MIRA INFORM REPORT

 

 

Report No. :

328421

Report Date :

22.06.2015

 

IDENTIFICATION DETAILS

 

Name :

WELSPUN STEEL LIMITED (w.e.f. 26.05.2010)

 

 

Formerly Known As :

WELSPUN POWER AND STEEL LIMITED

 

 

Registered Office :

Survey No.650, Village Varsamedi, Taluka Anjar, District Kutch – 370 110, Gujarat

Tel. No.:

91-2836-279051

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

03.06.2004

 

 

Com. Reg. No.:

04-044249

 

 

Capital Investment / Paid-up Capital :

Rs.1100.900 million

 

 

CIN No.:

[Company Identification No.]

U27109GJ2004PLC044249

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

RKTW00058C

 

 

PAN No.:

[Permanent Account No.]

AAACW5308G

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Subject is engaged in the business of manufacturing of ribbed thermo mechanically treated rebars, sponge iron, and ingots/billets.

 

 

No. of Employees :

Information declined by the Management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject was established in June 2004 and is a part of the “Welspun Group”.  It is an established company having satisfactory track record.

 

For the financial year ended 2014, company has reported loss from its operational activities.

 

However, rating derive strength from the parentage of the Welspun Group backed by experienced management team and continued support from promoters in the form of fund infusion to support operations. 

 

Trade relations are fair. Business is active. Payment terms are reported to be usually correct.

 

In view of being part of Welspun Group, the company can be considered for business dealings at usual trade terms and condition.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

CARE

Rating

Long Term Bank Facilities = BBB

Rating Explanation

Moderate degree of safety and moderate credit risk.

Date

23.03.2015

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A3+

Rating Explanation

Moderate degree of safety and higher credit.

Date

23.03.2015

 

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 DECLINED

 

Management non-cooperative

 

(Tel. No.: 91-22-66136000) 

 

 

LOCATIONS

 

Registered Office/ Factory :

Survey No.650, Village Varsamedi, Taluka Anjar, District Kutch – 370 110, Gujarat, India

Tel. No.:

91-2836-279051/ 53  54/ 55/ 56

Fax No.:

91-2836-279050

E-Mail :

secretariallegal@welspun.com

dilip_chokhra@welspun.com

wpslanjar_gov@welspun.com

rashmi_mamtura@welspun.com

Website :

www.welspunsteel.com

 

 

Corporate Office :

Welspun House, 7th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India.

Tel. No.:

91-22-66136000

Fax No.:

91-22-24908020

 

 

Branch Office :

23-HIG, BDA Housing Complex, Gangadhar Meher Nagar, Jayadev Vihar, Bhubaneshwar – 751 013, Orissa, India

Tel. No.:

91-674-2300223

Fax No.:

91-674-2300224

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Sitaram Damodardas Somani

Designation :

Director

Address :

N-8/18 Ganpati Niwas, Bangur Niwas Building, Goregaon (West), Mumbai – 400 090, Maharashtra, India.

Date of Birth/Age :

23.01.1948

Qualification :

C.A

Date of Appointment :

22.03.2006

DIN No.:

00005017

 

 

Name :

Mr. Rajesh Rameshkumar Mandawewala

Designation :

Director

Address :

161/171-B, Opposite Sidhivinayak Temple, Tanna Residency, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

05.05.1962

Qualification :

F.C.A

Date of Appointment :

01.09.2006

DIN No.:

00007179

 

 

Name :

Mr. Ram Gopal Sharma

Designation :

Director

Address :

E-707, Military Road, Off Marol Maroshi Road, Lok Sarita Building, Andheri (East), Mumbai – 400 059, Maharashtra, India

Date of Birth/Age :

11.09.1940

Qualification :

B.com, M.A (Economics)

Date of Appointment :

30.09.2014

DIN No.:

00026514

 

 

Name :

Apurba Kumar Dasgupta

Designation :

Director

Address :

Bunglow No.10, Ipshita, Dreamland Co-operative Society, Near Diamond Gardens, Aloycious Soares Marg, Mumbai – 400 071, Maharashtra, India

Date of Appointment :

19.05.2014

DIN No.:

00043075

 

 

Name :

Mr. Balkrishan Gopiram Goenka

Designation :

Director

Address :

Rocky Isle 46/C, Bhulabhai Desai Road, Breach Candy, Mumbai – 400 026, Maharashtra, India

Date of Birth/Age :

