MIRA
INFORM REPORT
|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE FRESH LIMITED (w.e.f. 18.01.2008) |
|
|
|
|
Formerly Known
As : |
RANGER FARMS LIMITED (w.e.f. 10.02.2007) RANGER FARMS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Court House,, Lokmanya Tilak Marg ,
Dhobi Talao, Mumbai - 400002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
29.06.1999 |
|
|
|
|
Com. Reg. No.: |
11-120563 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.10.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U01100MH1999PLC120563 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMR19954E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR1718E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Departmental Stores |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a part of “Reliance Group” a well known and a reputed
industrial house in the country. There appears huge accumulated losses during 2012. The net worth of
the company has been fully eroded. External borrowings have increased over
previous year. However, trade relations are fair. The status of the company appears
to be active with the registrar of companies. Payment terms are reported as
slow. In view of strong holding company, subject can be considered for
business dealings with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 DECLIEND
Management Non – Cooperative (91-22-44770000)
LOCATIONS
|
Registered Office : |
3rd Floor, Court House,, Lokmanya Tilak Marg, Dhobi Talao, Mumbai - 400002, Maharashtra, India |
|
Tel. No.: |
91-22-44770000 |
|
Fax No.: |
91-22-44771882 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
9th Floor, Maker Chambers IV, 222, Nariman Point, Mumbai –
400021, |
|
Tel. No.: |
91-22-44772522 |
|
Fax No.: |
91-22-22785211 |
DIRECTORS
As on 04.08.2012
|
Name : |
Mr. Pankaj Mohan Pawar |
|
Designation : |
Whole Time Director |
|
Address : |
302, Archana, Surabh, Plot No.20, Sector 7, Koparkhairne, Navi Mumbai – 400709, Maharashtra, India |
|
Date of Birth/Age : |
14.07.1972 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00085077 |
|
Voter ID No.: |
00085077 |
|
|
|
|
Name : |
Mr. Pramod Madhukar Bhawalkar |
|
Designation : |
Director |
|
Address : |
236, Om Trimurti CHS, Bhaktidham Marg, Off Sion Trombay Road,
Chunabhati, Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
18.01.1957 |
|
Date of Appointment : |
04.08.2012 |
|
DIN No.: |
01114946 |
|
Voter ID No.: |
01114946 |
|
|
|
|
Name : |
Mr. Madhavan Ganesan |
|
Designation : |
Whole Time Director |
|
Address : |
C-Wing, 2004/20th Floor, Shree Ji, Heights Plot, Sector 46A, Nerul, Navi Mumbai – 400706, Maharashtra, India |
|
Date of Birth/Age : |
07.09.1964 |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
01674529 |
|
Voter ID No.: |
01674529 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 04.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Reliance Retail Limited, India |
|
1049994 |
|
Rajendra Madhav Kamath Jointly With Reliance Retail Limited, India |
|
1 |
|
Sudhakar Saraswatula Jointly With Reliance Retail Limited, India |
|
1 |
|
Sridhar Kothandaranman With Reliance Retail Limited , India |
|
1 |
|
Pankaj Mohan Pawar Jointly With Reliance Retail Limited, India |
|
1 |
|
Madhavan Ganesan jointly with Reliance Retail Limited, India |
|
1 |
|
A Ramaswamy jointly with Reliance Retail Limited, India |
|
1 |
|
Total |
|
1050000 |
Equity Share Break up (Percentage of Total Equity)
As on 04.08.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Departmental Stores |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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|||||||||||||||
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Bankers : |
HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai - 400013, Maharashtra, India |
|||||||||||||||
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|||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714/715, Tulsiani Chambers, 212, Nariman Point, Mumbai – 400 021, |
|
PAN.: |
AAAFC0662N |
|
|
|
|
Name : |
S. V. Ghatalia and Associates Chartered Accountants |
|
Address : |
16th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai 400028, Maharashtra, India |
|
PAN.: |
AACFS6921Q |
|
|
|
|
Ultimate holding company: |
Reliance Industries Limited, India CIN: L17110MH1973PLC019786 |
|
|
|
|
Holding company: |
Reliance Retail Limited, India CIN: U17120MH1998PLC114010 |
|
|
|
|
Subsidiaries: |
·
Delight Proteins Limited, India CIN: U74140MH2000PLC128371 ·
LPG Infrastructure (India) Limited, India CIN: U65990MH1992PLC067949 ·
Reliance Agri Products Distribution Limited (upto 30th January, 2012) ·
Reliance Autozone Limited, India (from 31st
January, 2012) CIN: U74140MH2000PLC128398 ·
