MIRA
INFORM REPORT
|
Report Date : |
16.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
PANTALOONS FASHION AND RETAIL LIMITED (w.e.f. 23.04.2013) |
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Formerly Known
As : |
PETER |
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Registered
Office : |
701-704, 7th Floor, Skyline Icon Business Park, 86-92 Off A. K. Road, Marol Village, Andheri (East), Mumbai – 400059, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.04.2007 |
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Com. Reg. No.: |
11-233901 |
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Capital
Investment / Paid-up Capital : |
Rs. 933.000 Millions |
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CIN No.: [Company Identification
No.] |
L18101MH2007PLC233901 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP32162E |
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PAN No.: [Permanent Account No.] |
AAECP2371C |
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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
: |
Retailer of
Apparels and Fashion Accessories. |
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No. of Employees
: |
5300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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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 |
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Comments : |
Subject is a subsidiary of ‘INDIGOLD TRADE AND SERVICES LIMITED’. It
is well-established company having fine track record. The company has incurred losses from its operational activities. However, the rating reflects established position of Pantaloons as one
of the largest players in the branded fashion and lifestyle segment and
prominent store presence in top 8 cities. Further, rating also reflects
managerial and financial support that company received from its parent. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong holding, 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
N E W S
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca
for nearly $ 118 billion after the latter refused an offer of 55 pounds a
share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Convertible Debenture Programme : AA |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
May 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-8652905000]
LOCATIONS
|
Registered/ Corporate Office : |
701-704, 7th Floor, Skyline Icon Business Park,
86-92 Off A. K. Road, Marol Village, Andheri (East), Mumbai – 400059,
Maharashtra, India |
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Tel. No.: |
91-8652905000 |
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Fax No.: |
91-8652905400 |
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E-Mail : |
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Website : |
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Stores : |
Located at: · Ahmedabad Aurangabad Allahabad Bengaluru Bareilly Bilaspur Bhopal Bhubaneshwar Chennai Chandigarh Coimbatore Cuttack Delhi Dhanbad Guwahati Hyderabad Indore Kanpur Kolkata Lucknow Ludhiana Mangalore Mumbai Mysore Nashik Nagpur Pune Ranchi Rajkot Vadodara Surat Vishakapatnam Siliguri Durgapur |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. P Murari |
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Designation : |
Independent Director |
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Name : |
Mr. Bharat Patel |
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Designation : |
Independent Director |
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Name : |
Dr. Rakesh Jain |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Pranab Barua |
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Designation : |
Director |
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Address : |
D-1, Cedar Crest, 258, 10th Main, Defence Colony, Indira
Nagar, Bangalore – 560038, Karnataka, India |
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Date of Birth/Age : |
21.09.1952 |
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Date of Appointment : |
23.01.2009 |
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DIN No.: |
00230152 |
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Name : |
Mr. Sushil Agarwal |
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Designation : |
Director |
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Address : |
Ocean Co-operative Society Limited, 301, Ocean View Union Park, Khar (West),
Mumbai – 400052, Maharashtra, India |
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Date of Birth/Age : |
13.06.1963 |
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Date of Appointment : |
15.07.2010 |
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DIN No.: |
00060017 |
KEY EXECUTIVES
|
Name : |
Ms. Purvi Roy |
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Designation : |
Accounts Manager |
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Name : |
Mr. Shital Mehta |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Manoj Kedia |
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Designation : |
Chief Financial Officer and
Manager |
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Name : |
Mr. Chandrashekhar Chavan |
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Designation : |
Chief People Officer |
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Name : |
Ms. Geetika Anand Talwar |
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Designation : |
Company Secretary and
Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
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|
|
|
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|
63056196 |
67.95 |
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|
63056196 |
67.95 |
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Total
shareholding of Promoter and Promoter Group (A) |
63056196 |
67.95 |
|
(B) Public
Shareholding |
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|
47331 |
0.05 |
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|
553507 |
0.60 |
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|
556808 |
0.60 |
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|
1157646 |
1.25 |
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|
25588713 |
27.58 |
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|
1663422 |
1.79 |
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|
1228526 |
1.32 |
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|
99026 |
0.11 |
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|
37060 |
0.04 |
|
|
20 |
0.00 |
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|
61696 |
0.07 |
