MIRA
INFORM REPORT
|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE VALUE RETAIL LIMTED (w.e.f.
16.11.2009) |
|
|
|
|
Formerly Known
As : |
PANTALOON FUTURE VENTURES LIMITED |
|
|
|
|
Registered
Office : |
Knowledge House, Shyam Nagar,
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of
Incorporation : |
11.06.2007 |
|
|
|
|
Com. Reg. No.: |
11-171524 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 665.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52100MH2007PLC171524 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF05801F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECP3041P |
|
|
|
|
Legal Form : |
A Closely Held Pubic Limited Liability Company |
|
|
|
|
Line of Business
: |
Retail Chain Business of Food and Other Items. |
|
|
|
|
No. of Employees
: |
Information declined by management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 49000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of Pantaloon Retail (India) Limited. It is an established
company having a fine track record. Financials are for 18 months (i.e July 2011
– December 2012). As per available financial, the financial position of the
company appears to be sound. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered good 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.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 Facilities: A |
|
Rating Explanation |
Adequate Degree of safety and low credit risk. |
|
Date |
21st June 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
21st June 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (91-22-61994023)
LOCATIONS
|
Registered Office / Zonal Office 1 : |
Knowledge House, Shyam Nagar,
|
|
Tel. No.: |
91-22-30841300 / 67840400 |
|
Fax No.: |
91-22-66442222 / 67840400 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Future Retail Home Office, 247, Park Tower C, 9th Floor,
LBS Marg, Vikhroli
(West), Mumbai-400079, Maharashtra, India |
|
Tel No.: |
91-22-6119000 |
|
|
|
|
Zonal Office 2 : |
Plot No.82, Sector-32, Gurgaon, Haryana, India |
|
Tel No.: |
91-124-44641000 |
|
E-mail: |
|
|
Website: |
|
|
|
|
|
Branch Offices : |
Located At:
|
DIRECTORS
As on 21.03.2013
|
Name : |
Mr. Chandra Prakash Toshniwal |
|
Designation : |
Director |
|
Address : |
Kanishka, Great Eastern Link, Ram Mandir
Road, Goregaon (West), Mumbai – 400 062, Maharashtra, India |
|
Date of Birth/Age : |
20.09.1966 |
|
Qualification: |
Chartered Accountant and Company Secretary |
|
Date of Appointment : |
11.06.2007 |
|
DIN No.: |
00036303 |
|
|
|
|
Name : |
Mr. Vivek Biyani |
|
Designation : |
Director |
|
Address : |
304, Jeevan Vihar, Manav Mandir Road, Malabar
Hill, Mumbai-400006, Maharashtra, India |
|
Qualification: |
Graduation in
Business Administration |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
01977838 |
|
|
|
|
Name : |
Mr. Rakesh Biyani |
|
Designation : |
Director |
|
Address : |
304, Jeevan Vihar,
Manav Mandir Road,
Malabar Hill, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
05.04.1972 |
|
Qualification: |
MBA |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
00005806 |
|
|
|
|
Name : |
Mr. Vijay Kumar Chopra |
|
Designation : |
Nominee Director |
|
Address : |
Flat No. 4A, 4th Floor, Harmony Tower, Dr. R. Moses Road, Worli, Mumbai – 400018, Maharashtra,
India |
|
Date of Birth/Age : |
06.03.1946 |
|
Qualification: |
B.com, FCA |
|
Date of Appointment : |
21.03.2013 |
|
DIN No.: |
02103940 |
KEY EXECUTIVES
|
Name : |
Mr. Kuldeep R Sharma |
|
Designation : |
Secretary |
|
Address : |
601/A, Shiv Parvati, Chincholi Bunder Road, Malad(West), Mumbai –
400064, Maharashtra, India |
|
Date of Appointment : |
15.11.2010 |
|
PAN No.: |
AAFPS9218R |
|
|
|
|
Name : |
Mr. Harshad Prabhu
|
|
Designation : |
Accounts Manager |
|
|
|
|
AUDIT
COMMITTEE: |
|
|
|
|
|
Name : |
Mr. C P Toshniwal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Vivek Biyani |
|
Designation : |
Member (w.e.f. 25
February 2013) |
|
|
|
|
Name : |
Mr. Damodar Mall |
|
Designation : |
Member (w.e.f. 13 May
2011 upto 25 February 2013) |
|
|
|
|
Name : |
Mr. Raghu Pillai |
|
Designation : |
Member (w.e.f. 6 January
2011 upto 10 April 2011) |
|
|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Member (w.e.f. 10
February 2012 upto 18 May 2012) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 21.03.2013
|
Names of Shareholders |
No. of Shares |
|
Pantaloon Retail (India) Limited, India |
66499906 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Rajesh Kalyani |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Chandra Prakash Toshniwal |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Sanjay Rathi |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Dinesh Maheshwari |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Vimal Dhurve |
