MIRA INFORM REPORT
|
Report No. : |
336547 |
|
Report Date : |
13.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN INDIA LIMITED |
|
|
|
|
Registered
Office : |
Welspun City, Village Versamedi, Anjar, Kutch – 370110, Gujarat |
|
Tel. No.: |
91-2836 661111 |
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
17.01.1985 |
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|
|
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Com. Reg. No.: |
04-033271 |
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Capital
Investment / Paid-up Capital : |
Rs. 100.460 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L17110GJ1985PLC033271 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturer and Exporter of Wide Range of Home textile products, Terry
Towels, Bed Linen Products and Rugs. |
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|
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|
No. of Employees
: |
15631 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a prominent company of the Welspun group. It is one of the
largest manufacturers and exporters of bed and bath textile products
globally. It is a well-established company having fine track record. Rating takes into consideration resourceful promoters and extensive
experience of the management supported by WIL’s leading position in home
textiles segment with global reach along with its well-diversified products
portfolio and strong brand image. Rating also takes into consideration company’s sound operational risk
profile supported by sound financial base and adequate net worth base of the
company. Trade relations are fair. Business is active. Payment are reported to
be regular and as per commitments. In view of aforesaid, the company can be considered good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities = (AA-) |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
10.07.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
10.07.2015 |
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
31-03-2013.
INFORMATION DENIED
MANAGEMENT NON
CO-OPERATIVE
(Tel. No.:
91-9825149913)
LOCATIONS
|
Registered Office/ Plant 1 : |
Welspun City,Village Versamedi, Anjar, Kutch – 370110, Gujarat, India |
|
Tel. No.: |
91-2836 661111 |
|
Fax No.: |
91-2836-279010 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
Welspun House, 6th Floor, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66136000/ 24908020 |
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Fax No.: |
91-22-24908020/ 21 |
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E-Mail : |
|
|
|
|
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Plant 2 : |
Survey No. 76 Village and P.O. Morai, Vapi District Valsad, Gujarat –
396194, India |
|
Tel. No.: |
91-260-2437437 |
|
Fax No.: |
91-260-2437088 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Balkrishan Goenka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Apurba Kumar Dasgupta |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ram Gopal Sharma |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ajay Sharma |
|
Designation : |
Nominee Director - IDBI Bank |
|
|
|
|
Name : |
Mr. Arun Todarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arvind Kumar Singhal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajesh Mandawewala |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Ms. Dipali Goenka |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Shashikant Thorat |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Altaf Jiwani |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Suneel Mohnot |
|
Designation : |
President (Commercial) |
|
|
|
|
Name : |
Mr. Mukesh Savlani |
|
Designation : |
Vice President, Marketing |
|
|
|
|
Audit Committee : |
·
Mr. Ram Gopal Sharma ·
Mr. Apurba Kumar Dasgupta · Mr. Arun Todarwal |
|
|
|
|
Nomination and
Remuneration Committee : |
· Mr. Apurba Kumar Dasgupta · Mr. Ram Gopal Sharma · Mr. Arun Todarwal |
