MIRA
INFORM REPORT
|
Report Date : |
04.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND LIMITED |
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Registered
Office : |
Plot No. 156/H
No.2, Village Zadgaon, Ratnagiri – 415 612, |
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Country: |
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Financials (as
on): |
31.03.2007 |
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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 |
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Maximum Credit
Limit : |
USD 54000000 |
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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, |
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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, |
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Tel. No.: |
91-22-22618321 /
22642025 / 22694215 / 22694217 |
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Corporate
Office : |
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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, Ø
Plot No.
E/1, MIDC Area, Phase II, Ø
B-1,
A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar, District
Chhindwara-480001, Ø
N.H.
No.8, Khaki-Udwada, Taluka Pardi, District Valsad-396185, Denim Division Ø
Plot
C-1, MIDC Yavatmal, J. K. Files & Tools Division Ø
Jekegram,
Thane-400606, Ø
A-1,
Mirjole Industrial Estate, MIDC, Ø
Plot
No. C 1/1 MIDC Area, Gane-Khadpoli, Chiplun – 415 605, District Ratnagiri, Ø
Shed
No. S/1 & S/2, Sector 1, Road No. 10, Pithampur – 454 775, District Ø
22,
New Cement Division Ø
Gopalnagar,
Arasmeta, District Bilaspur, Steel Division Ø
Wadivarhe,
District Aviation Division Ø
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DIRECTORS
|
Name : |
Mr. Vijaypat
Singhania |
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Designation : |
Chairman Emeritus |
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Date of
Birth/Age : |
63 Years |
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Qualification
: |
A. M. P.
(Harvard) |
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Experience : |
42 years |
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Date of
Joining : |
25.01.1980 |
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Previous Employment : |
J. K. Chemicals
Limited – Chairman & Managing Director |
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|
Name : |
Mr. Gautam Hari
Singhania |
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Designation : |
Chairman and
Managing Director |
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Date of
Birth/Age : |
37 years |
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Qualification
: |
B. Com. |
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Experience : |
12 years |
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Date of
Joining : |
01.04.1990 |
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|
Name : |
Mr. B. K. Kedia |
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Designation : |
Chairman &
Managing Director |
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Date of
Birth/Age : |
73 years |
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Qualification
: |
M.A., A.M.P.
(Harvard) |
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Experience : |
51 years |
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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 |
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Designation : |
Whole time Director
and Deputy Group President (From April 24, 2003) (upto 28.02.2006) |
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|
Name : |
Mr. Nabankur
Gupta |
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Designation : |
Director (Nominee
of UTI) (from 29.10.2001) |
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|
Name : |
Mr. Anant
Singhania |
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Designation : |
Whole time Director
and Group President |
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Name : |
Mr. Nabankur Gupta |
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Designation : |
Whole Time
Director and Group President |
KEY EXECUTIVES
|
Name : |
Mr. Gautam Hari
Singhania |
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Designation : |
Director |
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|
Name : |
Mr. Nabankur
Gupta |
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Designation : |
Chairman and
Managing Director |
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|
Name : |
Mr. Akshay
Singhania |
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Designation : |
Whole time
Director and Group President (upto 31.07.2005) |
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|
Name : |
Mr. Anant
singhania |
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Designation : |
Whole time
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. F. M. Ali |
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Designation : |
President – |
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Name : |
Mr. V. K. Bhartia |
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Designation : |
President ( |
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|
Name : |
Mr. Ajit
Mantagani |
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Designation : |
President
(Corporate) |
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|
Name : |
Mr. S. K. Gupta |
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Designation : |
President (Denim) |
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|
Name : |
Mr. S. K. Kaul |
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Designation : |
Vice President
(Textile) |
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|
Name : |
Mr. R. P.
Nangalia |
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Designation : |
Vice President
(Files & Tools) |
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|
Name : |
Mr. Marcel Parker |
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Designation : |
President - HR |
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|
Name : |
Mr. S. K. Singhal |
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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 |
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Designation : |
Executive
Director (Files & Tools) |
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|
Name : |
Mr. Harshal
Jayvant |
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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 |
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Designation : |
President – Group
Apparel |
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|
Name : |
Mr. H. Sunder |
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Designation : |
Vice President -
Finance |
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Name : |
Mr. R. Narayanan |
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Designation : |
Legal and Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoters'
holdings |
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|
|
Promoters |
|
|
|
Indian Promoters |
270935 |
0.44 |
|
Foreign Promoters |
0 |
0.00 |
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|
|
|
|
Person acting in
concert |
21197457 |
34.54 |
|
Sub Total |
21468392 |
34.98 |
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Non
promoter's holdings |
|
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Institutional Investors |
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|
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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 |
