MIRA
INFORM REPORT
|
Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHOPPERS STOP LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.06.1997 |
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Com. Reg. No.: |
11-108798 |
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Capital Investment
/ Paid-up Capital : |
Rs. 414.898
Millions |
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CIN No.: [Company Identification
No.] |
l51900mh1997plc108798 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
mums39981E / MUMS22857C |
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PAN No.: [Permanent Account No.] |
AABCS4383A |
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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 retailing a variety of household
and consumer products through departmental stores. |
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No. of Employees
: |
6052 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
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Maximum Credit Limit : |
USD 27700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an India’s leading Shopping Store founded by K. Raheja
Corp. Group of Companies. It is an established and reputed company having a
fine track record. There appears drastic dip in the profitability of the company during
the financial year 2013. However, the rating reflects established track record of Shoppers Stop
Limited (SSL) in the retail industry along marked by its efficient inventory
management system and efficient working capital cycle. Directors are reported to be experienced and respectable businessmen. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. In view of experienced promoters, the company can be considered good
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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non-compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 18, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
October 18, 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 DECLINED BY
|
Name : |
Mr. Onkar Wadekar |
|
Designation : |
Head Banker |
|
Contact No.: |
91-22-42497000 |
|
Date : |
28.01.2014 |
LOCATIONS
|
Registered/ Service Office: |
Eureka Towers, B Wing, 9th Floor, plot No. 504, Mindspace Link Road, Malad (West), Mumbai –
400064, Maharashtra, India |
|
Tel. No.: |
91-22-42497000 |
|
Fax No.: |
91-22-28808877/ 28445060 |
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E-Mail : |
prashant.mehta@shoppersstop.com onkarwadekar@shoppersstop.com |
|
Website : |
www.shoppersstop.com
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Store locations : |
Western Region 1. 211-D, S. V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India 2. Krushal Commercial Complex, G. M. Road, Chembur (West), Mumbai – 400089, Maharashtra, India 3. Suburbia, Old Bandra Talkies, Linking Road, Bandra (West), Mumbai – 400050, Maharashtra, India 4. Nirmal Lifestyles, L. B. S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India 5. lnorbit Mall, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India 6. Dynamix Mall, Sant Dhyaneshwar Marg, JVPD Scheme, Next to Chandan Cinema Hall, Vile Parle (West), Mumbai – 400049, Maharashtra, India 7. Godrej Eternia, B Wing, Shivaji Nagar, Mumbai-Pune Road, Pune – 411005, Maharashtra, India 8. Nucleus Mall, 1 Church Road, Pune – 411001, Maharashtra, India 9. HomeStop, lnorbit Mall, 2nd Floor, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India 10. Prozone Mall, Plot Sector-C, Chikalthana Industrial Area, Masantpur, Aurangabad – 431210, Maharashtra, India 11. lnorbit Mall, Vashi, Navi Mumbai – 400705, Maharashtra, India 12. HomeStop, lnorbit Mall, 2nd Floor, Vashi, Navi Mumbai – 400705, Maharashtra, India 13. lnorbit Mall, Wadgaon Sheri, Nagar Road, Pune – 411014, Maharashtra, India 14. Alpha One Mall, Near Vastrapur Lake, Vastrapur, Ahmedabad – 380054, Gujarat, India 15. R City Mall, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India 16. Pacific Mall, S. No 42, 43, Shankar Seth Road, Pune - 411037, Maharashtra, India 17. Opposite Alankar Talkies, Chainsukh Road, Latur – 413512, Maharashtra, India 18. HomeStop, lnorbit Mall, 2nd Floor, Wadgaon Sheri, Nagar Road, Pune – 411014, Maharashtra, India 19. HomeStop, R City, 2nd Floor, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India 20. HomeStop, FP No. 21 6, TP Scheme -1, Vastrapur, Ahmedabad – 380054, Gujarat, India 21. Koregaon Park Shopping Centre, S. No. 37, Hissa No. 4, Village Mouje, Gorpadi Taluka, Pune – 411001, Maharashtra, India Southern Region 1. Garuda Star Mall, Magrath Road, Ashok Nagar, Bangalore – 560025, Karnataka, India 2. Commerce@Mantri, Ground Floor, N.S. Palya, Bannerghatta Road, Bangalore – 566076, Karnataka, India 3. Mantri Square, #. 1. Sampige Road, Malleshwaram, Bangalore – 560003, Karnataka, India 4. Salarpuriya Tower - II, Near Forum Mall, Kormangala Industiral Layout, Bangalore – 560095, Karnataka, India 5. Plot No. 1-11-251/1, Alladin Mansion, Begumpet, Hyderabad – 500016, Andhra Pradesh, India 6. No. 2, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India 7. GVK One Mall, Road No. 01, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India 8. lnorbit Mall, Apiic Software Layout, Hitech City, Cyberabad, Hyderabad – 500081, Andhra Pradesh, India 9. GMR Hyderabad International Airport Limited, Level - D, Passenger Terminal Building, Shamshabad Airport, Rangareddy, District – 500409, Andhra Pradesh, India 10. Passenger Terminal Building, Bengaluru International Airport, Devanahalli, Bangalore – 560300, Karnataka, India 11. HomeStop, Raheja Point No. 1712, Magrath Road, Bangalore – 560025, Karnataka, India 12. Rarnee Mall, 365, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India 13. HorneStop, Royal Meenakshi Mall, Shop No - S008, Bannergetta Road. Opposite Meenakshi Temple, Bangalore – 560076, Karnataka, India 14. Homestop. LEPL Icon, Vijayawada – 520008, Andhra Pradesh, India 15. 