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MIRA INFORM REPORT
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Report No. : |
516483 |
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Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
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Name : |
FUTURE RETAIL LIMITED (w.e.f. 25.05.2016) |
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Formerly Known
As : |
BHARTI RETAIL LIMITED (w.e.f. 21.05.2009) BHARTI RETAIL PRIVATE LIMITED |
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Registered
Office : |
Knowledge House, Shyam Nagar, Off. Jogeshwari- Vikhroli
Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra |
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Tel. No.: |
91-22-66442200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
07.02.2007 |
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CIN No.: [Company Identification
No.] |
L51909MH2007PLC268269 |
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Capital
Investment / Paid-up Capital : |
INR 1004.000 Million |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AADCB1093N |
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GSTN : [Goods & Service Tax
Registration No.] |
27AADCB1093N1ZG |
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TAN No.: [Tax Deduction & Collection
Account No.] |
MUMB25142F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject
is engaged in the business of retailing a variety of household and
consumer products through departmental store facilities under various
formats. [Registered
Activity] |
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No. of Employees
[As on 31.03.2017] : |
33467 (Approximately) [As per latest annual report there is an increase in the number of employees over past years and current number employees are 33467] |
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 88500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Future Retail Limited is the flagship company of the Future Group (one of India’s largest retailers) and is engaged mainly in home and electronics retailing and value retailing. Post the merger with Bharti Retail Limited (BRL), erstwhile FRL had split its operations into retail and infrastructure (with effect from October 31, 2015) and had formed two separate entities in the following manner: a) Infrastructure, Investment and distribution operations: Erstwhile Future Retail Limited was renamed as Future Enterprises Limited. It houses the physical assets (store formats of erstwhile FRL and BRL including all the infrastructure assets situated in the stores) apart from strategic investments in various companies. Also, the company is engaged in manufacturing and trading of denim garments. b) Retail operations: Erstwhile Future Retail Limited, retail operations was consolidated with Bharti Group’s Retail operations and was renamed as Future Retail Limited (FRL). Further, the board of Directors of FRL approved and announced the acquisition of Hypercity Retail India Limited. (HRIL, 51% is held by Shoppers Stop Limited) from its existing shareholders. For the financial year ended 2018, the company has witnessed a growth in its revenue and reported profit margin at 0.06% (approximately). The company’s strong financial profile is reflected by healthy net worth base along with low debt level and extensive experience of the promoters. Further, the company also derive strength from FRL’s proven track record with a leading position in the organized retail business in India and pan-India presence across multiple formats. Trade relations are reported as fair. Business is active. Payments are seems to be regular and as per commitments. The company can be considered for business dealings at usual trade terms and condition. NOTE: Consequent to the demerger of Home Retail Business undertaking to Praxis Home Retail Limited and vesting of demerged Retail undertaking of Heritage Foods Retail Limited and Retail business undertaking of Hypercity Retail (India) Limited with the company, the financial results for the three months and twelve months ended March 31, 2018 are not comparable with corresponding periods of previous year. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long Term Rating= AA- |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
20.11.2017 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Rating= A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
20.11.2017 |
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
31-03-2018.
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 23.06.2018
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 (91-22-61190000)
91-7498270720 / 91-22-66442200 – Number is continuously ringing
LOCATIONS
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Registered Office : |
Knowledge House Shyam Nagar Off. Jogeshwari – Vikhroli Link Road,
Jogeshwari (East), Mumbai – 400060, Maharashtra, India |
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Tel. No.: |
91-22-66442200 / 30842336/ 30841300 |
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Mobile No.: |
91-7498270720 (Mr. Santosh Sawant) |
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Fax No.: |
91-22-66442201 / 30842502/ 66442222 |
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E-Mail : |
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Website : |
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East Zone : |
03-097, Fourth Floor, Block No - BG,
Plot No.5, Action Area - 1B, Block By Block Shopping
Mall, P.O. - New Town, (Near Indian Oil Petrol Pump), Kolkata – 700156, West
Bengal, India |
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Tel. No.: |
91-33-30917500 / 01 |
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Fax No.: |
91-33-30917502 |
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Mumbai Zone / Corporate Office: |
9th Floor, Tower C, 247 Park, LBS Marg, Vikhroli (West), Mumbai –
400083, Maharashtra, India |
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Tel. No.: |
91-22-6199 0000 |
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Fax No.: |
91-22-6199 5019 |
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Gujarat Zone : |
3rd Floor, Zonal Office, City Gold Mall, 132 Feet Ring Road, Near Shyamal
Cross Road, Satellite, Ahmedabad – 380015,
Gujarat, India |
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Tel. No.: |
91-79-30413700 |
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Fax No.: |
91-79-30413737 |
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North Zone: |
Future Retail Office, 3rd Floor, Plot No. 82, Sector 32,
Near NIIT Corp. Office, |
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Tel. No.: |
91-124-4641000 |
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Fax No.: |
91-124-4641001 |
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South Zone: |
Future Retail Office, Pasadena No.18/1 (Old No. 125/A), 10th Main, Ashoka Pillar Road, Before Rani Sarla Devi School 1st Block, Jayanagar, Bangalore – 560011, Karnataka, India |
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Tel. No.: |