|
|
|
|
Share Tranfer and
Investor Grievance Committee : |
· Mr. Apurba Kumar Dasgupta · Mr. Balkrishan Goenka · Mr. Rajesh Mandawewala |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
344401 |
0.34 |
|
|
73483318 |
73.14 |
|
|
73827719 |
73.49 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
73827719 |
73.49 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4317988 |
4.30 |
|
|
466954 |
0.46 |
|
|
6084073 |
6.06 |
|
|
10869015 |
10.82 |
|
|
|
|
|
|
5664872 |
5.64 |
|
|
|
|
|
|
4457272 |
4.44 |
|
|
4918126 |
4.90 |
|
|
727011 |
0.72 |
|
|
208187 |
0.21 |
|
|
242881 |
0.24 |
|
|
1500 |
0.00 |
|
|
130800 |
0.13 |
|
|
3989 |
0.00 |
|
|
139654 |
0.14 |
|
|
15767281 |
15.69 |
|
Total Public shareholding (B) |
26636296 |
26.51 |
|
Total (A)+(B) |
100464015 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
100464015 |
100.00 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholders |
No. of Shares |
AS a % |
|
1 |
Radhika Goenka |
2,00,860 |
0.20 |
|
2 |
Dipali Goenka |
72,360 |
0.07 |
|
3 |
Balkrishan Gopiram Goenka |
49,057 |
0.05 |
|
4 |
B K Goenka |
19,332 |
0.02 |
|
5 |
Dipali Goenka Jointly with B K Goenka |
2,680 |
0.00 |
|
6 |
Rajesh R Mandawewala |
103 |
0.00 |
|
7 |
B K Goenka Jtly Deepali Goenka |
9 |
0.00 |
|
8 |
Krishiraj Trading Limited |
5,05,09,877 |
50.28 |
|
9 |
Welspun Mercantile Limited |
1,12,46,576 |
11.19 |
|
10 |
Welspun Wintex Limited |
84,25,291 |
8.39 |
|
11 |
Welspun Infra Developers Private Limited |
27,49,773 |
2.74 |
|
12 |
Welspun Finance Limited |
5,42,402 |
0.54 |
|
13 |
Methodical Investment and Trading Co Private Limited |
7,694 |
0.01 |
|
14 |
Welspun Syntex Limited |
1,485 |
0.00 |
|
15 |
Welspun Zucchi Textiles Limited |
110 |
0.00 |
|
16 |
Welspun Steel Limited |
110 |
0.00 |
|
|
Total |
7,38,27,719 |
73.49 |
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 Shareholders |
No. of Shares |
AS a % |
|
1 |
Reliance Capital Trustee Company LimitedA/c Reliance Growth Fund |
2549034 |
2.54 |
|
2 |
Goldman Sachs India Fund Limited |
2344057 |
2.33 |
|
|
Total |
4893091 |
4.87 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Wide Range of Home textile products,
Terry Towels, Bed Linen Products and Rugs. |
|
|
|
|
Brand Names : |
-- |
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|
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|
Agencies Held : |
-- |
|
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15631 (Approximately) |
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Bankers : |
· State Bank of Bikaner and Jaipur · Andhra Bank · Bank of Baroda · Bank of India · Canara Bank · Exim Bank Limited · IDBI Bank Limited · Oriental Bank of Commerce · Punjab National Bank · State Bank of Hyderabad · State Bank of India · State Bank of Patiala |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse LLP Chartered Accountants |
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|
|
|
Memberships : |
-- |
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|
|
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Collaborators : |
-- |
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|
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Holding Company : |
· Krishiraj Trading Limited (KTL) (through own shareholding and through shares held by its subsidiary company) |
|
|
|
|
Subsidiary
Companies : |
· Besa Developers and Infrastructure Private Limited (BESA) · Welspun Global Brands Limited (WGBL) (Formerly known as Welspun Retail Limited (WRL) · Welspun Holdings Private Limited, Cyprus (WHPL) · Welspun Home Textiles UK Limited (WHTUKL) (Held through WHPL) · Welspun UK Limited (WUKL) (Held through CHTL) · CHT Holdings Limited (CHTHL) (Held through WHTUKL) · Welspun USA Inc., USA (WUSA) · Welspun Decorative Hospitality LLC (WDHL) · Welspun Captive Power Generation Limited (WCPGL) · Anjar Integrated Textile Park Developers Private Limited (AITPDPL) · Welspun Anjar SEZ Limited (WASEZ) · Kojo Canada Inc. (Held through WDHL) · Welspun Mauritius Enterprises Limited (WMEL) · Novelty Home Textiles SA de CV (NHTSC) (Held through WMEL) · Christy Home Textiles Limited (CHTL) (Held through CHTHL) · Christy 2004 Limited (CHT 2004) (Held through WUKL) · Christy Welspun GmbH (CWG) (Held through WUKL) · Christy UK Limited (CUKL) (Held through CHTL) · ER Kingsley (Textiles) Limited (ERK) (Held through CHTL) · Christy Lifestyle LLC, USA (CLL) · Welspun Zucchi Textiles Limited (WZTL) (with effect from January 30, 2015) |