|
|
|
|
No. of
Employees : |
12000 |
|
|
|
|
Bankers : |
Ø
Bank
of Ø
Central
Bank of Ø
Standard
Chartered Grindlays Bank Limited Ø
State
Bank of Ø
Bank
of Ø
The
Hongkong & Shanghai Banking Corporation Limited Ø
Bank
of Ø
Citibank
N.A. Ø
HDFC
Bank Limited Ø
Standard
Chartered Bank |
|
|
|
|
Facilities : |
|
|
|
|
|
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 ( Ø
P. T.
Jaykay Files Ø
EBG
India Private Limited Ø
J. K.
Helene Curtis Limited Ø
J. K.
Ansell Limited Ø
J. K.
Investors ( Ø
Radha
Krishna Films Limited |
|
|
|
|
Subsidiaries |
Ø
Raymond
Apparel Limited Ø
Pashmina
Holdings Limited Ø
Raymond
Infotech Limited Ø
Jaykayorg
AG Ø
J. K.
( 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 |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
613.800 |
613.808 |
613.808 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
12947.800 |
11285.645 |
10425.545 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
13561.600 |
11899.453 |
11039.353 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5668.600 |
5466.756 |
3933.330 |
|
|
2] Unsecured
Loans |
2207.500 |
2212.028 |
1794.450 |
|
TOTAL BORROWING
|
7876.100 |
7678.784 |
5727.780 |
|
|
DEFERRED TAX
LIABILITIES |
|
640.273 |
540.235 |
|
|
|
|
|
|
|
TOTAL
|
21437.700 |
20218.510 |
17307.368 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
6760.500 |
6890.700 |
5127.086 |
|
Capital work-in-progress
|
856.900 |
1560.481 |
798.380 |
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENT
|
9844.700 |
7366.028 |
7342.748 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
2836.600 |
2875.659 |
2949.066 |
|
|
Sundry Debtors
|
2687.700 |
2262.767 |
2461.452 |
|
|
Cash & Bank Balances
|
256.200 |
132.483 |
267.592 |
|
|
Other Current Assets
|
0.000 |
227.772 |
188.779 |
|
|
Loans & Advances
|
2657.700 |
1051.451 |
1212.214 |
Total Current Assets
|
8438.200 |
7701.119 |
6550.132 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
3656.300 |
1950.461 |
1803.724 |
|
|
Provisions
|
806.300 |
560.517 |
837.315 |
Total Current Liabilities
|
4462.600 |
3299.818 |
2510.978 |
|
Net Current Assets
|
3975.600 |
4401.301 |
4039.154 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
21437.700 |
20218.510 |
17307.368 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
13068.400 |
13247.391 |
11438.214 |
|
|
Other Income |
2363.900 |
816.351 |
825.628 |
|
|
Total Income |
15432.300 |
14063.742 |
12263.902 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2388.300 |
1637.048 |
918.229 |
|
|
Provision for Taxation |
367.100 |
414.138 |
150.064 |
|
|
Profit/(Loss) After Tax |
2021.200 |
1222.910 |
768.165 |
|
|
|
|
|
|
|
|
Earnings in
Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
NA |
2686.723 |
2642.840 |
|
|
Other Earnings |
NA |
1.546 |
10.570 |
|
Total Earnings |
NA |
2688.269 |
2653.410 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Raw Materials |
NA |
1075.219 |
1066.445 |
|
|
Stores & Spares |
NA |
287.097 |
226.313 |
|
|
Capital Goods |
NA |
1552.823 |
1066.890 |
|
|
Others |
NA |
3.106 |
0.000 |
|
Total Imports |
NA |
2918.245 |
2359.648 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
3914.200 |
4066.575 |
3468.324 |
|
|
Manufacturing Expenses |
1856.700 |
2934.492 |
2581.624 |
|
|
Administrative Expenses |
1887.800 |
2383.384 |
1994.338 |
|
|
Increase/(Decrease) in Finished Goods |
2107.800 |
(51.089) |
100.929 |
|
|
Salaries, Wages, Bonus, etc. |
2181.800 |
2039.796 |
2028.769 |
|
|
Interest |
471.200 |
352.809 |
288.314 |
|
|
Depreciation & Amortization |
629.600 |
727.116 |
637.672 |
|
Total
Expenditure |
13049.100 |
12453.083 |
11099.970 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2007 |
|
Type |
|
|
1st
Qtr |
|
Sales Turnover |
|
|
2091.300 |
|
Other Income |
|
|
347.900 |
|
Total Income |
|
|
2439.200 |
|
Total Expenditure |
|
|
2134.700 |
|
Operating Profit |
|
|
304.500 |
|
Interest |
|
|
73.900 |
|
Gross Profit |
|
|
230.600 |
|
Depreciation |
|
|
171.900 |
|
Tax |
|
|
5.000 |
|
Reported PAT |
|
|
53.700 |
200706
Quarter 1 –
Expenditure Includes (Increase)/Decrease in Stock in Trade Rs
(573.70) million Consumption of Materials Rs 996.40 million Staff Cost Rs
576.90 million Stores & Spares Rs 184.40 million Power and Fuel Rs 198.30
million Other Manufacturing & Operating Expenses Rs 154.50 million Exchange
-(Gain)/Loss Rs (75.50) million Other Expenditure Rs 575.30 million
Depreciation Indicate Depreciation & Amortisation Status of Investor
Complaints for the quarter ended June 30, 2007 Complaints Pending at the
beginning of the quarter Nil Complaints Received during the quarter 61 Complaints
disposed off during the quarter 61 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. The Company has, during the quarter, pursuant to AS-15
(Revised), estimated and provided for Employee Benefits' additional liability
for the period prior to April 01, 2007 will be adjusted against General
Reserve. 3. In view of the divestment of Denim business effective August 01,
2006, figures of the current period are not comparable with corresponding
figures of previous period. 4. Other Income includes Rs 70.80 million being
refund of additional excise duty relating to the divested Denim business. 5.