1st and 2nd Floor, Celebros Shyarnala Towers, 13 Acrot Road, Saligramarn, Chennai – 600093, Tamilnadu, India 16. LEPL Icon Mall, Vijayawada – 520008, Andhra Pradesh, India 17. OMR, Ground Floor, Gopalan Signature Towers, Opposite RMZ Infinity, Old Madras Road, Bangalore – 560096, Karnataka, India 18. Mall of Mysore, lndira Nagar Extension, Nazarabad Mohalla, M.G. Road, Mysore – 570010, Karnataka, India 19. HorneStop. lnorbit Mall, Apiic Software Layout, Hitech City, Cyberabad, Hyderabad – 500081, Andhra Pradesh, India 20. Upper Ground Floor, lnorbit Mall - Whitefield, EPIP Area, Whitefield, Bangalore – 560066, Karnataka, India 21. E-City Mall, S-7, No. 474, Near Rangavilas Mill, Avinash Road, Near PSG Krishnamrnal College, Coirnbatore – 641004, Tamilnadu, India 22. HorneStop. E-City Mall, Near Rangavilas Mill, Avinash Road, Near PSG Krishnarnmal College, Coimbatore – 641004, Tamilnadu, India 23. "Soul Space Arena" Outer Ring Road, Doddanekkundi Village, K R Purarn Habli, Bangalore – 560037, Karnataka, India 24. Hornestop, Phoneix Market City, 142 Velachery Main Road, Velachery, Chennai – 600042, Tamilnadu, India Northern Region 1. Ansal Plaza, Hudco Palace, Aridrew Ganj, Khelgaon Marg, Near South Extension, New Delhi – 110049, India 2. The Metropolitan Mall, Mehrauli-Gurgaon Road, Gurgaon - 122002, Haryana, India 3. Shipra Mall, Shipra Suncity, 9 Vaibhav Khand, Indirapuram, Ghaziabad – 201012, Uttar Pradesh, India 4. HorneStop, Plot No. A/3, Select City Walk, District Centre, Saket, New Delhi – 110017, India 5. E - City Mall, Opposite Paryatan Bhavan, Beside Eldeco Green Compound, Gornti Nagar, Lucknow – 226010, Uttar Pradesh, India 6. Eros Mall, Shivaji Palace, Rajouri Garden, Rajouri, New Delhi – 110027, India 7. The Great lndi Palace, New Okhla Industrial Development Area, Noida - 201301, Uttar Pradesh , India 8. Metropoliian Mall, Press Enclave Road, District Centre Saket, Sector II, New Delhi – 110017, India 9. Suncity Triton Mall, Near Bhawani Niketan College, Off Sikar Road, Sitararnpura, Tehsil Sawai, Jaipur – 302012, Rajasthan, India 10. Alpha One Mall, MBN Farms, Sultan Wind, Main G. T. Road, Amritsar – 143010, Punjab, India 11. Ambience Mall, Nelson Mandela Road, Vasant Kunj, New Delhi – 110070, India 12. DB City Mall, Arm Hills, Bhopal - 462011, Madhya Pradesh, India 13. Spaze I, Tech Park, Gurgaon, Spaze Mall, Sohna Road, Gurgaon – 122002, Haryana, India 14. Rohini, Plot No. 3b1, Twin District Centre-1, Sector - 10, Adjacent to Rithala Metro Station, Rohini, New Delhi - 1 0085, India 15. BPK Star Building, Opposite Lig Gurudwam, A.B. Road, lndore – 452001, Madhya Pradesh, India 16. Hornestop 2nd Floor, Fun Republic Mall, Gomti Nagar, Lucknow – 206010, Uttar Pradesh, India 17. MBD Neopolis Mall, Civil Lines, Beside Hotel Raddison, BMC Chowk, GT Road, Jalandar – 144001, Punjab, India 18. World Trade Park, South Block, 1JLN Marg, Malviya Nagar, Jaipur – 302017, Rajasthan, India Eastern Region 1. 10/3, Lala Lajpat Rai Sarani (Elgin Road), Kolkata – 700020, West Bengal, India 2. City Centre, DC-1, Sector-1, Salt Lake, Kolkata – 700064, West Bengal, India 3. South City Mall, 375, Prince Anwar Shah Road, Opposite Jodhpur Park, Kolkata – 700068, West Bengal, India 4. Junction Mall, Mouza - Faridpur, J. L. No. 74, City Centre, Durgapur – 713216, West Bengal, India 5.
City Centre, Siliguri Uttomyon Township, NH -
31, Matigara, Siliguri – 734010, West Bengal, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Chandru Raheja |
|
Designation : |
Chairman |
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Name : |
Mr. B S Nagesh |
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Designation : |
Vice Chairman |
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|
Name : |
Mr. Govind Shrikande |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Ravi C Raheja |
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Designation : |
Director |
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|
Name : |
Mr. Neel C raheja |
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Designation : |
Director |
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|
Name : |
Mr. Gulu L Mirchandani |
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Designation : |
Director |
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|
Name : |
Mr. Shahzaad S Dalal |
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Designation : |
Director |
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|
Name : |
Mr. Nitin Sanghavi |
|
Designation : |
Director |
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|
Name : |
Mr. Deepak Ghaisas |
|
Designation : |
Director |
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|
Name : |
Mr. Nirvik Singh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Mehta |
|
Designation : |
Vice President - Legal and Company Secretary |
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Audit Committee : |
Ø Deepak Ghaisas - Chairman Ø Ravi C. Raheja - Member Ø Nitin Sanghavi- Member Ø Shahzaad S.
Dalai - Member |
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|
|
Remuneration/
Compensation Committee : |
Ø Gulu L.
Mirchandani -
Chairman Ø Ravi C.
Raheja - Member Ø Nitin
Sanghavi - Member Ø
Shahzaad S. Dalai - Member |
|
|
|
|
Finance
Committee : |
Ø Ravi C.
Raheja - Chairman Ø Neel C.
Raheja - Member Ø B. S.
