MIRA INFORM REPORT
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Report No. : |
308704 |
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Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
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Name : |
SHOPPERS STOP LIMITED |
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Registered
Office : |
Eureka Towers, B Wing, 9th Floor, plot No. 504, Mindspace Link Road, Malad (West), Mumbai –
400064, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.06.1997 |
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Com. Reg. No.: |
11-108798 |
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Capital Investment
/ Paid-up Capital : |
Rs. 416.079 Millions |
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CIN No.: [Company Identification
No.] |
l51900mh1997plc108798 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
mums39981E / MUMS22857C |
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PAN No.: [Permanent Account No.] |
AABCS4383A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject
is engaged in the business of retailing a variety of household and consumer products
through departmental stores. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is well-established and reputed company having fine track
record. The rating reflects company’s healthy financial risk profile marked by
established track record of business operation in the retail industry along
with strong brand loyalty among its consumers and adequate liquidity position
of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. 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 |
CARE |
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Rating |
Long term bank facilities : “A” |
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Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
04.08.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: “A1” |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
04.08.2014 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-42497000)
LOCATIONS
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Registered/ Service Office: |
Eureka Towers, B-Wing, 9th Floor, plot No. 504, Mindspace Link Road, Malad (West), Mumbai –
400064, Maharashtra, India |
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Tel. No.: |
91-22-42497000 |
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Fax No.: |
91-22-28808877/ 28445060 |
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E-Mail : |
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Website : |
www.shoppersstop.com
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Store locations : |
Western Region 1. 211-D, S. V. Road, Andheri (West), Mumbai – 400058, Maharashtra, India 2. Krushal Commercial Complex, G. M. Road, Chembur (West), Mumbai – 400089, Maharashtra, India 3. Suburbia, Old Bandra Talkies, Linking Road, Bandra (West), Mumbai – 400050, Maharashtra, India 4. Nirmal Lifestyles, L. B. S. Marg, Mulund (West), Mumbai – 400080, Maharashtra, India 5. lnorbit Mall, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India 6. Dynamix Mall, Sant Dhyaneshwar Marg, JVPD Scheme, Next to Chandan Cinema Hall, Vile Parle (West), Mumbai – 400049, Maharashtra, India 7. Godrej Eternia, B Wing, Shivaji Nagar, Mumbai-Pune Road, Pune – 411005, Maharashtra, India 8. HomeStop, lnorbit Mall, 2nd Floor, Link Road, Malad (West), Mumbai – 400064, Maharashtra, India 9. Prozone Mall, Plot Sector-C, Chikalthana Industrial Area, Masantpur, Aurangabad – 431210, Maharashtra, India 10. lnorbit Mall, Vashi, Navi Mumbai – 400705, Maharashtra, India 11. HomeStop, lnorbit Mall, 2nd Floor, Vashi, Navi Mumbai – 400705, Maharashtra, India 12. lnorbit Mall, Wadgaon Sheri, Nagar Road, Pune – 411014, Maharashtra, India 13. Alpha G, Near Vastrapur Lake, Vastrapur, Ahmedabad – 380054, Gujarat, India 14. R City Mall, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India 15. Pacific Mall, S. No 42, 43, Shankar Seth Road, Pune - 411037, Maharashtra, India 16. Opposite Alankar Talkies, Chainsukh Road, Latur – 413512, Maharashtra, India 17. HomeStop, lnorbit Mall, 2nd Floor, Wadgaon Sheri, Nagar Road, Pune – 411014, Maharashtra, India 18. HomeStop, R City, 2nd Floor, LBS Marg, Ghatkopar (West), Mumbai – 400086, Maharashtra, India 19. HomeStop, FP No. 21 6, TP Scheme -1, Vastrapur, Ahmedabad – 380054, Gujarat, India 20. Koregaon Park Shopping Centre, S. No. 37, Hissa No. 4, Village Mouje, Gorpadi Taluka, Pune – 411001, Maharashtra, India 21.
Metro Junction Mall, Shil Road, Kalyan – 421306, Maharashtra, India 22.
VR Mall, Near Magdalia Chokdi, Dumas Road, Surat – 395007, Gujarat,
India 23.
