MIRA
INFORM REPORT
|
Report Date : |
03.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
RAYMOND LIMITED |
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|
|
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Registered
Office : |
Plot No. 156/H
No.2, Village Zadgaon, Ratnagiri – 415 612, Maharashtra, India |
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Country: |
India |
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|
Financials (as
on): |
31.03.2006 |
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Date of
Incorporation : |
10.09.1925 |
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Com. Reg. No.: |
11-1208 |
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CIN No.: [Company
Identification No.] |
L17117MH1925PLC001208 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PNER07782F |
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PAN No.: [Permanent
Account No.] |
AAACR4896A |
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Legal Form : |
It is a Public
Limited Liability company. The company’s shares are listed on the Stock
Exchanges. |
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Line of
Business : |
Manufacturing of Fabrics,
Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery Goods. |
RATING &
COMMENTS
|
MIRA’s Rating
: |
A |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy.
General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
|
Maximum Credit
Limit : |
USD 47500000 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company of J. K. Organisations. It has fine
track of performance and financial status. Financial position of the company is
good. Payments are usually correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Plot No. 156/H No.
2, Village Zadgaon, Ratnagiri – 415 612, Maharashtra, India |
|
Tel. No.: |
91-2352-232514 /
24939030 |
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Fax No.: |
91-2352-232513 |
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E-Mail : |
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Website : |
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Head Office : |
New Hind House,
N. M. Marg, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22618321 /
22642025 / 22694215 / 22694217 |
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|
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Corporate
Office : |
Mahindra
Towers, P. B. Marg, Worli, Mumbai – 400 018, Maharashtra |
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Tel. No.: |
91-22-24939090/24939034/24939044/24939047/24939049 |
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Fax No.: |
91-22-24952232 |
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Factory 1 : |
Textile Division Ø
Jekegram,
Thane-400606, Maharashtra, India Ø
Plot No.
E/1, MIDC Area, Phase II, Ajantha Road, Jalgaon-425003, Maharashtra, India Ø
B-1,
A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, District
Chhindwara-480001, Madhya Pradesh, India Ø
N.H. No.8, Khaki-Udwada,
Taluka Pardi, District Valsad-396185, Gujarat Denim Division Ø
Plot C-1,
MIDC Yavatmal, Lohara Village, Yavatmal – 445 001, Maharashtra, India J. K. Files & Tools Division Ø
Jekegram,
Thane-400606, Maharashtra, India Ø
A-1, Mirjole
Industrial Estate, MIDC, Kolhapur Road, Ratnagiri – 415 639, Maharashtra,
India Ø
Plot No. C
1/1 MIDC Area, Gane-Khadpoli, Chiplun – 415 605, District Ratnagiri,
Maharashtra, India Ø
Shed No. S/1
& S/2, Sector 1, Road No. 10, Pithampur – 454 775, District Indore, Madhya
Pradesh, India Ø
22, New
Tangra Road, Kolkata 700046, West Bengal Cement Division Ø
Gopalnagar,
Arasmeta, District Bilaspur, Madhya Pradesh, India Steel Division Ø
Wadivarhe,
District Nasik, Maharashtra, India Aviation Division Ø
Mahindra Towers,
B. Wing, P. B. Marg, Worli, Mumbai – 400 018, Maharashtra, India |
DIRECTORS
|
Name : |
Mr. Vijaypat
Singhania |
|
Designation : |
Chairman Emeritus |
|
Date of
Birth/Age : |
63 Years |
|
Qualification
: |
A. M. P.
(Harvard) |
|
Experience : |
42 years |
|
Date of
Joining : |
25.01.1980 |
|
Previous Employment : |
J. K. Chemicals
Limited – Chairman & Managing Director |
|
|
|
|
Name : |
Mr. Gautam Hari
Singhania |
|
Designation : |
Chairman and
Managing Director |
|
Date of Birth/Age
: |
37 years |
|
Qualification
: |
B. Com. |
|
Experience : |
12 years |
|
Date of
Joining : |
01.04.1990 |
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|
|
|
Name : |
Mr. B. K. Kedia |
|
Designation : |
Chairman &
Managing Director |
|
Date of
Birth/Age : |
73 years |
|
Qualification
: |
M.A., A.M.P.
(Harvard) |
|
Experience : |
51 years |
|
Date of
Appointment : |
24.05.1956 |
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Previous
Employment: |
J. K. Cotton
Mills Limited – Mills Secretary |
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|
|
|
Name : |
Mr. Nana
Chudasama |
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Designation : |
Director |
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|
Name : |
Mr. B. V. Bhargava |
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Designation : |
Director |
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|
Name : |
Mr. U. V. Rao |
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Designation : |
Director |
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|
Name : |
Mr. P. K.
Bhandari |
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Designation : |
Whole time
Director and Group President |
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|
Name : |
Mr. I. D. Agarwal |
|
Designation : |
Whole time
Director and Deputy Group President (From April 24, 2003) (upto 28.02.2006) |
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|
|
Name : |
Mr. Nabankur
Gupta |
|
Designation : |
Director (Nominee
of UTI) (from 29.10.2001) |
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|
Name : |
Mr. Anant
Singhania |
|
Designation : |
Whole time
Director and Group President |
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|
Name : |
Mr. Nabankur Gupta |
|
Designation : |
Whole Time
Director and Group President |
KEY EXECUTIVES
|
Name : |
Mr. Gautam Hari
Singhania |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Nabankur
Gupta |
|
Designation : |
Chairman and
Managing Director |
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|
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|
Name : |
Mr. Akshay
Singhania |
|
Designation : |
Whole time
Director and Group President (upto 31.07.2005) |
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|
|
|
Name : |
Mr. Anant
singhania |
|
Designation : |
Whole time
Director |
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|
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|
Name : |
Mr. P. K.