Nagesh - Member Ø
Govind Shrikhande
- Member |
|
|
|
|
Shareholders Investor Grievance
and Share Transfer Committee : |
Ø Ravi C. Raheja - Chairman Ø Neel C. Raheja - Member Ø B. S. Nagesh - Member |
|
|
|
|
Management
Team : |
Ø Govind Shrikhande Ø Anil Shankar Ø Ashwin Babbar Ø BVM Rao Ø CK Nair Ø Manohar Kamath Ø Prashant Mehta Ø Ranjit Satyanath Ø Salil Nair Ø Sanjay Chakravarti Ø Vinay Bhatia |
|
|
|
|
Name : |
Mr. Onkar Wadekar |
|
Designation : |
Head Banker |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3695000 |
4.45 |
|
|
52334674 |
63.00 |
|
|
56029674 |
67.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
56029674 |
67.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12550596 |
15.11 |
|
|
12928 |
0.02 |
|
|
2301898 |
2.77 |
|
|
14865422 |
17.89 |
|
|
|
|
|
|
9123949 |
10.98 |
|
|
|
|
|
|
966112 |
1.16 |
|
|
2027389 |
2.44 |
|
|
62120 |
0.07 |
|
|
4 |
0.00 |
|
|
39183 |
0.05 |
|
|
22933 |
0.03 |
|
|
12179570 |
14.66 |
|
Total Public shareholding (B) |
27044992 |
32.56 |
|
Total (A)+(B) |
83074666 |
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) |
83074666 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 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 % |
||
|
1 |
Palm Shelter Estate Development Private Limited |
11813300 |
14.22 |
|
2 |
Raghukool Estate Development Private Limited |
8263300 |
9.95 |
|
3 |
Capstan Trading Private Limited |
8129768 |
9.79 |
|
4 |
Casa Maria Properties Private Limited |
7913300 |
9.53 |
|
5 |
Anbee Construction Private Limited |
6511762 |
7.84 |
|
6 |
Cape Trading Private Limited |
6261040 |
7.54 |
|
7 |
K Raheja Corp Private Limited |
3382204 |
4.07 |
|
8 |
Neel Chandru Raheja |
1150000 |
1.38 |
|
9 |
Ravi Chandru Raheja |
1100000 |
1.32 |
|
10 |
Jyoti Chandru Raheja |
747500 |
0.90 |
|
11 |
Chandru Lachmandas Raheja |
697500 |
0.84 |
|
12 |
Inorbit Malls India Private Limited |
20000 |
0.02 |
|
13 |
Ivory Properties & Hotels Private Limited |
20000 |
0.02 |
|
14 |
K Raheja Private Limited |
20000 |
0.02 |
|
|
Total |
56029674 |
67.44 |
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 % |
|
|
1 |
Reliance Capital Trustee Company Limited A/c Reliance
Equity Opportunities Fund |
4915960 |
5.92 |
|
|
2 |
Birla Sun Life Trustee Company Private Limited A/c Birla Sun Life Tax
Relife 96 |
920571 |
1.11 |
|
|
3 |
Miraj Marketing Company LLP |
1856250 |
2.23 |
|
|
4 |
Zodiac Clothing Company Limited |
1713750 |
2.06 |
|
|
5 |
Reliance Capital Trustee Company Limited A/c Reliance Tax
Saver (ElSS) Fund |
1279000 |
1.54 |
|
|
6 |
Vidya Investment and Trading Company Private Limited |
2223009 |
2.68 |
|
|
7 |
Reliance Capital Trustee Company Limited A/c Reliance Regular
Saving Fund - Equity Option |
1000000 |
1.20 |
|
|
8 |
Bajaj Allianz Life Insurance Company Limited |
2003085 |
2.41 |
|
|
9 |
Lo Funds - Emergingn Consumer |
1800000 |
2.17 |
|
|
10 |
IDFC Premier Equity Fund |
1944000 |
2.34 |
|
|
|
Total |
19655625 |
23.66 |
|
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 % |
|
|
1 |
Reliance Capital Trustee Company Limited A/c Reliance Equity Opportunities Fund |
4915960 |
5.92 |
|
|
|
Total |
4915960 |
5.92 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of retailing a variety of household
and consumer products through departmental stores. |
GENERAL INFORMATION
|
No. of Employees : |
6052 (Approximately) |
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Bankers : |
Ø Axis Bank Limited Ø Bank of India Ø Deutsche Bank AG Ø ICICI Bank Limited Ø IDBI Bank Limited Ø HDFC Bank Limited Ø Kotak Mahindra Bank Limited Ø Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte
Haskins and Sells Chartered Accountants |
|
Address : |
Indiabulls
Finance Centre, Tower 3, 27th - 32nd Floor, Elphinstone Mill Compound, Senapati
Bapat Marg, Elphinstone (West), Mumbai - 400013, Maharashtra, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
KPMG Chartered Accountants |
|
Address : |
Lodha
Excelus, 1st Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai
– 400011, Maharashtra, India |
|
|
|
|
Advocates and Solicitors : |
Wadia
Ghandy and Company |
|
|
|
|
Subsidiaries : |
Ø Upasna Trading
Limited Ø Shoppers
Stop.com (India) Limited Ø Shoppers Stop
Services (India) Limited Ø Crossword
Bookstores Limited Ø
Gateway Multichannel Retail (India) Limited Ø Hypercity Retail
(India) Limited |
|
|
|
|
Companies in
which the persons stated in (b) above have
control/ significant influence : |
Ø
Ivory Properties and Hotels Private Limited Ø
K. Raheja Corp. Private Limited Ø
K. Raheja Private Limited Ø
Inorbit Malls (India) Private Limited Ø
Avacado Properties and Trading India Private
Limited Ø
K. Raheja IT Park (Hyderabad) Private Limited Ø
Trion Properties Private Limited Ø Magna
Warehousing and Distribution Private Limited |
|
|
|
|
Joint Ventures : |
Ø Nuance Group
(India) Private Limited Ø Timezone
Entertainment Private Limited |
CAPITAL STRUCTURE
AFTER 30.07.2013
Authorised Capital : Rs. 1000.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 415.373 Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs. 5/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82,979,517 |
Equity Shares |
Rs. 5/- each |
Rs. 414.898
Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and end of the year:
|
Particulars: |
31.03.2013 |
|
|
|
Numbers |
Rs. In Millions |
|
Equity shares |
|
|
|
At the beginning of the year |
82562134 |
412.811 |
|
Issued during the year - ESOP (Note 3.4) |
417383 |
2.087 |
|
At the end of the year |
82979517 |
414.898 |
Shares reserved for
issue under options:
|
Employee Stock
Option Plan (ESOP) |
31.03.2013 |
|
Options exercised during the year |
417383 |
|
Option Outstanding as at |
592756 |
Details of
shareholders holding more than 5% shares as at 31 March:
|
Particulars: |
31.03.2013 |
|
|
|
Numbers |
% of Shares held |
|
Palm Shelter Estate Development Private Limited |
11813300 |
14.24 |
|
Raghukool Estate Development Private Limited |
8263300 |
9.96 |
|
Capstan Trading Private Limited |
8129768 |
9.80 |
|
Casa Maria Properties Private Limited |
7913300 |
9.54 |
|
Anbee Construction Private Limited |
6511762 |
7.85 |
|
Cape Trading Private Limited |
6261040 |
7.55 |
Other disclosures:
The Company has one
class of equity shares having a par value of Rs.5 per share. Each equity
shareholder is eligible for one vote per share held. Each equity shareholder is
entitled to dividends as and when the Company declares and pays dividend after
obtaining shareholders’ approval. Dividends are paid in Indian Rupees.