Viviana Mall, Eastern Express Highway, Thane – 400062, Maharashtra,
India 24. Alembic Road, Subhanpura, Vadodara – 390003, Gujarat, India Southern Region 1. Garuda Star Mall, Magrath Road, Ashok Nagar, Bangalore – 560025, Karnataka, India 2. Commerce@Mantri, Ground Floor, N.S. Palya, Bannerghatta Road, Bangalore – 566076, Karnataka, India 3. Mantri Square, No. 1. Sampige Road, Malleshwaram, Bangalore – 560003, Karnataka, India 4. Salarpuriya Tower - II, Near Forum Mall, Kormangala Industiral Layout, Bangalore – 560095, Karnataka, India 5. Plot No. 1-11-251/1, Alladin Mansion, Begumpet, Hyderabad – 500016, Andhra Pradesh, India 6. No. 2, Harrington Road, Chetpet, Chennai – 600031, Tamilnadu, India 7. GVK One Mall, Road No. 01, Banjara Hills, Hyderabad – 500034, Andhra Pradesh, India 8. lnorbit Mall, Apiic Software Layout, Hitech City, Cyberabad, Hyderabad – 500081, Andhra Pradesh, India 9. Passenger Terminal Building, Shamshabad Airport, Rangareddy, Hyderabad – 500409, Andhra Pradesh, India 10. Passenger Terminal Building, Bengaluru International Airport, Devanahalli, Bangalore – 560300, Karnataka, India 11. HomeStop, Raheja Point No. 1712, Magrath Road, Bangalore – 560025, Karnataka, India 12. Rarnee Mall, 365, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India 13. HorneStop, Royal Meenakshi Mall, Shop No - S008, Bannergetta Road. Opposite Meenakshi Temple, Bangalore – 560076, Karnataka, India 14. Homestop. LEPL Icon, Vijayawada – 520008, Andhra Pradesh, India 15. 1st and 2nd Floor, Celebros Shyarnala Towers, 13 Acrot Road, Saligramarn, Chennai – 600093, Tamilnadu, India 16. LEPL Icon Mall, Vijayawada – 520008, Andhra Pradesh, India 17. OMR, Ground Floor, Gopalan Signature Towers, Opposite RMZ Infinity, Old Madras Road, Bangalore – 560096, Karnataka, India 18. Mall of Mysore, lndira Nagar Extension, Nazarabad Mohalla, M.G. Road, Mysore – 570010, Karnataka, India 19. HorneStop. lnorbit Mall, Apiic Software Layout, Hitech City, Cyberabad, Hyderabad – 500081, Andhra Pradesh, India 20. Inorbit Mall – Whitefield, EPIP Area, Whitefield, Bengaluru – 560 066 21. E-City Mall, S-7, No. 474, Near Rangavilas Mill, Avinash Road, Near PSG Krishnamrnal College, Coirnbatore – 641004, Tamilnadu, India 22. HorneStop. E-City Mall, Near Rangavilas Mill, Avinash Road, Near PSG Krishnarnmal College, Coimbatore – 641004, Tamilnadu, India 23. "Soul Space Arena" Outer Ring Road, Doddanekkundi Village, K R Purarn Habli, Bangalore – 560037, Karnataka, India 24. Hornestop, Phoneix Market City, 142 Velachery Main Road, Velachery, Chennai – 600042, Tamilnadu, India 25. Homestop, Manjeera Trinity Mall, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India 26. The Grand Mall, No. 137, Dr. Seetharam Nagar, Velachery, Chennai - 600042, Tamilnadu, India 27. Homestop, SJR Padukone Plaza, (Shop in Shop Crossword), 18th Main Road, Koramangla, Bengaluru – 560034, Karnataka, India 28. Manjeera, Trinity Mall, Kukatpally, Hyderabad – 500072, Andhra Pradesh, India 29. Homestop, Embassy Paragon, (Shop in Shop Hypercity), ITPL Main Road, Bengaluru – 560037, Karnataka, India Northern Region 1. Ansal Plaza, Hudco Palace, Aridrew Ganj, Khelgaon Marg, Near South Extension, New Delhi – 110049, India 2. The Metropolitan Mall, Mehrauli-Gurgaon Road, Gurgaon - 122002, Haryana, India 3. Shipra Mall, Shipra Suncity, 9 Vaibhav Khand, Indirapuram, Ghaziabad – 201012, Uttar Pradesh, India 4. HorneStop, Plot No. A/3, Select City Walk, District Centre, Saket, New Delhi – 110017, India 5. E - City Mall, Opposite Paryatan Bhavan, Beside Eldeco Green Compound, Gornti Nagar, Lucknow – 226010, Uttar Pradesh, India 6. Eros Mall, Shivaji Palace, Rajouri Garden, Rajouri, New Delhi – 110027, India 7. The Great lndi Palace, New Okhla Industrial Development Area, Noida - 201301, Uttar Pradesh , India 8. Metropoliian Mall, Press Enclave Road, District Centre Saket, Sector II, New Delhi – 110017, India 9. Suncity Triton Mall, Near Bhawani Niketan College, Off Sikar Road, Sitararnpura, Tehsil Sawai, Jaipur – 302012, Rajasthan, India 10. Alpha One Mall, MBN Farms, Sultan Wind, Main G. T. Road, Amritsar – 143010, Punjab, India 11. Ambience Mall, Nelson Mandela Road, Vasant Kunj, New Delhi – 110070, India 12. DB City Mall, Arm Hills, Bhopal - 462011, Madhya Pradesh, India 13. Spaze I, Tech Park, Gurgaon, Spaze Mall, Sohna Road, Gurgaon – 122002, Haryana, India 14. Rohini, Plot No. 3b1, Twin District Centre-1, Sector - 10, Adjacent to Rithala Metro Station, Rohini, New Delhi - 1 0085, India 15. BPK Star Building, Opposite Lig Gurudwam, A.B. Road, lndore – 452001, Madhya Pradesh, India 16. Hornestop 2nd Floor, Fun Republic Mall, Gomti Nagar, Lucknow – 206010, Uttar Pradesh, India 17. MBD Neopolis Mall, Civil Lines, Beside Hotel Raddison, BMC Chowk, GT Road, Jalandar – 144001, Punjab, India 18. World Trade Park, South Block, 1JLN Marg, Malviya Nagar, Jaipur – 302017, Rajasthan, India 19. Elante Mall, Industrial Area Phase -1, Chandigarh – 160 002 20. New Udaan Bhawan, Indira Gandhi International Airport, New Delhi – 110 037 21. OMaxe SRK Mall, Nagala Padi, Agra – 280002, Uttar Pradesh, India 22. Jaipur International Airport (Departure - Level 2), New Terminal Building T-2, Jaipur – 302011, Rajasthan, India 23. HomeStop, Elante Mall, Industrial Area Phase -1, Chandigarh – 160002 (U.T.), India 24. HomeStop, Gaurav Towers 2, Indira Palace, Malaviya Nagar, Jaipur – 302017, Rajasthan, India 25. Gaur Central Mall, Rajnagar, Ghaziabad – 201002, Uttar Pradesh, India Eastern Region 1. 10/3, Lala Lajpat Rai Sarani (Elgin Road), Kolkata – 700020, West Bengal, India 2. City Centre, DC-1, Sector-1, Salt Lake, Kolkata – 700064, West Bengal, India 3. South City Mall, 375, Prince Anwar Shah Road, Opposite Jodhpur Park, Kolkata – 700068, West Bengal, India 4. Junction Mall, Mouza - Faridpur, J. L. No. 74, City Centre, Durgapur – 713216, West Bengal, India 5.