1 |
|
Pantaloon Retail (India) Limited, India Jointly with Mr. Milind Budhakar |
1 |
|
Total |
66499912 |
Equity Share Break up (Percentage of Total Equity)
As on 21.03.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retail Chain Business of Food and Other Items. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management
|
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|
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|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
NGS and Company Chartered Accountants |
|
Address : |
B-46, 3rd Floor, Pravasi
Industrial Estate, Vishweshwar Nagar
Road, Goregaon (West), Mumbai-400063, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFS3313D |
|
|
|
|
Holding Company: |
·
Pantaloon Retail (India) Limited ·
Future Retail Limited, India CIN: L52399MH1987PLC044954 |
|
|
|
|
Subsidiary Company: |
·
Future Freshfoods
Limited, India CIN: U01403MH2010PLC201760 |
|
|
|
|
Fellow Subsidiaries: |
·
Future Media (India) Limited, India CIN: U74300MH2006PLC160375 ·
Future Agrovet Limited,
India CIN: U15100MH2005PLC152599 ·
Future Supply Chain Solutions Limited, India CIN: U63030MH2006PLC160376 ·
FSC Brand Distribution Services Limited, India CIN: U51109MH2008PLC189032 ·
Future E-Commerce Infrastructure Limited, India CIN: U52399MH2007PLC171178 ·
Future Lifestyle Fashions Limited, India (formerly known as Future Value Fashion
Retail Limited) (w.e.f. 31 May 2012) CIN: U52100MH2012PLC231654 ·
Splendor Fitness Private Limited, India (till 29
June 2012) CIN: U93020MH2006PTC166332 ·
Capital First Limited, India (Formerly known as Future Capital Holdings
Limited) (till September 27, 2012) CIN: L29120MH2005PLC156795 |
|
|
|
|
Associates: |
·
Galaxy Entertainment Corporation Limited, India CIN: L51900MH1981PLC024988 |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,000,000 |
Equity Shares |
Rs. 10 each |
Rs. 1000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
66,499,912 |
Equity Shares |
Rs. 10 each |
Rs. 665.000 millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
665.000 |
665.000 |
|
(b) Reserves & Surplus |
|
11648.900 |
10748.600 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
12313.900 |
11413.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
23495.900 |
21303.000 |
|
(b) Deferred tax liabilities (Net) |
|
1241.200 |
780.000 |
|
(c) Other long term liabilities |
|
2550.000 |
0.000 |
|
(d) long-term provisions |
|
52.600 |
71.000 |
|
Total Non-current
Liabilities (3) |
|
27339.700 |
22154.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
11334.200 |
3882.300 |
|
(b) Trade payables |
|
8977.500 |
8216.700 |
|
(c) Other current
liabilities |
|
3852.900 |
2792.000 |
|
(d) Short-term provisions |
|
103.400 |
153.500 |
|
Total Current Liabilities
(4) |
|
24268.000 |
15044.500 |
|
|
|
|
|
|
TOTAL |
|
63921.600 |
48612.100 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
20284.100 |
14618.100 |
|
(ii) Intangible Assets |
|
1054.800 |
1319.800 |
|
(iii) Capital
work-in-progress |
|
3316.200 |
2382.800 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.200 |
97.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
6747.400 |
4845.700 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
31402.700 |
23264.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
117.200 |
2.200 |
|
(b) Inventories |
|
22304.700 |
18229.700 |
|
(c) Trade receivables |
|
2179.900 |
2122.600 |
|
(d) Cash and cash
equivalents |
|
811.500 |
409.500 |
|
(e) Short-term loans
and advances |
|
7078.300 |
4545.400 |
|
(f) Other current
assets |
|
27.300 |
38.700 |
|
Total Current Assets |
|
32518.900 |
25348.100 |
|
|
|
|
|
|
TOTAL |
|
63921.600 |
48612.100 |
|
SOURCES OF FUNDS |
|
|
30.06.2010 (15 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
665.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9618.600 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10283.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
12976.300 |
|
|
2] Unsecured Loans |
|
|
2313.400 |
|
|
TOTAL BORROWING |
|
|
15289.700 |
|
|
DEFERRED TAX LIABILITIES |
|
|
563.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
26136.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
12070.300 |
|
|
Capital work-in-progress |
|
|
2240.700 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
2.400 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
11325.400
|
|
|
Sundry Debtors |
|
|
1475.000
|
|
|
Cash & Bank Balances |
|
|
634.800
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
6060.900
|
|
Total
Current Assets |
|
|
19496.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3074.700 |
|
|
Current Liabilities |
|
|
4404.900
|
|
|
Provisions |
|
|
193.600
