NANDAN DENIM LIMITED

Q4 & FY15 RESULTS UPDATE

JUNE 2015

India is favourably positioned to become a global

denim fabric and apparel production hub driven by
- Abundant availability of cotton, low cost of
production and competitive currency.
- Favourable central and state government textile
policies.
- Chinas decreasing competitiveness due to high
domestic demand, rising labour cost and
appreciating currency.

SAFE HARBOR STATEMENT

This presentation and the following discussion may contain forward looking statements by Nandan Denim

Limited (Nandan Denim) that are not historical in nature. These forward looking statements, which may include
statements relating to future results of operations, financial condition, business prospects, plans and objectives, are
based on the current beliefs, assumptions, expectations, estimates, and projections of the management of Nandan
Denim about the business, industry and markets in which it operates.
These statements are not guarantees of future performance, and are subject to known and unknown risks,
uncertainties, and other factors, some of which are beyond Nandan Denims control and difficult to predict, that
could cause actual results, performance or achievements to differ materially from those in the forward looking
statements. Such statements are not, and should not be construed, as a representation as to future performance or
achievements of Nandan Denim. In particular, such statements should not be regarded as a projection of future
performance of Nandan Denim. It should be noted that the actual performance or achievements of the company

may vary significantly from such statements.

Nandan Denim Limited

DISCUSSION SUMMARY

Q4 & FY15 Results Highlights

04 06

Q4 & FY15 Financials & Summary Outlook

07 09

About Us

10 21

Appendix

22 26

Nandan Denim Limited

Q4 FY15 RESULTS YoY Analysis

REVENUES

EBITDA & EBITDA MARGIN

2,783

2,388

PAT & PAT MARGIN

13.5%

5.2%

375

124

10.6%
17%

153

253
24%

48%

Q4 FY14

Q4 FY15

Q4 FY14

REVENUES MIX
10.5%

REVENUE MIX

89.5%

90.8% 2,033

261

289
41%

9.2%
2,470

Q4 FY14

Q4 FY15

% Growth
205

22%

6.5%

93.5%

146

% Growth

90.6%

133.9

124.5
79%

9.4%

2,092

Q4 FY15
Domestic

In Rs Mn , Volumes in Mn Metres, Realisations in Rs/Metre

4

Nandan Denim Limited

Q4 FY14

Shirting

Q4 FY15

VOLUMES & REALISATIONS

97.1
18.7

16.8

2,498

90.6

19%
1.5

Q4 FY14
Exports

5.5%

Q4 FY15

Denim

2.9

Q4 FY14
Denim

Q4 FY15
Shirting

Denim Realisations

Shirting Realisations

FY15 RESULTS YoY Analysis

REVENUES

EBITDA & EBITDA MARGIN

4.4%

15.1%

14.8%

PAT & PAT MARGIN

4.7%

10,965

FY14

FY15

FY14

87.3%

90.8% 7,695

FY14
Exports

1,363
9,325

REVENUE MIX

75%

1.7%

146

21%

98.3%

8,327

FY15
Domestic

Nandan Denim Limited

10.9%

1,160

89.1%

9,528

FY14

696%
14%

FY15
Shirting

FY15

VOLUMES & REALISATIONS

% Growth

In Rs Mn , Volumes in Mn Metres, Realisations in Rs/Metre

5

FY14

FY15

% Growth
12.7%

31%

25%

REVENUES MIX

777

393

1,327
23%

9.2%

514

1,654

8,938

Denim

132.7

120.2
97.1
69.3 *

71.8

1.5
FY14
Denim
Denim Realisations

99.9

11.6
FY15
Shirting
Shirting Realisations

* Includes trading denim volumes of 13 mn metres

Q4 & FY15 RESULTS HIGHLIGHTS

Q4 FY15 revenues grew by 16.5% YoY and full year FY15 revenues grew by 22.7% YoY driven by

Q4 FY15 gross margin increased by 751 bps YoY and full year FY15 gross margins increased by 81 bps driven by

Healthy increase in denim realizations and uptick in denim and shirting volumes.
Reduced Trading Business
Increased proportion of value added products in product mix.

