MIRA INFORM REPORT
|
Report No. : |
313926 |
|
Report Date : |
30.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
FUTURE LIFESTYLE FASHIONS LIMITED (w.e.f. 04.12.2012) |
|
|
|
|
Formerly Known
As : |
FUTURE VALUE FASHION RETAIL LIMITED |
|
|
|
|
Registered
Office : |
Knowledge House, Shyam Nagar, Off. Jogeshwari - Vikhroli Link Road, Jogeshwari
(East), Mumbai – 400060, Maharashtra |
|
|
|
|
Country : |
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|
|
|
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Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.05.2012 |
|
|
|
|
Com. Reg. No.: |
11-231654 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.308.900 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U52100MH2012PLC231654 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF9869N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Dealer of Formal Menswear, Ca Manufacturer, dealer of
formal menswear, casual wear, sportswear, women ethnic wear, women denim wear,
women casual wear, footwear and accessories |
|
|
|
|
No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a subsidiary of “Future Retail Limited”. It is an established company having satisfactory track. The subject is formed through the demerger of lifestyle fashion
businesses of Future Retail Limited and Future Ventures India Limited. It is the company’s first year of business operations and the company
has achieved sizeable turnover and profit during current year. Further, the rating also takes into consideration the vast experience
of the promoters in retail industry. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitment. In view of strong promoter, the company can considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 Bank Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
03.09.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
03.09.2014 |
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 PARTED BY
|
Name : |
Mr. Sanjay Ramprasad Rathi |
|
Designation : |
Director |
|
Contact No.: |
91-22-28212294 |
|
Date : |
23.03.2015 |
LOCATIONS
|
Registered Office : |
Knowledge House, Shyam Nagar, Off. Jogeshwari - Vikhroli Link Road, Jogeshwari
(East), Mumbai – 400060, Maharashtra, India |
|
Tel. No. : |
91-22-30842336/28212295 |
|
Fax No. : |
91-22-66442201/30842501/619955019 |
|
E-Mail : |
|
|
Website : |
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|
Location : |
Owned |
|
|
|
|
Corporates
Office /Branch Home Office : |
Tower C, 247 Park, LBS Marg, Vikhroli (West), Mumbai – 400083,
Maharashtra, India |
|
Tel. No. : |
91-22-61190000 |
DIRECTORS
As on 09.05.2013
|
Name : |
Mr. Kishore Laxminarayan Biyani |
|
Designation : |
Managing Director |
|
Address : |
406, Jeevan Vihar, Manav Mandir Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
09.08.1960 |
|
Qualification |
Graduate |
|
Date of Appointment : |
25.06.2013 |
|
DIN No.: |
00005740 |
|
|
|
|
Name : |
Mr. Chandra Prakash Toshniwal |
|
Designation : |
Whole Time Director |
|
Address : |
Kanishka, Great Eastern Link, Ram Mandir Road, Goregaon (West), Mumbai – 400062, Maharashtra, India |
|
Date of Birth/Age : |
29.09.1966 |
|
Qualification |
Graduate |
|
Date of Appointment : |
01.11.2013 |
|
DIN No.: |
00036303 |
|
|
|
|
Name : |
Mr. Sanjay Ramprasad Rathi |
|
Designation : |
Director |
|
Address : |
C-3, Kaveri – Mahima, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India |
|
Date of Birth/Age : |
30.07.1967 |
|
Qualification |
M.Com |
|
Date of Appointment : |
30.05.2012 |
|
DIN No.: |
00022432 |
KEY EXECUTIVES
|
Name : |
Mr. Kuldeep R Sharma |
|
Designation : |
Secretary |
|
Address : |
601/A, Shiv Parvati, Chincholi Bunder Road, Malad (West), Mumbai - 400064, Maharashtra, India |
|
Date of Birth/Age : |
26.07.1965 |
|
Date of Appointment : |
01.05.2013 |
|
PAN No.: |
AAFPS9218R |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
38933 |
0.02 |
|
|
104827426 |
56.30 |
|
|
104866359 |
56.32 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
104866359 |
