MIRA INFORM REPORT
|
Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND LIMITED (w.e.f. 1994) |
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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) : |
31.03.2012 |
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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 |
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CIN No.: [Company Identification
No.] |
L17117MH1925PLC001208 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNER07782F |
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PAN No.: [Permanent Account No.] |
AAACR4896A |
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Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchange. |
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Line of Business
: |
Manufacturing of Fabrics, Rugs, Blankets,
Shawls, Furnishing Fabrics, Garments and Hosiery Goods. |
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No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 44100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed name in manufacturer of
fabrics having fine track record. Financial position of the company appears
to be sound. Fundamentals are strong and healthy. Directors are reported to be well experienced and knowledgeable
businessmen. Trade relations are reported as fair. Business is active.
Payments are reported to be regular 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1+ [Short Term Bank Facilities] |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
September 2012 |
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Rating Agency Name |
CARE |
|
Rating |
AA (Long Term Bank Facilities) |
|
Rating Explanation |
High degree of safety it carry very low credit risk. |
|
Date |
September 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.
INFORMATION DECLINED BY
Management non co-operative. [91-22-40367000/61527000]
LOCATIONS
|
Registered
Office : |
Plot No.156/ H.
No.2, Village Zadgaon, Ratnagiri – 415 612, |
|
Tel. No.: |
91-2352-232514 /
24939030 |
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Fax No.: |
91-2352-232513 |
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E-Mail : |
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Website : |
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Head Office : |
New Hind House,
N. M. Marg, Mumbai – 400 001, |
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Tel. No.: |
91-22-22618321 /
22642025 / 22694215 / 22694217 |
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Corporate
Office : |
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Tel. No.: |
91-22-24939090/24939034/24939044/24939047/24939049
/ 40349999 |
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Fax No.: |
91-22-24952232 |
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E-Mail : |
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Factories: |
Textile Division Ø
Jekegram,
Thane-400606, Ø
Plot
No. E/1, MIDC Area, Phase II, Ø
B-1, A.K.V.N.,
Boregaon Industrial Growth Centre, Kailash Nagar, District Chhindwara-480001,
Ø
N.H.
No.8, Khaki-Udwada, Taluka Pardi, District Valsad-396185, Suit Plant Ø
No.4/2A, 2B, 5/3A, 3B, Gundapura, Gowribidanur,
Taluk Chikkaballapura, Denim Division Ø
Plot
C-1, MIDC Yavatmal, J. K. Files and Tools Division Ø
Jekegram,
Thane-400606, Ø
A-1,
Mirjole Industrial Estate, MIDC, Ø
Plot
No. C 1/1 MIDC Area, Gane-Khadpoli, Chiplun – 415 605, District Ratnagiri, Ø
Shed
No. S/1 and S/2, Sector 1, Road No. 10, Pithampur – 454 775, District Ø
22,
New Cement Division Ø
Gopalnagar,
Arasmeta, District Bilaspur, Steel Division Ø
Wadivarhe,
District Aviation Division Ø
Ø
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Dr. Vijaypat Singhania |
|
Designation : |
Chairman Emeritus |
|
Date of
Birth/Age : |
63 Years |
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Qualification
: |
A. M. P. (Harvard) |
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Experience : |
42 Years |
|
Date of
Appointment : |
29.06.1971 |
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DIN No.: |
00020063 |
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Name : |
Mr. Gautam Hari Singhania |
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Designation : |
Chairman and Managing Director |
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Date of
Birth/Age : |
37 Years |
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Qualification
: |
B. Com. |
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Experience : |
12 Years |
|
Date of
Appointment : |
01.07.2009 |
|
DIN No.: |
00020088 |
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Name : |
Mr. Ishwar Das Agarwal |
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Designation : |
Independent Non-Executive Director |
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Date of
Appointment : |
18.03.2007 |
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DIN No.: |
00293784 |
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Name : |
Mr. Nabankur Gupta |
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Designation : |
Independent Non-Executive Director |
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Date of
Birth/Age : |
59 Years |
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Qualification
: |
Graduate |
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Date of
Appointment : |
15.01.2001 |
|
DIN No.: |
00020125 |
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|
Name : |
Mr. Pradeep Kumar Bhandari |
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Designation : |
Non-Independent Non-Executive Director |
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Date of
Appointment : |
23.04.2008 |
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DIN No.: |
00021923 |
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|
Name : |
Mr. Shailesh Vishnubhai Haribhakti |
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Designation : |
Director |
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Date of
Appointment : |
15.06.2010 |
|
DIN No.: |
00007347 |
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|
|
Name : |
Mr. Pradeep Guha |
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Designation : |
Director |
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Date of