During the year
ended 31st March 2013, the amount of per share final dividend recognised as
distribution to equity shareholders was Rs. 0.75 per share (2012: Rs.0.75 per
share).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
414.898 |
412.811 |
410.834 |
|
(b) Reserves & Surplus |
6523.322 |
6172.166 |
5570.188 |
|
(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) |
6938.220 |
6584.977 |
5981.022 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1125.000 |
350.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
62.543 |
2.348 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
14.047 |
|
Total Non-current Liabilities (3) |
1187.543 |
352.348 |
14.047 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1943.371 |
1840.687 |
1254.895 |
|
(b) Trade payables |
2846.766 |
2360.754 |
2165.671 |
|
(c) Other current
liabilities |
1360.986 |
1423.441 |
995.975 |
|
(d) Short-term provisions |
102.807 |
92.808 |
72.576 |
|
Total Current Liabilities (4) |
6253.930 |
5717.690 |
4489.117 |
|
|
|
|
|
|
TOTAL |
14379.693 |
12655.015 |
10484.186 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4429.828 |
4061.834 |
3021.862 |
|
(ii) Intangible Assets |
129.332 |
106.334 |
99.561 |
|
(iii) Capital
work-in-progress |
274.486 |
297.707 |
334.639 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3309.474 |
2842.129 |
2371.934 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
32.500 |
|
(d) Long-term Loan and Advances |
2754.034 |
2502.865 |
2497.829 |
|
(e) Other Non-current assets |
79.045 |
0.000 |
0.000 |
|
Total Non-Current Assets |
10976.199 |
9810.869 |
8358.325 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2438.249 |
2120.401 |
1511.366 |
|
(c) Trade receivables |
203.636 |
191.692 |
160.063 |
|
(d) Cash and cash
equivalents |
117.213 |
71.462 |
26.218 |
|
(e) Short-term loans and
advances |
585.736 |
389.248 |
389.482 |
|
(f) Other current assets |
58.660 |
71.343 |
38.732 |
|
Total Current Assets |
3403.494 |
2844.146 |
2125.861 |
|
|
|
|
|
|
TOTAL |
14379.693 |
12655.015 |
10484.186 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
22558.892 |
19297.051 |
16566.198 |
|
|
|
Other Income |
172.147 |
186.876 |
94.547 |
|
|
|
TOTAL |
22731.039 |
19483.927 |
16660.745 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of stock-in-trade |
14393.681 |
12709.382 |
10371.281 |
|
|
|
Changes in inventories of stock in trade |
(317.848) |
(609.035) |
(12.434) |
|
|
|
Employee benefits expense |
1610.641 |
1276.404 |
989.837 |
|
|
|
Other expenses |
5608.311 |
4501.522 |
3718.948 |
|
|
|
TOTAL |
21294.785 |
17878.273 |
15067.632 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1436.254 |
1605.654 |
1593.113 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
318.814 |
250.360 |
145.377 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1117.440 |
1355.294 |
1447.736 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
507.471 |
377.224 |
309.988 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEM |
(7.406) |
0.000 |
0.510 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
602.563 |
978.070 |
1137.238 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
210.878 |
335.478 |
385.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
391.685 |
642.592 |
751.758 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1451.600 |
913.105 |
268.519 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend (incl. Dividend Distribution tax) |
72.812 |
71.967 |
69.584 |
|
|
|
Transfer to General Reserve |
19.584 |
32.130 |
37.588 |
|
|
BALANCE CARRIED
TO THE B/S |
1750.889 |
1451.600 |
913.105 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Foreign currency and foreign credit card collection on sale of
merchandise |
539.336 |
470.440 |
448.710 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Computer software and hardware |
0.000 |
0.000 |
9.390 |
|
|
|
Capital Goods |
38.146 |
18.517 |
32.552 |
|
|
|
Purchase of Merchandise |
388.305 |
316.055 |
390.931 |
|
|
TOTAL IMPORTS |
426.451 |
334.572 |
432.873 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
4.73 |
7.80 |
9.52 |
|
|
|
Diluted
|
4.71 |
7.75 |
9.42 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.72
|
3.30 |
4.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.67
|
5.07 |
6.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.58
|
10.28 |
14.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.15 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.44
|
0.33 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54
|
0.50 |
0.47 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current
maturities of long term borrowings |
225.000 |
400.000 |
200.000 |
|
|
|
|
|
|
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: ITXAL/343/2012 Filing Date:
17.02.2012 Reg. No.: ITXA/475/2012 Reg. Date: 29.05.2012 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX -CENT Respondent: SHOPPERS STOP
LIMITED Petn. Adv : PADMA DIVAKAR (0)
Resp. Adv.: MANEKSHA & SETHNA (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission Category:
TAX APPEALS Next Date: 06.03.2014
Stage: FOR DIRECTION Coram: ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST Last Date: 01.03.2013
Stage: FOR DIRECTION Last Coram: HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE
M.S. SANKLECHA |
|
Act: Income Tax Act, 1961 UNDER
SECTION: 260A |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10454947 |
08/10/2013 |
500,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B87513917 |
|
2 |
10448537 |
12/09/2013 |
1,000,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B84778430 |
|
3 |
10419607 |
22/03/2013 |
250,000,000.00 |
BANK OF INDIA |
ANDHERI LARGE
CORPORATE BRANCH, M. D. I BUILDING, 1ST FLOOR, 28, S. V ROAD, ANDHERI (WEST),
MUMBAI - 400058, MAHARASHTRA, INDIA |
B73152175 |
