MIRA
INFORM REPORT
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Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
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Name : |
FUTURE RETAIL LIMITED |
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Registered
Office : |
Knowledge House Shyam Nagar Off. Jogeshwari – |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.10.1987 |
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Com. Reg. No.: |
11-044954 |
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Capital
Investment / Paid-up Capital : |
Rs. 463.200 Millions |
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CIN No.: [Company Identification
No.] |
L52399MH1987PLC044954 |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of retail trade. |
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No. of Employees
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Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear (site not working) |
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Comments : |
Subject is a part of “Future Group”. It is a well-established company
having fine track record. There seems a drastic dip in the company’s profitability during the
year 2014 however, networth of the company is satisfactory. The ratings continue to derive strength from the experienced promoters
and management team, the company’s proven track record with a leading
position in the organized retail business in India and pan-India presence
across multiple formats. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong group, the company can be considered good for normal
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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
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Rating Agency Name |
CARE |
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Rating |
Non-convertible debentures: “A” |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
17.09.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non-Cooperative
Contact No.: 91-22-66442200
LOCATIONS
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Registered Office : |
Knowledge House Shyam Nagar Off. Jogeshwari – Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
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Tel. No.: |
91-22-66442200 / 30842336 |
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Fax No.: |
91-22-66442201 / 30842502 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON: 31.03.2014
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Name : |
Mr. Shailesh Haribhakti |
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Designation : |
Chairman - Director (up to 31.10.2013) |
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Name : |
Mr. Kishore Biyani |
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Designation : |
Managing Director |
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Name : |
Mr. Rakesh Biyani |
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Designation : |
Joint Managing Director |
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Name : |
Mr. Vijay Biyani |
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Designation : |
Wholetime Director |
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Name : |
Mr. S. Doreswamy |
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Designation : |
Director |
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Name : |
Dr. Darlie Koshy |
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Designation : |
Director (up to 31.10.2013) |
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Name : |
Mr. Anil Harish |
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Designation : |
Director |
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Name : |
Mrs. Bala Deshpande |
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Designation : |
Director |
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Name : |
Mr. V. K. Chopra |
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Designation : |
Director |
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Name : |
Mr. Gopikishan Biyani |
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Designation : |
Director (up to 31.10.2013) |
KEY EXECUTIVES
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Name : |
Mr. Deepak Tanna |
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Designation : |
Company Secretary |
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Name : |
Mr. Dinesh Maheshwari |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2014
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Category
of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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104298089 |
48.36 |
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104298089 |
48.36 |
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Total shareholding
of Promoter and Promoter Group (A) |
104298089 |
48.36 |
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(B) Public
Shareholding |
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1336200 |
0.62 |
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8007792 |
3.71 |
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8159147 |
3.78 |
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623723 |
0.29 |
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44953570 |
20.85 |
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63080432 |
29.25 |
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28136579 |
13.05 |
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11519569 |
5.34 |
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6983364 |
3.24 |
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1635406 |
0.76 |
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1086774 |
0.50 |
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10000 |
0.00 |
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217132 |
0.10 |
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321500 |
0.15 |
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48274918 |
22.39 |
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Total Public
shareholding (B) |
111355350 |
51.64 |
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Total (A)+(B) |
215653439 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
