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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

511921

Report Date :

30.05.2018

 

 

 

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) :

31.03.2018

 

 

Date of Incorporation :

10.09.1925

 

 

Com. Reg. No.:

11-001208

 

 

Capital Investment / Paid-up Capital :

INR 613.808 Million

 

 

CIN No.:

[Company Identification No.]

L17117MH1925PLC001208

 

 

IEC No.:

[Import-Export Code No.]

0388021772

 

 

TIN No:

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AAACR4896A

 

 

Legal Form :

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

 

 

Line of Business :

Subject is engaged in the business of Manufacturing and Marketing of

Operating Segments:

a) Textile: Branded Fabric

b) Shirting: Shirting fabric (B to B)

c) Apparel: Branded Readymade Garments

d) Garmenting: Garment manufacturing

e) Tools & Hardware: Power & Hand Tools

f) Auto Components: Components & Forging

g) Others : Non Scheduled Airline operations and Real Estate development (Registered activity)

 

 

No. of Employees :

7125 (Approximately)  

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject was incorporated on 10th September 1925 and is the flagship company of the VIJAYPAT SINGHANIA GROUP. The company is 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 20,000 designs and colors of suiting fabric, and exports to over 55 countries. 

 

The company operates in two major segments: lifestyle and engineering. Lifestyle includes suiting, garments, apparel, denim, and shirting. Whereas, engineering includes tools and hardware, and automotive components. Raymond has 13 plants across Maharashtra, West Bengal, Gujarat, Madhya Pradesh, and Karnataka.

 

As per financials of March 2018, the company has registered a growth of 6.17% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 3.26%.

 

Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with low solvency indicators and good liquidity position.

 

Rating also takes into account the dominant position in the domestic worsted suiting business, integrated operations, well-diversified revenue streams, and established brands in the apparel business. 

 

Shares are quoted high on Stock Exchanges. (Shares are traded at a price of INR 1,059 against its face value of INR 10.)

 

However, 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. 

 

Payments are reported to be regular and as per commitment.

 

In view of aforesaid, 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

18.09.2017

 

Rating Agency Name

CRISIL

Rating

Short Term Rating (A1+)

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

18.09.2017

 

 

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 31-03-2018.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 30.05.2018

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED BY

 

Management non-cooperative (Tel No.: 91-2352-232514)

 

 

LOCATIONS

 

Registered Office :

Plot No.156, House No.2, Village Zadgaon, Ratnagiri – 415612, Maharashtra, India

Tel. No.:

91-2352-232514

Fax No.:

91-2352-232513

E-Mail :

thomas.fernandes@raymond.in

corp.secretarial@raymond.in

Website :

www.raymondindia.com

www.raymond.in

 

 

Head Office:

New Hind House, Narottam Morarjee Marg, Ballard Estate, Mumbai – 400 001, Maharashtra, India

 

 

Corporate Office :

Mahindra Towers, 2nd Floor, B Wing, Pandurang Building Marg, Worli, Mumbai – 400018, Maharashtra, India

Tel. No.:

91-22-40349999 / 61529999

Fax No.:

91-22-24939036

 

 

Plants :

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

 

Sapphire, First Floor, Jekegram, Pokhran Road No.1, Thane (West) – 400606, Maharashtra, India

 

 

DIRECTORS

 

AS ON 2018

 

Name :

Mr. Akshaykumar Narendrasinhji Chudasama

Designation :

Additional Director

Address :

Shanti Cottage No.2, Narayan Dabholkar Road, Malabar Hill, Mumbai – 400006, Maharashtra, India

Date of Appointment :

21.07.2016

DIN No.:

00010630

 

 

Name :

Mr. Gautam Hari Singhania

Designation :

Managing Director

Address :

J.K. House 59A, Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Appointment :

01.07.2009

DIN No.:

00020088

 

 

Name :

Mr. Nabankur Gupta

Designation :

Director

Address :

11, Jayshree, 75, Worli Sea Face, Worli, Mumbai – 400025, Maharashtra, India

Date of Appointment :

15.01.2001

DIN No.:

00020125

 

 

Name :

Mr. Sunder Hariharan

Designation :

Wholetime Director

Address :

5C, Regency Park - B, Eden Woods Complex, Gladys Alvares Marg, Off Pokharan Road - 2 Thane – 400610, Maharashtra, India

Date of Appointment :

29.07.2011

DIN No.:

00020583

 

 

Name :

Mr. Boman Rustom Irani

Designation :

Director

Address :

1602, Rustomjee La Solita, TPS III, Off. Turner Road, Near Guru Nanak Park, Bandra – West, Mumbai – 400050, Maharashtra, India

