MIRA
INFORM REPORT
|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARVIND LIFESTYLE BRANDS LIMITED (w.e.f. 09.06.2008) |
|
|
|
|
Formerly Known
As : |
PINNACLE RISK ADVISORY SERVICES LIMITED ARVIND TELECOM LIMITED |
|
|
|
|
Registered
Office : |
Arvind Mills Premises, Naroda Road, Ahmedabad - 380025, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.02.1995 |
|
|
|
|
Com. Reg. No.: |
04-024598 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.210.501
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64201GJ1995PLC024598 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMF00436C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH7252A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Retailing Apparels. |
|
|
|
|
No. of Employees
: |
3100 (Approximately) |
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 9950000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. The company has incurred loss from its operational activities during
financial year 2013. However, the rating reflects company’s strong growth potential associated
with its diversified brand portfolio spread across all customer and product
segmnt marked by adequate liquidity position and strong financial as well as
managerial support that company receives from its parent company. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. In view of strong holding support, 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
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.2,453.2 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 |
Long term bank facilties: “A” (Structured Obligation) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
October, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1” (Structured Obligation) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
October, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Mani Kandan |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9845197710 |
|
Date : |
24.05.2014 |
LOCATIONS
|
Registered Office/ Corporate Office
: |
Arvind Mills Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India
|
|
Tel. No.: |
91-79-22203030/ 30138000 |
|
Mobile No.: |
91-9845197710 (Mr. Manikanban) |
|
Fax No.: |
91-79-22200267/ 30138680 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
|
|
|
Warehouse : |
Survey No.93, Archakara Halli, No.26/2 and 27/2, Kasaba Hobli,
Ramnagar, Bangalore - 560032, Karnataka, India |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Suresh Jayaraman |
|
Designation : |
Managing Director |
|
Address : |
S02, Magnolai No. 170/5, Defence Colony, 5th Main Indira Nagar,
Bangalore-560038, |
|
Date of Birth/Age : |
25.05.1960 |
|
Qualification : |
BE, MBA |
|
Date of Appointment : |
01.11.2010 |
|
PAN No.: |
AEPPJ7802Q |
|
DIN No.: |
03033110 |
|
|
|
|
Name : |
Mr. Jayesh Kantilal Shah |
|
Designation : |
Director |
|
Address : |
26, Amaltas Bunglows, Vastrapur, Ahmedabad-380015, |
|
Date of Birth/Age : |
25.05.1960 |
|
Qualification : |
ACA |
|
Date of Appointment : |
24.09.2010 |
|
DIN No.: |
00008349 |
|
|
|
|
Name : |
Mr. Sajaybhai Shrenikbhai Lalbhai |
|
Designation : |
Director |
|
Address : |
Lalbaug, Shahibaug, Ahmedabad-388004, |
|
Date of Birth/Age : |
10.04.1954 |
|
Qualification : |
BSC,MMS |
|
Date of Appointment : |
24.09.2010 |
|
DIN No.: |
00008329 |
|
|
|
|
Name : |
Mr. Munesh Khanna |
|
Designation : |
Director |
|
Address : |
Beachwood House, Ground Floor, Jussaawala Wadi, Juhu, Mumbai-400049, |
|
Date of Birth/Age : |
12.05.1962 |
|
Date of Appointment : |
24.09.2010 |
|
DIN No.: |
00202521 |
KEY EXECUTIVES
|
Name : |
Mr. Mani Kandan |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Ankita Pinakinbhai Patel |
|
Designation : |
Secretary |
|
Address : |
57, 3B, Shyamal Row House, Near
Shyamal Cross Road, Satellite, Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
25.05.1960 |
|
Date of Appointment : |
16.07.2012 |
|
PAN No.: |
ASUPP7194A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
Lalbhai Realty Finance Private Limited, |
50090 |
|
Arvind Brands and Retail Limited, |
20000004 |
|
Devanshu S. Desai |
1 |
|
Ramnik V. Bhimani |
1 |
|
Jayesh N. Thakkar |
1 |
|
Hemen H. Joshi |
1 |
|
Rohit S. Jani |
1 |
|
Bharat P. Patel |
1 |
|
Total
|
20050100 |
As on 12.07.2013
|
Names of Allottees |
No. of Shares |
|
Lalbhai Realty Finance Private Limited, |
14998 |
|
Arvind Brands and Retail Limited, |
627002 |
|
Total
|
642000 |
As on 12.07.2013
|
Names of Allottees |
No. of Shares |
|
Arvind Brands and Retail Limited, |
6270002 |
|
Lalbhai Realty Finance Private Limited, |
14998 |
|
Total
|
6285000 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailing Apparels. |
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Products : |
