MIRA
INFORM REPORT
|
Report Date : |
11.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE RETAIL LIMITED |
|
|
|
|
Registered
Office : |
Knowledge House Shyam Nagar Off. Jogeshwari – Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
12.10.1987 |
|
|
|
|
Com. Reg. No.: |
11-044954 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 463.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52399MH1987PLC044954 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of retail trade. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 130000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a part of “Future Group”. It is a well-established company
having fine track record. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong holding, the company can be considered good for
normal 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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non-convertible debentures: “A” |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
17.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Anthony D’souza |
|
Designation : |
Deputy manager Accounts |
|
Date : |
09.01.2014 |
LOCATIONS
|
Registered Office : |
Knowledge House Shyam Nagar Off. Jogeshwari – Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
|
Tel. No.: |
91-22-66442200 |
|
Fax No.: |
91-22-66442201 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 31.12.2012
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Kishore Biyani |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Rakesh Biyani |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Vijay Biyani |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. S. Doreswamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Darlie Koshy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Bala Deshpande |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. K. Chopra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gopikishan Biyani |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Tanna |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
101003940 |
46.84 |
|
|
101003940 |
46.84 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
101003940 |
46.84 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2328045 |
1.08 |
|
|
6068305 |
2.81 |
|
|
8159147 |
3.78 |
|
|
2413649 |
1.12 |
|
|
46331150 |
21.48 |
|
|
65300296 |
30.28 |
|
|
|
|
|
|
31667474 |
14.68 |
|
|
|
|
|
|
11984257 |
5.56 |
|
|
4677080 |
2.17 |
|
|
1020392 |
0.47 |
|
|
833142 |
0.39 |
|
|
37600 |
0.02 |
|
|
136400 |
0.06 |
|
|
13250 |
0.01 |
|
|
49349203 |
22.88 |
|
Total Public
shareholding (B) |
114649499 |
53.16 |
|
Total (A)+(B) |
215653439 |
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) |
215653439 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|||
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|||
|
1 |
Future Corporate Resources Limited |
8,77,50,065 |
40.69 |
58566797 |
66.74 |
27.16 |
40.69 |
|
2 |
PIL Industries Limited |
1,29,23,327 |
5.99 |
2425000 |
18.76 |
1.12 |
5.99 |
|
3 |
Akar Estate and Finance Private Limited |
1,000 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
4 |
RYKA Commercial Ventures Private Limited |
3,29,548 |
0.15 |
329548 |
100.00 |
0.15 |
0.15 |
|
|
Total |
10,10,03,940 |
46.84 |
61321345 |
60.71 |
28.44 |
46.84 |
Shareholding
belonging to the category "Public" and holding more than 1% of the Total
No. of Shares
|
l. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Arisaig Partners (Asia) PTE Limited A/c Arisaig India Fund Limited |
20137118 |
9.34 |
9.34 |
|
2 |
Bennett Coleman and Company Limited |
12566477 |
5.83 |
5.83 |
|
3 |
MKCP Institutional Investor (Mauritius) II Limited |
9216226 |
4.27 |
4.27 |
|
4 |
IDBI Trusteeship Services Limited (India Advantage Fund V) |
8159147 |
3.78 |
3.78 |
|
5 |
Life Insurance Corporation of India |
4970150 |
2.30 |
2.30 |
|
6 |
Macquarie Bank Limited |
4771863 |
2.21 |
2.21 |
|
7 |
Copthall Mauritius Investment Limited |
3546461 |
1.64 |
1.64 |
|
8 |
Counseled Mercantile Private Limited |
2531979 |
1.17 |
1.17 |
|
9 |
Vardhman Publishers Limited |
2300000 |
1.07 |
1.07 |
|
|
Total |
68199421 |
31.62 |
31.62 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
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 |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
Arisaig Partners (Asia) PTE Limited A/c Arisaig India Fund Limited |
20137118 |
9.34 |
9.34 |
|
2 |
Bennett Coleman and Company Limited (PAC Dharmayug Investment Limited) |
14866477 |
6.89 |
6.89 |
|
|
Total |
35003595 |
16.23 |
