MIRA
INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
WELLKNOWN POLYESTERS LIMITED |
|
|
|
|
Registered
Office : |
14th Floor, “B” Wing, Nirmal, 241/242, Backbay Reclamation,
Nariman Point, Mumbai-400021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
23.10.1996 |
|
|
|
|
Com. Reg. No.: |
11-103477 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 135.643 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17114MH1996PLC103477 |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business
: |
Manufacturer of Texturised and Polyster Yarns |
|
|
|
|
No. of Employees
: |
45 (In office 08 + In factory 37) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
|
Maximum Credit Limit : |
USD 9400000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established
company having satisfactory track. Trade relations are reported as fair.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
14th Floor, “B” Wing, Nirmal, 241/242, Backbay Reclamation,
Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22070054/ 66207000 |
|
Fax No.: |
91-22-22070054/ 66207050 |
|
E-Mail : |
|
|
Website : |
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Factory: |
Plot No.178, 185, Dabhel Industrial Co-operative Society Limited, Nani Daman, Daman-396210, India |
|
|
|
|
Distribution Office 1 : |
145 C, Fr. Viegas Street, 4TH Floor, Kalbadevi Road, Mumbai-400002, Maharashtra, India |
|
|
|
|
Distribution Office 2 : |
46, Swadeshi Market, First Floor, Kalbadevi Road, Mumbai – 400002,
Maharashtra, India |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Anil Madanlal Gupta |
|
Designation : |
Managing Director |
|
Address : |
9/41, |
|
Date of Birth/Age : |
01.09.1964 |
|
Date of Appointment : |
23.10.1996 |
|
DIN No.: |
01376458 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U17110MH1987PTC043355 |
Wellknown
Textile Industries Private Limited |
Director |
05-05-87 |
05-05-87 |
Active |
NO |
|
2 |
U70109MH1995PTC091597 |
Wellknown
Hitech Projects Private Limited |
Director |
09-08-95 |
09-08-95 |
Active |
NO |
|
3 |
U17114MH1996PLC103477 |
Wellknown
Polyesters Limited |
Managing
director |
01-10-10 |
23-10-96 |
Active |
NO |
|
4 |
U17110MH1997PTC110093 |
Wellknown
Synthetics Private Limited |
Director |
14-08-97 |
14-08-97 |
Active |
NO |
|
5 |
U65990MH1997PTC107165 |
Wellknown
Chemicals Private Limited |
Director |
26-11-98 |
26-11-98 |
Active |
NO |
|
6 |
U80220MH2005PTC154131 |
Wellknown
Technologies Private Limited |
Director |
31-08-06 |
31-08-06 |
Active |
NO |
|
7 |
U70102MH2009PTC193678 |
Wellknown
Housing Development Private Limited |
Director |
30-06-09 |
30-06-09 |
Active |
NO |
|
8 |
U63090MH2009PTC198059 |
Wellknown
Logistics Private Limited |
Director |
22-12-09 |
22-12-09 |
Active |
NO |
|
9 |
U70102MH2009PTC198230 |
Wellknown
Landmark Ventures Private Limited |
Director |
31-12-09 |
31-12-09 |
Active |
NO |
|
10 |
U17120MH1972GAT016028 |
Association
Of Synthetic Fibre Industry |
Nominee
director |
17-05-10 |
17-05-10 |
Active |
NO |
|
11 |
U70102MH2010PTC207508 |
Wellknown
Infratech Private Limited |
Director |
08-09-10 |
08-09-10 |
Active |
NO |
|
12 |
U70102MH2010PTC207736 |
Wellknown
Properties Private Limited |
Director |
16-09-10 |
16-09-10 |
Active |
NO |
|
Name : |
Mr. Ashok Madanlal Gupta |
|
Designation : |
Whole Time Director |
|
Address : |
2/7, |
|
Date of Birth/Age : |
30.09.1959 |
|
Date of Appointment : |
23.10.1996 |
|
DIN No.: |
01510569 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Company
Status |
Defaulting
status |
|
1 |
U17110MH1987PTC043355 |
Wellknown
Textile Industries Private Limited |
Director |
30-03-92 |
30-03-92 |
Active |
NO |
|
2 |
U70109MH1995PTC091597 |
Wellknown
Hitech Projects Private Limited |
Director |
09-08-95 |
09-08-95 |
Active |
NO |
|
3 |
U17114MH1996PLC103477 |
Wellknown
Polyesters Limited |
Whole-time
director |
01-10-10 |
23-10-96 |
Active |
NO |
|
4 |
U17110MH1997PTC110093 |