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Brand Name: |
FLYING MACHINE |
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Exports : |
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Products : |
Readymade Garments |
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Countries : |
·
Middle East ·
South Africa |
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Imports : |
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Products : |
Readymade Garments |
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Countries : |
·
Bangladesh ·
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
3100 (Approximately) |
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Bankers : |
· State Bank of India, MID Corporate Group, Commercial Branch, 3rd Floor, Near Mahakant Building, Ellisbridge, Ahmedabad - 380006, Gujarat, India State
Bank of India, Commercial Branch, 3rd Floor, Paramasiddhi Complex,
Near Mahakanth Building, Ahmedabad – 380006, Gujarat, India |
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Facilities : |
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|
Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
Sorab S Engineer and Company Chartered Accountants |
|
Address : |
381, Dr D N Road, Ismail Building, Fort, Mumbai – 400001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS5191E |
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|
|
|
Holding company : |
Arvind Brands and Retail Limited, India CIN No.: U52609GJ2007PLC051974 |
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|
|
|
Ultimate Holding
company: |
Arvind Limited, India CIN No.: L17119GJ1931PLC000093 |
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|
|
|
Fellow Subsidiary
Company : |
· Asman Investments Limited CIN No.: U65910GJ1981PLC004408 Arvind
Retail Limited CIN No.: U18101GJ2007PLC050217 Arvind
Accel Limited CIN No.: U29100GJ2008PLC053226 |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
Aura Securities Private Limited CIN No.: U51909GJ2000PTC038248 |
|
|
|
|
Other Related
Party: |
Tommy Hilfiger Arvind Fashion Private Limited CIN No.: U18101GJ2003PTC046421 |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital : Rs. 500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 273.351 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21050100 |
Equity Shares |
Rs.10/- each |
Rs.210.501
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 |
210.501 |
200.501 |
200.501 |
|
(b) Reserves & Surplus |
2215.312 |
1457.522 |
1323.825 |
|
(c) Money
received against share warrants |
62.850 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2488.663 |
1658.023 |
1524.326 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
505.818 |
536.088 |
135.946 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
89.662 |
59.573 |
|
(c) Other long term liabilities |
99.749 |
82.716 |
54.805 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
605.567 |
708.466 |
250.324 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2895.940 |
1565.985 |
901.362 |
|
(b) Trade payables |
4401.373 |
1765.577 |
1629.664 |
|
(c) Other current
liabilities |
610.030 |
300.601 |
207.771 |
|
(d) Short-term provisions |
72.445 |
47.859 |
57.285 |
|
Total Current Liabilities (4) |
7979.788 |
3680.022 |
2796.082 |
|
|
|
|
|
|
TOTAL |
11074.018 |
6046.511 |
4570.732 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1780.184 |
724.033 |
564.714 |
|
(ii) Intangible Assets |
771.168 |
616.492 |
656.274 |
|
(iii) Capital
work-in-progress |
18.556 |
0.821 |
4.075 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.154 |
350.154 |
0.154 |
|
(c) Deferred tax assets (net) |
106.944 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1118.967 |
494.660 |
582.878 |
|
(e) Other Non-current assets |
1.397 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3797.370 |
2186.160 |
1808.095 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3224.892 |
1396.797 |
1361.728 |
|
(c) Trade receivables |
3284.488 |
2185.066 |
1195.101 |
|
(d) Cash and cash
equivalents |
230.660 |
78.163 |
57.795 |
|
(e) Short-term loans and
advances |
522.247 |
192.166 |
115.891 |
|
(f) Other current assets |
14.361 |
8.159 |
32.122 |
|
Total Current Assets |
7276.648 |
3860.351 |
2762.637 |
|
|
|
|
|
|
TOTAL |
11074.018 |
6046.511 |
4570.732 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12854.715 |
6755.433 |
4165.321 |
|
|
|
Other Income |
74.449 |
40.187 |
36.714 |
|
|
|
TOTAL (A) |
12929.164 |
6795.620 |
4202.035 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
86.498 |
417.974 |
638.371 |
|
|
|
Purchases of Stock in Trade |
6995.880 |
2797.198 |
1740.670 |
|
|
|
Employee benefits expense |
871.962 |
301.782 |
216.103 |
|
