MIRA INFORM REPORT
|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRENT LIMITED (w.e.f. 28.06.1999) |
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Formerly Known
As : |
LAKME LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
05.12.1952 |
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Com. Reg. No.: |
11-008951 |
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Capital Investment
/ Paid-up Capital : |
Rs. 402.300 Millions |
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CIN No.: [Company Identification
No.] |
L24240MH1952PLC008951 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00494E / MUMT0030C |
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PAN No.: [Permanent Account No.] |
AAACP6133A / AAACL1838J |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
The main business of the Company is retailing. |
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No. of Employees
: |
Information denied by management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 61561000 |
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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 part of the Tata Group one of The company has achieved a better increase in its sales turnover as well
as net profitability during 2012. Financial profile appears to be sound,
backed by a comfortable liquidity position. Trade relations are fair. Business is active. Payments terms are
reported as regular and as per commitments. In view of its strong parentage and experienced management, the
subject can be considered good 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA = Long Term Facilities |
|
Rating Explanation |
High degree of safety and very credit risk |
|
Date |
22.04.2013 |
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Rating Agency Name |
CARE |
|
Rating |
A1+ = Short Term Facilities |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
22.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non-Co-operative. (Tel No.: 91-22-67009000)
LOCATIONS
|
Registered Office : |
Bombay House, 24, Homi Mody Street, Fort, Mumbai- 400001, Maharashtra,
India |
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Tel. No.: |
91-22-66658282 / 67009000 |
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Fax No.: |
91-22-22042081 |
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E-Mail : |
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Website : |
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Corporate Office : |
Trent House, 10th Floor, G Block, Plot No. C-60, Next to Citi
Bank, Bandra Kurla Complex, Mumbai-400 051, Maharashtra, India |
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Stores : |
Located at :
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. F.K Kavarana |
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Designation : |
Chairman |
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Name : |
Mr. N.N Tata |
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Designation : |
Vice Chairman |
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Date of Birth/Age : |
12.11.1956 |
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Date of Appointment : |
19.08.2010 |
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Qualification : |
B.A. (Eco) |
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Name : |
Mr. A.D Cooper |
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Designation : |
Director |
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Name : |
Mr.
Z. S. Dubash |
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Designation : |
Director
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Date of Appointment : |
26.04.2010 |
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Name : |
Mr. B. Bhat |
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Designation : |
Director |
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Date of Birth/Age : |
29.08.1954 |
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Date of Appointment : |
27.09.2010 |
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Qualification : |
IIT Chennai, IIM Ahmedabad |
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Name : |
Mr. S. Suman |
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Designation : |
Director |
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Name : |
Mr. B.V. Vakil |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr.
M. M. Surti |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2013
|
(A) Shareholding of Promoter and Promoter Group |
No. of Shares |
Percentage of Holding |
|
|
|
|
|
|
10838015 |
32.61 |
|
|
10838015 |
32.61 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10838015 |
32.61 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3984946 |
11.99 |
|
|
12733 |
0.04 |
|
|
1666718 |
5.02 |
|
|
1334238 |
4.01 |
|
|
5188467 |
15.61 |
|
|
12187102 |
36.67 |
|
|
|
|
|
|
2989263 |
9.00 |
|
|
|
|
|
|
5660052 |
17.03 |
|
|
1462715 |
4.40 |
|
|
94397 |
0.28 |
|
|
2525 |
0.01 |
|
|
91872 |
0.28 |
|
|
10206427 |
30.71 |
|
Total Public shareholding (B) |
22393529 |
67.39 |
|
Total (A)+(B) |
33231544 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
33231544 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Particulars |
No. of Shares |
Percentage of Holding |
|
Tata Sons Limited |
8744247 |
26.31 |
|
Tata Investment Corporation Limited |
1520754 |
4.58 |
|
Af-Taab Investment Company Limited |
472714 |
1.42 |
|
Titan Industries Limited |
300 |
0.00 |
|
Ewart Investments Limited |
100000 |
0.30 |
|
Total |
10838015 |
32.61 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Particulars |
No. of Shares |
Percentage of Holding |
|
Arisaig Partners Asia Pte Limited A/c Arisaig India Fund
Limited |
2944782 |
8.86 |
|
Reliance Capital Trustee Company Limited A/c Reliance
Equity Opportunities Fund |
1934748 |
5.82 |
