MIRA
INFORM REPORT
|
Report Date : |
18.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
GALAXY ENTERTAINMENT CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
110/111, B -Wing, Shah and Nahar Industrial Estate, L.P.
Marg, off. Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.08.1981 |
|
|
|
|
Com. Reg. No.: |
11-024988 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.156.499 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1981PLC024988 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
The subject engaged in the business of Leisure and Entertainment Services. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears huge accumulated losses recorded by the company. The liquidity
position of the company is weak. There appears continuous dip in sales turnover. Performance capacity
is low. However, business is active. Payments are reported to be slow. The company can be considered for business dealings on safe and
secured 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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
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. Deepak Khilari |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-66114141 |
|
Date : |
15.03.2013 |
LOCATIONS
|
Registered Office : |
110/111, B -Wing, Shah and Nahar Industrial Estate, L.P.
Marg, off. Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Tel. No.: |
91-22-66114141 / 24914000 |
|
Fax No.: |
91-22-66114198 / 24985413 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Sunil Biyani |
|
Designation : |
Director |
|
Address : |
304, Jeevan Vihar, Manav Mandir Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
24.10.1969 |
|
Date of Appointment : |
27.05.2011 |
|
DIN No.: |
00006583 |
|
|
|
|
Name : |
Mr. Ashokkumar Radhakrishna Ruia |
|
Designation : |
Director |
|
Address : |
Ruia House No19, Bhau Saheb Hire Marg, Malabar Hill, Mumbai- 400 006, Maharashtra, India |
|
Date of Birth/Age : |
13.07.1943 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.12.2006 |
|
DIN No.: |
00086762 |
|
|
|
|
Name : |
Mr. Atul Ashokkumar Ruia |
|
Designation : |
Director |
|
Address : |
Ruia House, Bhau Saheb Hire Marg, Malabar Hill, Mumbai- 400 006, Maharashtra, India |
|
Date of Birth/Age : |
26.02.1971 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
31.05.2000 |
|
DIN No.: |
00087396 |
|
|
|
|
Name : |
Mr. Shishir Swami Saran Baijal |
|
Designation : |
Director |
|
Address : |
Flat No.1103/1104, 11th Floor, B-Wing, Quantum Park, 1084-D Next to Deccan Apts., Union Park Khar, Danda, Khar West, Mumbai- 400 050, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1959 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
27.04.2006 |
|
DIN No.: |
00089265 |
|
|
|
|
Name : |
Ms. Udita Janak Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
6A, Bhagat Niwas, Pedder Road, Mumbai- 400 013, Maharashtra, India |
|
Date of Birth/Age : |
9.1.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
31.12.2005 |
|
DIN No.: |
00120951 |
|
|
|
|
Name : |
Mr. Rajneesh Agarwal |
|
Designation : |
Director |
|
Address : |
Suite 6C, 56, Gariahat Road, Kolkata- 700019, West Bengal, India |
|
Date of Birth/Age : |
03.09.1959 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
15.11.2000 |
|
DIN No.: |
01273010 |
|
|
|
|
Name : |
Mr. Swapnil Subhash Kothari |
|
Designation : |
Director |
|
Address : |
Skylark A- 101/102, New Kantwadi Road, Pali Hill Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
14.03.1971 |
|
Date of Appointment : |
07.02.2013 |
|
DIN No.: |
05235636 |
KEY EXECUTIVES
|
Name : |
Mr. Prakash Gupta |
|
Designation : |
Manager |
|
Date of Appointment : |
09.08.2012 |
|
PAN No.: |
AADPG7704J |
|
|
|
|
Name : |
Mr. Deepak Khilari |
|
Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of
Shareholder |
Total
No. of Shares |
%
of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
50000 |
0.32 |
|
|
9119163 |
58.27 |
|
|
9169163 |
58.59 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
9169163 |
58.59 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
3087659 |
19.73 |
|
|
|
|
|
|
1766976 |
11.29 |
|
|
1626137 |
10.39 |
|
|
6480772 |
41.41 |
|
Total Public
shareholding (B) |
6480772 |
41.41 |
|
Total (A)+(B) |
15649935 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
