MIRA INFORM REPORT
|
Report No. : |
307859 |
|
Report Date : |
19.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN INDIA LIMITED |
|
|
|
|
Registered
Office : |
Welspun City, Village Versamedi, Taluka Anjar – 370110, Gujarat |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
17.01.1985 |
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Com. Reg. No.: |
04-033271 |
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Capital
Investment / Paid-up Capital : |
Rs.1003.465 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L17110GJ1985PLC033271 |
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|
IEC No.: |
Not Available |
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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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No. of Employees
: |
18000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Matter converted |
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Comments : |
Subject is a well-established company having fine track record. Profitability of the company has declined during 2014. However, the 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, its well-diversified products
portfolio and strong brand image. Further rating also takes into consideration company’s sound financial
risk profile and fair liquidity position. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. 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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term Bank facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
January 21, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Bank facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
January
21, 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Shashikant Thorat |
|
Designation : |
Company secretary |
|
Contact No.: |
91-22-66136409 |
|
Date : |
12.02.2015 |
LOCATIONS
|
Registered Office : |
Welspun City, Village Versamedi, Taluka Anjar – 370110, Gujarat, India |
|
Tel. No.: |
91-2836-573428/9/279000 |
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Fax No.: |
91-2836-247070/279010 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
Welspun House, 6th Floor, Kamala Mills Compound, Senapati Bapat
Marg, Lower Parel, Mumbai – 400013, |
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Tel. No.: |
91-22-66136000/ 24908000 |
|
Fax No.: |
91-22-24908020/ 24908021 |
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E-Mail : |
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Plant II : |
Survey No. 76 Village and P.O. Morai, Vapi District Valsad, Gujarat –
396194, India |
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Tel. No.: |
91-260-2437437 |
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Fax No.: |
91-260-2437088 |
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Email : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. B. K. Goenka |
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|
Designation : |
Chairman |
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Name : |
Mr. Dadi B. Engineer |
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Designation : |
Director |
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Name : |
Mr. A. K. Dasgupta |
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Designation : |
Director |
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Name : |
Mr. Ram Gopal Sharma |
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Designation : |
Director |
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Qualification : |
MA (Econ), B.Com and Fellow of Insurance Institute of India |
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|
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|
Name : |
Mr. Ajay Sharma |
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Designation : |
Nominee – IDBI Bank |
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Name : |
Mr. Arun Todarwal |
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Designation : |
Director |
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Name : |
Mr. R. R. Mandawewala |
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Designation : |
Managing Director |
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Name : |
Ms. Dipali Goenka |
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Designation : |
Executive Director |
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KEY EXECUTIVES
|
Name : |
Mr. Shashikant Thorat |
|
Designation : |
Company Secretary |
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Audit Committee : |
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Remuneration Committee: |
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Share Transfer and
Investor Grievance Committee : |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
% of holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
344401 |
0.34 |
|
|
73293318 |
72.97 |
|
|
73637719 |
73.31 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
73637719 |
73.31 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
4515480 |
4.50 |
|
|
1024139 |
1.02 |
|
|
2241579 |
2.23 |
|
|
7781198 |
7.75 |
|
|
|
|
|
|
8059465 |
8.02 |
|
|
|
|
|
|
4689666 |
4.67 |
|
|
5793632 |
5.77 |
|
|
479935 |
0.48 |
|
|
184788 |
0.18 |
|
|
148685 |
0.15 |
|
|
2233 |
0.00 |
|
|
4489 |
0.00 |
|
|
139740 |
0.14 |
|
|
19022698 |
18.94 |
|
Total Public
shareholding (B) |
26803896 |
26.69 |
|
Total (A)+(B) |
100441615 |
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) |
100441615 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of wide range of home textile products,
terry towels, bed linen products and rugs. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2012)
|
Particulars |
Unit |
Actual
Production |
|
Towels |
M.T. |
41477.85 |
|
Bed Sheets |
Million Mtrs |
37.33 |
|
Cotton Yarn |
M.T. |
33507.06 |
|
Rugs |
M.T. |
4808.99 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
18000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries Companies (As on: 31.03.2013) : |
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Joint Venture Company (As on: 31.03.2013): |
Welspun Zucchi Textiles Limited (WZTL) |
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Associate Company (As on: 31.03.2013): |
Welspun Captive Power Generation Limited (WCPGL) |
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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 (As on: 31.03.2013): |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
155500000 |
Equity Shares |
Rs.10/- each |
Rs.1555.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100346515 |
Equity Shares |
Rs.10/- each |
Rs. 1003.470
Millions |
|
|
|
|
|
Reconciliation of
number of shares
|
Equity Shares : |
31.03.2014 |
|
|
|
Number of Shares |
Amount (Rs. millions) |
|
Balance as at the beginning of the
year |
100027015 |
1000.270 |
|
Add : Shares issued pursuant to Scheme of Amalgamation |
- |
- |
|
Add
: Shares issued to Employees under Employee Stock Option Scheme |
319500 |
3.200 |
|
Balance
as at the end of the year |
100346515 |
1003.470 |
Details
of shares held by shareholders holding more than 5% of the aggregate shares in
the Company
|
Equity Shares : |
31.03.2014 |
|
|
|
Number of Shares |
% of holdings |
|
Welspun Fintrade Limited |
- |
- |
|
Welspun Mercantile Limited |
11246576 |
11.21 |
|
Welspun Wintex Limited |
8425291 |
8.40 |
|
Krishiraj Trading Limited |
50037192 |
49.86 |
Rights, preferences and restrictions attached to shares
Equity Shares :
The company has one class of equity shares
having a par value of Rs.10 per share. Each shareholder is eligible for one
vote per share held. The dividend, in case proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of liquidation, the
equity shareholders are eligible to receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding.