Wellknown
Synthetics Private Limited |
Whole-time
director |
01-08-10 |
14-08-97 |
Active |
NO |
|
5 |
U65990MH1997PTC107165 |
Wellknown
Chemicals Private Limited |
Director |
26-11-98 |
26-11-98 |
Active |
NO |
|
6 |
U80220MH2005PTC154131 |
Wellknown
Technologies Private Limited |
Director |
31-08-06 |
31-08-06 |
Active |
NO |
|
7 |
U70102MH2009PTC193678 |
Wellknown
Housing Development Private Limited |
Director |
30-06-09 |
30-06-09 |
Active |
NO |
|
8 |
U63090MH2009PTC198059 |
Wellknown
Logistics Private Limited |
Director |
22-12-09 |
22-12-09 |
Active |
NO |
|
9 |
U70102MH2009PTC198230 |
Wellknown
Landmark Ventures Private Limited |
Director |
31-12-09 |
31-12-09 |
Active |
NO |
|
Name : |
Mrs. Latadevi M Gupta |
|
Designation : |
Director |
|
Address : |
9/41, |
|
Date of Birth/Age : |
12.01.1939 |
|
Date of Appointment : |
11.12.2008 |
|
DIN No.: |
02489852 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U17114MH1996PLC103477 |
Wellknown
Polyesters Limited |
Director |
29-09-09 |
11-12-08 |
- |
Active |
NO |
|
2 |
U17110MH1987PTC043355 |
Wellknown
Textile Industries Private Limited |
Additional
director |
11-12-08 |
11-12-08 |
31-03-09 |
Active |
NO |
|
3 |
U70109MH1995PTC091597 |
Wellknown
Hitech Projects Private Limited |
Additional
director |
11-12-08 |
11-12-08 |
31-03-09 |
Active |
NO |
|
4 |
U70102MH2010PTC207508 |
Wellknown
Infratech Private Limited |
Director |
08-09-10 |
08-09-10 |
01-10-10 |
Active |
NO |
|
5 |
U70102MH2010PTC207736 |
Wellknown
Properties Private Limited |
Director |
16-09-10 |
16-09-10 |
01-10-10 |
Active |
NO |
|
6 |
U17120MH1994PLC080756 |
Perfect
Filaments Limited |
Additional
director |
02-05-11 |
02-05-11 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Equity Shares |
No. of Preference
Shares |
|
Anil Kumar Gupta |
2407419 |
1377 |
|
Charulata Gupta |
1121157 |
245 |
|
Madanlal Gupta, Karta Madanlal Gupta- HUF |
38860 |
269 |
|
Ashok Kumar Gupta Karta Ashok Kumar Gupta HUF |
37607 |
103 |
|
Latadevi Gupta |
542 |
0 |
|
Rahul A. Gupta, NG Anil Gupta |
1288560 |
633 |
|
Saakshi A. Gupta Ng. Ashok Kumar Gupta |
21310 |
435 |
|
Wellknown Hitech Projects Private Limited, India |
53049 |
0 |
|
Wellknown Textiles Industries
Private Limited, India |
5913907 |
55000 |
|
Anil Kumar Gupta Karta Anil Kumar Gupta |
123776 |
60 |
|
Wellknown Technologies Private Limited, India |
1205208 |
167939 |
|
Total |
12211395 |
226061 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
58.73 |
|
Directors or relatives of Directors |
41.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Texturised and Polyster Yarns |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Installed
Capacity |
Production Capacity |
|
Texturising Yarn* |
Tonnes@Spindle*
/ Winders # / M.T |
15296 |
51772.996 |
|
Twisted Yarn * |
Spindle /
Winders / M.T |
7472 |
|
|
Fukky Drawn Yarn # |
Spindle /
Winders / M.T |
36 |
6971.555 |
|
Partially Oriented Yarn |
M.T |
-- |
17647.876 |
GENERAL INFORMATION
|
No. of Employees : |
45 (In office 08 + In factory 37) (Approximately) |
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Bankers : |
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Facilities : |
Notes: (Term Loans are secured on part paean basis by way of first charge by hypothecation of plant and machinery and other assets and equitable mortgage of Land and Building of the Company both present and future except assets financed under ECS Term Loan and personal guarantee of the Promoter Directors of the Company and Corporate Guarantee of a Group Company) (Buyers; Credit is secured by extension of hypothecation of fixed assets both present and future on pari passu basis and personal guarantee of the Promoter Directors of the Company and Corporate Guarantee of a Group Company) (ECB Loans are secured by way of exclusive charge on plant and machinery financed by LBBW and personal guarantee of the Promoter Directors of the Company and Corporate