15649935 |
0.00 |
As on 28.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2012
|
Category |
|
Percentage |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.59 |
|
Bodies corporate |
|
78.19 |
|
Directors or relatives of directors |
|
0.32 |
|
Other top fifty shareholders |
|
20.90 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The subject engaged in the business of Leisure and
Entertainment Services. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Axis Bank Limited, Fort Branch, Universal Insu Building, Sir P. M. Road, Fort, Mumbai - 400001, Maharashtra, India ·
Axis Bank Limited, Jeevan Prakash Building,
Sir P M Road, Fort, Mumbai - 400001, Maharashtra, India ·
HDFC
Bank Limited ·
State
Bank of India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
701 Leela Business Park Andheri-Kurla Road, Mumbai – 400059, Maharashtra, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Entities
where control exists - Subsidiaries: |
· Fruits and More Private Limited ("RFMPL") · Galaxy Rain Restaurants Private Limited ("GRRPL") |
|
|
·
|
|
Entity
where control exists through substantial equity interest: |
· Pantaloon Retail (India) Limited ("PRIL") |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15649935 |
Equity Shares |
Rs.10/- each |
Rs.156.499
Millions |
|
|
|
|
|
Note:
a. Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period:
|
Particulars |
As At 31.03.2012 |
|
|
Equity Shares |
||
|
No. of Shares |
Rs. In Millions |
|
|
Shares outstanding at the beginning of the year Shares Issued during the year Shares bought back during the year Shares outstanding at the end of the year |
15,649,935 -- -- 15,649,935 |
156,499,350 -- -- 156,499,350 |
b. Terms/rights attached to the Equity Shares:
The Company has one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend.
In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in the proportion to the number of equity shares held by the shareholders
c. Details of the
shareholders holding more than 5% shares in the company:
|
Name of Shareholder |
As At 31.03.2012 |
|
|
|
No. of Shares held |
% of Holding |
|
Pantaloon Retail India Limited |
4,937,935 |
31.55 |
|
Bellona Finvest Limited |
3,686,491 |
23.56 |
|
Eclipse Trade Private Limited |
1,029,432 |
6.58 |
|
Merlin Enclaves Private Limited |
895,626 |
5.72 |
|
Winstar India Investment Company Limited |
- |
- |
d. Aggregate numbers of
Equity shares allotted as fully paid up persuant to the contract without
payment received in cash:
|
Particulars |
Agreegate no. of shares |
||||
|
|
2007-08 |
2008-09 |
2009-10 |
2010-11 |
2011-12 |
|
Fully Paid up equity shares |
2,937,935 |
- |
- |
- |
- |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
156.499 |
156.499 |
156.499 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
(198.051) |
(117.608) |
336.560 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(379.161) |
|
|
NETWORTH |
(41.552) |
38.891 |
113.898 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
75.572 |
134.471 |
217.873 |
|
|
2] Unsecured Loans |
104.900 |
62.000 |
40.251 |
|
|
TOTAL BORROWING |
180.472 |
196.471 |
258.124 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
138.920 |
235.362 |
372.022 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
263.989 |
324.532 |
409.170 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
26.351 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.063 |
0.063 |
0.160 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2.363
|
4.621 |
8.153 |
|
|
Sundry Debtors |
43.571
|
10.893 |
6.487 |
|
|
Cash & Bank Balances |
0.562
|
1.059 |
15.361 |
|
|
Other Current Assets |
13.959
|
16.678 |
3.790 |
|
|
Loans & Advances |
30.862
|
28.739 |
52.463 |
|
Total
Current Assets |
91.317
|
61.990 |
86.254 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
55.980
|
43.086 |
91.571 |
|
|
Other Current Liabilities |
157.115
|
104.852 |
21.892 |
|
|
Provisions |
3.354
|
3.285 |
36.450 |
|
Total
Current Liabilities |
216.449
|
151.223 |
149.913 |
|
|
Net Current Assets |
(125.132)
|
(89.233) |
(63.659) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
138.920 |
235.362 |
372.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
166.467 |
272.513 |
335.180 |
|
|
|
Other Income |
7.185 |
7.994 |
8.378 |
