MIRA
INFORM REPORT
|
Report Date : |
19.12.2013 |
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) : |
31.03.2013 |
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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 Exchanges. |
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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 |
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|
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 41200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a flagship company of the VIJAYPAT SINGHANIA GROUP which is
a diversified conglomerate, and it is engaged in manufacturing of fabrics. It is a well established and reputed company having fine track record. There appear loss recorded by the company during 2013. However, financial position of the company appears to be sound.
Directors are reported to be experienced and respectable businessmen. Over all fundamentals of the company appears to be strong and healthy. Trade relations are reported to be regular and as per commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwelleRs.They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs
41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched
in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non-Convertible Debenture = AA- |
|
Rating Explanation |
Have high degree of safety and very low
credit risk |
|
Date |
04.12.2013 |
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 DENIED
Management Non Co-Operative. (Tel No.: 91-2352-232514)
LOCATIONS
|
Registered
Office : |
Plot No.156/ H.
No.2, Village Zadgaon, Ratnagiri – 415 612, |
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Tel. No.: |
91-2352-232514 / 24939030 |
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Fax No.: |
91-2352-232513 |
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E-Mail : |
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Website : |
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Head Office : |
New Hind House,
N. M. Marg, Mumbai – 400 001, |
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Tel. No.: |
91-22-22618321/22642025/22694215/22694217 |
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Corporate
Office : |
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Tel. No.: |
91-22-24939090/24939034/24939044/24939047/24939049/40349999 |
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Fax No.: |
91-22-24952232 |
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E-Mail : |
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Factories: |
Textile Division ·
Jekegram,
Thane-400606, Maharashtra, India ·
Plot
No. E-1 and E-11, MIDC Area, Phase II, Ajanta Road, Jalgaon-425003,
Maharashtra, India ·
B-1, A.K.V.N.,
Boregaon Industrial Growth Centre, Kailash Nagar, District Chhindwara-480001,
Madhya Pradesh, India ·
N.H.
No.8, Khaki-Udwada, Taluka Pardi, District Valsad-396185, Gujarat, India Suit Plant ·
No.4/2A, 2B, 5/3A, 3B, Gundapura, Gowribidanur,
Taluk Chikkaballapura, Bangalore – 561 208, Karnataka, India Denim Division ·
Plot
C-1, MIDC Yavatmal, Lohara Village, Yavatmal – 445 001, Maharashtra, India J. K. Files and Tools Division ·
Jekegram,
Thane-400606, Maharashtra, India ·
A-1, Mirjole
Industrial Estate, MIDC, Kolhapur Road, Ratnagiri – 415 639, Maharashtra,
India ·
Plot
No. C 1/1 MIDC Area, Gane-Khadpoli, Chiplun – 415 605, District Ratnagiri,
Maharashtra, India ·
Shed
No. S/1 and S/2, Sector 1, Road No. 10, Pithampur – 454 775, District Indore,
Madhya Pradesh, India ·
22,
New Tangra Road, Kolkata 700046, West Bengal Cement Division ·
Gopalnagar,
Arasmeta, District Bilaspur, Madhya Pradesh, India Steel Division ·
Wadivarhe,
District Nasik, Maharashtra, India Aviation Division ·
Mahindra
Towers, B. Wing, P. B. Marg, Worli, Mumbai – 400 018, Maharashtra, India ·
Old Apparel Building, First Floor, Jekegram,
Pokhran Road No. 1, Thane (West) - 400 606, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Gautam Hari Singhania |
|
Designation : |
Chairman and Managing Director |
|
Date of
Birth/Age : |
38 Years |
|
Qualification
: |
B. Com. |
|
Experience : |
13 Years |
|
Date of
Appointment : |
01.07.2009 |
|
DIN No.: |
00020088 |
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Name : |
Dr. Vijaypat Singhania |
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Designation : |
Chairman Emeritus |
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Date of
Birth/Age : |
64 Years |
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Qualification
: |
A. M. P. (Harvard) |
|
Experience : |
43 Years |
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Date of
Appointment : |
29.06.1971 |
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DIN No.: |
00020063 |
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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 |
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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 |
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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 |