Appointment : |
15.06.2010 |
|
DIN No.: |
00180427 |
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|
|
Name : |
Mr. Akshay Chudasama (w.e.f. 21.04.2011) |
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Designation : |
Independent Director |
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|
Name : |
Mr. Boman R. Irani (w.e.f. 21.04.2011) |
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Designation : |
Independent Director |
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Name : |
Mr. H. Sunder |
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Designation : |
Whole Time Director (w.e.f. 29.07.2011) |
KEY EXECUTIVES
|
Name : |
Mr. Thomas Fernandes |
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Designation : |
Director – Secretarial and Company Secretary |
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MANAGEMENT
EXECUTIVES : |
|
|
Name : |
Mr. Gautam Hari Singhania |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. Aniruddha Deshmukh |
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Designation : |
President – Textiles and FMCG |
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Name : |
Mr. Harshal Jayavant |
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Designation : |
President – Engineering Business |
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|
Name : |
Mr. H. Sunder |
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Designation : |
President – Finance and Chief Financial
Officer |
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Name : |
Mr. K.A. Narayan |
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Designation : |
President – HR |
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Name : |
Mr. Rakesh Pandey |
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Designation : |
President – Retail and Business Development |
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Name : |
Mr. Robert Lobo |
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Designation : |
President (Operations) – Group Apparel |
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Name : |
Mr. Shreyas Joshi |
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Designation : |
President – Group Apparel |
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Name : |
S.L. Pokharna |
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Designation : |
President – Commercial |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2682407 |
4.43 |
|
|
22762563 |
37.60 |
|
|
25444970 |
42.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
25444970 |
42.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3074722 |
5.08 |
|
|
16087 |
0.03 |
|
|
6956626 |
11.49 |
|
|
7920996 |
13.08 |
|
|
17968431 |
29.68 |
|
|
|
|
|
|
4482632 |
7.40 |
|
|
|
|
|
|
11471331 |
18.95 |
|
|
1116299 |
1.84 |
|
|
56429 |
0.09 |
|
|
56429 |
0.09 |
|
|
17126691 |
28.29 |
|
Total Public shareholding (B) |
35095122 |
57.97 |
|
Total (A)+(B) |
60540092 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
840762 |
0.00 |
|
|
840762 |
0.00 |
|
Total (A)+(B)+(C) |
61380854 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES)
OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
Aadya Singhania |
800 |
0.00 |
|
2 |
Advait Ruia |
825 |
0.00 |
|
3 |
Akshaypat Singhania |
74,791 |
0.12 |
|
4 |
Anant Singhania |
2,33,874 |
0.38 |
|
5 |
Anant Singhania Jointly With Roma singhania |
9,06,000 |
1.48 |
|
6 |
Ashadevi Singhania |
1,39,119 |
0.23 |
|
7 |
Gautam Hari Singhania |
5,529 |
0.01 |
|
8 |
J K Investo Trade India Limited |
22,74,025 |
3.70 |
|
9 |
J K Investors Bombay Limited |
1,65,71,419 |
27.00 |
|
10 |
J K Sports Foundation |
7,92,395 |
1.29 |
|
11 |
J K Helene Curtis Limited |
23,27,528 |
3.79 |
|
12 |
Polar Investment Limited |
99,200 |
0.16 |
|
13 |
Shephali A Ruia |
13,140 |
0.02 |
|
14 |
Ritwik Ruia |
1,000 |
0.00 |
|
15 |
SMT Sunitidevi Singhania Hospital Trust |
6,91,496 |
1.13 |
|
16 |
Ujjwala Singhania |
9,87,238 |
1.61 |
|
17 |
Veenadevi Singhania |
2,15,994 |
0.35 |
|
18 |
Dr Vijaypat Singhania |
1,04,097 |
0.17 |
|
19 |
Platinum Fashion Apparel Private Limited |
6,500 |
0.01 |
|
|
Total |
2,54,44,970 |
41.45 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES)
OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE
TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
Life Insurance Corporation of India |
4749592 |
7.74 |
|
2 |
SBI Life Insurance Company Limited |
1448442 |
2.36 |
|
3 |
Sundaram Mutual Fund |
1300000 |
2.12 |
|
4 |
General Insurance Corporation of India |
1263849 |
2.06 |
|
5 |
Macquarie Bank Limited |
1104000 |
1.80 |
|
6 |
Credit Suisee Singapore Limited |
853342 |
1.39 |
|
|
Total |
10719225 |
17.46 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND
HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
1 |
Life Insurance Corporation of India |
4749592 |
7.74 |
|
|
Total |
4749592 |
7.74 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Fabrics, Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery
Goods. |
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Products: |
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PRODUCTION STATUS [AS ON 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 : |
Information
denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Dalal and Shah Chartered
Accountants |
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Internal and Operational Auditors: |
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|
Name : |
Mahajan and Aibara Chartered
Accountants |
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Associates/Subsidiaries : |
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Joint Ventures : |
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Other Related Parties : |
J.K. Investors (Bombay) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
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 |
NOTES:
The Company has
only one class of equity shares having a par value of Rs. 10 per share. Each Shareholder
is eligible for one vote per share. The dividend proposed by the Board of
Directors is subject to the approval of shareholders, except in case of interim
dividend. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the Company, after distribution of all
preferential amounts, in proportion of their shareholding.
