MIRA
INFORM REPORT
|
Report Date : |
21.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND LIMITED (w.e.f. 1994) |
|
|
|
|
Formerly Known
As : |
RAYMOND WOOLLEN
MILLS 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) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
10.09.1925 |
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|
Com. Reg. No.: |
11-001208 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.613.808
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17117MH1925PLC001208 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNER07782F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR4896A |
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|
Legal Form : |
Public Limited Liability Company. The
company’s shares are listed on the Stock Exchanges. |
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|
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|
Line of Business
: |
Manufacturing of Fabrics, Rugs, Blankets,
Shawls, Furnishing Fabrics, Garments and Hosiery Goods. |
|
|
|
|
No. of Employees
: |
12000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 42623000 |
|
|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is a
well-established and reputed company having fine track. There appears some
losses being incurred by the company in the current year i.e. 2010-11 due to one-time
workers settlement at the company’s Thane Textile Unit. However, trade
relations are reported as fair. Directors are reported to be experienced and
respectable businessmen. Payments are reported to be correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered
Office : |
Plot No.156/ H.
No.2, Village Zadgaon, Ratnagiri – 415 612, |
|
Tel. No.: |
91-2352-232514 /
24939030 |
|
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, |
|
Tel. No.: |
91-22-22618321 /
22642025 / 22694215 / 22694217 |
|
|
|
|
Corporate
Office : |
|
|
Tel. No.: |
91-22-24939090/24939034/24939044/24939047/24939049
/ 40349999 |
|
Fax No.: |
91-22-24952232 |
|
E-Mail : |
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|
|
|
|
Factories |
Textile Division Ř
Jekegram,
Thane-400606, Ř
Plot
No. E/1, MIDC Area, Phase II, Ř
B-1, A.K.V.N.,
Boregaon Industrial Growth Centre, Kailash Nagar, District Chhindwara-480001,
Ř
N.H.
No.8, Khaki-Udwada, Taluka Pardi, District Valsad-396185, Suit Plant Ř
No.4/2A, 2B, 5/3A, 3B, Gundapura, Gowribidanur, Taluk
Chikkaballapura, Denim Division Ř
Plot
C-1, MIDC Yavatmal, J. K. Files and Tools Division Ř
Jekegram,
Thane-400606, Ř
A-1,
Mirjole Industrial Estate, MIDC, Ř
Plot
No. C 1/1 MIDC Area, Gane-Khadpoli, Chiplun – 415 605, District Ratnagiri, Ř
Shed
No. S/1 and S/2, Sector 1, Road No. 10, Pithampur – 454 775, District Ř
22,
New Cement Division Ř
Gopalnagar,
Arasmeta, District Bilaspur, Steel Division Ř
Wadivarhe,
District Aviation Division Ř
Ř
|
DIRECTORS
As on 31.03.2011
|
Name : |
Dr. 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 |
|
DIN No.: |
00020063 |
|
Previous Employment : |
J. K. Chemicals Limited – Chairman and 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 |
|
DIN No.: |
00020088 |
|
|
|
|
Name : |
Mr. I. D. Agarwal |
|
Designation : |
Independent Non-Executive Director |
|
DIN No.: |
00293784 |
|
|
|
|
Name : |
Mr. Nabankur Gupta |
|
Designation : |
Independent Non-Executive Director |
|
Date of
Birth/Age : |
59 Years |
|
Qualification
: |
Graduate |
|
DIN No.: |
00020125 |
|
Directorship
in other company : |
v
Colorplus Fashions Limited v
J.K. Investo Trade ( v
Cravatex Limited v
E, Lexicon Public Relations and Corporate Consultants
Limited v
Pritish Nandy Communications Limited v
B.P. Ergo Limited v
P.T. Jaykay Files, v
Quantum Advisors Private Limited v
PNC Wellness Private Limited v
Blueocean Capital and Advisory v
Services Private Limited |
|
|
|
|
Name : |
Mr. Pradeep Kumar Bhandari |
|
Designation : |
Non-Independent Non-Executive Director |
|
DIN No.: |
00021923 |
|
Directorship
in other company : |
v
Colorplus Fashions Limited v
J.K. Investors ( v
J.K. Ansell Limited v
Pashmina Investments Limited v
Peoples Investments Limited v
Polar Investments Limited v
Radha Krshna Films limited v
Raymond Apparel Limited v
Raymond Zambaiti Private Limited v
Silver Spark Apparel Limited v
Tiger Travels and Tours Limited v
J.K. ( v
Regency Texteis Portuguesa, Limited v
P.T. Jaykay Files v
Raymond UCO Denim Private Limited v
Blueocean Capital and Advisory Services Private
Limited |
|
|
|
|
Name : |
Mr. Shailesh V. Haribhakti |
|
Designation : |
Director |
|
DIN No.: |
00007347 |
|
|
|
|
Name : |
Mr. Pradeep Guha |
|
Designation : |
Director |
|
DIN No.: |
00180427 |
|
|
|
|
Name : |
Mr. Akshay Chudasama (w.e.f. 21.04.2011) |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Boman R. Irani (w.e.f. 21.04.2011) |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Thomas Fernandes |
|
Designation : |
Director – Secretarial and Company Secretary |
|
|
|
|
|
MANAGEMENT EXECUTIVES : |
|
Name : |
Mr. Gautam Hari Singhania |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Aniruddha Deshmukh |
|
Designation : |
President – Textiles and FMCG |
|
|
|
|
Name : |
Mr. Harshal Jayavant |
|
Designation : |
President – Engineering Business |
|
|
|
|
Name : |
Mr. H. Sunder |
|
Designation : |
President – Finance and Chief Financial
Officer |
|
|
|
|
Name : |
Mr. K.A. Narayan |
|
Designation : |
President – HR |
|
|
|
|
Name : |
Mr. Rakesh Pandey |
|
Designation : |
President – Retail and Business Development |
|
|
|
|
Name : |
Mr. Robert Lobo |
|
Designation : |
President (Operations) – Group Apparel |
|
|
|
|
Name : |
Mr. Shreyas Joshi |
|
Designation : |
President – Group Apparel |
|
|
|
|
Name : |
S.L. Pokharna |
|
Designation : |
President – Commercial |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category
of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
787,678 |
1.30 |
|
|
23,186,190 |
38.30 |
|
|
23,973,868 |
39.60 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
23,973,868 |
39.60 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
8,015,194 |
13.24 |
|
|
21,391 |
0.04 |
|
|
9,010,599 |
14.88 |
|
|
3,321,860 |
5.49 |
|
|
20,369,044 |
33.65 |
|
|
|
|
|
|
2,370,548 |
3.92 |
|
|
|
|
|
|
12,681,884 |
20.95 |
|
|
1,139,654 |
1.88 |
|
|
1,343 |
- |
|
|
1,343 |
- |
|
|
16,193,429 |
26.75 |
|
Total Public shareholding (B) |
36,562,473 |
60.40 |
|
Total (A)+(B) |
60,536,341 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
844,512 |
- |
|
|
844,512 |
- |
|
Total (A)+(B)+(C) |
61,380,853 |
- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of
Business : |
Manufacturing of
Fabrics, Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery
Goods. |
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|
|
||||||||
|
Products: |
|
PRODUCTION STATUS (31.03.2011)
|
Particulars |
Licensed/ Registered
Capacity |
|
* Installed Capacity |
|
Wool Combing - Lac Kgs. |
13.60 |
|
13.60 |
|
Wool Combing - Lac Kgs. |
46.96 |
(b) |
46.96 |
|
Wool Spinning -
Spindles |
1440 |
|
1440 |
|
Worsted Spinning - Spindles |
22700 |
|
22700 |
|
Worsted Spinning - Spindles |
55656 |
(b) |
55656 |
|
Synthetic Spinning - Spindles |
13728 |
(a) |
13728 |
|
Synthetic Spinning - Spindles |
3840 |
|
3840 |
|
Weaving - No. of Looms |
246 |
|
246 |
|
Weaving - No. of Looms |
243 |
(b) |
243 |
|
Weaving - No. of Looms |
32 |
|
32 |
|
Hosiery - No. of Machines |
Not specified |
|
37 |
|
Looms for Plush Fabrics |
19 |
(b) |
19 |
|
Trousers - Lac Nos. |
5.44 |
(b) |
5.44 |
|
Jackets - Lac Nos. |
5.44 |
(b) |
5.44 |
* As certified by the
Management and being a technical matter, accepted by the Auditors as correct.
