MIRA
INFORM REPORT
|
Report No. : |
305492 |
|
Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA RETAIL LIMITED |
|
|
|
|
Registered
Office : |
Skyline Icon, 86/92, 5th and 6th Floor, Near
Mittal, Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai –
400059, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
14.07.1988 |
|
|
|
|
Com. Reg. No.: |
11-048117 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2225.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1988PLC048117 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA28583C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2678Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of retailing. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Aditya Birla Group. It is a subsidiary of
‘Kanishtha Finance and Investment Private Limited’. It is an established
company having moderate track record. There are huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. In view of strong group, the company can be considered normal for
business dealings with slight caution.
|
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
NOT AVAILABLE
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
Management Non Co-Operative (Tel No.: 91-8652905555)
LOCATIONS
|
Registered Office : |
Skyline Icon, 86/92, 5th and 6th Floor, Near Mittal,
Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Tel. No.: |
91-8652-905555 |
|
Mobile No. : |
91-8652905555 (Mr. Hemant Matre) |
|
Fax No.: |
91-8652-906200 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 30.07.2013
|
Name : |
Mr. Gopi Krishna Tulsian |
|
Designation : |
Director |
|
Address : |
32 Peacock Palace, |
|
Date of Birth/Age : |
02.02.1937 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00017786 |
|
|
|
|
Name : |
Mr. Girish Mohanlal Dave |
|
Designation : |
Director |
|
Address : |
Dave and Girish and Company, Advocates, 1st
Floor, Sethna Building, 55 Maharshi Karve Road, Marine Lines, Mumbai –
400002, Maharashtra, India |
|
Date of Birth/Age : |
12.07.1938 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00036455 |
|
Voter ID No.: |
MT/08/039/0022008 |
|
|
|
|
Name : |
Mr. Kamlesh Shivji Vikamsey |
|
Designation : |
Director |
|
Address : |
194, Kalpataru Habitat, Tower – A, Dr. S S Road, Parel, Mumbai
– 400012, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1960 |
|
Date of Appointment : |
22.04.2008 |
|
DIN No.: |
00059620 |
|
|
|
|
Name : |
Mr. Pranab Barua |
|
Designation : |
Director |
|
Address : |
D-1, Cedar Crest, 258, 10th Main, Defence colony,
Indira Nagar, |
|
Date of Birth/Age : |
21.09.1952 |
|
Date of Appointment : |
01.02.2009 |
|
DIN No.: |
00230152 |
|
|
|
|
Name : |
Mr. Gianprakash Dharamprakash Gupta |
|
Designation : |
Director |
|
Address : |
101, Kaveri ‘B’ Wing, Neelkanth Valley, Rajawadi, Ghatkopar (East),
Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
11.01.1941 |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
00017639 |
KEY EXECUTIVES
|
Name : |
Mr. Sailesh Kumar Daga |
|
Designation : |
Secretary |
|
Address : |
Flat No. 421, Tower No. 6, Soham Park, Hari Om Nagar, Mulund (East),
Mumbai – 400081, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1973 |
|
Date of Appointment : |
01.12.2012 |
|
PAN No.: |
ADIPD1752F |
MAJOR SHAREHOLDERS
As on 30.07.2013
|
Names of Shareholders |
|
No. of Shares |
|
Kanishtha Finance and Investment Private Limited, |
|
126824930 |
|
RKN Retail Private Limited |
|
95675000 |
|
G K Tulsian and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Sushil Ganesham Agarwal and Kanishtha Finance and Investment Private
Limited, |
|
10 |
|
Suresh Pitale and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Anil Chirania and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Omprakash Jajodia and Kanishtha Finance and Investment Private
Limited, |
|
10 |
|
Vivek Pendharkar and Kanishtha Finance and Investment Private Limited,
|
|
10 |
|
Nitin Madhura and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Total |
|
222500000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.07.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of retailing. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
-- |
||||||
