MIRA INFORM REPORT
|
Report No. : |
346080 |
|
Report Date : |
20.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PANTALOONS FASHION AND RETAIL LIMITED |
|
|
|
|
Registered
Office : |
701-704, 7th Floor, Skyline Icon Business Park,
86-92 Off A. K. Road, Marol Village, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Tel. No.: |
91-8652905000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
19.04.2007 |
|
|
|
|
Com. Reg. No.: |
11-233901 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 933.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18101MH2007PLC233901 |
|
|
|
|
IEC No.: |
0313012482 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECP2371C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Retailer of Apparels
and Fashion Accessories. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 9873400 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘’INDIGILD TRADE AND SERVICES LIMITED’’. It
is a well-established company having fine track record. The company has incurred losses from its operational activities. However, the rating reflects established position of pantaloons as one
of the largest players in the branded fashion and lifestyle segment back by
financial and managerial support that company receives from its holding
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of strong holding company support, 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 |
ICRA |
|
Rating |
Commercial Paper Programme=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
May, 15 |
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
31-03-2015.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(Contact No: 91-8652705000)
LOCATIONS
|
Registered Office : |
701-704, 7th Floor, Skyline Icon Business Park,
86-92 Off A. K. Road, Marol Village, Andheri (East), Mumbai – 400059,
Maharashtra, India |
|
Tel. No.: |
91-8652905000 |
|
Fax No.: |
91-8652905400 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr.
Pranab Barua |
|
Designation : |
Managing Director |
|
Qualification : |
Mr. Pranab Barua, a
graduate in English Honours from St. Stephens College, New Delhi, and who has
also attended many advanced Management programmes in India and abroad, is the
Managing Director of the Company and Business Director for the Apparel and
Retail Business of Aditya Birla Group. |
|
Brief Profile including
expertise in specific Functional Area : |
Mr. Barua has over 35
years of professional experience, having worked in different companies
including top multinationals and industries. In particular, his professional
background includes experience as Chairman and Managing Director of Reckitt
Benckiser; Regional Director, Reckitt Benckiser for South Asia; Foods
Director on the Hindustan Unilever Board, and Sales and Marketing Director of
Brooke Bond India Limited. He has also worked closely with Private Equity
Groups like IL and FS, Actis and India Value Fund for their investor
companies like Godrej Tea and Trinethra Super Retail. Presently, Mr. Barua is
also the Managing Director of Aditya Birla Retail Limited, which runs the
business of retail Hypermarkets and Supermarkets. |
|
Date of Appointment : |
23.10.2013 |
|
DIN No.: |
00230152 |
|
|
|
|
Name : |
Ms.
Sukanya Kripalu |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
30.10.1960/
54 Years |
|
Qualification : |
Graduate
in Mathematics and Alumna of IIM, Kolkata |
|
Brief Profile including
expertise in specific Functional Area : |
Ms. Kripalu is a
specialist in the field of marketing, strategy, advertising, market research
among others. Her experience includes working with leading corporates like
Nestle India Limited, Cadbury India Limited and Kellogg India. She was the
Chief Executive Officer of Quadra Advisory and is presently Director at
Sukanya Consulting. |
|
Date of Appointment : |
13.10.2014 |
|
DIN No.: |
06994202 |
|
|
|
|
Name : |
Mr.
Bharat Patel |
|
Designation : |
Independent Director |
|
Brief Profile including
expertise in specific Functional
Area: |
Mr. Bharat Patel is the
former Chairman of Procter and Gamble Hygiene and Health Care Limited., and
presently he chairs the Indian Society of Advertisers (ISA). He has over 40
years of varied experience in the field of marketing, sales, exports,
manufacturing, etc. He holds MA in Economics from the University of Notre
Dame, USA and MBA in Marketing from the University of Michigan, USA. Apart
from being associated with various Industry Associations, he is on the Board
of various companies. |
|
Date of Appointment : |
19.04.2015 |
|
DIN No.: |
00060998 |
|
|
|
|
Name : |
Mr.
Arun Thiagarajan |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
07.09.1944/
70 Years |
|
Qualification : |
Master’s
Degree in Engineering (Electrical) from Stockholm and Master’s Degree in
Business Administration and Information System from Sweden |
|
Brief Profile including
expertise in specific Functional
Area: |
Mr. Thiagarajan has
attended the Advanced Management Program of the Harvard Business School. He
has previously served as the Part-time Chairman of ING Vysya Bank Limited,
Managing Director of Asea Brown Boveri Limited, Vice-chairman of Wipro
Limited and as President of Hewlett-Packard India Private Limited. Presently,
he is on the board of the various companies. |
|
Date of Appointment : |
11.05.2015 |
|
DIN No.: |
00292757 |
|
|
|
|
Name : |
Mr.
