MIRA INFORM REPORT
|
Report No. : |
314769 |
|
Report Date : |
27.03.2015 |
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 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17115RJ1960PLC008216 |
|
|
|
|
TIN No.: |
Not Available |
|
|
|
|
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 and Fabric and Denim. |
|
|
|
|
No. of Employees
: |
15902 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
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 an old and established company having fine track record. Fundamental of the company seems to be strong and healthy. The rating also takes into consideration good networth position of the
company. Trade relations are fair. Business is active. Payment terms 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 : |
|
|
Website : |
|
|
|
|
|
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 : |
|
|
|
|
|
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 |
|
|
|
|
Factory 7 : |
City Palace Complex, Chauri Sarak Road, Chouri Sadak, Ludhiana - 141008, Punjab, India |
|
Tel. No.: |
91-161-2725169 |
|
|
|
|
Marketing/ Sales Offices
: |
Located at: · Mumbai · Kolkata · Bangalore · New Delhi · Ludhiana · Bhilwara · Ichalkaranji · Indore · Kanpur · Tirupur · Ahmedabad |
|
|
|
|
Overseas Marketing Offices : |
Located at :
|
DIRECTORS
As on 31.03.2014
|
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 |
|
Date of Birth/
Age : |
09.10.1952 |
|
Qualification
: |
B. Tech. (M.E.),
M. Sc. ( |
|
Expertise in specific functional areas : |
Industrialist with rich experience of Textile Industry |
|
Date of Appointment : |
13.02.1984 |
|
Other Directorship : |
· Bhilwara Technical Textiles Limited · BSL Limited · Essay Marketing Company Limited · HEG Limited ·
Maral Overseas Limited |
|
|
|
|
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 area of Finance, Accounting and
Corporate Laws, Former Technical Director of the Institute of Chartered Accountants
of India. He is renowed author of various books in Auditing and other
subjects. |
|
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 |
|
Date of Birth/
Age : |
08.08.1934 |
|
Qualification
: |
B.Com (Hons), M.A - Economics, CAIIB, Fellow of the Economic
Development Institute of the World Bank. |
|
Expertise in specific functional areas : |
He worked in Senior Managerial Positions with Punjab
National Bank from 1958-68 and with IFCI from 1968-1992. He took retirement
from IFCI in 1992 as Executive Chairman, a position he held for eight years.
He is a part time consultant to World Bank, UNIDO and Kreditanstalt fur
Weideraufbua (KFW). He holds a Master’s degree in Economics and CAIIB. |
|
Date of Appointment : |
10.11.2004 |
|
Other Directorship : |
· Adayar Gate Hotels Limited · Ansal Properties and Infrastructure Limited · Cimmco Limited · HEG Limited · Hero Fincorp Limited · Landmark Property Development Co. Limited · Mansingh Hotels and Resorts Limited · Maral Overseas Limited · OCL India Limited · Sandhar Technologies Limited · Titagarh Marine Limited ·
Titagarh Wagons Limited |
|
|
|
|
Name : |
Mr. Sushil
Jhunjhunwala |
|
Designation : |
Director |
|
Date of Birth/
Age : |
23.08.1950 |
|
Qualification
: |
B.Com |
|
Expertise in specific functional areas : |
He is an eminent industrialists having rich experience. He
is presently Director in well-known company BSL Limited, LA OPALA RG Limited
and Genesis Exports Limited. |
|
Date of Appointment : |
29.04.2009 |
|
Other Directorship : |
· BSL Limited · Genesis Exports Limited ·
La Opala RG Limited |
|
|
|
|
Name : |
Mr. A. N.