Q4 FY15 EBITDA margin expanded by 288 bps YoY and full year FY15 EBITDA margin expanded by 24 bps due to

Improved denim realizations and volumes driven by the improving demand scenario and a favorable product mix.
Successful product diversification into the yarn dyed shirting business , with the segment contributing ~11% in FY15.

Improved gross margins partially offset by higher employee expenses and operating expenses on account of expansion in
denim and shirting capacities and increase in power cost.

Higher depreciation charges were due to change in the accounting norms stipulated by the Companies Act, 2013.

Total Debt increased to Rs 4,709 mn in FY15 in view of the ongoing capex compared to Rs 4,307 mn at FY14.

Board of Directors recommendation of dividend of 1 per equity share of 10 each and an interim dividend of
6% i.e. Rs 0.6 has already been paid, translating into total dividend of 86.7 mn (including dividend distribution
tax) or dividend payout of ~16.9% of FY15 reported PAT of 514 mn.

Nandan Denim Limited

Q4 & FY15 P&L STATEMENT

Particulars in Rs Mn

Sales from Operations

Q4 FY14

YoY %

Q3 FY15

QoQ %

FY15

FY14

YoY %

2,783

2,388

16.5%

2,776

0.3%

10,965

8,938

22.7%

Total Sales

2,783

2,388

16.5%

2,776

0.3%

10,965

8,938

22.7%

Cost of Goods Sold

1,959

1,861

5.3%

1,892

3.6%

7,578

6,249

21.3%

824

528

56.1%

884

-6.8%

3,388

2,689

26.0%

29.6%

22.1%

751 bps

31.8%

-224 bps

30.9%

30.1%

81 bps

Other Operating Income

Gross Profit
Gross Margin %
Employee Expenses

115

49

134.6%

128

-9.6%

438

310

41.1%

Other Expenses

333

225

47.9%

320

4.1%

1295

1052

23.1%

EBITDA

375

253

48.2%

436

-14.0%

1654

1327

24.7%

13.5%

10.6%

288 bps

15.7%

-223 bps

15.1%

14.8%

24 bps

137

130

5.9%

153

-10.3%

596

497

19.8%

14

-70.9%

13

-68.7%

30

40

-23.7%

242

137

76.2%

296

-18.2%

1089

869

25.3%

81

44

85.8%

93

-13.2%

377

320

17.7%

161

94

71.7%

203

-20.5%

712

549

29.7%

-30

-127.2%

76

-89.3%

198

156

27.2%

5.1%

-31.9%

3697 bps

37.7%

-3264 bps

27.9%

28.4%

-54 bps

153

124

23.6%

126

21.2%

514

393

30.7%

PAT Margin %

5.5%

5.2%

32 bps

4.6%

95 bps

4.7%

4.4%

29 bps

EPS (Rs)

3.36

2.72

23.5%

2.77

21.3%

11.28

8.63

30.7%

EBITDA Margin %
Depreciation
Other Income
Profits Before Interest and Taxes
Interest Expense
Profits Before Taxes
Taxes
Tax rate
Profits After Tax

Q4 FY15

Nandan Denim Limited

FY15 BALANCE SHEET

Particulars in Rs Mn

FY15

Shareholders Funds

2,165

2,588

Long Term Debt (incl. CPLTD)

