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|
|
MIRA INFORM REPORT
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Report No. : |
501869 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
INFINITI RETAIL LIMITED (w.e.f. 28.09.2006) |
|
|
|
|
Formerly Known
As : |
VALUE ELECTRONICS LIMITED |
|
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|
Registered
Office : |
Unit No.701 and 702, Wing A, 7th Floor, Kaledonia, Sahar
Road, Andheri (East), Mumbai – 400 069, Maharashtra |
|
Tel. No.: |
91-22-67613600 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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|
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Date of Incorporation
: |
16.12.2005 |
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|
|
|
Com. Reg. No.: |
11-158120 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 3900.000
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31900MH2005PLC158120 |
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|
|
|
IEC No.: [Import-Export Code No.] |
0306037017 |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV13188A |
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|
|
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PAN No.: [Permanent Account No.] |
AACCV1726H |
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|
|
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
The Company’s primary business is Retailing of Consumer Durables and Electronic Goods. (Registered activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Infiniti Retail Ltd (IRL) is a wholly owned subsidiary of Tata Sons Limited (TSL), the holding company of the Tata Group. IRL operates a national chain of multi-brand electronics stores under the brand name Croma. As on March 31, 2017, IRL retails through 97 Croma retail outlets (95 as on March 31, 2016 and 98 as on March 31, 2015) across India. The company was incorporated in the year 2005 and is based in Mumbai, Maharashtra. It is an established company having satisfactory track record. The company has registered huge accumulated losses which has eroded entire net worth of the company. However, the company continues to derive strength from its strong parentage (IRL being a 100% subsidiary of Tata Sons Ltd [TSL]), experienced management, financial flexibility it derives by virtue of belonging to the Tata group and continuous funding support from the promoters Further, IRL is the wholly-owned subsidiary of Tata Sons Ltd, which has a very strong credit profile and has demonstrated its support to IRL through timely infusion of funds. In FY13 (refers to the period April 1 to March 31), TSL infused equity of INR 220 crore into IRL, a part of which (INR.190 crore) was used to fund the IWL acquisition. TSL has infused additional INR 50 crore on June 18, 2016 and another INR 50 crore on August 02, 2016 and in FY17 TSL infused Rs. 150 crore as equity in IRL demonstrating continuous support. Trade relations are reported to be fair. Business is active. Payments terms are usually correct and as per commitments. In view of the aforesaid, the company can be considered normal for business dealings at usual trade terms and condition. |
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 |
CARE |
|
Rating |
Long term rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
05.01.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating = A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
05.01.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction)
LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 06.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (91-22-67613600)
LOCATIONS
|
Registered Office/ Support Office : |
Unit No. 701 and 702, Wing A, 7th Floor, Kaledonia, Sahar
Road, Andheri (East), Mumbai – 400 069, Maharashtra, India |
|
Tel. No.: |
91-22-67613600 |
|
Mobile No.: |
91-9886000315 (Mr.
Jacob Kurian) |
|
Fax No.: |
91-22-67101903/ 67103669 |
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E-Mail : |
|
|
Website : |
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|
|
|
|
Corporate Office : |
202, Akruti Centre Point, Next to Marol Telephone Exchange, MIDC,
Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Tel. No.: |
91-22-67101900 |
|
Fax No.: |
91-22-67101903 |
|
|
|
|
Croma (Juhu Office) : |
Croma Ground Floor, Vasundhara CHS, Opposite Utpal Shanghvi School, JVPD,
Vile Parle (West), Mumbai – 400 049, Maharashtra, India |
|
Tel. No.: |
91-22-67103333 |
|
Fax No.: |
91-22-67107630 |
Note:
As on September 2014, subject operates 96
Croma retail outlets across India
DIRECTORS
As on 2018
|
Name : |
Mr. Kummamuri Murthy Narasimha |
|
Designation : |
Director |
|
Address : |
1‐2‐593/29,
Gaganmahal Colony, Domalguda, Hyderabad – 500 029, Telangana, India |
|
Date of Birth/Age : |
13.08.1957 |
|
Qualification : |
CA, ICWA |
|
Date of Appointment : |
07.06.2013 |
|
DIN No.: |
00023046 |
|
|
|
|
Name : |
Mr.
