MIRA INFORM REPORT
|
Report No. : |
333841 |
|
Report Date : |
25.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE RETAIL LIMITED |
|
|
|
|
Registered
Office : |
Knowledge House Shyam Nagar Off. Jogeshwari – Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra |
|
Tele. No. : |
91-22-66442200 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
12.10.1987 |
|
|
|
|
Com. Reg. No.: |
11-044954 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 828.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52399MH1987PLC044954 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 retail trade. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Maximum Credit Limit : |
USD 150000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “Future Group”. It is a well-established company
having fine track record. The company has progressed well during FY 2015. General financial position
of the company is sound and healthy. The ratings also continue to derive strength from the experienced
promoters and management team, the company’s proven track record with a
leading position in the organized retail business in India and pan-India
presence across multiple formats. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view of strong group, 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term non-convertible debenture = AA- |
|
Rating Explanation |
High degree of safety and carry low credit
risk |
|
Date |
30.06.2015 |
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
31-03-2013.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-22-66442200)
LOCATIONS
|
Registered Office : |
Knowledge House Shyam Nagar Off. Jogeshwari – Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
|
Tel. No.: |
91-22-66442200 / 30842336 |
|
Fax No.: |
91-22-66442201 / 30842502 |
|
E-Mail : |
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|
Website : |
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|
East Zone : |
03-097, Fourth Floor, Block No - BG,
Plot No.5, Action Area - 1B, Block By Block Shopping
Mall, P.O. - New Town, (Near Indian Oil Petrol Pump), Kolkata – 700156, west
Bengal, India |
|
Tel. No.: |
91-33-30917500 / 01 |
|
Fax No.: |
91-33-30917502 |
|
|
|
|
Mumbai Zone : |
9th Floor, Tower
C, 247 Park, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
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|
Gujarat Zone : |
3rd Floor, Zonal Office, City Gold Mall, 132 Feet Ring Road, Near
Shyamal Cross Road, Satellite, Ahmedabad –
380015, Gujarat, India |
|
Tel. No.: |
91-79-30413700 |
|
Fax No.: |
91-79-30413737 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Chairman - Director (up to 31.10.2013) |
|
|
|
|
Name : |
Mr. Kishore Biyani |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Rakesh Biyani |
|
Designation : |
Joint Managing Director |
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Name : |
Mr. Vijay Biyani |
|
Designation : |
Wholetime Director |
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Name : |
Mr. S. Doreswamy |
|
Designation : |
Director |
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|
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|
Name : |
Dr. Darlie Koshy |
|
Designation : |
Director (up to 31.10.2013) |
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|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
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|
Name : |
Mrs. Bala Deshpande |
|
Designation : |
Director |
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|
Name : |
Mr. V. K. Chopra |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Gopikishan Biyani |
|
Designation : |
Director (up to 31.10.2013) |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Tanna |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Dinesh Maheshwari |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
196031022 |
50.48 |
|
|
196031022 |
50.48 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
196031022 |
50.48 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2241340 |
0.58 |
|
|
5445072 |
1.40 |
|
|
4209828 |
1.08 |
|
|
64269740 |
16.55 |
|
|
355595 |
0.09 |
|
|
355595 |
0.09 |
|
|
76521575 |
19.71 |
|
|
|
|
|
|
91004714 |
23.44 |
|
|
|
|
|
|
10854433 |
2.80 |
|
|
12598861 |
3.24 |
|
|
1310718 |
0.34 |
|
|
702784 |
0.18 |
|
|
10000 |
0.00 |
|
|
285134 |
0.07 |
|
|
312800 |
0.08 |
|
|
115768726 |
29.81 |
|
Total Public shareholding (B) |
192290301 |
49.52 |
|
Total (A)+(B) |
388321323 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
388321323 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of retail trade. |
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|
Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT
AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
NGS and Company LLP Chartered Accountants |
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|
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Risk
Advisor : |
Ernst and Young Private Limited |
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Subsidiary
Companies (AS ON 31.03.2014) : |
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Associates (AS
ON 31.03.2014) : |
Galaxy Entertainment Corporation Limited |
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Joint Ventures
(AS ON 31.03.2014) : |
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|
Enterprises over
which Key Management Personnel are able to exercises significant influence
(AS ON 31.03.2014) : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 828.400 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs.900.000 Million |
|
50000000 |
Equity Shares of Class B |
Rs.2/- each |
Rs.100.000 Million |
|
3000000 |
0.01% Compulsorily Convertible Preference Shares |
Rs.100/- each |
Rs.300.000 Million |
|
|
Total |
|
Rs.1300.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
215664839 |
Equity Shares |
Rs.2/- each |
Rs.431.300
Million |
|
15929152 |
Equity Shares of Class B |
Rs.2/- each |
Rs.31.900
Million |
|
|
Total |
|
Rs.463.200 Million |
Reconciliation of
the number of shares
Equity Shares of
Class B (Series -1) of Rs.