Reliance Dairy Foods Limited, India (from 31st January, 2012) CIN: U15419MH2006PLC165826 ·
Reliance Digital Media Limited (from 31st January, 2012) ·
Reliance F and B Services Limited, India CIN: U85190MH2000PLC126442 ·
Reliance Food Processing Solutions Limited, India CIN: U51101MH2007PLC175511 ·
Reliance Gems and Jewels Limited (upto 30th January, 2012) ·
Reliance Home Products Limited, India CIN: U52599MH2007PLC176409 ·
Reliance Home Store Limited (upto 30th January, 2012) ·
Reliance Hypermart Limited (upto 25th March,
2012) ·
Reliance Integrated Agri Solutions Limited (upto 30th January, 2012) ·
Reliance Leisures Limited (upto 30th January, 2012) ·
Reliance Lifestyle Holdings Limited (upto 30th
January, 2012) ·
Reliance Loyalty and Analytics Limited,
India (from 31st January, 2012) CIN: U51101MH2007PLC175624 ·
Reliance Petro Marketing Limited, India CIN: U74210MH1999PLC120377 ·
Reliance Replay Gaming Limited, India (from 31st
January, 2012) CIN: U51109MH2008PLC185068 ·
Reliance Review Cinema Limited, India (from 31st January, 2012) CIN: U51109MH2008PLC185095 ·
Reliance Supply Chain Solutions Limited (upto 30th January, 2012) ·
Reliance Vantage Retail Limited (upto 25th March, 2012) ·
Reliance Wellness Limited (upto 25th March, 2012) ·
Retail Concepts and Services (India) Limited (upto 30th January, 2012) ·
Two Sisters Foods India Limited, India CIN: U51109MH2008PLC185094 |
|
|
|
|
Fellow subsidiaries: |
·
Indiawin Sports Private Limited, India CIN: U51109MH2007PTC176254 ·
Infotel Broadband Services Limited, India CIN: U72900MH2007PLC234712 ·
Reliance Autozone Limited (upto 30th January,
2012) ·
Reliance Brands Limited, India CIN: U51900MH2007PLC174470 ·
Reliance Commerical Land and Infrastructure
Limited ·
Reliance Corporate IT Park Limited, India CIN: U74140MH2001PLC131458 ·
Reliance Dairy Foods Limited (upto 30th January, 2012) ·
Reliance Digital Media Limited, India (upto 30th January, 2012) CIN: U51909MH2007PLC175652 ·
Reliance Financial Distribution and Advisory
Services Limited, India CIN: U65990MH2007PLC170804 ·
Reliance Commercial Land and Infrastructure
Limited, India CIN: U51109MH2008PLC185389 ·
Reliance Footprint Limited, India CIN: U51101MH2007PLC171321 ·
Reliance Gems and Jewels Limited, India (from 31st January, 2012) CIN: U25199MH1998PLC114011 ·
Reliance Home Store Limited, India (from 31st
January, 2012) CIN: U51101MH2007PLC175510 ·
Reliance Industrial Investments and Holdings
Limited, India CIN: U65910MH1986PLC041081 ·
Reliance Agri Products Distribution Limited,
India (from 31st January, 2012) CIN: U52100MH2007PLC175530 ·
Reliance Infrastructure Management Services
Limited, India CIN: U51900MH2007PLC175640 ·
Reliance Integrated Agri Solutions Limited, India (from 31st January, 2012) CIN: U51909MH2007PLC167793 ·
Reliance Jamnagar Infrastructure Limited, India CIN: U45300GJ1999PLC036347 ·
Reliance Leisures Limited, India (from 31st
January, 2012) CIN: U52100MH2007PLC175533 ·
Reliance Lifestyle Holdings Limited, India (from 31st January, 2012) CIN: U01403MH2007PLC172415 ·
Reliance Office Solutions Private Limited, India CIN: U51109MH2008PTC185092 ·
Reliance Payment Solutions Limited, India CIN: U65923MH2007PLC173923 ·
Reliance People Serve Limited, India CIN: U93090MH2007PLC167786 ·
Reliance Polyolefins Limited, India CIN: U99999MH1992PLC065847 ·
Reliance Retail Insurance Broking Limited, India CIN: U67200MH2006PLC165651 ·
Reliance Retail Travel and Forex Services
Limited ·
Reliance Security Solutions Limited, India CIN: U51109MH2008PLC185401 ·
Reliance Strategic Investments Limited, India CIN: U65990MH1999PLC120918 ·
Reliance Supply Chain Solutions Limited,
India (from 31st January, 2012) CIN: U52190MH2007PLC175508 ·
Reliance Trade Services Centre Limited, India CIN: U51900MH2007PLC175636 ·
Reliance Trends Limited, India CIN: U51909MH2006PLC166165 ·
Reliance Universal Ventures Limited, India CIN: U51109MH2007PLC167805 ·
Reliance Wellness Limited (From 26th March, 2012) ·
Reliance digital Retail Limited, India CIN: U70102MH2007PLC170415 ·
Reliance Haryana SEZ Limited, India CIN: U70109HR2006PLC036416 ·
RESQ Limited, India CIN: U52599MH2007PLC168275 ·
Retail Concepts and Services (India) Limited,
India (from 31st January, 2012) CIN: U15130MH2003PLC139197 ·
Strategic Manpower Solutions Limited, India CIN: U74999MH2007PLC167704 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1050000 |
Equity Shares |
Rs.10/- each |
Rs. 10.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1050000 |
Equity Shares |
Rs.10/- each |
Rs. 10.500
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 |
|
10.500 |
10.500 |
|
(b) Reserves & Surplus |
|
(12950.900) |
(10213.300) |
