MIRA
INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA RETAIL LIMITED |
|
|
|
|
Registered
Office : |
Skyline Icon, 86/92, 5th and 6th Floor, Near Mittal, Industrial Estate, Andheri
Kurla Road, Andheri
(East), Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.07.1988 |
|
|
|
|
Com. Reg. No.: |
11-048117 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2225.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1988PLC048117 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA28583C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2678Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Chain of Departmental Stores. |
|
|
|
|
No. of Employees
: |
Information denied by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Aditya Birla Group. It is a subsidiary of ‘Kanishtha
Finance and Investment Private Limited’. It is an established company having
moderate track record. There are huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. In view of strong holding, the company can be considered normal for
business dealings with slight caution.
|
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 |
ICRA |
|
Rating |
Long term loans BBB+ |
|
Rating Explanation |
Moderate credit quality and average credit
risk. |
|
Date |
December 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based facilities A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
December 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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-8652905555)
LOCATIONS
|
Registered Office : |
Skyline Icon, 86/92, 5th and 6th Floor, Near Mittal, Industrial Estate, Andheri
Kurla Road, Andheri
(East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-8652-905555 |
|
Mobile No. : |
91-8652905555 (Mr. Hemant Matre) |
|
Fax No.: |
91-8652-906200 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.07.2013
|
Name : |
Mr. Gopi Krishna Tulsian |
|
Designation : |
Director |
|
Address : |
32 Peacock Palace, |
|
Date of Birth/Age : |
02.02.1937 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00017786 |
|
|
|
|
Name : |
Mr. Girish Mohanlal
Dave |
|
Designation : |
Director |
|
Address : |
Dave and Girish and Company,
Advocates, 1st Floor, Sethna Building,
55 Maharshi Karve Road,
Marine Lines, Mumbai – 400002, Maharashtra, India |
|
Date of Birth/Age : |
12.07.1938 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00036455 |
|
Voter ID No.: |
MT/08/039/0022008 |
|
|
|
|
Name : |
Mr. Kamlesh Shivji
Vikamsey |
|
Designation : |
Director |
|
Address : |
194, Kalpataru Habitat, Tower –
A, Dr. S S Road, Parel, Mumbai
– 400012, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1960 |
|
Date of Appointment : |
22.04.2008 |
|
DIN No.: |
00059620 |
|
|
|
|
Name : |
Mr. Pranab Barua |
|
Designation : |
Director |
|
Address : |
D-1, Cedar Crest, 258, 10th Main, Defence colony, Indira Nagar, |
|
Date of Birth/Age : |
21.09.1952 |
|
Date of Appointment : |
01.02.2009 |
|
DIN No.: |
00230152 |
|
|
|
|
Name : |
Mr. Gianprakash Dharamprakash
Gupta |
|
Designation : |
Director |
|
Address : |
101, Kaveri ‘B’ Wing, Neelkanth
Valley, Rajawadi, Ghatkopar
(East), Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
11.01.1941 |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
00017639 |
KEY EXECUTIVES
|
Name : |
Mr. Sailesh Kumar Daga |
|
Designation : |
Secretary |
|
Address : |
Flat No. 421, Tower No. 6, Soham Park, Hari Om Nagar,
Mulund (East), Mumbai – 400081, Maharashtra,
India |
|
Date of Birth/Age : |
23.06.1973 |
|
Date of Appointment : |
01.12.2012 |
|
PAN No.: |
ADIPD1752F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.07.2013
|
Names of Shareholders |
No. of Shares |
|
|
|
|
Kanishtha Finance and Investment Private Limited, |
126824930 |
|
RKN Retail Private Limited |
95675000 |
|
G K Tulsian and Kanishtha
Finance and Investment Private Limited, |
10 |
|
Sushil Ganesham Agarwal and Kanishtha Finance
and Investment Private Limited, |
10 |
|