2/- each
|
Particulars |
Rs. In Million |
|
Opening Balance |
215653439 |
|
Shares Issued |
-- |
|
Shares Issued on Conversion of Preference Shares |
-- |
|
Closing Balance |
215653439 |
0.01% Compulsorily
Convertible Preference Shares of Rs.
100/-each
|
Particulars |
Rs. In Million |
|
Opening Balance |
15929152 |
|
Shares Issued |
-- |
|
Shares Issued on Conversion of Preference Shares |
15929152 |
|
Closing Balance |
215653439 |
Terms/Rights Attached to Equity Shares
The Company has
Equity Shares having a par value of Rs.2/- each at the Balance Sheet Date. Equity
Shares have been further classified in to Equity Shares carrying normal voting
and dividend rights (Ordinary Shares) and Equity Shares carrying differential
voting and dividend rights Class B (Series-1) Shares. Each holder of Ordinary
Shares, is entitled to one vote per member in case of voting by show of hands
and one vote per Ordinary Shares held in case of voting by poll/ballot. Each
holder of Equity Share is also entitled to normal dividend (including interim
dividend, if any) as may declared by the company.
Each holder of
Class B (Series -1) Shares, is entitled to one vote per member in case of
voting by show of hands and three vote per four Class B (Series-1) shares held
in case of voting by poll/ballot. Each holder of Class B (Series-1) Share is
also entitled to 2% additional dividend in addition to normal dividend
(including interim dividend, if any) as may declared by the company.
Further, the
Company may declare dividend only for Class B (Series-1) Share upto 2% without
declaring any dividend for Equity
Shares.
All other rights
would be same for both classes of Equity Shares.
The Company
declares and pays dividends in Indian Rupees. The dividend proposed by the
Board of Directors is subject to approval of the shareholders in the Annual General
Meeting.
In the event of
liquidation of company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distributions will be in proportion to the number of equity shares
held by shareholder.
The Company does not have any holding Company.
Shares in the
Company held by each shareholder holding more than 5 percent shares and number
of Shares held areas under:
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Future Corporate Resources Limited |
8,92,90,093 |
41.40 |
|
PIL Industries Limited |
1,46,77,448 |
6.81 |
|
ARISAIG Partners (Asia) PTE Limited A/c Arisaig India Fund Limited |
2,01,37,118 |
9.34 |
|
Bennett, Coleman and Company Limited |
1,25,66,477 |
5.83 |
|
Equity Shares of Class B (Series-1) Shares |
|
|
|
PIL Industries Limited |
29,38,034 |
18.44 |
|
Gargi Developers Private Limited |
28,00,000 |
17.57 |
|
Manz Retail Private Limited |
9,71,756 |
6.10 |
Pursuant to the
provisions of Section 206A of the Companies Act, 1956, the issue of 1,400
equity shares is kept in abeyance.
Shares allotted as
fully paid up without payment received in cash (during 5 years preceding March
31, 2014).
Allotted 5928818
Equity Shares of Rs.2/- each and 6347635, 0.01% Compulsory Convertible
Preference Shares of Rs.100/- each as fully paid up pursuant to Scheme of Arrangement.
The Company has
reserved issuance of 2500000 (2012: NIL) Equity Shares of Rs.2/- each for
offering to eligible employees of the Company under Employees Stock Option
Scheme (ESOS). During the period, Company has granted 2,76,279 (2012 : NIL )
revised to 3,05,192 options, post corporate action affecting option value and
transfer of certain options to Future Lifestyle Fashions Limited due to
transfer of the employees pursuant to Scheme of Arrangement, to the eligible
employees at exercise price of Rs.20/- per option, again revised post corporate
action to exercise price of Rs.10/- per option plus all applicable taxes, as
may be levied in this regard on the company. Out of the options granted, 11,798
options were cancelled due to cessation of employment. The options would vest
over a maximum period of 3 years or such other period as may be decided by the
Nomination and Remuneration Committee from the date of grant based on specified
criteria.