215653439 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
SHAREHOLDING BELONGING TO THE CATEGORY "PROMOTER
AND PROMOTER GROUP"
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Sr. No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of diluted
share capital |
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No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
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1 |
Future Corporate Resources Limited |
8,92,90,093 |
41.40 |
65367079 |
73.21 |
30.31 |
41.40 |
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2 |
PIL Industries Limited |
1,46,77,448 |
6.81 |
12454774 |
84.86 |
5.78 |
6.81 |
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3 |
Akar Estate & Finance Private Limited |
1,000 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
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4 |
RYKA Commercial Ventures Private Limited |
3,29,548 |
0.15 |
329548 |
100.00 |
0.15 |
0.15 |
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Total |
10,42,98,089 |
48.36 |
78151401 |
74.93 |
36.24 |
48.36 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES
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Sr. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
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1 |
Arisaig Partners (Asia) PTE Limited A/c
Arisaig India Fund Limited |
20137118 |
9.34 |
9.34 |
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2 |
Bennett Coleman & Company Limited |
12566477 |
5.83 |
5.83 |
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3 |
MKCP Institutional Investor (Mauritius) II
Limited |
9216226 |
4.27 |
4.27 |
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4 |
IDBI Trusteeship Services Limited (India
Advantage Fund V) |
8159147 |
3.78 |
3.78 |
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5 |
Life Insurance Corporation of India |
4970150 |
2.30 |
2.30 |
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6 |
Macquarie Bank Limited |
4771863 |
2.21 |
2.21 |
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7 |
Copthall Mauritius Investment Limited |
5232461 |
2.43 |
2.43 |
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8 |
General Insurnace Corporation of India |
2798049 |
1.30 |
1.30 |
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9 |
Vardhman Publishers Limited |
2300000 |
1.07 |
1.07 |
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10 |
IL and FS Securities Services Limited |
2171313 |
1.01 |
1.01 |
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Total |
72322804 |
33.54 |
33.54 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 5% OF THE TOTAL NO. OF SHARES
|
Sr. No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
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1 |
Arisaig Partners (Asia) PTE Limited A/c
Arisaig India Fund Limited |
20137118 |
9.34 |
9.34 |
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2 |
Bennett Coleman & Company Limited (PAC
Vardhman Publishers Limited) |
14866477 |
6.89 |
6.89 |
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Total |
35003595 |
16.23 |
16.23 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of retail trade. |
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Bank of India · Axis Bank · Andhra Bank · Corporation Bank · HDFC Bank · IDBI Bank · State Bank of Travancore · UCO Bank · Standard Chartered Bank · The Federal Bank · Union Bank of India · Bank of Baroda · Allahabad Bank · Central Bank of India · Dena Bank |
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Facilities : |
Note : LONG-TERM
BORROWINGS a)
Non-Convertible Debentures referred above to the extent of i)
Rs.7500.000 Millions (2012:Rs.7000.000 Millions) are secured by First
Pari-Passu charge on Fixed Assets (excluding specific fixed assets charged in
favour of exclusive charge lenders), carries coupon rate of 11.50% per annum
and are redeemable at par, in one or more installments a Rs.2500.000 Millions in FY 2014-15, Rs.
2500.000 Millions in 2015-16 and Rs.2500.000 Millions in 2016-17. ii)
Rs. 2250.000 Millions (2012: Rs. 2250.000 Millions) are secured by Pledge of shares
of subsidiary companies, carries coupon rate of 12.10% per annum and are redeemable
at par, in one or more installments as Rs. 2250.000 Millions in FY 2014-15,
Rs.2250.000 Millions in 2015-16, `Rs.675.000 Millions in 2016-17 and Rs.
1125.000 Millions in 2017-18. iii)
Rs.6000.000 Millions (2012: Rs. NIL) are secured by First Pari-Passu charge
on movable and immovable Fixed Assets of the company excluding assets charged
to exclusive charge lenders, carries coupon rate of 11.50% per annum and are
redeemable at par, in two installments as Rs.2400.000 Millions in FY 2017-18
and Rs.3600.000 Millions in 2018-19. iv)
Rs.3750.000 Millions (2012: Rs. NIL) are secured by First Pari-Passu charge
on movable and immovable Fixed Assets of the company excluding assets charged
to exclusive charge lenders and excluding specific immovable properties,
carries coupon rate of 11.50% per annum and are redeemable at par, in two
installments as Rs.1500.000 Millions in FY 2017-18 and Rs. 2250.000 Millions
in 2018-19. v)
Rs. 2750.000 Millions (2012 Rs. NIL) are secured by Primary Security – First
charge on identified Intellectual Property Mortgaged Assets (including
Brands/ sub brands/ logos) / format / product and services / trademark/ copy
rights etc. till the perfection of final security. Final Security- First pari
passu charge in favour of debenture trustee (along with existing lenders) on
movable tangible fixed assets both present and future and immovable
properties of the company, carries coupon rate of 13.00% per annum and are
redeemable at par, in one or more installments as Rs.962.500 Millions in FY
2016-17, Rs.962.500 Millions in FY 2017-18 and Rs.825.000 Millions in
2018-19. b)
Term Loan from Banks referred above to the extent of i)
Rs. 574.400 Millions (2012: Rs. NIL) are secured by (a)
First Pari Passu charge on Fixed Assets (excluding specific fixed assets
charged in favour of exclusive charge lenders). (b)
First Pari Passu charge on Credit/Debit Card Receivables of all the stores. (c)
Second Pari Passu charge on Current Assets. ii)
Rs. 2972.300 Millions (2012: Rs. NIL) are secured by (a) First Pari Passu