Prashant Kumar Ghose |
|
Designation : |
Director |
|
Address : |
208,
Samudra Mahal, Dr. A.B. Road, Worli, Mumbai – 400 018, Maharashtra, India |
|
Date of Birth/Age : |
03.09.1950 |
|
Qualification : |
Bachelor of Commerce, Member of ICWA, Member of ICSI, Advanced International General Management Programme CEDEP from INSEAD. |
|
Date of Appointment : |
21.03.2014 |
|
DIN No.: |
00034945 |
|
|
|
|
Name : |
Mr. Rajendra
Ramdas Bhinge |
|
Designation : |
Director |
|
Address : |
Flat
No.3501, Tower 2, Planet Godrej, Kheshavrao Khadye Road, Mahalaxmi (East),
Mumbai – 400 011, Maharashtra, India |
|
Date of Birth/Age : |
29.05.1952 |
|
Qualification : |
B. T e c h , PGDBA(IIM) |
|
Date of Appointment : |
16.12.2005 |
|
PAN No.: |
JRW0961086 |
|
DIN No.: |
00036557 |
|
|
|
|
Name : |
Mr.
Jacob Kurian |
|
Designation : |
Director |
|
Address : |
Flat
No.A-32 Shefali Apartments, Aga Abbas Ali Road, Halasuru, Bangalore – 560
042, Karnataka, India |
|
Date of Birth/Age : |
09.02.1956 |
|
Qualification : |
BE EEE, MBA |
|
Date of Appointment : |
18.03.2015 |
|
PAN No.: |
ADCPK8516A |
|
DIN No.: |
00213259 |
|
|
|
|
Name : |
Mr. Padmanabhan Sankaranarayanan |
|
Designation : |
Director |
|
Address : |
132, Apsara, NCPA Apartments, D Tata Road, Nariman Point,
Mumbai – 400 021, Maharashtra, India
|
|
Date of Birth/Age : |
15.05.1958 |
|
Qualification : |
BE, PGDM(IIM) |
|
Experience : |
34 Years |
|
Date of Appointment : |
13.09.2013 |
|
DIN No.: |
00306299 |
|
|
|
|
Name : |
Mr. Pankaj
Kishorilal Gupta |
|
Designation : |
Director |
|
Address : |
Flat No. 503, Sneh Milan Khandelwal CHSL, Plot No. 485/486, 17th Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
07.08.1972 |
|
Qualification : |
BE, MBA |
|
Date of Appointment : |
16.12.2005 |
|
DIN No.: |
00467066 |
|
|
|
|
Name : |
Mr. Harish Ramananda Bhat |
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Designation : |
Director |
|
Address : |
No.A‐1053, Krest Park Apartments, 39, Old Kanakapura
Road, Basavanagudi, Bangalore – 560 004, Karnataka, India |
|
Date of Birth/Age : |
08.11.1962 |
|
Qualification : |
Post Graduate (IIM) |
|
Experience : |
30 Years |
|
Date of Appointment : |
20.12.2013 |
|
DIN No.: |
00478198 |
|
|
|
|
Name : |
Ms. Lynn antoinette desouza |
|
Designation : |
Director |
|
Address : |
1 Gym View, Opposite Khar Gymkhana, 16th Road Khar, Mumbai - 400052,
Maharashtra, India |
|
Date of Appointment : |
21.09.2015 |
|
DIN No.: |
01419138 |
KEY EXECUTIVES
As on 2018
|
Name : |
Mr. Avijit Sarat Mitra |
|
Designation : |
Chief Executive Officer |
|
Address : |
A-806, Lake Primrose Lake Homes, Off Adi Shankarasharya Marg, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1960 |
|
Qualification : |
B. com, CA |
|
Date of Appointment : |
01.05.2015 |
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PAN No: |
ADMPM0079N |
|
|
|
|
Name : |
Mr. Avijit Sarat Mitra |
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Designation : |
Manager |
|
Address : |
A-806, Lake Primrose Lake Homes, Off Adi Shankarasharya Marg, Powai, Mumbai - 400076, Maharashtra, India |
|
Date of Appointment : |
01.07.2015 |
|
PAN No: |
ADMPM0079N |
|
|
|
|
Name : |
Anthonypaul Kennedy Chettiar |
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Designation : |
Company Secretary |
|
Address : |
5, Vandana St. Pius X CHS Limited, Mulund West, Mumbai – 400080, Maharashtra, India |
|
Date of Appointment : |
01.12.2017 |
|
PAN No: |
AAAPC9659D |
|
|
|
|
Name : |
Mr. Pramod Dangaich |
|
Designation : |
Chief Financial Officer |
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Address : |
B905, Mantri Serene, Film City Road Goregaon East, Mumbai -400065, Maharashtra, India |
|
Date of Appointment : |
01.09.2017 |
|
PAN No: |
AHOPD1955E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Tata Sons Limited, India |
|
389999994 |
|
Tata Sons Limited, India and Farokh Nariman Subedar |
|
1 |
|
Tata Sons Limited, India and Bharat D. Vasani |
|
1 |
|
Tata Sons Limited, India and Kersi Rustom Bhagat |
|
1 |
|
Tata Sons Limited, India and Zubin Patel |
|
1 |
|
Tata Sons Limited, India and Eruch N. Kapadia |
|
1 |
|
Tata Sons Limited, India and Adil Charna |
|
1 |
|
|
|
|
|
Total |
|
390000000 |
Equity Share Break up (Percentage of Total Equity)
As on 14.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company’s primary business is Retailing of Consumer Durables and Electronic Goods. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
SRBC and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai - 400 028, Maharashtra, India |
|
Tel No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
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PAN N Income-tax PAN of auditor or auditor's firm : |
