MIRA
INFORM REPORT
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Report No. : |
329919 |
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Report Date : |
01.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN SYNTEX LIMITED
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Registered
Office : |
Survey No. 394(P),
Saily, Silvassa, |
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Tel. No.: |
91-02638-40599 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
31.03.1983 |
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Com. Reg. No.: |
56-000045 |
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Capital
Investment / Paid-up Capital : |
Rs.392.396 Million |
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CIN No.: [Company Identification
No.] |
L99999DN1983PLC000045 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction & Collection
Account No.] |
SRTW00080D MUMW02090E MUMM25361A |
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PAN No.: [Permanent Account No.] |
AAACW0489L |
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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, Exporter and Importer of Polyester Texturized Filament
Yarn, Nylon Filament Yarn. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be decent.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
12.01.2015 |
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Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
12.01.2015 |
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 PARTED BY
|
Name : |
Ms. Sangita Chandale |
|
Designation : |
Account Officer |
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Contact No.: |
91-9870079734 |
|
Date : |
04.12.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Survey No.394
(P), Saily, Silvassa, Union Territory of
Dadra and Nagar Haveli, Daman and Diu - 396230, India |
|
Tel. No.: |
91-260-2640596/ 2640599 |
|
Mobile No.: |
91-9870079734 (Sangita Chandale) |
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Fax No.: |
91-260-2640597 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Corporate Office : |
9th Floor, Trade World, “B” Wing, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel No.: |
91-22-24908000/ 01/ 02/ 03 /04/ 66136000 |
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Fax No.: |
91-22-24908020/ 21 |
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E-Mail : |
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Website : |
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Factory 2 : |
Palghar Plant: Plot No.14/15, Dewan Industrial Estate, Palghar, District Thane, |
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Tel. No.: |
91-952525-252772/ 252662 |
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Fax No.: |
91-952525-250749 |
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Marketing Office : |
3001/3002, 3rd Floor, Jash Tex and Yarn Market, 1-Ring
Road, Surat - 395002, Gujarat, India |
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Tel. No.: |
91-261-2327863/ 2336125 |
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Fax No.: |
91-261-2312604 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. B.K. Goenka |
|
Designation : |
Chairman |
|
Address : |
Rocky Isle, 46, Cross Road,
Bhulabhai Desai Road, Breachcandy, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1966 |
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Date of Appointment : |
16.07.1991 |
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Name : |
Mr. R.R. Mandawewala |
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Designation : |
Director |
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Address : |
B – 171, Tanna Residency, Bay View Veer Savarkar Marg, Opp.
Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India. |
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Date of Birth/Age : |
05.05.1962 |
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Date of Appointment : |
16.07.1991 |
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Name : |
Mr. B.K. Kale |
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Designation : |
Executive Director (with effect from 30.10.2010) |
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Address : |
C – 3, Shri Gajanan Housing Society Limited, LT. Dilip Gupte Road,
Mumbai – 400016, Maharashtra, India |
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Date of Birth/Age : |
13.11.1954 |
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Date of Appointment : |
30.10.2010 |
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|