|
|
|
TOTAL (A) |
173.652 |
280.507 |
343.558 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Restaurant Supply and Gaming Expenses |
34.695 |
44.575 |
|
|
|
|
Employee Benefits Expenses |
33.502 |
50.051 |
|
|
|
|
Other Expenses |
94.008 |
167.546 |
|
|
|
|
TOTAL (B) |
162.205 |
262.172 |
452.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11.447 |
18.335 |
(108.542) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.624 |
33.025 |
33.025 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(26.177) |
(14.690) |
(141.567) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
54.265 |
58.425 |
58.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(80.442) |
(73.115) |
(199.992) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(80.442) |
(75.007) |
(199.992) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Leisure Entertainment Income |
1.652 |
1.877 |
0.939 |
|
|
TOTAL EARNINGS |
1.652 |
1.877 |
0.939 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.14) |
(4.79) |
(12.78) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
35.500 |
34.300 |
32.200 |
|
Total Expenditure |
48.000 |
44.000 |
36.900 |
|
PBIDT (Excl OI) |
(12.500) |
(09.700) |
(4.800) |
|
Other Income |
0.400 |
2.500 |
3.100 |
|
Operating Profit |
(12.200) |
(7.300) |
(1.700) |
|
Interest |
8.800 |
10.300 |
9.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(21.000) |
(17.500) |
(11.100) |
|
Depreciation |
12.900 |
12.800 |
11.900 |
|
Profit Before Tax |
(33.900) |
(30.300) |
(23.000) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(33.900) |
(30.300) |
(23.000) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(33.900) |
(30.300) |
(23.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(46.32) |
(26.74) |
(58.21) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(48.32) |
(26.83) |
(59.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(22.64) |
(18.92) |
(40.37) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.94) |
1.88 |
(1.76) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(4.34) |
5.05 |
2.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.42 |
0.41 |
0.58 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry
Creditors |
|
|
|
|
Micro, Small and Medium Enterprises |
0.000 |
0.000 |
|
|
Others |
55.980 |
43.086 |
|
|
Total |
55.980 |
43.086 |
91.571 |
|
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 |
No |
DETAILS OF
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
Inter Corporate Deposit (ICD) |
104.900 |
62.000 |
|
Total |
104.900 |
62.000 |
NOTE:
The registered office
address of the company has been shifted from “B/304, Prathamesh Towers,
Raghuvanshi Mills Compound, Senapati Bapat Marg, Lower Parel (West), Mumbai –
400013, Maharashtra, India” to the present address w.e.f. 22.02.2012
FINANCIAL RESULTS
During the year, the turnover of the company has decreased to Rs.173.652 Millions as against Rs.280.507 Millions in the corresponding previous year because of gaming business given on hire basis. Losses have been increased before Depreciation and Taxation at Rs.26.178 Millions as against the Loss of Rs.14.689 Millions in the previous year because of provision of Rs.15.030 Millions for Service tax on Rent. After providing for Depreciation and adjustments for exceptional items, the Company has reported Net loss of Rs.80.443 Millions.
INDUSTRY STRUCTURE
AND DEVELOPMENT
In 2012, the food services sector in India is expected to witness a 50% increase in investments to about US$ 750 million. This has been established by Indian Brand Equity Foundation (IBEF).
· The massive potential of the domestic market drives the business and the competition.
· Of the $ 750, about $165 million has gone into purely front end retail, such as FMCGs.
· Indians spend US$ 64 billion annually on eating out, which includes $13 billion on QSRs (Quick Service Restaurants), propelling the industry to grow at 25-30% annually, according to Euro monitor.
· Also, listed as one of the key major players listed in IBEF is your very own Future Group.
· Competition, Innovation and Adaption are the watchwords in the industry.
· Indians today have more of an experimental palate than ever before, opening up many more possibilities of food experiences in styles, tastes, cuisines, etc.