charge on Fixed Assets. (b)
First Pari Passu charge on escrowed Credit and Debit card receivables of
specific Big Bazaar stores. iii)
Rs.1147.900 Millions (2012: Rs. NIL) are secured by (a)
First Pari Passu charge on Fixed Assets (excluding specific fixed assets
charged in favour of exclusive charge lenders) (b) Second Pari Passu charge
on Current Assets excluding Deposits. iv)
Rs.2857.900 Millions (2012: Rs.1180.300 Millions) are secured by First Pari
Passu charge on Fixed Assets (excluding specific fixed assets charged in
favour of exclusive charge lenders) v)
Rs.243.300 Millions (2012: Rs. NIL) are secured by Pari Passu First charge on
movable fixed assets (present and future) of the stores (excluding specific
fixed assets charged in favour of exclusive charge lenders). vi)
Rs.2173.200 Millions (2012: Rs. NIL) are secured by (a)
First Pari Passu charge on Fixed Assets (present and future) except assets
exclusively charged to other lenders. (b) Second
Pari-Passu Charge on Current Assets of the Company (present and future). vii)
Rs. 1497.400 Millions (2012: Rs. NIL) are secured by First Pari Passu charge
on Fixed Assets, present and future of the stores excluding assets charged in
exclusive basis to exclusive charge lenders. viii)
Rs.995.800 Millions (2012: Rs. NIL) are secured by First Passu charge on
Fixed Assets, present and future, excluding specific immovable properties. ix)
Rs.1500.000 Millions (2012: Rs. NIL) are secured by First Passu charge on the
net block of the company excluding specific immovable properties and current
assets both present and future and post dated cheques of Rs.1500.000 Millions. x)
Rs.375.000 Millions (2012: Rs. NIL) are secured by Fixed Assets (movable and
immovable) both present & future, excluding specific immovable
properties. xi)
Rs.1515.000 Millions (2012: Rs. NIL) are secured by Second Pari passu charge
on the fixed and current assets of the company. xii)
Rs.1568.700 Millions (2012: Rs. NIL) are secured by (a)
Residual charge on Fixed Assets and Current Assets (b)
First Pari Passu charge on escrowed Credit and Debit card receivables of
specific Big Bazaar stores. xiii)
Rs.757.600 Millions (2012: Rs.1935.800 Millions) are secured by Residual
charge on
Fixed Assets and Current Assets. xiv)
Rs.1515.000 Millions (2012: Rs. NIL) are secured by Residual charge on all
movable fixed assets and current assets both present and future and post
dated cheques. xv)
Rs.1750.000 Millions (2012: Rs. NIL) are secured by Residual charge on Fixed
assets both present and future (movable and immovable) excluding specific
immovable properties and Current Assets and post dated cheques for the
installments due under the loan. xvi)
Rs.1500.000 Millions (2012: Rs. NIL) are secured by (a) Subservient charge on
fixed assets (including immovable properties) and current assets both present
and future, (b)
post dated cheques for Rs.1500.000 Millions and (c)
Mortgage of immovable property, corporate guarantee and pledge of certain
investments held by associate company. xvii)
Rs.NIL (2012: Rs.2997.500 Millions) are secured by (a)
First Pari-Passu charge on Fixed Assets (excluding specific fixed assets
charged in favour of exclusive charge lenders). (b)
Second Pari passu charge on the Current Assets. xviii)
Rs. NIL (2012: Rs. 3637.700 Millions) are secured by (a)
First Pari-Passu charge on Fixed Assets (excluding specific fixed assets
charged in favour of exclusive charge lenders). (b)
First charge on Future Credit/Debit card receivables of "Pantaloon
Megastores" through escrow mechanism. xix)
Rs. NIL (2012: Rs. 294.300 Millions) are secured by Third Pari Passu charge
on Fixed and Current Assets. xx)
Rs. NIL (2012: Rs.2263.900 Millions) are secured by (a) Residual Charge on
Fixed Assets and Current Assets. (b) First charge on Future Credit/Debit card
receivables of "Pantaloon Megastores" through escrow mechanism. xxi)
Rs. 13328.500 Millions are secured by personal guarantee of promoter
directors. xxii)
Term Loans are repayable as follows: Rs.4916.500 Millions in FY 2014-15, Rs.
5858.300 Millions in 2015-16, Rs.4483.600 Millions in 2016-17, Rs.4088.800
Millions in 2017-18, Rs.2075.800 Millions in 2018-19, and Rs.1160.600
Millions in 2019-20 and Rs.359.900 Millions in 2020-21. Installments
falling due in respect of all the above loans upto 31.03.2015 aggregating
Rs.7641.500 Millions have been grouped under current maturities of long-term
borrowings. Weighted
average rate of interest on the Term Loans is 12.58 % . SHORT-TERM
BORROWINGS Term
Loans from Banks referred above to the extent of i)
Rs. NIL (2012: Rs.748.900 Millions) are secured by a) Subservient charge on
Fixed Assets and Current Assets b) Mortgage of immovable property, corporate
guarantee and pledge of certain investments held by associate company and
personal guarantee of promoter directors. ii)
Rs. 500.000 Millions (2012: Rs. NIL) are secured by Subservient charge on
fixed (movable and immovable) and current asset both present and future and
personal guarantee of promoter director. iii)
Rs.1000.000 Millions (2012: Rs. NIL) are secured by Residual charge on Fixed
assets (movable and immovable properties) excluding specific immovable
properties and Current Assets both present and future and post dated Cheque
and personal guarantee of promoter directors. iv)
Rs.1500.000 Millions (2012: Rs.NIL) are secured by Subservient charge on
tangible fixed assets (movable as well as immovable properties) excluding
specific immovable properties and tangible current asset both present and
future and post dated Cheque and personal guarantee of promoter director. v)
Weighted average rate of interest on the Term Loans is 13.08 %. B)
Working Capital Loans from Banks referred above to the extent of i)
Rs.5980.300 Millions (2012: Rs. 4300.400 Millions) are secured by (a) First
Pari- Passu Charge on Current Assets (excluding credit/debit card
receivables). (b)
Second Pari Passu charge on Credit / Debit Card Receivables of all the
Stores. (c)
Second Pari Passu Charge on the fixed Assets. ii)
Rs.500.000 Millions (2012: Rs. NIL) are secured by Subservient charge on
Fixed and Current Assets. iii)
Rs.1223.400 Millions (2012: Rs.NIL) are secured by Residual charge on Fixed
and Current Assets (present and future). iv)Rs.
