complimentary home
delivery and a plethora of exciting benefits.
The store offers a unique shopping experience.
The interior walls are made up of dark wood and tiles giving it a contemporary
look. The lighting plays an important role in the showroom, climatically
increasing its beauty with strategic accented highlights while the colour
scheme used in the store is bright. The floor has been done in modern Italian tiles
to provide just the right amount of sheen to the store. Display of merchandise
has been spaced out uniformly giving its customers room to walk around at their
leisure and enjoy their shopping experience.
With a host of exclusive offerings coupled
with exceptional customer service and an inviting atmosphere, Pantaloons
promises to be the heaven for all shopaholics in Ludhiana.
About Pantaloons
Pantaloons, a part of Pantaloon Retail (India)
Limited, is among India’s largest chains of fashion stores with 65 stores
across India including both metros and smaller towns. Pantaloons ‘Fresh
Fashion’ with its focus on 'fresh look, feel and attitude', offers trendy and
hip collection that is in sync with the hopes and aspirations of discerning
young and 'young-at-heart' consumers.
Pantaloons ‘Fresh Fashion’ stands out as a
segment trendsetter, in step with global fashion trends. This destination
allows customers to shop for the latest in fashion apparel and accessories
throughout the year in an attractive and visually stimulating ambience at
affordable prices. Pantaloons stores have presence in cities across India -
Mumbai, Delhi, Noida, Gurgaon, Kolkata, Durgapur, Howrah, Chennai, Bangalore,
Pune, Bhopal, Aurangabad, Ahmedabad, Allahabad, Hyderabad, Lucknow, Kanpur,
Indore, Coimbatore, Mangalore, Bhubaneshwar, Siliguri, Guwahati, Rajkot,
Zirakpur, Ghaziabad, Nagpur, Vadodara, Surat, Nashik , Bhopal and Vizag.
Largest hypermarket store in Zirakpur
Over 1,60,000 products for sale
Now shop for all your household needs under one roof
Round the year discount and special offers
January 21, 2009:
Big Bazaar, India's largest hyper market
chain, part of the Future Group, today announced the launch of its store in
Zirakpur town of Mohali District. Spread over 46,748 sq.ft. , the Big Bazaar
store located at Paras Downtown Mall, will serve as a convenient shopping
destination for residents of Zirakpur and it's neighbouring areas. With the
launch of the Zirakpur store, Big Bazaar now has 106 stores across India.
Big Bazaar is widely known for its
unbelievable pricing and unmatched offers, throughout the year. With over 1.6
lakh products under various categories, the new Big Bazaar will be a
destination store catering to every single household need of the entire family,
under one roof. The store offers a wide range of formal, casual, ethnic and
denim apparel for women, men, children and infants; a wide collection of
accessories such as sunglasses, watches and handbags and general merchandise
products (including plastics, crockery, utensils, home care and home fashion
products, utensils, footwear, toys, plastics, stationary, luggage, sports
goods, and gifting options). Additionally, food and groceries (Food Bazaar); electronics
(Electronics Bazaar); mobiles (Mobile One); books and music, beauty and
wellness products will also be available at Big Bazaar.
Says, Vineet Jain, Business Manger – North
Zone, Pantaloon Retail (India) Limited , “Big Bazaar will bring convenience
plus rich shopping experience for the people of Zirakpur. We are a
consumer-driven company, which ensures that all our Big Bazaar stores fulfil
the needs of the entire household under one roof. This is our third store in
Punjab and we plan to create a significant presence across the state. The great
offerings that we provide to our customers both in terms of quality and
competitive pricing, have helped us earn the trust of millions of families
across the country. We are delighted to add Zirakpur to the Big Bazaar family.”
Following are the categories/section devoted
to specific products/requirements at the Zirakpur Big Bazaar:
Food Bazaar: All food items, pulses,
grains, fruits, vegetables
Apparel: For Ladies, Men’s, Kids for all season.
Western, ethnic, casuals & formals
Appliances: All kitchen appliances like Mixer Grander,
Toaster, Microwave, Juicer.
GM-Home: Entire range of kitchen need, Utensils,
Plastic-wear, Home-linen
GM-Fashion: Accessories, Luggage, Gift items and many
more…
About Big Bazaar
Big Bazaar is the flagship hypermarket retail
chain from Future Group, having 105 stores the country. With its motto of “Is
se sasta aur accha kahin nahin”, Big Bazaar ensures that all the products are of
good quality and offered at the lowest prices. Promising 'more for less', Big
Bazaar, offers 1.6-lakh mass-market product ranges that are sought by a
majority of Indian consumers. It also offers a host of value-added services.
The special discounts and promotional offers, which are available at regular
intervals, make the format very unique and distinct. The consumer experiences a
new level of standard in price, convenience, comfort, quality and store service
levels.
About The Future Group
Future Group, led by its founder and Group
CEO, Mr. Kishore Biyani, is one of India’s leading business houses with
multiple businesses spanning across the consumption space. While retail forms
the core business activity of Future Group, group subsidiaries are present in
consumer finance, capital, insurance, leisure and entertainment, brand
development, retail real estate development, retail media and logistics.
Led by its flagship enterprise, Pantaloon
Retail, the group operates over 11 million square feet of retail space in over
63 cities and towns and 65 rural locations across India. Headquartered in
Mumbai (Bombay), Pantaloon Retail employs around 30,000 people and is listed on
the Indian stock exchanges. The company follows a multi-format retail strategy
that captures almost the entire consumption basket of Indian customers. In the
lifestyle segment, the group operates Pantaloons, a fashion retail chain and
Central, a chain of seamless malls. In the value segment, its marquee brand,
Big Bazaar is a hypermarket format that combines the look, touch and feel of
Indian bazaars with the choice and convenience of modern retail. The group’s
speciality retail formats include- books and music chain - Depot; sportswear
retailer - Planet Sports; electronics retailer - eZone; home improvement chain
- HomeTown; and rural retail chain - Aadhar; among others. It also operates the
popular shopping portal, www.futurebazaar.com
.
Future Capital Holdings, the group’s financial
arm provides investment advisory to assets worth over $1 billion that are being
invested in consumer brands and companies, real estate, hotels and logistics.
It also operates a consumer finance arm with branches in 150 locations. Other
group companies include, Future Generali, the group’s insurance venture in
partnership with Italy’s Generali Group, Future Brands, a brand development and
IPR company, Future Logistics, providing logistics and distribution solutions
to group companies and business partners and Future Media, a retail media
initiative. The group’s presence in Leisure and Entertainment segment is led
through, Mumbai-based listed company Galaxy Entertainment Limited. Galaxy
includes leading leisure chains, Sports Bar and Bowling Co. and family
entertainment centres, F123. Through its partner company, Blue Foods, the group
operates around 100 restaurants and food courts through brands like Bombay
Blue, Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato.
Future Group’s joint venture partners include - US-based stationery products
retailers - Staples; Middle East-based Axiom Communications and India-based
Blue Foods, Liberty Shoes, Talwalkars’ and Asian Electronics.
Future Group believes in developing strong
insights on Indian consumers and building businesses based on Indian ideas, as
espoused in the group’s core value of ‘Indianness.’ The group’s corporate credo
is, ‘Rewrite rules, Retain values.’
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.55.58 |
|
|
1 |
Rs.87.14 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
52 |
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.