|
|
Other expenses |
4825.837 |
2862.900 |
1753.120 |
|
|
|
Changes In inventories of finished goods, work-in-progress and stock-in-trade |
(605.312) |
(189.626) |
(558.858) |
|
|
|
TOTAL (B) |
12174.865 |
6190.228 |
3789.406 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
754.299 |
605.392 |
412.629 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
483.455 |
260.017 |
122.259 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
270.844 |
345.375 |
290.370 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
463.016 |
144.589 |
115.254 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(192.172) |
200.786 |
175.116 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(61.267) |
67.088 |
72.753 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(130.905) |
133.698 |
102.363 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
190.392 |
235.937 |
NA |
|
|
TOTAL EARNINGS |
190.392 |
235.937 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
16.329 |
5.016 |
|
|
|
Accessories |
|
14.125 |
16.206 |
|
|
|
Finished Goods purchased |
|
165.068 |
44.963 |
|
|
TOTAL IMPORTS |
704.991 |
195.522 |
66.185 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(4.97) |
6.67 |
5.11 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.01)
|
1.97
|
2.44
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.49)
|
2.97
|
4.20
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.76)
|
3.53
|
3.83
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
0.12
|
0.11
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.37
|
1.27
|
0.68
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
1.05
|
0.99
|
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 |
200.501 |
200.501 |
210.501 |
|
Reserves & Surplus |
1323.825 |
1457.522 |
2215.312 |
|
Net
worth |
1524.326 |
1658.023 |
2425.813 |
|
|
|
|
|
|
long-term borrowings |
135.946 |
536.088 |
505.818 |
|
Short term borrowings |
901.362 |
1565.985 |
2895.940 |
|
Total
borrowings |
1037.308 |
2102.073 |
3401.758 |
|
Debt/Equity
ratio |
0.681 |
1.268 |
1.402 |
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 |
4165.321 |
6755.433 |
12854.715 |
|
|
|
62.183 |
90.287 |
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 |
4165.321 |
6755.433 |
12854.715 |
|
Profit |
102.363 |
133.698 |
(130.905) |
|
|
2.46% |
1.98% |
(1.02%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
179.403 |
48.770 |
21.971 |
|
|
|
|
|
|
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 |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10446576 |
16/08/2013 |
750,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 3RD FLOOR, PARAMASIDDHI COMPLEX, NEAR MAHAKANTH BUILDING, AHMEDABAD - 380006, GUJARAT, INDIA |
B83787028 |
|
2 |
10446579 |
16/08/2013 |
3,701,200,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 3RD FLOOR, PARAMASIDDHI COMPLEX, NEAR MAHAKANTH BUILDING, AHMEDABAD - 380006, GUJARAT, INDIA |
B83787606 |
|
3 |
10369345 |
12/06/2012 |
250,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 3RD FLOOR, PARAMASIDDHI COMPLEX, NEAR MAHAKANTH BUILDING, AHMEDABAD - 380006, GUJARAT, INDIA |
B45213782 |
|
4 |
10309498 |
06/09/2011 |
200,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP, COMMERCIAL BRANCH,3RD FLOOR, "PARAMSIDDHI" COMPLEX, NEAR MAHAKANT BUILDING, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B22254817 |
|
5 |
10309501 |
25/04/2013 * |
2,155,600,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP, COMMERCIAL BRANCH,3RD FLOOR, "PARAMSIDDHI" COMPLEX, NEAR MAHAKANT BUILDING, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B74901679 |
|
6 |
10275675 |
11/02/2011 |
187,500,000.00 |
BANK OF BARODA |
1ST FLOOR, BANK OF BARODA TOWERS, ELLISBRIDGE, AH MEDABAD - 380006, GUJARAT, INDIA |
B09046319 |
|
7 |
10190135 |
11/02/2011 * |
650,000,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP, COMMERCIAL BRANCH,3RD FLOOR, "PARAMSIDDHI" COMPLEX, NEAR MAHAKANT BUILDING, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B09711425 |
|
8 |
10189726 |
11/02/2011 * |
1,182,800,000.00 |
STATE BANK OF INDIA |
MID CORPORATE GROUP, COMMERCIAL BRANCH,3RD FLOOR, "PARAMSIDDHI" COMPLEX, NEAR MAHAKANT BUILDING, ELLISBRIDGE, AHMEDABAD - 380006, GUJARAT, INDIA |
B09709700 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from banks (Loans from banks carry interest rates ranging from 2.5% to 3.5% above base rate.) |
164.399 |
0.000 |
|
Intercorporate borrowings (Inter Corporate Deposits carry interest rates ranging from 12.25% to 13% per annum.) |
683.409 |
261.892 |
|
Total |
847.808 |
261.892 |
NOTE
The registered office of the compay has been shifted from AAA Houspital Premises, Naroda Road, Ahmedabad – 380025, Gujarat, India to the present address w.e.f. 24.10.2008.
