MIRA
INFORM REPORT
|
Report Date : |
02.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE VALUE RETAIL LIMTED (w.e.f. 16.11.2009) |
|
|
|
|
Formerly Known
As : |
PANTALOON FUTURE VENTURES LIMITED |
|
|
|
|
Registered
Office : |
Knowledge House, Shyam Nagar, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Com. Reg. No.: |
11-171524 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 665.000 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52100MH2007PLC171524 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF05801F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECP3041P |
|
|
|
|
Legal Form : |
A Closely Held Pubic Limited Liability Company |
|
|
|
|
Line of Business
: |
Retail Chain Business of Food and Other Items. |
|
|
|
|
No. of Employees
: |
Information declined by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 49000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Pantaloon Retail (India) Limited. It is an
established company having a fine track record. The management has failed to file its financial with government
department for the year 2013. The latest financial are filed
for 18 months (July 2011 – December 2012). As per available financial, the
financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. The company 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 Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another megatrend
happening. The World order is changing as economic power shifts from West to
East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
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 India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank Facilities: A |
|
Rating Explanation |
Adequate Degree of safety and low credit risk. |
|
Date |
21st June 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
21st June 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 DECLINED BY
|
Name : |
Mr. Harshad Prabhu |
|
Designation : |
Accounts Manager |
|
Date : |
28.11.2013 |
LOCATIONS
|
Registered Office / Zonal Office 1 : |
Knowledge House, Shyam Nagar, |
|
Tel. No.: |
91-22-30841300 / 67840400 |
|
Fax No.: |
91-22-66442222 / 67840400 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Future Retail Home Office, 247, Park Tower C, 9th Floor,
LBS Marg, Vikhroli (West), Mumbai-400079, Maharashtra, India |
|
Tel No.: |
91-22-6119000 |
|
|
|
|
Zonal Office 2 : |
Plot No.82, Sector-32, Gurgaon, Haryana, India |
|
Tel No.: |
91-124-44641000 |
|
E-mail: |
|
|
Website: |
|
|
|
|
|
Branch Offices : |
Located At:
|
DIRECTORS
As on 21.03.2013
|
Name : |
Mr. Chandra Prakash Toshniwal |
|
Designation : |
Director |
|
Address : |
Kanishka, Great Eastern
Link, Ram Mandir Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India |
|
Date of Birth/Age : |
20.09.1966 |
|
Qualification: |
Chartered Accountant and Company Secretary |
|
Date of Appointment : |
11.06.2007 |
|
DIN No.: |
00036303 |
|
|
|
|
Name : |
Mr. Vivek Biyani |
|
Designation : |
Director |
|
Address : |
304, Jeevan
Vihar, Manav Mandir Road, Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Qualification: |
Graduation in
Business Administration |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
01977838 |
|
|
|
|
Name : |
Mr. Rakesh Biyani |
|
Designation : |
Director |
|
Address : |
304, Jeevan Vihar, Manav Mandir Road, Malabar Hill, Mumbai-400006,
Maharashtra, India |
|
Date of Birth/Age : |
05.04.1972 |
|
Qualification: |
MBA |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
00005806 |
|
|
|
|
Name : |
Mr. Vijay Kumar Chopra |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 4A, 4th Floor, Harmony Tower, Dr. R. Moses Road,
Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1946 |
|
Qualification: |
B.com, FCA |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
02103940 |
KEY EXECUTIVES
|
Name : |
Mr. Kuldeep R Sharma |
|
Designation : |
Secretary |
|
Address : |
601/A, Shiv
Parvati, Chincholi Bunder Road, Malad(West), Mumbai – 400064, Maharashtra, India |
|
Date of Appointment : |
15.11.2010 |
|
PAN No.: |
AAFPS9218R |
|
|
|
|
Name : |
Mr. Harshad Prabhu |
|
Designation : |
Accounts Manager |
|
|
|
|
AUDIT COMMITTEE: |
|
|
|
|
|
Name : |
Mr. C P Toshniwal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vivek Biyani |
|
Designation : |
Member (w.e.f. 25 February 2013) |
|
|
|
|
Name : |
Mr. Damodar Mall |
|
Designation : |
Member (w.e.f. 13 May 2011 upto 25 February 2013) |
|
|
|
|
Name : |
Mr. Raghu Pillai |
|
Designation : |
Member (w.e.f. 6 January 2011 upto 10 April 2011) |
|
|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Member (w.e.f. 10 February 2012 upto 18 May 2012) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.03.2013
|
Names of Shareholders |
No. of Shares |
|
Pantaloon Retail (India) Limited, India |
66499906 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Rajesh
Kalyani |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Chandra
Prakash Toshniwal |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Sanjay Rathi |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Dinesh
Maheshwari |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Vimal Dhurve |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Milind
Budhakar |
1 |
|
Total |
66499912 |
Equity Share Break up (Percentage of Total Equity)
As on 21.03.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail Chain Business of Food and Other Items. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management