City Centre, Siliguri Uttomyon Township, NH -
31, Matigara, Siliguri – 734010, West Bengal, India 6.
Vidhan
Sabha Road, Village Mowa, Raipur –
492005, Chhattisgarh,
India 7.
New
Integrated Terminal Building, Swami Vivekanand Airport, Raipur – 492001, Chhattisgarh, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Chandru Raheja |
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Designation : |
Chairman |
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Name : |
B. S. Nagesh |
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Designation : |
Vice Chairman |
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Name : |
Govind Shrikah |
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Designation : |
Managing Director |
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Name : |
Mr. Ravi C. Raheja |
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Designation : |
Director |
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Name : |
Mr. Neel C. raheja |
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Designation : |
Director |
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Name : |
Mr. Gulu L. Mirchandani |
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Designation : |
Director (Upto 31.07.2014) |
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Name : |
Mr. Shahzaad S. Dalal |
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Designation : |
Director (Upto 31.07.2014) |
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Name : |
Mr. Nitin Sanghavi |
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Designation : |
Director |
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Name : |
Mr. Deepak Ghaisas |
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Designation : |
Director |
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Name : |
Nirvik Singh |
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Designation : |
Director |
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Name : |
Avnish Bajaj |
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Designation : |
Director |
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Date of Appointment : |
25.10.2013 |
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Name : |
Abanti Sankaranarayanan |
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Designation : |
Director |
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Date of Appointment : |
19.06.2014 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Mehta |
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Designation : |
Vice President - Legal and Company Secretary |
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Audit Committee : |
· Deepak Ghaisas - Chairman · Ravi C. Raheja - Member · Nitin Sanghavi- Member · Shahzaad S. Dalal - Member |
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Remuneration/ Compensation Committee : |
· Gulu L. Mirchandani - Chairman · Ravi C. Raheja - Member · Nitin Sanghavi - Member · Shahzaad S. Dalal - Member |
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Finance Committee : |
· Ravi C. Raheja - Chairman · Neel C. Raheja - Member · B. S. Nagesh - Member · Govind Shrikhande - Member |
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Stakeholders
Relationship Committee : |
·
Ravi C. Raheja - Chairman ·
Neel C. Raheja - Member · B. S. Nagesh - Member |
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Management
Team : |
·
Govind Shrikhande ·
Sail Nair ·
Anil Shankar ·
Ashwin Babbar ·
BVM Rao ·
CK Nair ·
Gopal Asthana ·
Manohar Kamath ·
Prashant Mehta ·
Sanjay Chakravarti ·
Vinay Bhatia |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Names of Shareholders |
No. of Shares |
%
of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
3695000 |
4.43 |
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|
52334674 |
62.80 |
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|
56029674 |
67.23 |
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Total shareholding of Promoter and Promoter
Group (A) |
56029674 |
67.23 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
11494187 |
13.79 |
|
|
17596 |
0.02 |
|
|
2681750 |
3.22 |
|
|
14193533 |
17.03 |
|
|
|
|
|
|
10405424 |
12.49 |
|
|
|
|
|
|
999033 |
1.20 |
|
|
1499669 |
1.80 |
|
|
209031 |
0.25 |
|
|
6504 |
0.01 |
|
|
191504 |
0.23 |
|
|
11023 |
0.01 |
|
|
13113157 |
15.74 |
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Total Public shareholding (B) |
27306690 |
32.77 |
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Total (A)+(B) |
83336364 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
83336364 |
100.00 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Promoter
and Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of |
||
|
1 |
Palm Shelter Estate Development Private
Limited |
1,18,13,300 |
14.18 |
|
2 |
Raghukool Estate Development Private
Limited |
82,63,300 |
9.92 |
|
3 |
Capstan Trading Private Limited |
81,29,768 |
9.76 |
|
4 |
Casa Maria Properties Private Limited |
79,13,300 |
9.50 |
|
5 |
Anbee Construction Private Limited |
65,11,762 |
7.81 |
|
6 |
Cape Trading Private Limited |
62,61,040 |
7.51 |
|
7 |
K Raheja Corp Private Limited |
33,82,204 |
4.06 |
|
8 |
Neel Chandru Raheja |
11,50,000 |
1.38 |
|
9 |
Ravi Chandru Raheja |
11,00,000 |
1.32 |
|
10 |
Jyoti Chandru Raheja |
7,47,500 |
0.90 |
|
11 |
Chandru Lachmandas Raheja |
6,97,500 |
0.84 |
|
12 |
Inorbit Malls India Private Limited |
20,000 |
0.02 |
|
13 |
Ivory Properties and Hotels Private Limited |
20,000 |
0.02 |
|
14 |
K Raheja Private Limited |
20,000 |
0.02 |
|
|
Total |
5,60,29,674 |
67.23 |
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
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Reliance Capital Trustee Company Limited
A/c Reliance Equity Opportunities Fund |
5090010 |
6.11 |
|
|
2 |
Vidya Investment and Trading Company
Private Limited |
2223009 |
2.67 |
|
|
3 |
Bajaj Allianz Life Insuarance Company
Limited |
1783209 |
2.14 |
|
|
4 |
Miraj Marketing Company LLP |
1856250 |
2.23 |
|
|
5 |
Lo Funds - Emergingn Consumer |
1600000 |
1.92 |
|
|
6 |
Zodiac Clothing Company Limited |
1713750 |
2.06 |
|
|
7 |
Reliance Capital Trustee Company Limited
A/c Reliance Tax Saver (ElSS) Fund |
1359000 |
1.63 |
|
|
8 |
Reliance Capital Trustee Company Limited
A/c Reliance Regular Saving Fund - Equity Option |
1000000 |
1.20 |
|
|
9 |
Birla Sun Life Trustee Company Private
