MIRA INFORM REPORT
|
Report No. : |
328417 |
|
Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN CORP LIMITED |
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|
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|
Formerly Known
As : |
WELSPUN-GUJARAT STAHL ROHREN LIMITED WELSPUN STAHL ROHREN LIMITED |
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Registered
Office : |
Welspun City, Village Versamedi, Taluka Anjar,
District Kutch – 370110, Gujarat |
|
Tel. No.: |
91-2836-279071 |
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|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
26.04.1995 |
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|
Com. Reg. No.: |
04-025609 |
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Capital
Investment / Paid-up Capital : |
Rs.1315.900
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100GJ1995PLC025609 |
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|
|
|
IEC No.: |
0895004801 |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BRDW00071B RKTW00064B |
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PAN No.: [Permanent Account No.] |
AAACW0744L |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Large Diameter Line Pipe, Steel Pipes, Coils and Plates. |
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No. of Employees
: |
Information Decline by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was established in 1995 and it is the flagship company of the
Welspun group. Subject is a well-established company having fine track. For the financial year ended 2014, company has incurred loss from its
operational activities. However, rating takes into consideration resourceful promoters with
long standing experience in the industry support by healthy financial base
along with comfortable liquidity position and sound networth base of the
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of being part of Welspun Group, 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 – 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: AA - |
|
Rating Explanation |
High credit quality and very low credit risk. |
|
Date |
17.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
17.10.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DECLINED
Management Non Co-Operative (Tel. No.: 91-22-24908000)
LOCATIONS
|
Registered Office / Factory 1 : |
Welspun City, Village Versamedi, Taluka Anjar, District Kutch – 370110, Gujarat, India |
|
Tel. No.: |
91-2836-661111 / 279000/ 573428/ 29 |
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Fax No.: |
91-2836-279060 / 279010/ 247070 |
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E-Mail : |
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Website : |
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Area : |
4950518 Sq .ft. (Factory) |
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Location : |
Owned |
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Corporate Office : |
Welspun House, 5th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No.: |
91-22-24908000/ 66136000 |
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Fax No.: |
91-22-24908020/ 21 |
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E-Mail : |
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Factory 2 : |
Village Vadadla, Near Dahej, Taluka: Vagra, District Bharuch – 392130, Gujarat, India |
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Tel. No.: |
91-2641-256281 / 256011 |
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Fax No.: |
91-2641-256285 |
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E-Mail : |
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Factory 3 : |
KIADB Industrial Area, Gejjalagere, Taluka Maddur, District Mandya – 571428, Karnataka, India |
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Branch Office: |
T-11, Vasant Sqare Mall (3rd Floor), Sector - B, Pocket – 5, Vasant Kunj, New Delhi – 110070, India |
|
Tel. No.: |
91-11-26022051/ 2612 2054 |
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Fax No.: |
91-11-26122064 |
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Liaison Office
: |
Plot No.: 843, Sector : 8-C, Gandhinagar – 382008, Gujarat, India |
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Tel. No.: |
91-79-2324 2100 |
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Fax No.: |
91-79-2324 2100 |
DIRECTORS
AS ON: 31.03.2014
|
Name : |
Mr. Balkrishan Goenka |
|
Designation : |
Chairman and Non - Executive Director |
|
Address : |
6, Chancellore Court, A/88, Carmicheal Road, Mumbai –
400026, Maharashtra, India |
|
Qualification : |
B. Com |
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|
Name : |
Mr. Braja Mishra |
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Designation : |
Managing Director |
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Name : |
Mr. Rajesh R. Mandawewala |
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Designation : |
Director |
|
Address : |
171, B Wing, 17th Floor, Tanna Redisency, Bay
view, 392, V. S. Marg, Prabhadevi, Mumbai – 400026, Maharashtra, India |
|
Qualification : |
B. Com , A.C.A |
|
|
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|
Name : |
Mr. Mukul Sarkar |
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Designation : |
Nominee Director of Exim Bank Limited |
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Name : |
Mr. Mintoo Bhadari |
|
Designation : |
Nominee Director of Insight Solutions Limited |
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Name : |
Mr. Raj Kumar Jain |
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Designation : |
Director |
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Address : |
A/ 42, Manali, Evershine Nagar, Malad (West), Mumbai –
4000064, Maharashtra, India |
|
Qualification : |
A. C. A. |