|
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Bankers : |
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|
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Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
NGS and Company Chartered Accountants |
|
Address : |
B-46, 3rd Floor, Pravasi Industrial Estate, Vishweshwar
Nagar Road, Goregaon (West), Mumbai-400063, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS3313D |
|
|
|
|
Holding Company: |
·
Pantaloon Retail (India) Limited ·
Future Retail Limited, India CIN: L52399MH1987PLC044954 |
|
|
|
|
Subsidiary Company: |
·
Future Freshfoods Limited, India CIN: U01403MH2010PLC201760 |
|
|
|
|
Fellow Subsidiaries: |
·
Future Media (India) Limited, India CIN: U74300MH2006PLC160375 ·
Future Agrovet Limited, India CIN: U15100MH2005PLC152599 ·
Future Supply Chain Solutions Limited, India CIN: U63030MH2006PLC160376 ·
FSC Brand Distribution Services Limited, India CIN: U51109MH2008PLC189032 ·
Future E-Commerce Infrastructure Limited, India CIN: U52399MH2007PLC171178 ·
Future Lifestyle Fashions Limited, India (formerly known as Future Value Fashion
Retail Limited) (w.e.f. 31 May 2012) CIN: U52100MH2012PLC231654 ·
Splendor Fitness Private Limited, India (till 29
June 2012) CIN: U93020MH2006PTC166332 ·
Capital First Limited, India (Formerly known as Future Capital Holdings
Limited) (till September 27, 2012) CIN: L29120MH2005PLC156795 |
|
|
|
|
Associates: |
·
Galaxy Entertainment Corporation Limited, India CIN: L51900MH1981PLC024988 |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 10 each |
Rs. 1000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
66,499,912 |
Equity Shares |
Rs. 10 each |
Rs. 665.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
665.000 |
665.000 |
|
(b) Reserves & Surplus |
|
11648.900 |
10748.600 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
12313.900 |
11413.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
23495.900 |
21303.000 |
|
(b) Deferred tax liabilities (Net) |
|
1241.200 |
780.000 |
|
(c) Other long term liabilities |
|
2550.000 |
0.000 |
|
(d) long-term provisions |
|
52.600 |
71.000 |
|
Total Non-current Liabilities (3) |
|
27339.700 |
22154.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
11334.200 |
3882.300 |
|
(b) Trade payables |
|
8977.500 |
8216.700 |
|
(c) Other current
liabilities |
|
3852.900 |
2792.000 |
|
(d) Short-term provisions |
|
103.400 |
153.500 |
|
Total Current Liabilities (4) |
|
24268.000 |
15044.500 |
|
|
|
|
|
|
TOTAL |
|
63921.600 |
48612.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
20284.100 |
14618.100 |
|
(ii) Intangible Assets |
|
1054.800 |
1319.800 |
|
(iii) Capital
work-in-progress |
|
3316.200 |
2382.800 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.200 |
97.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
6747.400 |
4845.700 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
31402.700 |
23264.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
117.200 |
2.200 |
|
(b) Inventories |
|
22304.700 |
18229.700 |
|
(c) Trade receivables |
|
2179.900 |
2122.600 |
|
(d) Cash and cash
equivalents |
|
811.500 |
409.500 |
|
(e) Short-term loans and
advances |
|
7078.300 |
4545.400 |
|
(f) Other current assets |
|
27.300 |
38.700 |
|
Total Current Assets |
|
32518.900 |
25348.100 |
|
|
|
|
|
|
TOTAL |
|
63921.600 |
48612.100 |
|
SOURCES OF FUNDS |
|
|
30.06.2010 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
665.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9618.600 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10283.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
12976.300 |
|
|
2] Unsecured Loans |
|
|
2313.400 |
|
|
TOTAL BORROWING |
|
|
15289.700 |
|
|
DEFERRED TAX LIABILITIES |
|
|
563.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
26136.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
12070.300 |
|
|
Capital work-in-progress |
|
|
2240.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.400 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
11325.400
|
|
|
Sundry Debtors |
|
|
1475.000
|
|
|
Cash & Bank Balances |
|
|
634.800
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
6060.900
|
|
Total
Current Assets |
|
|
19496.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3074.700 |
|
|
Current Liabilities |
|
|
4404.900
|
|
|
Provisions |
|
|
193.600
|
|
Total
Current Liabilities |
|
|
7673.200
|
|
|
Net Current Assets |
|
|
11822.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
26136.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
30.06.2010 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
110362.200 |
69248.300 |
29917.100 |
|
|
|
Other Income |
86.700 |
37.700 |
11.000 |
|
|
|
TOTAL (A) |
110448.900 |
69286.000 |
29928.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
86626.500 |
58734.500 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(4075.500) |
(6952.900) |
|
|
|
|
Employee benefit expense |
4125.200 |
2604.700 |
|
|
|
|
Other expenses |
15347.500 |
9679.300 |
|
|
|
|
Exceptional items |
(669.200) |
0.000 |
|
|
|
|
TOTAL (B) |
101354.500 |
64065.600 |
27646.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9094.400 |
5220.400 |
2281.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5140.400 |
2316.500 |
1030.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3954.000 |
2903.900 |
1251.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2592.400 |