Limited A/c Birla Sun Life Tax Relief 96 |
1167999 |
1.40 |
|
|
|
Total |
17793227 |
21.35 |
|
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
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC)
with them |
No. of Shares |
Shares as % |
|
|
1 |
Reliance Capital Trustee Company Limited
A/c Reliance Equity Opportunities Fund |
5090010 |
6.11 |
|
|
|
Total |
5090010 |
6.11 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of retailing a variety of household and consumer
products through departmental stores. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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Bankers : |
· Axis Bank Limited · Deutsche Bank AG · IDBI Bank Limited · ICICI Bank Limited · Kotak Mahindra Bank Limited · HDFC Bank Limited · Bank of India · Yes Bank Limited |
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Facilities : |
NOTE LONG TERM
BORROWINGS 2014:
Term Loans are secured by a first pari passu charge on stock, book debts,
hypothecation charge on credit card/debit card receivables (Escrow account)
and all the movable fixed assets of the Company, both present and future
except ICICI Bank Term loans which is secured by first Pari Passu charge on
the current assets and all the movable fixed assets of the Company both
Present and Future excluding leasehold rights, lease deposits and Shoppers
Stop Brands. 2013:
Term Loans are secured by a first pari passu charge on stock, book debts,
hypothecation charge on credit card/debit card receivables (Escrow account)
and all the movable fixed assets of the Company, both present and future
except ICICI Bank Term loans which is secured by first Pari Passu charge on the
current assets and all the movable fixed assets of the Company both Present
and Future excluding leasehold rights, lease deposits and Shoppers Stop
Brands. SHORT TERM
BORROWINGS 2014: Term Loans are
secured by a first pari passu charge on stock, book debts, hypothecation
charge on credit card/debit card receivables (Escrow account) and all the
movable fixed assets of the Company, both present and future except ICICI
Bank Term loans which is secured by first Pari Passu charge on the current
assets and all the movable fixed assets of the Company both Present and
Future excluding leasehold rights, lease deposits and Shoppers Stop Brands. 2013: Term Loans are
secured by a first pari passu charge on stock, book debts, hypothecation
charge on credit card/debit card receivables (Escrow account) and all the
movable fixed assets of the Company, both present and future except ICICI
Bank Term loans which is secured by first Pari Passu charge on the current
assets and all the movable fixed assets of the Company both Present and
Future excluding leasehold rights, lease deposits and Shoppers Stop Brands. |
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Banking
Relations : |
-- |
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Auditors : |
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Statutory Auditors : |
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Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Address : |
Indiabulls Finance Centre, Tower 3, 27th - 32nd Floor, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400013, Maharashtra, India |
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Internal Auditors : |
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Name : |
KPMG Chartered Accountants |
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Address : |
Lodha Excelus, 1st Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai – 400011, Maharashtra, India |
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Advocates and
Solicitors : |
Wadia Ghandy and Company |
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Subsidiaries : |
·
Upasna
Trading Limited ·
Shoppers
Stop.com (India) Limited ·
Shoppers
Stop Services (India) Limited ·
Crossword
Bookstores Limited ·
Gateway
Multi channel Retail (India) Limited · Hypercity Retail (India) Limited |
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Joint Ventures : |
·
Nuance
Group (India) Private Limited ·
Timezone
Entertainment Private Limited |
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Other Related Parties
: |
·
Ivory
Properties and Hotels Private Limited ·
K.
Raheja Corp. Private Limited ·
K.
Raheja Private Limited ·
Inorbit
Malls (India) Private Limited ·
Avacado
Properties and Trading India Private Limited ·
Chalet
Hotels Limited ·
Trion
Properties Private Limited ·
Magna
Warehousing and Distribution Private Limited ·
IL&FS
Investment Advisors LLC Br ·
Retailers
Association of India ·
Sanghavi
Associates Limited |
CAPITAL STRUCTURE
As on 31.07.2014
Authorised Capital: Rs. 1000.000 Millions
Issued, Subscribed & Paid-up Capital: Rs.
416.682 Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
83,215,760 |
Equity Shares |
Rs.5/- each |
Rs. 416.079 Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and end of the year:
|
Particulars |
31.03.2014 |
|
|
Numbers |
Rs. In Millions |
|
|
Equity shares |
|
|
|
At the beginning of the year |
82,979,517 |
414.898 |
|
Issued during the year - ESOP (Note 3.4) |
236,243 |
1.181 |
|
At the end of the year |
83,215,760 |
416.079 |
Shares reserved for
issue under options:
|
Employee Stock
Option Plan (ESOP) |
31.03.2014 |
|
Employee Stock Option Plan (ESOP) |
(Nos) |
|
Options exercised during the year |
236,243 |
|
Option
Outstanding as at |
525,735 |
Details of shareholders
holding more than 5% shares as at 31 March:
|
Particulars: |
31.03.2014 |
|
|
Numbers |
% of Shares held |
|
|
Palm Shelter Estate Development Private Limited |
11,813,300 |
14.20% |
|
Raghukool Estate Development Private Limited |
8,263,300 |
9.93% |
|
Capstan Trading Private Limited |
8,129,768 |
9.77% |
|
Casa Maria Properties Private Limited |
7,913,300 |
9.51% |
|
Anbee Construction Private Limited |
6,511,762 |
7.83% |
|
Cape Trading Private Limited |
6,261,040 |
7.52% |
|
Reliance
Capital Trustee Company Limited A/C Reliance |
4,949,960 |
5.95% |
Other disclosures:
The
Company has one class of equity shares having a par value of Rs. 5 per share.
Each equity shareholder is eligible for one vote per share held. Each equity
shareholder is entitled to dividends as and when the Company declares and pays
dividend after obtaining shareholders’
approval. Dividends are paid in Indian Rupees.
