MIRA
INFORM REPORT
|
Report Date : |
21.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
HYPERCITY RETAIL (INDIA) LIMITED (w.e.f. 30.03.2007) |
|
|
|
|
Formerly Known
As : |
HYPERCITY RETAIL (INDIA) PRIVATE LIMITED (w.e.f. 04.03.2005) RAINBOW RETAIL PRIVATE LIMITED |
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|
Registered
Office : |
Plot No. C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra |
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.05.2004 |
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|
|
|
Com. Reg. No.: |
11-146577 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 4610.873
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52510MH2004PLC146577 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MIUMR16595F |
|
|
|
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PAN No.: [Permanent Account No.] |
AACCR8461K |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
The company mainly operates in Retail Operations i.e. Trading of Food
Products, Household Items and Apparels. |
|
|
|
|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 370000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having a moderate track record.
There seems huge accumulated losses recorded by the company. The external borrowing
seems to be huge which act as a threat to the liquidity of the company. However, Trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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
|
Name : |
Mr. Rohit Mistry |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-40695555 / 26002177 |
|
Date : |
19.03.2014 |
LOCATIONS
|
Registered Office : |
Plot No. C-30, Block ‘G’, Opposite SIDBI, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-26564000/ 26002177 |
|
Fax No.: |
91-22-26564909 |
|
E-Mail : |
prashant.mehta@shppersstop.com
rohit.mistry@hypercityindia.com
|
|
Website : |
|
|
Area : |
1000 Sq ft |
|
Location : |
Owned |
|
|
|
|
Corporate Office 1 : |
“Paradigm”, A Wing, 1st Floor, Mindspace, |
|
Tel. No.: |
91-22-40695555 |
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Fax No.: |
91-22-40032120 |
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E-Mail : |
|
|
Location : |
Owned |
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|
|
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Corporate Office 2 : |
Eureka Towers, C Wing, Mindspace, Malad (West), Mumbai, Maharashtra,
India |
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|
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|
Retail Stores : |
Located at: ·
Mumbai ·
Thane ·
Jaipur ·
·
·
·
·
|
DIRECTORS
As on: 30.07.2012
|
Name : |
Mr. Chandru Lachmandas Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
12.10.1940 |
|
Qualification : |
L.L.B |
|
Date of Appointment : |
27.05.2004 |
|
PAN No.: |
AAAPR5867Q |
|
DIN No.: |
00027979 |
|
|
|
|
Name : |
Mr. Ravi Chandru Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
23.09.1971 |
|
Qualification : |
B.Com and M.B.A |
|
Date of Appointment : |
27.05.2001 |
|
PAN No.: |
AADPR5769A |
|
DIN No.: |
00028044 |
|
|
|
|
Name : |
Mr. Neel Chandru Raheja |
|
Designation : |
Director |
|
Address : |
Raheja House 53, A Pali Hill, Bandra (West), Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
27.06.1974 |
|
Qualification : |
M.com and L.L.B |
|
Date of Appointment : |
27.05.2004 |
|
PAN No.: |
AAAPR5866R |
|
DIN No.: |
00029010 |
|
|
|
|
Name : |
Mr. Nagesh Satyanarayan Basavanhalli |
|
Designation : |
Vice Chairman |
|
Address : |
Park Plaza, 81 and 82, 8th Floor, B-Wing, New Yari
Road, Versova, Andheri (West), Mumbai –
400 061, Maharashtra, India |
|
Date of Birth/Age : |
12.04.1959 |
|
Qualification : |
Masters Management Studies |
|
Date of Appointment : |
23.05.2005 |
|
PAN No.: |
AAEPB0301K |
|
DIN No.: |
00027595 |
|
|
|
|
Name : |
Mr. Deepak Keshav Ghaisas |
|
