MIRA INFORM REPORT
|
Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND LIMITED (w.e.f. 1994) |
|
|
|
|
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 : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
10.09.1925 |
|
|
|
|
Com. Reg. No.: |
11-001208 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.613.808 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17117MH1925PLC001208 |
|
|
|
|
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. |
|
|
|
|
No. of Employees
: |
Information
declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 |
|
Status : |
Good |
|
|
|
|
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. Financial position of the company is sound. Directors are reported to
be experienced and respectable businessmen. Overall fundamentals of the company is strong and healthy. Trade relations are trustworthy. Business is active. Payment terms are
reported to be regular and as per commitment. The company can be considered good 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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines Ltd
grounded in October 2012 under the weight of heavy debt and accumulated losses,
recently approached the Delhi high court for relief in two separate cases. The
airline challenged a notice by Punjab & National Bank alleging that It had
wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with
the requirements under the listing agreements with the Stock Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “AA-” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
14.07.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
14.07.2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-2352-232514)
LOCATIONS
|
Registered
Office : |
Plot No.156/ H.
No.2, Village Zadgaon, Ratnagiri – 415612, |
|
Tel. No.: |
91-2352-232514/
24939030 |
|
Fax No.: |
91-2352-232513 |
|
E-Mail : |
|
|
Website : |
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|
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|
Head Office : |
New Hind House,
N. M. Marg, Mumbai – 400001, |
|
Tel. No.: |
91-22-22618321/22642025/22694215/22694217 |
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|
|
|
Corporate
Office : |
|
|
Tel. No.: |
91-22-24939090/24939034/24939044/24939047/24939049/40349999 |
|
Fax No.: |
91-22-24952232 |
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E-Mail : |
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|
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Factories: |
Textile Division
Suit Plant
Denim Division
J. K. Files and Tools Division ·
Jekegram,
Thane - 400606, Maharashtra, India
Aviation Division
|
DIRECTORS
As on 31.03.2014
|
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 |
|
|
|
|
Name : |
Mrs. Nawaz Gautam Singhania |
|
Designation : |
Director |
|
Date of Appointment : |
30.04.2014 |
|
|
|
|
Name : |
Mr. Ishwar Das Agarwal |
|
Designation : |
Independent Non-Executive Director |
|
Date of Appointment : |
18.03.2007 |
|
DIN No.: |
00293784 |
|
|
|
|
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 |
|
|
|
|
Name : |
Mr. Shailesh Vishnubhai Haribhakti |
|
Designation : |
Director |
|
Date of
Appointment : |
15.06.2010 |
|
DIN No.: |
00007347 |
|
|
|
|
Name : |
Mr. Pradeep Guha |
|
Designation : |
Director |
|
Date of
Appointment : |
15.06.2010 |
|
DIN No.: |
00180427 |
|
|
|
|
Name : |
Mr. Boman R. Irani |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. H. Sunder |
KEY EXECUTIVES
|
Name : |
Mr. Thomas Fernandes |
|
Designation : |
Director – Secretarial and Company Secretary |
|
|
|
|
Name : |
Mr. M. Shivkumar |
|
Designation : |
Chief Finance Officer |
|
|
|
|
Management
Executives : |
|
|
|
|
|
Name : |
Mr. Gautam Hari Singhania |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. H. Sunder |
|
Designation : |
President – Finance and Chief Financial
Officer |
|
|
|
|
Name : |
Mr. Sanjay Behl |
|
Designation : |
Chief Executive Officer – Lifestyle Business |
|
|
|
|
Name : |
Mr. Aniruddha Deshmukh |
|
Designation : |
President – Textiles and FMCG |
|
|
|
|
Name : |
Mr. Harshal Jayavant |
|
Designation : |
President – Engineering Business |
|
|
|
|
