MIRA INFORM REPORT
|
Report No. : |
307449 |
|
Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANTALOONS FASHION AND RETAIL LIMITED (w.e.f. 23.04.2013) |
|
|
|
|
Formerly Known
As : |
PETER |
|
|
|
|
Registered
Office : |
701-704, 7th Floor, Skyline Icon Business Park, 86-92 Off A. K. Road, Marol Village, Andheri (East), Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.04.2007 |
|
|
|
|
Com. Reg. No.: |
11-233901 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.933.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101MH2007PLC233901 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP32162E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECP2371C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Retailer of
Apparels and Fashion Accessories. |
|
|
|
|
No. of Employees
: |
5300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “INDIGILD TRADE AND SERVICES LIMITED”. It is
a well-established company having fine track record. The company has incurred losses from its operational activities. However, the rating reflects established position of pantaloons as one
of the largest players in the branded fashion and lifestyle segment back by
financial and managerial support that company receives from its parent
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong holding company 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Loans = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
September 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper Program = A1+ |
|
Rating Explanation |
Very string degree of safety and carry
lowest credit risk. |
|
Date |
September 2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Not Divulged |
|
Designation : |
Operator |
|
Contact No.: |
91-8652905000 |
|
Date : |
09.02.2015 |
LOCATIONS
|
Registered/ Corporate Office : |
701-704, 7th Floor, Skyline Icon Business Park,
86-92 Off A. K. Road, Marol Village, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Tel. No.: |
91-8652905000 |
|
Fax No.: |
91-8652905400 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Stores : |
Located At · Ahmedabad ·
Aurangabad ·
Allahabad ·
Bengaluru ·
Bareilly ·
Bilaspur ·
Bhopal ·
Bhubaneshwar ·
Chennai ·
Chandigarh ·
Coimbatore ·
Cuttack ·
Delhi ·
Dhanbad ·
Guwahati ·
Hyderabad ·
Indore ·
Kanpur ·
Kolkata ·
Lucknow ·
Ludhiana ·
Mangalore ·
Mumbai ·
Mysore ·
Nashik ·
Nagpur ·
Pune ·
Ranchi ·
Rajkot ·
Vadodara ·
Surat ·
Vishakapatnam ·
Siliguri ·
Durgapur |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Pranab Barua* |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. P Murari |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Bharat Patel |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. Rakesh Jain |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Pranab Barua |
|
Designation : |
Director |
|
Address : |
D-1, Cedar Crest, 258, 10th Main, Defence Colony, Indira
Nagar, Bangalore – 560038, Karnataka, India |
|
Date of Birth/Age : |
21.09.1952 |
|
Date of Appointment : |
23.01.2009 |
|
DIN No.: |
00230152 |
KEY EXECUTIVES
|
Name : |
Mr. Shital Mehta |
|
Designation : |
Chief Executive Officer |
|
|
|
|
Name : |
Mr. Manoj Kedia |
|
Designation : |
Chief Financial Officer and
Manager |
|
|
|
|
Name : |
Mr. Chandrashekhar Chavan |
|
Designation : |
Chief People Officer |
|
|
|
|
Name : |
Ms. Geetika Anand Talwar |
|
Designation : |
Company Secretary and
Compliance Officer |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
67390782 |
72.62 |
|
|
67390782 |
72.62 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
67390782 |
72.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
206859 |
0.22 |
|
|
553507 |
0.60 |
|
|
588150 |
0.63 |
|
|
1348516 |
1.45 |
|
|
|
|
|
|
21394780 |
23.06 |
|
|
|
|
|
|
1751464 |
1.89 |
|
|
861250 |
0.93 |
|
|
46737 |
0.05 |
|
|
24048 |
0.03 |
|
|
20 |
0.00 |
|
|
22429 |
0.02 |
|
|
140 |
0.00 |
|
|
100 |
0.00 |
|
|
24054231 |
25.92 |
|
Total Public shareholding (B) |
25402747 |
27.38 |
|
Total (A)+(B) |
92793529 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
92793529 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Indigold Trade And Services Limited |
67390782 |
72.62 |
|
Total |
67390782 |
72.62 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Future Corporate Resources Limited |
12986985 |
14.00 |