91-80-4330 4000 |
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Fax No.: |
91-80-2657 7530 |
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Warehouse : |
Building No 3, Orange City Logistics Park, Shivmadk-Kotewada, Nagpur,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2018
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Name : |
Mr. Kishore Laxminarayan Biyani |
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Designation : |
Chairman and Managing Director |
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Address : |
406, Jeevan Vihar, Manav Mandir Road, Malabhar Hill,
Mumbai – 400006, Maharashtra, India |
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Date of Appointment : |
30.04.2016 |
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DIN No.: |
00005740 |
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Name : |
Mr. Rakesh Biyani |
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Designation : |
Joint Managing Director |
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Address : |
Flat No 1903, 19th Floor, B Wing, Vivarea Building, Sane
Guruji Marg, Jacob Circle, Mumbai – 400011, Maharashtra, India |
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Date of Appointment : |
30.04.2016 |
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DIN No.: |
00005806 |
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Name : |
Mr. Ravindra Dhariwal |
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Designation : |
Independent Director |
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Address : |
Aashray Farm, Opposite N.V. Farm, Sub P.O., SP School,
Bhatti Mines, Asola Village, New Delhi – 110030, India |
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Date of Appointment : |
30.04.2016 |
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DIN No.: |
00003922 |
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Name : |
Mr. Rajan Bharti Mittal |
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Designation : |
Non-Executive Director |
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Address : |
E-9/17, Vasant Vihar Vasant Marg, New Delhi – 110057,
India |
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Date of Appointment : |
30.04.2016 |
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DIN No.: |
00028016 |
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Name : |
Mr. Shailendra Bhandari |
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Designation : |
Independent Director |
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Address : |
21B, Maker Tower, B Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
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Date of Appointment : |
30.04.2015 |
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DIN No.: |
00317334 |
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Name : |
Mr. Gagan Makar Singh |
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Designation : |
Independent Director |
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Address : |
L-4/4 DLF Qutab Enclave, Phase-II, Gurugram – 122002,
Haryana, India |
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Date of Appointment : |
30.04.2016 |
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DIN No.: |
01097014 |
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Name : |
Sridevi Badiga |
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Designation : |
Independent Director |
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Address : |
D.No 5-10-173, Vasantha Chambers Fateh Maidan Road, Basheerbagh, Hyderabad – 500004, Telangana, India |
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Date of Appointment : |
20.04.2017 |
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DIN No.: |
02362997 |
NOTE: Designation of the directors has been updated as per the latest government registry records.
KEY EXECUTIVES
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Name : |
Mr. Virendra Mansukhlal Samani |
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Designation : |
Company Secretary |
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Address : |
1803, Yogi Residency, Yogi Nagar, Borivali (West), Mumbai –
400091, Maharashtra, India |
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Date of Appointment : |
02.05.2016 |
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PAN No.: |
APTPS2785J |
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Name : |
Mr. Chandra Prakash Toshniwal |
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Designation : |
Chief Finance Officer |
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Address : |
A-407/408,A-Wing, Oberoi Splendor, Jogeshwari Vikhroli Link
Road, Andheri (East), Mumbai – 400060, Maharashtra, India |
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Date of Appointment : |
02.05.2016 |
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PAN No.: |
ABZPT0231G |
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Name : |
Mr. Santosh Sawant |
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Designation : |
H. R. Head |
SHAREHOLDING PATTERN
AS ON March 2018
|
Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
233740436 |
46.56 |
|
(B) Public |
268234718 |
53.44 |
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Grand Total |
501975154 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
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Individuals/Hindu
undivided Family |
88115 |
0.02 |
|
Ashni Kishore
Biyani |
71147 |
0.01 |
|
Anil Biyani |
2121 |
0.00 |
|
Gopikishan Biyani |
2121 |
0.00 |
|
Kishore Biyani |
2121 |
0.00 |
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Laxminarayan
Biyani |
2121 |
0.00 |
|
Rakesh Biyani |
2121 |
0.00 |
|
Sunil Biyani |
2121 |
0.00 |
|
Vijay Biyani |
2121 |
0.00 |
|
Vivek Biyani |
2121 |
0.00 |
|
Any Other
(specify) |
233652321 |
46.55 |
|
Suhani Trading
and Investment Consultants Private Limited (*) |
233651321 |
46.55 |
|
Ryka Commercial Ventures
Private Limited |
|
0.00 |
|
Future Capital
Investment Private Limited |
|
0.00 |
|
Akar Estate And
Finance Private Limited |
1000 |
0.00 |
|
Retail Trust (^) |
|
0.00 |
|
Lifestyle Trust
(^) |
|
0.00 |
|
Consumer Goods
Trust (^) |
|
0.00 |
|
Sub Total A1 |
233740436 |
46.56 |
|
A2) Foreign |
|
0.00 |
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A=A1+A2 |
233740436 |
46.56 |
NOTE: (*) Suhani Trading and Investment Consultants Private
Limited (the Transferee Company) is added in the Promoter / Promoter Group of the
Company in terms of Composite Scheme of Arrangement among Future Corporate
Resources Limited, PIL Industries Limited, Manz Retail Private Limited,
Weavette Business Ventures Limited, ESES Commercials Private Limited, Gargi
Business Ventures Private Limited and Suhani Trading and Investment Consultants
Private Limited which was approved by Hon'ble National Company Law Tribual,
Mumbai Bench and made effective on 14th November, 2017. (^) As per disclosures
under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations,
2011, furnished by the Promoters / PACs.
