1. Summary Information
|
|
|
Country |
|
|
Company Name |
BOMBAY RAYON
FASHIONS LIMITED |
Principal Name 1 |
Mr. Janardan Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. Aman Agarwal |
|
|
|
Registration # |
11-066880 |
|
Street Address |
D – 1ST
Floor, Oberoi Garden Estates, Chandivali, Farms Road, Chandivali, Andheri
(E), Mumbai – 400072, Maharashtra, India |
||
|
Established Date |
21.05.1992 |
SIC Code |
-- |
|
Telephone# |
91-22-66955566/
56950506 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-22-28476992/
28598522 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Woven Fabric of Cotton |
|
|
# of employees |
26,519 (Approximately) |
Product Name 2 |
Men’s or Boys Shirting’s |
|
Paid up capital |
Rs.
1,279,000,000/- |
Product Name 3 |
Women’s or Girls Blouses, Shirts and Shirt-Blouses |
|
Shareholders |
Promoter and
Promoter Group – 93.15% Public
shareholding – 6.85% |
Banking |
Axis Bank
Limited |
|
Public Limited Corp. |
Yes |
Business Period |
20 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries
: |
-- |
Bombay Rayon
Holdings Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
13,315,064,000 |
Current Liabilities |
3902,592,000 |
|
Inventories |
12,628,749,000 |
Long-term Liabilities |
31,297,887,000 |
|
Fixed Assets |
28,681,781,000 |
Other Liabilities |
1,376,494,000 |
|
Deferred Assets |
0 |
Total Liabilities |
36,576,973,000 |
|
Invest& other Assets |
8,602,902,000 |
Retained Earnings |
24,512,373,000 |
|
|
|
Net Worth |
26,651,523,000 |
|
Total Assets |
63,228,496,000 |
Total Liab. & Equity |
63,228,496,000 |
|
Total Assets (Previous Year) |
46,994,425,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
22,548,363,000 |
Net Profit |
2,266,990,000 |
|
Sales(Previous yr) |
16,147,659,000 |
Net Profit
(Prev.yr) |
1,759,191,000 |
MIRA
INFORM REPORT
|
Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
BOMBAY RAYONS FASHIONS LIMITED |
|
|
|
|
Registered
Office : |
D – 1ST Floor, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
21.05.1992 |
|
|
|
|
Com. Reg. No.: |
11-066880 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1279.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17120MH1992PLC066880 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM08816D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM3447J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company
is mainly engaged in the business of manufacturing of textiles consisting of
fabrics and garments. |
|
|
|
|
No. of Employees
: |
26,519 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 110000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal for 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Debt Instruments : (CARE) A1 |
|
Rating Explanation |
Having very strong degree of safety
regarding timely payment of financial obligation it carry lowest credit risk. |
|
Date |
May 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Head Office : |
D – 1ST Floor, Oberoi Garden Estates, Chandivali, Farms
Road, Chandivali, Andheri (E), Mumbai – 400072, Maharashtra, India |
|
Tel. No.: |
91-22-66955566/ 56950506 |
|
Fax No.: |
91-22-28476992/ 28598522 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft.[Approximately] |
|
Location : |
Owned |
|
|
|
|
Factory : |
WEAVING AND YARN
DYEING – Maharashtra – Navi Mumbai, Sonale and Tarapur, District Thane – Silvassa – Karnataka – Bangalore PROCESSING AND
YARN DYEING – Maharashtra -Tarapur – Karnataka – Bangalore GARMENTING – Maharashtra – Navi Mumbai, Islampur, Latur, Ichalkaranji and
Osmanabad – Karnataka - Bangalore – Tamilnadu - Chennai – Kerala - Thiruvannthapuram |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Janardan Agarwal |
|
|
Designation : |
Chairman |
|
|
Date of Birth : |
25.05.1949 |
|
|
Qualification : |
B. Com |
|
|
Date of Appointment : |
24.08.1992 |
|
|
|
|
|
|
Name : |
Mr. Aman Agarwal |
|
|
Designation : |
Vice Chairman |
|
|
Qualification : |
M.B.A. ( |
|
|
Date of Appointment : |
31.01.2003 |
|
|
|
|
|
|
Name : |
Mr. Naseer Ahmed |
|
|
Designation : |
Joint Vice Chairman |
|
|
Date of Birth : |
22.05.1959 |
|
|
Qualification : |
B. Com |
|
|
Date of Appointment : |
25.07.2005 |
|
|
|
|
|
|
Name : |
Mr. Prashant Agarwal |
|
|
Designation : |
Managing Director |
|
|
Qualification : |