LISTING DETAILS :
|
Subject Stock Code : |
BSE : 523574 NSE : FRL |
|
Stock Exchange
Place : |
Ø The
Stock Exchange, Mumbai, National Stock Exchange of India Limited |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (18 Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
828.400 |
463.200 |
463.200 |
|
(b) Reserves &
Surplus |
50919.000 |
32053.300 |
32762.300 |
|
(c) Money received
against share warrants |
231.800 |
0.000 |
0.000 |
|
(d) Optionally Fully Convertible Debenture |
0.000 |
0.000 |
8000.000 |
|
(e) Compulsory
Convertible Debenture |
0.000 |
1500.000 |
0.000 |
|
(f) Optionally Convertible
Debenture |
1500.000 |
2500.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
53479.200 |
36516.500 |
41225.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
29185.600 |
37552.000 |
18544.200 |
|
(b) Deferred tax
liabilities (Net) |
1674.800 |
1801.800 |
949.900 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
1500.000 |
|
(d) long-term provisions |
191.200 |
160.300 |
53.200 |
|
Total Non-current
Liabilities (3) |
31051.600 |
39514.100 |
21047.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
11323.700 |
13486.000 |
5511.800 |
|
(b) Trade payables |
20420.300 |
12240.200 |
8100.200 |
|
(c) Other current
liabilities |
9547.600 |
11540.700 |
9809.100 |
|
(d) Short-term provisions |
342.500 |
198.400 |
335.300 |
|
Total Current Liabilities
(4) |
41634.100 |
37465.300 |
23756.400 |
|
|
|
|
|
|
TOTAL |
126164.900 |
113495.900 |
86029.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
51065.800 |
41125.800 |
21862.900 |
|
(ii) Intangible Assets |
0.000 |
2276.700 |
970.200 |
|
(iii) Capital
work-in-progress |
0.000 |
3638.200 |
2097.300 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
12951.600 |
13495.200 |
22802.300 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4781.900 |
3709.900 |
7640.100 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
68799.300 |
64245.800 |
55372.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
35226.800 |
31132.900 |
21402.400 |
|
(c) Trade receivables |
3979.700 |
3139.800 |
1650.100 |
|
(d) Cash and cash
equivalents |
1044.900 |
1024.800 |
555.300 |
|
(e) Short-term loans and advances |
17023.800 |
13793.300 |
6909.900 |
|
(f) Other current assets |
90.400 |
159.300 |
138.700 |
|
Total Current Assets |
57365.600 |
49250.100 |
30656.400 |
|
|
|
|
|
|
TOTAL |
126164.900 |
113495.900 |
86029.200 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (18 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
103416.600 |
115774.400 |
69877.300 |
|
|
|
Other Income |
267.300 |
277.400 |
277.000 |
|
|
|
TOTAL (A) |
103683.900 |
116051.800 |
70154.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
166.700 |
218.500 |
252.100 |
|
|
|
Purchases of Stock-in-Trade |
78034.900 |
84988.700 |
48151.100 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(4119.800) |
(230.700) |
(3959.300) |
|
|
|
Employee Benefit Expenses |
3818.700 |
4239.400 |
3363.100 |
|
|
|
Rent including lease rental |
5711.400 |
|
|
|
|
|
Other Expenses |
(1005.100) |
16161.000 |
14307.300 |
|
|
|
Exceptional Items |
8644.300 |
(306.600) |
(2566.000) |
|
|
|
TOTAL (B) |
91251.100 |
105070.300 |
59548.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12432.800 |
10981.500 |
10606.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6690.400 |
6925.400 |
4604.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5742.400 |
4056.100 |
6001.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5128.800 |
4043.400 |
3118.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
613.600 |
12.700 |
2883.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(127.000) |
(15.400) |
150.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
740.600 |
28.100 |
2732.600 |
|
|
|
|
|
|
|
|
|
|
|
|
6540.700 |
5063.500 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
|
1200.000 |
693.800 |
|
|
|
Transfer to General Reserve |
|
2.800 |
273.000 |
|
|
|
Dividend |
|
139.700 |
255.400 |
|
|
|
Proposed Dividend on Preference Shares |
|
0.000 |
0.000 |
|
|
|
Tax on Dividend |
|
23.700 |
41.400 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
5202.600 |
6540.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Basis |
|
884.300 |
851.300 |
|
|
TOTAL EARNINGS |
|
884.300 |
851.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
0.900 |
2.700 |
|
|
|
Stores & Spares/ Stock in Trade |
|
1338.000 |
1159.800 |
|
|
|
Capital Goods |
|
297.600 |
101.800 |
|
|
|
Accessories and Others |
|
13.400 |
13.900 |
|
|
TOTAL IMPORTS |
|
1649.900 |
1278.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.75 |
