MIRA
INFORM REPORT
|
Report Date : |
06.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN SYNTEX LIMITED |
|
|
|
|
Registered
Office : |
Survey No.
394(P), Saily, Silvassa, Union Territory of
Dadra and Nagar Haveli, Daman and Diu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
31.03.1983 |
|
|
|
|
Com. Reg. No.: |
56-000045 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.392.396
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999DN1983PLC000045 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
SRTW00080D MUMW02090E MUMM25361A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACW0489L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Polyester Texturised Filament Yarn, Nylon
Filament Yarn. |
|
|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4300000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of WELSPUN GROUP. It is an established company
having satisfactory track record. Profitability of the company appears to be fair. General financial position
of the company appears to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are
usually correct. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock Exchange.
The exchange plans to launch the currency futures platform with advanced
trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
29.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
29.10.2013 |
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. Om Prakash Singh |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-260-2640596 |
|
Date : |
04.12.2013 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Survey No.394(P),
Saily, Silvassa, |
|
Tel. No.: |
91-260-2640596/ 2640599 |
|
Fax No.: |
91-260-2640597 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Corporate Office : |
9th Floor, Trade World, “B” Wing, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India |
|
Tel No.: |
91-22-24908000/ 01/ 02/ 03 /04/ 66136000 |
|
Fax No.: |
91-22-24908020/ 21 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Palghar Plant: Plot No.14/15, Dewan Industrial Estate, Palghar, District Thane, |
|
Tel. No.: |
91-952525-252772/ 252662 |
|
Fax No.: |
91-952525-250749 |
|
|
|
|
Marketing Office : |
3001/3002, 3rd Floor, |
|
Tel. No.: |
91-261-2327863/ 2336125 |
|
Fax No.: |
91-261-2312604 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. B.K. Goenka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R.R. Mandawewala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.A. Kale |
|
Designation : |
Executive Director (with effect from 30.10.2010) |
|
|
|
|
Name : |
Mr. Atul Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Raj Kumar Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.K. Tandon |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. N. Kapasi |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
35429 |
0.09 |
|
|
25658167 |
65.39 |
|
|
25693596 |
65.48 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
25693596 |
65.48 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
105 |
0.00 |
|
|
8231936 |
20.98 |
|
|
228837 |
0.58 |
|
|
0 |
0.00 |
|
|
8460878 |
21.56 |
|
|
|
|
|
|
565906 |
1.44 |
|
|
|
|
|
|
2893235 |
7.37 |
|
|
1240977 |
3.16 |
|
|
384976 |
0.98 |
|
|
235922 |
0.60 |
|
|
45700 |
0.12 |
|
|
4302 |
0.01 |
|
|
99052 |
0.25 |
|
|
5085094 |
12.96 |
|
Total Public shareholding (B) |
13545972 |
34.52 |
|
Total (A)+(B) |
39239568 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
Welspun India Limited |
2,83,500 |
0.72 |
|
2 |
Welspun Finance Limited |
1,37,191 |
0.35 |
|
3 |
Krishiraj Trading Limited |