ACHFS9117R |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
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Subsidiary: |
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Fellow Subsidiary: |
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Associate of Parent: |
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Associate of Fellow Subsidiary: |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
610000000 |
Equity Shares |
INR 10/- each |
INR 6100.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
390000000 |
Equity Shares |
INR 10/- each |
INR 3900.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3900.000 |
3900.000 |
3900.000 |
|
(b) Reserves & Surplus |
(4273.000) |
(5201.400) |
(3232.300) |
|
(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) |
(373.000) |
(1301.400) |
667.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1687.800 |
1534.800 |
1176.300 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
12.000 |
68.400 |
194.500 |
|
(d) long-term provisions |
40.700 |
32.000 |
29.700 |
|
Total
Non-current Liabilities (3) |
1740.500 |
1635.200 |
1400.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3686.000 |
2885.200 |
3169.100 |
|
(b) Trade payables |
2304.300 |
2127.600 |
2023.400 |
|
(c) Other current liabilities |
788.800 |
2037.600 |
1050.700 |
|
(d) Short-term provisions |
199.000 |
187.000 |
183.200 |
|
Total
Current Liabilities (4) |
6978.100 |
7237.400 |
6426.400 |
|
|
|
|
|
|
TOTAL |
8345.600 |
7571.200 |
8494.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
762.300 |
714.800 |
874.100 |
|
(ii) Intangible Assets |
1604.400 |
1599.300 |
1636.700 |
|
(iii) Capital work-in-progress |
29.800 |
23.800 |
21.300 |
|
(iv) Intangible assets under
development |
11.000 |
61.300 |
60.300 |
|
(b) Non-current Investments |
0.100 |
0.100 |
0.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
313.100 |
|
(e) Other Non-current assets |
1418.800 |
1339.600 |
1143.800 |
|
Total
Non-Current Assets |
3826.400 |
3738.900 |
4049.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3818.600 |
3273.400 |
3652.100 |
|
(c) Trade receivables |
556.300 |
278.900 |
503.700 |
|
(d) Cash and cash equivalents |
39.600 |
35.200 |
57.500 |
|
(e) Short-term loans and
advances |
0.000 |
4.400 |
28.100 |
|
(f) Other current assets |
104.700 |
240.400 |
203.800 |
|
Total
Current Assets |
4519.200 |
3832.300 |
4445.200 |
|
|
|
|
|
|
TOTAL |
8345.600 |
7571.200 |
8494.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
32686.500 |
29182.200 |
32693.400 |
|
|
Other Income |
481.900 |
365.700 |
315.000 |
|
|
TOTAL
|
33168.400 |
29547.900 |
33008.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
27804.500 |
24604.400 |
27186.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(545.200) |
378.700 |
383.900 |
|
|
Employees benefits expense |
1550.600 |
1389.400 |
1330.900 |
|
|
Other expenses |
4194.000 |
4366.300 |
4325.800 |
|
|
TOTAL |
33003.900 |
30738.800 |
33227.400 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
164.500 |
(1190.900) |
(219.000) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
522.100 |
527.800 |
492.400 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(357.600) |
(1718.700) |
(711.400) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
213.300 |
237.700 |
291.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(570.900) |
(1956.400) |
(1003.300) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(570.900) |
(1956.400) |
(1003.300) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(1.46 |
(5.02 |
(2.58 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
1302.300 |
293.200 |
|
Net cash flows from (used in) operations |
(385.700) |
(476.000) |
(23.500) |
|
Net cash flows from (used in) operating activities |
(383.500) |
(500.300) |
(50.900) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
6.21 |
3.49 |
5.62 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
58.76 |
104.63 |
64.91 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
30.25 |
31.56 |
27.17 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.04 |
(0.36) |
(0.06) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.07 |
(0.50) |
(0.08) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.04 |
1.33 |
0.93 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(14.41) |
(4.40) |
6.95 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(18.71) |
(5.56) |
9.62 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(6.45) |
(1.84) |
3.88 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
0.32 |
(2.26) |
(0.44) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
(1.75) |
(6.70) |
(3.07) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(6.84) |
(25.84) |
(11.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
