|
|
|
MIRA INFORM REPORT
|
Report No. : |
491868 |
|
Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ADITYA BIRLA RETAIL LIMITED (w.e.f. 01.09.2006) |
|
|
|
|
Formerly Known
As : |
PUSHPAK FINANCE AND INVESTMENTS LIMITED |
|
|
|
|
Registered
Office : |
Skyline Icon Building, 86/92, 5th and 6th
Floors, Near Mittal, Industrial Estate, Opposite Wellington Business
Park, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra |
|
Tel. No.: |
91-8652-905555 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.07.1988 |
|
|
|
|
Com. Reg. No.: |
11-048117 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 2978.638 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65990MH1988PLC048117 |
|
|
|
|
IEC No.: |
0306085283 |
|
|
|
|
GSTIN: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2678Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is primarily engaged in the business of retail trade. (Registered Activity) |
|
|
|
|
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 |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Aditya Birla Limited (ABRL) is a part of “Aditya Birla group”. The
company was incorporated in the year 1988 and is based in Mumbai,
Maharashtra. It is an old established company having satisfactory track
record. ABRL is the fourth supermarket chain in the country after Future
Group, Reliance Retail and D-Mart. It operates a chain 487 supermarket and 19
hypermarket under the brand name “MORE” as on June 30, 2016. Aditya Birla Retail Limited (ABRL) operates as a subsidiary of
“Kanishtha Finance and Investment Private Limited”. For the financial year ended 2017, the company achieved revenue growth
of 19.50% as compared to the previous year but has incurred operational loss.
The moderate financial risk profile of the company is marked by eroded
net worth base due to accumulated losses. However, the ratings drive strength from its prominent parentage (viz.
Aditya Birla Group) and its experienced management team. Further, the rating also takes into consideration risk experience of
its promoters, long established track records and strong operating efficiency
of the company. Payments seems to be usually correct. In view of the aforesaid
company can be considered 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 |
ICRA |
|
Rating |
Long Term =(A-) |
|
Rating Explanation |
Adequate degree of safety and carry low
credit risk. |
|
Date |
21.12.2017 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term =(A2+) |
|
Rating Explanation |
Strong degree of safety and carry low credit
risk. |
|
Date |
21.12.2017 |
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
31-03-2016.
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 13.02.2018
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 (Tel No.: 91-8652-905555)
LOCATIONS
|
Registered Office : |
Skyline Icon Building, 86/92, 5th and 6th
Floors, Near Mittal, Industrial Estate, Opposite Wellington Business
Park, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-8652-905555 |
|
Fax No.: |
91-8652-906200 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Pranab Barua |
|
Designation : |
Managing 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 |
|
Qualification |
B.A, Honours |
|
DIN No.: |
00230152 |
|
|
|
|
Name : |
Mr. Gopi Krishna Tulsian |
|
Designation : |
Director |
|
Address : |
32, Peacock Palace, 69 Bhulabhai Desai Road, Mumbai –
400026, Maharashtra, India |
|
Date of Birth/Age : |
02.02.1973 |
|
Date of Appointment : |
12.03.2008 |
|
Qualification |
B.Sc., FCA, MBIM (London) |
|
PAN No.: |
AACPT9888P |
|
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 |
|
Qualification : |
AABPD1235F |
|
Date of Appointment : |
22.04.2008 |
|
Qualification |
Degree in Law |
|
DIN No.: |
00036455 |
|
|
|
|
Name : |
Mrs. Anita Krishnan Ramchandran |
|
Designation : |
Director |
|
Address : |
A Wing, Raheja Atlantis, Opposite Nerolac HSE, Ganpat Rao Kadam Marg,
Lower Parel, Mumbai-400013, Maharashtra, India |
|
Date of Birth/Age : |
28.04.1955 |
|
Qualification |
MBA from Jamnalal Bajaj Institute, Mumbai |
|
Date of Appointment : |
03.07.2014 |
|
DIN No.: |
00118188 |
|
|
|
|
Name : |
Mr. Arun Kumar Kumar Adhikari |
|
Designation : |
Additional Director |
|
Address : |
903 A Wing, 9th Floor, Vivarea Sane, Guruji Marg, Mahalaxmi (East), Mumbai 400011, Maharashtra, India |
|
Date of Birth/Age : |
20.01.1954 |
|
Qualification |
IIT (kanpur) IIM (Calcutta) |
|
Date of Appointment : |
12.12.2016 |
|
DIN No.: |
00591057 |
KEY EXECUTIVES
|
Name : |
Mr. Mohit kampani |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat - 5C, 1- Raja Santosh Road, Alipore Gardens, Kolkata-700027, West Bengal, India |
|
Date of Birth/Age : |
13.08.1971 |
|
Qualification |
MBA Marketing |
|
Date of Appointment : |
01.11.2016 |
|
PAN No.: |
AIPPK8413L |
|
|
|
|
Name : |
Mr. Onkar Deepak Ghangurde |
|