· Having a burgeoning middle class with increased incomes, inspite of the European and World Markets hitting the doldrums, makes for 25% expected growths in CAGR.
· Increase in Working Women as well as Nuclear Families, results in more of eating-out.
OUTLOOK:
Studies by Merrill Lynch and HVS International show that increasing Urbanisation and Disposable Incomes result in growth estimates of 20% per annum in nominal terms (16% in real terms) in urban consumption in the organised sector, to which we belong.
Indians spent about 2.4% of their Food-expenditure in hotels and restaurants (including take-out). In comparison, Americans spend 40% of the Food-expenditure on away-from-home meals. This shows that this segment is in its infancy and has a huge potential for growth.
The organised food operators are on the increase in the country, and many non-organised ones are moving into the organised ambit, as research on a national level shows.
Summation:
The future for the industry in the organised sector is very positive, but also fraught with challenges. We will widen the range of formats we exist in within the organised food industry and plan to grow with industry developments.
Positives:
In spite of the depressed economy at present, average urbanite has an increased propensity to spend.
The choice of formats just keeps getting wider viz. Food Courts, Cafes, Bars, Malls, Specialty & Boutique outlets, etc.
An informed and ready to experiment (to a degree) customer base.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
L51900MH1981PLC024988 |
|
Name of the
company |
GALAXY
ENTERTAINMENT CORPORATION LIMITED |
|
Address of the
registered office or of the principal place of business in |
110/111, B -Wing
, Shah and Nahar Industrial Estate, L.P. Marg, off. Dr. E Moses Road, Worli Mumbai – 400018,
Maharashtra, India E-mail Id : investors@galaxyentt.com |
|
This form is for |
Modification of charge |
|
Charge identification
(ID) number of the charge to be modified |
10100624 |
|
Type of charge |
Book
debts Movable
property (not being pledge) Others
(Plant and Machinery stock in trade, Computers, Fixtures etc |
|
Particular of
charge holder |
Axis Bank Limited,
Jeevan Prakash Building, Sir P M Road, Fort, Mumbai - 400001, Maharashtra,
India E-Mail Id :
suyashri@vsnl.com
|
|
Nature of
instrument creating charge |
Link Document
(LD) Dated 30.08.2012 |
|
Date of
instrument Creating the charge |
30.08.2012 |
|
Amount secured by
the charge |
Rs.244.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest ROI on CC @ Base
Rate + 5.50 % p.a., TL-I and TL-II @ Base Rate + 5.75 % p.a. or As per
Sanction Letter No. AXIS/SME/MUM-1/1003/ 2010 -11 dated 04.11.2011or as
stipulated by Bank from time to time. Terms of
Repayment As per Sanction
Letter No. AXIS/SME/MUM-1/1003/2010-11 dated 04.11.2011or as stipulated by
Bank from time to time. Margin As per Sanction
Letter No. AXIS/SME/MUM-1/1003/2010-11 dated 04.11.2011or as stipulated by
Bank from time to time. Extent and
Operation of the charge Bank reduced CC limit
from Rs.15.000 Millions to Rs.10.000 Millions, and cancelled BG of Rs.1.000
Millions, thereby revising total limits from Rs.250.000 Millions to
Rs.244.000 Millions. Revised limits secured are. Further as per directions of
RBI, Bank changed charging of Int. from PLR to Base Rate and accordingly
modified ROI on CC to BR+5.50% p.a. and TL I and II to BR+ 5.75% p.a.., Security of CA and movable
FA given earlier, to LD shall continue to secure revised limits of Rs.244.000
Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1st charge by
Hypothecation of present and future stock of RM, SIP, FG, other Current
Assets etc. lying at Co's premises or elsewhere or in transit. 1st charge by
Hypothecation of present and future book debts, O/s monies, bills,
receivables, claims etc. due and owing to the Company in course of its
business. 1st charge by
Hypothecation of present and future movable Fixed Assets of the company
except vehicle. |
|
Date of
instrument modifying the charge |
28/03/2009 |
|
Particulars of
the present modification |
Bank reduced CC
limit from Rs.15.000 Millions to Rs.10.000 Millions, and cancelled BG of
Rs.1.000 Millions, thereby revising total limits from Rs.250.000 Millions to
Rs.244.000 Millions Revised limits secured are to LD. Further as per
directions of RBI, Bank changed charging of Int. from PLR to Base Rate and
accordingly modified ROI on CC to BR+5.50% p.a. and TL I and II to BR+ 5.75% p.a.. Security of CA and movable
FA given earlier, shall continue to secure revised limits of Rs.244.000
Millions. |
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
1. In respect of guarantees given by banks of Rs.11.534 Millions (Previous Year Rs.10.383 Millions)
2. In respect of disputed tax demand not provided as following:
(Rs. In Millions)
|
Particulars |
2011-2012 |
2010-2011 |
|
Entertainment Tax Demand |
1.604 |
0.000 |
|
Indirect Tax Demand |
2.168 |
2.168 |
3. Claims on accounts of service Tax on rental premises consequent to retrospective charge of service on renting activity by Finance Act 2010. Amount which is not demanded has not been provided.