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the Company:
|
NAME OF THE SHAREHOLDER |
AS ON 31.03.2012 |
|
|
|
No. of Shares
Held |
% of Holding |
|
J.K. Investors (Bombay) Limited |
16332986 |
26.61 |
|
HDFC Trustee Company Limited |
5484697 |
8.94 |
|
Life Insurance Corporation of India |
4629162 |
7.54 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
613.808 |
613.808 |
613.808 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10429.196 |
10042.041 |
11115.299 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11043.004 |
10655.849 |
11729.107 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6373.044 |
7330.664 |
7569.561 |
|
|
2] Unsecured Loans |
3632.696 |
3528.460 |
4957.524 |
|
|
TOTAL BORROWING |
10005.740 |
10859.124 |
12527.085 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
210.503 |
|
|
|
|
|
|
|
|
TOTAL |
21048.744 |
21514.973 |
24466.695 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8672.178 |
8577.378 |
9404.185 |
|
|
Capital work-in-progress |
1165.483 |
773.869 |
416.428 |
|
|
|
|
|
|
|
|
INVESTMENT |
7772.983 |
7401.256 |
8917.856 |
|
|
DEFERREX TAX ASSETS |
71.744 |
278.327 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4476.690
|
4130.910 |
2845.038
|
|
|
Sundry Debtors |
3923.950
|
3204.585 |
2969.435
|
|
|
Cash & Bank Balances |
128.582
|
155.124 |
265.616
|
|
|
Other Current Assets |
480.173
|
364.185 |
433.230
|
|
|
Loans & Advances |
2816.965
|
3210.904 |
2787.763
|
|
Total
Current Assets |
11826.360
|
11065.708 |
9301.082 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2191.765
|
1975.484 |
1934.560 |
|
|
Other Current Liabilities |
5682.047
|
4159.260 |
1107.154
|
|
|
Provisions |
586.192
|
446.821 |
531.142
|
|
Total
Current Liabilities |
8460.004
|
6581.565 |
3572.856
|
|
|
Net Current Assets |
3366.356
|
4484.143 |
5728.226
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21048.744 |
21514.973 |
24466.695 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18718.726 |
14964.666 |
13349.741 |
|
|
|
Other Income |
871.613 |
762.332 |
848.634 |
|
|
|
TOTAL (A) |
19590.339 |
15726.998 |
14198.375 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5171.401 |
3925.210 |
|
|
|
|
Purchases of Stock-in-Trade |
1457.242 |
956.643 |
|
|
|
|
Manufacturing and Operating Costs |
3849.749 |
2989.338 |
|
|
|
|
Employee benefits expense |
2443.615 |
2381.441 |
|
|
|
|
Other expenses |
3908.310 |
3308.728 |
11904.566 |
|
|
|
Exceptional items |
67.000 |
2526.761 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(524.004) |
(876.550) |
|
|
|
|
TOTAL (B) |
16373.313 |
15211.571 |
11904.566 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3217.026 |
515.427 |
2293.809 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1348.044 |
1019.558 |
980.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1868.982 |
(504.131) |
1313.499 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1098.563 |
1037.236 |
1113.065 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
770.419 |
(1541.367) |
200.434 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
206.918 |
(539.448) |
(63.217) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
563.501 |
(1001.919) |
263.651 |
|
|
|
|
|
|
|
|
|
|
Prior period adjustments |
NA |
NA |
(13.076) |
|
|
|
Tax in respect of earlier years (Net) |
NA |
NA |
0.000 |
|
|
|
Add : Withdrawn from General Reserve |
NA |
NA |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
551.941 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
NA |
0.000 |
|
|
|
Tax on Proposed dividend |
NA |
NA |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
802.516 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods Calculated on FOB basis |
1405.745 |
949.044 |
1287.713 |
|
|
|
Dividend |
0.442 |
0.000 |
0.000 |
|
|
|
Earnings from Air Taxi Operations |
0.099 |
8.295 |
2.692 |
|
|
|
Other Earnings |
9.033 |
2.045 |
2.648 |
|
|
TOTAL EARNINGS |
1415.319 |
959.384 |
1293.053 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2400.838 |
1835.425 |
1278.903 |
|
|
|
Stores and Spare Parts |
161.864 |
127.703 |
117.519 |
|
|
|
Capital Goods |
154.415 |
261.623 |
55.510 |
|
|
|
Repairs |
3.200 |
1.385 |
23.769 |
|
|
TOTAL IMPORTS |
2720.317 |
2226.136 |
1475.701 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
9.18 |
(16.32) |
4.08 |
|
|
|
Diluted |
9.18 |
(16.32) |
2.74 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
3672.000 |
5538.800 |
5570.300 |
5668.000 |
|
Total Expenditure |
3867.300 |
4720.300 |
4989.600 |
5025.700 |
|
PBIDT (Excl OI) |
(195.300) |
818.500 |
580.700 |
642.300 |
|
Other Income |
178.400 |
163.700 |
315.300 |
149.400 |
|
Operating Profit |
(16.900) |
982.200 |
896.000 |
791.700 |
|
Interest |
376.600 |
393.600 |
417.200 |
373.700 |
|
Exceptional Items |
(129.200) |
(94.800) |
(123.900) |
09.500 |
|
PBDT |
(522.700) |
493.800 |
354.900 |
427.500 |
|
Depreciation |
276.800 |
279.700 |
286.700 |
317.000 |
|
Profit Before Tax |
(799.500) |
214.100 |
68.200 |
110.500 |