|
|
|
|
Name : |
Mr. K. H. Viswanathan |
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Designation : |
Director |
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Address : |
Plat No. 4, Kalyani Uttam Society, Antony Road, Chembur, Mumbai – 400071,
Maharashtra, India |
|
Qualification : |
ICWA |
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|
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|
Name : |
Mr. Ram Gopal Sharma |
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Designation : |
Director |
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Address : |
707, Look Shrtia, |
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Qualification : |
B. Com, Master in
Economics |
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|
|
|
Name : |
Mr. Nirmal Gangwal |
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Designation : |
Director |
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|
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|
Name : |
Mr. Utsav Baijal |
|
Designation : |
Nominee Director of Insight Solutions Limited |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Joshi |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Brijgopal Jaju |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. S. Krishnan |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
342 |
0.00 |
|
|
94753883 |
39.46 |
|
|
94754225 |
39.46 |
|
|
|
|
|
|
6300000 |
2.62 |
|
|
6300000 |
2.62 |
|
Total shareholding of
Promoter and Promoter Group (A) |
101054225 |
42.08 |
|
|
|
|
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(B) Public Shareholding |
||
|
|
|
|
|
|
2447 |
0.00 |
|
|
21759296 |
9.06 |
|
|
270000 |
0.11 |
|
|
16216273 |
6.75 |
|
|
38248016 |
15.93 |
|
|
|
|
|
|
26384601 |
10.99 |
|
|
|
|
|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
15873565 |
6.61 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
13680388 |
5.70 |
|
|
44909285 |
18.70 |
|
|
42542721 |
17.72 |
|
|
416311 |
0.17 |
|
|
621405 |
0.26 |
|
|
1000 |
0.00 |
|
|
68000 |
0.03 |
|
|
53480 |
0.02 |
|
|
1206368 |
0.50 |
|
|
100847839 |
41.99 |
|
Total Public shareholding
(B) |
139095855 |
57.92 |
|
|
|
|
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Total (A)+(B) |
240150080 |
100.00 |
|
|
|
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
23026000 |
0.00 |
|
|
23026000 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
263176080 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Large Diameter Line Pipe, Steel Pipes, Coils and Plates. |
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Products : |
Diameter Line Pipe, Steel Pipes, Coils and Plates |
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Brand Names : |
Not
Available |
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Agencies Held : |
Not
Available |
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Exports : |
Not
Available |
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Imports : |
Not
Available |
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Terms : |
Not
Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information Decline by the management. |
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Bankers : |
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Facilities : |
NOTE :
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Auditors : |
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Name : |
MGB and Company Chartered Accountants |
|
Address : |
Mumbai, |
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Subsidiaries : |
Direct Subsidiaries
Indirect
Subsidiaries Held through
Welspun Mauritius Holdings Limited
Held through
Welspun Tradings Limited Welspun Middle East DMCC (w.e.f 5 December 2013) Held through
Welspun Pipes Inc
Held through
Welspun Natural Resources Private Limited ·
Welspun Plastics Private Limited Held through
Welspun Infratech Limited ·
Welspun Projects Limited ·
Welspun Road Projects Private Limited ·
Welspun Infra Projects Private Limited ·
ARSS Bus Terminal Private Limited (w e f 3 August
2011) Held through
Welspun Projects Limited
Held through
Welspun Infra Projects Limited
# Transferred pursuant to the Scheme of Arrangement |
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Associates |
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|
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Joint Ventures : |
Dahej Infrastructure Private Limited |
|
|
|
|
Indirect Joint Ventures |
Held through Welspun Natural Resources Private Limited*
Held through Welspun Infra Projects Private Limited* ·
Leighton Welspun Contractors Private Limited (w e
f 28 April 2011) Held through Welspun Projects Limited*
|
*Direct and Indirect subsidiaries of Welspun Energy Limited - (an associate company): Welspun Energy Madhya Pradesh Limited, Welspun Energy Anuppur Private Limited , Welspun Energy UP Private Limited , Welspun Urja India Limited, Welspun Energy Chhattisgarh Limited, Welspun Renewable Energy Limited, Welspun Urja Gujarat Private Limited, Welspun Energy Meghalaya Private Limited, Welspun Energy Jharkhand Private Limited, Welspun Energy Orissa Private Limited, Welspun Energy Resources Private Limited, Welspun Solar Park Private Limited, Welspun Energy Park Private Limited, Welspun Solar Tech Private Limited, Welspun Energy Maharashtra Private Limited, Welspun Energy Rajasthan Private Limited , Solarsys Renewable Energy Private Limited, Welspun Solar Madhya Pradesh Private Limited, Welspun Solar Rajasthan Private Limited, Welspun Solar Punjab Private Limited, Welspun Solar UP Private Limited, Welspun Solar AP Private Limited, Unity Power Private Limited, Northwest Energy Private Limited, Dreisatz Mysolar24 Private Limited, SUIL Hydro Power Private Limited, MIMysolar24 Private Limited, Solarsys Energy Private Limited,Welspun Solar Kannada Private Limited.
