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|
|
MIRA INFORM REPORT
|
Report No. : |
502227 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
TRENT HYPERMARKET PRIVATE LIMITED (w.e.f. 07.03.2016) |
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Formerly Known
As : |
TRENT HYPERMARKET LIMITED |
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Registered
Office : |
Taj Building, 2nd Floor, 210, D. N. Road, Fort, Mumbai –
400001, Maharashtra |
|
Tel. No.: |
91-22-67008000 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
01.07.2008 |
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Com. Reg. No.: |
11- 184184 |
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Capital
Investment / Paid-up Capital : |
INR 1468.400 Million |
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|
|
CIN No.: [Company Identification
No.] |
U51900MH2008PTC184184 |
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IEC No.: [Import-Export
Code No.] |
Not Divulged |
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|
GSTN : [Goods & Service Tax
Registration No.] |
27AACCT9803D1ZE |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCT9803D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
The main business of the company is retailing. [Registered Activity] |
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No. of Employees
: |
Information denied 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+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Trent Hypermarket Private Limited (THPL, erstwhile Trent Hypermarket Limited) was earlier wholly owned subsidiary of “Trent Limited” a retail arm of “Tata Group”. Later in the year 2015 Trent sold a part of its stake to “Tesco Overseas Investments Limited” to form a 50:50 joint venture between Trent Limited and Tesco and subject was reincorporated as private limited on 7th March 2016. The subject is engaged in hypermarket, value retailing business through its “Star Bazaar Stores”. Management has failed to file its financial for the year 2017 with Registrar of Companies. For the financial year 2016, the company has achieved marginal growth in its revenue as compared to its previous year but has incurred losses during the year. Rating takes into consideration, the healthy financial risk profile marked by adequate net worth base and strong debt protection metrics. Rating continue to derive strength from its established track record of its business operations from its diversified business activity and strong brand positioning in retail segment mainly comprising of its garments, home products, organic products and other FMCG products. Further the company receives strong financial and managerial support from its venture entities. However, these rating are partially offset by highly competitive consumer retail market with presence of large players and unorganized sector marked by profit margins exposed to fluctuations in the input prices. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealing 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 |
CARE |
|
Rating |
Non-convertible debenture: AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
03.01.2018 |
Reason for withdrawal: No amount outstanding against the rated instruments.
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 (91-22-67008000)
91-22-67194500 – continuously ringing
LOCATIONS
|
Registered Office : |
Taj Building, 2nd Floor, 210, D. N. Road, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-67008000/22071464/67194500 |
|
Fax No.: |
91-22-22070216 |
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E-Mail : |
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|
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Head Office : |
Trent House, G Block, Plot No C/60 Bandra Kurla Complex Bandra East,
Mumbai – 400051, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Jamshed Soli Daboo |
|
Designation : |
Managing Director |
|
Address : |
Flat No R-07, Cusrow Baug, Shahid Bhagat
Singh Road, Colaba Causeway, Mumbai -400001, Maharashtra, India |
|
Date of Birth/Age : |
10.09.1962 |
|
Qualification: |
Post Graduate Diploma in Management and Bachelor of Engineering (Mechanical) |
|
Date of Appointment : |
25.06.2014 |
|
DIN No.: |
00050865 |
|
PAN No.: |
AAMPD7105M |
|
|
|
|
Name : |
Mr. Noel Naval Tata |
|
Designation : |
Nominee Director |
|
Address : |
Windmere Cuffe Parade Colaba, Mumbai
-400005, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1956 |
|
Qualification: |
B. A. (Eco) Sussex IEP, INSEAD, France |
|
Date of Appointment : |
12.08.2008 |
|
DIN No.: |
00024713 |
|
|
|
|
Name : |
Mr. Venkatesalu Palaniswamy |
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Designation : |
Nominee Director |
|
Address : |
409/410, Bunglow 22 Bharat Tirtha Society,
Sion Trombay Road, Chembur Mumbai -400071, Maharashtra, India |
|
Date of Birth/Age : |
27.02.1977 |
|
Qualification: |