|
|
|
|
Joint Venture
Company : |
Welspun Zucchi Textiles Limited (WZTL) (up to January 29, 2015) |
|
|
|
|
Enterprises
over which Key
Management Personnel or
relatives of such
personnel exercise significant
influence or control and
with whom transactions
have taken place during the year
: |
· Welspun Investments and Commercials Limited (WICL) · Welspun Corp Limited (WCL) · Welspun Steel Limited (WPSL) · Welspun Tradings Limited (WTL) · Welspun Wintex Limited (WWL) · Welspun Mercantile Limited (WML) · Welspun Energy Limited (WEL) · Welspun Logistics Limited (WLL) · Welspun Syntex Limited (WSL) · Welspun Realty Private Limited (WRPL) · Mertz Securities Limited (MSL) · Welspun Polybuttons Limited (WPBL) · Wel-treat Enviro Management Organisation Limited (WEMO) · Welspun Maxsteel Limited (WMSL) · Welspun Projects Limited ( WPL) · Methodical Investment and Trading Company Private Limited (MITCPL) · Welspun FinTrade Limited (WFTL) · Welspun Finance Limited (WFL) · Welspun Foundation for Health and Knowledge (WFHK) · Welspun Infra Developers Limited (WIDL) · Technopak Advisors Private Limited (TAPL) · Welspun Infratech Limited (W INFRA) |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
155,500,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1555.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100,459,915 |
Equity Shares |
Rs. 10/- each |
Rs. 1004.599
Million |
|
|
|
|
|
(a) Reconciliation of
number of shares
|
Equity Shares : |
31.03.2015 |
|
|
|
Number of Shares |
Amount (Rs. Million) |
|
Balance
as at the beginning of the year |
100346515 |
1003.470 |
|
Add : Shares issued to Employees under Employee Stock Option Scheme |
113400 |
1.130 |
|
|
|
|
|
Balance as at the end of the year |
100459915 |
1004.600 |
(b) Shares held by holding company and
subsidiary of holding company (Holding company as defined in AS-18
|
Equity Shares : |
31.03.2015 |
|
|
|
Number of Shares |
Amount (Rs. Million) |
|
Krishiraj
Trading Limited |
50509877 |
505.100 |
|
Welspun Infra
Developers Private Limited (a 78.66% subsidiary of Goldenarch Estate Private
limited which in turn is a 94.37% subsidiary of Krishiraj Trading Limited) |
2749773 |
27.500 |
|
|
|
|
|
Balance as at the
end of the year |
53,259,650 |
532.600 |
(c) Details of shares held by shareholders
holding more than 5% of the aggregate shares in the Company
|
Equity Shares : |
31.03.2015 |
|
|
|
Number of Shares |
% of holdings |
|
Welspun
Mercantile Limited |
11,246,576 |
11.20 |
|
Welspun
Wintex Limited |
8,425,291 |
8.39 |
|
Krishiraj
Trading Limited |
50,509,877 |
50.28 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1004.600 |
1003.470 |
1000.270 |
|
(b) Reserves & Surplus |
13321.240 |
9489.310 |
9603.400 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.520 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
14325.840 |
10493.300 |
10603.670 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
12786.030 |
13353.620 |
9290.990 |
|
(b) Deferred tax liabilities (Net) |
1121.440 |
925.530 |
2352.810 |
|
(c)
Other long term liabilities |
5.110 |
3.700 |
6.300 |
|
(d)
long-term provisions |
1107.770 |
980.350 |
45.660 |
|
Total
Non-current Liabilities (3) |
15020.350 |
15263.200 |
11695.760 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
7380.950 |
8123.690 |
6700.280 |
|
(b)
Trade payables |
5078.150 |
4298.940 |
2622.850 |
|
(c)
Other current liabilities |
5541.430 |