(a) Per Memorandum
of Information filed with Secretariat for Industrial Approvals, Government of
India
(b) Installed
against Industrial Entrepreneurs Memorandum
(c) The above
installed capacities include capacities at Thane Textile Plant, which are being
relocated at other plant locations
|
Particulars |
Unit |
Production/ Purchase Quantity |
|
Fabrics |
Lac Mtrs |
387.00 |
|
Rugs, Blankets and Shawls |
Lac Pcs./ Mtrs. |
2.85 |
|
Furnishing
Fabric |
Lac Mtrs |
11.95 |
|
Garments |
Lac Pcs. |
2.94 |
|
Shirtings |
Lac Mtrs. |
9.46 |
|
Merchanting Fabrics |
Lac Mtrs. |
6.56 |
|
Files and Rasps |
Lac Nos. |
-- |
|
H.S.S. Twist Drills |
Lac Nos. |
-- |
|
Bars and Rods $ |
M.T. |
-- |
|
File Steel |
M.T. |
-- |
|
Others |
|
2.03 |
Notes: Sundries
include -
a) Samples,
damages, losses,Excess/Shortage in inventories, and transfer to other products
etc.
b) Quantity
transferred on divestment of Files and tools business.
$ Current Year NIL used for captive consumption; Previous year 2548.71
M.T.
GENERAL INFORMATION
|
No. of
Employees : |
12000
(Approximately) |
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|
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|
Bankers : |
v
Bank of v
Central Bank of v Standard Chartered Grindlays Bank Limited v
State Bank of v
Bank of v The Hongkong and Shanghai Banking Corporation Limited v
Bank of v Citibank N.A. v HDFC Bank Limited v Standard Chartered Bank v IDBI Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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Facilities : |
Note: 1. Loan Funds :
(b) Working Capital Loans (including Buyer’s Credit arrangement): Secured by hypothecation of stocks, book debts and other current
assets of the Company’s Textile Division.
|
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
Dalal and Shah Chartered
Accountants |
|
|
|
|
Internal and Operational Auditors: |
Mahajan and Aibara Chartered
Accountants |
|
|
|
|
Subsidiaries :
|
v
Pashmina Holdings Limited v
Everblue Apparel Limited v
Jaykayorg AG v
Raymond ( v
JK Files ( v
Colorplus Fashions Limited v
Silver Spark Apparel Limited v
Celebrations Apparel Limited v
Ring Plus Aqua Limited v
Raymond Woollen Outerwear Limited v
R and A Logistics Inc., v
Scissors Engineering Products Limited v
JK Talabot Limited v
Raymond Apparel Limited (Formerly Solitaire
Fashions Limited) |
|
|
|
|
Joint Ventures
: |
v
Raymond Zambaiti Limited v
Rose Engineered Products v
Raymond UCO Denim Private Limited and its
subsidiaries and Joint Ventures v
UCO Fabrics Inc.and its Subsidiaries. v
UCO Testatura S.r.l. (Joint Venture w.e.f. 1st
October, 2010) v
UCO Raymond Denim Holding NV v
Rayves Automotive Textiles Company Private
Limited |
|
|
|
|
Other related parties where control exists : |
v
J.K. Investo Trade ( v
P. T. Jaykay Files v
J.K. Helene Curtis Limited v
J.K. Ansell Limited v
J.K. Investors ( v
Radha Krshna Films Limited |
CAPITAL STRUCTURE
As on 31.03.2011
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 Millions |
|
|
|
|
|
Note:
350000 Equity
Shares were allotted as fully paid-up pursuant to contracts without payments
being received in cash and 42528312 Equity Shares were allotted as fully paid-up
Bonus Shares by way of capitalisation of Securities Premium Account and
Reserves.