|
PI Opportunities Fund |
1337718 |
4.03 |
|
SBI Life Insurance Company Limited |
1097118 |
3.30 |
|
Siddhartha Yog |
1050368 |
3.16 |
|
Dodona Holdings Limited |
731388 |
2.20 |
|
IDFC Premier Equity Fund |
656606 |
1.98 |
|
Reliance Capital Trustee Company Limited A/c Reliance Tax
Saver (ELSS) Fund |
533640 |
1.61 |
|
Derive Trading Private Limited |
450000 |
1.35 |
|
Total |
10736368 |
32.31 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Particulars |
No. of Shares |
Percentage of Holding |
|
Arisaig Partners Asia Pte Limited A/c Arisaig |
2944782 |
8.86 |
|
Reliance Capital Trustee Company Limited A/c Reliance
Equity Opportunities Fund |
1934748 |
5.82 |
|
Total |
4879530 |
14.68 |
Details of Locked-in Shares
|
Particulars |
No. of Shares |
Percentage of Holding |
|
Tata Sons Limited |
1226530 |
3.69 |
|
Tata Investment Corporation Limited |
204081 |
0.61 |
|
Ewart Investment Limited |
100000 |
0.30 |
|
Total |
1530611 |
4.61 |
BUSINESS DETAILS
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Line of Business : |
The main business of the Company is retailing. |
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Products : |
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Brand Names : |
“WESTSIDE” |
GENERAL INFORMATION
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No. of Employees : |
Information denied by management. |
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Bankers : |
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Facilities : |
Note:- (1)
During the year 2010-11, the Company issued 1,000
Redeemable Non Convertible Debentures April 10 Series-I of Rs. 1.000 Million
each on private placement basis. These Debentures are free of interest and
are redeemable at a premium of Rs. 0.600 Million each on 14th April 2015. The
Premium payable on redemption of these Debentures has been fully provided and
debited to Securities Premium Account net of deferred tax in 2010-11. These
Debentures are secured by way of charge on immovable property of the Company
in favour of Debenture Trustees as stipulated in the Debenture Trust Deed and
1.25 times asset cover will be maintained by the Company on a continuous
basis. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N.M Raiji and Company Chartered Accountant |
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Joint Ventures : |
·
Trexa Admc Private Limited ·
Inditex Trent Retail India Private
Limited ·
Virtous Shopping Centre Limited ·
Commonwealth Developers Private
Limited |
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Associates : |
Tata
Sons Limited |
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Subsidiaries : |
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CAPITAL STRUCTURE
After 31.03.2013
Authorised Capital : Rs.
560.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 332.315
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34000000 |
Equity Shares |
Rs. 10/- each |
Rs. 340.000 Millions |
|
3000000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 30.000 Millions |
|
70000 |
Preference Shares |
Rs. 1000/- each |
Rs. 70.000 Millions |
|
12000000 |
Cumulative Convertible Preference shares |
Rs. 10/- each |
Rs. 120.000 Millions |
|
|
Total |
|
Rs. 560.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33231544 |
Equity Shares |
Rs. 10/- each |
Rs. 332.300 Millions |
|
70000 |
Cumulative Redeemable Preference shares |
Rs. 1000/- each |
Rs. 70.000 Millions |
|
|
Total |
|
Rs. 402.300
Millions |
Details of share issued for consideration other than cash
70000 Cumulative Redeemable preference shares
were allotted as fully paid pursuant to scheme of Amalgamation without payment being
received in cash during the financial year 2009-2010.
Terms/ Rights attached to equity shares
The company has equity share having par value of Rs. 10 per share. Each holder of equity shares is entitled to
one vote per share. The shareholders have the right to receive interim
dividends declared by the Board of Directors and final dividends proposed by
the Board of Directors and approved by the shareholders. In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive In the event of liquidation of the Company, the holders of Equity shares
will be entitled to receive any of the remaining assets of the Company, after
distribution of Preferential amounts. The distribution will be in proportion to
the number of equity shares held by the shareholders. The equity shareholders
have all other rights as available to the equity shareholders as per the
provisions of Companies Act, 1956 read together with the Memorandum of
Association and Articles of Association of the Company as applicable.
Terms/rights attached to Preference shares
(i)
The Company has 0.1% Cumulative Redeemable
Preference Shares having a par value of Rs. 1000/- each. The shares are
entitled for a dividend of 0.1% per annum on the capital for the time being paid
up there on. The voting rights of the persons holding the said shares shall be
in accordance with the provisions of Sec 87 of the Companies Act, 1956. The
said shares rank for dividend in priority to the equity shares for the time
being of the Company. The said shares shall, in the case of winding of entitled
to rank, as regards repayment of Capital and arrears of dividend, whether
declared or not up to the commencement on the winding up, in priority to equity
shares but shall not be entitled to any further participation in profits or
assets. The term of the 0.1% Cumulative Redeemable Preference Shares is of 20
years from 26th March 2010, being the date of allotment, with an option to the
Company to redeem the Preference Shares at any time after 36 months from the
date of allotment. The Board of Directors at their meeting held on 26th April
2010 have fixed 1st June 2013 as the date of redemption of the Preference
Shares.