0.12 |
12.08 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (18 Months) |
|
Current Maturities of Long term debt |
NA |
7641.500 |
3015.300 |
|
Cash generated from operations |
NA |
583.400 |
84.600 |
|
Net Cash From Operating Activities |
NA |
(716.900) |
(49.200) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (12 Months) |
31.03.2014 (15 Months) |
31.12.2012 (18 Months) |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.72 |
0.02 |
3.91 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.02 |
9.49 |
15.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.54 |
0.01 |
4.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.00 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
1.61 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.31 |
1.29 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.114.45 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
463.200 |
463.200 |
828.400 |
|
Reserves & Surplus |
32762.300 |
32053.300 |
50919.000 |
|
Optionally Fully
Convertible Debenture |
8000.000 |
0.000 |
0.000 |
|
Compulsory Convertible
Debenture |
0.000 |
1500.000 |
0.000 |
|
Optionally Convertible
Debenture |
0.000 |
2500.000 |
1500.000 |
|
Net worth |
41225.500 |
36516.500 |
53247.400 |
|
|
|
|
|
|
long-term borrowings |
18544.200 |
37552.000 |
29185.600 |
|
Short term borrowings |
5511.800 |
13486.000 |
11323.700 |
|
Total borrowings |
27071.300 |
58679.500 |
40509.300 |
|
Debt/Equity ratio |
0.657 |
1.607 |
0.761 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
69877.300 |
115774.400 |
103416.600 |
|
|
|
65.682 |
(10.674) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
69877.300 |
115774.400 |
103416.600 |
|
Profit |
2732.600 |
28.100 |
740.600 |
|
|
3.91% |
0.02% |
0.72% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2015 Rs. In Million |
31.03.2014 Rs. In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Loans from Related Parties |
NA |
827.500 |
|
Total |
NA |
827.500 |
CONTINGENT LIABILITIES
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
A. Claims Against the Company Not Acknowledged as Debts |
|
|
|
i) Value Added Tax Act/Income Tax |
|
416.300 |
|
ii) Others |
NA |
3416.300 |
|
B. Corporate Guarantees Given on Behalf of Group Companies |
|
345.400 |
INDEX OF CHARGE:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10558862 |
17/03/2015 |
5,100,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, MAKER TOWER E, GROUND FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C48937072 |
|
2 |
10557400 |
27/02/2015 |
3,000,000,000.00 |
STATE BANK OF INDIA |
THE CAPITAL, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
C47913397 |
|
3 |
10554116 |
12/02/2015 |
1,950,000,000.00 |
STATE BANK OF INDIA |
THE CAPITAL, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
C46169207 |
|
4 |
10551754 |
29/01/2015 |
1,000,000,000.00 |
ECL FINANCE LIMITED |
EDELWEISS HOUSE,
OFF. C.S.T ROAD, KALINA, MUMBAI, |
C44923589 |
|
5 |
10557151 |
15/01/2015 |
750,000,000.00 |
VIJAYA BANK |
MAKER CHAMER IV 9REAR PORTION), 222, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400022, INDIA |
C47785258 |
|
6 |
10538965 |
30/12/2014 |
2,000,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATE BRANCH, MAKER TOWER E WING, 2ND FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C38262903 |
|
7 |
10542437 |
24/12/2014 |
1,500,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATE BRANCH, MAKER TOWER E WING, 2ND FLOOR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
C40137648 |
|
8 |
10542454 |
18/12/2014 |
2,015,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE
CORPORATE BRANCH, ORIENTAL BUILDING, |
C40142846 |
|
9 |
10538983 |
04/12/2014 |
1,500,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICE BRANCH, FORT, 4TH FLOOR, 10/12, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
C38270856 |
|
10 |
10538111 |
03/12/2014 |
1,500,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH, MAKER TOWER 'E', GROUND FLOOR, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA |
C37769502 |
*Date of modification Charges
FIXED ASSETS (As
on 31.03.2014):
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
PRESS RELEASE
AMAZON.IN AND
FUTURE GROUP ENTER INTO STRATEGIC PARTNERSHIP
Amazon India and Future Group announce a strategic alliance that will leverage the strong product knowledge, extensive brand portfolio and sourcing base of Future Group, and the ecommerce platform, customer base and reach Amazon. The partnership on the Future Group fashion brands and will subsequently covers all other categories.