|
|
|
||||||
|
Agencies Held : |
-- |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
|
||||||
|
Selling : |
Not Divulged |
||||||
|
|
|
||||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
IDBI Trusteeship Services Limited, Asian
Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001,
Maharashtra, India ·
The Federal Bank Limited, Corporate Branch, I
Floor, Rajabhadur, Mansion, 32, Bombay Samachar Marg, Fort, Mumbai – 400001,
Maharashtra, India ·
Syndicate Bank Limited, Large Street, Fort,
Mumbai – 400023, Maharashtra, India ·
Industrial Development Bank of India limited,
IDBI Tower WTC Complex, Cuffe Parade, Mumbai – 400005, Maharashtra,
India ·
State Bank of India, Corporate Accounts Group -
Mumbai, Neville House, 3rd Floor, J N Heredia Marg, Ballard
Estate, Mumbai - 400001, Maharashtra, India
· Indusind Bank Limited, Dr. Gopal Das Bhavan, 28, Barakamba Road, New Delhi – 110001, India ·
The Ratnakar Bank Limited, Shahupuri,
Kolhapur, Vypari Peth, Kolhapur – 416001, Maharashtra, India ·
ING Vysya Bank Limited, Narian Manzil, Ground
Floor, Shop No. G1 to G5, I Floor, Shop No. 1001 to 1007, Barakhamba Road,
New Delhi – 110001, India ·
Andhra Bank, Nanavati Mahalaya 18, Homi
Street, Fort, Mumbai – 400023, Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st
Floor, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai - 400 011,
Maharashtra, India |
|
PAN
No. : |
AAAFB9852F |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
· Kanishtha Finance and Investment Private Limited CIN No.: U65990MH1988PTC048498 |
|
|
|
|
Subsidiary Company
: |
· Fabmall (India) Private Limited CIN No.: U18101TG2002PTC073589 · H.A.S.Two Holdings Private Limited CIN No.: U64202TG1999PTC072731 · Terrafirma Agroprocessing (India) Private Limited CIN No.: U15499TG2005PTC047082 · Trinethra Superretail Private Limited CIN No.: U52520TG1990PTC011172 |
CAPITAL STRUCTURE
As on 30.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
222500000 |
Equity Shares |
Rs.10/- each |
Rs.2225.000 Millions |
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 |
2,225.000 |
2,225.000 |
1,225.000 |
|
(b) Reserves & Surplus |
(47,452.200) |
(29,249.700) |
(24,141.200) |
|
(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) |
(45,227.200) |
(27,024.700) |
(22,916.200) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
39,051.200 |
30,726.700 |
27,424.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.800 |
2.200 |
5.500 |
|
(d) long-term provisions |
52.800 |
20.800 |
23.500 |
|
Total Non-current Liabilities (3) |
39,104.800 |
30,749.700 |
27,453.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7,273.000 |
9,229.700 |
7,004.000 |
|
(b) Trade payables |
2,144.000 |
1,134.500 |
1,949.700 |
|
(c) Other current
liabilities |
3,250.700 |
3,198.400 |
2,106.900 |
|
(d) Short-term provisions |
34.300 |
51.600 |
71.700 |
|
Total Current Liabilities (4) |
12,702.000 |
13,614.200 |
11,132.300 |
|
|
|
|
|
|
TOTAL |
6,579.600 |
17,339.200 |
15,669.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,199.300 |
553.700 |
633.500 |
|
(ii) Intangible Assets |
148.000 |
241.700 |
266.300 |
|
(iii) Capital
work-in-progress |
245.100 |
278.900 |
408.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
12,103.100 |
11,260.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
783.600 |
514.300 |
494.700 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2,376.000 |
13,691.700 |
13,063.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2,090.200 |
1,077.300 |
925.000 |
|
(c) Trade receivables |
162.400 |
452.400 |
308.900 |
|
(d) Cash and cash
equivalents |
971.000 |
1,221.200 |
429.800 |
|
(e) Short-term loans and
advances |
967.300 |
888.700 |
896.100 |
|
(f) Other current assets |
12.700 |
7.900 |
46.200 |
|
Total Current Assets |
4,203.600 |
3,647.500 |
2,606.000 |
|
|
|
|
|
|
TOTAL |
6,579.600 |
17,339.200 |
15,669.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
25,106.100 |
11,158.400 |
10,177.300 |
|
|
|
|
Other Income |
207.800 |
153.800 |
114.200 |
|
|
|
|
TOTAL (A) |
25,313.900 |
11,312.200 |
10,291.500 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Purchase of Stock-in-trade |
20,800.300 |
9,358.300 |
