MIRA
INFORM REPORT
|
Report Date : |
20.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
WELLKNOWN POLYESTER LIMITED |
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Registered Office : |
Nirmal, B Wing, 14th Floor, 241/242 Backbay Reclamation,
Nariman Point, Mumbai – 400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.10.1996 |
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Com. Reg. No.: |
11-103477 |
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CIN No.: [Company
Identification No.] |
U17114MH1996PLC103477 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of texturised filament yarn and speciality
yarn |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 2300000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having excellent
track. Available information indicates high financial responsibility of the company.
Fundamental are strong and healthy. Payments are reported as usually correct
and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
|
Registered Office : |
Nirmal, B Wing, 14th Floor, 241/242 Backbay Reclamation,
Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22070054 |
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Fax No.: |
91-22-22070054 |
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E-Mail : |
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Website : |
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Factory 1 : |
145/C, 4th Floor, Dr. Viegas St., Kalbadevi,
Mumbai - 400 002, Maharashtra, INDIA |
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Tel. No.: |
91-22-22070054 |
DIRECTORS
|
Name : |
Mr. Anil Gupta |
|
Designation : |
Managing Director |
|
Address : |
9/41, Joothica Building, Sleater Road, Greater Mumbai – 400007,
Maharashtra, India |
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Date of Birth/Age : |
01.09.1964 |
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Date of Appointment : |
23.10.1996 |
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Other Directorship : |
Wellknown Textile Industries Private Limited CIN No. : U17110MH1987PTC043355 Wellknown Synthetics Private Limited CIN No. : U17110MH1997PTC110093 Wellknown Financial Securities Limited CIN No. : U65910MH1995PTC091597 Wellknown Chemicals Private Limited CIN No. : U65990MH1997PTC107165 |
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Name : |
Mr. Ashok M. Gupta |
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Designation : |
Director |
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Address : |
2/7, Joothica Building, Sleater Road, Greater Mumbai – 400007,
Maharashtra, India |
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Date of Birth/Age : |
30.09.1959 |
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Date of Appointment : |
23.10.1996 |
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Other Directorship : |
Wellknown Textile Industries Private Limited CIN No. : U17110MH1987PTC043355 Wellknown Synthetics Private Limited CIN No. : U17110MH1997PTC110093 Wellknown Financial Securities Limited CIN No. : U65910MH1995PTC091597 Wellknown Chemicals Private Limited CIN No. : U65990MH1997PTC107165 |
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Name : |
Mr. Laladevi M Gupta |
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Designation : |
Director |
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Address : |
9/41, Joothica Building, Sleater Road, Greater Mumbai – 400007,
Maharashtra, India |
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Date of Birth/Age : |
25.01.1937 |
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Date of Appointment : |
23.10.1996 |
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Name : |
Mr. Mandanlal Munishlal Gupta |
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Designation : |
Director |
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Address : |
FT 7 BL/Juthica Building, Sleater Road, Grant Road, Mumbai – 400007,
Maharashtra, India |
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Date of Birth/Age : |
29.09.1934 |
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Date of Appointment : |
30.09.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Madanlal M Gupta |
|
110340 |
|
Ashok M Gupta |
|
630045 |
|
Anil Gupta |
|
630045 |
|
Neera Gupta |
|
75240 |
|
Charulata Gupta |
|
90540 |
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Latadevi Gupta |
|
63900 |
|
Nidhi Gupta |
|
33300 |
|
Rahul Gupta |
|
50670 |
|
Sheetal Gupta |
|
45000 |
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Siddharth Gupta |
|
13500 |
|
Wellknown Textile Industries Limited |
|
1687905 |
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Wellknown Financial Securities Private Limited |
|
20043 |
|
Wellknown Synthetics Private Limited |
|
5000 |
|
Madanlal Gupta Karta Madanlal Gupta HUF |
|
13950 |
|
Ashok Gupta – Karta Ashok Gupta – HUF |
|
13950 |
|
Anil Gupta – Karta Anil Gupta – HUF |
|
22770 |
|
Anil Gupta |
|
16250 |
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Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
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Bodies corporate |
|
49.00 |
|
Directors or relatives of directors |
|
51.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of texturised filament yarn and speciality
yarn |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
|
Texturising Yarn |
Spindle |
|
4164 |
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Twisted Yarn |
Spindle |
|
3344 |
GENERAL
INFORMATION
|
Bankers : |
MIDC Andheri [East] Branch, Plot No. B – 1, MIDC Industrial Area,
Central Road, Andheri [East], Mumbai – 400093, Maharashtra, India
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mittal and Associates Chartered Accountants |
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Address : |
105, M K Bhavan, 300, S.B.S.
