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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

496405

Report Date :

06.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

FUTURE ENTERPRISES LIMITED (w.e.f. 04.05.2016)

 

 

Formerly known as:

FUTURE RETAIL LIMITED (w.e.f. 16.03.2013)

 

PANTALOON RETAIL (INDIA) LIMITED (w.e.f. 07.07.1999)

 

PANTALOON FASHIONS (INDIA) LIMITED (w.e.f. 25.09.1991)

 

MANZ WEAR LIMITED (w.e.f. 20.09.1991)

 

MANZ WEAR PRIVATE LIMITED

 

 

Registered Office :

Knowledge House, Shyam Nagar, Off. Jogeshwari-Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra

Tel. No.:

91-22-66442200

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

12.10.1987

 

 

Com. Reg. No.:

11-044954

 

 

Capital Investment / Paid-up Capital :

INR 945.700 Million

 

 

CIN No.:

[Company Identification No.]

L52399MH1987PLC044954

 

 

IEC No.:

[Import-Export Code No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

·         Manufacturing and Trading in Readymade Garments

·         Renting of Retail Infrastructure Assets

·         Investment (Registered Activity)

 

 

No. of Employees :

1025 (Approximately)

 

 

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 :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was the flagship company of the Future Group (one of India’s largest retailers) and was engaged mainly in home and electronics retailing and value retailing.

 

On May 01, 2016, the company filed the certified copy of order issued by Honourable High Court of Bombay to make the scheme effective. Post approval, erstwhile FRL. has split its operations into retail and infrastructure (with effect from October 31, 2015) and has formed two separate entities in the following manner:

 

A) Infrastructure, Investment and Distribution operations: Erstwhile Future Retail Limited has now been renamed as Future Enterprises Limited (FEL) and would house 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. Consequent to de-merger, the long term debt (comprising bank term loans and NCDs of erstwhile FRL) would now reside in the books of FEL.

 

B) Retail operations: Erstwhile Future Retail Limited’s retail operations have been consolidated with Bharti Group’s Retail operations in an all- stock deal. Bharti Retail Limited (renamed as Future Retail Limited) has taken over the working capital facilities (including Commercial Paper issuance) of erstwhile Future Retail Limited.

 

For the financial year ended 2017, revenue of the company has declined by 54.75% but has managed to maintain fair profit margin of 1.15%.

 

The robust financial profile of the company is marked by healthy net worth base along with comfortable debt coverage indicators.

 

The rating also derives 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. 

 

The company has its share price trading at around INR 39.90 against its face value of INR 2 as on 06.03.2018.

 

However, rating strength is partially offset by working capital intensive nature of the retail business and intense competition.

 

Payment terms seems be slow but correct.

 

In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term bank facilities : AA-

Rating Explanation

High degree of safety and very low credit risk

Date

24.01.2018

 

Rating Agency Name

CARE

Rating

Short term bank facilities : A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

24.01.2018

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2016.

 

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 06.03.2018

 

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 DECLINED 

 

Management non-cooperative (Tel No.: 91-22-66442200)

 

LOCATIONS

 

Registered Office :

Knowledge House, Shyam Nagar, Off. Jogeshwari-Vikhroli Link Road, Jogeshwari (East), Mumbai – 400060, Maharashtra, India

Tel. No.:

91-22-66442200/ 66442222

Fax No.:

91-22-66442201

E-Mail :

priya@futuregroup.in

investorrelations@futuregroup.in

mediarelations@futuregroup.in

cs@futureretail.in

Investorrelations@futuregroup.in

Website :

http://felindia.in

Location :

Owned

 

 

Corporate Office :

Future Retail Home Office, 9th Floor, Tower C,247 Park, LBS Marg, Vikhroli (West) Mumbai-400083, Maharashtra, India

Tel. No.:

91-22-61990000

Fax No.:

91-22-61995019

 

 

Factory :

G-6, MIDC, Tarapur, District Thane, Maharashtra, India

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Vijay Kumar Chopra

Designation :

Chairman and Director

Address :

4 - A, 4th Floor, Harmony Tower, Dr. E Moses Road, Worli, Mumbai-400018, Maharashtra, India

Date of Appointment :

24.07.2008

DIN No.:

02103940

 

 

Name :

Mr. Anil Harish

Designation :

Vice-Chairman and Director

Address :

13, C.C.I. Chambers, 1st Floor, Dinshaw Wacha Road ,Mumbai-400020, Maharashtra, India

Date of Appointment :

24.08.2014

DIN No.:

00001685

 

 

Name :

Mr. Kishore Laxminarayan Biyani

Designation :

Director

Address :

406, Jeevan Vihar, Manav Mandir Road, Malabhar Hill, Mumbai-400006, Maharashtra, India

Date of Appointment :

01.06.1991

DIN No.:

00005740

 

 

Name :

Mr. Vijay Laxminarayan Biyani

Designation :

Managing Director

Address :