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
19906949 |
3.97 |
|
L And T Mutual
Fund Trustee Limited - L And T India Value Fund |
7725017 |
1.54 |
|
IDFC Sterling
Equity Fund |
5496269 |
1.09 |
|
Alternate
Investment Funds |
168600 |
0.03 |
|
Foreign Portfolio
Investors |
86553587 |
17.24 |
|
Arisaig India
Fund Limited |
12412185 |
2.47 |
|
Wgi Emerging
Markets Smaller Companies Fund, LLC |
5910106 |
1.18 |
|
Government
Pension Fund Global |
5644752 |
1.12 |
|
Financial
Institutions/ Banks |
4668845 |
0.93 |
|
Insurance
Companies |
2937682 |
0.59 |
|
Sub Total B1 |
114235663 |
22.76 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share
capital upto INR 0.200 million |
10771712 |
2.15 |
|
Individual share capital
in excess of INR 0.200 million |
4627330 |
0.92 |
|
Any Other
(specify) |
138600013 |
27.61 |
|
Trusts |
11341 |
0.00 |
|
HUF |
1931713 |
0.38 |
|
Non-Resident
Indian (NRI) |
536698 |
0.11 |
|
Foreign Portfolio
Investor (Category - III) |
1600 |
0.00 |
|
Clearing Members |
403617 |
0.08 |
|
Bodies Corporate |
135715044 |
27.04 |
|
Cedar Support
Services Limited |
46330647 |
9.23 |
|
Brand Equity
Treaties Limited |
23799999 |
4.74 |
|
Bennett, Coleman
& Company Limited |
23114741 |
4.60 |
|
Heritage Foods Limited |
17847420 |
3.56 |
|
Sub Total B3 |
153999055 |
30.68 |
|
B=B1+B2+B3 |
268234718 |
53.44 |
BUSINESS DETAILS
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Line of Business : |
Subject
is engaged in the business of retailing a variety of household and consumer
products through departmental store facilities under various formats. [Registered
Activity] |
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Products/services |
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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
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Suppliers : |
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Customers : |
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No. of Employees [As
on 31.03.2017] : |
33,467 (Approximately) [As per latest annual report there is an increase in the number of employees over past years and current number employees are 33,467] |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
NGS and Company LLP Chartered Accountants |
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Address : |
B-46, 3rd Floor, Pravasi Estate, V N Road, Goregaon (East),
Mumbai – 400063, Maharashtra, India |
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Tel. No.: |
91-22-42173337 |
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E-Mail : |
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Website: |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company [As
on 31.03.2017] : |
· Cedar Support Services Limited (upto May 18, 2016) |
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Ultimate Holding
Company [As on 31.03.2017] : |
· Bharti Enterprises (Holding) Private Limited (upto May 18, 2016) · Bharti Enterprises Limited (upto May 18, 2016) |
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Enterprises over
which Key Management Personnel are able to exercise significant influence [As
on 31.03.2017] : |
· Bansi Mall Management Company Private Limited · Bharti Airtel Limited · Bharti Enterprises Limited · Future Enterprises Limited (formerly known as Future Retail Limited) · Future Ideas Company Limited · Future Lifestyle Fashions Limited · Future Sharp Skills Limited · Retail Light Techniques India Limited · Work Store Limited (formerly known as Staples Future Office Products Limited) · Cedar Support Services Limited (from May 18, 2016)) |
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Entity able to
Exercise significant Influence [As on 31.03.2017] : |
· Future Corporate Resources Limited (from May 18, 2016) |
CAPITAL STRUCTURE
AS ON 31.03.2018
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR 1004.000
Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000000 |
Equity Shares |
INR 2/- each |
INR 25000.000 Million |
|
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|
Issued Capital : **
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
471917110 |
Equity Shares |
INR 2/- each |
INR 943.800 Million |
|
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|
Subscribed & Paid-up Capital : **
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
471812739 |
Equity Shares |
INR 2/- each |
INR 943.600 Million |
|
|
|
|
|
*As per the Composite Scheme of Arrangement with Future Enterprises Limited (Formerly Known as Future Retail Limited), the number of shares were reduced from 1,71,97,50,000 to 4,34,78,261 and Face value of an equity share was reduced from INR 10/- to INR 2/- each w.e.f. October 31, 2015.