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DIN No.: |
00180427 |
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Name : |
Mr. Akshay Chudasama |
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Designation : |
Independent Director |
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Name : |
Mr. Boman R. Irani |
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Designation : |
Independent Director |
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Name : |
Mr. H. Sunder |
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Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Thomas Fernandes |
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Designation : |
Director – Secretarial and Company Secretary |
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Name : |
Mr. M. Shivkumar |
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Designation : |
Chief Finance Officer |
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Management
Executives : |
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|
Name : |
Mr. Gautam Hari Singhania |
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Designation : |
Chairman and Managing Director |
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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. 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. 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 : |
S.L. Pokharna |
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Designation : |
President – Commercial |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
278710 |
0.46 |
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|
24203743 |
39.98 |
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|
24482453 |
40.44 |
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|
|
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Total shareholding of Promoter and Promoter Group (A) |
24482453 |
40.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2851440 |
4.71 |
|
|
16087 |
0.03 |
|
|
6956626 |
11.49 |
|
|
4778088 |
7.89 |
|
|
14602241 |
24.12 |
|
|
|
|
|
|
4561011 |
7.53 |
|
|
|
|
|
|
11893395 |
19.65 |
|
|
4813604 |
7.95 |
|
|
187488 |
0.31 |
|
|
187488 |
0.31 |
|
|
21455498 |
35.44 |
|
Total Public shareholding (B) |
36057739 |
59.56 |
|
Total (A)+(B) |
60540192 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
840662 |
0.00 |
|
|
840662 |
0.00 |
|
Total (A)+(B)+(C) |
61380854 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Fabrics, Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery
Goods. |
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Products : |
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PRODUCTION STATUS (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 : |
·
Bank of India ·
Bank of Maharashtra ·
Central Bank of India ·
Citi Bank N. A. ·
HDFC Bank Limited ·
IDBI Bank Limited ·
State Bank of India ·
Standard Chartered Bank ·
Syndicate Bank |
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Facilities : |
Nature of
Security and terms of repayment for Long Term secured borrowings:
Terms of
repayment for Long Term unsecured borrowings:
Filing of memorandum of complete satisfaction of charge with the
Registrar of Companies is in process for a Term Loan of Rs.300.000 Millions,
which has been fully repaid. Installments falling due in respect of all the above Loans upto
31.03.2014 have been grouped under "Current maturities of long term
debt" * Rate of Interest is without considering interest subsidy under TUF
scheme. |
|
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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
Auditors: |
|
|
Name : |
Mahajan and
Aibara Chartered Accountants |
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Subsidiary
Companies : |
·
Pashmina Holdings Limited ·
Everblue Apparel Limited ·
Jaykayorg AG ·
Raymond (Europe) Limited ·
JK Files (India) Limited ·
Colorplus Fashions Limited ·
Silver Spark Apparel Limited ·
Celebrations Apparel Limited ·
Ring Plus Aqua Limited ·
Trinity India Limited ·
Raymond Woollen Outerwear Limited ·
R and A Logistics Inc., ·
Scissors Engineering Products Limited ·
JK Talabot Limited ·
Raymond Apparel Limited |
|
|
|
|
Joint Ventures
and Jointly controlled entities : |
·
Raymond Zambaiti Limited ·
Rose Engineered Products India Private Limited ·
Raymond UCO Denim Private Limited and its subsidiaries/Joint
Venture UCO Fabrics Inc. and its Subsidiaries. UCO Testatura S.R.L. UCO Raymond Denim Holding NV ·
Rayves Automotive Textiles Company Private
Limited (Upto 7th December, 2011) |
|
|
|
|
Associates : |
·
J.K. Investo Trade (India) Limited ·
P. T. Jaykay Files Indonesia ·
J.K. Helene Curtis Limited ·
J.K. Ansell Limited ·
Radha Krshna Films Limited |
|
|
|
|
Other related
Party : |
·
J.K. Investors (Bombay) Limited |
|
|
|
|
Relatives of key
management personnel and their enterprises where transactions have taken
place : |
·
Silver Soaps Private Limited ·
Avani Agricultural Farms Private Limited |
Note: Related party relationship
is as identified by the Company and relied upon by the Auditors.