(ii)
During the year 2010-11, the Company had issued
4451414 0. 1% Cumulative Compulsorily Convertible Preference Shares (CCPS)
Series A of Rs. 10/- @Rs 550 each and 4451414 0.1% Cumulative Compulsorily
Convertible Preference Shares (CCPS) Series B of Rs. 10/- @Rs. 550 each to the
Equity Shareholders on Right basis in the ratio of 4 CCPS(2 series A and 2
Series B) for every 9 Equity Shares held. Each CCPS of Series A is Convertible
into 1 Equity Share of Rs.10 each at premium of Rs. 540 automatically on 1st
September 2011 and the same has been converted into equity shares during the
year 2011-12 and each CCPS of Series B has been converted in to Equity Share of
Rs. 10/- each premium of Rs. 540/- during the year. Until conversion, CCPS of
both series will be eligible for a dividend of 0.1% p.a on their face value.
The voting rights of the persons holding the CCPS shall be in accordance with
the provisions of Sec 87 of the Companies Act, 1956. The CCPS rank for dividend
in priority to the equity shares for the time being of the company. The CCPS
shall, in the case of winding up, entitled to rank, as regards repayment of
Capital and arrears of dividend, whether declared or not up to the commencement
on the winding up, in priority to equity shares, but shall not be entitled to
any further participation in profits or assets.
Reconciliation of Share Capital
|
Particular |
Number
of Shares |
Rs.
In Millions |
|
i)
Equity shares |
|
|
|
Number of shares at the beginning |
27249519 |
27.25 |
|
Add: Shares issued on conversion of CCPS Series |
- |
- |
|
Add: Shares issued on conversion of CCPS Series B |
4451414 |
4.45 |
|
Add: Shares issued to Promoters on Preferential basis |
1530611 |
1.53 |
|
Add: Shares issued to Qualified Institutional Investors |
- |
- |
|
Number of shares at the end |
33231544 |
33.23 |
|
ii)
0.1% Cumulative Redeemable Preference shares |
|
|
|
Number of shares at the beginning and at the end |
70000 |
7.00 |
|
iii)
Cumulative Compulsorily Convertible Preference
Shares Series A |
|
|
|
Number of shares at the beginning |
- |
- |
|
Less: Converted into Equity shares |
- |
- |
|
Number of shares at the end |
- |
- |
|
Cumulative Compulsorily Convertible Preference
Shares Series B |
|
|
|
Number of shares at the beginning |
4451414 |
4.45 |
|
Less: Shares Converted into Equity shares |
4451414 |
4.45 |
|
Number of shares at the end |
- |
- |
The details of shareholders holding more than 5 % shares are as under:
|
Particular |
Number
of Shares |
Rs.
In Millions |
|
Tata Sons Limited |
8744247 |
26.31 |
|
Arisag Partners ( |
2211256 |
6.65 |
|
Reliance Capital Trustee Co Limited A/c Reliance Equity Opportunities
Fund* |
1832696 |
5.51 |
|
0.1% Cumulative Redeemable Preference shares |
|
|
|
Hemlatha Ramaiah |
70000 |
100.00 |
|
Cumulative Compulsorily Convertible Preference
Shares Series B |
|
|
|
Tata Sons Limited |
- |
- |
|
Reliance Capital Trustee Co Limited A/c Reliance Equity Opportunities
Fund |
- |
- |
The above details in respect of (i) and (iii) are as certified by the Registrar
and Share transfer Agents and in respect of (ii) is as per the maintained by
the company
* Shares held less than 5% as on 31.03.2012
Details of shares reserved for issue under options
As at 31.03.2013, the Company does not have any outstanding options,
while 4451414 Equity Shares reserved for issue on Conversion of CCPS Series B
as at 31.03.2012
(i)
During the year the Company issued 1530611 Equity
Shares of Rs. 10/- each @ Rs. 980 per share to certain entities of the Promoter
group on preferential basis in compliance with SEBI Preferential Issue
Guidelines.
(ii)
During the year 2011-12, the Company had issued
2741228 equity shares of Rs. 10 each/- @
Rs. 912 per share including a premium of Rs. 902 per share to Qualified
Institutional Buyers.