Date of Appointment :

21.04.2011

DIN No.:

00057453

 

 

Name :

Mr. Pradeep Guha

Designation :

Director

Address :

701, Krishna Heights 12th Road, Khar (West), Mumbai - 400052, Maharashtra, India

Date of Appointment :

15.06.2009

DIN No.:

00180427

 

 

Name :

Mr. Ishwar Das Agarwal

Designation :

Director

Address :

1701, 17th Floor, Tower-1 (Terra) Plan ET Godrej, 30K, Mumbai – 400011, Maharashtra, India

Date of Appointment :

23.06.2006

DIN No.:

00293784

 

 

Name :

Mr. Nawaz Gautam Singhania

Designation :

Director

Address :

J.K. House, 59 Bhulabhai Desai Road, Cambala Hill, Mumbai – 400026, Maharashtra, India

Date of Appointment :

30.04.2014

DIN No.:

00863174

 

 

KEY EXECUTIVES

 

Name :

Mr. Thomas Ritaldo Fernandes

Designation :

Company Secretary

Address :

Flat 102, Ambreesh Chs Limited, Plot No 242, RDP 8, Sector 4, Charkop, Kandivili (West), Mumbai – 400067, Maharashtra, India

Date of Appointment :

01.11.2008

PAN No.:

AAAPF2307H

 

 

Name :

Mr. Sanjay Bahl

Designation :

Chief Finance Officer/ Chief Executive Officer – Lifestyle Business

Address :

602, Sangita Building Santacruz (West), Mumbai -400054, Maharashtra, India

Date of Appointment :

21.01.2016

PAN No.:

AAGPB0253L

 

 

MANAGEMENT EXECUTIVES

Name :

Mr. Gautam Hari Singhania,

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Sanjay Bahl,

Designation :

Group CFO

 

 

Name :

Mr. Sanjay Behl,

Designation :

Chief Executive Officer, Lifestyle business

 

 

Name :

Mr. Pankaj Madan,

Designation :

President – Corporate Services

 

 

Name :

Mr. S L Pokharna,

Designation :

President – Commercial

 

 

Name :

Mr. K A Narayan,

Designation :

President – Human Resources

 

 

Name :

Mr. Sudhanshu Pokhriyal,

Designation :

President – Suiting

 

 

Name :

Mr. Gaurav Mahajan,

Designation :

President – Group Apparel

 

 

Name :

Mr. Ashish Grover,

Designation :

VP International Business and Garmenting

 

 

Name :

Mr. S K Gupta,

Designation :

President – Corporate and Shirting business

 

 

Name :

Mr. Ganesh Kumar,

Designation :

Chief Executive Officer – Tools & Hardware

 

 

Name :

Mr. Arvind Mathur,

Designation :

Chief Executive Officer – Denim

 

 

Name :

Mr. Giriraj Bagri,

Designation :

Chief Executive Officer – FMCG

 

 

Name :

Mr. Abhishek Kapoor,

Designation :

Chief Executive Officer – Realty

 

 

Name :

Vipin Agarwal

Designation :

President – Corporate Services

 

 

Name :

Balasubramanian V

Designation :

Chief Executive Officer –Auto Components

 

 

MAJOR SHAREHOLDERS

 

AS ON MARCH 2018

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

(A) Promoter & Promoter Group

26403037

43.58

(B) Public

34177979

56.42

Grand Total

60581016

100.00

 

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

A1) Indian

0.00

Individuals/Hindu undivided Family

217110

0.36

Ashadevi Singhania

0.00

Vijaypat Singhania

55497

0.09

Shephali A Ruia

152259

0.25

Gautam Hari Singhania

29

0.00

Nawaz Singhania

1000

0.00

Niharika Gautam Singhania

5000

0.01

Nisa Gautam Singhania

500

0.00

Advait Krishna Ruia

2825

0.00

Ritwik A Ruia

0.00

Any Other (specify)

26185927

43.22

J K Investors (Bombay) Limited

18207960

30.06

J K Helene Curtis Limited

3592050

5.93

J K Investo Trade (India) Limited

2802826

4.63

J K Sports Foundation

792395

1.31

Smt Sunitidevi Singhania Hospital Trust

691496

1.14

Polar Investments Limited

99200

0.16

Sub Total A1

26403037

43.58

A2) Foreign

0.00

A=A1+A2

26403037

43.58

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

0

0.00

Mutual Funds/

9892780

16.33

Mirae Asset Emerging Bluechip Fund

3065863

5.06

Reliance Capital Trustee Co. Ltd

1240700

2.05

Tata Mutual Fund

1093650

1.81

Aditya Birla Sun Life Trustee Private Limited

715673

1.18

Alternate Investment Funds

4069

0.01

Foreign Portfolio Investors

5532482

9.13

Government Pension Fund Global

802753

1.33

Financial Institutions/ Banks

184984

0.31

Insurance Companies

1156976

1.91

Any Other (specify)