15.08.1965

Qualification :

B. Com

PAN No. :

AEOPG4891D

Date of Appointment :

03.06.2004

DIN No.:

00270175

 

 

Name :

Mr. Anuj Burakia

Designation :

Director

Address :

B-108, NU-10B, Shakti Nagar, Gandhidham – 370 201, Gujarat, India

Date of Birth/Age :

27.06.1979

Qualification :

C.A

PAN No. :

AGCPB8871E

Date of Appointment :

01.01.2015

DIN No.:

02840211

 

 

Name :

Ms. Khushboo Abhishek Mandawewala

Designation :

Director

Address :

B-161/171, Tanna Residency, Bay View, 392-Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Appointment :

07.08.2014

DIN No.:

06942156

 

 

KEY EXECUTIVES

 

Name :

Mr. Narendra Kumar Bhandari

Designation :

Chief Financial Officer

Address :

E-1004, Ashok Gardens, T.J. Road, Near Sewri Naka, Mumbai – 400 015, Maharashtra, INDIA

Date of Appointment :

03.12.2014

PAN No.:

AHFPB0570L

 

 

Name :

Ms. Rashmi Dinesh Mamtura

Designation :

Secretary

Address :

B-2, Ekvira Niwas, P.G. Marg, Bhandar Wada, Malad (West), Mumbai – 400 064, Maharashtra, India

Date of Appointment :

13.10.2011

PAN No.:

BAHPM5142B

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

 

No. of Shares

Krishiraj Trading Limited, India

 

54350100

Welspun Finance Limited, India

 

10000

Welspun Mercantile Limited, India

 

6659600

Welspun Fintrade Limited, India

 

40950000

Welspun Wintex Limited, India

 

2120000

Goldenarch Estates Private Limited, India

 

1000000

Welspun Investments and Commercials, India

 

5000000

Welspun Zucchi Textiles Limited, India

 

100

Welspun Syntex Limited, India

 

100

Welspun India Limited, India

 

100

Total

 

110090000

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

 

Percentage of holding

Bodies corporate

100.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of manufacturing of ribbed thermo mechanically treated rebars, sponge iron, and ingots/billets.

 

 

Products :

Product Description

 

ITC Code No.

Sponge Iron

72031000

MS ingot

72061090

TMT Bar

72131090

MS Steel Billets and Alloy Billets

72071920

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour

Market Goodwill

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality

Delivery Behaviour

Overall

Not Divulged

Not Divulged

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the Management.

 

 

Bankers :

Banker Name

Standard Chartered Bank

Branch Address

Abhijeet II, Ground Floor, Near Mithakali Six Roads, Ahmedabad – 380 006, Gujarat, India

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • Andhra Bank, 16B, 16th Floor, Earnest House, 194, NCPA Marg, Nariman Point, Mumbai – 400 021, Maharashtra, India
  • Punjab National Bank, IIIACO House, Sir P.M. Road, Fort, Mumbai – 400 001, Maharashtra, India
  • Axis Bank Limited
  • ICICI Bank Limited, Landmark Race Cource Circle, Alkapuri, Vadodara – 390 015, Gujarat, India
  • State Bank of Saurastra
  • Yes Bank Limited
  • State Bank of Travnacore
  • State Bank of Indore
  • State Bank of Patiala
  • IDBI Bank Limited
  • State Bank of Bikaner and Jaipur
  • Kotak Mahindra Bank Limited
  • United Bank of India
  • Vijaya Bank
  • Indusind Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Rupee term loan from bank

1750.000

2025.000

Foreign currency term loan from bank

149.788

271.425

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from bank

244.551

271.513

Total

2144.339

2567.938

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Suresh Surana and Associates

Chartered Accountants

Address :

B-301 Mehvish Tower Patel Complex Mira Village Mira Road (East), District Thane Mira Road, Thane– 401104, Maharashtra, India

Income-tax PAN of auditor or auditor's firm :

ABAPV2006L

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies :
  • Welspun Orissa Steel Private Limited (upto 27.12.2013) (CIN No.: U45400OR2007PTC015831)
  • WS Trading and Holding Private Limited (w.e.f. 26.07.2013) (CIN No.: U51909GJ2013PTC076194)
  • PT. Batubara Energy Indonesia (upto 22.07.2013)
  • PT. Bangun Energy Indonesia (upto 22.07.2013)

 

