MIRA INFORM REPORT
|
Report Date : |
04.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRENT HYPERMARKET LIMITED |
|
|
|
|
Registered
Office : |
Taj Building, 2nd Floor, 210, D.N. Road, Fort, Mumbai –
400001, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 [Profit and Loss Account] |
|
|
|
|
Date of
Incorporation : |
01.07.2008 |
|
|
|
|
Com. Reg. No.: |
11-184184 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 522.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51900MH2008PLC184184 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT14830E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCT9803D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The main business of the Company is Retailing. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of Trent Limited. It is a Tata Group Company.
It is an established company having satisfactory track record. Due to some technical error, documents related to financial of 2013 is
not available from government department. As per profit and loss statement of 2012, company has incurred loss
from its operations. However, company gets healthy financial support from its group
companies. Trade relations are fair. Business is active. Payment terms are
reported as slow but correct. In view of strong holding company, the company can be considered for
normal business dealings at usual trade terms and conditions. Note: Balance Sheet of 2012 is not available from government
department. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non-convertible Debenture = AA(SO) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
January 06, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-67008520)
LOCATIONS
|
Registered Office : |
Taj Building, 2nd Floor, 210, D.N. Road, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-22071464/ 67008003 / 67008520 |
|
Fax No.: |
91-22-22070216/ 67008600 |
|
E-Mail : |
sanjay.gupta@trenthyper-tata.com
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Trent House, G-Block, Plot No.C-60, Beside Citi Bank, Bandra Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-67009000 |
|
Fax No.: |
91-22-67009210 |
DIRECTORS
AS ON 09.07.2012
|
Name : |
Mr. Noel Naval Tata |
|
Designation : |
Chairman |
|
Address : |
Windmere, 55, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1956 |
|
Qualification : |
B.A.(Eco) |
|
Date of Appointment : |
12.08.2008 |
|
DIN No.: |
00024713 |
|
|
|
|
Name : |
Mr. Aspy Dady Cooper |
|
Designation : |
Director |
|
Address : |
47, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
23.08.1940 |
|
Qualification : |
B.Com, F.C.A. |
|
Date of Appointment : |
17.10.2008 |
|
DIN No.: |
00026134 |
|
|
|
|
Name : |
Mr. Venkatesalu Palaniswamy |
|
Designation : |
Director |
|
Address : |
Tata Colony, ‘Falcon Crest’, Flat # 102, G.D. Ambekar Marg, Parel,
Mumbai – 400017, Maharashtra, India |
|
Date of Birth/Age : |
27.02.1977 |
|
Qualification : |
B.Com, CFA, MBA |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
02190892 |
KEY EXECUTIVES
|
Name : |
Mrs. Hutoxshi Rohinton Wadia |
|
Designation : |
Secretary |
|
Address : |
23, Jamasji Apartment, 32, Sleater Road, Mumbai – 400007, Maharashtra,
India |
|
Date of Birth/Age : |
14.06.1959 |
|
Date of Appointment : |
12.06.2009 |
|
PAN No.: |
AADPW3150A |
|
|
|
|
Name : |
Mr. Jamshed Soli Daboo |
|
Designation : |
Manager |
|
Address : |
Flat No. R-07, Cusrow Baug, Shahid Bhagat Singh Road, Colaba Causeway,
Mumbai – 400001, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1962 |
|
Date of Appointment : |
01.04.2011 |
|
PAN No.: |
AAMPD7105M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 09.07.2012
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
Trent Limited, |
73420784 |
|
Trent Limited, India Jointly with Flora Services Limited, India |
1 |
|
Trent Limited, India Jointly with Flora Link Road Properties Limited |
1 |
|
Trent Limited Jointly with Nahar Theatres Private Limited, India |
1 |
|
Trent Limited, |
1 |
|
Trent Limited, |
1 |
|
Trent Limited, |
1 |
|
|
|
|
Total |