CAPITAL STRUCTURE
As on 31.03.2013
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 |
|
|
|
|
|
|
61380854 |
Equity Shares |
Rs.10/- each |
Rs.613.808 Millions |
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs.in
Millions |
|
Shares outstanding at the beginning of the year |
61380853 |
613.808 |
|
Shares issued during the year |
1 |
0.00 |
|
Shares
outstanding at the end of the year |
61380854 |
613.808 |
- Right, Preferences and restrictions attached
to Shares
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
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
J.K. Investors (Bombay) Limited |
16571419 |
27.00% |
|
HDFC Trustee Company Limited |
- |
0.00% |
|
Life Insurance Corporation of India |
4749592 |
7.74% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
613.808 |
613.808 |
613.808 |
|
(b) Reserves & Surplus |
9695.796 |
10429.196 |
10042.041 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10309.604 |
11043.004 |
10655.849 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6837.382 |
7435.038 |
8916.621 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1074.233 |
1826.359 |
943.942 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
7911.615 |
9261.397 |
9860.563 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3223.556 |
2570.702 |
1942.503 |
|
(b) Trade payables |
2707.159 |
1990.278 |
1975.484 |
|
(c) Other current
liabilities |
5580.253 |
3998.675 |
3215.318 |
|
(d) Short-term provisions |
478.928 |
644.692 |
446.821 |
|
Total Current Liabilities (4) |
11989.896 |
9204.347 |
7580.126 |
|
|
|
|
|
|
TOTAL |
30211.115 |
29508.748 |
28096.538 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8328.266 |
8660.656 |
8577.378 |
|
(ii) Intangible Assets |
14.530 |
11.522 |
0.000 |
|
(iii) Capital
work-in-progress |
1448.757 |
1165.483 |
773.869 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3503.493 |
3822.103 |
3763.501 |
|
(c) Deferred tax assets (net) |
0.000 |
71.744 |
278.327 |
|
(d) Long-term Loan and Advances |
2549.913 |
2400.291 |
2826.751 |
|
(e) Other Non-current assets |
249.208 |
249.208 |
89.208 |
|
Total Non-Current Assets |
16094.167 |
16381.007 |
16309.034 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3945.004 |
3950.880 |
3637.755 |
|
(b) Inventories |
5029.854 |
4476.690 |
4130.910 |
|
(c) Trade receivables |
4162.554 |
3923.950 |
3204.585 |
|
(d) Cash and cash
equivalents |
182.547 |
128.582 |
155.124 |
|
(e) Short-term loans and
advances |
535.019 |
416.674 |
384.153 |
|
(f) Other current assets |
261.970 |
230.965 |
274.977 |
|
Total Current Assets |
14116.948 |
13127.741 |
11787.504 |
|
|
|
|
|
|
TOTAL |
30211.115 |
28508.748 |
28096.538 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20323.877 |
18718.726 |
14964.666 |
|
|
|
Other Income |
932.042 |
871.613 |
762.332 |
|
|
|
TOTAL (A) |
21255.919 |
19590.339 |
15726.998 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6142.985 |
5171.401 |
3925.210 |
|
|
|
Purchases of Stock-in-Trade |
1476.718 |
1457.242 |
956.643 |
|
|
|
Manufacturing and Operating Costs |
4378.258 |
3849.749 |
2989.338 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(357.887) |
(524.004) |
(876.550) |
|
|
|
Employee benefits expense |
2801.191 |
2443.615 |
2381.441 |
|
|
|
Other expenses |
4161.597 |
3908.310 |
3308.728 |
|
|
|
Exceptional items (Net) |
338.435 |
67.000 |
2526.761 |
|
|
|
TOTAL (B) |
18941.297 |
16373.313 |
15211.571 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2314.622 |
3217.026 |
515.427 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1561.061 |
1348.044 |
1019.558 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
753.561 |
1868.982 |
(504.131) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1160.219 |
1098.563 |
1037.236 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(406.658) |
770.419 |
(1541.367) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(71.744) |
206.918 |
(539.448) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(478.402) |