B. Tech., M.S. ( |
|
|
Date of Appointment : |
01.09.1997 |
|
|
|
|
|
|
Name : |
Mr. Uday Mogre |
|
|
Designation : |
Executive Director (Corporate) |
|
|
|
|
|
|
Name : |
Mr. A R Mundra |
|
|
Designation : |
Executive Director (Finance) |
|
|
Date of Birth : |
21.07.1956 |
|
|
Qualification : |
B. com, L. L. B, ACA, ACS |
|
|
Date of Appointment : |
16.05.2005 |
|
|
|
|
|
|
Name : |
Dr. Pravin P Shah |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Dr. B. S. Bhesania |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. S. B. Agarwal |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. Suresh Vishwasrao |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. M. M. Agrawal |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. Mukul Sarkar |
|
|
Designation : |
Nominee Director - EXIM Bank |
|
KEY EXECUTIVES
|
Name : |
Ms. Prachi A. Deshpande |
|
Designation : |
Company Secretary |
|
Address : |
D 1st Floor, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
22,456,500 |
16.68 |
|
|
51,922,760 |
38.58 |
|
|
74,379,260 |
55.26 |
|
|
|
|
|
Bodies Corporate |
51,000,400 |
37.89 |
|
|
51,000,400 |
37.89 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
125,379,660 |
93.15 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1,154 |
0.00 |
|
|
1,407,546 |
1.05 |
|
|
770,645 |
0.57 |
|
|
2,179,345 |
1.62 |
|
|
|
|
|
|
3,882,405 |
2.88 |
|
|
|
|
|
|
771,159 |
0.57 |
|
|
597,691 |
0.44 |
|
|
1,798,740 |
1.33 |
|
|
1,628,199 |
1.21 |
|
|
161,541 |
0.12 |
|
|
7,040,995 |
5.23 |
|
Total Public shareholding (B) |
9,220,340 |
6.85 |
|
Total (A)+(B) |
134,600,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
132,100,000 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
|
Line of Business : |
The Company is mainly engaged in the business of
manufacturing of textiles consisting of fabrics and garments. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
‘GURU’ |
PRODUCTION STATUS AS ON (31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fabrics |
Million Metres |
235.00 |
121.84 |
|
Garments |
Million Pieces |
88.80 |
40.65 |
GENERAL INFORMATION
|
No. of Employees : |
26,519 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ř
Allahabad Bank Ř
AXIS Bank Limited Ř
Bank of India Ř
Bank of Maharashtra Ř
Citibank N.A. Ř
Corporation Bank Ř
DENA Bank Ř
Export-Import Bank of India Ř
IDBI Bank Limited Ř Indian Bank Ř
Karnataka Bank Limited Ř
Karur Vysya Bank Limited Ř
Oriental Bank of Commerce Ř
Punjab National Bank Ř
State Bank of Bikaner and Jaipur Ř
State Bank of India Ř
State Bank of Hyderabad Ř
State Bank of Mysore Ř
State Bank of Patiala Ř
State Bank of Travancore Ř Standard
Chartered Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. K. Beswal and Associates Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Subsidiaries : |
·
BRFL Europe B.V. ·
DPJ Clothing Limited ·
Bombay Rayon Holdings Limited ·
BRFL Italia S.R.L. ·
BRFL Bangladesh Private Limited ·
STI India Limited (w.e.f. October 27, 2010) |
|
|
|
|
Other related parties : |
·
Reynold Shirting Limited ·
Bombay Rayon Clothing Limited ·
Bestsellers Retail India Private Limited ·
Best United Lifestyles Private Limited ·
Best United India Comforts Private Limited. ·
Bestseller Wholesale India Private Limited ·
B. R. Machine Tools Private Limited |
CAPITAL STRUCTURE
AFTER 15.09.2011
Authorised Capital : Rs. 1500.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 1346.000
Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,79,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 1279.000
Millions |
|
|
|
|
|
Out of the above:
1) 1,15,87,600 equity shares were issued as fully paid -up pursuant to
scheme of Amalgamation
2) 39,98,000 equity shares were issued as fully paid- up bonus shares by
capitalisation of Profit & Loss Account
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 |
1279.000 |
1119.000 |
691.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
3330.000 |
|
|
3] Reserves & Surplus |
24512.373 |
17974.171 |
7873.183 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
5] Advance Money Received for convertible warrants |
860.150 |
202.650 |
0.000 |
|
|
NETWORTH |
26651.523 |
19295.821 |
11894.183 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
27655.462 |
21467.237 |