56.32 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1118383 |
0.60 |
|
|
190348 |
0.10 |
|
|
15527950 |
8.34 |
|
|
1884459 |
1.01 |
|
|
17237673 |
9.26 |
|
|
35958813 |
19.31 |
|
|
|
|
|
|
9313985 |
5.00 |
|
|
|
|
|
|
8106888 |
4.35 |
|
|
9079603 |
4.88 |
|
|
18874375 |
10.14 |
|
|
272807 |
0.15 |
|
|
479444 |
0.26 |
|
|
17986303 |
9.66 |
|
|
135821 |
0.07 |
|
|
45374851 |
24.37 |
|
Total Public shareholding (B) |
81333664 |
43.68 |
|
Total (A)+(B) |
186200023 |
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) |
186200023 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, dealer of formal menswear, casual wear, sportswear,
women ethnic wear, women denim wear, women casual wear, footwear and accessories |
|
|
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Products : |
|
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|
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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 : |
Cash, Cheque and Credit |
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|
|
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Purchasing : |
Cash, Cheque and Credit |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
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|
|
|
|
Finance Institution : |
Cent bank Financial Services Limited, 15-16 Bajaj Bhawan,
1st Floor, Opp Inox Multiplex, Nariman Point, Mumbai - 400021, Maharashtra,
India |
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|
|
|
Auditors : |
|
|
Name : |
NGS and Company Chartered Accountants |
|
Address : |
B-46, Pravasi Industrial Estate, V.N. Road, Goregaon
(East), Mumbai-400063, Maharashtra, India |
|
PAN No.: |
AABFS3313D |
|
|
|
|
Holding Company
(As on 31.03.2013) : |
CIN No.: L52399MH1987PLC044954
|
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|
Fellow Subsidiary (As on
31.03.2013) : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
154473231 |
Equity Shares |
Rs.2/- each |
Rs.308.900 Million |
|
|
|
|
|
As on 08.08.2014
Authorised Capital : Rs. 500.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 372.418
Million
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
308.900 |
51.463 |
|
(b) Reserves & Surplus |
|
12,604.300 |
(3.413) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
12,913.200 |
48.050 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
12,640.300 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
644.900 |
0.000 |
|
(c) Other long term
liabilities |
|
2,517.800 |
0.000 |
|
(d) long-term
provisions |
|
54.800 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
15,857.800 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
778.900 |
0.000 |
|
(b) Trade
payables |
|
8,348.100 |
0.063 |
|
(c) Other
current liabilities |
|
1,422.700 |
0.000 |
|
(d) Short-term
provisions |
|
82.600 |
0.000 |
|
Total Current
Liabilities (4) |
|
10,632.300 |
0.063 |
|
|
|
|
|
|
TOTAL |
|
39,403.300 |
48.113 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
13,394.000 |
0.000 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.024 |
|
(d) Long-term Loan and Advances |
|
3,289.200 |
0.000 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
16,683.200 |
0.024 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
3,785.300 |
0.000 |
|
(b)
Inventories |
|
10,239.700 |
0.000 |
|
(c) Trade
receivables |
|
2,632.000 |
0.000 |
|
(d) Cash
and cash equivalents |
|
2,710.800 |
1.703 |
|
(e)
Short-term loans and advances |
|
2,669.300 |
45.000 |
|
(f) Other
current assets |
|
683.000 |
1.386 |
|
Total
Current Assets |
|
22,720.100 |
48.089 |
|
|
|
|
|
|
TOTAL |
|
39,403.300 |
48.113 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
27439.800 |
0.000 |
|
|
|
Other Income |
|
3317.200 |
1.540 |
|
|
|
TOTAL (A) |
|
30757.000 |
1.540 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
657.100 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
|
16784.900 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(471.600) |
0.000 |
|
|
|
Employees benefits expense |
|
1290.900 |
0.000 |
|
|
|
Rent |
