MIRA INFORM REPORT
|
Report Date : |
17.04.2014 |
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 : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 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 is loss recorded by the company during 2013. However, financial position of the company is sound. Directors are
reported to be experienced and respectable businessmen. Over all fundamentals of the company seems to be strong and healthy. Trade relations are reported to be regular and as per commitments. Company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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, |
|
Tel. No.: |
91-2352-232514/24939030 |
|
Fax No.: |
91-2352-232513 |
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E-Mail : |
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Website : |
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Head Office : |
New Hind House,
N. M. Marg, Mumbai – 400 001, |
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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
Suit Plant
Denim Division
J. K. Files and Tools Division ·
Jekegram,
Thane-400606, Maharashtra, India
Cement Division
Steel Division
Aviation Division
|
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 |
|
|
|
|
Name : |
Dr. Vijaypat Singhania |
|
Designation : |
Chairman Emeritus |
|
Date of
Birth/Age : |
64 Years |
|
Qualification
: |
A. M. P. (Harvard) |
|
Experience : |
43 Years |
|
Date of
Appointment : |
29.06.1971 |
|
DIN No.: |
00020063 |
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|
|
|
Name : |
Mr. Ishwar Das Agarwal |
|
Designation : |
Independent Non-Executive Director |
|
Date of
Appointment : |
18.03.2007 |
|
DIN No.: |
00293784 |
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|
|
|
Name : |
Mr. Nabankur Gupta |
|
Designation : |
Independent Non-Executive Director |
|
Date of
Birth/Age : |
59 Years |
|
Qualification
: |
Graduate |
|
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 |
|
DIN No.: |
00021923 |
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|
|
Name : |
Mr. Shailesh Vishnubhai Haribhakti |
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Designation : |
Director |
|
Date of
Appointment : |
15.06.2010 |
|
DIN No.: |
00007347 |
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|
|
|
Name : |
Mr. Pradeep Guha |
|
Designation : |
Director |
|
Date of
Appointment : |
15.06.2010 |
|
DIN No.: |
00180427 |
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|
|
Name : |
Mr. Akshay Chudasama |
|
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 |
|
Designation : |
Director – Secretarial and Company Secretary |
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|
Name : |
Mr. M. Shivkumar |
|
Designation : |
Chief Finance Officer |
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Management Executives
: |
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|
|
|
Name : |
Mr. Gautam Hari Singhania |
|
Designation : |
Chairman and Managing Director |
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|
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|
Name : |
Mr. H. Sunder |
|
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 |
|
Designation : |
President – Retail and Business Development |
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|
Name : |
Mr. Robert Lobo |
|
Designation : |
President (Operations) – Group Apparel |
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|
Name : |
S.L. Pokharna |
|
Designation : |
President – Commercial |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
278710 |
0.46 |
|
|
24203743 |
39.98 |
|
|
24482453 |
40.44 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
24482453 |
40.44 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
3021157 |
4.99 |
|
|
16087 |
0.03 |
|
|
6946626 |
11.47 |
|
|
4964700 |
8.20 |
|
|
14948570 |
24.69 |
|
|
|
|
|
|
4653104 |
7.69 |
|
|
|
|
|
|
11572816 |
19.12 |
|
|
4720811 |
7.80 |
|
|
162438 |
0.27 |
|
|
162438 |
0.27 |
|
|
21109169 |
34.87 |
|
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 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Names of Shareholders |
No. of
Shares |
Percentage
of Holding |
|
Advait Ruia |
825 |
0.00 |
|
Ashadevi Singhania |
139119 |
0.23 |
|
Gautam Hari Singhania |
5529 |
0.01 |
|
J K Investo Trade India Limited |
2588025 |
4.22 |
|
J K Investors Bombay Limited |
16826419 |
27.41 |
|
J K Sports Foundation |
792395 |
1.29 |
|
J K Helene Curtis Limited |
3206208 |
5.22 |
|
Polar Investment Limited |
99200 |
0.16 |
|
Shephali A Ruia |
13140 |
0.02 |
|
Ritwik Ruia |
1000 |
0.00 |
|
SMT Sunitidevi Singhania
Hospital Trust |
691496 |
1.13 |
|
Dr Vijaypat Singhania |
119097 |
0.19 |
|
Total |
24482453 |
39.89 |
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
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Life
Insurance Corporation of India |
4749592 |
7.74 |
|
Finquest
Financial Solutions Private Limited |
1828350 |
2.98 |
|
Sundaram
Mutual Fund |
1350000 |
2.20 |
|
General
Insurance Corporation of India |
1263849 |
2.06 |
|
Anant
Singhania |
1139874 |
1.86 |
|
Ujjwala
A Singhania |
987238 |
1.61 |
|
Bharat
Jayantilal Patel |
1248750 |
2.03 |
|
Total |
12567653 |
20.47 |
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
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Life Insurance Corporation of
India |
4749592 |
7.74 |
|
Total |
4749592 |
7.74 |
Details of Depository Receipts (DRs)