16604.465 |
|
|
2] Unsecured Loans |
3642.425 |
3334.247 |
550.381 |
|
|
TOTAL BORROWING |
31297.887 |
24801.484 |
17154.846 |
|
|
DEFERRED TAX LIABILITIES |
882.360 |
911.771 |
661.425 |
|
|
|
|
|
|
|
|
TOTAL |
58831.770 |
45009.076 |
29710.454 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
28681.781 |
19259.210 |
8577.423 |
|
|
Capital work-in-progress |
6375.680 |
5542.555 |
7152.754 |
|
|
|
|
|
|
|
|
INVESTMENT |
2227.222 |
4394.813 |
3322.790 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12628.749
|
6955.757
|
4751.411
|
|
|
Sundry Debtors |
4791.249
|
3772.531
|
3107.222
|
|
|
Cash & Bank Balances |
349.210
|
260.776
|
314.432
|
|
|
Other Current Assets |
5125.016
|
4403.113
|
0.000
|
|
|
Loans & Advances |
3049.589
|
2405.670
|
3859.081
|
|
Total
Current Assets |
25943.813
|
17797.847
|
12032.146 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3649.369
|
1520.969
|
922.973 |
|
|
Other Current Liabilities |
253.223
|
239.169
|
238.637
|
|
|
Provisions |
494.134
|
225.211
|
213.049
|
|
Total
Current Liabilities |
4396.726
|
1985.349
|
1374.659
|
|
|
Net Current Assets |
21549.087
|
15812.498
|
10657.487
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
58831.770 |
45009.076 |
29710.454 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22548.363 |
16147.659 |
13424.003 |
|
|
|
Other Income |
234.906 |
156.605 |
47.875 |
|
|
|
TOTAL (A) |
22783.269 |
16304.264 |
13471.878 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
14113.479 |
9828.343 |
8126.326 |
|
|
|
Manufacturing and Other Expenses |
5082.804 |
3944.602 |
2855.793 |
|
|
|
Increase/(Decrease) in Finished Goods |
(2056.562) |
(1500.467) |
(770.982) |
|
|
|
TOTAL (B) |
17139.721 |
12272.478 |
10211.137 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5643.548 |
4031.786 |
3260.741 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1452.064 |
935.437 |
659.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4191.484 |
3096.349 |
2601.112 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1366.705 |
680.653 |
447.747 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2824.779 |
2415.696 |
2153.365 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
557.789 |
656.505 |
668.381 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2266.990 |
1759.191 |
1484.984 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4449.367 |
2976.552 |
1674.716 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED
ON AMALGAMATION |
0.000 |
0.000 |
60.411 |
|
|
|
|
|
|
|
|
|
Less |
ADDITIONAL
DIVIDEND AND CORPORATE DIVIDEND TAX |
0.000 |
0.000 |
10.705 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
120.000 |
90.000 |
80.000 |
|
|
|
Proposed Dividend |
198.150 |
167.850 |
130.650 |
|
|
|
Corporate Dividend Tax |
32.910 |
28.526 |
22.204 |
|
|
BALANCE CARRIED
TO THE B/S |
6365.297 |
4449.367 |
2976.552 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10730.309 |
9311.959 |
8460.287 |
|
|
TOTAL EARNINGS |
10730.309 |
9311.959 |
8460.287 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
995.137 |
560.096 |
485.366 |
|
|
|
Stores & Spares |
104.498 |
332.188 |
21.705 |
|
|
|
Capital Goods |
1992.321 |
2164.861 |
1552.886 |
|
|
TOTAL IMPORTS |
3091.956 |
3057.145 |
2059.957 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
19.06 |
18.90 |
21.89 |
|
|
|
- Diluted |
17.70 |
18.59 |
17.30 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
5th Quarter |
|
Sales Turnover |
6038.220 |
6340.870 |
7009.320 |
7961.200 |
7651.600 |
|
Total Expenditure |
4541.660 |
4656.970 |
5153.850 |
5676.000 |
5662.600 |
|
PBIDT (Excl
OI) |
1496.560 |
1683.900 |
1855.470 |
2285.200 |
1989.000 |
|
Other Income |
43.790 |
58.350 |
17.640 |
23.200 |
47.400 |
|
Operating
Profit |
1540.350 |
1742.250 |
1873.110 |
2308.400 |
2036.400 |
|
Interest |
439.350 |
494.710 |
654.050 |
627.200 |
661.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1101.000 |
1247.540 |
1219.060 |
1681.200 |
1375.300 |
|
Depreciation |
391.470 |
581.650 |
568.500 |
630.700 |
656.400 |
|
Profit
Before Tax |
709.530 |
665.890 |
650.560 |
1050.500 |
718.900 |
|
Tax |
141.410 |
121.730 |
113.410 |
635.900 |
222.700 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
568.120 |
544.160 |
537.150 |
414.600 |