During the year ended 31st March 2014, the amount of per share final dividend recognised as distribution to equity shareholders was Rs. 0.75 per share (2013: Rs. 0.75 per share).
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 |
416.079 |
414.898 |
412.811 |
|
(b) Reserves & Surplus |
6870.647 |
6523.322 |
6172.166 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
7286.726 |
6938.220 |
6584.977 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1998.333 |
1125.000 |
350.000 |
|
(b) Deferred tax liabilities (Net) |
99.619 |
62.543 |
2.348 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2097.952 |
1187.543 |
352.348 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1748.071 |
1943.371 |
1840.687 |
|
(b) Trade
payables |
3096.950 |
2817.492 |
2360.754 |
|
(c) Other
current liabilities |
2252.130 |
1360.986 |
1423.441 |
|
(d) Short-term
provisions |
106.626 |
102.807 |
92.808 |
|
Total Current Liabilities
(4) |
7203.777 |
6224.656 |
5717.690 |
|
|
|
|
|
|
TOTAL |
16588.455 |
14350.419 |
12655.015 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
5267.908 |
4429.828 |
4061.834 |
|
(ii)
Intangible Assets |
222.370 |
129.332 |
106.334 |
|
(iii)
Capital work-in-progress |
318.717 |
274.486 |
297.707 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3875.992 |
3309.474 |
2842.129 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3011.938 |
2754.034 |
2502.865 |
|
(e) Other
Non-current assets |
0.000 |
79.045 |
0.000 |
|
Total Non-Current
Assets |
12696.925 |
10976.199 |
9810.869 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2955.357 |
2438.249 |
2120.401 |
|
(c) Trade
receivables |
260.030 |
203.636 |
191.692 |
|
(d) Cash
and cash equivalents |
87.340 |
117.213 |
71.462 |
|
(e)
Short-term loans and advances |
439.749 |
470.271 |
389.248 |
|
(f) Other
current assets |
149.054 |
144.851 |
71.343 |
|
Total
Current Assets |
3891.530 |
3374.220 |
2844.146 |
|
|
|
|
|
|
TOTAL |
16588.455 |
14350.419 |
12655.015 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27135.732 |
22542.236 |
19297.051 |
|
|
|
Other Income |
133.888 |
172.147 |
186.876 |
|
|
|
TOTAL (A) |
27269.620 |
22714.383 |
19483.927 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of stock-in-trade |
17421.593 |
14377.025 |
12709.382 |
|
|
|
Changes in inventories of stock in trade |
-517.108 |
-317.848 |
(609.035) |
|
|
|
Employee benefits expense |
2044.450 |
1610.641 |
1276.404 |
|
|
|
Other expenses |
6650.192 |
5608.311 |
4501.522 |
|
|
|
TOTAL (B) |
25599.127 |
21278.129 |
17878.273 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
1670.493 |
1436.254 |
1605.654 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
418.910 |
318.814 |
250.360 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1251.583 |
1117.440 |
1355.294 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
617.789 |
507.471 |
377.224 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEM |
(6.740) |
(7.406) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
627.054 |
602.563 |
978.070 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
257.007 |
210.878 |
335.478 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
370.047 |
391.685 |
642.592 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1750.889 |
1451.600 |
913.105 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend proposed to be distributed to equity shareholders- Rs. 0.75 per share (2013: Rs. 0.75 per share) |
62.412 |
62.235 |
61.922 |
|
|
|
Proposed Dividend (incl. Dividend Distribution tax) |
10.607 |
10.577 |
10.045 |
|
|
|
Transfer to General Reserve |
18.502 |
19.584 |
32.130 |
|
|
BALANCE CARRIED
TO THE B/S |
2029.415 |
1750.889 |
1451.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Foreign currency and foreign credit card collection on sale of merchandise |
619.401 |
539.336 |
470.440 |
|
|
TOTAL EARNINGS |
619.401 |
539.336 |
470.440 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
35.262 |
38.146 |
18.517 |
|
|
|
Purchase of Merchandise |
398.610 |
388.305 |
316.055 |
|
|
TOTAL IMPORTS |
433.872 |
426.451 |
334.572 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
4.46 |
4.73 |
7.80 |
|
|
|
Diluted
|
4.45 |
4.71 |
7.75 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6098.800 |
8519.900 |
7644.200 |
|
Total Expenditure |
5790.900 |
7964.900 |
7108.500 |
|
PBIDT (Excl OI) |
307.900 |
555.000 |
535.700 |
|
Other Income |
33.800 |
42.800 |
38.600 |
|
Operating Profit |
341.700 |
597.700 |
574.400 |
|
Interest |
130.500 |
124.500 |
136.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
211.200 |
473.300 |
437.700 |
|
Depreciation |
198.600 |
195.700 |
197.700 |
|
Profit Before Tax |
12.600 |
277.500 |
240.000 |
|
Tax |
5.100 |
118.500 |
102.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
7.500 |
159.100 |
137.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
7.500 |
159.100 |
137.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
c |
1.72 |
3.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.31 |
2.67 |
5.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.06 |
5.60 |
10.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.09 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.51 |
0.44 |
0.33 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.54 |
0.54 |
0.50 |
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 |
412.811 |
414.898 |
416.079 |
|
Reserves & Surplus |
6172.166 |
6523.322 |
6870.647 |
|
Net
worth |
6584.977 |
6938.220 |
7286.726 |
|
|
|
|
|
|
long-term borrowings |