Suresh Pitale and Kanishtha
Finance and Investment Private Limited, |
10 |
|
Anil Chirania and Kanishtha
Finance and Investment Private Limited, |
10 |
|
Omprakash Jajodia and Kanishtha Finance and Investment Private Limited, |
10 |
|
Vivek Pendharkar and Kanishtha Finance and Investment Private Limited, |
10 |
|
Nitin Madhura and Kanishtha Finance and Investment Private Limited, |
10 |
|
|
|
|
Total |
222500000 |
As on 30.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Chain of Departmental Stores. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
·
The Federal Bank Limited Corporate Branch, I Floor, Rajabhadur,
Mansion, 32, Bombay Samachar Marg,
Fort, Mumbai – 400001, Maharashtra, India ·
Syndicate Bank Limited Large Street, Fort, Mumbai – 400023, Maharashtra,
India ·
Industrial Development Bank of India limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai
– 400005, Maharashtra, India ·
State Bank of India Corporate Accounts Group - Mumbai, Neville House, 3rd Floor,
J N Heredia Marg, Ballard
Estate, Mumbai - 400001, Maharashtra, India · Indusind Bank Limited Dr. Gopal Das Bhavan, 28, Barakamba Road, New Delhi – 110001, India The Ratnakar Bank Limited Shahupuri, Kolhapur, Vypari Peth, Kolhapur – 416001, Maharashtra, India ING Vysya Bank Limited Narian Manzil, Ground Floor, Shop No. G1 to G5, I Floor, Shop
No. 1001 to 1007, Barakhamba Road, New Delhi –
110001, India Andhra Bank Nanavati Mahalaya 18, Homi Street, Fort,
Mumbai – 400023, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st Floor, Apollo Mills
Compound, N M Joshi Marg, Mahalaxmi,
Mumbai - 400 011, Maharashtra, India |
|
PAN
No. : |
AAAFB9852F |
|
|
|
|
Holding Company : |
·
Kanishtha Finance and
Investment Private Limited CIN No.: U65990MH1988PTC48498 |
|
|
|
|
Subsidiaries : |
·
Trinethra Superretail Private Limited CIN No.: U52520AP1990PTC011172 ·
H A S Two Holdings Private Limited
(Subsidiary Company of Trinethra Superretail Private Limited ) CIN No.: U64202KA1999PTC025649 ·
Terrafirma Agroprocessing ( CIN No.: U15499AP2005PTC047082 ·
Fabmall ( CIN No.: U18101KA2002PTC031385 |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
222500000 |
Equity Shares |
Rs.10/- each |
Rs.2225.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
2225.000 |
1225.000 |
|
(b) Reserves & Surplus |
|
(29249.700) |
(24141.200) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(27024.700) |
(22916.200) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
30726.700 |
27424.300 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
2.200 |
5.500 |
|
(d) long-term provisions |
|
20.800 |
23.500 |
|
Total Non-current Liabilities (3) |
|
30749.700 |
27453.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
9229.700 |
7004.000 |
|
(b) Trade payables |
|
1967.300 |
1949.700 |
|
(c) Other current
liabilities |
|
2342.100 |
2106.900 |
|
(d) Short-term provisions |
|
86.300 |
71.700 |
|
Total Current Liabilities (4) |
|
13625.400 |
11132.300 |
|
|
|
|
|
|
TOTAL |
|
17350.400 |
15669.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
553.700 |
633.500 |
|
(ii) Intangible Assets |
|
241.700 |
266.300 |
|
(iii) Capital
work-in-progress |
|
278.900 |
408.800 |
|
(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
12103.100 |
11260.100 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
514.300 |
494.700 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
13691.700 |
13063.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1077.300 |
925.000 |
|
(c) Trade receivables |
|
463.600 |
308.900 |
|
(d) Cash and cash
equivalents |
|
1221.200 |
429.800 |
|
(e) Short-term loans and
advances |
|
888.700 |
896.100 |
|
(f) Other current assets |
|
7.900 |
46.200 |
|
Total Current Assets |
|
3658.700 |
2606.000 |
|
|
|
|
|
|
TOTAL |
|
17350.400 |
15669.400 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1225.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(19747.500) |
|
|
NETWORTH |
|
|
(18522.500) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
