MIRA INFORM REPORT
|
Report No. : |
343577 |
|
Report Date : |
03.10.2015 |
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 |
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|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
12.10.1987 |
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|
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Com. Reg. No.: |
11-044954 |
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Capital
Investment / Paid-up Capital : |
Rs. 828.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52399MH1987PLC044954 |
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|
|
|
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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|
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Line of Business
: |
Subject is primarily engaged in the business of retail trade. |
|
|
|
|
No. of Employees
: |
23,449 (Approximately) |
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 |
|
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
incorporated in the year 1987 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 well experienced and respectable
businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal business dealings at usual trade
terms and conditions. Note : On May 4, 2015 Future Retail Limited announced the merger with Bharti
Retail Limited (BRL, Wholly owned subsidiary of Bharti Enterprises). It is to be noted that as per Registrar of Companies the status of
future Retail Limited (FRL) is shown as active and it is separate entity till
now. |
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 |
Commercial Paper (A1+) |
|
Rating Explanation |
Very Strong degree of safety and carry
lowest credit risk. |
|
Date |
18.08.2015 |
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 |
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Fax No.: |
91-22-66442201 / 30842502 |
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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 |
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|
|
|
Mumbai Zone : |
9th Floor, Tower
C, 247 Park, LBS Marg, Vikhroli (West), Mumbai – 400083, Maharashtra, India |
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|
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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 |
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|
|
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Plant Locations : |
G-6, MIDC, Tarapur, Dist. Thane, Maharashtra, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Kishore Biyani |
|
Designation : |
Managing Director |
|
Date of Birth : |
09.08.1960 |
|
Qualifications : |
B.Com., PGD in Marketing Management |
|
Experience : |
35 Years |
|
Date of Appointment
: |
01.09.1991 |
|
DIN No.: |
00005740 |
|
|
|
|
Name : |
Mr. Rakesh Biyani |
|
Designation : |
Joint Managing Director |
|
DIN No.: |
00005806 |
|
|
|
|
Name : |
Mr. Vijay Biyani |
|
Designation : |
Wholetime Director |
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Date of Birth : |
04.07.1959 |
|
Qualifications : |
B.Com, Mumbai University |
|
Experience : |
31 Years |
|
Date of Appointment
: |
26.09.2009 |
|
DIN No.: |
00005827 |
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|
|
|
Name : |
Mr. S. Doreswamy |
|
Designation : |
Director |
|
DIN No.: |
00042897 |
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|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
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DIN No.: |
00001685 |
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|
|
Name : |
Mr. Bala Deshpande |
|
Designation : |
Director |
|
DIN No.: |
00020130 |
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|
|
|
Name : |
Mr. V. K. Chopra |
|
Designation : |
Director |
|
DIN No.: |
02103940 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Tanna |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Dinesh Maheshwari |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 30.06.2015
|
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 |
||
|
|
|
|
|
|
197775645 |
50.93 |
|
|
197775645 |
50.93 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
197775645 |
50.93 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
6678625 |
1.72 |
|
|
5306194 |
1.37 |
|
|
4209828 |
1.08 |
|
|
55416367 |
14.27 |
|
|
11565641 |
2.98 |
|
|
11565641 |
2.98 |
|
|
83176655 |
21.42 |
|
|
|
|
|
|
89160108 |
22.96 |
|
|
|
|
|
|
10540090 |
2.71 |
|
|
6451412 |
1.66 |
|
|
1217413 |
0.31 |
|
|
573785 |
0.15 |
|
|
320828 |
0.08 |
|
|
312800 |
0.08 |
|
|
10000 |
0.00 |
|
|
107369023 |
27.65 |
|
Total Public shareholding (B) |
190545678 |
49.07 |
|
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 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