|
|
Total
Current Liabilities |
|
|
7673.200
|
|
|
Net Current Assets |
|
|
11822.900
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
26136.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
30.06.2010 (15 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales and Operating Income |
110362.200 |
69248.300 |
29917.100 |
|
|
|
Other Income |
86.700 |
37.700 |
11.000 |
|
|
|
TOTAL (A) |
110448.900 |
69286.000 |
29928.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes in inventories |
0.000 |
0.000 |
22656.000 |
|
|
|
Manufacturing service cost |
0.000 |
0.000 |
541.500 |
|
|
|
Administrative selling other Expenses |
0.000 |
0.000 |
3304.600 |
|
|
|
Purchases of stock-in-trade |
86626.500 |
58734.500 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(4075.500) |
(6952.900) |
0.000 |
|
|
|
Employee benefit expense |
4125.200 |
2604.700 |
1144.600 |
|
|
|
Other expenses |
15347.500 |
9679.300 |
0.000 |
|
|
|
Exceptional items |
(669.200) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
101354.500 |
64065.600 |
27646.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9094.400 |
5220.400 |
2281.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5140.400 |
2316.500 |
1030.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3954.000 |
2903.900 |
1251.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2592.400 |
1211.800 |
504.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1361.600 |
1692.100 |
746.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
461.200 |
562.100 |
240.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) AFTER TAX (G-H) (I) |
900.400 |
1130.000 |
506.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1134.100 |
254.100 |
(1.900) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Debenture Redemption Reserve |
NA |
250.000 |
250.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1134.100 |
254.100 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings through credit cards |
291.900 |
204.200 |
92.100 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
374.900 |
220.300 |
32.400 |
|
|
|
Finished Goods |
1483.100 |
1077.400 |
222.200 |
|
|
TOTAL IMPORTS |
1858.000 |
1297.700 |
254.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.54 |
16.99 |
13.99 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 (18 Months) |
30.06.2011 (12 Months) |
30.06.2010 (15 Months) |
|
PAT / Total Income |
(%) |
0.82
|
1.63
|
1.69
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.23
|
2.44
|
2.49
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.25
|
3.67
|
2.36
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.15
|
0.07
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.83
|
2.21
|
1.49
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34
|
1.68
|
2.54
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Particular |
|
30.06.2011 |
31.12.2012 |
|
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
|
665.000 |
665.000 |
|
Reserves & Surplus |
|
10,748.600 |
11,648.900 |
|
Share Application money
pending allotment |
|
37.613 |
0.000 |
|
Net worth |
|
11,451.213 |
12,313.900 |
|
|
|
|
|
|
long-term borrowings |
|
21,303.000 |
23,495.900 |
|
Short term borrowings |
|
3,882.300 |
11,334.200 |
|
Total
borrowings |
|
25,185.300 |
34,830.100 |
|
Debt/Equity
ratio |
|
2.199 |
2.829 |
YEAR ON YEAR GROWTH
|
Year
on Year Growth |
30.06.2010 |
30.06.2011 |
31.12.2012 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
29917.100 |
69248.300 |
110362.200 |
|
|
|
131.467 |
59.372 |
NET PROFIT MARGIN
|
Net Profit
Margin |
30.06.2010 |
30.06.2011 |
31.12.2012 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
29917.100 |
69248.300 |
110362.200 |
|
Profit After Tax |
506.000 |
1130.000 |
900.400 |
|
|
1.69% |
1.63% |
0.82% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.12.2012 (18 Months) (Rs. in Millions) |
30.06.2011 (12
Months) (Rs. in Millions) |
30.06.2010 (15 Months) (Rs. in Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
2258.100 |
1837.000 |
NA |
|
|
|
|
|
|
Total |
2258.100 |
1837.000 |
NA |
|
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 |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE
DETAILS
BENCH:-BOMBAY
|
Presentation Date:- |
17/04/2014 |
|
||||
|
|
Lodging No.:- |
CPL/256/2014 |
Filing Date:- |
17/04/2014 |
|
|
|
|
Petitioner:- |
TRENT HYPERMARKET
LIMITED |
Respondent:- |
FUTURE VALUE RETAIL LIMITED CIN - U52100MH2007PLC171524 |
|
|
|
Petn.Adv.:- |
WADIA GHANDY AND COMPANY ( 628) |
Resp.Adv.:- |
-- |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
SINGLE |
|
|
|
|
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439
COMPANIES ACT |
|
|
|
Last Date:- |
25/04/2014 |
Stage:- |
|
|
|
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR.