Choudhary |
|
Designation : |
Director |
|
Date of Birth/
Age : |
06.03.1944 |
|
Qualification
: |
B.Com, LLB, FCA, FCS |
|
Expertise in specific functional areas : |
He is graduated in Commerce and also a fellow member of
ICSI and ICAI. He also holds law degree. Mr. Choudhary has rich and
diversified experience of textile industry. |
|
Date of Appointment : |
24.07.2009 |
|
Other Directorship : |
· BSL Limited ·
Vitarich Agro Food (India) Limited |
|
|
|
|
Name : |
Mr. P. S. Dasgupta |
|
Designation : |
Director |
|
Date of Birth/
Age : |
30.06.1955 |
|
Qualification
: |
B.A. (Hons.), LLB, Post Graduate Diploma-Corporate Laws
& Labour Laws. |
|
Expertise in specific functional areas : |
Renowned International Corporate Lawyer and represents a
leading law firm in Delhi |
|
Date of Appointment : |
24.07.2013 |
|
Other Directorship : |
· Asian Hotels (North) Limited · Bhilwara Technical Textiles Limited · Cummins India Limited · Ester Industries Limited · Interstar Finance Services Limited · Maral Overseas Limited · Otis Elevators Co. (India) Limited · Timken India Limited ·
Tricone Projects India Limited |
|
|
|
|
Name : |
Mr. J. C. Laddha |
|
Designation : |
Executive
Director |
|
Date of Birth/
Age : |
12.12.1949 |
|
Qualification
: |
B.Com., F.C.A. |
|
Date of
Appointment : |
01.01.1990 |
KEY EXECUTIVES
|
Name : |
Mr. Surender Gupta |
|
Designation : |
Company Secretary |
|
|
|
|
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 : |
Chief Human Resource Officer |
|
|
|
|
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 : |
Prabir Bandyopadhyay |
|
Designation : |
Chief Executive (Denim) |
|
|
|
|
Name : |
Mr. Surender Gupta |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1808068 |
7.81 |
|
|
5163816 |
22.31 |
|
|
6971884 |
30.12 |
|
|
|
|
|
|
4934770 |
21.32 |
|
|
4934770 |
21.32 |
|
Total
shareholding of Promoter and Promoter Group (A) |
11906654 |
51.44 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1580609 |
6.83 |
|
|
16700 |
0.07 |
|
|
1732 |
0.01 |
|
|
138283 |
0.60 |
|
|
100 |
0.00 |
|
|
1737424 |
7.51 |
|
|
|
|
|
|
2291722 |
9.90 |
|
|
|
|
|
|
3953509 |
17.08 |
|
|
1718280 |
7.42 |
|
|
1541100 |
6.66 |
|
|
38890 |
0.17 |
|
|
100 |
0.00 |
|
|
418500 |
1.81 |
|
|
1083610 |
4.68 |
|
|
9504611 |
41.06 |
|
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 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
23148689 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Yarn and Fabric and Denim. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
“MAYUR SUITINGS” |
||||||||
|
|
|
||||||||
|
Agencies Held : |
-- |
||||||||
|
|
|
||||||||
|
Exports : |
Not Available |
||||||||
|
|
|
||||||||
|
Imports : |
Not Available |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Not Available |
||||||||
|
|
|
||||||||
|
Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
15902 (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 · Oriental Bank of Commerce · Punjab National Bank · State Bank of India · State Bank of Mysore · UCO Bank · Union Bank of India ·
Syndicate Bank |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
Notes Short Term Borrowings
|
|
|
|
|
Auditors 1 : |
|
|
Name : |
S. Bhargava Associates Chartered Accountants |
|
Address : |
“Vishwa Shila”, House No. 1, Pareek College Road, Bani Park, Jaipur –
302006, Rajasthan, India |
|
|
|
|
Auditors 2 : |
|
|
Name : |
A. L. Chechani and Company Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associate : |
·
LNJ Power Ventures Limited |
|
|
|
|
Enterprises over
which person is able to exercise significant influence : |
· Aadi Marketing Co. Private Limited · A.D. Hydro Power Limited · Jyoti Knits Private Limited · Kalati Holdings Private Limited · Agarwal Finestate Private Limited · Karishma Fabrics · Agarwal Trademart Private Limited · LNJ Financial Services Limited · Apeksha Vyapaar Private Limited · Malana Power Company Limited · Bhilwara Energy Limited · Maral Overseas Limited · Bhilwara Services Private Limited · Mayur Knits Private Limited · Bhilwara Technical Textiles Limited · Maheshwari Vastra Bhandar · BMD Power Private Limited · Mandapam Vikas Private Limited · BMD Private Limited · Mandawa Niyojan Private Limited · BMD Renewable Energy Private Limited · Nikita Electrotrades Private Limited · BSL Limited · Nivedan Vanijiya Niyojan Limited · Churiwala Properties and Investments Private Limited · Prapti Apparels Company Private Limited · Diplomat Leasing and Finance Private Limited · PRC Niyojan Private Limited · Essay Marketing Co. Limited · Purvi Vanijya Niyojan Limited · Giltedged Industrial Securities Limited · Raghav Commercial Limited · HEG Limited · Raghav Knits and Textiles Private Limited · India Texfab Marketing Limited · Shashi Commercial Co. Limited · Indo Canadian Consultancy Services Limited · Sudiva Spinners Private Limited · Investors India Limited · Ultramarine Impex Private Limited ·
Veronia Tie-up Private Limited |
|
|
|
|
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 |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
47500000 |
Equity Shares |
Rs.10/- each |
Rs.475.000 Million |
|
2500000 |
Optionally Convertible Redeemable Preference Shares |
Rs.150/- each |
Rs.375.000 Million |
|
|
Total |
|
Rs.850.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23148689 |
Equity Shares |
Rs. 10/- each |
Rs.231.487 Million |
- Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Microbase Limited |
3650970 |
15.77 |
|
IDFC Sterling Equity Fund |
1572818 |
6.79 |
|
LNJ Financial Services Limited |
1767394 |
7.63 |
|
Purvi Vanijya Niyojan Limited |
1218431 |
5.26 |
- There are no shares issued for consideration
other than cash in the last 5 financial years. However, 13513607 Equity
shares of Rs.10/- each were issued as fully paid up bonus shares by
capitalisation of reserves in earlier years. 1228689 Equity shares of
Rs.10/- each were issued for consideration other than cash, pursuant to
the scheme of merger of erstwhile Jaipur Polyspin Limited and Mordi
Textiles and Processors Limited as approved by the Hon’ble High Court of
Rajasthan.
