1.
Summary Information
|
|
|
Country |
|
|
Company Name |
INFINITI WHOLESALE LIMITED AMALGAMATED WITH INFINITI RETAIL LIMITED |
Principal Name 1 |
Mr. Ajit Joshi |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Rajendra Ramdas Bhinge |
|
|
|
Registration # |
11-158120 |
|
Street Address |
Bombay House,
24-Homi Modi Street, Mumbai – 400 001, Maharashtra, India |
||
|
Established Date |
16.12.2005 |
SIC Code |
-- |
|
Telephone# |
91-22-67613600 |
Business Style 1 |
Electronics retail trade |
|
Fax # |
91-22-67101903 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
3900,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate – 100% |
Banking |
The Hongkong and Shanghai Banking Corporation Limited |
|
Public Limited Corp. |
NO |
Business Period |
9 years |
|
IPO |
NO |
International Ins. |
|
|
Public |
NO |
Rating |
Ba
(48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
India
|
Tata Sons Limited |
-- |
|
Note |
- |
||
2.
Summary Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,425,800,000 |
Current Liabilities |
1,508,900,000 |
|
Inventories |
2,009,800,000 |
Long-term Liabilities |
1,872,900,000 |
|
Fixed Assets |
1,110,500,000 |
Other Liabilities |
372,900,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,754,700,000 |
|
Invest& other Assets |
1,922,100,000 |
Retained Earnings |
(1,186,500,000) |
|
|
|
Net Worth |
2,713,500,000 |
|
Total Assets |
6,468,200,000 |
Total Liab. & Equity |
6,468,200,000 |
|
Total Assets (Previous Year) |
4,477,700,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
24,892,700,000 |
Net Profit / (Loss) |
(203,200,000) |
|
Sales(Previous yr) |
19,708,800,000 |
Net Profit
/ (Loss) (Prev.yr) |
(794,100,000) |
MIRA
INFORM REPORT
|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
INFINITI RETAIL LIMITED [w.e.f. 28.09.2006] INFINITI WHOLESALE LIMITED AMALGAMATED WITH
INFINITI RETAIL LIMITED |
|
|
|
|
Formerly Known
As : |
VALVES ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
16.12.2005 |
|
|
|
|
Com. Reg. No.: |
11-158120 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 3900.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31900MH2005PLC158120 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV13188A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of electronics retail trade through
its Croma Stores. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “TATA SONS LIMITED”. It is an established
company having satisfactory track record. The company has incurred huge accumulated losses over a year. However, the rating takes into consideration financial and managerial
support that company receives from its parent company marked by experienced
management and backward integration by acquisition of Infiniti Wholesale
Limited. Trade relations are fiar. Business is active. Payment terms are
reported to be usually correct. In view of strong holding support, the company can be considered for
business dealings at usual trade terms and conditions. Note : As claimed by Ms. Swaranlata Bhor, Accountant that INFINITI WHOLESALE
LIMITED is amalgamated with INFINITI RETAIL LIMITED during financial year
2014. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
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 Debentures = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
September 04, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
September 04, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (PARTIAL DETAILS)
|
Name : |
Ms. Swaranlata Bhor |
|
Designation : |
Accountant |
|
Date : |
04.07.2014 |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-67613600 |
|
Fax No.: |
91-22-67101903/67103669 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 1 : |
202 Akruti Centre Point, Next to Marol Telephone Exchange, MIDC,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67101900 |
|
Fax No.: |
91-22-67101903 |
|
|
|
|
Croma (Juhu Office) : |
Croma Ground Floor, Vasundhara CHS, Opposite Utpal Shanghvi School, JVPD,
Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
|
Tel. No.: |
91-22-67103333 |
|
Fax No.: |
91-22-67107630 |
|
|
|
|
Corporate Office 2 : |
Unit 203, 2nd Floor, Akruti Centrepoint, MIDC , Andheri
(East), Mumbai – 400093, Maharashtra, India |