** Pursuant to the provisions of the Companies Act, 2013, the issue of 104,371 Equity Shares are kept in abeyance corresponding to their status in Future Enterprises Limited
·
Reconciliation
of Number of Equity Shares
|
Equity Shares |
Number
of Shares |
|
|
|
|
Opening Balance (Equity Shares of INR 2/- (2016: INR 10/-) each |
471338557 |
|
Add : Shares Issued (Equity Shares of INR 2/- each (2016 : INR 10/- each) # |
474182 |
|
Less : Shares reduced due to reduction and re-organisation* |
-- |
|
Add : Shares issued pursuant to Composite Scheme of Arrangement |
-- |
|
Closing Balance (Equity Shares of INR 2/- each) |
471812739 |
# 4,74,182 equity shares of INR 2/- each issued against options exercised by employees under FRL ESOP Plan.
* Previous years numbers have been adjusted for reduction and re-organisation of share capital pursuant to Composite Scheme of Arrangement with Future Enterprises Limited (Formerly Known as Future Retail Limited).
·
Terms/Rights
Attached to Equity Shares
The Company has only one class of Equity Shares having a par value of INR 2/- each (2016: INR 2/- each post Scheme of Arrangement) at the Balance Sheet Date. Each holder is entitled to one vote per share in case of voting by show of hands and one vote per Shares held in case of voting by poll/ballot. Each holder of Equity Share is also entitled to normal dividend (including interim dividend, if any) as may declared by the Company. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval of the Shareholders in the Annual General Meeting.
In the event of liquidation of Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distributions will be in proportion to the number of equity shares held by shareholder.
·
Shares
held by holding/ultimate holding Company
Cedar Support Services Limited was 100% Holding company as on March 31, 2016. Consequent to allotment of Equity Shares pursuant to the Composite Scheme of Arrangement with Future Enterprises Limited (Formerly Known as Future Retail Limited) on May 18, 2016, it ceased to be Holding company.
·
Shares in
the Company held by each shareholder holding more than 5 percent shares and
number of Shares held areas under:
|
Name of
Shareholder |
Number
of Shares |
% of holding |
|
Equity Shares |
|
|
|
Future Corporate Resources Limited |
181170090 |
38.40 |
|
PIL Industries Limited |
44136090 |
9.35 |
|
Cedar Support Services Limited # # |
43478261 |
9.22 |
|
ARISAIG
Partners (Asia) PTE Limited A/c Arisaig India Fund Limited |
31637118 |
6.71 |
|
Brand Equity Treaties Limited |
24999999 |
5.30 |
|
Bennet, Coleman & Company Limited |
24491700 |
5.19 |
# # Includes 6 Equity Shares held through nominees
Equity Share Suspense
Account
|
Name of
Shareholder |
Number
of Shares |
% of holding |
|
Equity Shares |
|
|
|
42,78,60,296 Equity Shares of INR 2/- each, fully paid-up, issued pursuant to the Scheme of arrangement |
-- |
-- |
|
1,78,47,420 Equity Shares of INR 2/- each, fully paid-up, issued pursuant to the Scheme of arrangement |
1,78,47,420 |
35.700 |
Nature and Purpose of Reserves:
a) Securities Premium Reserve
Securities Premium Reserve is created when shares are issued at premium. The Company may issue fully paid-up bonus shares to its Members out of the security premium reserve account, and company can use this reserve for buy-back of shares.
b) Securities Premium Reserve Suspense
Securities Premium Reserve will be created on allotment of equity shares on account of demerger of Retail Business Undertaking, pursuant to the scheme of arrangement with Heritage Foods Retail Limited.
c) Capital Reserve
During the financial year ended March 31, 2017, the capital reserve of INR 29.600 million recognised due to demerger of Retail Business Undertaking, pursuant to the scheme of arrangement with Heritage Foods Retail Limited.
During the financial year ended March 31, 2016, the capital reserve of INR 18745.800 million recognised due to demerger of retail division, pursuant to the scheme of arrangement with Future Enterprises Limited (Formerly Known as Future Retail Limited).
