1. Summary Information
|
|
|
Country |
|
|
Company Name |
Relaxo Footwears
Limited |
Principal Name 1 |
Mr. Ramesh Kumar Dua |
|
Status |
Good |
Principal Name 2 |
Mr. Mukand Lal Dua |
|
|
|
Registration # |
55-19097 |
|
Street Address |
316-319, Allied
House, Inderlok Chowk, |
||
|
Established Date |
13.09.1984 |
SIC Code |
-- |
|
Telephone# |
91-11-23658354/ 23658365 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-23658431/ 23658773 |
Business Style 2 |
Trading |
|
Homepage |
Product Name 1 |
Footwear’s |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.60,006,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group- 75.00%, Public Shareholding- 25.00% |
Banking |
State Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
30 years |
|
IPO |
Yes |
International Ins. |
-- |
|
Public |
Yes |
Rating |
A (60) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
Company |
-- |
Relaxo Rubber Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
960,809,000 |
Current Liabilities |
1,325,365,000 |
|
Inventories |
1,594,394,000 |
Long-term Liabilities |
2,049,057,000 |
|
Fixed Assets |
3,267,170,000 |
Other Liabilities |
541,615,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
3,916,037,000 |
|
Invest& other Assets |
238,020,000 |
Retained Earnings |
2,084,350,000 |
|
|
|
Net Worth |
2,144,356,000 |
|
Total Assets |
6,060,393,000 |
Total Liab. & Equity |
6,060,393,000 |
|
Total Assets (Previous Year) |
4,746,997,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
10,098,273,000 |
Net Profit |
448,082,000 |
|
Sales(Previous yr) |
10,824,000 |
Net Profit(Prev.yr) |
399,050,000 |
MIRA
INFORM REPORT
|
Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
RELAXO FOOTWEARS LIMITED |
|
|
|
|
Registered
Office : |
316-319, Allied
House, Inderlok Chowk, Old Rohtak Road, Delhi – 110035 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.09.1984 |
|
|
|
|
Com. Reg. No.: |
55-19097 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.60.006 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1984PLC019097 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELR08034F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Footwear’s. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 9000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Relaxo Group. It is a well-established company
having a fine track record. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A |
|
Rating Explanation |
Adequate degree at safety and low credit
risk. |
|
Date |
08.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A |
|
Rating Explanation |
Very s degree at safety and lowest credit
risk. |
|
Date |
08.11.2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-11-46800500
LOCATIONS
|
Registered Office : |
316-319, Allied
House, Inderlok Chowk, Old Rohtak Road, Delhi – 110035, India |
|
Tel. No.: |
91-11-23658354/ 23658365/ 23658366/ 23658568 |
|
Fax No.: |
91-11-23658431/ 23658773 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Aggarwal City Square, Plot No.10, Mangalam Place, District Centre,
Sector – 3, Rohini, Delhi – 110085, India |
|
Tel. No.: |
91-11-46800500/ 46800600 |
|
Fax No.: |
91-11-46800598/ 46800599 |
|
E-Mail : |
|
|
|
|
|
Factory : |
|
|
RFL-I : |
Plot No. 327, MIE, Bahadurgarh, |
|
|
|
|
RFL-II : |
Plot No. 326, MIE, Bahadurgarh, |
|
|
|
|
RFL-III : |
A-1130 and 1130 (A), RIICO Industrial Area, Phase-III, Bhiwadi, |
|
|
|
|
RFL-IV : |
30/3/2, Rakba Mooja Hasanpur, Tikri Border (Near Sales Tax Office)
Bahadurgarh, |
|
|
|
|
RFL-V : |
83-92, SIDCUL Industrial Area, BHEL, Haridwar, |
|
|
|
|
RFL-VI : |
342-343, |
|
|
|
|
RFL-VII : |
Plot No. 328-329, MIE, Bahadurgarh, |
|
|
|
|
RFL VIII : |