Shares alloted as fully paid up pursuant to contract(s) without payment
being received in cash (during 5 years immediately preceeding March 31, 2014):
10,475,496 equity shares of Rs. 10 each fully
paid were issued in January 2013 to the erstwhile shareholders of Welspun
Global Brands Limited pursuant to the composite scheme of arrangement between
Welspun Global Brands Limited, the Company and Welspun Retail Limited without
payment being received in cash.
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 |
1003.470 |
1000.270 |
890.120 |
|
(b) Reserves & Surplus |
9489.310 |
9603.400 |
8317.260 |
|
(c) Share Suspense Account |
0.000 |
0.000 |
104.750 |
|
(d) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.520 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10493.300 |
10603.670 |
9312.130 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
13353.620 |
9290.990 |
9566.480 |
|
(b) Deferred tax liabilities
(Net) |
925.530 |
2352.810 |
2161.990 |
|
(c) Other long term
liabilities |
3.700 |
6.300 |
16.500 |
|
(d) long-term provisions |
980.350 |
45.660 |
33.010 |
|
Total
Non-current Liabilities (3) |
15263.200 |
11681.100 |
11777.980 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8123.690 |
6700.280 |
4917.510 |
|
(b) Trade payables |
4298.940 |
2641.530 |
2637.150 |
|
(c) Other current liabilities |
2793.690 |
1718.300 |
3375.460 |
|
(d) Short-term provisions |
432.970 |
245.810 |
83.030 |
|
Total
Current Liabilities (4) |
15649.290 |
11305.920 |
11013.150 |
|
|
|
|
|
|
TOTAL |
41405.790 |
33590.690 |
32103.260 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12505.670 |
16082.310 |
15551.080 |
|
(ii) Intangible Assets |
35.320 |
31.740 |
14.740 |
|
(iii) Capital work-in-progress |
5239.350 |
541.440 |
1198.420 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7069.140 |
3769.400 |
852.070 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1212.870 |
1437.430 |
3482.910 |
|
(e) Other Non-current assets |
896.510 |
1202.760 |
705.540 |
|
Total
Non-Current Assets |
26958.860 |
23065.080 |
21804.760 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
435.230 |
393.950 |
1197.290 |
|
(b) Inventories |
6872.300 |
5100.120 |
4547.340 |
|
(c) Trade receivables |
2183.030 |
1136.840 |
2059.790 |
|
(d) Cash and cash equivalents |
1916.220 |
1479.050 |
966.450 |
|
(e) Short-term loans and
advances |
2393.070 |
2047.420 |
761.030 |
|
(f) Other current assets |
647.080 |
368.230 |
766.600 |
|
Total
Current Assets |
14446.930 |
10525.610 |
10298.500 |
|
|
|
|
|
|
TOTAL |
41405.790 |
33590.690 |
32103.260 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
35312.030 |
30429.460 |
25909.950 |
|
|
Other Income |
1036.240 |
491.720 |
375.880 |
|
|
TOTAL
(A) |
36348.270 |
30921.180 |
26285.830 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
19717.890 |
16944.250 |
13541.490 |
|
|
Purchases of Stock-in-Trade |
69.740 |
81.140 |
153.460 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(1034.000) |
44.730 |
240.180 |
|
|
Employees benefits expense |
2342.690 |
1817.710 |
1541.650 |
|
|
Provision for diminution in value of investments [extraordinary items] |
0.000 |
0.000 |
81.790 |
|
|
Provision for doubtful loans and advances |
0.000 |
83.850 |
284.350 |
|
|
Other expenses |
7138.560 |
7049.310 |
5931.790 |
|
|
TOTAL
(B) |
28234.880 |
26020.990 |
21774.710 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
8113.390 |
4900.190 |
4511.120 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1439.140 |
1384.310 |
1438.510 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6674.250 |
3515.880 |
3072.610 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
6227.920 |
1328.090 |
1187.430 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
446.330 |
2187.790 |
1885.180 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
147.970 |
473.740 |
714.080 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
298.360 |
1714.050 |
1171.100 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1312.450 |
1182.210 |
735.550 |
|
|
Stores and Spares and Dyes and Chemicals |
243.380 |
176.060 |
245.630 |
|
|
Capital Goods |
3301.990 |
246.450 |
1248.670 |
|
|
Packing Material |
13.520 |
24.040 |
28.000 |
|
|
Others |
00000 |
0.000 |
90.980 |
|
|
TOTAL
IMPORTS |
4871.340 |
1628.760 |