4. The Company has imported Capital Goods under the Export Promotion Capital Goods Scheme of the Government of India, at concessional rates of duty, on an undertaking to fulfill export obligation by October 2015. Outstanding as at balance sheet date is Rs.529.664 Millions (Previous Year Rs.529.664 Millions).
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Motor Car
PRESS RELEASE
GALAXY ENTERTAINMENT CORPORATION LIMITED - A PANTALOONS INDIA PROMOTED
COMPANY
FEBRUARY 3, 2011
Many may not be aware of the company I am going to talk about i.e.
Galaxy Entertainment Corporation Limited
In terms of financial performance, its been a
dismal story. During the year under review, the turnover of the company
increased marginally to Rs.371.800 Millions. In view of the significant increase
in operating and administrative expenses, write off/provision of Fixed Assets
due to closure of certain units and provision for diminution in value of
investments made in Subsidiary Company aggregating Rs.73.800 Millions, the
company reported loss before Depreciation and Taxation of Rs.138.300 Millions.
So, even after such a dismal performance what
makes me write on this company. Its the promoters of the company Pantaloon
Retail India Limited.
A brief History
The company was initially controlled by
Purnendu Chatterjee and run by Satish Chunder a former banker from Citibank.
The company changed hands in early 2006; one of the largest and most
experienced organized retailing chains, Pantaloon, bought 15.73% stake in it.
Pantaloons Retail at present holds 31.55% stake in the company.
Thus it is definitely interesting to know,
that Pantaloons has a major holding in one of the lesser known companies,
because we all know that how Pantaloons has transformed into the largest
organized retail company of India.
Business
GECL is basically into the business of
organized leisure and entertainment. It runs a series of sports bars,
restaurants, gaming centers and bowling alleys. The company is focused on
providing a complete entertainment experience ranging from the mid-market
segment comprising of family entertainment centers and Sports Bars, to high end
concepts. It is amongst a few listed companies into the business of organized
leisure.
Conclusion
Family Entertainment Centers (FECs) are growing
at a faster pace than growth in Media and Entertainment (M&E) industry.
FECs are expected to fill a vital void in the Indian entertainment segment
which currently does not have fully integrated avenues to capture the
inter-linkages between entertainment and consumer spending on businesses like F
and B and retailing.
However, FECs are still not regularly visited
by Indian middle class in tier - 2 and tier -3 cities. Also, the fixed
operating costs for such centres is generally on a higher side, which is even
evident in the case of GECL.
It is to be seen, as to how, Pantaloons brings
in its expertize in running such centers efficiently. The management recently
took certain steps of optimization of cost as it closed down the units
reporting substantial losses on account of high fixed costs. It also recently
amalgamated Pan India Restaurants with itself which has food courts in
Pantaloon malls, especially in southern India.
Thus GECL is a stock to watch for, considering
the improvement the recent cost optimization processes may bring in, and with
Pantaloons backing it, expansion might not be an issue, once the company
stabilizes.
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] 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.54.16 |
|
|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.