MIRA INFORM REPORT
|
Report No. : |
350530 |
|
Report Date : |
21.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAYMOND LIMITED |
|
|
|
|
Registered
Office : |
Plot No.156, House No.2, Village Zadgaon, Ratnagiri – 415612,
Maharashtra |
|
Tel. No.: |
91-2352-232514 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
10.09.1925 |
|
|
|
|
Com. Reg. No.: |
11-001208 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.613.808 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17117MH1925PLC001208 |
|
|
|
|
IEC No.: |
0388021772 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR4896A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of worsted suiting fabrics. |
|
|
|
|
No. of Employees
: |
10001 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject was established in the year 1925, it is the flagship company
of the Vijaypat Singhania group. The company is one of the leading integrated
producers of worsted suiting fabrics in the world. On standalone basis, is
mainly engaged in fabric manufacturing with total production capacity of
around 38.000 Million meters per annum. It ranks among the top three players
among integrated manufactures of worsted suiting in the world with more than
20000 designs and colours of suiting fabric, and exports to over 55
countries. For the financial year ended 2015, company has reported 21.03% sales
turnover growth as compared to previous sales turnover and it has maintained
above average profitability margins at 3.78% during the year under a review. Rating continue to reflect Raymond’s dominant position in the domestic
worsted suiting business, integrated operations, well-diversified revenue
streams, and established brands in the apparel business. Rating strengths is partially offset by company’s susceptibility of
profitability to volatility in key raw material prices and foreign exchange
(forex) rates and its exposure to intense competition in the domestic textile
business. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating =
AA- |
|
Rating Explanation |
High degree of safety
and very low credit risk. |
|
Date |
October 15, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating =
A1+ |
|
Rating Explanation |
Very strong degree
of safety and carry lowest credit risk. |
|
Date |
October 15, 2015 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Shivkumar Mahalingam |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-22-40349999 |
|
Date : |
20.11.2015 |
LOCATIONS
|
Registered Office : |
Plot No.156, House No.2, Village Zadgaon, Ratnagiri – 415612,
Maharashtra, India |
|
Tel. No.: |
91-2352-232514 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
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|
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|
Plant : |
Textile Division
No.E-1 and E-11, MIDC Area, Phase II, Ajanta Road, Jalgaon – 425003,
Maharashtra, India B-1, A.K.V.N., Boregaon Industrial Growth Centre, Kailash Nagar,
Tehsil Sauser District Chhindwara – 480001, Madhya Pradesh, India National Highway No. 8, Khadki-Udwada, Taluka Pardi, District Valsad –
396185, Gujarat, India Aviation
Division Old Apparel Building, First Floor, Jekegram, Pokhran Road No.1, Thane
(West) – 400606, Maharashtra, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Dr. Vijaypat Singhania |
|
Designation : |
Chairman Emeritus |
|
Address : |
J. K. House, 59A, Bulabhai Desai Road, Mumbai – 400026, Maharashtra,
India |
|
|
|
|
Name : |
Mr. Gautam Hari Singhania |
|
Designation : |
Chairman and Managing Director |
|
Address : |
J. K. House, 59A, Bulabhai Desai Road, Mumbai – 400026, Maharashtra, India
|
|
|
|
|
Name : |
Smt. Nawaz Gautam Singhania |
|
Designation : |
Non – Executive Director |
|
|
|
|
Name : |
I.D. Agarwal |
|
Designation : |
Independent Director |
|
Address : |
Sterling Sea Face Building, Flat No.B-604, Dr. A B Road, Worli, Mumbai
– 400018, Maharashtra, India |
|
|
|
|
Name : |
Mr. Nabankur Gupta |
|
Designation : |
Independent Director |
|
Address : |
11, Jayshree, 75, Worli Sea Face, Mumbai – 400025, Maharashtra, India |
|
|
|
|
Name : |
Mr. Pradeep Guha |
|
Designation : |
Independent Director |
|
Address : |
701, Krishna Heights, 12th Road, Khar – 400052, Mumbai,
Maharashtra, India |
|
|
|
|
Name : |