496.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
568.120 |
544.160 |
537.150 |
414.600 |
496.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.95 |
10.79
|
11.02
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.53 |
14.96
|
16.04
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.17 |
6.52
|
6.93
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.13
|
0.18
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.34 |
1.39
|
1.56
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.90 |
8.96
|
8.75
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
BOARD OF DIRECTORS:
Mr. Janardhan Agarwal
Chairman
Janardan Agrawal
the founder of the Bombay Rayon is having over 33 years of experience in textile
industry and has been involved in the business since its inception. He is
accredited with establishment of the Bombay Rayon brand of fabrics in the local
retail market. The group has consistently grown under his dynamic and
compassionate leadership.
Mr. Aman Agrawal
Executive Vice
Chairman
Aman Agrawal has
over 16 years of experience in the textile industry. He provides strategic
direction in selection of technology and machineries in setting up new
manufacturing facilities, improvement of production processes and new ventures.
Mr. Prashant Agarwal
Managing Director
Prashant Agrawal
has over 14 years of experience in the textile industry. The shift of strategic
focus from a fabrics company to a fully integrated complete apparel company is
due to his vision.
Mr. Naseer Ahmed
Joint Vice Chairman
Naseer Ahmed is a
businessman and has established a niche in the export market by supplying
garments to top international brands.
Mr. A R Mundra
Executive Director –
Finance
A.R. Mundra has experience
of over 28 years in finance, commercial and managerial related matters. His
core strength lies in fund procurement, internal controls, mergers &
acquisitions, organizational systems and strategic planning.
Mr. Uday Mogre
Executive Director –
Corporate
Uday C. Mogre has
over 30 years of experience in project financing, marketing and SAP. His
strength lies in establishment of New Projects, expansion programs, setting up
manufacturing facilities at various locations, developing corporate HR policies.
Dr. Pravin P. Shah
Independent Director
Dr. Pravin P. Shah
has over 39 years of professional experience in the areas of financial
consultancy, corporate structuring/restructuring, management consultancy,
taxation, valuation, property matters, accounting, auditing, company law and
FEMA matters etc and is involved in providing in-house consulting services in
the areas of business planning, costing, finance, new project evaluation,
capital expenditure planning etc.
Mr. Mukul Sarkar
Nominee Director –
EXIM Bank
Mukul Sarkar,
Nominee Directors of Export – Import Bank of India, has more than 20 years of
experience in the banking and financial services sector. He has vast experience
in structured financing and has handled credit proposals of large corporate
clients in overseas investments including acquisitions, export credit, working
capital, project finance, Import finance and financing Joint ventures
Dr. B. S. Bhesania
Director
Dr. B. S. Bhesania
has over 50 years of professional experience in legal and specializes in areas
of shipping laws, corporate laws, property laws, etc.
Suresh Vishwasrao
Director
Suresh Vishwasrao
has an overall four decades of experience in the banking industry. He has wide experience
in banking regulations, Foreign Exchange Management Act, loan syndication(s),
capital market activities, etc.
Mr. S.B. Agarwal
Independent Director
S. B. Agarwal has
over 44 years of professional experience in operations of textile industry with
large corporate groups.
M. M. Agrawal
Director
M. M. Agrawal has
over 37 years of experience in Banking industry and has retired as Deputy
Managing Director of Axis Bank. His areas of expertise include private equity,
strategy, corporate governance, corporate finance and corporate social
responsibilities.
SUBSIDIARY COMPANIES:
(i) Bombay Rayon Holdings Limited (BRHL).
BRHL holds 100% equity of foreign subsidiaries BRFL Europe B.V., Netherlands and BRFL Italia S.R.L., Italy. BRHL has registered a net profit of Rs. 9.207 Millions for the year ended March 31, 2011.