3,229

3,257

Short Term Debt

1,078

1,451

Total Debt

4,307

4,709

216

249

Sources of Funds

6,688

7,546

Fixed Assets

4,523

4,474

165

249

Inventory

1,385

1,409

Trade Receivables

1,214

1,472

Cash & Bank Balances

261

601

Other Non-Current Assets

369

393

Trade Payables

576

683

Other Current Liabilities

653

370

Net Current Assets

2,000

2,823

Application of Funds

6,688

7,546

Other Long Term Liabilities

Other Non-Current Assets

FY14

Nandan Denim Limited

SUMMARY OUTLOOK

STRONG DOMESTIC AND GLOBAL DEMAND FOR DENIM APPARELS

IMPROVING CAPACITY UTILISATION OF THE EXPANDED DENIM CAPACITY

10% - 15% GROWTH IN REVENUES

EBITDA MARGIN IMPROVEMENT FROM 15% TO 19% DUE TO SPINNING CAPACITY EXPANSION

HIGHER ROCE

NET INTEREST COST OF 1% (SPINNING CAPACITY) AND 2%-3% (DENIM CAPACITY) ON EXPANSION CAPEX

HIGHER ROE

Nandan Denim Limited

ABOUT US: CHIRIPAL GROUP EMERGING CONGLOMERATE

Group Turnover *
Rs 28,955 mn
BUSINESS DIVISION
Textiles

Petrochemicals

Chemicals

GROUP COMPANIES
Nandan Denim Ltd.
Chiripal Industries Ltd.
(Processing Division)
Vishal Fabrics Pvt. Ltd.
Chiripal Industries Ltd.
(Petrochemicals Division)
CIL Nova Petrochemicals Ltd.
Chiripal Industries Ltd.
(Chemicals Division)

Packaging

Chiripal Poly Films Ltd.

Infrastructure

Shanti Developers
Dholi Integrated Spinning Park
Vraj Integrated Textile Park

Education

Shanti Educational Initiatives Ltd.

* FY14

10

Group EBITDA *
Rs 3,207 mn

Nandan Denim Limited

Group PAT *
Rs 825 mn

Employee Strength
5,000

DETAILS

Fully integrated facilities for manufacturing range of products viz. woven fabrics, circular knitted fabrics, polar
fleece fabrics, cotton hosiery, denim, etc.

Offers integrated range of products ranging from POY 50-250 denier and FDY 50-150 denier.
Employs latest and fully automated machinery operated with Japanese and German technology.

Operates two major divisions Adhesives & Speciality Performance Chemicals.

Equipped to provide world class solutions to the paints, paper, leather, packaging & textile industries

World Class two imported Biaxial orientation of polypropylene (BOPP) lines from Bruckner, Germany for
manufacturing films capacity of 77,550 MTPA.
In addition, CPFL has two Metalizers for producing metalized films.
The company is also implementing BOPET Line to cater to wide demand for BOPET Products.

Operates a fully equipped industrial park for SME enterprises in the textile sector
Has made a successful foray in the area of residential infrastructure as well.

Runs 6 schools under the brand Shanti Asiatic located in Ahmedabad, Surat and Jaipur with over 2,700
students.
Present in the management education space having student strength of 450 students.
Successfully running over 130 pre-K franchise Shanti Juniors with over 6,000 students.

ABOUT US: COMPANY OVERVIEW

STRONG
PEDIGREE

Nandan Denim Limited is a part of a leading conglomerate, Chiripal Group, which was established in 1972 and is
currently diversified across several businesses like Textiles, Petrochemicals, Chemicals, Packaging, Infrastructure
and Education.
Nandan Denim commenced its operations in 1994 with textile trading business and forayed into textile
manufacturing in 2004. The company currently engages in manufacturing of denims, cotton fabrics and khakis.
The company is run by a professional management team with an average experience of more than two decades..

Nandan Denim has one of the largest denim fabric manufacturing capacities in the world.
LEADING
INTEGRATED
DENIM
MANUFACTURER

The company expanded its denim fabric capacity from 71 MMPA to 110 * MMPA in FY15.
The company plans to backward integrate by expanding its spinning capacity from 64 TPD (tonnes per day) to 124
TPD in FY15-16 resulting into higher operating margins and improved return ratios.
The company also owns a captive power plant of 15 MW.