|
PIL Industries Limited |
2870242 |
3.09 |
|
Bennett Coleman and Company Limited |
2511315 |
2.71 |
|
Total |
18368542 |
19.80 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public”
and holding more than 5% of the total number of shares of the company
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Future Corporate Resources Limited |
12986985 |
14.00 |
|
Total |
12986985 |
14.00 |
Details of Locked-in Shares
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Indigold Trade And Services Limited |
46477011 |
50.09 |
|
Total |
46477011 |
50.09 |
BUSINESS DETAILS
|
Line of Business : |
Retailer of
Apparels and Fashion Accessories. |
|
|
|
|
Products : |
Apparels and
Fashion Accessories |
|
|
|
|
Brand Names : |
“PANTALOONS” |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT APPLICABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
5300 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Dhanalakshmi Bank Limited, Ground Floor, Janmabhoomi Bhavan, Janmabhoomi Marg, Fort, Mumbai - 400001, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Notes: Short-Term
Borrowings: a. Cash credit is repayable on demand and is secured against first pari passu charge on all current assets both present and future on pari passu with all other lenders (existing and future) CC carries an interest rate of 10.40% to 11% (Previous Year: 13% to 15%). b. Acceptances from banks are unsecured and has a maturity of 45-90 days and carries an interest rate of 11% to 14%. c.
Loans and advances from related parties are
unsecured and repayable on demand and carries an interest rate of 10.5%. d.
Loans and advances others are unsecured and
repayable on demand and carries an interest rate of 9.75% to 13.04%. |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S.R. Batliboi Company And LLP Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
· Indigold Trade and Services Limited |
|
|
|
|
Ultimate Holding
Company : |
· Aditya Birla Nuvo Limited (ABNL) |
|
|
|
|
Fellow Subsidiary :
|
· Madura Garments Lifestyle Retail · Company Limited (MGLRCL) · Aditya Birla Minacs Worldwide Limited · Birla Sun Life Insurance Company Limited |
|
|
|
|
Key Managerial
Personnel has significant influence : |
· Aditya Birla Retail Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
10000000 |
8% Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
15000 |
6% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.1.500 Millions |
|
|
Total |
|
Rs.1101.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92793529 |
Equity Shares |
Rs.10/- each |
Rs.927.900 Millions |
|
500 |
6% Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.0.100 Millions |
|
500000 |
8% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.5.000 Millions |
|
|
Total |
|
Rs.933.000
Millions |
Reconciliation
of the Paid-up Shares Outstanding at the beginning and at the end of the
reporting period
|
Particulars |
Number
of Shares |
Rs. In Millions |
|
Equity Shares |
|
|
|
At the beginning of the year |
500000 |
5.000 |
|
Issued during the year |
92293529 |
922.900 |
|
Outstanding at the end of the year |
92793529 |
927.900 |
|
|
|
|
|
8% Redeemable
Cumulative Preference Shares |
|
|
|
At the beginning of the year |
500000 |
5.000 |
|
Outstanding at the end of the year |
500000 |
5.000 |
|
|
|
|
|
6% Redeemable
Cumulative Preference Shares |
|
|
|
At the beginning of the year |
500 |
0.100 |
|
Outstanding at the end of the year |
500 |
0.100 |
Terms/Rights
Attached to Equity Shares
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution to all preference shareholders. The distribution will be in proportion to the number of the equity shares held by the shareholders.
Terms of Conversion/Redemption of
Preference Shares
500,000 8% Redeemable Cumulative Preference Share of Rs. 10 each fully paid-up (Previous Year: 500,000). Preference shares are entitled to cumulative dividend @ 8% p.a. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. These preference shares are redeemable by the Company at any time after completion of ten years from 31st March, 2009, at the face value. In the event of liquidation of the Company before redemption of preference shares, the holders of preference shares will have priority over equity shares in the payment of dividend and repayment of capital.