- The number of issued, subscribed and
fully paid up shares remained unchanged during the year as there were no
buy back or issue of share capital.
- The Company has only one class of
equity shares having a par value of Rs.10/-. Each holder of equity shares
is entitled to one vote per share. There are no restrictions attached to
any equity shares. The Company declares and pays dividends, if any, in
Indian rupees. During the year ended 31st March 2014, the amount of per
share dividend recognised as distribution to equity shareholders was
Rs.12.50 (Previous year Rs.10/-). 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, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the
respective shareholders.
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
3708.985 |
3036.134 |
2616.485 |
|
(c) Government Capital Grants |
13.236 |
18.124 |
20.991 |
|
(d) 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 |
9267.683 |
9593.196 |
7737.117 |
|
(ii) Intangible
Assets |
59.529 |
64.877 |
61.975 |
|
(iii)
Capital work-in-progress |
139.854 |
111.466 |
2509.338 |
|
(iv)
Intangible assets under development |
0.000 |
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 |
|
|
|
|
|
|
|
Income |
28700.535 |
24532.920 |
19869.975 |
|
|
|
Other Income |
255.176 |
228.352 |
223.345 |
|
|
|
TOTAL (A) |
28955.711 |
24761.272 |
20093.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16812.034 |
14776.742 |
13073.953 |
|
|
|
Purchases of Stock-in-Trade |
529.655 |
218.653 |
174.544 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
175.962 |
(546.353) |
(229.800) |
|
|
|
Employees benefits expense |
2328.296 |
2042.502 |
1642.049 |
|
|
|
Other expenses |
5221.879 |
4958.016 |
3822.705 |
|
|
|
TOTAL (B) |
25067.826 |
21449.560 |
18483.451 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3887.885 |
3311.712 |
1609.869 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1217.638 |
1212.906 |
1040.362 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2670.247 |
2098.806 |
569.507 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1106.901 |
1084.538 |
891.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1563.346 |
1014.268 |
(321.520) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
575.345 |
335.607 |
(103.628) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
988.001 |
678.661 |
(217.892) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
8621.237 |
6861.837 |
6939.578 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
261.845 |
271.975 |
387.007 |
|
|
|
Components and Spare Parts |
212.119 |
161.926 |
121.246 |
|
|
|
Capital Goods |
105.932 |
286.730 |
1297.091 |
|
|
TOTAL IMPORTS |
579.896 |
720.631 |
1805.344 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
42.68 |
29.32 |
(9.41) |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12..2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3817.200 |
3938.900 |
4444.400 |
|
Total Expenditure |
3159.800 |
3215.700 |
3714.700 |
|
PBIDT (Excl OI) |
657.400 |
723.200 |
729.700 |
|
Other Income |
23.000 |
26.600 |
22.200 |
|
Operating Profit |
680.400 |
749.800 |
751.900 |
|
Interest |
284.000 |
354.900 |
348.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
396.400 |
395.000 |
403.600 |
|
Depreciation |
192.300 |
188.800 |
190.700 |
|
Profit Before Tax |
204.100 |
206.200 |
212.900 |
|
Tax |
41.600 |
42.000 |
44.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
162.500 |
164.200 |
168.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
162.500 |
164.200 |
168.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.44 |
2.77 |
(1.10) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.55 |
13.50 |
8.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.12 |
5.87 |
(2.26) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.31 |
(0.11) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.69 |
3.59 |
4.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.00 |
1.04 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
231.487 |
231.487 |
231.487 |
|
Reserves & Surplus |
2616.485 |
3036.134 |
3708.985 |
|
Government Capital Grants |
20.991 |
18.124 |
13.236 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2868.963 |
3285.745 |
3953.708 |
|
|
|
|
|
|
long-term borrowings |
8168.843 |
7126.534 |
6062.963 |
|
Short term borrowings |
3760.900 |
4666.297 |
4589.657 |
|
Total
borrowings |
11929.743 |
11792.831 |
10652.620 |
|
Debt/Equity
ratio |
4.158 |
3.589 |
2.694 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
19,869.975 |
24,532.920 |
28,700.535 |
|
|
|
23.467 |
16.988 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
19,869.975 |
24,532.920 |
28,700.535 |
|
Profit |
(217.892) |
678.661 |
988.001 |
|
|
(1.10%) |
2.77% |
3.44% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment Liabilities |
3.556 |
12.286 |
|
Total |
3.556 |
12.286 |
OPERATIONAL
PERFORMANCE
During the year, the Company continued to march ahead and reported a record
performance on the strength of its strong presence in the domestic and export
markets. The Company continued to work on new initiatives and continuous
improvements in the product-mix, penetration in marketing strategy, economic
cost of production. The Company also reaped the advantages of continuous
expansions undertaken in the past few years. The Company also gained from the
partial recovery in the US and the Euro Zone economics.