Sushil Agarwal |
|
Designation : |
Non-Executive Officer |
|
Date of Birth/Age : |
13.06.1963/
52 Years |
|
Qualification : |
M.
Com, C.A. |
|
Brief Profile including
expertise in specific Functional Area: |
Mr. Agarwal is a
Whole-time Director and Chief Financial Officer of Aditya Birla Nuvo Limited,
the ultimate Holding Company of the Company (“ABNL”). He has been with the
Aditya Birla Group since the beginning of his career in 1989 and has
privilege of working closely with the former Chairman Late Mr. Aditya Vikram
Birla and current Chairman Mr. Kumar Mangalam Birla. He has richly
contributed with his widely acknowledged financial acumen and analytical
skills in many Restructuring, Mergers and Acquisitions initiatives of the
Aditya Birla Group. He is on the board of several companies. |
|
Date of Appointment : |
06.08.2009 |
|
DIN No.: |
00060017 |
KEY EXECUTIVES
|
Name : |
Mr. Shital Mehta |
|
Designation : |
Chief
Executive Officer |
|
|
|
|
Name : |
Mr. S. Visvanathan* |
|
Designation : |
Chief
Financial Officer |
|
|
|
|
Name : |
Mr. Chandrashekhar Chavan |
|
Designation : |
Chief
People Officer |
|
|
|
|
Name : |
Ms. Geetika Anand |
|
Designation : |
Company
Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
67390782 |
72.62 |
|
|
67390782 |
72.62 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
67390782 |
72.62 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
75093 |
0.08 |
|
|
553507 |
0.60 |
|
|
202040 |
0.22 |
|
|
830640 |
0.90 |
|
|
|
|
|
|
21270546 |
22.92 |
|
|
|
|
|
|
2183614 |
2.35 |
|
|
921033 |
0.99 |
|
|
196914 |
0.21 |
|
|
64020 |
0.07 |
|
|
20 |
0.00 |
|
|
132634 |
0.14 |
|
|
100 |
0.00 |
|
|
140 |
0.00 |
|
|
24572107 |
26.48 |
|
Total Public shareholding (B) |
25402747 |
27.38 |
|
Total (A)+(B) |
92793529 |
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) |
92793529 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Retailer of
Apparels and Fashion Accessories. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
· Kotak Mahindra Bank Limited · ICICI Bank Limited |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S R B C and Co LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West),
Mumbai-400028, Maharashtra, India |
|
Tel. No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
|
|
|
|
Secretarial Auditors |
|
|
Name : |
Dilip Bharadiya and Associates Company Secretaries |
|
|
|
|
Legal Advisor |
|
|
Name : |
Cyril Amarchand Mangaldas Advocates and Solicitors |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Holding Company : |
Indigold
Trade and Services Limited (U18101GJ2007PLC078595) |
|
|
|
|
Ultimate Holding Company: |
Aditya
Birla Nuvo Limited (ABNL) (L17199GJ1956PLC001107) |
|
|
|
|
Fellow Subsidiary: |
·
Madura Garments Lifestyle Retail Company
Limited (MGLRCL) ·
Aditya Birla Minacs Worldwide Limited ·
Birla Sun Life Insurance Company Limited |
|
|
|
|
Key Managerial Personnel has significant
influence: |
Aditya
Birla Retail Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Million |
|
10000000 |
8% Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.100.000 Million |
|
15000 |
6% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.1.500 Million |
|
|
Total |
|
Rs. 1601.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92793529 |
Equity Shares |
Rs.10/- each |
Rs.927.900 Million |
|
500 |
6% Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.0.100 Million |
|
500000 |
8% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.5.000 Million |
|
|
Total |
|
Rs. 933.000
Million |
Reconciliation of the Paid-up
Shares Outstanding at the beginning and at the end of the reporting year Equity
Shares
|
Particulars |
Number
of Shares |
Rs. In Million |
|
Equity Shares |
|
|
|
At the beginning of the year |
92793529 |
927.900 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the end of the year |
92793529 |
927.900 |
|
|
|
|
|
8% Redeemable
Cumulative Preference Shares |
|
|
|
At the beginning of the year |
500000 |
5.000 |
|
Outstanding at the end of the year |
500000 |
5.000 |
|
|
|
|
|
6% Redeemable
Cumulative Preference Shares |
|
|
|
At the beginning of the year |
500 |
0.100 |
|
Outstanding at the end of the year |
500 |
0.100 |
(b) Terms/Rights Attached to Equity Shares
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution to all preference shareholders. The distribution will be in proportion to the number of the equity shares held by the shareholders.