563.501 |
(1001.919) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
1529.507 |
1405.745 |
949.044 |
|
|
|
Dividend |
1.030 |
0.442 |
0.000 |
|
|
|
Earnings from Air Taxi Operations |
0.00 |
0.099 |
8.295 |
|
|
|
Other Earnings |
10.198 |
9.033 |
2.045 |
|
|
TOTAL EARNINGS |
1540.735 |
1415.319 |
959.384 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2790.701 |
2400.838 |
1835.425 |
|
|
|
Stores and Spare Parts |
192.418 |
161.864 |
127.703 |
|
|
|
Capital Goods |
74.675 |
154.415 |
261.623 |
|
|
|
Repairs |
11.010 |
3.200 |
1.385 |
|
|
TOTAL IMPORTS |
3068.804 |
2720.317 |
2226.136 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
(7.79) |
9.18 |
(16.32) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.25)
|
2.87
|
(6.37) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.00)
|
4.12
|
(10.30) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.43)
|
4.88
|
(10.48) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.07
|
(0.14) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.98
|
0.91
|
1.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.43
|
1.56 |
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 |
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 |
Yes |
|
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 |
CASE DETAILS:
|
CASE DETAILS
District:- MUMBAI Bench:- DIVISION Status:- Pre-Admission
Category:- CUSTOM
APPEAL Act :- Customs
Act, 1962
Under Section:- 35G |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.In Millions |
31.03.2012 Rs.In Millions |
|
Long Term Borrowings |
|
|
|
Term loans |
|
|
|
From banks |
1000.000 |
2500.000 |
|
Debentures |
1750.000 |
0.000 |
|
Short Term Borrowings |
|
|
|
Loans repayable on demand |
|
|
|
Foreign currency loan from banks |
0.000 |
138.408 |
|
Buyers credit arrangements |
0.000 |
144.288 |
|
By issue of
Commercial Papers (Maximum balance
outstanding during the year Rs.2300.000 Millions (Previous year Rs.2500.000
Millions) |
750.000 |
850.000 |
|
Total |
3500.000 |
3632.696 |
CURRENT MATURITY
OF LONG TERM BORROWINGS DETAIL:
(Rs.In
Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturity
of Long Term Borrowings |
3409.649 |
2953.320 |
1713.402 |
|
Total |
3409.649 |
2953.320 |
1713.402 |
CORPORATE OVERVIEW
The Company is
India’s Leading Textile and Branded Apparel Company with interests in FMCG,
Engineering (files, power tools and auto components) business having its
corporate headquarters in Mumbai.
OVERVIEW OF THE ECONOMY
According to the
latest estimate, Indian economy grew by 5% in FY 2013, reflecting lower than
expected growth in both industry and service sectoRs.Inflation also was at
elevated levels. However with commodity and crude oil prices on the decline
from the peak and with various policy initiatives coming through, the economy
is estimated to grow by around 6% in FY 2014 with lower inflation.
The Company’s
mainstay textile business performance was adversely impacted by the weak
consumer sentiment resulting in lower discretionary spends and increase in
input costs.
FINANCIAL PERFORMANCE
During FY 2013,
against the backdrop of an extremely challenging business environment, the
Company reported a top-line growth of 8.5% over the previous year. The
Standalone Gross revenue from operations stood at Rs.20345.100 Millions as
compared to Rs.18746.400 Millions in the previous year. The Operating Loss
before tax and exceptional item stood at Rs.68.200 Millions as against
Operating Profit of Rs.837.400 Millions in the previous year. The loss for the
year was Rs.478.400 Millions (Previous Year: Net Profit after tax Rs.563.500
Millions).
The Consolidated
Gross revenue from operations for the FY 2013 was at Rs.41404.200 Millions (Previous
Year: Rs.37087.00 Millions). The Consolidated Operating Profit stood at
Rs.656.400 Millions (Previous Year: Rs.2043.900 Millions). The Consolidated Net
Profit after tax was Rs.287.300 Millions (Previous Year: Net Profit after tax
Rs.1557.800 Millions).