Bcom, Masters in Management and CFA |
|
Date of Appointment : |
01.07.2008 |
|
DIN No.: |
02190892 |
|
|
|
|
Name : |
Mr. Hugh Garavelli |
|
Designation : |
Nominee Director |
|
Address : |
2 Church Farm Barns, Church Farm Lane Steeple
Morden Royston SG80NL Gb, United Kingdom |
|
Date of Birth/Age : |
25.12.1968 |
|
Qualification: |
7 O Levels and 3 Higher Grades, Queen Margaret Academy Ayr, Scotland |
|
Date of Appointment : |
22.05.2015 |
|
DIN No.: |
07190970 |
|
|
|
|
Name : |
Mr. Michael David Snape |
|
Designation : |
Nominee Director |
|
Address : |
13 Reeves Court, Welwyn, England AL69FU GB,
United Kingdom |
|
Date of Birth/Age : |
02.07.1979 |
|
Qualification: |
BSc. Hons. In Physiology and Medical Sciences and also a Post Graduate diploma in Law. |
|
Date of Appointment : |
24.07.2015 |
|
DIN No.: |
07243510 |
|
|
|
|
Name : |
Mr. Antony John Hoggett |
|
Designation : |
Nominee Director |
|
Address : |
5A Highfield Road Hertford Herts SG138BH
GB, United Kingdom |
|
Date of Appointment : |
12.06.2017 |
|
DIN No.: |
07845366 |
KEY EXECUTIVES
|
Name : |
Mr. Vikram Surendra Jain |
|
Designation : |
Company Secretary |
|
Address : |
A/1, Saurabh Palace, Gupte Road Near
Vishnunagar Police Station, Dombivli (West) Thane -421202, Maharashtra, India |
|
Date of Appointment : |
01.03.2017 |
|
PAN No.: |
ACCPJ9384Q |
|
|
|
|
Name : |
Mr. Dharmendar Jain |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat-104, Building No.4/B, Kalpataru
Estate, JVLk Road, Near St. Xavier School, Andheri (East) Mumbai -400060,
Maharashtra, India |
|
Date of Appointment : |
07.11.2017 |
|
PAN No.: |
ACLPJ2891H |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Trent Limited, India |
|
22370790 |
|
Flora Services Limited (as a nominee of Trent Limited, India ) |
|
1 |
|
P Venkatesalu (as a nominee of Trent Limited, India ) |
|
1 |
|
Sudhir Kamat (as a nominee of Trent Limited, India ) |
|
1 |
|
Nahar Theatres Private Limited (as a nominee of Trent Limited, India ) |
|
1 |
|
Manish Parikh (as a nominee of Trent Limited, India ) |
|
1 |
|
Pratik Shah (as a nominee of Trent Limited, India ) |
|
1 |
|
Trent Limited |
|
51046723 |
|
Tesco Overseas Investments Limited, England |
|
73417519 |
|
Total |
|
146835038 |
Equity Share Break up (Percentage of Total Equity)
AS ON 08.09.2017
|
Category |
Percentage |
|
Promoters- Body corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The main business of the company is retailing. [Registered Activity] |
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Products / Services
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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 denied by the management |
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Bankers : |
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Facilities : |
(INR
In Million)
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Auditors : |
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Name : |
N.M.Raiji and Company Chartered Accountants |
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Address : |
6th Floor, Universal Insurance Building, Pherozeshah Mehta Road, Mumbai – 400001, Maharashtra, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFN4217G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company
(100%) up to 2nd June 2014: |
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Subsidary Company*: |
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Having Joint
Control over the Company in terms of AS 27 from 3rd June 2014 onwards: |
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Having Joint control
over the company in terms of As 27 from 3rd June 2014 onwards: |
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100% subsidiary
w.e.f. 09th January 2015* |
[U51909KA2008PTC047086] |
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100% subsidiary of
Virtuous Shopping Centres Limited#: |
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100% Subsidiary
Company w.e.f 28th March 2016: |
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* During the year, the Companies have been merged with Trent Hypermarket Private Limited. (Refer Note 28.23) #
Pursuant to merger of Virtuous Shopping Centres Limited with the Company,
Commonwealth Developers Limited has become 100% subsidiary of the Company. |
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Other Related
Parties with whom transactions have taken place during the year: |
|
CAPITAL STRUCTURE
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
702000000 |
Equity Shares |
INR 10/- each |
INR 7020.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
146835038 |
Equity Shares |
INR 10/- each |
INR 1468.350 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are INR
Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1468.400 |
1468.400 |
2227.100 |
|
(b) Reserves and Surplus |
6217.000 |
6607.100 |
(1746.900) |