|
Tax |
(252.800) |
58.100 |
26.000 |
240.400 |
|
Profit After Tax |
(546.700) |
156.000 |
42.200 |
(129.900) |
|
Net Profit |
(546.700) |
156.000 |
42.200 |
(129.900) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.87
|
(6.37) |
1.86
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.12
|
(10.30) |
1.50
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.75
|
(7.85) |
1.07
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
(0.14) |
0.02
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.91
|
1.02 |
1.07
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.68 |
2.60
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
31.03.2010 [Rs. in millions] |
|
Sundry Creditors |
2191.765
|
1975.484 |
1934.560 |
|
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CORPORATE OVERVIEW:
Company is Textile
and Branded Apparel Company with interests in Engineering (files, tools and
auto components) business having its corporate headquarters in Mumbai. The
Company prepares its financial statements in compliance with the requirements
of the Companies Act, 1956 and the Generally Accepted Accounting Principles
(GAAP) in India. Overall the financial statements have been prepared on
historical cost basis. The estimates and judgments relating to the financial
statements are made on a prudent and reasonable basis, so as to reflect in a
true and fair manner the form and substance of transactions and reasonably
present the Company’s state of affairs, profit and cash flows for the year
ended March 31, 2012.
FINANCIAL HIGHLIGHTS:
FY 2012 witnessed
a turbulent business environment that moderated growth. The year started with
optimism but as it progressed, there were challenges with inflation,
decelerating growth and worsening investment climate which adversely impacted
consumer sentiments. The global economic environment was confronted with
geo-political instability, Eurozone sovereign debt crisis, fluctuating global
commodity prices, etc. In FY 2012, the Company reported a top-line growth of
about 25% over the previous year. This growth was driven on multiple platforms
including a powerful brand portfolio, pan-India retail network, strength of
network relationships, product innovation and world class quality. The
Company’s investments in putting in place a structure to deliver on the
strategy and improve operational processes are witnessing good traction. The FY
2012 performance of the Company is particularly noteworthy when viewed in the
backdrop of an extremely challenging business environment especially during the
second half of the year which is the peak season for textiles and apparel.
During the year, the Company launched its flagship store ‘Raymond @ Warden
Road’ in South Mumbai. This store has contemporary retail and merchandising
elements designed to offer customers with the entire range of exotic and
premium fabrics, apparel and accessories in a world class ambience. In February
2012, Ring Plus Aqua Limited, the auto components subsidiary of the Company,
acquired a majority stake in a Pune-based forged components manufacturer. This
acquisition marks Ring Plus Aqua’s entry into forged components and strengthens
this subsidiary’s position in the global automotive power train domain. The
Gross Consolidated revenue from operations for the FY 2012 was Rs. 37087.000
Millions (Previous Year: Rs. 30640.500 Millions). The Operating Profit was
Rs.2043.900 Millions (Previous Year: Rs.1971.700 Millions). The Consolidated
Profit after tax for the year was Rs.1430.100 Millions (Previous Year: Rs.
426.100 Millions). The Standalone gross revenue from operations of the Company
was Rs. 18746.300 Millions as compared to Rs. 14965.300 Millions in the
previous year. The Operating Profit before tax and an exceptional item was Rs.
837.400 Millions as against Rs. 985.400 Millions in the previous year. The net
profit after exceptional items, prior year adjustments and provision for taxes
was Rs. 563.500 Millions as against a net loss of Rs.1001.900 Millions in the
previous year. The Company focuses on enhancing shareholder value and looks
beyond immediate opportunities by building its businesses with long-term
relevance.
OVERVIEW OF THE ECONOMY:
Global growth is
projected to be 3.5% for current year 2012. US economy is expected to continue
its slow recovery, whilst the Eurozone grapples with its debt-crisis.
Notwithstanding the current economic environment, there are strong reasons to
be bullish on the country’s long term growth potential. Favourable
demographics, a large growing middle class with increasing disposal incomes
support a strong consumption story.
ANALYSIS AND REVIEW:
TEXTILE INDUSTRY
CONDITIONS:
The Textile
Industry is one of the most important sectors in the Indian Economy and the
second largest generator of employment after Agriculture. It contributes more
than 4% to the GDP and 17% to the country’s export earnings. The Textile sector
provides employment to over 3.5 crore people.