STRONG
FINANCIAL
PERFORMANCE

Consolidated revenues, EBITDA and PAT were Rs 10,965 mn, Rs 1,654 mn and Rs 514 mn in FY15 having grown at
CAGR of 21%, 25% and 31% over last five years.
Stable EBITDA margins of around 14% - 15% over last five years.
Return ratios have improved over last five years driven by improving asset turnover.
ROCE 10.6% in FY11 to 15.8% in FY15.
ROE 12.7% in FY11 to 21.6% in FY15.
FY15 Debt : Equity was 1.8:1.

* Post complete expansion

11

Nandan Denim Limited

ABOUT US: INTEGRATED DENIM FABRIC FACILITY

FIBRE

YARN

FABRIC

Ginned Cotton
70% of cotton requirement
is met from Gujarat

Spinning
Ring Spinning 44 TPD
Open End Spinning 20 TPD

Weaving & Processing

Denim 110 * MMPA
Shirting 10 MMPA

KEY HIGHLIGHTS
One of the largest denim fabric facility in the world and second largest in India.
Machinery with latest technology from Germany and Japan, capable of producing wide range of denim fabrics.
~10% domestic fabric market share.
~80% denim capacity utilisation.
Sufficient power through 15 MW captive power plant.
* Post complete expansion

12

Nandan Denim Limited

ABOUT US: STRATEGIC LOCATION OF MANUFACTURING FACILTIES

THE GUJARAT ADVANTAGE
GUJARAT TEXTILE HUB OF INDIA

SUPERIOR CONNECTIVITY

Largest producer of denim fabric (6570%) in India and third largest in the
world.
Largest producer of cotton in India
with 31% share.
Textile hub of India housing the entire
textile value chain.

Located in Ahmedabad, the financial

capital of Gujarat.
Superior infrastructure connectivity
through roads, rail , airport and ports.

GUJARAT TEXTILE POLICY BENEFITS

Interest Subsidy (in addition to Central
subsidies) for 5 years:
7% - Spinning & garment facilities
6% - Technical textiles
5% - All other facilities
Power tariff subsidy @ Rs 1/unit for 5
years.
VAT/Entry Tax reimbursement for 8
years.
100% stamp duty reimbursement.

13

Nandan Denim Limited

PROXIMITY TO MARKET
Close proximity to machinery vendors,
fabric dealers and leading garment
manufacturers resulting in faster
delivery and service.
Lower marketing and transportation
overheads.

LOW COST OF PRODUCTION

Easy availability of key raw material - Cotton.
Uninterrupted power supply in state of Gujarat.
Gujarat meets around 70% of the cotton
requirement.
Easy availability of skilled and unskilled labour.

ABOUT US: LEVERAGING THE CHIRIPAL GROUP ECO-SYSTEM

LEVERAGE CHIRIPAL GROUP ECO-SYSTEM

Nandan Denim
Denim fabric,
shirting fabric

Denim Fabric
Customer

14

Chiripal Industries (Processing)

wovens, knitted, polar fleece,
flock, hosiery, embroidery,
synthetic adhesives and acrylic
emulsions

Chiripal Industries
(Petrochemical)
POY, FDY, DTY

Chiripal Polyfilms
Thermal Films,
Tape Textile BOPP,
Packaging films

Vishal Fabrics
Shirting, Synthetic, Botton
Weight, Bedsheets,
dyeing, printing

Chiripal Customer Network

Access to the large customer network of the Chiripal Group.

Successful customer acquisition and retention through the cross-leveraging of group capabilities and cross-selling of group
offerings.
One of the largest group level processing capacity of ~0.8 MMPD adding significant value to customers by fulfilling their
printing, dyeing, bleaching, synthetic yarn and other processing requirements under one roof.