The Company registered increase of 16.72% in its gross turnover from Rs.24710.400
Million in 2012-13 to Rs.28843.200 Million in 2013-14. The Export turnover also
registered increase at Rs.9225.600 Million in 2013-14 as against Rs.7201.900
Million in 2012-13 whereas Domestic turnover increased to Rs.19617.600 Million
in 2013-14 from Rs.17508.500 Million in the previous year.
EXPANSION AND
MODERNISATION
The completion of the expansion programme comprising of 51840 spindles
at the Kharigram Unit and setting up spinning facility at Denim Unit at a
capital outlay of Rs.3550.000 Million. During the year the Company reaped the
full benefits of above expansion and the growth in the turnover and
profitability of the Company had been partially on account of the above
expansion. The Company also completed the up-gradation programme of Effluent
Treatment Plant (ETP) at the Kharigram, Ringas, Denim and TPP Plants and
Sewerage Treatment Plant (STP) as per schedule. The encouraged by the
performance of the Company due to above, the Directors chalked out a further
expansion programme involving a capital outlay of Rs.3435.000 Million
comprising of setting up of 25000 spindles for Melange Yarn at Mandpam Unit,
setting up of 50MT capacity Green Polyester Fibre Project at Ringas and
installation of 50 looms at Mordi, Banswara Unit. The implementation of the
above expansion programme has started and likely to be completed during the
current financial year. The Directors are hopeful that the above expansions
will lead to significant growth in the turnover and profitability of the
Company.
Expansion programme will lead to the Company in the direction to achieve
the targets laid down in pursuant of the ‘Lakshya 2016’ programme with a
targeted turnover of Rs.45000.000 Million and involving a capex of Rs.15000.000
Million in stages to be achieved by 2016.
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL ECONOMIC
PROGRESSION
Global gross domestic product grew by 3% in 2013 against 3.1% in 2012
primarily due to the continuing economic volatility in the first half of the
year. However trade picked up in the second half of 2013 and demand in advanced
economies swelled primarily due to inventory re-stocking. In emerging market
economies, an export rebound was the main driver behind this improved showing.
Outlook: IMF forecasts
showed emerging markets still accounting for much of global growth, with their
economies forecast to expand nearly four times as fast this year as advanced
economies. As far as advanced economies are concerned, the US is expected to
emerge as the key growth driver in the current year. The eurozone is turning
the corner after recovering from recession and is expected to post positive
economic growth in 2014.
Estimates: Global growth is
projected to be slightly higher at around 3.7% in 2014, rising to 3.9% in 2015.
INDIA’S ECONOMIC
PERFORMANCE
India’s economic growth in 2013-14 has been estimated at 4.7%,
marginally higher than in the previous year, mainly on the back of an improved
performance in the agriculture and allied sectors as per the advanced estimates
released by the Central Statistics Office (CSO).
For 2013-14, the CSO projected a growth rate of 4.6% in agriculture and
allied sectors, up from 1.4% a year earlier. Manufacturing, however, is
expected to have contracted by 0.2% compared with a growth of 1.1% in the
previous year.
Per capita income at current prices during 2013-14 is estimated at
Rs.0.075 Million compared with Rs.0.068 Million during 2012-13, a rise of
10.4%. More importantly, the current account deficit declined to US$35 billion
in 2013-14 against US$88 billion in 2012-13, largely due to a steep decline in
gold imports and a simultaneous increase in exports.
Gross Fixed Capital Formation (GFCF), an indicator of investment, is
forecast at Rs.32.2 lac crore at current prices against Rs.30.7 lac crore in
2012-13. In terms of GDP at market prices, the rates of GFCF during 2013-14 are
estimated at 28.5% against 30.4% in 2012-13.