The Government
proposes to increase the investment in this sector to generate more employment
through various schemes viz. Scheme for Integrated Textile Parks (SITP),
Technology Upgradation Fund Scheme (TUFS), Integrated Skill Development Scheme
(ISDS), Technology Mission on Technical Textiles (TMTT). The allocation for
this sector during the 12th Five Year Plan is proposed to be increased to
around Rs. 496500.000 Millions as against an allocation of Rs. 140000.000
Millions during the11th Five Year Plan.
MARKET SHARE AND
RETAIL NETWORK:
The Company is the
market leader in India for high quality clothing, both fabric and apparel in FY
2012. The Company continues its focus on retail network expansion during this
financial year. The Company is operating through more than 800 retail stores
which include TRS (The Raymond Shop) and EBOs (The Exclusive Brand Outlet)
covering more than 1.6 million sq. feet of dedicated retail space (including
overseas). The Company’s Brands are available across 30,000 plus, points of
sale. In FY 2012, the Textile Division’s domestic sales were Rs. 16689.100
Millions as compared to Rs. 13490.300 Millions in FY 2011. During FY 2012, the
Company opened 100 TRS stores. The Company continues to be prudent in its
selection of store locations.
EXPORTS:
The Company has
shown a remarkable growth of 44% during FY 2012. The Textile Exports during the
year were Rs. 1957.000 Millions as against Rs. 1364.000 Millions in the
previous year.
PERFORMANCE OF SUBSIDIARY COMPANIES:
DOMESTIC
SUBSIDIARIES:
RAYMOND APPAREL
LIMITED:
The gross revenue
of the company was at Rs. 5688.200 Millions (Previous Year: Rs. 4687.900
Millions). Profit after tax was Rs. 292.400 Millions (Previous Year: Rs.
226.400 Millions). The second half of FY 2012 was challenging due to subdued
consumer sentiments. The strength of its brands enabled it to post topline
growth of 21.34%. The strategy to stay focused on core brands-Park Avenue, Parx
and Raymond Premium Apparel is paying off.
COLORPLUS FASHIONS
LIMITED:
The company’s
gross revenue for FY 2012 was Rs. 1948.200 Millions (Previous Year: Rs.
1723.700 Millions). The company had a profit after tax of Rs. 67.200 Millions
(Previous year: Rs. 103.800 Millions). This company continues to innovate and
adapt to latest fashion trends and is a leading player in the premium casual
wear segment.
SILVER SPARK
APPAREL LIMITED:
The gross revenue
of the company for FY 2012 was Rs. 1499.300 Millions as compared to the
previous year Rs. 1101.800 Millions. The company had a profit after tax of Rs.
87.800 Millions (Previous Year: Rs. 56.200 Millions).
CELEBRATIONS
APPAREL LIMITED:
The gross revenue
of the company for FY 2012 was Rs. 247.600 Millions (Previous Year: Rs.174.400
Millions). The company earned a profit after tax of Rs. 10.600 Millions
(Previous Year: Rs.06.800 Millions).
EVERBLUE APPAREL
LIMITED:
The company earned a profit after tax of Rs.10.100 Millions (Previous
Year: Rs. 07.600 Millions).
RAYMOND WOOLLEN
OUTERWEAR LIMITED:
The gross revenue
of the company, net of returns and discounts for FY 2012 was Rs. 165.900
Millions (Previous Year: Rs. 505.800 Millions). During this year company
incurred loss of Rs. 81.400 Millions (Previous Year: Rs.43.500 Millions). The
Company is in the process of seeking necessary legal approvals for the
restructuring of this subsidiary. The restructuring is aimed at enhancement of
operational efficiencies.
JK FILES (INDIA)
LIMITED:
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. To diversify the product
portfolio, power tools have been launched in the domestic market by the
company. The export sale of the company was Rs. 1347.400 Millions as compared
to Rs. 989.400 Millions in the previous year, a growth of 36.18%. The company
reported gross revenue of Rs. 3430.600 Millions for the year (Previous Year:
Rs. 2721.200 Millions). The profit after tax was Rs. 120.300 Millions (Previous
Year: Rs. 109.100 Millions). The company continues its initiatives on expanding
capacity to cater to the increased demand for files, improving productivity,
quality, controlling cost, optimum capacity utilization, better working capital
and foreign exchange management. An extensive brand building exercise has been
initiated by the Company.
JK TALABOT
LIMITED:
The company
manufactures files and rasps at its plant at Chiplun in Ratnagiri District, in
the State of Maharashtra. During the year the gross revenue of the company was
at Rs. 238.200 Millions (Previous Year: Rs. 216.600 Millions). The company
recorded profit after tax of Rs. 20.200 Millions during the FY 2012 (Previous
Year: Rs. 14.300 Millions).
SCISSORS
ENGINEERING PRODUCTS LIMITED:
The company incurred a loss of Rs.00.050 Millions during the year
(Previous Year: Rs.00.040 Millions).