455.200 Millions (2012: Rs.NIL) are secured by Subservient charge on Current
Assets and personal guarantee of promoter directors. v)
Rs.1499.600 Millions (2012: Rs. NIL) are secured by (a)
First Pari-Passu Charge on Current Assets (excluding credit/debit card
receivables) (b)
Second Pari Passu Charge on the fixed Assets (excluding specific immovable
properties) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
NGS and Company LLP Chartered Accountants |
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Risk
Advisor : |
Ernst and Young Private Limited |
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Subsidiary
Companies: |
·
Futurebazaar India Limited ·
Future Knowledge Services Limited ·
Future Media (India) Limited ·
Future Agrovet Limited (till November
11, 2013) ·
Future Supply Chain Solutions Limited ·
FSC Brand Distribution Services
Limited ·
Future Learning and Development
Limited ·
Home Solutions Retail (India) Limited ·
Future Freshfoods Limited ·
Future E-Commerce Infrastructure
Limited ·
Future Home Retail Limited (Formerly
known as nuZone Electronics Limited) ·
NuZone Ecommerce Infrastructure
Limited ·
Office Shop Private Limited (w.e.f.
February 8, 2013) ·
Staples Future Office Products
Limited (w.e.f. February 8, 2013) ·
Winner Sports Limited ·
Future Lifestyle Fashions Limited
(till June 24, 2013) |
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Associates : |
Galaxy Entertainment Corporation Limited |
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Joint Ventures: |
·
Apollo Design Apparel Parks Limited ·
Future Generali India Insurance
Company Limited ·
Future Generali India Life Insurance
Company Limited ·
Goldmohur Design and Apparel Park
Limited ·
Integrated Food Park Private Limited ·
Sprint Advisory Services Private
Limited ·
Shendra Advisory Services Private
Limited ·
Staples Future Office Products
Limited (till February 7, 2013) |
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Enterprises over
which Key Management Personnel are able to exercises significant influence: |
·
Retail Light Techniques India Limited
(Formerly known as Asian Retail Lighting Limited) ·
Fashion Global Retail Limited ·
Future Corporate Resources Limited ·
Future Human Development Limited ·
Future Ideas Company Limited ·
Future Outdoor Media Solutions
Limited ·
Future Sharp Skills Limited ·
viii Future Consumer Enterprise
Limited (Formerly known as Future Ventures India Limited) ·
Future Lifestyle Fashions Limited
(w.e.f. June 25, 2013) ·
nuFuture Haribhakti Business Services
Limited ·
nuFuture Digital (India) Limited ·
A kar Estate and Finance Private
Limited ·
Ryka Commercial Ventures Private
Limited ·
Kesari Realty Private Limited ·
Vayuputra Realty Private Limited ·
Bansi Mall Management Company Private
Limited ·
Central Departmental Stores Private
Limited ·
Festive Realty Private Limited ·
Iskrupa Mall Management Company
Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs. 900.000 Millions |
|
50000000 |
Equity Shares of Class B |
Rs.2/- each |
Rs. 100.000 |
|
3000000 |
0.01% Compulsorily Convertible Preference Shares |
Rs. 100/- each |
Rs. 300.000 |
|
|
Total |
|
Rs. 1300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
215664839 |
Equity Shares |
Rs.2/- each |
Rs. 431.300
Millions |
|
15929152 |
Equity Shares of Class B |
Rs.2/- each |
Rs. 31.900
Millions |
|
|
Total |
|
Rs. 463.200 Millions |
Reconciliation of
Number of Shares
Equity Share of Rs.
