MIRA INFORM REPORT

 

 

Report No. :

345414

Report Date :

16.10.2015

 

IDENTIFICATION DETAILS

 

Name :

RUPA AND COMPANY LIMITED

 

 

Registered Office :

Metro Tower, 8th Floor, 1, Ho Chi Minh Sarani, Kolkata-700071, West Bengal

Tel. No.:

91-33-30573100

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

06.02.1985

 

 

Com. Reg. No.:

21-038517

 

 

Capital Investment / Paid-up Capital :

Rs. 79.629 Million

 

 

CIN No.:

[Company Identification No.]

L17299WB1985PLC038517

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

Not Available

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is primarily engaged in manufacture of hosiery products in knitted undergarments, casual wears and thermal wears, It also has a Power Generation Unit operated on Windmill process.

 

 

No. of Employees :

577 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (59)

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Maximum Credit Limit :

USD 8979000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is part of Rupa group, incorporated in the year 1985.

 

For the FY 2015, the company possesses impressive revenue profile marked by decent profitability of 6.78%.

 

Rating also take into consideration, company’s healthy financial risk profile marked strong networth base, ample liquidity, decent cash accruals and there is favorable gap between trade payables and receivables.

 

Trade relations are fair. Business is active. Payments are regular and as per commitment.

 

In view of long track record and strong promoters, the company can be considered for business dealings at usual trade terms and conditions.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

CRISIL

Rating

Long term rating A+

Rating Explanation

Adequate degree of safety and low credit risk.

Date

15.07.2015

 

Rating Agency Name

CRISIL

Rating

Short term rating A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

15.07.2015

 

 

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 DECLINED

 

Management non-cooperative (91-33-30573100)

 

LOCATIONS

 

Registered Office :

Metro Tower, 8th Floor, 1, Ho Chi Minh Sarani, Kolkata-700071, West Bengal, India

Tel. No.:

91-33-30573100

Fax No.:

91-33-22881363

E-Mail :

cs@rupa.co.in

connect@rupa.co.in

Website :

www.rupa.co.in

 

 

Plant 1 :

Jalan Industrial Complex, Bombay Road (National Highway 6), P.O. - Begri, Village – Biprannapara, Howrah – 711 411, West Bengal, India

 

 

Plant 2 :

16, Shastri Nagar, 3rd Street, Angeripalayam Road, Tirupur – 640 602, Tamilnadu, India

 

 

Manufacturing Unit :

Located at :

  • Bengaluru
  • Domjur
  • Ghaziabad

 

 

Sales offices :

Located at :

  • Patna
  • Varanasi
  • Mumbai
  • Jaipur
  • Indore
  • Delhi
  • Ghaziabad
  • Kanpur
  • Bengaluru
  • Tirupur
  • Hyderabad
  • Kolkata

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Kunj Bihari Agarwal

Designation :

Managing Director

Address :

3,Alipore Road, Kolkata, 700027, West Bengal, India

Date of Birth/Age :

23.11.1949

Date of Appointment :

17.07.1987

DIN No.:

00224857

 

 

Name :

Mr. Ghanshyam Prasad Agarwala

Designation :

Vice-Chairman  and Whole-Time Director

Address :

3,Alipore Road, Kolkata, 700027, West Bengal, India

Date of Birth/Age :

14.11.1945

Date of Appointment :

13.07.1987

DIN No.:

00224805

 

 

Name :

Mr. Mukesh Agarwal

Designation :

Whole-Time Director

Address :

Flat No 10-B-4 Satyam, 3 Alipore Road, Kolkata, 700027, West Bengal, India

Date of Birth/Age :

01.01.1971

Qualification :

Bachelor's degree in Commerce

Date of Appointment :

29.07.2009

DIN No.:

02415004

 
  • Rupa Global Private Limited
  • Rupa Dyeing and Printing Private Limited
  • Bajrangbali Projects Limited
  • Salasar Infrastructure Limited
  • Krishna Management Private Limited
  • Sikar Management Private Limited
  • Salasar Consultants Private Limited
  • Mangal Synthetics International Private Private Limited
  • Kanahiya Realty Private Limited
  • Citizen Hosiery Private Limited
  • Subham Software Private Limited
  • Ganpati Management Private Limited
  • Sitaram Hosiery Private Limited
  • Gajraj Knitwear Private Limited
  • Champion Garment Private Limited
  • Balaji Hosiery Private Limited
  • Rupa Spinners Limited

 

 

Name :

Mr. Ramesh Agarwal

Designation :

Whole-Time Director

Address :

12,Sunny Park, Kolkata, 700019, West Bengal, India

Date of Birth/Age :

07.06.1968

Qualification :

Bachelor's degree in Commerce from University of Calcutta.

Date of Appointment :

29.07.2009

DIN No.:

00230702

Other Directorship :
  • Sidhant Flats and Apartments Private Limited
  • Salasar Project and Estates Private Limited
  • Purvanchal Leasing Limited
  • Sitaram Hosiery Private Limited
  • Aparesh Infotech Private Limited
  • Neo Metaliks Limited
  • Rupa Global Private Limited
  • Euro Fashion Inners International Private Limited
  • Bajrangbali Hosiery Private Limited
  • Sidhant Niwas Private Limited
  • Aparesh Niwas Private Limited
  • MCC Chamber of Commerce and Industry
  • PRS Tie Up Private Limited
  • Sidhant Credit Capital Limited
  • Imoogi Fashions Private Limited
  • Lambodar Infrastructure Private Limited
  • Badrinath Homes Private Limited
  • Abhani Securities Private Limited
  • Goodview Developers Private Limited

 

 

Name :

Mr. Prahlad Rai Agarwala

Designation :

Whole-Time Director

Address :

12,Sunny Park, Kolkata-700019, West Bengal, India

Date of Birth/Age :

11.05.1938

Qualification :

Bachelor's degree in Law from University of Calcutta.

Date of Appointment :

06.02.1985

DIN No.:

00847452

Other Directorship :
  • Rupa Spinners Limited
  • Salasar Project and Estates Private Limited
  • Salasar Developers and Garments Private Limited
  • Ravi Global Private Limited
  • Sobhasaria Enterprises Private Limited
  • PGK Builders Private Limited
  • Vibhuti Infracon Private Limited

 

 

Name :

Mr. Satya Brata Ganguly

Designation :

Director

Address :

Flat No. 16B Minto Park, 13 D L Khan Road, Kolkata-700027, West Bengal, India

Date of Appointment :

13.08.2014

DIN No.:

00012220

 

 

Name :

Mr. Vinod Kumar Kothari

Designation :

Director

Address :

Krishna Building, 10th Floor, Room No. 1012, 224, Acharya Jagdish Chandra Bose Road, Kolkata-700017, West Bengal, India

Date of Birth/Age :

01.09.1961

Date of Appointment :

26.07.2004

DIN No.:

00050850

 

 

Name :

Mr. Dipak Kumar Banerjee

Designation :

Director

Address :

57A, Garcha Road, Kolkata-700019, West Bengal, India

Date of Appointment :

30.05.2013

DIN No.:

00028123

 

 

Name :

Mr. Sushil Patwari

Designation :

Director

Address :

18A, Alipore Road, Kolkata-700027, West Bengal, India

Date of Appointment :

17.11.2003

DIN No.:

00023980

 

 

Name :

Ms. Alka Devi Bangur

Designation :

Director

Address :

7, Munshi Premchand Sarani (Formerly Known As, St. George's Gate Road), Hastings, Kolkata-700022, West Bengal, India

Date of Birth/Age :

28.11.1954

Qualification :

M.A (English), M.A (Hindi), MBA.

