MIRA
INFORM REPORT
|
Report Date : |
07.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN SYNTEX LIMITED |
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Registered
Office : |
Survey No. 394 (P), Village Saily, Silvassa, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.03.1983 |
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Com. Reg. No.: |
56-000045 |
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Capital
Investment/ Paid-up Capital: |
Rs.339.147 Millions |
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CIN No.: [Company Identification
No.] |
L99999DN1983PLC000045 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTW00080D MUMW02090E MUMM25361A |
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PAN No.: [Permanent Account No.] |
AAACW0489L |
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Legal Form : |
Public Limited Liability
Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Subject is
engaged in Textiles Processing, Texturising, Draw twisting and Twisting of
Polyester yarns. |
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No. of
Employees: |
1500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2500000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. There appears some losses being incurred
by the company. Trade relations are reported as fair. Business is active.
Payments are reported to be slow. The company can
be considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1 : |
Survey No. 394 (P), Village Saily, Silvassa, |
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Tel. No.: |
91-260-2640599/ 2640596 |
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Fax No.: |
91-260-2640597 |
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E-Mail : |
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Website : |
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Marketing and Administrative Head Office : |
Kamani Wadi, 1st Floor, 542, Jagannath Shankar Sheth Road,
Chira Bazar, Mumbai – 400 002, Maharashtra, India |
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Tel. No.: |
91-22-2208524/ 22087514/ 22087518 |
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Fax No.: |
91-22-22085305 |
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E-Mail : |
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Corporate Office : |
9th Floor, Trade World, “B” Wing, Kamala Mills Compound, Senapati
Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
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Tel No.: |
91-22-24908000/ 01/ 02/ 03 /04 |
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Fax No.: |
91-22-24908020/ 21 |
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E-Mail : |
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Factory 2 : |
Palghar Plant: Plot No.14/15, Dewan Industrial Estate, Palghar, District Thane, |
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Tel. No.: |
91-952525-252772/ 252662 |
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Fax No.: |
91-952525-252988 |
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Branch Office : |
Marketing And
Administrative Head Office: Kamaniwadi, 1st Floor, 542, Jagannath Shankar Sheth Road, Chira Bazar,
Mumbai – 400 002, Maharashtra, India Tel. No.: 91-22-2085242/ 2085362 Fax No.: 91-22-2085305 E-Mail : welspun@vsnl.com Website : http://www.welspunsyntex.com 3001/3002, Jash Textile Market, Tel. No.: 91-261-2627863/ 2657215/ 2636125 Fax No.: 91-261-2612604 |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. B.K. Goenka |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. R.R. Mandawewala |
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Designation : |
Managing Director |
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Name : |
Mr. Murarilal Mittal |
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Designation : |
Director (Finance) |
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Name : |
Mr. Atul Desai |
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Designation : |
Director |
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Name : |
Mr. Raj Kumar Jain |
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Designation : |
Director |
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Name : |
Mr. M.K. Tandon |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sunil Zore |
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Designation : |
Assistant Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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|
42,872 |
0.18 |
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8,869,677 |
37.51 |
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8,912,549 |
37.69 |
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Total shareholding of Promoter and Promoter Group (A) |
8,912,549 |
37.69 |
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(B) Public Shareholding |
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|
105 |
- |