2793.690 |
1722.320 |
|
(d)
Short-term provisions |
921.880 |
432.970 |
245.810 |
|
Total
Current Liabilities (4) |
18922.410 |
15649.290 |
11291.260 |
|
|
|
|
|
|
TOTAL |
48268.600 |
41405.790 |
33590.690 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
18955.760 |
12505.670 |
16082.310 |
|
(ii)
Intangible Assets |
31.120 |
35.320 |
31.740 |
|
(iii)
Capital work-in-progress |
1533.500 |
5239.350 |
541.440 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
6163.430 |
7069.140 |
3769.400 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
1217.820 |
1212.870 |
1437.430 |
|
(e)
Other Non-current assets |
134.470 |
896.510 |
1263.560 |
|
Total
Non-Current Assets |
28036.100 |
26958.860 |
23125.880 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
896.080 |
435.230 |
393.950 |
|
(b)
Inventories |
7816.800 |
6872.300 |
5100.120 |
|
(c)
Trade receivables |
3866.030 |
2183.030 |
1136.840 |
|
(d)
Cash and cash equivalents |
2666.240 |
1916.220 |
1479.050 |
|
(e)
Short-term loans and advances |
4126.210 |
2393.070 |
2047.420 |
|
(f)
Other current assets |
861.140 |
647.080 |
307.430 |
|
Total
Current Assets |
20232.500 |
14446.930 |
10464.810 |
|
|
|
|
|
|
TOTAL |
48268.600 |
41405.790 |
33590.690 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4407.562 |
3531.203 |
30429.460 |
|
|
|
Other Income |
94.417 |
103.624 |
491.720 |
|
|
|
TOTAL |
4501.979 |
3634.827 |
30921.180 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2179.626 |
1971.789 |
16944.250 |
|
|
|
Purchases of Stock-in-Trade |
6.004 |
6.974 |
81.140 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(70.031) |
(103.400) |
44.730 |
|
|
|
Employees benefits expense |
325.332 |
234.269 |
1817.710 |
|
|
|
Other expenses |
928.373 |
713.856 |
7049.310 |
|
|
|
TOTAL |
3369.304 |
2823.488 |
25937.140 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1132.675 |
811.339 |
4984.040 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
180.637 |
143.914 |
1384.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
|
952.038 |
667.425 |
3599.730 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
266.290 |
622.792 |
1328.090 |
|
|
|
|
|
|
|
|
|
Less |
PROVISION FOR
DOUBTFUL LOANS AND ADVANCES |
0.000 |
0.000 |
83.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
685.748 |
44.633 |
2187.790 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
175.612 |
14.797 |
473.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
510.136 |
29.836 |
1714.050 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
1312.450 |
1182.210 |
|
|
|
Stores and Spares and Dyes and Chemicals |
|
243.380 |
176.060 |
|
|
|
Capital Goods |
|
3301.990 |
246.450 |
|
|
|
Packing Material |
|
13.520 |
24.040 |
|
|
|
Others |
|
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
4871.340 |
1628.760 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.80 |
2.98 |
18.03 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current
Maturities of Long term debt |
|
|
|
|
Rupee Term Loans from Banks |
4471.210 |
1631.710 |
940.770 |
|
From Financial Institutions |
22.500 |
0.000 |
0.000 |
|
From Others |
4.420 |
3.920 |
4.020 |
|
Total |
4498.130 |
1635.630 |
944.790 |
|
|
|
|
|
|
Cash Flow Generated from Operations |
7716.820 |
5682.750 |
6148.480 |
|
|
|
|
|
|
Net Cash Flow from Operating Activities |
6294.460 |
5542.520 |
5931.620 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
|
|
Unaudited |
|
Net Sales |
11661.300 |
|
Total Expenditure |
8327.000 |
|
PBIDT (Excl OI) |
3334.300 |
|
Other Income |
272.300 |
|
Operating Profit |
3606.600 |
|
Interest |
368.100 |
|
Exceptional Items |
0.000 |
|
PBDT |
3238.500 |
|
Depreciation |
670.800 |
|
Profit Before Tax |
2567.700 |
|
Tax |
770.300 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
1797.400 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
1797.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
11.57 |
0.84 |
5.63 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