8,705.400 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(102.400) |
(107.600) |
(152.700) |
|
|
|
|
Employee Benefits Expenses |
2,203.200 |
1,404.200 |
1,579.500 |
|
|
|
|
Other Expenses |
4,331.800 |
2,456.500 |
2,945.300 |
|
|
|
|
Exceptional Items |
411.400 |
159.400 |
0.000 |
|
|
|
|
TOTAL (B) |
27,644.300 |
13,270.800 |
13,077.500 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(2,330.400) |
(1,958.600) |
(2,786.000) |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
2,888.600 |
2,664.000 |
2,047.700 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(5,219.000) |
(4,622.600) |
(4,833.700) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
744.000 |
486.100 |
516.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(5,963.000) |
(5,108.700) |
(5,350.100) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(5,963.000) |
(5,108.700) |
(5,350.100) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(30,206.300) |
(25,097.600) |
(19,747.500) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(36,169.300) |
(30,206.300) |
(25,097.600) |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
49.600 |
30.500 |
23.800 |
|
|
|
|
Capital Goods |
7.100 |
10.300 |
66.700 |
|
|
|
TOTAL IMPORTS |
56.700 |
40.800 |
90.50 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (Rs.) |
(26.80) |
(28.25) |
(43.67) |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(23.75) |
(45.78) |
(52.57) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(9.28) |
(17.55) |
(27.37) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(94.14) |
(103.06) |
(133.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.19 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.02) |
(1.48) |
(1.50) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33 |
0.27 |
0.23 |
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 |
1225.000 |
2225.000 |
2225.000 |
|
Reserves & Surplus |
(24141.200) |
(29249.700) |
(47452.200) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
|
0.000 |
0.000 |
0.000 |
|
Net
worth |
(22916.200) |
(27024.700) |
(45227.200) |
|
|
|
|
|
|
Long Term borrowings |
27424.300 |
30726.700 |
39051.200 |
|
Short Term borrowings |
7004.000 |
9229.700 |
7273.000 |
|
Total
borrowings |
34428.300 |
39956.400 |
46324.200 |
|
Debt/Equity
ratio |
(1.502) |
(1.479) |
(1.024) |
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 |
10,177.300 |
11,158.400 |
25,106.100 |
|
|
|
9.640 |
124.997 |
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
|
10,177.300 |
11,158.400 |
25,106.100 |
|
Profit |
(5,350.100) |
(5,108.700) |
(5,963.000) |
|
|
(52.57%) |
(45.78%) |
(23.75%) |
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 |
1143.900 |
1633.300 |
1447.500 |
|
Total |
1143.900 |
1633.300 |
1447.500 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
|
Case Details |
||||
|
Bench:- Bombay |
||||
|
Presentation Date:- |
29/09/2014 |
|||
|
Lodging No.:- |
APPL/623/2014 |
Filing Date:- |
29/09/2014 |
|
|
Main Matter |
||||
|
Lodging No.:- |
Reg No.:- |
ARBP/738/2013 |
||
|
Petitioner:- |
M/S ASHAPURA DEVELOPERS - |
Respondent:- |
ADITYA BIRLA LIMITED |
|
|
Petn.Adv:- |
PATHAK SANTOSH SADANAND (I6046) |
|
|
|
|
District:- |
MUMBAI |
|||
|
Bench:- |
DIVISION |
|||
|
Status:- |
Admitted(Unready) |
Category:- |
APPEAL(FINAL JUDGMENT/DECREE-ARBP/ARBAP) |
|
|
Last Date:- |
30/09/2014 |
Stage:- |
APPEALS FOR HEARING [ORIGINAL SIDE MATTERS] |
|
|
Last Coram:- |
HON'BLE THE CHIEF JUSTICE HON'BLE SHRI JUSTICE M.S. SONAK |
|||
|
Act :- |
Arbitration and Conciliation Act 1996 |
Under Section:- |
34 |
|
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
800.000 |
|
Bonds/debentures |
28735.800 |
22735.800 |
|
Rupee term loans from others |
2500.000 |
2000.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
3694.700 |
3721.100 |
|
Rupee term loans from others |
500.000 |
500.000 |
|
Loans repayable on demand |
1358.600 |
1892.500 |
|
Intercorporate deposits |
40.000 |
0.000 |
|
Total |
36829.100 |
31649.400 |
COMPANY
OVERVIEW
The Company is engaged in the business of retailing under the brand name more. As at 31March 2014, the Company operates through 490 Supermarkets and 14 Hypermarkets located in various cities across the country.