153.06 |
150.33 |
(150.26) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.65 |
0.53 |
0.69 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.10 |
0.08 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.04) |
(0.17) |
0.08 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.38 |
1.47 |
1.19 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.65 |
0.53 |
0.69 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
3900.000 |
3900.000 |
3900.000 |
|
Reserves & Surplus |
(3232.300) |
(5201.400) |
(4273.000) |
|
Net
worth |
667.700 |
(1301.400) |
(373.000) |
|
|
|
|
|
|
Long Term borrowings |
1176.300 |
1534.800 |
1687.800 |
|
Short Term borrowings |
3169.100 |
2885.200 |
3686.000 |
|
Current Maturities of Long term debt |
293.200 |
1302.300 |
0.000 |
|
Total
borrowings |
4638.600 |
5722.300 |
5373.800 |
|
Debt/Equity
ratio |
6.947 |
(4.397) |
(14.407) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
32693.400 |
29182.200 |
32686.500 |
|
|
|
(10.740) |
12.008 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
32693.400 |
29182.200 |
32686.500 |
|
Profit
(Loss) |
(1003.300) |
(1956.400) |
(570.900) |
|
|
(3.07%) |
(6.70%) |
(1.75%) |
LEGAL
CASE
|
CASE DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Presentation:- 20.02.2017 |
|||||||
|
Lodging No:- |
ITXAL/489/2017 |
Failing Date:- |
20.02.2017 |
Reg. No.:- |
ITXAL/775/2017 |
Reg. Date:- |
05.05.2017 |
|
Main
Matter |
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX, TDS |
Respondent:- |
M/S INFINITI RETAIL LIMITED |
||||
|
Petn.Adv:- |
PRAKASH CHANDRA CHHOTARAY (I3415) |
|
|||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category: |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
||||
|
Last Date:- |
02.04.2018 |
||||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
Act:- |
Income Tax Act,1961 |
Under Section :- |
260 A |
||||
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 |
BUSINESS OVERVIEW
The Company has made considerable progress in improving its performance by taking advantage of the new consumer behavior with its omni-channel strategy offering the benefits of both online and offline shopping experience. The transformation journey started in H2 of FY16 with a focus on the digital influence on customers. The Company has brought alive its strengths in the new path to purchase with rollout of 3 key initiatives:
(a) Refreshed stores as a Theatre for CDIT products.
(b) Reimagined croma.com for best-in-class Omni experience.
(c) Curated range of products at competitive prices, simultaneously reducing costs to the new margin structure.
As a result, the Company has significantly improved the Customer experience. The Net promoter score (NPS) has improved from 20 in Q1-FY16 when the project started to 52 in Q4-FY17. The footfalls and same-stores-sales (SSS) growth have been positive every single quarter. While the accumulated losses of the Company at the end of the financial year continues to be higher than its paid-up capital and reserves, it has made significant progress during the year towards its goal to achieve profitability. In addition, the promoters have also shown confidence and subscribed to INR 1500.000 Million compulsorily convertible debentures (CCD) of the Company. Accordingly, the Company does not expect material threat to its going concern status due to the negative net worth.
The management is of the view that the Company is at an exciting turning point in its journey. The Company is moving from a turnaround phase where it focused on solving two problems – negative SSS growth have been positive and declining margins – to a transformation phase focused on providing best- in-class shopping experience to its Customers to drive a sustainable profitable growth. Further, the roll-out of GST is expected to bring in a favorable environment for supply chainoptimization. Simplified taxes and availability of input tax credits under GST will also help the Company in achieving its profitability goal. As it looks ahead, the Company aspires to build its position as the most trusted, leading provider of technology products, services and solutions.
AWARDS AND
RECOGNITIONS
The Company has bagged numerous awards and recognitions in the financial year, the noteworthy of which were as under:
- 5th Indian Retail and e-Retail Award 2016 – Best CDIT and Telecommunications Retail Category.
- Star Retailer 2016 Award in the category of Omni – Channel Retailer of the Year.
- One of the 100 Best Companies for Women in India - AVTAR Best Companies for Women in India Study.
- India’s Top 10 Retail Companies to Work For 2017 - Retail Leadership Summit.
- Best Omni Channel Customer Experience Initiative - 3rd Customer Engagement Summit.