25.70 |
22.98 |
16.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.69 |
0.15 |
7.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.00 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.44 |
2.06 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07 |
0.92 |
0.93 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
|
|
|
Market Value |
Rs. 847.85/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1000.270 |
1003.470 |
1004.600 |
|
Reserves & Surplus |
9603.400 |
9489.310 |
13321.240 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.520 |
0.000 |
|
Net
worth |
10603.670 |
10493.300 |
14325.840 |
|
|
|
|
|
|
Long-term borrowings |
9290.990 |
13353.620 |
12786.030 |
|
Short term borrowings |
6700.280 |
8123.690 |
7380.950 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
94.479 |
163.563 |
449.813 |
|
Total
borrowings |
16085.749 |
21640.873 |
20616.793 |
|
Debt/Equity
ratio |
1.517 |
2.062 |
1.439 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
30429.460 |
3531.203 |
4407.562 |
|
|
|
(88.395) |
24.818 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
30429.460 |
3531.203 |
4407.562 |
|
Profit |
1714.050 |
29.836 |
510.136 |
|
|
5.63% |
0.84% |
11.57% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10582385 |
22/07/2015 |
4,850,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
C60021938 |
|
2 |
10567877 |
17/04/2015 |
1,460,000,000.00 |
EXPORT
IMPORT BANK OF INDIA |
CENTER
ONE BUILDING, FLOOR 21, WORLD TRADE CENTER, COMPLEX, CUFFE PARADE,
MUMBAI - 400005, MAHARASHTRA, INDIA |
C52803137 |
|
3 |
10563808 |
27/03/2015 |
600,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, 2ND FLOOR, ALLAHABAD, BANK, BUILDING, 37 MUMBAI SAMACHAR
MARG, FORT, MUMBAI -400023, MAHARASHTRA, INDIA |
C51031029 |
|
4 |
10563879 |
26/03/2015 |
750,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MUMBAI - 400005, MAHARASHTRA, INDIA |
C51051860 |
|
5 |
10562416 |
21/03/2015 |
900,000,000.00 |
PUNJAB
NATIONAL BANK |
ILACO
HOUSE BRANCH, SIR P M ROAD, FORT, MUMBAI, MUMBAI - 400001, MAHARASHTRA, INDIA |
C50483643 |
|
6 |
10561058 |
18/03/2015 |
220,000,000.00 |
TAMILNAD
MERCANTILE BANK LIMITED |
UNIT NO.
25, 26, 27, LAXMI PLAZA, LAXMI INDUSTRIAL |
C49891856 |
|
7 |
10555214 |
02/03/2015 |
400,000,000.00 |
ICICI
BANK LIMITED |
ICICI
TOWER, NBCC PLACE, BHISHAM PITAMAH MARG, P |
C46750097 |
|
8 |
10556676 |
23/02/2015 |
1,000,000,000.00 |
PUNJAB
NATIONAL BANK |
7,
BHIKHAIJI CAMA PALACE, NEW DELHI, DELHI - 110066, INDIA |
C47559778 |
|
9 |
10556494 |
23/02/2015 |
964,800,000.00 |
PUNJAB NATIONAL
BANK |
7,
BHIKHAIJI CAMA PALACE, NEW DELHI, DELHI - 110066, INDIA |
C47475207 |
|
10 |
10547837 |
20/03/2015
* |
1,200,000,000.00 |
ICICI
BANK LIMITED |
ICICI
TOWER, NBCC PLACE,, BHISHAM PITAMAH MARG, P |
C49262132 |
|
11 |
10533799 |
15/11/2014 |
750,000,000.00 |
YES
BANK LIMITED |
NEHRU
CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,, DR, A. B. ROAD, WORLI, MUMBAI,
MUMBAI - 400018, MAHARASHTRA, INDIA |
C35320555 |
|
12 |
10525543 |
27/09/2014 |
340,000,000.00 |
STATE
BANK OF BIKANER AND JAIPUR |
WELSPUN
HOUSE, GROUND FLOOR, KAMALA MILLS COMPOUND |
C29431681 |
|
13 |
10481283 |
31/12/2014
* |
10,650,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, RKAMANI MARG, |
C40463077 |
|
14 |
10468684 |
05/12/2013 |
2,000,000,000.00 |
BANK OF
INDIA |
MUMBAI LARGE
CORPORATE BRANCH, ORIENTAL BUILDING, |
B92927847 |
|
15 |
10454107 |
27/09/2013 |
945,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, |
B87122453 |
|
16 |
10413664 |
26/03/2013 |
840,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, COMPLEX, CUFFE PARADE,
MUMBAI - 400005, MAHARASHTRA, INDIA |
B71405740 |
|
17 |
10420866 |
26/03/2013 |
2,050,000,000.00 |
IDBI
BANK LIMITED |
CBG,
9TH FLOOR, IDBI TOWER, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA,
INDIA |
B73487514 |
|
18 |
10391380 |
23/06/2014
* |
6,926,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA |
C07991615 |
|
19 |
10350551 |
11/04/2012 |
340,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B37832508 |
|
20 |
10351905 |
11/04/2012 |
340,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BA |
B38284428 |
|
21 |
10322999 |
25/11/2011 |
900,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BA |
B27819218 |
|
22 |
10227861 |
20/12/2010
* |
3,300,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B02890408 |
|
23 |
10171516 |
14/02/2012
* |
3,556,000,000.00 |
STATE
BANK OF BIKANER AND JAIPUR |
GIRIRAJ,
SANT TUKARAM ROAD, DANABUNDER, MUMBAI - 400009, |
B33763244 |
|
24 |
10024626 |
26/09/2006 |
500,000,000.00 |
STATE BANK
OF INDIA |
OVERSEAS
BRANCH, WORLD TRADE CENTER, POST BOX NO., CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
A06160931 |
|
25 |
10015510 |
20/02/2012
* |
9,750,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B34329888 |
|
26 |
80021310 |
18/05/2005 |
583,500,000.00 |
STATEBANKOFBIKANERANDJAIPUR |
DANA
BUNDER BRANCH, MUMBAI - 400009, MAHARASHTRA, INDIA |
- |
|
27 |
80021299 |
11/07/2005
* |
2,500,000,000.00 |
STATEBANKOFBIKANERANDJAIPUR |
GIRIRAJ
SANT TUKARAM MARG, DANA BUNDER, MUMBAI - 400009, MAHARASHTRA, INDIA |
- |
|
28 |
80021301 |
26/12/2003
* |
1,000,000,000.00 |
STATEBANKOFBIKANERANDJAIPUR |
GIRIRAJ
SANT TUKARAM MARG, DANA BUNDER, MUMBAI - 400009, MAHARASHTRA, INDIA |
- |
|
29 |
80021302 |
08/10/2004
* |
1,000,000,000.00 |
STATEBANKOFBIKANERANDJAIPUR |
GIRIRAJ
SANT TUKARAM MARG, DANA BUNDER, MUMBAI - 400009, MAHARASHTRA, INDIA |
- |
|
30 |
80021304 |
30/12/2004
* |
1,848,000,000.00 |
STATEBANKOFBIKANERANDJAIPUR |
GIRIRAJ
SANT TUKARAM MARG, DANA BUNDER, MUMBAI - 400009, MAHARASHTRA, INDIA |
- |
|
31 |
80021307 |
05/05/2005
* |
2,500,000,000.00 |
STATEBANKOFBIKANERANDJAIPUR |
GIRIRAJ
SANT TUKARAM MARG, DANA BUNDER, MUMBAI - 400009, MAHARASHTRA, INDIA |
- |
|
32 |
80021309 |
11/07/2005
* |
2,500,000,000.00 |
STATEBANKOFBIKANERANDJAIPUR |
GIRIRAJ
SANT TUKARAM MARG, DANA BUNDER, MUMBAI - 400009, MAHARASHTRA, INDIA |
- |
|
33 |
80021300 |
26/06/2015
* |
12,758,500,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
C58617598 |
|
34 |
80021079 |
22/11/2002 |
41,900,000.00 |
CANARA
BANK |
MITTAL
TOWER C WING, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
35 |
80021350 |
22/03/2013
* |
45,000,000.00 |
AXIS
BANK LIMITED |
2ND
FLR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, |
B71189898 |
|
36 |
90100754 |
01/07/2003
* |
334,075,000.00 |
SUMITOMO
MITSUI BANKING CORPORATION |
15TH
FLOOR; JOLLY MAKER CHAMBERS NO.2, 225; NARIM |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans from Banks |
119.210 |
725.320 |
|
Loan from Others |
6.310 |
10.740 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Working Capital Loans from Banks |
272.100 |
223.210 |
|
Commercial Paper |
1500.000 |
0.000 |
|
|
|
|
|
Total |
1897.620 |
959.270 |
GENERAL INFORMATION
The company is a leading manufacturer of wide range of home textile products, mainly terry towels, bed linen products and rugs. The Company is a public limited company and is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
WELSPUN INDIA LIMITED
- BUSINESS OVERVIEW
Welspun
India Limited (WIL) is the Global Leader in Home Textiles with global reach,
delivering to more than 50 countries. WIL supplies to 14 of the top 30 global
retailers and has been ranked 1st in the Top 15 Supplier Giants to the USA by
Home Textiles Today Magazine continuously for the last three years. With
world-class manufacturing facilities in Gujarat - India, the company offers a
wide range of home textile products in Bath, Bedding and Flooring Solutions to its
consumers from almost every corner of the World. Welspun has a strong presence
in key markets like USA, Canada, UK, and Europe and about 95% of its production
is exported to various countries across the World. The Company owns brands such
as ‘Christy’, ‘Spaces’ and ‘Welhome’ which constitute around 11% of the sales.