RING PLUS AQUA
LIMITED:
The total revenue
of the company was at Rs. 1529.900 Millions (Previous Year: Rs.1170.800
Millions), a growth of 31%. The Net Profit after tax was at Rs. 126.400
Millions (Previous Year: Rs. 112.900 Millions) a growth of around 17%. With
significant growth trend in the Auto Industry, the company for the first time
crossed the milestone of total revenue of Rs.1500.000 Millions during the year.
The company continued its relentless efforts in developing new markets and
acquiring new clients which lead to exponential growth in both domestic and
export markets.
TRINITY INDIA LIMITED:
The company was
acquired by Ring Plus Aqua Limited on February 23, 2012, by purchase of
majority stake. The company is a forged components manufacturer in Pune with a
strong presence in the domestic and export markets. Ring Plus Aqua Limited has taken
measures to improve the operations of the company.
PASHMINA HOLDINGS
LIMITED:
The company made a profit after tax of Rs. 03.600 Millions in the FY
2012 as compared to Rs.19.900 Millions in the previous year.
OVERSEAS
SUBSIDIARIES:
Jaykayorg AG recorded a loss of
CHF (174,474) (equivalent to Rs.09.500 Millions) [Previous Year: Profit CHF
240,318 (equivalent to Rs. 11.500 Millions)] for the year ended December 31,
2011.
Raymond (Europe)
Limited recorded a profit of Pound Sterling 64,764 (equivalent to Rs. 05.000
Millions) [Previous Year: Profit Pound Sterling 19,474 (equivalent to Rs.
01.400 Millions)] for the year ended December 31, 2011.
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$ 17,825 (equivalent to Rs.
00.900 Millions) [Previous Year: US$ 11,111 (equivalent to Rs.00.400 Millions)]
for the year ended March 31, 2012.
PERFORMANCE OF JOINT VENTURES:
RAYMOND UCO DENIM
PRIVATE LIMITED
During the year,
the revenue from Indian operations, net of returns and discounts recorded a 26%
growth to Rs. 7504.800 Millions including exports of Rs.2909.000 Millions, from
Rs. 5969.600 Millions including exports of Rs. 2634.400 Millions for the FY 2011.
The company recorded a profit before tax and exceptional items of Rs. 140.200
Millions as against a profit of Rs. 61.800 Millions in FY 2011. The company
focused on improving high margin business and strategically exited
non-remunerative price points. The measures of de-bottlenecking the
manufacturing process also helped to improve productivity, efficiencies and
reduce rejections.
RAYMOND ZAMBAITI
LIMITED:
The gross revenue
of the company was Rs. 2289.800 Millions (Previous Year: Rs. 2117.600 Millions).
The company had a profit after tax of Rs. 34.900 Millions during the year
(Previous Year: Rs. 75.100 Millions). The company is a preferred premium high
value shirting supplier to top domestic brands and maintains its cutting-edge
with continuous design and product innovation and a strong emphasis on consumer
services. During the year this company’s operations were impacted with the
introduction of excise duty on garments and low off-take by leading brands.
CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)
|
Particulars |
31.03.2012 [Rs. in millions] |
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 2000-2001, Carded
Woollen business divested during the year 2005-06, Denim Division divested
during the year 2006-07 (interest thereon not ascertainable at present). |
|
|
|
Sales Tax |
9.854 |
9.854 |
|
Royalty |
220.194 |
220.194 |
|
Other Matters |
15.209 |
15.209 |
|
(b) Claims
against the Company not acknowledged as debts in respect of other divisions. |
0 |
0 |
|
- Sales Tax |
14.842 |
41.664 |
|
- Compensation for Premises |
130.141 |
161.150 |
|
- Stamp Duty |
17.416 |
17.416 |
|
- Water Charges |
6.340 |
8.225 |
|
- Other Matters |
5.191 |
13.230 |
|
(c) Bills Discounted with the Company’s bankers |
332.961 |
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) |
455.950 |
642.193 |
|
(e) Disputed demands
in respect of Income-tax, etc. (Interest thereon not ascertainable at
present) |
183.654 |
218.928 |
|
(f)
Bonds/Undertakings given by the Company under concessional duty/exemption
scheme to Government authorities (Net of obligations fulfilled) |
550.272 |
945.650 |
|
(g) Disputed
liability towards Excise duty on Post Removal of Goods from place of
manufacture |
0.000 |
211.890 |
|
(h) Disputed
Excise Duty Liability in respect of other matters (includes Rs. Nil, Previous
Year Rs. 645.10 lacs, on account of denial of excise exemption benefit) |
156.877 |
153.7847 |
|
(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 |
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 Future cash
flows in respect of (a), (b), (e), (g) to (j) above are determinable only on receipt of judgments/decisions pending with various
forums/authorities |
Amount not determinable |
Amount not determinable |
|
(ii) Commitments Estimated amount
of contracts remaining to be executed on capital account and not provided for |
456.287 |
578.761 |
FIXED ASSETS:
- Land – Freehold
- Land – Leasehold
- Buildings
- Plant and Machinery