@Application filed with registrar of companies (Cyprus) for name strike off.
#Transferred pursuant to the Scheme of Arrangement
^ Ceased to be an associate (w.e.f 1 April 2013)
CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorised Capital : Not
Available
Issued, Subscribed & Paid-up Capital : Rs.1315.900 Million
AS ON: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
304000000 |
Equity Shares |
Rs.5/- each |
Rs. 1520.000 |
|
98000000 |
Preference Shares |
Rs.10/-each |
Rs.980.000 Million |
|
|
Total |
|
Rs.2500.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
262948299 |
Equity Shares |
Rs.5/- each |
Rs.1314.740
Million |
|
|
|
|
|
a) Reconciliation of the
number of Equity shares outstanding
|
PARTICULAR |
2014 |
|
|
|
Number of Shares |
Rs. in Million |
|
At the beginning of the year |
262,948,299 |
1314.740 |
|
Issued during the year |
|
|
|
By way of Conversion of Compulsory Convertible Debentures (CCD) |
-- |
-- |
|
Equity shares allotted on exercise of Employees Stock Options |
-- |
-- |
|
Outstanding at the end of the year |
262,948,299 |
1314.740 |
Terms and rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share, however the holders of global depository receipts (GDR's) do not have voting rights in respect of shares represented by the GDR's till the shares are held by the custodian. The dividend when 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.
Number of Equity
Shares Held By the Shareholders
|
PARTICULAR |
2014 |
|
|
|
Number of Shares
|
% |
|
J P Morgan Chase Bank, NA ADR Account (Custodian and
against which GDR have been issued to Insight Solutions Limited) |
23,026,000 |
8.76 |
|
Granele Limited |
35,038,889 |
13.33 |
|
Life Insurance Corporation of India Limited and its Schemes |
19,277,980 |
7.33 |
|
Welspun Wintex Limited |
13,336,576 |
5.07 |
|
Welspun Mercantile Limited |
14,477,701 |
5.51 |
|
Welspun Fin trade Limited |
-- |
-- |
|
Krishiraj Trading Limited |
52,862,858 |
20.10 |
Employee Stock Options Scheme
In respect of options granted under the Welspun Employee Stock Options Scheme, in accordance with the guidelines issued by Securities and Exchange Board of India, the value of options (based on intrinsic value of the share on the date of the grant of the option) is accounted as deferred employee compensation, which is amortized on a straight line basis over the vesting period. Employee benefits expense include credit of 0.73 million (Previous year 6.60 million) on account of reversal of options lapsed during the year.