LISTING DETAILS:
|
Subject Stock
Code : |
BSE : 540064 NSE : FRETAIL ISIN : INE752P01024 Industry: Department Stores |
|
Stock Exchange Place : |
BSE Limited National Stock Exchange of India Limited |
|
Listed Date : |
Not Available |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a)
Share Capital |
1004.000 |
943.600 |
87.000 |
|
(b)
Share Capital Suspense |
0.000 |
0.000 |
855.700 |
|
(c)
Reserves & Surplus |
29958.700 |
24593.000 |
17799.200 |
|
(d)
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Optionally
Convertible Debentures |
0.000 |
0.000 |
1542.000 |
|
Total Shareholders’ Funds
(1) + (2) |
30962.700 |
25536.600 |
20283.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2233.300 |
8.100 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1185.000 |
1441.600 |
1342.000 |
|
(d) long-term provisions |
522.600 |
454.800 |
319.400 |
|
Total Non-current
Liabilities (3) |
3940.900 |
1904.500 |
1661.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
10014.100 |
10775.900 |
9682.000 |
|
(b) Trade payables |
34242.300 |
27799.900 |
22087.200 |
|
(c) Other current
liabilities |
2745.100 |
3301.700 |
2075.400 |
|
(d) Short-term provisions |
39.700 |
56.700 |
66.800 |
|
Total Current Liabilities
(4) |
47041.200 |
41934.200 |
33911.400 |
|
|
|
|
|
|
TOTAL |
81944.800 |
69375.300 |
55856.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4886.200 |
949.700 |
0.000 |
|
(ii) Intangible Assets |
5299.400 |
4588.100 |
2609.300 |
|
(iii) Capital work-in-progress |
243.100 |
24.100 |
0.000 |
|
(iv) Intangible assets
under development |
92.700 |
94.400 |
0.000 |
|
(b) Non-current
Investments |
0.100 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2734.900 |
2669.900 |
2554.300 |
|
(e) Other Non-current
assets |
1329.700 |
835.300 |
0.000 |
|
Total Non-Current Assets |
14586.100 |
9161.500 |
5163.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
44174.100 |
37351.600 |
32972.400 |
|
(c) Trade receivables |
2701.000 |
2280.600 |
1274.800 |
|
(d) Cash and cash
equivalents |
1832.300 |
1560.400 |
913.600 |
|
(e) Short-term loans and advances |
13065.000 |
14404.200 |
15482.100 |
|
(f) Other current assets |
5586.300 |
4617.000 |
50.200 |
|
Total Current Assets |
67358.700 |
60213.800 |
50693.100 |
|
|
|
|
|
|
TOTAL |
81944.800 |
69375.300 |
55856.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
184779.700 |
170750.900 |
68449.600 |
|
|
Other Income |
116.700 |
238.000 |
155.100 |
|
|
TOTAL
|
184896.400 |
170988.900 |
68604.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
144225.500 |
132129.200 |
52548.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(6818.700) |
(3785.700) |
(1897.400) |
|
|
Employees benefits expense |
9299.500 |
8034.400 |
3292.800 |
|
|
Rent including lease rental |
14053.300 |
-- |
-- |
|
|
Exceptional items |
6038.700 |
-- |
-- |
|
|
Other expenses |
15696.900 |
28560.100 |
13650.100 |
|
|
TOTAL |
182495.200 |
164938.000 |
67594.100 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2401.200 |
6050.900 |
1010.600 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1753.800 |
2042.300 |
497.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
647.400 |
4008.600 |
513.100 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
534.300 |
325.800 |
367.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
113.100 |
3682.800 |
145.500 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
113.100 |
3682.800 |
145.500 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(4906.600) |
(22162.600) |
|
|
|
|
|
|
|
Add |
Arising
on Reduction and Re-organisation of Share Capital Pursuant to Composite
Scheme of Arrangement |
NA |
NA |
17110.500 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
NA |
NA |
(4906.600) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Sales of Products (On FOB
Basis) |
NA |
NA |
311.500 |
|
|
TOTAL
EARNINGS |
NA |
NA |
311.500 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Traded Goods |
NA |
NA |
840.600 |
|
|
TOTAL
IMPORTS |
NA |
NA |
840.600 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
0.23 |
7.81 |
0.66 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
2050.800 |
(26252.100) |
|
Net Cash From Operating Activities |
NA |
1970.300 |
(26298.300) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
5.34 |
4.88 |
6.80 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
68.41 |
74.87 |
53.69 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
86.66 |
76.80 |
153.42 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.05 |
0.16 |
0.03 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.23 |
1.07 |
0.39 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.60 |
0.60 |
0.61 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.40 |
0.42 |
0.48 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.52 |