Flat No. 3603, Vivarea Towers, B Wing, S.G Marg, Jacob Circle, Mahalaxmi, Mumbai-400011, Maharashtra, India

Date of Appointment :

26.09.2009

DIN No.:

00005827

 

 

Name :

Mr. Bala Chaitanya Deshpande

Designation :

Director

Address :

Flat No. 2, Sanghi Residency, Palkhi Gully, Off. Cadell Road, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Appointment :

09.08.2001

DIN No.:

00020130

 

 

Name :

Mr. Doreswamy Sheshagiri Rao

Designation :

Director

Address :

33/3, Juhu Shalimar, Gulmohar Crossroad No. 10 J.V.P.D. Scheme, Mumbai-400049, Maharashtra, India

Date of Appointment :

29.09.2000

DIN No.:

00042897

 

 

Name :

Mr. Dinesh Ramnarayan Maheshwari

Designation :

Wholetime Director and Chief Finance Officer

Address :

C-6-302, Sector-8, Shanti Nagar, Mira Road, Thane-401107, Maharashtra, India

Date of Appointment :

04.05.2016

DIN No.:

00088451

PAN No.:

ACRPM4972C

 

 

KEY EXECUTIVES

 

Name :

Mr. Deepak Navinchandra Tanna

Designation :

Company Secretary

Address :

1C-111, Kalapataru Gardens, Off Ashok Chakravorty Road, Kandivali (East) Mumbai-400101, Maharashtra, India

Date of Appointment :

26.04.2008

PAN No.:

AABPT3574H

 

 

Name :

Mr. Dinesh Ramnarayan Maheshwari

Designation :

Chief Finance Officer

Address :

C-6-302, Sector-8, Shanti Nagar, Mira Road, Thane-401107, Maharashtra, India

Date of Appointment :

01.04.2014

PAN No.:

ACRPM4972C

 

 

MAJOR SHAREHOLDERS

 

AS ON December, 2017

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a

(A) Promoter & Promoter Group

28436580

72.22

(B) Public

10938099

27.78

Grand Total

39374679

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

A1) Indian

0.00

Individuals/Hindu undivided Family

88115

0.22

Kishore Biyani

2121

0.01

Rakesh Biyani

2121

0.01

Vijay Biyani

2121

0.01

Laxminarayan Biyani

2121

0.01

Gopikishan Biyani

2121

0.01

Anil Biyani

2121

0.01

Sunil Biyani

2121

0.01

Ashni Kishore Biyani

71147

0.18

Vivek Biyani

2121

0.01

Any Other (specify)

28348465

72.00

Central Departmental Stores Private Limited

25441753

64.61

Akar Estate And Finance Private Limited

0.00

Future Capital Investment Private Limited

100

0.00

Ryka Commercial Ventures Private Limited

100

0.00

Aaradhak Commercial Ventures Private Limited

27009

0.07

*Future Corporate Resources Limited

100

0.00

*PIL Industries Limited

0.00

*ESES Commercials Private Limited

100

0.00

*Gargi Business Ventures Private Limited

1300100

3.30

*Manz Retail Private Limited

1579203

4.01

Surplus Finvest Private Limited

0.00

Infra Trust

0.00

Sub Total A1

28436580

72.22

A2) Foreign

0.00

A=A1+A2

28436580

72.22

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a %

B1) Institutions

0

0.00

Mutual Funds/

50

0.00

Alternate Investment Funds

75000

0.19

Foreign Portfolio Investors

0

0.00

Financial Institutions/ Banks

96991

0.25

Insurance Companies

9451

0.02

Sub Total B1

181492

0.46

B2) Central Government/ State Government(s)/ President of India

0

0.00

Central Government/ State Government(s)/ President of India

49360

0.13

Sub Total B2

49360

0.13

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 million

3927236

9.97

Individual share capital in excess of INR 0.200 million

4514810

11.47

Sumedha Saraogi

472000

1.20

Vivek Saraogi

922568

2.34

Any Other (specify)

2265201

5.75

Trusts

127

0.00

HUF

224149

0.57

NRI – Non- Repat

6647

0.02

NRI – Repat

50714

0.13

Clearing Members

289628

0.74

Bodies Corporate

1693936

4.30

UAL Industries Limited

423505

1.08

 

BUSINESS DETAILS

 

Line of Business :

·         Manufacturing and Trading in Readymade Garments

·         Renting of Retail Infrastructure Assets

·         Investment (Registered Activity)

 

 

Products / Services :

NIC Code No.