Exceptional item pertains to VRS payments made and written off during the
quarter. 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 Auditors of the Company have carried out the limited review
of the above financial results. 9. The above results were reviewed by the Audit
Committee and approved by the Board of Directors at their meeting held on July
20, 2007.
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.61 |
0.58 |
0.49 |
|
Long Term Debt-Equity Ratio |
0.50 |
0.49 |
0.38 |
|
Current Ratio |
1.42 |
1.53 |
1.56 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.01 |
1.07 |
1.09 |
|
Inventory |
4.34 |
4.42 |
3.98 |
|
Debtors |
5.05 |
5.65 |
4.91 |
|
Interest Cover Ratio |
3.66 |
4.74 |
4.16 |
|
Operating Profit Margin(%) |
18.01 |
17.90 |
15.86 |
|
Profit Before Interest And Tax
Margin(%) |
13.19 |
12.48 |
10.35 |
|
Cash Profit Margin(%) |
13.12 |
12.71 |
12.68 |
|
Adjusted Net Profit Margin(%) |
8.31 |
7.29 |
7.17 |
|
Return On Capital Employed(%) |
8.40 |
9.20 |
7.50 |
|
Return On Net Worth(%) |
8.53 |
8.52 |
7.73 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.353.95/- |
|
Low |
Rs.347.80/- |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Raymond Limited (formerly known as Raymond Woollen Mills)
was incorporated in 1925. The company has five divisions comprising of
Textiles, Denim, Engineering Files & Tools, Aviation and Designer
wear
Raymond Textile is
The Denim division has an installed capacity of 20 million meters and produces
high quality ring denims. The company currently ranks among the top 3 producers
in
The Company has its Textile Division located at Thane, Jalgaon, Chhindwara,
Vapi. Denim Division located at Yavatmal , with J K Files and Tools Division
located at Ratnagiri, Chiplun, Pithampur, Kolkata and Aviation Division located
at Mumbai.
The company has subsidiaries namely Raymond Apparel Limited, J K (England)
Limited, Jaykayorg AG, Pashmina Holdings Limited, Everblue Apparel Limited,
Regency Texteis Portuguesa Limited, Hindustan Files Limited, Colorplus Fashions
Limited, Plugin Sales Limited, Silver Spark Apparel Limited, Celebrations
Apparel Limited, Scissors Engineering Products Limited (with effect from 12th
July 2005) and JK Talabot Limited (with effect from 6th July 2005)
respectively.
During 1999-2000, the company divested its entire shareholding in Raymond
Synthetics Limited (now known as Recron Synthetics Limited) to Silvassa Yarn
and Investments Limited at a consideration of Rs.173.400 Millions.
During 2000-2001, Raymond Calitri Denim Limited, a wholly owned subsidiary was
amalgamated with the company with effect from April 1, 2000 with the orders of
the High court of
During 2001-2002, the company acquired the entire equity and preference
shareholding of Regency Texteis Portuguesa Limited, making it a wholly owned
subsidiary of the company from 16th January 2002. Hindustan Files Limited also
became a subsidiary w.e.f 1st April 2002.
During 2002-2003, the company acquired 74.1% of the equity shareholding of
ColorPlus Fashions Limited making it a subsidiary of the company w.e.f February
21, 2003. The Denim Division of the company expanded its production capacity
from 10 million metres to 20 million metres in two phases during this period.
The First phase of expansion of 5 million metres was available for part of the
year, whereas the second phase of expansion of 5 million metres was completed
in March 2003.