730888

1.21

Foreign Mutual Fund

2

0.00

Foreign Financial Institution

729725

1.20

UTI

1161

0.00

Sub Total B1

17502179

28.89

B2) Central Government/ State Government(s)/ President of India

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 million

9770609

16.13

Individual share capital in excess of INR 0.200 million

3803570

6.28

Govindlal Gilada

867500

1.43

Any Other (specify)

3101621

5.12

Trusts

3829

0.01

HUF

356169

0.59

Overseas Corporate Bodies

3445

0.01

Non-Resident Indian (NRI)

535845

0.88

Clearing Members

122603

0.20

Bodies Corporate

2079730

3.43

Sub Total B3

16675800

27.53

B=B1+B2+B3

34177979

56.42

 

 

Statement showing shareholding pattern of the Non Promoter- Non Public shareholder

 

Category & Name of the Shareholders(I)

No. of shareholder(III)

Nos. of shares underlying Depository Receipts(VI)

C1) Custodian/DR Holder

0

Custodian/DR Holder

2

799838

Citibank N.A.

1

792388

Sub Total C1

2

799838

C2) Employee Benefit Trust

0

C= C1+C2

2

799838

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of Manufacturing and Marketing of

 

Operating Segments:

a) Textile: Branded Fabric

b) Shirting: Shirting fabric (B to B)

c) Apparel: Branded Readymade Garments

d) Garmenting: Garment manufacturing

e) Tools & Hardware: Power & Hand Tools

f) Auto Components: Components & Forging

g) Others : Non Scheduled Airline operations and Real Estate Development (Registered activity)

 

 

Products / Services :

NIC Code No.

Products/Services Description

13133

Worsted - Suiting Fabric

13134

PV Fabric Suiting Fabric

13131

Cotton & Linen - Shirting Fabric

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

7125 (Approximately)  

 

 

Bankers :

·         Bank of India

·         Bank of Maharashtra

·         Central Bank of India

·         HDFC Bank Limited

·         IDBI Bank Limited

·         State Bank of India

·         Standard Chartered Bank

·         Syndicate Bank

·         Axis Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2018

(INR in Million)

31.03.2017

(INR in Million)

Long-term Borrowings

 

 

Term loans from banks

317.993

1538.870

SHORT-TERM BORROWINGS

 

 

Loans repayable on demand from banks

843.280

2706.775

Buyers credit arrangements

(Working capital loan from banks and buyers credit arrangements are secured by hypothecation of inventories, books debts and other current assets, both present and future of Textile Division)

0.000

151.075

Total

1161.273

4396.720

 

Statutory Auditors :

 

Name :

Walker Chandiok and Co. LLP

Chartered Accountants

Address :

16th Floor, Tower II, lndiabulls Finance Centre, S B Marg, Elphinstone (West), Mumbai-400013, Maharashtra, India

Tel. No.:

91-22-6626 2600

Fax No.:

91-22-6626 2601

 

 

Internal &  Perational Auditors:

Mahajan and Aibara LLP

Chartered Accountants

 

 

Cost Auditors:

 

Name :

R. Nanabhoy and Company

cost Accountants

 

 

Secretarial Auditor

Ashish Bhatt and Associates

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies :

·         Pashmina Holdings Limited

·         Everblue Apparel Limited

·         Jaykayorg AG

·         Raymond (Europe) Limited

·         JK Files (India) Limited

·         Colorplus Fashions Limited

·         Silver Spark Apparel Limited

·         Celebrations Apparel Limited

·         Ring Plus Aqua Limited

·         Raymond Woollen Outerwear Limited

·         R & A Logistics Inc.,

·         Scissors Engineering Products Limited

·         JK Talabot Limited

·         Raymond Apparel Limited

·         Raymond Luxury Cottons Limited

·         Dress Master Apparel Private Limited (w.e.f.10.09.2015)

·         Silver Spark Middle East (FZS) (w.e.f.10.09.2015)

·         Raymond Lifestyle International DMCC (w.e.f.24.03.2016

·         Silver Spark Apparel Ethiopia PLC (w.e.f.10.08.2016)

 

 

Joint Ventures and Jointly controlled entities :

·         Rose Engineered Products India Private Limited (Ceases from JV w.e.f. 22nd Sept.2016)

Raymond UCO Denim Private Limited and its subsidiaries/Joint Venture

·         Raymond UCO Denim Private Limited and its subsidiaries/Joint Venture

·         UCO Fabrics Inc.