The Hon’ble High
Court of Bombay has approved the Scheme of Arrangement for the demerger of
Jalgaon Unit of Raymond Woollen Outerwear Limited (RWOL) with your Company
under Section 391-394 of the Companies Act, 1956 from the appointed date of
April 1, 2012. This will synergize and rationalize operating costs. The results
have been impacted due to the full year loss of Rs.107.100 Millions of this
demerged unit absorbed in your Company’s books. On account of this
restructuring, the standalone results of the Company are strictly not
comparable with the previous year.
PERFORMANCE HIGHLIGHTS
Despite tough
business conditions, The Company’s total textile sales registered a growth of
9%; Net Revenue being Rs.20613.200 Millions in FY 2013 as against Rs.18694.800
Millions in FY 2012.
In FY 2013, the
domestic textile sales were Rs.18050.000 Millions compared to Rs.16690.000
Millions in FY 2012, whilst the textile exports during the year under review
were Rs.2280.000 Millions as against Rs.1960.000 Millions in the previous year
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013
(Rs.In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income form operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
6002.700 |
4219.800 |
10222.500 |
|
b) Other operating income |
19.800 |
1.000 |
20.800 |
|
Total
income from Operations(net) |
6022.500 |
4220.800 |
10243.300 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1920.900 |
1493.100 |
3414.000 |
|
b) Purchases of stock in trade |
595.300 |
397.800 |
993.100 |
|
c) manufacturing and operating cost |
1144.900 |
1001.000 |
2145.900 |
|
d) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(422.900) |
(345.500) |
(768.400) |
|
e) Employees benefit expenses |
730.900 |
722.600 |
1453.500 |
|
f) Depreciation and amortization expenses |
290.100 |
284.700 |
574.800 |
|
g) Other expenditure |
931.600 |
972.000 |
1903.600 |
|
Total expenses |
5190.800 |
4525.700 |
9716.500 |
|
3. Profit from operations before other income and
financial costs |
831.700 |
(304.900) |
526.800 |
|
4. Other income |
212.300 |
174.900 |
387.200 |
|
5. Profit from ordinary activities before finance costs |
1044.000 |
(130.000) |
914.000 |
|
6. Finance costs |
378.500 |
360.700 |
739.200 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
665.500 |
(490.700) |
174.800 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
665.500 |
(449.700) |
174.800 |
|
10.Tax expenses |
(58.800) |
41.000 |
(17.800) |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
606.780 |
(449.700) |
157.000 |
|
12.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
613.800 |
613.800 |
613.800 |
|
13. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
14. Earnings per share |
|
|
|
|
a) Basic |
9.89 |
(7.33) |
2.56 |
|
b) Diluted |
9.89 |
(7.33) |
2.56 |
|
|
|
|
|
|
Debt Equity Ratio |
|
|
1.39 |
|
Debt service coverage ration |
|
|
1.47 |
|
Interest service coverage ration |
|
|
2.01 |
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
36898401 |
35463329 |
36898401 |
|
- Percentage of shareholding |
60.11% |
57.78% |
60.11% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
400000 |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
1.54% |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
0.65% |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
24482453 |
25517525 |
24482453 |
|
Percentage of shares (as a % of total share capital of the
company) |
100.00% |
98.46% |
100.00% |
|
|
39.89% |
41.57% |
39.89% |
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
31 |
||
|
Disposed of during the quarter |
31 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes:
1.