(ii) DPJ Clothing Limited, U.K.
DPJ Clothing Limited is engaged in business of wholesale marketing and distribution of clothing Products. The said subsidiary is assisting in getting many mid size retailers of Europe by providing the services either by direct import or by import and delivery basis. The Company continued to reap benefits in expanding its business in Europe. DPJ Clothing Limited has registered a net profit of Rs. 19.961 Millions for the year ended March 31, 2011.
(iii) BRFL Europe B.V., Netherlands.
BRFL Europe B.V at Netherlands continued to play an important role for canvassing the business, services to customers on products and designs. BRFL Europe B.V. has registered a loss of Rs. 4.995 Millions for the year ended March 31, 2011.
(iv) BRFL Italia S.R.L, Italy.
The Company owns the popular ‘GURU’ brand and is into the business of retailing of readymade garments as well as other accessories in Europe. BRFL Italia S.R.L, Italy has registered a net loss of Rs. 445.511 Millions for the year ended March 31, 2011.
(v) STI India Limited (STI).
After acquiring majority stake in STI, the Company has run the business for 4 months and for the year ended March 31, 2011, STI has registered a net profit of Rs. 169.066 Millions ended March 31, 2011.
(vi) BRFL Bangladesh Private Limited (BRFL Bangladesh).
The Company has been incorporated but operations yet to commence. In accordance with general circular issued by the Ministry of Corporate Affairs, Government of India, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. The Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The necessary disclosures are made in respect of the subsidiaries in this Annual Report alongwith the statement pursuant to Section 212 of the Companies Act, 1956. As required by Section 212 of the Companies Act, 1956, the Statement of holding in subsidiaries and Consolidated Accounts pursuant to Accounting Standard (AS 21) issued by the Institute of Chartered Accountant of India, including the financial accounts of the subsidiary companies are forming part of the Annual Report. The Annual Accounts of the subsidiary companies will also be kept open for inspection at the Registered Office of the Company and that of the respective subsidiary companies.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDIAN ECONOMY
In 2010-11, the
Indian economy grew at a healthy 8.5 percent against 8 percent in 2009-10. Most
of the sectors in the economy maintained a constant growth with the agriculture
sector recording a robust 5.4 percent growth in 2010-11 against 0.4 percent in
2009-10.
Though the
country’s exports grew by 31.6 percent against a 22.6 percent growth in
imports, the trade deficit expanded from USD 120.5 bn in 2009-10 to USD 132 bn
as imports outpaced exports in absolute numbers. FII inflows in the economy
grew from USD 13.7 bn to USD 36.7 bn as on 31st March 2011 marking the
increased growth confidence in the country. Foreign exchange reserves also grew
by USD 20 bn to reach about USD 305.49 bn (Source: Prime Minister’s Economic
Advisory Council).
TEXTILE INDUSTRY
OVERVIEW
Replacement of the
multi-fibre agreement with an agreement on textile and clothing in 1995 led to
the elimination of quotas in 10 years, following which, global production
shifted to developing countries and global trade increased at a CAGR of 4.3%
from 1995- 2004. During this period, global trade increased from USD 310 bn to
USD 450 bn and is expected to reach USD 805 bn by 2015. The global textile and
apparel trade increased from USD 510 bn in 2009 to USD 612 bn in 2010. It is
estimated that EU’s share is expected to decline to 10% in 8-10 years from 30%,
owing to an increase in material and labour costs compared with India, China
and other Asian countries (Source: Technopak Analysis). China accounts for
about 30-35% share of Asia’s textile market and about 25% share of the global
market compared with India contributing a mere 4.5% share. The recent Chinese
currency appreciation created a huge opportunity for the Indian textile
industry
The Indian textile
and apparel industry accounts for around 4% of the global textile and apparel
trade. India is the world’s second largest producer of textiles and garments,
and also the second largest cotton producer. The Indian textile and apparel
industry grewfrom USD 46 bn to USD 61 bn in just two years and is expected to
grow to USD 110 bn by 2012. This is based on credible factors:
• Increase in
economic growth, aspiration and domestic per capita income and higher discretionary
spend
• Increasing
urbanisation and sizeable addition to the Indian workforce (India will see 70
million new entrants to its workforce over the next five years) to fuel the
growth of the textile sector
Almost two-thirds of
the total Indian apparel and textile industry is from domestic consumption. The
Indian government plays a major role in promoting and encouraging the industry
growth through the Scheme for Integrated Textile Parks (SITP), Technology
Upgradation Fund Scheme (TUFS), increase in Duty Entitlement Passbook Scheme
(DEPB), duty drawback rates and reduction in exporter interest rates,
continuous import duty reductions on textile machinery, among others. Going
forward, domestic demand will dominate the cotton yarn market. Estimates
suggest that the domestic demand would increase by an 8% CAGR while exports
demand would grow by a 5% CAGR between FY10-FY15. Consequently, domestic demand
share will further increase to 62% by FY15 (from 59% in FY10) – emerging as a key
demand driver for cotton yarn.