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9,063,529 |
38.33 |
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603,657 |
2.55 |
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500 |
- |
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500 |
- |
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9,667,791 |
40.89 |
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665,178 |
2.81 |
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2,867,167 |
12.13 |
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1,248,464 |
5.28 |
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283,878 |
1.20 |
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199,852 |
0.85 |
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84,026 |
0.36 |
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5,064,687 |
21.42 |
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Total Public shareholding (B) |
14,732,478 |
62.31 |
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Total (A)+(B) |
23,645,027 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
23,645,027 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
TrustsBUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Textiles Processing, Texturising, Draw twisting and Twisting of
Polyester yarns. |
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Products: |
v
Polyester
Partially Oriented Yarn (Poy) v
Polyester
Fully Drawn Yarns (Fdy) v
Polyester
Mono Filament Yarns (Pmfy) v
Polyester
Filament Yarn (Pfy) v
Polyester
Draw Texturised Yarn ( Dty/Pty) v
Air
Textured Yarns (Paty) v
Speciality
Polyester Filament Yarns (Spfy) v
Nylon
Yarns
|
PRODUCTION STATUS (31.03.2009)
|
Particulars |
|
Unit |
Installed
Capacity |
|
Dyed / Text and Twisted Polyester Yarn |
|
MT |
2544.75* |
|
POY*** |
|
MT |
22406.08 |
Note:
* Includes 1060.78 M.T ( 1097.15 M.T) issued for
internal consumption
*** 16300.26 M.T. (14714.15 M.T) issued for
internal consumption
GENERAL INFORMATION
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No. of Employees : |
1500
(Approximately) |
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Bankers : |
v
Bank of v
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
MGB and Company Chartered
Accountants |
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Associates/Subsidiaries : |
v
Welspun Plastics Private Limited (formerly Known
as Jaycee Plastics Industries Private Limited) v Nirmal Plastics Industries v Welspun Gujarat Stahl Rohren Limited v Welspun India Limited v Welspun Trading Limited v Welspun Power And Steel Limited v Welspun Mercantile Limited v Welspun Retail Limited v Welspun Zucchi Textile limited v Vipuna Trading Limited v Good Value Polyplast Limited v Mertz Securities Limited v Welspun USA Inc. |
CAPITAL STRUCTURE
AS ON (31.03.2009)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
106700000 |
Equity Shares |
Rs. 10/-each |
Rs. 1067.000 Millions |
|
3300000 |
Optionally
Convertible Cumulative Preference Shares |
Rs. 10/- each |
Rs. 33.000 Millions |
|
10000000 |
Redeemable
Cumulative Preference Shares |
Rs. 10/- each |
Rs.100.000 Millions |
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Total |
Rs. 1200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23645027 |
Equity Shares |
Rs. 10/- each |
Rs.236.450 Millions |
|
3203300 |
10% Optionally
Convertible Cumulative Preference Shares |
Rs. 10/- each |
Rs.19.364 Millions |
|
10000000 |
8% Redeemable
Cumulative Preference Shares |
Rs. 10/- each |
Rs.83.333 Millions |
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Total |
Rs.339.147 Millions |
||
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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1] Share Capital |
339.100 |
339.147 |
339.147 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
274.900 |
306.535 |
306.535 |
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4] (Accumulated Losses) |
0.000 |
(102.896) |
(29.036) |
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NETWORTH |
614.000 |
542.786 |
616.646 |
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LOAN FUNDS |
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1] Secured Loans |
668.900 |
759.520 |
899.133 |
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2] Unsecured Loans |
150.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
818.900 |
759.520 |
899.133 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1432.900 |
1302.306 |
1515.779 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
909.900 |
996.154 |
1070.699 |
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Capital work-in-progress |
44.800 |
7.711 |
5.184 |
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INVESTMENT |
223.400 |
223.361 |
223.361 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
397.600
|
316.676
|
354.740
|
|
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Sundry Debtors |
286.100
|
212.414
|
243.525
|
|
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Cash & Bank Balances |
47.300