388321323 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily 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 : |
23,449 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
NGS and Company LLP Chartered Accountants |
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Subsidiary
Companies: |
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Associates : |
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Joint
Ventures : |
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Enterprises over
which Key Management Personnel are able to exercises significant
influence : |
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CAPITAL STRUCTURE
As on 31.03.2015
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 |
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 |
|
|
|
|
|
|
388417201 |
Equity Shares |
Rs.2/- each |
Rs.776.800
Million |
|
25884872 |
Equity Shares of Class B |
Rs.2/- each |
Rs.51.800
Million |
|
|
Total |
|
Rs.828.400 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 |
172667884 |
|
Shares Issued on Conversion of Preference Shares |
-- |
|
Closing Balance |
388321323 |
Equity Shares of Class
B (Series -1) of Rs. 2/- each
|
Particulars |
Rs. In Million |
|
Opening Balance |
15929152 |
|
Shares Issued |
9947227 |
|
Closing Balance |
25876379 |
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 declaredby the Company. Further, the Company may declare dividend only for Class B (Series-1) Share up to 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 |
15,75,96,398 |
40.58 |
|
PIL Industries Limited |
3,78,98,109 |
9.76 |
|
ARISAIG Partners (Asia) PTE Limited A/c Arisaig India Fund Limited |
3,16,37,118 |
8.15 |
|
Brand Equity Treaties Limited |
2,49,99,999 |
6.44 |
|
Counseled Mercantile Private Limited |
2,18,28,193 |
5.62 |
|
Bennett, Coleman and Company Limited |
2,03,91,700 |
5.25 |
|
Equity Shares of Class B (Series-1) Shares |
|
|
|
PIL Industries Limited |
57,38,034 |
22.17 |
|
Gargi Developers Private Limited |
45,50,000 |
17.58 |
|
Manz Retail Private Limited |
15,79,103 |
6.10 |
(v) Pursuant to the provisions of the Companies Act, 1956 and Companies Act 2013, the issue of equity shares are kept in abeyance.
a) 11,400 Equity Shares of Rights Issue of 2006.
b) 84,478 Equity Shares of Rights Issue of 2015.
c) 8,493 Equity Shares of Class B (Series-1) of Rights Issue of 2015
(vi) Shares allotted as fully paid up without payment received in cash (during 5 years preceding March 31, 2015). Allotted 59,28,818 Equity Shares of Rs. 2/- each and 63,47,635, 0.01% Compulsory Convertible Preference Shares of Rs. 100/- each as fully paid up pursuant to Scheme of Arrangement.
(vii) Share reserved for issue under options and contracts including the terms and amounts: For Detail of shares reserved for issue under the Employee Stock Options Plan (ESOP) of the company. (Refer Note 48).
(viii) The Company has issued 1,34,98,300 Class-B warrants where each warrant would entitle one Equity Shares of Class B at price of Rs. 68.69 per Share. An amount equivalent to 25% of Rs. 927.200 Million i.e. Rs. 231.800 Crore has been received on allottment of the warrants.
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) Equity
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 |
45975.800 |
41125.800 |
21862.900 |
|
(ii) Intangible Assets |
2340.800 |
2276.700 |
970.200 |
|
(iii) Capital
work-in-progress |
2749.200 |
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 |
|
|
|
Other Expenses |
14355.700 |
16161.000 |
14307.300 |
|
|
|
Exceptional Items |
(1005.100) |
(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 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
686.400 |
6540.700 |
5063.500 |
|
|
|
|
|
|
|
|
|
Less |
On Composite
Schemes of Arrangements |
0.000 |
4516.200 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Adjustment Relating
to Fixed Assets |
32.100 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Debenture Redemption Reserve |
0.000 |
1200.000 |
693.800 |
|
|
|
Transfer to General Reserve |
74.100 |
2.800 |
273.000 |
|
|
|
Proposed Dividend on Preference Shares |
249.600 |
139.700 |
255.400 |
|
|
|
Tax on Dividend |
49.900 |
23.700 |
41.400 |
|
|
BALANCE CARRIED
TO THE B/S |
1021.300 |
686.400 |
6540.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Basis |
707.000 |
884.300 |
851.300 |
|
|
TOTAL EARNINGS |
707.000 |
884.300 |
851.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.500 |
0.900 |
2.700 |
|
|
|
Stores & Spares/ Stock in Trade |
1367.000 |
1338.000 |
1159.800 |
|
|
|
Capital Goods |
318.200 |
297.600 |
101.800 |
|
|
|
Accessories and Others |
12.500 |
13.400 |
13.900 |
|
|
TOTAL IMPORTS |
1700.200 |
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 |
6218.200 |
7641.500 |
3015.300 |
|
Cash generated from operations |
