SRS LIMITED Updated As of May 12, 2014
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Name of the Issue:-SRS LIMITED Updated as of May 12, 2014 S. No Particulars Remarks 1 Type of issue (IPO/ FPO) IPO 2 Issue size Rs.203 Crores 3 Grade of issue alongwith name of the rating agency: "ICRA IPO Grade 3" assigned by ICRA Limited 4 Subscription level (number of times). If the issue was undersubscribed, please clarify how the funds were arranged – 1.21 times subscribed. Category No. of times subscription Retail Individual Bidders 0.28 Non Institutional Bidders 1.39 Qualified Institutional Bidders 0.74 (Source: Final post-issue monitoring report) 5 QIB holding (as a % of total outstanding capital) as disclosed to stock exchanges (See Clause 35 of the listing agreement) (Represents the sum of the “Institutions” category in the reporting) (i) Allotment in the issue – Equity shares of the Company were listed on September 16, 2011 – Source: BSE Limited 9.31% (ii) At the end of the 1st Quarter immediately after the listing of the issue – September 30, 8.72% 2011 - Source: BSE Limited (iii) At the end of 1st FY - 31.03.2012 Source: BSE Limited 8.68% (iv) At the end of 2nd FY - 31.03.2013 Source: BSE Limited 8.63% (v) At the end of 3rd FY - 31.03.2014 Source: BSE Limited 8.80% 6 Financials of the issuer (as per the annual financial results submitted to stock exchanges under Clause 41 of the listing agreement):- (Standalone basis) (Rs. In Crores) Parameters 1st FY 2nd FY 3rd FY (31.03.2012) (31.03.2013) (31.03.2014) Income from operations 2,267.38 2,888.79 3,439.38 Net Profit for the period 44.51 32.67 42.75 Paid-up equity share capital 139.29 139.29 139.29 Reserves excluding revaluation reserves 394.63 411.01 453.76 7 Trading status in the scrip of the issuer (whether frequently traded (as defined under Regulation 2 (j) of SEBI (SAST) Regulations, 2011) or infrequently traded/ delisted/ suspended by any stock exchange, etc.):- (i) at the end of 1st FY - 31.03.2012 The Company got listed on September 16, 2011. Since then the total number of shares traded on NSE & BSE were 11,41,13,705 and 7,14,90,745 respectively, that represents 81.92% & 51.32% of the total number of shares. Hence, Frequently traded. (ii) at the end of 2nd FY – 31.03.2013 During the FY 2012-13, the total number of shares traded on BSE & NSE were 43,805,647 & 51,996,967 representing 31.45% & 37.33% of the total number of shares respectively. Hence, frequently traded. (II) at the end of 3rd FY – 31.03.2014 During the FY 2013-14, the total number of shares traded on BSE & NSE were 25,755,610 & 33,309,386 representing 18.49% & 23.91% of the total number of shares respectively. Hence, frequently traded. 8 Change, if any, in directors of issuer from the disclosures in the offer document (See Clause 30 of the listing agreement) (i) at the end of 1st FY – 31.03.2012 None. (ii) at the end of 2nd FY – 31.03.2013 None. (iii) at the end of 3rd FY – 31.03.2014 Sh. Praveen Kumar Kapoor – Resignation Sh. Ankit Garg - Appointment 9 Status of implementation of project/ commencement of commercial production (as submitted to stock exchanges under Clause 41 (IV) (e) of the listing agreement) (i) as disclosed in the offer document 1. Setting up of Cinemas Particular Commencem Expected date of ent date completion for all cinemas Identification and possession of leased properties Aug-11 Jun-12 Starting of the Fit-out Works Sep-11 Jul-12 Placement of order for Plant & Machinery including Sep-11 Jul-12 Screens and Furniture & Fixtures Delivery of Plant & Machinery and Furniture & Oct-11 Aug-12 Fixtures Installation of Plant & Machinery, Furniture & Nov-11 Nov-12 Fixtures and Other Operating Equipments Soft opening and commissioning of cinemas Dec-11 Dec-12 Final opening for the public Dec-11 Dec-12 2. Setting up of Food Courts and Restaurants Particular Commencem Expected date of ent date completion for all units Identification and possession of leased properties Aug-11 Jun-12 Starting of the Civil Work Sep-11 Jul-12 Placement of order for Plant & Machinery and Sep-11 Aug-12 Furniture & Fixture Delivery of Plant & Machinery and Furniture & Oct-11 Sep-12 Fixtures Installation of Plant & Machinery and Furniture & Nov-11 Nov-12 Fixtures Soft opening and commissioning of outlet Dec-11 Dec-12 Final opening for the public Dec-11 Dec-12 3. Setting up of Retail Stores Particular Commencem Expected date of ent date completion for all stores Identification and possession of leased properties Aug-11 Jun-12 Starting of the Fit-out Works Sep-11 Jul-12 Placement of order for Plant & Machinery including Sep-11 Jul-12 screens and Furniture & Fixtures Delivery of Plant & Machinery and Furniture & Oct-11 Sep-12 Fixtures Installation of Plant & Machinery , Furniture & Nov-11 Nov-12 Fixtures and Other Operating Equipments Soft opening and commissioning of multiplexes Dec-11 Dec-12 Final opening for the public Dec-11 Dec-12 4.