Bhandari |
|
Designation : |
Whole time
Director and Group President |
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|
Name : |
Mr. F. M. Ali |
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Designation : |
President – Delhi
Office |
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|
Name : |
Mr. V. K. Bhartia |
|
Designation : |
President (Delhi
Office) |
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|
Name : |
Mr. Ajit
Mantagani |
|
Designation : |
President
(Corporate) |
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|
Name : |
Mr. S. K. Gupta |
|
Designation : |
President (Denim) |
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|
Name : |
Mr. S. K. Kaul |
|
Designation : |
Vice President
(Textile) |
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|
Name : |
Mr. R. P.
Nangalia |
|
Designation : |
Vice President
(Files & Tools) |
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|
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|
Name : |
Mr. Marcel Parker |
|
Designation : |
President - HR |
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|
Name : |
Mr. S. K. Singhal |
|
Designation : |
President - Textiles |
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|
Name : |
Mr. Aniruddha
Deshmukh |
|
Designation : |
President – FMCG
and Retail |
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|
|
Name : |
Mr. K. G. Jain |
|
Designation : |
Executive
Director (J. K. Ansell Limited) |
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|
|
|
Name : |
Mr. R. A.
Prabhudesai |
|
Designation : |
Executive
Director (Files & Tools) |
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|
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|
Name : |
Mr. Harshal
Jayvant |
|
Designation : |
President –
Engineering Business |
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|
Name : |
Mr. Robert Lobo |
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Designation : |
President –
Shiring Fabric Business |
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|
Name : |
Mr. Shreyas Joshi |
|
Designation : |
President – Group
Apparel |
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|
Name : |
Mr. H. Sunder |
|
Designation : |
Vice President -
Finance |
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|
Name : |
Mr. R. Narayanan |
|
Designation : |
Legal and Company
Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters'
holdings |
|
|
|
Promoters |
|
|
|
Indian Promoters |
270935 |
0.44 |
|
Foreign Promoters |
0 |
0.00 |
|
|
|
|
|
Person acting in
concert |
21197457 |
34.54 |
|
Sub Total |
21468392 |
34.98 |
|
|
|
|
|
Non
promoter's holdings |
|
|
|
Institutional Investors |
|
|
|
Mutual Funds and
UTI |
8414225 |
13.71 |
|
Banks, Financial
Institutions, Insurance Companies (Central
/State Government Institutions/Non-Government Institutions) |
11520390 |
18.77 |
|
FIIs |
4650087 |
7.58 |
|
Sub- Total |
|
|
|
|
|
|
|
Others
|
|
|
|
Private Corporate
Bodies |
1487070 |
2.42 |
|
Indian Public |
12021442 |
19.59 |
|
NRIs / OCBs |
712935 |
1.16 |
|
GDRs |
1106312 |
1.80 |
|
Sub Total |
15327759 |
24.97 |
|
Grand Total |
61380853 |
100.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturing of Fabrics,
Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery Goods. |
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Products: |
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PRODUCTION STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Wool Combing |
Mln. Kgs. |
13.60 |
13.60 |
-- |
|
Wool Combing |
Mln. Kgs. |
15.00 |
15.00 |
-- |
|
Wool Spinning |
Spindles |
1440 |
1400 |
-- |
|
Wool Spinning |
Spindles |
-- |
-- |
-- |
|
Worsted Spinning |
Spindles |
22700 |
22700 |
-- |
|
Worsted Spinning |
Spindles |
26520 |
26520 |
-- |
|
Worsted Spindles |
|
19512 |
19512 |
-- |
|
Synthetic
Spinning |
Spindles |
13728 |
13728 |
-- |
|
Weaving |
No. of Looms |
271 |
271 |
-- |
|
Weaving |
No. of Looms |
103 |
103 |
-- |
|
Weaving |
No. of Looms |
32 |
Under installation |
-- |
|
Hosiery |
No. of Machines |
Not Specified |
37 |
-- |
|
Looms for Plush
Fabrics |
|
20 |
20 |
-- |
|
Denim Fabrics |
Mln. Sq. Mtrs. |
67.20 |
40.00 |
-- |
|
Cotton Yarn |
Mln. Kgs |
22.26 |
18.80 |
13.194 |
|
Files & Rasps |
Mln. Doz. |
15.22 |
19.84 |
4.008 |
|
|
|
4.62 |
-- |
-- |
|
|
|
18.00 |
6.00 |
-- |
|
|
|
30.00 |
9.16 |
-- |
|
|
|
12.00 |
-- |
-- |
|
File Making
Machine |
Rs. in Mln. |
50.00 |
50.00 |
-- |
|
High Carbon
/Alloy Steel Profiles |
M.T. |
600 |
-- |
-- |
|
|
|
1000 |
-- |
-- |
|
H.S.S. Twist Drills |
Mln. Nos. |
54.00 |
54.00 |
12.345 |
|
|
|
76.00 |
22.00 |
-- |
|
|
|
60.00 |
60.00 |
-- |
|
Tool Bits |
Mln. Nos. |
3.30 |
1.00 |
-- |
|
|
|
3.30 |
-- |
-- |
|
|
|
3.30 |
-- |
-- |
|
Metal Working
Blank Saw Blades |
Mln. Run Mtr |
4.00 |
-- |
-- |
|
Hack Saw Blades |
Mln. Nos. |
10.00 |
-- |
-- |
|
Metal Slitting
Saws |
Mln. Nos |
10.00 |
-- |
-- |
|
End Mills |
Mln. Nos |
1.00 |
-- |
-- |
|
|
|
1.00 |
-- |
-- |
|
|
|
1.00 |
-- |
-- |
|
Reamers |
Mln. Nos. |
1.00 |
-- |
-- |
|
|
|
1.00 |
-- |
-- |
|
|
|
1.00 |
-- |
-- |
|
Profiles/Bars
& Rods of Alloy/Carbon Steel |
M.T. |
24000 |
6000 |
-- |
|
|
|
500 |
-- |
-- |
|
Matchet |
Mln. Nos. |
6.00 |
|
-- |
|
Fabrics |
Million Mtrs. |
-- |
-- |
25.780 |
|
Rugs, Blankets
and Shawls |
Million Pcs. |
-- |
-- |
0.146 |
|
Furnishing
Fabircs |
Million Mtrs. |
-- |
-- |
0.634 |
|
Garments |
Million Pcs. |
-- |
-- |
0.001 |
|
Denim Fabrics |
Million Mtrs. |
-- |
-- |
27.761 |
|
Bars and Rods
(HRS) |
M.T. |
-- |
-- |
5562.98 |
GENERAL
INFORMATION
|
Suppliers : |
v
R.B.