|
45.564
|
43.970
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
169.400
|
113.867
|
140.949
|
|
Total
Current Assets |
900.400
|
688.521
|
783.184
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
610.300
|
581.015
|
534.024
|
|
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Provisions |
35.300
|
32.426
|
32.771
|
|
Total
Current Liabilities |
645.600
|
613.441
|
566.795
|
|
|
Net Current Assets |
254.800
|
75.080
|
216.389
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.146 |
|
|
|
|
|
|
|
|
TOTAL |
1432.900 |
1302.306 |
1515.779 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
|
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Income |
3611.200 |
3140.049 |
2797.805 |
|
|
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Other Income |
57.500 |
27.625 |
17.753 |
|
|
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TOTAL (A) |
3668.700 |
3167.674 |
2815.558 |
|
|
|
|
|
|
|
|
Less |
|
|
|
|
|
|
|
|
Cost of Goods |
3388.300 |
1959.480 |
1736.466 |
|
|
|
Manufacturing and Other Expenses |
|
1055.914 |
935.496 |
|
|
|
Exceptional Item |
|
0.000 |
(38.728) |
|
|
|
TOTAL (B) |
3388.300 |
3015.394 |
2671.962 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
280.400 |
152.281 |
182.324 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
102.500 |
104.713 |
95.370 |
|
|
|
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|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
177.900 |
47.568 |
86.954 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
106.600 |
118.549 |
114.862 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
71.300 |
(70.981) |
(27.908) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
1.574 |
1.128 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (I) |
71.300 |
(72.555) |
(29.036) |
|
|
|
|
|
|
|
|
|
|
Balance Brought
Forward |
(102.900) |
(29.036) |
(442.858) |
|
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Fixed Assets |
0.000 |
1.304 |
0.000 |
|
|
|
Adjusted as per High Court Order |
0.000 |
0.000 |
442.858 |
|
|
BALANCE CARRIED
TO THE B/S |
(31.600) |
(102.895) |
(29.036) |
|
|
|
|
|
|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
667.184 |
436.832 |
511.197 |
|
|
TOTAL EARNINGS |
667.184 |
436.832 |
511.197 |
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|
|
|
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|
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|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
247.406 |
223.094 |
|
|
|
Stores & Spares |
NA |
42.758 |
36.146 |
|
|
|
Capital Goods |
NA |
0.000 |
46.477 |
|
|
TOTAL IMPORTS |
NA |
290.164 |
305.717 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.02 |
(3.49) |
(1.65) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 (1st
Quarter) |
30.09.2010 (2nd
Quarter) |
31.12.2010 (3rd
Quarter) |
31.03.2011 (4th
Quarter) |
|
Net Sales |
1060.920 |
1138.220 |
1340.210 |
1499.180 |
|
Total Expenditure |
985.230 |
1039.680 |
1254.280 |
1437.110 |
|
PBIDT (Excl OI) |
75.690 |
98.540 |
85.930 |
62.070 |
|
Other Income |
0.000 |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
75.690 |
98.540 |
85.930 |
62.070 |
|
Interest |
18.900 |
21.070 |
24.540 |
22.570 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.0000 |
|
PBDT |
56.790 |
77.470 |
61.390 |
39.500 |
|
Depreciation |
27.620 |
27.320 |
30.430 |
28.580 |
|
Profit Before Tax |
29.170 |
50.150 |
30.970 |
10.910 |
|
Tax |
0.000 |
0.000 |
0.000 |
[6.930] |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
29.170 |
50.150 |
30.970 |
17.840 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
29.170 |
50.150 |
30.970 |
17.840 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.94 |
(2.29) |
(1.03) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.97 |
(2.26) |
(1.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.94 |
(4.21) |
(1.51) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
(0.13) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39 |
2.53 |
(0.92) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.12 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Incorporated on 31 Mar.'83 as Kothari Leasing, the company changed
its name to Kothari Polyesters on 15 Mar.'91 and to Subject on 26 Jul.'91. The
company was promoted by G R Goenka, B K Goenka, S.K. Goenka and R.R.
Mandawewala. Subject is engaged in texturising, draw twisting and twisting of
polyester yarns. It set up a texturising unit at Silvassa in 1988 at a capital
outlay of Rs.15.800 millions. Thereafter, more machines were added for twisting
and draw twisting. Subject's other unit is located at Palghar (Thane district),
OPERATIONS
During the year, Net sales / services and Gross Profit before Interest and Depreciation were of Rs.3611.218 millions and Rs.271.186 millions respectively as compared to Rs.3140.050 millions and Rs.152.281 millions respectively for the previous year. Turnover of the Company and Gross Profits is thus increased by 15% and 78% respectively over the previous year.