Products/Services Description

14 and 46

Manufacturing and Trading

77

Renting and Leasing Activities

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

No. of Employees :

1025 (Approximately)

 

 

Bankers :

·         Axis Bank Limited, Axis House Pandurang Bhudhkar Marg, Worli Mumbai-400025, Maharashtra, India

·         Central Bank of India, Chander Mukhi, Nariman Point, Mumbai-400021,Maharashtra, India

·         The South Indian Bank Limited, 289, EMCA House, S B Singh Road, Fort, Mumbai-400038, Maharashtra, India

·         Canara Bank

·         Corporation Bank

·         IDBI Bank Limited

·         State Bank of India

·         Syndicate Bank

·         United Bank of India

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Non-Convertible Debentures

39544.900

37171.800

Long-Term Loan from Banks / Other

8791.500

7000.500

Short-term borrowings

 

 

Term Loans from Banks

 

 

Working Capital Loans from Banks

1194.700

35.000

Total

49531.100

44207.300

 

Financial Institutions :

ECL Finance Limited 

 

 

Statutory Auditors :

 

Name :

NGS and Company LLP

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies :

·         Futurebazaar India Limited

·         Future Media (India) Limited

·         Future Supply Chain Solutions Limited

·         Future E-Commerce Infrastructure Limited

·         Office Shop Private Limited

·         Work Store Limited (formerly known as Staples Future Office Products Limited)

·         Bluerock eServices Private Limited (from 15 April, 2016)

 

 

Associate Company :

·         Galaxy Entertainment Corporation Limited

 

 

Joint Venture Companies (As on 31.03.2016) :

·         Apollo Design Apparel Parks Limited

·         Goldmohur Design and Apparel Park Limited

·         Future Generali India Insurance Company Limited

·         Future Generali India Life Insurance Company Limited

·         Sprint Advisory Services Private Limited

·         Shendra Advisory Services Private Limited

 

 

Enterprises over which Key Management Personnel are able to exercises significant influence :

·         Future Ideas Company Limited

·         Future Lifestyle Fashions Limited

·         Future Retail Limited

 

 

Entity able to Exercise Significant Influence

·         Future Corporate Resources Limited (upto March 30, 2017)

 

 

CAPITAL STRUCTURE

 

AS ON 29.08.2017

 

Authorised Capital : INR 1300.000 Million

 

Issued, Subscribed & Paid-up Capital : INR 986.743 Million

 

AS ON 31.03.2017

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

600000000

Equity Shares

INR 2/- each

INR 1200.000 Million

50000000

Equity Shares of Class B (Series -1)

INR 2/- each

INR 100.000 Million

 

Total

 

INR 1300.000 Million

 

Issued Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

433555714

Equity Shares

INR 2/- each

INR 867.100 Million

39383172

Equity Shares of Class B (Series -1)

INR 2/- each

INR 78.800 Million

 

Total

 

INR 945.900 Million

 

Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

433459836

Equity Shares

INR 2/- each

INR 866.900 Million

39374679

Equity Shares of Class B (Series -1)

INR 2/- each

INR 78.700 Million

 

Total

 

INR 945.700 Million

 

Reconciliation of Number of shares Equity Share of INR 2/- each

 

Particulars

As At March 31, 2017

Number of Shares

Opening Balance

388485617

Shares issued*

44974219

Closing Balance

433459836

 

* 1495958 (2016 : 164294) equity shares of INR 2/- each issued pursuant to exercise of employees stock options scheme 12,19,841 Equity Shares on December 3, 2016 and 276117 Equity Shares on March 21, 2017.

 

43478,261 Equity Shares of INR 2/- each, fully paid-up, pursuant to the Scheme of arrangement with Bharti Retail Limited on May 18, 2016

 

Equity Shares of Class B (Series -1) of INR 2/- each

 

Particulars

As At March 31, 2017

Number of Shares

Opening Balance

39374679

Shares issued

--

Closing Balance

39374679

 

Terms/Rights Attached to Equity Shares

 

The Company has Equity Shares having a par value of INR 2/- each at the Balance Sheet Date. Equity Shares have been further classified in to Equity Shares carrying normal voting and dividend rights (Ordinary Shares) and Equity Shares carrying differential voting and dividend rights Class B (Series-1) Shares.

 

Each holder of Ordinary Shares, is entitled to one vote per member in case of voting by show of hands and one vote per Ordinary 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.

 

Each holder of Class B (Series -1) Shares, is entitled to one vote per member in case of voting by show of hands and three vote per four Class B (Series-1) shares held in case of voting by poll/ballot. Each holder of Class B (Series-1) Share is also entitled to 2% additional dividend in addition to normal dividend (including interim dividend, if any) as may declared by the company. Further, the Company may declare dividend only for Class B (Series-1) Share up to 2% without declaring any dividend for Equity Shares. All other rights would be same for both classes of Equity Shares.

 

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.

 

The Company does not have any holding Company

 

Shares in the Company held by each shareholder holding more than 5 percent shares and number of Shares held are as under:

 

Name of Shareholders

As at March 31, 2017

No. of Shares held

% of Holding

Equity Shares

 

 

Central Departmental Stores Private Limited

173884257

40.12

Cedar Support Services Limited

43478261

10.03

Brand Equity Treaties Limited

24999999

5.77

Equity Shares of Class B (Series -1)

 

 

Central Departmental Stores Private Limited

25441753

64.61

 

Pursuant to the provisions of the Companies Act, 1956 and Companies Act 2013, the issue of equity shares are kept in abeyance.