Engineering v
Real
Mechanical Works v
Precision
Reeds Manufacturing Company v
A.M.
Plastics v
Raviraj
Plastics |
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|
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|
No. of
Employees : |
12000 |
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|
|
|
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|
Bankers : |
Ø
Bank of
India Ø
Central Bank
of India Ø
Standard
Chartered Grindlays Bank Limited Ø
State Bank
of India Ø
Bank of
Maharashtra Ø
The Hongkong
& Shanghai Banking Corporation Limited Ø
Bank of
America
Ø
Citibank
N.A. Ø
HDFC Bank
Limited Ø
Standard
Chartered Bank |
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|
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|
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|
Facilities : |
Secured Loans |
31.03.2005 |
|||||||||
|
Debentures :- 5000-6.10%
Privately Placed Secured Non-Convertible Debentures of Rs. 100000 each
(Redeemed during the year) |
-- |
||||||||||
|
51 Privately
Placed Non-Convertible Debentures of Rs. 1,00,00,000 each
to be redeemed on 23rd June, 2006 with daily
Put/Call option (interest linked with MIBOR) (Refer
Note l(a)) |
510.000 |
||||||||||
|
Term Loans (Refer
Note :- 1 (a) ) |
|
||||||||||
|
Term Loans from
Banks |
3987.527 |
||||||||||
|
Working Capital
Loans from Banks (including foreign currency loan
from banks Rs.178.740 millions; Previous year Rs.258.468
millions) (Refer Note l(c)) |
969.229 |
||||||||||
|
Total Secured Loans |
5466.756 |
||||||||||
|
Unsecured Loans :
|
|||||||||||
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
AUDITOR Dalal & Shah Chartered
Accountants INTERNAL
AND OPERATIONAL AUDITORS :- Mahajan & Aibara Chartered
Accountants |
|
|
|
|
Joint Ventures
: |
v Raymond Fedora Private Limited v Raymond Zambaiti Private Limited |
|
|
|
|
Associates: |
Ø
J. K.
Investo Trade (India) Limited Ø
P. T. Jaykay
Files Indonesia Ø
EBG India
Private Limited Ø
J. K. Helene
Curtis Limited Ø
J. K. Ansell
Limited Ø
J. K.
Investors (Bombay) Limited Ø
Radha
Krishna Films Limited |
|
|
|
|
Subsidiaries |
Ø
Raymond
Apparel Limited Ø
Pashmina
Holdings Limited Ø
Raymond
Infotech Limited Ø
Jaykayorg AG Ø
J. K. (England)
Limited Ø
Regency
Texteis Portuguesa, Limited Ø
Textiles
Regency, Sociedad Limited Ø
Hindustan
Files Limited Ø
ColorPlus
Fashions Limited Ø
Raymond
Technology Solutions Limited Ø
Plugin Sales
Limited Ø
Everblue
Apparel Limited Ø
Celebrations
Apparel Limited Ø
Silver Spark
Apparel Limited Ø
R&A
Logistics Inc. Ø
JK Talabot
Limited Ø
Ring Plus
Aqua Limited Ø
Scissors
Engineering Products Limited Ø
Everblue
Apparel Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 10 Each |
Rs. 1000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61380853 |
Equity Shares |
Rs. 10 Each |
Rs. 613.808 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
613.808 |
613.808 |
613.808 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
11285.645 |
10425.545 |
9871.737 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
11899.453 |
11039.353 |
10485.545 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5466.756 |
3933.330 |
2292.824 |
|
|
2] Unsecured
Loans |
2212.028 |
1794.450 |
2472.205 |
|
TOTAL BORROWING
|
7678.784 |
5727.780 |
4765.029 |
|
|
DEFERRED TAX
LIABILITIES |
640.273 |
540.235 |
570.171 |
|
|
|
|
|
|
|
TOTAL
|
20218.510 |
17307.368 |
15820.745 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
6890.700 |
5127.086 |
4064.324 |
|
Capital work-in-progress
|
1560.481 |
798.380 |
147.885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
|
7366.028 |
7342.748 |
7158.685 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
3190.416 |
2875.659 |
2949.066 |
|
|
Sundry Debtors
|
2484.674 |
2262.767 |
2461.452 |
|
|
Cash & Bank Balances
|
250.317 |
132.483 |
267.592 |
|
|
Other Current Assets
|
331.506 |
227.772 |
188.779 |
|
|
Loans & Advances
|
1444.206 |
1051.451 |
1212.214 |
Total Current Assets
|
7701.119 |
6550.132 |
7079.103 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
2622.734 |
1950.461 |
1803.724 |
|
|
Provisions
|
677.084 |
560.517 |
837.315 |
Total Current Liabilities
|
3299.818 |
2510.978 |
2641.039 |
|
Net Current Assets
|
4401.301 |
4039.154 |
4438.064 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
11.787 |
|
|
|
|
|
|
|
TOTAL
|
20218.510 |
17307.368 |
15820.745 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
13247.391 |
11438.214 |
|
|
|
Other Income |
816.351 |
825.628 |
|
|
|
Total Income |
14063.742 |
12263.902 |
10200.139 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1637.048 |
918.229 |
1331.361 |
|
|
Provision for Taxation |
|
|
417.026 |
|
|
Profit/(Loss) After Tax |
1222.910 |
768.165 |
914.335 |
|
|
|
|
|
|
|
|
Earnings in
Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
2686.723 |
2642.840 |
1833.770 |
|
|
Other Earnings |
1.546 |
10.570 |
|
|
Total Earnings |
2688.269 |
2653.410 |
1833.770 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
1075.219 |
|
|
|
|
Stores & Spares |
287.097 |
226.313 |
1544.332 |
|
|
Capital Goods |
1552.823 |
1066.890 |
|
|
|
Others |
3.106 |
0.000 |
|
|
Total Imports |
2918.245 |
2359.648 |
1544.332 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
4066.575 |
3468.324 |
|
|
|
Manufacturing Expenses |
2934.492 |
2581.624 |
|
|
|
Administrative Expenses |
2383.384 |
1994.338 |
|
|
|
Increase/(Decrease) in Finished Goods |
(51.089) |
100.929 |
9645.156 |
|
|
Salaries, Wages, Bonus, etc. |