Designation : |
Company Secretary |
|
Address : |
A-203, Morya Avenue, Chogle Nagar, Borivali (East), Mumbai - 400066, Maharashtra, India |
|
Date of Birth/Age : |
29.04.1987 |
|
Qualification |
ACS, BSL LLB |
|
Date of Appointment : |
11.05.2015 |
|
PAN No.: |
AOOPG6170M |
|
|
|
|
Name : |
Mr. Girdhar S Chitlangia |
|
Designation : |
Chief Financial Officer |
|
Address : |
C-404, Harshavardhan Saki Vihar Road, Andheri (East), Mumbai-400072, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1968 |
|
Qualification |
CA |
|
Date of Appointment : |
15.02.2016 |
|
PAN No.: |
AAPPC4447J |
|
|
|
|
Name : |
Dilip Bharadiya and Associates |
|
Designation : |
Practicing Company Secretary |
|
Address: |
434, 4th Floor, Neo Corporate Plaza, Opposite Gopal Bhawan, Kanchpada, Malad (West), Mumbai-400064, Maharashtra, India |
|
Tel. No: |
91-22-28883756 |
|
Mob. No: |
91-9820290360 |
|
Email: |
|
|
PAN No: |
ABSPB4754F |
MAJOR SHAREHOLDERS
As on 31.03.2017
SHAREHOLDING DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on 12.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
99.88 |
|
Public/Other than promoters (Individual/Hindu Undivided Family-Indian) |
0.12 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of retail trade. (Registered Activity) |
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Products : |
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Brand Names : |
"MORE" |
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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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||||||
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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 : |
· IDFC Bank Limited · RBL Bank Limited · Indusind Bank Limited · The Federal Bank Limited · Yes Bank Limited · State Bank of Patiala · Central Bank of India · ING Vysya Bank Limited · Andhra Bank · The Ratnakar Bank Limited · The Federal Bank Limited · Union Bank of India ·
Kotak Mahindra Bank Limited ·
Bank of India ·
IDBI Bank Limited ·
UTI Bank Limited ·
State Bank of Hyderabad ·
Bank of Bahrain and Kuwait BSC ·
CITI Bank ·
State Bank of India ·
The Federal Bank Limited, Mumbai Fort Branch,
32, Rajabahadur Mansion Bombay Samachar Marg, Mumbai-400001, Maharashtra,
India |
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|
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|
Facilities : |
|
|
Financial Institutions: |
IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Khimji Kunverji and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFK1142M |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding company : |
Kanishtha Finance and Investment Private Limited CIN No.: U65990MH1988PTC048498 |
|
|
|
|
Investor Company : |
RKN Retail Private Limited |
|
|
|
|
Other Related
Parties : |
|
CAPITAL STRUCTURE
As on 12.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
INR 10/- each |
INR 7500.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
297863833 |
Equity Shares |
INR 10/- each |
INR 2978.638
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 |
2978.638 |
2978.638 |
2228.638 |
|
(b) Reserves and Surplus |
(66180.400) |
(59695.900) |
(53202.038) |
|
(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) |
(63201.762) |
(56717.262) |
(50973.400) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
48467.800 |
44011.800 |
43837.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
198.100 |
0.000 |
0.500 |
|
(d) long-term
provisions |
82.600 |
67.500 |
45.400 |
|
Total Non-current
Liabilities (3) |
48748.500 |
44079.300 |
43883.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
8162.700 |
8595.000 |
5673.200 |
|
(b) Trade payables |
2689.800 |
2452.800 |
2630.000 |
|
(c) Other
current liabilities |
12413.262 |
10216.362 |
5628.500 |
|
(d) Short-term
provisions |
92.800 |
82.800 |
41.200 |
|
Total Current
Liabilities (4) |
23358.562 |
21346.962 |
13972.900 |
|
|
|
|
|
|
TOTAL |
8905.300 |
8709.000 |
6883.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1586.000 |
1503.300 |
1221.700 |
|
(ii)
Intangible Assets |
89.900 |
92.100 |
72.800 |
|
(iii) Tangible assets
capital work-in-progress |
224.500 |
284.500 |
136.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
36.700 |
36.700 |
36.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
888.100 |
887.900 |
826.900 |
|
(e) Other
Non-current assets |
12.400 |
47.600 |
47.700 |
|
Total Non-Current
Assets |
2837.600 |
2852.100 |
2342.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3369.800 |
3281.800 |
2566.000 |
|
(c) Trade
receivables |
206.100 |
216.500 |
150.000 |
|
(d) Cash and
bank balances |
525.800 |
1184.500 |
836.300 |
|
(e)
Short-term loans and advances |
1927.100 |
1138.300 |
985.900 |
|
(f) Other
current assets |
38.900 |
35.800 |
2.400 |
|
Total
Current Assets |
6067.700 |
5856.900 |
4540.600 |
|
|
|
|
|
|
TOTAL |
8905.300 |