COMPANY BACKGROUND
Subject is engaged in the business of retailing Apparels. ALBL is the pioneers of Apparel Value retailing business in India. With close to 480 stores panning the length and breadth of the country, ALBL showcases some of the best known international brands, the likes of ARROW, GANT, U. S. POLO, IZOD, ELLE, NAUTICA, DEBENHAMS, NEXT apart from our very own brand FLYING MACHINE spread across 5 Lac plus square feet of Retail space. Arvind Retail Limited (ARL) is amalgamated with ALBL during the year and is also engaged in the business of retailing Apparels. ARL is the pioneer of Apparel Value retailing business in India, under the umbrella brand “Megamart”. Megamart today is the largest player in the Branded Apparel Value-Retailing concept. With more than 188 Megamart stores and 9 Large Format stores, Megamart operates with more than 7 Lac square feet of Retail space across India.
OPERATIONS
The Company has posted a sales turnover of Rs. 12854.715 Millions during the year. The operating profit before interest and depreciation stands at Rs. 754.298 Millions.
FIXED ASSETS
v
Tangible
Assets
Plant
and Equipment
Other
plant and Equipment
Furniture
and Fixtures
Vehicles
Motor
Vehicles
Office
Equipment
Computer
Equipments
Other
Equipments
Leasehold
Improvements
v
Intangible Assets
Brands
and Trade Marks
Computer
Software
Licenses
and Franchise
PRESS RELEASE
ARVIND - ARVIND LIFESTYLE BRANDS LTD ENTERS INTO LICENSING
AGREEMENT WITH RELIANCE BRANDS AND ICONIX BRAND GROUP JV FOR ED HARDY BRAND IN
INDIA
January 7, 2013:
Arvind Limited has submitted to BSE a copy of Press Release being issued by Arvind Lifestyle Brands Ltd, a subsidiary of the Company, in respect of Licensing Agreement with Reliance Brands & Iconix Brand Group JV for Ed Hardy Brand in India.
ARVIND LIFESTYLE ACQUIRES INDIA BIZ OF HANESBRANDS
February 12, 2013
Arvind Lifestyle Brands, a subsidiary of Arvind Limited, on Monday, said it had acquired the India operations of U.S.-based Hanesbrands Inc. Arvind is targeting revenues of Rs.5000.000 Millions in the next four years from the business, which includes basic and intimate apparel under Hanes and Wonderbra brands.
This acquisition follows Arvind’s purchase of Debenham’s, Next and Nautica brands in India in September 2012. Last week, it entered into an exclusive agreement to manufacture and distribute Ed Hardy apparel and accessories in India.
Addressing a press conference, Sanjay Lalbhai, Chairman and Managing Director, Arvind, said, “This transaction signals our entry into the highly lucrative market of branded apparel essentials with lingerie and undergarments. This market segment is estimated at over Rs.18000.000 Millions, and is expected to grow over 18 per cent from thereon year-on-year.”
The Indian men’s innerwear market is around Rs.72000.000 Millions while the women’s innerwear market is around Rs.10,800 crore. About 60 per cent of this market is in organised sector.
Hanes has been in India for five years and Arvind plans to increase points of sale from 5,000 to 15,000 in three years.
Without providing details of the transaction, J. Suresh CEO and MD, Arvind Lifestyle Brands, said “There were no assets in terms of stores to take over so it was only a takeover of the stocks amounting to Rs.100.000-150.000 Millions. We will continue to import Wonderbra products but plan to make Hanes locally. We plan to grow Hanes from Rs.450.000 Millions to Rs.5000.000 Millions in four years.’’
