MIRA INFORM REPORT

The Ref. No.:

Request of Sadia Sultan

Report No. :	302134
Report Date :	08.01.2015

IDENTIFICATION DETAILS

Name :	RSWM LIMITED (w.e.f.17.11.2006)
Formerly Known As :	RAJASTHAN SPINNING AND WEAVING MILLS LIMITED
Registered Office :	Kharigram, P. O. Gulabpura, Bhilwara - 311021, Rajasthan
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	17.10.1960
Com. Reg. No.:	17-008216
Capital Investment / Paid-up Capital :	Rs. 231.487 Millions
CIN No.: [Company Identification No.]	L17115RJ1960PLC008216
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	JDHR02418D / JDHR02137C
PAN No.: [Permanent Account No.]	AAACR9700M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of Yarn, Fabric and Denim.
No. of Employees :	13857 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a part of LNJ Bhilwara Group. It is an established company having a fine track record. Overall fundamental of the company seems to be strong and healthy. Trade relations are fair. Business is active. Payment terms are regular and as per commitments.. The company can be considered 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.

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Long Term Issuer Rating = IND A
Rating Explanation	Have adequate degree of safety and carry low credit risk
Date	03.07.2014

Rating Agency Name	FITCH
Rating	Short Term =IND A1
Rating Explanation	Have very strong degree of safety and carry lowest credit risk
Date	03.07.2014

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.

LOCATIONS

Registered Office/ Factory 1 :	Kharigram, P. O. Gulabpura, Bhilwara - 311021, Rajasthan, India
Tel. No.:	91-1482-223144-50
Fax No.:	91-1482-223361
E-Mail :	molfin@lnjb.com info@bhilwara.com skg@lnjbhilwara.com
Website :	http://www.rswm.in
Corporate Office :	Bhilwara Towers, A-12, Sector–1, Post Box No. 185, Noida - 201301, Uttar Pradesh, India
Tel. No.:	91-120-4390300
Fax No.:	91-120-2531648
E-Mail :	molfin@lnjb.com skg@lnjb.com
Factory 2 :	Mayur Nagar, Lodha, P.O. Banswara - 327001, Rajasthan, India
Factory 3 :	Mandpam, Bhilwara - 311001, Rajasthan, India
Factory 4 :	Rishabhdev, District Udaipur - 313802, Rajasthan, India
Factory 5 :	Ringas, District Sikar - 332404, Rajasthan, India
Factory 6 :	LNJ Nagar, Mordi, P.O. Banswara - 327001, Rajasthan, India
Regional Marketing Offices :	Solaris Building No.1, D-Wing, 3rd Floor, Sakivihar Road, Powal, Andheri (East), Mumbai - 400072, Maharashtra, India
Other Regional Marketing Offices :	Located at: · Ahmedabad · Bhilwara · Delhi · Indore · Ichalkaranji · Kolkata · Kanpur · Ludhiana · Tirupur
Overseas Marketing Offices :	Located at : · Italy · Belgium · UK

