MIRA
INFORM REPORT
|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
PROVOGUE ( |
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Formerly Known
As : |
ACME CLOTHIND PRIVATE LIMITED |
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Registered
Office : |
105/106, Provogue House, 1st Floor, Off New Link Road,
Andheri West Mumbai – 400053, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.11.1997 |
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Com. Reg. No.: |
11-111924 |
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Capital
Investment / Paid-up Capital : |
Rs. 114.357 Millions |
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CIN No.: [Company Identification
No.] |
L18101MH1997PLC111924 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA21494E |
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PAN No.: [Permanent Account No.] |
AABCA8524F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of manufacturing, trading
of garments, fashion accessories, textile products and related materials. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track record. There seems a sharp decline in the profit of the company during
financial year 2014 however net worth of the company is satisfactory. General
financial position of the company sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
March 27, 2014 |
|
Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
March 27, 2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Sameer Khandelwal |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-30620000 |
|
Date : |
02.12.2014 |
LOCATIONS
|
Registered/ Corporate Office: |
105/106, 1ST Floor, Dream Square, Off New Link Road, Andheri
(West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-30620000/ 30680640/ 26735682/ 83/ 30680566/ 30653111/ 222 |
|
Fax No.: |
91-22-30680570/ 26735688 |
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E-Mail : |
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Website : |
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Factory 1 : |
98/8 Ground
Floor Daman Industrial Estate Kadaiya Village, Nani Daman, Daman and Diu,
India |
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Factory 2 : |
Village
Gullarwala Sai Road, Baddi - 173205, Himachal Pradesh, India |
DIRECTORS
As On 31.03.2014
|
Name : |
Mr. Dinesh Arya |
|
Designation : |
Independent Director and Chairman |
|
Date of Appointment : |
26.05.2014 |
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Name : |
Mr. Nikhil Chaturvedi |
|
Designation : |
Managing Director |
|
Qualification : |
B. Com |
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|
Name : |
Mr. Akhil Chaturvedi |
|
Designation : |
Whole Time Director |
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Date of Birth/Age : |
20.04.1965 |
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Qualification : |
MMS |
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Experience : |
17 Years |
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Date of Appointment : |
17.11.1997 |
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|
Name : |
Mr. Deep Gupta |
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Designation : |
Whole Time Director |
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Qualification : |
MBA B. Sc. |
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Name : |
Mr. Hetal Hakani |
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Designation : |
Independent Director |
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Date of Appointment : |
26.05.2014 |
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Name : |
Mr. Salil Chaturvedi |
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Designation : |
Non-Executive Director |
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Qualification : |
B. Sc., B.E. |
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|
Name : |
Mr. Rakesh Rawat |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
20.04.1965 |
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Qualification : |
MBA |
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Experience : |
15 Years |
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Date of Appointment : |
04.09.2004 |
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|
Name : |
Nigam Patel |
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Designation : |
Non-Executive Director |
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Date of Birth/Age : |
28.02.1970 |
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Qualification : |
B.Com |
|
Experience : |
15 Years |
|
Date of Appointment : |
17.11.1997 |
KEY EXECUTIVES
|
Name : |
Mr. Ajayendra P Jain |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Sameer Khandelwal |
|
Designation : |
Finance Manager |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
% Of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
37276920 |
32.60 |
|
|
15965669 |
13.96 |
|
|
15965669 |
13.96 |
|
|
53242589 |
46.56 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
53242589 |
46.56 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
936506 |
0.82 |
|
|
9403072 |
8.22 |
|