“We have focussed on and built a strong position in the Indian men’s wear, women’s wear and kidswear segments and so it was only logical that we look at the branded apparels essentials and lingerie market as the next area of growth,” said Mr. Suresh.
Arvind’s brands and retail business has grown at 38 per cent annually over the last five years and from expected revenues of Rs.17000.000 Millions in 2012-13, it is targeting revenues of Rs.50000.000 Millions by 2018 of which Rs.30000.000 Millions would come from organic growth while the balance through acquisitions, brand launches and joint ventures, Mr. Suresh said.
ARVIND RETAIL MERGES WITH LIFESTYLE BRANDS
Mumbai, June 08,2013
Arvind Lifestyle Brands expecting sales of Rs 50000.000 Millions in next five years with leadership positions in menswear, kidswear and speciality retail
Textiles major Arvind has merged its retail
subsidiary, Arvind Retailwith the brands holding arm, Arvind Lifestyle Brands. Recently, in a mail to suppliers, it
said, “Arvind Retail is merged with Arvind Lifestyle Brands. With effect from
June 1, all invoices will be raised in the name of Arvind Lifestyle Brands.”
The two entities were two separate investment vehicles; we have merged the two
for operational efficiencies. We don’t have any divestment plans in the short
term, said Kulin Lalbhai, executive director of Arvind. Analysts believe the
merged entity might get listed. Lalbhai declined to comment on the matter.
Arvind Lifestyle Brands, which accounts for brands such as Arrow and Ed Hardy,
recorded revenue of Rs 7960.000 Millions in 2012-13.
Arvind Retail, which holds the rights for Megamart, recorded business of Rs
5100.000 Millions in the same period.
Through the next five years, Arvind Lifestyle Brands expects sales of Rs
50000.000 Millions, with leadership positions in the menswear, kidswearand specialty retail segments.
In 2012-13, the company’s brands and retail segment recorded a loss of Rs 2.9
crore, against a loss of Rs 44.800 Millions in 2011-12. Its revenue stood at Rs
14040 .000 Millions, six per cent higher than in 2011-12. Through the next five
years, the company is eyeing a compounded annual growth rate of 29 per cent.
Jignesh Kamani, research analyst with Nirmal Bang Securities, said, “The merger
is for tax purposes and does not have much impact on the financials of the
company.”
In a recent investor presentation, Arvind said it wanted to raise the share of
its brands and retail segment to the revenue from 27 per cent in 2012-13 to 36
per cent in 2015-16. Currently, 68 per cent of the revenue is accounted for by
the textiles segment; other businesses account for three per cent.
Analysts said the return on capital in the brands and retail segment was under
pressure. In 2011-12, it stood at 11.4 per cent, which was lower than its cost
of capital. In 2012-13, it was 10.4 per cent.
Meanwhile, Arvind on Friday said it planned to open 300 stores under its
multi-brand retail format The Arvind Store in five years; 60 of these would be
opened this financial year. The company is eyeing revenues of Rs 6000.000
Millions from The Arvind Store by 2017-18.
ARVIND TO LAUNCH OWN APPAREL BRAND NEXT YEAR
AHMEDABAD, AUG
24:
Leading denim maker Arvind Limited will launch 'Arvind' brand apparels next year to enter the Rs 20000.000- Millions organised branded apparel market in the country.
“We want to create a whole new apparel experience under the Arvind brand now,” Kulin S. Lalbhai, Executive Director, New Initiatives, Arvind Limited, told Business Line on the sidelines of opening of the company’s first flagship 'Arvind Store' in Ahmedabad, its home ground.
Arvind Store
The new format store aims at recreating the Arvind brand into a whole new avatar, he said, adding that the company would just not remain a denim or cotton shirting brand.
“We want to emerge as a complete lifestyle brand, offering accessories as well.”
The Arvind Store will offer premium suiting and shirting fabrics and display brands like Arrow, US POLO Association, Flying Machines, Custom Tailoring and Tresca, besides products from American lifestyle brand Nautica.
New concepts
In addition, it will have customised tailoring solutions and two new concepts namely Studio Arvind and Arvind Denim Lab that will offer customised washed jeans made to order.
He said, with this, Arvind will present for the first time in India hand-crafted Bespoke denim. The garment will be delivered to the customer in 14 days.
Flagship store
The flagship store is different from the existing 120 retail Arvind outlets across India in that it will offer the entire range of Arvind products and services under one roof, right from clothing and ready-mades to designing.