MASTER |
|
|
|
Act :- |
Companies Act & Rules 1956 |
Under Section:- |
433(E), 434 &439 |
|
REVIEW OF
PERFORMANCE
The review is for the financial period of eighteen months pursuant to extension
of the present accounting period by six months. Retail business of the Company
has been showing growth trend in spite of economy slowdown in entire retail
industry during the financial period. The Company is in Value Retail segment. Income from Operations during the financial
period was at Rs.110362.200 Millions which was at Rs.
69248.300 Millions during the financial year of 2010-11. PBDIT stood at
Rs.692.400 Millions in during the financial period of 2011-12, which was at
Rs.1692.200 Millions in the previous year. PAT for the financial period was
Rs.900.400 Millions, which was at Rs.1130.000 Millions for the preceding year.
Various factors as increased interest costs and other operating costs have
impacted profitability. However, the
Company has now taken corrective steps and strategic decisions to control the
various operating costs and further the decision to merge operations (explained
hereunder in more detail) would also enable the management to reduce double
costs and use the core competency of management teams for the benefits of the
business.
As explained above, since the current financial period was of eighteen
months, accordingly, the current financial period result is not comparable with
the previous financial period, which was of twelve months.
UNSECURED LOAN
|
PARTICULARS |
31.12.2012 (18 Months) (Rs. in Millions) |
30.06.2011 (12
Months) (Rs. in Millions) |
|
Long-term
Borrowings |
|
|
|
Fully convertible debentures others |
6850.000 |
6850.000 |
|
Rupee term loans from banks |
0.000 |
2176.700 |
|
Short-term
borrowings |
|
|
|
Intercorporate borrowings |
145.000 |
0.000 |
|
|
|
|
|
Total |
6995.000 |
9026.700 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10431809 |
11/06/2013 |
6,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG,
WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B77256238 |
|
2 |
10433078 |
11/06/2013 |
1,500,000,000.00 |
CORPORATION BANK LIMITED |
MID CORPORATE BRANCH, VEENA CHAMBERS, 21, DALAL |
B77985752 |
|
3 |
10424211 |
10/04/2013 |
2,000,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B74607078 |
|
4 |
10419685 |
25/03/2013 |
1,000,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B73183543 |
|
5 |
10418634 |
18/03/2013 |
1,500,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B72866106 |
|
6 |
10418631 |
18/03/2013 |
2,500,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B72865926 |
|
7 |
10387813 |
01/11/2012 |
1,250,000,000.00 |
CORPORATION BANK LIMITED |
MID CORPORATE BRANCH, VEENA CHAMBERS, 21, DALAL |
B62493572 |
|
8 |
10382442 |
25/01/2013 * |
650,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY DYEING MILL COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI, MAHARASHTRA - 400025, INDIA |
B70186895 |
|
9 |
10380448 |
17/09/2012 |
2,000,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BUILDING, 2ND FLOOR, 37
MUMBAI SAMACHAR MARG, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
B59656389 |
|
10 |
10379935 |
13/09/2012 |
1,500,000,000.00 |
DENA BANK |
C-10, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA
- 400051, INDIA |
B59461152 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.12.2012 (18 Months) (Rs. in Millions) |
30.06.2011 (12
Months) (Rs. in Millions) |
|
|
|
|
|
Claims against company not acknowledged as
debt |
15.000 |
2.400 |
|
Guarantees |
116.900 |
703.600 |
|
Other money for which company is
contingently liable |
139.100 |
0.000 |
|
|
|
|
|
TOTAL CONTINGENT LIABILITIES |
271.000 |
706.000 |
FIXED ASSETS
Tangible assets
·
Buildings
·
Office building
·
Plant and equipment
·
Factory equipments
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipments
·
Leasehold improvements
Intangible assets
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.08 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
55 |
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.