|
Country |
India |
||
|
Company Name |
INFINITI RETAIL
LIMITED |
Principal Name 1 |
Mr. Rayaroth Kariandi Krishna Kumar |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Rajendra R Bhinge |
|
Registration # |
11-158120 |
||
|
Street Address |
Bombay House,
24-Homi Modi Street, Mumbai – 400 001, Maharashtra, India |
||
|
Established Date |
16.12.2005 |
SIC Code |
-- |
|
Telephone# |
91-22-67613600 |
Business Style 1 |
electronics retail trade |
|
Fax # |
91-22-67101903 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
2800,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate – 100% |
Banking |
HDFC Bank Limited |
|
Public Limited Corp. |
NO |
Business Period |
|
|
IPO |
NO |
International Ins. |
8 years |
|
Public |
NO |
Rating |
Ba
(48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
India
|
Tata Sons Limited |
-- |
|
Note |
- |
||
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,208,800,000 |
Current Liabilities |
1,602,200,000 |
|
Inventories |
1,852,100,000 |
Long-term Liabilities |
1,500,000,000 |
|
Fixed Assets |
982,900,000 |
Other Liabilities |
466,200,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,568,400,000 |
|
Invest& other Assets |
433,900,000 |
Retained Earnings |
(1,890,700,000) |
|
|
|
Net Worth |
909,300,000 |
|
Total Assets |
4,477,700,000 |
Total Liab. & Equity |
4,477,700,000 |
|
Total Assets (Previous Year) |
3,949,200,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
19,708,800,000 |
Net Profit / (Loss) |
(794,100,000) |
|
Sales(Previous yr) |
15,434,800,000 |
Net Profit
/ (Loss) (Prev.yr) |
(613,800,000) |
|
Report Date : |
05.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
INFINITI RETAIL LIMITED [w.e.f. 28.09.2006] |
|
|
|
|
Formerly Known
As : |
VALVES ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.12.2005 |
|
|
|
|
Com. Reg. No.: |
11-158120 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 2800.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31900MH2005PLC158120 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV13188A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of electronics retail trade through
its Croma Stores. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3630000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Tata Sons Limited’. It is a well
established and reputed company having a satisfactory track record. Even thought the company has recorded some growth in its turnover
during 2012, it has incurred loss from its operations. There appear huge accumulated losses recorded by the company. However, it receives better support from its group companies. Trade relations are reported as decent. Business is active. Payment
terms are usually correct and as per commitments. The company can be considered 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A+ (Long Term Bank Facilities) |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. It carry low credit risk. |
|
Date |
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.
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-67613600 |
|
Fax No.: |
91-22-67101903/67103669 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
202 Akruti Centre Point, Next to Marol Telephone Exchange, MIDC,
Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-67101900 |
|
Fax No.: |
91-22-67101903 |
|
|
|
|
Croma (Juhu Office) : |
Croma Ground Floor, Vasundhara CHS, Opposite Utpal Shanghvi School, JVPD,
Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
|
Tel. No.: |
91-22-67103333 |
|
Fax No.: |
91-22-67107630 |
DIRECTORS
AS ON 26.09.2012
|
Name : |
Mr. Rayaroth Kariandi Krishna Kumar |
|
Designation : |
Chairman |
|
Address : |
‘Apsara’ NCPA Complex, Flat No. 213, B Block, Nariman Point, Mumbai –
400 021, |
|
Date of Birth/Age : |
18.07.1938 |
|
Date of Appointment : |
18.05.2006 |
|
DIN No.: |
00027941 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L15491WB1962PLC031425 |
TATA
GLOBAL BEVERAGES LIMITED |
Director |
05-05-87 |
05-05-87 |
- |
Active |
NO |
|
2 |