- Electrical Installations and Equipments
- Furniture, Fixtures and Office Equipment
- Livestock
- Vehicles
- Aircraft
- Boats and Water Equipments
- Software
STANDALONE FINANCIAL RESULTS
FOR THE QUARTER AND YEAR ENDED MARCH 31, 2013
Rs. in Millions
|
Sr. No. |
PARTICULAR |
THREE
MONTHS ENDED |
YEAR
ENDED |
|
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
UNAUDITED |
UNAUDITED |
AUDITED |
|
|
|
|
|
|
|
1. |
Net Sales/Income from Operations |
5572.700 |
5561.900 |
20323.900 |
|
|
Other Operating Income |
95.300 |
19.200 |
125.200 |
|
|
Total Income From Operations (Net) |
5668.000 |
5581.100 |
20449.100 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1280.400 |
1562.600 |
6143.000 |
|
|
Purchase
of stock in trade |
462.600 |
409.300 |
1476.700 |
|
|
Manufacturing
and operating costs |
1047.900 |
1220.900 |
4378.300 |
|
|
Employee
benefits expenses |
741.000 |
693.500 |
2801.200 |
|
|
Depreciation
and amortization expenses |
317.000 |
286.700 |
1160.200 |
|
|
Other
expenses |
1099.000 |
1178.700 |
4161.600 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
394.800 |
(75.400) |
(357.900) |
|
|
Total Expenses |
5342.700 |
5276.300 |
19763.100 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
325.300 |
304.800 |
686.000 |
|
|
|
|
|
|
|
4. |
Other
Income |
149.400 |
304.500 |
806.800 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
474.700 |
609.300 |
1492.800 |
|
|
|
|
|
|
|
6. |
Interest |
373.700 |
417.200 |
1561.100 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
101.000 |
192.100 |
(68.300) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
9.500 |
(123.900) |
(338.400) |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
110.500 |
68.200 |
(406.700) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
(240.400) |
(26.000) |
(71.700) |
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
(129.900) |
42.200 |
(478.400) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(129.900) |
42.200 |
(478.400) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
613.800 |
613.800 |
613.800 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
(2.12) |
0.69 |
(7.79) |
|
|
b)
Basic and diluted EPS after extraordinary items |
(2.12) |
0.69 |
(7.79) |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares* |
35935884 |
36871083 |
35935884 |
|
|
-
Percentage of Shareholding |
58.55 |
60.07 |
58.55 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number
of Shares |
400000 |
325000 |
400000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
1.57 |
1.33 |
1.57 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
0.65 |
0.53 |
0.65 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
25044970 |
24184770 |
25044970 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
98.43 |
98.67 |
98.43 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
40.80 |
39.40 |
40.80 |
|
* Includes shares represented by GDR |
||||
|
Particulars |
3 Months Ended 31.03.2013 |
|
Pending at the beginning of the quarter |
1 |
|
Received during the quarter |
42 |
|
Disposed of during the quarter |
43 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
- Exceptional
items represent:
|
Particular |
Three Months
Ended |
Year Ended |
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
|
|
|
Profit on sale of long term investments |
0.000 |
0.000 |
94.400 |
|
Provision for diminution in value of
investments |
16.300 |
0.000 |
16.300 |
|
VRS payments and termination costs |
(6.800) |
(123.900) |
(449.100) |
|
TOTAL |
9.500 |
(123.900) |
(338.400) |
- The Hon'ble High Court of Bombay has approved the demerger of Jalgaon Unit of
its Subsidiary Raymond Woolen Outerwear Limited (RWOL) into the company
with appointed date as 1st
April 2012. Accordingly the
current Quarter results include the results of Jalgaon Unit of RWOL for the pew
1st April, 2012 to 31st March, 2013. Hence the figures for the current quarter are not
comparable with the previous
period.
- Applying the
principles of accounting standard AS-22 (Accounting of taxes on income),
the company hs recognized deferred tax assets (DTA) only to the extent of
deferred tax liability. As a consequences, the company has not recognized
DTA amounting to Rs.164.300 millions in the current year, besides
de-recognizing DTA amounting to Rs.71.700 millions recognized in the
previous year. tax expense includes current tax and deferred tax
- Ratios has
been calculated as follows: a) Debt Equity Ratio = Debt/ Net Worth [Debt
is Long Term Borrowing (current and noncurrent portion) and Short Term
Borrowings] b) Debt Service Coverage Ratio = Earnings Before Interest,
Depreciation, Tax and Exceptional Items (EBITDA)/ Interest Expense for the
period + Principal repayment of Long Term Borrowings during the period, c)
Interest Service Coverage Ratio = Earnings Before Interest, Depreciation,
Tax and Exceptional Items (EBITDA)/ Interest Expense for the period.
- In view of
the loss of the year, the company has not created debenture redemption
reserve in respect of unsecured debenture issued during the year.
