1. Summary Information
|
|
|
Country |
India |
|
Company Name |
Welspun Energy Limited |
Principal Name 1 |
Mr. Sitaram Somani |
|
Status |
Yet to Commenced Business |
Principal Name 2 |
Mr. Balkrishna Goenka |
|
|
|
Registration # |
04-41136 |
|
Street Address |
Welspun City, P. O. Versamedi, Taluka Anjar, Kutch – 370110, Gujarat,
India |
||
|
Established Date |
19.08.2002 |
SIC Code |
-- |
|
Telephone# |
91-2836-279051/ 2/ 5/ 6 |
Business Style 1 |
Power Generations (Solar and Thermal Power) |
|
Fax # |
91-2836-279051/ 050 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
200
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.5,00,000/- |
Product Name 3 |
-- |
|
Shareholders |
Bodies corporate -76.00%,
Directors or relatives of directors- 24.00% |
Banking |
IDBI Bank |
|
Public Limited Corp. |
No |
Business Period |
9 years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
Ca
(13) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
Welspun Energy Rajasthan Private Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
61,565,000 |
Current Liabilities |
6,000 |
|
Inventories |
0,000,000 |
Long-term Liabilities |
0,000,000 |
|
Fixed Assets |
208,000 |
Other Liabilities |
0,000,000 |
|
Deferred Assets |
0,000,000 |
Total Liabilities |
6,000 |
|
Invest& other Assets |
10,639,000 |
Retained Earnings |
0,000,000 |
|
|
|
Net Worth |
72,406,000 |
|
Total Assets |
72,412,000 |
Total Liab. & Equity |
72,412,000 |
|
Total Assets (Previous Year) |
442,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales (Including Other Income) |
6,000 |
Net Loss |
34,000 |
|
Sales Previous yr) (Including Other Income) |
0,000,000 |
Net Loss
(Prev.yr) |
11,000 |
MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN ENERGY LIMITED (w.e.f. 28.11.2006) |
|
|
|
|
Formerly Known
As : |
WELSPUN ENERGY PRIVATE LIMITED (w.e.f.28.07.2006) PRANAM TRADELINK PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Welspun City, P. O. Versamedi, Taluka Anjar, Kutch – 370110, Gujarat |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
19.08.2002 |
|
|
|
|
Com. Reg. No.: |
04-41136 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.500
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51909GJ2002PLC041136 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
They are into power Generations (Solar and Thermal Power) |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Yet to Commenced Business |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Though the company was incorporated in the year 2002, the company is
yet to commence its commercial operations. The company’s plant is still on
its implementation stage. Payment terms are unknown. Initially, the company can be considered for business dealing on a
secured 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Satish Sharma |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9892703663 |
|
Date : |
02.08.2011 |
LOCATIONS
|
Registered Office : |
Welspun City, P. O. Versamedi, Taluka Anjar, Kutch – 370110, Gujarat,
India |
|
Tel. No.: |
91-2836-279051/ 2/ 5/ 6 |
|
Mobile No.: |
91-9892703663 (Mr. Satish Sharma) |
|
Fax No.: |
91-2836-279051/ 050 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
3rd Floor, Press Trust of India, 4 Parliament Street, New
Delhi – 110001, India |
|
Tel. No.: |
91-11-66034600 |
|
Fax No.: |
91-11-66273090/ 91 |
|
|
|
|
Plant 1 : |
At Gujarat (Anjar) |
|
|
|
|
Plant 2: |
At Andhra Pradesh, Near Hyderabad |
|
|
|
|
Note: |
Plant are under Construction, work will be finished by end of this
year. |
DIRECTORS
(AS ON 29.09.2010)
|
Name : |
Mr. Sitaram Somani |
|
Designation : |
Director |
|
Address : |
N-8/18, Ganpati Niwas, Bangur Niwas, Goregaon (West), Mumbai – 400090,
Maharashtra, India |
|
Date of Birth/Age : |
23.01.1948 |
|
Date of Appointment : |
15.09.2006 |
|
|
|
|
Name : |
Mr. Balkrishna Goenka |
|
Designation : |
Director |
|
Address : |
Rocky Isle, 46/C, Bhulabhai Desai Road, Breach Candy, Mumbai – 400026,
Maharashtra, India |
|
Date of Birth/Age : |
15.08.1966 |
|
Date of Appointment : |
29.09.2010 |
|
|
|
|
Name : |
Mr. Vineet Mittal |
|
Designation : |
Director |
|
Address : |
7th Floor, Shubham Building, Gandhigram Road, Near Iskcon
Temple, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
05.09.1974 |
|
Date of Appointment : |
10.02.2010 |
|
|
|
|
Name : |
Mr. Devendra Patil |
|
Designation : |
Director |
|
Address : |
B/13, Yojna CHS Limited, Natwar Nagar, Road No.5, Jogeshwari (East),
Mumbai – 400060, Maharashtra, India |
|
Date of Birth/Age : |
07.11.1959 |
|
Date of Appointment : |
29.09.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Mandar Arun Ranade |
|
Designation : |
Company Secretary |
|
Address : |
502, Rosewood F Wing, Prestige Residency, Near Waghbil Naka
Ghodbundar, Kavesar Village, Thane – 400607, Maharashtra, India |
|
Date of Birth/Age : |
24.09.1980 |
|
Date of Appointment : |
21.04.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2010)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Krishiraj Trading Limited, India |
|
273000 |
|
Welspun Corp. Limited, India |
|
273000 |
|
Vineet Mittal |
|
252000 |
|
Welspun Fintrade Limited, India |
|
251997 |
|
Devendra Patil |
|
1 |
|
Pradeep Joshi |
|
1 |
|
Shashikant Thorat |
|
1 |
|
|
|
|
|
Total |
|
1050000 |
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
76.00 |
|
Directors or relatives of directors |
|
24.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