Marg, Fort, Mumbai – 400001, Maharashtra, India |
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Associates/Subsidiaries : |
Wellknown Textile Industries Private Limited CIN No. : U17110MH1987PTC043355 Wellknown Synthetics Private Limited CIN No. : U17110MH1997PTC110093 Wellknown Financial Securities Limited CIN No. : U65910MH1995PTC091597 Wellknown Chemicals Private Limited CIN No. : U65990MH1997PTC107165 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 112.500 Millions |
|
125,000 |
Preference Shares |
Rs. 100/- each |
Rs. 12.500 Millions |
|
|
Total |
|
Rs. 125.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7,017,156 |
Equity Shares |
Rs. 10/- each |
Rs. 70.172
Millions |
|
76,500 |
Preference Shares |
Rs. 100/- each |
Rs. 7.650
Millions |
|
|
Total |
|
Rs. 77.822 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
77.822 |
76.497 |
40.411 |
|
|
2] Share Application Money |
0.000 |
0.000 |
2.320 |
|
|
3] Reserves & Surplus |
509.097 |
315.217 |
223.784 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
586.919 |
391.714 |
266.515 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1063.316 |
731.863 |
585.693 |
|
|
2] Unsecured Loans |
1.984 |
3.409 |
0.000 |
|
|
TOTAL BORROWING |
1065.300 |
735.272 |
585.693 |
|
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DEFERRED TAX LIABILITIES |
77.308 |
60.384 |
39.052 |
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TOTAL |
1729.527 |
1187.370 |
891.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1093.706 |
700.602 |
589.138 |
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Capital work-in-progress |
30.737 |
36.899 |
0.000 |
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|
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INVESTMENT |
97.923 |
75.336 |
45.016 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
206.717
|
150.836 |
98.854 |
|
|
Sundry Debtors |
122.563
|
73.686 |
83.475 |
|
|
Cash & Bank Balances |
51.493
|
55.604 |
18.764 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
195.358
|
146.397 |
99.611 |
|
Total
Current Assets |
576.131
|
426.523 |
300.704 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
56.520
|
45.429 |
40.886 |
|
|
Provisions |
12.951
|
7.563 |
4.215 |
|
Total
Current Liabilities |
69.471
|
52.992 |
45.101 |
|
|
Net Current Assets |
506.660
|
373.531 |
255.603 |
|
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|
MISCELLANEOUS EXPENSES |
0.501 |
1.002 |
1.503 |
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|
|
|
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TOTAL |
1729.527 |
1187.370 |
891.260 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1891.632 |
1545.893 |
1127.044 |
|
|
Other Income |
50.039 |
48.396 |
5.346 |
|
|
Total Income |
1941.671 |
1594.289 |
1132.390 |
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|
|
|
|
|
|
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Profit/(Loss) Before Tax |
203.949 |
138.117 |
77.245 |
|
|
Provision for Taxation |
0.000 |
0.000 |
27.854 |
|
|
Profit/(Loss) After Tax |
203.949 |
138.117 |
49.391 |
|
|
|
|
|
|
|
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Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
NA |
NA |
0.660 |
|
Total Earnings |
NA |
NA |
0.660 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
|
Stores & Spares |
NA |
NA |
1.612 |
|
|
Capital Goods |
NA |
NA |
172.819 |
|
Total Imports |
NA |
NA |
174.431 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
0.000 |
0.000 |
113.072 |
|
|
Increase / [Decrease] in Stock |
0.000 |
0.000 |
[10.722] |
|
|
Raw Material Consumed |
1306.954 |
1156.348 |
873.370 |
|
|
Salaries, Wages, Bonus, etc. |
35.557 |
29.489 |
13.818 |
|
|