16.23 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of retail trade. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
Bankers : |
· Bank of India · Axis Bank · Andhra Bank · Corporation Bank · HDFC Bank · IDBI Bank · State Bank of Travancore · UCO Bank · Standard Chartered Bank · The Federal Bank · Union Bank of India · Bank of Baroda · Allahabad Bank |
||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
NGS and Company LLP Chartered Accountants |
|
|
|
|
Subsidiary
Companies: |
· Futurebazaar India Limited. · Future Knowledge Services Limited · Future Media (India) Limited · Future Agrovet Limited · Future Supply Chain Solutions Limited. · FSC Brand Distribution Services Limited · Future Value Retail Limited · Future Learning and Development Limited · Home Solutions Retail (India) Limited · Future Freshfoods Limited · Winner Sports Limited · Future E-Commerce Infrastructure Limited · Future Lifestyle Fashions Limited (Formerly known as Future Value Fashion Retail Limited) (w.e.f. May 31, 2012) · Splendor Fitness Private Limited (till June 29, 2012) · Capital First Limited (Formerly known as Future Capital Holdings Limited (till September 27, 2012)) · Future Capital Financial Services Limited (till September 27, 2012) · Future Finance Limited (till September 27, 2012) · Kshitij Investment Advisory Company Limited (till September 27, 2012) · Myra Mall Management Company Limited (till July 09, 2012) · FCH Securities & Advisors Limited (till June 02, 2012) · Future Capital Commodities Limited (till September 27, 2012) · Kshitij Property Solutions Private Limited (till November 30, 2011) · Future Hospitality Management Limited (till November 30, 2011) · Future Capital Investment Advisors Limited (till June 02, 2012) · Future Capital Home Finance Private Limited (till September 27, 2012) · Anchor Investment & Trading Private Limited (till September 27, 2012) · Nuzone Ecommerce Infrastructure Limited · Future Home Retail Limited (Formerly known as Nuzone Electronics Limited) · Future Capital Securities Limited (till September 27, 2012) |
|
|
|
|
Associates : |
· Galaxy Entertainment Corporation Limited |
|
|
|
|
Joint Ventures: |
· Apollo Design Apparel Parks Limited · Future Generali India Insurance Company Limited · Future Generali India Life Insurance Company Limited · Goldmohur Design and Apparel Park Limited · Integrated Food Park Private Limited · Sprint Advisory Services Private Limited · Shendra Advisory Services Private Limited. · Staples Future Office Products Private Limited |
|
|
|
|
Enterprises over
which Key Management Personnel are able to exercises significant influence: |
· Asian Retail Lighting Limited · ESES Commercial Private Limited · Fashion Global Retail Limited · Future Corporate Resources Limited · Future Human Development Limited · Future Ideas Company Limited · Future Outdoor Media Solutions Limited · Future Ventures India Limited · S.J Retail Private Limited · Bansi Mall Management Company Private Limited |
CAPITAL STRUCTURE
As on: 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs. 900.000 Millions |
|
50000000 |
Equity Shares of Class B |
Rs.2/- each |
Rs. 100.000 |
|
3000000 |
0.01% Compulsorily Convertible Preference Shares |
Rs. 100/- each |
Rs. 300.000 |
|
|
Total |
|
Rs. 1300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
215664839 |
Equity Shares |
Rs.2/- each |
Rs. 431.300
Millions |
|
15929152 |
Equity Shares of Class B |
Rs.2/- each |
Rs. 31.900
Millions |
|
|
Total |
|
Rs. 463.200 Millions |
Reconciliation of
Number of Shares
Equity Share of Rs.
2/-each
|
Particulars |
As at 31.12.2012 |
|
Number of Shares |
|
|
Opening Balance |
201142539 |
|
Shares Issued |
8163265 |
|
Shares Issued on Conversion of Preference Shares |
6347635 |
|
Closing Balance |
215653439 |
Equity Shares of
Class B (Series -1) of Rs. 2/-
each
|
Particulars |
As at 31.12.2012 |
|
Number of Shares |
|
|
Opening Balance |
15929152 |
|
Shares Issued |
-- |
|
Closing Balance |
15929152 |
0.01% Compulsorily
Convertible Preference Shares of Rs. 100/-each
|
Particulars |
As at 31.12.2012 |
|
Number of Shares |
|
|
Opening Balance |
6347635 |
|
Converted into Equity Shares |
6347635 |
|
Closing Balance |
-- |
Terms/Rights Attached
to Equity Shares
The company has equity shares having a par value of ` 2/- per share at the Balance Sheet Date. Equity Shares have been further classified in to Equity Shares carrying normal voting and dividend rights (Ordinary Shares) and Equity Shares carrying differential voting and dividend rights {Class B (Series-1) Shares}.