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
402.300 |
387.000 |
359.600 |
|
(b) Reserves & Surplus |
14988.000 |
13154.800 |
10460.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
15390.300 |
13541.800 |
10819.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2250.000 |
2250.000 |
2250.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
15.500 |
158.300 |
|
(d) long-term
provisions |
1081.200 |
1086.700 |
1050.800 |
|
Total Non-current
Liabilities (3) |
3331.200 |
3352.200 |
3459.100 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
150.000 |
0.000 |
|
(b) Trade
payables |
1191.600 |
1060.100 |
930.400 |
|
(c) Other
current liabilities |
548.000 |
471.100 |
824.100 |
|
(d) Short-term
provisions |
310.200 |
290.800 |
336.800 |
|
Total Current
Liabilities (4) |
2049.800 |
1972.000 |
2091.300 |
|
|
|
|
|
|
TOTAL |
20771.300 |
18866.000 |
16370.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2777.300 |
2792.900 |
2600.600 |
|
(ii)
Intangible Assets |
49.900 |
44.300 |
38.700 |
|
(iii)
Capital work-in-progress |
260.100 |
209.900 |
278.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9889.700 |
6484.300 |
3966.800 |
|
(c) Deferred tax assets (net) |
58.300 |
124.700 |
205.600 |
|
(d) Long-term Loan and Advances |
2024.800 |
2704.900 |
3016.900 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
15060.100 |
12361.000 |
10106.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
514.700 |
567.200 |
282.900 |
|
(b)
Inventories |
1852.300 |
1792.300 |
1305.700 |
|
(c) Trade
receivables |
29.400 |
34.200 |
49.600 |
|
(d) Cash
and cash equivalents |
1433.300 |
2696.100 |
3003.400 |
|
(e)
Short-term loans and advances |
1835.200 |
1348.600 |
1488.600 |
|
(f) Other
current assets |
46.300 |
66.600 |
132.900 |
|
Total
Current Assets |
5711.200 |
6505.000 |
6263.100 |
|
|
|
|
|
|
TOTAL |
20771.300 |
18866.000 |
16370.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9358.000 |
8217.900 |
6778.900 |
|
|
|
Other Income |
603.900 |
902.500 |
514.300 |
|
|
|
TOTAL |
9961.900 |
9120.400 |
7293.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material consumed |
16.900 |
29.500 |
|
|
|
|
Purchase of stock-in-trade |
4937.400 |
4926.200 |
|
|
|
|
Changed in inventories of finished goods work-in-progress and
stock-in-trade [(Accretion)/Decretion] |
(56.700) |
(495.000) |
|
|
|
|
Employee benefit expenses |
728.700 |
678.800 |
|
|
|
|
Other Expenses |
3260.100 |
3206.900 |
|
|
|
|
TOTAL |
8886.400 |
8346.400 |
6446.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1075.500 |
774.000 |
846.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
78.800 |
77.100 |
78.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
996.700 |
696.900 |
767.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
166.200 |
159.500 |
136.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
830.500 |
537.400 |
631.600 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS (Income/Expenses (Net) |
22.800 |
91.600 |
28.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
807.700 |
445.800 |
603.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
185.100 |
(26.900) |
172.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
622.600 |
472.700 |
430.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
701.200 |
527.900 |
372.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity share |
232.600 |
177.200 |
150.500 |
|
|
|
Proposed Dividend on Preference Shares |
0.100 |
0.100 |
0.100 |
|
|
|
Dividend paid on equity/preference shares |
0.000 |
0.000 |
0.100 |
|
|
|
Tax on Dividend |
39.500 |
22.100 |
24.500 |
|
|
|
Transfer to Debenture Redemption Reserve |
50.000 |
50.000 |
50.000 |
|
|
|
Transfer to general reserve |
80.000 |
50.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
921.600 |
701.200 |
527.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Sales of Goods |
159.600 |
144.400 |
131.000 |
|
|
TOTAL EARNINGS |
159.600 |
144.400 |
131.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
391.800 |
96.300 |
94.800 |
|
|
|
Capital Goods |
5.400 |
31.300 |
31.600 |
|
|
TOTAL IMPORTS |
397.200 |
127.600 |
126.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
20.34 |
20.75 |
21.46 |
|
|
|
Diluted |
19.72 |
18.73 |
19.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.24
|
5.18 |
5.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.63
|
5.42 |
8.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.44
|
4.84 |
6.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.03 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.15
|
0.17 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79
|
3.30 |
2.90 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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 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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Non Convertible
Debenture – June 10 Series 1 (B) |
450.000 |
450.000 |
|
Non Convertible
Debenture – June 10 Series 2 (B) |
300.000 |
300.000 |
|
Non Convertible
Debenture – April 10 Series 2 (A) |
500.000 |
500.000 |
|
Short Term Borrowing |
|
|
|
Inter Corporate
Deposits |
0.000 |
150.000 |
|
Total |
1250.000 |
1400.000 |
Note
(A)
During the year 2010-11, the Company issued 500
Redeemable Non Convertible Debentures April 10 Series 2 of Rs. 1.000 Million
each on private placement basis. These Debentures carry a coupon rate of 5%p.a
of interest and are redeemable at a premium of Rs. 0.300 Million each on 27th
April 2015. The Premium payable on redemption of these Debentures has been
fully provided and debited to Securities Premium Account net of deferred tax in
2010-2011
(B)
During the year 2010-11, the Company issued 450
Redeemable Non Convertible Debentures June 10 Series 1 of Rs. 1.000 Million
each and 300 Redeemable Non Convertible Debentures June 10 Series 2 of Rs.