350.000 |
1125.000 |
1998.333 |
|
Short term borrowings |
1840.687 |
1943.371 |
1748.071 |
|
Total
borrowings |
2190.687 |
3068.371 |
3746.404 |
|
Debt/Equity
ratio |
0.333 |
0.442 |
0.514 |
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 |
19297.051 |
22542.236 |
27135.732 |
|
|
|
16.817 |
20.377 |
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 |
19297.051 |
22542.236 |
27135.732 |
|
Profit |
642.592 |
391.685 |
370.047 |
|
|
3.33% |
1.74% |
1.36% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
766.667 |
225.000 |
400.000 |
|
|
|
|
|
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE: 19/01/2015 |
||||||
|
STAMP NO:- CPL/56/2015 |
FILING DATE:- 19/01/2015 |
|
|
|||
|
PETITIONER:- |
M/S EVERBRIGHT STEEL PRIVATE LIMITED |
RESPONDENT:- |
SHOPPERS STOP LIMITED |
|||
|
PETN.ADV:- |
CHARULATA SANJIV KHANNA (I5315) |
|
||||
|
DISTRICT:- |
OUTSIDE MAHARASHTRA |
|||||
|
BENCH:- |
SINGLE |
|
|
|||
|
STATUS :- |
PRE-ADMISSION |
CATEGORY:- |
COMPANY PETITION U/SEC 433, 434, 439 COMPANIES ACT |
|||
|
NEXT DATE:- |
29/01/2015 |
|
|
|||
|
CORAM:- |
REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|||||
|
|
|
|||||
|
ACT:- |
COMPANIES ACT AND RULES 1956 |
|||||
|
UNDER SECTION:- |
433 (E) 434 AND 439 |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10454947 |
08/10/2013 |
500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B87513917 |
|
2 |
10448537 |
12/09/2013 |
1,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B84778430 |
|
3 |
10419607 |
22/03/2013 |
250,000,000.00 |
BANK OF INDIA |
ANDHERI LARGE
CORPORATE BRANCH, M. D. I BUILDING, |
B73152175 |
|
4 |
10410564 |
12/03/2013 |
500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B70349535 |
|
5 |
10388830 |
07/11/2012 |
500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B62895636 |
|
6 |
10333964 |
12/01/2012 |
350,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B31437163 |
|
7 |
10265194 |
07/06/2014 * |
250,000,000.00 |
BANK OF INDIA LIMITED |
ANDHERI LARGE
CORPORATE BRANCH, M.D.I. BUILDING, |
C09497967 |
|
8 |
10106164 |
29/04/2010 * |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A85798684 |
|
9 |
10076458 |
23/06/2010 * |
400,000,000.00 |
AXIS BANK LIMITED |
UNIVERSAL INSURANCE BUILDING, SIR P. M ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A89704936 |
|
10 |
90154070 |
16/10/2007 * |
150,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A26026526 |
|
11 |
90153993 |
09/10/2012 * |
565,000,000.00 |
IDBI BANK LIMITED |
47, OPUS CENTRE, OPP. TUNGA PARADISE, CENTRAL ROAD, MIDC, ANDHERI (EAST), MUMBAI, MAHARASHTRA - 400093, INDIA |
B59711002 |
|
12 |
90153990 |
23/06/2010 * |
350,000,000.00 |
AXIS BANK LIMITED |
UNIVERSAL INSURANCE BUILDING, SIR P. M ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A89702302 |
|
13 |
90153655 |
10/01/2013 * |
220,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B67474049 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from bank |
99.005 |
93.233 |
|
Commercial
papers (maximum amount outstanding during the year Rs. 250.000 Millions; Previous year Rs. 1150.000 Millions) |
0.000 |
200.000 |
|
Total |
99.005 |
293.233 |
COMPANY
BACKGROUND
The Company was incorporated on 16 June 1997. The Company is engaged in the business of retailing a variety of household and consumer products through departmental stores. As at 31 March 2014, the Company operated through 67 such departmental stores located in different cities of India.
PERFORMANCE REVIEW
The
Company has opened 14 departmental stores i.e., one store each at Chandigarh,
Kalyan, Surat, Thane, Agra, Vadodara, Raipur, Hyderabad, Chennai, Ghaziabad, Kolkata
and Airports at Delhi, Jaipur and Raipur taking its chain of stores to 68
stores (including five airport stores) spread across India. Further, the
Company has also opened 5 HomeStop stores at Chandigarh, Jaipur, Hyderabad and
two at Bengaluru taking its tally to 18 stores.
The
revenue of the Company is Rs. 27269.620
Millions (previous year Rs. 22714.383
Millions), registering a growth of 20.05% y-o-y basis. The net Profit achieved
was Rs. 370.047
Millions (previous year Rs. 391.685
Millions).
AWARDS AND
RECOGNITION
As
in the past years, awards and recognitions were conferred on the Company by
leading organisations during the year under review:
Some
of them are:
•
World HRD Congress has conferred the Company with following awards:
1.
Excellence in Training and Development Award for Best Custom Built Content.
2.
Excellence in Training and Development Award for Best Training Partnership with
External Vendors.
•
India’s
Most Respected Retail Company and Top 50 Most Respected Companies of India by
BWIBusinessworld Magazine.
•
Best Supply Chain Company in Retail vertical, Award at 7th Express,
Logistics and Supply Chain Leadership Awards 2013.
•
Best Anchor Store award, for Inorbit Mall, Vashi store.
•
GIA Award by International Home Ware Association (IHA), Chicago for Homestop.
• A
certificate for best practice of “Innovative
Eco Friendly Practices in Retail - Qualifier Top 20 Best Practices” at 5th Business
Excellence Global Conference and 8th International Benchmarking Conference,
Singapore.
•
Runner Up BestPrax Prize for the project Innovative Eco Friendly Practices at
25th Qimpro Convention.
•
The Sliver Award for Viva City Store design at the Designomics Awards.
•
VMandRD Awards has conferred the Company with following awards:
1.
Best Department Store - Thane Viviana Mall
2.
Merit award - Best Visual Merchandising across India
3.