Each holder of Ordinary Shares, is entitled to one vote per member in case of voting by show of hands and one vote per Ordinary Shares held in case of voting by poll/ballot. Each holder of Equity Share is also entitled to normal dividend (including interim dividend, if any) as may declared by the company.
Each holder of Class B (Series -1) Shares, is entitled to one vote per member in case of voting by show of hands and three vote per four Class B (Series-1) shares held in case of voting by poll/ballot. Each holder of Class B (Series -1) Share is also entitled to 2% additional dividend in addition to normal dividend (including interim dividend, if any) as may declared by the company. Further, the Company may declare dividend only for Class B (Series-1) Share upto 2% without declaring any dividend for Equity Shares.
All other rights would be same for both classes of Equity Shares.
The company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the Annual General Meeting.
In the event of liquidation of company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distributions will be in proportion to the number of equity shares held by shareholder.
Term of
Conversion/Redemption of Preference Shares
63,47,635 0.01% Compulsorily Convertible Preference Shares (CCPS) of face value of Rs. 100/-each fully paid up aggregating to Rs. 634.800 millions were issued under the scheme of arrangement during the year ended June 30, 2010. These shares have been converted into equity shares of Rs. 2/- each at a premium of Rs. 98/- per share on July 31, 2011.
The Company does not have any Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
463.200 |
1069.000 |
|
(b) Reserves & Surplus |
|
32762.300 |
26712.300 |
|
(c) Money received
against share warrants |
|
0.000 |
1000.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
33225.500 |
28781.300 |
|
|
|
|
|
|
Optionally Fully Convertible Debentures |
|
8000.000 |
0.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
18544.200 |
13927.500 |
|
(b) Deferred tax liabilities (Net) |
|
949.900 |
870.500 |
|
(c) Other long
term liabilities |
|
1500.000 |
1450.000 |
|
(d) long-term
provisions |
|
53.200 |
27.100 |
|
Total Non-current
Liabilities (3) |
|
21047.300 |
16275.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
5511.800 |
5382.300 |
|
(b)
Trade payables |
|
8100.200 |
9386.900 |
|
(c)
Other current liabilities |
|
9809.100 |
3250.600 |
|
(d) Short-term
provisions |
|
335.300 |
272.200 |
|
Total Current
Liabilities (4) |
|
23756.400 |
18292.000 |
|
|
|
|
|
|
TOTAL |
|
86029.200 |
63348.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
21862.900 |
13354.400 |
|
(ii)
Intangible Assets |
|
970.200 |
1315.900 |
|
(iii)
Capital work-in-progress |
|
2097.300 |
1001.300 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
22802.300 |
22505.200 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
7640.100 |
3492.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
55372.800 |
41668.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
21402.400 |
17622.000 |
|
(c)
Trade receivables |
|
1650.100 |
1781.100 |
|
(d) Cash
and cash equivalents |
|
555.300 |
859.100 |
|
(e)
Short-term loans and advances |
|
6909.900 |
1305.900 |
|
(f)
Other current assets |
|
138.700 |
111.500 |
|
Total Current
Assets |
|
30656.400 |
21679.600 |
|
|
|
|
|
|
TOTAL |
|
86029.200 |
63348.400 |
|
SOURCES OF FUNDS |
|
|
30.06.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
412.300 |
|
|
2] Share Capital (Pending Allotment) |
|
|
646.600 |
|
|
3] Reserves & Surplus |
|
|
25274.800 |
|
|
4] Equity Warrants |
|
|
1228.800 |
|
|
NETWORTH |
|
|
27562.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
12360.300 |
|
|
2] Unsecured Loans |
|
|
1501.900 |
|
|
TOTAL BORROWING |
|
|
13862.200 |
|
|
DEFERRED TAX LIABILITIES |
|
|
724.300 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
42149.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
11221.500 |
|
|
Capital work-in-progress |
|
|
596.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
20029.100 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
12706.700 |
|
|
Sundry Debtors |
|
|
1235.700 |
|
|
Cash & Bank Balances |
|
|
1005.400 |
|
|
Other Current Assets |
|
|
13.400 |
|
|
Loans & Advances |
|
|
4216.800 |
|
Total
Current Assets |
|
|
19178.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
4464.900 |
|
|