Estimates: According to NCAER, India’s economic growth is likely to
accelerate by 5.6% in 2014-15 from the projected growth of less than 5% in the
fiscal ending in March 2014. The Asian Development Bank has projected India’s
GDP growth at 5.5% for 2014-15, depending on its ability to implement
structural reforms.
TEXTILE INDUSTRY
India’s textile industry plays a significant role in the economic
development of the country in terms of net foreign exchange earnings and
employment generation. The industry contributes around 4% to India’s GDP,
around 11% to the country’s export earnings and nearly 14% to industrial
production, besides providing direct employment to over 45 million people.
The industry is self-reliant across the value chain, right from the
availability of raw materials to the manufacture of garments. On the global
front, the industry is the world’s second largest producer of textiles and
accounts for around 4.5% share of the total global exports.
India has the highest loom capacity (including handlooms), accounting
for 63% of the global market share. Furthermore, the industry accounts for
around 24% of the world’s spindle capacity and 8% of the global rotor capacity.
Despite its global positioning, the Indian textile industry comprises mostly
small-scale, non-integrated spinning, weaving, finishing and apparel producing
enterprises, making it a fragmented sector.
Cotton textiles continue to form the predominant base of the Indian
textile industry, though other fibres have also gained preference in recent
years. The advent of man-made fibres (MMF) has inspired a shift in consumer
preferences from cotton textiles and brought about significant changes in the
Indian textile industry as domestically-produced MMF textiles are finding a
global presence.
India is the second largest polyester filament/fibre, viscose filament
yarn and cotton producer. It is also the third largest producer of VSF and
stands ninth in acrylic staple fibre production globally. In terms of
consumption, India was the second largest PFY, PSF, VSF, VFY and cotton
consumer. The polyester fibre outlook remains positive and demand is estimated
to increase 6-7% from 2013 to 2016.
BUSINESS
OPERATIONS
RSWM manufactures yarns, fabrics and denims across eight locations in
Rajasthan. Periodic investments in cutting-edge technology and skills enabled
RSWM’s manufacture of quality products in line with international standards.
Approximately, 32% of the Company’s products are exported to over 75 countries
across Europe and the Middle East as well as South Africa, Australia, Korea,
Belgium, Singapore, Italy and Egypt.
YARN BUSINESS
Talking points,
2013-14
· Revenue increased by about 15% over 2012-13 even as production and sales volumes rose by 6.5% and 9.7% respectively
· Production and sales volumes of branded yarn ‘Ultima’ scaled by 40%
· Revenue from exports grew by 18%, driven by an increase in volumes
Snapshot
Having commenced business at Bhilwara in Rajasthan in 1961, the Company
is credited with being among the frontrunners in laying the foundation of a
flourishing textile sector in the state and, in turn, encouraging lateral
growth.
RSWM features among the top 5 manufacturers of polyester viscoseblended
yarn with a pan-India presence managed by its 10 regional marketing offices.
Over 25% of the yarn output is marketed to brand-enhancing Indian textile
players, namely Raymond Group, Siyaram Silk Mills Limited, Welspun Group, Alok
Industries and Arvind, among others. The Company enjoys a global footprint
extending across 78 nations.
MELANGE YARN –
MAXIMUM VALUE-ADDED
Talking points,
2013-14
· Production and sales volumes of melange yarn scaled 9.3% and 10.23% respectively
· Revenues increased by 32.45% from Rs.2680.000 Million in 2012-13 to Rs.3550.000 Million in 2013-14
Snapshot
This comprises among the highest value-added yarns in the Company’s
product basket. Produced at the Company’s Mandpam plant, these yarns are made
from cotton and blends used in the manufacture of knitwear and hosiery. These
products generate a 50% premium over grey yarns but are quantitatively small
when compared with the other segments. A majority of the output is marketed to
domestic users.
FABRIC
Talking points,
2013-14
· Revenue increased by 11% from Rs.1780.000 Million in 2012-13 to Rs.1960.000 Million.
· Received strong institutional business for uniforms from some states.
Snapshot
RSWM manufactures a range of blended suiting fabrics marketed under the
‘Mayur’ brand through its robust network comprising more than 2,000 retailers
pan-India. About 30% of its production is exported to quality-conscious
customers across 26 nations.