Plot No. 37, Sector 4B, Bahadurgarh, Haryana, India |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Ramesh Kumar Dua |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Mukand Lal Dua |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Nikhil Dua |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Deval Ganguly |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Umesh Nath Kapur |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Kuruvila Kuriakose |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Vivek Kumar |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pankaj Shrimali |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Kapil Garg |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Sushil Batra |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
9000900 |
75.00 |
|
|
9000900 |
75.00 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
9000900 |
75.00 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
147239 |
1.23 |
|
|
147239 |
1.23 |
|
|
|
|
|
|
|
|
|
|
1977524 |
16.48 |
|
|
|
|
|
|
|
|
|
|
575075 |
4.79 |
|
|
272181 |
2.27 |
|
|
|
|
|
|
28281 |
0.24 |
|
|
27216 |
0.23 |
|
|
1065 |
0.01 |
|
|
2853061 |
23.77 |
|
|
|
|
|
Total Public
shareholding (B) |
3000300 |
25.00 |
|
|
|
|
|
Total (A)+(B) |
12001200 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
12001200 |
100.000 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Footwear’s. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · HDFC Bank · Standard Chartered Bank · ING Vysya Bank · Yes Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
GUPTA and DUA Chartered Accountants |
|
Address : |
9, Darya Ganj, Delhi – 110002, India |
|
|
|
|
Associate Companies : |
·
Relaxo Rubber Private Limited ·
Marvel Polymers Private Limited ·
Nuwave Shoes ·
Patel Oil Mills |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.5/- each |
Rs.100.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12001200 |
Equity Shares |
Rs.5/- each |
Rs.60.006
millions |
|
|
|
|
|
- There is no change in the Shares Outstanding at the beginning and at
the end of the Year.
- The number of
Shares held by each shareholder holding more than 5% shares are given below:
|
Name of Shareholders |
31.03.2012 |
|
|
|
Number of Shares
Held |
% |
|
|
|
|
|
Ramesh Kumar Dua |
3147315 |
26.23% |
|
Mukand Lal Dua |
2677.070 |
22.31% |
|
VLS Finance Limited |
905776 |
7.55% |
|
VLS Securities Limited |
815000 |
6.79% |
The company has only one class of equity shares having a par value of `
5 per share. Each holder of equity share is entitled to one vote per share. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares
will be entitled to receive remaining assets of the company in proportion to
their number of equity shares after distribution of all preferential amounts.
The Equity Shares of the Company are listed at Bombay Stock Exchange
Limited and National Stock Exchange of India Limited. The Annual Listing fee
has been paid for the year.
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 |
60.006 |
60.006 |
60.006 |
|
(b) Reserves & Surplus |
2084.350 |
1664.349 |
1286.221 |
|
(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) |
2144.356 |
1724.355 |
1346.227 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1502.436 |
925.427 |
963.605 |
|
(b) Deferred tax liabilities (Net) |
241.269 |
220.077 |
222.891 |
|
(c) Other long term liabilities |
33.768 |
31.604 |
22.953 |
|
(d) long-term provisions |
56.526 |
40.105 |
1.618 |
|
Total Non-current Liabilities (3) |
1833.999 |
1217.213 |
1211.067 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
546.621 |
529.748 |
601.158 |
|
(b) Trade payables |
451.430 |
420.764 |
531.921 |
|
(c) Other current
liabilities |
840.167 |
712.466 |
609.995 |
|
(d) Short-term provisions |
243.820 |
142.451 |
91.575 |
|
Total Current Liabilities (4) |
2082.038 |
1805.429 |
1834.649 |
|
|
|
|
|
|
TOTAL |
6060.393 |
4746.997 |
4391.943 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3215.156 |
2679.597 |
2647.461 |
|
(ii) Intangible Assets |
52.014 |
33.816 |
36.812 |
|
(iii) Capital
work-in-progress |
233.678 |
210.245 |
5.275 |
|
(iv)
Intangible assets under development |
3.741 |
2.406 |
3.079 |
|
(b) Non-current Investments |
0.601 |
0.601 |
0.611 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
146.908 |
116.120 |
113.733 |
|
(e) Other Non-current assets |