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|
150 |
0.00 |
|
|
100 |
0.00 |
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|
28579687 |
30.80 |
|
Total Public
shareholding (B) |
29737333 |
32.05 |
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Total (A)+(B) |
92793529 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
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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) |
92793529 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Indigold Trade and Services Limited |
6,30,56,196 |
67.95 |
|
|
Total |
6,30,56,196 |
67.95 |
Shareholding
of securities (including shares, warrants, convertible securities) of persons belonging
to the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Future Corporate Resources Limited |
16861985 |
18.17 |
|
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2 |
PIL Industries Limited |
2870242 |
3.09 |
|
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3 |
Bennett Coleman and Company Limited |
2511315 |
2.71 |
|
|
|
Total |
22243542 |
23.97 |
Shareholding
of securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
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|
1 |
Future Corporate Resources Limited |
16861985 |
18.17 |
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Total |
16861985 |
18.17 |
Details
of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % |
|
1 |
Indigold Trade and Services Limited |
4,64,77,011 |
50.09 |
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|
Total |
4,64,77,011 |
50.09 |
BUSINESS DETAILS
|
Line of Business : |
Retailer of
Apparels and Fashion Accessories. |
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Brand Name : |
“Pantaloons” |
GENERAL INFORMATION
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No. of Employees : |
5300 (Approximately) |
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Bankers : |
· Dhanalakshmi Bank Limited Ground Floor, Janmabhoomi Bhavan, Janmabhoomi Marg, Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
· Axis Trustee Services Limited Axis House, 2nd Floor, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, India |
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Statutory Auditors : |
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Name : |
S.R. Batliboi Company And LLP Chartered Accountants |
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Holding Company : |
Indigold Trade and Services Limited |
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Ultimate Holding
Company : |
Aditya Birla Nuvo Limited (ABNL) |
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Fellow Subsidiary : |
Madura Garments Lifestyle Retail Company Limited (MGLRCL) |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Rs. 1101.500 Millions
Issued, Subscribed & Paid-up Capital : Rs. 933.000
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
10,000,000 |
8% Redeemable Cumulative Preference Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
15,000 |
6% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 1.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 201.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.000
Millions |
|
500,000 |
8% Redeemable Cumulative Preference Shares |
Rs. 10/- each |
Rs. 5.000
Millions |
|
500 |
6% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 0.100
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 10.100 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
933.000 |
10.100 |
10.100 |
|
(b) Reserves & Surplus |
4861.700 |
(778.000) |
2.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Share Suspense Account |
0.000 |
8,463.200 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5794.700 |
7,695.300 |
12.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10150.000 |
4,849.300 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
427.900 |
364.600 |
0.000 |
|
(d) long-term
provisions |
56.800 |
22.900 |
0.000 |
|
Total Non-current
Liabilities (3) |
10634.700 |
5,236.800 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
4.600 |
9,988.100 |
0.000 |
|
(b)
Trade payables |
3755.800 |
3,163.000 |
17.500 |
|
(c)
Other current liabilities |
1245.500 |
2,711.500 |
1.700 |
|
(d) Short-term
provisions |
97.000 |
28.100 |
6.600 |
|
Total Current
Liabilities (4) |
5102.900 |
15,890.700 |
25.800 |
|
|
|
|
|
|
TOTAL |
21532.300 |
28,822.800 |
37.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
4,696.100 |
0.000 |
|
(ii)
Intangible Assets |
|
11,676.500 |
0.000 |
|
(iii)
Capital work-in-progress |
|
135.500 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
3.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
769.500 |
625.500 |
0.200 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
17349.700 |
17,133.600 |
3.400 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
59.900 |
8,000.000 |
0.000 |
|
(b)
Inventories |
3583.500 |
3,248.700 |
2.000 |
|
(c)
Trade receivables |
170.000 |
69.800 |
17.900 |
|
(d) Cash
and cash equivalents |
108.200 |
192.300 |
0.500 |
|
(e)
Short-term loans and advances |
167.000 |
118.500 |
14.100 |
|
(f)
Other current assets |
94.000 |
59.900 |
0.000 |
|
Total
Current Assets |
4182.600 |
11,689.200 |
34.500 |
|
|
|
|
|
|
TOTAL |
21532.300 |
28,822.800 |
37.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
16612.100 |
12,851.400 |
174.300 |
|
|
|
Other Income |
51.300 |
632.200 |
13.900 |
|
|
|
TOTAL (A) |
16663.400 |
13,483.600 |
188.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Traded Goods |
9897.600 |
7,510.400 |
149.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(375.000) |
233.400 |
(0.100) |
|
|
|
Employees benefits expense |
1497.100 |
911.500 |
5.700 |
|
|
|
Other expenses |
5258.500 |
3,534.900 |
15.000 |
|
|
|
TOTAL (B) |
16278.200 |
12,190.200 |
169.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
385.200 |
1,293.400 |
18.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1172.500 |
1,438.000 |
0.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(787.300) |
(144.600) |
17.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1090.000 |
544.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(1877.300) |
(688.900) |
17.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
5.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(1877.300) |
(688.900) |
12.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Export of Goods (F.O.B. Basis) |
NA |
78.000 |
155.400 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
19.400 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
-- |
(9.89) |
21.64 |
|
NOTES:
1)
The Equity Shares
of the Company were listed and permitted for trading on the BSE Limited and
National Stock Exchange of India Limited w.e.f. July 17, 2013.