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
GDR |
4,20,331 |
1.37 |
|
Total |
4,20,331 |
1.37 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Fabrics, Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery
Goods. |
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Products : |
|
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 : |
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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|
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|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
|
|
|
|
Internal
Auditors: |
|
|
Name : |
Mahajan and
Aibara Chartered Accountants |
|
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Subsidiary
Companies : |
|
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|
Joint Ventures
and Jointly controlled entities : |
UCO Fabrics Inc. and its Subsidiaries. UCO Testatura S.R.L. UCO Raymond Denim Holding NV
|
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|
Associates : |
|
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|
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|
Other related
Party : |
|
|
|
|
|
Relatives of key
management personnel and their enterprises where transactions have taken
place : |
|
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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs. In
Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
613.808 |
613.808 |
613.808 |
|
Reserves & Surplus |
10042.041 |
10429.196 |
9695.796 |
|
Net
worth |
10655.849 |
11043.004 |
10309.604 |
|
|
|
|
|
|
long-term borrowings |
8916.621 |
7435.038 |
6837.382 |
|
Short term borrowings |
1942.503 |
2570.702 |
3223.556 |
|
Total
borrowings |
10859.124 |
10005.740 |
10060.938 |
|
Debt/Equity
ratio |
1.019 |
0.906 |
0.976 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
14,964.666 |
18,718.726 |
20,323.877 |
|
|
|
25.086 |
8.575 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
14,964.666 |
18,718.726 |
20,323.877 |
|
Profit |
(1,001.919) |
563.501 |
(478.402) |
|
|
(6.70%) |
3.01% |
(2.35%) |
LOCAL AGENCY FURTHER INFORMATION
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 |
|
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:- Case Query
- Details - High Court of Bombay Last Date:- 10/04/2014
Stage:- FOR
REJECTION [ORIGINAL SIDE MATTERS] Last Coram:- REGISTRAR(OS)/PROTHONOTARY & SR.
MASTER Act :- Income Tax Act,
1961
Under Section:- 260A |
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 |
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 31st DECEMBER 2013
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
12068.100 |
12235.700 |
33041.000 |
|
b) Other operating income |
13.400 |
31.300 |
45.800 |
|
Total
income from Operations(net) |
12081.500 |
12267.000 |
33086.800 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
3469.600 |
3797.700 |
10060.700 |
|
b) Purchases of stock in trade |
1607.900 |
1598.400 |
3990.900 |
|
c) manufacturing and operating cost |
2223.800 |
2118.100 |
6176.400 |
|
d) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(426.600) |
(652.100) |
(1398.300) |
|
e) Employees benefit expenses |
1508.800 |
1474.900 |
4422.000 |
|
f) Depreciation and amortization expenses |
490.700 |
486.400 |
1451.500 |
|
g) Other expenditure |
2231.800 |
4032.300 |
6167.100 |
|
Total expenses |
11106.000 |
12855.700 |
30870.300 |
|
3. Profit from operations before other income and
financial costs |
979.500 |
1411.300 |
2217.200 |
|
4. Other income |
174.100 |
149.600 |
441.100 |
|
5. Profit from ordinary activities before finance costs |
1149.600 |
1560.900 |
2658.300 |
|
6. Finance costs |
524.700 |
482.900 |
1463.200 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
624.900 |
1078.000 |
1195.100 |
|
8. Exceptional item |
(3.500) |
(10.500) |
(114.700) |
|
9. Profit from ordinary activities before tax
Expense: |
621.400 |
1067.500 |
1080.400 |
|
10.Tax expenses |
(78.100) |
(176.900) |
(179.400) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
543.300 |
890.600 |
901.000 |
|
12.Share
of profit in associates companies |
37.800 |
35.800 |
111.100 |
|
13.Minority
interest |
(12.200) |
(1.600) |
(17.200) |
|
14. Net
profit for the year |
568.900 |
922.800 |
994.900 |
|
15.Paid-up equity share capital (Nominal value Rs.10/- per share) |
613.800 |
613.800 |
613.800 |
|
16. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
17. Earnings per share |
|
|
|
|
a) Basic |
9.27 |
15.03 |
16.21 |
|
b) Diluted |
9.27 |
15.03 |
16.21 |
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
36898401 |
36898401 |
36898401 |
|
- Percentage of shareholding |
60.11% |
60.11% |
60.11% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
24482453 |
24482453 |
24482453 |
|
Percentage of shares (as a % of total share capital of the
company) |
100.00% |
100.00% |
100.00% |
|
|
39.89% |
39.89% |
39.89% |
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
30 |
||
|
Disposed of during the quarter |
30 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
Notes:
- Exceptional items (Net) represent:
|
Particulars |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
VRS
payments and termination costs |
(3.500) |
(10.500) |
(14.700) |
|
Profit on
sale of long term investments |
- |
- |
- |
|
Provision for diminution in value of investments written back |
- |
- |
- |
|
Total |
(3.500) |
(10.500) |
(14.700) |
- The above results include gain / (loss) on exchange fluctuation :