1,95,25,663 |
49.76 |
|
4 |
Welspun Fintrade Pvt Limited |
40,18,359 |
10.24 |
|
5 |
Welspun Steel Limited |
25 |
0.00 |
|
6 |
Welspun Zucchi Textiles Limited |
25 |
0.00 |
|
7 |
B K Goenka HUF |
15,428 |
0.04 |
|
8 |
B K Goenka |
3,405 |
0.01 |
|
9 |
Deepali B Goenka |
11,571 |
0.03 |
|
10 |
Radhika Goenka |
5,025 |
0.01 |
|
11 |
Welspun Mercantile Limited |
16,93,404 |
4.32 |
|
|
Total |
2,56,93,596 |
65.48 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
|
|
|
|
1 |
IFCI Limited |
7741599 |
19.73 |
|
|
Total |
7741599 |
19.73 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
|
|
|
|
1 |
IFCI Limited |
7741599 |
19.73 |
|
|
Total |
7741599 |
19.73 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Krishiraj Trading Limited |
1,48,05,068 |
37.73 |
|
2 |
Welspun Mercantile Limited |
7,89,473 |
2.01 |
|
|
Total |
1,55,94,541 |
39.74 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Polyester Texturised Filament Yarn, Nylon
Filament Yarn. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Bangladesh ·
Turkey |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
800 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
·
Bank of Baroda, Silvasa, Dadra and Nagar Haveli Tel
No.: 91-260-2640352 ·
State Bank of ·
IDBI Bank Limited ·
Central Bank of ·
State bank of |
|||||||||||||||||||||||||||||||||||||||
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|
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|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
MGB and Company Chartered
Accountants |
|
|
|
|
Other Related
parties : |
· Welspun India Limited · Welspun Corp Limited · Welspun Retail Limited · Welspun Steel Limited · Welspun Wintex Limited · Welspun Global Brands Limited · Welspun Zucchi Textiles Private Limited · Krishiraj Trading Limited · Welspun Realty Private Limited · Goodvalue Polyplast Limited · Welspun Fintrade Limited · Welspun Captive Power Generation Limited · Welpsun Investments and Commercial Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,20,00,000 |
Equity Shares |
Rs.10/- each |
Rs.920.000 Millions |
|
2,80,00,000 |
Convertible Cumulative Preference Shares |
Rs.10/- each |
Rs.280.000 Millions |
|
|
Total |
|
Rs.1200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,92,39,568 |
Equity Shares |
Rs.10/- each |
Rs.392.396
Millions |
|
|
|
|
|
Reconciliation of the
equity shares outstanding at the beginning and at the end of the year
|
Equity Shares |
No.
of Shares |
Amount
|
|
At the beginning of the year |
23,645,027 |
2364.50 |
|
Movements during the year |
15,594,541 |
1559.45 |
|
Outstanding at the end of the year |
39,239,568 |
3923.96 |
Reconciliation of the
preference shares outstanding at the beginning and at the end of the year
|
Preference
Shares |
No.
of Shares |
Amount
|
|
At the beginning of the year |
13,203,300 |
1026.97 |
|
Movements during the year |
(13,203,300) |
(1026.97) |
|
Outstanding at the end of the year |
-- |
-- |
Terms / right
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. All issued shares rank pari-passu and have same voting rights per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Terms of Cumulative
Redeemable Preference Shares
a) 32,03,300 10% Optionally Convertible Cumulative Preference Shares (OCCPS) of Rs. 10 each fully paid up have been fully redeemed during the year.
b) 10,000,000 8% Redeemable Cumulative Preference Shares of Rs. 10 each fully paid up have been fully redeemed during the year.
Details of shareholders
holding more than 5% shares in company
|
Equity Shares |
No.