 

a)     11400 Equity Shares of Rights Issue of 2006.

b)    84478 Equity Shares of Rights Issue of 2015.

c)     8493 Equity Shares of Class B (Series-1) of Rights Issue of 2015.

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

945.700

855.700

828.400

(b) Reserves & Surplus

37152.300

33770.700

50919.000

(c) Money received against share warrants

0.000

0.000

231.800

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

(3) Optionally Convertible Debentures

0.000

0.000

1500.000

Total Shareholders’ Funds

38098.000

34626.400

53479.200

 

 

 

 

(4) Non-Current Liabilities

 

 

 

(a) long-term borrowings

48336.400

44172.300

29185.600

(b) Deferred tax liabilities (Net)

650.900

650.900

1674.800

(c) Other long term liabilities

5627.400

5015.700

0.000

(d) long-term provisions

47.800

23.400

191.200

Total Non-current Liabilities

54662.500

49862.300

31051.600

 

 

 

 

(5) Current Liabilities

 

 

 

(a) Short term borrowings

1194.700

173.000

11323.700

(b) Trade payables

4786.900

6406.000

20420.300

(c) Other current liabilities

3580.200

5243.900

9547.600

(d) Short-term provisions

7.900

57.700

342.500

Total Current Liabilities

9569.700

11880.600

41634.100

 

 

 

 

TOTAL

102330.200

96369.300

126164.900

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

58479.300

52794.100

45975.800

(ii) Intangible Assets

0.000

0.000

2340.800

(iii) Capital work-in-progress

3863.400

4201.100

2749.200

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

14044.500

14173.400

12951.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

1200.400

1181.300

4781.900

(e) Other Non-current assets

2067.500

3265.600

0.000

Total Non-Current Assets

79655.100

75615.500

68799.300

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

8731.300

8599.100

35226.800

(c) Trade receivables

3667.100

2560.000

3979.700

(d) Cash and cash equivalents

467.200

777.900

1044.900

(e) Short-term loans and advances

170.100

1128.600

17023.800

(f) Other current assets

9639.400

7688.200

90.400

Total Current Assets

22675.100

20753.800

57365.600

 

 

 

 

TOTAL

102330.200

96369.300

126164.900

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Revenue from Operations

37820.900

83577.000

103416.600

 

Other Income

2310.500

474.900

267.300

 

TOTAL                                    

40131.400

84051.900

103683.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

265.100

203.000

166.700

 

Purchases of Stock-in-Trade

26628.000

62158.500

78034.900

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(139.000)

(2282.100)

(4119.800)

 

Employees benefits expense

599.600

2801.800

3818.700

 

Other expenses

934.100

10470.200

14355.700

 

Exceptional Items

0.000

0.000

(1005.100)

 

TOTAL                                    

28287.800

73351.400

91251.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

11843.600

10700.500

12432.800

 

 

 

 

 

Less

FINANCIAL EXPENSES

5076.100

4965.200

6690.400

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

6767.500

5735.300

5742.400

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

6331.900

5467.400

5128.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

435.600

267.900

613.600

 

 

 

 

 

Less

TAX

0.000

55.200

(127.000)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

435.600

212.700

740.600

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

350.400

1149.100

707.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA

NA

2.500

 

Stock in Trade

NA

NA

1367.000

 

Capital Goods

NA

NA

318.200

 

Accessories and Others

NA

NA

12.500

 

TOTAL IMPORTS

NA

NA

1700.200

 

 

 

 

 

 

Earnings Per Share (INR)

 

 

 

 

Basic – Equity Share

0.92

0.48

2.75

 

Basic – Class B (Series-1) Share

0.96

0.52

2.79

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long-Term Borrowings

1425.000

2951.400

6329.000

Cash generated from operations

7122.600

10141.500

9860.700

Net Cash From Operating Activities

7817.400

9790.800

9662.600

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

 (Unaudited)

30.09.2017

(Unaudited)

31.12.2017

 (Unaudited)

 

1st  Quarter

2nd Quarter

3rd Quarter

Net Sales

10413.800

11106.400

10914.100

Total Expenditure

7840.000

8358.500

8162.000

PBIDT (Excl OI)

2573.800

2747.900

2752.100

Other Income

42.800

433.600

1245.500

Operating Profit

2616.600

3181.500

3997.600

Interest

1407.500

1448.500

1408.900

Exceptional Items

NA

NA

NA

PBDT

1209.100

1733.000

2588.700

Depreciation

1663.700

1752.400

1769.500

Profit Before Tax

(454.600)

(19.400)

819.200

Tax

NA

NA

NA

Provisions and contingencies

NA

NA

NA

Profit After Tax

(454.600)

(19.400)

819.200

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

(454.600)

(19.400)