Name : |
Mr. K.A. Narayan |
|
Designation : |
President – HR |
|
|
|
|
Name : |
Mr. Rakesh Pandey |
|
Designation : |
President – Retail and Business Development |
|
|
|
|
Name : |
Mr. Robert Lobo |
|
Designation : |
President (Operations) – Group Apparel |
|
|
|
|
Name : |
S.L. Pokharna |
|
Designation : |
President – Commercial |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
278710 |
0.46 |
|
|
24396743 |
40.28 |
|
|
24675453 |
40.74 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
24675453 |
40.74 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1823450 |
3.01 |
|
|
16087 |
0.03 |
|
|
6330376 |
10.45 |
|
|
5470759 |
9.03 |
|
|
13640672 |
22.52 |
|
|
|
|
|
|
5154030 |
8.51 |
|
|
|
|
|
|
10652666 |
17.59 |
|
|
6391224 |
10.55 |
|
|
55797 |
0.09 |
|
|
280 |
0.00 |
|
|
55517 |
0.09 |
|
|
22253717 |
36.74 |
|
Total Public shareholding (B) |
35894389 |
59.26 |
|
Total (A)+(B) |
60569842 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
811012 |
0.00 |
|
|
811012 |
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
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Advait Ruia |
825 |
0.00 |
|
2 |
Ashadevi Singhania |
1,39,119 |
0.23 |
|
3 |
Gautam Hari Singhania |
5,529 |
0.01 |
|
4 |
J K Investo Trade India Ltd |
25,88,025 |
4.22 |
|
5 |
J K Investors Bombay Ltd |
1,68,26,419 |
27.41 |
|
6 |
J K Sports Foundation |
7,92,395 |
1.29 |
|
7 |
J K Helene Curtis Ltd |
33,99,208 |
5.54 |
|
8 |
Polar Investment Ltd |
99,200 |
0.16 |
|
9 |
Shephali A Ruia |
13,140 |
0.02 |
|
10 |
Ritwik Ruia |
1,000 |
0.00 |
|
11 |
SMT Sunitidevi Singhania Hospital Trust |
6,91,496 |
1.13 |
|
12 |
Dr Vijaypat Singhania |
1,19,097 |
0.19 |
|
|
Total |
2,46,75,453 |
40.20 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Public
and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Life Insurance Corporation of India |
4743078 |
7.73 |
|
|
2 |
General Insurance Corporation of India |
935406 |
1.52 |
|
|
3 |
Anant Singhania |
1084095 |
1.77 |
|
|
4 |
Ujjwala A Singhania |
987238 |
1.61 |
|
|
5 |
Bharat Jayantilal Patel |
1551907 |
2.53 |
|
|
6 |
Dimensional Emerging Market Value Fund |
629181 |
1.03 |
|
|
|
Total |
9930905 |
16.18 |
|
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
|
s |
Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with
them |
No. of Shares |
Shares as % |
|
|
1 |
Life Insurance Corporation of India |
4743078 |
7.73 |
|
|
|
Total |
4743078 |
7.73 |
|
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % |
|
1 |
GDR |
4,05,506 |
8,11,012 |
1.32 |
|
|
Total |
4,05,506 |
8,11,012 |
1.32 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Fabrics,
Rugs, Blankets, Shawls, Furnishing Fabrics, Garments and Hosiery Goods. |
||||||
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|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by 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 : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Debenture Trustee : |
Axis Trustee Services Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
|
|
|
|
Internal
and Operational Auditors: |
|
|
Name : |
Mahajan and
Aibara Chartered Accountants |
|
|
|
|
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 & A Logistics Inc., ·
Scissors Engineering Products Limited ·
JKTalabot Limited ·
Raymond Apparel Limited ·
Raymond Zambaiti Limited (w.e.f.18.09.2013) |
|
|
|
|
Joint Ventures and Jointly controlled entities : |
·
Raymond Zambaiti Limited (till 17.09.2013) ·
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 |
|
|
|
|
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: |
Avani Agricultural Farms Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
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 |
|
|
|
|
|
NOTE
a.
Reconciliation of the number of shares
|
Particulars |
As at 31st
March, 2014 |
|
|
Number
of Shares |
Rs.in
Millions |
|
|
Equity Shares |
|
|
|
Shares outstanding at the beginning of the year |
61380854 |
613.808 |
|
Shares at the beginning of the year |
-- |
-- |
|
Add: Shares issued during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
61380854 |
613.808 |
b. 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.