DIRECTORS

AS ON 31.03.2013

Name :	Mr. L. N. Jhunjhunwala
Designation :	Chairman - Emeritus
Name :	Mr. Ravi Jhunjhunwala
Designation :	Chairman
Date of Birth/ Age :	28.10.1955
Qualification :	B.Com, (Hons.) MBA
Expertise in specific functional areas :	Industrialist with diversified business experience
Date of Appointment :	18.05.1979
Other Directorship :	· AD Hydro Power Limited · Bhilwara Energy Limited · Bhilwara Green Energy Limited · BSL Limited · Cheslind Textiles Limited · HEG Limited · India Glycols Limited · Indo Canadian Consultancy Services Limited · JK Lakshmi Cement Limited · Malana Power Company Limited · Maral Overseas Limited · NJC Hydro Power Limited
Name :	Mr. Shekhar Agarwal
Designation :	Vice Chairman
Qualification :	B. Tech. (M.E.), M. Sc. (Chicago)
Date of Appointment :	13.02.1984
Name :	Mr. Arun K Churiwal
Designation :	Managing Director and Chief Executive Officer
Date of Birth/ Age :	15.05.1950
Qualification :	B.A. (Hons)
Expertise in specific functional areas :	Rich Experience of Textile Industry
Date of Appointment :	23.10.2003
Other Directorship :	· BSL Limited · La Opala RG Limited · LNJ Financial Services Limited
Name :	Mr. Riju Jhunjhunwala
Designation :	Joint Managing Director
Date of Birth/ Age :	13.01.1979
Qualification :	Graduate in Business Management Studies
Expertise in specific functional areas :	Industrialist with diversified business experience.
Date of Appointment :	01.01.2013
Other Directorship :	· Bhilwara Energy Limited · Bhilwara Green Energy Limited · Bhilwara Infotechnology Limited · Bhilwara Technical Textiles Limited · Chango Yangthang Hydro Power Limited · Cheslind Textiles Limited · HEG Limited · LNJ Power Ventures Limited · NJC Hydro Power Limited
Name :	Mr. Kamal Gupta
Designation :	Director
Date of Birth/ Age :	12.02.1946
Qualification :	FCA, FICWA, Ph. D
Expertise in specific functional areas :	Consultant in the areas of Finance, Accounting and Corporate Laws, Former Technical Director of The Institute of Chartered Accountants of India.
Date of Appointment :	26.12.1987
Other Directorship :	· AD Hydro Power Limited · Bhilwara Energy Limited · HEG Limited · Malana Power Company Limited · Maral Overseas Limited · PNB Gilts Limited
Name :	Mr. D N Davar
Designation :	Director
Name :	Mr. Sushil Jhunjhunwala
Designation :	Director
Name :	Mr. A. N. Choudhary
Designation :	Director
Name :	Mr. T. G. Regunathan
Designation :	Director (Nominee, EXIM Bank)
Name :	Mr. J. C. Laddha
Designation :	Executive Director
Date of Birth/ Age :	12.12.1949
Qualification :	B.Com., F.C.A.
Experience :	40 Years of Possesses rich experience in Textile Industry.
Date of Appointment :	01.01.1990

KEY EXECUTIVES

CORPORATE OFFICE
Name :	Mr. Prakash Maheshwari
Designation :	Chief Executive (Corporate Management Services)
Name :	Mr. B. M. Sharma
Designation :	Chief Financial Officer
Name :	Mr. T. Dev Joshi
Designation :	President (Corporate HR and OD)
Name :	Mr. M. L. Jhunjhunwala
Designation :	President, Mumbai
BUSINESS HEADS
Name :	J. C. Laddha
Designation :	Chief Executive (Yarn and TPP)
Name :	S. C. Garg
Designation :	Chief Executive (Melange yarn)
Name :	Y. C. Gupta
Designation :	Chief Executive (Denim)
Name :	Mr. Nirmal Jain
Designation :	Chief Executive (Fabric)
Name :	Mr. Surender Gupta
Designation :	Company Secretary

SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1808068	7.81
Bodies Corporate	5163816	22.31
Sub Total	6971884	30.12
(2) Foreign
Bodies Corporate	4934770	21.32
Sub Total	4934770	21.32
Total shareholding of Promoter and Promoter Group (A)	11906654	51.44
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1577003	6.81
Financial Institutions / Banks	46380	0.20
Central Government / State Government(s)	1732	0.01
Insurance Companies	138283	0.60
Foreign Institutional Investors	100	0.00
Sub Total	1763498	7.62
(2) Non-Institutions
Bodies Corporate	2345453	10.13
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	4039194	17.45
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	1624856	7.02
Any Others (Specify)	1469034	6.35
Clearing Members	30928	0.13
Trusts	100	0.00
Foreign Corporate Bodies	418500	1.81
Non Resident Indians	1019506	4.40
Sub Total	9478537	40.95
Total Public shareholding (B)	11242035	48.56
Total (A)+(B)	23148689	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	23148689	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Yarn, Fabric and Denim.