9860.700 |
583.400 |
84.600 |
|
Net Cash From Operating Activities |
9662.600 |
(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} |
(%) |
0.56 |
0.01 |
4.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.00 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76 |
1.40 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.31 |
1.29 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.125.00 |
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 |
|
Equity Warrants |
0.000 |
0.000 |
231.800 |
|
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 |
53479.200 |
|
|
|
|
|
|
long-term borrowings |
18544.200 |
37552.000 |
29185.600 |
|
Short term borrowings |
5511.800 |
13486.000 |
11323.700 |
|
Current maturities of
long-term debts |
3015.300 |
7641.500 |
6218.200 |
|
Total
borrowings |
27071.300 |
58679.500 |
46727.500 |
|
Debt/Equity ratio |
0.657 |
1.607 |
0.874 |
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 |
Yes |
|
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 |
Yes |
|
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 |
138.000 |
827.500 |
|
Total |
138.000 |
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 |
1939.400 |
416.300 |
|
ii) Others |
3008.200 |
3416.300 |
|
B. Corporate Guarantees Given on Behalf of Group Companies |
345.400 |
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 |
10587617 |
24/07/2015 |
500,000,000.00 |
Centbank Financial Services Limited |
Central Bank of India-MMO Bldg, 3rd Flr (East),, 55 Mahatma
Gandhi Road, Fort,, Mumbai, Maharashtra |
C61747770 |
|
2 |
10587621 |
24/07/2015 |
350,000,000.00 |
Centbank Financial Services Limited |
Central Bank of India-MMO Bldg, 3rd Flr (East),, 55 Mahatma
Gandhi Road, Fort,, Mumbai, Maharashtra |
C61749230 |
|
3 |
10587616 |
21/07/2015 |
2,000,000,000.00 |
Centbank Financial Services Limited |
Central Bank of India-MMO Bldg, 3rd Flr (East),, 55 Mahatma
Gandhi Road, Fort,, Mumbai, Maharashtra |
C61747077 |
|
4 |
10583304 |
04/07/2015 |
2,000,000,000.00 |
Central Bank of India |
Corporate Finance Branch, Fort,, 1st Floor, MMO Building, M. G. Road,
Fort, Mumbai, Maharashtra - 400023, INDIA |
C60434503 |
|
5 |
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, |
C48937072 |
|
6 |
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 |
|
7 |
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 |
|
8 |
10551754 |
29/01/2015 |
1,000,000,000.00 |
ECL FINANCE LIMITED |
Edelweiss House, Off. C.S.T Road, Kalina,, Mumbai, |
C44923589 |
|
9 |
10557151 |
15/01/2015 |
750,000,000.00 |
Vijaya Bank |
Maker Chamer IV 9rear Portion), 222, Nariman Point, Mumbai,
Maharashtra - 400022, INDIA |
C47785258 |
|
10 |
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 |
*Date of modification Charges
REVIEW OF PERFORMANCE
This was first full year of performance after realignment of all value retail business under one Company. The Company is now operating in supermarket, home fashion and electronic business which interalia includes formats like Big Bazaar, Food Bazaar, fbb, Food Hall, Home Town and eZone.
They are pleased to inform you that the Retail business of the Company has been showing growth trend during the financial year under review. During the year the Company has recorded growth through increase in presence in various cities. Income from operations for the financial year 2014-15, for the year under review was at Rs. 103416.600 Million, which was at Rs. 115774.400 Million (on 12 months ended March 2014 basis Rs. 92411.600 Million) during the financial period of 2013‑14. EBIDTA excluding exceptional items, stood at Rs. 11427.600 Million during the financial year 2014‑15, which was at Rs. 10675.000 Million (on 12 months ended March 2014 basis Rs. 8871.100 Million) in the previous financial period. PAT for the financial year was Rs. 740.600 Million, which was at Rs. 28.100 Million (on 12 months ended March 2014 basis Rs. 77.100 Million) for the preceding financial period. Due to various realignment exercises undertaken by the Company and different duration of the current financial year and previous financial period, the current financial year result is not comparable with the previous financial period result, which was of fifteen months.
During the financial year 2014-15, the Company is operating through 11.36 million square feet of retail space, spread over pan India basis.
MANAGEMENT DISCUSSION
AND ANALYSIS
Operational Overview
With its efforts to optimise productivity per store basis, the management was reviewing the available retail space and product mix and striving to provide better productivity in terms of increased customer foot fall, higher ticket size and improved profitability, by reducing overall costs as well as increasing margins earned from upgraded products offering to customers.