During 2003-2004, the company planned to set up a new plant to manufacture
suits and trousers through its subsidiary to provide conversion facilities for
the companies fabrics in to garments. The enhanced production capacity of Denim
Division with 20 million metres became operational during the last quarter of
the year under review. Capital Expenditure of Rs.139.100 Millions was incurred
during the year towards on-going modernization and upgradation of technical
facilities in all the three parts of the Textile Division at Thane, Chhindwara
and Jalgaon. Thane Plant was awarded a certificate jointly by Directorate of
Industrial Safety & Health and Thane Manufacturers Association for
'Excellent Industrial Safety Performance' for the year 2002. Chhindwara and
Jalgaon Plants also obtained ISO 9001-2000 certification from Det Norske
Veritas of
During 2004-2005, the company entered into a MOU with MOB Outillage SA, a well
known hand-tool manufacturer of
During 2005-2006, the company entered into 50:50 joint venture with Lanificio
Fedora SpA ,
FINANCIAL
HIGHLIGHTS
During the year, the gross turnover, net of returns and discounts was lower by
3% at Rs.12841.900 Millions (including gross sales of the Company's erstwhile
denim division only upto July 31, 2006) compared to Rs.13247.400 Millions in
the previous year.
Profit before tax, prior period adjustments and exceptional items was
Rs.1569.800 Millions as against Rs.1736.500 Millions in the previous
year.
Net profit, after exceptional items (including surplus on divestment of the
denim division - Rs.880.900 Millions), prior year adjustments, provision for
taxes was higher at Rs.2021.200 Millions as against Rs.1210 Millions last
year.
These results include the results of operations of the denim division only upto
July 31, 2006. The division was subsequently combined into a 50:50 joint
venture with
APPROPRIATIONS
An amount of Rs.400 Millions (Previous Year: Rs.121 Millions) is credited to
the General Reserves. Out of the amount available for appropriation, the
Directors recommend a dividend of 50% (50%) on Equity Shares. The dividend tax
on the proposed dividend will be Rs.52.200 Millions (Previous Year: Rs.43
Millions).
PERFORMANCE OF DIVISIONS
Textile Division –
The textile division continued to maintain its market leadership position
during the year. With Phases I and II of expansions at the Vapi plant becoming
operational, the division reported increased net revenues and profits for the
year under review. Sales increased by 14% and Profit before interest and tax by
15%. The domestic fabric sales component increased by 16% with increased
network penetration and wider product range. The division's export sales
increased by 10%, with export turnover crossing the Rs.1000 Millions mark to
reach Rs.1100 Millions. Increase in export sales was achieved against stiff
international competition. Going forward, with the buoyant demand for worsted
fabrics, continued focus on exports, and increased retail penetration through
new store openings, the outlook for the current year is encouraging.
Files and Tools Division –
The Division continues to remain the market leader in the domestic files market
and the largest producer of files globally. Overall, the performance of the
division was satisfactory. Exports of the division have grown by 8%, compared
to the previous year. Drill sales was however marginally lower compared to the
previous year, primarily due to stiff price competition from local players in
domestic market and from low priced Chinese drills in the export market. The
Division is considering various global consolidation opportunities and product
portfolio expansions, to attain higher growth in its businesses.
FINANCE AND ACCOUNTS
The observations made by the Auditors in their Report have been clarified in
the relevant notes forming part of the Accounts, which are self
explanatory.
JOINT VENTURES
Raymond UCO Denim Private Limited
(RUDPL) - Consolidated operations
The Denim business of Raymond Limited was combined with that of
The over-supply situation in the global denim industry witnessed last year
continues with capacities increasing in the Asian region.
The Indian operations of the joint venture comprising the fabric and garmenting
operations recorded net sales (net of returns and discounts) of Rs.2600
Millions, including export sales of Rs.1360 Millions. The loss for the year
before tax was Rs. 78 Millions after accounting for one time costs. The loss
after fringe benefit tax and wealth tax was Rs. 80 Millions. The fabric
division which produces differentiated varieties of denim fabric registered
over 90% capacity utilisation. The garmenting operations, with improving
efficiencies, is moving up to the medium and high end of the fashion market, in
alliance with a washing and finishing consulting company of international
repute.
Significant additions to capacity have taken place in
The European operations has been facing lackluster demand in the European
market, resulting in lower capacity utilisation and consequent losses. Though
the main markets,
The
The consolidated operations of RUDPL for the period ended March 31, 2007 had
sales (including export incentives) of Rs.5107.50 Millions and incurred a loss
after tax of Rs.598.800 Millions.