500 6% Redeemable Cumulative Preference Share of Rs.100 each fully paid-up (Previous Year: 500).Preference shares are entitled to cumulative dividend @ 6% p.a. The Company declares and pays dividend inIndian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholdersin the ensuing Annual General Meeting. These preference shares are redeemable by the Company at any time after completion of ten years from 14th October, 2009, at the face value. In the event of liquidation of the Company before redemption of preference shares, the holders of preference shares will have priority over equity shares in the payment of dividend and repayment of capital.
Details of
shareholders holding more than 5% Shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares |
|
|
|
Indigold Trade and Services Limited and its nominees (Holding Company) |
63056196 |
67.95% |
|
Future Corporate Resources Limited |
16758974 |
18.06% |
|
|
|
|
|
8%
Redeemable Cumulative Preference Shares of Rs.10 each |
|
|
|
Aditya Birla Nuvo Limited (Ultimate Holding Company) |
500000 |
100% |
|
|
|
|
|
6% Redeemable Cumulative Preference
Shares of Rs.100 each |
|
|
|
Naman Finance and Investment Private Limited |
250 |
50% |
|
Infocyber (India) Private Limited |
250 |
50% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
933.000 |
10.100 |
10.100 |
|
(b) Reserves & Surplus |
4,861.700 |
(778.000) |
2.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Share Suspense Account |
0.000 |
8,463.200 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5,794.700 |
7,695.300 |
12.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
10,150.000 |
4,849.300 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
427.900 |
364.600 |
0.000 |
|
(d) long-term provisions |
56.800 |
22.900 |
0.000 |
|
Total Non-current Liabilities (3) |
10,634.700 |
5,236.800 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4.600 |
9,988.100 |
0.000 |
|
(b) Trade payables |
3,755.800 |
3,163.000 |
17.500 |
|
(c) Other current
liabilities |
1,245.500 |
2,711.500 |
1.700 |
|
(d) Short-term provisions |
97.000 |
28.100 |
6.600 |
|
Total Current Liabilities (4) |
5,102.900 |
15,890.700 |
25.800 |
|
|
|
|
|
|
TOTAL |
21,532.300 |
28,822.800 |
37.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4,432.200 |
4,696.100 |
0.000 |
|
(ii) Intangible Assets |
11,899.500 |
11,676.500 |
0.000 |
|
(iii) Capital
work-in-progress |
179.200 |
135.500 |
0.000 |
|
(iv)
Intangible assets under development |
69.300 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
3.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
769.500 |
625.500 |
0.200 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
17,349.700 |
17,133.600 |
3.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
59.900 |
8,000.000 |
0.000 |
|
(b) Inventories |
3,583.500 |
3,248.700 |
2.000 |
|
(c) Trade receivables |
170.000 |
69.800 |
17.900 |
|
(d) Cash and cash
equivalents |
108.200 |
192.300 |
0.500 |
|
(e) Short-term loans and
advances |
167.000 |
118.500 |
14.100 |
|
(f) Other current assets |
94.000 |
59.900 |
0.000 |
|
Total Current Assets |
4,182.600 |
11,689.200 |
34.500 |
|
|
|
|
|
|
TOTAL |
21,532.300 |
28,822.800 |
37.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16,612.100 |
12,851.400 |
174.300 |
|
|
|
Other Income |
51.300 |
632.200 |
13.900 |
|
|
|
TOTAL (A) |
16,663.400 |
13,483.600 |
188.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Traded Goods |
9,897.600 |
7,510.400 |
149.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(375.000) |
233.400 |
(0.100) |
|
|
|
Employees benefits expense |
1,497.100 |
911.500 |
5.700 |
|
|
|
Other expenses |
5,258.500 |
3,534.900 |
15.000 |
|
|
|
TOTAL (B) |
16,278.200 |
12,190.200 |
169.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
385.200 |
1,293.400 |
18.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1,172.500 |
1,438.000 |
0.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(787.300) |
(144.600) |
17.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,090.000 |
544.300 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1,877.300) |
(688.900) |