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|
Name : |
Mr. Atul Desai |
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Designation : |
Director |
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Address : |
C – 62, 14, Vellard View, Tardeo Road, Haji Ali, Prabhadevi, Mumbai –
400034, Maharashtra, India |
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Date of Birth/Age : |
27.01.1950 |
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Date of Appointment : |
29.01.2002 |
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Name : |
Mr. Raj Kumar Jain |
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Designation : |
Director |
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Address : |
Flat no. 1601, ‘A’ Wing Abrol Vastu, Evershine Nagar, Malad (West),
Mumbai – 400064, Maharashtra, India |
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Date of Birth/Age : |
19.07.1956 |
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Date of Appointment : |
27.01.1999 |
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Name : |
Mr. M.K. Tandon |
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Designation : |
Director |
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Address : |
Flat No. 205, Challenger Tower 4, Samta Nagar, Thakur Village,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
28.09.1941 |
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Date of Appointment : |
31.01.2004 |
KEY EXECUTIVES
|
Name : |
Mr. K. N. Kapasi |
|
Designation : |
Company Secretary |
|
Address : |
502, Ridhi Apartment, Ashok Nagar, Kandivali (East, Mumbai – 400101,
Maharashtra, India |
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Date of Birth/Age : |
18.07.1955 |
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Date of Appointment : |
19.10.2012 |
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|
Name : |
Ms. Sangita Chandale |
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Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholders |
Total
No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
35429 |
0.09 |
|
|
27470277 |
70.01 |
|
|
27505706 |
70.10 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
27505706 |
70.10 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
105 |
0.00 |
|
|
2240284 |
5.71 |
|
|
228837 |
0.58 |
|
|
21662 |
0.06 |
|
|
0 |
0.00 |
|
|
2490888 |
6.35 |
|
|
|
|
|
|
2270217 |
5.79 |
|
|
|
|
|
|
3176242 |
8.09 |
|
|
3391728 |
8.64 |
|
|
404787 |
1.03 |
|
|
157727 |
0.40 |
|
|
141620 |
0.36 |
|
|
4302 |
0.01 |
|
|
101138 |
0.26 |
|
|
9242974 |
23.56 |
|
Total
Public shareholding (B) |
11733862 |
29.90 |
|
Total
(A)+(B) |
39239568 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B) |
39239568 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family 
Individual shareholders holding nominal
share capital up to Rs.0.100 Million
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
|
Welspun India Ltd |
2,83,500 |
0.72 |
|
Welspun Finance Ltd |
1,37,191 |
0.35 |
|
Krishiraj Trading Ltd |
2,53,56,132 |
64.62 |
|
Welspun Steel Ltd |
25 |
0.00 |
|
Welspun Zucchi Textiles Ltd |
25 |
0.00 |
|
B K Goenka HUF |
15,428 |
0.04 |
|
B K Goenka |
3,405 |
0.01 |
|
Deepali B Goenka |
11,571 |
0.03 |
|
Radhika Goenka |
5,025 |
0.01 |
|
Welspun Mercantile Ltd |
16,93,404 |
4.32 |
|
Total |
2,75,05,706 |
70.10 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
1 |
IFCI Ltd |
1749947 |
4.46 |
|
2 |
Somesh Mehrotra |
1500000 |
3.82 |
|
|
VLS Capital Limited |
737961 |
1.88 |
|
|
Total |
3987908 |
10.16 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as % of Total
No. of Shares |
|
1 |
Krishiraj Trading Ltd |
74,50,614 |
18.99 |
|
2 |
Welspun Mercantile Ltd |
3,97,300 |
1.01 |
|
|
Total |
78,47,914 |
20.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Polyester Texturized Filament
Yarn, Nylon Filament Yarn. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
USA ·
Turkey ·
Vietnam · Australia |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
Singapore ·
Vietnam ·
Malaysia ·
USA · China |
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Terms : |
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Selling : |
Cash, L/C and Cheque |
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Purchasing : |
Cash, L/C and Cheque |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
· State Bank of Bikaner and Jaipur ·
IDBI Bank Limited ·
Central Bank of India ·
State bank of India ·
Except State Bank of India ·
Karur Vysya Bank ·
Additional Bank |
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Facilities : |
(Rs.