1.64 |
1.67 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.34 |
0.22 |
0.13 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.37 |
2.96 |
2.03 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
0.06 |
2.16 |
0.21 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.14 |
5.31 |
0.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
0.37 |
14.42 |
0.72 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.43 |
1.44 |
1.49 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.49 |
0.55 |
0.52 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.37 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
12.20 |
11.43 |
111.29 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.43 |
1.44 |
1.49 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 558.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
87.000 |
943.600 |
1004.000 |
|
Share
Capital Suspense |
855.700 |
0.000 |
0.000 |
|
Reserves & Surplus |
17799.200 |
24593.000 |
29958.700 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Optionally
Convertible Debentures |
1542.000 |
0.000 |
0.000 |
|
Net worth |
20283.900 |
25536.600 |
30962.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
8.100 |
2233.300 |
|
Short term borrowings |
9682.000 |
10775.900 |
10014.100 |
|
Total borrowings |
9682.000 |
10784.000 |
12247.400 |
|
Debt/Equity ratio |
0.477 |
0.422 |
0.396 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
68449.600 |
170750.900 |
184779.700 |
|
|
|
149.455 |
8.216 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
68449.600 |
170750.900 |
184779.700 |
|
Profit |
145.500 |
3682.800 |
113.100 |
|
|
0.21% |
2.16% |
0.06% |
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 |
Yes |
|
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 |
No |
|
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 |
COMPANY OVERVIEW
[AS ON 31.03.2017]
The company is a public Company domiciled in India and incorporated on February 7, 2007. The Company is engaged in the business of retailing of fashion, household and consumer products through departmental and neighbourhood stores under various formats across the country.
The Company has its registered office at Mumbai, Maharashtra, India. The Company has its primary listings on the National Stock Exchange of India Limited and BSE Limited.
The financial statements were authorised for issue in accordance with a resolution of the Board of Directors on May 23, 2017.
SCHEME OF ARRANGEMENT [AS ON 31.03.2017]
a) Composite Scheme of
Arrangement between the Company and Future Enterprises Limited and their
respective Shareholders and Creditors (“FRL – FEL Scheme”)
The Composite Scheme of
Arrangement between the Company and Future Enterprises Limited (“FEL” -
formerly known as Future Retail Limited) and their respective Shareholders and
Creditors (“the FRL – FEL Scheme”) has been approved under the
provisions of Sections 391-394 of the Companies Act, 1956 read with Sections
100-104 of the Companies Act, 1956 and Section 52 of the Companies Act, 2013
for demerger of Retail Business Undertaking of FEL into the Company and
demerger of Infrastructure Business Undertaking of the Company and vesting into
FEL with effect from Appointed Date of October 31, 2015, as defined in the said
Scheme and has been given effect on May 1, 2016 (“Effective Date”),
after receipt of Hon’ble High Court approval. Pursuant to the same, all the
assets and liabilities pertaining to the Retail Business Undertaking of FEL has
been demerged and vested into the Company and all the assets and liabilities
pertaining to Infrastructure Business Undertaking of the Company has been
demerged and vested into FEL.
Composite Scheme of
Arrangement among Heritage Foods Limited and Heritage Foods Retail Limited and
the Company and their respective Shareholders and Creditors (“Heritage Scheme”)
The Composite Scheme of
Arrangement among Heritage Foods Limited (“Transferor Company” or “HFL”) and
Heritage Foods Retail Limited (“Transferee Company” or “Demerged Company” or
“HFRL”) and the Company and their respective Shareholders and Creditors under
Sections 391-394 and Sections 100-103 of the Companies Act, 1956 and/or
Sections 230-232 and Section 66 of the Companies Act, 2013 (as applicable) and
Section 52 of the Companies Act, 2013 (“Heritage Scheme”), inter-alia
involving demerger of the Retail Business Undertaking of HFL, through its
wholly owned subsidiary HFRL, into the Company has been given effect on May 19,
2017 (“Effective Date – Demerger”) after receipt of approval of National
Company Law Tribunal Bench at Hyderabad and Mumbai on May 03, 2017 and May 11,
2017 respectively. The Appointed Date under Heritage Scheme for Demerger was
close of business on March 31, 2017.