Merit award - Best Window Display across India
•
Best Loyalty Program Award at the Loyalty Summit 2014.
•
Third position in great places to work in Retail Industry by Great Place to
Work Institute and Retailers Association of India.
•
Coaching Organisation of the Year and Best Organisational Leadership
Development Programme at Learning and Development WHRD Awards 2014.
•
Best Green Energy Efficiency Initiative Award at Global Green Leadership
Awards, 2014, by World CSR Congress.
•
3rd Asia Manufacturing Supply Chain Summit has conferred the Company with
following awards:
1.
Manufacturing/Supply Chain Leadership and Strategy Award for ASN initiative
with Madura Garments.
2.
Best Supply Chain Initiative of the Year Award for GS1 Initiative.
•
Best Green Energy Efficiency Initiative Award at Global Green Leadership Awards
–
2014 conducted by World CSR Congress.
• Most
Trusted Retailer - Popular choice award and Best Customer Loyalty Initiative of
the Year award at the ET Retail Awards ceremony.
FINANCE
The
Company continues with various initiatives for bringing down the cost of
borrowings which includes application of short-term instruments like commercial
paper, working capital demand loans within working capital borrowing, vendor
bill discounting facility, long term loans for expansion at competitive terms,
so as to have funds at competitive cost.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDIAN RETAIL
This
sector is one of the fastest growing in India over the last few years. The
Indian retail industry which comprises Organised and Unorganised retail, is
currently estimated at US$ 520 billion approx. Last decade has evidenced high
growth in this sector with a material shift towards organised retailing format.
Increasing urbanisation, increase in purchasing power, favourable demographics,
neuclear families, changing consumer preferences and higher aspirations are
some of the factors which will continue to drive the retail consumption in
India.
Though
the global slowdown hasn’t
spared India, the long term fundamentals remain strong. In particular, a large,
young, increasingly brand and fashion conscious population would be key growth
drivers. Retail growth of 14 to 15 percent per year is expected through 2015.
By 2018, the Indian retail sector is likely to grow at a CAGR of 13% to reach a
size of US$ 950 billion.
MODERN RETAIL – TODAY
Modern
retail in India has come a long way in last 10 years. In the next few years
modern retail is expected to grow at a much larger pace annually in tier II and
tier III cities, compared to tier I cities. It is estimated that 80% of the new
mall development in the next couple of years will take place in non-metros.
Organised retail penetration, currently estimated at 7.5% is expected to clock
at a robust CAGR of 19-20% per anumn to reach 10% by 2018.
India’s Internet user base is
currently third largest in the world. This, coupled with the rising consumer
confidence in online retail, is driving the growth of e-commerce in the
country. With a significant number of Indian consumers turning Internet users,
and, eventually, online shoppers, selling through the online channel is set to
redefine retail.
Apparel
is bound to witness significant growth in the coming years, as the sector is
going to attract a high proportion of the increased spend by the Indian
consumer. There is a strong growth in the apparel industry as both Indian and
global brands wise upto its potential. Again, the category is set to benefit
from the growth of e-commerce, which is bound to provide a strong impetus to
the sector in the near future.
MODERN RETAIL –
CHALLENGES AHEAD
Though
organised retail in India has experienced rapid growth, this has been achieved
at a significant cost. Despite considerable investment of time and capital
during the gestation period, the returns from business are a concern. High
operating costs, low bargaining power with vendors and heavy discounting to
improve sales have affected profits and expansion plans. Real estate costs and
space availability also remain important issues. Inventory management is also a
prime concern, though experienced and stable retailers have learned the trick
and have been able to overcome the vagaries in the supply chain such as low
fill rates, long lead times and ordering cycles and lack of process orientation
which result in high inventory holding, low turns and high investment in stock.
Organised retailers are also continuing their efforts to keep costs under check
by adopting cost rationalisation initiatives like revenue-sharing agreements,
increasing use of power-saving equipment/fit-outs to save utilities cost,
amongst many other to keep the corporate costs in line with the scale of
business.
Online
shopping is also in the early stages, with e-commerce sales not more than 1
percent of total retail sales, but growth is expected as more people access the
Internet.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a) Claims against the Company not acknowledged as debts, comprising
of: |
|
|
|
(i) Income-tax
claims disputed by the Company relating to disallowances aggregating |
96.871 |
70.210 |
|
(ii) Service
tax, Sales tax and other Indirect tax claims disputed by the Company relating
to issues of applicability and classification aggregating |
151.298 |
149.675 |
|
(iii) Third party claims arising from disputes relating to contracts aggregating |
49.352 |
23.619 |
|
b) Other matters |
22.725 |
5.225 |
|
c) Estimated
amount of contracts remaining to be executed on capital account and not
provided for |
393.524 |
392.778 |
|
d) Corporate guarantee
given jointly and severally with joint venture partners to banks for loans
taken by Joint venture entities |
82.500 |
133.857 |
|
e) Corporate
guarantee given jointly and severally with the promoter group company for loans
taken by Hypercity Retail (India) Limited |
1950.000 |
950.000 |
|
f) Bank
Guarantees |
37.136 |
37.962 |
|
NOTE: Future
cash outflows in respect of (a) above are determinable only on receipt of judgements/decisions
pending with various forums/authorities. |
||
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED DECEMBER 31, 2014
(Rs. in Millions)