“We have even introduced, for the first time in the world, a self-designing place where a customer can design his or her personalised denims, including the desired stitching, buttons, even his or her name on it.”
Exclusive flagship
stores
Arvind will open two to three similar exclusive flagship stores in the metros in the next few months, and add another 30 stores to its existing chain of retail outlets. Unlike the 1,500-sqft retail outlets, the flagship stores are in large formats of 4,000 sq ft, he said.
Besides, the one-stop-shop flagship store will also have a design studio where the customer could select his or her own designing preferences from start-to-finish. The company plans to roll out The Arvind Store format to over 400 stores in the next five years.
Lalbhai said that India’s apparel market is worth $3.5 billion annually, only about a fourth of which is in the organised sector.
Arvind Limited’s turnover in 2012-13 was Rs 55000.000 Millions, one-third of which came from brands and retail. The company sees a 20 per cent growth this fiscal, he said.
“In the next five years, we plan to make our apparel business worth Rs 6,000 crore.,” he added.
Arvind’s garmenting facility in Bangladesh is expected to commence production in the next six to seven months.
ARVIND TO BE RS 20000.000 MILLIONS MEGA BRAND IN 5 YEARS
Ahmedabad, Gujarat,
June 8, 2013
Arvind Limited, one of India's largest integrated textile and apparel companies, is planning to build the 'brand Arvind' into a Rs 20000.000 Millions brand by FY2017-18. The brand Arvind which is a premium fabric brand for both men's and women's fabrics clocked revenues of close to Rs 5000.000 Millions in the last fiscal, and is an important part of Arvind's overall brands and retail portfolio which touched revenues of Rs 19000.000 Millions in FY2012-13. The four fold growth strategy will see Arvind expand beyond its traditional distribution model with a rapid roll-out of its new retail format 'The Arvind Store' and growing in the premium fabric market with its new brand 'Tresca'.
With 100 Arvind Stores up and running, Arvind Limited is now aiming to grow the format multi-fold to over 400 stores in the next five years. Taking a step away from the conventional look-and-feel, The Arvind Store is a modern and futuristic layout to provide the best of Arvind merchandise under one roof. By exhibiting all of Arvind's finest fabrics, customised tailoring, customised jeans and the best of Arvind's ready-made brands, 'The Arvind Store' is designed as a complete lifestyle destination. The store format provides a comprehensive wardrobe solution to the discerning consumer. The Arvind Store franchise is likely to cross Rs. 6000.000 Millions in revenues by FY 2017-18.
Recently, Arvind Limited introduced its most premium fabric offering 'Tresca' to target the high-end shirting and suiting market. With growing disposable incomes in India, the premium fabric market is a high growth market in which Tresca aims to establish itself as a leading brand. Tresca will offer premium products, contemporary international design and a lifestyle positioning. Arvind aims to build Tresca into a Rs 2500.000 Millions brand over the next 5 years.
Commenting on the plan, Mr. Kulin Lalbhai, Executive Director of Arvind Limited, said, "Our aim is to make Arvind a Rs 20000.000 Millions mega brand in the next five years. It will be made possible with the rapid roll-out of 'The Arvind Store' format which will have over 400 stores and revenues of in excess of Rs. 6000.000 Millions by FY2017-18. Our new premium fabric brand 'Tresca' will target the fast growing premium shirting and suiting fabric market. The 'Brand Arvind' will play a critical role towards Arvind Limited’s vision of building a $1 billion brands and retail business. Our aim for the brand Arvind is to attain a leadership position in the fabric brands and retail market in India."
The Arvind Store aims to substitute the old and weary mom-&-pop channel with modern retail, which matches the aspirations of modern India. It widens the portfolio of products offered to attract the younger customer - casual fabrics, denim fabrics and Arvind Denim Lab- a concept new to the consumer. It plans to access a very large consumption market of more 500 cities which can sustain this model.
"Tresca fabric is made primarily from 3 natural fibres - cotton, linen and wool. Quality is ensured by using the best raw materials and by using cutting edge technologies throughout the production phases from processing the fibre to finishing the fabrics. This fabric brand is designed for a discerning individual who wants to look young and trendy and one who wants to get rid of the boredom of a typical formalwear range," added Mr. Kulin Lalbhai.
Tresca will be made available at leading retail outlets across India and is directly serviced by the company. It will showcase 4 collections in a year with over 2000 designs to choose from.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--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.