(c) Terms of
Conversion/Redemption of Preference Shares
500,000 8% Redeemable Cumulative Preference Share of Rs. 10 each fully paid-up (Previous Year: 500,000).
Preference shares are entitled to cumulative dividend @ 8% p.a. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. These preference shares are redeemable by the Company at any time after completion of ten years from 31st March, 2009, at the face value. In the event of liquidation of the Company before redemption of preference shares, the holders of preference shares will have priority over equity shares in the payment of dividend and repayment of capital.
500 6% Redeemable Cumulative Preference Share of Rs.100 each fully paid-up (Previous Year: 500).
Preference shares are entitled to cumulative dividend @ 6% p.a. The dividend proposed by the Board of Directors is subject to the approval of the shareholdersin the ensuing Annual General Meeting. These preference shares are redeemable by the Company at any time after completion of ten years from 14th October, 2009, at the face value. In the event of liquidation of the Company before redemption of preference shares, the holders of preference shares will have priority over equity shares in the payment of dividend and repayment of capital.
(d)
Shares held by holding/ultimate holding company and/or their
subsidiaries/associates
Out
of equity and preference shares issued by the Company, shares held by its
holding company, ultimate
holding
company and their subsidiaries/associates are as below:
|
Name of
Shareholders |
As at 31st March, 2015 |
|
Indigold
Trade and Services Limited and its nominees, Holding Company 67,390,782
(31st March, 2014: 63,056,196) Equity Share of Rs 10/- each fully paid up |
673.900 |
|
Aditya Birla Nuvo
Limited., Ultimate Holding Company 500,000 (31st March,
2014: 500,000) 8% Redeemable Cumulative Preference Shares of Rs. 10/- each |
5.000 |
(e) Details of
shareholders holding more than 5% Shares in the Company
|
Name of
Shareholders |
Number
of Shares |
% holding |
|
Equity Shares |
|
|
|
Indigold Trade and Services Limited and its nominees (Holding Company) |
67390782 |
72.62% |
|
Future Corporate Resources Limited |
12986985 |
14.00% |
|
|
|
|
|
8%
Redeemable Cumulative Preference Shares of Rs.10 each |
|
|
|
Aditya Birla Nuvo Limited (Ultimate Holding Company) |
500000 |
100% |
|
|
|
|
|
6% Redeemable Cumulative Preference
Shares of Rs.100 each |
|
|
|
Naman Finance and Investment Private Limited |
250 |
50% |
|
Infocyber (India) Private Limited |
250 |
50% |
As per of the Company, including
its register of shareholders/members and other declarations received
from shareholders regarding
beneficial interest, the above shareholding represents both legal and
beneficial
ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
933.000 |
933.000 |
10.100 |
|
(b) Reserves & Surplus |
2522.700 |
4861.700 |
(778.000) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Share Suspense Account |
0.000 |
0.000 |
8463.200 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
3455.700 |
5794.700 |
7695.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
9375.000 |
10150.000 |
4849.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
541.100 |
427.900 |
364.600 |
|
(d)
long-term provisions |
65.600 |
56.800 |
22.900 |
|
Total
Non-current Liabilities (3) |
9981.700 |
10634.700 |
5236.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2981.300 |
4.600 |
9988.100 |
|
(b)
Trade payables |
3114.000 |
3755.800 |
3163.000 |
|
(c)
Other current liabilities |
1699.400 |
1245.500 |
2711.500 |
|
(d)
Short-term provisions |
156.400 |
97.000 |
28.100 |
|
Total
Current Liabilities (4) |
7951.100 |
5102.900 |
15890.700 |
|
|
|
|
|
|
TOTAL |
21388.500 |
21532.300 |
28822.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3748.900 |
4432.200 |
4696.100 |
|
(ii)
Intangible Assets |
12044.600 |
11899.500 |
11676.500 |
|
(iii)
Capital work-in-progress |
37.700 |
179.200 |
135.500 |
|
(iv) Intangible assets under development |
0.000 |
69.300 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
816.100 |
769.500 |
625.500 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