Date of Appointment :

14.11.2014

DIN No.:

00012894

 
  • Apurva Export Private Limited
  • Mugneeram Ramcoowar Bangur Charitable and Religious Company
  • The Peria Karamalai Tea and Produce Company Limited
  • The Marwar Textiles (Agency) Private Limited
  • Maharaja Shree Umaid Mills Limited

 

 

Name :

Mr. Dharam Chand Jain

Designation :

Director

Address :

Flat - 9A, Avani Heights, 59A, Chowringee Road, Kolkata-700020, West Bengal, India

Date of Birth/Age :

28.08.1946

Date of Appointment :

31.01.2003

DIN No.:

00453341

 

 

KEY EXECUTIVES

 

Name :

Sudip Chatterjee

Designation :

Secretary

Address :

AH - 227, Sector - II, Saltlake City, Kolkata-700091, West Bengal, India

Date of Appointment :

12.06.2014

PAN No.:

AEMPC0580P

 

 

Name :

Neeraj Sureka

Designation :

Chief Financial Officer

Address :

1, Beadon Street, Kolkata-700006, West Bengal, India

Date of Appointment :

18.02.2015

PAN No.:

AJBPS2607K

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.06.2015

 

Category of Shareholder

Total No. of Shares

As a %

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

36265510

45.60

http://www.bseindia.com/include/images/clear.gifBodies Corporate

23320880

29.33

http://www.bseindia.com/include/images/clear.gifSub Total

59586390

74.93

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

59586390

74.93

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

18688636

23.50

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

1053801

1.33

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

184170

0.23

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

11563

0.01

http://www.bseindia.com/include/images/clear.gifClearing Members

8438

0.01

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

3125

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

19938170

25.07

Total Public shareholding (B)

19938170

25.07

Total (A)+(B)

79524560

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

79524560

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is primarily engaged in manufacture of hosiery products in knitted undergarments, casual wears and thermal wears, It also has a Power Generation Unit operated on Windmill process.

 

 

Products :

Hosiery products

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

577 (Approximately)

 

 

Bankers :

Bank Name

Indusind Bank Limited

Branch

Savitri Towers, 3A, Upper Wood Street, Kolkata, West Bengal - 700017, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Long-term Borrowings

 

 

Indian Rupee loans from a Bank

66.667

104.444

Short-term borrowings

 

 

From Banks

 

 

Cash Credit

371.335

542.981

Working Capital Demand Loans

 

 

Indian Rupee loans

1630.000

1040.028

Foreign Currency loans

0.000

120.200

Total

2068.002

1807.654

 

 

Long Term Borrowing

 

a) Secured Term Loan

 

Term loan from a bank is secured by first charge by way of hypothecation of movable fixed assets and mortgage of immovable fixed assets of Domjur Unit. Further term loan of Rs. 50.000 Million (31st March, 2014: Rs.152.222 Million) is secured by personal guarantee of 3 Directors of the Company.

 

Term Loan with a balance of Rs.50.000 Million (31st March, 2014: Rs. 72.222 Million) is repayable in 9 equal quarterly installments of Rs. 5.555 Million by 14th June, 2017 and carries interest @ 12.40% per annum. Term Loan with a balance of Rs. 54.444 Million (31st March, 2014: Rs. 70.000 Million) is repayable in 14 equal quarterly installments of Rs. 3.888 Million starting from 24th June, 2014 and ending on 28th September, 2018 and carries interest @ 12.30% per annum.

 

b) Unsecured Term Loan

 

Term Loan of 15.634 Million (Sanctioned Amount Rs. 35.000 Million) is repayable in 10 equal quarterly installments of Rs. 3.500 Million by 31st March, 2018 and carries interest @ 11.50% per annum. The loan is to be secured by first charge by way of hypothecation of movable fixed assets and mortgage of immovable fixed assets of Domjur unit. Pending creation of the charge, the loan is disclosed as unsecured.

 

Short Term Borrowing

 

Cash Credit including Working Capital Demand Loan from banks are secured by hypothecation of inventories, book debts and other current assets and further secured by second charge of movable and immovable fixed assets of Domjur Unit.

 

Working Capital Demand Loans are repayable in 7 days to 360 days and carries interest @9.75% to 10.85% p.a.. (31st March, 2014: @4.16 % p.a. to 10.85% p.a.) Cash Credit are repayable on demand and carries interest @10.50% to 12.50% p.a. (31st March, 2014: @ 10.50% p.a. to 12.50% p.a.)