819.200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

35.39

11.18

14.05

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

10.31

32.65

25.99

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

64.97

37.49

95.31

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.36

1.24

0.35

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.19

0.19

0.24

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.58

0.61

0.61

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.34

1.37

0.88

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.25

0.34

0.78

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.64

1.65

0.95

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

2.33

2.16

1.86

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

 ((PAT / Sales) * 100)

%

1.15

0.25

0.72

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

0.43

0.22

0.59

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

1.14

0.61

1.38

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

2.37

1.75

1.38

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.46

1.02

0.53

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.37

0.36

0.42

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

53.88

55.27

56.54

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

2.37

1.75

1.38

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 2.00/-

Market Value

INR 39.90/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

828.400

855.700

945.700

Reserves & Surplus

50919.000

33770.700

37152.300

Money received against share warrants

231.800

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Optionally Convertible Debentures

1500.000

0.000

0.000

Net worth

53479.200

34626.400

38098.000

 

 

 

 

Long-Term Borrowings

29185.600

44172.300

48336.400

Short term borrowings

11323.700

173.000

1194.700

Current Maturities of Long term debt

6329.000

2951.400

1425.000

Total borrowings

46838.300

47296.700

50956.100

Debt/Equity ratio

0.901

1.366

1.338

 

 

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

103416.600

83577.000

37820.900

 

 

(19.184)

(54.747)

 

 

 

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

103416.600

83577.000

37820.900

Profit/(Loss)

740.600

212.700

435.600

 

0.72%

0.25%

1.15%

 

 

 

BALANCE SHEET [CONSOLIDATED]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

945.700

855.700

(b) Reserves & Surplus

 

37029.100

33105.900

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

(3) Instruments Entirely Equity in Nature

 

235.300

720.900

Total Shareholders’ Funds

 

38210.100

34682.500

 

 

 

 

(4) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

49071.800

44615.100

(b) Deferred tax liabilities (Net)

 

743.500

762.700

(c) Other long term liabilities

 

5647.000

5035.200

(d) long-term provisions

 

82.500

45.200

Total Non-current Liabilities

 

55544.800

50458.200

 

 

 

 

(5) Current Liabilities

 

 

 

(a) Short term borrowings

 

1254.300

538.900

(b) Trade payables

 

6147.700

8027.500

(c) Other current liabilities

 

4311.300

5609.900

(d) Short-term provisions

 

24.500

64.000

Total Current Liabilities

 

11737.800

14240.300

 

 

 

 

TOTAL

 

105492.700

99381.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

59788.400

54196.000

(ii) Intangible Assets

 

28.500

20.900

(iii) Capital work-in-progress

 

4561.600

4219.400

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

11250.600

11282.100

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

1200.400

1202.300

(e) Other Non-current assets

 

2376.700

3679.500

Total Non-Current Assets

 

79206.200

74600.200

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

100.100

0.000

(b) Inventories

 

8828.600

8692.200

(c) Trade receivables

 

6033.700

5047.600

(d) Cash and cash equivalents

 

1108.500

1270.400

(e) Short-term loans and advances

 

125.000

100.000

(f) Other current assets

 

10090.600

9670.600

Total Current Assets

 

26286.500

24780.800

 

 

 

 

TOTAL

 

105492.700

99381.000

 

 

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

44854.500

89154.600

 

Other Income

 

2371.400

592.700

 

TOTAL

 

47225.900

89747.300

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

4184.200

3784.100

 

Purchases of Stock-in-Trade

 

27543.500

62063.800

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(89.800)

(2281.800)

 

Employees benefits expense

 

1382.800

3498.700

 

Other expenses

 

1898.800

11260.900

 

Share of Profit From Associate and Joint Ventures

 

(117.300)

(33.600)

 

TOTAL

 

34802.200

78292.100

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

12423.700

11455.200

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

5218.000

5069.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

7205.700

6385.500

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

6543.100

5733.500

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

662.600

652.000

 

 

 

 

 

Less

TAX

 

114.300

207.500

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

548.300

444.500

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

 

 

 

Basic

 

0.74

0.80

 

Diluted

 

0.78

0.84

 

 

 

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

Yes

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

No

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

Yes

32

Litigations that the firm/promoter involved in

No

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

COMPANY OVERVIEW

 

The Company is a public Company domiciled in India and incorporated under the provisions of Companies Act, 1956 on 12 October, 1987. The Company engaged in the business of manufacturing, trading and leasing of assets. 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 19, 2017

 

REVIEW OF PERFORMANCE

 

The year, was first full year of operation, post completion of the Composite Scheme of Arrangement, wherein the Retail Business Undertaking of the Company was demerged and the demerged Retail Infrastructure Business Undertaking of Future Retail Limited (FRL) (formerly known as – Bharti Retail Limited) was vested with the Company. The previous year results contains for part of year, the income from demerged Retail Business Undertaking and accordingly the results of the current financial year are not comparable to the results of the previous financial year.