7.727 |
11.437 |
0.155 |
|
Total Non-Current Assets |
3659.825 |
3054.222 |
2807.126 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1594.394 |
1284.969 |
1165.891 |
|
(c) Trade receivables |
359.642 |
229.595 |
232.431 |
|
(d) Cash and cash equivalents |
29.714 |
10.533 |
21.395 |
|
(e) Short-term loans and
advances |
389.408 |
145.585 |
156.678 |
|
(f) Other current assets |
27.410 |
22.093 |
8.422 |
|
Total Current Assets |
2400.568 |
1692.775 |
1584.817 |
|
|
|
|
|
|
TOTAL |
6060.393 |
4746.997 |
4391.943 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10098.273 |
8646.741 |
6916.077 |
|
|
|
Other Income |
10.824 |
10.579 |
5.243 |
|
|
|
TOTAL (A) |
10109.097 |
8657.320 |
6921.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4349.525 |
3871.408 |
3401.389 |
|
|
|
Purchases of Stock-in-Trade |
680.091 |
805.911 |
728.334 |
|
|
|
Changes in Inventories of Finished Goods, Stock-in-Process and
Stock-in-Trade |
(335.408) |
(85.149) |
(373.398) |
|
|
|
Employee Benefits Expenses |
1133.438 |
823.418 |
744.809 |
|
|
|
Selling and Distribution Expenses |
1438.797 |
1065.838 |
942.312 |
|
|
|
Other Expenses |
1733.759 |
1222.882 |
753.798 |
|
|
|
Extra Ordinary Items |
0.000 |
0.383 |
0.000 |
|
|
|
TOTAL (B) |
9000.202 |
7704.691 |
6197.244 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1108.895 |
952.629 |
724.076 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
177.029 |
186.718 |
159.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
931.866 |
765.911 |
564.991 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
254.982 |
231.029 |
209.548 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
676.884 |
534.882 |
355.443 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
228.802 |
135.832 |
88.312 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
448.082 |
399.050 |
267.131 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
61.045 |
32.917 |
85.959 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
450.000 |
350.000 |
300.000 |
|
|
|
Proposed Final Dividend on Equity Shares |
24.002 |
18.002 |
12.001 |
|
|
|
Tax on Proposed Final Dividend |
4.079 |
2.920 |
1.947 |
|
|
|
Interim Dividend on Equity Shares |
-- |
-- |
6.001 |
|
|
|
Tax on Interim Dividend |
-- |
-- |
0.997 |
|
|
BALANCE CARRIED
TO THE B/S |
31.046 |
61.045 |
32.917 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
289.979 |
297.545 |
211.105 |
|
|
TOTAL EARNINGS |
289.979 |
297.545 |
211.105 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital goods |
289.075 |
114.392 |
161.106 |
|
|
|
Materials including Stores, Spares |
616.784 |
321.118 |
189.663 |
|
|
TOTAL IMPORTS |
905.859 |
435.510 |
350.769 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.34 |
33.25 |
22.26 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.43
|
4.61 |
3.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.70
|
6.19 |
5.14 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.63
|
11.80 |
8.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.31 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.96
|
0.84 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15
|
0.94 |
0.86 |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No
|
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
|
|
Long term
Borrowings |
|
|
|
Related Parties **** |
491.185 |
430.360 |
|
Others **** |
4.244 |
3.862 |
|
|
|
|
|
Total |
495.429 |
434.222 |
|
NOTE: Long Term
Borrowings **** Related
Parties/Others The Unsecured
Loans from promoters and/or their relatives shall be repaid only with the prior
approval of lending banks. These are long term borrowings and have been
inducted for future capital expansion and are always subordinate to the loans
of banks. |
||
BUSINESS
PERFORMANCE
The total revenue of
the company increased to Rs.10109.097 Millions as against Rs.8657.320 Millions
in the previous year which reflects growth of 16.77%. The EBIDTA rose by 16.40%
to Rs.1108.895 Millions as compared to Rs.952.629 Millions in previous year.