of Shares |
Percentage (%) Holding |
|
Krishiraj Trading Limited, |
19,525,663 |
49.76% |
|
Welspun Fintrade Limited, |
4,018,359 |
10.24% |
|
IFCI Limited |
7,741,599 |
19.73% |
The Company has allotted on 29 October 2012, 1,60,00,000 6% Optionally Convertible Cumulative Preference shares of Rs.10/- each at par to Krishiraj Trading Limited (allottee), promoter of the Company, which is to be converted into Equiy shares at any time within 18 months from the date of allotment @ Rs. 10.26 per share. The above shares were converted into 1,55,94,541 Equiy shares @ Rs. 10.26 per share on 22 March 2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
392.396 |
339.147 |
339.147 |
|
(b) Reserves & Surplus |
682.963 |
450.116 |
403.048 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1075.359 |
789.263 |
742.195 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
954.967 |
599.934 |
283.435 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
66.182 |
60.910 |
53.224 |
|
Total Non-current Liabilities (3) |
1021.149 |
660.844 |
336.659 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
815.449 |
385.929 |
421.840 |
|
(b) Trade payables |
565.523 |
684.325 |
656.002 |
|
(c) Other current
liabilities |
536.359 |
434.447 |
368.281 |
|
(d) Short-term provisions |
36.399 |
73.462 |
6.152 |
|
Total Current Liabilities (4) |
1953.730 |
1578.163 |
1452.275 |
|
|
|
|
|
|
TOTAL |
4050.238 |
3028.270 |
2531.129 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1347.002 |
1048.391 |
1034.867 |
|
(ii) Intangible Assets |
1.641 |
0.393 |
0.215 |
|
(iii) Capital
work-in-progress |
624.128 |
206.607 |
74.740 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
150.800 |
223.360 |
223.360 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
149.593 |
163.222 |
67.645 |
|
(e) Other Non-current assets |
45.469 |
48.636 |
46.610 |
|
Total Non-Current Assets |
2318.633 |
1690.609 |
1447.437 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
737.545 |
639.709 |
567.851 |
|
(c) Trade receivables |
412.115 |
281.319 |
370.250 |
|
(d) Cash and cash
equivalents |
78.728 |
150.045 |
16.275 |
|
(e) Short-term loans and
advances |
381.991 |
207.006 |
89.507 |
|
(f) Other current assets |
121.226 |
59.582 |
39.809 |
|
Total Current Assets |
1731.605 |
1337.661 |
1083.692 |
|
|
|
|
|
|
TOTAL |
4050.238 |
3028.270 |
2531.129 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7761.182 |
6115.505 |
5029.139 |
|
|
|
Other Income |
25.047 |
20.030 |
14.880 |
|
|
|
TOTAL (A) |
7786.229 |
6135.535 |
5044.019 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5175.112 |
4053.534 |
3325.393 |
|
|
|
Purchase of stock in trade |
72.611 |
62.316 |
0.000 |
|
|
|
Changes in inventories of finished goods, goods-in-process and stock in trade |
24.599 |
(63.003) |
(62.937) |
|
|
|
Employee benefits expense |
337.589 |
277.357 |
240.019 |
|
|
|
Other expenses |
1681.498 |
1390.150 |
1199.231 |
|
|
|
TOTAL (B) |
7291.409 |
5720.354 |
4701.706 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
494.819 |
415.181 |
342.313 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
186.470 |
173.419 |
107.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
308.349 |
241.762 |
235.151 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
148.103 |
126.127 |
113.947 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
160.246 |
115.635 |
121.204 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
(0.089) |
(6.930) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
160.246 |
115.724 |
128.134 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
143.581 |
96.513 |
(31.621) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend on Optionally Convertible
Cumulative Preference Shares |
(59.072) |
59.072 |
0.000 |
|
|
|
Tax on Dividend |
(9.584) |
9.584 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
372.483 |
143.581 |
96.513 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
1870.200 |
1372.008 |
977.310 |
|
|
TOTAL EARNINGS |
1870.200 |
1372.008 |
977.310 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1183.612 |
719.882 |
474.070 |
|
|
|
Capital Goods |
485.150 |
134.129 |
43.289 |
|
|
|
Stores & Spares |
120.870 |
46.809 |
60.168 |
|
|
TOTAL IMPORTS |
1789.632 |
900.820 |
577.527 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.23 |
4.47 |
4.99 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
2007.400 |
2418.800 |
|
Total Expenditure |
|
1874.100 |
2316.700 |
|
PBIDT (Excl OI) |
|
133.300 |
102.200 |
|
Other Income |
|
05.600 |
05.500 |
|
Operating Profit |
|
139.000 |
107.600 |
|
Interest |
|
49.800 |
59.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
89.100 |
48.000 |
|
Depreciation |
|
38.900 |
46.800 |
|