|
2918.900 |
0.000 |
|
|
|
Other Expenses |
|
3696.200 |
4.808 |
|
|
|
Exceptional Items |
|
56.800 |
0.000 |
|
|
|
TOTAL (B) |
|
24933.200 |
4.808 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
5823.800 |
(3.268) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
1629.500 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
4194.300 |
(3.268) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
3851.900 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
342.400 |
(3.268) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
109.600 |
0.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
232.800 |
(3.413) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
1.51 |
(0.30) |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2014 |
31.03.2013 |
|
PAT / Total Income |
(%) |
|
0.85 |
(221.62) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
21.22 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.87 |
(6.80) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.03 |
(0.07) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
1.04 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.14 |
763.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
|
51.463 |
308.900 |
|
Reserves & Surplus |
|
(3.413) |
12604.300 |
|
Net
worth |
|
48.050 |
12913.200 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
12640.300 |
|
Short term borrowings |
|
0.000 |
778.900 |
|
Total
borrowings |
|
0.000 |
13419.200 |
|
Debt/Equity
ratio |
|
0.000 |
1.039 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
two years |
Yes |
|
12] |
Profitability for last
two years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
Bench:- Bombay |
|||||||
|
Presentation Date: 09/04/2014 |
|||||||
|
Lodging No. : |
CPL/237/2014 |
Failing Date:- |
09/04/2014 |
Reg. No.:- |
CP/325/2014 |
Reg.
Date:- |
07/05/2014 |
|
Petitioner:- |
M/S ADIDAS INDIA MARETING PRIVATE LIMITED |
Respondent:- |
FUTURE LIFESTYLE FASHIONS LIMITED CIN NO.: U52100MH2012PLC231654 |
||||
|
Petn.Adv:- |
KHAITAN AND COMPANY (919) |
Resp.Adv:- |
NAIK NAIK AND COMPANY (I7932) |
||||
|
District:- |
OUTSIDE MAHARASHTRA |
||||||
|
Bench:- |
SINGLE |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION (ORIGINAL SIDE MATTERS) |
||||
|
Next Date:- |
26.09.2014 |
||||||
|
Coram:- |
HON’BLE SHRI JUSTICE S.J. KATHAWALLA |
||||||
|
|
|
||||||
|
Act. : |
Companies Act and Rules 1956 |
Under Section 433, 434 and 439 |
|||||
COMPANY OVERVIEW
Future Lifestyle Fashions Limited operates as an integrated fashion company in India. The company primarily operates retail stores under the Central name; outlet stores under the Brand Factory name; and a multi-brand sportswear and sports goods chain under the Planet Sports name, as well as owns a fashion brand all that offers plus size clothing. It offers formal menswear, casual wear, active or sportswear, women’s ethnic wear, women’s denim wear, women’s casual wear, footwear, and accessories under a portfolio of fashion brands.
STATUS OF THE
COMPANY
The Company was
initially incorporated as a subsidiary of Future Value Retail Limited, which is
subsidiary of Future Retail Limited (formerly known as Pantaloon Retail (India)
Limited). Thereafter, on 9 November 2012, the entire shareholding in the
Company was transferred from Future Value Retail Limited to Future Retail
Limited and accordingly, the Company ceased to be subsidiary of Future Value
Retail Limited with effect from the said date and continued as direct
subsidiary of Future Retail Limited.
COMPOSITE SCHEME
OF ARRANGEMENT AND AMALGAMATION FOR DEMERGER AND VESTING OF FASHION BUSINESS IN
THE COMPANY
The Board of
Directors, at its meeting held on 9 November 2012, approved the composite
scheme of arrangement and amalgamation between Indus-League Clothing Limited
(ILCL), Lee Cooper (India) Limited (LEE), Future Ventures (India) Limited
(FVIL), Pantaloon Retail (India) Limited (now known as Future Retail Limited)
(FRL) and Future Lifestyle Fashions Limited (FLFL) under Sections 391-394 of
the Companies Act, 1956.