2/-each
|
Particulars |
As at 31.03.2014 |
|
Number of Shares |
|
|
Opening Balance |
215653439 |
|
Shares Issued |
-- |
|
Shares Issued on Conversion of Preference Shares |
-- |
|
Closing Balance |
215653439 |
Equity Shares of
Class B (Series -1) of Rs. 2/-
each
|
Particulars |
As at 31.03.2014 |
|
Number of Shares |
|
|
Opening Balance |
15929152 |
|
Shares Issued |
-- |
|
Closing Balance |
15929152 |
0.01% Compulsorily
Convertible Preference Shares of Rs. 100/-each
|
Particulars |
As at 31.03.2014 |
|
Number of Shares |
|
|
Opening Balance |
-- |
|
Converted into Equity Shares |
-- |
|
Closing Balance |
-- |
Terms/Rights Attached to Equity Shares
The
Company has Equity Shares having a par value of Rs.2/- each at the Balance Sheet
Date. Equity Shares have been further classified in to Equity Shares carrying
normal voting and dividend rights (Ordinary Shares) and Equity Shares carrying
differential voting and dividend rights Class B (Series-1) Shares. Each holder
of Ordinary Shares, is entitled to one vote per member in case of voting by
show of hands and one vote per Ordinary Shares held in case of voting by
poll/ballot. Each holder of Equity Share is also entitled to normal dividend
(including interim dividend, if any) as may declared by the company.
Each
holder of Class B (Series -1) Shares, is entitled to one vote per member in
case of voting by show of hands and three vote per four Class B (Series-1)
shares held in case of voting by poll/ballot. Each holder of Class B (Series-1)
Share is also entitled to 2% additional dividend in addition to normal dividend
(including interim dividend, if any) as may declared by the company.
Further,
the Company may declare dividend only for Class B (Series-1) Share upto 2%
without declaring any dividend for Equity
Shares.
All
other rights would be same for both classes of Equity Shares.
The
Company declares and pays dividends in Indian Rupees. The dividend proposed by
the Board of Directors is subject to approval of the shareholders in the Annual
General Meeting.
In
the event of liquidation of company, the holders of equity shares will be
entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distributions will be in proportion to the number of
equity shares held by shareholder.
The Company does not have any holding
Company.
(iv) Shares in the Company
held by each shareholder holding more than 5 percent shares and number of
Shares held are as
under:
|
Particulars |
As at 31.03.2014 |
|
|
Number of Shares |
% Holding |
|
|
Equity Shares |
|
|
|
Future Corporate Resources Limited |
8,92,90,093 |
41.40 |
|
PIL Industries Limited |
1,46,77,448 |
6.81 |
|
ARISAIG Partners (Asia) PTE Limited A/c Arisaig India
Fund Limited |
2,01,37,118 |
9.34 |
|
Bennett, Coleman and Company Limited |
1,25,66,477 |
5.83 |
|
Equity Shares of Class B (Series-1)
Shares |
|
|
|
PIL Industries Limited |
29,38,034 |
18.44 |
|
Gargi Developers Private Limited |
28,00,000 |
17.57 |
|
Manz Retail Private Limited |
9,71,756 |
6.10 |
Pursuant
to the provisions of Section 206A of the Companies Act, 1956, the issue of
11,400 equity shares is kept in abeyance.
Shares
allotted as fully paid up without payment received in cash (during 5 years
preceding March 31, 2014).
Allotted
59,28,818 Equity Shares of Rs.2/- each and 63,47,635, 0.01% Compulsory
Convertible Preference Shares of Rs.100/- each as fully paid up pursuant to
Scheme of Arrangement.
The
Company has reserved issuance of 25,00,000 (2012 : NIL) Equity Shares of Rs.
2/- each for offering to eligible employees of the Company under Employees
Stock Option Scheme (ESOS). During the period, Company has granted 2,76,279
(2012 : NIL ) revised to 3,05,192 options, post corporate action affecting
option value and transfer of certain options to Future Lifestyle Fashions
Limited due to transfer of the employees pursuant to Scheme of Arrangement, to
the eligible employees at exercise price of Rs.20/- per option, again revised
post corporate action to exercise price of ` 10/- per option plus all
applicable taxes, as may be levied in this regard on the company. Out of the
options granted, 11,798 options were cancelled due to cessation of employment.
