MIRA INFORM REPORT
|
Report No. : |
342423 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA RETAIL LIMITED |
|
|
|
|
Registered
Office : |
Skyline Icon, 86/92, 5th and 6th Floor, Near
Mittal, Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai –
400059, Maharashtra |
|
Tel. No.: |
91-8652-905555 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
14.07.1988 |
|
|
|
|
Com. Reg. No.: |
11-048117 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.2225.000 Million |
|
|
|
|
IEC No.: |
0306085283 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1988PLC048117 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMA28583C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2678Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The Company is engaged in the business of retailing. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject is a part of “Aditya Birla Group”. It is a subsidiary of “Kanishtha
Finance and Investment Private Limited”. Subject is an old and established company incorporated in the year
1988 having satisfactory track. The company has incurred huge accumulated which exceeds the entire net
worth. However, the ratings drive strength from its prominent parentage (viz.
Aditya Birla Group) and its experienced management. Further, the rating also takes into consideration rich experience of
its promoters, long established track and strong operating efficiency of the
company. Trade relations are reported as fair. Business is active. Payments
terms are reported as usually correct and as per commitment. In view of long track record, and strong parentage support, the
company can be considered normal for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=(A-) |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
05.06.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=(A2+) |
|
Rating Explanation |
Strong degree of safety and carry very low credit risk. |
|
Date |
05.06.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-8652-905555)
LOCATIONS
|
Registered Office : |
Skyline Icon, 86/92, 5th and 6th Floor, Near
Mittal, Industrial Estate, Andheri Kurla Road, Andheri (East), Mumbai –
400059, Maharashtra, India |
|
Tel. No.: |
91-8652-905555 |
|
Mobile No. : |
91-8652905555 (Mr. Hemant Matre) |
|
Fax No.: |
91-8652-906200 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 25.09.2014
|
Name : |
Mr. Gopi Krishna Tulsian |
|
Designation : |
Director |
|
Address : |
32 Peacock Palace, |
|
Date of Birth/Age : |
02.02.1937 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00017786 |
|
|
|
|
Name : |
Mr. Girish Mohanlal Dave |
|
Designation : |
Director |
|
Address : |
Dave and Girish and Company, Advocates, 1st
Floor, Sethna Building, 55 Maharshi Karve Road, Marine Lines, Mumbai –
400002, Maharashtra, India |
|
Date of Birth/Age : |
12.07.1938 |
|
Date of Appointment : |
12.03.2008 |
|
DIN No.: |
00036455 |
|
Voter ID No.: |
MT/08/039/0022008 |
|
|
|
|
Name : |
Mr. Kamlesh Shivji Vikamsey |
|
Designation : |
Director |
|
Address : |
194, Kalpataru Habitat, Tower – A, Dr. S S Road, Parel,
Mumbai – 400012, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1960 |
|
Date of Appointment : |
22.04.2008 |
|
DIN No.: |
00059620 |
|
|
|
|
Name : |
Mr. Pranab Barua |
|
Designation : |
Director |
|
Address : |
D-1, Cedar Crest, 258, 10th Main, Defence
colony, Indira Nagar, |
|
Date of Birth/Age : |
21.09.1952 |
|
Date of Appointment : |
01.02.2009 |
|
DIN No.: |
00230152 |
|
|
|
|
Name : |
Mr. Gianprakash Dharamprakash Gupta |
|
Designation : |
Director |
|
Address : |
101, Kaveri ‘B’ Wing, Neelkanth Valley, Rajawadi, Ghatkopar (East),
Mumbai – 400077, Maharashtra, India |
|
Date of Birth/Age : |
11.01.1941 |
|
Date of Appointment : |
23.09.2011 |
|
DIN No.: |
00017639 |
KEY EXECUTIVES
|
Name : |
Mr. Sailesh Kumar Daga |
|
Designation : |
Secretary |
|
Address : |
Flat No. 421, Tower No. 6, Soham Park, Hari Om Nagar, Mulund (East),
Mumbai – 400081, Maharashtra, India |
|
Date of Birth/Age : |
23.06.1973 |
|
Date of Appointment : |
01.12.2012 |
|
PAN No.: |
ADIPD1752F |
|
|
|
|
Name : |
Mr. Onkar Deepak Ghangurde |
|
Designation : |
Secretary |
|
Address : |
A-203, Morya Avenue, Chogle Nagar, Borivli East, Mumbai - 400066, Maharashtra, India |
|
Date of Appointment : |
11.05.2015 |
|
PAN No.: |
AOOPG6170M |
|
|
|
|
Name : |
Mr. Saurabh Chakravarty |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No 303 and 304, Platinum, Plot 18c,, Sector 14, Sanpada,, Navi Mumbai- 400705, Maharashtra, India |