 

Statutory Auditors :

 

Name :

S. R. Batliboi and Comnpany LLP

Chartered Accountants

Address :

22, Canmac Street, 3rd Floor, Block “C”, Kolkata-700016, West Bengal, India 

Tel. No.:

91-33-66153400

Fax No.:

91-33-22817750

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Companies :

·         Euro Fashion Inners International Private Limited

·         Imoogi Fashions Private Limited

 

 

Enterprises owned or significantly influenced by key management personnel or their relatives :

·         Binod Hosiery

·         Salasar Projects and Estates Private Limited

·         Sidhant Flats and Apartments Private Limited

·         Salasar Infrastructure Limited

·         Rupa Spinners Limited

·         Salasar Developers and Garments Private Limited

·         Bajrangbali Projects Limited

·         Sidhant Textiles Private Limited

·         Ganesh Enclave Limited

·         Ravi Global Private Limited

·         Kadambari Impex and Agency Private Limited

·         Rajnish Enterprises Limited

·         Purvanchal Leasing Limited

·         Siddhant Credit Capital Limited

·         Rupa Dyeing and Printing Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000000

Equity Shares

Re.1/- each

Rs. 200.000 Million

 

 

 

 

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

79733560

Equity Shares

Re.1/- each

Rs. 79.733 Million

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

79524560

Equity Shares

Rs.1/- each

Rs. 79.525 Million

209000

Forfeited Shares (of Re. 1/- each Re. 0.50/- per share paid up)

Rs.1/- each

Rs. 0.104 Million

 

 

 

Rs. 79.629 Million

 

a) There is no change in the number of shares in the current year and last year.

 

b) Terms / Rights attached in Equity Shares The Company has only one class of equity shares having a par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupee. 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. The distribution will be in proportion to the number of equity shares held by the shareholders. During the year ended March 31, 2015, the Company has proposed final dividend of Rs. 2.75 per share (31st March, 2014: Rs. 2.50 per share)

 

 

c) Details of shareholders holding more than 5% shares in the Company

 

Particular

As at March 31, 2015

Equity Shares of Rs. 1/- each, fully paid up

No. of Shares

%

Rajnish Enterprises Limited

15821190

19.89%

Karuna Impex Enterprises Limited

8650000

10.88%

Prahlad Rai Agarwala

8041080

10.11%

Kunj Bihari Agarwal

7278000

9.15%

Ghanshyam Prasad Agarwala

7240910

9.11%

Purvanchal Leasing Limited

5807670

7.30%

 

 

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

79.629

79.629

79.629

(b) Reserves & Surplus

3063.134

2648.294

2260.333

(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)

3142.763

2727.923

2339.962

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

75.301

104.444

152.222

(b) Deferred tax liabilities (Net)

149.588

159.218

146.647

(c) Other long term liabilities

238.917

218.375

178.503

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

463.806

482.037

477.372

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2001.335

1703.210

1873.583

(b) Trade payables

1073.691

918.230

872.013

(c) Other current liabilities

398.715

298.881

228.140

(d) Short-term provisions

309.360

243.785

231.118

Total Current Liabilities (4)

3783.101

3164.106

3204.854

 

 

 

 

TOTAL

7389.670

6374.066

6022.188

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1331.199

1413.478

1385.542

(ii) Intangible Assets

3.018

3.766

8.315

(iii) Capital work-in-progress

190.260

43.137

11.540

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

41.215

41.215

41.215

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

147.013

145.787

157.554

(e) Other Non-current assets

1.933

3.424

5.449

Total Non-Current Assets

1714.638

1650.807

1609.615

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3607.631

2869.734

2717.468

(c) Trade receivables

1827.573

1604.254

1445.602

(d) Cash and cash equivalents

53.967

54.913

57.358

(e) Short-term loans and advances

103.961

109.565

117.078

(f) Other current assets

81.900

84.793

75.067

Total Current Assets

5675.032

4723.259

4412.573

 

 

 

 