The Scheme
provides for demerger of fashion business of ILCL and amalgamation of LEE into
FVIL and thereafter demerger of fashion business of FVIL and fashion business
of FRL into FLFL. It is expected that the Scheme would be approved by the
Honable High Court of Bombay at final hearing of petition coming up in the
month of May 2013.
The companies,
part of this composite scheme, will give effect to the scheme after receipt of
certified copy of the court order and the Fashion Business comprising of the
FVIL demerged undertaking and PRIL demerged undertaking (as defined in the scheme
documents) would be vested with the Company with effect from the 1 January 2013
being the Appointed Date as determined in the scheme documents. Pursuant to the
said Scheme becoming effective, the shareholders of FVIL and FRL, as on a
record date to be declared for the purpose by FVIL and FRL, shall be allotted
equity shares of FLFL in the ratio as mentioned in the Scheme. Post aforesaid
allotment, the Company will be proceeding with the listing of the shares of the
Company.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10486709 |
28/03/2014 |
1,500,000,000.00 |
Vijaya Bank |
Corporate Banking Branch,
Maker Chambers - Iv, 2 |
C01109487 |
|
2 |
10482969 |
11/03/2014 |
1,000,000,000.00 |
Axis Bank Limited |
Central Office,
Second Floor, Bombay Dyeing Mill, |
B98633464 |
|
3 |
10469636 |
30/12/2013 |
500,000,000.00 |
Axis Bank Limited |
Central Office,
Second Floor, Bombay Dyeing Mill, |
B93309342 |
|
4 |
10468782 |
19/12/2013 |
6,000,000,000.00 |
Axis Bank Limited |
Central Office,
Second Floor, Bombay Dyeing Mill, |
B92961069 |
|
5 |
10459270 |
19/12/2013 * |
10,430,000,000.00 |
Bank of India and 6 Others |
Mumbai Large
Corporate Branch, Oriental Building, |
B92418409 |
|
6 |
10433897 |
29/05/2013 |
690,000,000.00 |
Axis Bank Limited |
Corporate Banking
Branch, Second Floor, Queens Ro |
B78307121 |
|
7 |
10433734 |
29/05/2013 |
2,000,000,000.00 |
Allbank Finance Limited |
14, India Exchange Place,, 1st Floor, Kolkata, West Bengal - 700001, India |
B78253010 |
|
8 |
10433737 |
29/05/2013 |
2,500,000,000.00 |
Cent bank Financial Services Limited |
15-16 Bajaj Bhawan,
1st Floor, Opp Inox Multiplex, |
B78253473 |
|
9 |
10433740 |
29/05/2013 |
4,500,000,000.00 |
Axis Bank Limited |
Central Office, Second
Floor, Bombay Dyeing Mill, |
B78254984 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER, 2014
(Rs.