In Million)
Long-term
borrowings (As on 31.03.2014) (a) Term loans from banks except (g) and (h) below, are secured by way of first charge on immovable and movable assets of the Company, both present and future, ranking pari passu and also secured by second charge on current assets subject to prior charge in favour of banks for working capital facilities. (b) Term loan of Rs.123.957 Millions (` Nil) from Central Bank of India carries interest @ 13.00% p.a. and is repayable in 28 quarterly instalments commencing from 28 February 2016. (c) Term loan of Rs.4,4.761 Millions (Rs.300.703 Millions) from Industrial Development Bank of India carries interest @ 12.50 % p.a. and is repayable in 28 stepped-up quarterly instalments ranging from 2.50% to 4.75% per quarter of disbursed loan amount commencing from 01 April 2014. (d) Converted rupee term loan of Rs.10.588 Millions (Rs.52.630 Millions) from State Bank of Bikaner and Jaipur carries interest @ 13.50% p.a. and is repayable in single instalment on 15 April 2014. (e) Rupee term loan of Rs.113.032 Millions (Rs. Nil) from State Bank of Bikaner and Jaipur carries interest @ 13.50% p.a. and is repayable in 13 stepped-up quarterly instalments ranging from 3.06% to 5.10% of disbursed loan amount. (f) Term loan of Rs.88.554 Millions (Rs.198.776 Millions) from State Bank of Bikaner and Jaipur carries interest @ LIBOR+4.00% p.a. and is repayable in 7 stepped-up quarterly instalments ranging from 5.10% to 5.73% of disbursed loan amount. (g) Term loan of Rs.150.000 Millions (Rs.Nil) from State Bank of Bikaner and Jaipur is secured by first charge, ranking pari passu, by way of hypothecation of company’s raw materials, goods-in-process, finished goods, stores, spares and book debts and second charge, ranking pari passu, on fixed assets (immovebale) of the company. It carries interest @ 13.50 % p.a. and is repayable in 6 quarterly instalments of Rs.25.000 Millions each starting from 31 December 2014. (h) Converted rupee term loan of Rs.62.500 Millions (Rs.178.642 Millions) from State Bank of Bikaner and Jaipur is secured by first charge ranking pari passu by way of hypothecation of company’s raw materials, goods-in-process, finished goods, stores, spares, book debts and other current assets and second charge, ranking pari passu, on fixed assets (immoveable) of the company. It carries interest @ 12.50% p.a. and is repayable in 2 quarterly equal instalments of Rs.31.250 Millions. (i) Term loan of Rs.434.122 Millions (Rs.287.996 Millions) from Bank of Baroda, Dubai carries interest @ LIBOR+4.25% p.a. and is repayable in 28 quarterly instalments ranging from 2.5% to 4.75% of disbursed loan amount commencing from 30 June 2014. (j) Term loan of Rs. Nil (Rs.9.247 Millions) from Bank of Baroda carrying interest @ 13.25% p.a. has been fully repaid during the year. (k) Term loan of Rs. Nil (Rs.8.700 Millions) from State Bank of India carrying interest @ 14.15% p.a. has been fully repaid during the year. (l) Term loan of Rs. Nil (Rs.7.667 Millions) from State Bank of Bikaner and Jaipur carrying interest @ 13.90% p.a. has been fully repaid during the year. (m) Buyer’s credit from bank of Rs. Nil (Rs.109.900 Millions) carrying interest @ LIBOR+2.50% p.a. has been fully repaid during the year. Short-term borrowings
(As on 31.03.2014) (a) Working capital loans from banks are secured by way of hypothecation of raw materials, finished goods, goods-in-process, stores and spares and book debts and second charge by way of mortgage on entire fixed assets of the Company. (b) Inter-corporate deposits of Rs. Nil (12,500,000)
carrying interest @ 9% p.a. has been fully repaid during the year. |
|
Auditors : (As on 31.03.2014) |
|
|
Name : |
MGB and Company Chartered
Accountants |
|
Address : |
Jolly Bhavan
No.2, 1st Floor, 7, New Marine Lines, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-66332330 |
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Fax No.: |
91-22-66351545 |
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E-Mail : |
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PAN No.: |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
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Other related
parties with whom transactions have taken place during the year or balances outstanding
as on the last day of the year. (As on 31.03.2014) |
· Welspun India Limited · Welspun Corp Limited · Welspun Retail Limited · Welspun Steel Limited · Welspun Wintex Limited · Welspun Realty Private Limited · Goodvalue Polyplast Limited · Welspun Fintrade Limited · Welspun USA Inc. ·
Welspun Zucchi Textiles Private Limited ·
Krishiraj Trading Limited ·
Welspun Captive Power Generation Limited |
|
|
|
|
Enterprises which
are owned, or have significant influence, of or are partners with key management
personnel and their relatives. (As on 31.03.2014) |
· Welspun India Limited · Welspun Corp Limited · Welspun Global Brands Limited · Welspun Steel Limited · Welspun Wintex Limited · Mertz Securities Limited · Welspun Realty Private Limited · Goodvalue Polyplast Limited ·
Krishiraj Trading Limited · Welspun Fintrade Private Limited · Welspun Captive Power Generation Limited ·
Welspun Zucchi Textiles Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs. 392.396
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,20,00,000 |
Equity Shares |
Rs.10/- each |
Rs.920.000 Millions |
|
2,80,00,000 |
Convertible Cumulative Preference Shares |
Rs.10/- each |
Rs.280.000 Millions |
|
|
Total |
|
Rs.1200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,92,39,568 |
Equity Shares |
Rs.10/- each |
Rs.392.396
Millions |
|
|
|
|
|
NOTE
Reconciliation of the
equity shares outstanding at the beginning and at the end of the year
|
Equity Shares |
2014 |
|
|
No.