2348.830 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.98 |
17.19 |
11.77 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
|
|
Unaudited |
Unaudited |
|
Net Sales |
|
9521.300 |
12104.300 |
|
Total Expenditure |
|
7253.500 |
9455.800 |
|
PBIDT (Excl OI) |
|
2267.800 |
2648.500 |
|
Other Income |
|
319.500 |
194.600 |
|
Operating Profit |
|
2587.300 |
2843.100 |
|
Interest |
|
465.00 |
474.700 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
2122.300 |
2368.400 |
|
Depreciation |
|
518.100 |
573.200 |
|
Profit Before Tax |
|
1604.200 |
1795.200 |
|
Tax |
|
430.100 |
434.800 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
1074.100 |
1360.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
1074.100 |
1360.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.84 |
5.63 |
4.52 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
22.98 |
16.10 |
17.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.53 |
7.47 |
6.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.21 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.05 |
1.51 |
1.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.93 |
0.94 |
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 |
890.120 |
1000.270 |
1003.470 |
|
Reserves & Surplus |
8317.260 |
9603.400 |
9489.310 |
|
Share Suspense Account |
104.750 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.520 |
|
Net
worth |
9312.130 |
10603.670 |
10493.300 |
|
|
|
|
|
|
long-term borrowings |
9566.480 |
9276.330 |
13353.620 |
|
Short term borrowings |
4917.510 |
6700.280 |
8123.690 |
|
Total
borrowings |
14483.990 |
15976.610 |
21477.310 |
|
Debt/Equity
ratio |
1.555 |
1.507 |
2.047 |
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 |
25909.950 |
30429.460 |
35312.030 |
|
|
|
17.443 |
16.046 |
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 |
25909.950 |
30429.460 |
35312.030 |
|
Profit |
1171.100 |
1714.050 |
298.360 |
|
|
4.52% |
5.63% |
0.84% |
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 |
No |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 Million)
|
Particular |
As on 31.03.2014 |
As on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Loan from others |
10.740 |
14.660 |
|
Loans form Bank |
725.320 |
0.000 |
|
|
|
|
|
Short-term
Borrowings |
|
|
|
Working Capital Loans from Banks |
223.210 |
841.120 |
|
Total |
959.270 |
855.780 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10481283 |
04/03/2014 |
10,650,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG,, BA |
B97927073 |
|
2 |
10467453 |
06/12/2013 |
1,000,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
WELSPUN HOUSE,
GROUND FLOOR, KAMALA MILLS COMPOUN |
B92482405 |
|
3 |
10468684 |
05/12/2013 |
2,000,000,000.00 |
Bank of India |
MUMBAI LARGE
CORPORATE BRANCH, ORIENTAL BUILDING, |
B92927847 |
|
4 |
10454107 |
27/09/2013 |
945,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMANI MARG, |
B87122453 |
|
5 |
10413664 |
26/03/2013 |
840,000,000.00 |
Export-Import Bank of India |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B71405740 |
|
6 |
10420866 |
26/03/2013 |
2,050,000,000.00 |
IDBI Bank Limited |
CBG, 9TH FLOOR, IDBI
TOWER, CUFFE PARADE, MUMBAI, |
B73487514 |
|
7 |
10391380 |
23/06/2014 * |
6,926,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BA |
C07991615 |
|
8 |
10350551 |
11/04/2012 |
340,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BA |
B37832508 |
|
9 |
10351905 |
11/04/2012 |
340,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BA |
B38284428 |
|
10 |
10322999 |
25/11/2011 |
900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG, BA |
B27819218 |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
As on 31.03.2014 |
|
Excise, Customs and Service Tax Matters |
344.280 |
|
Income Tax Matters |
167.650 |
|
Stamp Duty Matter |
4.60 |
|
Sales Tax |
38.080 |
|
Claims against Company not acknowledged as debts |
50.750 |
|
Total |
605.360 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.1.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from
Operations |
|
|
|
|
|
a)
Net Sales / Income from Operations |
10552.605 |
11279.726 |
30669.392 |
|
|
b)
Other Operating Income |
776.546 |
824.573 |
2285.316 |
|
|
Total
Income from Operations (net) |
11329.151 |
12104.299 |
32954.708 |