Mr. Boman Irani |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. H. Sunder |
|
Designation : |
Whole – time Director |
|
Date of Birth / Age
: |
26.07.1959 |
|
Qualifications : |
B.Com, ACA |
|
Expertise : |
Finance, Taxation, Accounts, Strategy, Legal, Secretarial and General Corporate Management. |
|
Directorship held in
other Public Companies (excluding foreign, private and Section 8 companies) : |
|
KEY EXECUTIVES
|
Name : |
Mr. M. Shivkumar |
|
|
Designation : |
Chief Financial Officer |
|
|
|
|
|
|
Management Executives : |
|
|
|
|
|
|
|
Name : |
Mr. Gautam Hari Singhania |
|
|
Designation : |
Chairman and Managing Director |
|
|
|
|
|
|
Name : |
H. Sunder |
|
|
Designation : |
President – Corporate Affairs |
|
|
|
|
|
|
Name : |
Mr. Sanjay Behl |
|
|
Designation : |
Chief Executive Officer – Lifestyle Business |
|
|
|
|
|
|
Name : |
K.A. Narayan |
|
|
Designation : |
President - HR |
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|
|
|
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|
Name : |
S.L. Pokharna |
|
|
Designation : |
President – Commercial |
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|
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|
|
|
Name : |
Mr. Aniruddha Deshmukh |
|
|
Designation : |
President - Textile |
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|
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|
|
|
Name : |
M. Shivkumar |
|
|
Designation : |
President – Finance |
|
|
|
|
|
|
Name : |
Mr. Gaurav Y. Mahajan |
|
|
Designation : |
President – Group Apparel |
|
SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
278710 |
0.46 |
|
|
24779906 |
40.91 |
|
|
25058616 |
41.37 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
25058616 |
41.37 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2719420 |
4.49 |
|
|
31647 |
0.05 |
|
|
5485294 |
9.05 |
|
|
4098068 |
6.76 |
|
|
12334429 |
20.36 |
|
|
|
|
|
|
6168375 |
10.18 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
10487822 |
17.31 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
5592733 |
9.23 |
|
|
935867 |
1.54 |
|
|
93 |
0.00 |
|
|
536639 |
0.89 |
|
|
387590 |
0.64 |
|
|
11445 |
0.02 |
|
|
100 |
0.00 |
|
|
23184797 |
38.27 |
|
Total Public
shareholding (B) |
35519226 |
58.63 |
|
Total (A)+(B) |
60577842 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
803012 |
0.00 |
|
|
803012 |
0.00 |
|
Total (A)+(B)+(C) |
61380854 |
0.00 |
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 % of grand total |
||
|
1 |
Advait Ruia |
825 |
0.00 |
|
2 |
Ashadevi Singhania |
139119 |
0.23 |
|
3 |
Gautam Hari Singhania |
5529 |
0.01 |
|
4 |
J K Investo Trade India Limited |
2802826 |
4.57 |
|
5 |
J K Investors Bombay Limited |
16826419 |
27.41 |
|
6 |
J K Sports Foundation |
792395 |
1.29 |
|
7 |
J K Helene Curtis Limited |
3567570 |
5.81 |
|
8 |
Polar Investment Limited |
99200 |
0.16 |
|
9 |
Shephali A Ruia |
13140 |
0.02 |
|
10 |
Ritwik Ruia |
1000 |
0.00 |
|
11 |
SMT Sunitidevi Singhania Hospital Trust |
691496 |
1.13 |
|
12 |
Dr Vijaypat Singhania |
119097 |
0.19 |
|
|
Total |
25058616 |
40.82 |
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 % of Total No. of Shares |
|
|
1 |
Life Insurance Corporation of India |
4079297 |
6.65 |
|
|
2 |
Finquest Securities Private Limited |
1364450 |
2.22 |
|
|
3 |
Reliance Capital Trustee Co. Limited |
1565579 |
2.55 |
|
|
4 |
Anant Singhania |
969220 |
1.58 |
|
|
5 |
Ujjwala A Singhania |
919745 |
1.50 |
|
|
6 |
General Insurance Corporation of India |
800312 |
1.30 |
|
|
7 |
Aadi Financial Advisors LLP |
747644 |
1.22 |
|
|
8 |
Canara Robeco Mutual Fund A/C Canara Robeco Emerging Equities |
652012 |
1.06 |
|
|
9 |
Government Pension Fund Global |
621551 |
1.01 |
|
|
10 |
Dimensional Emerging Market Value Fund |
700761 |
1.14 |
|
|
|
Total |
12420571 |
20.24 |
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
|
Sl. No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Life Insurance Corporation of India |
4079297 |
6.65 |
|
|
|
Total |
4079297 |
6.65 |
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 % of Total No. of Shares |
|
1 |
GDR |
401506 |
803012 |
1.31 |
|
|
Total |
401506 |
803012 |
1.31 |
Details of disclosure made by the
Trading Members holding 1% or more of the Total No. of shares of the company.