Exceptional items
(Net) represent:
|
Particulars |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
VRS payments
and termination costs |
- |
- |
- |
|
Profit
on sale of long term investments |
- |
- |
- |
|
Provision for diminution in value of investments written back |
- |
- |
- |
|
Total |
- |
- |
- |
2. The above results include gain / (loss) on exchange fluctuation :
|
Particulars |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
|
|
|
Gain /
(Loss) on exchange fluctuation |
630.000 |
(53.700) |
(47.400) |
3. Tax Expense includes Current Tax and Deferred Tax.
4. Rations have been calculated as follows : a) debt equity ratio =
debt/networth (debt is long term borrowing (current and non current ) and short
term borrowing ) b) debt service coverage ration = earnings before interest, depreciation, tax and
exceptional items (EBITDA) / interest expenses for the period + principal
repayment of long term borrowing during the period, c) interest service coverage ratio = earning before
interest, depreciation, tax and exceptional items (EBITDA) / interest expenses
for the period
5. During the quarter, the Company has made an investment of Rs.50.000 Millions in Raymond Zambaiti Limited (RZL), a jointly controlled entity, by subscription to file right issue. Consequently, RZL has become a subsidiary of the Company.
6.
The shareholders of the Company has made though postal ballot approved transfer
&.Suit manufacturing unit of the Company
at Gauribidanur for a total
consideration of Rs.220.500 Millions to its wholly owned subsidiary
Silver Spark Apparel Limited on slump
sale bas's w.e.f. .lst October. 2013
Sales and profit before tax of
Suits manufacturing unit is as under.
|
Particulars |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
Net
Sales/Income from operations |
91.500 |
91.300 |
182.800 |
|
Profit
/ (Loss) before Tax |
(1.100) |
12.300 |
11.200 |
|
Net
assets (assets less liabilities) |
|
|
211.800 |
7. The figures for previous
quarter have not been restated to reflect demerger of Jalgaon Unit of the Company's
Subsidiary Raymond Woollen Outerwear Limited into the Company which became
effective on 12th March,2013 (appointed date 1st April, 2012), and accordingly
the previous period figures are not comparable
8. Previous periods figures have been regrouped / recast / reclassified,
wherever necessary.
9. The above results were reviewed and recommended by the Audit Committee
and approved by the Board of Directors at their respective meeting held on 25th
July, 2013.
10. The Auditors of the Company have carried out Limited Review of the above
financial results
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Half
Year Ended (
Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Segment Revenue |
|
|
|
|
a. Textiles |
5578.300 |
2807.200 |
9385.800 |
|
b. Others |
424.400 |
412.600 |
837.000 |
|
Total |
6002.700 |
3219.800 |
10222.800 |
|
|
|
|
|
|
Segment Results( Profit I (Loss)
before interest and tax) |
|
|
|
|
a. Textiles |
1256.400 |
107.500 |
1363.900 |
|
b. Others |
(96.700) |
(77.300) |
(174.000) |
|
Total |
1159.700 |
30.200 |
1189.900 |
|
Less : Finance Costs |
(378.500) |
(360.700) |
(739.200) |
|
Less: Other un-allocable
expenditure net off un-allocable income. |
(115.700) |
(160.200) |
(275.900) |
|
Add/(Less): Exceptional item |
- |
- |
- |
|
Total Profit / (loss) before tax |
665.500 |
(490.700) |
174.800 |
|
|
|
|
|
|
3.
Capital Employed |
|
|
|
|
a. Textiles |
|
10308.700 |
11208.300 |
|
b. Others |
|
1749.900 |
1839.400 |
|
Total Capital Employed in segment |
|
12058.600 |
13047.700 |
|
Add :
un-allocable assets less liabilities |
|
(2210.800) |
(2594.700) |
|
Total Capital Employed in the Company |
|
9847.800 |
10453.000 |
I.
The Company has reassessed the risk and returns of its
product group, the nature of its business, the class of customers, etc. and accordingly
reclassified its business segments into:
a.
Textile: Branded Fabric
b.
Others: Includes Branded readymade garments. Garment
manufacturing. Non-scheduled Airline operations and Real estate development
segments.
II.
Unallocable expenses are net of income from
investments. Unallocable assets mainly relate to Investments.
III. Figures for the previous periods have been regrouped/recast/reclassified, wherever necessary.
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2013
Rs.