The options would vest over a maximum period of 3 years or such other period as
may be decided by the Nomination and Remuneration Committee from the date of
grant based on specified criteria.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 (15 Months) |
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
463.200 |
463.200 |
1069.000 |
|
(b) Reserves & Surplus |
32053.300 |
32762.300 |
26712.300 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
1000.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
32516.500 |
33225.500 |
28781.300 |
|
|
|
|
|
|
Optionally Fully Convertible Debentures |
0.000 |
8000.000 |
0.000 |
|
Compulsory Convertible Debentures |
1500.000 |
0.000 |
0.000 |
|
Optionally Convertible Debentures |
2500.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term
borrowings |
37552.000 |
18544.200 |
13927.500 |
|
(b) Deferred tax liabilities (Net) |
1801.800 |
949.900 |
870.500 |
|
(c) Other long
term liabilities |
0.000 |
1500.000 |
1450.000 |
|
(d) long-term
provisions |
160.300 |
53.200 |
27.100 |
|
Total Non-current
Liabilities (3) |
39514.100 |
21047.300 |
16275.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
13486.000 |
5511.800 |
5382.300 |
|
(b)
Trade payables |
12240.200 |
8100.200 |
9386.900 |
|
(c)
Other current liabilities |
11540.700 |
9809.100 |
3250.600 |
|
(d) Short-term
provisions |
198.400 |
335.300 |
272.200 |
|
Total Current
Liabilities (4) |
37465.300 |
23756.400 |
18292.000 |
|
|
|
|
|
|
TOTAL |
113495.900 |
86029.200 |
63348.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
41125.800 |
21862.900 |
13354.400 |
|
(ii)
Intangible Assets |
2276.700 |
970.200 |
1315.900 |
|
(iii)
Capital work-in-progress |
3638.200 |
2097.300 |
1001.300 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
13495.200 |
22802.300 |
22505.200 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3709.900 |
7640.100 |
3492.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
64245.800 |
55372.800 |
41668.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
31132.900 |
21402.400 |
17622.000 |
|
(c) Trade
receivables |
3139.800 |
1650.100 |
1781.100 |
|
(d) Cash
and cash equivalents |
1024.800 |
555.300 |
859.100 |
|
(e)
Short-term loans and advances |
13793.300 |
6909.900 |
1305.900 |
|
(f)
Other current assets |
159.300 |
138.700 |
111.500 |
|
Total Current
Assets |
49250.100 |
30656.400 |
21679.600 |
|
|
|
|
|
|
TOTAL |
113495.900 |
86029.200 |
63348.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 (15 Months) |
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
115774.400 |
69877.300 |
41014.800 |
|
|
|
Other Income |
277.400 |
277.000 |
163.400 |
|
|
|
TOTAL (A) |
116051.800 |
70154.300 |
41178.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
218.500 |
252.100 |
254.900 |
|
|
|
Purchases of Stock-in-Trade |
84988.700 |
48151.100 |
31182.800 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(230.700) |
(3959.300) |
(4941.500) |
|
|
|
Employee Benefit Expenses |
4239.400 |
3363.100 |
2144.700 |
|
|
|
Other Expenses |
16161.000 |
14307.300 |
8184.100 |
|
|
|
Exceptional Items |
(306.600) |
(2566.000) |
0.000 |
|
|
|
TOTAL (B) |
105070.300 |
59548.300 |
36825.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
10981.500 |
10606.000 |
4353.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6925.400 |
4604.100 |
1736.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4056.100 |
6001.900 |
2616.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4043.400 |
3118.700 |
1463.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12.700 |
2883.200 |
1152.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(15.400) |
150.600 |
386.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
28.100 |
2732.600 |
766.600 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6540.700 |
5063.500 |
4959.800 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
1200.000 |
693.800 |
350.000 |
|
|
|
Transfer to General Reserve |
2.800 |
273.000 |
78.700 |
|
|
|
Dividend |
139.700 |
255.400 |
202.700 |
|
|
|
Proposed Dividend on Preference Shares |
0.000 |
0.000 |
0.100 |
|
|
|
Tax on Dividend |
23.700 |
41.400 |
32.900 |
|
|
BALANCE CARRIED
TO THE B/S |
5202.600 |
6540.700 |
5063.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Basis |
884.300 |
851.300 |
466.200 |
|
|
TOTAL EARNINGS |
884.300 |
851.300 |
466.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.900 |
2.700 |
7.500 |
|
|
|
Stores & Spares/ Stock in Trade |
1338.000 |
1159.800 |
556.300 |
|
|
|
Capital Goods |
297.600 |
101.800 |
203.600 |
|
|
|
Accessories and Others |
13.400 |
13.900 |
15.400 |
|
|
TOTAL IMPORTS |
1649.900 |
1278.200 |
782.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.12 |
12.08 |
3.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (15 Months) |
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
|
PAT / Total Income |
(%) |
0.01 |
3.90 |
1.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.02 |
4.12 |
2.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.01 |
4.71 |
2.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.09 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.57 |
0.72 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.30 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
31.12.2012 |
31.03.2014 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
1,069.000 |
463.200 |
463.200 |
|
Reserves & Surplus |
26,712.300 |
32,762.300 |
32,053.300 |
|
Money received against share
warrants |
1,000.000 |
0.000 |
0.000 |
|
Net
worth |
28,781.300 |
33,225.500 |
32,516.500 |
|
|
|
|
|
|
long-term borrowings |
13,927.500 |
18,544.200 |
37,552.000 |
|
Short term borrowings |
5,382.300 |
5,511.800 |
13,486.000 |
|
Total
borrowings |
19,309.800 |
24,056.000 |
51,038.000 |
|
Debt/Equity
ratio |
0.671 |
0.724 |
1.570 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
41,014.800 |
69,877.300 |
115,774.400 |
|
|
|
70.371 |
65.682 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2011 |
31.12.2012 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
41,014.800 |
69,877.300 |
115,774.400 |
|
Profit/(Loss) After Tax |
766.600 |
2,732.600 |
28.100 |
|
|
1.87% |
3.91% |
0.02% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM BORROWINGS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
30.06.2011 (Rs.
