MIRA
INFORM REPORT
|
Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
WINSOME TEXTILE INDUSTRIES LIMITED |
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Registered
Office : |
1 Industrial Area, Baddi, Solan
- 173205, Himachal Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.09.1980 |
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Com. Reg. No.: |
06-005647 |
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Capital Investment
/ Paid-up Capital : |
Rs. 198.200
Millions |
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|
|
CIN No.: [Company Identification
No.] |
L17115HP1980PLC005647 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLW10079G / PTLW10032B |
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PAN No.: [Permanent Account No.] |
AAACW1910G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Yarn, Fabric and Allied Activities. |
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No. of Employees
: |
1219 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track. External borrowings of the company seems to be increasing compared to
previous year. The rating also takes into consideration high working capital
requirement. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to influence
each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB+ (Term Loans) |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
July 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4+ (Fund Based Limits) |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk. |
|
Date |
July 2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE [91-172-2603966]
LOCATIONS
|
Registered
Office/ Factory 1 : |
1 Industrial Area, Baddi, Solan
- 173205, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-244045/ 244046 |
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Fax No.: |
91-1795-244287 |
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E-Mail : |
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Website : |
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Marketing Office : |
12/ 22, East Patel Nagar, Groud Floor , Main Market, New Delhi, India |
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Tel. No.: |
91-11-25725462 |
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Fax No.: |
91-11-25254627 |
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E-Mail : |
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Corporate Office : International/
National Marketing |
SCO 191 - 192, Sector 34-A, Chandigarh – 160022, India |
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Tel. No.: |
91-172-4612000/ 4613000/ 4646749/ 5012986/ 5012886/ 5012186/ 5012286/
5007986 91-172-2612447 (Direct - Export Department) |
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Fax No.: |
91-172-4614000 |
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E-Mail : |
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Factory 2 - Winsome Yarns Limited Derabassi : |
Village Kurawala, Barwala Road Derabassi, District Patiala, Punjab,
India |
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Tel. No.: |
91-1762-280236/ 280638 |
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Fax No.: |
91-1762-270237 |
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E-Mail : |
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Factory 3 - Winsome Knitwear : |
B-58, Phase VII, Industrial Area, Mohali - 160059, Punjab, India |
|
Tel. No.: |
91-172-5053138/ 5053139/ 5095870/ 5095870/ 5092400/ 5092397 |
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Fax No.: |
91-172-5090572 |
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E-Mail : |
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Factory 4 : |
Village Kaundi, Baddi, District Solan, Himachal Pradesh, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Satish C Bagrodia |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
73 years |
|
Qualification : |
Post Graduate in
Education and Management |
|
Experience : |
48 years |
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|
Name : |
Mr. Ashish Bagrodia |
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Designation : |
Managing Director |
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|
Name : |
Mr. Amrit Lal Batra |
|
Designation : |
Director |
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Date of Birth/Age : |
71 years |
|
Qualification : |
Chartered Accountant |
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Experience : |
44 years of rich
experience in the areas of Banking, Finance, Audit, Operations and Strategic
Management. |
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|
|
|
Name : |
Mr. Chandra Mohan |
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Designation : |
Director |
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|
Name : |
Mr. Satish Girotra |
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Designation : |
Director |
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|
Name : |
Mr. Manish Bagrodia |
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Designation : |
Director |
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Date of Birth/Age : |
45 years |
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Qualification : |
M. Com. and has
also done Diploma in Computer Applications. |
|
Experience : |
26 years of core experience in the Textile Industry. |
KEY EXECUTIVES
|
Name : |
Mr. Sourabh Gupta |
|
Designation : |
Company Secretary |
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|
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|
Audit Committee : |
· Satish Girotra, Chairman Chandra Mohan Amrit Lal Batra |
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Shareholders /Investors Grievance Committee : |
· Satish Girotra, Chairman Chandra Mohan Amrit Lal Batra Ashish Bagrodia |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
147660 |
1.10 |
|
|
6553801 |
49.02 |
|
|
6701461 |
50.12 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
6701461 |
50.12 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
413068 |
3.09 |
|
|
102654 |
0.77 |
|
|
515722 |
3.86 |
|
|
|
|
|
|
5641196 |
42.19 |
|
|
|
|
|
|
277290 |
2.07 |
|
|
226901 |
1.70 |
|
|
7430 |
0.06 |
|
|
7409 |
0.06 |
|
|
21 |
0.00 |
|
|
6152817 |
46.02 |
|
Total Public
shareholding (B) |
6668539 |
49.88 |
|
Total (A)+(B) |
13370000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
6450000 |
0.00 |
|
|
6450000 |
0.00 |
|
Total (A)+(B)+(C) |
19820000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Yarn, Fabric and Allied Activities. |
GENERAL INFORMATION
|
No. of Employees : |
1219 (Approximately) |
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Bankers : |
· UCO Bank Canara Bank Bank of India Andhra Bank Punjab National Bank Dena Bank Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lodha and Company Chartered
Accountants |
|
Address : |
12, Bhagat Singh Marg, New Delhi – 110001, India |
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|
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|
Associate Company : |
Winsome Yarns
Limited |
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|
|
|
Wholly owned Subsidiary
Company : |
Winsome Textile
Industries FZE |
|
|
|
|
Organisations where Key
Management Personnel and their relative have Significant influence : |
· Star point Financial Services Private Limited Roselab Commodities Private Limited Kailashpati Vinimay Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.198.200
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24950000 |
Equity Shares |
Rs. 10/- each |
Rs. 249.500 Millions |
|
5000 |
Preference Share |
Rs. 100/- each |
Rs. 0.500 Million |
|
|
Total |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19820000 |
Equity Shares |
Rs. 10/- each |
Rs.198.200
Millions |
|
|
|
|
|
Rights and
Restrictions of Shareholders:
The Company has only one class of Equity Shares having face value of Rs.