73420790 |
AS ON 27.02.2013
|
Names of Allottee (Preference Shares) |
No. of Shares |
|
Trent Limited, |
149288927 |
|
|
|
|
Total |
149288927 |
AS ON 09.07.2012
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The main business of the Company is Retailing. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
N.M. Raiji and Company Chartered Accountants |
|
Address : |
Universal Insurance Building, Pheroze Shah Mehta Road, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22870068/ 22873463/ 22837482 |
|
Tele Fax No.: |
91-22-22828646/ 22650578 |
|
E-Mail : |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFN4217G |
|
|
|
|
Holding Company : |
v Trent Limited CIN No.:
L24240MH1952PLC008951 Address: Bombay House,
24, Homi Mody Street, Mumbai – 400001, Maharashtra, India |
|
|
|
|
Joint Venture : |
Virtuous
Shopping Centres Private Limited - 66.66% Subsidiary treated as joint venture
in terms of AS 27 [U70102MH2010PLC202740] |
|
|
|
|
Fellow Subsidiaries : |
v
Fiora Services Limited v
Landmark Limited |
CAPITAL STRUCTURE
AFTER 19.07.2013
Authorised Capital : Rs. 2750.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 2741.041 Millions
AS ON 09.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99,050,000 |
Equity Shares |
Rs. 10/- each |
Rs. 990.500 Millions |
|
1,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
|
|
Total |
|
Rs. 1000.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
73,420,790 |
Equity Shares |
Rs. 10/- each |
Rs. 734.208
Millions |
|
|
|
|
|
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60050000 |
Equity Shares |
Rs.10/- each |
Rs. 600.500 Millions |
|
1000000 |
10% p.a. Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
Total |
|
Rs. 610.500 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51200000 |
Equity Shares (The above shares are held by Trent Limited, the holding company) |
Rs.10/- each |
Rs. 512.000 Millions |
|
1000000 |
10% p.a. Non-Cumulative Redeemable Preference Shares (The above shares are held by Trent Limited, the holding company) |
Rs.10/- each |
Rs. 10.000 Millions |
|
|
Total |
|
Rs. 522.000 Millions |
NOTE:
Of the Above:
(1)
During the year 150000 Equity Shares of Rs 10/-
each and 1000000 10% p.a. Non-Cumulative Redeemable Preference shares of Rs
10/- each were allotted as fully paid pursuant to Scheme of Amalgamation
without payment being received in cash.
(2)
The 10% p.a. Non-Cumulative Redeemable Preference
Shares are redeemable on or before July 15, 2011 with an option to the company
exercisable at its discreation, to call the Preference Shares for redemption at
any time before maturity. As on 31st March 2011, the company has not
exercised its option of redemption
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
522.000 |
510.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(979.861) |
(468.254) |
|
|
NETWORTH |
|
(457.861) |
42.246 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
2207.500 |
1000.000 |
|
|
TOTAL BORROWING |
|
2207.500 |
1000.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1749.639 |
1042.246 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1188.822 |
554.842 |
|
|
Capital work-in-progress |
|
104.528 |
45.529 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
9.222 |
150.000 |
|
|
DEFERRED TAX ASSETS |
|
56.027 |
23.724 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
611.798
|
325.970 |
|
|
Sundry Debtors |
|
40.556
|
30.477 |
|
|
Cash & Bank Balances |
|
52.066
|
49.418 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
400.801
|
224.322 |
|
Total
Current Assets |
|
1105.221
|
630.187 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
671.551 |
344.902 |
|
|
Other Current Liabilities |
|
26.341
|
8.563 |
|
|
Provisions |
|
16.289
|
8.571 |
|
Total
Current Liabilities |
|
714.181
|
362.036 |
|
|
Net Current Assets |
|
391.040
|
268.151 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1749.639 |
1042.246 |
|
NOTE:
Balance Sheet statement for the year 2012 is
not available only Profit and Loss Account is available.
