MIRA INFORM REPORT
|
Report Date : |
19.10.2012 |
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) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
23.10.1996 |
|
|
|
|
Com. Reg. No.: |
11-103477 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 144.945 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17114MH1996PLC103477 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Texturised and Polyester Yarns |
|
|
|
|
No. of Employees
: |
500 (In office + In factory + Distribution Office) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13640000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Wellknown Group. It is the biggest manufacturer
of Air Textured yarn in India. It is well an established and reputed company having good track.
Fundament seems healthy and strong. Financially company performance appears
good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered for normal 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A (Long Term Bank Facilities) |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. It carry low credit risk. |
|
Date |
September 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Anil |
|
Designation : |
Accounts Head |
|
Contact No.: |
91-22-66207000 |
|
Date : |
19.10.2012 |
LOCATIONS
|
Registered Office / Corporate 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 : |
|
|
|
|
|
Factory: |
Plot No.178, 185, Dabhel Industrial Co-operative Society Limited, Nani Daman, Daman-396210, India |
|
|
|
|
Branch Office : |
210, Jeevandeep Complex, 2nd Floor, Khatodara Char Rasta Ring Road, Surat, Gujarat, India |
|
Tel No.: |
91-261-3255945 |
|
Fax No.: |
91-261-3927155 |
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 |
|
|
|
|
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 |
|
|
|
|
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 |
KEY EXECUTIVES
|
Name : |
Mr. Anil |
|
Designation : |
Accounts Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Equity Shareholders |
No. of Shares |
|
Anil Kumar Gupta |
2407419 |
|
Charulata Gupta |
1121157 |
|
Madanlal Gupta, Karta Madanlal Gupta- HUF |
38860 |
|
Ashok Kumar Gupta Karta Ashok Kumar Gupta HUF |
37607 |
|
Anil Gupta, Karta Anil Gupta HUF |
123776 |
|
Latadevi Gupta |
542 |
|
Rahul A. Gupta, NG Anil Gupta |
1288560 |
|
Saakshi A. Gupta Ng. Ashok Kumar Gupta |
21310 |
|
Wellknown Hitech Projects Private Limited, India |
53049 |
|
Wellknown Textiles Industries
Private Limited, India |
5913907 |
|
Wellknown Technologies Private Limited, India |
1205208 |
|
TOTAL
|
12211395 |
|
Names of Preference Shareholders |
No. of Shares |
|
Anil Kumar Gupta |
1377 |
|
Charulata Gupta |
245 |
|
Madanlal Gupta, Karta Madanlal Gupta- HUF |
269 |
|
Ashok Kumar Gupta Karta Ashok Kumar Gupta HUF |
103 |
|
Rahul A. Gupta, NG Anil Gupta |
633 |
|
Saakshi A. Gupta Ng. Ashok Kumar Gupta |
435 |
|
Wellknown Textiles Industries
Private Limited, India |
55000 |
|
Anil Kumar Gupta Karta Anil Kumar Gupta |
60 |
|
Wellknown Technologies Private Limited, India |
167939 |
|
TOTAL
|
226061 |
AS ON 31.03.2012
|
Names of Preference Shareholders (Allottees) |
No. of Shares |
|
Wellknown Textiles Industries
Private Limited, India |
200000 |
|
TOTAL |
200000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
58.73 |
|
Directors or relatives of Directors |
41.27 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Texturised and Polyester Yarns |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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||||
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Terms : |
|
||||
|
Selling : |
Cash, Credit |
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|
||||
|
Purchasing : |
Cash, Credit |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
|
Texturised Yarn* |
MT |
17936 |
|
Twisted Yarn* |
MT |
7472 |
|
Fully Drawn Yarn # |
MT |
232 |
|
Particulars |
Unit |
Production |
|
Installed
Capacity Polyester Filament Yarns |
|
|
|
Texturised/ Twisted Yarn |
MT |
60484.573 |
|
Partially Oriented Yarn |
MT |
19715.436 |
|
Fully Drawn Yarn |
MT |
41587.901 |
|
Polyesters Chips |
MT |
29998.882 |
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
Wholesalers and Retailers
|
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|
No. of Employees : |
500 (In office + In factory + Distribution Office) (Approximately) |
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Bankers : |
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Facilities : |
|
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|
|
|
|
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 : |
|
|
PAN No.: |
AAAFM9559Q |
|
|
|
|
Subsidiaries : |
Wellknown Synthetics (Private) Limited CIN No.:- U17110MH1997PTC110093 |
|
|
|
|
Associates : |
Wellknown
Textile Industries (Private) Limited CIN No.:-
U17110MH1987PTC043355 Wellknown
Housing Development Private Limited CIN No.:-
U70102MH2009PTC193678
|
CAPITAL STRUCTURE
AFTER 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 |
AS ON 31.03.2011
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 |
|
228311 |
Preference Shares |
Rs.100/- each |
Rs. 22.831
Millions |
|
|
TOTAL |
|