1.000 Million each on private placement basis. Series 1 Debentures will carry
an interest @ 9.75% p.a and are redeemable at par on 30th June 2017
and series 2 Debentures are free of Interest and will be redeemed at premium of
Rs. 0.900 Millions on 30th June 2017. The premium payable on
redemption of Series 2 Debentures has been fully provided and debited to
Securities Premium Account net of deferred tax in 2010-11
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL: NOT AVAILABLE
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10233837
|
14/07/2010
|
1,000,000,000.00
|
Axis
Trustee Services Limited |
|
A91316422
|
FINANCIAL RESULT
Income for the year at Rs. 9961.900
Millions increased by 9.23% from the previous year’s Rs. 9120.400 Millions while profit after
tax for the year at Rs. 622.600 Millions increased by 31.71% from the previous year’s Rs. 472.700 Millions.
MANAGEMENT
DISCUSSION AND ANALYSIS
The economic
backdrop continued to be an important factor impacting the performance of
Companies across sectors including organized retail. Consumer sentiment and
business confidence were subdued in the financial year with economic growth
decelerating further. This is attributable mainly to weakening industrial
growth in the context of tight monetary policy followed by the Reserve Bank of
As observed in
prior years, the organized retail space in the first decade of this century was
viewed as offering enormous potential for growth in
Consumer sentiment
thereafter was impacted in FY12 and continued to be muted in the period with
high inflation expectations, pronounced interest rates and economic uncertainty
being key contributing factors. Recent consumer surveys have indicated
increasing tendency of consumers to postpone purchase decisions (as illustrated
in the chart below), a pause in the up-trading trend witnessed in the recent
years with respect to discretionary items and improved resilience of tier 2 and
3 markets as compared to the primary metropolitan markets in the country.
ECONOMIC GROWTH:
The Indian economy
had responded strongly to the fiscal and monetary stimulus and achieved a growth
rate of 8.6% and 9.3% in the Financial Years 2009-10 and 2010-11 respectively
post the global downturn. However, with the economy exhibiting inflation
tendencies, the Reserve Bank of
OPERATIONS – WESTSIDE
The Westside
store, the predominantly private label fashion apparel format, continues to be
the mainstay of the retailing business of the company. This format over the
years has been rolled out across the country and currently covers over 42
cities.
In the year, seven
stores were opened including the following – Vizag (R K Estate), Jalandhar (
In the first quarter
of the current financial year three further stores have been opened in Kurnool
(Jyoti Mall), Chandigarh (Elante Mall), Chennai (Vijaya Forum Mall) taking the
total number of operational Westside stores to 73.
During FY12-13, as
can be observed from the above chart the Company recorded seven new store
openings. Also four stores which were seen to be located in declining malls/
shopping centers and hence lacking a sustainable growth outlook were closed.
With respect to stores, the focus during the year especially in the second half
was refurbishment of older stores. From an operating perspective, the period
was encouraging for the Westside format viewed especially in the context of the
difficult macro-economic environment:
- Over the course of the year, input
margins were gradually stabilized to levels broadly in line with FY10-11,
while holding product pricing mostly flat. As discussed in earlier
reports, the margins in FY12-13 had been significantly impacted by the 10%
excise duty on branded apparel and escalation in yarn prices.
- Customer off-take improved in the
second half and sales were healthy during most of the festive period and
the end of season sale in the January 2013.
- In the context of the market
conditions, advertising and promotion expenditure was relatively
curtailed.
- Reasonable like-for-like growth
witnessed and conscious efforts to ensure timely liquidation of offranged
stock avoided any undue inventory buildup; also there has been continued
focus on reining in cost escalations across line items.
- Some of the stores opened during the
last two years witnessed slower ramp up in sales and on the other hand
involved higher operating costs including on account of common area
maintenance cost charge-outs. There were also costs relating to closure of
the four marginal stores in the portfolio during the period.
OPERATIONS – STAR
BAZAAR
Star Bazaar, the
discount hypermarket format, has continued to receive commitment of resources
in the period, and there are now fifteen operational stores-three in Mumbai
(Andheri, Dahisar and Thane), four in
Consistent with
the commentary in previous years, the company continues to view food and
grocery (FandG) retailing as a substantial opportunity, which is worthy of
being seriously pursued in the medium term. FandG remains one of the largest categories
and is estimated at around 60% of consumer spending.
Nevertheless,
given the significantly lower gross margins on FandG vis-à-vis other
merchandise (and therefore formats), the need to evolve an economically viable
business model is viewed to be critical. The performance of the Star Bazaar
business over the last few years has been encouraging. However, this business
continues to incur operational losses, especially on account of the under
absorption of corporate costs. We believe this trend would continue until the
business evolves into a sustainable model and consequently reaches a critical
mass. Registering strong same store sales growth in the interim would also be a
key prerequisite for eventual profitability of this format.
No new stores were
opened during the year. While there were a few stores in the pipeline – they
were located inside shopping malls as compared to being standalone stores.
Increasingly, we believe based on empirical evidence and otherwise that the
hypermarket format is best suited to operate from standalone schemes. Some of
the key driving factors include:
- Customers do not prefer to navigate the
mall with a shopping trolley and rather prefer quick and direct access to
parking and to public transport options; hence, stores in shopping malls
do not necessarily generate higher footfalls compared to standalone
stores;
- Given its economics, the hypermarket
format does not afford any headroom for incurring the substantial common
area maintenance charges in shopping malls. These charges are primarily on
account of electricity charges relating to air conditioning etc of the
common areas of the mall. These charges are negligible in the case of
standalone stores.