|
Date of Appointment : |
01.12.2014 |
|
PAN No.: |
AENPC1240H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Kanishtha Finance and Investment Private Limited, |
|
126824930 |
|
RKN Retail Private Limited |
|
95675000 |
|
G K Tulsian and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Sushil Ganesham Agarwal and Kanishtha Finance and Investment Private
Limited, |
|
10 |
|
Suresh Pitale and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Anil Chirania and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Omprakash Jajodia and Kanishtha Finance and Investment Private
Limited, |
|
10 |
|
Vivek Pendharkar and Kanishtha Finance and Investment Private Limited,
|
|
10 |
|
Nitin Madhura and Kanishtha Finance and Investment Private Limited, |
|
10 |
|
Total |
|
222500000 |
As on 25.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of retailing. |
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Products : |
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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 : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· Indusind Bank Limited, Dr. Gopal Das Bhavan, 28, Barakamba Road, New Delhi – 110001, India · The Ratnakar Bank Limited, Shahupuri, Kolhapur, Vypari Peth, Kolhapur – 416001, Maharashtra, India · ING Vysya Bank Limited, Narian Manzil, Ground Floor, Shop No. G1 to G5, I Floor, Shop No. 1001 to 1007, Barakhamba Road, New Delhi – 110001, India
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Facilities : |
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Auditors : |
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|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st
Floor, Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai - 400 011,
Maharashtra, India |
|
PAN
No. : |
AAAFB9852F |
|
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|
|
Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
CIN No.: U65990MH1988PTC048498 |
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|
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|
Subsidiary Company
: |
CIN No.: U18101TG2002PTC073589
CIN No.: U64202TG1999PTC072731
CIN No.: U15499TG2005PTC047082
CIN No.: U52520TG1990PTC011172 |
CAPITAL STRUCTURE
After 25.09.2014
Authorised Capital : Rs.3901.200 Million
Issued, Subscribed & Paid-up Capital : Rs.2228.638
Million
As on 25.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350000000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
222500000 |
Equity Shares |
Rs.10/- each |
Rs.2225.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2,225.000 |
2,225.000 |
1,225.000 |
|
(b) Reserves & Surplus |
(47,452.200) |
(29,249.700) |
(24,141.200) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(45,227.200) |
(27,024.700) |
(22,916.200) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
39,051.200 |
30,726.700 |
27,424.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.800 |
2.200 |
5.500 |
|
(d) long-term
provisions |
52.800 |
20.800 |
23.500 |
|
Total Non-current
Liabilities (3) |
39,104.800 |
30,749.700 |
27,453.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
7,273.000 |
9,229.700 |
7,004.000 |
|
(b) Trade
payables |
2,144.000 |
1,134.500 |
1,949.700 |
|
(c) Other
current liabilities |
3,250.700 |
3,198.400 |
2,106.900 |
|
(d) Short-term
provisions |
34.300 |
51.600 |
71.700 |
|
Total Current
Liabilities (4) |
12,702.000 |
13,614.200 |
11,132.300 |
|
|
|
|
|
|
TOTAL |
6,579.600 |
17,339.200 |
15,669.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,199.300 |
553.700 |
633.500 |
|
(ii)
Intangible Assets |
148.000 |
241.700 |
266.300 |
|
(iii)
Capital work-in-progress |
245.100 |
278.900 |
408.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
12,103.100 |
11,260.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
783.600 |
514.300 |
494.700 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2,376.000 |
13,691.700 |
13,063.400 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2,090.200 |
1,077.300 |
925.000 |
|
(c) Trade
receivables |
162.400 |
452.400 |
308.900 |
|
(d) Cash
and cash equivalents |
971.000 |
1,221.200 |
429.800 |
|
(e)
Short-term loans and advances |
967.300 |
888.700 |
896.100 |
|
(f) Other current
assets |
12.700 |
7.900 |
46.200 |
|
Total
Current Assets |
4,203.600 |
3,647.500 |
2,606.000 |
|
|
|
|
|
|
TOTAL |