Profit Before Tax |
|
50.200 |
1.200 |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
50.200 |
1.200 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
50.200 |
1.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.06
|
1.89 |
2.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.06
|
1.89 |
2.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.89
|
4.45 |
5.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.15 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.65
|
1.25 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89
|
0.85 |
0.75 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT
MATURITIES OF LONG-TERM DEBT
(Rs. in Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of long term borrowings |
199.294
|
175.803 |
159.933 |
|
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 |
No |
|
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter Corporate Deposit |
12.500 |
90.000 |
|
Total |
12.500 |
90.000 |
|
NOTES: SHORT TERM BORROWINGS · Intercorporate deposits of Rs. 12.500 Millions (Rs. Nil) carries interest @ 9% p.a. · Intercorporate deposits of Rs. Nil (Rs. 90.000 Millions) is interest free and have been fully repaid during the year. |
||
OPERATIONS
During the year, Net sales and services and Gross Profit before Interest and Depreciation were of Rs. 7761.182 Millions and Rs. 494.819 Millions respectively as compared to Rs. 6115.505 Millions and Rs. 415.181 Millions respectively for the previous year. Net sales and services of the Company and Gross Profits have thus increased by 26.90% and 19.18% respectively over the previous year.
Exports during the financial year 2012-13 were of Rs. 2133.530 Millions as compared to Rs. 1423.646 Millions during the previous year, registering increase by 49.86%.
Power cost is increased due to increase in power tariff both in Palghar, Maharashtra as well as at Rakholi, Silvassa. Interest cost has been increased due to rise in rate of interest and increase in borrowing for working capital. Foreign exchange difference losses were of Rs. 11.559 Millions during the financial year 2012-13 in view of fluctuation in foreign exchange. The Company has developed market for carpet yarn, yarn for Bath rugs, and spandex covered yarn for denim industry.
INDUSTRY STRUCTURE,
SCENARIO & DEVELOPMENT
Global financial crisis, high rates of interest and growth rate and reduction in private final consumption expenditure have impacted investment and have slowed down growth to 6.2% and 5% respectively in the year 2011-12 and 2012-13.The rate of growth of the manufacturing sector was even lower at 2.7 per cent and 1.9 per cent for these two years respectively. Both public and private investment declined as a share of GDP. Increase in policy rate which increased cost of borrowings, lower demand for Indian exports, policy bottlenecks (such as obtaining environmental permissions, fuel linkages, or carrying out land acquisition) led to a number of large projects becoming stalled. The government has been battling a number of problems, including a widening current
account deficit, currency depreciation and high inflation.
India's economic woes are hurting polyester demand. The current account deficit was at 4.3% at the end of 2011, up from 2.3% a year earlier. And the rupee has depreciated by more than 20% in the past year. Foreign investor confidence in the economy has weakened as much-needed economic reforms have been put on hold.
Indian polyester producers face turbulent times as excess capacity and a slowing economy have dragged down demand and profitability. Their margins have been squeezed since April 2011 and the situation has not shown any improvement this year.
Sales have been poor since April and margins have been bad. The Indian economy's slowdown has affected demand. Also cotton is abundantly available and capping the top end of [polyester] prices.
The near-term outlook remains bleak as the fragile economic environment could continue until 2014 when the next general elections take place, say industry players.
One of the key concerns for polyester producers is inflation, which has been running at 6-8% for more than a year. That has hurt demand as the priority for people has been food over clothing and the impact of this has trickled upwards to dampen polyester demand.
The high excise duty of 12% on Synthetic Fibres has created a huge gap between Synthetics and Cotton which is contrary to the principle of “Fiber Neutrality” envisaged in the National Fibre Policy. This has also resulted in deceleration in growth bringing down the capacity utilization from 85% when Excise Duty was 4% to a low of 65% - 70% in 2012-13 when the Excise Duty has been raised to 12%.