17.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
5.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1,877.300) |
(688.900) |
12.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(778.000) |
0.800 |
(8.800) |
|
|
|
|
|
|
|
|
|
|
|
0.000 |
89.900 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
1.200 |
|
|
|
Dividend on Preference Share |
0.000 |
0.000 |
1.200 |
|
|
|
Corporate Tax on Proposed Dividend |
0.000 |
0.000 |
0.200 |
|
|
BALANCE CARRIED
TO THE B/S |
(2,655.300) |
(778.000) |
0.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Export of Goods (F.O.B. Basis) |
0.000 |
78.000 |
155.400 |
|
|
TOTAL EARNINGS |
0.000 |
78.000 |
155.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
71.000 |
19.400 |
155.400 |
|
|
|
Traded Goods |
3.000 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
74.000 |
78.000 |
155.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(20.24) |
(9.89) |
21.64 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(11.30) |
(5.36) |
7.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
2.32 |
10.06 |
10.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.82) |
(2.40) |
51.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.32) |
(0.09) |
1.48 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.75 |
1.93 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
0.74 |
1.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
10.100 |
10.100 |
933.000 |
|
Reserves & Surplus |
2.000 |
(778.000) |
4861.700 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Suspense Account |
0.000 |
8463.200 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
12.100 |
7695.300 |
5794.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
4849.300 |
10150.000 |
|
Short term borrowings |
0.000 |
9988.100 |
4.600 |
|
Total
borrowings |
0.000 |
14837.400 |
10154.600 |
|
Debt/Equity
ratio |
0.000 |
1.928 |
1.752 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
174.300 |
12,851.400 |
16,612.100 |
|
|
|
7,273.150 |
29.263 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs. In
Millions |
Rs.
In Millions |
|
Sales
|
174.300 |
12,851.400 |
16,612.100 |
|
Profit |
12.200 |
(688.900) |
(1,877.300) |
|
|
7.00% |
(5.36%) |
(11.30%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs. In
Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
350.000 |
2469.500 |
0.000 |
|
Total |
350.000 |
2469.500 |
0.000 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Non-Convertible Debentures: |
|
|
|
9.25% Unsecured Redeemable Non-Convertible Debentures |
2000.000 |
0.000 |
|
9.25% Unsecured Redeemable Non-Convertible Debentures |
1000.000 |
0.000 |
|
Total |
3000.000 |
0.000 |
CORPORATE
INFORMATION
The Company is a Public Limited Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. In the previous year, ended 31st March, 2013, pursuant to a scheme of arrangement as sanctioned by the Honourable High Court of Bombay, vide order dated 1st March, 2013, the ‘Pantaloon format’ of Pantaloon Retail (India) Limited (the ‘Demerged Undertaking’) has been vested into the Company with effect from 1st July, 2012 (the ‘Appointed Date’). Pursuant to this scheme, the name of the Company was changed from Peter England Fashions and Retail Limited to Pantaloons Fashion & Retail Limited.
The Company operates a national chain of “Pantaloons” stores of apparels and fashion accessories.
BUSINESS OVERVIEW
During the previous financial year 2012-13, the Company acquired the Pantaloons Fashion business; post its demerger from Future Retail Limited under a court approved Scheme of Arrangement. On the effectiveness of the Scheme on 8th April, 2013, all the net assets and operations pertaining to the ‘Pantaloons Fashion’ business have been transferred, on a going concern basis, along with debt, to the Company. The appointed date of transfer is 1st July, 2012. In terms of the Scheme, the name of the Company was changed from “Peter England Fashions and Retail Limited” to “Pantaloons Fashion & Retail Limited”. On receipt of necessary approvals, the Equity Shares of the Company got listed on the National Stock Exchange of India Limited and the BSE Limited.