India exports yarn
worth USD 3 billion annually making it the world’s largest exporter and
controls 25% of the global market. To promote value in the Indian textile
sector, the government restricted cotton yarn exports to 845 million kg for the
financial year 2011- 12 up from the 720 million kg cap in 2010-11. India’s
textiles exports are also expected to increase at a 12% CAGR over the next
decade and the country’s share is expected to increase in world trade from
current 4.5% to 8% by 2020.
CORPORATE OVERVIEW
Bombay Rayon is
among India’s largest, vertically-integrated textile groups engaged in the
manufacture and export of high end fashion fabrics and garments. The Company
enjoys a strong presence across the entire value chain of yarn dyeing, weaving,
fabric processing, design and garment manufacturing. The Company has set up the
manufacturing facilities at various locations in the State of Maharashtra,
Karnataka, Tamilnadu and Kerala with a total annual capacity to manufacture 235
mn meters of fabric and 88.80 mn garment pieces, supported by product
development, design and sampling infrastructure.
High-end designer
garments manufactured by the Company are mainly exported to the USA, the UK and
rest of Europe. The fabric manufactured by the Company is either used for
captive consumption, sold in the domestic market (marketed under the brand name
of Bombay Rayon) and exported to the Middle East and European countries. Over
the years, the Company shifted its focus from only fabric sales to a mix of
fabric and garment sales. The Company caters to both the domestic and export
market through its extensive marketing and distribution network.
OPERATIONS
During the year
the company has completed the commencement of its expansion projects of yarn
dyeing & processing at Tarapur and setting up of balance garmenting
machineries at Doddaballapur, Bangalore.
The Company has
ventured into spinning by acquiring 73.72% stake in an Indore-based textile
Company, STI India Limited (STI). STI is engaged in the manufacture of cotton
yarn and cotton knitted fabrics with 68,016 spindles and 16 knitting machines.
The plant is efficiently operated at a high capacity utilisation. This
acquisition helped the Company to complete value chain management from spinning
to garmenting.
In the last
financial year the Company has set up the liaison office in Bangladesh to get
the advantage of low cost garment manufacturing facilities. In the current year
to expand its operations further a wholly-owned subsidiary - BRFL Bangladesh
Private Limited was incorporated in November, 2010.
SWOT ANALYSIS
STRENGTHS AND
OPPORTUNITIES
The Company’s
integrated operaions have created efficiencies in terms of cost and turnaround
time attracting large global buyers as its customers, enables it to enjoy a
higher margin retention on an overall basis, rather than the cost plus model
followed by other garment manufacturers. The Company’s product strength and
operations provides it with an opportunity to become a significant global
player as well as India’s largest fabric and garment producer.
WEAKNESSES AND
THREATS
Uncertainty in
global markets due to economic crisis in US & Europe and the challenging
business environment, continues to pose a threat in the near-term.
SECTORAL
CHALLENGES
The rising cotton
prices are a concern, despite India possessing a huge cotton repository. An
increase in the rise of the rupee is a cause for concern as far as exports are
concerned. Large integrated units, with cost efficiencies and scale are better
placed to manage these challenges
SECTORAL OUTLOOK
The global textile
and apparel industry is reviving after the recent global recession and has the
potential to grow from around USD 460 bn in 2009 to USD 805 bn by 2015. The
Indian textile industry is expected to increase from USD 67 bn to USD 115 bn by
2012, catalysed by national competitiveness and government support.
The global
textiles fibre and spun yarn market is expected to reach 93 million tonnes and
47.3 million tonnes respectively by 2015 on account of increasing global
textile trade following the expiry of restrictive agreements, continuing shift
in production to low cost countries, restoration of consumer confidence,
recovery in demand for textiles, and rising market potential in developing
regions. The global per capita fibre consumption is expected to grow steadily
in the long-term up to 11-12 kg per capita by 2025, which means additional
fibre consumption of about 20 million tonnes would be required. It is expected
that the global textiles and apparels industry would grow at a CAGR of 6.3%
over the next 8-10 years to reach USD 1 trillion by 2020.