of Shares |
Amount
|
|
|
At the beginning of the year |
39,239,568 |
3923.96 |
|
Movements during the year |
-- |
-- |
|
Outstanding at the end of the year |
39,239,568 |
3923.96 |
Terms / right
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. All issued shares rank pari-passu and have same voting rights per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% shares in company
|
Equity Shares |
2014 |
|
|
No. of Shares |
Percentage (%) Holding |
|
|
Krishiraj Trading Limited, |
23,544,022 |
60.00% |
|
Welspun Fintrade Limited, |
-- |
-- |
|
IFCI Limited |
7,741,599 |
19.73% |
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 |
392.396 |
392.396 |
392.396 |
|
(b) Reserves & Surplus |
1071.301 |
737.243 |
682.962 |
|
(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) |
1463.697 |
1129.639 |
1075.358 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1276.310 |
1159.015 |
954.967 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
67.022 |
58.779 |
66.182 |
|
Total Non-current Liabilities (3) |
1343.332 |
1217.794 |
1021.149 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
451.473 |
699.146 |
815.449 |
|
(b) Trade payables |
580.809 |
710.112 |
565.523 |
|
(c) Other current
liabilities |
470.499 |
473.143 |
536.359 |
|
(d) Short-term provisions |
71.940 |
179.208 |
36.399 |
|
Total Current Liabilities (4) |
1574.721 |
2061.609 |
1953.730 |
|
|
|
|
|
|
TOTAL |
4381.750 |
4409.042 |
4050.237 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2047.244 |
2090.979 |
1347.003 |
|
(ii) Intangible Assets |
1.735 |
1.978 |
1.641 |
|
(iii) Capital
work-in-progress |
183.199 |
70.877 |
624.128 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.017 |
121.702 |
150.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
336.738 |
196.312 |
149.593 |
|
(e) Other Non-current assets |
0.000 |
44.757 |
49.141 |
|
Total Non-Current Assets |
2568.933 |
2526.605 |
2322.306 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
215.560 |
20.000 |
0.000 |
|
(b) Inventories |
650.797 |
782.778 |
737.545 |
|
(c) Trade receivables |
321.482 |
454.647 |
412.115 |
|
(d) Cash and cash
equivalents |
221.220 |
108.073 |
78.728 |
|
(e) Short-term loans and
advances |
337.614 |
418.097 |
381.991 |
|
(f) Other current assets |
66.144 |
98.842 |
117.552 |
|
Total Current Assets |
1812.817 |
1882.437 |
1727.931 |
|
|
|
|
|
|
TOTAL |
4381.750 |
4409.042 |
4050.237 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operations |
8348.623 |
8963.815 |
7761.182 |
|
|
|
Other Income |
31.023 |
31.423 |
25.047 |
|
|
|
TOTAL (A) |
8379.646 |
8995.238 |
7786.229 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5088.085 |
6132.489 |
5175.112 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
72.611 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
89.557 |
(4.625) |
24.599 |
|
|
|
Employees benefits expense |
433.054 |
388.368 |
337.589 |
|
|
|
Other expenses |
1900.218 |
1848.673 |
1681.499 |
|
|
|
TOTAL (B) |
7510.914 |
8364.905 |
7291.410 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
868.732 |
630.333 |
494.819 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
239.164 |
238.965 |
186.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
629.568 |
391.368 |
308.349 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
202.022 |
191.104 |
148.103 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
427.546 |
200.264 |
160.246 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
3.359 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
427.546 |
196.905 |
160.246 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
2050.960 |
1870.200 |
|
|
TOTAL EARNINGS |
NA |
2050.960 |
1870.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1619.541 |
1183.612 |
|
|
|
Capital Goods |
NA |
123.143 |
485.150 |
|
|
|
Stores & Spares |
NA |
125.992 |
120.870 |