10/- each (Previous Year Re. 10/- each) in its issued, subscribed and paid up
Equity share capital. Each shareholder is entitled to one vote per share
(except GDR shareholding). Each shareholder have the right in profit/surplus in
proportion to amount
paid up with respect to share holder.
The GDR shareholding (12,90,000 nos. of GDRs. representing Equity shares
of Rs. 10 each are 64,50,000) which is standing in the name of Bank of New York
Mellon, as Depositary, has right to dividend, do not have any right to vote.
In the event of winding up, the equity shareholders (including GDR
holders) will be entitled to receive the remaining balance of assets, if any,
in proportionate to their individual shareholding in the paid up equity capital
of the company.
Details of each
shareholder holding more than 5% shares:
|
Name of
Shareholder |
31.03.2013 |
31.03.2012 |
|
|
No.
of Shares held |
No.
of Shares held |
|
Bank of New York Mellon, DR (Shares held by Custodians and against
which Depository Receipts have been issued) |
6450000 |
6450000 |
|
Roselab Commodities Private Limited |
3410498 |
3393168 |
|
Kailashpati Vinimay Private Limited |
3005031 |
2991031 |
|
Landscape Traders Private Limited |
1332092 |
1332092 |
|
Arpit Agencies Private Limited |
1290799 |
1290799 |
Reconciliation of
Equity Share Capital
|
|
31.03.2013 |
31.03.2012 |
|
|
No.
of Shares |
No.
of Shares |
|
Shares Outstanding at the beginning of the year |
19820000 |
19820000 |
|
Issued during the year |
-- |
-- |
|
Buy Back during the year |
-- |
-- |
|
Shares Outstanding at the end of the year |
19820000 |
19820000 |
No bonus/ Buy back/ Issue of shares otherwise then receipt of cash
during the preceeding five years.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
198.200 |
198.200 |
198.200 |
|
(b) Reserves & Surplus |
1048.000 |
866.032 |
715.727 |
|
(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) |
1246.200 |
1064.232 |
913.927 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2313.000 |
2309.546 |
1037.157 |
|
(b) Deferred tax liabilities
(Net) |
345.400 |
180.695 |
159.944 |
|
(c) Other long term
liabilities |
0.800 |
38.733 |
3.136 |
|
(d) long-term provisions |
5.100 |
3.605 |
2.177 |
|
Total
Non-current Liabilities (3) |
2664.300 |
2532.579 |
1202.414 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1515.100 |
1091.693 |
1155.786 |
|
(b) Trade payables |
1699.300 |
1086.323 |
843.535 |
|
(c) Other current liabilities |
551.400 |
429.076 |
324.818 |
|
(d) Short-term provisions |
71.300 |
55.911 |
16.882 |
|
Total
Current Liabilities (4) |
3837.100 |
2663.003 |
2341.021 |
|
|
|
|
|
|
TOTAL |
7747.600 |
6259.814 |
4457.362 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3963.600 |
1646.409 |
1575.919 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
1545.425 |
177.442 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.300 |
0.739 |
0.739 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
17.700 |
309.792 |
104.521 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3981.600 |
3502.365 |
1858.621 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
414.707 |
0.000 |
|
(b) Inventories |
1928.100 |
1159.582 |
1061.496 |
|
(c) Trade receivables |
583.900 |
401.345 |
366.204 |
|
(d) Cash and cash equivalents |
184.500 |
97.901 |
594.955 |
|
(e) Short-term loans and
advances |
1069.500 |
683.914 |
576.086 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3766.000 |
2757.449 |
2598.741 |
|
|
|
|
|
|
TOTAL |
7747.600 |
6259.814 |
4457.362 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from operations |
4988.300 |
3517.998 |
3162.447 |
|
|
|
Other Income |