In a bid to provide improved and upgraded product mix, the fashion products offered through fbb proved very helpful. The newer food categories and offering of food products of Sunkist and Nilgiris among other newer categories, gave wider choice to customers resulting in higher ticket size. Hub and spoke approach for the electronics stores also resulted in increased productivity per store and better customer satisfaction in terms of product offerings and after sales service. In home fashion segment as well the revamped furniture and home furnishings saw better through put and increased turnover in home fashion stores.
The Company has also undertaken various analytical studies of customer behaviour and spending pattern as well as improved technology platform at store level and back end, enabled to improve customer experience in terms of better and accessible store layouts, more payment options, faster check-outs etc. Uniform store layouts and resource planning enabled reduced time frame for opening of new stores.
Customer and
Marketing Overview
During the year, the company continued to carry out various activities and promotional events to engage with the customer across formats. Various promotional event includes, Weekly Promotional Event, Wednesday Bazaar, Public Holiday Sale, Independence Sale, Sabse Saste 4 Din and other format specific promotional events. Further at group level, the Company was also part of Free Future Group Shopping Festival. Various promotional events, activities and initiatives resulted in higher footfalls during promotions as well as acquisition of new customers. Events like Future Group Shopping Festival ensured that customer visiting any of the Future Group shopping formats at least once in a month. Cross promotional events ensured that the customers of one format visit other format
In its fbb format, the Company has created new fashion wave, at affordable price. Celebrity endorsements and association of fbb with Femina Miss India 2015, continued to highlight its latest fashion wear collection, and customer frequently patronise fbb for its fashion needs.
The campaign “Making India Beautiful” has been a good success, connecting new customers to Big Bazaar stores. As the campaign was for newer categories, for aspirational and premium products, it brought new categories of customers to Big Bazaar, who contributed in overall revenue generation.
The Company also continued with its loyalty programs and also introduction of Big Bazaar Profit Club further ensured customer loyalty of a new set of customers who are looking at every opportunity of saving. Big Bazaar Profit Club has proved to be a valuable loyalty program that brings back customers to stores at least twelve times in a year, resulting in higher frequency and cumulatively higher annual sales. These programs are further leveraged for driving promotions and direct communication with customers offering customized merchandise. The Company has been recognised for its operations in retail sector in following manner. • Future Retail won the Dun & Bradstreet (D&B) Corporate Award 2015 for its leading performance in Retail sector. • Food Bazaar won the ‘Images Excellence Awards for Largest National Expansion’ for the year 2014. • Big Bazaar won the ‘Images Most Admired Food & Grocery Retailer’ for the Year in Food & Grocery category.
Business Outlook
In FY 2015-16, FRL will emerge as a core retail company with an enhanced distribution network. The Company is also increasing its presence in online as well as in omni channel. Revenue growth will be driven by store additions, increased productivity and efficiency and thereby increased per store and per square feet revenue. The management is striving to reduce overall cost as well as increase high margin product mix to improve profitability. Further exponential growth in overall revenue due to proposed acquisitions of retail business, it will also be able to establish once again among the leader in retail industry. With revised emphasis on reducing financing cost and curb overall debt equity ratio, the Company would be able to increase the value for its shareholders and with its approach for overall development will be able to satisfy its other stakeholders as well.
With overall stability and country’s economy poised for growth, the consumption sector will also experience new and much required thrust for increased consumer demand. Further, the Company would be in better position to get maximum benefit by the increased consumer spending, due to its presence in areas of high consumption cities and strategic locations of its various formats as well as its presence in other sectors through its omni channel. With improved debt equity ratio, due to increase in net worth of the Company and subsequent reduction of the debts, the Credit Analysis & Research Limited (CARE), has revised its rating for Short Term borrowings to CARE A1+ [A One Plus] and Long Term borrowings as well as Long Term Non-Convertible Debentures to CARE AA- [Double A Minus] as of March 31, 2015.
AWARDS AND
RECOGNITIONS
· Hat-trick of Awards at INTEROP Awards 2014
Business Technology Services Scores A Hat-trick of Awards at INTEROP Awards 2014.
· Asia Pacific HRM Congress 2014
Future Learning triumphs at Asia Pacific HRM Congress 2014 in the ‘Innovation in Retention’ category.
· ‘Power To The People’ and ‘From Grocery to Gift’ at the esteemed EFFIE Awards
Big Bazaar was awarded with ‘Power To The People’ and ‘From Grocery to Gift’ at the esteemed EFFIE Awards.