- From an operational perspective
standalone schemes allow for much easier and through the day replenishment
of stores unlike in the case of mall stores.
Given the above
considerations, unless the overall package in a mall scheme is seen to be very
attractive, we have sought to not progress with opening Star Bazaar hypermarkets
inside large shopping malls. In this backdrop, the focus of the management
during the period has been to achieve improved efficiencies from the existing
operations and evolving a more calibrated product offer that would allow for
sustainable growth going forward.
OPERATIONS –
LANDMARK
Landmark stores –
the format retailing inter-alia books, music, toys and gaming – are managed by
a subsidiary of the company, Landmark Limited. As of date, there are 19
operational stores across the country.
The significant
restructuring measures initiated in FY 11-12 across the Landmark business
continued in the period under view with the following primary objectives:
- Refreshing The relevance of the format
to the target audience in terms of the core customer proposition
especially given the evolving market landscape for retailers in this space
- Building a sustainable platform to
leverage the brand strength of the Landmark banner to facilitate growth
and scale over the medium term.
OVERALL FINANCIAL
RESULTS
Overall, on a
standalone basis the Company has reported a total income of Rs. 9960.000
Millions (Rs. 9120.000 Millions in FY12) for the period and a Profit after Tax
of Rs. 622.600 Millions (Rs. 472.700 Millions in FY12). Exceptional items for
the year represent provision for diminution in the value of investment in an
overseas wholly owned subsidiary of Rs. 32.500 Millions. The results for the
year reflect impact of 10% excise duty on branded garments, improved off take
witnessed in the Westside format and substantial restructuring of the Sisley
franchise operations.
On a consolidated
basis the Company has reported total revenues of Rs. 22002.700 Millions (Rs.
19007.800 Millions in FY12) for the period and a negative Profit After Tax
after Minority Interest of Rs. 268.300 Millions (negative Rs. 377.600 Millions
in FY12). Results of the standalone entity contributed positively to the
consolidated results while primarily Star Bazaar and Landmark contributed
negatively during the period. The results also incorporate the provision for
diminution in certain assets in Trent Hypermarket Limited (THL) and the setoff
against the reserves consistent with the relevant High Court Order. In summary,
the consolidated bottom-line of the Company primarily reflects the cost of
incubation of the hypermarket business (THL) and losses in Landmark Limited.
A review of the performance of the principal formats has been covered in
prior sections.
OUTLOOK
A pronounced rate
of inflation and continued high interest rate levels are the apparent dampeners
to near term performance. In fact, on a post-tax basis the yield on bank
deposits are still broadly in line with the inflation rate, implying marginal
real interest rates. The above factors continue to impact discretionary consumer
spending headroom. Hence the consumption triggers are still not positive at
this time. This backdrop, coupled with the escalating costs (especially wages,
electricity and common area maintenance) implies continued challenges.
On the other hand,
we are encouraged by signs of improving economic situation with the easing
inflation rates in the recent months. Further, the government is focusing on
strengthening the investment environment to stimulate growth. In this context,
the notification of the 51% FDI in retail is expected over time to present a
further set of opportunities and challenges to the industry. The relatively
flat apparel input prices coupled with the abolition of the excise duty on
branded apparel in the union budget 2013 should augur well for the organized
retail industry. Separately, the continued hiring by various sectors (at the
entry level) and consequently improved absorption of youth into the organized
workforce should serve as an important positive consumption trigger.
Separately, the continued
challenges in securing properties at acceptable rentals and valuations in the
real estate space (with most participants in the organized retail pursuing
their growth plans) remain a cause for concern. So we view improving the
quantum and quality of our pipeline of new stores especially for the Star
Bazaar format as a challenge that we already face and are having to address.
However, the property pipeline already contracted should still allow opening a
number of new Westside and Star Bazaar stores.
The prior
observations on the near term consumption triggers notwithstanding, we continue
to be very positive on the underlying case for growth of organized retailing in
- Emphasize sustainable store level
profitability and only scale up with new stores locations that are
expected to be profitable within an agreeable time frame;
- Concentrate resources on substantially
growing the existing anchor formats (especially Westside and Star Bazaar);
- Continue to be primarily “large box”;
especially given the rental economics vis-à-vis sales densities in
locations of interest to us;
- Selectively commit direct investments
in properties, primarily for the Star Bazaar business;
- Leverage relationship with global
retailers like Tesco and Inditex to further the profitable growth of
respective formats.
STATEMENT OD STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE 2013
(Rs. In Millions)
|
Particulars
|
Quarter Ended |
|
|
30.06.2013 |
|
1.
Income form operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
2414.494 |
|
b) Other operating income |
109.520 |
|
Total
income from Operations(net) |
2524.014 |
|
2.