75.400 |
40.056 |
50.493 |
|
|
|
TOTAL (A) |
5063.700 |
3558.054 |
3212.940 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2441.000 |
1635.976 |
1923.868 |
|
|
|
Purchase of Stock in Trade |
480.300 |
167.011 |
128.615 |
|
|
|
Change in inventories
of finished goods, work-in-progress and Stock-in-trade |
(261.400) |
43.523 |
(34.184) |
|
|
|
Employee benefit expense |
319.700 |
222.931 |
182.340 |
|
|
|
Other expenses |
387.000 |
823.433 |
710.400 |
|
|
|
Power and Fuel |
437.000 |
|
|
|
|
|
Stores and Spares Consumed |
311.300 |
|
|
|
|
|
TOTAL (B) |
4114.900 |
2892.874 |
2911.039 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
948.800 |
665.180 |
301.901 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
438.800 |
373.576 |
294.959 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
510.000 |
291.604 |
6.942 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
162.400 |
117.335 |
115.064 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
347.600 |
174.269 |
(108.122) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
164.700 |
23.125 |
(15.916) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
182.900 |
151.144 |
(92.206) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
312.899 |
161.755 |
253.961 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
495.799 |
312.899 |
161.755 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods on FOB basis (excluding export through export houses & EOU) |
NA |
1017.598 |
1267.955 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
8.015 |
19.328 |
|
|
|
Capital Goods |
|
53.186 |
1.275 |
|
|
|
Spare Parts & Components |
|
12.551 |
7.805 |
|
|
TOTAL IMPORTS |
NA |
73.752 |
28.408 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
9.23 |
7.63 |
(4.65) |
|
|
|
Diluted
|
9.23 |
7.63 |
(4.65) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.61 |
4.25
|
(2.87) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.97 |
4.95
|
(3.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.49 |
3.70
|
(2.53) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.16
|
(0.12) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.07 |
3.20
|
2.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.04
|
1.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
198.200 |
198.200 |
198.200 |
|
Reserves & Surplus |
715.727 |
866.032 |
1048.000 |
|
Net
worth |
913.927 |
1064.232 |
1246.200 |
|
|
|
|
|
|
long-term borrowings |
1037.157 |
2309.546 |
2313.000 |
|
Short term borrowings |
1155.786 |
1091.693 |
1515.100 |
|
Total
borrowings |
2192.943 |
3401.239 |
3828.100 |
|
Debt/Equity
ratio |
2.399 |
3.196 |
3.072 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3162.447 |
3517.998 |
4988.300 |
|
|
|
11.243 |
41.794 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3162.447 |
3517.998 |
4988.300 |
|
Profit |
(92.206) |
151.144 |
182.900 |
|
|
(2.92%) |
4.30% |
3.67% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION DETAILS
|
Filing Type |
Civil Writ Petition |
Register Type |
Civil Writ Petition |
||||
|
Stamp No. |
CWPST/17414/2012 |
Filling Date |
24/12/2012 |
Reg. No |
CWP/193/2012 |
Reg. Date |
|
|
Petitioner |
HPSEB LIMITED |
Respondent |
M/S. WINSOME TEXTILE INDUSTRIES LIMITED |
||||
|
Petn. Adv. |
AG |
Resp. Adv. |
RAHUL MAHAJAN |
||||
|
District |
SHIMLA |
||||||
|
Bench |
SINGLE |
||||||
|
Status |
Admitted (Unready) |
||||||
|
Last Date |
08/08/2013 |
Stage |
ORDER MATTERS |
||||
|
Last Coram |
ADDITIONAL REGISTRAR(J)-I |
||||||
|
Act |
CONSTITUTION OF INDIA |
||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10415718 |
31/05/2013 * |
200,000,000.00 |
ANDHRA BANK |
SCO 202-203-204,