In Millions) |
|
Current Maturities of Long-Term Borrowings |
7641.500 |
3015.300 |
971.400 |
|
|
|
|
|
|
Total |
7641.500 |
3015.300 |
971.400
|
|
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
|
Short Term
Borrowings |
|
|
|
Loans from Related Parties |
827.500 |
462.500 |
|
|
|
|
|
Total |
827.500 |
462.500 |
CONTINGENT LIABILITIES
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.12.2012 (Rs.
In Millions) |
|
A. Claims Against the Company Not Acknowledged as Debts |
|
|
|
i) Value Added Tax Act/Income Tax |
416.300 |
51.800 |
|
ii) Others |
3416.300 |
495.600 |
|
B. Corporate Guarantees Given on Behalf of Group
Companies |
345.400 |
3035.900 |
REVIEW
OF PERFORMANCE
The
performance review is for the financial period of fifteen months pursuant to extension
of the present accounting period by three months. In the current financial
period we mark beginning of a new innings and laying the foundation for the
Company’s future, as major realignment initiatives of the Company have been
achieved. The Company has also changed its name to Future Retail Limited from
its earlier name, viz. Pantaloon Retail (India) Limited. The Company is now
operating in hypermarket and home business including Big Bazaar, Food Bazaar,
fbb, Home Town and eZone.
The
Retail business of the Company has been showing growth trend during the
financial period. The Company is now present in hypermarket segment and home
business and for the period recorded growth through increase in presence in
various cities. Income from operations for the financial period were at Rs.
115774.400 Millions which was at Rs.69877.300 Millions during the financial
period of 2011-12. PBDIT excluding exceptional items, stood at Rs.10674.900
Millions in during the financial period of 2013-14, which was at Rs.8040.000
Millions in the previous financial period. PAT for the financial period was
Rs.28.100 Millions, which was at Rs.2732.600 Millions for the preceding
financial period. Due to various realignment exercises undertaken by the
Company and different duration of the current and previous financial period,
the current financial period result is not comparable with the previous
financial period, which was of eighteen months.
During
the financial period 2013-14, the Company is operating through 10.36 million
square feet of retail space, spread over pan India basis.
MANAGEMENT DISCUSSION AND ANALYSIS
The
year 2013-14 saw the emergence of Future Retail Limited as a pure play retail
Company focusing on hypermarket, electronics and home businesses. The Company completed
the amalgamation of value and home businesses into one single entity, completed
various realignment initiatives along with the sale of its non-core assets. The
Company commenced divestment of its non-core retail investment in previous
financial period with sale of its consumer finance Company to a leading private
equity player. Further Company also sold a part of its stake in its life
insurance venture. The management expects to exit the remaining stake in the
remaining non-core entities which shall be value accretive to the Company. This
has resulted in a simplified entity structure and consolidation of operations.
These steps taken by the management will provide better returns in form of
improved profitability, increase economic value of businesses, improve overall
stakeholders’ satisfaction and further help in better governance and
compliance.
During
the period, the Company continued to remain cautious on store network expansion
and focused on driving growth through higher productivity and enhancing
profitability through higher efficiencies of its existing network. The Company
expanded its presence across its formats in existing and new cities with the
aim of increasing productivity and profitability, the focus is on increasing
footfalls, customer ticket sizes and sales of high margin categories. Through
an upgraded product mix across categories at attractive price points and
various promotional events, the Company is successful in attracting new
customers to their stores and also enhancing the shopping experience of
existing customers.
OPERATIONAL
OVERVIEW
The
Company’s focus on optimizing the store network, increasing store efficiencies
along with higher store productivity and upgraded product offering resulted in
higher operating margins.
The
re-invention of the fashion business has led to the complete transformation of
Big Bazaar. With the aim of building to connect with the youth, fbb created a
strong product line with extremely competitive pricing. This strategy resulted
in higher margins over the last five quarters. Even in the food segment, the
Company focused on newer and upgraded categories offering customers a wider
choice resulting in higher revenue realization per customer. The home segment
including furniture, home furnishing and electronics underwent a revamp during
the period. Leveraging Big Bazaar network to grow the electronics business
witnessed a turnaround and rapid expansion.
The
Company undertook various initiatives to strengthen its technology platform at
the store level as well as at the back end. This resulted in improved
efficiencies at the store level through faster check-outs for customers,
optimized resource planning, and reduced time-to-market of new stores.
