MIRA
INFORM REPORT
|
Report Date : |
27.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
INFINITI RETAIL LIMITED (w.e.f. 28.09.2006) |
|
|
|
|
Formerly Known
As : |
VALVES ELECTRONICS LIMITED |
|
|
|
|
Registered
Office : |
Bombay House, 24-Homi Modi Street, Mumbai – 400 001, Maharashtra |
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|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
16.12.2005 |
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|
|
|
Com. Reg. No.: |
11-158120 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3900.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31900MH2005PLC158120 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV13188A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV1726H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Subject is engaged in the business of electronics retail trade through
its Croma Stores. |
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|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3630000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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|
Comments : |
Subject is a subsidiary of ‘Tata Sons Limited’. It is an established
company having a satisfactory track record. Even though the company has recorded some growth in its turnover
during 2013, it has incurred loss from its operations. There are huge accumulated losses recorded by the company. However, it receives better funding support from its group companies. Trade relations are reported as decent. Business is active. Payment
terms are usually correct. In view of strong percentage, the company can be considered for
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the end
of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non-convertible Debentures = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
04.09.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
04.09.2013 |
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 (Tel No.: 91-22-67613600)
LOCATIONS
|
Registered Office : |
Bombay House, 24-Homi Modi Street, Mumbai – 400001, Maharashtra, India
|
|
Tel. No.: |
91-22-67613600 |
|
Fax No.: |
91-22-67101903 / 67103669 |
|
E-Mail : |
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|
Website : |
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|
|
Corporate Office : |
202 Akruti Centre Point, Next to Marol Telephone Exchange, MIDC,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67101900 |
|
Fax No.: |
91-22-67101903 |
|
|
|
|
Croma (Juhu Office) : |
Croma Ground Floor, Vasundhara CHS, Opposite Utpal Shanghvi School, JVPD,
Vile Parle (West), Mumbai – 400049, Maharashtra, India |
|
Tel. No.: |
91-22-67103333 |
|
Fax No.: |
91-22-67107630 |
DIRECTORS
As on 20.12.2013
|
Name : |
Mr. Ajit Joshi |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 802, 8th Floor, Badrinath Towers, Kailash Sarovar
Sankul, Off Seven Bunglow, Versova, Andheri (West), Mumbai – 400 061,
Maharashtra, India |
|
Date of Birth/Age : |
12.05.1960 |
|
Qualification : |
Science Graduate, MBA, Certificates in Food &
Beverages, Diploma in Hotel Administration, Diploma in Hotel Management |
|
Date of Appointment : |
27.11.2006 |
|
DIN No.: |
01265581 |
|
|
|
|
Name : |
Mr. Rajendra R Bhinge |
|
Designation : |
Director |
|
Address : |
83, Landmark Carmichael Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1952 |
|
Date of Appointment : |
16.12.2005 |
|
DIN No.: |
00036557 |
|
PAN No.: |
JRW0961086 |
|
|
|
|
Name : |
Kummamuri Murthy Narasimha |
|
Designation : |
Director |
|
Address : |
1‐2‐593/29, Gaganmahal Colony,
Domalguda, Hyderabad – 500029, Andhra Pradesh, India |
|
Date of Birth/Age : |
13.08.1957 |
|
Date of Appointment : |
20.12.2013 |
|
DIN No.: |
00023046 |
|
|
|
|
Name : |
Mr. Padmanabhan Sankaranarayanan |
|
Designation : |
Director |
|
Address : |
132 Apsara, NCPA Apartments, D Tata Road, Nariman Point,
Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1958 |
|
Date of Appointment : |
20.12.2013 |
|
DIN No.: |
00306299 |
|
|
|
|
Name : |
Mr. Harish Ramananda Bhat |
|
Designation : |
Director |
|
Address : |
No A‐1053, Krest Park Apartments, 39 Old Kanakapura
Road, Basavanagudi, Bangalore – 560004, Karnataka, India |
|
Date of Birth/Age : |
08.11.1962 |
|
Date of Appointment : |
20.12.2013 |
|
DIN No.: |
00478198 |
|
|
|
|
Name : |
Mr. Pankaj K Gupta |
|
Designation : |
Director |
|
Address : |
B 7, Sneh Milan Khandelwal Society, 17th Road, Khar (West),
Mumbai – 400 052, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1972 |
|
Qualification : |
B.Tech-Electronic
Engineering |
|
Date of Appointment : |
16.12.2005 |
|
DIN No.: |
00467066 |
KEY EXECUTIVES
|
Name : |
Mr. Taher Ali |
|
Designation : |
Senior Manager – Legal and Company Secretary |
|
Address : |
Flat No. 804, Wing – C, Nilgiri, Bamandaya Pada, Opp. Custom Colony,
Military Road, Marol, Andheri East, Mumbai – 400072, Maharashtra, India |
|
Date of Birth/Age : |
06.03.1975 |
|
Date of Appointment : |
18.09.2006 |
|
Pan No.: |
AFTPA1071M |