|
4 |
10410564 |
12/03/2013 |
500,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B70349535 |
|
5 |
10388830 |
07/11/2012 |
500,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER, WTC
COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B62895636 |
|
6 |
10333964 |
12/01/2012 |
350,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018,
MAHARASHTRA, INDIA |
B31437163 |
|
7 |
10265194 |
07/01/2011 |
500,000,000.00 |
BANK OF INDIA |
ANDHERI LARGE CORPORATE
BRANCH, M. D. I BUILDING, 1ST FLOOR, 28, S. V ROAD, ANDHERI (WEST), MUMBAI -
400058, MAHARASHTRA, INDIA |
B04455515 |
|
8 |
10106164 |
29/04/2010 * |
100,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
A85798684 |
|
9 |
10076458 |
23/06/2010 * |
400,000,000.00 |
AXIS BANK
LIMITED |
UNIVERSAL
INSURANCE BUILDING, SIR P. M ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A89704936 |
|
10 |
90154070 |
16/10/2007 * |
150,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A26026526 |
|
11 |
90153993 |
09/10/2012 * |
565,000,000.00 |
IDBI BANK
LIMITED |
47, OPUS CENTRE,
OPP. TUNGA PARADISE, CENTRAL ROAD, MIDC, ANDHERI (EAST), MUMBAI - 400093,
MAHARASHTRA, INDIA |
B59711002 |
|
12 |
90153990 |
23/06/2010 * |
350,000,000.00 |
AXIS BANK
LIMITED |
UNIVERSAL INSURANCE
BUILDING, SIR P. M ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A89702302 |
|
13 |
90153655 |
10/01/2013 * |
220,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B67474049 |
* Date of charge modification
UNSECURED LOANS
|
Unsecured Loans |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
SHORT-TERM BORROWINGS |
|
|
|
Loans from bank |
93.233 |
0.000 |
|
Commercial papers (maximum amount outstanding during the year Rs.1150.000 Millions,
Previous Years Rs. 850.000 Millions) |
200.000 |
400.000 |
|
|
|
|
|
Total |
293.233 |
400.000 |
COMPANY BACKGROUND
Subject was incorporated on 16 June 1997. The Company is engaged in the
business of retailing a variety of household and consumer products through
departmental stores. As at 31 March 2013, the Company operated through 55 such
departmental stores located in different cities of India.
PERFORMANCE REVIEW
During the year, the Company has opened 5 departmental stores i.e. one
store each at Pune, Jalandhar, Coimbatore and two stores at Bangalore taking its
chain of stores to 55 stores (including two airport stores) spread across
India. Further, the Company has also opened two “Home Stop” at Coimbatore and
Chennai taking its tally to 13 stores. The revenue of the Company is Rs.
22731.039 Millions (previous year Rs. 19483.927 Millions), registering a growth
of 16.67% y-o-y basis. The net Profit achieved was Rs. 391.685 Millions
(previous year Rs. 642.592 Millions).
AWARDS AND
RECOGNITION
As in the past years, awards and recognitions were conferred on the
Company by leading organisations during the year: Some of them are:
Ø Dun and Bradstreet
at Rolta Corporate Awards 2011.
Ø "Leadership
Governance Award" in service category at Qimpro Best Prax Conclave 2012.
Ø Silver Award for
'Choose the Own Gift' campaign by DMAI.
Ø Most Admired
Retail Group of the Year and Most Admired Home Format of the Year for Home Stop
at IRF 2012.
Ø Top Class Brand
Award 2012-2013 by National Education and Human Resource Development
Organisation.
Ø No. 1 Social Net
Worth Company on Facebook by Fortune Magazine (India). Ranking for the Company
has improved from Rank 297 to Rank 276.
Ø Most Trusted
Retailer of the Year - Popular choice at ET Retail Awards.
Ø The 6th Loyalty
Summit conferred the Company with following awards:
1.
Loyalty Programmes of the Year - Retail Large
Format
2.
Best use of Social Media to Enhance Loyalty
3.
Champion of Champions - Loyalty Programmes of the
Year
Ø Best Mobile
Marketing Campaign at Indian Digital Summit (hosted by IAMAI).
Ø World HRD Congress
conferred the Company with following awards:
1.
Most Innovative initiative Award for Goodie box
2.
Best Talent Management Award for Baby Kangaroo
Programmes
3.
Organisation with innovative HR practices "I
Pledge"
4.
Learning and Talent Initiative Exercise for Lead
and Leap Programmes.
Ø Best Online
Retailer of the Year (Department Store) by ET NOW.
Ø POP-In store Asia
and Visual Merchandising and Retail Design Awards 2013 conferred the Company
with following awards:
1.
Merit Award - Best Store Award > 20,000 sq. ft.
- R-city Store
2.
Merit Award - Green Initiative Award - Andheri
store
3.
Gold Award - Best Window Display
4.
Gold Award - Best Visual Merchandising
FINANCE
The Company continues with various initiatives for bringing down the
cost of borrowings which includes application of short-term instruments like
commercial paper, working capital demand loans within working capital
borrowing, long term loans for expansion at competitive terms, so as to have
funds at competitive cost.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDIAN RETAIL
The Indian retail segment accounts for more than one fifth of the
country's Gross Domestic Product (GDP) and contributes about 8% to the total
employment. The Indian retail market is amongst the largest and fastest growing
in the world. With a population of over1.2 billion and household size of 4 to 5
on an average, it is not difficult to see the potential attractiveness that
this market offers. Indian retail business has grown by 16% Compounded Annual
Growth Rate (CAGR) over the past two years and expected to accelerate to18.8 %
over the next few years, according to The India Retail Report 2013. India has
emerged as the fifth most favourable destination for retailers, according to A
T Kearney's Global Retail Development Index (GRDI) 2012. India ranks 6th in the
Retail Talent Index, thanks to many years of a large, young, well-educated and
attractive labour market, according to the report.