|
|
|
|
|
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
58728.300 |
47581.700 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
108.800 |
70.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
3085.500 |
2073.100 |
|
(c) Other current
liabilities |
|
1089.500 |
563.400 |
|
(d) Short-term provisions |
|
5.600 |
15.200 |
|
TOTAL |
|
50077.300 |
40100.600
|
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
23244.200 |
23629.300 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
3811.700 |
3221.900 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
2455.400 |
19.100 |
|
(c) Deferred tax assets (net) |
|
6165.100 |
4677.400 |
|
(d) Long-term Loan and Advances |
|
5861.900 |
4017.800 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5313.700 |
3237.000 |
|
(c) Trade receivables |
|
1480.900 |
295.100 |
|
(d) Cash and cash
equivalents |
|
203.200 |
144.200 |
|
(e) Short-term loans and
advances |
|
1541.100 |
858.800 |
|
(f) Other current assets |
|
0.100 |
0.000 |
|
TOTAL |
|
50077.300 |
40100.600 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(4119.319) |
|
|
NETWORTH |
|
|
(4118.819) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5.893 |
|
|
2] Unsecured Loans |
|
|
21002.895 |
|
|
TOTAL BORROWING |
|
|
21008.788 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
16889.969 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
6018.618 |
|
|
Capital work-in-progress |
|
|
5288.751 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
4.900 |
|
|
DEFERREX TAX ASSETS |
|
|
2010.473 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2146.706
|
|
|
Sundry Debtors |
|
|
522.187
|
|
|
Cash & Bank Balances |
|
|
179.364
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
2105.282
|
|
Total
Current Assets |
|
|
4953.539
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1331.294
|
|
|
Other Current Liabilities |
|
|
0.040
|
|
|
Provisions |
|
|
54.978
|
|
Total
Current Liabilities |
|
|
1386.312
|
|
|
Net Current Assets |
|
|
3567.227
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
16889.969 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
38378.400 |
28670.000 |
20827.300 |
|
|
|
Other Income |
8.500 |
256.400 |
12.800 |
|
|
|
TOTAL (A) |
38386.900 |
28926.400 |
20840.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
33270.800 |
24295.500 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(2034.700) |
105.400 |
|
|
|
|
Employee benefit expense |
1752.800 |
1078.300 |
|
|
|
|
Other expenses |
7564.100 |
7163.100 |
|
|
|
|
TOTAL (B) |
40553.000 |
32642.300 |
22347.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(2166.100) |
(3715.900) |
(1507.200) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.400 |
1.600 |
0.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(2168.500) |
(3717.500) |
(1508.000) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2056.800 |
1106.100 |
662.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(4225.300) |
(4823.600) |
(2170.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1487.700) |
(1365.400) |
(819.300) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(2737.600) |
(3458.200) |
(1351.600) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(10213.300) |
(4119.278) |
(2767.678) |
|
|
|
|
|
|
|
|
|
|
Transferred on Demerger |
0.000 |
(2635.800) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(12950.900) |
(10213.300) |
(4119.278) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
NA |
NA |
136.740 |
|
|
|
Capital Goods |
NA |
NA |
0.141 |
|
|
TOTAL IMPORTS |
NA |
NA |
136.881 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(2607.24) |
(13536.01) |
(27032.82) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(7.13)
|
(11.96) |
(6.49) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.01)
|
(16.82) |
(10.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(11.22)
|
(14.99) |
(19.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.33)
|
(0.47) |
(0.53) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(4.54)
|
(0.47) |
(5.43)
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.04
|
1.71 |
3.57
|
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Sundry Creditors |
3085.500 |
2073.100 |
1331.294 |
|
|
|
|
|
|
Total |
3085.500 |
2073.100 |
1331.294 |
|
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 |
No |
OPERATIONAL
REVIEW:
During the year, the Company witnessed strong growth in sales from
existing stores and also added new stores. The Company operates Value Format that
comprises of Reliance Fresh, Reliance Super, Reliance Mart, Delight and
Autozone. Together these formats consist of over 700 stores and contribute to
dominant share of retail space and turnover.