The earning per share increased from Rs.33.25 to Rs.37.34 on equity share of
Rs.5 /- each.
The consistent
performance over a long period of time despite growing complexities in the
industry and economy indicates that company is a growth driven entity. During
the year under review, the Synergy realised in financial term due to softening
in raw material price gave an opportunity to spend more on initiatives
as to futuristic growth.
The Retail
business registered growth of 18.07% to Rs.722.533 Millions compared to
Rs.611.942 Millions in previous year, During the year, the retail business
continued its growth journey with new outlet launches realigning and
consolidating small ones thus making 168 outlets at the end of FY13.The export
business achieved turnover of Rs.300.370 Millions against Rs.305.282 Millions
last year, which remained almost at par due to overall weak sentiments across
the world.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENTS
Indian Footwear Market
Market Overview
India is the world's
second largest footwear producing country, second to China and the third
largest market. Even though the per capita footwear consumption in India has
gone up from 1.4 pairs per year in 2004 to 2.5 pairs per year in 2012 and it is
still much below the average per capita footwear consumption of five, in
developed countries.
The size of Indian
footwear market is around Rs.263000.000 Millions and expected to reach
Rs.387000.000 Millions with a CAGR of 15% by 2015. At present, Men's contribute
around 60% of footwear market against Women's share of 30%. Men's market is
growing at a CAGR of 10% and Women's market is growing at a much faster CAGR of
20 %. India controls 15% of annual global footwear production.
Indian footwear
retail is mainly an unorganized market with around 60% market share. The size
of the organised sector which was around Rs.75000.000 Millions in 2010
increased to Rs.100000.000 Millions in 2011, growing at a CAGR of 30% every
year since 2008. The market is expected to reach Rs.175000.000 Millions by 2015
growing at a CAGR of 19% p.a.
With the increased
marketing efforts and experiments made by the company in FY 13, the company
intends to grow at a better CAGR than the industry.
BUSINESS OVERVIEW
Major players and
new entrants are opening more stores to capture the growing consumer market.
Further, an increasing number of players are delving into Tier II and Tier III
cities as well as the growing rural market to tap growing opportunities.
According to media reports, the non-metro market accounts for nearly 55% of the
overall footwear industry.
India produces
more of gents' footwear while the world's major production is women's footwear.
Style and colours vary from region to region. Bright colours may be in demand
in northern India, while white and muted colours sell well in south India.
Women in general are more concerned about the style and looks and do not mind
buying from the local market. On the other hand, men are concerned about the
quality and price of the product and prefer branded footwear.
Nearly 90% of
India's export of footwear goes to European Countries and the USA. Future
growth of Indian footwear in India will continue to be market driven. The
European countries and the USA are major consumers for the Indian footwear.
During FY13 the
company is planning to increase its presence across the globe with a primary
focus on the African market and will also strive hard to increase foothold in
the existing market.
Online footwear shopping
is a significant segment that is fast emerging in terms of footwear sales.
According to reports, it accounts for almost 8% of the overall industry and is
likely to grow in the future. To capture a chunk of the online market, the
Company has also launched its online shopping portal to enhance its sales
effort.
INDIAN FOOTWEAR
INDUSTRY POISED FOR GROWTH
India has
state-of-the-art footwear manufacturing plants. The footwear sector has matured
from the level of the manual footwear manufacturing method to the automated
systems. Relaxo operates on world class machines manned by highly skilled
technicians. These incredible machines help turn ideas into reality. Support
systems created for the sector have indeed served the footwear industry well.