TOTAL

7389.670

6374.066

6022.188

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue From Operations

9690.669

8941.023

8164.224

 

 

Other Income

49.486

70.256

9.757

 

 

TOTAL                                     (A)

9740.155

9011.279

8173.981

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

5219.522

4400.254

4558.670

 

 

Purchases of Stock-in-Trade

183.442

335.824

310.364

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(736.774)

(76.117)

(597.090)

 

 

Employees benefits expense

259.039

148.606

121.282

 

 

Other expenses

3426.187

2888.448

2590.574

 

 

TOTAL                                     (B)

8351.416

7697.015

6983.800

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

1388.739

1314.264

1190.181

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

233.810

245.181

208.861

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

1154.929

1069.083

981.320

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

150.600

111.750

66.294

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

1004.329

957.333

915.026

 

 

 

 

 

Less

TAX (H)

347.259

336.772

297.449

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-H)   (I)

657.070

620.561

617.577

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1627.014

1339.053

937.555

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

100.000

100.000

30.000

 

 

Tax on proposed equity dividend

19.480

33.788

27.030

 

 

Proposed final equity dividend

218.692

198.812

159.049

 

BALANCE CARRIED TO THE B/S

1945.912

1627.014

1339.053

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

F.O.B. Value of Exports

225.982

188.663

212.511

 

TOTAL EARNINGS

225.982

188.663

212.511

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Packing Material

0.000

0.000

0.165

 

 

Stores & Spares

0.000

3.409

0.000

 

 

Capital Goods

29.751

135.510

75.570

 

TOTAL IMPORTS

29.751

138.919

75.735

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

8.26

7.8

7.77

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

44.778

117.778

102.222

Cash generated from operations

767.714

1141.102

504.096

Net Cash from Operating Activities

472.731

775.993

256.000

 

 

QUARTERLY RESULTS

 

Particulars

 

 

 

30.06.2015

(Unaudited)

 

 

 

1st  Quarter

Net Sales

 

 

2083.700

Total Expenditure

 

 

1771.560

PBIDT (Excl OI)

 

 

312.140

Other Income

 

 

4.750

Operating Profit

 

 

316.890

Interest

 

 

55.260

Exceptional Items

 

 

-

PBDT

 

 

261.630

Depreciation

 

 

33.500

Profit Before Tax

 

 

228.130

Tax

 

 

77.230

Provisions and contingencies

 

 

-

Profit After Tax

 

 

150.900

Extraordinary Items

 

 

-

Prior Period Expenses

 

 

-

Other Adjustments

 

 

-

Net Profit

 

 

150.900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

6.78

6.94

7.56

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

14.33

14.70

14.58

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

14.03

15.22

15.33

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.32

0.35

0.39

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.68

0.71

0.91

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.50

1.49

1.38

 

 

STOCK PRICES

 

 

Face Value

Rs.1.00

Market Value

Rs.315.60

 

 

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

79.629

79.629

79.629

Reserves & Surplus

2260.333

2648.294

3063.134

Net worth

2339.962

2727.923

3142.763

 

 

 

 

long-term borrowings

152.222

104.444

75.301

Short term borrowings

1873.583

1703.210

2001.335

Current maturities of long-term debts

102.222

117.778

44.778

Total borrowings

2128.027

1925.432

2121.414

Debt/Equity ratio

0.909

0.706

0.675

 

 

 

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)

Revenue From Operations

8164.224

8941.023

9690.669

 

 

9.515

8.384

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue From Operations

8164.224

8941.023

9690.669

Profit

617.577

620.561

657.070

 

7.56%

6.94%

6.78%

 

 

 

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

No

8]

Designation of contact person

No

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

--

33]

Market information

--

34]

Payments terms

No

35]

Negative Reporting by Auditors in the Annual Report

No

 

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

Unsecured Loan

 

 

Long-term Borrowings

 

 