6,579.600 |
17,339.200 |
15,669.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
25,106.100 |
11,158.400 |
10,177.300 |
|
|
|
|
Other Income |
207.800 |
153.800 |
114.200 |
|
|
|
|
TOTAL (A) |
25,313.900 |
11,312.200 |
10,291.500 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Purchase of Stock-in-trade |
20,800.300 |
9,358.300 |
8,705.400 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(102.400) |
(107.600) |
(152.700) |
|
|
|
|
Employee Benefits Expenses |
2,203.200 |
1,404.200 |
1,579.500 |
|
|
|
|
Other Expenses |
4,331.800 |
2,456.500 |
2,945.300 |
|
|
|
|
Exceptional Items |
411.400 |
159.400 |
0.000 |
|
|
|
|
TOTAL (B) |
27,644.300 |
13,270.800 |
13,077.500 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(2,330.400) |
(1,958.600) |
(2,786.000) |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
2,888.600 |
2,664.000 |
2,047.700 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
(5,219.000) |
(4,622.600) |
(4,833.700) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
744.000 |
486.100 |
516.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) BEFORE
TAX (E-F) (G) |
(5,963.000) |
(5,108.700) |
(5,350.100) |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(5,963.000) |
(5,108.700) |
(5,350.100) |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(30,206.300) |
(25,097.600) |
(19,747.500) |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
(36,169.300) |
(30,206.300) |
(25,097.600) |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
49.600 |
30.500 |
23.800 |
|
|
|
|
Capital Goods |
7.100 |
10.300 |
66.700 |
|
|
|
TOTAL IMPORTS |
56.700 |
40.800 |
90.50 |
||
|
|
|
|
|
|
||
|
|
Earnings / (Loss)
Per Share (Rs.) |
(26.80) |
(28.25) |
(43.67) |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
1143.900 |
1633.300 |
1447.500 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
(1754.600) |
(2111.500) |
(2261.600) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(23.75) |
(45.78) |
(52.57) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(9.28) |
(17.55) |
(27.37) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(94.14) |
(103.06) |
(133.74) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.19 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
(1.05) |
(1.54) |
(1.57) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33 |
0.27 |
0.23 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1225.000 |
2225.000 |
2225.000 |
|
Reserves & Surplus |
(24141.200) |
(29249.700) |
(47452.200) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(22916.200) |
(27024.700) |
(45227.200) |
|
long-term borrowings |
27424.300 |
30726.700 |
39051.200 |
|
Short term borrowings |
7004.000 |
9229.700 |
7273.000 |
|
Current Maturities of
Long-Term Debts |
1447.500 |
1633.300 |
1143.900 |
|
Total
borrowings |
35875.800 |
41589.700 |
47468.100 |
|
Debt/Equity
ratio |
(1.566) |
(1.539) |
(1.050) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
10,177.300 |
11,158.400 |
25,106.100 |
|
|
|
9.640 |
124.997 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
10,177.300 |
11,158.400 |
25,106.100 |
|
Profit/
(Loss) |
(5,350.100) |
(5,108.700) |
(5,963.000) |
|
|
(52.57%) |
(45.78%) |
(23.75%) |
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 |
Yes |
|
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
|
Case Details |
||||
|
Bench:- Bombay |
||||
|
Presentation Date:- |
21.08.2013 |
|||
|
Lodging No.:- |
ITXAL/1318/2013 |
Filing Date:- |
21.08.2013 |
|
|
Reg. No.:- |
ITXA/2226/2013 |
Reg. Date:- |
03.12.213 |
|
|
|
||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX-8- |
Respondent:- |
ADITYA BIRLA RETAIL LIMITED |
|
|
Petn.Adv:- |
ARVIND PINTO (1892) |
Resp.Adv:- |
ATUL K JASANI () |
|
|
District:- |
MUMBAI |
|||
|
|
||||
|
Bench:- |
DIVISION |
|||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
|
Next Date:- |
30.09.2015 |
Stage:- |
FOR ADMISSION |
|
|
Coram:- |
HON'BLE SHRI JUSTICE M.S. SANKLECHA HON'BLE SHRI JUSTICE G.S. KULKARNI |
|||
|
Last Date:- |
14.08.2014 |
Stage:- |
FOR PASSING ORDERS |
|
|
Last Coram:- |
HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE B.P. COLABAWALLA |
|||
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
|
COMPANY
OVERVIEW
The Company is engaged in the business of retailing under the brand name more. As at 31March 2014, the Company operates through 490 Supermarkets and 14 Hypermarkets located in various cities across the country.