2039.796 |
2028.769 |
|
|
|
Interest |
352.809 |
288.314 |
|
|
|
Depreciation & Amortization |
727.116 |
637.672 |
|
|
Total
Expenditure |
12453.083 |
11099.970 |
9645.156 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
Sales Turnover
|
2805.900 |
3586.200 |
2972.500 |
Other Income
|
178.800 |
1030.700 |
325.200 |
Total Income
|
2984.700 |
4616.900 |
3297.700 |
Total Expenditure
|
2592.200 |
2957.600 |
2543.200 |
Operating Profit
|
392.500 |
1659.300 |
754.500 |
Interest
|
43.800 |
92.600 |
72.200 |
Gross Profit
|
348.700 |
1566.700 |
682.300 |
Depreciation
|
186.600 |
145.600 |
133.700 |
Tax
|
46.000 |
6.400 |
164.900 |
Reported PAT
|
116.100 |
1414.700 |
383.700 |
200606 Quarter 1
Notes
Expenditure
Includes (Increase)/Decrease in Stock in Trade Rs (532.50) million Consumption
of Raw Materials Rs 1130.10 million Staff Cost Rs 550.30 million Stores &
Spares Rs 315.60 million Power and Fuel Rs 277.00 million Other Manufacturing
Expenses Rs 220.90 million Exchange -(Gain)/Loss Rs 40.50 million Other
Expenditure Rs 576.30 million Depreciation Indicate Depreciation &
Amortization Status of Investor Complaints for the quarter ended June 30, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 65 Complaints disposed off during the quarter 65 Complaints
unresolved at the end of the quarter Nil 1. Sales of the Textile Division which
contribute substantially to the Company's total sales and profitability are of
a seasonal nature and bulk of the despatches of high value fabric takes place
during the later part of the year. Hence, performance of the first quarter is
not representative of the full year's performance. 2. Pursuant to the
Memorandum of Understanding (MOU) dated February 08, 2006 with UCO NV, Belgium,
the Company has entered into definitive agreements with UCO NV, Belgium for
combining the Denim business of both the parties in a 50:50 Joint Venture
Company, subject to, necessary statutory and other approvals. 3. In accordance
with the Share Purchase Agreement dated February 21, 2003 executed by the
Company and Raymond Apparel Limited (RAL) its wholly owned subsidiary with
promoters of Color Plus Fashions Limited (CFL). RAL has, during the quarter, acquired
the balance 24900 Equity shares of Rs 100 each of' CFL for a total
consideration of Rs 283.70 million. 4. The Company has completed expansion of
its worsted fabric capacity by 3 million meters at Vapi, in the state of
Gujarat and is in the process of enhancing the capacity to 6 million meters. 5.
The Company has, during the quarter, invested Rs 24.30 million in The equity
shares of J K Talabot Limited a subsidiary of the Company. 6. Exceptional item
pertains to VRS payment 'made and written off during the quarter. 7. Provision
for Taxation includes 'Income Tax, Fringe Benefit Tax and Deferred Tax. 8.
Previous period figures have been regrouped / recast, wherever necessary, to
make them comparable with current quarter figures. 9. The Auditors of the Company
have carried out the limited review of the above financial results. The above
results were reviewed by the Audit Committee and approved by the Board of
Directors at their meeting held on July 20, 2006.
200609 Quarter 2
Notes
Expenditure Includes
(Increase)/Decrease in Stock in Trade Rs 527.60 million Consumption of Raw
Materials Rs 952.60 million Staff Cost Rs 565.70 million Stores & Spares Rs
258.70 million Power and Fuel Rs 210.30 million Other Manufacturing Expenses Rs
207.30 million Exchange -(Gain)/Loss Rs 10.60 million Other Expenditure Rs
559.20 million Finished & Process Stocks transferred on Divestment of
business Rs (346.80) million Depreciation Indicate Depreciation &
Amortization Status of Investor Complaints for the quarter ended September 30,
2006 Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 289 Complaints disposed off during the quarter 289
Complaints unresolved at the end of the quarter Nil 1. (A) In terms of the
joint venture agreement entered into by the Company with UCO NV, Belgium for
denim business, the Company hived off effective August 01, 2006 its Denim
Division on a going concern basis to the Joint Venture Company Raymond UCO
Denim Private Limited. The above financial statements reflect the impact of
this transaction. (b) The Company has, during the quarter, invested Rs 2350
million in the equity shares and preference shares of its joint venture company
Raymond UCO Denim Private Limited. 2. The Composition of Exceptional Items for
the quarter ended September 30, 2006 are as under Surplus on divestment of
denim Division : Rs 871.00 million Voluntary Retirement Compensation : Rs
(12.40) million. Total Rs 858.60 million 3. AS-15 (Revised 2005) Employee
Benefits issued by the Institute of Chartered Accountants of India has become
mandatory w.e.f. April 01, 2006. Any additional obligation of the Company on
account of above revised Accounting Standard will be recognised at the end of
the year and the Companys obligation prior to April 01, 2006 will be adjusted
against general reserves. 4. Provision for Taxation includes Income Tax, Fringe
Benefit Tax and Deferred Tax. 5. Previous period figures have been regrouped /
recast, wherever necessary. 6. The above results were reviewed by the Audit
Committee and approved by the Board of Directors at their meeting held on
October 31, 2006. 7. The Auditors of the Company have carried out the limited
review of the above financial results.