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
5482.369 |
5818.755 |
16709.994 |
|
|
b)
Purchase of stock-in-trade |
13.672 |
0.044 |
40.138 |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(100.696) |
452.715 |
(586.370) |
|
|
d)
Employee benefits expense |
830.574 |
841.980 |
2402.872 |
|
|
e)
Depreciation and amortisation expense |
776.526 |
573.241 |
1867.872 |
|
|
f) Power and Fuel Charges |
844.672 |
869.162 |
705.287 |
|
|
g)
Other expenses |
1428.201 |
1473.151 |
4153.583 |
|
|
Total Expenses |
9275.318 |
10029.068 |
27075.992 |
|
3. |
Profit/ (Loss) from Operations
before Other Income, Exchange gain/(loss), Finance costs and Exceptional
items (1-2) |
2053.833 |
2075.231 |
5878.716 |
|
4. |
Other Income |
141.178 |
194.627 |
655.295 |
|
5. |
Profit /(Loss) from
Ordinary activities before finance costs and Exceptional items (3+4a+4b) |
2195.011 |
2269.858 |
6534.011 |
|
6. |
Finance Costs |
579.726 |
474.658 |
1519.361 |
|
7. |
Profit / (Loss) from ordinary activities
after Finance costs but before Exceptional items (5-6) |
1615.285 |
1795.200 |
5014.650 |
|
8. |
Tax
Expenses Provision for Taxation – Current Tax (Net) Provision for Taxation – Deferred Tax (Net) |
364.792 (69.906) |
209.554 225.207 |
1156.720 103.030 |
|
|
Total |
294.886 |
434.7614 |
1519.361 |
|
9. |
Net Profit / (Loss) from ordinary
activities after tax (7-8) |
1320.399 |
1360.439 |
3754.900 |
|
10. |
Extraordinary
items |
-- |
-- |
-- |
|
11. |
Net Profit /
(Loss) for the period (11+12) |
1320.399 |
1360.439 |
3754.900 |
|
12. |
Paid-up equity share capital (Face Value of Rs. 10 per share) |
1004.416 |
1004.269 |
1004.416 |
|
13. |
Reserve excluding Revaluation reserve |
|
|
|
|
14. |
Earnings Per Share (EPS) before and after extraordinary items (of Rs.
10/- each) a) Basic b) Diluted |
13.15 13.15 |
13.55 13.54 |
37.40 37.39 |
|
|
|
|
|
|
|
Part II |
|
|
|
|
|
A. |
PARTIULARS OF SHAREHOLDINGS |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
26803896 |
26789196 |
26803896 |
|
|
- Percentage of Shareholding |
27% |
27% |
27% |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
Nil |
Nil |
Nil |
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
7367719 |
73637719 |
73637719 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
73% |
73% |
73% |
|
PARTICULARS |
For the quarter ended 31ST DECEMBER
2013 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
29 |
|
Disposed during the quarter |
29 |
|
Remaining unresolved at the end of the quarter |
Nil |
DISCLOSURE OF STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a)
Share Capital |
|
|
1004.269 |
|
(b) Reserves & Surplus |
|
|
11922.815 |
|
Sub-total
Shareholders' Funds |
|
|
12927.084 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
-- |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
11546.346 |
|
(b) Deferred tax liabilities (Net) |
|
|
1061.460 |
|
(c) Other long term
liabilities |
|
|
3.700 |
|
(d) long-term
provisions |
|
|
1160.047 |
|
Sub Total
Non-Current Liabilities |
|
|
13771.553 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
7543.669 |
|
(b) Trade
payables |
|
|
4024.189 |
|
(c) Other
current liabilities |
|
|
4362.341 |
|
(d) Short-term
provisions |
|
|
191.449 |
|
Sub Total- Current Liabilities |
|
|
16121.648 |
|
|
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
|
|
42820.285 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
19943.031 |
|
(b)Goodwill
on Consolidation |
|
|
- |
|
(c) Non-current Investments |
|
|
4105.599 |
|
(d) Deferred tax assets (net) |
|
|
- |
|
(e) Long-term Loan and Advances |
|
|
630.184 |
|
(f) Other
Non-current assets |
|
|
643.372 |
|
Sub
Total- Non-current
assets |
|
|
28322.186 |
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
594.002 |
|
(b)
Inventories |
|
|
7096.114 |
|
(c) Trade
receivables |
|
|
2198.586 |
|
(d) Cash
and cash equivalents |
|
|
1725.963 |
|
(e)
Short-term loans and advances |
|
|
2261.920 |
|
(f) Other
current assets |
|
|
621.514 |
|
Sub Total- Current
assets |
|
|
14498.099 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
42820.285 |
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. 62.25 |
|
|
1 |
Rs. 95.57 |
|
Euro |
1 |
Rs. 71.01 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
60 |
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.