 

Income from operations for the current financial year was at INR 37820.900 Million which was at INR 83577.000 Million during the previous financial year. Profit before Depreciation, exceptional items and tax stood at INR 6767.500 Million for the financial year 2016-17 which was at INR 5735.300 Million for the previous financial year. Profit after Tax for the year was INR 435.600 Million which was at INR 212.700 Million for the previous financial year.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

After a major realignment, fiscal year 2017 was first full year of operation, with new business line of Retail Infrastructure Provider apart from its other business activities, viz. manufacturing and trading as well as holding investments in various Future Group initiatives. The business of Retail Infrastructure Provider, looks positive in view of starting on such a large scale, and a very positive outlook due to organised retail business being on growth path. Further, the Company also enjoys the experience of the Group in modern retail, which is beneficial to estimate future growth pattern and accordingly plan for the capex requirements. Further this is also helpful to design the assets required by retail stores in such manner, which would ensure optimum efficiency for stores while giving maximum ease of shopping to customers of the retail stores.

 

Further, the Company is also concentrating on its other businesses, viz. manufacturing and trading. In trading, the Company is in process of creating a fashion hub, catering to the requirements of various retailers in the fashion segment. Further the Company is continuing its divestment activities for various investments held by it. All these will mean that the Company would continue to have sustained revenue and income streams. Being in retail industry, the objective of the Group as well as that of the Company continues to create such shopping environment, which will attract new customers and give an improved shopping experience to existing customers at various formats across various shopping categories.

 

Operational Overview

 

The Company had advantage to be part of retail business for past two decades, which gives it an added advantage to deal with the retail infrastructure requirements, in more efficient manner. The Retail Infrastructure Provider is a niche business. Retail stores are required to take care of all the capex requirements as well along with its core business activity of retail. The Company is posing a business proposition for such retail operators by providing all the required retail infrastructure on turnkey basis. Further, it also reduces burden of the retail operators to put its scarce funds in the capex for stores. The two decade retail experience enables it to provide the retail infrastructure in minimum time and at very reasonable cost and at the same time ensuring the optimum utilisation of all the available technological upgradations, which results in lower running and maintenance costs for the retailers. The Company continues to use various green initiatives in design and creation of the retail infrastructure.

 

The manufacturing and trading operations of the Company may see a leap in coming years, with more emphasis on the trading, as it has ready market available from various fashion formats as well as it proposes to also reach out to the other retailers and distributors of the fashion garments. The Company proposes to pose itself as a fashion hub catering to fashion need of various fashion formats. The increased trading activities and also increased manufactured activities by addition of the job contractors, the Company proposes to strengthen this revenue stream.

 

The Company continues to look for willing investors for its matured businesses, and other businesses where it does not want to continue due to strategic decision for closure / sale of investments. During the year under review, the Company, divested its holding in Future Lifestyle Fashions Limited and some smaller investments. The Company is also considering other divestment proposals, which may fructify in the current financial year. The Company utilised the proceeds of sale of investments, for reduction of overall debt. The Company proposes to continue its divestment activities, to reduce its overall debt and improve its profitability in the coming years and enhance value of Shareholders’ investments in the Company

 

Customer and Marketing Overview

 

The Company now needs to concentrate on a very small B2B customer base directly being various retail formats, both for its rental of assets business as well as manufacturing and trading business. However, the Company needs to continue it’s research for the choice and tastes of the ultimate customers, so that it can provide best retail infrastructure to give the delightful shopping experience at various formats and it can provide fashion garments as per taste and choice of the customers to be sold to ultimate customers at such retail formats.

 

The Company is proposing to widen its customer base for the retail infrastructure provider business, by reaching out to other group companies as well as external retailers. The Company has a first mover advantage in the field of providing comprehensive solution for retail entities and providing retail space ready to start operation. Further the Company is also considering increasing its manufacturing and trading operations in fashion garments, by adding direct capacity as well as having tie up with other manufacturing units for working on job contract basis for the Company. Further, the Company is also considering to widen its trading operations directly / indirectly by sourcing other products as well. As a large scale procurement hub, the Company would have added negotiation advantage with manufacturers/ distributors.

 

The organised retail operations are poised for exponential growth. This growth would surely mean additional business for the Company for its retail infrastructure provider business as well as manufacturing and trading operations. Further, with all investee Companies, having better performances, the overall valuation of investments held by the Company, is improving and would provide

 

Awards & Recognition

 

For its past initiatives, the Company had been recognised in its past and also awarded for its outstanding contributions in retail sector. The Future Group mantra “rewrite rules retain values” and confidence of management will ensure that the Company repeats its habit of staying ahead in the new business initiatives as well.

 

Competition

 

As the Company’s new initiatives viz. Retail Infrastructure Provider and Fashion hub are niche area of operations, at present the Company has either no competition or very minimal competition. The Company will continue to have first mover advantage, as it was enjoying in past for its other business initiatives.