Expenditure |
|
|
a) Cost of material consumed |
2.612 |
|
b) Purchases of stock in trade |
1146.808 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
35.325 |
|
d) Employees benefit expenses |
207.635 |
|
e) Depreciation and amortization expenses |
44.218 |
|
f) Advertisement
and sales promotion |
66.957 |
|
f) Other expenditure |
865.811 |
|
Total expenses |
2369.366 |
|
3. Profit from operations before other income, financial
costs and Exceptional Items |
154.648 |
|
4. Other income |
112.673 |
|
5. Profit from ordinary activities before finance costs
and Exceptional Items |
267.321 |
|
6. Finance costs |
17.352 |
|
7. Profit from ordinary activities after finance costs but
before Exceptional Items |
249.969 |
|
8. Exceptional Items |
- |
|
9. Profit / Loss from ordinary activities before tax |
249.969 |
|
10. Tax expenses |
76.500 |
|
11. Net profit / Loss from ordinary activities after tax |
173.469 |
|
12. Extraordinary items |
- |
|
13. Net profit / Loss for the period |
173.469 |
|
14. Paid up equity share capital (Face value of Rs.10/-
per share) |
|
|
15. Reserves excluding revaluation reserves |
|
|
Earning per
share (EPS) (Not Annualised) |
|
|
16. i) Earning per share (EPS) (Not Annualised) before
Extraordinary items (of Rs. 10/-) (a)
Basic (b)
Diluted |
5.22 5.22 |
|
ii) Earning per
share (EPS) (Not Annualised) after Extraordinary items (of Rs. 10/-) (a)
Basic (b)
Diluted |
5.22 5.22 |
|
|
|
|
PART-II |
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
22393529 |
|
- Percentage of shareholding |
67.39% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
10838015 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
32.61% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
0 |
Notes:
- During the
quarter, 4 Westside Stores were opened taking total number of Westside
stores to 74 and total number of store under various formats to 78.
- Out of the proceeds
of the issue of Cumulative Convertible Preference Shares (CCPS) Of Rs.
4896.600 Millions, Rs. 3563.700 Millions have been utilized toward objects
of the issue including investments in subsidiaries to acquire properties
for retail stores. Pending utilization the balance amount is invested
mainly in mutual finds and money market instruments.
- The Board of
Directors of the Company at its meeting held on 4th March 2013
has approved a scheme of Amalgamation and Arrangement (“The Scheme”)
between Landmark Limited (“Landmark”), Fiora Link Road Properties Limited
(“Fiora”) and Trexa ADMC Private Limited (“Trexa”) with the company. The
appointed date for the merger shall be 1st April 2013. As
Landmark, Fiora and Trexa are whollay owned subsidiaries of the company;
no shares of the company will be issued and allotted pursuant to the
proposed scheme.
- The figures
for the quarter ended 31st March 2013 are the balancing figures
between the audited financials for the year ended 31st March
2013 and unaudited year to date figures up to the third quarter ended 31st
December 2012 which was subjected to Limited Review.
- 70,000
unlisted Cumulative Redeemable Reference Shares of Rs. 1000/- each have
been redeemed on 1st June 2013.
- The main
business of the company is retailing. All other activities of the company
are incidental to the main business. Accordingly, there are no separate
reportable segments in terms of the Accounting Standard – 17 on “Segment
Reporting” issued by ICAI.
- Previous
periods / years figures have been regrouped / reclassified wherever
necessary to correspond with the current year’s classification /
disclosure.
- The above
Unaudited Financial Results were reviewed by the Audit Committee and
thereafter taken in record by the Board of Directors of the Company at its
meeting held on 30th July 2013.
- Limited
Review as required under Clause 41 of the Listing Agreement has been
completed by the Statutory Auditors.
FIXED ASSETS:
- Building
- Plant and
Equipment
- Furniture and
Fixtures
- Office
Equipment
- Computers
- Vehicle
- Brands /
Trademarks
- Computer
Software
- Non Compute
Fees
PRESS RELEASE:
BENETTON AND TRENT LIMITED
FORM A STRATEGIC PARTNERSHIP FOR SISLEY'S EXPANSION IN
The Group will boost
its presence in the sub-continent, where it has operated for over 15 years and
already counts around 140 United Colors of Benetton shops.
Mumbai, 18
September 2007. Benetton Group and Trent Limited, a Tata Group Company,
have joined forces in a strategic partnership for the Sisley brand’s commercial
expansion in
Under this
agreement,
The new
partnership will enable the Benetton Group to boost its presence in
Trent Limited has
over a decade of experience in the Indian retail industry with an existing
portfolio of 39 stores across 3 formats targeting the value/mid-market
segment.