Raymond Zambaiti Private Limited
The Company, a 50:50 joint venture with reputed Italian manufacturer,
Cotonoficio Honegger, aimed at manufacturing fine cotton shirting fabric for
premium international customers and domestic brands has come up on stream
during the year. The Company's state-of-the-art production facilities at Kagal,
The net sales (net of excise) of the Company was Rs.316.900 Millions (Previous
Year: Rs.Nil). The Company incurred a loss after tax of Rs.99.600 Millions
(Previous Year: Rs.7.5 Millions) primarily due to trial production related
expenditure and gradual ramp up of capacity utilisation during the year under
review.
The Company's outlook for the current year is encouraging with interest shown
by well reputed global and domestic garment brands to source the Company's
fabrics for their products.
Raymond Fedora Private Limited
The Company, a 50:50 joint venture with Lanificio Fedora S.p.A. Italy, to
manufacture, sell and distribute woollen fabrics including blankets and shawls
has recorded net sales of Rs.228.900 Millions (Previous Year: Rs.122.800 Millions)
for the year under review and has incurred a loss after tax of Rs.140.500
Millions (Previous Year: loss of Rs.20.100 Millions). The Company has commenced
exports of woollen fabrics. In spite of stiff competition in the international
market, with improved marketing efforts and stabilisation of the production
process, the prospects of a positive impact on the current year working of the
Company look promising.
Gas Apparel Private Limited
The Company, a 50:50 joint venture with Grotto S.p.A. of Italy, the owner of
the internationally renowned 'Gas' brand, has been set up during the third
quarter of the year, to sell casual apparel and accessories. The 'Gas' brand
would provide quality, versatile fashion and a lifestyle image to a young
cosmopolitan, international and trend conscious customer profile. The brand has
been launched in
Raymond Europe S.R.L.
The Company has, with a view to providing world class design inputs to the
apparel brands of its subsidiaries, Raymond Apparel Limited and Colorplus
Fashions Limited, set up a new design studio in
AWARDS
Textiles Division received the following awards during the year:
* Chhindwara unit received the National Safety Award from the Ministry of
Labour and Employment, Government of India for outstanding performance in
Industrial Safety during the Award year 2005 in achieving 'accident free
year'.
* Thane unit received the first prize - State Level Award for Excellence in
Energy Conservation and Management from the Maharashtra Energy Development
Agency in the Textile sector for the year 2005.
Files and Tools Division received the following awards during the year:
* Star Performers in Product Group for 2004-05 - Silver Shield by Engineering
Export Promotion Council in recognition of the Division achieving outstanding
exports amongst the Medium Enterprises - Hand Tools category for the year
2004-05.
* International Trade Awards 2006-07 from CNBC TV18 as outstanding Exporter of
the year in Engineering and Machine Tools category.
EXPORTS
Aggregate exports of all Divisions (including the erstwhile denim division upto
July 31, 2006) was Rs. 2550 Millions (Previous Year: Rs.3107.200
Millions).
SUBSIDIARIES
Domestic
Raymond Apparel Limited
The gross turnover, net of discounts of the Company was higher by 24% at Rs.
2370.900 Millions (Previous Year: Rs. 1898.400 Millions). Profit after tax was
lower at Rs. 105.400 Millions (Previous Year: Rs. 148.600 Millions) mainly due
to costs of setting up own retail network.
During the year under review, with a view to broaden the premium profile of its
brands and provide a unique shopping experience to customers, the Company
continued with its retail thrust through new store openings. With the increased
retail penetration and emphasis on product innovation, the Company's Brands - '
With the objective of broadening its product offering further, the Company
launched 'ZAPP' a premium range brand in kids' wear during the course of the
year, for which exclusive brand stores were opened. The Company also launched a
new brand 'Notting Hill', to cater to the popular price segment of the market.
Aiding in this foray has been the group's design studio in
With the Company's focus on exclusive, Company owned, high quality retail
stores, separate dedicated teams for all distribution channels, extensions of
existing brands and new brand launches, coupled with an industry wide explosion
in new retail format stores, the future outlook is positive.
Colorplus Fashions Limited
The gross turnover of the Company was higher at Rs.1209.400 Millions. Net
profit after taxes, was Rs.131.300 Millions, mainly due to costs incurred for
setting up infrastructure for design, product development and expansion of own
retail network.
The Company constantly endeavours to achieve high visibility and retail thrust.
During the year, the Company maintained its leadership position through a
number of innovative features in production, warehousing and marketing
processes apart from products. The Company continues to endeavour to maintain
its leadership position in premium casual wear segment. A range of men's
accessories has also been introduced, and its design studio in Chennai has been
strengthened further. The Company also invested in the share capital of Gas
Apparel Private Limited during the year.
Silver Spark Apparel Limited
The gross turnover of the Company was Rs.725.900 Millions. The Company achieved
net profit after tax of Rs.26.500 Millions during the year under review.