DENIM
Talking points,
2013-14
· Revenue from the business increased by 13.20% from Rs.3106.900 Million in 2012-13 to Rs.3517.000 Million in 2013-14 thanks to improved realisations which neutralised a stagnant sales volume
· Focus on value-addition and introduction of a host of new products facilitated a growth in realisations
Snapshot
Although a relatively small segment, RSWM’s denim business enjoys rich
credentials in terms of value-addition and customising fabrics around diverse
applications. The state-of the- art manufacturing facilities house
sophisticated equipment sourced from leading global brands and enjoy global
certifications like Global Organic Textile Standards (GOTS), Global Recycle
Standards, SA 8000, Organic Exchange (OE blended and/or OE 100), OEKO-TEX 100
and REACH.
INFORMATION
TECHNOLOGY
RSWM extensively leveraged IT tools in its operations to achieve greater
productivity and efficiency. The Company invested in a specialized Enterprise
Resource Planning (ERP) solution for textile companies and customised modules
to cater to needs emanating from functional areas like finance and human
resources. The ERP solution worked efficiently across manufacturing locations.
The Company’s wellequipped IT team reassessed and standardised the security
architecture; its invested prudently towards fortifying the same. In 2013-14,
the IT team conducted training drills for freshers about software mechanisms
(RAMCO/ TIM/BPCS). As far as the existing roster of employees was concerned,
the Company conducted regular sessions to sharpen their skills to guarantee
improved work and time management.
RSWM was well-protected thanks to its efficient data-recovery platform
for ERP, e-mail system and seamless connection between all its plants/locations.
FINANCIAL
PERFORMANCE
RSWM reported a superior performance for the second successive year,
which combined business growth, increased profitability and a stronger Balance
Sheet despite a subdued business environment.
Net sales grew by 16.99% from Rs.24532.900 Million in 2012-13 to
Rs.28700.500 Million in 2013-14. This growth was due to a superior performance
across all business divisions; a majority of the growth was value-led, which
also enhanced business profitability. A depreciated rupee made an important
contribution to revenues.
Value-addition combined with disciplined shop-floor and other business
operations shored the PBDIT – by 17.40% from Rs.3311.700 Million in 2012-13 to
Rs.3887.800 Million in 2013-14. More importantly, operating margin moved up 5
bps despite the challenging business conditions.
As the interest liability and provision for depreciation remained at the
previous year’s levels, while Profit after Tax grew by 45.57% from Rs.678.700
Million in 2012-13 to Rs.988.000 Million in 2013-14.
While growing business and profitability was among the top priorities of
the Company, the management also focused on strengthening its Balance Sheet.
While reserves increased by 22.16% from Rs.3036.100 Million as on March 31, 2013
to Rs.3709.000 Million as on March 31, 2014, overall debt (long-term and work
capital loans) declined by 9.67% from Rs.11792.800 Million as on March 31, 2013
to Rs.10652.700 Million as on March 31, 2014 – showcasing the prudent
deployment of business liquidity into de-leveraging the financial statements.
As a result, the debt-equity ratio declined from 2.17x as on March 31, 2013 to
1.53x as on March 31, 2014. The book value per share increased from Rs.141.16
as on March 31, 2013 to Rs.170.22 as on March 31,
2014.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
6732.900 |
7073.100 |
20532.500 |
|
b) Other operating income |
49.500 |
34.300 |
115.900 |
|
Total income from Operations(net) |
6782.400 |
7107.400 |
20648.400 |
|
2.Expenditure |
|
|
|
|
(a) Cost of material consumed |
3842.200 |
4385.100 |
12408.700 |
|
(b) Purchase of stock in trade |
57.400 |
122.900 |
245.700 |
|
(c) Changes in inventories of finished goods, work in progress
and stock in trade |
40.100 |
(294.400) |
(494.400) |
|
(d) Employee benefit expenses |
666.600 |
672.900 |
1962.000 |
|
(e) Depreciation and amortization expenses |
296.700 |
290.800 |
888.400 |
|
(f) Power and Fuel |
606.100 |
620.500 |
1805.800 |
|
(g) Other Expenses |
729.100 |
749.600 |
2190.500 |
|
Total Expenses |
6238.300 |
6547.400 |
19006.700 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
544.100 |
560.000 |
1641.700 |
|
Other Income |
35.000 |
41.700 |
109.600 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
579.100 |
601.700 |
1751.300 |
|
Finance costs |
276.200 |
271.700 |
830.000 |
|
Profit/ Loss from Ordinary
Activities after Finance costs but Exceptional item |
302.900 |
330.000 |
921.300 |
|
Exceptional item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary
Activities before tax |
302.900 |
330.000 |
921.300 |
|
Tax Expenses |
|
|
|
|
- Current Tax |
63.600 |
69.800 |
193.600 |
|
- Deferred Tax Liability/
Assets |
(6.400) |
(15.100) |
(29.200) |
|
Net Profit/ Loss from
Ordinary Activities after tax |
302.900 |
330.000 |
921.300 |
|
Extraordinary Items |
-- |
-- |
-- |
|
Net Profit for the period |
302.900 |
330.000 |
921.300 |
|
Paid- up Equity Share Capital (Face value of the share –
Rs. 10) |
231.500 |
231.500 |
231.500 |
|
Reserves excluding revaluation reserves as per balance
sheet of Previous Accounting Year |
-- |
-- |
-- |
|
Earnings per share (before extraordinary items) (of Rs.