|
|
TOTAL IMPORTS |
NA |
1868.676 |
1789.632 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.90 |
5.02 |
6.23 |
|
Expected Sales (2015-2016) : Rs. 10000.000 Million
The above information has been parted by Ms. Sangita Chandale (Account
Officer)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
238.500 |
199.294 |
|
Cash generated from operations |
NA |
487.778 |
(113.049) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
5.12 |
2.20 |
2.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
10.41 |
7.03 |
6.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.18 |
4.75 |
4.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.18 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.18 |
1.64 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
0.91 |
0.88 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.76.05 |
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 |
392.396 |
392.396 |
392.396 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1075.358 |
1129.639 |
1463.697 |
|
|
|
|
|
|
long-term borrowings |
954.967 |
1159.015 |
1276.31 |
|
Short term borrowings |
815.449 |
699.146 |
451.473 |
|
Total
borrowings |
1770.416 |
1858.161 |
1727.783 |
|
Debt/Equity
ratio |
1.646 |
1.645 |
1.180 |
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 |
7761.182 |
8963.815 |
8348.623 |
|
|
|
15.495 |
(6.863) |
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 |
7761.182 |
8963.815 |
8348.623 |
|
Profit |
160.246 |
196.905 |
427.546 |
|
|
2.06% |
2.20% |
5.12% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TERM
BORROWINGS |
|
|
|
Foreign Currency Loans - Buyers Credit |
|
239.465 |
|
Inter Corporate Deposit |
N.A |
0.000 |
|
Total |
|
239.465 |
CORPORATE INFORMATION
(As on 31.03.2014)
Subject is a Company incorporated under the Companies Act, 1956. Subject was established in 1983. Since its inception, it has grown manifold and today is amongst the largest manufacturers and exporters of Polyester Texturised Filament Yarn, Nylon Filament Yarn from India.
OPERATIONS (As on
31.03.2014)
During the year, Net sales and services and Gross Profit before Interest and Depreciation were of Rs. 8963.815 Millions and Rs.630.333 Million respectively as compared to Rs. 7761.182 Millions and Rs. 494.819 Million respectively for the previous year. Net sales and services of the Company and Gross Profits have thus increased by 15.50% and 27.39 % respectively over the previous year.
Exports during the financial year 2013-14 were of Rs. 2144.923 Million as compared to Rs. 2133.530 Million during the previous year.
Power cost is increased due to increase in power tariff both in Palghar, Maharashtra as well as at Rakholi, Silvassa. Interest cost has been increased due to rise in rate of interest and increase in borrowing for working capital. Foreign exchange difference losses were of 61.430 Million as against Rs. 110559 Million during the previous year in view of fluctuation in foreign exchange. Packing, Dyes and chemical cost have also increased due to strong USD in first two quarters. Market was comparatively weak during the third quarter. The Company has developed market for carpet yarn, yarn for Bath rugs and spandex covered yarn for denim industry. In spite of increase in cost, the earnings have increased due to several steps taken by the Company during the year for improving margins.
EXPANSION (As on
31.03.2014)
The Company has completed the expansion project at approximate cost of Rs.1500.000 Million by 15th December 2013. It has increased Texturised, spinning capacity of Nylon mother yarn and produced new product Bulk continuous filament yarn. Now the Company proposes to install additional machinery for manufacturing BCF yarn at an installed capacity of 540 MT per annum, the cost of which along with accessories are aggregating to Rs.100.000 Million.