200612 Quarter 3
Notes
Expenditure
Includes (Increase)/Decrease in Stock in Trade Rs (154.20) million Consumption
of Raw Materials Rs 853.40 million Staff Cost Rs 533.30 million Stores &
Spares Rs 211.80 million Power and Fuel Rs 178.70 million Other Manufacturing
Expenses Rs 220.80 million Exchange -(Gain)/Loss Rs (46.20) million Other
Expenditure Rs 685.50 million Depreciation Indicate Depreciation &
Amortization Status of Investor Complaints for the quarter ended December 31 ,
2006 Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 283 Complaints disposed off during the quarter 282
Complaints unresolved at the end of the quarter 01 (since disposed off) 1. The
Company hived off, effective August 01, 2006, its Denim Division to the Joint
Venture Company Raymond UCO Denim Private Limited. The above financial
statements reflect the impact of this transaction. 2. The Company has entered
into a 50:50 Joint Venture Agreement dated November 10, 2006 with Grotto SpA.
of Italy for sale in India of casual apparel and accessories of the
international brand 'GAS'. The JV Company Gas Apparel Private Limited has been
incorporated. 3. Ring Plus Aqua Limited a subsidiary of the Company, entered
into a 50:50 Joint Venture Agreement dated December 13, 2006 with AJ Rose
Manufacturing Company Inc. USA for setting up a project for manufacture of
sheet metal components in India, which is subject to necessary statutory and
other approvals. 4. The Composition of Exceptional Items for the quarter ended
December 31, 2006 are as under Surplus on divestment of denim Division: Rs
10.90 million Voluntary Retirement Compensation: Rs (13.90) million. Total: Rs
(3.00) million 5. Additional obligation, if any, in terms of Revised AS-15
issued by the Institute of Chartered Accountants of India in relation to
Employee Benefits, will be recognized at the end of the financial year.
Obligation relating to period prior to April 01, 06 will be adjusted against
General Reserve. 6. Provision for Taxation includes Income Tax, Fringe Benefit
Tax and Deferred Tax. 7. Previous period figures have been regrouped / recast,
wherever necessary. 8. The above results were reviewed by the Audit Committee
and approved by the Board of Directors at their meeting held on January 19,
2007. 9. The Auditors of the Company have carried out a limited review of the
above financial results.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.58 |
0.49 |
0.48 |
|
Long Term Debt Equity Ratio |
0.49 |
0.38 |
0.32 |
|
Current Ratio |
1.53 |
1.56 |
1.50 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.07 |
1.09 |
1.15 |
|
Inventory |
4.42 |
3.98 |
3.81 |
|
Debtors |
5.65 |
4.91 |
4.06 |
|
Interest Cover Ratio |
4.77 |
4.18 |
7.02 |
|
Operating Profit Margin (%) |
17.98 |
15.89 |
20.68 |
|
Profit Before Interest and Tax Margin (%) |
12.56 |
10.39 |
14.87 |
|
Cash Profit Margin (%) |
12.81 |
12.13 |
14.84 |
|
Adjusted Net Profit Margin (%) |
7.38 |
6.63 |
9.02 |
|
Return on Capital Employed (%) |
9.26 |
7.52 |
10.95 |
|
Return on Net Worth (%) |
8.63 |
7.14 |
9.82 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.353.95/- |
|
Low |
Rs.347.80/- |
LOCAL AGENCY
FURTHER INFORMATION
FINANCIAL
HIGHLIGHTS
During the year the
gross turnover, net of returns and discounts, increased by 16.17% to Rs.
13247.4 millionss from Rs. 11402.8 millions in the previous year. This was
primarily due to higher domestic sales achieved in all the main areas of
businesses - textiles, denim and files, as the Company consolidated its
position in a buoyant Indian economy. Exports also went up, especially in
worsted textiles through the garmenting route.
Profit before tax, prior
period adjustments and exceptional items was higher at Rs.1736.5 millions as
against Rs. 116.50 millions in the previous year.
Net profit, after
exceptional items, prior year adjustments, provision for taxes was higher at
Rs.121.01 millions as against Rs.83.15 millions last year,
APPROPRIATIONS
An amount of Rs. 121.0 millions (Rs.83.1 millions) is
credited to the General Reserves. Out of the amount available for
appropriation, the Directors recommend a dividend of 50% (40%) on Equity
Shares. The dividend tax on the proposed dividend will be Rs.43.0 millions
(Rs.32.1 millions). ,
PERFORMANCE OF
DIVISIONS
Textile Division
–
The Textile
Division reported an excellent performance for the year under review with an
increase in sales by 13.45%. In spite of increased competition, the division
maintained its leadership position in the domestic market. A number of
innovative blends and finishes, including the finest fabric ever made in the
world - from 11.8 micron wool, were introduced during the year.
In the export
market too, sales increased by 8.71%, a large part of the increase coming
through exports of fully factored garments from the company's garmenting
subsidiary Silver Spark Apparel Limited, which was set up for the purpose of
offering value added solutions to international customers.
Files and Tools
Division –
The division
continues to remain the market leader in files segment in the domestic market
and the largest producer of files in the world, The overall performance of the
Division was satisfactory.
The domestic sales
of files has gone up by around 12% and drill sales by around 18%, as compared
to the previous year.
Although there is
no growth in volume, the growth in domestic sales is due to better
realizations, both for files and drills.
The export sales of
files was marginally higher compared to previous year, with drill sales
recording growth of 40% over previous year, The division diversified its
product base during the year under review through introduction of hand tools,
agri tools etc. response for which has been encouraging.
Denim Division –
Denim industry is
witnessing severe price competition both in the international and the domestic
markets. A significant amount of capacity has come into production in India,
putting pressure on domestic denim prices.
With the capacity
increase to 40 million metres per annum, availability of both slasher dyeing
and rope dyeing and increased mercerizing facilities, the division is better equipped
to offer an ever increasing range of products and finishes to meet the
stringent demands of the market.
Cotton prices have
stabilized due to a bumper crop and are expected to remain stable over the next
few months.
Judicious
procurement strategy and mixing of different qualities has helped to reduce
cotton cost.
During the year,
the sales volume rose by 35.37% from 195.81 metres to 2650.7 metres and the
revenues increased by 32.24% from Rs.2224.3 millions to Rs.2941.4 millions.