* includes 844512 Equity Shares represented by Global Depository
Receipts
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
613.808 |
613.808 |
613.808 |
|
|
2] Share Warrants |
0.000 |
0.000 |
208.695 |
|
|
3] Reserves & Surplus |
10042.041 |
11115.299 |
10656.029 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10655.849 |
11729.107 |
11478.532 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
8487.146 |
7569.561 |
8688.481 |
|
|
2] Unsecured Loans |
4085.380 |
4957.524 |
4762.185 |
|
|
TOTAL BORROWING |
12572.526 |
12527.085 |
13450.666 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
210.503 |
283.720 |
|
|
|
|
|
|
|
|
TOTAL |
23228.375 |
24466.695 |
25212.918 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8577.378 |
9404.185 |
9990.455 |
|
|
Capital work-in-progress |
1019.803 |
416.428 |
621.069 |
|
|
|
|
|
|
|
|
INVESTMENT |
7401.257 |
8917.856 |
8885.946 |
|
|
DEFERRED TAX ASSETS |
278.327 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4130.910
|
2845.038
|
3404.036 |
|
|
Sundry Debtors |
3204.585
|
2969.435
|
3044.761 |
|
|
Cash & Bank Balances |
317.501
|
265.616
|
467.994 |
|
|
Other Current Assets |
417.092
|
433.230
|
506.634 |
|
|
Loans & Advances |
2735.070
|
2787.763
|
2393.108 |
|
Total
Current Assets |
10805.158
|
9301.082
|
9816.533 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2427.913
|
1934.560 |
2200.518 |
|
|
Other Current Liabilities |
1992.198
|
1107.154
|
1303.905 |
|
|
Provisions |
433.437
|
531.142
|
596.662 |
|
Total
Current Liabilities |
4853.548
|
3572.856
|
4101.085 |
|
|
Net Current Assets |
5951.610
|
5728.226
|
5715.448 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23228.375 |
24466.695 |
25212.918 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales, Services and Export Incentives (Net) |
14964.666 |
13349.741 |
13791.938 |
|
|
|
Other Income |
762.331 |
848.634 |
986.040 |
|
|
|
TOTAL (A) |
15726.997 |
14198.375 |
14777.978 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Costs |
4819.041 |
3912.588 |
4429.085 |
|
|
|
Manufacturing and Operating
Costs |
2857.997 |
2464.924 |
2703.047 |
|
|
|
(Increase)/ Decrease in Finished and process Stock |
(813.739) |
554.562 |
(290.495) |
|
|
|
Employment Costs |
2512.782 |
2545.353 |
2610.026 |
|
|
|
Administrative, Selling and General Expenses |
3276.112 |
2707.834 |
3284.578 |
|
|
|
Loss/(Gain) on Variation in Foreign Exchange Rates (Net) |
20.351 |
(89.736) |
891.027 |
|
|
|
Finished and process
stock transferred on divestment of Business |
0.000 |
(179.307) |
0.000 |
|
|
|
Exceptional
Items - Surplus on divestment of Files and Tools business |
0.000 |
(445.082) |
0.000 |
|
|
|
- Others |
2526.761 |
433.430 |
2387.995 |
|
|
|
TOTAL
(B) |
15199.305 |
11904.566 |
16015.263 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
527.692 |
2293.809 |
(1237.285) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1016.993 |
980.310 |
850.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(489.301) |
1313.499 |
(2087.371) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1037.236 |
1113.065 |
888.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1526.537) |
200.434 |
(2975.506) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(477.830) |
(63.217) |
(271.538) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(1048.707) |
263.651 |
(2703.968) |
|
|
|
|
|
|
|
|
|
|
Prior period adjustments |
(3.830) |
(13.076) |
(6.541) |
|
|
|
Tax in respect of earlier years (Net) |
50.618 |
0.000 |
(5.004) |
|
|
|
Add : Withdrawn from General Reserve |
270.742 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
802.516 |
551.941 |
3267.454 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
61.381 |
0.000 |
0.000 |
|
|
|
Tax on Proposed dividend |
9.958 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
0.000 |
802.516 |
551.941 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
949.044 |
1287.713 |
1870.662 |
|
|
|
Earnings from Air Taxi Operations |
8.295 |
2.692 |
3.696 |
|
|
|
Others |
2.045 |
2.648 |
0.637 |
|
|
TOTAL EARNINGS |
959.384 |
1293.053 |
1874.995 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Merchanting Goods, etc. |
1835.425 |
1278.903 |
1414.168 |
|
|
|
Stores and Spare Parts |
127.703 |
117.519 |
143.796 |
|
|
|
Capital Goods |
261.623 |
55.510 |
2379.112 |
|
|
|
Repairs |
1.385 |
23.769 |
4.601 |
|
|
TOTAL IMPORTS |
2226.136 |
1475.701 |
3941.677 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and
diluted earnings per share, including exceptional items |
(16.32) |
4.08 |
(44.24) |
|
|
|
Basic and
diluted earnings per share, excluding exceptional items (net of tax) |
12.24 |
2.74 |
(5.94) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(6.67)
|
1.86
|
(18.30) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(10.20)
|
1.50
|
(21.57) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.88)
|
1.07
|
(15.02) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14)
|
0.02
|
(0.26) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.64
|
1.37
|
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23
|
2.60
|
2.39 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject (formerly known as Raymond Woollen Mills) was incorporated in
1925. The company has five divisions comprising of Textiles, Denim, Engineering
Files and 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. 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 and 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 ,
CORPORATE OVERVIEW
Subject is
The Company
prepares its financial statements in compliance with the requirements of the
Companies Act, 1956, and the Generally Accepted Accounting Principles (GAAP) in
FINANCIAL
HIGHLIGHTS
With the economic
revival gathering momentum, a clutch of growth trajectory initiatives enabled
the Company to deliver positive growth and further consolidate its leadership
in its core businesses. FY 2011 has been both challenging and momentous for the
Company. The resilience and inherent strength of the Company’s superior
technology-based manufacturing, deep pan-India retail network accompanied by
strong and successful brands were the key-drivers that enabled the Company to
deliver better performance with improvements across key parameters in FY 2011.
A significant
development during the year has been the amicable solution arrived by the
Company with the Workmen Union at the high-cost Thane Textile factory. The
Voluntary Separation Scheme package of Rs.2380.000 millions was signed in
October 2010 covering over 1850 workers. The Directors wish to compliment
workers of the Thane Unit for the peaceful settlement and wish them and their
families all the very best for the future.
The amalgamation
of erstwhile Raymond Apparel Limited with Solitaire Fashions Limited during FY
2011 has enabled to optimize operational efficiencies and rationalise costs. As
per the approvals granted by the Hon’ble High Courts,
For the Financial
Year ended March 31, 2011, the gross turnover of the Company was Rs.14965.300
millions as compared to Rs.13393.700 millions in the previous year. Profit
before tax and exceptional items was Rs.1000.200 millions as against Rs.188.800
millions in the previous year. The net loss after exceptional items, prior year
adjustments and provision for taxes was of Rs.1001.900 millions as against a
net profit of Rs.250.600 millions last year. The loss is on account of the
exceptional item of the one-time workers settlement at the Company’s Thane
Textile Unit amounting to Rs.2380.000 millions. In view of the divestment of
Files business effective October 1, 2009, figures of the current periods are
not comparable with corresponding figures of previous year.
The Directors are
optimistic that the Company’s performance will improve and also observe that
the exceptional charge of Rs.2380.000 millions in the Financial Statements for
FY 2011 consequent to the Workers Settlement in Thane has resulted in a Net
Loss of Rs.1001.900 millions. In view of the good operating profits, the
Directors propose to declare dividend out of Reserves by following the
Companies (Declaration of Dividend out of Reserves) Rules 1975. Accordingly, an
amount of Rs.270.700 millions has been withdrawn from General Reserves. Out of
the amount available for appropriation, the Directors recommend a dividend of
10% aggregating to Rs.61.400 millions (Previous Year: Nil) on Equity Shares.
The dividend tax on the dividend recommended will be Rs.10.000 millions
(Previous Year: Nil).
The Company
continues with its task to build business with long-term goals based on its
intrinsic strength in terms of its powerful brands, quality manufacturing
prowess, distribution strength and customer relationships. Rationalising and
streamlining operations to bring about efficiencies and reducing costs will
remain top priority.