They are into power Generations (Solar and Thermal Power) |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
· IDBI Bank Mittal Court Branch, India · Punjab national Bank Fort Branch, Mumbai, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sureka Associates Chartered Accountant |
|
Address : |
45C, Mandhana Manor, Mogal Lane, Matunga Road (West), Mumbai – 400016,
Maharashtra, India |
|
Tel. No.: |
91-22-24306150/ 24327608 |
|
Fax No.: |
91-22-24327608 |
|
Email : |
|
|
|
|
|
Subsidiaries : |
· Welspun Energy Rajasthan Private Limited U40108MH2006PTC165751 · Welspun Energy Resources Private Limited U40108MH2006PTC165671 · Welspun Energy Maharashtra Private Limited U40108MH2006PTC165673 · Welspun Energy Meghalaya Private Limited U40108MH2006PTC165672 · Welspun Energy Anuppur Private Limited U40108MH2007PTC170611 · Welspun Urja India Limited U40109MH2006PLC165964 · Welspun Renewables Energy Limited U40103MH2009PLC197021 · Welspun Energy Madhya Pradesh Limited U40300MH2009PLC197014 · Welspun Energy Chhattisgarh Limited U40103MH2009PLC197024 |
CAPITAL STRUCTURE
(AS ON 29.09.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1050000 |
Equity Share |
Rs.10/- each |
Rs.10.500
Millions |
|
|
|
|
|
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000 |
Equity Share |
Rs.10/- each |
Rs.12.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.10/- each |
Rs.0.500
Million |
|
|
|
|
|
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 |
0.500 |
0.500 |
0.500 |
|
|
2] Share Application Money |
72.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(0.094) |
(0.061) |
(0.049) |
|
|
NETWORTH |
72.406 |
0.439 |
0.451 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
72.406 |
0.439 |
0.451 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.208 |
0.000 |
0.000 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
4.000 |
0.410 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000
|
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000
|
0.000 |
|
|
Cash & Bank Balances |
35.422
|
0.025 |
0.444 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
26.143
|
0.000 |
0.000 |
|
Total
Current Assets |
61.565
|
0.025 |
0.444 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.000
|
0.001 |
0.003 |
|
|
Other Current Liabilities |
0.006
|
0.002
|
0.000 |
|
|
Provisions |
0.000
|
0.000
|
0.000 |
|
Total
Current Liabilities |
0.006
|
0.003 |
0.003 |
|
|
Net Current Assets |
61.559
|
0.022 |
0.441 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.005 |
0.007 |
0.010 |
|
|
Incid3ental expenditure pending for allocation |
6.634 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
72.406 |
0.439 |
0.451 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.006 |
0.000 |
0.000 |
|
|
|
TOTAL |
0.006 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Audit Fees |
0.003 |
0.003 |
0.002 |
|
|
|
Printing and Stationery |
0.021 |
0.000 |
0.003 |
|
|
|
Profession Fees |
0.001 |
0.001 |
0.000 |
|
|
|
Stamp, Registration and Filling Fees |
0.009 |
0.005 |
0.000 |
|
|
|
Preliminary Expenses w/off |
0.003 |
0.002 |
0.002 |
|
|
|
TOTAL |
0.037 |
0.011 |
0.007 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(0.031) |
(0.011) |
(0.007) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.003 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(0.034) |
(0.011) |
(0.007) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(0.034) |
(0.011) |
(0.007) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(0.061) |
(0.050) |
(0.042) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(0.095) |
(0.061) |
(0.049) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.68) |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(566.67)
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.06)
|
(44.00) |
(1.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.03) |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
10260.83
|
8.33 |
148.00 |
LOCAL AGENCY FURTHER INFORMATION
NOTE:
The Registered Office of the company has been shifted from N, Dikshanti Apartment,
Near Malav Talav, Near Devas Flats, Jivrajpurak, Ahmedabad, Gujarat, India, to
the present address w.e.f. 31.07.2006.
WEBSITE DETAILS
BOARD OF DIRECTORS:
Mr.
Balkrishna Goenka
Chairman
B.K. Goenka has spearheaded the growth of Welspun, transforming
it from a towel manufacturer to a global diversified conglomerate. Under his
able leadership and guidance Welspun today has emerged as the 2nd Largest
(Large Diameter) Pipe Company in the World (Financial Times, UK) and amongst
World’s top three producers of Home Textiles. His strong business acumen
combined with risk-taking abilities has enabled Welspun to succeed in
high-growth sectors. His vision is to make subject one of the most respected
Groups in the world by creating world-class companies, second to none.
Mr.
Vineet Mittal
Co-founder
and Managing Director
A graduate of Harvard Business School, Vineet Mittal is a
self-made entrepreneur with one motive – to change the social fabric of India.
From setting up and running one of India’s biggest BPOs, before they became the
buzzword, to now planning to light more than just a bulb in every village, his
philosophy is simple - ” Vineet Mittal’s story is one of great courage and
conviction. Recently, he was named ‘Entrepreneur of the Year’ at the Madhavrao
Scindia Leadership Awards 2010.
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.99 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.