·         UCO Testatura S.r.l.

·         UCO Raymond Denim Holding NV

 

 

Associates :

·         J.K. Investo Trade (India) Limited

·         P. T. Jaykay Files Indonesia

·         J.K. Helene Curtis Limited

·         J.K. Ansell Private Limited

·         Radha Krshna Films Limited

 

 

Other Significant influences :

J.K. Investors (Bombay) Limited

 

 

Non-executive directors and enterprises over which they are able to exercise significant influence (with whom transactions have taken place):

Shardul Amarchand Mangaldas and Co.

 

 

Trust:

·         Raymond Limited Employees Provident Fund

·         Raymond Limited Employees Gratuity Fund

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2018

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000000

Equity Shares

INR 10/- each

INR 1000.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

61380854

Equity Shares

INR 10/- each

INR 613.808 Million

 

 

 

 

 

Reconciliation of number of shares

 

 

As at 31st March, 2018

Particulars

Number of

shares

Amount

Equity Shares :

 

 

Balance as at the beginning of the year

61380854

613.808

Balance as at the end of the year

61380854

613.808

 

Rights, preferences and restrictions attached to shares

 

Equity shares: The Company has one class of equity shares having a par value of INR10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, 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 to their shareholding.

                                                                   

Details of equity shares held by shareholders holding more than 5% of the aggregate shares in the Company

 

 

As at 31st March, 2018

Particulars

Number of

shares

%

J.K. Investors (Bombay) Limited

18207960

29.66

J.K. Helene Curtis Limited

3592050

5.85

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2018

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

613.808

613.808

613.808

(b) Reserves & Surplus

12556.811

11626.597

11581.950

(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)

13170.619

12240.405

12195.758

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

4106.793

4739.651

7917.371

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

610.606

179.559

193.953

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

4717.399

4919.210

8111.324

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

7478.210

8122.334

5385.519

(b) Trade payables

5410.650

4000.678

3220.718

(c) Other current liabilities

8786.016

6388.227

5673.647

(d) Short-term provisions

375.885

391.097

304.006

Total Current Liabilities (4)

22050.761

18902.336

14583.890

 

 

 

 

TOTAL

39938.779

36061.951

34890.972

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

10570.618

5688.739

6004.987

(ii) Intangible Assets

500.225

0.000

0.000

(iii) Capital work-in-progress

100.954

2853.795

1967.633

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

4740.453

4746.019

4162.943

(c) Deferred tax assets (net)

114.544

243.884

280.486

(d)  Long-term Loan and Advances

1838.441

1678.671

2360.449

(e) Other Non-current assets

1318.031

1861.909

1068.859

Total Non-Current Assets

19183.266

17073.017

15845.357

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

3350.900

3670.043

3445.637

(b) Inventories

9368.713

6982.728

6568.905

(c) Trade receivables

6189.469

7139.641

7262.057

(d) Cash and cash equivalents

669.368

387.476

653.980

(e) Short-term loans and advances

136.821

122.496

278.807

(f) Other current assets

1040.242

686.550

836.229

Total Current Assets

20755.513

18988.934

19045.615

 

 

 

 

TOTAL

39938.779

36061.951

34890.972

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2018

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

30115.596

28221.808

27919.149

 

Other Income

1252.267

1287.647

1309.982

 

TOTAL

31367.863

29509.455

29229.131

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

6450.537

5704.871

5863.482

 

Purchases of Stock-in-Trade

8246.003

6949.673

6652.703

 

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

(2363.939)

(286.740)

(711.634)

 

Employees benefits expense

4230.058

3746.041

3410.728

 

Manufacturing and Operating Costs

4138.245

4098.256

4332.798

 

Exceptional Items

(500.197)

59.307

0.000

 

Other expenses

7320.846

6419.793

6091.081

 

TOTAL

27521.553

26691.201

25639.158

 

 

 

 

 

 

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

3846.310

2818.254

3589.973

 

 

 

 

 

Less

FINANCIAL EXPENSES

1474.493

1443.633

1548.267

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

2371.817

1374.621

2041.706

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

957.104

903.676

917.722

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

1414.713

470.945

1123.984

 

 

 

 

 

Less

TAX

433.995

132.664

386.457

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

980.718

338.281

737.527

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

1495.800

1739.300

1739.000

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

15.98

5.51

12.02

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2018

31.03.2017

31.03.2016

Current Maturities of Long term debt

4786.088

3189.440

2570.718

 