DIRECTORS
AS ON 20.12.2013
|
Name : |
Mr. Ajit Joshi |
|
Designation : |
Managing Director |
|
Address : |
A‐1201, Prakruti,
Behind Gokul Dham Temple, Goregaon (East), Mumbai - 400063, Maharashtra,
India |
|
Date of Birth/Age : |
12.05.1960 |
|
Date of Appointment : |
27.11.2011 |
|
DIN No.: |
01265581 |
|
PAN No.: |
AFHPJ0846D |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company/ LLP
Status |
Defaulting
status |
|
1 |
U31900MH2005PLC158120
|
Infiniti Retail
Limited |
Managing
director |
27/11/2011 |
27/11/2006 |
- |
Active |
NO |
|
2 |
U85191MH2011NPL222989
|
Retailers
Association's Skill Council of India |
Director |
13/10/2011 |
13/10/2011 |
- |
Active |
NO |
|
3 |
U51900MH2006PLC159768
|
INFINITI
WHOLESALE LIMITED |
Managing
director |
15/10/2012 |
15/10/2012 |
- |
Amalgamated |
NO |
|
4 |
U74120MH2011PLC221894
|
NECTAR LOYALTY
MANAGEMENT INDIA LIMITED |
Director |
30/09/2013 |
12/02/2013 |
- |
Active |
NO |
|
Name : |
Mr. Rajendra Ramdas Bhinge |
|
Designation : |
Director and Chairmen |
|
Address : |
3501, 35th
Floor, Planet Godrej, Tower‐2, K.Khadye Road, Mahalaxmi (East), Mumbai
-400011, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1952 |
|
Date of Appointment : |
13.09.2013 |
|
DIN No.: |
00036557 |
|
Voter ID No.: |
JRW0961086 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name of the
Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date of appointment
at current designation |
Original date of
appointment |
Date of
cessation |
Company/ LLP
Status |
Defaulting
status |
|
1 |
U01110MH1990PLC057600
|
ORIENTAL
FLORATECH INDIA LIMITED |
Director |
16/04/1991 |
16/04/1991 |
26/05/2009 |
Active |
NO |
|
2 |
U84200MH1992PLC066138
|
ITEL INDUSTRIES
LIMITED |
Director |
27/03/1992 |
27/03/1992 |
28/08/2008 |
Active |
NO |
|
3 |
U74999MH1993PLC072118
|
ORIENTAL
SERITECH LIMITED |
Director |
25/05/1993 |
25/05/1993 |
07/08/2009 |
Active |
NO |
|
4 |
U34300PN1996PLC015038
|
JOHNSON CONTROLS
AUTOMOTIVE LIMITED |
Director |
25/07/1996 |
25/07/1996 |
25/03/2013 |
Active |
NO |
|
5 |
L32200MH1940PLC003164
|
NELCO LIMITED |
Director |
06/06/2013 |
29/08/2003 |
- |
Active |
NO |
|
6 |
U34100MH1995PLC093733
|
TATA AUTOCOMP
SYSTEMS LIMITED |
Director |
30/07/2004 |
30/07/2004 |
- |
Active |
NO |
|
7 |
U31900MH2005PLC158120
|
Infiniti Retail
Limited |
Director |
13/09/2013 |
16/12/2005 |
- |
Active |
NO |
|
8 |
U51900MH2006PLC159776
|
COMPUTATIONAL
RESEARCH LABORATORIES LIMITED |
Director |
06/08/2007 |
14/07/2006 |
28/08/2012 |
Amalgamated |
NO |
|
9 |
U67120MH1987PLC044351
|
TATANET SERVICES
LIMITED |
Director |
14/09/2011 |
14/09/2011 |
- |
Active |
NO |
|
10 |
U44003MH1945PLC004403
|
TATA INDUSTRIES
LIMITED |
Whole-time
director |
05/09/2012 |
01/04/2012 |
- |
Active |
NO |
|
11 |
U85191MH2014NPL253500
|
TATA FOUNDATION |
Director |
21/02/2014 |
21/02/2014 |
- |
Active |
NO |
|
Name : |
Mr. Pankaj Kishorilal Gupta |
|
Designation : |
Director |
|
Address : |
601, 6th Floor, Ram Bhuvan, 6 th Road, Khar (West), Mumbai
– 400 052, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1972 |
|
Date of Appointment : |
16.12.2005 |
|
Din No.: |
00467066 |
|
Name : |
Kummamuri Murthy Narasimha |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
1‐2‐593/29,
Gaganmahal Colony, Domalguda, Hyderabad – 500029, Andhra Pradesh, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.08.1957 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.12.2013 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
00023046 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
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|
Name : |
Padmanabhan Sankaranarayanan |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
132 Apsara, NCPA Apartments, D Tata Road, Nariman Point, Mumbai,
400021, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.05.1958 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.12.2013 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No. : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
00306299 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Harish Ramananda Bhat |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
No A‐1053, Krest Park