During the year under
review, the capacity expansion to 40 million metres per annum was completed.
FINANCE AND
ACCOUNTS
The observations
made by the Auditors in their Report has been clarified in the relevant notes
forming part of the Accounts, which are self explanatory.
JOINT VENTURES
Carded Woollen
Project
The Company is
setting up a project for manufacture, selling and distribution of woollen
fabrics including blankets and shawls in d 50:50 joint venture with Lanificio
Fedora SpA, Italy, a internationally reputed woollen fabric manufacturer,
through hiving off the Carded Woollen unit of the Company located at Jalgaon in
the State of Maharashtra. The project with a production capacity of 2.5 million
metres per annum has started production. The project will mainly cater to
discerning international customers and as well as to the domestic market.
Proposed Joint
Venture in Denim
As part of its
strategy to take its denim business truly global, the Company recently signed a
Memorandum of Understanding (MOU) with UCO NV, Belgium (UCO), a reputed company
in Europe in the denim business, having manufacturing facilities in Europe and
U.S.A. The MOU envisages a Joint Venture between the Company and UCO to combine
the denim businesses of both the companies in a proposed 50:50 Joint Venture
Company. The creation of the Joint Venture is subject to due diligence,
necessary statutory and other approvals and signing of definitive agreements.
The Joint Venture, when formed, will create a truly transnational denim company
with manufacturing facilities in three continents (USA, Europe and Asia) and a
worldwide network, able to service customers across the globe close to their
markets.
The Company
obtained approval of' Shareholders under Section 293 (1) (a) of the Companies
Act, 1956 by Postal Ballot to sell/lease/transfer and/or otherwise dispose of
as a going concern by way of slump sale or otherwise, the Denim Division of the
Company situated at Village Lohara, District Yavatmal in the State of
Maharashtra for the aforesaid purpose.
SHIRTING PROJECT
The project for
manufacturing fine cotton shirting fabric being set up by Raymond Zambaiti
Private Limited, a 50:50 Joint Venture promoted by the Company and Cotonoficio Honegger,
a reputed Italian manufacturer is coming up as per schedule. The project when
commissioned will supply top quality shirting fabric to premium international
customers as also to the apparel brands of the Company's subsidiaries -
Manzoni, Park Avenue, Parx (of Raymond Apparel Limited) and Colorplus (of
Colorplus Fashions Limited).
AWARDS
Textile Division
received the following
awards during the year :
National Energy
Conservation Award -
commendation certificate awarded to Chhindwara Plant by the Ministry of Power, Government of India, In appreciation of the efforts
r'n Energy Conservafion in the Textile
Sector for the year 2005.
Excellent
Industrial Safety Performance Award during the year 2005 by Directorate of Industrial Safety & Health,
Thane and Thane Manufacturers' Association, Thane.
Management
System Certificate awarded
by DET NORSKE VERITAS to Jalgaon Plant for confirming to the Environmental
Management System Standard ISO 14001 : 2004.
Files and Tools
Division was awarded All
India Certificate of Export Excellence by Engineering Export Promotion
Council in recognition of the Division achieving highest exports amongst the
Non-SSI exporters in the panel - Small & Cutting Tools including Engineers
Files for the year 2003-04,
EXPORTS
Aggregate exports
of all Divisions rose by 3.74% at Rs. 3107.1 millions (Rs.2995.0 millions).
CONSOLIDATED
ACCOUNTS
In accordance with
the requirements of Accounting Standard (AS-21) prescribed by The Institute of
Chartered Accountants of India, the Consolidated Accounts of the Company and
its subsidiaries is annexed to this Report.
SUBSIDIARIES
Domestic
Raymond Apparel
Limited
The gross turnover
(net of discounts) of the Company was higher by 7,97% at Rs. 1903.9 millions
(Previous Year: Rs. 1763.4 millions).
Profit after tax
was at Rs.14.86 millions (Previous Year: Rs. 79.5 millions).
During the year
under review, the Company's focus on innovation, differentiation and achieving operational
efficiencies has successfully resulted in improved profitability. With a view
to widen the domestic network and enhance the brand experience, the Company
opened its own Brand Stores at various places in Metros and Mini Metros at High
Streets as well as in Shopping Malls. In the coming years, the Company plans to
open more Brand Stores throughout the country.
The Company's
continued focus on design and product innovation is expected to help to compete
with local and international players in the highly competitive domestic market.
The positive
outlook of the market towards ready-to-wear due to changes in lifestyle has
created more opportunities for the apparel industry. With a view to cater to
the rapidly growing branded kidswear market, the Company plans to launch 'ZAPP'
- a premium brand range of kidswear in the current year.
Colorplus
Fashions Limited
The Company in its
endeavor to maintain its prime position in the premium casual wear, is
constantly innovating in terms of style as well as through improved fabric
construction in order to set higher benchmark levels. The Company is committed
to reducing response time to rapidly changing and emerging business scenarios
in India and overseas.
The gross turnover
of the Company was higher at Rs.1018.8 millions (Previous Year : Rs.90.83
millions). Profit before tax and exceptional items was higher at Rs.255.5
millions (Previous Year : Rs.212.0 millions). Net profit, after prior year
adjustments, provision for taxes, was Rs, 169.0 millions (Previous Year: Rs.
129.4 millions).
Silver Spark
Apparel Limited
The gross turnover
of the Company was Rs.556.0 millions (Previous Year: Rs. 176.0 millions).
The Company
incurred a loss of Rs.48.0 millions (Previous Year: Rs.87.9 millions) during
the year under review.
The capacity
envisaged in the project has been commissioned for both trousers and jackets in
the state-of-the-art production facilities at Doddaballapur, Bangalore. Most of
the production of the Company is exported to reputed International brands. The
Company has gained a reputation for premium quality manufacturing especially in
suits and jackets and the outlook for the current year is encouraging with
interest shown by well-known foreign brands to outsource their requirements for
international markets. Strong emphasis is being placed on operator training to
improve operational efficiencies.
Everblue Apparel
Limited
The Company started
commercial production during the year. The plant is fully integrated with
facilities from cutting to washing and finishing.