 

 

 

Cash generated from operations

NA

NA

NA

 

 

 

 

Net cash flows (used in)/ generated from operating activities after exceptional items

2534.421

2325.377

1812.325

 

 

 

 

Net cash flow from operating activity

NA

NA

NA

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Average Collection Days

(Sundry Debtors / Income * 365 Days)

75.02

92.34

94.94

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.87

3.95

3.84

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

134.38

115.39

93.92

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.41

0.40

0.55

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.34

0.33

0.45

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.77

0.74

0.72

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.24

1.31

1.30

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.67

1.54

1.20

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.85

0.70

0.65

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

2.61

1.95

2.32

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2018

31.03.2017

31.03.2016

Net Profit Margin

((PAT / Sales) * 100)

%

3.26

1.20

2.64

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

2.46

0.94

2.11

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

7.45

2.76

6.05

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Current Ratio

(Current Assets / Current Liabilities)

0.94

1.00

1.31

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.52

0.64

0.86

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.33

0.34

0.35

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

26.67

26.15

25.86

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

0.94

1.00

1.31

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10/-

Market Value

INR 1059/-

 

 

FINANCIAL ANALYSIS

[all figures are in INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Share Capital

613.808

613.808

613.808

Reserves & Surplus

11581.950

11626.597

12556.811

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

12195.758

12240.405

13170.619

 

 

 

 

long-term borrowings

7917.371

4739.651

4106.793

Short term borrowings

5385.519

8122.334

7478.210

Current maturities of long-term debts

2570.718

3189.440

4786.088

Total borrowings

15873.608

16051.425

16371.091

Debt/Equity ratio

1.302

1.311

1.243

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Sales

27919.149

28221.808

30115.596

 

 

1.084

6.710

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Sales

27919.149

28221.808

30115.596

Profit (Loss)

737.527

338.281

980.718

 

2.64%

1.20%

3.26%

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

31.03.2018

31.03.2017

 

 

 

I.              EQUITY AND LIABILITIES

 

 

(1)Shareholders' Funds

 

 

(a) Share Capital

613.808

613.808

(b) Reserves & Surplus

17506.520

16117.380

(c) Money received against share warrants

0.000

0.000

 

 

 

(d) Share Application money pending allotment

0.000

0.000

(2) Minority Interest

762.493

693.087

Total Shareholders’ Funds (1) + (2)

18882.821

17424.275

 

 

 

(3) Non-Current Liabilities

 

 

(a) long-term borrowings

6639.906

6349.115

(b) Deferred tax liabilities (Net)

186.704

147.305

(c) Other long term liabilities

936.139

545.396

(d) long-term provisions

0.000

0.000

Total Non-current Liabilities (3)

7762.749

7041.816

 

 

 

(4) Current Liabilities

 

 

(a) Short term borrowings

11501.258

11324.563

(b) Trade payables

11258.865

7734.391

(c) Other current liabilities

11089.534

8408.050

(d) Short-term provisions

594.619

589.864

Total Current Liabilities (4)

34444.276

28056.868

 

 

 

TOTAL

61089.846

52522.959

 

 

 

II.          ASSETS

 

 

(1) Non-current assets

 

 

(a) Fixed Assets

 

 

(i) Tangible assets

16772.444

11553.055

(ii) Intangible Assets

519.844

18.674

(iii) Capital work-in-progress

2702.148

4121.483

(iv) Intangible assets under development

10.851

0.000

(v) Goodwill Consolidation

115.018

115.018

(b) Non-current Investments

2626.422

2523.418

(c) Deferred tax assets (net)

723.670

805.903

(d) Long-term Loan and Advances

756.867

681.634

(e) Other Non-current assets

2541.585

3087.534

Total Non-Current Assets

26768.849

22906.719

 

 

 

(2) Current assets

 

 

(a) Current investments

3728.912

3881.597

(b) Inventories

16113.081

12886.678

(c) Trade receivables

10859.067

10506.614

(d) Cash and cash equivalents

867.916

1195.513

(e) Short-term loans and advances

47.582

51.642

(f) Other current assets

2704.439

1094.196

Total Current Assets

34320.997

29616.240

 

 

 

TOTAL

61089.846

52522.959

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

31.03.2018

31.03.2017

 

SALES

 

 

 

Income

59064.069

53913.230

 

Other Income

1184.987

1179.366

 

TOTAL

60249.056

55092.596

 

 

 

 

Less

EXPENSES

 

 

 

Cost of Materials Consumed

12310.544

11122.833

 

Purchases of Stock-in-Trade

15828.155

13408.254

 