In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Nine Month Ended |
||||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
7234.700 |
8741.200 |
22806.500 |
|
|
|
b. Other Operating Income |
183.500 |
176.100 |
522.400 |
|
|
|
Total Income from Operations
(Net) |
7418.200 |
8919.300 |
23328.900 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
152.900 |
211.700 |
491.800 |
|
|
|
b. Purchase of Stock-in trade |
4826.600 |
6019.600 |
15661.900 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(582.500) |
(603.800) |
(1979.100) |
|
|
|
d. Employees Benefit Expenses |
427.800 |
441.000 |
1255.000 |
|
|
|
e. Depreciation and Amortisation Expenses |
479.600 |
447.500 |
1350.100 |
|
|
|
f. Rent |
903.800 |
836.700 |
2539.200 |
|
|
|
g. Other expenses |
893.900 |
1048.000 |
2745.400 |
|
|
|
Total Expenses |
7102.100 |
8400.700 |
22064.300 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
319.100 |
518.600 |
1264.600 |
|
|
4 |
Other Income |
118.100 |
15.300 |
139.700 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
434.200 |
533.900 |
1404.300 |
|
|
6 |
Finance Costs |
406.100 |
426.900 |
1216.500 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
28.100 |
107.000 |
187.600 |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from
ordinary activities before tax |
28.100 |
107.000 |
187.600 |
|
|
10 |
Tax Expense |
9.600 |
37.200 |
63.900 |
|
|
|
- Income Tax |
|
|
|
|
|
|
- Deferred Tax |
|
|
|
|
|
11 |
Net Profit from
ordinary activity after tax |
18.500 |
69.60 |
123.900 |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
18.500 |
69.60 |
123.900 |
|
|
14 |
Paid-up equity share capital (face value of Rs.2 per share) |
372.400 |
340.500 |
123.900 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
0.10 |
0.41 |
0.74 |
|
|
|
Diluted EPS |
0.10 |
0.41 |
0.74 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
81333664 |
81333664 |
81333664 |
|
|
|
- Percentage of shareholding |
43.68 |
47.77 |
43.68 |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
71672812 |
45320911 |
1672812 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
68.35 |
5096 |
68.35 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
38.49 |
26.62 |
38.49 |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
33193547 |
43611383 |
33193547 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
31.65 |
49.04 |
331.55 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
17.83 |
25.61 |
17.83 |
|
Note:
- The above results have been reviewed by Audit Committee and the
same were taken on record by the Board of Directors of the Company at its meeting
held on February 05, 2015. The statutory auditors of the Company have
earned out a limited review of the Company's financial results for the
quarter ended 31 December 2014.
- During the quarter, 1,59,34,065 equity
shares of Rs. 2/- each issued and allotted under preferential allotment
Consequently, the issued and paid-up Share Capital of the Company as on
December 31, 2014 stands increased to Rs. 372.400 Million and 32,96,500 Compulsory
Convertible Debenture of Rs. 91/- each issued and allotted.
- During the
quarter, the Company has raised Rs.1750.000 Million through preferential
allotment of equity and Compulsory Convertible Debentures. Entire fund has
been utilised for the objects of issue.
- The
Company divested part of its holding in Celio Future Fashion Limited (
Celio). The company holds 18.20% stake in Celio, As per arrangement
entered in to with the other investors the company would be further
divesting 14,70% of stake in celio during last quarter of FY 14-15.
- During the
quarter ended December ' 2014, the Company has opened 1 Brand Factory. 1
Planet Sports, 2 Lee Cooper, 9 Indus League stores and closed 3 Planet
sports, 1 Lee Cooper, 1 all and 6 Indus League stores.
- Figures of
the previous period / year have been regrouped / reclassified wherever
necessary.
- The
Company has only one business segment i.e. "Fashion".
PRESS RELEASES
Future Lifestyle Fashions acquires 12% stake in Unico Retail
Kishore Biyani-led Future Lifestyle Fashions today said it has acquired 12 % stake in Unico Retail for an undisclosed sum.
Unico Retail sells handbags, belts and wallets under the brand 'Peperone'.
"The company has acquired 12 % stake in Unico Retail Pvt Ltd, a company
engaged in the business of handbags, belts and wallets under the brand
'Peperone' in India," Future Lifestyle Fashion said in a BSE filing.
Last year, Future Lifestyle Fashion divested minority stakes in ethnic wear
firm Biba Apparels and designer Anita Dongre-owned AND for Rs 450 crore.
While Future Lifestyle Fashion has exited two investments, it also picked up
minority stakes in three companies. These are footwear firms Tresmode and
Famozi shoes and Mineral, a designer label from Priyadarshini Rao.
Premji's fund buys
10% in Biyani's fashion firm
In yet another bet on retail sector, Premji Invest, the family office of billionaire IT tycoon Azim Premji, will pick up 10% stake in Kishore Biyani co-promoted Future Lifestyle Fashions(FLF) for around Rs 1250.000 Million.