India's income pyramid has changed dramatically during the past two
decades and will evolve even more significantly. As a result, consumption
driven by "Choice" instead of "need" will grow
significantly.
MODERN RETAIL – TODAY
Modern retail has been in existence for some time now. In India, modern
retail constitutes 7.8 % of the total retail market. According to The India
Retail Report findings, modern retail in India is growing at a rapid rate of
26.8% CAGR and is expected to grow even faster by 2015. By 2015 the share of
modern retail in India is expected to rise to more than 10 % of total retail in
India. With the young demographics that India is blessed with, it can be
assumed that modern retail will be trendy, fashionable, in demand and buzzing
with hives of promotion and opportunities. With an increasing number of men and
women working and being independent, disposable income is increasing. The easy
availability of financial instruments is also playing its part in growing the
modern retail space and consumption.
Modern retail is expected to mushroom in smaller towns in the next 3
years and also make a foray in to the rural heartland of India to service the
70% of the Indian population which is still in the rural markets. Qualitative
factors within each city/town, such as modernisation index, westernisation
index, youth population, etc., will play an important role in ascertaining the
demand for categories and brands, which in turn will determine the direction
and extent to which penetration in rural towns would happen.
With modern trade gaining ground in India, the opportunity for strong and
continuous growth is immense. A simple comparison with other developed and
emerging economies in Asia indicates room for a manifold increase in modern
trade density. With a modest six modern trade stores per million customers,
even matching the pace of countries like Thailand and Indonesia points to an
inflection point that is yet to occur. Contrasted with the density of
traditional trade outlets, the lower density of modern trade is certainly
poised to change.
MODERN RETAIL – CHALLENGES AHEAD
The Indian economic sector, including retail, has weathered an uneven
ride. Changes in policies and markets have caused investors in this market to
draw caution and adopt wait-and-watch policies. Rising inflation, even when
disposable income has risen, has left a dampening mark on retail sales and
consumption. Brands have decided to ensure an effective presence strategy while
speculation markets have dropped. Big malls that were assured of complete
occupancy just a few years back are having to resort to price-leading
strategies to woo in tenants and consumers.
Retailers in India are struggling to strike a balance between choosing
available retail space in desired location and rentals. The next challenge is
that of human capital. With attrition still very high in the industry, human
capital management continues to remain one of the top three agenda points for
the retailer. The cost of training and retraining staff to replace people who
leave, is high specifically for larger retailers who want to maintain a particular
standard in their operations. Skill development, hence, is a critical factor to
achieve scale and is an area which needs investment.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2013
(RS. IN MILLIONS)
|
PART I |
Standalone |
||
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1)
Turnover |
|
|
|
|
Retail
Turnover |
|
|
|
|
Own
merchandise (including concession sales) |
7321.040 |
5403.047 |
12724.087 |
|
Consignment
merchandise |
727.993 |
544.671 |
1272.664 |
|
|
8049.033 |
5947.718 |
13996.751 |
|
Less :-
Value Added Tax / Sales Tax |
362.425 |
274.966 |
637.391 |
|
Cost of
consignment merchandise |
506.055 |
372.878 |
878.933 |
|
Income
from Operations |
7180.553 |
5299.874 |
12480.427 |
|
2) Other
operating income |
71.073 |
70.859 |
141.932 |
|
3) Total
Income from operations (net) (1+2) |
7251.626 |
5370.733 |
12622.359 |
|
4)
Expenses |
|
|
|
|
a)
Purchases of stock-in-trade |
4816.873 |
3451.461 |
8268.334 |
|
b)
Changes in inventories of stock-in-trade (Increase)/ Decrease |
(168.022) |
(225.139) |
(393.161) |
|
c)
Employees benefits expense |
495.219 |
440.500 |
935.719 |
|
d) Depreciation
and amortisation expense |
167.182 |
132.765 |
299.947 |
|
e) Lease
Rent and Hire Charges |
635.719 |
587.397 |
1223.116 |
|
f)
Electricity Charges |
197.806 |
181.095 |
378.901 |
|
g) Other
expenses |
876.429 |
701.915 |
1578.344 |
|
Total expenses |
7021.206 |
5269.994 |
12291.200 |
|
5)
Profit from operations before Other Income, finance costs and exceptional
items (3-4) |
230.420 |
100.739 |
331.159 |
|
6) Other
Income |
32.706 |
31.697 |
64.403 |
|
7) Profit
from ordinary activities before finance costs and exceptional items (5+6) |
263.126 |
132.436 |
395.562 |
|
8)
Finance Costs |
97.588 |
98.295 |
195.883 |
|
9)
Profit from ordinary activities after finance costs but before exceptional
Items (7-8) |
165.538 |
34.141 |
199.679 |
|
10)
Exceptional Items - loss by fire |
-- |
6.740 |
6.740 |
|
11)
Profit from ordinary activities before tax (9-10) |
165.538 |
27.401 |
192.939 |
|
12) Tax
expense |
66.359 |
10.989 |
77.348 |
|
13) Net Profit
after tax (11-12) |
99.179 |
16.412 |
115.591 |
|
14)
Paid-up equity share capital (Face value of Rs.5/- Per Share) |
415.326 |
415.056 |
415.326 |
|
15)
Reserves(Excluding Revaluation Reserve) |
|
|
|
|
16) Earnings per share (In Rs.) (not to be
annualised) |
|
|
|
|
- Basic |
1.19 |
0.20 |
1.39 |
|
- Diluted |
1.19 |
0.20 |
1.39 |
SELECT INFORMATION FOR THE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED JUNE 30, 2013
|
Particulars |
Standalone |
||
|
|
Quarter Ended |
Half Year Ended |
|
|
A)
PARTICULARS OF SHAREHOLDING |
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1)
Public Shareholding - Number of Shares |
27035592 |
26981526 |
27035592 |
|
-
Percentage of shareholding |
32.55 |
32.50 |
32.55 |
|
2)
Promoters and promoter group Shareholding |
|
|
|
|
a)
Pledged / Encumbered |
|
|
|
|
- Number
of shares |
7077204 |
7077204 |
7077204 |
|
-
Percentage of shares (as a % of the total shareholding of promoter and promoter
group) |
12.63 |
12.63 |
12.63 |
|
-
Percentage of shares (as a % of the total share capital of the company) b)
Non-encumbered - Number
of Shares |
8.52 48952470 |
8.53 48952470 |
8.52 48952470 |
|
- Percentage
of shares (as a % of the total shareholding of promoter and promoter group) -
Percentage of shares (as a % of the total share capital of the company) |
87.37 58.93 |
87.37 58.97 |
87.37 58.93 |
|
|
Particulars |
Quarter
Ended 30.09.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
10 |
|
|
Disposed of during the quarter |
10 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES TO
RESULTS:
1.