CUSTOMER
AND MARKETING OVERVIEW
During
the period, the Company carried out various activities and promotional events
to engage with the customers across formats. The re-energized weekly
promotional event, Wednesday Bazaar resulted in higher footfalls during
mid-week. The revamped store network was successful in attracting new
customers.
Taking
forward the message ‘Let’s make India Thoda Aur Stylish’, team fbb has
designed a massive campaign. The association of fbb with Femina Miss India 2014
and celebrity endorsement of Shikhar Dhawan created a perfect platform for the
brand in highlighting its chic and high street fashion wear collection
promising to deliver latest and fresh fashion for its customers at affordable
prices.
This
financial period ended with the launch of “Making India Beautiful” campaign
for Big Bazaar stores. The focus will be on celebrating newer categories in the
hypermarket segment. The campaign celebrates aspirational and premium
categories which are expected to and will deliver higher sales and
profitability in the next financial year.
The
Company operates one of the largest loyalty programs in India with over 15
million members across its formats. This program is leveraged for driving
promotions and direct communication with customers offering customized
merchandise.
During
the period, the Company’s flagship format, Big Bazaar was adjudged as the
fourth Most Trusted Brand in the services category, in a consumer survey done
by global market research firm, The Nielsen Company. Among the other brands in
the top five were Airtel, Vodafone, State Bank of India and BSNL.
COMPETITION
With
presence in 98 cities, the Company has built a strong presence in the key consumption
centers. At the same time, they continued to register their presence in fast
growing cities across the country. The Company also has a formidable, scalable
and mature business hence the competitive pressure, especially at the national
level, in the hypermarket business continues to be feeble. The Company’s vast
experience, strong sourcing abilities, a strong portfolio of private brands and
loyalty programs are expected to provide a fundamentally stronger position to
face competition.
BUSINESS
OUTLOOK
With
political clarity emerging, the business and consumer confidence is expected to
improve. In the new financial year, geared with a streamlined organizational
design, the Company intends to grow its retail businesses. The Company expects
that with improvement in consumer sentiment and increased consumer spending
will enable the growth momentum. The management continues to be cautiously
optimistic towards the external economic environment and expects consumer
demand to become more consistent and robust in the forthcoming financial year.
The
various steps taken towards divestment of non-core assets and consolidation of
retail business helped building a focused retail organization with the strong
foundation. This has given confidence to the Company to pursue a higher rate of
store network expansion in existing and new consumption centers.
The
Company has launched an omni-channel strategy enabling it to reach out to
customers that are not catered by the current store network. This platform will
act as a further growth channel for the Company. This channel will grow
leveraging the existing store network, current supply chain set-up and
technology platform.
Within
its retail business, a number of initiatives focusing on increasing
productivity and profitability of stores, an upgraded merchandize mix,
streamlined supply chain and distribution, increased investments in technology,
customer engagements, loyalty programs and improving the customer experience,
has already started to show results.
AWARDS
AND RECOGNITIONS
• Future Retail Limited Won the Best Run
Award in IT (Technology Solutions) at SAP ACE 2013
• Best Run Award 2013
Home
Town became the first Indian retailer to bag Global Innovation Award for the
year 2012- 2013.
• EMC Transformers Award 2013
Technology
Services Team at Future Group won the EMC Transformers Awards for their smart
and judicious use of IT services.
• CIO100 Awards 2013
Business
Technology Services of Future Group won this award for the 2nd consecutive year
for the project “Pratibimb”, a project carried for virtualization of desktops
to enhance user productivity.
• CISO Award 2013
IT
support services received this prestigious for innovative ways to secure the business
in the most effective manner and deliver business value, by creating
competitive advantage, optimizing business processes, enabling growth and
improving relationships with customers.
• Consumer Survey of Product Innovation
2013
Sach
Handwash voted product of the year by Consumer Survey of Product Innovation
2013
• Images Fashion Awards 2013
The
Most Admired Fashion Retail Personality of the Year – Mr. Kailash Bhatia
• The Global Innovation Award
International
Home + House wares Retail Excellence /Global Innovation’ for the year 2012-2013
– Home Town
• Retailer Technology Awards 2013
Future
Group’s IT team was felicitated with the following awards:
Retail
Application of the year
IT
Team of the year
Supply
Chain Software Solution
• 4th Most Trusted Service Brands In India
Big
Bazaar is the 4th most trusted service brand in India in the Brand Equity
Survey 2013 conducted by Nielsen.
• Images Most Admired Food and Grocery
Retailer
Foodhall
bagged the Images Most Admired Food and Grocery
Retailer
at the 7th Coca Cola Golden Spoon Awards 2014.
FIXED ASSETS
Tangible Asset
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Equipments
·
Office Equipments
·
Computers
·
Furniture and Fittings
·
Electrical Installations
·
Vehicles
Intangible Asset
·
Computer 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. 59.73 |
|
|
1 |
Rs. 102.36 |
|
Euro |
1 |
Rs. 81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.