16647.300 |
17349.700 |
17133.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
59.900 |
8000.000 |
|
(b)
Inventories |
4273.300 |
3583.500 |
3248.700 |
|
(c)
Trade receivables |
34.700 |
170.000 |
9.600 |
|
(d)
Cash and cash equivalents |
72.000 |
108.200 |
252.500 |
|
(e)
Short-term loans and advances |
263.800 |
167.000 |
118.500 |
|
(f)
Other current assets |
97.400 |
94.000 |
59.900 |
|
Total
Current Assets |
4741.200 |
4182.600 |
11689.200 |
|
|
|
|
|
|
TOTAL |
21388.500 |
21532.300 |
28822.800 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18507.300 |
16612.100 |
12851.400 |
|
|
|
Other Income |
27.800 |
51.300 |
632.200 |
|
|
|
TOTAL (A) |
18535.100 |
16663.400 |
13483.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Traded Goods |
10648.200 |
9897.600 |
7510.400 |
|
|
|
(Increase)/Decrease in Inventory of Traded Goods |
(644.200) |
(375.000) |
233.400 |
|
|
|
Employees benefits expense |
1836.900 |
1497.100 |
942.900 |
|
|
|
Other expenses |
5939.400 |
5258.500 |
3503.500 |
|
|
|
TOTAL (B) |
17780.300 |
16278.200 |
12190.200 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
754.800 |
385.200 |
1293.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1201.700 |
1172.500 |
1438.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
(446.900) |
(787.300) |
(144.600) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1834.500 |
1090.000 |
544.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) BEFORE TAX (E-F) (G) |
(2281.400) |
(1877.300) |
(688.900) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(2281.400) |
(1877.300) |
(688.900) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Export of Goods (F.O.B. Basis) |
0.000 |
0.000 |
78.000 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
78.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded
Goods |
49.400 |
3.700 |
0.000 |
|
|
|
Capital Goods |
5.900 |
71.000 |
19.400 |
|
|
TOTAL IMPORTS |
55.300 |
74.700 |
19.400 |
|
|
|
|
|
|
|
|
|
|
Earnings/(LOSS) Per Share (Rs.) |
(24.59) |
(20.24) |
(9.89) |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term borrowings |
750.000 |
350.000 |
2469.500 |
|
|
|
|
|
|
Cash Generated from/ (used in) Operations |
(344.300) |
730.600 |
115.500 |
|
|
|
|
|
|
Net Cash Flow from/ (used in) Operating Activities |
(359.500) |
701.300 |
27.000 |
QUARTERLY RESULTS
|
PARTICULARS (Unaudited) |
30.06.2015 (1st
Quarter) |
|
Net Sales |
4392.700 |
|
Total Expenditure |
4360.100 |
|
PBIDT (Excl OI) |
32.600 |
|
Other Income |
6.600 |
|
Operating Profit |
39.200 |
|
Interest |
334.400 |
|
Exceptional Items |
0.000 |
|
PBDT |
(295.200) |
|
Depreciation |
435.700 |
|
Profit Before Tax |
(730.900) |
|
Tax |
0.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(730.900) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(730.900) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(12.33) |
(11.30) |
(5.36) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.08 |
2.32 |
10.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.69) |
(8.82) |
(2.40) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.66) |
(0.32) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.79 |
1.81 |
2.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.60 |
0.82 |
0.74 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
|
|
|
Market Value |
Rs. 230.20/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
10.100 |
933.000 |
933.000 |
|
Reserves & Surplus |
(778.000) |
4861.700 |
2522.700 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Suspense Account |
8463.200 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7695.300 |
5794.700 |
3455.700 |
|
|
|
|
|
|
Long-term borrowings |
4849.300 |
10150.000 |
9375.000 |
|
Short term borrowings |
9988.100 |
4.600 |
2981.300 |
|
CURRENT MATURITIES OF
LONG-TERM BORROWINGS |
2469.500 |
350.000 |
750.000 |
|
Total
borrowings |
17306.900 |
10504.600 |
13106.300 |
|
Debt/Equity
ratio |
2.249 |
1.813 |
3.793 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
12851.400 |
16612.100 |
18507.300 |
|
|
|
29.263 |
11.409 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
12851.400 |
16612.100 |
18507.300 |
|