MANAGEMENT DISCUSSION
AND ANALYSIS (As on 31.03.2014)
INDUSTRY STRUCTURE,
SCENARIO AND DEVELOPMENT
Though the Indian textile industry uses all kind of fibres / yarn, it continues to be predominantly cotton based. The consumption of cotton fibre visà- vis other fibres / yarn in India is 62 : 38, while the global consumption of fibres / yarn is 40 : 60 in favour of non-cotton fibres / yarn. However, in India also the consumption of manmade fibre / yarn is increasing very fast and expected to reach the world level in near future. The man-made fibres/ yarns industry, particularly the polyester segment, has achieved significant growth during the last two decades. The sharp increase in production of polyester fibre and yarn has made India emerge as the 5th largest producer of man-made fibre/filament yarn in the world.
Owing to a weak domestic and global economic scenario, and correction in cotton prices, demand for man-made fibre/yarn rose only at a moderate pace in 2012-13. During the year, production of blended fabric increased by about 9.6 per cent y-o-y while that of non-cotton fabric declined by 8.6 per cent y-o-y. However, over the long term, demand for man-made fibre/ yarn will improve as a result of increasing competitiveness of polyester vis--vis the relatively higher-priced cotton, and growing demand from the non-apparel segments.
Overcapacity is the main characteristic of the domestic POY industry with operating rates declining to about 61 per cent in 2012-13 from 67 per cent in 2011-12. Demand for POY is mainly impacted by the comparative prices of cotton yarn, blended yarn, and VSF, and also their relative availability. In 2012-13, margins for POY players remained under pressure to average at Rs 13 per kg because of high input prices and overcapacity.
Margins of POY producers are calculated as domestic prices of POY (126 D) less the raw material prices of PTA and MEG (0.86 units of PTA + 0.33 units of MEG per 1 unit of POY). Over the past five years, margins are on downward trend owing to volatility in input cost of because of fluctuation in crude oil prices coupled with supply concerns. Margins have almost halved to Rs 13 per kg in 2012-13 from Rs 24 per kg in 2007-08. Additionally, PFY can be substituted with blended yarn, cotton yarn as well as viscose yarns depending on the end use and hence the demand is impacted by the comparative pricing, and their relative availability
Margins have started to improve gradually since 2012-13 on account of increased prices of substitute cotton yarn prices and hence, improvement in demand for POY.
Once, a major driver of India’s growth, the textile sector has been witnessing a tumultuous time in the past decade with countries such as China, Bangladesh and even Vietnam throwing a stiff competition in the global arena. While China trebled its market share to 33% between 2000 and 2012, India’s share crept up to 5.3% from 3.6%.
Indian textile industry has shown a strong growth, sustained by strong domestic consumption.
India has the potential to increase its textile and apparel share in world trade. The Indian textiles industry produces a wide variety of fibres, from cotton to manmade, wool, silk, jute, and multiple blends catering to different demands and needs of companies. India has become a popular destination for many big global retailers due to its strength of vertical and horizontal integration. The quality of the country’s products is seen in the repeat orders from these global companies and the significant growth in their outsourcing from India.
India earned nearly US$ 15 billion through exports of textiles and apparel in the first six months of the current financial year 2013-14, according to the latest data released by the Reserve Bank of India (RBI).
Further, in FY15, the exports are expected to grow by 15.75%. Given the growth in textile exports due to the investment inflows to this sector to expand the capacity in the entire value chain, the working group constituted by the Planning Commission has estimated the overall growth for exports at 15% with an export target of US $ 65 bn by end of Twelfth Five Year Plan (FY17).
China has become close to a developed economy now. The costs are soaring, especially on the labour front and they have no advantage on power. There is a huge gap in fibre pricing; so they are looking to import textile goods – be it home textiles or apparels.
A pick up in merchandise exports and moderation in imports, particularly gold imports, saw India’s current account deficit (CAD) narrow sharply to $4.2 billion (0.9 per cent of GDP) in the October-December period of 2013-14.
Industry body FICCI has suggested measures like labour reforms and keeping textile industry under the lowest slab of GST to boost the country’s textile and clothing industry and raise India’s share in world exports. A strong economic revival package and right implementation of policies by a fresh Government can help create as many as 150 million jobs in the next 10 years.