|
10339578 |
9.04 |
|
|
|
|
|
|
8427251 |
7.37 |
|
|
|
|
|
|
22433141 |
19.62 |
|
|
9566486 |
8.37 |
|
|
10348050 |
9.05 |
|
|
2554755 |
2.23 |
|
|
6000000 |
5.25 |
|
|
1793295 |
1.57 |
|
|
50774928 |
44.40 |
|
Total Public
shareholding (B) |
61114506 |
53.44 |
|
Total (A)+(B) |
114357095 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
114357095 |
100.00 |
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%20LIMITED%20-%20297072_MIRA%2004-Dec-2014_files/image006.gif)
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Nikhil Anupendra Chaturvedi |
1,06,11,995 |
9.28 |
|
2 |
Salil Anupendra Chaturvedi |
1,02,95,135 |
9.00 |
|
3 |
Rakesh Rawat |
41,11,750 |
3.60 |
|
4 |
Deep Subash Gupta |
56,73,445 |
4.96 |
|
5 |
Nigam Patel |
28,35,779 |
2.48 |
|
6 |
Akhil Anupendra Chaturvedi |
28,84,330 |
2.52 |
|
7 |
Anisha Chaturvedi |
1,44,225 |
0.13 |
|
8 |
Veena Gupta |
70,005 |
0.06 |
|
9 |
Vandana Vaidh |
1,620 |
0.00 |
|
10 |
Anisha Chhabra |
22,035 |
0.02 |
|
11 |
Ghanshyam Rawat |
20,500 |
0.02 |
|
12 |
Pushplata Raawat |
36,501 |
0.03 |
|
13 |
Bala Chhabra |
1,00,000 |
0.09 |
|
14 |
Sushant Chhabra |
67,300 |
0.06 |
|
15 |
Virendra Chhabra |
3,92,300 |
0.34 |
|
16 |
Meerut Festival City LLP |
49,25,669 |
4.31 |
|
17 |
Floro Mercantile LLP |
62,40,000 |
5.46 |
|
18 |
Topseed Trading Company LLP |
48,00,000 |
4.20 |
|
19 |
Santosh Subhash Gupta |
10,000 |
0.01 |
|
|
Total |
5,32,42,589 |
46.56 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Nailsfield Ltd (Account FDI) |
6000000 |
5.25 |
|
|
2 |
Nailsfield Ltd (Account FII) |
5415000 |
4.74 |
|
|
3 |
Sandeep G Raheja |
4489600 |
3.93 |
|
|
4 |
Rajesh R Narang |
2324160 |
2.03 |
|
|
5 |
Acacia Partners LP |
1618875 |
1.42 |
|
|
6 |
Fairprice Traders (India) Pvt Ltd |
1525195 |
1.33 |
|
|
7 |
Anand Rathi Share & Stock Brokers Ltd |
2051411 |
1.79 |
|
|
|
Total |
23424241 |
20.48 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Nailsfield Ltd (Aggregate of shares held through FDi route and FII
route) |
11415000 |
9.98 |
|
|
|
Total |
11415000 |
9.98 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing,
trading of garments, fashion accessories, textile products and related
materials. |
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|
Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Andhra Bank ·
Corporation Bank ·
HDFC Bank Limited ·
Indusind Bank ·
Punjab National Bank ·
Axis Bank Limited |
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Facilities : |
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Auditors : |
|
|
Name : |
Ajay Shobha and Company Chartered Accountant |
|
Address : |
A-701, La Chappelle, Evershine Nagar, Malad West, Mumbai – 400064,
Maharashtra, India |
|
|
|
|
Memberships : |
-- |
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|
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|
Collaborators : |
-- |
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|
Enterprises under significant influence : |
·
Acme Exports Prozone Capital Shopping
Centres Limited Empire Mall Private Limited |
|
|
|
|
Subsidiaries - The Ownership, Directly or Indirectly through
Subsidiary/ Subsidiaries : |
·
Sporting and Outdoor Ad Agency Private Limited Pronet Interactive Private
limited Millennium Accessories Limited ProSFL Private Limited
(Formerly known as Oasis Fashions Limited) Profab Fashions (India) Limited Provogue Infrastructure Private
Limited Flowers, Plant and Fruits
(India) Private Limited Faridabad Festival City Private
Limited Acme Advertisements Private
Limited Brightland Developers Private
Limited Classique Creators Limited Prozone Infrastructure Limited Standard Mall Private Limited Elite Team HK Limited Provogue Holding Limited
(Singapore) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
330,000,000 |
Equity Shares |
Rs. 1/- each |
Rs. 330.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
114,357,095 |
Equity Shares |
Rs. 1/- each |
Rs. 114.357
Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the period
|
Particulars |
As at 31.03.2014 |
|
|
Equity Shares |
No. in Lakhs |
Rs. In Millions |
|
At the beginning of the period |
1,143.57 |
1,143.57 |
|
Reduction and
reorganization pursuant to The Scheme |
-- |
-- |
|
Outstanding at
the end of the period |
1,143.57 |
114.357 |
Terms/rights attached to equity shares
The Company has only one class of equity
shares having a par value of ` 1 per share. Each holder of equity share is entitled
to one vote per share. The company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors, if any, is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company,
the holder of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
Details of Shareholders holding more than 5% shares in the company:
|
Particulars |
As at 31.03.2014 |
|
|
|
No. in Lakhs |
% holding |
|
Nailsfield Limited |
114.15 |
9.98 |
|
Nikhil Chaturvedi |
106.12 |
9.28 |
|
Salil Chaturvedi |
102.95 |
9.00 |
|
Floro Mercantile Private Limited |
62.40 |
5.46 |
Other Information
(i) 29.00 lakhs Equity Shares (of Rs.10 each
fully paid) have been issued as preferential allotment at a premium of Rs. 440
per share in the financial year 2006-07.