FLF today said that it will issue 15.5 million shares to PI Opportunities Fund-1 at Rs 80.5 apiece on a preferential basis, which is 16% discount to today's close of Rs 93.40 Million
Future group, which owns 56.7% stake in FLF, will pick up 3.1 million shares and 18.6 million compulsorily convertible debentures at Rs 80.5 apiece through its arm Ryka Commercial Ventures. Together, it will invest Rs 175.000 Million in the company. Kishore Biyani did not respond to calls on the subject.
Premji Invest earlier picked up stakes in Trent, Fabindia and Koutons. It recently invested $50 million in e-commerce portal Myntra.com.
FLF shares ended the day at Rs 93.4, which was 3.21% down from the previous close.
Biyani bets big on
small lifestyle companies
One-and-a-half years after he sold his department store chain Pantaloons to the Aditya Birla Group, homegrown retail king Kishore Biyani is making several small yet strategic moves to strengthen his lifestyle and apparel portfolio by acquiring stakes in apparel and shoe companies.
After his company, Future Lifestyle Fashions, newly carved out from the fashion
businesses of Future Ventures and Future Retail, sold stakes worth Rs 450 crore
that it held in two apparel firms - Indian wear brand Biba Apparels and western
wear brand AND - the company has picked up stakes in two footwear firms,
Tresmode and Famozi Shoes, and in a designer wear chain called Mineral.
Future Lifestyle Fashions has also bought 27.5 per cent stake
in Resource World Exim, a company that sells women's fashion apparel under the
brand, Desi Belle, for an undisclosed sum. Biyani is further believed to be in
talks with Delhi-based department store chain Biglife Ritu Wears,
Bangalore-based garment chain Coupon and Delhi-based premium apparel brand
Giovani Fashion for buying a stake.
RETAIL JOURNEY
|
1987 |
Starts Manz Wear to make trousers under Pantaloon brand |
|
1991 |
Goes public under the brand Pantaloon Fashions |
|
2001 |
Sets up first Big Bazaar in Kolkata |
|
2008 |
Lists non-banking arm Future Capital |
|
2011 |
Lists Future Ventures |
|
2011 |
Debt soars to over Rs 7,850 crore |
|
2012 |
Sells fashion format Pantaloons to Aditya Birla Group |
|
2012 |
Signs deals with Industrial Investment Trust to sell life
insurance |
|
2012 |
Sells Future Capital to Warbug Pincus |
|
2013 |
Sells stake in general insurance business to L&T |
|
2013 |
Lists Future Lifestyle Fashions |
|
2013 |
Debt falls to below Rs 5,000 crore |
Though Biyani does not comment on the subject, he has been quoted in the media
about his plans. "We are exiting mature investments. The investments in
Biba and AND were both made more than five years ago. We exit investments when
they become large," Biyani told Press Trust of India recently. "These
new investments in Mineral, Tresmode and Framozi will mature in four to five
years.
By his own admission, Biyani delt in everything from insurance to private
equity to non-banking financial services besides retail, but downsized later.
As debt mounted to as much as Rs 7,850 crore in 2011, he was quick to sell
businesses which he considered non-core. He sold stakes in his NBFC
(non-banking financial company), insurance ventures and fashion format
Pantaloons to deleverage.
"I have learnt to detach myself from whatever I have built. We will divest
stakes in ventures which give us strength," Biyani had told this
correspondent earlier.
Apart from reducing the debt ( today his listed entity, Future Retail, has less
than Rs 5,000 crore of debt on its books), Biyani has used the cash to acquire
stakes in new brands.
Retailers hobble
online as e-commerce firms race ahead
The head of Future Group, one of India's largest and most established retailers, admits he can't keep up with web sites like Snapdeal and Flipkart when it comes to spending money to entice shoppers to buy online.
Private investors have poured $2.3 billion into India's e-commerce companies so far this year, according to consulting firm Technopak, giving them financial firepower to overwhelm shoppers with bargains and deals that brick-and-mortar retailers like Future Group, which runs a host of chains including Future Retail Ltd (FURE.NS) and Future Lifestyle Fashions (FLFL.NS), cannot match.