MAJOR SHAREHOLDERS
As on 20.12.2013
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, India |
|
389999994 |
|
Tata Sons Limited, India and
Farokh Nariman Subedar |
|
1 |
|
Tata Sons Limited, India and
Bharat D Vasani |
|
1 |
|
Tata Sons Limited, India and
Rohinton P Wadia |
|
1 |
|
Tata Sons Limited, India and
Kersi Rustom Bhagat |
|
1 |
|
Tata Sons Limited, India and
Eruch N. Kapadia, |
|
1 |
|
Tata Sons Limited, India and
Adil Charna |
|
1 |
|
Total |
|
390000000 |
Equity Share Break up (Percentage of Total Equity)
As on 20.12.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of electronics retail trade through
its Croma Stores. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India ·
Bank of Baroda, Mumbai Main Office, 10/12, M S
Marg, Fort Mumbai-400023, Maharashtra, India ·
The Hongkong and Shanghai Banking Corporation
Limited, 52/60 M G Road, Fort, Mumbai - 400001, Maharashtra, India ·
HSBC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
S.R. Batliboi and Associates Chartered Accountants |
|
Address : |
22, Camac Street, Block C, 3rd Floor, Kolkata-700016, West
Bengal, India |
|
PAN No: |
AABFS3421N |
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|
|
|
|
|
|
Holding Company : |
·
Tata
Sons Limited CIN No.: U99999MH1917PLC000478 |
|
|
|
|
Subsidiary
Company : |
·
Infiniti Wholesale Limited (formerly
Woolworths Wholesale India Private Limited) |
|
|
|
|
Fellow Subsidiary Company : |
·
Tata AIG General Insurance Company Limited ·
Tata AIA Life Insurance Company Limited (formerly
Tata AIG Life Insurance Company Limited) ·
Tata Investment Corporation Limited ·
Tata Capital Limited ·
Tata Consultancy Services Limited ·
Tata Sky Limited ·
Tata Industries Limited ·
Tata Autocomp Systems Limited ·
Drive India Enterprise Solutions Limited ·
Tata Teleservices Limited (till 25th March 2013) ·
Tata Teleservices (Maharashtra) Limited (till
25th March 2013) ·
TC Travel And Services Limited ·
Tata Capital Financial Services Limited ·
CMC Limited ·
TCS e-Serve Limited ·
Tata Housing Development Company Limited |
CAPITAL STRUCTURE
As on 20.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.10/- each |
Rs.6000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
Rs.10/- each
|
Rs.3900.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3,900.000 |
2,800.000 |
2,800.000 |
|
(b) Reserves & Surplus |
(1,186.500) |
(1,890.700) |
(1,079.700) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2,713.500 |
909.300 |
1,720.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,500.000 |
1,500.000 |
750.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
283.300 |
283.600 |
186.500 |
|
(d) long-term provisions |
211.800 |
20.200 |
19.400 |
|
Total Non-current Liabilities (3) |
1,995.100 |
1,803.800 |
955.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
372.900 |
0.000 |
10.500 |
|
(b) Trade payables |
499.200 |
594.800 |
366.700 |
|
(c) Other current
liabilities |
726.400 |
723.800 |
854.400 |
|
(d) Short-term provisions |
161.100 |
446.000 |
41.400 |
|
Total Current Liabilities (4) |
1,759.600 |
1,764.600 |
1,273.000 |
|
|
|
|
|
|
TOTAL |
6,468.200 |
4,477.700 |
3,949.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
967.200 |
887.100 |
843.800 |
|
(ii) Intangible Assets |
143.300 |
95.800 |
110.800 |
|
(iii) Capital
work-in-progress |
5.900 |
32.800 |
32.200 |
|
(iv)
Intangible assets under development |
9.200 |
29.400 |
1.100 |
|
(b) Non-current Investments |
1,907.000 |
0.100 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
745.500 |
647.900 |
599.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3,778.100 |
1,693.100 |
1,586.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
371.600 |
262.300 |
|
(b) Inventories |
2,009.800 |
1,852.100 |
1,448.500 |
|
(c) Trade receivables |
374.400 |
281.900 |
347.900 |
|
(d) Cash and cash
equivalents |
68.700 |
62.000 |
171.200 |
|
(e) Short-term loans and
advances |
237.200 |
217.000 |
132.400 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
2,690.100 |
2,784.600 |
2,362.300 |
|
|
|
|
|
|
TOTAL |
6,468.200 |
4,477.700 |
3,949.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
24,892.700 |
19,708.800 |
15,434.800 |
|
|
|
|
Other Income |
48.000 |
34.500 |
56.600 |
|
|
|
|
TOTAL (A) |
24,940.700 |
19,743.300 |
15,491.400 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Purchase of Stock-in-trade |
21,097.500 |
17,403.700 |
13,825.000 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(157.700 |
(403.600) |
(502.500) |
|
|
|
|
Employee Benefits Expenses |
989.800 |
759.700 |
527.800 |
|
|
|
|
Other Expenses |
3,036.500 |
2,368.100 |
1,945.400 |
|
|
|
|
Exceptional items |
25.900 |
126.200 |
0.000 |
|
|
|
|
Prior period items |
0.000 |
0.000 |
21.100 |
|
|
|
|
TOTAL (B) |
24,992.000 |
20,254.100 |
15,816.800 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(51.300) |
(510.800) |
(325.400) |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
62.800 |
140.700 |
180.200 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(114.100) |