c. Details of equity shares held by shareholders holding more than 5%
shares:
|
Particulars |
As at 31st
March, 2014 |
|
|
Number
of Shares |
% holding |
|
|
Equity Shares |
|
|
|
J.K. Investors (Bombay) Limited |
16826419 |
27.41 |
|
Life Insurance Corporation of India |
4749592 |
7.74 |
|
J.K. Helene Curtis Limited |
3206208 |
5.22 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
613.808 |
613.808 |
613.808 |
|
(b) Reserves & Surplus |
10394.034 |
9695.796 |
10429.196 |
|
(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) |
11007.842 |
10309.604 |
11043.004 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
9221.814 |
6837.382 |
7435.038 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1112.392 |
1040.261 |
1826.359 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
10334.206 |
7877.643 |
9261.397 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3165.610 |
3223.556 |
2570.702 |
|
(b) Trade
payables |
2357.135 |
2707.159 |
1990.278 |
|
(c) Other
current liabilities |
3109.196 |
5711.190 |
3998.675 |
|
(d) Short-term
provisions |
437.813 |
381.963 |
644.692 |
|
Total Current
Liabilities (4) |
9069.754 |
12023.868 |
9204.347 |
|
|
|
|
|
|
TOTAL |
30411.802 |
30211.115 |
29508.748 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6723.854 |
8328.266 |
8660.656 |
|
(ii)
Intangible Assets |
13.970 |
14.530 |
11.522 |
|
(iii)
Capital work-in-progress |
1577.151 |
1448.757 |
1165.483 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3860.821 |
3503.493 |
3822.103 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
71.744 |
|
(d) Long-term Loan and Advances |
2611.727 |
2549.913 |
2400.291 |
|
(e) Other
Non-current assets |
249.208 |
249.208 |
249.208 |
|
Total Non-Current
Assets |
15036.731 |
16094.167 |
16381.007 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3841.001 |
3945.004 |
3950.880 |
|
(b)
Inventories |
5518.552 |
5029.854 |
4476.690 |
|
(c) Trade
receivables |
4804.488 |
4162.554 |
3923.950 |
|
(d) Cash
and cash equivalents |
515.765 |
182.547 |
128.582 |
|
(e)
Short-term loans and advances |
470.279 |
535.019 |
416.674 |
|
(f) Other
current assets |
224.986 |
261.970 |
230.965 |
|
Total
Current Assets |
15375.071 |
14116.948 |
13127.741 |
|
|
|
|
|
|
TOTAL |
30411.802 |
30211.115 |
29508.748 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21855.899 |
20323.877 |
18718.726 |
|
|
|
Other Income |
909.524 |
932.042 |
871.613 |
|
|
|
TOTAL |
22765.423 |
21255.919 |
19590.339 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6280.244 |
6142.985 |
5171.401 |
|
|
|
Purchases of Stock-in-Trade |
2281.077 |
1476.718 |
1457.242 |
|
|
|
Manufacturing and Operating
Costs |
4330.751 |
4275.929 |
3849.749 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(590.433) |
(357.887) |
(524.004) |
|
|
|
Employee benefits expense |
2762.333 |
2800.724 |
2443.615 |
|
|
|
Other expenses |
4376.149 |
4264.392 |
3908.310 |
|
|
|
TOTAL |
19440.121 |
18602.861 |
16306.313 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3325.302 |
2653.058 |
3284.026 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1534.172 |
1561.062 |
1348.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1791.130 |
1091.996 |
1935.982 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1145.021 |
1160.219 |
1098.563 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS (NET) |
(235.599) |
338.435 |
67.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
881.708 |
(406.658) |
770.419 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.474 |
71.744 |
206.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
881.234 |
(478.402) |
563.501 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
328.805 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer (to) Debenture Redemption Reserve |
450.000 |
0.000 |
0.000 |
|
|
|
Transfer From/ (to) General Reserve |
88.123 |
(220.936) |
56.350 |
|
|
|
Proposed Dividend |
122.762 |
61.381 |
153.452 |
|
|
|
Tax on Proposed Dividend |
20.863 |
9.958 |
24.894 |
|
|
BALANCE CARRIED
TO THE B/S |
199.486 |
0.000 |
328.805 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
1244.543 |
1529.507 |
1405.745 |
|
|
|
Dividend |
0.498 |
1.030 |
0.442 |
|
|
|
Earnings from Air Taxi Operations |
0.000 |
0.000 |
0.099 |
|
|
|
Other Earnings |
15.237 |
10.198 |
9.033 |
|
|
TOTAL EARNINGS |
1260.278 |
1540.735 |
1415.319 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2939.748 |