FINANCIAL RESULTS
*Financials for the year reflect the impact of amalgamation of Trinethra Superretail Private Limited (TSPL), H.A.S. Two Holdings Private limited (HTHPL), Fabmall (India) Private Limited (FIPL), and Terrafirma Agroprocessing (India) Private Limited (TAPL) with the Company for the full year. Financials for the financial year 2012-13 are in respect of the full year of the Company as it stood prior to the amalgamation. The financials for the current financial year are thus are not comparable with the previous financial year.
Composite Scheme of Amalgamation and arrangement of Trinethra Superretail Private Limited (TSPL), H.A.S. Two Holdings Private limited (HTHPL), Fabmall (India) Private Limited (FIPL), and Terrafirma Agroprocessing (India) Private Limited (TAPL) with the Company In order to consolidate retail operations of the Company and its subsidaires under a single entity and with a view to achieve effective operational and management efficiency , the scheme of amalgamation and arrangement of Trinethra Superretail Private Limited (TSPL), H.A.S. Two Holdings Private limited (HTHPL), Fabmall (India) Private Limited (FIPL), and Terrafirma Agroprocessing (India) Private Limited (TAPL) with the Company was filed during the year, with the Honble High Court of Judicature at Bombay and at the Honble High Court of Judicature at Hyderabad respectively.
With respect to the composite scheme of amalgamation and arrangement of TSPL, HTHPL, FIPL and TAPL with the Company, the Honble High Court of Judicature at Bombay has dispensed with the requirement of filing of Company Scheme Petition in relation to the said Scheme by the Company in terms of minutes of order dated 4
April 2014 and accordingly there is no requirement of having the Scheme sanctioned qua the Transferee Company.
The scheme was approved by the Honble High Court of Judicature Hyderabad on 16 July 2014 which issued a Common Order for amalgamation and arrangement of all these Transferor Companies with the Company. The amalgamation has become effective from 23 August 2014.
As per the Scheme, Transferor Companies are amalgamated with the Company with effect from 1 April 2013, the Appointed Date and the Scheme has been given effect to on 23 August 2014, being the Effective Date and the accounting treatment prescribed by the Scheme has been given effect to in the financial statements for the year ended 31 March 2014.
In accordance with the Scheme, the following effect has been given in this financial statement:
a) All assets, liabilities and reserves of the erstwhile Transferor Companies as at 1 April 2013 have been taken over at their respective book values.
b) Pursuant to the provisions of the Amalgamation Scheme the excess of cost of investment in Transferor Companies over the book value of net assets of Transferor Companies, aggregating to Rs.12239.500 Million has been debited to statement of Profit and loss.
c) Investments in the equity shares and preference shares of Transferor Companies as appearing in the books of the Company as at 31 March 2013 have been cancelled against the share capital of the amalgamating companies and no shares have been issued in pursuance to scheme of amalgamation.
d) The cost of transfer of assets to the Company has been debited to statement of Profit and loss.
e) The authorised share capital of the Transferor Companies was considered as authorised share capital of the transferee Company. Hence, the authorised equity share capital of the Company has been increased by Rs.401.200 Million divided into 4,01,20,000 equity shares of Rs.10 each.
f) The Inter Company balances stand cancelled upon giving effect of the above treatment.
In view of the amalgamation of wholly owned subsidiaries with the company with effect from 1 April 2013, the figures for the current year are not comparable with those of the previous year.
Pursuant to this Order the entire licenses, permits, quotas, approvals, incentives, subsidies, rights, claims, leases,
tenancy rights, liberties, rehabilitation schemes, special status and other benefits or privileges enjoyed or conferred upon or held or availed of by and all rights and benefits that have accrued to Transferor Companies (TSPL, HTHPL, FIPL and TAPL), shall without any further act, instrument or deed, be transferred to and vest in or be deemed to have been transferred to and vested in and be available to the Company, including the estates, assets, rights, title, interests and authorities of the company and shall remain valid, effective and enforceable on the same terms and conditions to the extent permissible in law.