OVERVIEW OF THE
ECONOMY
Despite new risks,
the global economic recovery is gaining strength and the IMF has projected a
4.5% world growth in 2011 and 2012. While growth in emerging economies remain
strong, that in the
The Indian Economy
registered improved growth and was amongst the better performers amid emerging
market economies. Central Statistical Organization’s recent estimated Indian
GDP growth rate of 8.6% for 2010-11 is consistent with the RBI’s projections
for the same period. While the area sown under the Rabi crop is higher than
last year which augurs well for agricultural production, the index of
industrial production continues to be volatile. The other indicators such as
latest Purchasing Managers’ Index, direct and indirect tax collections,
merchandise exports and bank credit suggest that the growth momentum persists.
However, continuing uncertainty about energy and commodity prices may vitiate
the investment climate, posing a threat to the current growth trajectory.
Inflation remains a challenge for the Indian Economy and the key risks are
tighter monetary conditions and rising prices eating into the consumer’s
disposable income.
ANALYSIS AND
REVIEW:
Textile Industry
Conditions
The Textile
industry is one of the largest and most important sectors in the Indian economy
in terms of output, foreign exchange earnings and employment.
Notwithstanding
signs of recovery from the previous financial crisis, the textile and apparel
industry went through a tough year struggling with the surging and fluctuating
prices of raw materials. However, the Government is making efforts in boosting
the textile industry through various initiatives and investments are increasing
steadily. The Ministry of Textiles has sanctioned a total of US$ 133 million
under Technology Upgradation Fund Schemes (TUFS) during September 2010. The
industry is expected to continue to grow at a significant rate in the future,
as it is fuelled by a strong domestic consumption.
Opportunities and
Challenges
The present global
economic scenario throws up opportunities for fundamentally strong companies
such as the Company. The inherent strength, in the form of strong domain expertise,
powerful brand positioning and strength and resilience of the brands, fully
integrated state-of-the-art production facilities, cutting-edge technology and
unparalleled product innovation capabilities combined with the deep retail
market penetration, growth potential of the Tier 3, 4 and 5 towns; provide a
highly potent platform to seize opportunities in the form of newer markets, new
segments of customers, new channels of distribution, etc.
On the other hand,
value buying by consumers, sharp increase in raw material prices, continued
weakness in developed geographies, prospect of higher domestic inflation,
fiscal tightening, proposed imposition of mandatory levy on branded garments
and interest rates are some of the challenges facing the Textile Industry at
large.
Overview
The Company is the
market leader in the textiles sector in India, has a powerful brand ‘Raymond’,
state-of-the-art manufacturing facilities and a strong all India retail
presence in the form of ‘The Raymond Shop’ (‘TRS’). The Company is considered
as the most respected company in the Apparel and Textile sector of
Performance
Highlights
Robust demand
conditions in the domestic market facilitated the Company to improve its
realisation by passing on the cost increase and improving the product mix. The
net sales for Textiles Division were Rs.14854.300 millions compared to
Rs.12229.300 millions in the previous year.
Market Share and
Retail Network
The Company is the
market leader in
In FY 2011 the
Textiles Division’s domestic sales were Rs.13490.300 millions as against
Rs.10892.900 millions in FY 2010. During FY 2011 the Company opened 56 new
retail stores. The Company continues to be judicious in its selection of store
locations.
Export
The Exports market
condition were tough during the financial year because of severe competition
and continuous increase in the raw material prices resulting in increase in the
input costs. The Textile exports for the financial year 2010- 2011 remained
flat and were Rs.1364.000 millions as against Rs.1336.400 millions in the previous
year.
Raw Material
Wool prices have
shown an upward trend in most of the months in the year. The Australian Dollar
has appreciated against the Indian Rupee and has shown a rising trend over the
last 6 months. The Polyester Fibre prices also had an increasing trend during
the year.
PERFORMANCE OF
SUBSIDIARY COMPANIES
Domestic
Raymond Apparel
Limited
Members will
recall that in order to optimize operational efficiencies, rationalize cost, enhance
synergies of Branded Apparel Business, etc., the erstwhile Raymond Apparel
Limited was amalgamated with another subsidiary company namely; Solitaire
Fashions Limited and the Scheme of Amalgamation and Arrangement was sanctioned
by the Hon’ble High Court of Judicature at Madras and by the Hon’ble High Court
of Judicature at Bombay. As part of the Scheme approved by the Hon’ble High
Courts and after following the legal process stipulated under Section 21 of the
Companies Act, 1956 the name of Solitaire Fashions Limited was changed to
Raymond Apparel Limited.
FY 2011 witnessed
improvement in customer sentiments with marginal increase in foot-falls.
Consequently, the performance of this company was better than the previous
year. The gross turnover for the FY 2011 was Rs.4687.900 millions (Previous
Year: Rs.4062.900 millions) while the Net Profit after tax was Rs.226.400
millions (Previous Year: 344.900 millions).
This company has
taken many initiatives to consolidate its market leadership, improve profitability,
product innovation, appropriate product-price mix and operating efficiencies
with a special focus in retail.
Colorplus Fashions
Limited
The Company’s
gross turnover for the year ended March 2011 was Rs.1720.000 millions (Previous
Year: Rs.1542.800 millions). The Company had a profit after tax of Rs.103.800
millions (previous year loss: Rs.34.000 millions). This Company continues its
initiatives at innovation and is a player in the premium casual wear segment.
Silver Spark
Apparel Limited
The gross turnover
of the Company was Rs.1093.600 millions as compared to the previous year
Rs.834.900 millions. The Company had a Profit after Tax of Rs.56.200 millions (Previous Year:
Rs.30.600 millions).
Celebrations
Apparel Limited
The gross turnover
of the Company was Rs.171.700 millions (Previous Year: Rs.174.200 millions).
The Company earned a profit after tax of Rs.8.500 millions (Previous Year
Rs.20.900 millions).
Everblue Apparel
Limited
The Company earned a Profit after Tax of Rs.8.200 millions (Previous
Year: Rs.21.500 millions).
Raymond Woollen
Outerwear Limited
The gross turnover
of the Company, net of returns and discounts was Rs.505.800 millions (Previous
Year: Rs.461.700 millions). The Company incurred a loss before prior period
adjustment of Rs.43.200 millions (Previous Year: loss Rs.14.400 millions).
The Company is in
the process of seeking necessary legal approvals from members / others for the
amalgamation of this company. This legal process is expected to help improve the
capacity of the Company and enhance operational efficiencies.
JK Files (
The Company is
engaged in manufacturing and marketing of Steel Files. With acquisition of
Files and Tools Division of Subject, in the previous financial year, this
Company added to its portfolio of products to the established business of High
Precision Files, HSS Cutting Tools, Power Tools and Hand Tools.
The Company
continues to be the market leader in the files segment in the domestic market
and the largest producer of Steel Files in the world.