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

(3081.826)

(956.383)

 

Employees benefits expense

8353.306

7535.445

 

Manufacturing and Operating Costs

7905.876

7409.259

 

Share of Net Profit /(Loss)

50.316

259.209

 

Exceptional items

(209.520)

100.538

 

Other expenses

13469.007

12345.837

 

TOTAL

54625.858

51224.992

 

 

 

 

Less

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

5623.198

3867.604

 

 

 

 

Less

FINANCIAL EXPENSES

1838.027

1780.316

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3785.171

2087.288

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1703.373

1568.793

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2081.798

518.495

 

 

 

 

Less

TAX

666.330

218.363

 

 

 

 

 

PROFIT FOR THE YEAR

1415.468

300.132

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

21.93

4.16

 

 

LEGALS FILE

 

NOTE: LEGAL CASE DETAILED ATTACHED

 

 

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

No

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

No

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

 

 

BACKGROUND

 

The Company incorporated in India is a leading Indian Textile, Lifestyle and Branded Apparel Company. The Company has its wide network of operations in local as well foreign market. The Company sells its product through multiple channels including wholesale, franchisee, retail etc. During the year ended 31 March 2018, the Company has decided to develop part of its land for residential / commercial purposes.

 

 

FINANCIAL PERFORMANCE

 

The Company reported growth in revenue from operations of 6.71% over the Previous Year. At Standalone level, the Revenue from operations stood at INR 30115.600 million compared with INR 28221.800 million in the Previous Year. The Operating Profit stood at INR 914.500 million as against INR 530.200 million in the Previous Year. The Net Profit for the year stood at INR 980.700 million against INR 338.300 million reported in the Previous Year.

 

The Consolidated Revenue from operations for FY 2018 was INR 59064.100 million (Previous Year: INR 53913.200 million), registering a growth of 9.55%. The Consolidated Operating Profit stood at INR 1922.600 million (Previous Year: INR 878.200 million). The Consolidated Profit after tax stood at INR 1346.300 million (Previous Year: INR 255.200 million). During the year, the Company has received INR 500.200 million representing the fair value of transferable development rights as compensation towards acquisition of Company’s land by Thane Municipal Corporation for its road widening project. The same has been taken to the books of account as an exceptional item.

 

During the year, the Company made a provision of INR 40.000 million towards diminution in the value of investments in Raymond UCO Denim Private Limited.

 

The Company continues to retain and reinforce its market leadership in branded suiting and shirting fabrics with a pan India distribution network comprising of exclusive stores, wholesalers and dealers.

 

In order to be globally price-competitive for exports market, a garmenting plant in Ethiopia was set up as a strategic move to ensure duty-free access to key export markets such as USA and Europe. Setting up a plant in Ethiopia is an important aspect of an integrated strategy. It will prove to be a catalyst for a new wave of growth for the Company.

 

In a bid to augment growth of Linen as a category, the Raymond group inaugurated its manufacturing facility at Amravati, Maharashtra inspired by Make In India initiative. This facility will give the much needed boost for Linen manufacturing in the country and help it emerge as a preferred provider of Linen in global markets. The Directors have also approved development of part of the land at Thane for residential purpose. The Company has secured major regulatory approvals and other construction related approvals are in process. There are no material changes or commitments affecting the financial position of the Company which have occurred between the end of the financial year and the date of this Report.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

GLOBAL ECONOMY

 

In 2017, the cyclical upswing underway since mid-2016 continued to strengthen and the global economy witnessed a pickup in growth. According to the International Monetary Fund (IMF), the year reported the broadest synchronized global growth surge since 2010. The advanced economies witnessed expansion owing to increased investments and manufacturing output. Similarly, key emerging markets and developing economies, including Brazil, China and India, posted strong upward momentum.

 

Given stronger than expected economic activity in 2017, the IMF has revised its growth forecast for the United States from 2.3% to 2.7% in 2018 and from 1.9% to 2.5% in 2019. Stronger domestic demand in the United States is projected to increase imports. In Europe too, economic activity in 2018 and 2019 is projected to remain stronger than anticipated. Moreover, the advanced economies in Asia are expected to deliver stronger growth, while the emerging and developing ones are expected to grow at around 6.5% over 2018-19, broadly the same pace as in 2017.

 

INDIAN ECONOMY

 

India’s economy picked up some pace in FY 2017-18 and the gross domestic product growth was better than FY 2016-17. The structural reform of The Goods and Services Tax (GST) within a year of demonetisation is expected to provide a boost to the economic growth and investments in the long run.