Associates :
  • Welspun Captive Power Generation Limited (CIN No.: U40100GJ2010PLC060502)
  • RMG Alloy Steel Limited (formerly known as Remi Metals Gujarat Limited) (CIN No. :L27100GJ1993PLC020358)
  • Welspun Natural Resources (Australia) Pty. Limited (w.e.f. 30 March 2013) (upto 30 March 2014)

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

  • Welspun India Limited (CIN No.: L17110GJ1985PLC033271)
  • Welspun Corp Limited (CIN No.: L27100GJ1995PLC025609)
  • Welspun Syntex Limited (CIN No.: L99999DN1983PLC000045)
  • Welspun Fintrade Private Limited (CIN No.: U65910GJ1982PTC055383)
  • Welspun Logistics Limited (CIN No.: U63012MH2006PLC165280)
  • Krishiraj Trading Limited (CIN No.: U65990GJ1992PLC050965)
  • Welspun Projects Limited (CIN No.: L45201GJ1994PLC023920)
  • Welspun Energy Private Limited (CIN No.: U51909GJ2002PTC041136)
  • Welspun Maxsteel Limited (CIN No.: U27100GJ2008PLC064145)
  • Welspun Steel Resources Private Limited (CIN No.: U27109GJ2009PTC055893)
  • Welspun Wintex Limited (CIN No.: U17120GJ1985PTC056127)
  • Welspun Tradings Limited (CIN No.: U72200GJ2001PLC039513)
  • Welspun Mineral Resources Private Limited
  • Welspun Guinea SA
  • Welspun Orissa Steel Private Limited (w.e.f. 28.12.2013)
  • Welspun Captive Power Generation Limited (w.e.f. 02.04.2013)

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital : Rs.1500.000 million

 

Issued, Subscribed & Paid-up Capital : Rs.1297.900 million

 

AS ON 30.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

150000000

Equity Shares

Rs.10/- each

Rs.1500.000 million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

110090000

Equity Shares

Rs.10/- each

Rs.1100.900 million

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

1100.900

1100.900

590.960

(b) Reserves & Surplus

8100.500

8454.042

6789.225

(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)

9201.400

9554.942

7380.185

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1899.788

2996.425

2631.562

(b) Deferred tax liabilities (Net)

98.584

229.073

60.693

(c) Other long term liabilities

146.812

163.625

0.000

(d) long-term provisions

3.620

4.452

4.658

Total Non-current Liabilities (3)

2148.804

3393.575

2696.913

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

244.551

291.513

349.049

(b) Trade payables

2037.300

1772.445

1493.829

(c) Other current liabilities

452.202

1708.527

783.238

(d) Short-term provisions

0.640

0.638

15.051

Total Current Liabilities (4)

2734.693

3773.123

2641.167

 

 

 

 

TOTAL

14084.897

16721.640

12718.265

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

4065.441

3896.314

2072.200

(ii) Intangible Assets

2.000

0.338

0.309

(iii) Capital work-in-progress

148.892

380.422

227.861

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

6335.870

7998.739

6830.339

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

492.894

509.327

425.768

(e) Other Non-current assets

41.718

66.651

57.139

Total Non-Current Assets

11086.815

12851.791

9613.616

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

164.986

53.151

20.486

(b) Inventories

947.558

1260.295

1164.881

(c) Trade receivables

649.976

425.891

279.175

(d) Cash and cash equivalents

932.929

577.718

428.759

(e) Short-term loans and advances

703.713

1262.404

1122.933

(f) Other current assets

248.920

290.390

88.415

Total Current Assets

3648.082

3869.849

3104.649

 

 

 

 

TOTAL

14734.897

16721.640

12718.265

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Revenue from operations

5257.606

4688.778

3034.169

 

 

Other Income

117.791

498.519

100.615

 

 

TOTAL                                         (A)

5375.397

5187.297

3134.784

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

3770.045

3314.270

2257.477

 

 

Purchase of Stock-in-trade

23.731

260.652

0.000

 

 

Changes in Inventories of finished goods, work-in-progress and stock-in-trade

(120.859)

(139.673)

127.786

 

 

Employee Benefits Expenses

140.627

135.198

63.150

 

 

Other Expenses

1418.152

816.029

282.430

 

 

TOTAL                                         (B)

5231.696

4386.476

2730.843

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

143.701

800.821

403.941

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

399.370

628.760

216.272

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                (E)

(255.669)

172.061

187.669

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION                     (F)

147.794

122.333

53.937

 

 