2790.701 |
2400.838 |
|
|
|
Stores and Spare Parts |
204.593 |
192.418 |
161.864 |
|
|
|
Capital Goods |
12.254 |
74.675 |
154.415 |
|
|
|
Repairs |
17.296 |
11.010 |
3.200 |
|
|
TOTAL IMPORTS |
3173.891 |
3068.804 |
2720.317 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
14.36 |
(7.79) |
9.18 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
|
Type |
1st
Quarter |
|
Net Sales |
5139.100 |
|
Total Expenditure |
5155.600 |
|
PBIDT (Excl OI) |
(16.500) |
|
Other Income |
278.200 |
|
Operating Profit |
261.700 |
|
Interest |
352.900 |
|
Exceptional Items |
(19.400) |
|
PBDT |
(110.600) |
|
Depreciation |
226.400 |
|
Profit Before Tax |
(337.000) |
|
Tax |
0.000 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(337.000) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(337.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.87 |
(2.25) |
2.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.03 |
(2.00) |
4.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.53 |
(1.61) |
3.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
(0.04) |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.13 |
0.98 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.17 |
1.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
613.808 |
613.808 |
613.808 |
|
Reserves & Surplus |
10429.196 |
9695.796 |
10394.034 |
|
Net
worth |
11043.004 |
10309.604 |
11007.842 |
|
|
|
|
|
|
long-term borrowings |
7435.038 |
6837.382 |
9221.814 |
|
Short term borrowings |
2570.702 |
3223.556 |
3165.610 |
|
Total
borrowings |
10005.740 |
10060.938 |
12387.424 |
|
Debt/Equity
ratio |
0.906 |
0.976 |
1.125 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18718.726 |
20323.877 |
21855.899 |
|
|
|
8.575 |
7.538 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18718.726 |
20323.877 |
21855.899 |
|
Profit |
563.501 |
-478.402 |
881.234 |
|
|
3.01% |
-2.35% |
4.03% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debts |
1757.638 |
3409.649 |
2953.320 |
|
|
|
|
|
|
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 |
LITIGATION DETAILS
|
CASE DETAILS
District:- MUMBAI Bench:- DIVISION
Status:- Pre-Admission
Category:- TAX
APPEALS Last Date:- 07/10/2014
Stage:- FOR REJECTION [ORIGINAL SIDE MATTERS] Last
Coram:- ACCORDING TO SITTING LIST ACCORDING
TO SITTING LIST Act :- Income Tax Act,
1961
Under
Section:- 260A |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10517757 |
16/07/2014 * |
2,590,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
C21971791 |
|
2 |
10334393 |
08/08/2012 * |
135,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B57111296 |
|
3 |
10319326 |
22/02/2012 * |
490,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATE
BRANCH, 3RD FLOOR, NO. 10, HOMJI |
B33260555 |
|
4 |
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 |
|
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,, B |
A81522609 |
|
11 |
10038389 |
31/01/2007 |
1,510,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE
CORPORATE BRANCH, 4TH FLOOR , 70/8 |
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 |
80003670 |
20/03/2007 * |
750,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, VOLTAS
HOUSE, 23, J.N. HEREDIA MARG, |
- |
|
14 |
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
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan From Banks |
950.000 |
1000.000 |
|
Debentures |
3650.000 |
1750.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Buyers credit
arrangements |
120.937 |
0.000 |
|
By issue of
Commercial Papers (Maximum balance outstanding during the year Rs. 2350.000
Millions (PreviousYear Rs. 2300.000 Millions)) |
1050.000 |
750.000 |
|
Total |
5770.937 |
3500.000 |
CORPORATE OVERVIEW
Subject is India's leading Textile and Branded Apparel Company, with interests in Engineering (Files, Power Tools, Auto Components) and FMCG having its corporate headquarters in Mumbai.
OVERVIEW OF THE
ECONOMY
According to the latest estimate, Indian economy grew by 4.7% in FY 2014. Despite a good monsoon, the manufacturing indices had declined, commodity prices stayed at high levels and food inflation reached an all-time high, which resulted in sustained CPI inflation of over 10% in the last financial year. The Rupee depreciated significantly before retracting in the latter half of the year. Consumer sentiments remained subdued for most part of FY 2014.