"It's all about money. The e-commerce guys have money to experiment - I don't have this kind of money to blow," Kishore Biyani, who pioneered modern retail in India and is chief executive of the Future Group, told Reuters in an interview.
In an attempt to match up, traditional retailers are forging partnerships with well-funded websites such as Flipkart.com, Amazon.com Inc (AMZN.O) and Snapdeal to put their wares on the web without investing heavily in their own online infrastructure.
This tentative approach to e-commerce, however, leaves traditional retailers vulnerable to being completely overtaken by their better-funded online rivals in a country where a rapidly expanding middle class is doing more and more shopping on the web.
In October, Future Group tied up with Amazon's Indian arm to sell its brands online. A month earlier, electronics retailer Croma, owned by the Tata Group, struck a similar arrangement with Snapdeal.
According to Technopak, organized retail in India is expected to grow to $182 billion in 2020 from the current $46 billion. E-tailing is forecast to expand at a faster clip, to $32 billion by 2020 from $2.3 billion now.
India's protectionist government policies have long shielded established retailers from competition. As a result, they never felt the need to invest in state-of-the-art technology, said Bhavit Desai, a U.S.-based strategy consultant who has worked with companies such as Walmart International, the global unit of Wal-mart Stores Inc (WMT.N), and Target Corp (TGT.N).
"Many huge players in the market have invested very little in technology and have been followers at best," Desai said.
MOM-AND-POP TO ONLINE SALES
In 2012, then Prime Minister Manmohan Singh's government opened the retail industry to foreign operators, allowing companies such as Wal-Mart and Tesco Plc (TSCO.L) to own majority stakes in Indian chains for the first time.
But the government left it to individual states to decide whether to let in foreign retailers. Few have stepped up, and the big foreign chains that might have shared their online expertise with India's stores are largely absent.
Instead, local online marketplaces have proliferated, backed by billions of dollars coming in primarily from abroad. Last month's $627 million investment by Japan's SoftBank Corp in Snapdeal illustrated a widening gap. The portal has also attracted funds from eBay Inc (EBAY.O) and billionaire Ratan Tata.
Flipkart.com raised $1 billion earlier this year, in a round of funding from Singapore sovereign wealth fund GIC, along with existing investors Tiger Global Management LLC and South African media company Naspers Ltd.
That leaves traditional Indian retailers vulnerable, say industry advisers. Online marketplaces don't need to pay high commercial rents or build stores to serve India's 1.3 billion people, and they're soaking up outside investments and expertise from their international backers that can help them move faster to profit.
Organised retail is still developing in India. More than 90 percent of shopping is done at informal roadside shacks and in bazaars. These small shops are seen as the lifeblood of the economy and successive governments have protected them.
But the same policies have also shielded much larger players like Shoppers Stop Ltd (SHOP.NS), Future Retail and others. At the same time, online stores are racing ahead, modernising the retail industry at a pace that traditional chains cannot match.
"It is exactly like what happened in telecoms," said Harminder Sahni, managing director of Wazir Advisors. "In India, we never took landlines to every single home - mobiles came in and leapfrogged that."
Amazon.in &
Future Group in strategic partnership
Future Lifestyle Fashions Ltd has informed BSE regarding a Press Release dated October 13, 2014 titled "Amazon.in and Future Group enter into a strategic partnership". Amazon India and Future Group today announced a strategic alliance that will leverage the strong product, knowledge, extensive brand portfolio and sourcing base of Future Group, and the economic platform, customer base and reach of Amazon.
Future Lifestyle's
intimation of dinvestment
Future Lifestyle Fashions Limited (?FLFL?) has executed definitive documents with Celio International SA, Belgium for divestment of its 31.5% stake in Celio Future Fashion Limited (?CFFL?). Upon completion in terms of the documents, FLFL will hold 3.5% stake in CFFL.
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 records 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.62.67 |
|
UK Pound |
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAN |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.