"The deal is deeper than just transactional involvement with Amazon. We are exploring several synergies in data sharing, co-branding, cross promotion and distribution network sharing through the partnership," confirmed Biyani, who has been quite vocal on whether ecommerce firms' deep discounting strategy makes business sense, suggesting that offering cheaper prices wouldn't help in the long run. "We are targeting gross merchandise sales of Rs 6,000 crore in next 3 years through the alliance," he added.
Amazon's agreement in India also indicates its aggressive intent to spread itself across many product areas quickly in India especially foods a relatively niche category for online retail, which it has only recently entered. In July, the US Company announced it would invest $2 billion in India operations that exceeded gross merchandise sales of more than $1 billion within a year of its launch. It completed a year in June this year.
FUTURE RETAIL AND
BHARTI RETAIL ANNOUNCE THE MERGER OF THEIR RETAIL BUSINESSES
- Partnership to combine operations of Future Retail and Bharti Retail to create a national footprint of over 570 retail stores in multiple formats across 243 cities
- Combined entity to benefit from Efficiencies of Scale, Better Sourcing, Richer Data and Insights to deliver great experience and value to consumers
- Consolidation process will result in creation of two distinct entities post merger – one focused on retail operations and other holding the infrastructure and investment
May 4, 2015, New Delhi: The Board of Directors of Future Retail Limited (“Future Retail”), the flagship company of Future Group, and the Board of Directors of Bharti Retail Limited (“Bharti Retail”) at their respective meetings held today have approved a partnership between the companies. The consolidation creates one of India’s foremost retail networks in the fast growing consumption economy of India.
Future Group has been a pioneer in the Indian retail sector and operates over 17 million square feet of retail space in different formats and categories across 166 Indian cities. Bharti Retail currently operates a network of over 200 ‘easyday’ stores in multiple formats across 114 cities with a strong presence in key markets like Punjab, Haryana, National Capital Region, Western Uttar Pradesh, Uttarakhand and Bangalore.
The combined entity will have over 570 retail stores in 243 cities with operational retail space of over 18.5 million square feet. It will operate 203 Big Bazaar and ‘easyday’ hypermarkets, 197 Food Bazaar and ‘easyday’ supermarkets, and 171 other stores comprising of Home Town, eZone, FBB and Foodhall.
Commenting on the proposed partnership, Mr. Kishore Biyani, Founder and Group CEO, Future Group said, “Bharti Retail’s strengths and network compliment perfectly with that of Future Retail. It will bring us closer to millions of consumers and provide new opportunities for our supply partners. The operational efficiencies that can be derived from the merger will create significant value for our shareholders.
” Mr. Rajan Bharti Mittal, Vice Chairman, Bharti Enterprises said, “We are delighted to announce this partnership, which brings together the strengths of the two companies and provides a strong platform for future growth. The partnership offers compelling synergies in terms of reach, efficiency and experience to build a truly world-class retail network to serve the Indian consumer. Retail is emerging as the next big growth engine for India and we will be well positioned to be a major player in this growth story.”
To streamline the operations resulting from this consolidation, the Board of Directors of Future Retail and Bharti Retail have proposed a demerger of the retail business of Future Retail to Bharti Retail, and a demerger of the infrastructure business of Bharti Retail to Future Retail. After the demerger becoming effective, the business will be operated through two distinct entities.
· The first entity, to be known as Future Retail Limited (proposed) post the completion of the demerger, will host the retail operations of both the entities.
· The second entity, to be known as Future Enterprises Limited (proposed), post the completion of the demerger will host the infrastructure, investments and assets of both the companies.
Post the consolidation, the shareholders of Bharti Retail and the shareholders of Future Retail, will be shareholders in each of the entities.