In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2013 Unaudited |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
613.800 |
|
(b) Reserves & Surplus |
|
|
9839.200 |
|
Sub-total Shareholders’ |
|
|
10453.000 |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
7203.700 |
|
(b) Deferred Tax Liabilities (net) |
|
|
17.300 |
|
(b) Other
long-term liabilities |
|
|
1132.900 |
|
Sub-total of
Non-Current liabilities |
|
|
8353.900 |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
3445.400 |
|
(b) Trade payables |
|
|
3001.300 |
|
(c) Other current
liabilities |
|
|
6400.500 |
|
(d) Short-term provisions |
|
|
498.900 |
|
Sub-total of Current
liabilities |
|
|
13346.100 |
|
|
|
|
|
|
TOTAL |
|
|
32153.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
7414.500 |
|
(ii) Intangible assets |
|
|
20.200 |
|
(iil) Capital work-in-progress |
|
|
1563.400 |
|
(b) Non-Current investments |
|
|
3448.000 |
|
(c) Long term loans and advances |
|
|
2593.900 |
|
(e) Other non-current assets |
|
|
297.800 |
|
Sub-total of Non-Current
Assets |
|
|
15337.800 |
|
|
|
|
|
|
Current assets |
|
|
|
|
(a) Current investments |
|
|
3977.700 |
|
(b) Inventories |
|
|
5999.800 |
|
(c) Trade receivables |
|
|
5126.700 |
|
(d) Cash and cash
equivalents |
|
|
48.500 |
|
(e) Short-term loans and
advances |
|
|
816.100 |
|
(f) Other current assets |
|
|
846.400 |
|
Sub-total of
Current Assets |
|
|
16815.200 |
|
|
|
|
|
|
TOTAL |
|
|
32153.000 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10334393 |
08/08/2012 * |
135,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B57111296 |
|
2 |
10319326 |
22/02/2012 * |
490,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATE BRANCH, 3RD
FLOOR, NO. 10, HOMJI TREET, FORT, MUMBAI, Maharashtra - 400023, INDIA |
B33260555 |
|
3 |
10277145 |
21/01/2012 * |
265,400,000.00 |
BANK OF INDIA |
MUMBAI LARGE CORPORATE BRANCH,
BANK OF INDIA BLDG, FOURTH FLOOR,
70-80, M. G. ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA |
B31645005 |
|
4 |
10165832 |
29/06/2009 |
1,500,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1ST
FLOOR, MMO BUILDING, FORT, MUMBAI, Maharashtra - 400023, INDIA |
A65460024 |
|
5 |
10150438 |
30/03/2009 |
350,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A59759449 |
|
6 |
10151223 |
05/05/2009 * |
950,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A63899298 |
|
7 |
10139056 |
19/01/2009 |
500,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE CORPORATE BRANCH,
BANK OF INDIA BLDG. 4TH FLR, 70/80 M.G.ROAD, FORT, MUMBAI, Maharashtra -
400001, INDIA |
A55299507 |
|
8 |
10117459 |
28/02/2009 * |
1,500,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A58495151 |
|
9 |
10117799 |
06/02/2009 * |
350,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A56833015 |
|
10 |
10107969 |
24/02/2010 * |
412,500,000.00 |
State Bank of India |
CAG Branch, Neville House, J.
N. Heredia Marg, Ballard Estate,, MUMBAI, Maharashtra - 400001, INDIA |
A81522609 |
|
11 |
10038389 |
31/01/2007 |
1,510,000,000.00 |
Bank Of India |
Mumbai Large Corporate
Branch,, 4th Floor , 70/80 M.G Road Fort, Mumbai, Maharashtra - 400023, INDIA
|
A11172764 |
|
12 |
10024644 |
30/10/2006 |
1,510,000,000.00 |
BANK OF INDIA LIMITED |
MUMBAI LARGE CORPORATE BRANCH,
4TH FLOOR, 70/80, |
A06017974 |
|
13 |
10025687 |
20/10/2006 |
460,000,000.00 |
CITIBANK |
UNIT #s UG 1TO4 &101 TO
106, GROUNG & FIRST FLOOR, |
A06538862 |
|
14 |
80003670 |
20/03/2007 * |
750,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, VOLTAS HOUSE, 23, J.N.