Other Current Liabilities |
|
|
4169.300 |
|
|
Provisions |
|
|
242.200 |
|
Total
Current Liabilities |
|
|
8876.400 |
|
|
Net Current Assets |
|
|
10301.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
42149.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
30.06.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
69877.300 |
41014.800 |
59343.700 |
|
|
|
Other Income |
277.000 |
163.400 |
846.300 |
|
|
|
TOTAL (A) |
70154.300 |
41178.200 |
60190.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
252.100 |
254.900 |
|
|
|
|
Purchases of Stock-in-Trade |
48151.100 |
31182.800 |
|
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(3959.300) |
(4941.500) |
|
|
|
|
Employee Benefit Expenses |
3363.100 |
2144.700 |
|
|
|
|
Other Expenses |
14307.300 |
8184.100 |
|
|
|
|
Exceptional Items |
(2566.000) |
0.000 |
|
|
|
|
TOTAL (B) |
59548.300 |
36825.000 |
53552.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10606.000 |
4353.200 |
6637.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4604.100 |
1736.600 |
2882.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6001.900 |
2616.600 |
3755.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3118.700 |
1463.700 |
1618.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2883.200 |
1152.900 |
2136.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
150.600 |
386.300 |
372.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2732.600 |
766.600 |
1763.900 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5063.500 |
4959.800 |
3805.400 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
693.800 |
350.000 |
250.000 |
|
|
|
Transfer to General Reserve |
273.000 |
78.700 |
179.500 |
|
|
|
Dividend |
255.400 |
202.700 |
171.300 |
|
|
|
Proposed Dividend on Preference Shares |
0.000 |
0.100 |
0.000 |
|
|
|
Tax on Dividend |
41.400 |
32.900 |
29.100 |
|
|
BALANCE CARRIED TO
THE B/S |
6540.700 |
5063.500 |
4959.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Basis |
851.300 |
466.200 |
607.400 |
|
|
TOTAL EARNINGS |
851.300 |
466.200 |
607.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.700 |
7.500 |
16.500 |
|
|
|
Stores & Spares |
1159.800 |
556.300 |
1264.700 |
|
|
|
Capital Goods |
101.800 |
203.600 |
137.900 |
|
|
|
Others |
13.900 |
15.400 |
9.900 |
|
|
TOTAL IMPORTS |
1278.200 |
782.800 |
1429.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.08 |
3.54 |
8.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
30.06.2010 |
|
PAT / Total Income |
(%) |
3.90 |
1.86 |
2.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.12 |
2.81 |
3.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.71 |
2.89 |
7.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.05 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.72 |
0.68 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.19 |
2.17 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.12.2012 |
As on 30.06.2011 |
|
Long Term
Borrowings |
|
|
|
Term Loans from Banks |
0.000 |
2000.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Term Loans from Banks |
0.000 |
1000.000 |
|
Loans from Related Parties |
462.500 |
522.300 |
|
|
|
|
|
Total |
462.500 |
3522.300 |
CASE DETAILS
|
Lodging No:- |
CPL/694/2013 |
Filing Date:- |
09/10/2013 |
|
Petitioner:- |
M/S JAY AMBE DEVELOPMENTS |
Respondent:- |
M/S FUTURE RETAIL LIMITED |
|
Petn.Adv.:- |
RAVAL SHAH AND COMPANY (0) |
Resp. Adv.:- |
NAIK NAIK AND COMPANY ADVOCATES (O) |
|
District:- |
OUTSIDE MAHARASHTRA |
|
|
|
Bench:- |
SINGLE |
|
|
|
Status:- |
Pre-Admission |
Category: |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
|
Last Date:- |
17/10/2013 |
Stage: |
|
|
Last Coram:- |
REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER |
|
|
|
Act :- |
Companies Act and Rules 1956 |
Under Section:- |
433 434 |
OPERATIONAL OVERVIEW
The realignment of various verticals and lines of business to avoid duplication of costs, change of product mix at various formats to increase offtake, change of format layouts to make it more appealing and increasing per sq. ft. contribution, were some of the key strategic moves taken by the organisation, which would start showing results from the current financial period.
In addition to above, the introduction of few internal controls measures and making operational people more accountable, for cost-effective results has also created awareness among employees to minimise costs of operations.