FINANCIAL RESULTS
*Financials for the year reflect the impact of amalgamation of Trinethra Superretail Private Limited (TSPL), H.A.S. Two Holdings Private limited (HTHPL), Fabmall (India) Private Limited (FIPL), and Terrafirma Agroprocessing (India) Private Limited (TAPL) with the Company for the full year. Financials for the financial year 2012-13 are in respect of the full year of the Company as it stood prior to the amalgamation. The financials for the current financial year are thus are not comparable with the previous financial year.
Composite Scheme of Amalgamation and arrangement of Trinethra Superretail Private Limited (TSPL), H.A.S. Two Holdings Private limited (HTHPL), Fabmall (India) Private Limited (FIPL), and Terrafirma Agroprocessing (India) Private Limited (TAPL) with the Company In order to consolidate retail operations of the Company and its subsidaires under a single entity and with a view to achieve effective operational and management efficiency , the scheme of amalgamation and arrangement of Trinethra Superretail Private Limited (TSPL), H.A.S. Two Holdings Private limited (HTHPL), Fabmall (India) Private Limited (FIPL), and Terrafirma Agroprocessing (India) Private Limited (TAPL) with the Company was filed during the year, with the Honble High Court of Judicature at Bombay and at the Honble High Court of Judicature at Hyderabad respectively.
With respect to the composite scheme of amalgamation and arrangement of TSPL, HTHPL, FIPL and TAPL with the Company, the Honble High Court of Judicature at Bombay has dispensed with the requirement of filing of Company Scheme Petition in relation to the said Scheme by the Company in terms of minutes of order dated 4
April 2014 and accordingly there is no requirement of having the Scheme sanctioned qua the Transferee Company.
The scheme was approved by the Honble High Court of Judicature Hyderabad on 16 July 2014 which issued a Common Order for amalgamation and arrangement of all these Transferor Companies with the Company. The amalgamation has become effective from 23 August 2014.
As per the Scheme, Transferor Companies are amalgamated with the Company with effect from 1 April 2013, the Appointed Date and the Scheme has been given effect to on 23 August 2014, being the Effective Date and the accounting treatment prescribed by the Scheme has been given effect to in the financial statements for the year ended 31 March 2014.
In accordance with the Scheme, the following effect has been given in this financial statement:
a) All assets, liabilities and reserves of the erstwhile Transferor Companies as at 1 April 2013 have been taken over at their respective book values.
b) Pursuant to the provisions of the Amalgamation Scheme the excess of cost of investment in Transferor Companies over the book value of net assets of Transferor Companies, aggregating to Rs.12239.500 Millions has been debited to statement of Profit and loss.
c) Investments in the equity shares and preference shares of Transferor Companies as appearing in the books of the Company as at 31 March 2013 have been cancelled against the share capital of the amalgamating companies and no shares have been issued in pursuance to scheme of amalgamation.
d) The cost of transfer of assets to the Company has been debited to statement of Profit and loss.
e) The authorised share capital of the Transferor Companies was considered as authorised share capital of the transferee Company. Hence, the authorised equity share capital of the Company has been increased by Rs.401.200 Millions divided into 4,01,20,000 equity shares of Rs 10 each.
f) The Inter Company balances stand cancelled upon giving effect of the above treatment.