6649.600 |
|
|
2] Unsecured Loans |
|
|
24484.000 |
|
|
TOTAL BORROWING |
|
|
31133.600 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
Equity Share Warrants |
|
|
945.500 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13556.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1060.000 |
|
|
Capital work-in-progress |
|
|
238.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
10580.100 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
848.300
|
|
|
Sundry Debtors |
|
|
93.100
|
|
|
Cash & Bank Balances |
|
|
1238.500
|
|
|
Other Current Assets |
|
|
32.700
|
|
|
Loans & Advances |
|
|
1433.500
|
|
Total
Current Assets |
|
|
3646.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
656.800
|
|
|
Other Current Liabilities |
|
|
1269.600
|
|
|
Provisions |
|
|
42.000
|
|
Total
Current Liabilities |
|
|
1968.400
|
|
|
Net Current Assets |
|
|
1677.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
13556.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11158.700 |
10177.300 |
7311.200 |
|
|
|
Other Income |
153.800 |
114.200 |
134.200 |
|
|
|
TOTAL |
11312.500 |
10291.500 |
7445.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
0.000 |
0.000 |
0.000 |
|
|
|
Purchases of stock-in-trade |
9277.800 |
8705.400 |
6414.700 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(107.600) |
(152.700) |
(236.300) |
|
|
|
Employee benefit expense |
1401.100 |
1579.500 |
1406.700 |
|
|
|
Other expenses |
2626.000 |
2945.300 |
2004.800 |
|
|
|
TOTAL |
13197.300 |
13077.500 |
9589.900 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(1884.800) |
(2786.000) |
(2144.500) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2737.800 |
2047.700 |
1601.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(4622.600) |
(4833.700) |
(3745.700) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
486.100 |
516.400 |
485.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(5108.700) |
(5350.100) |
(4231.000) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(5108.700) |
(5350.100) |
(4231.000) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(25097.600) |
(19747.500) |
(15516.500) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(30206.300) |
(25097.600) |
(19747.500) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
23.800 |
7.500 |
|
|
|
Trade Goods |
NA |
66.700 |
81.700 |
|
|
TOTAL IMPORTS |
NA |
90.500 |
89.200 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(28.25) |
(43.67) |
(34.54) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(45.16)
|
(51.98) |
(56.82) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(45.78)
|
(52.57) |
(57.87) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(102.82)
|
(133.73) |
(89.90) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.23 |
(0.23) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(1.48)
|
(1.50) |
(1.68) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.27
|
0.23 |
0.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1225.000 |
2225.000 |
|
Reserves & Surplus |
(24141.200) |
(29249.700) |
|
Net
worth |
(22916.200) |
(27024.700) |
|
|
|
|
|
long-term borrowings |
27424.300 |
30726.700 |
|
Short term borrowings |
7004.000 |
9229.700 |
|
Total
borrowings |
34428.300 |
39956.400 |
|
Debt/Equity
ratio |
(1.502) |
(1.479) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7311.200 |
10177.300 |
11158.700 |
|
|
|
39.201 |
9.643 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7311.200 |
10177.300 |
11158.700 |
|
Profit |
(4231.000) |
(5350.100) |
(5108.700) |
|
|
(57.87%) |
(52.57%) |
(45.78%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
Current maturities of long-term debt |
1633.300 |
1447.500 |
NA |
|
|
|
|
|
|
Total |
1633.300
|
1447.500 |
NA |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE:
The registered office of the company has been
shifted from “More Centre”, Sahar Airport Road, Andheri (East), Mumbai – 400099, Maharashtra,