|
Sl. No. |
Name of the Trading Member |
Name of the Beneficial Owner |
No. of shares held |
% of total no. of shares |
Date of reporting by the Trading Member |
|
1 |
FINQUEST SECURITIES PRIVATE LIMITED |
HARDIK B. PATEL |
11,03,000 |
1.80 |
14/11/2015 |
|
2 |
FINQUEST SECURITIES PRIVATE LIMITED |
2 client/s (individual holding less than 1%) |
2,32,000 |
0.38 |
14/11/2015 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of worsted suiting fabrics. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
10001 (Approximately) |
||||||||||||||||||||||
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|
Bankers : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
|
Address: |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028,
Maharashtra, India |
|
Tel. No.: |
91-22-66691000 |
|
Fax No.: |
91-22-66547800 / 66547801 |
|
|
|
|
Internal and Operational Auditors : |
Mahajan and Aibara Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Other Related Parties : |
|
|
|
|
|
Relatives of key management personnel and their enterprises where
transactions have taken place : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61380854 |
Equity Shares |
Rs.10/- each |
Rs.613.808
Million |
Reconciliation of number of Shares
|
Particulars |
As on March 31,
2015 |
|
|
No. of Shares
held |
Rs. In Million |
|
|
Equity Shares : |
|
|
|
Shares at the beginning of the year |
61380854 |
613.808 |
|
Shares at the end of the year |
61380854 |
613.808 |
Rights, Preferences and restrictions attached to Equity Shares
The company has only class of equity shares having
a par value of Rs.10 per share. Each Shareholder is eligible for one vote per
share. The dividend proposed by the Board of Directors is subject to the
approval of shareholders, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company, after distribution of all preferential amounts, in
proportion of their shareholding.
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the company:
|
Name of the
Shareholder |
As on March 31,
2015 |
|
|
No. of Shares
held |
% of Holding |
|
|
J.K. Investors (Bombay) Limited |
16826419 |
27.41 |
|
Life Insurance Corporation of India |
4079297 |
6.65 |
|
J.K. Helene Curtis Limited |
3399208 |
5.54 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
613.808 |
613.808 |
613.808 |
|
(b) Reserves &
Surplus |
11063.821 |
10394.034 |
9695.796 |
|
(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) |
11677.629 |
11007.842 |
10309.604 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7421.177 |
9221.814 |
6837.382 |
|
(b) Deferred tax
liabilities (Net) |
15.025 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1413.184 |
1112.392 |
1040.261 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
8849.386 |
10334.206 |
7877.643 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3485.259 |
3165.610 |
3223.556 |
|
(b) Trade payables |
3285.837 |
2357.135 |
2707.159 |
|
(c) Other current
liabilities |
4035.618 |
3109.196 |
5711.190 |
|
(d) Short-term provisions |
499.200 |
437.813 |
381.963 |
|
Total Current Liabilities
(4) |
11305.914 |
9069.754 |
12023.868 |
|
|
|
|
|
|
TOTAL |
31832.929 |
30411.802 |
30211.115 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6108.934 |
6723.854 |
8328.266 |
|
(ii) Intangible Assets |
5.291 |
13.970 |
14.530 |
|
(iii) Capital
work-in-progress |
1673.968 |
1577.151 |
1448.757 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4009.603 |
3860.821 |
3503.493 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2565.859 |
2576.131 |
2549.913 |
|
(e) Other Non-current
assets |
867.073 |
284.804 |
249.208 |
|
Total Non-Current Assets |
15230.728 |
15036.731 |
16094.167 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3077.151 |
3841.001 |
3945.004 |
|
(b) Inventories |
5766.562 |