The new management took over the control of the Pantaloons Fashion business w.e.f. 8th April 2013, i.e., on the effectiveness of the Scheme. With an objective of making Pantaloons a future ready organisation, following key focus areas were identified by the management.
a) Re-building the organisation
b) Expanding the customer reach
c) Enhancing productivity of the existing stores
d) Strengthening brand portfolio
e) Optimising finance costs
OUTLOOK
High inflation levels coupled with slowed GDP growth impacted consumer sentiments and spending during the year. Consumer confidence is expected to remain subdued in the near term due to these factors, thus consumer spend on discretionary categories like branded apparels is likely to remain moderated in the near term. However, with the inflation projected to stabilise at lower levels and an expected improvement in GDP growth going forward, the consumer spending is set to improve in the medium term.
The long term outlook for the domestic apparel industry remains positive on the back of favourable demographics viz., rising disposable income, burgeoning aspiring middle class segment, large young and working population, and increasing shift towards branded apparels.
FINANCIAL PERFORMANCE
During the year, business invested in organisation building, stores expansion, people and processes The Company opened 14 new Pantaloons stores and closed two stores during the year. The Company reported revenue at Rs.16610.000 Millions during fiscal 2013-14. Merchandise availability issue and subdued consumer sentiments impacted the sales growth. Gross margin improved year on year owing to improved product mix and better pricing. However, bottom-line was strained, reflecting full effect of organisation building costs compared to allocation of costs till last year. The Company posted EBITDA excluding other income at Rs.330.000 Millions as against Rs.660.000 Millions during last year.
The Company’s financials for 2012-13 include nine months financials of Pantaloons business transferred to the Company with effect from the appointed date, i.e., 1st July, 2012. Hence, to that extent, performance is not comparable with that of the current year
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
4411.400 |
5439.300 |
13663.700 |
|
b) Other operating income |
87.600 |
104.800 |
239.600 |
|
Total
income from Operations(net) |
4499.000 |
5544.100 |
13903.300 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
2133.200 |
4055.600 |
7884.700 |
|
b) Purchases of stock in trade |
134.900 |
(865.200) |
(430.000) |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
438.500 |
465.200 |
1352.000 |
|
d) Employees benefit expenses |
435.800 |
454.800 |
1346.100 |
|
e) Depreciation and amortization expenses |
712.800 |
720.400 |
2116.100 |
|
f) Other expenditure |
765.500 |
861.400 |
2403.200 |
|
Total expenses |
4620.700 |
5692.200 |
14672.100 |
|
3. Profit from operations before other income and
financial costs |
(121.700) |
(148.100) |
(768.800) |
|
4. Other income |
0.500 |
5.400 |
7.000 |
|
5. Profit from ordinary activities before finance costs |
(121.200) |
(142.700) |
(761.800) |
|
6. Finance costs |
306.600 |
292.200 |
881.800 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(427.800) |
(434.900) |
(1643.600) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(427.800) |
(434.900) |
(1643.600) |
|
10.Tax expenses |
0.000 |
0.000 |
0.000 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(427.800) |
(434.900) |
(1643.600) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(427.800) |
(434.900) |
(1643.600) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
927.900 |
927.900 |
927.900 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(4.61) |
(4.69) |
(17.71) |
|
(b) Diluted |
(4.61) |
(4.69) |
(17.71) |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
25402747 |
25402747 |
25402747 |
|
- Percentage of shareholding |
27.38% |
27.38% |
27.38% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
67390782 |
67390782 |
67390782 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
72.62% |
72.62% |
72.62% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
- |
|
|
Receiving during the quarter |
|
5 |
|
|
Disposed of during the quarter |
|
5 |
|
|
Remaining unreserved at the end of the quarter |
|
- |
|
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10444168 |
27/03/2014 * |
1,290,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, India |
C03717501 |
|
2 |
10444256 |
27/03/2014 * |
7,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, India |
C03754314 |
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, India Prisons Service,
Interpol, etc.
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.61.96 |
|
UK Pound |
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
60 |
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.