Nandan Denim Limited

ABOUT US: SUPERIOR MARKETING & DISTRIBUTION

MARKETING & DISTRIBUTION DOMESTIC MARKETS

MARKETING & DISTRIBUTION EXPORTS MARKETS

Leveraging the strong agent-based domestic network

of the Chiripal group.

Leveraging the strong agent-based global network of

the Chiripal group.

Strong pan-India network of around 35 40

distributors associated with the company for close to
a decade.

Strong global network of around 15 distributors

spread across 8 countries Peru, Mauritius, Hong
Kong, Dubai, Thailand, Bangladesh, New York,
Columbia.

Strategic tie-ups with 10 firms to exclusively sell

Nandan Denims products.
Around 2/3rd of the orders are confirmed through
long term agreements involving minimum yearly
quantity commitment.

Export of denim fabric to over 22 countries across the

globe.

Merchant exports through various star export houses

to give an additional boost to exports.

Despite the current over-supply in the domestic denim market, Nandan Denim has been able to grow its
revenues at a CAGR of 21% (compared to industry growth of 12% - 15%) over last 5 years,
while maintaining stable EBITDA margins of around 14% - 15%.

15

Nandan Denim Limited

ABOUT US: BUILDING GLOBAL PRESENCE

TURKEY

UZBEKISTAN

DUBAI
INDIA

GREECE

CHINA
SOUTH KOREA

USA
HONDURAS
COLOMBIA

PORTUGAL

BANGLADESH
HONG KONG

MOROCCO

THAILAND
EGYPT

PHILIPPINES

GAUTEMALA
INDONESIA
PANAMA
PERU
VENEZUELA

SRILANKA
LESOTHO

AUSTRALIA

MADAGASCAR
SOUTH AFRICA

CHILE

Nandan Denim exports its denim fabric to over 27 countries across the globe through its
strong global dealer-distribution network.
16

Nandan Denim Limited

ABOUT US: GLOBAL ACCEPTANCE FROM LEADING BRANDS

DOMESTIC
BRANDS

GLOBAL DENIM FABRIC SUPPLIER TO MAJOR BRANDS AROUND THE WORLD

GLOBAL
BRANDS

17

Nandan Denim Limited

ABOUT US: CAPACITY EXPANSION PLAN

Capacity
Spinning (TPD)
Open End Spinning
Ring Spinning
Fabric (MMPA)
Denim
Shirting

FY13
Year End

FY14 Phase I
Additions
Year End

FY15-16 Phase II
Additions
Year End

38
16

6
4

44
20

40
20

84
40

71
-

39
10

110 *
10

110 *
10

CAPACITY EXPANSION:
Capacity expansion plan to increase the denim fabric manufacturing capacity, spinning capacity and shirting capacity.
Total capital requirement of Rs 6,120 mn to be funded with a D:E ratio of 2.4 : 1.
PHASE I EXPANSION:
Expansion of denim fabric capacity will help the company to
increase its domestic market share as well as diversify its
operations on a global scale through increasing share of
exports.
Addition of new shirting capacity to further diversify its
operations.
LATEST UPDATE:
Capex incurred as on March-15: Rs 3,049 mn (D:E 1.3:1)
18

Nandan Denim Limited

PHASE II EXPANSION:
Expansion of spinning capacity to support the increased
denim fabric capacity of 110 * MMPA.
Backward integration through spinning capacity expansion
will help the company to improve its operating flexibility and
margins.
* Post complete expansion

RATIONALE FOR CAPACITY EXPANSION AND INTEGRATION

STRONG
DOMESTIC
AND
GLOBAL DEMAND

LOCATION
ADVANTAGE

BENEFITS UNDER
CENTRAL AND STATE
GOVERNMENT POLICY

Strong domestic demand backed by majority young population (78% < 45 years), rising
disposable incomes and fashion consciousness and increasing organised retail industry
penetration in Tier II and III cities.
Strong global demand and potential for being a global production hub driven by easy availability
of cotton, competitive currency and low cost labour.
Set to benefit from Chinas decreasing competitiveness . As per CITI estimates, if China loses 10%
market share in global textiles, Indias market share will increase by 80%.
Located in Gujarat Textile hub of India, largest exporter of denim fabric, largest producer of
cotton etc.
Easy availability of cotton (Gujarat meets 70% requirement) and skilled & unskilled labour.