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
6477.500 |
4893.400 |
2895.166 |
|
|
|
Other Income |
17.600 |
4.000 |
1.818 |
|
|
|
TOTAL (A) |
6495.100 |
4897.400 |
2896.984 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
190.500 |
|
|
|
|
|
Purchases of stock-in-trade |
5180.400 |
4087.200 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(156.500) |
(281.900) |
|
|
|
|
Employee benefit
expense |
420.600 |
340.000 |
|
|
|
|
Other expenses |
1269.700 |
897.600 |
|
|
|
|
TOTAL (B) |
6904.700 |
5156.700 |
3109.690 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(409.600) |
(259.300) |
(212.706) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
269.900 |
163.100 |
54.406 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(679.500) |
(422.400) |
(267.112) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.000 |
86.500 |
47.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(788.500) |
(508.900) |
(315.096) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(45.500) |
(32.300) |
(23.724) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(743.000) |
(476.600) |
(291.372) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
22.100 |
20.028 |
21.296 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Products |
0.200 |
0.000 |
0.101 |
|
|
|
Capital Goods |
10.100 |
26.505 |
39.533 |
|
|
TOTAL IMPORTS |
10.300 |
26.505 |
39.634 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(13.47) |
(9.29) |
(5.71) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(11.44)
|
(9.73)
|
(10.06)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.17)
|
(10.40)
|
(10.88)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
NA
|
(22.18)
|
(26.59)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
NA
|
1.11
|
(7.46)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
NA
|
(4.82)
|
23.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
NA
|
1.55
|
1.74 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2010 |
31.03.2011 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
510.500 |
522.000 |
|
Share Application Money |
0.000 |
0.000 |
|
Reserves & Surplus |
0.000 |
0.000 |
|
(Accumulated Losses) |
(468.254) |
(979.861) |
|
Net
worth |
42.246 |
(457.861) |
|
|
|
|
|
Secured Loans |
0.000 |
0.000 |
|
Unsecured Loans |
1000.000 |
2207.500 |
|
Total
borrowings |
1000.000 |
2207.500 |
|
Debt/Equity ratio |
23.671 |
(4.821) |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2895.166 |
4893.400 |
6477.500 |
|
|
|
69.020 |
32.372 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2895.166 |
4893.400 |
6477.500 |
|
Profit/ (Loss) |
(291.372) |
(476.600) |
(743.000) |
|
|
(10.06%) |
(9.74%) |
(11.47%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No: SL/2559/2010 Filing Date: 27.08.2010 Reg. No.: S/622/2011 Reg. Date: 14.03.2011 |
|
Petitioner: CLASSIC BHOOMI CONSTRUCTIONS AND DE Respondent: TRENT HYPER MARKET
LTD. AND ANR- Petn. Adv : CHANDRASHEKHAR PATIL (0)
Resp.
Adv.: KHAITAN & CO. (1) (0) District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission
Category: SUITS FOR DAMAGES Next Date: 03.07.2014
Stage:
FOR RECORDING EVIDENCE [ORIGINAL SIDE MATTERS] Coram: HON’BLE SHRI JUSTICE K.R. SRIRAM Last Date: 25.04.2014
Stage: FOR FRAMING ISSUES [ORIGINAL SIDE MATTERS] Last Coram: HON’BLE SHRI JUSTICE R.S. DALVI |
|
Act: Specific Relief Act |
CURRENT MATURITIES
OF LONG TERM DEBT: NOT AVAILABLE
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10362081 |
30/05/2012 |
250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B42187856 |
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2011 (Rs.
In Millions) |
31.03.2010 (Rs.
In Millions) |
|
|
|
|
|
Loan from Holding Company |
2207.500 |
1000.000 |
|
|
|
|
|
Total |
2207.500 |
1000.000 |
OPERATIONS
For the year ended on 31st March, 2011, the net sales (excluding
excise and VAT) of the Company was Rs.4584.008 Millions, an increase of 76.71 %
as compared to previous year ended March 31, 2010 and the Net Loss was recorded
at Rs. 476.611 Millions.