The Company is the largest grocery retailer in the Country.
The neighborhood format catering to daily shopping needs Reliance Fresh
continues to grow with strong same store sales growth.
The Company launched its new prototype of Reliance Mart and Reliance
Super during the year and has received an overwhelming response from customers.
The Company will be rolling out more stores in Financial Year 2012-13, which
are currently in various stages of construction and planning.
The Company launched its first wholesale format under the name of
Reliance Market in Ahmedabad. Reliance Market is infusing new life in
traditional transactions with professional customers and boosting their
entrepreneurial capacity. It is generating sustained value by creating
employment and most importantly, self-belief in small shopkeepers, as it
partners with the traditional trade. The first pilot store boasting of an area
of 100,000 sq ft caters to kirana stores, small businesses, restaurants and
various other institutional buyers. Encouraged by the success, the company will
rapidly expand the format.
Having built a strong foundation for growth and the continuous focus on
providing superior value propositions, the directors are confident of robust
performance by the Company in the coming years
UNSECURED LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
58708.000 |
47573.600 |
|
|
|
|
|
Total |
58708.000 |
47573.600 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity
number of the company |
U01100MH1999PLC120563 |
|
Name of the
company |
RELIANCE FRESH
LIMITED |
|
Address of the
registered office or of the principal place of business in |
3rd Floor, Court House,
Lokmanya Tilak Marg , Dhobi Talao Mumbai – 400002, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
·
Movable
property (not being pledge) |
|
Particular of
charge holder |
CIN: L65920MH1994PLC080618 HDFC Bank, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West),
Mumbai-400013, Maharashtra, India |
|
Nature of instrument
creating charge |
Letter of HDFC
Bank dated March 1, 2012 and order of the High Court dated October 14, 2011
and further amended by order dated December 2, 2011 |
|
Date of
instrument Creating the charge |
01.03.2012 |
|
Amount secured by
the charge |
Rs.42.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at such
rate/s as may be determined by the bank from time to time Terms of
Repayment As per Agreement(s)
for Autoloan Extent and
Operation of the charge First and
exclusive charge on the present and future vehicles (purchased under the loan
facility) hypothecated and the charge shall stand as security to the
repayment and payment by the Company to the Bank for all monies payable under
the Agreement for Autoloan. Others Pursuant to the
scheme of arrangement sanctioned by order of the High Court dated October 14,
2011 and further amended by order dated December 2, 2011, the assets and
liabilities (including the autoloan facility) comprised in certain
undertakings of the transferor companies have been demerged into and vested
with Reliance Fresh Limited, the transferee Company. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Vehicles as
detailed in the Agreement(s) for Autoloan, including future vehicles
purchased under the loan facility. |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
|
Guarantees |
112.000 |
89.300 |
|
Estimated amount of contracts remaining to
be executed on capital account and not provided for |
392.100 |
337.700 |
FIXED ASSETS
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
AS PER WEBSITE DETAILS
NEWS
RELIANCE FRESH BORROWING LIMIT RAISED FOR FUTURE EXPANSION
27, DECEMBER 2012
As per a company filing uploaded on the Registrar of Companies’ (RoC) website on 30 November by the Reliance Industries Limited (RIL) subsidiary Reliance Fresh Limited, which operates a chain of supermarkets and hypermarkets, it has been authorized via a resolution passed by its shareholders, to raise its borrowing limit by half to Rs 150000.000 Millions with immediate effect to fund future expansion.