Besides the economy, a third producer also cites rampant capacity expansion in the past couple of years as a factor behind the current margin pressure. Expansion in polyester has been outpacing that of the downstream spinning and textile sectors.
Indian polyester capacity increased by 30% in fiscal 2011-12 and will rise by another 40-45% by the end of fiscal 2012-13. Demand during this period is likely to grow by only 15-18%.
Spinners looking to back integrate operations have been responsible for most of the capacity additions courtesy of the availability of cheap equipment and technology from China on easy financing terms.
Given the anemic domestic market polyester producers have been forced to boost exports despite lower realization.
During FY 2012 – 13 (April-December, 2012), all the subsectors have shown positive growth ranging from 1% - 19% except production of filament yarn which showed a decrease in production by 2%. The cloth production in Handloom sector remained the same during the period.
Textiles exports were US $ 21.58 billion during Apr – Dec’ 12 as compared to US $ 23.29 billion during corresponding period of the previous year, registering a decline of 7.3 percent.
The recent global slowdown has however impacted the prospects of this sector also.
Technology Up gradation Fund Scheme (TUFS) is continued in 12th Plan with an investment target of Rs. 1,51,000 crores.
As per the latest available data released by WTO Secretariat for the calendar year 2009, 2010 and 2011 the share of Indian textiles and clothing exports in World’s exports were 3.98%, 3.98% and 4.11% respectively and has not been declining.
But China too has been adding polyester capacity and has emerged as a major exporter, selling 788,000 tonnes of polyester staple fiber (PSF), 668,000 tonnes of polyester filament yarn (PFY) and 956,000 tonnes of polyethylene terephthalate (PET) bottle-grade chips in the international market in 2011.
India’s textile and garment exports dropped 8.6% in the first half of the current fiscal, representing less than one-third of the full year target of $40.59 billion, according to the latest official data. With the slowdown in top markets such as the US and the EU – which accounts for around 65% of the export basket of the segment – the lofty target for 2012-13 is all set to be missed.
But, China, a major textile producer for about two decades, is now focusing on other sectors. It is expected this would change the fortunes of other textile producers such as India and Bangladesh.
OUTLOOK
The Company is under major expansion. It has already increased capacity of texturised yarn, mother yarn splitting
(mother yarn-polyester) capacities and introducing BCF (Bulk Continuous Filament) Yarn which is useful for making Carpets. This has resulted in increase in turnover of the Company and it expects further increase on completion of expansion during the year 2013-14.
CORPORATE INFORMATION
Welspun Syntex Limited is a Company incorporated under the Companies Act, 1956. Welspun Syntex Limited was established in 1983. Since its inception, it has grown manifold and today is amongst the largest manufacturers and exporters of Polyester Texturised Filament Yarn, Nylon Filament Yarn from India.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2013
|
Sr. No. |
Particulars |
30.06.2013 (Unaudited) |
|
|
1 |
a. |
Net Sales/Income from
Operations |
1968.159 |
|
|
b. |
Other Operating Income |
39.226 |
|
|
|
Net Sales/
Income from Operations |
2007.385 |
|
2 |
|
Total Expenditure |
|
|
|
a. |
Consumption of Raw
Materials |
1315.304 |
|
|
b. |
Purchase of Traded Goods |
-- |
|
|
c. |
Change in inventories of
finished goods, work in |
30.234 |
|
|
d. |