The Export sales
of the Company was Rs.1001.000 millions compared to Rs.457.200 millions in the
corresponding previous year. The Company reported gross turnover of Rs.2721.200
millions for the year (Previous Year: Rs.1386.600 millions). The profit after
tax was Rs.109.100 millions (Previous Year: Rs.45.800 millions). The
significant growth during the year is also seen on account of acquisition of
Files and Tools business of Subject, during second half of previous year. In spite
of spiraling inflationary trends and volatile foreign currency, the Company was
able to put up a significantly good performance during the year. The
initiatives taken to improve on time in full (OTIF), customer service, control
on cost, productivity, process and control over rejections, effective
implementation of Theory of Constraints model, optimizing working capital and
aggressive marketing are the factors which have helped the Company to register
good performance for the year.
The Company has
taken conscious efforts towards better environment and safety at all its
manufacturing facilities. This company’s all manufacturing units now have BS
OHSAS 18001:2007 and ISO 14001: 2004 certification.
JK Talabot Limited
The Company
manufactures Files and Rasps at its plant located in Chiplun, Ratnagiri
District, in the state of
The performance of
the Company during the year was good, as it continued its initiative on
improvement in productivity, quality, and control on costs, working capital,
and better capacity utilization through effective implementation of Theory of
Constraints model.
Scissors
Engineering Products Limited
The Company incurred a loss of Rs.0.044 million (Previous Year: loss of
Rs.0.035 million) during the year.
Ring Plus Aqua
Limited
The gross turnover
of the Company was at Rs.1165.500 millions (Previous Year: Rs.817.400
millions). Profit after Tax was at Rs.112.900 millions (Previous Year:
Rs.50.800 millions). With significant growth trend in the Auto Industry, the
Company crossed the milestone of gross sales turnover of Rs.1000.000 millions
during the year.
The Gear sales
showed significant growth during the year and were higher by 58% at Rs.732.100
millions as compared to Rs.463.000 millions in the previous year. The export
sales have doubled and domestic sales have recorded good growth of around 22%
compared to previous year. With growing demand, the Company has decided to
augment its capacity by 1.5 million gears during the year, to take total Ring
Gear capacity to 4.5 million per annum. The capacity expansion is progressing
as per schedule and is expected to be complete by September 2011.
The sales for
Bearing Division were marginally higher at Rs.265.500 millions as compared to
the previous year when it was Rs.257.300 millions.
Pashmina Holdings
Limited
The Company made a profit after tax of Rs.19.900 millions in the FY 2011
as compared to a loss of Rs.0.500 million in the previous year.
Overseas Companies
Jaykayorg AG recorded a profit
of CHF 240,318 (equivalent to Rs.11.500 millions) [Previous Year: loss CHF
743,667 (equivalent to Rs.33.400 millions)] for the year ended December 31,
2010.
Raymond (
R and A Logistics
INC, USA, a subsidiary of Ring Plus Aqua Limited set up in USA to provide better
service to US based customers, earned a profit of US$ 11,111 (equivalent to
Rs.0.400 millions) [Previous Year: profit US$ 7,239 (equivalent to Rs.0.300
million)] for the year ended March 31, 2011.
PERFORMANCE OF
JOINT VENTURES
Raymond UCO Denim
Private Limited
During the year,
the sales turnover of Indian operations, net of returns and discounts recorded
a 28% growth to Rs.5960.600 millions including exports of Rs.2634.400 millions,
as compared to Rs.4663.000 millions including exports of Rs.2269.200 millions
for the previous year ended March 31, 2010.
The Company
recorded a profit before tax and exceptional items of Rs.61.800 millions as
against a loss of Rs.42.700 millions in the previous year ended March 31, 2010.
During the year,
Rs.485.400 millions was invested in its subsidiary from the proceeds of the
equity capital subscribed by both the shareholders. The subsidiary has used
these funds for repaying its obligations to the European Banks and consequently
the corporate guarantee stands discharged. A provision of Rs.200.000 millions
has been made towards diminution in the value of investment in the books of
this Company made in its subsidiary. The previous year had an exceptional gain
of Rs.72.300 millions arising from write back of interest provided on loans and
debentures subscribed by one of the shareholders of the Company.
Raymond Zambaiti
Limited
The gross turnover
of the Company was Rs.2117.600 millions (Previous Year: Rs.1632.000 millions).
The Company had a Profit after Tax of Rs.75.100 millions (Previous Year: Rs.111.200
millions) during the year ended March 2011. During the year, steep increase in
cotton prices has impacted the profitability of the Company. This Company is
the preferred premium high value shirting supplier to domestic brands and has a
strong emphasis on quality and innovation.
QUALITY AND
ACCOLADES
The Company
continues to win awards year-on-year. Some notable awards during the year are:
• The Chhindwara
unit of the Company won The National Safety Award under Scheme-II and runner up
in Scheme-I for the performance year 2008.
• The Vapi Textile
Unit has been certified OHSAS 18001:2007 and declared as ISO 14001:2004.
• The Vapi Textile
Unit won the 2nd Prize and Jalgaon Textile Unit was awarded Certificate of
Merit in Energy Conservation at The National Energy Conservation Awards in the
Textile sector on December 14, 2010.
• The Company has
recently been adjudged as
• The Company
bagged the most prestigious award as ‘The Franchisor of the Year’ at the
‘Franchise and Star Retailer Awards’ organized by Franchise
• The Company has
been awarded the SAP Customer Centre of Expertise (CCOE) certification for its
SAP operations on November 3, 2010.
• J.K. Files
(India) Limited has won for the 4th consecutive year EEPC India Star Performer
Award year 2008-09, for the highest engineering exports in Hand Tools (Large
Enterprise).
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2011 (Rs.
in millions) |
|
(a) Claims
against the Company not acknowledged as debts in respect of past disputed
liabilities of the Cement and Steel Divisions divested during the year
2000-01, Carded Woollen business divested during the year 2005-06, Denim
Division divested during 2006-07 (interest thereon not ascertainable at
present). |
|
|
— Sales Tax |
9.854 |
|
— Royalty on Limestone |
220.194 |
|
— Other matters |
15.209 |
|
|
245.257 |
|
(b) Claims against
the Company not acknowledged as debts in respect of other divisions. |
|
|
— Sales Tax |
41.664 |
|
— Compensation for Premises |
161.150 |
|
— Stamp Duty |
17.416 |
|
— Water Charges |
8.225 |
|
— Other Matters |
132.30 |
|
|
241.685 |
|
(c) Bills Discounted with the Company’s bankers |
71.875 |
|
(d) On account
of corporate guarantee to the bankers/vendors on behalf of subsidiaries for facilities availed by them (amount outstanding at
close of the year) |
642.193 |
|
(e) Disputed demands
in respect of Income-tax, etc. (Interest thereon not ascertainable at present) |
218.928 |
|
(f)
Bonds/Undertakings given by the Company under concessional duty/exemption
scheme to Government authorities (Net of obligations fulfilled) |
945.650 |
|
(g) Disputed
liability towards Excise duty on Post Removal of Goods from place of manufacture |
211.890 |
|
(h) Disputed
Excise Duty Liability in respect of other matters (includes Rs 64.510 millions,
Previous Year Rs.64.510 millions, on account of denial of excise exemption
benefit) |
153.784 |
|
(i) Liability on
account of jute packaging obligation upto 30th June, 1997, in respect of the Company’s
erstwhile Cement Division, under the Jute Packaging Materials (Compulsory use
in Packing Commodities) Act, 1987. |
Amount not
determinable |
|
(j) Company’s
liabilities/ obligations pertaining to the period upto the date of transfer
of the Company’s erstwhile Steel, Cement, Carded Woollen Division and Denim
Division in respect of which the Company has given undertakings to the
acquirers |
Amount not
determinable |
Note: Item (a), (b), (e), (g) to (j)
The Company has taken
legal and other steps necessary to protect its position in respect of these
claims, which, in its opinion, based on legal advice, are not expected to
devolve. It is not possible to make any further determination of the
liabilities which may arise or the amounts which may be refundable in respect
of these claims.