Rs. 144.945 Millions |
AS ON 30.09.2011
Authorised Capital : Rs. 200.000 Millions
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12211395 |
Equity Shares |
Rs.10/- each |
Rs. 122.114
Millions |
|
426061 |
Preference Shares |
Rs.100/- each |
Rs. 42.606
Millions |
|
|
TOTAL |
|
Rs. 164.720 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
144.945 |
135.643 |
120.033 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3266.277 |
2221.234 |
1444.954 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3411.222 |
2356.877 |
1564.987 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6010.170 |
6103.570 |
3162.349 |
|
|
2] Unsecured Loans |
0.000 |
1.351 |
1.868 |
|
|
TOTAL BORROWING |
6010.170 |
6104.921 |
3164.217 |
|
|
DEFERRED TAX LIABILITIES |
697.565 |
423.691 |
222.893 |
|
|
|
|
|
|
|
|
TOTAL |
10118.957 |
8885.489 |
4952.097 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6992.515 |
5430.567 |
2740.078 |
|
|
Capital work-in-progress |
140.597 |
1241.378 |
828.558 |
|
|
|
|
|
|
|
|
INVESTMENT |
193.302 |
161.884 |
161.885 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1908.902
|
898.595
|
314.583
|
|
|
Sundry Debtors |
710.941
|
377.969
|
275.873
|
|
|
Cash & Bank Balances |
1287.467
|
910.686
|
358.276
|
|
|
Other Current Assets |
190.207
|
88.478
|
0.000
|
|
|
Loans & Advances |
1232.157
|
579.971
|
455.107
|
|
Total
Current Assets |
5329.674
|
2855.699 |
1403.839 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
324.017
|
257.569
|
129.493
|
|
|
Other Current Liabilities |
1794.258
|
372.605
|
14.932
|
|
|
Provisions |
418.856
|
173.865
|
37.838
|
|
Total
Current Liabilities |
2537.131
|
804.039 |
182.263 |
|
|
Net Current Assets |
2792.543
|
2051.660
|
1221.576
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10118.957 |
8885.489 |
4952.097 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13283.336 |
6596.504 |
3545.424 |
|
|
|
Other Income |
116.395 |
174.764 |
89.519 |
|
|
|
TOTAL (A) |
13399.731 |
6771.268 |
3634.943 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
9204.364 |
4622.617 |
2421.981 |
|
|
|
Manufacturing Expenses |
1586.243 |
892.019 |
453.619 |
|
|
|
Employees Related Expenses |
244.434 |
125.838 |
69.281 |
|
|
|
Administrative, Selling and Other Expenses |
166.331 |
80.454 |
64.519 |
|
|
|
Prior Period Items |
1.809 |
0.091 |
1.478 |
|
|
|
( Increase / Decrease In Stock) |
0.000 |
0.000 |
10.239 |
|
|
|
TOTAL (B) |
11203.181 |
5721.019 |
3021.117 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2196.550 |
1050.249 |
613.826 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
387.205 |
242.638 |
130.838 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1809.345 |
807.611 |
482.988 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
345.636 |
195.463 |
99.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1463.709 |
612.148 |
383.617 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
394.301 |
203.512 |
95.711 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1069.408 |
408.636 |
287.906 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
893.625 |
564.684 |
329.853 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
27.500 |
30.000 |
28.250 |
|
|
|
Dividend |
1.404 |
0.056 |
0.187 |
|
|
|
Tax on Dividend |
8.454 |
8.454 |
9.310 |
|
|
|
Capital Redemption Reserve |
9.292 |
1.705 |
0.228 |
|
|
|
Preference Share Redemption Reserve |
243.838 |
39.480 |
15.100 |
|
|
BALANCE CARRIED TO
THE B/S |
1672.545 |
893.625 |
564.684 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1794.442 |
343.824 |
401.871 |
|
|
|
Compensation |
0.000 |
73.993 |
0.000 |
|
|
TOTAL EARNINGS |
1794.442 |
417.817 |
401.871 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
51.780 |
1985.476 |
578.253 |
|
|
|
RM / Stores |
3769.371 |
1351.234 |
34.795 |
|
|
TOTAL IMPORTS |
3821.151 |
3336.710 |
613.048 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
85.83 |
35.62 |
28.49 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
16000.000 |
|
|
|
|
|
Expected Sales (2012-2013) : Rs. 20000.000 Millions
The above information has been parted by Mr. Anil.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.98
|
6.03 |
7.61
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.02
|
9.28 |
10.32
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.88
|
7.39 |
9.72
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43
|
0.26 |
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.71
|
3.11 |
2.14
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
3.55 |
7.70
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises |
0.000 |
0.000 |
0.000 |
|
Creditors due others |
324.017 |
257.569 |
1.695 |
|
-
For Goods |
-- |
-- |
16.324 |
|
-
For Expenses |
-- |
-- |
75.847 |
|
-
For Capital Goods |
-- |
-- |
35.627 |
|
TOTAL |
324.017 |
257.569 |
129.493 |
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
FINANCIAL
PERFORMANCE
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 14042.300 Millions (Rs. 6762.169 Millions). Profit for the Year has shot
up to Rs 1463.709 Millions (Rs 612.148 Millions) and Profit after Tax shot up
to Rs 1069.408 Millions (Rs 408.637 Millions).