According to the
Clothing Industry Training Authority (CITA) resources would continue to be the
keyword for 2011 in the textile and clothing industry. Resource implies the
hefty challenges with raw materials and manpower. Since 2010, the prices of raw
materials, especially cotton, have been surging to an uncontrollable level. The
uncertainty of the raw material issue will linger to 2011 until we have come up
with ways to sort it out. Shortage of labor will also be a challenge for 2011
for some Asian countries.
In 2011, emerging
Asian countries, namely India, Bangladesh, Vietnam, Cambodia, and Pakistan are
believed to steal the spotlight of the global textile industry. According to
CITA, the emerging Asian countries will be playing more significant part in the
industry in 2011. Their price-competitiveness explains it all. Their
governments have given their textile industries enormous support. The
historically strong countries like India and Pakistan also grow natural fibers
in quantity that can be compared with China (for example cotton).
The Indian textile
and clothing industry has tremendous potential to scale new heights in
international as well as domestic markets. A McKinsey Report states that the
Indian textile sector will more than triple from USD 70 bn now to USD 220 bn by
2020, recording an annual growth of about 11%. Experts believe that the golden
era of the Chinese textiles and clothing exports is over and the production
base is gradually shifting from China to India and other low-cost destinations.
Besides, India has burgeoning domestic market. Increase in per capita and
disposable income coupled with favourable demographics provides huge
opportunities to the Indian textiles sector.
Thus, there is every reason to be confident about long-term prospects of
the Indian textiles industry.
FINANCIAL
PERFORMANCE
The Company
recorded a total income of ` 22,783.27 million in 2010-11 from ` 16,304.26
million in 2009-10, an increase of 40 %. Profit after tax stood at ` 2,266.99
million in 2010-11 against ` 1,759.19 million in 2009-10, an increase of
28.87%.
CONTINGENT LIABILITIES
(Rs. in Millions)
|
Contingent Liabilities not provided for : |
31.03.2011 |
31.03.2010 |
|
(a) Bills Discounted with Banks under Letter of Credits or otherwise. |
513.821 |
1220.299 |
|
(b) Bank Guarantees |
39.271 |
0.000 |
FIXED ASSETS
·
Land
·
Buildings
·
Furniture and Fixtures
·
Office equipment
·
Motor Car and Vehicles
·
Plant and Machinery
·
Computer
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2012 (STANDALONE)
(Rs. in Millions)
|
Particular |
Quarter Ended |
Year Ended |
|
|
|
31.03.2012 (Unaudited) |
31.12.2011 (Unaudited) |
31.03.2012 (Audited) |
|
Net Sales/Income from Operations |
7961.200 |
7009.300 |
27349.600 |
|
|
|
|
|
|
Expenditures |
|
|
|
|
(a) (Increase)/Decrease in Stock |
(1356.900) |
(675.600) |
(3215.100) |
|
(b) Consumption of Materials |
5501.600 |
4237.300 |
17091.100 |
|
(c) Employees Cost |
562.700 |
579.200 |
2301.600 |
|
(d) Depreciation |
630.700 |
568.500 |
2172.300 |
|
(e) Job Work Charges |
295.200 |
350.000 |
1271.900 |
|
(f) Other Expenditure |
673.600 |
663.000 |
2579.100 |
|
Total Expenses |
6306.800 |
5722.300 |
22200.900 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
1654.400 |
1287.000 |
5148.700 |
|
Other Income |
23.200 |
17.600 |
143.000 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
1677.700 |
1304.600 |
5291.700 |
|
Interest |
627.200 |
654.100 |
2215.300 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
1050.500 |
650.600 |
3076.400 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
1050.500 |
650.600 |
3076.400 |
|
Provision For Taxation |
|
|
|
|
- Current Tax |
210.100 |
110.600 |
614.700 |
|
- Deferred
Tax |
982.100 |
02.800 |
954.000 |
|
- MAT credit
Entitlement |
(556.300) |
-- |
(556.300) |
|
Earlier years
Tax |
-- |
-- |
-- |
|
Minority Interest |
|
|
|
|
Net Profit/ Loss from Ordinary Activities
after tax |
414.600 |
537.200 |
2064.000 |
|
Extraordinary
Items |
1.100 |
0.000 |
1.100 |
|
Net Profit for the period |
415.700 |
537.200 |
2065.100 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
1346.000 |
1346.000 |
1346.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
0.000 |
0.000 |
27978.600 |
|
Earnings per
share (before extraordinary items) (of Rs. 10/-
each) (not annualized) -
Basic |
3.04 |
3.98 |
15.50 |
|
- Diluted |