Designation : |
Director |
|
Address : |
B/61-62, Swapnashilp, Mahant Road, Vile Parle (East), Mumbai – 400057,
Maharashtra, India |
|
Date of Birth/Age : |
19.11.1957 |
|
Qualification : |
B.Com, A.C.A, A.I.C.W.A, F.C.S |
|
Date of Appointment : |
04.08.2010 |
|
PAN No.: |
AABPG9317P |
|
DIN No.: |
00001811 |
|
|
|
|
Name : |
Mr. Nitin Jagubhai Sanghavi |
|
Designation : |
Director |
|
Address : |
15, Sunningdale Avenue, Leeds 17, London LS177SD, United Kingdom |
|
Date of Birth/Age : |
28.12.1948 |
|
Qualification : |
B.SC (Hons), Msc, PHD, D.M.S.C, F.R.S.A |
|
Date of Appointment : |
23.09.2010 |
|
DIN No.: |
00863107 |
|
|
|
|
Name : |
Mr. Govind Shridhar Shrikhande |
|
Designation : |
Director |
|
Address : |
Flat No. 1801, 18th Floor, Brooke Villa, Mughal Lane,
Matunga (West), Mumbai – 400 016, Maharashtra, India |
|
Date of Birth/Age : |
07.09.1960 |
|
Qualification : |
Graduate-Textiles and M.B.A |
|
Date of Appointment : |
25.07.2011 |
|
PAN No.: |
AMTPS0849J |
|
DIN No.: |
00029419 |
KEY EXECUTIVES
|
Name : |
Mr. Bharat Kanaklal Sanghavi |
|
Designation : |
Company Secretary and Manager |
|
Address : |
202, Bhoomi Garden, Mahavir Nagar, Kandivali (West), Mumbai – 400067,
Maharashtra, India |
|
Date of Birth/Age : |
05.04.1971 |
|
Date of Appointment : |
01.09.2010 |
|
PAN No.: |
APRPS4260C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.07.2012
|
Names of Shareholders |
|
No. of Equity
Shares |
|
|
|
|
|
Support Properties Private Limited jointly with Anbee Construction
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Cape Trading Private
Limited, |
|
1 |
|
Support Properties Private Limited jointly with Capstan Trading
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Casa Maria Properties
Private Limited, |
|
1 |
|
Support Properties Private Limited jointly with Palm Shelter Estate
Development Private Limited, |
|
1 |
|
Shopper’s Stop Limited, |
|
484500 |
|
Support Properties Private Limited, |
|
227995 |
|
Eternus Logistics Private Limited, |
|
228000 |
|
Palm Shelter Estate Development Private Limited , |
|
950 |
|
Anbee Construction Private Limited, |
|
950 |
|
Cape Trading Private Limited, |
|
950 |
|
Capstan Trading Private Limited, |
|
950 |
|
Casa Maria Properties Private Limited, |
|
950 |
|
Raghukool Estate Development Private Limited, |
|
950 |
|
|
|
950 |
|
Chandru Lachmandas Raheja |
|
950 |
|
Jyoti Chandru Raheja |
|
950 |
|
Neel Chandru Raheja |
|
950 |
|
|
|
|
|
Total |
|
950000 |
As on: 30.07.2012
|
Names of Shareholders |
|
No. of
Preference Shares |
|
Casa Maria Properties Private Limited, India |
|
279000 |
|
Raghukool Estate Development Private Limited, India |
|
279000 |
|
Capstan Trading Private Limited, India |
|
279000 |
|
Palm Shelter Estate Development Private Limited, India |
|
279000 |
|
Anbee Constructions Private Limited, India |
|
279000 |
|
Cape Trading Private Limited, India |
|
279000 |
|
Chandru L Raheja |
|
279000 |
|
Jyoti C Raheja |
|
279000 |
|
Ravi C Raheja |
|
279000 |
|
Neel C Raheja |
|
279000 |
|
Shopper’s Stop Limited, India |
|
199990000 |
|
K Raheja Corp Private Limited |
|
55437255 |
|
Support Properties Private Limited, India |
|
66960000 |
|
Eternus Logistics Private Limited, India |
|
66960000 |
|
|
|
|
|
Total |
|
392137255 |
(AS ON 27.12.2012)
|
Names of Allottees (Preference
Shares) |
|
No. of Shares
Allotted |
|
|
|
|
|
Shopper’s Stop Limited, India |
|
11730000 |
|
K Raheja Corp Private Limited, India |
|
11270000 |
|
|
|
|
|
Total |
|
23000000 |
(AS ON 28.06.2013)
|
Names of Allottees (Preference
Shares) |
|
No. of Shares
Allotted |
|
|
|
|
|
Shopper’s Stop Limited, India |
|
10200000 |
|
Genext Hardware and Parks Private Limited, India |
|
9800000 |
|
|
|
|
|
Total |
|
20000000 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.07.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