FIXED ASSETS:
v Land – Freehold
v Land – Leasehold
v Buildings
v Plant and Machinery
v Electrical Installations and Equipments
v Furniture, Fixtures and Office Equipment
v Livestock
v Vehicles
v Aircraft
v Boats and Water Equipments
v Software
WEBSITE DETAILS:
BUSINESS
DESCRIPTION:
Subject is a multi-product conglomerate with interests in textiles,
garmenting, apparel, retail, lifestyle brands and engineering (files, tools and
auto components). The Company operates in Textile Division and Files and Tools
Division. The Company is a supplier of suiting fabrics and international and
Indian brands. The Company has a Raymond manufacturing facilities and a
Pan-India retail presence in the form of The Raymond Shop (TRS). The Company
also offers a range of fabrics, garments and accessories in a shopping
environment. The Files and Tools Division manufactures and markets Steel Files,
HSS Cutting Tools (mainly drills) and merchandising activities mainly in Hand
Tools. During the fiscal year ended March 31, 2010 (fiscal 2010), the Division
further consolidated its position in Cutting Tools and Hand Tools segments. In
October 2009, Grotto S.p.A. transferred it's 50% holding in GAS Apparel Limited
to Raymond Apparel Limited, the Company's wholly owned subsidiary. For the
fiscal year ended 31 March 2010, Subject's revenues increased 3% to RS26.17B.
Net loss decreased 80% to RS460.3M. Revenues reflect increased profit on sale
of current investments and higher miscellaneous income. Lower loss also
reflects a decrease in material costs, decreased manufacturing and operating
costs, lower employment costs, decreased administrative, selling and general
expenses and lower finance charges.
MILESTONES
v 1925 - Setup of The Raymond Woollen mill in the area around Thane creek.
v 1944: Lala Kailashpat Singhania took over The Raymond Woollen Mill. The mill was primarily making cheap and coarse woollen blankets, and modest quantities of low priced woollen fabrics.
v 1950 - Setup of a new manufacturing activity for making indigenous engineering files known as JK Files & Tools. This has now become the largest facility of its kind in the world.
v
1958 - The first exclusive Raymond Retail
showroom, King's Corner, was opened in 1958 at Ballard Estate in
v 1964 - Setup of a new Combing Division. This was followed by a phase of vertical integration, facilitating in the processing of multi-fibres and technology improvements to make blended fabrics.
v
1968 - Raymond setup a readymade garments plant
at Thane. The readymade garments division of Raymond has since then grown
rapidly. Raymond has now become the leader among readymades, in
v 1979 - A new manufacturing facility was set up at Jalgaon, to meet the increasing demand for worsted woollen fabrics.
v 1980: Dr. Vijaypat Singhania took over the reins of the company. He injected fresh vigour into Raymond, transforming it into a modern, industrial conglomerate.
v
1986 - Launch of "
v
1990 - The first showroom abroad for Raymond in
v
1991 - A new manufacturing facility was set up
at Chhindwara, near
v 1995: Superfine pure wool collection under the Lineage Line (Super 100S to Super 140S).
v 1996: The Renaissance Collection made of Merino wool blended with polyester and specialty fibres (Super 100S to Super 140S).
v
1996: Raymond's denim; focusing on quality,
innovation and the creation of exclusive products that have always caught the
eye of some of the world's denimwear brands. Its designs have always kept pace
with the changing styles and cuts found in every youngster's closet. With a 40
million meters capacity, Raymond today ranks amongst the top 2 producers of
ring denim in
v
1999: The Chairman's Collection of Super 150S
made from Merino Wool and
v 1999: Launch of "Parx", a premium casual wear brand bringing customers a range of semi-formal and casual clothes.
v 2000: Mr. Gautam Hari Singhania is appointed Chairman and Managing Director of subject.
v 2000: Launch of "Be:", exclusive pręt line of ready-to-wear designer clothing for men and women.
v 2002: Acquisition of ColorPlus.
v 2003: Setup of 'Silver Spark Apparel Limited' for manufacturing suits and formal trousers catering largely to export markets.
v 2004: Super 220S fabrics under the Chairman's Collection.
v
2005: Setup of state-of-the art jeanswear
facility 'Everblue Apparel Limited' near
v 2005: Setup of state-of-the art facility 'Celebrations Apparel Limited' for the manufacturing of formal shirts.
v 2005: Raymond achieved a rare feat and a historical milestone with the creation of the world's finest worsted-suiting fabrics from the finest wool ever produced in the world- The Super 230s made up of 11.8 micron of wool.
v 2005: Launch of 'Expressions' an exquisite collection of all wool and polywool suiting specially crafted using exotic fibres like Cashmere, Angora, Mohair, Bamboo, Casein.
v
2006 Set of Raymond's third worsted unit at Vapi
in
v
2006 Launch of design studio in
v 2006: Set up of world class carded woollen unit, Raymond Fedora Limited, in Jalgaon.
v
2006 Set up of
v 2006 Set up of J.K. Talabot Limited - JV with MOB, France for the manufacturing of files and rasps.
v 2006 Launch of Zapp! their kidswear brand with first store in Ahmedabad.
v
2007 Entered into Joint Venture to retail
premium brand ‘GAS’ in
v 2007 Launch of new brands for women’s wear.
v 2008 Launch of 'Raymond Finely Crafted Garments' – readymade apparel under Raymond brand.
v 2008 Launch of 'Neckties & More' - New format store for accessories.