 

 

 

 

PROFIT/(LOSS) BEFORE TAX (E-F)                  (G)     

(403.463)

49.728

133.732

 

 

 

 

 

Less

TAX                                                                  (H)

(114.331)

39.055

38.175

 

 

 

 

 

 

PROFIT/(LOSS) AFTER TAX (G-H)                    (I)

(289.132)

10.673

95.557

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

6799.899

6789.226

6693.669

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

6510.767

6799.899

6789.226

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1193.697

89.757

40.130

 

 

Earnings on interest

26.014

26.053

12.861

 

TOTAL EARNINGS

1219.711

115.810

52.991

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

2053.041

2900.051

1607.178

 

 

Stores & Spares

3.846

1.389

5.951

 

 

Capital Goods

0.000

26.951

0.000

 

TOTAL IMPORTS

2056.887

2928.391

1613.129

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(2.63)

0.17

1.62

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

149.788

360.713

127.188

Net cash flows from (used in) operations

598.050

330.314

925.764

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

(5.50)

0.23

3.15

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

2.73

17.08

13.31

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(4.89)

0.60

2.36

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.04)

0.01

0.02

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.25

0.38

0.42

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.33

1.03

1.18

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

590.960

1100.900

1100.900

Reserves & Surplus

6789.225

8454.042

8100.500

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

7380.185

9554.942

9201.400

 

 

 

 

Long-term borrowings

2631.562

2996.425

1899.788

Short term borrowings

349.049

291.513

244.551

Current maturities of long-term debts

127.188

360.713

149.788

Total borrowings

3107.799

3648.651

2294.127

Debt/Equity ratio

0.421

0.382

0.249

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from Operations

3034.169

4688.778

5257.606

 

 

54.533

12.132

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Revenue from Operations

3034.169

4688.778

5257.606

Profit

95.557

10.673

(289.132)

 

3.15%

0.23%

(5.50%)

 

 

 

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

Yes

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

No

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

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS:

 

 

HIGH COURT OF GUJARAT

 

TAX APPEAL No. 252 of 2013

 

Status : PENDING

CCIN No : 001092201300252

 

 

Last Listing Date:

20/11/2014

Coram

·         HONOURABLE MR.JUSTICE AKIL KURESHI

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

S.NO.

Name of the Petitioner

Advocate On Record

1

STATE OF GUJARAT THROUGH COMMISSIONER OF

GOVERNMENT PLEADER for: Appellant(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

S.NO.

Name of the Respondent

Advocate On Record

1

WELSPUN STEEL LIMITED

MR B S SOPARKAR for :Opponent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

 

 

Presented On

: 28/01/2013

Registered On

: 14/03/2013

Bench Category

: DIVISION BENCH

District

: SURAT

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 35 times

StageName

: FOR FINAL HEARING

 

Classification

·         DB OJ MISC. CIVIL APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - EXTENTION OF TIME / CLARIFICATION

Act

·         SALES TAX ACT, 1969

 

 

Other Forums

 

S.No.

CASEDETAILS

TRIBUNAL REFERRENCE

ORDER PASSED BY

JUDGEMENT DATE

PLACE

1

FA 27/2010

GUJARAT VALUE ADDED TAX TRIBUNAL, AHMEDABAD

PRESIDENT & MEMBER

27/12/2011

SURAT

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

28/01/2013

VAKALATNAMA

GOVERNMENT PLEADER 
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

GOVERNMENT PLEADER:1

2

28/01/2013

MEMO OF PETITION/APPEAL/SUIT

GOVERNMENT PLEADER 
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

50

GOVERNMENT PLEADER:1

3

26/03/2013

VAKALATNAMA

MR B S SOPARKAR ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 , 1

5

MR B S SOPARKAR:1

 

Linked Matters

 

S. No.

Case Detail

Status Name

Disposal Date

Action/Coram

1

CIVIL APPLICATION (OJ)/185/2013

DISPOSED

08/08/2013

RULE ABSOLUTE/ALLOWED @ FH

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

 

Court Proceedings

 

S. No.

Notified Date

Court Code

Board Sr. No.