Composite Scheme of
Arrangement among Heritage Foods Limited and Heritage Foods Retail Limited and
the Company and their respective Shareholders and Creditors (“Heritage Scheme”)
The Composite Scheme of
Arrangement among Heritage Foods Limited (“Transferor Company” or “HFL”) and
Heritage Foods Retail Limited (“Transferee Company” or “Demerged Company” or “HFRL”)
and the Company and their respective Shareholders and Creditors under Sections
391-394 and Sections 100-103 of the Companies Act, 1956 and/or Sections 230-232
and Section 66 of the Companies Act, 2013 (as applicable) and Section 52 of the
Companies Act, 2013 (“Heritage Scheme”), inter-alia involving
demerger of the Retail Business Undertaking of HFL, through its wholly owned
subsidiary HFRL, into the Company has been given effect on May 19, 2017 (“Effective
Date – Demerger”) after receipt of approval of National Company Law
Tribunal Bench at Hyderabad and Mumbai on May 03, 2017 and May 11, 2017
respectively. The Appointed Date under Heritage Scheme for Demerger was close
of business on March 31, 2017.
Pursuant to the Heritage
Scheme, the Retail Business Undertaking of HFRL has been transferred to and
vested in the Company. As consideration for the demerger, the Company will
issue 1,78,47,420 (One Crore Seventy Eight Lakh Forty Seven Thousand Four
Hundred and Twenty) equity shares of the face value of INR 2/- (Rupees Two)
each, fully paid-up, to the shareholders of HFRL (i.e. HFL).
The shareholders of HFRL
(i.e. HFL) have agreed to share with the Company an upside on the realization
out of the shares of the Company, subject to certain broad terms and conditions.
Composite Scheme of
Arrangement Between the Company and Bluerock eServices Private Limited and
Praxis Home Retail Private Limited and their respective Shareholders (“Home
Town Scheme”)
The Board of Directors of the
Company have approved the Composite Scheme of Arrangement between the Company
and Bluerock eServices Private Limited (‘BSPL’ or ‘Second Demerged Company’)
and Praxis Home Retail Private Limited (‘PHRPL’ or ‘Resulting Company’) and
their respective Shareholders (“Home Town Scheme”) under Sections
230-232 read with Section 66 of the Companies Act, 2013 and other applicable provisions
of the Companies Act, 2013 in their meeting held on April 20, 2017. The Scheme
inter-alia involves
demerger of Home Retail Business of the Company into PHRPL with effect from the
commencement of business on August 1, 2017.
Pursuant to the Home Town
Scheme, the Home Retail Business of the Company carried on through Home Town
Stores would be transferred to and vested in PHRPL. As a consideration for the
said demerger, PHRPL would issue 1 fully paid up Equity Share of INR 5/- each,
fully paid up, to the shareholders of the Company for every 20 fully paid up
shares of INR 2/- each held by the Shareholders in the Company on Record Date
to be fixed by the Company. Post issue of such shares, the equity shares of
PHRPL would be listed on the stock exchanges viz, BSE & NSE (subject to
listing permission) and the shareholding pattern of PHRPL would be identical to
that of the Company.
The Home Town Scheme also
provides for demerger of e-Commerce Home Retail Business from BSPL into PHRPL
and for which PHRPL shall issue 6,30,000, 9% Redeemable Preference Shares of
INR 100/- each to the shareholders of BSPL as consideration for Demerger. The
Appointed Date for Demerger of e-Commerce Home Retail Business is April 15,
2016.
The Home Town Scheme would
be given effect on receipt of requisite approvals from the applicable statutory
authorities.
EQUITY SHARE CAPITAL
During the year, the Company
has issued and allotted in aggregate 42,83,34,478 Equity Shares as under:
Pursuant to FRL – FEL
Scheme
Pursuant to the FRL – FEL
Scheme becoming Effective, the Shareholders of FEL who were holding equity or
Class B (Series-1) shares on Record Date i.e. May 12, 2016, were allotted
Equity Shares of the Company in the ratio as mentioned in the Scheme (i.e. 1
Equity Share of INR 2 each for each equity share or Class B (Series-1) shares
held in FEL). Accordingly, on May 18, 2016, the Company allotted 42,78,60,296
Equity Shares to the existing Shareholders of FEL.
Pursuant to FRL – ESOP
Plan, 2016
During the year , the
Company has made allotment of total 474,182 Equity Shares of INR 2/- each to
concerned employees of the Company, upon exercise of the vested options granted
to the said employees under Future Retail Limited Employee Stock Option Plan -
2016 (FRL ESOP - 2016). None of the employee is in receipt of Equity Shares
exceeding 1% of Equity Share capital of the Company against the vested options
exercised by them under FRL ESOP - 2016.