BOARD OF
DIRECTORS:
Gautam Hari
Singhania (Executive Chairman of the Board, Managing Director)
Shri. Gautam Hari Singhania is Chairman of the Board, Managing Director of
Subject since September 2000. Since then he has steered the destiny of Subject
with a single-minded focus of being the brand in
Vijaypat Singhania
(Chairman Emeritus)
Dr. Vijaypat Singhania is Chairman Emeritus of Subject He was Chairman
of the Board and Managing Director of Subject in January 1980, which position
he held till June 1999 and was appointed as Executive Chairman of the Company
from July 1999. Currently he is the Chairman-Emeritus of the Company from
September 6, 2000, in a non-executive capacity. Dr. Singhania has nearly four
decades of experience in the management of several industrial units as the
Chief Executive and has been instrumental for the growth and diversification
plans of the Company. Dr. Singhania also serves as Chairman of the group
companies. Dr. Singhania is actively associated with Indian Merchants’
Chamber, Indian Woollen Mills Federation, and Founder patron of Federation of
Indian Pilots. Dr. Singhania has undergone the Advanced Management Programme
(AMP) in Harvard. Dr. Singhania was a member of the FICCI trade delegation to
I. D. Agarwal
(Independent Non-Executive Director)
Shri. I.D. Agarwal is Independent Non-Executive Director of Subject
since June 23, 2006. He was earlier a Nominee Director of Unit Trust of India
on the Board of the Company during October, 2001 to February, 2006. Shri
Agarwal, M.Com. D.S.M., C.A.I.I.B., has 37 years of experience in Banking,
Finance and Currency, has undergone professional training with Bank of England
(U.K.), Midland Bank (U.K.), Bundesbank (
Pradeep Kumar
Bhandari (Non-Independent Non-Executive Director)
Shri. Pradeep Kumar Bhandari is Non-Executive Independent Director of
Subject He is a commerce and law graduate from the University of Kolkata and a
Fellow Member of the Institute of Chartered Accountants of India and an
Associate Member of the Institute of Company Secretaries of India and has over
24 years of experience in the field of project finance, industry, business and
corporate management. Shri P. K. Bhandari, who joined the Company on August 27,
1989 played a key role in strategising and implementing the Company’s
restructuring program, which included hiving off its non-core businesses in
steel, cement and synthetics and consolidating its core - textile, garment and
files businesses through merger and acquisitions. Shri Bhandari joined the
Board of Directors of the Company as Wholetime Director on April 24, 2003. Shri
P. K. Bhandari was Group President of the Company from April 1, 2005 to January
30, 2008. Shri P. K. Bhandari is a member of the Shareholders/Investors’
Grievances Committee of the Board of Directors of the Company. Shri Bhandari was
honoured with a â€Special Commendation’ for his performance in the mergers
and acquisitions category of the “CFO of the Year” award instituted
by The Economist in association with American Express.
Akshay Chudasama
(Independent Director)
Shri. Akshay Chudasama has been appointed as the Independent Director of
Subject He is the Senior Partner, Member - Executive Committee and Co-Chairman
- Corporate Commercial Practice of a Law Firm, viz. Jyoti Sagar Associates,
Advocates and Solicitors (Mumbai, New Delhi and Bangalore). Shri Chudasama was
a Partner of AZB and Partners, Advocates and Solicitors (Mumbai,
Nabankur Gupta
(Independent Non-Executive Director)
Shri. Nabankur Gupta is Independent Non-Executive Director of Subject He
is a graduate from lIT,
Boman R. Irani
(Independent Director)
Shri. Boman R. Irani has been appointed as the Independent Director of
Subject He is the Chairman and Managing Director of the Keystone Group. Shri
Irani is a Bachelor of Engineering and has undergone the Owner President
Management Program from the
PRESS RELEASES:
Mint: 06 June 2011
The Mumbai-focused realty firm has bought land in its core operational
market Mumbai as well as in new markets such as
For its second real estate fund, the company will secure money from
domestic investors along with a Canadian firm that "deals in real estate
construction, financial advisory and asset management", Piramal said.
He didn't disclose the planned size of the fund.
In fiscal 2011,
The company has to pay another Rs.3000.000 millions for the projects, it
added.
The developer has invested in five projects with the Rs.1800.000
millions Peninsula Realty Fund, Piramal said.
The new projects will open up development potential of nearly 30 million
sq. ft for the company. A central Mumbai property in Sewri alone will generate
about 2 million sq. ft of saleable area.
"The quality of assets that the company has acquired is good. These
are projects that should materialize quickly," said Kejal Mehta, research
analyst, institutional equities, Prabhudas Lilladher.
On raising a second fund, Mehta said fund-raising in the current
environment will not be easy because there isn't much capital available to the
real estate sector.
Land purchases have slowed considerably this year as developers are
battling dipping home sales and delays in securing project approvals in markets
such as Mumbai.
As project manager, it will get another 8% stake in the special purpose
vehicle (SPV) created for developing the property. The other stakeholders are
IL and FS Investment Managers Limited and HEM Bhattad Developers.
"We are still one-two big transactions away before we reach
saturation for now," said Piramal.
Besides this, the company is a serious contender for the
development-cum-sale plan of Raymond Limited's 125-acre factory land in Thane,
he added.
The company will also mark its entry into
In the January-March quarter,
FRO 2011 ORGANIZED
BY FRANCHISE
New Delhi, Delhi, May 25 -- FRO Expo 2011, India's national Franchise and Retail show embarked in Mumbai on May 21st-22nd, 2011 at the Nehru Centre, Worli and brought with it over 150 brands offering franchising opportunities. Over 50 brands were offered with franchise covenants for the first time.
The show was presented by Franchise India, Asia's largest integrated
franchise Solution Company and Indian Franchise Association (IFA) in
association with Brainworks Learning Systems Private Limited, Jumboking and
Club City with the support of Ministry of Micro Small and Medium Enterprises,
Government of India (MSME) andthe event was inaugurated by Dr. Nitin Kashinath
Raut, Cabinet Minister for Employment Guarantee Scheme, Government of
Maharashtra along with Mr. Gaurav Marya, President, Franchise India Holdings
Limited and Ms. Ashna G. Sharan, CEO, Franchise India Exhibitions. The Guest of
the Honor at the show was Mr. Kiran Kulkarni, Executive Director, Maharashtra
Centre of Entrepreneurship Development and Mr. R Sriram, Co-Founder, President,
TIE, Mumbai.
The occasion also witnessed an enlightening 'Start Up Summit 2011'
addressing core entrepreneurial issues and an insightful workshop on 'how to
franchise your business' with prominent international and national speakers to
impart knowledge. The key speakers comprised of Dr. Nitin Kashinath Raut
(Cabinet Minister for Employment Guarantee Scheme, Government of Maharashtra),
Mr. R. Sriram (Co-founder and President, TIE, Mumbai), Mr. Tony White (Regional
GM, Gloria Jeans Coffee, Australia), Mr. Rod Young (ED, DC Strategy,
Australia), Mr. Himanshu Chakrawarti (CEO, The Mobile Store Limited), Mr. NP
Singh (Director, Samsonites Sales Private Limited), Mr. Naresh Mehta (Director,
Retail Operations, Raymond Limited), Mr. Dheeraj Gupta (MD, Jumboking), Ms.
Nanette D'Sa (CEO, Brainworks) to name a few. The summit was attended by over
150 business delegates and near about 8000 people attended the franchise biz.