Employees benefits
expenses (Refer note 3) |
87.887 |
|
|
e. |
Depreciation and Amortisation
expenses |
38.925 |
|
|
f. |
Other Expenses |
440.651 |
|
|
|
Total |
1913.001 |
|
3 |
|
Profit from Operations before Other Income
.finance costs and exceDtional
items (1-2) |
94.384 |
|
4 |
|
Other Income |
5.643 |
|
5 |
|
Profit from ordinary activities before finance
cost and exceDtional items (3+4) |
100.027 |
|
6 |
|
Finance Costs |
49.820 |
|
7 |
|
Profit from ordinary activities after finance
costs but before exceDtional items C5+61 |
50.207 |
|
8 |
|
Exceptional items |
-- |
|
9 |
|
Profit from ordinary
actiivites before tax(7±8) |
50.207 |
|
10 |
|
Tax Expenses
|
|
|
|
|
Current year |
10.042 |
|
|
|
Earlier years |
|
|
|
|
Less : MAT Credit
Entiltement |
(10.042) |
|
11 |
|
Net Profit from ordinary activites after tax (9±10) |
50.207 |
|
12 |
|
Net Profit for the period |
50.207 |
|
13 |
|
Paid up Equity Capital
(Face Value of Rs. 10/- each) |
392.396 |
|
14 |
|
Reserves excluding
Revaluation Reserve |
|
|
15 |
|
Earning per share (* Not
Annualiscd) |
|
|
|
|
a) Basic |
1.28 |
|
|
|
b) Diluted |
1.28 |
|
Particulars |
Quarter
Ended |
|
|
30.06.2013 |
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
Public Shareholding |
|
|
a) Number of shares |
13546046 |
|
b) Percentage of shareholding |
34.52% |
|
Promoters & Promoters Group Shareholding as on |
|
|
a. Pledged/Encumbered |
|
|
No of Shares |
NIL |
|
Percentage of Shares (as a % of
the total Shareholding of Promoters & Promoter Group) |
NIL |
|
Percentage of Shares (as a % of
the total Share capital of the company) |
NIL |
|
b.
Non-Encumbered |
|
|
No of Shares |
25693522 |
|
Percentages of Shares (as a % of
the total Shareholding of Promoters & Promoter Group) |
100.00% |
|
Percentages of Shares (as a % of
the total Share capital of the company) |
65.48% |
Notes:
1. The results for the quarter ended 30.06.2013 is adversely impacted by Rs.4205.600 Millions (Net) (Rs.3288.600 Millions) on account of fluctuation in foreign exchange rates included in other expenses.
2. The Company has only one segment of activity viz Synthetic Yam.
3. 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 8 August 201 in terms of Clause 41 of the Listing Agreement.
4. The Statutory Auditors have carried out a Limited Review of the above results for the quarter ended 30 June, 2013
5. Previous year's/Period's figures have been regrouped and reclassified wherever considered necessary.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10434382 |
30/09/2013 * |
150,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GROUND FLOOR, WELSPUN HOUSE, KAMALA MILLS COMPOUND, S.B.MARG, MUMBAI, Maharashtra - 400001, INDIA |
B87436796 |
|
2 |
10434375 |
20/06/2013 |
715,400,000.00 |
STATE BANK OF BIKANER & JAIPUR |
WELSPUN HOUSE, GROUND FLOOR, KAMALA MILLS COMPOU |
B78535796 |
|
3 |
10414631 |
04/03/2013 |
942,500,000.00 |
Bank of Baroda |
Corporate Financial Service Branch, First floor, 3, Walchand
Hirachand Marg, Ballard Pier, Mumbai, |
B71756605 |
|
4 |
10397520 |
09/01/2013 |
100,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
WELSPUN HOUSE, GROUND FLOOR, KAMALA MILLS COMPOUND, S. B. MARG, LOWER PAREL, MUMBAI, Maharashtra - 400013, INDIA |
B66074808 |
|
5 |
10389103 |
05/11/2012 |
470,000,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL SERVICES BRANCH NO.3, WALCHAND HIRACHAND MARG, BALLARD PIER, MUMBAI, Maharashtra - 400001, INDIA |
B63020044 |
|
6 |
10374114 |
22/08/2012 |
160,000,000.00 |
CENTRAL BANK OF INDIA |
Corporate Finance Branch, 1st floor, MMO Building, |
B57099947 |
|
7 |
10374558 |
22/08/2012 |
470,000,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL SERVICES BRANCH NO.3, WALCHAND HIRACHAND MARG, BALLARD PIER,, MUMBAI, Maharashtra - 400001, INDIA |