Indian Rupee loan from a Bank

8.634

0.000

Total

8.634

0.000

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10562694

07/07/2015 *

35,000,000.00

INDUSIND BANK LIMITED

Savitri Towers, 3A, Upper Wood Street, Kolkata, West Bengal - 700017, INDIA

C58375510

2

10374294

26/09/2013 *

530,000,000.00

INDUSIND BANK LIMITED

SAVITRI TOWER, 3A UPPER WOOD STREET, KOLKATA, West Bengal - 700017, INDIA

B87609681

3

10305809

19/07/2011

100,000,000.00

YES BANK LIMITED

9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. 
ANNIE BESANT ROAD, WORLI,, MUMBAI, Maharashtra - 400018, INDIA

B20327417

4

10082067

29/10/2007

200,000,000.00

STANDARD CHARTERED BANK

19, N. S. ROAD, KOLKATA, West Bengal - 700001, INDIA

A29965944

5

80032997

20/06/2007 *

200,000,000.00

Citibank N.A

Kanak Building, 41 Chowringhee Road, Kolkata, West Bengal - 700071, INDIA

A17828237

6

80048724

26/09/2013 *

800,000,000.00

INDUSIND BANK LIMITED

SAVITRI TOWER, 3A UPPER WOOD STREET, KOLKATA, West Bengal - 700017, INDIA

B87609293

7

80014436

09/08/2003

150,000,000.00

STATE BANK OF INDIA

COMMERCIAL BRANCH, 24 PARK STREET, KOLKATA, West Bengal - 700016, INDIA

-

8

80015516

05/12/2014 *

2,830,000,000.00

INDUSIND BANK LIMITED

SAVITRI TOWER (LEAD BANK), 3A UPPER WOOD STREET, 
KOLKATA, West Bengal - 700017, INDIA

C36724771

 

 

* Date of charge modification

 

CORPORATE INFORMATION

 

The company is a public company domiciled in India. Its shares are listed on the National Stock Exchange of India Limited and Bombay Stock Exchange Limited. The Company is primarily engaged in manufacture of hosiery products in knitted undergarments, casual wears and thermal wears. It also has a Power Generation Unit operated on Windmill process.

 

 

STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK

 

The Indian innerwear market is estimated to grow at 13 per cent to reach Rs. 595400.000 Million by 2023. Innerwear appears to be a potential growth category. Further, the recent changes brought about by the Government of India, viz. allowing 51 per cent Foreign Direct Investment (FDI), in Multi-Brand Outlets (MBOs), and 100 per cent FDI in Exclusive Brand Outlets (EBOs), have provided a lucrative business opportunity for the Company to forge or enter into business alliances to bring foreign brands in the Indian market.

 

The Company is engaged in the manufacturing, branding and marketing of men’s and women’s innerwear and casual wear for all kids and all sections of societies like economy, mid- premium, premium and super- premium. The Company is the leader in innerwear industry having a large distribution network across India where the products of the Company are sold through more than 1,18,000 retail outlets. The Company has manufacturing facilities situated at Bengaluru, Tirupur, Domjur and Ghaziabad. Across the country the Company has sales offices situated at Patna, Varanasi, Mumbai, Jaipur, Indore, Delhi, Ghaziabad, Kanpur, Bengaluru, Tirupur, Hyderabad and Kolkata.

 

The Company has achieved a growth of 8.09 % in Sales and Income from Operations during the year. The Revenue from Operations including other income during the year is Rs. 9740.154 Million as against Rs. 9011.279 Million in the previous year. The Company has also achieved a growth of 3.72% in Gross Profit before Interest, Depreciation and Tax during the period. The Gross Profit before Interest, Depreciation and Tax during the year under review is Rs. 1388.738 Million as compared to Rs. 1314.263 Million in the previous year. The Profit after Tax for the year is Rs. 657,070 Million as against Rs. 620.561Million in the previous year. The Company believes in the overall development of the innerwear and casual wear industry across India through its innovative designs, superior product quality, ability to create a sustainable business model, initiatives to nurture the in-house talent and zeal towards the healthy creation of stakeholders’ value. To overcome the various economical challenges, the Company from time to time revisits its marketing strategy. The Company has always been responsive towards the changing fashion needs by introducing new line of products across all segments

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Economic Overview

 