“Working with
such a prestigious partner”, Alessandro Benetton commented, “will allow us to
accelerate Sisley’s development and success in
Adds Noel Tata,
“Our existing operations, across three diverse retail formats, have given us
key insights into the business and the Indian consumer. The partnership
with the Benetton Group gives us the opportunity to tap the burgeoning premium
segment of consumers. We believe that Sisley has a high potential for
growth and we will leverage our experience to optimise the tremendous
opportunity.”
The agreement
comes only a few months after the launch of Sisley’s first three pilot stores
in
Sisley has more
than 900 stores around the world. Its collections, distinguished by their
strong fashion content, reflect the latest trends of the season. Sisley offers
a wide choice of clothes for men and women, and this winter launches a new
range that is even richer and more sophisticated:
NEWS:
Trent Limited has informed BSE that the Board of Directors of the Company at its meeting held on July 04, 2012, has approved, an issue of upto 16,67,000 Equity Shares to Tata Sons Limited, the Promoter of the Company and/or other companies in the Promoter Group on a preferential basis, in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("SEBI ICDR Regulations"). The proposed issue will be made at a price to be determined as per the SEBI ICDR Regulations.The aforesaid proposed Preferential Issue is subject to the approval of the members of the Company at the forthcoming Annual General
Trent Limited has informed BSE that the Company had allotted 4451414 Cumulative Compulsorily Convertible Preference Shares (CCPS) Series-A and 4451414 CCPS Series-B of Rs. 10/- each for Rs. 550/- per share to the shareholders on a rights basis on August 28, 2010. As per the Letter of Offer, One CCPS Series-B of face value of Rs. 10/- each is compulsorily and automatically converted into one fully paid-up Equity Share of Rs. 10/- each on September 01, 2012 without any application or any further act on the part of the holder of the COPS Series B. The Board of Directors of the Company on September 01, 2012 have allotted 4451414 Equity Shares of Rs. 10/- each upon conversion of CCPS Series-B to those members whose names appeared as beneficial owners in the of the depositories and/or whose names appeared on the Register of Members of the Company as on the Record Date i.e. August 23, 2012. Consequent upon the conversion as aforesaid, the Paid up Equity Share Capital of the Company stands increased from Rs. 279.796 Millions to Rs. 324.310 Millions.
- Takes the total count of its hypermarkets to 15 stores across 8 cities
- Customers
in
After the success of two stores across Pune, Trent
Hypermarket, the retail arm of the Tata group, today launched its 3rd
Star Bazaar hypermarket in
Star Bazaar is a one-stop destination that has product offerings at irresistible prices for each and every member of the family. Located in one the largest townships in Pune, the store is housed at Seasons Mall, Magarpatta. The store will be open from 9am to 11pm every day and offer its customers great quality products at great prices — fresh vegetables and fruits, dairy products, staple foods, beverages, health and beauty products, consumer electronics, garments and household items.
Commenting on the launch, Mr Daboo, CEO, Trent Hypermarket, said, “Star Bazaar has grown steadily and has been receiving encouraging footfalls across all our stores in Pune. Star Bazaar provides customers with an unmatched array of high-quality extensive product ranges, including local favourites at affordable prices. I am also pleased to announce that with the opening of the 3rd store in Pune, we have created over 174 new local jobs. We hope that the launch of Star Bazaar will be a new retail experience for the consumers and we look forward to fulfilling all the shopping needs of the residents of Pune.”
Customers in Pune can choose from over 6,500 offers across a range of products including grocery, apparel, kitchen, home care and more. Star Bazaar also offers the best of fresh produce including pre-cut fruits and vegetables at economic prices, thus helping the customers spend less. With the free home delivery option, Star Bazaar makes shopping a complete hassle-free experience. The store also gives its customers the option to lead a healthy life with its range of Healthy Choices products with a large variety of healthy and organic food products ranging from staples to processed foods, bakery products and beverages.
Star Bazaar also gives the customer the choice of using the Easy Shop Card — a convenient payment option. The card can be used for every day or weekly shopping and is so user-friendly that customers can even have their driver or maid do the shopping for them. A transferable card, the Easy Shop Card is functional and a great gifting option for everyone from housewives to working women and elderly citizens.
Star Bazaar launched its first store in Ahmedabad in the year 2004 and has since then earned the trust and loyalty of over 10 million customers. With this store in Pune, Trent Hypermarket now has over 15 Star Bazaar outlets across eight cities.
The Star Bazaar advantage
- Great range at the right price — guaranteed: Star Bazaar checks the prices of customers' favourite products every day, to help customers spend less.
- New and exciting offers: Customers can enjoy thousands of offers every week on favourite products.
- Great experience: Twenty billing counters and a plush and spacious ambience with abundant parking facilities for an easier and great shopping experience.
- Bakery and deli: Offering delicious cakes, pastries, cookies, breads, meal combos, salads, etc.
- Clubcard: Customers can join the Clubcard programme for free and earn points on every purchase
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. 63.46 |
|
|
1 |
Rs. 99.42 |
|
Euro |
1 |
Rs. 85.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVD |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
|
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
|
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.