- The figures
for the current quarter represent the balance between audited figures in
respect of the full financial year and those published till the third
quarter of the current financial year.
- Previous
periods figures have been regrouped/ recast/ reclassified, wherever
necessary.
- The above
results were reviewed and recommended by the audit committee and approved
by the board of directors at their respective meeting held on April 26,
2013.
- The board of
directors has recommended equity dividend of 10% (previous year 25%) for
the financial year 2012-13.
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
|
Particulars |
Three Months
Ended |
Year Ended |
|
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
|
|
Segment Revenue
[Sales and Income From Operations] |
|
|
|
|
|
Textile |
5546.000 |
5541.300 |
20269.000 |
|
|
Other |
26.700 |
20.600 |
54.900 |
|
|
Total Segment
Revenue |
5572.700 |
5561.900 |
20323.900 |
|
|
|
|
|
|
|
|
Segment Results
Profits/ Loss Before Interest and Tax |
|
|
|
|
|
Textile |
736.500 |
828.000 |
2547.900 |
|
|
Other |
(49.200) |
(62.500) |
(220.800) |
|
|
Total |
687.300 |
765.500 |
2327.100 |
|
|
|
|
|
|
|
|
Less: Finance Cost |
(373.700) |
(417.200) |
(1561.100) |
|
|
Less: Unallocable (Expenses) Net |
(212.600) |
(156.200) |
(834.300) |
|
|
Add/ Less: Exceptional Items Net |
9.500 |
(123.900) |
(338.400) |
|
|
Total Profit / Loss
Before Tax |
110.500 |
68.200 |
(406.700) |
|
|
|
|
|
|
|
|
Capital Employed |
|
|
|
|
|
Textile |
11568.100 |
11770.800 |
11568.100 |
|
|
Other |
544.400 |
563.200 |
544.400 |
|
|
Total Capital
Employed in Segments |
12112.500 |
12334.000 |
12112.500 |
|
|
|
|
|
|
|
|
Add: Unallocable Assets Less Liabilities |
(1802.900) |
(1639.500) |
(1802.900) |
|
|
Total Capital
Employed in the Company |
10309.600 |
10694.500 |
10309.600 |
NOTES:
- Segment
others include aviation and real estate development.
- Unallocable
expenses are net of income from investment. Unallocable assets mainly
relate to investment.
- Figures for
the previous periods have been regrouped/ recast/ reclassified, wherever
necessary.
STATEMENT OF ASSETS AND
LIABILITIES
Rs. in Millions
|
PARTICULARS |
31.03.2013 |
|
Equity and liabilities |
|
|
Shareholders’ fund |
|
|
Share capital |
613.800 |
|
Reserve & surplus |
9695.800 |
|
Sub-total
– Shareholders’ funds |
10309.600 |
|
Non – current liabilities |
|
|
Long term borrowings |
6837.400 |
|
Other long term liabilities |
1074.200 |
|
Sub-total
- Non-current liabilities |
7911.600 |
|
Current liabilities |
|
|
Short term borrowings |
3223.600 |
|
Trade payables |
2707.100 |
|
Other current liabilities |
5580.300 |
|
Short term provisions |
478.900 |
|
Sub-total
- Current liabilities |
11989.900 |
|
|
|
|
Total -
Equity & Liabilities |
30211.100 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed Assets |
|
|
Tangible assets |
8328.300 |
|
Intangible assets |
14.500 |
|
Capital work in progress |
1448.700 |
|
Non-current investment |
3503.500 |
|
Long term loans & advances |
2549.900 |
|
Other non-current assets |
249.200 |
|
Sub-total
- Non-current Assets |
16094.100 |
|
Current
assets |
|
|
Current investment |
3945.000 |
|
Inventories |
5029.900 |
|
Trade receivables |
4162.600 |
|
Cash & bank balances |
182.500 |
|
Short term loans & advances |
535.000 |
|
Other current assets |
262.000 |
|
Sub-total
- Current Assets |
14117.000 |
|
|
|
|
Total –
Assets |
30211.100 |
NEWS:
MACQUARIE BANK SELLS
3.19 LAKH SHARES OF RAYMOND
APRIL 26, 2013
On April 25, Macquarie Bank sold 3.19 lakh equity shares of Raymond at Rs 279.10 on the National Stock Exchange.
Societe Generale also sold 3.81 lakh shares at Rs 278.84.
In the previous trading session, the share closed at Rs 279.55, up Rs 0.65, or 0.23 percent. It has touched an intraday high of Rs 285.80 and an intraday low of Rs 275.50.
The share touched its 52-week high Rs 488.90 and 52-week low Rs 245.25 on 11 December, 2012 and 10 April, 2013, respectively. Currently, it is trading 42.82 percent below its 52-week high and 13.99 percent above its 52-week low.
Market capitalization of the company currently stands at Rs 17159.000 Millions.
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 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 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.54.17 |
|
|
1 |
Rs.82.99 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
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.