World

 

In 2014-15, global growth remained in low gear. The drivers of economic activity are changing and downside risks persist. China and a growing number of emerging market economies are coming off cyclical peaks. Their growth rates are projected to remain much above those of the advanced economies but below the elevated levels seen in recent years, for both cyclical and structural reasons. The United States had seen several quarters of solid private demand. Although public sector demand has been pushing in the opposite direction, this counterforce had diminished in 2014, setting the stage for higher growth. Japan’s economy is enjoying a vigorous rebound but was tapered in 2014 due to tightening of fiscal policy. The Euro area is crawling out of recession, but activity stayed tepid. In these three advanced economies, much slack remains and inflation pressure is expected to stay subdued. These changing growth dynamics raise new policy challenges and policy spill-over may pose greater concern. Two recent developments will likely shape the path of the global economy in the near term. First, markets are increasingly convinced that U.S. monetary policy is reaching a turning point. Talk by the Federal Reserve about tapering its quantitative easing measures led to an unexpectedly large increase in long-term yields in the United States and many other economies, much of which has not been reversed despite a subsequent decision by the Federal Reserve to maintain the amount of asset purchases and policy actions in other countries. Second, there is strengthening conviction that China will grow more slowly over the medium term than in the recent past.

 

India

With ‘Make in India’ initiative adopted by the Government of India, the Indian economy in 2014–15 has emerged as one of the largest economies with a promising economic outlook on the back of controlled inflation, rise in domestic demand, increase in investments, decline in oil prices and reforms among others. Exports in 2014–15 recorded a growth of just 0.9 per cent as compared to 7.3 per cent in 2013–14. Imports, on the other hand, increased from -8.4 percent in 2013–14 to -0.5 per cent in 2014–15, primarily due to the sharp decline in international oil prices in the current year that compressed the oil import bill. Average retail inflation, measured by Consumer Price Index (CPI), moderated to 6.3 per cent in 2014–15 (April-December) from 9.5 per cent in 2013–14. During the year, the macroeconomic situation in India has improved significantly. Also, acceleration in services and manufacturing growth in the face of subdued global demand conditions point to the strengthening of domestic demand. In the light of the government’s commitment to reforms, the outlook for domestic macroeconomic parameters is generally optimistic and a growth of around 8.5 per cent is in the realm of possibility in 2015-16.

 

FUTURE OUTLOOK

 

In the men’s wear and women’s innerwear segment, the Company has made its presence felt. The growing demand and spending capacity of consumers has lead them to spend on these products without thinking of the pocket pinch. It is no longer treated as merely an undergarment but is worn as a fashionable part of clothing that can be flaunted. Innerwear has moved out of the ‘basic necessity’ bracket and is now associated with a ‘feel good’ factor. Indian consumers have come out of the shyness cocoon and are willing to experiment with new varieties, styles, colors and brands. This growth in demand has carved out a potential market for innerwear in India. As women’s innerwear is expected to grow faster, brands should widen their range. They also have to vary their product offerings and heighten the fashion quotient. Existing brands have the opportunity of expanding beyond just innerwear. Active wear, comfort wear and sleep wear are some natural extensions and promising categories. A smart pricing strategy must be employed in order to attract consumers and boost brand preference. Further, for brands and retailers, there are opportunities to identify and increase their focus across key consumption sectors. Thus, in order to be successful, brands must take the initiative to create a differentiating factor; only then can they establish a loyal customer base in this promising and developing segment. Rupa is the biggest knitwear brand in India, covering the entire range of knitted garments from innerwear to casual wear. Constantly meeting the changing demands of the customers and coming up with innovative designs with the help of modern technology has always been the hallmark of Rupa.