|
Particulars |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
Gain /
(Loss) on exchange fluctuation |
(7.300) |
(54.200) |
(158.800) |
3. Tax Expense includes Current Tax and Deferred Tax.
4. Ring Plus Aqua Limited (RPAL) and Trinlly India Limited (TIL) both subsidiary
of the company, have filed a shame of manger of TIL into RPAL with appointed
date of 1st April 2013. Before the Honorable High Court of Mumbai. The court
converted shareholders’ meeting for approval of the merger will be held on 4th
February 2014. Pending approval of the respective shareholders and other
statutory approvals, the above results do not include the effect of the said
merger.
5. As per clauses 41 of the listing
agreement, the company has opted to publish consolidated result.
The standalone results of the company are
available for the inventors at the websites www.bseindia.com and www.nseindia.com
Unaudited financial results of Raymond
Limited
|
Particulars |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
Revenues |
5886.700 |
6002.700 |
10109.200 |
|
Profit (Loss) before tax and exceptional
items |
301.300 |
665.500 |
476.100 |
|
Profit (Loss) before tax |
310.000 |
665.500 |
484.800 |
|
Profit (Loss) after tax |
327.300 |
606.700 |
484.300 |
6. Previous periods figures have been regrouped / recast / reclassified,
wherever necessary.
7. The above results were reviewed and recommended by the Audit Committee
and approved by the Board of Directors at their respective meeting held on 22nd
January, 2014
8. 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) |
Nine
Months Ended (
Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Segment Revenue |
|
|
|
|
5432.600 |
5587.100 |
14844.200 |
|
2036.200 |
1781.900 |
5325.300 |
|
2503.400 |
2544.400 |
6627.100 |
|
1044.500 |
1176.500 |
3046.300 |
|
1103.100 |
1136.200 |
3182.100 |
|
564.800 |
506.100 |
1723.200 |
|
23.900 |
15.300 |
72.800 |
|
Total Revenue |
(642.400) |
(511.800) |
(1779.300) |
|
Total |
12066.100 |
12235.700 |
33041.700 |
|
|
|
|
|
|
Segment Results( Profit I (Loss)
before interest and tax) |
|
|
|
|
931.500 |
1265.700 |
2311.600 |
|
109.900 |
92.600 |
308.900 |
|
155.400 |
135.800 |
127.200 |
|
126.300 |
121.100 |
293.800 |
|
93.900 |
128.600 |
285.300 |
|
39.600 |
37.300 |
130.500 |
|
(28.200) |
(52.100) |
(145.800) |
|
Inter segment profit |
(28.400) |
(9.800) |
(52.600) |
|
Total |
1400.000 |
1719.200 |
3258.900 |
|
Less : Finance Costs |
(524.700) |
(482.900) |
(1463.200) |
|
Less: Other un-allocable
expenditure net off un-allocable income. |
(262.600) |
(149.900) |
(617.800) |
|
Add/(Less): Exceptional item |
(3.500) |
(10.500) |
(114.700) |
|
Add/(Less): Tax expenses / credit |
(78.100) |
(178.900) |
(179.400) |
|
Add/(Less): share of profit in associate companies |
37.800 |
35.800 |
111.100 |
|
Total
Profit / (loss) before tax |
568.900 |
922.800 |
994.900 |
|
|
|
|
|
|
3.
Capital Employed |
|
|
|
|
|
11452.100 |
12708.000 |
|
|
3440.400 |
3424.100 |
|
|
4068.900 |
3750.500 |
|
|
2186.500 |
2317.300 |
|
|
1512.8700 |
1535.600 |
|
|
1668.700 |
1676.000 |
|
|
580.300 |
655.000 |
|
Inter segment profit |
|
(102.200) |
-130.500 |
|
Total Capital Employed in segment |
|
24795.100 |
25936.000 |
|
Add :
un-allocable assets less liabilities |
|
(10608.300) |
(11192.400) |
|
Total Capital Employed in the Company |
|
14186.800 |
14743.600 |
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, Appollo Square 7/2, Race
Course Road, Sp Chouraha, Indore, Madhya Pradesh - 452007, India |
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
|
FIXED ASSETS:
·
Land and Building
·
Plant and machinery
·
Furniture
·
Vehicle
·
Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.60.23 |
|
UK Pound |
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.83.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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.