Exports during the financial year 2009-10 were of Rs.703.827 millions as compared to Rs. 547.199 millions during the previous year, registering increase by 28%.
Performance is
improved due to
1) Cost effective steps taken by the management.
2) Stability in price of raw materials,
3) Change in product mix, suiting marketing conditions
4) De-bottlenecking for profitable varieties by installing Double density texturised machine, precision cone winders, High Bulk TFO machine, new attachments, etc.
5) Increase in production at both plants
6) Increase in demand of Polyester due to increase in prices of cotton
7) Thrust on Exports (30% of total volume)
8) Engaging Over-seas technicians to develop new products and improve plant efficiencies
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE,
SCENARIO AND DEVELOPMENT
2009 was a year where
After a slump following the global economic slowdown, the Indian textile industry is back on the growth path. Production of Polyester Filament Yarn/POY/Text Yarn has increased to 9,60,835 Tonnes during April09 to Nov 09 from 8,53,351 Tonnes during the previous period of nine months ended Nov 08, registering growth of 12.60% per annum.
The textiles industry, which is a major contributor to export earnings, has shown a 5% growth in December and 7% in January against a negative growth of 15% during the April-November period of 2009.
The global cotton production is expected to be reduced by
5%, says an International Cotton Advisory Committee, cotton production is
expected to come down in
The overall textile demand is expected to grow at 5.8 per cent over 2008-09 to 2013-14. Share of polyester in fabrics will grow from 45 percent in 2008-09 to 49 per cent in 2013-14, as polyester demand is expected to grow at a relatively higher rate of 7.0-7.5 per cent CAGR during the period. They expect price competitiveness of polyester to improve vis-a-vis cotton, which will drive the growth in polyester demand.
Within the polyester category, demand for polyester filament yarn (PFY) is expected to be the highest.
PRODUCT WISE PERFORMANCE
The Company manufactures Partially Oriented Yarn (POY), Texturised yarn/ Dyed yarn.
Gross annual turnover of POY were of Rs.701.271 millions as compared to Rs.611.391 millions of previous year and of Texturised Yarn/Dyed yarn were of Rs. 3060.550 millions as compared to Rs.2664.003 millions to previous year.
OUTLOOK
Global production of Cotton is continuously decreasing and as a result prices of cotton yarn are continuously rising. Increase in cotton yarn prices has pushed demand for polyester yarn.
Increase in supply position of polyester chips in
In view of the above scenario, performance of the Company is expected to be improved.
FINANCIAL
PERFORMANCE:
Sales and profit
During the year, sales and services were of Rs.3611.218 millions as against Rs.3140.050 millions in the previous year. The Company has earned net profits of Rs.71.274 millions as against net losses of Rs.72.555 millions during the previous year.