PRODUCT WISE
PERFORMANCE (As on 31.03.2014)
The Company manufactures Partially Oriented Yarn (POY), Texturised yarn/ Dyed yarn.
Revenue from POY were of Rs. 1213.983 Million as compared to Rs.1155.467 Million of previous year, from Texturised Yarn/Dyed yarn were of Rs. 8190.675 Million as compared to Rs. 6840.416 Million of previous year.
OUTLOOK (As on
31.03.2014)
It has increased capacity of texturised yarn, mother yarn splitting (mother yarn-polyester) capacities and introduced BCF (Bulk Continuous Filament) Yarn which is useful for making Carpets. This has resulted in increase in turnover of the Company.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10523718 |
03/09/2014 |
1,235,500,000.00 |
Bank of Baroda |
Corporate Financial Service Branch, First floor,, |
C25532292 |
|
2 |
10434382 |
30/12/2013 * |
150,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GROUND FLOOR, WELSPUN HOUSE,, KAMALA MILLS COMPOU |
B95161246 |
|
3 |
10434375 |
20/06/2013 |
715,400,000.00 |
STATE BANK OF BIKANER & JAIPUR |
WELSPUN HOUSE, GROUND FLOOR,, KAMALA MILLS COMPOU |
B78535796 |
|
4 |
10414631 |
04/03/2013 |
942,500,000.00 |
Bank of Baroda |
Corporate Financial Service Branch, First floor,, |
B71756605 |
|
5 |
10397520 |
09/01/2013 |
100,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
WELSPUN HOUSE, GROUND FLOOR,, KAMALA MILLS COMPOU |
B66074808 |
|
6 |
10389103 |
05/11/2012 |
470,000,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL SERVICES BRANCH NO.3,, WALCHA |
B63020044 |
|
7 |
10374114 |
30/12/2013 * |
160,000,000.00 |
CENTRAL BANK OF INDIA |
Corporate Finance Branch, 1st floor, MMO Building, |
B96172739 |
|
8 |
10374558 |
30/12/2013 * |
470,000,000.00 |
Bank of Baroda |
CORPORATE FINANCIAL SERVICES BRANCH NO.3,, WALCHA |
B96755483 |
|
9 |
10363603 |
30/12/2013 * |
500,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maha |
B94779220 |
|
10 |
10310958 |
30/12/2013 * |
350,000,000.00 |
State Bank of Bikaner and Jaipur |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD,, DANA BU |
B95161188 |
|
11 |
10299300 |
30/12/2013 * |
81,000,000.00 |
State Bank of Bikaner & Jaipur |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD,, DANA BU |
B96178785 |
|
12 |
10246936 |
08/10/2010 |
50,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD,, DANA BU |
A97014567 |
|
13 |
10234411 |
30/12/2013 * |
219,100,000.00 |
State Bank of Bikaner & Jaipur |
GIRIRAJ BUILDING, 73, SANT TUKARAM ROAD,, DANA BU |
B96179239 |
|
14 |
10112083 |
21/11/2011 * |
468,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GIRIRAJ BUILDING,, 73, SANT TUKARAM ROAD, DANABUN |
B26651638 |
|
15 |
10004191 |
03/12/2013 * |
63,400,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH NO.3,, WALCHA |
B93821452 |
|
16 |
80040558 |
30/03/2002 |
22,200,000.00 |
AXIS BANK LIMITED |
MAKER TOWER-'F', CURRE PARADE, MUMBAI, Maharashtr |
- |
|
17 |
80040561 |
20/12/2013 * |
1,601,500,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH NO.3,, WALCHA |
B95529293 |
|
18 |
80040612 |
01/04/1995 * |
90,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
GIRIRAJ , DANA BUNDER, MUMBAI, Maharashtra - 4000 |
- |
|
19 |
80040562 |
16/08/1994 |
17,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
73, SANT TUKARAM ROAD, DANA BUNDER, MUMBAI, Mahar |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
·
· Buildings
· Plant and Machinery
· Vehicles
· Furniture and Fixture
· Equipments
· Computers
Intangible Assets
· Software
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.63.62 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs70.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.