1211.800 |
504.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1361.600 |
1692.100 |
746.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
461.200 |
562.100 |
240.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX (G-H) (I) |
900.400 |
1130.000 |
506.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1134.100 |
254.100 |
(1.900) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Debenture Redemption Reserve |
NA |
250.000 |
250.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1134.100 |
254.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings through credit cards |
291.900 |
204.200 |
92.100 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
374.900 |
220.300 |
32.400 |
|
|
|
Stock-in-trade |
1483.100 |
1077.400 |
222.200 |
|
|
TOTAL IMPORTS |
1858.000 |
1297.700 |
254.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.54 |
16.99 |
13.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
30.06.2010 (12 Months) |
|
PAT / Total Income |
(%) |
0.82
|
1.63 |
1.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.23
|
2.44 |
2.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.25
|
3.67 |
3.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.15 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.83
|
2.21 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.68 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
30.06.2010 (12 Months) |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
2258.100 |
1837.000 |
NA
|
|
|
|
|
|
|
Total |
2258.100 |
1837.000 |
NA
|
|
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 |
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 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 |
REVIEW OF
PERFORMANCE
The review is for the financial period of eighteen months pursuant to extension
of the present accounting period by six months. Retail business of the Company
has been showing growth trend in spite of economy slowdown in entire retail
industry during the financial period. The Company is in Value Retail segment. Income from Operations during the financial
period was at Rs.110362.200 Millions which was at Rs. 69248.300 Millions during
the financial year of 2010-11. PBDIT stood at Rs.692.400 Millions in during the
financial period of 2011-12, which was at Rs.1692.200 Millions in the previous
year. PAT for the financial period was Rs.900.400 Millions, which was at
Rs.1130.000 Millions for the preceding year. Various factors as increased
interest costs and other operating costs have impacted profitability. However, the Company has now taken corrective
steps and strategic decisions to control the various operating costs and
further the decision to merge operations (explained hereunder in more detail)
would also enable the management to reduce double costs and use the core
competency of management teams for the benefits of the business.
As explained above, since the current financial period was of eighteen
months, accordingly, the current financial period result is not comparable with
the previous financial period, which was of twelve months.
UNSECURED LOAN
|
PARTICULARS |
31.12.2012 (18 Months) (Rs.
in Millions) |
30.06.2011 (12
Months) (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Fully convertible debentures others |
6850.000 |
6850.000 |
|
Rupee term loans from banks |
0.000 |
2176.700 |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
145.000 |
0.000 |
|
|
|
|
|
Total |
6995.000 |
9026.700 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10431809 |
11/06/2013 |
6,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG,
WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B77256238 |
|
2 |
10433078 |
11/06/2013 |
1,500,000,000.00 |
CORPORATION BANK LIMITED |
MID CORPORATE BRANCH, VEENA CHAMBERS, 21, DALAL |
B77985752 |
|
3 |
10424211 |
10/04/2013 |
2,000,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B74607078 |
|
4 |
10419685 |
25/03/2013 |
1,000,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B73183543 |
|
5 |
10418634 |
18/03/2013 |
1,500,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B72866106 |
|
6 |
10418631 |
18/03/2013 |
2,500,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B72865926 |
|
7 |
10387813 |
01/11/2012 |
1,250,000,000.00 |
CORPORATION BANK LIMITED |
MID CORPORATE BRANCH, VEENA CHAMBERS, 21, DALAL |
B62493572 |
|
8 |
10382442 |
25/01/2013 * |
650,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B70186895 |
|
9 |
10380448 |
17/09/2012 |
2,000,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37
MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B59656389 |
|
10 |
10379935 |
13/09/2012 |
1,500,000,000.00 |
DENA BANK |
C-10, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA
- 400051, INDIA |
B59461152 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.12.2012 (18 Months) (Rs.
in Millions) |
30.06.2011 (12
Months) (Rs.
in Millions) |
|
|
|
|
|
Claims against company not acknowledged as
debt |
15.000 |
2.400 |
|
Guarantees |
116.900 |
703.600 |
|
Other money for which company is
contingently liable |
139.100 |
0.000 |
|
|
|
|
|
TOTAL CONTINGENT LIABILITIES |
271.000 |
706.000 |
FIXED ASSETS
Tangible assets
·
Buildings
·
Office building
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Leasehold improvements
Intangible assets
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.39 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.