EXPORTS
During the year
Company’s exports touched Rs. 2008.900 Millions (Rs. 362.837 Millions). Efforts
are on to boost export earnings of the Company. Company’s exports diversified
to various American, African and Asian countries. Efforts are on to enhance
geographical horizons of the Exports. Various blueprints and plans have been
chalked out, benefits of which could be reaped in the years to come.
CONTINGENT LIABILITIES NOT PROVIDED FOR
a)
Bank Guarantee of Rs. 45.109 Millions (P.Y. Rs.
23.669 Millions) taken against Fixed Deposit of Rs. 9.159 Millions (P.Y. Rs.
8.761 Millions).
b)
Outstanding Letter of Credit of Rs. 388.018
Millions. (PY Rs. 100.270 Millions)
c)
The Company has imported certain machineries under
EPCG Scheme. The Company is under obligation to export Texturised Yarn 8 time
of duty saved within a period of 8 years from the date of respective licenses.
Total duty saved amounting to Rs. 834.497 Millions (P.Y. Rs. 790.339 Millions)
and for this the company is under obligation to export goods amounting to Rs.
6675.976 Millions (P.Y. 6322.715 Millions). The company has fulfilled the
export obligation amounting to Rs. 2645.474 Millions (P.Y. Rs. 860.597 Millions).
FORM 8
|
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, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
10277722 |
|
Type of charge |
|
|
Particular of
charge holder |
Indian Overseas Bank, Nariman Point Branch, Bakhtwar, Nariman Point,
Mumbai-400021, Maharashtra, India |
|
Nature of instrument
creating charge |
Letter Of
Hypothecation Term Loan
Agreement (Both Agreement
Dated 17.09.2012) All Other Terms
And Conditions As Per Sanction Letter Adv/1513/2012-13 Dated 07.09.2012 Adv/1546/2012-13 Dated 14.09.2012 |
|
Date of
instrument Creating the charge |
17.09.2012 |
|
Amount secured by
the charge |
Rs. 2650.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Term loan : BR + 2.50% p.a. (i.e.) 13% p.a. Presently.
Interest to be reset annually Sub limit - LC :
50% of the applicable charges Terms of repayment The new T L of
1650.000 Millions will be repaid in 36 equal quarterly installments after a
moratorium period of 2 years from the date of first disbursement. Interest to
be serviced separately during holiday period and thereafter as and when due.
35 installments of Rs.45.800 Millions and last installment of Rs. 47.000
Millions. Installment starts from December 2014 to September 2023. Margin Term loan : 32.25
%, sub-limit: 10 % in form of RDP The overall
margin comes to 32.25% including margin for working capital of Rs 360.000
Millions Extent and operation of the charge The charge is to
operate as security for the due repayment of the credit facility of
Rs.2650.000 Millions together with interests, additional interest, costs,
charges, expenses and all other moneys payable by the company to the bank
from time to time in terms of sanction. Other Facility : -------------- Term Loan I:
Rs.1000.000 Millions (Reduced By 550.000 Millions) Term Loan II:
Rs.1650.000 Millions Sub Limit : LC :
(Rs.1000.000 Millions) |
|
Short particulars
of the property charged (Including location of the property) |
First Paripassu Charge
on Company's Fixed Assets of The Company (Immovable and Movable) Excluding
Plant and Machinery Exclusively Financed By LBBW Germany Second Charge on Entire Current Assets of The
Company on Paripassu Basis With Other Term Loan Lenders Fixed Deposits
With Accrued Interest Face Value of Rs.10.200 Millions Lying With State Bank
of India on First Paripassu Basis With
Other Term Loan and Working Capital Lenders |
|
Particulars of
the present modification |
By This Present
Modification , Term Loan I Reduced From 1550.000 Millions To 1000.000
Millions And New Term Loan Limit Of Rs.1650.000 Millions Sanctioned On Terms
And Conditions Mentioned In Sanction Letter Adv/1513/2012-13 Dated
07.09.2012 Adv/1546/2012-13 Dated 14/09/2012.Now The Total Term Loan Limit
Stands At Rs.2650.000 Millions. |
TRADE REFERENCES
FIXED ASSETS
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. 52.96 |
|
|
1 |
Rs. 85.45 |
|
Euro |
1 |
Rs. 69.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.