The Scheme of Amalgamation of Optim Estates Private Limited (Optim) with
the Company as approved by the High Court of Bombay (the 'Scheme') has become
effective on 20th September 2010. The Appointed date of the Scheme
was 1st April 2009. In terms of the Scheme, on 11th October 2010, the Company
issued 10,00,000 fully paid Redeemable Preference Shares of Rs.10/- each and
1,50,000 equity shares to the equity shareholders of erstwhile Optim.
Accordingly, the results of the Company for the year 31st March 2011 include
the figures of Optim with effect from 1st April 2009
During the year, the Company invested in a company, Virtuous Shopping
Centres Private Limited ('Virtuous'). Virtuous is a Special Purpose Vehicle and
a joint venture company of Trent Hypermarket Limited and Virtuous Trustees Private
Limited and others, nominees of Xander. The main object of Virtuous is to
develop and deal in retail malls and shopping centres.
The Company has invested a sum of Rs.6.732 Millions in Virtuous and
holds 66.66% of the paid up capital.
The Company continues to view food and grocery (F&G) retailing as a
substantial opportunity, which is worthy of being seriously pursued in the
medium term. F&G remains one of the largest categories and is estimated at
around 60% of consumer spending.
SHARE OF SPEND AND
ORGANIZED RETAIL PENETRATION
Nevertheless, given the significantly lower gross margins on F&G
vis-a-vis other merchandize (and therefore formats), the need to evolve a
economically viable business model is viewed to be critical. The performance of
Star Bazaar business over the last two years continues to be encouraging and
has aided the pursuit of the stated expansion plans with greater conviction.
Nevertheless, this business continues to incur operational losses, especially
on account of the under absorption of shared services and corporate costs.
Also, they believe this trend would continue until the business reaches a
critical mass over the next few years.
During the year, the Company opened four new stores in Bangalore, Pune,
Aurangabad and Surat. There are now eleven operational stores three in Mumbai,
three in Bangalore, one each in Ahmedabad, Aurangabad, Surat, Pune and Chennai.
It is proposed to open seven new stores during the current financial year.
During the year, the like-for-like sales growth of Star Bazaar stores continued
to be strong at 20%.
STAR BAZAAR
HYPERMARKETS
Trent Hypermarket Limited has a franchise and a wholesale supply
arrangement with Tesco Plc of U.K. and its wholly owned subsidiary [Tesco
Hindustan Wholesaling Private Limited (THWPL)] in India respectively, in
respect of the Star Bazaar business. The exclusive franchise agreement allows
the Star Bazaar business access to Tesco's extensive retail expertise and
technical capability including world class IT systems, processes and best
practices in functions like marketing, stock management, retail information
systems, supply-chain infrastructure and front-end services to drive the growth
of hypermarket business. Under the wholesale supply arrangement, Star Bazaar
also sources merchandise from Tesco's wholesale business in India, benefiting
from Tesco's sourcing capability and supply chain expertise. Given concerted
efforts from both teams, a significant share of merchandise retailed across
Star Bazaar stores is now being sourced by THWPL.
The plan and key initiatives in respect of the Star Bazaar stores
include: The intention to scale up the number of stores in the country to about
50 over the medium term. The pace of roll-out is hindered primarily on account
of slower than expected pace of delivery of signed properties by developers and
they see this to be a continuing challenge even going forward.
v Large box format -
as with the existing store portfolio, the intent in the medium term is to
continue to focus on rollout of Star Bazaar stores with a footprint in the
region of fifty thousand square feet, especially given the need to contain per
square foot rentals. Further, as a conscious strategy additional square footage
has been secured in select locations in order to facilitate sub-lease to
adjacent retail offerings and improve realization.
v Local sourcing and
consumer catchment - establishing robust regional sourcing arrangements is seen
to be inevitable in-order to service a chain of large hypermarkets in a
profitable manner. Also, primarily from a traffic and consumer behavior
perspective, they do not see 'outside city limits' stores being sustainable and
hence the intent is to continue to focus on the immediate hinterland of a
proposed store and the catchment it affords.