 

In case of Retail Infrastructure Providers, the nearest competition can be identified in terms of NBFCs providing finance for lease of assets or leasing NBFCs. However, they play a very minimal role of providing only finance and procurement and installation would be responsibility of the borrower / entity availing the finance services. The Company is a one stop solution for entire infrastructure requirements of the retail stores and hence would have a niche area of operation and preferred service providers for retailers in the years to come.

 

The business model can be replicated by other companies, but still they cannot take away first mover advantage from the Company. Further, due to various retail formats operated by the Group Companies, the Company would have ready market available, for its services. This will also be applicable for the manufacturing and trading operations of the fashion garments by the Company. Further, the experience and awareness of fashion trends, will enable the Company to provide the similar services to other retailers outside the Group as well. With our capabilities including experience in retail sector, sourcing strengthens, the Company would be in stronger position to face competition.

 

 

 

UNSECURED LOANS:

 

Particulars

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Short-term borrowings

 

 

Inter Corporate Deposits Received

0.000

138.000

Total

0.000

138.000

 

 

INDEX OF CHARGE:

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Amount

Address

1

G73541211

100148433

AXIS TRUSTEE SERVICES LIMITED

22/12/2017

-

2500000000.0

AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDHURANG BUDHKAR MARG, WORLI MUMBAI MAHARASHTRA 400025 INDIA

2

G68651520

100137297

Central Bank of India

22/11/2017

-

2970000000.0

CORPORATE FINANCE BRANCH, FORT MUMBAI MAHARASHTRA 400023 INDIA

3

G53287710

100122378

THE SOUTH INDIAN BANK LIMITED

31/08/2017

-

250000000.0

289, EMCA HOUSE, S B SINGH ROAD, FORT, MUMBAI MAHARASHTRA 400038 INDIA

4

G49048259

100112106

AXIS TRUSTEE SERVICES LIMITED

24/07/2017

-

1200000000.0

AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDHURANG BUDHKAR MARG, WORLI MUMBAI MAHARASHTRA 400025 INDIA

5

G46647848

100106813

CENTBANK FINANCIAL SERVICES LIMITED

11/05/2017

-

9490000000.0

CENTRAL BANK OF INDIA-MMO BLDG, 3RD FLOOR (EAST),55 MAHATMA GANDHI ROAD, FORT, MUMBAI MAHARASHTRA 400001 INDIA

6

G42144105

100083300

Central Bank of India

14/03/2017

24/04/2017

8270000000.0

CHANDER MUKHI, NARIMAN POINT MUMBAI MAHARASHTRA 400021 INDIA

7

G37101730

100080150

Axis Bank Limited

14/02/2017

-

1000000000.0

AXIS HOUSE PANDURANG BHUDHKAR MARG, WORLI MUMBAI MAHARASHTRA 400025 INDIA

8

G32948507

100071403

AXIS TRUSTEE SERVICES LIMITED

09/01/2017

-

1800000000.0

AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDHURANG BUDHKAR MARG, WORLI MUMBAI MAHARASHTRA 400025 INDIA

9

G33103755

100071375

Axis Bank Limited

21/12/2016

-

1000000000.0

AXIS HOUSE PANDURANG BHUDHKAR MARG, WORLI MUMBAI MAHARASHTRA 400025 INDIA

10

G29420353

100064953

Axis Bank Limited

01/12/2016

09/12/2016

2500000000.0

AXIS HOUSE, 2ND FLOOR, WADIA INTERNATIONAL CENTRE, PANDURANG BHUDHKAR MARG, WORLI MUMBAI MAHARASHTRA 400025 INDIA

 

 

CONTINGENT LIABILITIES (As on 31.03.2017)

 

Claims Against the Company Not Acknowledged as Debts, in respect of Income Tax INR 1042.900 Million (2016: INR 1233.400 Million,), Letter of Credit INR 1356.200 Million, and Other money for which the Company is Contingently Liable, Corporate Guarantees Given INR 41597.800 Million (2016: INR 109.500 Million, 2015: INR 345.400 Million). There are various labour, legal metrology, food adulteration and cases under other miscellaneous acts pending against the Company, the liability of which cannot be ascertained. However, management does not expect significant or material liability devolving on the Company.

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

 

                                                                                                                      (INR In Million)

 

 

PARTICULARS

Standalone

Quarter Ended

Nine Months Ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Unaudited

Unaudited

Income From Operations

 

 

 

a. Revenue from operations

10914.100

11106.400

32434.300

b. Other Income

1245.500

433.600

1721.900

Total Income from Operations (Net)

12159.600

11540.000

34156.200

 

 

 

 

Expenditure

 

 

 

Cost of material Consumed

52.900

81.700

213.800

Purchase of Stock-in trade

8509.400

9187.500

25167.900

Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

(828.200)

(1338.300)

(2357.000)