 

With an improving business ecosystem, stable macroeconomic indicators and a liberal FDI regime, foreign capital inflow has provided impetus to the domestic economy. According to World Bank’s Global Economic Prospects report, India’s GDP is expected to rise to 7.4% in FY 2018-19 and 7.8% in FY 2019-20.

 

GLOBAL TEXTILE AND APPAREL INDUSTRY

 

Along with the upbeat outlook for the global economy, the textile and apparel industry is also expected to witness growth across developed and emerging markets. While the apparel industry is still largely dominated by the European Union and the US, countries like China, India and Italy are emerging as key exporters of apparel and as future destinations for consumption.

 

The global trade in the apparel segment is expected to grow at a CAGR of 5% and the global textiles trade is projected to grow at a CAGR of 3% over 2016-26. Fabric is expected to lead the category, followed by yarns and fibre.

 

INDIAN TEXTILE INDUSTRY

 

The Indian textiles industry is among the oldest in the country. It is projected to reach USD 230 billion by 2020 from around USD 120 billion. Currently, the domestic textiles industry contributes 10% to the manufacturing output of the country, generates about 4% to its GDP and employs more than 45 million people. Importantly, the sector contributes 15% to the export earnings of India. Mitigating the repercussions of currency fluctuation remains a challenge.

 

 

Exports have been a core feature of India’s textile sector. The Indian textiles export market, estimated at $18 billion, is expected to grow at a CAGR of 4% compared to the global CAGR of 3% over 2016-26.

 

The fundamental strength of the textile industry is its strong production base of wide range of fibre and yarns – from natural fibres like cotton, jute, silk and wool to synthetic and manmade fibres such as polyester, viscose, nylon and acrylic. The challenge here is the fluctuation in prices of the raw materials like wool and increase in oil prices which increase the input costs.

 

 

As a flagship business of the Raymond Group, its branded textile segment has dominant position in the Indian market as a B2C branded player for suiting and shirting fabrics. The vertical has grown over the years on the back of strong channel partner relationships, some lasting more than 50 years as well as wide distribution reach.

 

 

With a strong distribution network that addresses robust fabric demand across Tier 1 cities to Tier 6 towns, the business has consistently launched new products keeping in with the customers’ needs and preferences. In FY 2017- 18, it witnessed strong growth driven primarily by recovery in wholesale channel post GST stabilisation and growth in institutional category.

 

INDIAN APPAREL INDUSTRY

 

The Indian apparel segment is worth an estimated USD 50 billion in 2017 and forecasted to reach USD 104 billion by 2027. With an estimated CAGR of 7.7% in this period for the segment, India is one of the most attractive destinations for brands and retailers.

 

The Indian apparel market can be broadly classified into menswear, women’s wear and kids wear. Currently, menswear holds major share in the apparel business, accounting for 42% of the total market. Women’s wear contributes almost 38%, while kids wear constitutes 20% of the apparel market.

 

The Indian apparel market is expected to be one of the fastest growing markets globally, with the branded segment expected to outpace the industry growth rate. The major challenges in the Indian apparel industry are increasing competition, sustained discounting which is expected to moderate margins, product obsolescence due to ever-evolving fashion trends.

 

Raymond is one of the leading branded players in the menswear apparel industry in India with a portfolio of four power brands, namely Raymond Ready to Wear, Park Avenue, Color Plus and Parx. These four cater to the entire spectrum of men’s wardrobe across various price points. During the year, the Company has focused on rapid expansion across all channels specially Multi Brand Outlets (MBOs) and Large Format Stores (LFS) chains. There was continued momentum on enhancing the core proposition as a wardrobe solutions provider and strengthening the apparel portfolio by entering new categories through two new customer segments — Ethnix, which caters to high growth premium ethnic wear; and Next Look targeted at the large value segment that possesses immense growth potential at the backdrop of shift from unorganized to organised sector post GST implementation.

 

 

Raymond has also expanded the product line extensions such as footwear created in sync with the brands’ unique persona and broadened the sweaters portfolio through a specially curated range of Merino Wool collection. The Company has been focusing on product innovations to stay relevant to the changing consumer preferences.

 

 

In last couple of years, it has launched many innovative products such as lightweight jackets, autofit shirts to count a few.

 

INDIAN RETAIL INDUSTRY

 

The Indian apparel industry, which is the second-largest contributor in retail after food and grocery, is also witnessing major shifts. In addition to fashion apparel, the growing demand for fashion accessories makes the Indian fashion market both interesting and lucrative.