Apts, 39 Old Kanakapura Road, Basavanagudi, Bangalore - 560004 Karnataka, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
08.11.1962 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.12.2013 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No. : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No. : |
00478198 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Other Directorship :
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Taher Ali |
|
Designation : |
Senior Manager – Legal and Company Secretary |
|
Address : |
Flat No. 804, Wing – C, Nilgiri, Bamandaya Pada, Opp. Custom Colony,
Military Road, Marol, Andheri East, Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1975 |
|
Date of Appointment : |
18.09.2006 |
|
Pan No.: |
AFTPA1071M |
|
|
|
|
Name : |
Ms. Swaranlata Bhor |
|
Designation : |
Accountant |
|
Name : |
Deba Prasad Adhya |
|
Designation : |
Head-Business Intelligence & Customer Innovation |
|
Name : |
Priyanka Gidwani |
|
Designation : |
Head -HR & Business Development |
|
Name : |
Avijit Mitra |
|
Designation : |
Chief Financial Officer |
|
Name : |
Sumit Sahay |
|
Designation : |
Head - Marketing |
|
Name : |
Nagarajan Iyer |
|
Designation : |
Head -Customer Service & Logistics |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.12.2013
|
Name
of Shareholders |
|
No.
of Shares |
|
|
|
389999994 |
|
|
|
1 |
|
Tata Sons Limited, India and Bharat D Vasani |
|
1 |
|
Tata Sons Limited, India and Rohinton P Wadia |
|
1 |
|
Tata Sons Limited, India and Kersi Rustom Bhagat |
|
1 |
|
Tata Sons Limited, India and Eruch N. Kapadia, |
|
1 |
|
Tata Sons Limited, India and Adil Charna |
|
1 |
|
TOTAL |
|
390000000 |
AS ON 20.12.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
100.00 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of electronics retail trade through
its Croma Stores. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
The Hongkong and Shanghai Banking Corporation Limited, 52/60 M G Road,
Fort, Mumbai - 400001, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
22, Camac Street, Block C, 3rd Floor, Kolkata-700016, West
Bengal, India |
|
PAN No: |
AABFS3421N |
|
|
|
|
Holding Company : |
Tata Sons Limited CIN No.: U99999MH1917PLC000478 |
|
|
|
|
Fellow Subsidiaries : |
·
Tata Housing Development Company Limited
[U99999MH1942PLC003573] ·
Tata AIG General Insurance Company Limited
[U85110MH2000PLC128425] ·
Tata AIG Life Insurance Company Limited
[U66010MH2000PLC128403] ·
Tata Teleservices (Maharashtra) Limited
[L64200MH1995PLC086354] ·
Tata Teleservices Limited [U74899DL1995PLC066685] ·
Tata Consultancy Services Limited
[L22210MH1995PLC084781] ·
Tata Sky Limited [U92120MH2001PLC130365] ·
Tata Industries Limited [U44003MH1945PLC004403] ·
Tata Capital Limited [L65990MH1991PLC060670] ·
Tata Investment Corporation Limited
[L67200MH1937PLC002622] ·
Drive India Enterprise Solutions Limited
[U72900MH2000PLC126195] ·
Tata Business Support Services Limited
[U64200AP1995PLC044060] ·
Tata Value Homest Limited [U45400MH2009PLC195605] ·
TC Travel and Services Limited
[U63040MH2008PLC187559] ·
Ewart Investments Limited [U74999MH1922PLC001030] ·
Tata Autocomp Systems Limited [U34100MH1995PLC093733] ·
Tata Capital Financial Services Limited
[U67100MH2010PLC210201] ·
CMC Limited [L72200AP1975PLC001970] ·
TCS e-Serve Limited [U65990MH1984PLC033929] |
|
Subsidiary
Company : |
Infiniti Wholesale Limited [U51900MH2006PLC159768] |
CAPITAL STRUCTURE
AS ON 20.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs. 6000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
Rs.10/- each
|
Rs. 3900.000
Millions |
|
|
|
|
|
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 |
3900.000 |
2800.000 |
2800.000 |
|
(b) Reserves & Surplus |
(1186.500) |
(1890.700) |
(1079.700) |
|
(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) |
2713.500 |
909.300 |
1720.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1500.000 |
1500.000 |
750.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
283.300 |
283.600 |
186.500 |
|
(d) long-term provisions |
211.800 |
20.200 |
19.400 |
|
Total Non-current Liabilities (3) |
1995.100 |
1803.800 |
955.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
372.900 |
0.000 |
10.500 |
|
(b) Trade payables |