The Company has a strong emphasis on innovation which is reflected in the
number of patents and trademarks which it holds and has applied for. More than
30% of the total revenues of WIL come from the innovative products developed by
the company.
GLOBAL ECONOMIC OVERVIEW
In 2014, global economic recovery remained tepid and divergent across economies, with most emerging market economies experiencing slowdown. While advance economies remained susceptible to the risk of deflation, inflationary pressures subsided in key emerging economies giving leeway for easing monetary policy. Global commodity prices continued to decline. Financial markets were buoyant but volatile in pricing in policy developments in major economies.
Global economic activity appears to be stabilising, but with markedly divergent growth profiles between advanced and emerging economies, and between commodity exporters and importers. The collapse of international commodity prices, especially of crude oil, seems to have reallocated demand across economies. Monetary policy stances across countries have been easing, including unconventionally, and market expectations on the timing of the US monetary policy normalisation have been pushed back. In response, there have been large movements in exchange rates and other asset prices. Reflecting risk appetite and search for yield, long-term yields have fallen to record lows amidst heightened volatility in financial markets. For commodity exporters, however, risk spreads have widened and currency depreciations have been sizable. Thus, even though financial conditions are easy and are being reflected in financial asset prices, the outlook for global growth remains moderate, held back by still-weak demand.
In the United States, growth has been firming up, aided by improving labour and housing market conditions. The sharp appreciation in the US dollar in recent months could, however, dampen prospects for exports. In the Euro area, economic conditions remain weak although some pick-up in Q4 of 2014 and the early months of 2015 is being observed, supported by lower crude prices and the depreciation in the euro as well as increased bank lending. The contraction of activity in Japan moderated in the final quarter of 2014, with mixed signals from higher frequency data in the beginning of 2015 - consumer confidence and exports show improvement, but retail sales and industrial production have contracted.
Most emerging economies continue to decelerate due to subdued external demand, political uncertainties and domestic supply-side constraints. In China, activity has slowed over the second half of 2014 and Q1 of 2015 as investment demand lost pace and the real estate sector weakened on deleveraging and financial repair among households and corporations. The Russian economy slowed sharply due to falling oil prices and Western sanctions. Contraction continues in Brazil as high inflation squeezes domestic demand. Falling oil and commodity prices also weighed on growth prospects of countries in the Middle East, Eastern Europe and Latin America.
Overall, although the near-term outlook is improving slowly, developed economies are yet to fully recover from the aftereffects of the global financial crisis. Emerging economies face the challenge of addressing persistent negative output gaps and falling growth potential, which yields a more subdued near-term outlook for them. In fact, the sluggish global recovery over the course of 2014 and 2015 so far has warranted successive downward adjustments to forecasts the world over, raising concerns of a global growth stagnation.
The pace of global trade continues to be weighed down by both cyclical and structural factors, with world trade volume growing by only 3.1 per cent in 2014 - well below the precrisis trend. The impact of the growth slowdown in China, Russia, the Euro area and Japan on world trade has been significant, aggravated by weaker activity in some major oil exporters. Even though world trade growth is expected to pick up moderately along with improvement in global output in 2015, risks continue to tilt downwards, given the subdued conditions characterising global demand and international commodity prices. Incoming data on most emerging market economies show contraction in exports in the early months of 2015.
INDIAN ECONOMY
In the past couple of years the Indian economy has experienced some moderation after a high growth trajectory achieved in early 2000s. Slow demand, financial crises in developed nations and domestic economy slowdown appeared to be some of the major setbacks for the country. However prudent regulatory and fiscal policies have helped in slow pickup in growth. Moreover, India continues to be a favouarable investment and trade destination globally. India’s share in the global GDP climbed from 4% in 2000s to 6% in 2012 (Source: World Trade Report 2014). In the last decade, net capital inflows in the country grew at a CAGR of 14.4% reaching nearly USD 50 bn in 2013. India has ranked among the top 20 biggest exporters in 2013 and has ranked 19th biggest exporter in 2013, improving from 26th rank in 2008. In the last decade, the contribution of India’s exports to its GDP has grown from 11.1% in 2003- 04 to 17% in 2013-14.