Profit/ (Loss) |
(688.900) |
(1877.300) |
(2281.400) |
|
|
(5.36%) |
(11.30%) |
(12.33%) |
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 |
Yes |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
HIGH
COURT OF BOMBAY
|
Bench:-
Bombay |
|||||||
|
Presentation
Date:- 26/02/2015 |
|||||||
|
Lodging No:- |
CPL/178/2015 |
Filing Date:- |
26/02/2015 |
Reg. No.:- |
CP/445/2015 |
Reg. Date:- |
23/04/2015 |
|
Petitioner:- |
GULSHAN FASHIONS PRIVATE LIMITED- |
Respondent:- |
PANTALOONS FASHION AND RETAIL LIMITED |
||||
|
Petn. Adv.: |
PHOENIX LEGAL (I481) |
Resp. Adv.:- |
0 (0) |
||||
|
District:- |
OUTSIDE MAHARASHTRA |
||||||
|
Bench:- |
SINGLE |
||||||
|
Status:- |
Pre-Admission |
Category:- |
COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT |
||||
|
Next Date:- |
01/12/2015 |
Stage:- |
FOR ADMISSION [ORGINIAL SIDE MATTERS] |
||||
|
Coram:- |
PROVISIONAL BOARD |
|
|||||
|
Last Date:- |
27/04/2015 |
Stage:- |
FOR ACCEPTANCE |
||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE S.J. KATHAWALLA |
|
|||||
|
Act:- |
Companies Act & Rules 1956 |
Under Section:- |
433 (E) 434 AND 439 |
||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10444168 |
27/03/2014 * |
1,290,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
C03717501 |
|
2 |
10444256 |
27/03/2014 * |
7,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
C03754314 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Non-Convertible Debentures: |
|
|
|
2,000 (31st March, 2014:
2,000) 9.25% Unsecured Redeemable Non-Convertible Debentures (FV of
1,000,000/- each for cash at par) |
2000.000 |
2000.000 |
|
1,000, (31st March, 2014:
1,000) 9.20% Unsecured Redeemable Non-Convertible Debentures (FV of
1,000,000/- each for cash at par) |
1000.000 |
1000.000 |
|
|
3000 |
3000 |
|
SHORT TERM BORROWINGS |
|
|
|
8.75% - 8.90% Commercial Papers
repayable between 2 and 3 months (unsecured) * |
1979.800 |
0.000 |
|
9.5% Loan from
Non-Banking Financial Institution repayable within one year (unsecured) |
1000.000 |
0.000 |
|
Total |
5979.800 |
3000.000 |
*Commercial
Papers are shown net of unamortised discounting charges.
REVENUE:
The Company
reported a revenue of Rs. 1851.000 Million in the year 2014-15 (“year”),
recording a growth of 11.4% over 2013-14 (“previous year”). During the year, Company
opened 25 new Pantaloons Stores and closed two stores. As at March 31, 2015,
the Company had 104 Pantaloons Stores and 30 Factory Outlet Stores.
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDIAN
ECONOMY
Having seen
muted growth over past two years, the Indian GDP saw marginal improvement in
the year, as growth picked up from 6.9% to an estimated 7.3% this year. This
was primarily led by expectations of a stable government and policy framework,
as well as a moderate revival in consumption spending due to slowing
inflationary pressures and a drop in global fuel prices. Fiscal and monetary
initiatives taken by the Government and the Reserve Bank of India (“RBI”) have
narrowed down both the fiscal deficit and current account deficit. However,
outlook going forward remains uncertain, as the global revival is yet to take
off and expectations of a sub-normal monsoon may temper any recovery.
INDIAN
APPAREL MARKET OVERVIEW
Clothing and fashion retailing is the second largest contributor to the Indian
retail market with a share of just under 10%. In the organized retailing
market, clothing and fashion retailing is the largest and the most penetrated
segment. It accounts for roughly one-third of the organized retailing market.
BUSINESS
OVERVIEW:
Post the transition from Future Group, your Company has focussed on
stores expansion, brand building and organisation processes to lay the
foundation for growth in the future.
EXPANDING THE
NETWORK REACH:
The Company
expanded the network by launching 25 new Pantaloons stores and 6 factory
outlets during the year, taking the total count to 104 Pantaloons stores and 30
factory outlets as on March 31, 2015. The Company has adopted two-pronged
expansion strategy with focus on deeper penetration in larger towns and metros
as well as increasing reach in tier-2 and tier-3 cities.