The resolution, which was passed at an extraordinary general meeting on 31
October, allows the company to have, at any time, debt that is Rs.150000.000
Millions in excess of its combined paid-up capital and free reserves. According
to its 2012 annual return filed with RoC, the company has paid-up capital of
only Rs.10.500 Millions and no free reserves as it is still running at a loss,
the current borrowing limit will be Rs.150010.500 Millions. As and when the
company’s paid-up capital increases and it accumulates free reserves, its debt
exposure will automatically rise in the same proportion.
According to the Reliance Fresh 2010-11 balance sheet posted on the RoC
website, the RIL subsidiary had a debt of Rs.52177.100 Millions, and most of
which is owed to its parent company. The increase in the borrowing limit is an
indication that RIL is getting ready to pump more money into its retail
operations in the coming fiscal.
With opening of FDI in multi-brand retail, several large global players are flocking
to India, and to take on the increased competition, the home grown brands need
to expand rapidly and increase their presence.
Reliance Retail has around 1,450 stores in the country. In 2012 the company
added around 250 stores with over 1 million sqft of retail space. In 2011, it
recorded a 20% growth and plans to maintain the same pace of growth this year.
RELIANCE CLUBS NINE
ARMS WITH RELIANCE FRESH
29 MARCH 2012
Mumbai: Reliance Retail Limited, an arm of India’s most-valued company Reliance Industries Limited, has integrated nine of its loss-making subsidiaries with Reliance Fresh Limited, under a scheme of arrangement proposed to the Bombay high court.
The structure was approved by the court on 26 December and came into effect on 30 December, when the court order was submitted to the Registrar of Companies.
The integration will allow the company to “exclusively focus on one area of business and also have a greater capacity to raise finance and expand operations,” Reliance says in its proposal, a copy of which Mint has reviewed.
The nine companies merged with Reliance Fresh are: Reliance Agri
Products Distribution Limited, Reliance Food Processing Solutions Limited,
Reliance Home Store Limited, Reliance Hypermart Limited, Reliance Integrated
Agri Solutions Limited, Reliance Lifestyle Holdings Limited, Reliance Supply
Chain Solutions Limited, Reliance Wellness Limited and Reliance Concepts and
Services India Limited.
These companies, including Reliance Fresh, incurred a combined loss of
Rs.3604.700 Millions on a revenue of Rs 33801.600 Millions in fiscal 2011, according to data culled
from RIL’s 2011 annual report.
Other than Reliance Fresh, the retail business includes Reliance
Digital, Reliance Trends and Reliance Brands. None of these are listed on BSE
Limited.
An email sent to RIL on Thursday remained unanswered.
An RIL official, speaking on condition of anonymity, said the
restructuring was contemplated during a phase of consolidation at Reliance
Retail on the basis that companies with similar operations should be merged
into one.
According to the scheme of arrangement, the holding company decided to
restructure the operations to “segregate similar trading and related operations
and to house the same in a single company Reliance Fresh Limited, instead of
several companies carrying on the same business.”
It added that “the demerger would also achieve synergies and economies
of scale by reducing duplication of costs and improving administrative and
operational efficiency.”
Financial ed about the merger on 16 September and CNBC TV18 on 5 March.
India’s largest listed retailer by revenues, Pantaloons Retail India
Limited, executed a similar restructuring two years ago by bringing brands like
Big Bazaar and Food Bazaar under a single entity Future Value Retail Limited,
thus separating the lifestyle and apparel retail arms as it looked to raise
money and expand the business.
“The procurement requirements for many of the formats is the same,” said
the same Reliance official. “Also, some of the entities that were merged used
to provide back-end logistical support. So there were operational synergies.”
“Aligning formats with needs of business into one structure would help
rationalise costs and give economies of scale as companies look at
profitability,” said Rajan Divekar, senior director, Deloitte Touche Tohmatsu
India Pvt. Limited.
After forming Reliance Fresh, Reliance Retail passed a special
resolution for an investment of Rs 4,500 crore on 31 December at its annual
general meeting.
The restructuring follows the induction in July of top executives—Rob
Cissell, former chief operating officer of WalMart China as chief
executive-value formats, and Shawn Gray, former vice-president, Walmart China,
as chief operations officer—to turnaround the retail business.
“The management changes and the restructuring signal a commitment of the
parent to the retail business,” said Arvind Singhal, chairman of retail
advisory firm Technopak India Pvt. Limited RIL expects integration to give the
company greater capacity to raise finance and expand operations.
He added, though, that it was too early to decide whether such moves
will result in any operational efficiencies as Reliance’s retail business is
still young.
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.57.74 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
4 |
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
28 |
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.