The Company
commissioned different production facilities during the year progressively.
These include state-of-the-art equipment like cutting, sewing and washing
machines. It has also scrapping and laser finishing facility to cater to the
latest fashion needs of the discerning international brands. The Company had to
set up its own effluent treatment facilities due to delay in the setting up of
the common effluent treatment plant in the apparel park by the Karnataka
Government, which delayed start of commercial production.
Operator training,
attaining manufacturing consistency, development of samples for the
international customers and obtaining compliance certification from them were the
main focus areas during the year under review. The Company targets top brands
in Europe and US as its customers and the plant has been certified as compliant
by many of them.
The Company
incurred a loss of Rs. l19.6 millions (Previous Year: Loss of Rs.0.261
millions) during the year under review.
Celebrations
Apparel Limited
The Company's shirt
plant at Hoskote, Bangalore with an envisaged capacity of one million pieces
per annum has been completed and commenced commercial operation from September
1, 2005, with production capacity of 2000 shirts per day.
The gross turnover
of the Company was Rs. l1.0 millions (Previous Year: Rs. Nil). The Company
incurred a loss of Rs. l5.1 millions (Previous Year: Rs.0.3 million).
Hindustan Files
Limited
The Company
recorded higher production of 1.086 million doz. (Previous Year: 0.840 million
doz.) flies during the year under review.
The improved
capacity utilization coupled with control on wastages and second quality
percentages enabled the Company to improve its cost competitiveness and
profitability.
During the current
year, the Company would continue to improve its quality by continuous
benchmarking and control the cost. The Company also proposes to improve its
manufacturing process using acid free file manufacturing process and tools like
Value Stream production process as against the conventional manufacturing
process.
The gross turnover
of the Company (including job work and sales & services) was higher at
Rs,23650.100 millions (Previous Year: Rs.l90.404 millions). Profit before Tax
was at Rs.l7.321 millions (Previous Year: Rs.l5.647 millions). Profit after Tax
was at Rs.l5.671 millions (Previous Year: Rs.14.592 millions).
JK Talabot
Limited
The Company,
pursuant to the Joint Venture Agreement dated July 8, 2005 entered into between
Raymond Limited and MOB Outillage SA, France (MOB), is in the process of
setting up a facility at Chiplun in the State of Maharashtra as a 90:10 joint
venture between Raymond and MOB, for manufacture of steel flies and rasps, by
relocating the flies and rasps manufacturing facility of MOB in France to
India, at total project cost of Rs.220.4 millions. The project execution is
proceeding as planned. The commercial production is expected to commence in May
2006.
The Company incurred
a loss of Rs.0.954 millions during the period under review.
Scissors
Engineering Products Limited
As part of Raymond
Limited's strategy to tap into the huge potential of auto component sector in
India by leveraging the engineering skills in its Files and Tools division, the
Company availed of an investment opportunity of acquiring a controlling
interest in Ring Plus Aqua Limited engaged in the manufacture of ring gears,
shaft bearings, flex plates and pulleys near Sinnar, Nasik. Exports contribute
around 61% of the total turnover of Ring Plus Aqua Limited.
The Company
incurred a loss of Rs.2.609 millions during the period under review.
Ring Plus Aqua
Limited
The gross turnover (net
of discount) of Ring Plus was higher by 15% at Rs.696.8 millions (Previous
Year: Rs.606.9 millions). Profit after Tax was at Rs.53.0 millions (Previous
Year: Rs.41.7 millions).
The performance of
Starter Gear Division continued to be encouraging during the yedr under review.
The sales of gears increased from 1.191 million nos. to 1.301 million nos. The
value of the gears sold was Rs.417.0 millions as compared to Rs.340.4 millions
in the previous year.
The performance of
Shaft Bearings Division remained steady during the year under review. Bearing
sales have marginally decreased from 2.151 million nos. to 1.981 million nos.
valued at Rs.218.9 millions as against Rs.228.4 millions In the previous year.
Export of Shaft
Bearings constituted 82% of the total bearing turnover. USA continued to be the
major market for exports.
During the year
under report, a consignment of shaft bearings was shipped to a new customer in
Brazil.
Pashmlna
Holdings Limited
The Company earned
a profit after tax of Rs.5.511 millions (Previous Year: Profit Rs.3.219
millions) during the year under review.
Plugin Sales
Limited ceased to be a
subsidiary of the Company during the year.
Overseas
Jaykayorg AS incurred a loss of SFr, 95,826 (Previous
Year: Profit of SFr. 84,731) for the year ended December 31, 2005.
J. K. (England)
Limited incurred a loss of
Pound Sterling 7,282 (Previous Year : Profit of Pound Sterling 11,940) for the
year ended December 31, 2005.
Regency Texteis
Portuguese Limitada, Portugal incurred a loss of Euros 64,884 (Previous Year: Profit of Euros 143,950)
for the year ended December 31, 2005,
R & A
Logistics INC, USA
The Company, a
subsidiary of Ring Plus Aqua Limited set up in the USA to provide better service
US based customers, incurred a loss of US $ 836 (Previous Year: Profit of US $
12355) for the year ended December 31, 2005.
Textiles Regency
S. L, Spain ceased to be a
subsidiary during the year.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
The Indian economic
engine has reached a new level of trajectory with sustainable growth rates
above 7%. Huge increases in inbound investment flows from foreign institutional
investors are a recognition of the huge potential of our country.
India presently has
the most favorable demographics, both in terms of age and incomes. According to
the Asian Demographics report, the 20-54 age bracket in India is growing faster
than the rest of the population and will represent more than 50% of the
population in 2010. This coupled with changing consumption habits and retail
lending has fuelled a consumption boom in India. Positive age, income and
urbanization trends are likely to result in a growing market for products and
services more particularly the lifestyle products.
India is also being
increasingly seen as a quality reliable supplier to the world.
The outsourcing
wave, initially led by software, is now in textiles and auto components.
SEGMENT ANALYSIS
AND REVIEW:
The key business
segments of the Company are Textile, Denim and Files & Tools Divisions.