499.200 |
594.800 |
366.700 |
|
(c) Other current
liabilities |
726.400 |
723.800 |
854.400 |
|
(d) Short-term provisions |
161.100 |
446.000 |
41.400 |
|
Total Current Liabilities (4) |
1759.600 |
1764.600 |
1273.000 |
|
|
|
|
|
|
TOTAL |
6468.200 |
4477.700 |
3949.200 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
967.200 |
887.100 |
843.800 |
|
(ii) Intangible Assets |
143.300 |
95.800 |
110.800 |
|
(iii) Capital
work-in-progress |
5.900 |
32.800 |
32.200 |
|
(iv)
Intangible assets under development |
9.200 |
29.400 |
1.100 |
|
(b) Non-current Investments |
1907.000 |
0.100 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
745.500 |
647.900 |
599.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3778.100 |
1693.100 |
1586.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
371.600 |
262.300 |
|
(b) Inventories |
2009.800 |
1852.100 |
1448.500 |
|
(c) Trade receivables |
374.400 |
281.900 |
347.900 |
|
(d) Cash and cash
equivalents |
68.700 |
62.000 |
171.200 |
|
(e) Short-term loans
and advances |
237.200 |
217.000 |
132.400 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2690.100 |
2784.600 |
2362.300 |
|
|
|
|
|
|
TOTAL |
6468.200 |
4477.700 |
3949.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
24892.700 |
19708.800 |
15434.800 |
|
|
|
Other Income |
48.000 |
34.500 |
56.600 |
|
|
|
TOTAL (A) |
24940.700 |
19743.300 |
15491.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
21097.500 |
17403.700 |
13825.000 |
|
|
|
Employee benefit expense |
909.800 |
759.700 |
527.800 |
|
|
|
Other expenses |
3036.500 |
2368.100 |
1945.400 |
|
|
|
Exceptional items/ Prior period items |
25.900 |
126.200 |
21.100 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(157.700) |
(403.600) |
(502.500) |
|
|
|
TOTAL (B) |
24912.000 |
20254.100 |
15816.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
28.700 |
(510.800) |
(325.400) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
62.800 |
140.700 |
180.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(34.100) |
(651.500) |
(505.600) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
169.100 |
142.600 |
108.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(203.200) |
(794.100) |
(613.800) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(203.200) |
(794.100) |
(613.800) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3821.800) |
(3027.700) |
(2413.900) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED TO
THE B/S |
(4025.000) |
(3821.800) |
(3027.700) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
48.400 |
41.200 |
13.700 |
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.62) |
(2.84) |
(2.53) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.82) |
(4.02)
|
(3.96) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.81) |
(4.03)
|
(3.98) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.46) |
(17.98)
|
(15.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.07) |
(0.87)
|
(0.36) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.69 |
1.65
|
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.58
|
1.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
2,800.000 |
2,800.000 |
3,900.000 |
|
Reserves & Surplus |
(1,079.700) |
(1,890.700) |
(1,186.500) |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1,720.300 |
909.300 |
2,713.500 |
|
|
|
|
|
|
long-term borrowings |
750.000 |
1,500.000 |
1,500.000 |
|
Short term borrowings |
10.500 |
0.000 |
372.900 |
|
Total
borrowings |
760.500 |
1,500.000 |
1,872.900 |
|
Debt/Equity
ratio |
0.442 |
1.650 |
0.690 |
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) |
|
Revenue from operations |
15,434.800 |
19,708.800 |
24,892.700 |
|
|
|
27.691 |
26.302 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
15,434.800 |
19,708.800 |
24,892.700 |
|
Profit/(Loss) After Tax |
(613.800) |
(794.100) |
(203.200) |
|
|
(3.98%) |
(4.03%) |
(0.82%) |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INCOME
The total income
for the year ended March 31, 2013 was Rs 24940.700 Millions, recording a growth
of 26.3% over the previous financial year. Out of this, Rs 24892.700 Millions was
from the Company's core business of consumer durables and IT (CDIT) retailing.