Close proximity to machinery vendors, fabric dealers and leading garment manufacturers
resulting in faster delivery and service and lower overheads.
Gujarat textile policy: 5% (7% - spinning facility) interest subsidy and power subsidy @ Rs1/unit
for 5 years, VAT/Entry Tax reimbursement for 8 years, 100% stamp duty reimbursement.
TUFS (Central textile policy): 5% interest subsidy and 10% capital subsidy for period of 7 years.

CITI Confederation of Indian Textiles Industry

19

Nandan Denim Limited

RATIONALE FOR CAPACITY EXPANSION AND INTEGRATION

IMPROVED
OPERATIONAL
FLEXIBILITY

Integrated facility will improve the overall operational flexibility, helping the company to absorb
the increasing market demand.
Faster delivery and timely execution due to limited dependency on external factors along the
value chain.
Achieve optimum capacity utilisation.
Maintain consistency and high quality standards.

IMPROVED
MARGINS
THROUGH
BACKWARD
INTEGRATION

In-house production of cotton yarn would result in ~10% - 15% savings compared to purchase of
yarn from the market.
Integrated facility to help in better management of the working capital and improve the
operational efficiencies.
Better market response, efficient capacity utilisation and cost savings on captive yarn would result
in EBITDA margin improvement from current 14% - 15% to around 19% - 20%.

FUTURE
IMPROVEMENT
IN ASSET TURNOVER
AND
RETURN RATIOS

20

Upfront expansion capex of Rs 6,120 mn at financing cost of only 1% - 3% (post state and central
interest subsidies).
Higher asset turnover along with improved operating margins will result in positive operating
leverage and better return ratios.

Nandan Denim Limited

FOR ANY FURTHER QUERIES CONTACT -

THANK YOU

Ms. Krishna Patel

Deputy Manager (Finance)
Email: [email protected]
Contact No: +91 97129 49619

Mr. Ammeet Sabarwal / Mr. Nilesh Dalvi

IR Consultant
Email: [email protected]
[email protected]
Contact No: +91 9819576873 / 9819289131

ANNEXURE

ABOUT US: FINANCIAL SUMMARY

REVENUES (RS MN)

EBITDA (RS MN)

CAGR 21.2%

CAGR 24.9%

1,654

10,965
5,738

FY11

FY12

679

FY14

FY15

MARGIN ANALYSIS (%)

13.4%

3.4%

FY11

14.4%

15.2%

FY11

3.3%

FY12

4.4%

FY13

4.4%

FY14

FY12

FY13

FY14

FY15

173

188

FY11

FY12

FY13

FY14

RETURN METRICS (%)

2.2

18.1%

19.6%

1.8

2.0

1.8

4,307

1,589

1,836

2,165

2,588

FY12

FY13

FY14

FY15

2,604

2,864

1,454
FY11

Equity

Debt

12.7%

12.3%
13.1%

14.1%

10.6%

11.7%

FY11

FY12

FY13

FY14

4,709

4,015

4.7%

PAT Margin

Nandan Denim Limited

826

15.1%

FY15

311

LEVERAGE ANALYSIS (RS MN)

1.8

EBITDA Margin

23

14.8%

514
393

1,069

7,031

FY13

CAGR 31.3%

1,327

8,938
5,074

PAT (RS MN)

D/E

ROCE

FY15

21.6%

15.8%

ROE

FY15

ABOUT US: OPERATIONAL SUMMARY

DENIM FABRIC CAPACITY (MMPA)
79.8%

71.9%

79.2%

71

76

57

50

FY11

77.9%

FY12
Capacity

FY13

SPINNING CAPACITY (TPD)