TEXTILE DIVISION
Industry Outlook
Dismantling of the
quota re'gime (multi fibre agreement) in the textiles and clothing segment has
opened up large opportunities for growth in textiles and clothing for India in
general and in particular for the Company.
Indian textile and
clothing industry is one of the largest in the world. India is one of the few
countries that has a presence across the entire value chain of the textiles and
apparel business starting from fibre production, spinning, weaving/ knitting,
processing to garment manufacturing.
The first year of
the quota era has seen a number of changes taking place in the textiles and
clothing trade. The industry is witnessing realignment in the sourcing
strategies of large global retailers and re-orientation of the buyer-supplier
relationship. Most of-the buyers have moved beyond the basic requirement of
price and quality and efficient service and provision of Integrated solutions
have become clear differentiators.
The Company
recognizes the challenges of operating in a quota free world and has positioned
itself to take advantage of these opportunities.
The broad thrust of
the Company's strategy in the international market is to become a One Stop Shop
for premium international customers through:
having large world
class integrated yet flexible manufacturing facilities for different fabrics -
wool, cotton and denim;
setting up
state-of-the-art garmenting facilities for the above fabrics to provide garment
solutions for integrated service; and
providing world
class design based solutions - setting up of a design studio in Italy under a
joint venture with the Italian joint venture partner of fine cotton shirting
fabric.
The above
capabilities will also help the Company face the competition in the domestic
market - from both domestic and international brands - in addition to its
strong branding skills and wide marketing network. The Company will Invest
significantly in the coming years in strengthening its brands and marketing
network.
With the large
vertically integrated facilities, strong design, product development and
branding skills, strong marketing network and a large pool of technical and
managerial talent, the Company is well poised to capitalize on the unfolding
opportunities in textiles and clothing both in the international markets as
well as in the domestic space.
The Company
believes that the Government also has a significant role to play in the growth
of this industry. The government recognizes the potential of this industry and
is taking a number of steps to improve the competitiveness of this industry in
the global market.
Opportunities
and Threats
The opening of the
international markets has thrown a host of opportunities with unique set of
challenges. The Company also is now exporting larger volumes of fabric as well
as garments which are converted within India. The margins, though, are under
pressure due to severe competition from other countries.
The Company will
continue to stress on maintaining and further improving quality standards,
reducing lead-time in servicing orders, introducing leading edge fashion
products to meet the new set of challenges. The competition will not only
intensify in the international markets but also in the domestic markets.
Various countries, especially the developed nations may, however, increasingly
resort to protectionist measures or regional trade agreements to protect their
domestic textile & clothing industry, which has been severely impacted by
the imports of low cost products from China.
Despite all round
positive developments, the Indian textile sector faces a number of challenges,
foremost being infrastructure and inflexible labour laws.
Inflow into India
of spurious fabric material, counterfeit, fake and misleading selvedge
descriptions continues. However, recognizing the threat these spurious imports
poses, if continued unchecked, the government has taken a number of steps to
check the inflow of such products.
The company’s fixed
assets of important value include Freehold Land, Leasehold Land, Buildings,
Plant & Machinery, Electrical Installation & Equipments, Earth Moving
Machinery, Railway Siding, Furniture & Fixtures, Office Equipments,
Livestock, Vehicles, Aircrafts, and Boats and Water Equipments.
It is in trade terms with :
Ø
R. B.
Engineering
Ø
Real
Mechanical Works
Ø
Precision
Reeds Manufacturing Company
Ø
Jayant Paper
Box Private Limited
Ø
Raviraj
Plastics
Ø
Nagpur Carbon
Private Limited
Ø
A. M. Plastics
Ø
Vyankatesh
Transformers
Ø
Amol
Industries
Ø
Bajarang Paper
Product
Ø
Computer
Vision
Ø
Graphic Screen
Ø
Kumar
Engineering Industries
Ø
Kochar
Industries
Ø
Machine Spares
Ø
National
Engineering Works
Ø
Paper Combine
Ø
Premco
Industries
Ø
Ruby
Engineering
Ø
Trimurti Udyog
Ø
Yogi
Engineering
Ø
Ganesh Paper
Mart
Ø
Shivam
Engineering
Ø
Abhishek
Enterprises
Ø
Print-Well,
Jalgaon
Press
Releases
Raymond stirs the popular price segment with
the launch of 'Notting Hill'
Pune, February 5, 2006 :
It is a brand that reflects
style and manifests originality! In an exciting move that is bound to capture
the imagination of today's fashion-conscious and discerning young
professionals, Raymond Apparel Limited. today announced the launch of Notting Hill, the new apparel brand
under the popular price segment. The Notting Hill collection would feature a
spectrum of men’s lifestyle products that would range from formal wear to
relaxed casual wear and will target the young professionals, between the age
group of 22 – 30 years.
Notting Hill would
be retailed across India is a phased manner, beginning with Pune and other
cities in Maharashtra. By the end of the first year Notting Hill would be made
available across India with over 400 distribution points. With the launch of
Notting Hill, Raymond Apparel Limited. will further enhance its existing brand
portfolio, which includes leading apparel brands like Park Avenue, ColorPlus,
Parx, Manzoni & Zapp.
Announcing the
launch of Notting Hill, Mr. Shreyas
Joshi, President, Raymond Apparel Limited., said, “Raymond Apparel Limited will stir the
popular price segment with the launch of Notting Hill, the new brand having an
excellent combination of fashion, quality and affordability. This Rs. 50000
million popular price segment has huge potential and we are confident that
Notting Hill too would achieve a prominent position in its segment like the
other brands under the Raymond Stable”. Mr. Joshi further added, “Notting Hill is a complete
‘value-for-money’ men’s wear brand with Fashion, fit, styling and affordability
as the key differentiators. The Brand will also offer a wide range of
accessories such as cufflinks and ties, amongst others.”
Designed in-house,
the Notting Hill range would comprise of suits, shirts, trousers, jeans,
t-shirts and also accessories like ties, handkerchiefs and socks. With
exceptional fits, styling and colour range, Notting Hill promises to be an
instant hit with the young working professionals.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.56 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.58.40 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|