(ii) 13.34 lakhs Equity Shares (of Rs. 10 each
fully paid) have been issued on conversion of the share warrants issued at Rs.
450 in the ratio of one share per warrant in the financial year 2007-08
and 2008-09
(iii) 28.50 lakhs Equity Shares (of ` 10 each
fully paid) have been issued as preferential allotment at a premium of Rs. 1090
per share in the financial year 2008-09
(iv) The Company has sub divided the equity
share of Rs. 10 each (fully paid up) into 5 (five) equity shares of Rs. 2 each
(fully paid up) based on the approval of the shareholders in the Annual General
Meeting held on 15th September 2008.
(v) 20.50 lakhs Equity Shares of Rs. 2 each
have been extinguished under Buy Back Scheme in the financial year 2009-10.
(vi) During the financial year 2011-12,
pursuant to The Scheme of Arrangement, 1143.57 lakhs Equity Shares of Rs. 2/-
each have been reduced to 1143.57 lakhs Equity Shares of Rs. 1/- each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
114.357 |
114.357 |
114.357 |
|
(b) Reserves & Surplus |
5505.895 |
5496.553 |
5380.902 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5620.252 |
5610.910 |
5495.259 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
581.828 |
603.345 |
425.458 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
35.056 |
28.089 |
30.497 |
|
(d) long-term provisions |
1.478 |
1.897 |
4.010 |
|
Total Non-current Liabilities (3) |
618.362 |
633.331 |
459.965 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2214.462 |
2149.733 |
2383.476 |
|
(b) Trade payables |
629.722 |
847.543 |
746.970 |
|
(c) Other current
liabilities |
74.464 |
76.104 |
204.633 |
|
(d) Short-term provisions |
34.508 |
44.601 |
44.525 |
|
Total Current Liabilities (4) |
2953.156 |
3117.981 |
3379.604 |
|
|
|
|
|
|
TOTAL |
9191.770 |
9362.222 |
9334.828 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
364.641 |
451.601 |
568.858 |
|
(ii) Intangible Assets |
15.099 |
8.539 |
12.238 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.568 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1078.338 |
1346.849 |
1212.822 |
|
(c) Deferred tax assets (net) |
96.200 |
91.801 |
66.419 |
|
(d) Long-term Loan and Advances |
570.267 |
509.587 |
562.330 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
10.481 |
|
Total Non-Current Assets |
2124.545 |
2408.377 |
2433.716 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
131.926 |
153.578 |
148.569 |
|
(b) Inventories |
3435.756 |
3241.772 |
2936.446 |
|
(c) Trade receivables |
2553.495 |
2035.712 |
2151.847 |
|
(d) Cash and cash
equivalents |
97.087 |
172.164 |
75.902 |
|
(e) Short-term loans and
advances |
949.491 |
1276.920 |
1494.511 |
|
(f) Other current assets |
99.470 |
73.699 |
93.837 |
|
Total Current Assets |
7267.225 |
6953.845 |
6901.112 |
|
|
|
|
|
|
TOTAL |
9391.770 |
9362.222 |
9334.828 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6143.603 |
5406.229 |
6097.249 |
|
|
|
Other Income |
74.270 |
128.658 |
151.383 |
|
|
|
TOTAL (A) |
6217.873 |
5534.887 |
6248.632 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
3849.394 |
2493.707 |
2097.853 |
|
|
|
Purchase of Stock-in-Trade |
1076.470 |
1289.190 |
1961.383 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(217.666) |
9.412 |
202.751 |
|
|
|
Employees benefit expenses |
133.346 |
161.204 |
180.609 |
|
|
|
Other expenses |
728.150 |
854.386 |
1056.418 |
|
|
|
TOTAL (B) |
5569.694 |
4807.899 |
5499.014 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
648.179 |
726.988 |
749.618 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
370.106 |
355.724 |
322.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
278.073 |
371.264 |
427.479 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
82.927 |
109.683 |
118.098 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
184.293 |
3.211 |
13.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
10.853 |
258.370 |
296.081 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.423 |
129.427 |
45.779 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
9.430 |
128.943 |
250.302 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1537.053 |
1421.401 |
1184.390 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
0.000 |
11.436 |
11.436 |
|
|
|
Tax on Dividend |
0.000 |
1.855 |
1.855 |
|
|
BALANCE CARRIED
TO THE B/S |
1546.483 |
1537.053 |
1421.401 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1941.897 |