The show encompassed a comprehensive exhibition and a thought-provoking
conference on franchising, retailing and licensing, covering the broad dynamics
of SME sector. FRO Mumbai displayed various Indian and global brands, under one
roof, to impart an all-round perspective on franchising within the prominent
SME sector, thereby highlighting the principal concepts and prevailing trends
in franchising fraternity.
Commenting further, Mr. Gaurav Marya, President, Franchise
The Exhibition put forth a wide spectrum of enticing opportunities in
franchising, retailing, licensing, real estate and retail supply chain for the very
first time in Mumbai, from diverse industry verticals such as Fashion and
Lifestyle, Food and Beverage, Education, Financial services, Health, Beauty and
Wellness, Travel, Entertainment and many more. Some of the brands which got
launched at the show were Focus Softnet, Kids Camp, Lisa Home Solutions, Pop
Languages, Blossom Snacks and Juice Centre, Bluue Mango, Phonecare Services
Private Limited, La Feasta, Zinc Square Hospitalities, High Profile, Camex
Wellness Limited, Rising Star, Richmond Global School, Naushijaan Restaurant,
ZoomIn Online India Private Limited, etc. and others participating included Sir
Speedy, Mexus, Reebok, Satya Paul, Florista, Picasso, Erudite, Swirls, Guardian
Pharmacy, Siyaram's, Barista, Aura Thai spa, Colonel's Kebabz, Tie Rack,
Gitanjali, Jawed Habib, Elixir, Samsonite, Bwitch, Rising Stars, Beyond Petals,
Kodak, Cocoberry, Brainsmiths, Derby, Geetanjali Jewels, Kwality Walls, Ferns
and Petals, Barista, Sign A Rama, IFB, Style Spa, Perfume Station, Snap
Fitness, Virtual Edutechnica, Pizza corner, The Cream and Fudge Corner, The
Donut Baker, Luxus, Chocolate Room, Moti Mahal and many more.
About Organizer,
Franchise
Franchise
About Franchise
Franchise India Exhibition is one of the key initiates by FIHL. Since
its inception in 2003 FIE has benefitted over 3.5 lacs business investors with
over 75 shows held both in
FRANCHISE
Mumbai,
Franchise India Brands Limited had more than 100 brands under its
cubicle. The key brands participated at the show were: Club City, Booster Juice
,Satya Paul, Bwitch, Tie Rack London, Peter England, Sir Speedy, Cafe Jubilee,
Sporty Beans, Barista, Agrimart, Reebok, Sbarro, DHI, Chhabra 555, Guardian
Life Care, Enamor, Siyaram, Next, Planet M, Gitanjali, Coffee n U, Keen to
Clean, Edify, Edify Pre School, Samsonite, Rock Port, Sign A Rama, Cocoberry,
IFB, The Strategy Academy, Funland, Focus Educare, i360, Style Spa, NIPS,
Leapbridge, Perfume Station, Colonel Kababz, Derby, Yogurberry, Snap Fitness, Virtual
Edutechnica, Vcare, La Feasta, Khyber, Coffee World, Pizza corner, The Cream
and Fudge Corner, The Donut Baker, Turquoise Cottage, Ice Cube, Luxus India
Private Limited, Chocolate Room, Brand U, Indus League, Ritu Kumar.
The 2011 Mumbai Startup Summit was attended by over 150 business
delegates and mass of 8000 people approximately attended the franchise biz. The
conference was scheduled for new business owner and start-ups. The sessions
took place to notify on writing business plans; finding funding; marketing the
company and a panel of experienced startup founders and business leaders
offered their advice and visions.
FRO 2011, Mumbai was an ideal platform for companies to present and
expand their franchising concepts by networking with an average of 2500-300
serious and potential entrepreneurs in each region. Over 150 brands from more
than 50 sectors exhibited at the show and moreover 8000 people approx. attended
the franchise biz. The show was presented by Franchise
On this remarkable show, Ms Sonya Chowdhry, Director of Franchise India
Brands Limited stated "Franchise India Brands conducted a business
match-making programme at the show to understand the business of the client and
the targeted opportunity match. We facilitated a qualified match making
programme to all the exhibitors, delegates and pre-registered visitors to FRO
2011. Our participation in FRO 2011 was an initiative to encapsulate the vital
tools of franchising the business and to provide an in-depth understanding,
complete step-by-step procedure of starting and growing a franchise business.
It was a great platform to embark our presence at the show wherein there were
more than 150 brands integrated."
The key speakers comprised of Dr. Nitin Kashinath Raut (Cabinet Minister
for Employment Guarantee Scheme, Government of Maharashtra), Mr. R. Sriram
(Co-founder and President, TIE, Mumbai), Mr. Tony White (Regional GM, Gloria
Jeans Coffee, Australia), Mr. Rod Young (ED, DC Strategy, Australia), Mr.
Himanshu Chakrawarti (CEO, The Mobile Store Limited), Mr. NP Singh (Director,
Samsonites Sales Private Limited), Mr. Naresh Mehta (Director, Retail
Operations, Raymond Limited), Mr. Dheeraj Gupta (MD, Jumboking), Ms. Nanette
D'Sa (CEO, Brainworks) to name a few.
RAYMOND GOES MASS
MARKET; LAUNCHES CHEAPER POLYESTER VISCOSE FABRIC BRAND TO GRAB LOW END OF THE
MARKET
DNA (Daily News and Analysis)
29 April 2011
Raymond Limited, known for making finest suiting in the world, has gone
mass market with its fabrics.
The textile major that commands over 60% share of the worsted suiting
market in India is now selectively launching Makers, a brand of cheaper
polyester viscose fabric that comes in the range of `250-`400 a metre, price
points so far being addressed by mostly unorganised players.
Raymond, known more for its high-value pure-wool and wool-blended
suiting, also makes polyester viscose suiting catering mostly to the premium
end of the market while the new brand, Makers, would address the lower end,
Aniruddha Deshmukh, president of textiles division, said.
"We already control 15% share of the polyester viscose segment and
the idea behind launching this brand is to get a share of the low end of the
market as well," he said.
The need for such a brand was felt when Raymond, after establishing its
range of exclusive stores in smaller cities, hit upon the segment of customers
who aspire to have quality fabric but cannot afford its flagship brand,
Deshmukh said. "We are taking the Raymond brand in a big way to the tier 4
and 5 towns where we got phenomenal response. That also made us realise that
there is a whole segment of customers who, though aspire for Raymond as a
brand, can't afford it." The Indian suiting market is valued at
`6,000-8,000 crore, growing at an annual rate of 10-15%.
In a bid to protect Raymond's premiumappeal, the name is not being
associated with the new brand, which wouldn't be stocked in exclusive Raymond
shops also, and the fabric would be marketed through multi-brand outlets only.
"We aim to take the new brand to most of the eastern states like West
Bengal, Bihar, Jharkhand, Orissa, and also the southern states by the end of
the year, mostly in the tier 4 and 5 towns," Deshmukh said.
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.44.46 |
|
|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.