 

 

Raymond has one of the largest networks in India with The Raymond Shop offering textile, apparel, accessories and custom tailoring services under one roof. The Raymond Shop has translated into a one-stop solution with the stores emerging as a fashion destination. The Raymond Store of Future, a one-stop destination for customers seeking full wardrobe solutions, is designed keeping in mind the brand’s aligned positioning, and innovative visual merchandising.

 

 

UNSECURED LOANS

 

Secured Loan

31.03.2018

(INR in Million)

31.03.2017

(INR in Million)

Long-term Borrowings

 

 

Term loans from banks

290.114

456.209

Debentures

3498.686

2744.572

SHORT-TERM BORROWINGS

 

 

By issue of Commercial Papers [Maximum balance outstanding during the year INR 5500.000 million (31st March, 2016 INR 4450.000 million, 1st April, 2015 INR 3300.000 million)

4439.130

4216.621

Export Packing Credit

245.800

267.400

Local Bills discounted with bank

0.000

345.429

Supplier Finance facility from bank

0.000

435.034

Working Capital Loan from banks

1950.000

0.000

Total

10423.730

8465.265

 

INDEX OF CHARGES

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G43638956

100096786

ICICI BANK LIMITED

20/04/2017

-

-

120000000.0

ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN

2

G81444903

10517757

AXIS TRUSTEE SERVICES LIMITED

14/07/2014

09/03/2018

-

840000000.0

AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN

3

B57111296

10334393

IDBI Bank Limited

14/01/2012

08/08/2012

-

135000000.0

IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN

4

C47344940

10319326

Syndicate Bank

01/11/2011

23/02/2015

-

490000000.0

Large Corporate Branch, Maker Tower E Wing,2nd Floor, Cuffe Parade,MumbaiMH400005IN

5

A63899298

10151223

IDBI Bank Limited

28/02/2009

05/05/2009

-

950000000.0

IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN

6

A55299507

10139056

BANK OF INDIA

19/01/2009

-

-

500000000.0

MUMBAI LARGE CORPORATE BRANCHBANK OF INDIA BLDG. 4TH FLR, 70/80 M.G.ROAD, FORTMUMBAIMH400001IN

7

A58495151

10117459

IDBI Bank Limited

15/07/2008

28/02/2009

-

1500000000.0

IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN

8

C41326216

80062151

Bank of India

05/12/2000

19/12/2014

-

7000000000.0

Mumbai Large Corporate Branch,Ground Floor, Oriental Building, 364 D.N. Road,MumbaiMH400001IN

9

G51710135

10117799

IDBI Bank Limited

15/07/2008

06/02/2009

03/08/2017

350000000.0

IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN

10

G46133518

10024644

BANK OF INDIA LIMITED

30/10/2006

-

05/06/2017

1510000000.0

MUMBAI LARGE CORPORATE BRANCH4TH FLOOR, 70/80, M. G. ROADMUMBAIMH400023IN

 

 

CONTINGENT LIABILITIES:

 

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Claims against the Company not acknowledged as debts in respect of past disputed liabilities of the Cement and Steel Divisions divested during the year 2000-01 and Denim Division divested during the year 2006-07 (interest thereon not ascertainable at present)

 

 

Sales Tax

9.854

9.854

Royalty

220.194

220.194

Other Matters

2.756

21.148

Claims against the Company not acknowledged as debts in respect of other divisions.

 

 

Sales Tax*

37.984

181.497

Compensation for Premises

156.974

161.558

Electricity duty

67.331

67.331

Water Charg

17.316

15.618

Other Matters

(* Includes contingent liability amounting to INR 4.000 million (Previous year INR 4.000 million) pertaining to Raymond Woolen Outerwear Ltd (Demerged division of Raymond Limited) for the year 2011-12.)

21.472

13.428

(c) On account of corporate guarantee to the bankers on behalf of subsidiaries for facilities availed by them (amount outstanding at close of the year). (Includes INR 825.600 million given as short fall undertaking)

1140.683

28.200

(d) Disputed demands in respect of Income-tax, etc. (Interest thereon not ascertainable at present)

523.469

390.791

(e) Disputed Excise/Custom Duty

368.881

254.909

 

 

 

FIXED ASSETS

 

  • Freehold Land
  • Leasehold Land
  • Buildings
  • Plant and Equipment
  • Furniture and Fixtures
  • Vehicles
  • Office equipment
  • Livestock (at book value)
  • Boats and water Equipment’s
  • Aircraft
  • Assets given on operating
  • Lease
  • Buildings

 

 

 

 

 

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 records 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 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

INR

US Dollar

1

INR 67.82

UK Pound

1

INR 90.17

Euro

1

INR 78.70

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

VVK

 

 

Report Prepared by :

MTN

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

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.