|
PART I |
Standalone |
||
|
PARTICULARS |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
|
|
|
|
|
1) Turnover |
|
|
|
|
Retail Turnover |
|
|
|
|
Own merchandise (including concession sales) |
7692.460 |
8594.464 |
22440.707 |
|
Consignment merchandise |
755.254 |
833.137 |
2189.494 |
|
Less :- Value Added Tax / Sales Tax |
8447.714 |
9427.601 |
24630.201 |
|
Cost of consignment merchandise |
402.501 |
4394.424 |
1172.980 |
|
Income from
Operations |
495.844 |
564.100 |
1462.994 |
|
2) Other operating income |
94.862 |
95.815 |
268.714 |
|
3) Total Income
from operations (net) (1+2) |
7644.231 |
8519.892 |
22262.941 |
|
4) Expenses |
|
|
|
|
a) Purchases of stock-in-trade |
4963.960 |
5432.627 |
14141.424 |
|
b) Changes in inventories of stock-in trade -(Increase) |
(282.820) |
(9.490) |
(433.235) |
|
c) Employees benefits expense |
573.010 |
581.373 |
1682.333 |
|
d) Depreciation and amortisation expense |
197.645 |
195.737 |
591.950 |
|
e) Lease Rent and Hire Charges |
728.408 |
714.610 |
2106.416 |
|
f) Electricity Charges |
217.515 |
236.090 |
663.734 |
|
g) Other expenses |
908.438 |
1009.726 |
2703.680 |
|
Total expenses |
7306.156 |
8160.673 |
21456.302 |
|
5) Profit from operations before Other Income and finance costs and exceptional items (3-4) |
338.075 |
359.219 |
806.639 |
|
6) Other Income |
38.609 |
42.761 |
115.217 |
|
7) Profit from ordinary activities before finance and exceptional items (5+6) |
376.704 |
401.980 |
921.856 |
|
8) Finance Costs |
136.669 |
124.462 |
391.660 |
|
9) Profit from ordinary activities after finance costs but before exceptional items (7-8) |
240.035 |
277.518 |
530.196 |
|
10) Exceptional Items - loss by fire |
-- |
-- |
-- |
|
11) Profit from ordinary activities before tax (9-10) |
240.035 |
277.518 |
530.196 |
|
12) Tax expense |
102.243 |
118.463 |
225.839 |
|
13) Net Profit after tax (11-12) |
137.792 |
159.055 |
304.357 |
|
14) Paid-up equity share capital (Face value of ` 5/- Per Share) |
416.682 |
416.349 |
416.682 |
|
15) Reserves(Excluding Revaluation Reserve) |
|
|
|
|
16) Earnings per share (In Rs.) |
|
|
|
|
- Basic |
1.66 |
1.91 |
3.66 |
|
- Diluted |
1.65 |
1.91 |
3.65 |
PART II
SELECT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31,
2014
|
PARTICULARS |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
|
|
|
|
|
A) PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1) Public
Shareholding |
|
|
|
|
- Number of Shares |
27306690 |
27240183 |
27306690 |
|
- Percentage of shareholding |
32.77 |
32.71 |
32.77 |
|
2) Promoters and
promoter group Shareholding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- Number of shares |
7077204 |
7077204 |
7077204 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
12.63 |
12.63 |
12.63 |
|
- Percentage of shares (as a % of the total share capital of the company) |
8.49 |
8.50 |
8.49 |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
48952470 |
48952470 |
48952470 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
87.37 |
87.37 |
87.37 |
|
Percentage of shares (as a % of the total share capital of the company |
58.74 |
58.79 |
58.74 |
|
Particulars |
Quarter Ended 31-Dec-14 |
|
B) INVESTOR
COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter (as on 01-October-14) |
NIL |
|
Received during the quarter ended 31-December-14 |
One |
|
Disposed of during the quarter ended 31-December-14 |
One |
|
Remaining unresolved at the end of the quarter (as on 31-December-14) |
NIL |
Notes to results :
1 The Company (standalone) is primarily engaged in the business of retail trade through retail and departmental store facilities, which constitute a single reportable segment.
2 During the quarter, 66,507 equity share of Rs. 5/- each were issued and allotted under the Company's Employee Stock Option Scheme. Consequently, the issued and paid-up Share Capital of the Company as on 31 December 2014 stands increased to 416.682 Millions.
3 Pursuant to levy of service tax on renting of immovable properties given for commercial use, retrospectively with effect from 1 June 2007 by the Finance Act, 2010, the Company has, based on a legal advice, challenged the said levy and, inter-alia, its retrospective application. Consistent with the treatment in earlier periods, pending the final disposal of the matter, the Company continues not to provide for the retrospective levy aggregating 1,659.56 Lacs for the period 1st June, 2007 to 31st March, 2010.
4 The Company (standalone) has a financial involvement aggregating 3994.999 Millions in Hypercity Retail (India) Limited (‘Hypercity’), a subsidiary company. Consistent with the earlier periods, in view of Hypercity’s business plans with strategic growth projections, the Company considers that there is no loss for which a provision is currently necessary.
5 Pursuant to the enactment of the Companies Act 2013 (the ‘Act’), effective 1st April 2014, the company has reviewed the estimated economic useful lives of its fixed assets generally in accordance with that provided in Schedule II to the Act. As a result [after reducing 6.930 Millions (net of tax of 3.569 Millions) from Retained earnings in line with the transition provision specified in Schedule II] the Depreciation charge (standalone) for the quarter and nine months ended 31 December 2014 is higher by 33.295 Millions and 114.789 Millions respectively.
6 Figures of the previous period / year have been regrouped / reclassified wherever necessary.
7 The standalone financial results have been reviewed by the Audit Committee, and approved by the Board of Directors at their meeting held on 30 January 2015. The Statutory auditors of the Company have carried out a limited review of the Company's financial results for quarter and nine months ended 31 December 2014.
FIXED ASSETS
TANGIBLE ASSETS
·
Leasehold
improvements
·
Air
conditioning and other equipment
·
Furniture,
fixtures and other fittings
·
Office
Equipment
·
Computers
·
Vehicles
INTANGIBLE ASSETS
·
Trademarks
· 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.62.20 |
|
|
1 |
Rs.96.00 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Information Gathered
by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.