Employees Benefit Expenses

223.300

225.000

632.500

Finance Cost

1408.900

1448.500

4264.900

Depreciation and Amortization Expenses

1769.500

1752.400

5185.600

Other expenses

204.600

202.600

703.300

Total Expenses

11340.400

11559.400

33811.000

 

 

 

 

Profit / (Loss) before tax

819.200

(19.400)

345.200

Tax Expense

 

 

 

- Current Tax

0.000

0.000

0.000

- Deferred Tax

0.000

0.000

0.000

Net Profit After Tax

819.200

(19.400)

345.200

Other comprehensive income

0.000

0.100

165.200

Total Other comprehensive income, net of income tax 

819.200

(19.300)

510.400

 

 

 

 

Paid- up Equity Share Capital (Share – INR 2)

986.700

945.700

986.700

Other Equity (as per balance sheet of the previous accounting year)

 

 

 

Earnings Per Share (of INR 2 each) (not annualized)

 

 

 

Basic

1.68

(0.04)

0.72

Diluted

1.68

(0.04)

0.72

 

Notes:

 

1.     The above financial results and segment wise results were reviewed by the Audit Committee and were thereafter approved by the Board of Directors of the Company at its meeting held on February 12, 2018. Statutory Auditors have issued Limited Review report on the same

 

2.     Figures for the previous financial period have been re-arranged and re-grouped wherever necessary.

 

3.     The Company participated in Offer for Sale (OFS) and divested 1956914 Equity shares of its subsidiary company, Future Supply Chain Solutions Limited (FSCSL), comprising of 5% of paid up Equity share capital of FSCSL for a total consideration of INR 1299.400 Million.

 

4.     During the quarter, the Issued and paid-up Share Capital of tile Company as on December 31. 2017 stands increased by 41074464/-. The details of which are as follows:

 

5.     Allotment of 18440808 Equity Shares of INR 2/- each at a premium of INR 49.95 per share aggregating tot INR 958.000 million to holders of 958 Optionally Convertible Debentures (OCDs) of INR 1.000 Million each upon conversion of the said OCDs. Consequently the issued and paid-up Share Capital of the Company as on December 31, 2017 stands increased by INR 36.882 million.

 

6.     Allotment of 2096424 Equity Shares of INR 2/- each under the Company's Employee Stock Option Scheme · 2012 and 2015. Consequently. The issued and paid-up Share Capital or the Company as on December 31, 2017 stands increased by INR 41.928 Million

 

7.     According to the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Revenue from operations for the quarter and nine months ended December 31. 2016 was reported inclusive of excise duty. Goods and Service Tax (''GST'') was Implemented with effect from July 1, 2017, which replaced excise duty and other input taxes. As per lnd AS 18. Revenue from operations for the quarter ended December 31, 2017 Is reported net of GST Therefore, revenue from operations for the current periods are not comparable with the corresponding earlier periods.

 

8.     Standalone Segment-wise Revenue. Results, Assets and Liabilities for the quarter and nine months ended December 31, 2017 is annexed here to with these financial results

 

 

STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES 

 

                                                                                                                      (INR In Million)

 

 

PARTICULARS

Standalone

Quarter Ended

Nine Months Ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Unaudited

Unaudited

Segment Revenue

 

 

 

Rent Income/ Leasing

1955.900

1934.300

5797.300

Manufacturing and Trading

8958.200

9172.100

26637.000

Revenue from operations

10914.100

11106.400

32434.300

 

 

 

 

Segment results

 

 

 

Rent Income/ Leasing

230.900

222.600

670.700

Manufacturing and Trading

986.200

1017.600

2935.000

Total segment profit before interest and tax

1217.100

1240.200

3605.700

Less :

 

 

 

Finance Costs

1408.900

1448.500

4264.900

Net Unallocated Expenditure/(Income)

(1011.000)

(188.900)

(1004.400)

Total Profit/ (Loss) Before Tax 

819.200

(19.400)

345.200

 

 

 

 

Segment Assets

 

 

 

Rent Income/ Leasing

65845.300

65080.500

65845.300

Manufacturing and Trading

18929.800

17632.400

18929.800

Unallocated

23681.500

21396.600

23681.500

Total Assets

108456.600

104109.500

108456.600

 

 

 

 

Segment Liabilities

 

 

 

Rent Income/ Leasing

6298.300

6065.800

6298.300

Manufacturing and Trading

3651.100

4386.100

3651.100

Unallocated

753.400

790.100

753.400

Total Liabilities

10702.800

11242.000

10702.800

 

 

FIXED ASSETS:

 

Tangible Asset

 

·         Freehold Land

·         Building

·         Office Equipments

·         Plant and Equipments

·         Computers

·         Furniture and Fittings

·         Electrical Installations         

·         Vehicles

 

Intangible Asset

 

·         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, India Prisons Service, Interpol, etc.

 

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 65.05

UK Pound

1

INR 80.03

Euro

1

INR 89.70

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVU

 

 

Analysis Done by :

VAR

 

 

Report Prepared by :

JYTK

 

 

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)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.