99.60 |
|
Directors or relatives of directors |
|
0.40 |
|
|
|
|
|
Total
|
|
100.00 |
%20LIMITED%20-%20259244_MIRA%2021-Mar-2014_files/image002.gif)
BUSINESS DETAILS
|
Line of Business : |
The company mainly operates in Retail Operations i.e. Trading of Food
Products, Household Items and Apparels. |
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|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
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Bankers : |
· ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th - 32nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding Company : |
·
Shoppers Stop Limited CIN No.: L51900MH1997PLC108798 |
|
|
|
|
Fellow Subsidiaries : |
·
Crossword Bookstores Limited CIN No.: U52396MH1999PLC122528 · Gateway Multichannel Retail (India) Limited (From 14th November 2011) CIN No.: U52100MH2007PLC170243 |
|
|
|
|
Companies under common control/ Significant influence : |
·
Avacado Properties and Trading India Private
Limited CIN
No.: U70100MH2002PTC137766 ·
Ivory Properties and Hotels Private Limited CIN
No.: U70100MH1982PTC026374 ·
Inorbit Malls(India) Private Limited CIN
No.: U45200MH1999PTC117748 ·
Trion Properties Private Limited CIN
No.: U45200MH2005PTC157367 ·
K. Raheja Private Limited CIN
No.: U45200MH1973PTC017018 · Magna Warehousing and Distribution Private Limited CIN No.: U60232KA2005PTC054207 |
|
|
|
|
Joint Venture : |
·
Gateway Multichannel Retail (India) Limited (up
13th November, 2011) CIN
No.: U52100MH2007PLC170243 |
CAPITAL STRUCTURE
As on: 30.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
405000000 |
Preference Shares |
Rs.10/- each |
Rs.4050.000 Millions |
|
|
Total |
|
Rs.4100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500
Millions |
|
392137255 |
Preference Shares |
Rs.10/- each |
Rs.3921.373
Millions |
|
|
Total |
|
Rs.3930.873 Millions |
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
405000000 |
Preference Shares |
Rs.10/- each |
Rs.4050.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.4100.000
Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
950000 |
Equity Shares |
Rs.10/- each |
Rs.9.500
Millions |
|
460137300 |
Preference Shares |
Rs.10/- each |
Rs. 4601.373
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.4610.873 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4610.873 |
3720.873 |
2799.500 |
|
(b) Reserves & Surplus |
(4517.583) |
(3640.266) |
(2753.879) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
93.290 |
80.607 |
45.621 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1372.500 |
1447.499 |
1472.788 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
4.149 |
|
Total Non-current Liabilities (3) |
1372.500 |
1447.499 |
1476.937 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
979.310 |
917.978 |
636.636 |
|
(b) Trade payables |
690.106 |
594.654 |
461.639 |
|
(c) Other current liabilities |
210.276 |
258.914 |
292.147 |
|
(d) Short-term provisions |
7.960 |
5.169 |
2.724 |
|
Total Current Liabilities (4) |
1887.652 |
1776.715 |
1393.146 |
|
|
|
|
|
|
TOTAL |
3353.442 |
3304.821 |
2915.704 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1494.678 |
1597.459 |
1408.648 |
|
(ii) Intangible Assets |
80.391 |
77.743 |
37.223 |
|
(iii) Capital work-in-progress |
41.850 |
11.283 |
54.603 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
26.748 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
474.135 |
431.812 |
387.874 |
|
(e) Other Non-current assets |
12.998 |
33.697 |
0.000 |
|
Total Non-Current Assets |
2104.052 |
2151.994 |
1915.096 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
982.287 |
923.013 |
707.749 |
|
(c) Trade receivables |
74.094 |
33.687 |
57.775 |
|
(d) Cash and cash equivalents |
74.633 |
37.535 |
92.107 |
|
(e) Short-term loans and advances |
94.676 |
137.410 |
78.498 |
|