Stock Options
outstanding as at the year end are as follows
|
PARTICULAR |
Granted during
2006-07 |
Granted during 2009-10 |
|
Exercise Price |
Rs.80.00 |
Rs.66.75 |
|
Date of Grant |
8th January 2007 |
20th April 2009 |
|
Welspun period
commences on |
8th January 2008 |
20th April 2010 |
|
Options
outstanding at the beginning of the year |
-- |
32875 |
|
Options exercised
during the year |
-- |
-- |
|
Options lapsed
during the year |
-- |
32875 |
|
Options
Outstanding as at 31 March 20124 |
-- |
-- |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1315.900 |
1314.740 |
1314.740 |
|
(b) Reserves & Surplus |
17378.700 |
18221.680 |
42715.030 |
|
(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) |
18694.600 |
19536.420 |
44029.770 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
18779.600 |
19423.180 |
26053.720 |
|
(b) Deferred tax liabilities (Net) |
3448.700 |
3631.490 |
3893.910 |
|
(c) Other long term liabilities |
625.000 |
997.580 |
1764.260 |
|
(d) long-term provisions |
301.800 |
36.050 |
130.460 |
|
Total Non-current
Liabilities (3) |
23155.100 |
24088.300 |
31842.350 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
1881.500 |
1615.100 |
1177.930 |
|
(b) Trade payables |
21913.500 |
5100.310 |
19083.280 |
|
(c) Other current liabilities |
3499.700 |
8942.190 |
6751.660 |
|
(d) Short-term provisions |
756.300 |
703.890 |
1122.550 |
|
Total Current
Liabilities (4) |
28051.000 |
16361.490 |
28135.420 |
|
|
|
|
|
|
TOTAL |
69900.700 |
59986.210 |
104007.540 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
28306.100 |
29663.880 |
29621.820 |
|
(ii) Intangible Assets |
0.000 |
172.680 |
216.230 |
|
(iii) Capital work-in-progress |
0.000 |
939.200 |
1784.840 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2514.100 |
3670.390 |
19593.840 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
859.100 |
1386.240 |
3051.270 |
|
(e) Other Non-current assets |
17.600 |
59.500 |
55.000 |
|
Total Non-Current
Assets |
31696.900 |
35891.890 |
54323.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
7783.300 |
11142.540 |
16908.260 |
|
(b) Inventories |
8272.300 |
5291.470 |
14741.860 |
|
(c) Trade receivables |
17407.600 |
3922.010 |
9770.790 |
|
(d) Cash and cash equivalents |
1975.200 |
497.570 |
4273.630 |
|
(e) Short-term loans and advances |
2275.700 |
1463.810 |
2179.280 |
|
(f) Other current assets |
489.700 |
1776.920 |
1810.720 |
|
Total Current
Assets |
38203.800 |
24094.320 |
49684.540 |
|
|
|
|
|
|
TOTAL |
69900.700 |
59986.210 |
104007.540 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
49489.400 |
48676.120 |
66321.650 |
|
|
|
Other Income |
1474.400 |
1748.130 |
2244.690 |
|
|
|
TOTAL (A) |
50963.800 |
50424.250 |
68566.340 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
31016.700 |
25919.610 |
41559.920 |
|
|
|
Purchases of traded goods |
9433.700 |
4953.170 |
9207.690 |
|
|
|
Changes in inventories of finished goods and goods in process |
(37.800) |
4991.420 |
(1475.940) |
|
|
|
Employee benefits expense |
1893.300 |
1467.510 |
2191.530 |
|
|
|
Other expenses |
4267.900 |
8872.820 |
11112.640 |
|
|
|
Coating and job charges |
89.200 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
46663.000 |
46204.530 |
62595.840 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4300.800 |
4219.720 |
5970.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2128.000 |
2239.810 |
2988.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2172.800 |
1979.910 |
2981.520 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2427.800 |
2255.690 |
2289.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(255.000) |
(275.780) |
691.620 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(97.900) |
(100.360) |
160.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(157.100) |
(175.420) |
530.860 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
9835.490 |
14156.030 |
13510.350 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
NA |
0.000 |
53.090 |
|
|
|
Debenture Redemption Reserve |
NA |
0.000 |
(321.920) |
|
|
|