Guarantee of two Group Companies including its subsidiary) (Working Capital Loans from banks era Secured against hypothecation of stocks of raw material, Stock-in-process, finished goods, consumable stores, packing material and book debt of the Company and second charge on Land end Building and hypothecation of fixed assets both present and future on part-paean basis except assets financed by LBBW and personal guarantee of the Promoter Directors of the Company and Corporate Guarantee of two Group Companies including subsidiary)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mittal and Associates Chartered Accountants |
|
Address : |
105, M K Bhavan, 300, S.B.S.
Marg, Fort, Mumbai – 400001, |
|
Tel. No.: |
91-22-30287901/2/3 |
|
E-Mail : |
mm@mittal-associate.com |
|
|
|
|
Internal Auditors : |
ADV and Associates |
|
|
|
|
Statutory Auditors : |
Mittal and Associates |
|
|
|
|
Subsidiaries : |
Wellknown Synthetics Private Limited CIN No. : U17110MH1997PTC110093 |
|
|
|
|
Associates : |
Wellknown Textile Industries Private Limited CIN No. : U17110MH1987PTC043355 Wellknown Chemicals Private Limited CIN No. : U65990MH1997PTC107165 Wellknown Hightech Projects Private Limited (formerly known as
Welknown Financial Securities Private Limited) Wellknown Technologies Private Limited Wellknown Housing Development private Limited Wellknown Logistics Private Limited Wellknown Landmark Ventures Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500000 |
Equity Shares |
Rs.10/- each |
Rs. 125.000 Millions |
|
250000 |
Preference Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
|
|
Total |
|
Rs. 150.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11272057 |
Equity Shares |
Rs. 10/- Each |
Rs. 112.720
Millions |
|
|
(Of the above 3118736. Equity Shares Issued
on 31st March, 2004. 3508578- Equity shares Issued on 24th March 2006 and
2004901 - Equity Shares issued on Slat March 2008 been allotted as fully paid
Bonus Shares by way of capitalisation of Profit and Loss Account) (Out of the above 6731887 are held by Group
Companies) |
|
|
|
7120 |
0% Preference Shares |
Rs.100/- each |
Rs. 0.712
Million |
|
2250 |
0% Preference Shares |
Rs.100/- each |
Rs. 0.225
Million |
|
4196 |
0 %Preference Shares |
Rs.100/- each |
Rs. 0.420
Million |
|
42500 |
0% Preference Shares |
Rs.100/- each |
Rs. 4.250
Million |
|
27480 |
0% Preference Shares |
Rs.100/- each |
Rs. 2.748
Million |
|
37680 |
0% Preference Shares |
Rs.100/- each |
Rs. 3.768
Million |
|
108000 |
0% Preference Shares |
Rs.100/- each |
Rs. 10.800
Million |
|
|
TOTAL |
|
Rs. 135.643 millions |
AS ON 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13500000 |
Equity Shares |
Rs.10/- each |
Rs. 135.000 Millions |
|
400000 |
Preference Shares |
Rs. 100/- each |
Rs. 40.000 Millions |
|
|
Total |
|
Rs. 175.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12211395 |
Equity Shares |
Rs.10/- each |
Rs. 122.114 Millions |
|
226061 |
Preference Shares |
Rs. 100/- each |
Rs. 22.606 Millions |
|
|
Total |
|
Rs. 144.720
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 |
|
|
|
|
|
1] Share Capital |
135.643 |
120.033 |
97.532 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2221.234 |
1444.954 |
661.564 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2356.877 |
1564.987 |
759.096 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6445.035 |
3162.349 |
1459.555 |
|
|
2] Unsecured Loans |
1.350 |
1.868 |
0.935 |
|
|
TOTAL BORROWING |
6446.385 |
3164.217 |
1460.490 |
|
|
DEFERRED TAX LIABILITIES |
423.692 |
222.893 |
127.457 |
|
|
|
|
|
|
|
|
TOTAL |
9226.954 |
4952.097 |
2347.043 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5430.566 |
2740.078 |
1643.836 |
|
|
Capital work-in-progress |
1241.378 |
828.558 |
70.553 |
|
|
|
|
|
|
|
|
INVESTMENT |
161.885 |
161.885 |
81.885 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
898.595
|
314.583
|
279.458 |
|
|
Sundry Debtors |
377.969