· Images Most Admired Food & Grocery Retailer of the Year
Big Bazaar won the ‘Images Most Admired Food & Grocery Retailer of the Year in Food & Grocery category.
· Images Excellence Awards for Largest National Expansion
Food Bazaar won the ‘Images Excellence Awards for Largest National Expansion’ for the year 2014
· Dun & Bradstreet (D&B) Corporate Award 2015
Future Retail won the Dun & Bradstreet (D&B) Corporate Award 2015 for its leading performance in the Retail sector.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
STATEMENT OF
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|
Quarter Ended |
||
|
30.06.2015 |
||
|
Unaudited |
||
|
1 |
Income From
Operations |
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
28468.400 |
|
|
b. Other Operating Income |
526.200 |
|
|
Total Income from
Operations (Net) |
28994.600 |
|
2 |
Expenditure |
|
|
|
a. Cost of material Consumed |
54.800 |
|
|
b. Purchase of Stock-in trade |
21641.300 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(726.900) |
|
|
d. Employees Benefit Expenses |
1068.800 |
|
|
e. Depreciation and Amortisation Expenses |
1342.100 |
|
|
f. Rent Including Lease rental |
1513.300 |
|
|
f. Other expenses |
2591.500 |
|
|
Total Expenses |
27484.900 |
|
3 |
Profit from Operations
before Other Income, Interest and Exceptional Items |
1509.700 |
|
4 |
Other Income |
92.300 |
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
1602.00 |
|
6 |
Finance Costs |
1510.800 |
|
7 |
Profit from ordinary
activities after finance costs & exceptional items |
91.200 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit from
ordinary activities before tax |
91.200 |
|
10 |
Tax Expense |
30.200 |
|
11 |
Net Profit from
ordinary activity after tax |
61.000 |
|
12 |
Extraordinary Items |
-- |
|
13 |
Net Profit After
Tax |
61.000 |
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
828.400 |
|
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 |
|
|
|
|
0.14 |
|
|
|
0.18 |
|
|
Diluted EPS |
|
|
|
|
0.14 |
|
|
|
0.18 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
17 |
Public Shareholding |
|
|
|
A) Equity Shares - No. of shares |
190545678 |
|
|
- Percentage of shareholding |
49.07% |
|
|
|
|
|
|
B) Class B Shares (Series1) |
19065108 |
|
|
- Percentage of shareholding |
42.37% |
|
18 |
Promoter & Promoter
Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- No. of Equity shares |
146073250 |
|
|
- No. of Class B shares |
2488034 |
|
|
- Percentage of Equity shares (as a % of the total shareholding of promoter and promoter group) |
73.86% |
|
|
- Percentage of Class B shares (as a % of the total shareholding of promoter and promoter group) |
16.89% |
|
|
- Percentage of Equity shares (as a % of the total share capital of the company) |
37.62% |
|
|
- Percentage of Class B shares (as a % of the total share capital of the company) |
9.62% |
|
|
b) Non-encumbered |
|
|
|
- No. of Equity shares |
51702395 |
|
|
- No. of Class B shares |
12423237 |
|
|
- Percentage of Equity shares (as a % of the total shareholding of promoter and promoter group) |
26.14% |
|
|
- Percentage of Class B shares (as a % of the total shareholding of promoter and promoter group) |
83.31% |
|
|
- Percentage of Equity shares (as a % of the total share capital of the company) |
13.31% |
|
|
- Percentage of Class B shares (as a % of the total share capital of the company) |
48.01% |
|
|
Particulars |
Quarter ended 30.06.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
7 |
|
|
Disposed off during the quarter |
7 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
Note :
1. The above results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors of the Company at its meeting held on August 07, 2015 Statutory Auditors have issued Limited Review report on the same.
2. Out of the total issue proceeds of Rs. 15878.000 Million, Rs. 14444.800
Million has been utilised till June 30, 2015 and further identified debts of
Rs. 37.500 Million has been repaid after June 30, 2015 till date of
announcement of the financial results for quarter 1 of 2015-16. Taking
aggregate utilisation to Rs. 14482.300 Million 91.20% of Rights issue proceeds
The Company proposes to repay the balance of identified debts during the first
six months of the current financial year.
3. Figures for the previous financial period have been re-arranged and
re-grouped wherever necessary.