8709.000 |
6883.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
41935.600 |
35093.700 |
28934.100 |
|
|
Other Income |
173.400 |
235.000 |
121.500 |
|
|
TOTAL |
42109.000 |
35328.700 |
29055.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
34151.300 |
29309.600 |
24089.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(44.000) |
(719.000) |
(430.800) |
|
|
Employee benefit expense |
3735.400 |
3152.800 |
2379.200 |
|
|
Other expenses |
5227.700 |
5104.500 |
4513.800 |
|
|
Exceptional items |
29.200 |
157.900 |
143.800 |
|
|
TOTAL |
43099.600 |
37005.800 |
30695.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(990.600) |
(1677.100) |
(1639.600) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4713.900 |
4172.600 |
3463.900 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(5704.500) |
(5849.700) |
(5103.500) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
736.900 |
644.500 |
607.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(6441.400) |
(6494.200) |
(5711.400) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(6441.400) |
(6494.200) |
(5711.400) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(21.63) |
(29.06) |
(25.65) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
7927.200 |
5970.800 |
2814.500 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(1779.500) |
(1459.900) |
(1344.585) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(1900.900) |
(1699.200) |
(1464.685) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
1.79 |
2.25 |
1.89 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
203.47 |
162.10 |
192.89 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors / Purchases * 365] |
|
28.75 |
30.55 |
39.85 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income / Inventories] |
|
(0.29) |
(0.51) |
(0.64) |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed Assets] |
|
(0.52) |
(0.89) |
(1.15) |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
8.96 |
8.19 |
8.81 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
(1.02) |
(1.03) |
(1.03) |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / NetWorth) |
|
(0.37) |
(0.38) |
(0.27) |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets / NetWorth) |
|
(0.03) |
(0.03) |
(0.03) |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial Charges] |
|
(0.21) |
(0.40) |
(0.47) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
(15.36) |
(18.51) |
(19.74) |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets) * 100] |
(%) |
(72.33) |
(74.57) |
(82.97) |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth) * 100] |
(%) |
10.19 |
11.45 |
11.20 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
0.26 |
0.27 |
0.32 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories)
/ Current Liabilities] |
|
0.12 |
0.12 |
0.14 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
(7.10) |
(6.51) |
(7.41) |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
21.67 |
19.67 |
23.48 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
0.26 |
0.27 |
0.32 |
Total Liability = Short-term
Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in 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 |
2228.638 |
2978.638 |
2978.638 |
|
Reserves & Surplus |
(53202.038) |
(59695.900) |
(66180.400) |
|
Net
worth |
(50973.400) |
(56717.262) |
(63201.762) |
|
|
|
|
|
|
Long-term borrowings |
43837.900 |
44011.800 |
48467.800 |
|
Short term borrowings |
5673.200 |
8595.000 |
8162.700 |
|
Current maturities of
long-term debts |
2814.500 |
5970.800 |
7927.200 |
|
Total
borrowings |
52325.600 |
58577.600 |
64557.700 |
|
Debt/Equity
ratio |
(1.027) |
(1.033) |
(1.021) |
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 |
28934.100 |
35093.700 |
41935.600 |
|
|
|
21.288 |
19.496 |
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 |
28934.100 |
35093.700 |
41935.600 |
|
Profit/ (Loss) |
(5711.400) |
(6494.200) |
(6441.400) |
|
|
(19.74
%) |
(18.51
%) |
(15.36
%) |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
FINANCIAL HIGHLIGHTS
Revenue and growth: The Company reported revenue of INR 41935.600 Million during the year (previous year: INR 35093.700 Million), recording a growth of 19.5%.
Like-to-like sales and SPSF growth: The Company achieved healthy like-to-like ("L2L") growth across its store formats (14.3% blended L2L growth), with 15% L2L growth in supermarkets and 13% L2L growth in hypermarkets during the year. This reflected in higher sales per square foot on retail area (SPSF) of INR 2058 per sft per month, a growth of 14% over the previous year.
Operating loss: Robust L2L sales growth, focus on cost efficiencies and improvement across all operating metrics led to reduction in the Operating Loss before Interest, Tax, Depreciation and Amortization from INR 1677.100 Million in FY16 to INR 990.600 Million in FY 2016-17 an improvement of 40.90%.