|
275.873
|
194.035 |
|
|
Cash & Bank Balances |
910.686
|
358.276
|
54.331 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
563.797
|
455.107
|
154.655 |
|
Total
Current Assets |
2751.047
|
1403.839 |
682.479 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
257.569
|
129.493
|
|
|
|
Other Liabilities |
31.141
|
14.932
|
|
|
|
Provisions |
69.212
|
37.838
|
17.188 |
|
Total
Current Liabilities |
357.922
|
182.263
|
131.710 |
|
|
Net Current Assets |
2393.125
|
1221.576
|
550.769 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9226.954 |
4952.097 |
2347.043 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6565.530 |
3545.424 |
2485.420 |
|
|
|
Other Income |
158.444 |
89.519 |
29.900 |
|
|
|
TOTAL (A) |
6723.974 |
3634.943 |
2515.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
5054.165 |
2421.981 |
1697.582 |
|
|
|
Manufacturing Expenses |
892.019 |
453.619 |
333.598 |
|
|
|
Payment to Employee’s |
125.838 |
69.281 |
49.747 |
|
|
|
Administrative, Selling and Distribution Expenses |
80.454 |
64.519 |
33.386 |
|
|
|
( Increase / Decrease In Stock) |
(431.548) |
10.239 |
(61.538) |
|
|
|
Excise Duty |
0.000 |
0.000 |
30.920 |
|
|
|
Prior Period Items |
0.091 |
1.478 |
0.100 |
|
|
|
TOTAL (B) |
5721.019 |
3021.117 |
2083.795 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1002.955 |
613.826 |
431.525 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
195.344 |
130.838 |
83.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
807.611 |
482.988 |
348.303 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
195.463 |
99.371 |
62.923 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
612.148 |
383.617 |
285.380 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
203.511 |
95.711 |
78.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
408.637 |
287.906 |
206.528 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
564.684 |
329.853 |
266.624 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
28.250 |
15.000 |
|
|
|
Dividend |
0.056 |
0.187 |
1.192 |
|
|
|
Tax on Dividend |
8.454 |
9.310 |
7.017 |
|
|
|
Capital Redemption Reserve |
1.705 |
0.228 |
4.588 |
|
|
|
Preference Share Redemption Reserve |
39.480 |
15.100 |
95.453 |
|
|
|
Bonus Share |
0.000 |
0.000 |
20.049 |
|
|
BALANCE CARRIED
TO THE B/S |
893.626 |
564.684 |
329.853 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
417.817 |
401.871 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
1985.476 |
578.253 |
NA |
|
|
|
RM / Stores |
1351.234 |
34.795 |
NA |
|
|
TOTAL IMPORTS |
3336.710 |
613.048 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
35.62 |
28.49 |
21.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.04
|
7.61
|
8.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.32
|
10.32
|
11.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.48
|
9.72
|
13.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.25
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.89
|
2.14
|
2.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.68
|
7.70
|
5.18 |
LOCAL AGENCY FURTHER INFORMATION
Note: The Registered
office of the company has been shifted from 46, Swadeshi Market, First Floor,
Kalbadevi Road, Mumbai – 400002, Maharashtra, India to the present address
w.e.f. 02.04.2007
OVERVIEW
The Company now
has become one of the biggest players in the country in the field of ATY, FDY
and Speciality Yarn. The Company has got latest state of the art plant. The
Management of the Company believes in the philosophy of being a front runner in
the field of premium quality developers of yarn. The Group has upturned the
belief in the business, that growth is associated with volume. Subject is
constantly facilitating weavers to produce more innovative fabrics. The
productivity, customer servicing and quality levels achieved by Subject are
amongst the best. Management now feels that it is the beginning to be compared
with the best at international level.