5518.552 |
5029.854 |
|
(c) Trade receivables |
5698.054 |
4804.488 |
4162.554 |
|
(d) Cash and cash
equivalents |
954.559 |
515.765 |
182.547 |
|
(e) Short-term loans and
advances |
627.637 |
470.279 |
535.019 |
|
(f) Other current assets |
478.238 |
224.986 |
261.970 |
|
Total Current Assets |
16602.201 |
15375.071 |
14116.948 |
|
|
|
|
|
|
TOTAL |
31832.929 |
30411.802 |
30211.115 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
26453.171 |
21855.899 |
20323.877 |
|
|
Other Income |
1262.787 |
909.524 |
932.042 |
|
|
TOTAL |
27715.958 |
22765.423 |
21255.919 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5976.433 |
6280.244 |
6142.985 |
|
|
Purchases of
Stock-in-Trade |
5716.465 |
2281.077 |
1476.718 |
|
|
Manufacturing and
Operating Costs |
4279.727 |
4330.751 |
4275.929 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(324.272) |
(590.433) |
(357.887) |
|
|
Employees benefits
expense |
3114.428 |
2762.333 |
2800.724 |
|
|
Other expenses |
5419.777 |
4376.149 |
4264.392 |
|
|
TOTAL |
24182.558 |
19440.121 |
18602.861 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3533.400 |
3325.302 |
2653.058 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1482.632 |
1534.172 |
1561.062 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2050.768 |
1791.130 |
1091.996 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
934.933 |
1145.021 |
1160.219 |
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEMS |
19.435 |
(235.599) |
338.435 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1096.400 |
881.708 |
(406.658) |
|
|
|
|
|
|
|
Less |
TAX |
96.450 |
0.474 |
71.744 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
999.950 |
881.234 |
(478.402) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1840.498 |
1244.543 |
1529.507 |
|
|
Dividend |
0.395 |
0.498 |
1.030 |
|
|
Others |
4.516 |
15.237 |
40.198 |
|
|
TOTAL EARNINGS |
1845.409 |
1260.278 |
1570.735 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2727.080 |
2939.748 |
2790.701 |
|
|
Components and Stores
parts |
173.281 |
204.593 |
192.418 |
|
|
Repairs to machinery |
19.934 |
17.296 |
11.010 |
|
|
Capital Goods |
12.352 |
12.254 |
74.675 |
|
|
TOTAL IMPORTS |
2932.647 |
3173.891 |
3068.804 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
16.29 |
14.36 |
(7.79) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2550.638 |
1757.638 |
3409.649 |
|
Cash flow from operations |
1735.137 |
329.364 |
1800.781 |
|
Net cash inflow in the course of operating activities |
1497.795 |
129.651 |
1395.466 |
QUARTERLY
RESULTS
|
Particulars (Unaudited) |
30.06.2015 |
30.09.2015 |
|
1st
Quarter |
2nd
Quarter |
|
|
Net Sales |
5453.500 |
7225.100 |
|
Total Expenditure |
5285.900 |
6632.200 |
|
PBIDT (Excl OI) |
167.600 |
592.900 |
|
Other Income |
270.000 |
238.900 |
|
Operating Profit |
437.600 |
831.800 |
|
Interest |
324.300 |
357.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
113.300 |
474.800 |
|
Depreciation |
211.100 |
216.100 |
|
Profit Before Tax |
(97.800) |
258.700 |
|
Tax |
(15.800) |
92.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(82.000) |
165.800 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(82.000) |
165.800 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.78 |
4.03 |
-2.35 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
13.36 |
15.21 |
13.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.19 |
3.53 |
(1.61) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.08 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15 |
1.28 |
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47 |
1.70 |
1.17 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.420.80/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
613.808 |
613.808 |
613.808 |
|
Reserves & Surplus |