The breakup of allotment of
474,182 equity shares is as follows:
·
4,67,558
Equity Shares of INR 2/- each allotted on January 19, 2017; and
·
6,624
Equity Shares of INR 2/- each allotted on March 21, 2017.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2018 INR
In Million |
31.03.2017 INR
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
Commercial Paper |
NA |
1000.000 |
|
|
|
|
|
Total |
NA |
1000.000 |
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G89273650 |
100181962 |
BANK OF BARODA |
14/03/2018 |
- |
- |
3500000000.0 |
3RD FLOOR, 10/12 MUMBAI SAMACHAR MARG,FORTMUMBAIMH400001IN |
|
2 |
G45206661 |
100101108 |
ANDHRA BANK |
16/05/2017 |
- |
- |
1580000000.0 |
NANAVATI MAHALAYA, 18, HOMI MODI STREETFORTMUMBAIMH400023IN |
|
3 |
G53334736 |
100094614 |
BANK OF INDIA |
29/03/2017 |
23/08/2017 |
- |
57500000000.0 |
MUMBAI LARGE CORPORATE BRANCH, BANK OF INDIABUILDING, 70-80, M. G. ROAD, FORT,MUMBAIMH400001IN |
|
4 |
G40710576 |
100089070 |
SYNDICATE BANK |
13/02/2017 |
- |
- |
3000000000.0 |
LARGE CORPORATE BRANCH2ND FLOOR, MAKER TOWER, E-WING, CUFFE PARADEMUMBAIMH400005IN |
|
5 |
G36750495 |
100079362 |
IDBI TRUSTEESHIP SERVICES LIMITED |
07/11/2016 |
- |
- |
5000000000.0 |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN |
|
6 |
G12885422 |
100051950 |
BAJAJ FINANCE LIMITED |
30/09/2016 |
- |
- |
2700000000.0 |
AKURDI PUNE-PUNEMA411035IN |
|
7 |
G11337995 |
100049243 |
CENTRAL BANK OF INDIA |
30/08/2016 |
- |
- |
2000000000.0 |
MMO BUILDING, 1ST FLOOR, MAHATMA GANDHI ROAD,MUMBAI-400023MUMBAIMH400021IN |
|
8 |
G76877943 |
100049953 |
RBL BANK LIMITED |
24/08/2016 |
10/01/2018 |
- |
1000000000.0 |
ONE INDIABULLS CENTRE, TOWER 2B, 6TH FLOOR, 841,SENAPATI BAPAT MARG, LOWER PAREL, MUMBAI ? 400013MUMBAIMH400013IN |
|
9 |
G04477220 |
100029207 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
30/04/2016 |
- |
- |
23601000.0 |
25, BARAKHAMBA ROADNEW DELHIDL110001IN |
|
10 |
G89527949 |
100093151 |
BANK OF INDIA |
09/03/2017 |
- |
29/05/2018 |
1190000000.0 |
BANK OF INDIA BUILDING, 4TH FLOOR, 70-80M. G. ROAD, FORT, MUMBAI-400001MUMBAIMH400001IN |
FIXED ASSETS:
Tangible Assets
·
Land
·
Building
· Leasehold Improvement
· Plant and Equipments
· Office Equipment
·
Furniture and Fixture
·
Vehicles
· Office Equipment on Lease
Intangible Assets
· Computer Software
·
Brand / Trade Mark
PRESS RELEASE:
FUTURE RETAIL PLANS
TO OPEN 10,000 SMALL FORMAT STORES IN NEXT FEW YEARS: RAKESH BIYANI
Initially, the
company expects to open 250-300 Easyday stores in the next couple of years
June 13, 2018
Future Retail has set its expansion plans for the next few
years and plans to increase its network of Easyday outlets and take the small format
stores to 10,000, according to Rakesh Biyani, Joint Managing Director, Future
Retail.
Initially, the company expects to open
250-300 Easyday stores in the next couple of years.
“We want to expand our small format stores
and we want to open 250-300 Easyday stores initially and eventually we intend
to open 10,000 small format stores,” said Biyani.
“Potential is quite large in the small format
store and we want to capitalise it,” he added.
Currently, Future Retail has 666 small format
stores including Easyday and Heritage Fresh.
He was talking on the sidelines of a two-day
Retail-Technology Conclave held in Mumbai.
Generally, Easyday stores are in the range of
2,500 sq. ft.
Biyani also said that the company is continuously
looking at making supply chain seamless and planning to make significant
investment in this space.
He also emphasized on seamless adoption of
technology within the company is still a challenge in India.
Biyani said that online retail penetration in
India is very low compared to developed economies across the world.
He also said western practices can be chosen
selectively by Indian retailers. To avoid large queues at the billing counters
there is a need to install smart check out systems.
Speaking about the performance of Future
Retail, Biyani said: “Quarter by quarter numbers are likely to be different
because of shift in lunar calendar. Lunar calendar pushes all the festivals by
almost a month. We will be expanding the number of stores of FBB and Big
Bazaar.”
By purchasing 100 percent stake in Hypercity Retail from Shoppers Stop in
mid-FY18, Future Retail managed to integrate the former’s operations with its
own Big Bazaar brand.
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 67.77 |
|
|
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
YES |
|
--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.