BUSINESS PERFORMANCE
The Company ended the year with 490 supermarkets and 14 hypermarkets covering approximately 19.30 lakhs sq. feet of retail space.
UNSECURED LOAN
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
LONG TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
0.000 |
800.000 |
|
Bonds/debentures |
28735.800 |
22735.800 |
|
Rupee term loans from others |
2500.000 |
2000.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
3694.700 |
3721.100 |
|
Rupee term loans from others |
500.000 |
500.000 |
|
Loans repayable on demand |
1358.600 |
1892.500 |
|
Intercorporate deposits |
40.000 |
0.000 |
|
Total |
36829.100 |
31649.400 |
INDEX
OF CHARGES
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10464929 |
14/11/2013 |
2,150,000,000.00 |
Indusind Bank
Ltd. |
Dr Gopal Das Bhavan,
28, Barakamba Road, New Delhi, Delhi - 110001, India |
B91438119 |
|
2 |
10441082 |
11/06/2013 |
5,500,000,000.00 |
Idbi Trusteeship
Services Limited |
Asian Building,
Ground Floor, 17, R.Kamani Marg, Ballard Estate, Mumbai, Maharashtra - 400001,
India |
B81136525 |
|
3 |
10406669 |
29/01/2013 |
500,000,000.00 |
Ing Vysya Bank
Limited |
Narian Manzil,
Ground Floor, Shop No. G1 To G5, I Floor, Shop No.1001 To 1007, Barakhamba
Road, New Delhi, Delhi - 110001, India |
B69056000 |
|
4 |
10406723 |
29/01/2013 |
1,000,000,000.00 |
Ing Vysya Bank
Limited |
Narian Manzil,
Ground Floor, Shop No. G1 To G5, I Floor, Shop No.1001 To 1007, Barakhamba
Road, New Delhi, Delhi - 110001, India |
B69058170 |
|
5 |
10406725 |
29/01/2013 |
1,000,000,000.00 |
Ing Vysya Bank
Limited |
Narian Manzil,
Ground Floor, Shop No. G1 To G5, I Floor, Shop No.1001 To 1007, Barakhamba
Road, New Delhi, Delhi - 110001, India |
B69060994 |
|
6 |
10402761 |
26/12/2012 |
1,000,000,000.00 |
Andhra Bank |
Nanavati
Mahalaya, 18, Homi Street, Fort, Mumbai, Maharashtra - 400023, India |
B67997981 |
|
7 |
10392206 |
26/04/2013 * |
1,500,000,000.00 |
The Ratnakar
Bank Limited |
Shahupuri,Kolhapur,,
Vypari Peth, Kolhapur, Maharashtra - 416001, India |
B75654194 |
|
8 |
10392215 |
19/11/2012 |
2,000,000,000.00 |
Central Bank Of
India |
Corporate
Finance Branch, 1st Floor, MMO Building, Fort, Mumbai, Maharashtra - 400023,
INDIA |
B64234255 |
|
9 |
10345988 |
24/02/2012 |
250,000,000.00 |
The Federal Bank
Limited |
Corporate
Banking Branch, I Floor, Rajabahadur Mansion, |
B36467496 |
|
10 |
10345993 |
24/02/2012 |
1,250,000,000.00 |
The Federal Bank
Limited |
Corporate
Banking Branch, I Floor, Rajabahadur Mansion, |
B36469047 |
|
11 |
10314396 |
27/09/2011 |
500,000,000.00 |
IDBI Bank
Limited |
Idbi Towerwtc Complex,
Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B24017584 |
|
12 |
10165458 |
22/12/2012 * |
1,660,000,000.00 |
IDBI Bank
Limited |
Idbi Towerwtc
Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
B66344284 |
|
13 |
10151657 |
26/06/2013 * |
1,900,000,000.00 |
IDBI Trusteeship
Services Limited |
Asian Building,
Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, India |
B80226350 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No records 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.66.09 |
|
|
1 |
Rs.100.88 |
|
Euro |
1 |
Rs.73.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.