(f) Other current assets |
23.700 |
21.182 |
64.479 |
|
Total Current Assets |
1249.390 |
1152.827 |
1000.608 |
|
|
|
|
|
|
TOTAL |
3353.442 |
3304.821 |
2915.704 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
7802.302 |
7220.507 |
5671.569 |
|
|
|
Other Income |
19.361 |
30.697 |
36.365 |
|
|
|
TOTAL (A) |
7821.663 |
7251.204 |
5707.934 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
6122.407 |
5931.689 |
4664.279 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(59.274) |
(215.264) |
(165.097) |
|
|
|
Employee benefit expense |
604.994 |
577.213 |
446.069 |
|
|
|
Other expenses |
1489.089 |
1362.925 |
1048.549 |
|
|
|
TOTAL (B) |
8157.216 |
7656.563 |
5993.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(335.553) |
(405.359) |
(285.866) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
328.110 |
320.258 |
273.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(663.663) |
(725.617) |
(559.504) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
213.654 |
160.770 |
126.602 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(877.317) |
(886.387) |
(686.106) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(877.317) |
(886.387) |
(686.106) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3640.266) |
(2753.879) |
(2067.773) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(4517.583) |
(3640.266) |
(2753.879) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Foreign currency and foreign credit Card collection on sale of
merchandise |
113.380 |
112.927 |
97.329 |
|
|
TOTAL EARNINGS |
113.380 |
112.927 |
97.329 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Merchandise |
155.181 |
111.211 |
87.189 |
|
|
|
Capital Goods |
1.452 |
2.197 |
8.226 |
|
|
|
Software |
2.083 |
1.223 |
2.755 |
|
|
TOTAL IMPORTS |
158.716 |
114.631 |
98.170 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1269.24) |
(1201.94) |
(925.89) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(11.21) |
(12.22) |
(12.02) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(11.25) |
(12.28) |
(12.10) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(26.49) |
(26.91) |
(24.21) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(9.41) |
(10.99) |
(15.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
25.21 |
29.35 |
46.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.65 |
0.71 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2,799.500 |
3,720.873 |
4,610.873 |
|
Reserves & Surplus |
(2,753.879) |
(3,640.266) |
(4,517.583) |
|
Net
worth |
45.621 |
80.607 |
93.290 |
|
|
|
|
|
|
long-term borrowings |
1,472.788 |
1,447.499 |
1,372.500 |
|
Short term borrowings |
636.636 |
917.978 |
979.310 |
|
Total
borrowings |
2,109.424 |
2,365.477 |
2,351.810 |
|
Debt/Equity
ratio |
46.238 |
29.346 |
25.210 |
%20LIMITED%20-%20259244_MIRA%2021-Mar-2014_files/image004.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5,671.569 |
7,220.507 |
7,802.302 |
|
|
|
27.311 |
8.058 |
%20LIMITED%20-%20259244_MIRA%2021-Mar-2014_files/image006.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5,671.569 |
7,220.507 |
7,802.302 |
|
Profit |
(686.106) |
(886.387) |
(877.317) |
|
|
(12.10)% |
(12.28)% |
(11.24)% |
%20LIMITED%20-%20259244_MIRA%2021-Mar-2014_files/image008.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
50.000 |
130.000 |
176.668 |
|
|
|
|
|
|
Total |
50.000 |
130.000 |
176.668 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
50.000 |
130.000 |
176.668 |
|
|
|
|
|
|
Total |
50.000 |
130.000 |
176.668 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Loans and advance from related parties |
835.000 |
860.000 |
|
|
|
|
|
Total |
835.000 |
860.000 |
NOTE: The Registered Office of the company has been shifted
from Construction House, ‘A’ 24th Road, Khar (West), Mumbai -
400052, Maharashtra, India to the present address w.e.f. 08.07.2008.