The future growth of the footwear industry in India will continue to be
market-driven and oriented towards EU and US markets. With technology and
quality of the footwear improving year after year, Indian Footwear industry is
poised for a global revolution worldwide.
FINANCIAL
HIGHLIGHTS:
• For the year
FY13 the company reported an increase of 17% in the net sales and 12.30% in the
Net profit.
• EPS increased
from Rs.33.25 in FY12 to Rs.37.34 in FY13.
• The Company
recommended highest ever dividend of 40%.
OUTLOOK
India is standing at the threshold of a retail revolution and witnessing fast changing retail scenario, with footwear market set to experience phenomenal growth in the coming years. The entry of numerous international players has also resulted in providing a significant boost to the Indian footwear market and the demand for Indian footwear will continue to grow in future as well. There are immense opportunities for increasing trend of online footwear retail market. The footwear manufacturers have gained a sudden upsurge in the retailing of footwear with the rise of e-commerce and the growing trend of online shopping.
NATURE OF
OPERATION
The company is primarily engaged in the business of Manufacturing and
trading of footwear and accessories through its retail, export and wholesale
network.
CONTINGENT
LIABILITIES NOT PROVIDED FOR (RS. IN MILLIONS)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
(a) Claims against the company, not acknowledged as debts |
22.149 |
7.269 |
|
(b) Surety Bonds
given to Govt. Authorities |
0.550 |
0.750 |
|
(c) Interest on
Entry Tax under dispute and appeal is
pending before Hon'ble Supreme Court of India |
67.267 |
41.520 |
|
(d) The lawsuits
in respect of certain Intellectual Property Rights and Trademarks are pending
in Courts. The proceedings are going on before appropriate authorities and
the ultimate outcome of the matter cannot presently be determined. No
provision for any liability that may result has been made. |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10393903 |
26/12/2012 |
550,000,000.00 |
Standard Chartered
Bank |
(ACTING AS AN
SECURITY AGENT) C D U, NARAIN MANZI |
B64844384 |
|
2 |
10300986 |
26/11/2011 * |
360,000,000.00 |
STANDARD
CHARTERED BANK (ACTING AS AN SECURITY AGENT) |
CREDIT RISK CONTROL,
NARAIN MANZIL, 23 BARAKHAMBA |
B28030310 |
|
3 |
10243583 |
25/09/2013 * |
200,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. ANNIE BESANT ROAD, WORLI,, MUMBAI, MAHARASHTRA
- |
B89729669 |
|
4 |
10241073 |
16/08/2010 |
100,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A95102141 |
|
5 |
10190999 |
25/09/2013 * |
430,000,000.00 |
ING VYSYA BANK
LIMITED |
NARIAN
MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5, I FLOOR, SHOP NO.1001 TO
1007,BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B89413611 |
|
6 |
10190820 |
04/11/2009 |
150,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A74859802 |
|
7 |
10165541 |
06/03/2012 * |
150,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B36637908 |
|
8 |
10090717 |
24/09/2013 * |
706,900,000.00 |
State Bank of
India |
COMMERCIAL
BRANCH, N-3 SOUTH EXTENSION PART-I, NEW DELHI, DELHI - 110049, INDIA |
B86690450 |
|
9 |
10072977 |
25/09/2013 * |
250,000,000.00 |
Standard
Chartered Bank |
CREDIT DOCUMENTATION
UNIT, NARAIN MANZIL, 23 BARA |
B89735963 |
* Date of charge modification
FIXED ASSETS:
· Land – Freehold
· Land – Leasehold
· Buildings
· Plant and Machinery
· Moulds
· Computers
· Motor Vehicles – Other
· Motor Vehicles – Transport
· Furniture and Fixture
· Electric Fittings
· Office Equipments
· Wooden Structure
· Wind Mills
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.62.38 |
|
|
1 |
Rs.102.24 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
60 |
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.