AUDITED FINANCIAL RESULTS FOR THE
YEAR ENDED 31ST MARCH 2011
|
Particulars |
audited Year Ended
31.03.2011 |
|
1. a. Net Sales/
Income form operations |
4963.326 |
|
b. Other operating
Income |
75.202 |
|
Net Sales/ Income from Operations |
5038.527 |
|
2. Total
Expenditure |
|
|
a. Increase/
Decrease in stock in trade |
[60.351] |
|
b. Consumption of
Raw Material |
3326.784 |
|
c. Purchase of
Traded Goods |
-- |
|
d. Employees Cost |
240.019 |
|
e. Depreciation |
113.947 |
|
f. Other
Expenditure |
1209.843 |
|
Total |
4830.242 |
|
3. Profit form operations before other Income and
Interest (1-2) |
208.285 |
|
4. Other Income |
0.002 |
|
5. Profit Before Interest and Tax ( 3+4) |
208.287 |
|
6. Interest/
Finance Charges (Net) |
87.083 |
|
7. Profit Before Tax (5-6) |
121.204 |
|
8. Provision for
Taxation – Current Year |
24.157 |
|
- Earlier years |
[6.930] |
|
Less: MAT Credit
Entitlement |
[24.157] |
|
9. Profit After Tax (7-8) |
128.134 |
|
10. Paid up Equity
Capital (Face Value of Rs. 10/- each) |
236.450 |
|
11. Reserve
excluding revaluation Reserve |
403.048 |
|
12. Basic and Diluted EPS |
4.99 |
|
13. Public Shareholding |
|
|
a) Number of
Shares |
14732478 |
|
b) Percentage of
Shareholding |
62.31% |
|
14. Promoter and Promoter Group Shareholding as on 30th
June 2009 |
|
|
a. Pledged/ Encumbered |
|
|
No. of Shares |
Nil |
|
Percentage of shares
(as a % of the total shareholding of Promoters and Promoter group) |
Nil |
|
Percentage of
Shares (as a % of the total share capital of the company) |
Nil |
|
b. Non – Encumbered |
|
|
No. of Shares |
8912549 |
|
Percentage of Shares
I(as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
Percentage of
Shares (as a % of the total share capital of the company) |
37.69% |
Notes:
·
The above results were reviewed and recommended by
the Audit Committee and taken on record by the Board of Directors in its
meeting held on 25 May 2011 in terms of
Clause 41 of the Listing Agreement.
·
Previous year's/Period's figures have been
regrouped and reclassified wherever considered necessary
·
There were no investor complaints outstanding at
the beginning of the Quarter. During the quarter one complaint was received.
·
The Company has only one segment of activity viz
Synthetic Yarn.
FIXED ASSETS
v System Software
v
v Buildings
v Plant and Machinery
v Vehicles
v Furniture and Fixture
v Equipments
v Computers
|
|
WEBSITE DETAILS ATTACHED:
Profile:
Perfection is what they stand for, and the financial results vouch for
the achievements. Welspun is a conglomerate in every sphere of its operations,
be it Yarns, SAW pipes or Terry towels.
When make a fashion statement, consider the fact that the attire may have come
from a US$ 440 million business house with customers in more than forty
countries. If this is not enough, they furnish the stylists with 200 new
colours every month.
Spinning dreams into reality vis-ŕ-vis yarns. Welspun is relocating the fashion
capital of the world. No wonder subject is one of the largest exporters of
Polyster Texturised Filament Yarn from
AWARDS:
2007:
Ranked 39th in ‘
2007: CNBC TV18 -International Trade Awards - Outstanding Textile Exporter
2006: Textile Promotion Council (Texprocil) Gold
and Silver Trophies for the year 2005- 06
Engineering Export Promotion Council ( EEPC) Award for the highest export - Iron
and Steel based product - non SSI
Gold Trophies: Highest Exports of Madeups in
the Manufacturer Exporter category
Special Achievements in Madeups category.
Silver Trophy: Special Achievements in Madeups
category.
2005: Textile Promotion Council (Texprocil) Gold Trophy for Outstanding export Performance
in Made-ups
2004: Federal Express and Economic Times - Leaders in
Innovation
Recognised as one of
the fastest growing Steel Company by Construction World-NICMAR
2001-02, 2002-03:
Export performance
Awards from Engineering Export promotion council (EEPC)
2003: Operational Excellence Award from J.C. PENNY stores,
2002:
Shopco Stores Inc. – Best Vendor of the year Award
2002: Walmart
– Best Vendor of the year Award
1999-2000, 2000-01,
2001-02 and 2003-04: Textile Promotion Council (Texprocil) Gold trophy for outstanding Export performance
and special achievement
1999-2000: Textile
Promotion Council (Texprocil) Gold trophy for special achievement for Outstanding performance
in- Made-ups and Highest Exporter
1997-98: Government of
1996-97: Government of
Outstanding Exports
Award for Outstanding Export Performance by the Ministry of Industry and Commerce,
Government of
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.44.72 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.65.47 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.