4. The Company has only one business segment i.e. "Retail".
NEWS
May 04 2015
FUTURE RETAIL, BHARTI
RETAIL TO MERGE AS INDIA’S RETAIL LANDSCAPE SHIFTS
The merger will create a retail company with 570 stores in
multiple formats across 243 cities
Kishore Biyani’s Future Retail Limited and Bharti Retail Limited have decided to combine their retail operations to create Rs15,000 crore company in a move that accelerates the consolidation of India’s organized retail trade.
Bharti Retail will get a 10% stake in the combined entity and Rajan Mittal will join the board of Future Retail. After an 18 month period Bharti Retail’s share will increase to 14-15% as the compulsory debentures will kick in. Future Retail is valued at Rs 5,000 crore currently.
The combined company, will be demerged into two companies one which will be the front-end will retain the name Future Retail and will have 570 stores and a presence in multiple retail formats across 243 cities. The second will be the back-end, investments and infrastructure company and will be listed seperately as Future Enterprises Ltd. “The entire process of de-listing and listing usually takes 6-8 months and will depend on regulatory approvals,” said Kishore Biyani, chief executive officer, Future Group at a press conference in Delhi.
Bharti Retail has 203 ‘EasyDay’ stores currently which generate close to Rs 2000 crore in revenues. Whereas Future Retail has 300 stores and revenues of close to Rs13000 crore. Bharti’s Easyday retail brand will be retained.
“The combined entity will have revenues of Rs15,000 crore and be EBITDA positive from day one,” said Biyani while adding that Bharti is a zero debt company. Future Retail has about Rs 1200 crore debt and Future infrastructure has close to Rs 3500 crore of debt in the books.
Going forward the commpany is looking to have 4000 supermarket or small format stores in India by 2021. Currently it has close to 450 small stores.
“You will see more action in the small store front,” said Biyani.
Shareholders of both Bharti Retail and Future Retail would hold shares in the two new companies. The promoters together own 51-52% stake in Future Retail and it will be further diluted post the merger.
Investors gave the thumbs-up to the deal. Future Retail shares surged 13.95% to Rs. 129.65 at the close of trading on the BSE on Friday as the benchmark Sensex gained 1.77% to 27,490.59 points.
Bharti Retail will issue one equity share of Rs 2 each for every share of Rs 2 held in Future Retail in consideration of the merger of Future’s retail business into it. Future Retail will issue one fully paid up equity share of Rs 2 each to Bharti Retail shareholders for every share of Rs 2 held in it in relation to the merger of the retail infrastructure business.
Consolidation is starting to speed up in India’s organized retail trade as competition intensifies from e-commerce companies. Political opposition to foreign direct investment (FDI) in multi-brand retail has meant that any plans of selling stakes to overseas retail companies had to be shelved.
“Now that FDI has not happened in multi-brand retail, the Indian retail sector consolidating was just a matter of time. It’s happened with the Aditya Birla Group within its own group companies and with Biyani across the value format,” said Rachna Nath, leader, retail and consumer, PricewaterhouseCoopers Private Limited.
The Aditya Birla Group is consolidating its garments business into a single unit by carving out premium apparel maker Madura Garments Lifestyle Retail Company Limited.from Aditya Birla Nuvo Limited and mergin it with Pantaloons Fashion and Retail India Ltd to create India’s largest branded clothing company with annual sales of Rs.5,290 crore.
Future Group has been seeking to consolidate its business after selling a majority stake in Pantaloons to Aditya Birla Retail in 2012. It has store chains under different formats, including hypermarkets under the Big Bazaar brand and supermarkets under the Food Bazaar brand. The group’s retail businesses include Future Lifestyle Fashions Ltd which has revenues of Rs2280.65 crore for the nine months ended December 2015 and net profit of Rs 12.39 for the same period. Future Consumer Enterprise Ltd had a net loss of Rs53.08 crore on revenues of Rs 942.9 for the nine month period ended December 2015.
Oil to yarn conglomerate Reliance Industries Ltd’s retail arm Reliance Retail Ltd is India’s largest retailer with revenues of Rs 17,640 crore for the financial year 2015 of which 54% comes from its 616 stores spread across value retail which includes Reliance Fresh and Reliance Marts. Total cities -- 200 cities, 2621 stores.
The Future Group-Bharti Retail combination would be subject to approval by the antitrust regulator Competition Commission of India, the relevant high courts and receipt of other statutory approvals, including by shareholders and creditors of Future Retail.
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.65.55 |
|
UK Pound |
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
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.