v Emphasis in Star
Bazaar to be on Food as well as Non-Food merchandize - this from a gross margin
as well as from range availability perspective for the customer. However, they
are yet to witness any material shift in mix towards non-food merchandize.
v Own label
offerings - over time as the branding of the stores get entrenched, emphasis
would be on increasing the contribution of 'own label' offerings across
categories. This emphasis is also consistent with the estimated share of
private label merchandize seen in the case of entrenched international
retailers.
The results of the Company have broadly been in line with expectations
and mostly encouraging - with existing stores reporting strong same store sales
growth especially in the last two years.
They see increasing visibility of scaling up this operation into a
consequential and eventually profitable business over the next few years, aided
by the strategies being pursued and the expertise accessed from Tesco through
the franchise and wholesale supply arrangements. However, in the interim this
business continues to warrant significant investment of capital and is expected
to take a few more years before the shared services and central costs get
covered by the contribution generated from stores.
AMALGAMATION OF
OPTIM ESTATES PRIVATE LIMITED WITH TRENT HYPERMARKET LIMITED
The Hon'ble High
court of Judicature at Bombay has approved the scheme of Amalgamation of Optim
Estates Private Limited (Optim) with the Company vide Order dated 27th August,
2010 and the scheme has become effective upon filing of the certified true copy
of the order with the Registrar Of Companies, Maharashtra on 20th September,
2010. The appointed date of the scheme was 1st April, 2009. Optim`s business
activity is that of activities and operations as buyers, sellers, builders,
contractors, construction company, developers, dealers in or in connection with
land, buildings and immovable properties and rights therein and of providing
services on all matters and problems in the field of building, construction,
and development of land and properties. The scheme is effective from the
Appointed Date and has been operative from the Effective date. As on the
effective date, Optim was 100% subsidiary of Trent Limited, the Company`s
holding company
In terms of the
scheme
a) All the Assets
and Liabilities of Optim stands transferred to and vested in the company with
effect from the appointed date
b) The company has
issued to the shareholders of Optim, 15 (Fifteen) fully paid Equity Shares of
Rs 10 each for every 1 (one) fully paid Equity shares of Rs 10 of Optim and 1
(one) fully paid 10% p.a. Redeemable Preference Share of Rs. 10 each for every
1 (one) fully paid Preference shares of Rs 10 each of Optim. Accordingly, the
Company on 11th October 2010 has issued 10,00,000 (Ten Lakhs) 10% p.a.
Redeemable Preference Shares of Rs. 10 each and 150.000 (One Lakh Fifty
Thousand) Equity shares of Rs. 10 each to Trent limited (holding Company) as
consideration for amalgamation of optim
c) The Scheme of
Amalgamation is accounted for under the Purchase Method as contained in AS 14 -
Accounting for Amalgamation. The assets and liabilities have been recognised at
their respective book values and the difference between consideration paid and
the book value of assets and liabilities transferred has been recognised as
goodwill in the books of accounts. The same has been fully written off in
current year. All cost and expenses in connection to the implementation of the
Scheme has been borne by Company and booked in Amalgamation Suspense Account
and the same has been adjusted against the brought forward balance in Profit
and Loss Account.
CONTINGENT LIABILITIES (AS ON 31.03.2011):
1.
Estimated amount of contracts remaining to be
executed on capital account and not provided for Rs.48.860 millions
2.
Contingent Liabilities in respect of Sales Tax
Demands against which the Company has filed appeals Rs.11.912 millions
FIXED ASSETS:
v Goodwill
v
v Buildings
v Plant and Machinery
v Furniture and Fixtures
v Office and Other Equipments
v Vehicles
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. 59.72 |
|
|
1 |
Rs. 102.45 |
|
Euro |
1 |
Rs. 81.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.