The Company is exporting its products to reputed international Brands, against
repeat orders, demonstrating their acceptance of the quality and service levels
offered. The Company has also been imparting continuous operator training to
improve efficiencies and quality standards. During the year, the Company
installed another jacket line and is in the process of further expanding its
jacket capacity as well as setting up Made-to-Measure facilities.
Everblue Apparel Limited
The Company incurred a loss of Rs.54.900 Millions during the year under
review.
On August 8, 2006, `Raymond UCO Denim Private Limited' entered into a
Conducting Agreement with the Company, under which the Company's facilities are
being used by Raymond UCO Denim Private Limited for manufacture of denim wear
on a conducting basis for a fee. After initial teething problems, operations
are now stabilising and production efficiencies improving.
Celebrations Apparel Limited
The gross turnover of the Company was Rs.52.700 Millions. The Company incurred
a loss of Rs.9.100 Millions.
During the year under review, the Company focused on imparting training to
operators, obtaining manufacturing consistency and operational efficiencies.
The Company has met the quality standards set by reputed national brands. The
Company has increased its shirt manufacturing capacity from 2,000 shirts to
3,000 shirts per day.
Hindustan Files Limited
The net sales (net of excise) of the Company was higher at Rs. 276.900
Millions. Profit after Tax was Rs. 24.400 Millions. Due to its networth
becoming positive during the year, the Company ceased to be a sick industrial
company under the SICA, in terms of the order passed by the BIFR.
The satisfactory performance of the Company during the year under review was
achieved against the backdrop of higher input costs, primarily steel. This was
achieved through improved cost efficiencies.
JK Talabot Limited
The Company's facility to manufacture files and rasps at Chiplun in Ratnagiri
District,
Scissors Engineering Products
Limited
The Company incurred a loss of Rs.0.045 Millions during the period under
review.
Ring Plus Aqua Limited
The net sales (net of excise) of the Company was higher by 3% at Rs.720.500
Millions. Net profit after tax was higher at Rs.72.200 Millions.
The performance of the Starter Gear Division remained steady during the year
under review. The sales of gears increased to 13.92 lakhs nos. (Previous Year:
12.97 lakhs nos.), valued at Rs.415.900 Millions. The performance of Shaft
Bearings Division improved during the year under review with a sale of 21.8
lakhs nos. (Previous Year: 19.76 lakhs nos.) valued at Rs.239.600 Millions.
Export constituted 59% of the total sales for both divisions.
The Company has been able to expand its customer base through offering cost
effective products and superior service levels.
The Company entered into a joint venture with AJ Rose Manufacturing Company,
Pashmina Holdings Limited
During the year under review the Company incurred a loss of Rs.0.209 Millions
(Previous Year: Profit of Rs.5.511 Millions).
Overseas
Jaykayorg AG incurred a loss of CHF 714,450 (Previous Year: Loss of CHF
103,539) for the year ended December 31, 2006.
J K (
Regency Texteis Portuguesa Limited,
R & A Logistics INC, USA, a subsidiary of Ring Plus Aqua Limited set up in
the USA to provide better service to US based customers, earned a profit of US
$ 2,100 (Previous Year: Loss of US $ 836) for the year ended March 31,
2007.
Some of the major measures adopted for the year were as
follows :
1) Use of energy efficient tubelights.
2) Rationalisation in running of water pumps.
3) Improvement in condensate recovery of boiler.
The Thane unit has bagged First prize 'State Level Award for Excellence in
Energy Conservation and Management' in appreciation of the achievement in
Energy Conservation in the Textile sector, an award instituted by Maharashtra
Energy Development Agency. In Chhindwara unit, some of the measures, which have
contributed towards energy savings are :
1) Installation of Energy efficient control system with variable frequency
drive on suction Fan Motors in LR Ring Frame and KTTM Ring Frame.
2) Interlocking of auxiliary motors with main motor to avoid idle running of
auxiliary motors.
3) Use of Energy efficient products in Lighting System e.g. Triphosphorous
tube, aluminum anodized Reflectors, Electronic chokes, Time Lag Switch in
Lighting System & Rearrangement of Lighting.
4) Energy saving through modification of double duct-double motor suction
system with single duct single motor on Ring Frame M/c's at Worsted
Spinning.
In Files and Tools Division following improvements have been implemented for
the purpose of energy conservation :
1) Substitution of LDO by LPG in forging furnaces.
2) Installation of power saver unit to optimise electricity consumption for
compressor.
Foreign
Exchange Earnings and Outgo :
Textile exports have shown a growth of 8.4 % in terms of quantity & 8.34 %
in terms of value over the previous year. The Company has achieved an increased
growth in the last financial year in spite of stiff competition from other
exporters of our country and
Leading brands of US & Europe have been added to our customer's portfolio.
There has been expansion of retail network in the Middle East & SAARC
countries.