(a) Jewellery Manufacturing Facility Particular Commencem Expected date of ent date completion Leasehold rights for remaining 1,155 sq. mts. at Aug-11 Oct-11 Noida SEZ Approval of plans Apr-11 Dec-11 Starting of the Civil Work Apr-11 Jan-12 Placement of order for Plant & Machinery and Apr-11 Jan-12 Furniture & Fixtures Delivery of Plant & machinery and Furniture & Apr-11 Feb-12 Fixtures Installation of plant & Machinery and Furniture & Apr-11 Mar-12 Fixtures Opening and Commissioning of Factory Apr-11 Mar-12 4.(b) Jewellery Retail Stores Particular Commencem Expected date of ent date completion for all units Identification and acquiring the properties Aug-11 Jun-12 Starting of the Civil and interior works Sep-11 Jul-12 Placement of order for Plant & Machinery and Sep-11 Jul-12 Furniture & Fixture Delivery of Plant & Machinery and Furniture & Oct-11 Sep-12 Fixture Installation of Plant & Machinery and Furniture & Nov-11 Nov-12 Fixture Soft opening and commissioning of store Dec-11 Dec-12 Final opening for the public Dec-11 Dec-12 The Company had modified the objects of the Issue mentioned in the Offer Document by way of postal ballot notice dated January 9, 2012, pursuant to the approval of shareholders through Postal Ballot whose results were announced on February 13, 2012. As per the above said approval from the members, the Board is authorised to take final decision in respect of the amounts to be utilised for each vertical at any place/city and to do all such acts, deeds, things as the board may in its absolute discretion deem necessary, desirable or expedient without being required to take further consent or approval from the members in any manner. Source: Company (ii) Actual Implementation Nil. Source: As confirmed by the Company. (iii) Reasons for delay in implementation, if any The funds requirement and its deployment schedule set out there in the Prospectus were dependent on several factors which were not in the control of Company’s management. The funds requirement was based on the prevailing business plan of the Company, under the then prevailing business and economic scenario and estimated future outlook. Seeing the present real estate scenario, the company has not been able to get viable and favorable commercial space for expanding its business plan. Further, in view of the slow-down in the economy, it has become pertinent for the company to identify such real estate that will economically benefit the Company. In view of the dynamic and diversified nature of the industry in which the Company operates, it may have to revise the business plan from time to time to ensure profitable growth of the Company and enhance shareholder’s wealth. Further, it is also pertinent to mention herein that the company had envisaged receiving the funds much earlier than the actual date. The above factors put together lead to delay in the implementation schedule. Further, the change in Objects pursuant to approval of Shareholders by postal ballot has led to deviation in implementation. Source: Company 10 Status of utilization of issue proceeds (as submitted to stock exchanges under Clauses 41, 43 and 43A of the listing agreement):- (i) as disclosed in the offer document Particulars Amount (Rs. in crores) Setting up of cinemas 101.18 Setting up of food courts and restaurants 39.95 Setting up of retail stores 53.69 Setting up of jewellery manufacturing facility and jewellery retail 16.70 stores Issue Related Expenses 13.57 Total 225.09 Seeing the real estate and market scenario and the non-availability of the viable commercial real estate with favorable conditions, the Company had modified the utilization of the Issue Proceeds as mentioned in the Offer Document by way of postal ballot notice dated January 9, 2012. The result of approval of shareholders through Postal Ballot for the same was announced on February 13, 2012. As per the notice, the company has obtained the consent of the members and it is accorded to the board to utilize the proceeds of the IPO for setting up Cinemas, food Courts & Restaurants, Retail stores, Jewellery Manufacturing facilities and Jewellery retail stores irrespective of the number of outlets and amounts to be invested under each vertical/head as mentioned in the prospectus. Further, as per the above said approval from the members, the Board is authorised to take final decision in respect of the amounts to be utilised for each vertical at any place/city and to do all such acts, deeds, things as the board may in its absolute discretion deem necessary, desirable or expedient without being required to take further consent or approval from the members in any manner.