2.88 |
3.77 |
14.67 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
9220340 |
9220340 |
9220340 |
|
Percentage of Shareholding |
6.85 |
6.85 |
6.85 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
22035000 |
22035000 |
22035000 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
17.57 |
17.57 |
17.57 |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
16.37 |
16.37 |
16.37 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
103344660 |
103344660 |
103344660 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
82.43 |
82.43 |
82.43 |
|
- Percentage
of Shares (as a % of the
total share capital of the company) |
76.78 |
76.78 |
76.78 |
|
|
Particulars |
3 Months Ended 31.03.2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
AS PER WEBSITE DETAILS:
PROFILE:
Subject is a vertically integrated textile company, engaged in the manufacture of a wide range of fabrics and garments from state of the art production facilities. Apart from being the largest Shirt manufacturer in India, they have successfully evolved into a multi-fiber manufacturing company producing fabrics such as Cotton, Polyester, Tencel, Modal, Lycra, Wool and various blends. Their yarn dyed fabric, printing techniques, finishing, processing, weaving, stitching are a mark of excellence making every piece of fabric perfect. With fabric manufacturing facilities of 100 million meters per annum, garment manufacturing facilities of 60 million pieces per annum, being expanded to 90 million pieces per annum and a strong employee base of around 38,000; BRFL is today one of the most sought after brands in the Indian as well as International fashion markets.
Clothing is one of the strongest human desires. A desire to be different. A desire to look beautiful. A desire to be comfortable. A desire to make a statement. A desire that is fulfilled by that perfect piece of fabric called 'BRFL'. Woven with passion, their fabrics speak a story of novelty. BRFL has grown phenomenally and the reason has been their customers. Inspired towards betterment, they now possess the entire knowhow and technology for yarn dyeing, fabric weaving, processing and garment manufacturing. Subject is one of India’s most dynamic and professionally managed textile groups. No wonder, they are well renowned in the fashion export industry worldwide. With over 200 million meters per annum of fabric manufacturing facilities and over 45 million pieces per annum of garment manufacturing facilities, Subject is a rapidly growing textile company with over 32,000 employees.
MILESTONES:
1986 Bombay Rayon Group was established by Mr. Janardhan
Agarwal.
1990 First fabric manufacturing facility came into existence in
1998 Bombay Rayon group commenced export of fabrics.
2001 Garment division was launched.
2005 Bombay Rayon Groups business was consolidated into
BRFL. The company made a successful IPO and is listed on all the stock
exchanges in
2005 BRFL set up 7 garment manufacturing facilities in
2007 BRFL acquired “Leela Scottish Lace” one of the largest
garment manufacturing units set up in
2007 BRFL also acquired “LNJ Apparel” a 1000 machine
specialized bottoms plant.
2007 BRFL marked the commencement of the mega USD 250
million textiles and garment project under a special MOU signed with the
government of
2008 BRFL acquired the iconic brand “Guru”.
2009 BRFL is sanctioned a fully integrated
textile mill in Doddaballapur, Bengaluru with a capacity to process 1 Lakh
meters/ day.
2010 BRFL establishes the world’s largest
fabric processing capacity of 5 lakh meters/ day at Tarapore.
2010 BRFL acquires STI India Limited, a world
class producer of 100% cotton yarn.
SUBSIDIARIES AND JOINT VENTURE
Bombay Rayon Holdings Limited (BRHL)
BRHL holds 100% equity of BRFL Italia SRL, Italy.
DPJ Clothing Limited, UK
DPJ Clothing Limited is engaged in business of wholesale marketing and distribution
of clothing products. This subsidiary is assisting in getting many mid size
retailers of Europe by providing the services either by direct import or by
import & delivery basis.
BRFL Italia SRL, Italy
The Company owns the popular 'GURU' brand and is into the business of retailing
of readymade garments as well as other accessories in Europe.
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. 55.90 |
|
|
1 |
Rs. 88.63 |
|
Euro |
1 |
Rs. 70.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.