ENHANCING PRODUCTIVITY OF
THE EXISTING STORES:
With
an objective of improving customer footfalls, enhancing sell-through and
sustaining profitable sales growth in the existing stores, 22 stores were
refurbished during the year through infrastructure and assortment upgrade,
completing the refurbishment of all necessary stores after the acquisition.
SCHEME OF ARRANGEMENT TO CREATE
INDIA’S LARGEST PURE PLAY FASHION AND LIFESTYLE COMPANY WITH A STRONG BOUQUET
OF LEADING FASHION BRANDS AND RETAIL FORMATS:
In a bid to
capitalise on its large market presence in the branded fashion space in India,
on May 3, 2015, the Boards of Directors of the Company, Aditya Birla Nuvo
Limited (“ABNL”), and Madura Garments Lifestyle Retail Company Limited
(“MGLRCL”), a subsidiary of ABNL, at their respective meetings, approved the
consolidation of branded apparels businesses of the Aditya Birla Group, through
a Composite Scheme of Arrangement between the Company, ABNL, MGLRCL and their
respective shareholders and creditors, under Sections 391 to 394 of the
Companies Act, 1956 (“Composite Scheme”). The consolidation will also enable
tapping of operational synergies on various fronts such as sourcing, real
estate and technology platforms. This move to bring all the branded apparel
businesses of Aditya Birla Group, under one roof is expected to accelerate the
growth of these businesses and help exploit emerging opportunities presented by
the rapidly growing Indian apparel market.
The businesses that will be demerged from the respective companies into
your Company are:
1) Madura Fashion, a branded apparel retailing division of ABNL,
(“Madura Undertaking”) and
2) Madura Lifestyle, a luxury branded apparel retailing division of
MGLRCL (“MGLRCL Retail Undertaking”). The Boards of the Company, ABNL and
MGLRCL have approved the following swap ratio recommended
by the independent valuers:-
1) Shareholders of ABNL will get 26 new Equity Shares of the Company for
every 5 equity shares held in ABNL pursuant to the demerger of Madura Fashion;
2) Shareholders of MGLRCL will get 7 new Equity Shares of the Company
for every 500 equity shares held in MGLRCL pursuant to the demerger of Madura
Lifestyle;
3) Preference shareholder of MGLRCL will get 1 new equity share of PFRL.
The Composite
Scheme is subject to the necessary statutory and regulatory approvals,
including approvals of the appropriate authorities including High Court(s),
Stock Exchange(s), SEBI and respective shareholders and lenders and/or
creditors of each of the companies involved in the Composite Scheme. The
appointed date of the Composite Scheme will be April 1, 2015.
AWARDS
AND RECOGNITIONS:
The Company has been proud
recipient of the following Awards/Recognitions during the year One of the “Most Trusted Retailer of India”-
across categories and formats. Nielsen, an independent agency which
specialises in conducting nationwide surveys/ research projects, conducts an
Independent survey for “Economic Times’ Brand Equity” on annual basis, which is
among the largest research project of its kind in India. The intention of the
survey is to identify the “Most Trusted Brands and Retailers” and the Company is
proud to have been recognised as one of the “Most Trusted Retailer ”, as per
the results of the survey conducted during the year.
OUTLOOK:
In the short
term, we expect the consumer sentiment and spending to remain muted. However,
with the inflation projected to stabilise at lower levels and an anticipated
improvement in GDP growth, the consumer spending is likely to improve in the
medium term.