9695.796 |
10394.034 |
11063.821 |
|
Net worth |
10309.604 |
11007.842 |
11677.629 |
|
|
|
|
|
|
long-term borrowings |
6837.382 |
9221.814 |
7421.177 |
|
Short term borrowings |
3223.556 |
3165.610 |
3485.259 |
|
Current Maturities of
Long Term Debt |
3409.649 |
1757.638 |
2550.638 |
|
Total borrowings |
13470.587 |
14145.062 |
13457.074 |
|
Debt/Equity ratio |
1.307 |
1.285 |
1.152 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
20323.877 |
21855.899 |
26453.171 |
|
|
|
7.538 |
21.034 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
20323.877 |
21855.899 |
26453.171 |
|
Profit |
(478.402) |
881.234 |
999.950 |
|
|
(2.35%) |
4.03% |
3.78% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||
|
Bench:- Bombay Presentation Date : 09.03.2015 |
|||
|
Lodging No. : |
NMSL/701/2015 |
Failing Date:- |
09.03.2015 |
|
MAIN MATTER |
|||
|
Lodging No. : |
STRL/40/2007 |
||
|
Petitioner:- |
THE COMMISSIONER OF SALES TAX |
Respondent:- RAYMOND
LIMITED |
|
|
Petn.Adv:- |
GOVERNMENT PLEADER ORIGINAL SIDE |
||
|
District:- |
MUMBAI |
||
|
Bench:- |
DIVISION |
Category:- NOTICE
OF MOTION (TAX) |
|
|
Status:- |
Pre-Admission |
||
|
|
|
||
|
Act. : |
Sales Tax Act 1979 |
||
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Term Loans from banks |
400.000 |
950.000 |
|
Debentures |
3100.000 |
3650.000 |
|
SHORT TERM
BORROWING |
|
|
|
Buyers credit arrangements |
0.000 |
120.937 |
|
By issue of Commercial Papers |
2050.000 |
1050.000 |
|
Total |
5550.000 |
5770.937 |
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 FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
C21971791 |
|
2 |
10334393 |
08/08/2012 * |
135,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B57111296 |
|
3 |
10319326 |
23/02/2015 * |
490,000,000.00 |
SYNDICATE BANK |
LARGE CORPORATE
BRANCH, MAKER TOWER E WING, 2ND |
C47344940 |
|
4 |
10277145 |
21/01/2012 * |
265,400,000.00 |
BANK OF INDIA |
MUMBAI LARGE CORPORATE BRANCH, BANK OF INDIA BUILDING, FOURTH FLOOR, 70-80, M.G.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B31645005 |
|
5 |
10151223 |
05/05/2009 * |
950,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A63899298 |
|
6 |
10139056 |
19/01/2009 |
500,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE CORPORATE BRANCH, BANK OF INDIA BUILDING, 4TH FLR, 70/80 M.G.ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A55299507 |
|
7 |
10117459 |
28/02/2009 * |
1,500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A58495151 |
|
8 |
10117799 |
06/02/2009 * |
350,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A56833015 |
|
9 |
10038389 |
31/01/2007 |
1,510,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE
CORPORATE BRANCH,, 4TH FLOOR , 70/8 |
A11172764 |
|
10 |
10024644 |
30/10/2006 |
1,510,000,000.00 |
BANK OF INDIA LIMITED |
MUMBAI LARGE
CORPORATE BRANCH, 4TH FLOOR, 70/80, |
A06017974 |
* Date of charge modification
CORPORATE OVERVIEW
Subject is a leading Indian textile and
branded apparel company, with interests in engineering (files, power tools,
auto components) and FMCG sectors. The Group has its corporate headquarters at
Mumbai.
OVERVIEW OF THE
ECONOMY
As per the latest GDP growth estimates, Indian economy grew by 7.4% in FY15 compared to 6.9% in FY14, mostly driven by improved economic fundamentals and revision of GDP methodology calculation. Even inflation showed signs of moderation, a welcome sign - wholesale price and consumer price inflation declined to 4.2% and 7.4% respectively, compared with last year`s 6.3% and 10.1%. Reduced inflation, falling crude oil prices, stable Rupee, improved purchasing power and consumer spending, higher capital inflows supported by the government policy reforms have already put India on an accelerating growth track and improved the business outlook.