2)
The Scheme of
Arrangement under Sections 391-394 of the Companies Act, 1956 between
Pantaloons Fashion and Retail Limited ['PFRL" or "the
Company"][formerly Peter England Fashions and Retail Limited], Future
Retail Limited ["FRL"] [ formerly Pantaloon Retail (India) Limited],
and Indigold Trade and Services Limited [ITSL’] as shareholder of PFRL, and
their respective shareholders and creditors, [Scheme], was sanctioned by
Hon'ble High Court of Bombay vide its order dated March 1, 2013. The Board of
Directors of FRL and PFRL at their respective meetings held on April 8, 2013,
have declared the Effective Date of the Scheme to be April 8, 2013
("Effective Date"). Accordingly, in terms of the Scheme, upon the
Scheme coming into effect, the Pantaloons & PFO Divison of FRL (demerged
undertaking) stands transferred to PFRL on a aoina concern basis with effect
from July 1. 2012. Udon this Scheme comino into effect
a.
in consideration
of the transfer of the Demerged Undertaking by FRL to PFRL, in terms of this
Scheme, on April 19, 2013, PFRL has issued and allotted 43,130,688 and
3,185,830 Equity shares of Rs.10/- each fully paid-up for every 5 (Five) fully
paid-up equity shares and DVRs of Rs. 2/- each held in FRL, respectively to all
those shareholders whose names appear in the of FRL or as beneficial/ in the of
the depositories of FRL on April 18, 2013, the Record Date, without payment
being received in cash as per the Share Entitlement Ratio under the Scheme
b.
on April 8, 2013,
800 Zero Coupon Optionally Fully Convertible Debentures of face value of Rs.
1,00,00,000/- each held by the holding Company, Indigold Trade and Services
limited (ITSL) were converted into 45,977,011 Equity shares of Rs.10/- each
fully paid up of the Company and an amount of Rs. 7540.200 Millions has been
credited to the Securities Premium Account.
3)
The figures for
the March 31, 2013 includes figures of the Demerged Undertaking which has been
transferred to the Company with effect from July 1, 2012 and are therefore to
that extent not comparable with the figures of the March 31, 2014 year end.
4)
The Company is
operating in a single segment "Retail" and hence no segment
disclosures have been made.
5)
The figures for
the quarter ended March 31, 2014 and March 31, 2013 are the balancing figures
between the audited figures in respect of the full financial year ended March
31, 2014 and the unaudited published year-to-date figures upto December 31,
2013 and December 31, 2012 respectively being the dates of the end of the third
quarters of the financial years which were subjected to limited review.
6)
Additional
Information of Accounts required pursuant to listing agreement for Debt
Securities
|
Particulars |
Year Ended 31.03.2014 [Audited] |
|
Debt Equity Ratio |
1.81 |
|
Dent Service Coverage Ratio |
0.33 |
|
Interest Service Coverage
Ratio |
0.33 |
7)
Status of
Investor Complaints for the quarter ended 31.03.2014
|
|
Opening |
Received |
Redressed |
Pending |
|
|
-- |
6 |
6 |
-- |
8)
Depreciation for
the qtr ended and year ended March 31, 2014 includes prior period depreciation
of Rs 130.200 Millions.