L01131KA1943PLC000833 |
TATA
COFFEE LIMITED |
Nominee
director |
10-01-91 |
10-01-91 |
- |
Active |
NO |
|
3 |
L74999MH1902PLC000183 |
THE
INDIAN HOTELS COMPANY LIMITED |
Director |
29-08-97 |
29-08-97 |
- |
Active |
NO |
|
4 |
U55101MH1968PLC013960 |
PIEM
HOTELS LIMITED |
Director |
06-09-97 |
06-09-97 |
- |
Active |
NO |
|
5 |
L55101TN1970PLC005897 |
ORIENTAL
HOTELS LIMITED |
Director |
24-09-97 |
24-09-97 |
- |
Active |
NO |
|
6 |
U44003MH1945PLC004403 |
TATA
INDUSTRIES LIMITED |
Director |
03-04-98 |
03-04-98 |
- |
Active |
NO |
|
7 |
U99999MH1917PLC000478 |
TATA
SONS LIMITED |
Director |
22-01-02 |
22-01-02 |
- |
Active |
NO |
|
8 |
U74999MH1922PLC001030 |
EWART
INVESTMENTS LIMITED |
Director |
28-03-02 |
28-03-02 |
- |
Active |
NO |
|
9 |
U99999MH1942PLC003573 |
TATA
HOUSING DEVELOPMENT COMPANY LIMITED |
Director |
22-09-04 |
22-09-04 |
- |
Active |
NO |
|
10 |
U64200AP1995PLC044060 |
TATA
BUSINESS SUPPORT SERVICES LIMITED |
Director |
14-01-05 |
14-01-05 |
03-12-07 |
Active |
NO |
|
11 |
U31900MH2005PLC158120 |
INFINITI
RETAIL LIMITED |
Director |
26-06-09 |
18-05-06 |
- |
Active |
NO |
|
12 |
U65990MH1991PLC060670 |
TATA
CAPITAL LIMITED |
Additional
director |
01-11-06 |
01-11-06 |
30-04-07 |
Active |
NO |
|
13 |
U70102MH2007PLC168300 |
TATA
REALTY AND INFRASTRUCTURE LIMITED. |
Director |
02-03-07 |
02-03-07 |
- |
Active |
NO |
|
14 |
U51900MH1962PLC012528 |
TATA
INTERNATIONAL LIMITED |
Additional
director |
22-05-07 |
22-05-07 |
22-04-09 |
Active |
NO |
|
15 |
U74990MH2009PTC190764 |
RNT
ASSOCIATES PRIVATE LIMITED |
Director |
05-03-09 |
05-03-09 |
- |
Active |
NO |
|
16 |
U45401MH2007PTC170381 |
CASA
DECOR PRIVATE LIMITED |
Director |
30-09-09 |
21-07-09 |
12-07-12 |
Active |
NO |
|
17 |
U15500HR2010PLC041616 |
NOURISHCO
BEVERAGES LIMITED |
Director |
11-05-12 |
14-03-11 |
- |
Active |
NO |
|
18 |
U74900MH2011PLC222589 |
TATA
STARBUCKS LIMITED |
Director |
23-07-12 |
26-03-12 |
- |
Active |
NO |
|
Name : |
Mr. Ajit Joshi |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 802, 8th Floor, Badrinath Towers, Kailash Sarovar Sankul,
Off Seven Bunglow, Versova, Andheri (West), Mumbai – 400 061, |
|
Date of Birth/Age : |
12.05.1960 |
|
Date of Appointment : |
27.11.2006 |
|
DIN No.: |
01265581 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Company/
LLP Status |
Defaulting
status |
|
1 |
U31900MH2005PLC158120 |
INFINITI
RETAIL LIMITED |
Managing
director |
27-11-11 |
27-11-06 |
Active |
NO |
|
2 |
U85191MH2011NPL222989 |
RETAILERS
ASSOCIATION'S SKILL COUNCIL OF INDIA |
Director |
13-10-11 |
13-10-11 |
Active |
NO |
|
3 |
U51900MH2006PLC159768 |
INFINITI
WHOLESALE LIMITED |
Managing
director |
15-10-12 |
15-10-12 |
Active |
NO |
|
Name : |
Mr. Arunkumar Ramanlal Gandhi |
|
Designation : |
Director |
|
Address : |
Akruti Astha, 23 G, Dongarsey Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
15.03.1943 |
|
Date of Appointment : |
25.03.2010 |
|
Date of Cessation : |
16.03.2013 |
|
DIN No.: |
00007597 |
|
|
|
|
Name : |
Mr. Jimmy Bilimoria |
|
Designation : |
Director |
|
Address : |
5 Battery House, 2nd Floor, 74, Bhulabhai Desai Road,
Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1947 |
|
Date of Appointment : |
06.10.2009 |
|
Date of Cessation : |
06.05.2013 |
|
DIN No.: |
00112654 |
|
|
|
|
Name : |
Mr. Rajendra R Bhinge |
|
Designation : |
Director |
|
Address : |
83, |
|
Date of Birth/Age : |
29.05.1952 |
|
Date of Appointment : |
16.12.2005 |
|
DIN No.: |
00036557 |
|
Voter ID No.: |
JRW0961086 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U01110MH1990PLC057600 |
ORIENTAL
FLORATECH INDIA LIMITED |
Director |
16-04-91 |
16-04-91 |
26-05-09 |
Active |
NO |
|
2 |
U84200MH1992PLC066138 |
ITEL
INDUSTRIES LIMITED |
Director |
27-03-92 |
27-03-92 |
28-08-08 |
Active |
NO |
|
3 |
U74999MH1993PLC072118 |
ORIENTAL
SERITECH LIMITED |
Director |
25-05-93 |
25-05-93 |
07-08-09 |
Active |
NO |
|
4 |
U34300PN1996PLC015038 |
JOHNSON
CONTROLS AUTOMOTIVE LIMITED |
Director |
25-07-96 |
25-07-96 |
25-03-13 |