The consolidation and the demerger are subject to approvals of shareholders, the Hon’ble High Court of Bombay, the Competition Commission of India, the stock exchanges and other regulatory bodies.
Key Benefits from
the Consolidation:
Consolidated Retail Operations Entity: (Post merger to be named as Future Retail)
Benefits Coming in from the Consolidation:
· Improvement in productivity, profitability and cost optimization through synergies in sourcing, logistics, shared services
· Stronger footprint in key markets in NCR, Haryana, western UP and Bangalore
· Larger network to distribute Future Group brands – in fashion and FMCG categories
· Common consumer strategies and lower marketing costs
· Richer consumer data as loyalty programs acquires a larger number of new consumers
· Better sourcing terms resulting from consolidation of buying functions across all categories
Benefits Coming from Demerger:
· Entity focuses purely on operating retail businesses and delivering higher shareholder value
· Significant reduction in interest cost as overall debt will be around Rs 1000 crore
· Company no longer dependent on monetization of held-for-sale assets to lower debt
· Free cash flow positive from the first year itself with minimal incremental capex, resulting in higher Return of Capital Employed (ROCE)
Consolidated Assets & Investments Entity: (Post Merger to be named Future Enterprises)
Benefits Coming from Demerger:
· Gains from long term contracts and business to business model with higher margin
· Strong portfolio of profit making and asset rich entities like Future Supply Chain Solutions, Future Generali Life & Non Life & NTC JV
· Will benefit from timely monetization of some or all of these held-for-sale assets, including proposed divestment of stake in Future Supply Chain Solutions
· Easier access to lower cost foreign funds / ECBs that will help lower cost of existing debt
About Future Group
Future Group operates through three listed entities - Future Retail Limited, Future Lifestyle Fashions Limited and Future Consumer Enterprise Limited.
Future Retail Limited operates Big Bazaar, Food Hall, fbb, eZone, Home Town and Food Bazaar chains. It collectively operates around 350 stores spread over 11 million square feet of retail space. The company also holds substantial stakes in various companies including Future Supply Chain Solutions, manufacturing units and joint ventures with NTC, joint ventures in the insurance space with Generali Group and a partnership with Staples Inc.
Future Lifestyle Fashions Limited owns and markets over two dozen fashion brands through exclusive brand outlets, department stores and multi brand outlets, as well company operated chains such as Central, Brand Factory and Planet Sports. It collectively operates around 400 stores spread over 5 milion square feet of retail space. The company has also invested in a number of fast growing domestic fashion brands and enterprises.
Future Consumer Enterprises Limited focuses on the food and FMCG sector. It markets a number of FMCG brands including Tasty Treat, Sunkist, Sach, Premium Harvest and Fresh & Pure, operates India's leading intergrated food park at Tumkur, has an extensive agri produce sourcing network and operates around 400 convenience stores under the brands, KB's, Nilgiris and Aadhaar.
Collectively, Future Group operates around 17 million square feet of retail space in over 160 cities and towns across India and provides direct employment to over 40,000 people. Around 28 million Indians are part of Future Group's loyalty networks.
About Bharti Retail
Bharti Retail Limited, is part of Bharti Enterprises, one of India’s leading business groups, owns and operates neighbourhood stores called Easyday and compact hypermarket stores called Easyday Market. Easyday stores are one-stop shops that cater to every family’s day-today needs. They bring together a wide range of relevant goods, high quality products and great in-store experience and service – all under one roof. Easyday stores range upto 2500 sq. ft and Easyday Market range up to 55,000 sq. ft. offering thousands of products displayed in a consumer-friendly manner that brings both entertainment and ease to the shopping trip.
About Easyday and Easyday Market
Bharti Retail Limited, is part of Bharti Enterprises, one of India’s leading business groups, owns and operates neighbourhood stores called Easyday and compact hypermarket stores called Easyday Market. Easyday stores are one-stop shops that cater to every family’s day-today needs. They bring together a wide range of relevant goods, high quality products and great in-store experience and service – all under one roof. Easyday stores range upto 2500 sq. ft and Easyday Market range up to 55,000 sq. ft. offering thousands of products displayed in a consumer-friendly manner that brings both entertainment and ease to the shopping trip.
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.63.57 |
|
UK Pound |
1 |
Rs.98.22 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--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 |
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 |
|
64 |
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.