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
|
Particulars |
30.09.2013 (Unaudited) |
|
|
A. EQUITY AND LIABILITIES |
|
|
|
1.
Shareholders’ Funds |
|
|
|
a] Share Capital |
415.326 |
|
|
b] Reserves and Surplus |
6656.000 |
|
|
Sub-total – Shareholders’
funds |
7071.326 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
1421.666 |
|
|
b] Deferred Tax Liabilities |
61.944 |
|
|
Sub-total -
Non-current Liabilities |
1483.610 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
1870.320 |
|
|
b] Trade Payables |
3383.287 |
|
|
c] Other Current Liabilities |
1891.941 |
|
|
d] Short Term Provision |
33.262 |
|
|
Sub-total - Current Liabilities |
7178.810 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
15733.746 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
5387.448 |
|
|
b] Non-current investment |
3650.042 |
|
|
c] long Term loans and Advances |
2765.245 |
|
|
d] Other non-current assets |
40.996 |
|
|
Sub-total – Non- current assets |
11843.731 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Current Investments |
0.000
|
|
|
Inventories |
2831.410
|
|
|
Trade Receivables |
197.122
|
|
|
Cash & Bank Balances |
92.791
|
|
|
Short Term loans and advances |
704.600
|
|
|
Other Current Assets |
64.092
|
|
Sub-total – Current Assets |
3890.015
|
|
|
|
|
|
|
TOTAL - ASSETS |
15733.746 |
|
2.
The Company (standalone) is primarily engaged in the business
of retail trade through retail and departmental store facilities, which
constitute a single reportable segment.
1.
During the quarter, the Company has granted 200000 Stock
Options to eligible employees. The vesting schedule is spread across 3 years
between August 2014 till August 2016.
2.
During the quarter 54066 equity shares of Rs. 5/- each were
issued and allotted under the Company's Employee Stock Option Scheme.
Consequently, the issued and paid-up Share Capital of the Company as on
30.09.2013 stands increased to Rs.415.326 Millions.
3.
Pursuant to levy of service tax on renting of immovable
properties given for commercial use, retrospectively with effect from 1 June 2007
by the Finance Act, 2010, the Company has, based on a legal advice, challenged
the said levy and, inter-alia, its retrospective application. Consistent with
the treatment in earlier periods, pending the final disposal of the matter, the
Company continues not to provide for the retrospective levy Rs.165.956 Millions
for the period 1 June, 2007 to 31 March, 2010.
4.
The Company has a financial involvement aggregating
Rs.3519.674 Millions in Hypercity Retail (India) Limited ('Hypercity'), a
subsidiary company. Consistent with the earlier periods, in view of Hypercity's
business plans with strategic growth projections, the Company considers that
there is no loss for which a provision is currently necessary.
5.
Figures of the previous period / year have been regrouped /
reclassified wherever necessary.
6. The financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 25.10.2013. The Statutory auditors of the Company has carried out a limited review of the company's financial results for quarter ended 30.09.2013.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
a) Claims against the Company not acknowledged as debts, comprising
of: |
|
|
|
(i) Income-tax
claims disputed by the Company relating to disallowances aggregating |
70.210 |
106.885 |
|
(ii) Service
tax, Sales tax and other Indirect tax claims disputed by the Company relating
to issues of applicability and classification aggregating |
149.675 |
141.905 |
|
(iii) Third party claims arising from disputes relating to contracts
aggregating |
23.619 |
23.619 |
|
b) Other matters |
5.225 |
5.225 |
|
c) Estimated
amount of contracts remaining to be executed on capital account and not provided
for |
392.778 |
242.787 |
|
d) Corporate
guarantee given jointly and severally with joint venture partners to banks
for loans taken by Joint venture entities |
133.857 |
133.857 |
|
e) Corporate guarantee
given jointly and severally with the promoter group company for loans taken
by Hypercity Retail (India) Limited |
950.000 |
500.000 |
|
f) Bank
Guarantees |
37.962 |
32.474 |
|
Note: Future cash outflows
in respect of (a) above are determinable only on receipt of judgements/
decisions pending with various forums/authorities. |
||
FIXED ASSETS:
TANGIBLE ASSETS
Ø Leasehold
improvements
Ø Air conditioning
and other equipment
Ø Furniture,
fixtures and other fittings
Ø Office Equipment
Ø Computers
Ø Vehicles
INTANGIBLE ASSETS
Ø Trademarks
Ø Software
PRESS RELEASES
SHOPPERS STOP
FIRST CITIZEN LOYALTY PROGRAMME GROWS TO 2.5 MILLION CUSTOMERS
~It is the biggest
and most successful Loyalty programme in this category~
Mumbai, March 26,
2012: The First Citizen
Loyalty Programme of Shoppers Stop has now crossed a milestone of 2.5 million
members. With a growing base of over 2.5 million members contributing over 72%
to sales annually, Shoppers Stop First Citizen loyalty programme is the biggest
and most successful programme in this category.
Under this
programme, customers who sign up for the First Citizen membership with Shoppers
Stop are treated to various offers and special privileges such as the exclusive
First Citizen lounge at every store, facility to redeem their reward
points directly at the cash counter, exclusive cash counters for Golden Glow
members, exclusive preview of Sale and other annual offers to name a few.