|
(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) |
7685.400 |
8075.500 |
480.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
250.000 |
750.000 |
1867.500 |
|
(b) Deferred tax liabilities (Net) |
67.300 |
84.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.300 |
1.000 |
0.800 |
|
(d) long-term
provisions |
74.700 |
242.500 |
252.900 |
|
Total Non-current
Liabilities (3) |
392.300 |
1077.500 |
2121.200 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
703.900 |
1240.600 |
1135.200 |
|
(c) Other
current liabilities |
932.000 |
594.100 |
408.000 |
|
(d) Short-term
provisions |
201.400 |
38.000 |
14.600 |
|
Total Current
Liabilities (4) |
1837.300 |
1872.700 |
1557.800 |
|
|
|
|
|
|
TOTAL |
9915.000 |
11025.700 |
4159.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1840.200 |
1555.300 |
1668.600 |
|
(ii)
Intangible Assets |
16.900 |
8.200 |
14.900 |
|
(iii) Tangible assets
capital work-in-progress |
106.900 |
80.600 |
167.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.800 |
|
(b) Non-current Investments |
4517.200 |
6948.500 |
419.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
146.800 |
|
(d)
Long-term loans and advances |
1121.700 |
710.800 |
391.700 |
|
(e) Other
Non-current assets |
0.000 |
3.500 |
7.500 |
|
Total Non-Current
Assets |
7602.900 |
9306.900 |
2816.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
29.800 |
546.900 |
0.000 |
|
(b)
Inventories |
718.000 |
722.300 |
590.200 |
|
(c) Trade
receivables |
156.600 |
125.200 |
62.800 |
|
(d) Cash and
bank balances |
63.100 |
62.200 |
127.100 |
|
(e)
Short-term loans and advances |
1233.800 |
238.800 |
507.100 |
|
(f) Other
current assets |
110.800 |
23.400 |
55.100 |
|
Total
Current Assets |
2312.100 |
1718.800 |
1342.300 |
|
|
|
|
|
|
TOTAL |
9915.000 |
11025.700 |
4159.200 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
7900.300 |
7473.100 |
7896.100 |
|
|
Other Income |
593.900 |
428.200 |
57.400 |
|
|
TOTAL |
8494.200 |
7901.300 |
7953.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
92.800 |
151.300 |
180.200 |
|
|
Purchases of
Stock-in-Trade |
6194.400 |
6115.800 |
6030.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2.600 |
(145.000) |
84.700 |
|
|
Employee benefit expense |
608.300 |
603.200 |
570.200 |
|
|
Other expenses |
1629.600 |
1510.000 |
1511.800 |
|
|
Exceptional items before tax |
99.500 |
31.800 |
60.300 |
|
|
Extraordinary items before tax |
48.300 |
0.000 |
0.000 |
|
|
TOTAL |
8675.500 |
8267.100 |
8438.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(181.300) |
(365.800) |
(484.500) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
52.700 |
102.900 |
79.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(234.000) |
(468.700) |
(564.200) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
213.700 |
185.000 |
133.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(447.700) |
(653.700) |
(697.900) |
|
|
|
|
|
|
|
Less |
TAX |
(16.700) |
235.700 |
(4.900) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(431.000) |
(889.400) |
(693.000) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
(2685.900) |
(1786.400) |
(1093.400) |
|
|
|
|
|
|
|
|
Excess WDV as per Sch. II of The Companies Act, 2013 adjusted - Net of deferred tax |
0.000 |
(10.200) |
0.000 |
|
|
|
|
|
|
|
|
Transfer on merger |
(2714.100) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Transfer of Balance in
Amalgamation reserve on Merger |
2733.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(3097.300) |
(2685.900) |
(1786.400) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
41.700 |
71.700 |
25.500 |
|
|
TOTAL EARNINGS |
41.700 |
71.700 |
25.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and spare
parts |
2.400 |
0.000 |
21.800 |
|
|
Capital Goods |
10.800 |
0.600 |
59.000 |
|
|
TOTAL IMPORTS |
13.200 |
0.600 |
80.800 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(2.94) |
(6.06) |
(9.44) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
500.000 |
250.000 |
107.500 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(809.400) |
(754.100) |
(524.600) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(843.500) |
(757.200) |
(545.000) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
7.24 |
6.11 |
2.90 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
50.45 |
59.69 |
125.73 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
40.86 |
72.25 |
66.71 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.25) |
(0.51) |
(0.82) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.09) |
(0.22) |
(0.26) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.26 |
0.26 |
0.85 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.10 |
0.12 |
4.11 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.24 |
0.23 |
3.24 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.26 |
0.20 |
3.86 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(3.44) |
(3.55) |