The macroeconomic environment is expected to improve in 2015-16, with fiscal policy gearing to an investmentled growth strategy and monetary policy using available room for accommodation. The Reserve Bank’s consumer confidence survey (CCS) points to growing consumer optimism since June 2014, reflecting purchasing power gains arising from lower inflation as well as improved perception of income, spending and employment growth.
The macroeconomic environment is expected to improve in 2015-16, with fiscal policy gearing to an investmentled growth strategy and monetary policy using available room for accommodation. The Reserve Bank’s consumer confidence survey (CCS) points to growing consumer optimism since June 2014, reflecting purchasing power gains arising from lower inflation as well as improved perception of income, spending and employment growth.
GLOBAL TEXTILE INDUSTRY AND TRADE
According to
the data published by the WTO, the global Textile and Clothing trade has
reached US$ 766 bn in CY2013. This indicates a CAGR of nearly 10% from
the 2009 levels at the peak of the economic crisis. Of the total trade,
Clothing or Apparel trade was US$ 460 bn in 2013 while the remaining was on
account of textile trade which was US$ 306 bn.
Developing economies such as China and India continue to be the major exporters while developed economies such as US and Europe continued to be the major importers of Textile and Apparel.
INDIAN TEXTILE INDUSTRY
The Indian Textiles Industry has emerged as a significant source for the global market during the last five years. India has emerged as the third largest exporter of Textiles and Apparels in the World in 2013 after China and EU with a market share of approximately 4.7% overall as per WTO data for CY 2013. At a country level, India has become the second largest exporter overtaking Germany and Italy but trailing China by a significant margin.
In apparel, India is the fifth largest exporter with ~ 4% market share in CY 2013 (behind China, EU, Turkey, Bangladesh and Vietnam). India’s position is stronger in textiles (nonclothing) trade where it is the third largest exporter with a share of 6.2% in CY 2013. This share was 4.2% in CY 2008 has been consistently increasing over the last few years
OUTLOOK
The US economy is expected to continue on its growth trajectory in the coming year. New home-sales data is indicating a strengthening housing market while consumer confidence has been hitting multi-year highs. While consumer confidence in Europe is edging higher, it is expected to get a further boost from falling oil prices and the ECB stimulus, which would improve real household spending power. Indian textile exports to Europe are growing, despite a disadvantage in terms of import duty compared to other exporters like Pakistan, Bangladesh and Turkey. The proposed India – EU Free Trade Agreement (FTA), if it goes through, will provide a strong push for textile exports from India to EU.
The Indian economy is expected to grow faster in the coming years as economic reforms gather pace. Other key markets, such as Japan, Korea, Australia, South Africa, also present huge potential for growth. India has signed an FTA (Free Trade Agreement) with Japan, Korea and the SAARC countries, which could be leveraged to increase Indian exports to these countries. To summarise, the outlook for Indian cotton textiles, especially home textiles, continues to be positive.
For Welspun, the strategy will be to leverage its strength – “FAST” into
a. Underpenetrated channels such as Branded sales, e-commerce, hospitality
b. Underpenetrated products such as carpets, filled products, bath robes
c. Underpenetrated markets such as Europe, India, Japan
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Excise, Customs and Service Tax Matters |
341.240 |
344.280 |
|
Income Tax Matters |
135.770 |
135.770 |
|
Stamp Duty Matter |
4.460 |
4.460 |
|
Sales Tax |
55.410 |
30.960 |
|
Claims against Company not acknowledged as debts |
2.240 |
2.240 |
a) It is not practicable for the Company to estimate the timing of cash outflows, if any, in respect of the above
pending resolution of the respective proceedings.
b) The Company does not expect any reimbursements in respect of the above contingent liabilities.
FIXED ASSETS:
·
Freehold Land
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixtures
·
Office Equipment
· Computers
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.64.83 |
|
|
1 |
Rs.101.00 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
70 |
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.