(651.500) |
(505.600) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
169.100 |
142.600 |
108.200 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(283.200) |
(794.100) |
(613.800) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(283.200) |
(794.100) |
(613.800) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(3821.800) |
(3027.700) |
(2413.900) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(4025.000) |
(3821.800) |
(3027.700) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
48.400 |
41.200 |
13.700 |
|
|
|
TOTAL EARNINGS |
48.400 |
41.200 |
13.700 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
(0.62) |
(2.84) |
(2.53) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.14) |
(4.02)
|
(3.96) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.14) |
(4.03)
|
(3.98) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.23) |
(17.98)
|
(15.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.10) |
(0.87)
|
(0.36) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.69 |
1.65 |
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.53 |
1.58 |
1.86 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
2800.000 |
2800.000 |
3900.000 |
|
Reserves & Surplus |
(1,079.700) |
(1,890.700) |
(1,186.500) |
|
Net
worth |
1720.300 |
909.300 |
2713.500 |
|
|
|
|
|
|
long-term borrowings |
750.000 |
1500.000 |
1500.000 |
|
Short term borrowings |
10.500 |
0.000 |
372.900 |
|
Total
borrowings |
760.500 |
1500.000 |
1872.900 |
|
Debt/Equity
ratio |
0.442 |
1.650 |
0.690 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
15,434.800 |
19,708.800 |
24,892.700 |
|
|
|
27.691 |
26.302 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
15,434.800 |
19,708.800 |
24,892.700 |
|
Profit |
(613.800) |
(794.100) |
(283.200) |
|
|
(3.98%) |
(4.03%) |
(1.14%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long term debt |
0.000 |
150.000 |
500.000 |
|
Total |
0.000 |
150.000 |
500.000 |
|
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 |
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 |
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 |
INCOME
The total income for the year ended March 31, 2013 was Rs.24940.700 Millions, recording a growth of 26.3% over the previous financial year. Out of this, Rs.24892.700 Millions was from the Company's core business of consumer durables and IT (CDIT) retailing. The growth from comparable stores was 17.3%.
OPERATING PROFIT
The Company's Operating Profit (PBIT) for the financial year was Rs (114.500) Millions against the previous year's Operating Profit of Rs (527.200) Millions, representing an improvement of 78%. The Operating Margin improved by 220 basis points from (2.7) % to (0.5) %.
PROFIT AFTER TAX
The Company recorded a Net Profit of Rs(203.200) Millions during the period as against Rs(794.100) Millions in the previous financial year, representing an improvement of 74% year-on-year. The Net Margin improved by 321 basis points from (4.0) % to (0.8) %. The Company made its first ever cash profit.
BUSINESS OVERVIEW
During the year, the Company launched 22 new stores and shut down 2 kiosk stores. The total number of operational stores at the end of the year was 92.
The Company continued to be one of the top three Consumer Durables and Information Technology retailers in India by volume. It gained considerable market share in key domestic markets, with comparable store growth recording a robust 17.3%, year-on-year.
The Company created a record by winning the 2012 Most Admired Retailer in the CDIT category for the fifth consecutive year in the widely respected annual awards organized by Images Retail Forum.
During the year, the Company completed roll-out of the Croma Care Centres across all locations. These Centres are equipped to provide superior after-sales service to its customers. This is a long-term, strategic initiative, which will help the Company to offer a tangible benefit to Croma customers in the highly competitive market place.
The Company continued to expand the range of its own brand
of products, which are being received extremely well by the market. The
"Croma" brand was the 5th largest brand of products sold in Croma
stores in the year. The Company plans to expand the offering of
"Croma" branded products in the next few years to improve its
margins.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10455093 |
21/10/2013 |
1,250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B87397535 |
|
2 |
10360658 |
05/06/2012 |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B41610130 |
|
3 |
10072616 |
06/05/2010 * |
600,000,000.00 |
HDFC BANK LIMITED |
HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
A85836302 |
|
4 |
10060065 |
01/10/2013 * |
500,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
52/60 M G Road, Fort, Mumbai, Maharashtra - 400001, India |
B87687018 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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.58.58 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.