2143.077 |
2770.209 |
|
|
TOTAL EARNINGS |
1941.897 |
2143.077 |
2770.209 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
4.227 |
|
|
|
Stores & Spares |
777.506 |
1072.167 |
1277.995 |
|
|
|
Capital Goods |
0.000 |
0.850 |
0.201 |
|
|
TOTAL IMPORTS |
777.506 |
1073.017 |
1282.423 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
30.06.2014 |
30.09.2014 |
|
Audited /
UnAudited |
Unaudited 1st Quarter |
Unaudited 2nd Quarter |
|
Net Sales |
1175.900 |
150.31 |
|
Total Expenditure |
1255.400 |
163.42 |
|
PBIDT (Excl OI) |
(79.500) |
(131.100) |
|
Other Income |
7.400 |
15.200 |
|
Operating Profit |
(72.100) |
(115.900) |
|
Interest |
102.900 |
99.300 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
(175.0) |
(215.200) |
|
Depreciation |
21.700 |
20.900 |
|
Profit Before Tax |
(196.700) |
(236.100) |
|
Tax |
(1.600) |
(0.900) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(195.200) |
(235.100) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(195.200) |
(235.100) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
0.15
|
2.38 |
4.10 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.55
|
13.44 |
12.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.13 |
3.26 |
3.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.05 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50 |
0.49 |
0.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.46 |
2.23 |
2.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
114.357 |
114.357 |
114.357 |
|
Reserves & Surplus |
5380.902 |
5496.553 |
5505.895 |
|
Net
worth |
5495.259 |
5610.910 |
5620.252 |
|
|
|
|
|
|
long-term borrowings |
425.458 |
603.345 |
581.828 |
|
Short term borrowings |
2383.476 |
2149.733 |
2214.462 |
|
Total
borrowings |
2808.934 |
2753.078 |
2796.290 |
|
Debt/Equity
ratio |
0.511 |
0.491 |
0.498 |
%20LIMITED%20-%20297072_MIRA%2004-Dec-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6097.249 |
5406.229 |
6143.603 |
|
|
|
(11.333) |
13.639 |
%20LIMITED%20-%20297072_MIRA%2004-Dec-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
6097.249 |
5406.229 |
6143.603 |
|
Profit |
250.302 |
128.943 |
9.430 |
|
|
4.11% |
2.39% |
0.15% |
%20LIMITED%20-%20297072_MIRA%2004-Dec-2014_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs. In
Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long term debts |
48.409 |
55.821 |
166.460 |
|
|
|
|
|
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
------------------------ |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||
|
CASE DETAILS |
||||
|
BENCH:- BOMBAY |
||||
|
PRESENTATION DATE:- 05/07/2014 |
||||
|
LODGING NO:- CPL/466/2014 |
FAILING DATE:- 05/07/2014 |
|||
|
MAIN MATTER |
||||
|
LODGING NO.: CPL/242/2013 |
||||
|
PETITIONER:- |
MAGNA PUBLISHING COMPANY LIMITED |
RESPONDENT:- |
PROVOGUE INDIA LTD.- |
|
|
PETN.ADV:- |
JITENDRA MADHUKAR PATHADE (I3062) |
RESP. ADV:- |
0(0) |
|
|
DISTRICT:- |
MUMBAI |
|||
|
|
||||
|
BENCH:- |
SINGLE |
|
|
|
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|
|
LAST DATE:- |
18/06/2014 |
STAGE:- |
|
|
|
LAST CORAM:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|||
|
ACT:- |
Companies Act and Rules 1956 |
|||
|
UNDER SECTION:- |
433, 434 and 439 |
|||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10500441 |
27/05/2014 |
50,000,000.00 |
ANDHRA BANK |
116 SAURABH,
ANDHERI-KURLA ROAD, ANDHERI (EAST), |
C05768296 |
|
2 |
10415018 |
28/06/2013 * |
650,000,000.00 |
BANK OF INDIA |
Star House, Plot
No. C-5, G-Block,, Bandra Kurla |
B79449385 |
|
3 |
80017409 |
28/06/2013 * |
2,495,000,000.00 |
ANDHRA BANK |
116 SAURABH, ANDHERI - KURLA ROAD, ANDHERI (EAST),
|
B80143431 |
|
4 |
80013146 |
12/10/2010 * |
1,845,000,000.00 |
ANDHRA BANK |
116 SAURABH, ANDHERI
- KURLA ROAD, ANDHERI (EAST) |
A9775959 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working capital loan from bank |
59.996 |
68.424 |
|
Total |
59.996 |
68.424 |
|
Note: Unsecured
: Rs. 59.996 Millions (PY Rs. 68.424
Millions) supplier’s bills discounting limit from SIDBI carries interest rate
@ 13% p.a. |
||
CORPORATE
INFORMATION:
Provogue (India) Limited (the Company) is a listed public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company is engaged in the business of manufacturing, trading of garments, fashion accessories, textile products and related materials. The equity shares of the Company are listed on the BSE Limited and National Stock Exchange of India Limited.