Further initiatives to improve customer experience and increase loyalty has ensured increase in business from existing customers through improvement in ticket size and frequency of customers. Around 14 million customers are now members of the company’s two cross-format loyalty programs – Payback and T24. The change in Big Bazaar’s positioning from, ‘Isse Sasta Aur Accha Kahin Nahin’ to ‘Naye India Ka Bazaar’ coupled with improvement in consumer experience and merchandize assortment and creation of a whole new positioning for the value fashion business through the FBB (Fashion at Big Bazaar) brand has brought back excitement and enthusiasm in the stores.
The Company has over a period of years have gained experience and specialised skill sets for its key categories of Fashion and Food along with the Home category that includes general merchandise, home improvement and consumer durables. Development of an appropriate mix in these categories remains critical to improve the gross margins and returns on capital employed in the business. The Company is also developing private branded products in fashion, food and general merchandise and increasing overall share of private brands in these categories and thereby realising higher profits due to better margins. Further, change of product mix as per the regional demands and introduction of specific products considering various factors such as region, festivals, seasons, fashion trends etc. also is resulting in better sales realisation.
With revised strategy, the business in the group is being consolidated under three verticals viz. Fashion, Food and Hypermarket Retail (including Home improvement). Further control of Group on essential support services such as Supply Chain Management, Training and Development, IT management, Media Services etc. ensures lesser dependence on external resources for critical business requirements. The Company continues to strive all its efforts to ensure better customer experience in various formats stores of the company, which would increase customer entry and higher conversion in sales.
CUSTOMER AND
MARKETING OVERVIEW
As explained above, the management efforts of the Company is to ensure increase in number of customer entry in various format stores of the Company and higher conversion of sales vis-a-vis entry of customers, thereby targeting maximum share of the consumption spent. The company is focussing on driving a higher rate of innovation in marketing and consumer engagement, coupled with improved analytics from its loyalty programs to better target its consumers in the most cost-effective manner.
During the year, the company’s flagship format, Big Bazaar was adjudged as the third Most Trusted Brand in the services category, in a consumer survey done by global market research firm, The Nielsen Company. Among the other brands in the top five were Airtel, Vodafone, State Bank of India and BSNL.
BUSINESS OUTLOOK
During the year, the Company has taken multiple steps towards divestment of non-core assets and building a focussed retail organization. Within its retail business, a number of initiatives focussing on increasing efficiency and productivity of stores, an appropriate merchandize mix, streamlined supply chain and distribution, increased investments in technology, customer engagements, loyalty programs and improving the customer experience, has started to show results.
The same stores sales growth has begun to show an improving trend and so has the gross margins in the business. Key costs too have shown a downward movement during the year. The Company expects each of these trends to gather momentum. However, with its nature of business and the scale and size that it operates, the Company’s performance is intricately linked to the external environment.
The management is cautiously optimistic towards the external economic environment and expects consumer demand to become more consistent and robust in the forthcoming financial year. An improved economic environment is expected to not only help the Company continue to improve upon the trends mentioned above, but will also help reduce the inventory days in the business and also give the confidence to pursue a higher rate of expansion through new store openings in existing and new consumption centers.
REVIEW OF FINANCIAL
PERFORMANCE OF THE COMPANY FOR THE PERIOD
The financial performance of the Company for the period was not comparable to the previous financial period for the following reasons.
The previous period accounts comprise of Value Retail Business for a period of six months before its transfer w.e.f. January 01, 2010, to Future Value Retail Limited, wholly owned subsidiary of the Company. The accounts of the current financial period do not have any component of the Value Retail Business.
The previous period of accounts is for a twelve months period, whereas the current financial period is of eighteen months period.
The business undertakings pertaining to the Mall Management, Project Management, Mall Asset Management and Food Services were part of the previous period account for the part of the financial period before the same were demerged and transferred to Future Mall Management Limited (now known as Future Market Network limited) and Future Merchandising Limited (now known as Agre Properties and Services Limited) with effect from April 01, 2010 as per the scheme of arrangement approved by Hon’able High Court of original judicature of Bombay. The said business do not form part of the Company Accounts for current financial period.