The growth from comparable stores was 17.3%.
OPERATING PROFIT
The Company's
Operating Profit (PBIT) for the financial year was Rs (114.500) Millions
against the previous year's Operating Profit of Rs (527.200) Millions,
representing an improvement of 78%. The Operating Margin improved by 220 basis
points from (2.7) % to (0.5) %.
PROFIT AFTER TAX
The Company
recorded a Net Profit of Rs (203.200) Millions during the period as against Rs
(794.100) Millions in the previous financial year, representing an improvement
of 74% year-on-year. The Net Margin improved by 321 basis points from (4.0)% to
(0.8)%. The Company made its first ever cash profit.
BUSINESS OVERVIEW:
During the year,
the Company launched 22 new stores and shut down 2 kiosk stores. The total
number of operational stores at the end of the year was 92.
The Company
continued to be one of the top three Consumer Durables and Information
Technology retailers in India by volume. It gained considerable market share in
key domestic markets, with comparable store growth recording a robust 17.3%,
year-on-year.
The Company
created a record by winning the 2012 Most Admired Retailer in the CDIT category
for the fifth consecutive year in the widely respected annual awards organized
by Images Retail Forum.
During the year,
the Company completed roll-out of the Croma Care Centres across all locations.
These Centres are equipped to provide superior after-sales service to its customers.
This is a long-term, strategic initiative, which will help the Company to offer
a tangible benefit to Croma customers in the highly competitive market place.
The Company
continued to expand the range of its own brand of products, which are being received
extremely well by the market. The "Croma" brand was the 5th largest
brand of products sold in Croma stores in the year. The Company plans to expand
the offering of "Croma" branded products in the next few years to
improve its margins.
ACQUISITION AND MERGER
On September 6,
2012, the Board of Directors of the Company had approved investment of an
amount not exceeding Rs. 220 crore (Rupees Two Hundred and Twenty Crore) by
acquiring, by way of subscription, purchase or otherwise, 65,48,778 Equity Shares
of Rs. 10 each of Woolworths Wholesale (India) Private Limited (WWIPL).
The Company
executed Share Purchase Agreement with WWIPL, Woolworths (International) PTY
Limited (Australia), Woolworths Limited (Australia), Woolworths (Management) PTY
Limited (Australia) and Tata Sons Limited on September 26, 2012 and agreed to
acquire 100% shares of WWIPL for a consideration of AUD 35 Million.
The transaction
was closed on October 15, 2012. Mr. Ajit Joshi, Mr. Avijit Mitra and Ms.
Priyanka Gidwani were appointed as new directors of WWIPL. Mr. Ajit Joshi was
appointed as the Managing Director.
Subsequently, the
Board and shareholder of WWIPL approved conversion of the company to a public
company and adoption of new set of Articles of Association as required for a
public company. The name of WWIPL was also changed to Infiniti Wholesale
Limited (IWL).
The Boards of IWL
and the Company in their meetings held on March 26, 2013, approved a Scheme of
Amalgamation of IWL with the Company effective from April 1, 2012 subject to
all required approvals and sanctions. After obtaining necessary consents from
the shareholders of IWL and the Company, two separate applications have been
filed before the Hon'ble Bombay High Court on May 3, 2013, seeking exemptions
from meetings of shareholders and creditors of IWL and the Company.
FIXED ASSETS:
TANGIBLE ASSETS
·
Leasehold improvements
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
INTANGIBLE ASSETS:
·
Brand
·
ERP Software
·
Website Development
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. 102.42 |
|
Euro |
1 |
Rs. 81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.