9)
Previous periods/years
figures have been regrouped or rearranged wherever necessary.
10)
The above audited
financial results have been reviewed by the Audit Committee of the Board and
later on taken on record at the meeting of the Board of Director held on May,
05 2014.
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3443.200 |
4878.500 |
4188.400 |
|
Total Expenditure |
3513.900 |
4836.600 |
3849.100 |
|
PBIDT (Excl OI) |
(70.700) |
41.900 |
339.300 |
|
Other Income |
20.500 |
10.000 |
10.800 |
|
Operating Profit |
(50.200) |
51.900 |
350.100 |
|
Interest |
360.500 |
282.700 |
270.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(410.700) |
(230.800) |
79.500 |
|
Depreciation |
167.500 |
204.200 |
236.100 |
|
Profit Before Tax |
(578.200) |
(435.000) |
(156.600) |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(578.200) |
(435.000) |
(156.600) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(578.200) |
(435.000) |
(156.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(11.27)
|
(5.11)
|
6.48 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.30)
|
(5.36)
|
10.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.72)
|
(2.40)
|
51.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32)
|
(0.09)
|
1.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.75
|
1.93
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.74
|
1.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
10.100 |
10.100 |
933.000 |
|
Reserves & Surplus |
2.000 |
(778.000) |
4861.700 |
|
Share Suspense Account |
0.000 |
8463.200 |
0.000 |
|
Net
worth |
12.100 |
7695.300 |
5794.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
4849.300 |
10150.000 |
|
Short term borrowings |
0.000 |
9988.100 |
4.600 |
|
Total
borrowings |
0.000 |
14837.400 |
10154.600 |
|
Debt/Equity ratio |
0.000 |
1.928 |
1.752 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
174.300 |
12851.400 |
16612.100 |
|
|
|
7,273.150 |
29.263 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
174.300 |
12851.400 |
16612.100 |
|
Profit/ (Loss) |
12.200 |
(688.900) |
(1877.300) |
|
|
7.00% |
(5.36%) |
(11.30%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long-term Borrowings |
NA |
2469.500 |
0.000 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10444168 |
27/03/2014 * |
1,290,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C03717501 |
|
2 |
10444256 |
27/03/2014 * |
7,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C03754314 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
Loans and Advances from related parties repayable on demand |
64.900 |
|
Acceptances from Banks |
1200.700 |
|
Other Loans and Advances (repayable on demand) |
8606.400 |
|
|
|
|
Total |
9872.000 |
CHANGE OF ADDRESS:
The Registered office of the Company was changed from “A-4, Aditya Birla
Centre, S.K. Ahire Marg, Worli, Mumbai – 400030, Maharashtra, India to the
present address.
CORPORATE INFORMATION
Pantaloons Fashion
and Retail Limited (Formerly Peter England Fashions and Retail Limited) is a
public Company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. In the current year, pursuant to a scheme of arrangement
as sanctioned by the Honourable High Court of Bombay, vide order dated March 1,
2013, the ‘Pantaloon Format’ of Pantaloon Retail (India) Limited (the ‘Demerged
Undertaking’) has been vested into the Company with effect from July 1, 2012
(the ‘Appointed Date’). Pursuant to this scheme, the name of the Company has
changed from Peter England Fashions and Retail Limited to Pantaloons Fashion
and Retail Limited.
The Company
operates a national chain of “Pantaloons” stores of apparels and fashion
accessories.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
|
|
|
|
Dividend on cumulative preference shares for the year ended March 31, 2013 |
0.400 |
|
Dividend Distribution Tax on the above dividend |
0.100 |
|
|
|
|
Total |
0.500 |
FIXED ASSETS:
TANGIBLE ASSETS
· Leasehold Improvements
Computers
Furniture
and Fixtures
Office
Equipment
Vehicles
INTANGIBLE ASSETS
· Goodwill
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited 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. 60.22 |
|
|
1 |
Rs. 102.79 |
|
Euro |
1 |
Rs. 81.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.