SECTOR 17C, CHANDIGARH - 160017, INDIA |
B76554765 |
|
2 |
10345957 |
27/06/2012 * |
1,728,100,000.00 |
UCO BANK-CENTRAL
BANK OF INDIA -ANDHRA BANK AND VI |
BAROTIWALA -
174103, HIMACHAL PRADESH, |
B42284976 |
|
3 |
10335675 |
27/06/2012 * |
99,700,000.00 |
DENA BANK |
SCO 7, SECTOR 7C,
CHANDIGARH - 160007 |
B43308881 |
|
4 |
10197713 |
27/06/2012 * |
30,200,000.00 |
AXIS BANK
LIMITED |
SCO 343-344,
SECTOR 35B, CHANDIGARH - 160035, INDIA |
B43309442 |
|
5 |
10167065 |
27/06/2012 * |
26,500,000.00 |
ANDHRA BANK |
SCO 202-204, SECTOR
17C, CHANDIGARH - 160017, INDIA |
B42804039 |
|
6 |
10163902 |
27/06/2012 * |
30,100,000.00 |
DENA BANK |
SCO 7, SECTOR
7C, CHANDIGARH - 160007, INDIA |
B43309046 |
|
7 |
10163187 |
27/06/2012 * |
27,300,000.00 |
BANK OF INDIA |
SCO 81-82 BANK SQUARE,
SECTOR 17B, CHANDIGARH, CH |
B43309293 |
|
8 |
10163189 |
27/06/2012 * |
39,500,000.00 |
BANK OF INDIA |
SCO 81-82 BANK
SQUARE, SECTOR 17B, CHANDIGARH - 160017, INDIA |
B43309384 |
|
9 |
10158900 |
24/01/2013 * |
34,000,000.00 |
CANARA BANK |
SCO 311-312,
SECTOR 35B, CHANDIGARH, CHANDIGARH - |
B67243626 |
|
10 |
10081225 |
27/06/2012 * |
136,000,000.00 |
BANK OF INDIA |
SCO 81-82 BANK
SQUARE, SECTOR 17B, CHANDIGARH - 160017, INDIA |
B43409804 |
|
11 |
10040902 |
27/06/2012 * |
150,000,000.00 |
AXIS BANK
LIMITED |
SCO 343-344,
SECTOR 35B, CHANDIGARH - 160035, INDIA |
B43308931 |
|
12 |
10037326 |
27/06/2012 * |
150,000,000.00 |
DENA BANK |
SCO 7, SECTOR
7C, CHANDIGARH - 160007, INDIA |
B43308998 |
|
13 |
10027785 |
04/01/2013 * |
400,200,000.00 |
UCO BANK |
BAROTIWALA,
BAROTIWALA DISTRICT SOLAN - 174103, HIMACHAL PRADESH, INDIA |
B65954026 |
|
14 |
10010534 |
07/01/2013 * |
300,214,000.00 |
PUNJAB NATIONAL
BANK |
LARGE CORPORATE BRANCH,
BHAGWATI TOWER R.K.ROAD, |
B67902643 |
|
15 |
80050212 |
27/06/2012 * |
42,000,000.00 |
CANARA BANK |
SCO 311-12,
SECTOR 35-B, CHANDIGARH - 160022, INDIA |
B43308576 |
|
16 |
80057490 |
27/06/2012 * |
42,000,000.00 |
UCO BANK |
BAROTIWALA,
BAROTIWALA DISTRICT SOLAN - 174103, HIMACHAL PRADESH, INDIA |
B42790204 |
|
17 |
90169661 |
28/06/2013 * |
3,591,000,000.00 |
UCO BANK
CONSORTIUM-UCO BANK-ANDHRA BANK-BANK OF I |
BAROTIWALA,
BAROTIWALA DISTRICT SOLAN - 174103, HIMACHAL PRADESH, INDIA |
B79104725 |
|
18 |
90169454 |
23/12/2009 * |
156,500,000.00 |
IDBI BANK
LIMITED (IDBI) |
SCO 72-73, BANK
SQUARE, SECTOR 17B, CHANDIGARH - 160017, INDIA |
A76973056 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
|
(A) Contingent Liabilities, not provided
for in respect of (as certified by the management): |
|
|
(i) Bills
discounted with banks |
250.358 |
|
(ii) Excise /
Service Tax Matters |
8.167 |
|
(iii) Surety Bond
Executed on behalf of others (Including Entry Tax) |
17.017 |
(iv) Custom duty
saved of Rs. 546.096 Millions (Previous year Rs. 228.791 Millions) for import of
capital good made against EPCG license against which export obligations
amounting to Rs. 2571.083 Millions (Previous year Rs. 1820.967 Millions) is
pending.
(B) In respect of
certain disallowances and additions made by Income Tax Authorities, appeals are
pending before the Appellate authorities and adjustment if any, will be made
after the same are finally determined.
Considering the
past experience, management is of the view that there will not be any material
impact on accounts on settlement/finalization of tax assessment.
FIXED ASSETS:
·
Land -Freehold
Land
-Leasehold
Buildings
Plant
and Equipments
Furniture
and Fixtures
Vehicles
Office
Equipments
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.60.44 |
|
|
1 |
Rs.100.24 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.