The Government envisages GDP growth to accelerate to 8% in FY16 driven by strengthening macroeconomic fundamentals and implementation of policy reforms recently announced. Reforms like e-auctions of coal mines and telecom, FDI hike in insurance, speedier regulatory approvals etc. will be critical growth enablers to de-bottleneck stalled projects, improve the investment outlook and the ease of doing business in the country. Reforms currently underway such as GST implementation, Amendment on Land Acquisition Bill, Labour Reforms, etc. are expected to provide the requisite thrust for growth in the medium-term.
FINANCIAL PERFORMANCE
Amid optimism and rising business sentiments, the Company reported a top-line growth of 21% over the previous year. At Standalone level, the Gross Revenue from operations stood at Rs.26454.700 Million as compared with Rs.21859.100 Million in the previous year. The Operating Profit before tax stood at Rs. 1115.800 Million as against of Rs. 646.100 Million in the previous year. The Net Profit for the year stood at Rs. 1000.000 Million against Rs. 881.200 Million reported in the previous year.
The Consolidated Gross Revenue from operations for FY 2015 was placed at Rs.53745.400 Million (Previous Year: Rs.45937.400 Million), registering a growth of 17%. The Consolidated Operating Profit stood at Rs. 1597.200 Million (Previous Year: Rs. 1600.000 Million). The Consolidated Profit after tax stood at Rs. 1128.100 Million as against a Profit after tax of Rs. 1076.300 Million in the previous year.
ANALYSIS AND REVIEW
Textile and Apparel
Industry Conditions
The Textile and Apparel industry contributes around 6% to India`s GDP, 11% to export earnings and is the second largest employer (-whopping 55 million people) after agriculture. The industry has shown continued growth with a potential to increase its global trade share from the current 4.5% to 8% (USD 80 Billion) in the next 5 years supported by a rich abundance of raw material, skilled labour and talent.
In FY 2015, the textile industry is estimated to have contributed USD 42 Billion (4%) to India`s GDP, and 27% to the country`s foreign exchange inflows.
Performance
Highlights
During FY 2015, the Company`s total Textile sales registered a growth of 24%; Net Revenue being Rs. 25386.600 Million as against Rs. 20512.900 Million in FY 2014. The increase in sales was led by volume growth in domestic and export market and deeper penetration of shirting fabric market.
STATEMENT OF
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED
SEPTEMBER 30, 2015
(Rs. In Million)
|
Particulars |
3 Months ended 30.09.2015 |
3 Months ended 30.06.2015 |
Six Months ended 30.09.2015 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income
from operations |
|
|
|
|
Net sales/ Income from operation (net of excise duty) |
7215.800 |
5344.700 |
12560.500 |
|
Other operating income |
9.300 |
108.800 |
118.100 |
|
Total
income from Operations(net) |
7225.100 |
5453.500 |
12678.600 |
|
Expenditure |
|
|
|
|
Cost of material consumed |
1507.700 |
1388.400 |
2996.100 |
|
Purchases of stock in trade |
1897.800 |
1234.100 |
3131.900 |
|
Manufacturing and operating costs |
1050.200 |
949.500 |
1999.700 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(356.200) |
(452.900) |
(809.100) |
|
Employees benefit expenses |
824.500 |
794.400 |
1618.900 |
|
Depreciation and amortization expenses |
216.100 |
211.100 |
427.200 |
|
Other expenditure |
1608.200 |
1372.400 |
2980.600 |
|
Total expenses |
6848.300 |
5497.000 |
12345.300 |
|
Profit
from operations before other income and financial costs |
376.800 |
(43.500) |
333.300 |
|
Other income |
238.900 |
270.000 |
508.900 |
|
Profit from
ordinary activities before finance costs |
615.700 |
226.500 |
842.200 |
|
Finance costs |
357.000 |
324.300 |
681.300 |
|
Profit from
ordinary activities before tax Expense: |
258.700 |
(97.800) |
160.900 |
|
Tax expenses |
(92.900) |
15.800 |
(77.100) |
|
Net Profit / (Loss)
from ordinary activities after tax (9-10) |
165.800 |
(82.000) |
83.800 |
|
Paid-up equity share capital (Nominal value Rs.10/- per share) |
613.800 |
613.800 |
613.800 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
--- |
--- |
--- |
|
Earnings per share
of Rs.10/- each) (not annualized): |
|
|
|
|
Basic |
2.70 |
(1.34) |
1.36 |
|
Diluted |
2.70 |
(1.34) |
1.36 |
|
A.