However, the slow GDP growth appears to have bottomed out and post elections, economic activity is expected to pick up from the second quarter of FY 2015.
FINANCIAL PERFORMANCE
During FY 2014, against the backdrop of a challenging business environment, the Company reported a top-line growth of 7.4% over the previous year. At Standalone level, the Gross Revenue from operations stood at Rs. 21859.100 Millions as compared with Rs. 20345.100 Millions in the previous year. The Operating Profit before tax stood at Rs. 646.100 Millions as against Operating Loss of Rs. 68.200 Millions in the previous year. The Net Profit for the year stood at Rs. 881.200 Millions against a loss of Rs. 478.400 Millions reported in the previous year.
During FY 2014, the Company completed the restructuring exercise of its Suit Manufacturing Plant at Bangalore by transfering it as a going-concern on a slump sale basis to its wholly-owned subsidiary, Silver Spark Apparels Limited, effective October 1, 2013. This restructuring exercise has resulted in the consolidation of the suit manufacturing business in Silver Spark Apparels Limited. In view of this exercise the standalone performance of the Company for FY 2014 is strictly not comparable with that of the previous year.
ANALYSIS AND REVIEW
TEXTILE AND APPAREL
INDUSTRY CONDITIONS
Indian Textiles industry is one of the leading sectors of the Indian economy and contributes significantly to the country's industrial output (14%). It employs 35 million people in direct employment and another 20 million in indirect employment, and earns much needed foreign currency with 17% of India's exports coming from Textiles and Garments. Overall, it contributes 4% to India's GDP.
PERFORMANCE
HIGHLIGHTS
During FY 2014, the Company's total textile sales registered a growth of 7.4%; Net Revenue being Rs. 20141.600 Millions as against Rs. 18738.500 Millions in FY2013.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debts in respect of past disputed liabilities of the Cement and Steel Divisions divested during the year 2000-2001, Carded Woollen business divested during the year 2005-06, Denim Division divested during the year 2006-07 (interest thereon not ascertainable at present). |
|
|
|
Sales Tax |
9.854 |
9.854 |
|
Royalty |
220.194 |
220.194 |
|
Other Matters |
24.708 |
24.708 |
|
|
|
|
|
(b) Claims against the Company not acknowledged as debts in respect of other divisions. |
|
|
|
- Sales Tax |
171.687 |
16.116 |
|
- Compensation for Premises |
146.025 |
134.951 |
|
- Stamp Duty |
0.000 |
18.267 |
|
- Water Charges |
11.881 |
4.000 |
|
- Other Matters |
31.333 |
19.002 |
|
|
|
|
|
(c) Bills Discounted with the Company's bankers |
606.620 |
703.300 |
|
|
|
|
|
(d) On account of corporate guarantee to the bankers/vendors on behalf of subsidiaries for facilities availed by them (amount outstanding at close of the year) |
104.267 |
114.154 |
|
|
|
|
|
(e) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable at present) |
368.039 |
243.028 |
|
|
|
|
|
(f) Bonds/Undertakings given by the Company under concessional duty/ exemption scheme to Government authorities (Net of obligations fulfilled) |
0.000 |
353.649 |
|
|
|
|
|
(g) Disputed Excise/Custom Duty Liability |
212.785 |
257.377 |
|
|
|
|
|
(h) Liability on account of jute packaging obligation upto 30th June, 1997, in respect of the Company's erstwhile Cement Division, under the Jute Packaging Materials (Compulsory use in Packing Commodities) Act, 1987. |
Amount not Determinable |
Amount not Determinable |
|
|
|
|
|
(i) Company's liabilities/ obligations pertaining to the period upto the date of transfer of the Company's erstwhile Steel, Cement and Denim Division in respect of which the Company has given undertakings to the acquirers |
Amount not Determinable |
Amount not Determinable |
Note:
Future cash flows in respect of (a), (b), (e), (g) to (i) above are determinable only on receipt of judgements/decisions pending with various forums/authorities.
STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER
ENDED JUNE 30, 2014
(Rs. In Millions)
|
PARTICULARS |
Three Months Ended 30.06.2014 |
|
|
(Unaudited) |
|
PART
I |
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
5136.800 |
|
b) Other operating income |
2.300 |
|
Total
income from Operations(net) |
5139.100 |
|
2.Expenses |
|
|
a) Cost of material consumed |
1515.200 |
|
b) Purchases of stock in trade |
1412.300 |
|
c) manufacturing and operating cost |
1040.600 |
|
d) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(708.500) |
|
e) Employees benefit expenses |
749.200 |
|
f) Depreciation and amortization expenses |
226.400 |
|
g) Other expenses |
1146.800 |
|
Total expenses |
5382.000 |
|
3. Profit/ (Loss) from operations before other income,
financial costs and exceptional items |
(242.900) |
|
4. Other income |
278.200 |
|
5. Profit/ (Loss)from ordinary activities before finance
costs and exceptional items |
35.300 |
|
6. Finance costs |
352.900 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
(317.800) |
|
8. Exceptional item |
(19.400) |
|
9. Profit/ (Loss)from ordinary activities
before tax Expense: |
(337.000) |
|
10.Tax (expense)/ Credit |
-- |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(337.000) |
|
12.
Extraordinary items |
-- |
|
13. Net
Profit / (Loss) for the period |
(337.000) |
|
14.
Paid-up Equity Share Capital (Face Value – Rs. 10/- per share) |
613.800 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
16. Debenture redemption
reserve |
|
|
17. Earnings per share |
|
|
a) Basic |
(5.49) |
|
b) Diluted |
(5.49) |
PART II
|
PARTICULARS |
Three Months Ended 30.06.2014 |
|
|
(Unaudited) |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
36705401 |
|
- Percentage of shareholding |
59.80% |
|
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 |
24675453 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
42.20% |
|
|
|
|
B.
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
13 |
|
Disposed of during the quarter |
13 |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTE
1. Sales of the Textile business which contributes substantially 1o the Company's total sales and profitability are of a seasonal nature. Sales of high value added products are linked to festival and winter seasons. Hence, the first quarter performance Is not representative of the full year's performance.
2. Exceptional items (Net) represent:
|
Particulars |
Three months ended 30.06.2014 |
|
VRS
payments |
(19.400) |
|
Total |
(19.400) |
3. The above results include gain / (loss) on
exchange fluctuation :
|
Particulars |
Three months ended 30.06.2014 |
|
|
|
|
Gain /
(Loss) on exchange fluctuation |
1.600 |
4. Tax Expense includes Current Tax and Deferred Tax.
5. Consequent to the enactment of the Companies Act, 2013 (the Act) and Its
applicability for accounting periods commencing from April 01, 2014, the
Company has reassessed the remaining useful life of fixed assets in accordance
with the provisions prescribed under Schedule II to the Act. In case of assets
which have completed their useful life, the carrying value (net of residual
value) as at April 01, 2014 amounting to Rs 668 lacs has been adjusted to
Retained Earnings and in case of other assets the carrying value (net of
residua; value) is being depreciated over the revised remaining useful life.
The depreciation and amortisation expense charge for the quarter ended June 30,
2014 would have been higher by Rs.34.800 Millions, had the Company continued
with the previous assessment of useful life of such assets.
6. Previous periods figures have been regrouped I 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 meetings held on July
25, 2014.
8. The Auditors of the Company have carried out a Limited Review of the above
financial results.
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Millions)
|
PARTICULARS |
Three
Months Ended 30.06.2014 |
|
|
(Unaudited) |
|
1.
Segment Revenue (Net Sales/ Income from Operations) |
|
|
4835.600 |
|
301.200 |
|
Total Segment Revenue |
5136.800 |
|
|
|
|
Segment Results( Profit I (Loss)
before interest and tax) |
|
|
289.600 |
|
(105.000) |
|
Total |
184.600 |
|
Less : Finance Costs |
(352.900) |
|
Less: Unallocable Income/ (Expense)
- Net |
(149.300) |
|
Add/(Less): Exceptional item |
(19.400) |
|
Total
Profit / (loss) before tax |
(337.000) |
|
|
|
|
3.
Capital Employed |
|
|
11620.800 |
|
1043.100 |
|
Total Capital Employed in segment |
12663.900 |
|
Add :
un-allocable assets less liabilities |
(209.700) |
|
Total Capital Employed in the Company |
10573.200 |
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Livestock
· Boats and Water Equipments
· Aircraft
Intangible Assets
· Computer Software
.
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.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
66 |
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.