Active |
NO |
|
5 |
L32200MH1940PLC003164 |
NELCO
LIMITED |
Director |
06-06-13 |
29-08-03 |
- |
Active |
NO |
|
6 |
U34100MH1995PLC093733 |
TATA
AUTOCOMP SYSTEMS LIMITED |
Director |
30-07-04 |
30-07-04 |
- |
Active |
NO |
|
7 |
U31900MH2005PLC158120 |
INFINITI
RETAIL LIMITED |
Director |
16-12-05 |
16-12-05 |
- |
Active |
NO |
|
8 |
U51900MH2006PLC159776 |
COMPUTATIONAL
RESEARCH LABORATORIES LIMITED |
Director |
06-08-07 |
14-07-06 |
28-08-12 |
Active |
NO |
|
9 |
U67120MH1987PLC044351 |
TATANET
SERVICES LIMITED |
Director |
14-09-11 |
14-09-11 |
- |
Active |
NO |
|
10 |
U44003MH1945PLC004403 |
TATA
INDUSTRIES LIMITED |
Whole-time
director |
05-09-12 |
01-04-12 |
- |
Active |
NO |
|
Name : |
Mr. Pankaj K Gupta |
|
Designation : |
Director |
|
Address : |
B 7, Sneh |
|
Date of Birth/Age : |
07.08.1972 |
|
Date of Appointment : |
16.12.2005 |
|
Din No.: |
00467066 |
KEY EXECUTIVES
|
Name : |
Mr. Taher Ali |
|
Designation : |
Senior Manager – Legal and Company Secretary |
|
Address : |
Flat No. 804, Wing – C, Nilgiri, Bamandaya Pada, Opp. Custom Colony,
Military Road, Marol, Andheri East, Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1975 |
|
Date of Appointment : |
18.09.2006 |
|
Pan No.: |
AFTPA1071M |
|
|
|
|
Name : |
Mr. Ajit Joshi |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat No. 802, 8th Floor, Badrinath Towers, Kailash Sarovar
Sankul, Off Seven Bunglow, Versova, Andheri (West), Mumbai – 400 061, |
|
Date of Birth/Age : |
12.05.1960 |
|
Date of Appointment : |
27.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2012
|
Names of Shareholders |
No. of Shares |
|
Tata Sons Limited, India |
279999994 |
|
Tata Sons Limited, India and
Farokh Nariman Subedar |
1 |
|
Tata Sons Limited, India and
Bharat D Vasani |
1 |
|
Tata Sons Limited, India and
Rohinton P Wadia |
1 |
|
Tata Sons Limited, India and
Kersi Rustom Bhagat |
1 |
|
Tata Sons Limited, India and
Manoj Kumar Cheranalloor Vasudeva |
1 |
|
Tata Sons Limited, India and
Eruch N. Kapadia, |
1 |
|
TOTAL
|
280000000 |
AS ON 31.10.2012
|
Names of Allottees |
No. of Shares |
|
Tata Sons Domestic Limited, India
|
110000000 |
|
TOTAL
|
110000000 |
AS ON 26.09.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of electronics retail trade through
its Croma Stores. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
22, Camac Street, Block C, 3rd Floor, Kolkata-700016, West
Bengal, India |
|
PAN No: |
AABFS3421N |
|
|
|
|
Holding Company : |
Tata Sons Limited CIN No.: U99999MH1917PLC000478 |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 26.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs. 6000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
Rs.10/- each
|
Rs. 3900.000
Millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs. 6000.000 Millions |
|
|
|
|
|
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
Rs.10/- each
|
Rs. 3900.000
Millions |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
280000000 |
Equity Shares |
Rs.10/- each
|
Rs. 2800.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2800.000 |
2800.000 |
|
(b) Reserves & Surplus |
|
(1890.700) |
(1079.700) |
|
(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) |
|
909.300 |
1720.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1500.000 |
750.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
283.600 |
186.500 |
|
(d) long-term
provisions |
|
20.200 |
19.400 |
|
Total Non-current
Liabilities (3) |
|
1803.800 |
955.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
0.000 |
10.500 |
|
(b) Trade payables |
|
594.800 |
366.700 |
|
(c) Other current
liabilities |
|
723.800 |
854.400 |
|
(d) Short-term
provisions |
|
446.000 |
41.400 |
|
Total Current
Liabilities (4) |
|
1764.600 |
1273.000 |
|
|
|
|
|
|
TOTAL |
|
4477.700 |
3949.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
887.100 |
843.800 |
|
(ii) Intangible Assets |
|
95.800 |
110.800 |
|
(iii) Capital
work-in-progress |
|
32.800 |
32.200 |
|
(iv)
Intangible assets under development |
|