(6.08) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(5.46) |
(11.90) |
(8.78) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.35) |
(8.07) |
(16.66) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(5.61) |
(11.01) |
(144.31) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.26 |
0.92 |
0.86 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.87 |
0.53 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.78 |
0.73 |
0.12 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.51 |
0.68 |
0.89 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.26 |
0.92 |
0.86 |
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 |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
2227.100 |
1468.400 |
1468.400 |
|
Reserves & Surplus |
(1746.900) |
6607.100 |
6217.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
480.200 |
8075.500 |
7685.400 |
|
|
|
|
|
|
Long-term borrowings |
1867.500 |
750.000 |
250.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
107.500 |
250.000 |
500.000 |
|
Total
borrowings |
1975.000 |
1000.000 |
750.000 |
|
Debt/Equity
ratio |
4.113 |
0.124 |
0.098 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7896.100 |
7473.100 |
7900.300 |
|
|
|
(5.357) |
5.717 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7896.100 |
7473.100 |
7900.300 |
|
Profit/ (Loss) |
(693.000) |
(889.400) |
(431.000) |
|
|
(8.78
%) |
(11.90
%) |
(5.46
%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1468.400 |
1468.400 |
|
(b) Reserves and Surplus |
|
6064.900 |
6650.700 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7533.300 |
8119.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
250.000 |
750.000 |
|
(b) Deferred tax liabilities (Net) |
|
67.300 |
84.000 |
|
(c) Other long-term
liabilities |
|
20.300 |
21.000 |
|
(d) long-term
provisions |
|
74.700 |
244.900 |
|
Total Non-current
Liabilities (3) |
|
412.300 |
1099.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
0.000 |
0.000 |
|
(b) Trade
payables |
|
705.200 |
858.200 |
|
(c) Other
current liabilities |
|
933.800 |
606.600 |
|
(d) Short-term
provisions |
|
201.400 |
38.400 |
|
Total Current
Liabilities (4) |
|
1840.400 |
1503.200 |
|
|
|
|
|
|
TOTAL |
|
9786.000 |
10722.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
1840.300 |
2004.200 |
|
(ii)
Intangible Assets |
|
63.000 |
134.200 |
|
(iii) Tangible assets
capital work-in-progress |
|
893.100 |
863.200 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
4461.100 |
4871.600 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
|
290.900 |
459.200 |
|
(e) Other
Non-current assets |
|
0.000 |
3.500 |
|
Total Non-Current
Assets |
|
7548.400 |
8335.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
29.800 |
546.900 |
|
(b)
Inventories |
|
718.000 |
722.200 |
|
(c) Trade receivables |
|
156.600 |
136.800 |
|
(d) Cash and
bank balances |
|
85.100 |
88.100 |
|
(e)
Short-term loans and advances |
|
1218.300 |
868.800 |
|
(f) Other
current assets |
|
29.800 |
23.500 |
|
Total
Current Assets |
|
2237.600 |
2386.300 |
|
|
|
|
|
|
TOTAL |
|
9786.000 |
10722.200 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
7900.700 |
7979.800 |
|
|
Other Income |
|
512.500 |
351.500 |
|
|
TOTAL |
|
8413.200 |
8331.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
92.800 |
151.300 |
|
|
Purchases of
Stock-in-Trade |
|
6194.400 |
6490.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
2.600 |
(142.400) |
|
|
Employee benefit expense |
|
608.300 |
618.300 |
|
|
Other expenses |
|
1616.000 |
1492.600 |
|
|
Exceptional items |
|
110.200 |
31.800 |
|
|
Extraordinary items |
|
48.300 |
0.000 |
|
|
TOTAL |
|
8672.600 |
8641.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
(259.400) |
(310.400) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
52.800 |
102.900 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(312.200) |
(413.300) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
213.900 |
197.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(526.100) |
(610.300) |
|
|
|
|
|
|
|
Less |
TAX |
|
(16.700) |
235.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(509.400) |
(846.000) |
|
|
|
|
|
|
|
|
Profit (loss) of minority
interest |
|
0.300 |
2.900 |
|
|
|
|
|
|
|
|
Share of profit (loss) of
associates |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Total
profit (loss) for period |
|
(509.100) |
(843.100) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(3.47) |
(5.76) |
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 |
No |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
STATE OF COMPANY’S AFFAIRS (AS ON
31.03.2017)
A. Operations
The Company operates a multi format retail business under the ‘Star’ banner and primarily competes in the food, grocery and daily needs segment. The Company is positioned to provide a convenient modern shopping environment for customers to shop across multiple product categories with a focus on service, quality and price/promotions.