REVIEW OF PERFORMANCE
The review is for the financial period of eighteen months pursuant to extension of the present accounting period by six months. The Retail business of the Company has been showing growth trend in spite of economy slowdown in entire retail industry during the financial period. The Company is now present in Lifestyle Retail segment and for the year recorded a good growth through increase in presence in various cities. Income from operations for the financial period were at Rs. 69877.300 Millions which was at Rs. 41014.800 Millions during the financial year of 2010-11. Profit before Depreciation, Exceptional Items and Tax stood at Rs. 3435.900 Millions in during the financial period of 2011-12, which was at Rs. 2616.700 Millions in the previous year. PAT for the financial period was Rs. 2732.600 Millions, which was at Rs. 766.600 Millions in the previous year. As explained above, since the current financial period was of eighteen months, accordingly, the current financial period result is not comparable with the previous financial period, which was of twelve months.
During the financial period 2011-12, the Company increased its retail presence from around 15 million square feet to approximately 16.5 million square feet space spread pan India basis.
RESTRUCTURING /
HIVING OFF BUSINESSES:
Scheme of
Amalgamation between the Company and Future Value Retail Limited
During the period, the Board of Directors of the Company approved the amalgamation of Future Value Retail Limited (FVRL) with the Company pursuant to the Scheme under Sections 391-394 of the Companies Act, 1956 with effect from July 01, 2012. FVRL is wholly owned subsidiary of the Company having retail business formats like Big Bazaar, Food Bazaar etc. The Company is in process to file the application with the Hon’ble High Court of Bombay for its approval. However, the Scheme was subject to further review of the Board.
Scheme of Arrangement
between the Company and Aditya Birla Group
Pursuant to the approval of the members at the General Meeting held on May 30, 2012 the Company filed petition with the Hon’ble High Court at Bombay for demerger of Pantaloons Format Business to Peter England Fashions and Retail Limited, a Aditya Birla Group entity. The demerged undertaking comprises of Company’s business under the name “Pantaloons” together with all assets, liabilities, brands etc. attached to the said Brand. The Company has obtained all requisite approvals from NSE, BSE, CCI and shareholders of the Company and petition had been submitted in the Hon’ble High Court of Bombay and would be coming up for final hearing on March 01, 2013.
Composite Scheme of
Arrangement and Amalgamation between PRIL, FVIL, LEE, ILCL and FLFL
The Board of Directors at its meeting held on November 09, 2011 approved the composite scheme of arrangement and amalgamation between Indus-League Clothing Limited (ILCL), Lee Cooper (India) Limited (LEE), Future Ventures India Limited (FVIL), Pantaloon Retail (India) Limited (PRIL) and Future Lifestyle Fashions Limited (FLFL) under Sections 391-394 of the Companies Act, 1956. The Scheme provides for demerger of fashion business of ILCL and amalgamation of LEE into FVIL, demerger of fashion business of FVIL and PRIL into FLFL. Pursuant to the said Scheme becoming effective, the shareholders of FVIL and PRIL shall be allotted equity shares of FLFL in the ratio as mentioned in the Scheme. The Company has already filed the application with the Hon’ble High Court at Bombay which has directed to hold the shareholders’ meeting on March 04, 2013 for obtaining approval of the Scheme.
Divestment of stake
in Future Capital Holdings Limited
On September 27, 2012 the Company divested its majority stake in its subsidiary company Future Capital Holdings Limited (presently Capital First Limited) as a part of Company’s strategy to focus on retail segment. At the end of the financial period ended December 31, 2012 the Company holds 9.55% stake in Capital First Limited. The majority stake sold by the Company was acquired by Coverdell Investment Limited (Acquirer) following the open offer made by the Acquirer pursuant to the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011.