B57306359 |
|
8 |
10363603 |
22/08/2012 * |
500,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B57204802 |
|
9 |
10310958 |
13/02/2012 * |
350,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD, DANA BUNDER, MASJID (E), MUMBAI, Maharashtra - 400009, INDIA |
B33685066 |
|
10 |
10299300 |
30/07/2011 |
81,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD, DANA BUNDER, MASJID (E), MUMBAI, Maharashtra - 400009, INDIA |
B17711656 |
|
11 |
10246936 |
08/10/2010 |
50,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD, DANA BUNDER, MASJID (E), MUMBAI, Maharashtra - 400009, INDIA |
A97014567 |
|
12 |
10234411 |
13/02/2012 * |
219,100,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD, DANA BUNDER, MASJID (E), MUMBAI, Maharashtra - 400009, INDIA |
B34694042 |
|
13 |
10112083 |
21/11/2011 * |
468,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD, DANA BUNDER, MASJID (E), MUMBAI, Maharashtra - 400009, INDIA |
B26651638 |
|
14 |
10081823 |
13/02/2012 * |
237,600,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD, DANA BUNDER, MASJID (E), MUMBAI, Maharashtra - 400009, INDIA |
B34822023 |
|
15 |
10004191 |
20/11/2013 * |
143,400,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH NO.3, WALCHAND HIRACHAND MARG, BALLARD PIER, MUMBAI, Maharashtra - 400001, INDIA |
B90683772 |
|
16 |
80040558 |
30/03/2002 |
22,200,000.00 |
AXIS BANK LIMITED |
MAKER TOWER-'F', CURRE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
17 |
80040561 |
11/10/2013 * |
1,601,500,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH NO.3, WALCHAND HIRACHAND MARG, BALLARD PIER, MUMBAI, Maharashtra - 400001, INDIA |
B88181581 |
|
18 |
80040612 |
01/04/1995 * |
90,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD, DANA BUNDER, MASJID (E), MUMBAI, Maharashtra - 400009, INDIA |
- |
|
19 |
80040562 |
16/08/1994 |
17,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
73, SANT TUKARAM ROAD, DANA BUNDER, MUMBAI, Maharashtra - 400009, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
· Buildings
· Plant and Machinery
· Vehicles
· Furniture and Fixture
· Equipments
· Computers
Intangible Assets
· Software
AS PER WEBSITE DETAILS:
PRESS RELEASE:
UNANIMOUS APPROVAL OF SHAREHOLDERS AND CREDITORS FOR THE DEMERGER OF
WELSPUN CORP LIMITED
Mumbai, October 22, 2013: Welspun Corp Limited (WCL), the flagship Company of the $ 3.5 billion Welspun Group today announced that its shareholders and creditors have unanimously approved the “Scheme of Arrangement” under which the “Other Businesses” undertaking is being demerged into Welspun Enterprises Limited. The meeting was conducted as per the directions of the Hon’ble High Court of Gujarat. The scheme is also subject to the sanction by the Hon’ble High Court of Gujarat.
Post demerger, Welspun Enterprises Limited shall comprise of Steel, Infrastructure, Oil and Gas exploration and Energy businesses while Welspun Corp Limited , will now solely focus on Pipe and Plates business in India and globally.
Through this demerger, Welspun Group aims to create two
focused, independently run companies, Welspun Corp Limited and Welspun
Enterprises Limited with enhanced value creation across each business. The
demerger will also better enable the management team to protect, grow and
nurture each line of business in a more distinct manner, bring more clarity on
each business to pursue its strategic objectives and enhance shareholder value.
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 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.61.69 |
|
|
1 |
Rs.101.08 |
|
Euro |
1 |
Rs.84.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.