29.400 |
1.100 |
|
(b) Non-current Investments |
|
0.100 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
647.900 |
599.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1693.100 |
1586.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
371.600 |
262.300 |
|
(b) Inventories |
|
1852.100 |
1448.500 |
|
(c) Trade receivables |
|
281.900 |
347.900 |
|
(d) Cash and cash
equivalents |
|
62.000 |
171.200 |
|
(e) Short-term loans
and advances |
|
217.000 |
132.400 |
|
(f) Other current
assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
2784.600 |
2362.300 |
|
|
|
|
|
|
TOTAL |
|
4477.700 |
3949.200 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2400.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
368.650 |
|
|
4] (Accumulated Losses) |
|
|
(2413.920) |
|
|
NETWORTH |
|
|
354.730 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1452.367 |
|
|
2] Unsecured Loans |
|
|
50.000 |
|
|
TOTAL BORROWING |
|
|
1502.367 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1857.097 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
727.082 |
|
|
Capital work-in-progress |
|
|
66.530 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
948.786
|
|
|
Sundry Debtors |
|
|
142.985
|
|
|
Cash & Bank Balances |
|
|
159.577
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
588.318
|
|
Total
Current Assets |
|
|
1839.666 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
178.400
|
|
|
Other Current Liabilities |
|
|
559.778
|
|
|
Provisions |
|
|
46.713
|
|
Total
Current Liabilities |
|
|
784.891 |
|
|
Net Current Assets |
|
|
1054.775
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
8.710 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1857.097 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19708.800 |
15434.800 |
10214.000 |
|
|
|
Other Income |
34.500 |
56.600 |
17.100 |
|
|
|
TOTAL (A) |
19743.300 |
15491.400 |
10231.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
17403.700 |
13825.000 |
9083.000 |
|
|
|
Employee benefit expense |
759.700 |
527.800 |
336.500 |
|
|
|
Other expenses |
2368.100 |
1945.400 |
1298.600 |
|
|
|
Exceptional items/ Prior period items |
126.200 |
21.100 |
10.500 |
|
|
|
Share Issue Items |
0.000 |
0.000 |
4.900 |
|
|
|
Prior Period Items |
0.000 |
0.000 |
10.500 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(403.600) |
(502.500) |
0.000 |
|
|
|
TOTAL (B) |
20254.100 |
15816.800 |
10744.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(510.800) |
(325.400) |
(512.900) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
140.700 |
180.200 |
149.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(651.500) |
(505.600) |
(661.900) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
142.600 |
108.200 |
62.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(794.100) |
(613.800) |
(724.200) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(794.100) |
(613.800) |
(724.200) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3027.700) |
(2413.900) |
(1689.700) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(3821.800) |
(3027.700) |
(2413.900) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
NA |
5.900 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2.84) |
(2.53) |
(3.29) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(4.02)
|
(3.96) |
(7.07) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.03)
|
(3.98) |
(7.09) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.98)
|
(15.67) |
(28.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.87)
|
(0.36) |
(2.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65
|
0.44 |
4.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58
|
1.86 |
2.34 |
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) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
BUSINESS OVERVIEW:
The Company
continued to be one of the top three CDIT (Consumer Durables and Information
Technology) retailers in India by volume. During the year, it gained
considerable market share in key domestic markets.