PART I
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR
THE QUARTER ENDED JUNE 30, 2015
(Rs. in Million)
|
|
Particulars |
30.06.2015 |
|
|
|
Unaudited |
|
1. |
Income from Operations
|
|
|
|
a)
Net Sales/ Income from Operations |
4337.000 |
|
|
b)
Other Operating Income |
55.700 |
|
|
Total
Income from Operations (net) |
4392.700 |
|
|
|
|
|
2. |
Expenses |
|
|
|
a)
Purchase of Stock-in-Trade |
1777.700 |
|
|
b)
Changes in inventories of Stock-in-Trade |
476.100 |
|
|
c)
Employee benefits expense |
524.700 |
|
|
d)
Depreciation and amortisation expense |
435.700 |
|
|
e)
Rent |
768.400 |
|
|
f) Other expenses |
813.200 |
|
|
Total
Expenses |
4795.800 |
|
|
|
|
|
3. |
Profit/
(Loss) from Operations before other
income, finance costs and Exceptional items (1-2) |
(403.100) |
|
4. |
Other
Income |
6.600 |
|
5. |
Profit
before finance costs and exceptional Items (3+4) |
(396.500) |
|
6. |
Finance
costs |
334.400 |
|
7. |
Profit
after finance costs but before exceptional Items (5-6) |
(730.900) |
|
8. |
Exceptional
Items |
-- |
|
9. |
Profit
before tax (7-8) |
(730.900) |
|
10. |
Tax
expense |
-- |
|
11. |
Net
Profit for the period (9-10) |
(730.900) |
|
12. |
Paid
- up Equity Share Capital (face
value per share Rs 10/-) |
9279 |
|
13. |
Reserves
excluding revaluation reserves |
-- |
|
14. |
Earnings
Per Share of Rs. 10 each (not annualised) |
|
|
15. |
a)
Basic- Rs |
(7.88) |
|
|
b)
Diluted- Rs |
(7.88) |
|
PART
II |
|
|
|
A. |
PARTICULARS
OF SHAREHOLDING |
|
|
1. |
Public
Shareholding |
|
|
|
-
Number of Shares |
25402747 |
|
|
-
Percentage of Shareholding |
27.38% |
|
2. |
Promoter
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
-
Number of Shares |
-- |
|
|
- Percentage of Shares
(as a % of the total shareholding of promoter and promoter group) |
-- |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
-- |
|
|
b)
Non-encumbered |
|
|
|
-
Number of Shares |
67390782 |
|
|
-Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
100% |
|
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
72.62% |
|
|
||
|
|
Particulars |
During
3 months ended June 30, 2015 |
|
B. |
INVESTOR
COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
1 |
|
|
Disposed
of during the quarter |
1 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTES:
1. The Company is operating in a single Segment "Retail and hence
no segment disclosures have been made.
2. The above unaudited financial results have been reviewed & recommended by the Audit Committee and have been approved and taken on record by the Board of Directors at its meeting held on August 10, 2015.
3. The figures for the quarter ended March 31, 2015 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2015 and the unaudited published year-to-date figures upto December 31, 2014 being the dates of the end of the third quarters of the financial years which were subjected to limited review.
4. Board of Directors of the Company ("Board") at its meeting held on May 3, 2015, has considered and approved a Composite Scheme of Arrangement between the Company, Aditya Birla Nuvo Limited ("ABNL"), Madura Garments Lifestyle Retail Company United ("MGLRCL") and their respective shareholders and creditors, under Sections 391 to 394 of the Companies Act, 1956 ("Composite Scheme"). Pursuant to the composite scheme, the branded apparels businesses of the Company, ABNL and MGLRCL, will be consolidated under the Company in order to capitalise on their large market presence In the branded fashion space in India.
The composite scheme inter-alia Involves –
i) the transfer by way of a demerger of the Madura Undertaking of ABNL to the Company, consequent to which Equity Shareholders of ABNL will get 26 new Equity Shares of the Company for every 5 Equity Shares held by them in ABNL;
ii) the transfer by way of a demerger of the MGL Retail Undertaking of MGLRCL to the Company, consequent to which Equity Shareholders of MGLRCL will get 7 new Equity Shares of the Company for every 500 Equity Shares held by them in MGLRCL and Preference shareholder of MGLRCL. will get 1 Equity Share of the Company.
iii) various other matters consequential of Integrally connected therewith, Including change of name and re-organisation of the share capital of the Company.
The Composite Scheme is subject to requisite regulatory and other approvals inter alia from the shareholders and creditors of the Company and sanction of the Scheme by the Hon'ble High Courts of Judicature at Bombay and Gujarat, which are under process. The appointed date of the Composite Scheme win be April 1, 2015.
5. The limited review as required under Clause -41 of the
Equity Listing Agreement has been completed by the Statutory Auditors of the
Company and the related report is being submitted to the concerned Stock
Exchanges.
6. Previous periods / year’s figures have been regrouped or rearranged wherever
necessary.
FIXED ASSETS:
Tangible Assets
·
Vehicles
·
Office Equipment
· Computer
· Leasehold Improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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. 64.82 |
|
|
1 |
Rs. 100.12 |
|
Euro |
1 |
Rs. 73.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRI |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
60 |
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.