Stage

Action

Coram

1

15/03/2013

7

34

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

2

05/04/2013

7

43

ADMISSION (FRESH MATTERS)

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

3

26/04/2013

7

45

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

4

09/05/2013

7

38

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

5

11/06/2013

5

35

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

6

21/06/2013

5

21

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

7

05/07/2013

5

29

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

8

26/07/2013

5

14

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

9

01/08/2013

5

19

ADJOURNED MATTERS

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

10

08/08/2013

5

32

ADJOURNED MATTERS

FIXED RULE / ADMIT

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

11

19/09/2013

5

47

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

12

10/10/2013

5

47

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

13

21/11/2013

5

73

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE R.P.DHOLARIA

14

18/12/2013

5

79

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE R.P.DHOLARIA

15

16/01/2014

7

49

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE R.P.DHOLARIA

16

06/02/2014

7

25

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

17

07/03/2014

7

34

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

18

28/03/2014

7

39

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

19

11/04/2014

7

48

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

20

02/05/2014

7

34

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

21

20/06/2014

5

35

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE K.J.THAKER

22

27/06/2014

5

74

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE K.J.THAKER

23

04/07/2014

5

42

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE K.J.THAKER

24

11/07/2014

5

56

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE K.J.THAKER

25

25/07/2014

5

37

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE K.J.THAKER

26

07/08/2014

5

44

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE K.J.THAKER

27

21/08/2014

10

56

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS.JUSTICE HARSHA DEVANI and HONOURABLE MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE K.J.THAKER

28

28/08/2014

10

61

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

29

04/09/2014

10

72

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

30

11/09/2014

10

70

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

31

18/09/2014

10

68

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

32

25/09/2014

10

63

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MS.JUSTICE HARSHA DEVANI 

·         HONOURABLE MS JUSTICE SONIA GOKANI

33

09/10/2014

6

70

FOR FINAL HEARING

NEXT DATE

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MS.JUSTICE HARSHA DEVANI and HONOURABLE MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

34

20/11/2014

6

85

FOR FINAL HEARING

NEXT DATE NOT GIVEN

·         HONOURABLE MR.JUSTICE AKIL KURESHI 

·         HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Questions

Transferred

1

TAX APPEAL/252/2013

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MS JUSTICE SONIA GOKANI

08/08/2013

N

ORDER

-

Y

2

TAX APPEAL/251/2013

·         HONOURABLE MR.JUSTICE M.R. SHAH 

·         HONOURABLE MR.JUSTICE K.J.THAKER

27/06/2014

N

ORDER

-

Y

 

 

UNSECURED LOANS:

 

Particulars

31.03.2014

Rs. In Million

31.03.2013

Rs. In Million

LONG TERM BORROWINGS

 

 

Debenture

0.000

700.000

SHORT TERM BORROWINGS

 

 

Loans repayable on demand from other

0.000

20.000

Total

0.000

720.000

 

 

INDEX OF CHARGES:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10547773

16/01/2015

2,732,589,000.00

BANK OF BARODA

RAS AL KHAIMAH BRANCH, P.O BOX.5294, RAS AL KHAIMAH, RAS AL KHAIMAH, - 5294, UNITED ARAB EMIRATES

C42874834

2

10543808

05/01/2015

50,000,000.00

ANDHRA BANK

16B, 16TH FLOOR, EARNEST HOUSE, 194, NCPA MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA

C40824955

3

10496320

05/05/2014

500,000,000.00

ICICI BANK LIMITED

LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

C04990008

4

10481939

20/02/2014

500,000,000.00

ICICI BANK LIMITED

LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

B98252034

5

10412421

11/02/2013

550,000,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GROUND FLOOR,, NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA

B70993001

6

10391122

26/11/2012 *

2,250,000,000.00

ICICI BANK LIMITED

LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

B65694978

7

10297842

25/08/2012 *

2,250,000,000.00

ICICI BANK LIMITED

LANDMARK RACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA

B60210085

8

10269499

17/09/2014 *

600,000,000.00

STANDARD CHARTERED BANK

ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROADS, AHMEDABAD, GUJARAT - 380006, INDIA

C23515448

9

80011715

25/06/2013 *

2,670,120,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA

B80248529

10

80011728

25/06/2013 *

2,670,120,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA

B80078538

 

*Date of modification Charges

 

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Computer

·         Vehicles

·         Furniture and Fixture

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.63.82

UK Pound

1

Rs.101.26

Euro

1

Rs.72.36   

 

 

INFORMATION DETAILS

 

Information Gathered by :

 

 

 

Analysis Done by :

 

 

 

Report Prepared by :

SMN

 

 

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

5

--PROFITABILITY

1~10

-

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

6

--RESERVES

1~10

6

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

44

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.