India to Present Address w.e.f 18.04.2011
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date:- 21.08.2013 |
|
Lodging No: ITXAL/1318/2013 Filing
Date: 21.08.2013 Reg. No.: ITXA/226/2013 Reg. Date: 03.12.2013 |
|
Petitioner: THE COMMISSIONER OF INCOME TAX – 8
Respondent: M/S. ADITYA BIRLA LIMITED Petn. Adv : ARVIND PINTO
(11892)
Resp. Adv. : ATUL K JASANI District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEALS Last Date: 24.07.2014
Stage: FOR ADMISSION Last Coram: HON’BLE SHRI JUSTICE S.C. DHARMADHIKARI HON’BLE SHRI JUSTICE
B.P. COLABAWALLA |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Bonds / Debenture |
22735.800 |
17491.800 |
|
Rupee term loan from bank |
800.000 |
1600.000 |
|
Rupee term loan from others |
2000.000 |
2000.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loan from bank |
3721.100 |
2650.000 |
|
Interoperate borrowings |
500.000 |
505.000 |
|
Loans repayable on demand |
1892.500 |
32.400 |
|
|
|
|
|
Total |
31649.400 |
24279.200 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10464929 |
14/11/2013 |
2,150,000,000.00 |
INDUSIND BANK LTD. |
Dr Gopal Das Bhavan, 28, Barakamba Road, New
Delhi, Delhi - 110001, INDIA |
B91438119 |
|
2 |
10441082 |
11/06/2013 |
5,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R.Kamani Marg, |
B81136525 |
|
3 |
10406669 |
29/01/2013 |
500,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001
TO 1007, BARAKHAMBA ROAD, NEW DELHI, Delhi
- 110001, INDIA |
B69056000 |
|
4 |
10406723 |
29/01/2013 |
1,000,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001
TO 1007, BARAKHAMBA ROAD, NEW DELHI,
Delhi - 110001, INDIA |
B69058170 |
|
5 |
10406725 |
29/01/2013 |
1,000,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL, GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001
TO 1007, BARAKHAMBA ROAD, NEW DELHI,
Delhi - 110001, INDIA |
B69060994 |
|
6 |
10402761 |
26/12/2012 |
1,000,000,000.00 |
Andhra Bank |
Nanavati Mahalaya, 18, Homi Street, Fort, Mumbai, Maharashtra
- 400023, INDIA |
B67997981 |
|
7 |
10392206 |
26/04/2013 * |
1,500,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,, VYPARI PETH, KOLHAPUR, Maharashtra
- 416001, INDIA |
B75654194 |
|
8 |
10392215 |
19/11/2012 |
2,000,000,000.00 |
Central Bank of India |
Corporate Finance Branch, 1st Floor, MMO Building, Fort, Mumbai, Maharashtra - 400023, INDIA |
B64234255 |
|
9 |
10345988 |
24/02/2012 |
250,000,000.00 |
THE FEDERAL BANK LIMITED |
Corporate Banking Branch, I Floor, Rajabahadur
Mansion, |
B36467496 |
|
10 |
10345993 |
24/02/2012 |
1,250,000,000.00 |
THE FEDERAL BANK LIMITED |
Corporate Banking Branch, I Floor, Rajabahadur
Mansion, |
B36469047 |
|
11 |
10314396 |
27/09/2011 |
500,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra
- 400005, INDIA |
B24017584 |
|
12 |
10165458 |
22/12/2012 * |
1,660,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra
- 400005, INDIA |
B66344284 |
|
13 |
10151657 |
26/06/2013 * |
1,900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra
- 400001, INDIA |
B80226350 |
* Date of charge modification
BUSINESS PERFORMANCE:
During the year,
added three new hypermarkets under the brand name more. MEGASTORE to its hypermarket
network. The company opened two stores in Bangalore Bull Temple Road and Jayanagar and one in Hyderabad at Kukatpally.
The Company closed
the year with 111 supermarkets and 13 hypermarkets covering approximately 9.80 lakhs sq. feet of retail space. The Company’s subsidiary Trinethra Superretail Private
Limited closed the year with 398 Supermarkets and 1 Hypermarket covering an
area of 9.60 lacs sq feet. At consolidated level, it
closed the year with 509 supermarkets and 14 hypermarkets covering
approximately 19.40 lakhs sq. feet of retail space.
The Company along
with its subsidiary is currently operating in over 127 Cities and towns across
10 Indian States. It is India’s second largest supermarket chain and enjoys a
high top of mind recall in catchments where it is present.