The market reception for the Company’s stores has been generally encouraging and the same is evident from improvements in walk-ins, revenues and gross margins over the years. However, ‘Star’ business and most other food and grocery retailers in India have continuously been facing challenges with respect to several cost line items like occupancy costs (especially in case of stores located inside shopping malls), energy costs, minimum wages and other operating expenses.
The Company operate under different formats described as below:
• STAR HYPER: Star Hyper is a hypermarket format store that deals in diverse product categories including food and grocery, fresh produce, bakery, apparel, footwear, beauty, home needs and more. More than 30,000 items are displayed in these stores and a large format allows for a compelling range of quality merchandise at attractive prices. Star Hyper is spread over upto sq ft - 30,000 sq. ft.
• STAR EXTRA: Star Extra is a complete shopping destination which is anchored by Star Hyper but with several other brands of shops across categories of food, fashion and general merchandise.
• STAR MARKET: Star Market is a supermarket format store that operates upto 15000 sq. ft. Star Market is positioned as a one-stop shop for customers’ monthly and top-up needs for groceries, fresh produce, FMCG products, personal grooming and general merchandise.
• STAR DAILY: Star Daily, with an area upto 5000 sq. ft., is a neighborhood grocery store, catering to increasing consumer demand to access fresh produce regularly. Star Daily offers customers access to fresh fruits, vegetables, dairy, meat and bakery items apart from staples and FMCG products.
AMALGAMATIONS (AS ON 31.03.2017)
During the year; the scheme of Amalgamation of Virtuous Shopping Centres limited (VSCL) and Tesco Hindustan Wholesaling Private Limited (THWPL) with the company as approved by Hon`ble High Court of Bombay vide its order dated 08th September 2015 and by Karnataka High court vide its order dated 13th November 2015. The scheme has become effective upon obtaining all sanctions and approval as required and filling certified true copies of the order with Registrar of Companies, Maharashtra on 9th December 2015.
VSCL is engaged in business of developing and managing properties for retail stores. THWPL is engaged in business of wholesale trading of food and non food products.VSCL and THWPL were 100% subsidiaries of the company therefore no shares have been issued as a result of amalgamation. The appointed date of scheme is 1st February 2015.
In terms of the Scheme in the books of the Company,
a) The Amalgamation is accounted under the “Pooling of Interest method” as per Accounting Standard 14.
b) All the assets and liabilities, duties and obligation of THWPL and VSCL have been transferred and vested in the company with effect from the appointed date. The vested assets and liabilities of THWPL and VSCL have been recognized at their book values and in the same form in books of Company.
c) Inter corporate loans, deposits, obligations, balances as between THWPL, VSCL and company stand cancelled.
d) The amount of Share capital of THWPL, VSCL have been adjusted against the corresponding investment balances held and excess of cost of investment over the face value of shares have been adjusted to Amalgamation Reserve Account.
e) The face value of unsecured, optionally convertible debenture issued by VSCL and cost of investment in THPL books with respect to said debentures have been adjusted against each other and excess of cost of investment over the face value of debenture has been adjusted to Amalgamation Reserve Account.
f) The useful lives of the fixed assets taken over from THWPL and VSCL have been reassessed in line with useful lives of similar assets in the books of Company and depreciation on the same has been accordingly provided.
g) The cost and expenses incurred for amalgamation (INR 48.300 Million) have been debited to profit and loss account of the Company and have been treated as extraordinary item.
h) The debit balance in profit and loss account of VSCL and THWPL (INR 2714.100 Million) has been adjusted against profit and loss account of company.
i) The credit balance in amalgamation reserve (INR 2733.700 Million) account has been adjusted against debit balance in profit and loss account.
j ) The authorized share capital of THWPL and VSCL have been combined with the authorized share capital of the company.
Accordingly , the result of the Company for the year ended 31st March 2016 include the results of VSCL and THWPL and are not comparable with the correponding previous year which do not include results of THWPL and VSCL.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2016 |
As
on 31.03.2015 |
|
LONG TERM
BORROWING |
|
|
|
Non-convertible debentures banks |
250.000 |
500.000 |
|
Total |
250.000 |
500.000 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G38322996 |
10362081 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
30/05/2012 |
14/03/2017 |
250000000.0 |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Computer equipments
- Office equipment
- Vehicles
Intangible assets
- Goodwill
- Computer software
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 65.06 |
|
|
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information Gathered
by : |
SHW |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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.