Particulars of shareholding |
|
|
|
|
1.
Public Shareholding |
|
|
|
|
- Number of shares |
36322238 |
36455238 |
36322238 |
|
- Percentage of shareholding |
59.18% |
59.39% |
59.18% |
|
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 |
25058616 |
25058616 |
25058616 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
40.82% |
40.82% |
40.82% |
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
NIL |
|
|
Receiving during the quarter |
|
28 |
|
|
Disposed of during the quarter |
|
28 |
|
|
Remaining unreserved at the end of the quarter |
|
NIL |
|
Note:
- Tax Expense includes Current Tax (net of Mat credit) and Deferred Tax.
- Ratings have been calculated as follows :
a) Debt-Equity Ratio = Debt/Net Worth (Debt is Long Term Borrowing (including current maturities) and Short Term Borrowing],
b) Debt Service Coverage Ratio = Earnings before interest, Depreciation, Tax and Exceptional Items (EBITDA/ Interest Expense for the period * Principal repayment of Long Term Borrowings during the period,
c) Interest Service Coverage Ratio = Earnings before Interest, Depreciation, Tax and Exceptional Items (EBITDA/Interest Expense for the period.
- Previous periods figures have been regrouped / reclassified, wherever necessary.
- The above results were reviewed and recommended by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 28, 2015.
- The Statutory Auditors of the Company have carried out a Limited Review of the above financial results.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED (STANDALONE) FOR THE QUARTER / HALF YEAR
ENDED SEPT
|
Particulars |
3 Months ended 30.09.2015 |
3 Months ended 30.06.2015 |
Six Months ended 30.09.2015 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Segment
Revenue (Net Sales / Income from Operations) |
|
|
|
|
-Textile |
6951.500 |
5085.800 |
12037.300 |
|
-Others |
328.600 |
293.500 |
622.100 |
|
-Inter Segment Revenue |
(64.300) |
(34.600) |
(98.900) |
|
Total
Segment Revenue |
7215.800 |
5344.700 |
12560.500 |
|
|
|
|
|
|
Segment
Results Profit / (Loss) before interest and tax |
|
|
|
|
-Textile |
1114.400 |
578.800 |
1693.200 |
|
-Others |
(267.000) |
(203.900) |
(470.900) |
|
-Inter Segment Profit / (Loss) |
(5.900) |
7.800 |
1.900 |
|
Total
|
841.500 |
382.700 |
1224.200 |
|
Less:
Finance Costs |
(357.000) |
(324.300) |
(681.300) |
|
Less:
Unallocable (Expenses) - Net |
(225.800) |
(156.200) |
(382.000) |
|
Add /
(Less) : Exceptional Items - Net |
0.000 |
0.000 |
0.000 |
|
Total Profit /
(Loss) before tax |
258.700 |
(97.800) |
160.900 |
|
|
|
|
|
|
Capital Employed
(Segment assets less segment liabilities) |
|
|
|
|
-Textile |
0.000 |
11538.100 |
12627.900 |
|
-Others |
0.000 |
1205.100 |
1344.100 |
|
Total Capital
Employed in segments |
0.000 |
12743.200 |
13972.000 |
|
Add: Unallocable assets less liabilities |
0.000 |
(1175.300) |
(2267.300) |
|
Total Capital
Employed in the Company |
0.000 |
11567.900 |
11704.700 |
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Office Equipment
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 records 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 regitered 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.66.09 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
78 |
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.