FINANCE COST AND
CREDIT RATING
During the year, the Company reduced the average borrowing cost to 10.38%, from 11.14% in the previous year. The Company explored various options for bringing down the cost of borrowings which included availing of long-term instruments like Redeemable Non-Convertible Debentures.
The Company continued to maintain its stable credit rating for its borrowings. The Company's Long Term Bank Loan facilities and Non-convertible debentures are rated CRISIL A- and Short Term Bank Loan facilities are rated CRISIL A2+. CRISIL's ratings continue to reflect the strong parentage of the Company as well as its improving business risk profile.
BUSINESS AND OPERATIONS
OVERVIEW
The company, a part of Aditya Birla Group, is among the leading Food and grocery retailers, having presence in high consumption geographies under the brand names "more" and "more megastore". These stores are located at convenient locations close to residential catchments, offering locally relevant assortment which addresses the customer's day-to-day needs.
As on March 31, 2017, the Company operated 493 Supermarkets and 20 Hypermarkets and is amongst the top 3 organized food and grocery retailers in India. The Company's network is spread over 148 towns and cities across nine high-consumption geographies which account for about 53% of the total Retail spend in India.
Over the years the Company has substantially fine-tuned its business model to evolve into a sustainable business that can be scaled up rapidly. The Company has adopted a cluster based expansion strategy to deeply penetrate high-growth clusters and saturate the market.
COMPANY OVERVIEW
The Company is engaged in the business of retailing under the brand name " more." As at 31 March 2017, the Company operates through 493 Supermarkets and 20 Hypermarkets located in various cities across the country.
NOTE: Registered office of the company has been shifted from "More Centre", Sahar Airport Road, Andheri (East), Mumbai-400099, Maharashtra, India to the present address w.e.f. 18.04.2011
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Bonds/debentures |
28735.800 |
28735.800 |
|
Non-convertible debentures others |
10000.000 |
4500.000 |
|
Rupee term loans from banks |
3832.400 |
2000.000 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
3900.000 |
4400.000 |
|
Rupee term loans from others |
1000.000 |
2500.000 |
|
Loans repayable on demand from banks |
1336.200 |
603.500 |
|
Total |
48804.400 |
42739.300 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G69957231 |
100139674 |
Axis Bank Limited |
16/11/2017 |
- |
- |
2500000000.0 |
TRISHUL 3RD FLOOR, OPP SAMARTHESHWAR TEMPLE,LAW GARDEN, ELLISBRIDGE,AHMEDABADGJ380006IN |
|
2 |
G70010046 |
100139766 |
IDFC BANK LIMITED |
16/11/2017 |
- |
- |
2500000000.0 |
KRM Tower, 7th Floor, No. 1,Harrington Road, Chetpet,ChennaiTa600031IN |
|
3 |
G70124920 |
100139956 |
RBL BANK LIMITED |
16/11/2017 |
- |
- |
4000000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMa416001IN |
|
4 |
G52501400 |
100120753 |
INDUSIND BANK LTD. |
13/07/2017 |
- |
- |
5000000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMa411001IN |
|
5 |
G12451563 |
100051009 |
THE FEDERAL BANK LTD |
16/08/2016 |
- |
- |
1000000000.0 |
Mumbai Fort Branch, 32 Rajabahadur Mansion Bombay Samachar Marg MumbaiMH400001IN |
|
6 |
G04934733 |
100030542 |
ADITYA BIRLA FINANCE LIMITED |
13/05/2016 |
- |
- |
2910000000.0 |
Indian Rayon Compound,VeravalGu362266IN |
|
7 |
C80523608 |
10623144 |
Axis Bank Limited |
06/02/2016 |
- |
- |
3150000000.0 |
Corporate Banking Branch,2nd Flr, Red Fort Capital Parsvnath Towers, Bhai Veer Singh Marg,Nr. Gole Mkt New DelhiDL110001IN |
|
8 |
C80521198 |
10623141 |
ADITYA BIRLA FINANCE LIMITED |
05/02/2016 |
- |
- |
1000000000.0 |
Indian Rayon Compound,VeravalGJ362266IN |
|
9 |
C11940426 |
10509884 |
YES BANK LIMITED |
17/06/2014 |
- |
- |
85000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
10 |
C04067732 |
10491362 |
KOTAK MAHINDRA BANK LIMITED |
23/04/2014 |
- |
- |
250000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN |
FIXED ASSETS
- Land
- Buildings
- Other Building
- Plant and Equipment
- Factory Equipment’s
- Furniture and Fixtures
- Vehicles
- Motor Vehicles
- Office Equipment
- Computer Equipment’s
- Leasehold Improvements
- 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 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
|
INR |
|
US Dollar |
1 |
INR 64.28 |
|
|
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRK |
|
|
|
|
Report Prepared
by : |
MTN |
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.