Commenting on this
achievement, Mr. Vinay Bhatia, Customer Care Associate and Senior Vice
President – Marketing and Loyalty, Shoppers Stop Limited expressed, “The
First Citizen Loyalty Programme has now crossed 2.5 million members who contribute
over 72% to turnover. Clearly, this denotes a base of thoroughly engaged, loyal
and serious shoppers. Our First Citizen members are entitled to various special
privileges. We have introduced numerous innovative benefits exclusively for
First Citizens such as Choose Your Sale Date (an exclusive one-day sale for the
customer). Choose Your Own Gift, etc. Recently, we have launched a First
Citizen mobile app as well.”
About Shoppers Stop
Shoppers Stop is a leader
in the Indian Retail Sector and one of the pioneers in setting up large format
department stores chain in India. Shoppers Stop Limited has a national
presence, with over 2.7 million square feet area across 51 stores (including 2
airport stores) in 22 cities viz. Ahmedabad, Aurangabad, Amritsar, Bengaluru (6
stores), Bhopal, Chennai (3 stores), Delhi (5 stores), Durgapur, Gurgaon (2
stores), Ghaziabad, Hyderabad (4 stores), Indore, Jaipur (2 stores), Kolkata (3
stores), Latur, Lucknow, Mumbai (9 stores), Mysore, Noida, Pune (4 stores),
Siliguri and Vijayawada.
Shoppers Stop is
the only Indian member of IGDS (Intercontinental Group of Departmental stores)
along with 29 other experienced retailers from all over the world. Mr. B.S.
Nagesh, Customer Care Associate and Vice Chairman, Shoppers Stop Limited, has
been recognised as an iconic retailer and was inducted into the World Retail
Hall of Fame 2008. Mr. Nagesh is the only Indian retailer to take a significant
place alongside more than 100 stalwarts of the global retail industry, which
includes veterans like Sam Walton of Wal-Mart, Giorgio Armani, Jack Cohen of
Tesco, Simon Marks and Israel Sieff of Marks and Spencer; Ingvar Kamprad of
Ikea, amongst others. CMAI felicitated the „Golden Scale Trophy‟ to Mr. Nagesh in
honour of this achievement.
Mr. Govind
Shrikhande, Customer Care Associate and Managing Director, Shoppers Stop
Limited received prestigious honours of the „Retail Professional of the Year‟ by CMAI in 2009
and „Most Admired Fashion Retail Professional‟ at the Images Fashion Awards 2010.
Star Retailer
Awards consecutively for three years (2008, 2009 and 2010) named Shoppers Stop
the „Department Store of the Year „. Shoppers Stop also received a Merit
Certificate in the category „Department Store > 20000 sq.ft.‟ at the VMRD
Retail Design Awards 2011, the „Prestigious Loyalty‟ award for
Customer and Brand loyalty in the „Retail Sector‟ consecutively for three years (2010, 2011
and 2012) at the Loyalty Summit and also the „Direct Marketing Campaign of the
Year‟ at the Loyalty Summit of 2012. Shoppers Stop Limited has been conferred
with the „Best Retail Marketing Campaign of the Year‟ Award and
„Customer Loyalty programme‟ award at the 7th Reid and Taylor Awards for
Retail Excellence at Asia Retail Forum (Asia Retail Congress). Images Beauty
and Wellness Awards 2012 awarded Shoppers Stop with the „Most Admired Beauty
Products Retailer of the Year‟ award. ET Retail Awards, backed by the
Economic Times and Retail Association of India (RAI), have awarded Shoppers
Stop with the „Marketing Idea of the Year‟ award for the Zoozoo merchandise tie-up
with Vodafone-Essar. It has also been recognised as the „Most Respected Company
in the Retail Sector‟ By Business World. Shoppers Stop.com has been recognised as the „Most
Admired Non-Store Fashion and Lifestyle Retailer‟ of the Year at the Images Fashion Awards
2011.
Shoppers Stop has
also introduced new formats in the market viz HomeStop – the exclusive home furnishings,
décor as well as furniture store and HyperCity– a premium shopping destination
for Foods, Homeware, Home Entertainment, Hi-Tech Appliances, Furniture, Sports,
Toys and Fashion.
SHOPPERS STOP HITS A MILESTONE OF 2 MILLION
FANS ON FACEBOOK!
~Shoppers Stop is the First (1st)
large-format retailer and Seventh (7th) Indian brand* to cross the 2 million
fans mark on Facebook~
Mumbai, February 13, 2012: The Year 2012 has begun on a hugely positive
note for Shoppers Stop. Close on the heels of its 50th store opening in the
country, Shoppers Stop has clocked in another milestone of crossing the 2
million fans mark on its Facebook page. Shoppers Stop is the First (1st)
large-format retailer and Seventh (7th) Indian brand* to cross the 2 million fans
mark on Facebook.
Commenting on this
accomplishment, Mr. Vinay Bhatia, Customer Care Associate and Senior Vice
President – Marketing and Loyalty, Shoppers Stop Limited expressed, “We are
proud to be among the first retailers in India to recognize the potential of
social media and leverage it. It gives us immense pleasure to have now crossed
this milestone of 2 million fans on our Facebook page. While the numbers speak
for themselves, the true gauge of success is the level of customer engagement
this medium allows us. It gives us an opportunity to enjoy real-time dialogues
with an engaged community.”
He further added,
“We have also extended our retail presence on Facebook by giving customers the
opportunity to shop through our Facebook page. Moreover, we also have a
dedicated section on the page for our First Citizen members. Our 2 million and
growing fan base on Facebook is a reflection of our commitment towards
providing our customers a top-notch experience.”
Shoppers Stop
pioneered modern retail in India and is the highest benchmark of modern
retailing standards in the country. It is the largest chain of large-format
department store in the country with Fifty (50) stores in Twenty two (22)
cities.
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 pyments 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. 62.20 |
|
|
1 |
Rs. 103.12 |
|
Euro |
1 |
Rs. 84.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.