AWARDS AND
RECOGNITIONS
Rural Marketing
Association of India’s (RMAI) Corporate Awards 2012
Best marketing communication towards women, youth and children – Future Learning
2012
Brand Equity Most
Trusted Brands 2012
Big Bazaar Ranked No. 3 as the Most Trusted Brand and Is the Most Trusted Retailer of the Year for Top Service
Retail Asia Pacific
Top 500 2012
Future Value Retail Won Gold in Top 10 Retailers Award, India Pantaloon Retail India Received Certificate of Distinction in Top 10 Retailers Award, India
Star Retailer Awards
2012
Retailer of the Year 2012 – Future Group. Most Valued Retailer – KBFP
Asia Recognition
Award 2012
Highest Sale in Asia by VF Corporation – Central
Images Fashion Awards
(IFA) 2012
Reliance Performance Award for Best Performing Partner – Indus League
CISO Award 2012
Future Group was felicitated for using Information security technology in the most effective and innovative manner
Golden Spoon Awards
2012
Most Admired Food and Grocery Retailer of the Year for its Private Labels in Big Bazaar – Future Group Retail Professional of the Year for innovation in Private Brands- Mr. Devendra Chawla, President – Food and FMCG Category
Images Fashion Awards
(IFA) 2012
Most Admired Private Label Retailer – Pantaloons
ET Retail Awards 2012
FedEx Most Trusted Retailer of the Year Award – Big Bazaar TRRAIN Retail Employee of the Year Award – Mr. Jitendra Kalyani, Big Bazaar
Recognition by CMO
Council, USA and CMO Asia
Master Brand Award - Future Supply Chains Retail Icon of the Year- Mr. Anshuman Singh, MD and CEO, Future Supply Chains
Bloomberg UTV
B-School Excellence Award
Best educational institute in Retail- Future Innoversity
UNAUDITED FINANCIAL
RESULTS OF RETAILS BUSINESS FOR THE QUARTER AND NONE MONTHS ENDED 30TH
SEPTEMBER 2013
(Rs. In Millions)
|
Particular |
30.09.2013 |
30.09.2013 |
|
|
|
|
|
Income from Operations |
|
|
|
Net Sales/Income from Operations (Net of excise duty) |
22625.100 |
67644.000 |
|
Other Operating Income |
541.900 |
1446.400 |
|
Total Income from operations (net) |
23167.000 |
69090.400 |
|
|
|
|
|
Expenses |
|
|
|
(a) Cost of materials consumed |
42.600 |
137.900 |
|
(b) Purchases of stock-in-trade |
17380.500 |
51524.100 |
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(438.500) |
(499.500) |
|
(d) Employee benefits expense |
832.200 |
2501.200 |
|
(e) Depreciation and amortisation expense |
800.000 |
2319.500 |
|
(f) Rent Including
Lease Rental |
1308.600 |
3824.200 |
|
(g) Other
expenses |
1997.700 |
5881.900 |
|
Total Expenses |
21923.100 |
65689.300 |
|
|
|
|
|
Profit (+)/Loss (-)
from operations before other income and finance costs (1-2) |
1243.900 |
3401.100 |
UNAUDITED FINANCIAL
RESULTS OF QUARTER AND NONE MONTHS ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
Particular |
3 Months 30.09.2013 |
3 Months 30.06.2013 |
9 Months 30.09.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations (Net of excise duty) |
3560.600 |
3381.400 |
10673.700 |
|
Other Operating Income |
62.600 |
76.000 |
207.800 |
|
Total Income from operations (net) |
3623.200 |
3457.400 |
10881.500 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
42.600 |
42.900 |
137.900 |
|
(b) Purchases of stock-in-trade |
2676.600 |
2865.100 |
7597.000 |
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(253.900) |
(551.300) |
(266.800) |
|
(d) Employee benefits expense |
151.400 |
169.800 |
461.700 |
|
(e) Depreciation and amortisation expense |
237.700 |
336.100 |
682.100 |
|
(f) Rent Including
Lease Rental |
266.800 |
260.100 |
795.500 |
|
(h) Other
expenses |
413.000 |
385.400 |
1168.900 |
|
Total Expenses |
3534.200 |
3408.100 |
10576.300 |
|
|
|
|
|
|
Profit (+)/Loss (-)
from operations before other income and finance costs (1-2) |
89.000 |
49.300 |
206.300 |
|
Other Income |
49.400 |
38.600 |
109.200 |
|
Profit from
ordinary activities before finance costs (3+4) |
138.400 |
87.900 |
314.500 |
|
Finance costs |
298.600 |
228.000 |
689.800 |
|
Profit from ordinary
activities before finance costs but before exceptional items (5+6) |
(160.200) |
(140.100) |
(376.300) |
|
Exceptional Items |
|
|
|
|
Profit on sale of
Investment |
-- |
-- |
(0.000) |
|
Net Profit (+)/Loss
(-) after tax (7-8) |
(160.200) |
(140.100) |
(375.300) |
|
Tax Exceptional |
(61.600) |
(45.500) |
(131.400) |
|
Net Profit (+)/Loss
(-) after tax (9-10) |
(98.600) |
(94.600) |