Files Division's endeavor to improve and consolidate its presence in
International market continues. The Division has made entry into some new
markets in Africa like
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW:
With a strong GDP growth rate of 9.5% in 2006, backed by an excellent
performance in manufacturing and service sectors, the Indian economy is
experiencing a growth thrust in recent times, with
SEGMENT ANALYSIS AND REVIEW:
The key business segments of the Company are Textile and Files & Tools
Divisions. The erstwhile denim division of the Company was combined with the
denim business of
TEXTILE DIVISION
Industry Conditions
The quota-free era has benefited the Indian textile industry and has put
The buoyant Indian economy has led to higher disposable incomes. Consumer
preferences are changing in terms of styles and fashion preferences and more
and more consumers are shifting towards high end value added products
necessitating efficient service coupled with brand offerings. This provides new
opportunities for the textile and apparel industry.
Many large integrated players have recognised the changing trends and are vying
for their slice of the retail pie given that retail in
Opportunities and Threats
International players are seeking manufacturers with vertically integrated
product development facilities, and ability for managing quality and costs.
Though
The Company is experiencing pressure on margins due to severe competition from
other low-cost countries and stronger Indian Rupee vis-a-vis the US
dollar.
There is also a threat of high inflation rate as the prices of commodities have
been increasing over the past three quarters. In its efforts to combat
inflation, the Central Bank's actions over the year have resulted in an
increasing interest rate scenario, which in turn could cause rupee to
appreciate against the dollar impacting exports.
Textile being a labour intensive industry, rising labor and skilled human
resource costs can put pressure on margins. In order to take advantage of
quota-free era, textile and apparel industry require huge investments in
infrastructure to improve efficiencies and productivity.
The textile / apparel manufacturing and retail space is increasingly witnessing
domestic players tying up with foreign companies in order to have access to the
latest technology and processes and offer internationally reputed brands to
Indian consumers. Thus Indian companies are increasingly competing with foreign
textile players and with foreign brands in the retail space.
Further, inflows of spurious fabric material, counterfeit and fakes into
The retail boom in
Textile Division Overview
The Company is a market leader in the textiles sector in
The Company is now concentrating on new avenues to increase sales and is geared
up to meet growth in new market segments like corporate-wear, service industry,
hospitality industry etc. which big segments for textile manufacturers.
The export and domestic market opportunity is being tapped through the
following avenues:
* setting up of a design studio in Italy in a joint venture, for cotton
shirting fabric, which is fully providing design inputs for the products;
* setting up of garmenting facilities for factored exports;
* setting up a green field manufacturing facility at Vapi with latest
machinery, and providing efficient effective production lines;
* focus on product innovation with new blends & new finishes leading to
increased market penetration and commensurate increase in the customer base in
the European market;
* expansion of retail network in the domestic market as well as in the
The above capabilities would also enable the Company face the competition in
the domestic market - from both domestic and international brands. The Company
plans to invest significantly in the coming years in strengthening and extending
the product offerings under its brand and expanding its marketing and
distribution network.
Performance Highlights
The Company is dedicated to achieving its long term goals by implementing its
business strategies. The result is an increase in net revenues and profits
despite the fierce competition in the domestic and international markets. The
net sales (net of excise and discounts) of the textile division grew from
Rs.8684.400 Millions to Rs.9922.200 Millions, an increase of 14%. The growth in
revenues was driven by both volume increases and increases in price
realisations.
Market Share and Retail Network
The Company is the market leader in
The focus on retaining market leadership through expansion of the Retail Shop
network continues unabated. The Company has retail presence by way of its
Exclusive Brand Shops (The Raymond Shop) and is further exploring new retail
formats to extend coverage in the country. A flagship store of 10000 sq. ft.
was recently opened in Mumbai which houses all Raymond brands under one
roof.
Export
The Company has made sustained efforts to increase its presence in the international
markets. The Company's wide customer base, joint ventures and the ability to
provide factored garments to its customers through its wholly owned subsidiary,
enables it to focus on exports. Total export sales of the division for the year
under review was Rs. 1099 Millions, a growth of 10% over previous year.
Production
The Company has completed the project for capacity expansion of its Textile
Division by setting up a
The Company's joint ventures, Raymond Fedora Private Limited with M/s.
Lanificio Fedora S.p.A.
FILES & TOOLS DIVISION
The Division is engaged in manufacture and marketing of
Steel Files, HSS Cutting Tools (mainly drills) & merchanting activities in
Hand and Agri Tools. In the current year, the Division has tried to consolidate
its position in Hand and Agri Tools segments.