10/- each) (not annualized) |
|
|
|
|
Basic |
10.61 |
11.89 |
32.7 |
|
Diluted |
10.61 |
11.89 |
32.7 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
11242035 |
11242035 |
11242035 |
|
- Percentage of shareholding |
48.56% |
48.56% |
48.56% |
|
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) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
Nil |
Nil |
Nil |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
11906654 |
11906654 |
11906654 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
51.44% |
51.44% |
51.44% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Receiving during the quarter |
|
10 |
|
|
Disposed of during the quarter |
|
10 |
|
|
Remaining unreserved at the end of the quarter |
|
Nil |
|
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Month Ended
( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1. Segment Revenue |
|
|
|
|
a. Yarn |
5898.600 |
6053.400 |
17795.500 |
|
b. Fabrics |
1140.00 |
1286.800 |
3557.300 |
|
c. Others |
(1.000) |
8.200 |
8.000 |
|
Total |
7037.600 |
7348.400 |
21360.800 |
|
Less: Inter – Segment revenue |
255.200 |
241.000 |
712.400 |
|
Total income from operations (net) |
6782.400 |
7107.400 |
20648.400 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a. Yarn |
474.700 |
486.400 |
1461.700 |
|
b. Fabrics |
115.000 |
112.200 |
306.400 |
|
Total |
589.700 |
598.600 |
1768.100 |
|
Less: Finance Costs |
276.200 |
271.700 |
830.000 |
|
Other un-allocable expenditure net off
un-allocable other operating income |
10.600 |
(3.100) |
16.800 |
|
Total Profit Before Tax |
302.900 |
330.000 |
921.300 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Yarn |
10458.100 |
10915.500 |
10458.100 |
|
b. Fabrics |
2943.400 |
2750.400 |
2943.400 |
|
Total |
13401.500 |
13665.900 |
13401.500 |
|
Other Assets |
3758.000 |
2774.900 |
3758.000 |
|
Total Capital Employed |
17159.500 |
16440.800 |
17159.500 |
* Include Captive and Subsidy Power.
Notes:
1)
The Auditors have conducted limited review of the financial
result for the quarter ended December 31, 2014. The above Financial results
were reviewed by the Audit Committee and thereafter were approved and taken on
record by the Board of Directors at its meeting held on 10th February, 2015.
2)
The figures of the previous period/ year have been
regrouped / recent wherever considered necessary.
3)
Depreciation has been provided based on useful
lives prescribed in Schedule II of Companies Act, 2013 on all assets other than
Plant and Machinery used in textile and power generation businesses where in
management estimates that useful lives worked out as per the Companies Act,
1956 represent useful lives of these Plant and Machinery.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10489627 |
18/12/2014 * |
520,000,000.00 |
SYNDICATE BANK |
BUDH PLAZA 2ND
BASANT VIHAR, OPP. CIRCUIT HOUSE, BHILWARA, RAJASTHAN - 311001, INDIA |
C39350327 |
|
2 |
10490305 |
18/12/2014 * |
1,430,000,000.00 |
CENTRAL BANK OF
INDIA |
BIJAINAGAR,
BHILWARA, RAJASTHAN - 311021, INDIA |
C40089757 |
|
3 |
10474920 |
01/12/2014 * |
320,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
KHARIGRAM, GULABPURA,
BHILWARA, RAJASTHAN - 311021, INDIA |
C37056231 |
|
4 |
10443730 |
01/08/2014 * |
95,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
KHARIGRAM,
GULABPURA, BHILWARA, RAJASTHAN - 311021, INDIA |
C15425879 |
|
5 |
10442614 |
01/08/2014 * |
120,000,000.00 |
BANK OF BARODA |
GULABPURA,
BHILWARA, RAJASTHAN - 311021, INDIA |
C17448408 |
|
6 |
10435750 |
12/11/2013 * |
86,200,000.00 |
UNION BANK OF
INDIA |
15/251 RAJENDRA
MARG, BHILWARA, RAJASTHAN - 311001, INDIA |
B90792995 |
|
7 |
10435748 |
12/11/2013 * |
267,400,000.00 |
UNION BANK OF
INDIA |
15/251 RAJENDRA