 

 

CONTINGENT LIABILITIES:

 

(Rs. in million)

PARTICULARS

31.03.2015

31.03.2014

a) Demands / claims by various government authorities and others not acknowledged as debts and contested by the government

 

 

Income Tax matters

1.568

1.568

Sales Tax matters

57.114

40.218

 

58.682

41.786

b) Bank Guarantees outstanding

24.734

22.697

c) Letter of Credits issued by the Banks

25.874

17.148

 

 

 

d) The Income Tax Department had conducted a search and seizure operation on the Company’s various locations from 7th November, 2013 to 8th November, 2013 under section 132 of the Income Tax Act, 1961. No order / demand, consequent to search operation, has so far been received by the Company from the Income Tax Department and thus liability, if any, arising out of such search and seizure is not presently ascertainable.

 

 

 

e) During the year 2013-14, the Company had challenged, before the Hon’ble High Court of Calcutta, the imposition of entry tax by the State Government of West Bengal on receipt of materials from outside the state on the ground that such imposition of entry tax is ultra vires / unconstitutional. The Company has received a favorable interim order dated June 5, 2013 and the matter is presently sub judice.Accordingly, the liabiity of Rs. 23.563 Million (31st March, 2014: Rs. 15.599 Million) has not been provided for

23.563

15.599

 

 

FIXED ASSETS

  • Factory Buildings
  • Plant and Equipments
  • Furniture and Fixtures
  • Furnitures and Fixtures
  • Office Equipments
  • Vehicles

 

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

                      (Rs. In Million)

Sr.

No

 

 

Particulars

Standalone

Quarter ended

30.06.2015

Unaudited

 

1

Income From Operations

 

 

a. Net Sales/ Income from  Operations

(Net of Excise Duty)

2072.561

 

b. Other Operating Income

11.135

 

Total Income from Operations (Net)

2083.696

2

Expenditure

 

 

a. Cost of material Consumed

1037.789

 

b. Purchase of Stock-in trade

13.916

 

c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

(239.504)

 

d. Employees Benefit Expenses

62.418

 

e. Depreciation and Amortisation Expenses

33.496

 

f.  Sub-contracting /Jobbing Expenses

463.514

 

g. Other expenses

433.437

 

Total Expenses

1805.066

3

Profit from Operations before Other Income, Interest and Exceptional Items

278.630

4

Other Income

4.754

5

Profit from ordinary activities before finance cost & exceptional items

283.384

6

Finance Costs

55.264

7

Profit from ordinary activities after finance costs & exceptional items

228.120

8

Exceptional items

0.000

9

Profit from ordinary activities before tax

228.120

10

Tax Expense

77.225

11

Net Profit After Tax

150.895

12

Paid-up equity share capital (face value of Rs.10 per share)

79.525

13

Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year

--

14

Earning Per Share (of Rs.1 each) (not annualized)

 

15

Basic and Diluted earnings per share -

1.90

A

PARTICULARS OF SHAREHOLDING

 

17

Public Shareholding

 

 

- No. of shares

19938170

 

- Percentage of shareholding

25.07

18

Promoter & Promoter Group Shareholding

 

 

a) Pledged/Encumbered

 

 

- No. of shares

Nil

 

- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)

Nil

 

- Percentage of shareholding (as a % of the total share capital of the company)

Nil

 

b) Non-encumbered

 

 

- No. of shares

59586390

 

- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)

100.00

 

- Percentage of shareholding (as a % of the total share capital of the company)

74.93

 

 

Particulars

Quarter ended

30.06.2015

B

Investor Complaints

 

 

Pending at the beginning of the quarter

Nil

 

Received during the quarter

Nil

 

Disposed off during the quarter

Nil

 

Remaining unresolved at the end of the quarter

Nil

 

 

Notes :

 

1. The aforementioned results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on August 06, 2015 at Kolkata. Limited Review of these results, as required under clause 41 of the Listing Agreement, has been completed by Auditors.


2. There were no exceptional and extraordinary items during the quarter ended 30th June, 2015


3. As the Company's business activity falls within a single significant primary business segment i.e. 'hosiery and related service', no separate segment information is disclosed.


4. The previous period figures have been regrouped / rearranged wherever necessary, to confirm to the current period figures.

 

 

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.64.82

UK Pound

1

Rs.100.41

Euro

1

Rs.74.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

AMR

 

 

Report Prepared by :

JYTK

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

7

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--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

 

59

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.