Managerial Remuneration |
1.200 |
0.384 |
0.000 |
|
|
Payment to Auditors |
0.096 |
0.095 |
0.000 |
|
|
Interest |
52.117 |
36.540 |
13.218 |
|
|
Insurance Expenses |
1.811 |
1.312 |
0.000 |
|
|
Power & Fuel |
99.163 |
73.714 |
0.000 |
|
|
Depreciation & Amortization |
50.284 |
33.588 |
12.463 |
|
|
Other Expenditure |
190.542 |
124.703 |
39.924 |
|
Total Expenditure |
1737.724 |
1456.173 |
1055.143 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
10.50
|
8.66 |
4.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.78
|
8.93 |
6.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.21
|
12.25 |
8.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.35 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
2.01 |
2.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.29
|
8.05 |
6.67 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered office of the company has been shifted from 46, Swadeshi Market,
First Floor, Kalbadvi Road, Mumbai – 400002, Maharashtra, India to the present
address w.e.f. 02.04.2007
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge identification
number of the charge to be modified |
90160268 |
|
Corporate
identity number of the company |
U17114MH1996PLC103477 |
|
Name of the
company |
WELLKNOWN
POLYESTER LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Nirmal, B Wing,
14th Floor, 241/242 Backbay Reclamation, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
State Bank of
India MIDC Andheri [East]
Branch, Plot No. B – 1, MIDC Industrial Area, Central Road, Andheri [East],
Mumbai – 400093, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry |
|
Date of instrument
Creating the charge |
13.08.2007 |
|
Amount secured by
the charge |
Rs. 1656.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For DCC – at SBAR
minimum 10.25 % p.a. with monthly rests For Term Loan – 1
% above the rate applicable to SBTR Credit rating Terms of
repayment Term Loan – I –
Rs. 150.000 Millions, term Loan – Ii _ Rs. 146.000 Millions, term Loan – III
– Rs. 186.500 Millions, Term Loan – IV – Rs. 88.000 Millions Margin Raw Material – 25
% , Stock in Process – 25 %, Finished Goods – 25 % , Any other – 25 % , Book
debts/ Receivable 50 % Extent operation
of the charge As per sanctioned
letter no required Others All other terms and
conditions as per the loan agreement and sanctioned letter required. |
|
Short particulars
of the property charged |
Part – I
Company’s property at Survey No. 168, Plot No. 51 adm. 1250 sq. mtrs. At
village Dabhel, nani Daman, Taluka and Registration Sub District Daman,
District and Registration District Daman
|
|
Date of latest
modification prior to the present modification |
28.03.2006 |
|
Particulars of
the present modification |
Now by this
present Modification the borrow by way of equitable mortgage by deposit of
title deeds of immovable properties as described in schedule given further
security to SBI and CB for their additional term loans of Rs. 274.500
Millions and Rs. 300.000 Millions and working capital facilities of Rs.
21.500 Millions and Rs. 50.000 Millions the total of amount is increase for
SBI and CB for Rs. 296.000 Millions and Rs. 350.000 Millions |
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Motor
Vehicles
- Office
Equipments
- Furniture and
Fixture
- Computer Software
AS PER
WEBSITE
Profile
Wellknown group is involved in manufacturing of texturised
filament yarn & speciality yarn and arguably among the leading companies in
texturising industry in India.
The group was promoted by Mr. Anil Gupta with his family
background of textiles after starting manufacturing of twisted yarn &
undertaking backward integration program by manufacturing texturised yarn.