Products/ Services :

ITC Code No.	Product Descriptions
551100	Polyester Viscose Blended Yarn
551500	Polyester Viscose Blended Fabric
520500	Cotton Yarn

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

13857 (Approximately)

Bankers :

· State Bank of Bikaner and Jaipur

· Axis Bank Limited

· Bank of Baroda

· Central Bank of India

· Dena Bank

· Export-Import Bank of India

· ICICI Bank Limited

· IDBI Bank Limited

· Oriental Bank of Commerce

· Punjab National Bank

· State Bank of India

· State Bank of Mysore

· UCO Bank

· Union Bank of India

Facilities :

SECURED LOAN

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Term Loans
From Banks		4803.557
From Other Parties (FIs)	NA	2310.691
SHORT TERM BORROWINGS
Loan repayable on demand From Banks	NA	4033.096
From Others		633.201
Total	NA	11780.545
LONG-TERM BORROWINGS Term loans are secured by way of joint equitable mortgage of all the present and future immovable properties of the Company and hypothecation of movable assets ranking pari passu amongst the term lenders and second charge on the current assets of the Company on pari-passu basis with lenders of working capital loans. SHORT TERM BORROWINGS 1. Secured loans repayable on demand include working capital loans secured by hypothecation of raw materials, stock in process, finished goods, semi-finished goods, stores, spares, book debts and other current assets as well as second charge on fixed assets of the Company on pari passu basis. 2. All loans repayable on demand carry floating interest rate of 9.70% to 12.75%.

Banking Relations :	---
Auditors 1 :
Name :	S. Bhargava Associates Chartered Accountants
Auditors 2 :
Name :	A. L. Chechani and Company Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Enterprises that directly or indirectly through one or more intermediaries, control or are controlled by or are under common control with the reporting enterprise (this includes holding companies, subsidiaries and fellow subsidiaries) :	Cheslind Textiles Limited
Associate :	LNJ Power Ventures Limited
Enterprises over which any person described in (c) or (d) is able to exercise significant influence :	· Aadi Marketing Company Private Limited · A.D. Hydro Power Limited · Agarwal Finestate Private Limited · Agarwal Trademart Private Limited · Apeksha Vyapaar Private Limited · Bhilwara Energy Limited · Bhilwara Services Private Limited · Bhilwara Technical Textiles Limited · BMD Power Private Limited · BMD Private Limited · BMD Renewable Energy Private Limited · BSL Limited · Churiwala Properties and Investments Private Limited · Diplomat Leasing and Finance Private Limited · Essay Marketing Company Limited · Giltedged India Securities Limited · HEG Limited · India Texfab Marketing Limited · Indo Canadian Consultancy Services Limited · Investors India Limited · Jyoti Knits Private Limited · Kalati Holdings Private Limited · LNJ Financial Services Limited · Malana Power Company Limited · Maral Overseas Limited · Mayur Knits Private Limited · Maheshwari Vastra Bhandar · Mandapam Vikas Private Limited · Mandawa Niyojan Private Limited · Nikita Electrotrades Private Limited · Nivedan Vanijiya Niyojan Limited · Prapti Apparels Company Private Limited · PRC Niyojan Private Limited · Purvi Vanijya Niyojan Limited · Raghav Commercial Limited · Raghav Knits and Textiles Private Limited · Shashi Commercial Company Limited · Sudiva Spinners Private Limited · Ultramarine Impex Private Limited · Veronia Tie-up Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
47500000	Equity Shares	Rs. 10/- each	Rs. 475.000 Millions
2500000	Optionally Convertible Redeemable Preference Shares	Rs. 150/- each	Rs. 375.000 Millions
	Total		Rs. 850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
23148689	Equity Shares	Rs. 10/- each	Rs. 231.487 Millions