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:- Bombay |
|||||||
|
|
|||||||
|
Lodging No:- |
|
Filing Date:- |
|
Reg. No.:- |
|
Reg. Date:- |
|
|
|
|||||||
|
Petitioner:- |
IVORY PROPERTIES AND HOTELS PRIVATE LIMITED |
Respondent:- |
HYPERCITY RETAIL INDIA LIMITED |
||||
|
Petn. Adv.: |
HARIANI AND COMPANY (0) |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
SINGLE |
||||||
|
Status:- |
Pre-Admission |
Category:- |
|
||||
|
|
|
|
FOR REJECTION [ORIGINAL SIDE MATTERS] |
||||
|
|
|||||||
|
Act:- |
Code of Civil Procedure 1908 |
|
|
||||
COMPANY BACKGROUND
The company was
incorporated on May 27, 2004 as a Private Limited Company. The Company became a
Public Limited Company on March 30, 2007. The Company is engaged in the
business of retailing mainly food and grocery, health and beauty products,
fruits and vegetables, home ware and homecare products, furniture, appliances,
multimedia, sports, toys and readymade garments. The Company has recently made
a foray into the Real Estate business. As at 31 March 2012, the Company
operated through 12 Hypercity stores located in different cities of India.
PERFORMANCE REVIEW
During the year, the total revenues (net of taxes) of the Company was Rs.7589.300 millions (previous year Rs. 7070.265 millions), registering a growth of 7.3 %, year on year basis.
The Company has operated 12 stores for full year and has got same store sales growth of 4.5% over the preceding year.
Gross Margin was at 20.9% (against 20.7% Previous year*). Like to Like Opex growth (excluding rentals) was 0.4% and SOH income grew by 30% on Like to Like basis.
The above helped the Company achieve positive chain level Store EBIDTA for 7 consecutive quarters. Store EBIDTA for the FY12-13 is at Rs 42.800 Millions (previous year Rs (3.800) millions). LTL Store EBIDTA was Rs. 101.900 millions (previous year Rs 37.500 millions)
The Company added 0.275 million Discovery club members during the year and total member base increased to 0.659 million. Discovery club contributed 56% to overall sales mix.
During the year company transferred low margin Mobile business to 3 rd party operator and also right sized Amritsar store by reducing the chargeable area from 141k sq. ft to 62k sq. ft.
* Previous year numbers are adjusted for Mobile business transferred to 3rd party operator.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10436453 |
03/07/2013 |
500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B79447595 |
|
2 |
10348733 |
17/10/2012 * |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B60330594 |
|
3 |
10310399 |
26/12/2011 * |
750,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B30294359 |
|
4 |
10230974 |
09/04/2012 * |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B37003878 |
|
5 |
10007721 |
08/11/2012 * |
450,000,000.00 |
IDBI BANK LIMITED |
47, Opus Centre, Opp. Tunga Paradise, Central Road, MIDC, Andheri (East), MUMBAI, Maharashtra - 400093, INDIA |
B61711123 |
|
6 |
10027473 |
10/12/2010 * |
200,000,000.00 |
INDIAN OVERSEAS BANK |
BANDRA (WEST) BRANCH, RADHASWAMI APARTMENTS, 36TH TPS III, MUMBAI, Maharashtra - 400050, INDIA |
B02504520 |
* Date of charge modification
FIXED ASSETS:
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Other equipments
·
Computer
·
Leasehold Improvements
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. 62.24 |
|
|
1 |
Rs. 99.90 |
|
Euro |
1 |
Rs. 84.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.