- Retailer of the Year Award (Consumer Durable) - CMO Asia, Awards for Retail Excellence
INCOME
The total income for the year ended March 31, 2017 was INR 33168.400 Million, recording a growth of 12.3% over the previous financial year. Out of this, INR 32686.500 Million was from the Company’s core business of consumer durables and IT (CDIT)retailing. Same-store sales were higher by 12.9% in financial year 2016-17 as compared to the previous period.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
1644.600 |
808.400 |
|
Other loans and advances |
1521.400 |
1226.500 |
|
|
|
|
|
Total |
3166.000 |
2034.900 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C75054312 |
10614701 |
IDBI TRUSTEESHIP SERVICES LIMITED |
18/12/2015 |
- |
- |
1500000000.0 |
Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate,MumbaiMH400001IN |
|
2 |
A85836302 |
10072616 |
HDFC BANK LIMITED |
08/10/2007 |
06/05/2010 |
- |
600000000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
3 |
B87687018 |
10060065 |
The Hongkong and Shanghai Banking Corporation Limited |
02/07/2007 |
01/10/2013 |
- |
500000000.0 |
52/60 M G RoadFortMumbaiMH400001IN |
|
4 |
G40351553 |
10455093 |
IDBI TRUSTEESHIP SERVICES LIMITED |
21/10/2013 |
29/04/2016 |
06/04/2017 |
1000000000.0 |
Asian Building, Ground Floor,17, R. Kamani Marg, Ballard Estate,MUMBAIMH400001IN |
|
5 |
C50143320 |
10360658 |
IDBI TRUSTEESHIP SERVICES LIMITED |
05/06/2012 |
- |
13/04/2015 |
1500000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
6 |
B40290215 |
10232485 |
IDBI TRUSTEESHIP SERVICES LIMITED |
09/07/2010 |
- |
28/05/2012 |
650000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
7 |
B39547310 |
10152114 |
BANK OF BARODA |
30/03/2009 |
- |
26/04/2012 |
600000000.0 |
MUMBAI MAIN OFFICE10/12, M S MARG, FORT,MUMBAIMH400023IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against company not acknowledged as debt |
104.900 |
97.100 |
|
Guarantees |
12.500 |
8.200 |
|
Other money for which company is contingently liable |
33.400 |
54.400 |
|
Total |
150.800 |
159.700 |
FIXED ASSETS
- Plant and equipment
- Office equipment
- Computer Laptop and desktop
- Computers – Others
- Goodwill
- Electric fittings
- Furniture and Fixtures
- Furniture and Fixtures – Wooden
- Motor Vehicles
- Computer software
PRESS RELEASE
TATA GROUP’S CONSUMER ELECTRONICS RETAIL CHAIN CROMA CROPS
ITS LOSSES BY 68%
December 07, 2017
KOLKATA: Tata Group’s consumer electronics retail chain Croma reduced its losses by 68% in the year ended March 2017 to INR 614.000 Million, down from INR 1956.000 Million in the previous year, on the back of a 12% jump in revenue.
According to its latest regulatory filings, Infiniti Retail, which owns and operates the Croma stores, posted revenues of INR 32687.000 Million for 2016-17 against INR 29182.000 Million in the previous year, defying the effects of the government’s demonetisation drive and ecommerce discounts. Infiniti Retail CEO Avijit Mitra said same-store sales grew 13% last fiscal.
“The most tangible change the market can observe is the increase in number of Croma stores — we started FY18 with 97 stores, are currently operational in 105 and are in the process of opening another 10,” he said.
With last year’s growth, Infiniti Retail’s sales almost returned to 2014-15 levels after an 11% decline in 2015-16. The company had then attributed the fall in sales to the growth of ecommerce. It had subsequently said the omni-channel initiative it embarked on in July 2015 had led to improvement in footfall and same-store sales growth.
Two industry executives attributed the improved showing of Croma to shutting of unprofitable stores, focusing on less capital-intensive expansion, and its omni-channel initiative that helped it compete better with ecommerce majors Amazon and Flipkart. “In all probability, the company is likely to break even this fiscal,” one of them told ET.
Mitra said the recovery last fiscal was part of an ongoing
transformation journey that Croma had embarked on three years back. Some of the
changes the company undertook as part of this was to focus on online
marketplaces as the key competition, actively compete for purchases from the
digitally engaged and influenced, younger shoppers, build a store-first,
omni-channel proposition and elevate the customers’ experience in the
stores.
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
|
INR |
|
US Dollar |
1 |
INR 65.02 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 79.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.