92.5%

82.1%

101.1

39.9

40.9

111.7

53.5

FY11
FY12
FY13
Denim Sales (Metres)

24

120.2

40

FY14
FY15
Capacity Utilisation

56.3

132.7

FY11

54

40

FY12
Capacity

FY13

93.8%

94.6%

64

64

FY14
FY15
Capacity Utilisation

SALES BREAKUP
85.1%

89.7%

90.9%

14.9%

10.3%

9.1%

98.6%

88.5%

90.2%

88.7%

90.8%

87.3%

11.5%

9.8%

11.3%

9.2%

12.7%

FY12
FY13
Domestic Sales

FY14

FY15
Exports

80.5%

70.8

FY14
FY15
Realisations

Nandan Denim Limited

94.4%

99

DENIM REALISATIONS (RS/METRE)

120.5

92.5%

FY11
FY12
FY13
Manufactured Goods

19.5%
1.4%
FY14
FY15
Traded Goods

FY11

CONSOLIDATED PROFIT & LOSS STATEMENT

Particulars in Rs Mn
Sales from Operations
Export Incentive
Other Operating Income
Total Sales
Growth (%)
Cost of Goods Sold
Gross Profit
Gross Margin %
Employee Expenses
Other Expenses
EBITDA
EBITDA Margin %
Depreciation
Other Income
Interest Expense
Prior Period/Exceptional Items
PBT
Taxes
Tax rate
PAT
PAT Margin %
Number of Shares (mn)
Basic EPS (Rs)

25

Nandan Denim Limited

FY11
4,941
43
90
5,074
35.0%
3,775
1,299
25.6%
147
473
679
13.4%
254
3
168
259
86
33.1%
173
3.4%
455.50
0.38

FY12
5,622
40
76
5,738
13.1%
4,090
1,648
28.7%
192
630
826
14.4%
333
5
278
43
263
75
28.6%
188
3.3%
45.55
4.13

FY13
6,819
59
153
7,031
22.5%
4,879
2,152
30.6%
254
829
1,069
15.2%
409
15
318
358
47
13.2%
311
4.4%
45.55
6.82

FY14
8,703
63
171
8,938
27.1%
6,249
2,689
30.1%
310
1,052
1,327
14.8%
497
40
320
549
156
28.4%
393
4.4%
45.55
8.63

FY15
10,600
117
248
10,965
22.7%
7,578
3,388
30.9%
438
1,295
1,654
15.1%
596
30
377
712
198
27.9%
514
4.7%
45.55
11.28

CONSOLIDATED BALANCE SHEET

Particulars in Rs Mn

FY12

FY13

FY14

FY15

Shareholders Funds

1,454

1,589

1,836

2,165

2,588

Long Term Debt (incl. CPLTD)

1,820

2,192

3,012

3,229

3,257

784

673

1,004

1,078

1,451

2,604

2,864

4,015

4,307

4,709

189

203

175

216

249

Sources of Funds

4,247

4,656

6,027

6,688

7,546

Gross Block

3,813

4,393

5,693

6,760

7,254

Less: Accumulated Depreciation

1,004

1,332

1,740

2,237

2,780

Net Block

2,810

3,060

3,953

4,523

4,474

81

198

178

165

249

1,213

984

1,198

1,385

1,409

550

695

912

1,214

1,472

Cash & Bank Balances

25

126

19

261

601

Other Current Assets

258

196

516

369

393

Trade Payables

457

345

458

576

683

Other Current Liabilities

233

259

290

653

370

Net Current Assets

1,356

1,398

1,896

2,000

2,823

Application of Funds

4,247

4,656

6,027

6,688

7,546

Short Term Debt

Total Debt
Other Long Term Liabilities

Other Non-Current Assets

Inventory
Trade Receivables

26

FY11

Nandan Denim Limited