The Company
continued to win several awards during the financial year. The most significant
one being the Most Admired Retailer in the CDIT category, which was awarded to
Croma stores for the fourth consecutive year.
During the year,
the Company launched Croma Service Centres in Mumbai, Delhi and Bangalore to
provide after sales service to its customers. No other retailer in CDIT
category except Reliance Digital has set up its own service centres in India.
During the year,
the Company expanded its own brand of products, which were received extremely
well by the market. The Company plans to build a robust offering of its own
label (“Croma” branded products) in the next few years, which would improve its
margins even further.
The Company has
implemented new model of Inventory Management based on ‘Consumption’ or
‘Customer Pull’ for each product in each store (against ‘Push’ based inventory
management typically followed by retailers). This has not only resulted in
better cash flow due to substantial inventory reduction but has also begun to
improve the same-store growth due to better distribution of right stocks to
right stores (same store growth in April 2012 improved further to 24%). For
this the Company has associated itself with Goldratt Consulting, Israel to
advise the Company on dynamic inventory management.
The Company is in
process of negotiating and finalizing new terms of its three contracts with its
strategic alliance and sourcing partner, Woolworths Limited, Australia and its
associate companies (Woolworths). The said contracts with Woolworths were due
for review after an initial term of 5 years which expired on 2nd May
2011.
FIXED ASSETS:
TANGIBLE ASSETS
·
Leasehold improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
INTANGIBLE ASSETS:
·
Brand
·
ERP Software
·
Website Development
NEWS:
INFINITI
RETAIL EYES 30% INCREASE IN TURNOVER THIS FISCAL
Tata
group firm Infiniti Retail Limited that runs consumer durables and electronics chain
under Croma brand is eyeing 30% increase in its turnover to Rs 33000.000
Millions this financial year on the back of network expansion and enhanced
contribution from private labels.
The
company which reported turnover of Rs 25000.000 Millions last year will add
14-15 stores this year to its total network of 90 stores at present.
"Looking
at the current trends for sales we are targeting 30% growth in turnover over
last year," Infiniti Retail Limited MD and CEO Ajit Joshi told PTI.
Commenting
on the store expansion plans, he said Infiniti Retail would add up to 15 stores
this year entailing a total investment of Rs 500.000-600.000 Millions.
"We
expect these new stores to contribute about Rs 2000.000 Millions each to our
turnover," Joshi said.
All Croma stores are company-owned and the new stores will come up in cities
where Croma stores are already present.
"Our strategy is to penetrate deeper into our existing markets, rather
than opening stores in new cities," Joshi said.
On the contribution from private labels, he said the retail chain is targeting
7-10% of total turnover from such products.
It plans to add high-end refrigerators to range of private label products after
recently adding mobiles and tablets.
"We continue to expand our private label range. We are targeting a
turnover of Rs 2000.000 Millions from that range this year. We will continue to
bring quality products to our customers,” Joshi said.
Croma
sells over 200 products under its private label. The company which achieved
cash break-even in 2012-13 is looking at bottom-line break-even this year.
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 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. 60.09 |
|
|
1 |
Rs. 91.57 |
|
Euro |
1 |
Rs. 78.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.