HEREDIA MARG, BALLARD ESTATE, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
15 |
80062151 |
20/11/2012 * |
6,000,000,000.00 |
Bank of India |
Mumbai Large Corporate Branch,
BOI Building, Ground Floor, Oriental Building, 364 D.N. Road, Mumbai, Maharashtra
- 400001, INDIA |
B64149479 |
* Date of charge modification
FIXED ASSETS:
·
Land and Building
·
Plant and machinery
·
Furniture
·
Vehicle
·
Computer
NEWS:
RAYMOND
LIMITED - FINANCIAL RESULTS
SEPTEMBER
QUARTER FY 2013-14
Highlights
·
Consolidated Net sales for the quarter up 10% to
Rs.12240.000 Millions
·
Consolidated EBITDA margin expansion by 154 bps
·
Consolidated PAT for the quarter up by 84% to
Rs.920.000 Millions
Mumbai, October 23, 2013: Raymond Limited today announced its unaudited
financial results for the quarter and half year ended September 30, 2013
|
Rs.In Millions |
Q- 2 FY 14 |
Q2 FY 13 |
Y-o-Y |
HI FY14 |
HI FY 13 |
Y-o-Y |
|
Net Sales |
12240.000 |
11140.000 |
10% |
20970.000 |
19510.000 |
7% |
|
EBITDA before forex (loss)/ gain |
2100.000 |
1700.000 |
24% |
2620.000 |
2140.000 |
22% |
|
EBITDA% before forex (loss)/ gain |
2050.000 |
1690.000 |
21% |
2470.000 |
2140.000 |
15% |
|
EBITDA after forex (loss)/ gain |
17% |
15% |
|
12% |
11% |
|
|
Net Profit |
920.000 |
500.000 |
84% |
430.000 |
150.000 |
179% |
Certain business segments in the published
financial statements have been reclassified to provide better clarity on business
performance. The corresponding prior period figures have also been reclassified
to conform with the revised classification. Consequent to these changes, the
segment numbers in this press release are strictly not comparable with the
earlier press releases.
The Textile segment sales for the quarter ended 30 September 2013
witnessed an increase of 7% at Rs.5590.000 Millions on the back of higher
realization in domestic as well as in the export segment. EBITDA margins for
the quarter improved by 192 bps to 27%.
The Apparel segment sales stood at Rs.2540.000 Millions, an increase of
9% on YoY basis. EBITDA margins
expanded by 88bps to 8%.
The Retail stores count as at 3oth September 2013 stood at 946 across all
formats, including 41 stores in the Middle East and SAARC region covering over
1.8 million square feet of retail space. During the quarter ended SeptemberJ13,
like to like sates growth across all formats stood at 3%. Secondary sales
through the exclusive retail channel grew by 8% y-o-y.
The Garmenting segment grew by 17% to Rs.1180.000 Millions during the
quarter. However, EBITDA for the quarter was impacted by Forex losses of
Rs.50.000 Millions (vs Gain of Rs.10.000 Millions in last year), mainly due to
* MTM provisioning on unexecuted orders.
The Cotton shirting fabric business (Raymond Zambaiti Limited) grew by
12% to Rs.880.000 Millions during the .
quarter. However, EBITDA for the quarter was impacted due to higher
input costs and lower exports During the quarter, Raymond Zambaiti Limited has
become a subsidiary of Raymond Limited w.e.f 18th September 2013 and results of
Raymond Zambaiti Limited have been consolidated accordingly.
The Denim business witnessed a 11% sales growth during the quarter and
stood at Rs.2360.000 Millions backed
by higher realisation in the domestic as well as in the export markets,
while EBITDA stood at Rs.230.000 Millions.
Sales in the Tools & Hardware segment grew by 22% to Rs.1140.000
Millions led by both domestic as well as
export market. EBITDA margins increased by 1lObps to 13%.
Sales in the Auto component segment declined by 5% to Rs.510.000
Millions. EBlTDA margins improved by 240bps to 13%.
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.61.92 |
|
|
1 |
Rs.100.83 |
|
Euro |
1 |
Rs.85.26 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--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 |
|
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 |
|
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.