MARG, BHILWARA, RAJASTHAN - 311001, INDIA |
B91176685 |
|
8 |
10417538 |
12/11/2013 * |
112,500,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
KHARIGRAM, GULABPURA,
BHILWARA, RAJASTHAN - 311021, INDIA |
B90513235 |
|
9 |
10329983 |
08/08/2012 * |
402,500,000.00 |
DENA BANK |
M-36, CONNAUGHT
CIRCUS, NEW DELHI, DELHI - 110001, |
B58439159 |
|
10 |
10298225 |
27/01/2012 * |
1,400,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENNTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B32567588 |
|
11 |
10302297 |
27/01/2012 * |
1,440,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
KHARIGRAM, GULABPURA,
BHILWARA, RAJASTHAN - 311021, INDIA |
B31633803 |
|
12 |
10294269 |
27/01/2012 * |
595,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
SHANTI BHAWAN,
BHILWARA, RAJASTHAN - 311001, INDIA |
B31644420 |
|
13 |
10054519 |
27/03/2009 * |
250,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
KHARIGRAM,
GULABPURA, RAJASTHAN - 311021, INDIA |
A60601150 |
|
14 |
10055694 |
02/07/2012 * |
66,500,000.00 |
ORIENTAL BANK OF
COMMERCE |
SHANTI BHAWAN,
BHUPAL GANJ, BHILWARA, RAJASTHAN - |
B44478980 |
|
15 |
10040542 |
27/03/2009 * |
250,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
A60540408 |
|
16 |
10034916 |
06/11/2009 * |
70,000,000.00 |
CENTRAL BANK OF
INDIA |
PIPALI CHORAYA,
BIJAI NAGAR, RAJASTHAN - 305624, INDIA |
A72762065 |
|
17 |
10041347 |
27/03/2009 * |
500,000,000.00 |
STATE BANK OF
INDIA |
13, DEEPAK
BUILDING, NEHRU PLACE, NEW DELHI, DELHI |
A60541711 |
|
18 |
10041349 |
29/07/2009 * |
556,200,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE
BRANCH, M I ROAD, JAIPUR, RAJASTHAN |
A68084656 |
|
19 |
10041342 |
24/07/2009 * |
130,000,000.00 |
STATE BANK OF
INDORE |
COMMERCIAL BRANCH,
M-47, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
A67261388 |
|
20 |
10022053 |
27/03/2009 * |
500,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
KHARIGRAM,
GULABPURS, RAJASTHAN - 311021, INDIA |
A60606076 |
|
21 |
10020758 |
27/03/2009 * |
1,000,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
A60719960 |
|
22 |
10017317 |
27/03/2009 * |
500,000,000.00 |
STATE BANK OF
MYSORE |
NO.3,4 & 5,
DDA BUILDING, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A62147574 |
|
23 |
10007935 |
27/03/2009 * |
510,000,000.00 |
CENTRAL BANK OF
INDIA |
PIPALI CHORAYA,,
BIJAINAGAR, RAJASTHAN - 305624, INDIA |
A60342516 |
|
24 |
10005341 |
27/03/2009 * |
520,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
A60541257 |
|
25 |
10005105 |
27/03/2009 * |
500,000,000.00 |
STATE BANK OF
MYSORE |
NO.3,4 & 5,
DDA BUILDING, NEHRU PLACE, NEW DELHI, |
A62153721 |
|
26 |
80007568 |
27/03/2009 * |
100,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
A60539079 |
|
27 |
80016859 |
27/03/2009 * |
247,500,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE
BRANCH, M I ROAD, JAIPUR, RAJASTHAN |
A60597994 |
|
28 |
80016865 |
27/03/2009 * |
247,500,000.00 |
UNION BANK OF
INDIA |
239, VIDHAN
BHAWAN MARG, NARIMAN POINT, MUMBAI, MA |
A60664364 |
|
29 |
80016854 |
27/03/2009 * |
105,000,000.00 |
PUNJAB NATIONAL
BANK |
MID CORPORATE BRANCH,
M I ROAD, JAIPUR, RAJASTHAN |
A60597515 |
|
30 |
80013179 |
27/03/2009 * |
250,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
KHARIGRAM,
GULABPURA, RAJASTHAN - 311021, INDIA |
A60604832 |
FIXED ASSETS:
· Free Hold Land
· Lease Hold Land
· Buildings
· Plant and Machinery
· Furniture Fixture and Other
· Vehicles
· Office Equipments
· Electric Fitting and Water Supply Installation
· Computer Software
· Enabling Assets
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.67 |
|
UK Pound |
1 |
Rs.93.26 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
55 |
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.