(243.900) |
|
Reserves excluding revaluation
reserves as per balance sheet of Previous Accounting Year |
463.200 |
463.200 |
463.200 |
|
Earnings per share |
-- |
-- |
-- |
|
Basic EPS: Equity Share Class B shares (Series) (Rs.) |
(0.43) (0.43) |
(0.41) (0.41) |
(1.05) (1.05) |
|
Diluted EPS: Equity Share Class B shares (Series) (Rs.) |
(0.43) (0.43) |
(0.41) (0.41) |
(1.05) (1.05) |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Equity
Share: Number of Shares |
114649499 |
119561324 |
114649499 |
|
Percentage
of Shareholding |
53.16% |
55.44% |
53.16% |
|
Class B Share:
Number of Shares |
7389933 |
7407291 |
7389933 |
|
Percentage
of Shareholding |
46.39% |
46.50% |
46.39% |
|
2. Promoters and promoter group
shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of Shares |
61321345 |
53194377 |
61321345 |
|
-Number of Class B Share (Series 1) |
6634384 |
6634384 |
6634384 |
|
- Percentage of Equity Shares (as a % of the Total Shareholding of promoter and promoter group) |
60.71% |
55.36% |
60.71% |
|
- Percentage of Class B Shares (Series 1) (as a % of the Total Share Capital of the Company) |
77.69% |
77.85% |
77.69% |
|
- Percentage of Equity Shares (as a % of the Total Share Capital of the Company) |
28.44% |
24.67% |
28.44% |
|
- Percentage of Class B Shares (Series 1) (as a % of the Total Share Capital of the Company) |
41.65% |
41.65% |
41.65% |
|
|
|
|
|
|
Non -
encumbered |
|
|
|
|
Equity
Share: Number of Shares |
39682595 |
42897738 |
39682595 |
|
Class B
Share: Number of Shares |
1904835 |
1887477 |
1904835 |
|
- Percentage of Equity Shares (as a % of the Total Shareholding of promoter and promoter group) |
39.29% |
44.64% |
39.29% |
|
- Percentage of Class B Shares (Series 1) (as a % of the Total Share Capital of the Company) |
22.31% |
22.15% |
22.31% |
|
- Percentage of Equity Shares (as a % of the Total Share Capital of the Company) |
18.04% |
19.89% |
18.04% |
|
- Percentage of Class B Shares (Series 1) (as a % of the Total Share Capital of the Company) |
11.96% |
11.85% |
11.96% |
|
|
Particulars |
3 Months
30.09.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
24 |
|
|
Disposed of during the quarter |
23 |
|
|
Remaining unresolved at the end of the quarter |
1 |
Note:
The above results have been reviewed by the audit committee along with the limited review report given by the statuary auditors and the same was taken on record by the board of directors of the company at its meeting held on 31 October 2013.
Figure for the previous financial period have been re-arranged and re-grouped where necessary without any restatement on account of the demerged business.
The current quarter result comprise mainly of the home. Electronic retail and other business. The company has demerged pantaloons format. Business which has been made effective from 8 April 2013. The fashion business demerger has been made effective from 29 May 2013. Accordingly, the financial performance of pantaloons formats and other fashion formats of the company (viz. Central, Brand Factory, all and planet stores) have been excluded in the current quarter from the financial performance of the company, further as part of the retail consolidation process. Further value retail limited (FVRL). A wholly owned subsidiary company, operating big bazar and food bazar would stand consolidated with financial performance of the company effect from 1 July 2012, on statuary approvals of the scheme of ambulation of FVRL with the company. Which has already been approved by board on 15 March 2013 and members of the company on 10 June 2013.
In view of the realignment activities and the two demerger
schemes resulting in demerger of the Pantaloons Fashion format and other
Fashion format business, the present quarter and nine months ended September
30, 2013 financial result does not include performance of the Pantaloons
Fashion format and Fashion Format Business, which forms part of the previous
period's figures. Accordingly, the previous period’s figures are not comparable
The Company has only one business segment i.e. "Retail" Which at
present mainly comprises Home, electronic Retail and other Business.
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. 61.93 |
|
|
1 |
Rs. 102.06 |
|
Euro |
1 |
Rs. 84.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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.