In 1989, Wellknown started with a turnover of 75 lacs. And
in the span of 12 years, it crossed 100 crores. By the end of 2005, turnover of
the group is expected to rise to around 200 crores.
Wellknown Group, in more than thirty years' of activity on
the market, the joining of experience and the know-how and the will to
experiment, however, always paying attention to the technological evolutions
and the changes of the consumer styles.
To maintain the quality & consistency of the products,
the group has invested in highly automated plants, cutting edge technology
& the most advanced machinery. It has therefore become a trusted name in
Indian textile industry with the products well approved all over the country.
With the corporate philosophy in mind,
'Wellknown always does things in new ways.'
Wellknown remains committed to provide a better quality
& always new products for customers. As a manufacturer, they operate well
by the virtue of sound management & strict quality norms.
As a corporate citizen, Welknown fulfils it's obligation by providing
high value added quality products & services and is on the path of raising
it's management system comfirming to the requirements of ISO 9001:2000
certification.
Wellknown: Stitching Success
An
ISO 9001:2000 Company
Wellknown one of the premium quality manufacturer in the
field of Polyester Filament Yarn in particular to specialty yarn have been
recently awarded ISO 9001:2000 accreditation for Development,
Manufacturing and Marketing of Polyester Filament Yarn and Specialty yarn by DNV
Netherlands. This is one more feather in the Wellknown’s cap. House of
Wellknown through planned and systematic in-house R & D facility is poised
to become one of the unique players with focus in the segment it operates.
The company continues to enjoy PFY leadership position in
the high quality yarn market. It has also gained a dominant presence in the
domestic market for high-end yarns. Having made inroads in the quality market,
the Company is better placed to cater to the demand from such markets. A leader
in the premium yarn market, Wellknown is emerging as a player to reckon with.
Its wide presence in the quality market makes it a strong contender in the race
to gain good market share in Polyester Filament Yarn category.
Products
At Wellknown, production plants are installed with latest
textile machinery is used for maximum result. High tech R & D centre and
revolutionary software controls their production output, quality, consistency
& reduces administrative procedures. Experience over decades has made Wellknown
an expert in manufacturing micro yarns, speciality airtextured yarns.
Micro Yarns
80/34 HIM
80/72 HIM
80/108 LIM
80/108 HIM
80/136 HIM
100/156 HIM
150/216 HIM
150/272 HIM
80/72 Full Dull HIM
150/144 Full Dull HIM
80/72 Cationic HIM
Speciality Airtextured Yarns
Air Textured Yarns
Thick N Thin Yarns
Slub Yarns
Plain Yarns
Uneven Yarns
den Range - 100 to 1200D
Market
& Infrastructure
Subject
established in 1988, is one of the leading manufacturer & exporter of Polyester
Dyed Yarn in India. Company is catering to diverse requirements of Synthetic
Yarns consumers, for the end use like:
• Woven Fabrics - Suitings, Shirting, Sarees & Dress
materials.
• Hosiery & Knitwear.
• Furnishing & Upholstery fabrics.
• Narrow Fabrics – Labels, Laces, Tapes & Elastics.
• Sewing Thread.
• Industrial Fabrics.
Infrastructure
Wellknown each year invests in machinery, that not only assures
products of an excellent quality, but also allows the company to create
exclusive yarns and to keep pace with the demands of a client always more
sensitive to the service and quality. In the last years' Wellknown has
concentrated their force not only to style, but to the pure innovativeness and
to the checking of the production processes. The technology combined to an
elevated know-how has given an important turn to the product thus confering
exclusivity and besides its' performance elevated "added value".
Company possess the ability to supply quality yarn with
consistent shades & also ensure international quality standards, without
compromising on input costs, making the name ‘WELLKNOWN POLYESTER LIMITED’ synonym with highest
quality dyed yarn in India. The organization has made a distinct reputation
among buyers & the end users of synthetic yarn.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.49 |
|
UK Pound |
1 |
Rs.78.33 |
|
Euro |
1 |
Rs.56.78 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|