In view of the amalgamation of wholly owned subsidiaries with the company with effect from 1 April 2013, the figures for the current year are not comparable with those of the previous year.
Pursuant to this Order the entire licenses, permits, quotas, approvals, incentives, subsidies, rights, claims, leases,
tenancy rights, liberties, rehabilitation schemes, special status and other benefits or privileges enjoyed or conferred upon or held or availed of by and all rights and benefits that have accrued to Transferor Companies (TSPL, HTHPL, FIPL and TAPL), shall without any further act, instrument or deed, be transferred to and vest in or be deemed to have been transferred to and vested in and be available to the Company, including the estates, assets, rights, title, interests and authorities of the company and shall remain valid, effective and enforceable on the same terms and conditions to the extent permissible in law.
BUSINESS PERFORMANCE
The Company ended the year with 490 supermarkets and 14 hypermarkets covering approximately 19.30 lakhs sq. feet of retail space.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10464929 |
14/11/2013 |
2,150,000,000.00 |
Indusind Bank
Ltd. |
Dr Gopal Das
Bhavan, 28, Barakamba Road, New Delhi, Delhi - 110001, India |
B91438119 |
|
2 |
10441082 |
11/06/2013 |
5,500,000,000.00 |
Idbi Trusteeship
Services Limited |
Asian Building,
Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, India |
B81136525 |
|
3 |
10406669 |
29/01/2013 |
500,000,000.00 |
Ing Vysya Bank
Limited |
Narian Manzil,
Ground Floor, Shop No. G1 To G5, I Floor, Shop No.1001 To 1007, Barakhamba
Road, New Delhi, Delhi - 110001, India |
B69056000 |
|
4 |
10406723 |
29/01/2013 |
1,000,000,000.00 |
Ing Vysya Bank
Limited |
Narian Manzil,
Ground Floor, Shop No. G1 To G5, I Floor, Shop No.1001 To 1007, Barakhamba
Road, New Delhi, Delhi - 110001, India |
B69058170 |
|
5 |
10406725 |
29/01/2013 |
1,000,000,000.00 |
Ing Vysya Bank
Limited |
Narian Manzil,
Ground Floor, Shop No. G1 To G5, I Floor, Shop No.1001 To 1007, Barakhamba
Road, New Delhi, Delhi - 110001, India |
B69060994 |
|
6 |
10402761 |
26/12/2012 |
1,000,000,000.00 |
Andhra Bank |
Nanavati Mahalaya,
18, Homi Street, Fort, Mumbai, Maharashtra - 400023, India |
B67997981 |
|
7 |
10392206 |
26/04/2013 * |
1,500,000,000.00 |
The Ratnakar
Bank Limited |
Shahupuri,Kolhapur,,
Vypari Peth, Kolhapur, Maharashtra - 416001, India |
B75654194 |
|
8 |
10392215 |
19/11/2012 |
2,000,000,000.00 |
Central Bank Of
India |
Corporate
Finance Branch, 1st Floor, MMO Building, Fort, Mumbai, Maharashtra - 400023,
INDIA |
B64234255 |
|
9 |
10345988 |
24/02/2012 |
250,000,000.00 |
The Federal Bank
Limited |
Corporate
Banking Branch, I Floor, Rajabahadur Mansion, |
B36467496 |
|
10 |
10345993 |
24/02/2012 |
1,250,000,000.00 |
The Federal Bank
Limited |
Corporate
Banking Branch, I Floor, Rajabahadur Mansion, |
B36469047 |
|
11 |
10314396 |
27/09/2011 |
500,000,000.00 |
IDBI Bank
Limited |
Idbi Towerwtc Complex,
Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B24017584 |
|
12 |
10165458 |
22/12/2012 * |
1,660,000,000.00 |
IDBI Bank
Limited |
Idbi Towerwtc
Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B66344284 |
|
13 |
10151657 |
26/06/2013 * |
1,900,000,000.00 |
IDBI Trusteeship
Services Limited |
Asian Building,
Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, India |
B80226350 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
34 |
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.