During the
year the focus continued on relentless
pursuit of cost reduction, closure of unviable and non performing stores,
development and strengthening of private labels and continuous improvement in
gross margin to ensure that the business moves towards achieving profitability.
FUTURE OUTLOOK:
The Indian retail
industry has experienced high growth over the last decade with a noticeable
shift towards organized retailing formats. The retail industry grew at 8%
during 2007-11, with modern trade growing at 22%. Organized retail constitutes
8% of the US$ 542bn retail sector. The Indian retail sector is pegged to reach
US$ 712bn by 2016 with organized retail growing at 24% CAGR to reach US$ 100 bn by then. (Source: Booz and Co,
Retail Leadership Summit, Feb 2013)
In light of the
recent opening up of FDI in Retail, the growth in organized retail could
accelerate further. India could see potential investments of US$ 5-6 bn over the next 5-6 years creating 1.5mn direct and indirect
employment opportunities.
India’s large and
aspiring middle class of 75 million households or 300 million individuals want
products that are value-driven. The country’s 500 million people under the age
of 25 have access to more money that has additionally resulted in independence,
aspirations and a demand for products. In the recent Nielsens
Global Survey of Consumer Confidence and Spending Intentions (Dec 2013) India
ranked one globally amongst 121 countries. "India remains a high potential
market with accelerated retail growth of 15-20% expected over the next five
years," highlighted in the report by A T Kearney Global Retail Development
Index (GRDI) Report, 2012.
There seems to be
protracted weakness in consumers discretionary spending in 2013 due to higher
inflation, marginal real wage growth and low level of macroeconomic activity.
Rapid credit squeeze, high operating costs and falling margins may also impact
the credit profile of retailers. Private Final Consumption Expenditure (PFCE)
is at an eight year low. The trend is even more worrisome since out of the last
six quarters, four quarters had the lowest PFCE growth rate in the last 34
quarters. While PFCE tends to bounce back in response to the government
spending, a sustained recovery in consumption spending would depend on robust
corporate earnings followed by a significant real wage hike and low consumer
inflation. As such, these are less likely to happen in 2013. The Retail sector
experienced overall a single digit revenue growth in 2012 the first time in its
history and is likely to grow at 3.0%-8.0% in 2013. (Source: 2013 Outlook:
Indian Retail by Indian Ratings and research, Fitch Group, January 2013)
FINANCE:
During the year,
the company was sanctioned additional long term credit facilities to the tune
of Rs. 5500.000 millions from various Banks, besides
other short term credit facilities from time to time.
During the year ,
the company subscribed 27,63,934 , 1% Optionally Convertible Bond (Series-VI)
of face value of Rs 305/- each aggregating to Rs 842.999 millions (issued by Trinethra
Superretail Private Limited, subsidiary company, to
enable meet its capex and opex
requirements. These OCBs at the sole option of the
holder thereof will be converted into 1 fully paid-up equity shares of the
company of the face value of Rs 10/- per share at a
premium of Rs 295/- per share at any time from the
date of allotment but before the due date for redemption or it shall be
redeemed in full at a premium of 40% on the due date for redemption i.e., 30
April 2018.
Pursuant to the
resolution passed by the members at the Extra Ordinary General Meeting held on
March 28, 2013, company has sought approval of members for enhancement of
borrowing powers from existing limit of Rs. 50000.000
millions to Rs 75000.000 millions in excess of and in
addition to the paid-up capital and free reserves of the Company under section
293(1) (d) of the Companies Act, 1956 and also approved enhancement of limit to
create mortgage / charge / hypothecation on the assets of the company from
existing limit of Rs.50000.000 millions to Rs
75000.000 millions in excess of and in addition to the paid-up capital and free
reserves of the Company as per the provisions of section 293(1)(a) of the
Companies Act, 1956.
FIXED ASSETS
v Leasehold
Improvements
v Furniture and
Fixtures
v Vehicles
v Plant and
Machinery
v
Software
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.59.79 |
|
|
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.