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	231.487	231.487	231.487
(b) Reserves & Surplus	3722.221	3036.134	2616.485
Government Capital Grants	0.000	18.124	20.991
(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)	3953.708	3285.745	2868.963
(3) Non-Current Liabilities
(a) long-term borrowings	6062.963	7126.534	8168.843
(b) Deferred tax liabilities (Net)	720.316	485.727	352.712
(c) Other long term liabilities	76.764	55.990	63.522
(d) long-term provisions	178.909	172.576	141.588
Total Non-current Liabilities (3)	7038.952	7840.827	8726.665
(4) Current Liabilities
(a) Short term borrowings	4589.657	4666.297	3760.900
(b) Trade payables	363.394	411.614	300.100
(c) Other current liabilities	2242.845	2011.971	1659.515
(d) Short-term provisions	358.042	288.171	15.936
Total Current Liabilities (4)	7553.938	7378.053	5736.451
TOTAL	18546.598	18504.625	17332.079
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9467.066	9593.196	7737.117
(ii) Intangible Assets		64.877	61.975
(iii) Capital work-in-progress		111.466	2509.338
(iv) Intangible assets under development		0.000	0.000
(b) Non-current Investments	1273.578	1106.714	602.714
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	393.415	240.778	424.082
(e) Other Non-current assets	11.196	11.211	8.748
Total Non-Current Assets	11145.255	11128.242	11343.974
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3762.511	3997.147	3255.490
(c) Trade receivables	2368.627	2160.747	1844.125
(d) Cash and cash equivalents	14.746	19.103	18.655
(e) Short-term loans and advances	357.544	283.632	284.707
(f) Other current assets	897.915	915.754	585.128
Total Current Assets	7401.343	7376.383	5988.105
TOTAL	18546.598	18504.625	17332.079

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	28822.900	24532.920	19869.975
		Other Income	132.800	228.352	223.345
		TOTAL (A)	28955.700	24761.272	20093.320
Less	EXPENSES
		Cost of material consumed	16812.000	14776.742	13073.953
		Purchases of traded goods	529.700	218.653	174.544
		Change in inventories of finished goods, work-in-progress and stock- in- trade	176.000	(546.353)	(229.800)
		Employee benefits expense	2328.300	2042.502	1642.049
		Other expenses	5221.900	4958.016	3822.705
		TOTAL (B)	25067.900	21449.560	18483.451
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3887.800	3311.712	1609.869
Less	FINANCIAL EXPENSES (D)		1217.600	1212.906	1040.362
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2670.200	2098.806	569.507
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1106.900	1084.538	891.027
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		1563.300	1014.268	(321.520)
Less	TAX (H)		575.300	335.607	(103.628)
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		988.000	678.661	(217.892)
	EARNINGS IN FOREIGN CURRENCY
		FOB value of Export	NA	6861.837	6939.578
	IMPORTS
		Raw Materials	NA	271.975	387.007
		Components and Spare Parts	NA	161.926	121.246
		Capital Goods	NA	286.730	1297.091
	TOTAL IMPORTS		NA	720.631	1805.344
	Earnings/ (Loss) Per Share (Rs.)		42.68	29.32	(9.41)

QUARTERLY RESULTS

PARTICULARS	30.06.2014	30.09.2014
	1^st Quarter	2^nd Quarter
Audited / UnAudited	UnAudited	UnAudited
Net Sales	675.860	710.740
Total Expenditure	592.020	625.660
PBIDT (Excl OI)	83.840	85.080
Other Income	3.290	4.170
Operating Profit	87.130	89.250
Interest	28.210	27.170
Exceptional Items	0.000	0.000
PBDT	58.920	62.080
Depreciation	30.080	29.080
Profit Before Tax	28.840	33.000
Tax	5.250	5.470
Provisions and contingencies	0.000	0.000
Profit After Tax	23.590	27.530
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	23.590	27.530

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.43	2.77	-1.10
Operating Profit Margin (PBIDT/Sales)	(%)	13.49	13.50	8.10
Return on Total Assets (PBT/Total Assets}	(%)	9.05	5.87	(2.26)
Return on Investment (ROI) (PBT/Networth)		0.40	0.31	0.11