PERFORMANCE REVIEW
The Company achieved total revenue of Rs. 6217.800 Millions against last year’s operational income of Rs. 5534.800 Millions which represented the growth of 12.30% against the previous year.
The net profit for the year after tax was Rs. 9.430 Millions as against Rs. 128.900 Millions in the previous year. The main reason for the profit shortfall was a major fire that occurred in February 2014 at one of the Company’s manufacturing plants located at Daman, where fixed assets having written down value of Rs. 1.435 Million and stocks valuing Rs. 154.918 Millions were destroyed by fire. However these assets are fully secured through insurance and the Company has made claim against the loss. The Company will account the amount of claim from the Insurance Company as and when the same is determined by the Insurance Company.
MANAGEMENT DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
Economic growth in India is projected to pick up gradually in the coming year after remaining near a two-decade low in 2013. GDP is estimated to expand to 5 – 5.5% in 2014 - 2015, up from 3.9 per cent in 2013.
The moderate recovery is expected to be underpinned by stronger consumption and investment in the context of enhanced macroeconomic stability, lower inflation, stronger external balances and more stable currencies in recent quarters. These conditions are expected to support business and consumer confidence thereby fuelling increased foreign investment and domestic demand. External demand is also projected to improve in 2014-15 as economic activity in developed economies gains momentum but the strength of the recovery in India would be restricted by structural impediments, including energy and transport constraints, political restructuring and a historic lack of economic policy reforms.
INDUSTRY OVERVIEW
The Retail industry is one of the pillars of the modern Indian economy and accounts for 14-15% of its GDP. The Indian retail market is estimated to be US$ 490 billion and one of the top five retail markets in the world by economic value. India is one of the fastest growing retail markets in the world.
India’s traditional retailing industry essentially consists of the local mom and pop store, owner manned general stores, convenience stores, hand cart and pavement vendors, etc. Contemporary organised retail accounts for about 5.8% of the market as of 2013-14. According to industry experts, the next phase of growth is expected to come from Tier 2 and 3 cities and the rural markets. The organised retail segment in India is forecast to grow by over three times during the next five years (from 2013), to reach a figure of US$ 80 billion (as per consultancy firm, Technopak). Also, India’s consumption level will double within five years to an annual figure of US$ 1.5 trillion from the present level of about US$ 800 billion
PROVOGUE OPERATIONS
Provogue commenced operations as a manufacturer and retailer of apparel under the brand Provogue in 1997.
Over time, the brand has gained strong recognition and has grown to become a leading retailer of fashion apparel and accessories for men and women. Projecting itself as a customer-first company, Provogue constantly strives to provide the Indian consumer complete satisfaction when it comes to their fashion retail needs.
Provogue retails its products through exclusive Provogue Stores and by opening Shop-in-Shop outlets in National Chain Stores (NCS) and Multi Brand Outlets (MBO). As of March 2014, Provogue fashions and accessories were available in more than 100 doors across the country.
OUTLOOK
A strong brand image, vertical integration in captive manufacturing facilities and diversifying into new retail formats and channels position the Company as an integrated player in the growing domestic consumption story. With the Indian economy on a firm foundation and the organized retail industry surging, the Company is confident that it is well placed to take advantage of the growth opportunities in the coming years.
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Office Equipments
·
Vehicles
·
Computers
·
Furniture and Fixture
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. 61.87 |
|
|
1 |
Rs. 96.83 |
|
Euro |
1 |
Rs. 76.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.