Industry Outlook
The Steel Files business is mature with the application of files coming down in
developed countries owing to high levels of automation and availability of
alternate tools. The HSS Cutting Tools business, including drills, is internationally
a growing business. However,
Opportunities and Threats
Cheap imports of cutting tools, presence of spurious products in the market,
constraints on improving selling prices proportionate to rise in input costs,
competition from
Division Overview
The Division endeavours to counter the domestic / international competition
through cost reduction and upgradation of the manufacturing process / practices
by value engineering. The issue of rising input cost is being tackled by cost
effective sourcing of materials, services and research & development
efforts. In order to improve margins and efficiency, the division has continued
manpower rightsizing. These improvements have controlled process costs and
given a product which is of better quality and finish and is on par with
international products. The Division is making efforts to improve its customer
service level through Lead time & OTIF monitoring.
The production process of J K Talabot Limited, a joint venture of the Company
with MOB Outillage SA, France, for manufacture of files & rasps at Chiplun
has stabilised commercial production during the year under review.
The Division has also begun consolidating its position in Hand Tools and Agri
Tools segments and the market response has been encouraging. Inroads have been
made into international markets for hand tools business in East Asia and
Efforts to improve and consolidate its presence in international market
continue with entry into new markets in Africa and further strengthening
presence in
Performance and Review of
Operations
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. Export sales recorded growth of
8% in value terms compared to the previous year. The Division has been
improving its presence in international market by leveraging its strong brand
image, high quality products and marketing tie-ups.
The drill sales is lower by around 10%, compared to the previous year,
basically due to stiff price competition in the domestic market and competition
from low priced Chinese drills in International markets.
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
LIMITED - FINANCIAL RESULTS Q1 FY 2007-2008
Q1
revenue at Rs 2360 Millions; Profit after tax at Rs 54 Millions
Mumbai,
July 20 2007: Raymond Limited today announced its un-audited financial results for
the quarter ended June 30, 2007. Net Revenue for the first quarter ended June
30, 2007 was at Rs 2364 Millions compared to Rs 2985 Millions in the same
quarter of the previous year which also included the results of the erstwhile
denim division. On a like-to-like basis, the net revenues for the first quarter
ended June 30, 2007 have increased by around 12% to Rs 2364 Millions as
compared to Rs. 2118 Millions in the same quarter of the previous year.
The
textile division has registered an increase in net sales by 7% to Rs 1660.800
Millions with the second phase of Vapi expansion having its first full quarter
of operations. The net sales of files & tools division was also up by 7% to
Rs. 398 Millions.
For
the quarter ended June 30, 2007, the Company’s profit after tax (PAT) was at Rs
54 Millions. However, on a like-to-like basis, excluding denim operations from
the same quarter of the previous year, the profit before tax has increased by
around 9% over the period.
Announcing
the results, Mr. Gautam Hari Singhania, Chairman & Managing Director,
Raymond Limited said, “The branded apparel business has witnessed an excellent
growth. We also see continued growth in our textile business. The increasing
raw material costs and rupee fluctuations are a challenge. However, with our
inherent
strengths
in textiles and retailing we will continue to grow rapidly and capitalize on
the unfolding opportunities”.
Raymond provides a new impetus to its
Retail Network in Uttar Pradesh
To double its chain of ‘The Raymond Shop’
to 56 stores within next two years
Raymond
brands and an exciting shopping experience.
Embarking
on the retail journey five decades ago, TRS is today, the largest chain for
fabric and garment retailing. Currently, Raymond has more than 430 stores in
India, Middle East and South Asia comprising of ‘The Raymond Shop’ (TRS) and
Exclusive Brand Outlets, spread across 170 cities with approx. 1,00,000 sq. ft.
of dedicated retail space. As part of its aggressive retail expansion strategy,
Raymond has envisaged the roll out of TRS and exclusive brand stores across the
country. By 2010, Raymond will have a network of over 950 stores in the
country, with over 2 million sq.ft of retail space.
Announcing
the new initiative, Mr. Aniruddha Deshmukh, President Retail and FMCG, Raymond
Limited said, “Raymond has been the pioneer in organized retail in
two
years. Uttar Pradesh is one of the most important markets for Raymond and our
expansion plans will help us to reach our patrons in a much better way.”
With a
strong presence in 170 cities across India, the Middle East and South Asia, TRS
has been providing the best in Indian and International fashion offering a
constant stream of fashionable & innovative collections, custom tailoring
and a wide range of men’s apparel and accessories from brands like Manzoni,
Park Avenue, ColorPlus and Parx.
The
Raymond Shop, also offers a complete range of Raymond suiting and shirting
fabric to the discerning customers. All the stores are custom-designed with the
most contemporary retail and visual merchandising concepts by M/s. Blocher and
Blocher from
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
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,
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.40.91 |
|
|
1 |
Rs.82.57 |
|
Euro |
1 |
Rs.55.72 |
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 |
|