FINANCIAL RESULTS
In line with the
expectations of the Management of the Company, the turnover and profitability
of the Company has jumped by leaps and bounds. The Company recorded a turnover
of Rs 6793.142 millions. Profit for the Year has shot up to Rs 612.148 millions
(Rs 383.616 millions) and Profit after Tax shot up to Rs 408.637 millions (Rs
287.906 millions).
ACHEIVEMENTS:
During the financial year 2009-10, The Company has commence its
prestigious Continuous polymerization plant at Dabhel, Nani Daman.
FINANCE
The Company plans
to further diversify in a balanced way and considering the prevailing market
conditions and economic nerves of the Country, needs for finance and cash
liquidity requirement has also gone up in order to meet engagement of funds for
capital expenditure. The Company has also imported some capital goods from Barmag,
Oerlikon, Alidhra, Himson, etc. in order to support the expansion plans of the
Company. The management of your Company is prudent enough to tackle the
financial requirements of the Company and is exploring various alternatives
that are available before the Company
The Company
acknowledges the all time support and assistance extended by the Company’s
bankers, viz. State Bank of India, Corporation Bank, Bank of India, State Bank
of Hyderabad, The Karur Vysya Bank Limited, The Hong Kong and Shanghai Banking
Corporation Limited and last but not least the Landesbank Baden Wurttenberg
FUTURE PLAN OF ACTION:
a.
Further improvement in the quality of products and
processes.
b.
Process modifications or substitution to improve
the quality of treated effluent.
c.
Exploration of avenues for continuous cost
reduction measures.
d.
Upgradation of existing pollution controls
facilities to take care of changing stringent requirements.
e.
Production efficiency at low cost.
f.
Further reduction in power/fuel consumption.
FORM 8
|
This form is for |
Modification of
Charge |
|
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 |
Nirmal, B Wing,
14th Floor, 241/242 Backbay Reclamation, Nariman Point, Mumbai –
400021, |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
State bank of |
|
Nature of
description of the instrument creating or modifying the charge |
A) Supplemental
Working Capital Consortium Agreement For Increase In The Overall Limit (Form Cf.1-A) B) Supplemental
Joint Deed Of Hypothecation For Increase In The Overall Limit (Form Cf.2-A) C) Inter Se
Agreement All The Above
Agreements Constitute A Single
Modification. |
|
Date of instrument
Creating the charge |
30.07.2010 |
|
Amount secured by
the charge |
Rs.2286.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As Stipulated By The
Said Banks In Their Sanction Letter/S And As Advised From Time To Time Plus
Service Charges As Are Applicable To The Said Facilities From Time To Time
and Accepted By The Borrower. Terms of
repayment: As Per Sanction
Terms Margin: As Per Sanction
Terms Extent operation
of the charge: Second Pari Passu
Charge On Plant And Machinery Of The Company Present And Future, Except On
Plant And Machinery Exclusively Financed By Lbbw. |
|
Short particulars
of the property charged |
|
|
Date of latest
modification prior to the present modification |
17.11.2009 |
|
Particulars of
the present modification |
Now By The Present
Modification Date 30.7.2010 At The Request Of The Borrower The Said Banks
Have Agreed To Increase The Aggregate Sum Limit Of The Aforesaid Credit
Facilities From Rs. 1498.500 millions To Rs. 2286.000 millions |
Fixed Assets:
v Land Freehold
v Building
v Plant and Machinery
v Motor Vehicle
v Office Equipment
v Furniture and Fixtures
v Computers
v Computer Software
v Trade Mark
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 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. 49.87 |
|
|
1 |
Rs. 79.72 |
|
Euro |
1 |
Rs. 69.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.