Proposed Dividend on Equity Shares |
NA |
153.810 |
153.810 |
|
|
|
Tax on above Dividend |
NA |
0.000 |
0.000 |
|
|
|
Dividend on Equity Shares for earlier
period |
NA |
0.000 |
0.200 |
|
|
|
Tax on Dividend |
NA |
0.000 |
0.000 |
|
|
BALANCE CARRIED TO
THE B/S |
NA |
9835.490 |
14156.030 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export |
NA |
11304.010 |
20993.220 |
|
|
|
Job work |
NA |
58.490 |
5729.980 |
|
|
|
Interest received |
NA |
19.010 |
1.760 |
|
|
|
Guarantee commission / Assignment fees |
NA |
67.820 |
77.150 |
|
|
TOTAL EARNINGS |
NA |
11449.330 |
26802.110 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
14598.140 |
28884.680 |
|
|
|
Capital Goods |
NA |
275.510 |
51.360 |
|
|
|
Stores & Spares |
NA |
209.410 |
295.610 |
|
|
|
Traded Goods |
NA |
4965.170 |
9296.010 |
|
|
|
Coal |
NA |
57.160 |
576.930 |
|
|
TOTAL IMPORTS |
NA |
20105.390 |
39104.590 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.60) |
(0.67) |
2.29 |
|
CURRENT MATURITIES
OF LONG TERM BORROWINGS DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term borrowings |
732.700 |
4517.750 |
2744.410 |
|
Cash generated from operations |
NA |
4045.470 |
(653.290) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
(0.32) |
(0.36) |
0.80 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
8.69 |
8.67 |
9.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.38) |
(0.50) |
0.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.01) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.14 |
1.31 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.47 |
1.77 |
STOCK
PRICES
|
Face Value |
Rs.5.00/- |
|
Market Value |
Rs.80.00/- |
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 |
1314.740 |
1314.740 |
1315.900 |
|
Reserves & Surplus |
42715.030 |
18221.680 |
17378.700 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
44029.770 |
19536.420 |
18694.600 |
|
|
|
|
|
|
long-term borrowings |
26053.720 |
19423.180 |
18779.600 |
|
Short term borrowings |
1177.930 |
1615.100 |
1881.500 |
|
Current maturities of
long-term borrowings |
2744.410 |
4517.750 |
732.700 |
|
Total borrowings |
29976.060 |
25556.030 |
21393.800 |
|
Debt/Equity ratio |
0.681 |
1.308 |
1.144 |
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 |
66321.650 |
48676.120 |
49489.400 |
|
|
|
(26.606) |
1.671 |
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 |
66321.650 |
48676.120 |
49489.400 |
|
Profit/Loss |
530.860 |
(175.420) |
(157.100) |
|
|
0.80% |
(0.36%) |
(0.32%) |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
|
(Rs. In Million) |
|
|
Long-term
borrowings |
|
|
|
Foreign currency convertible bonds |
NA |
0.000 |
|
Deferred sales tax loan |
NA |
0.000 |
|
|
|
|
|
Total |
NA |
0.000 |
CONTINGENT
LIABILITIES
|
PARTICULARS |
As on 31.03.2015 (Rs. In Million) |
As on 31.03.2014 (Rs. In Million) |
|
Performance guarantees/Bid bond given by banks to company’s customers / government authorities etc. |
NA |
9306.490 |
|
Corporate guarantees given by the company (includes Rs.11998.220 million (Rs.6427.230 million)) for Loans/Liabilities taken by the subsidiaries. Loans /Liabilities outstanding against these guarantees are Rs.1772.890 million (Rs. 3172.340 million) |
NA |
17148.950 |
|
Letters of credit outstanding (net of liability provided) for company’s sourcing |
NA |
9257.320 |
|
Claims against the Company not acknowledged as debts |
NA |
570.620 |
|
Custom duty on pending export obligation against import of Raw Materials |
NA |
380.810 |
|
Disputed direct taxes* |
NA |
2000.260 |
|
Disputed indirect taxes |
NA |
84.780 |
*Income tax demands mainly include appeals filed by the Company before appellate authorities against disallowances i.e. depreciation/claims/deductions. The management is of the opinion that its tax disputes will be decided in its favour and no material tax liability is likely to be sustained, hence no provision is considered necessary.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10548330 |
28/01/2015 |
670,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL,, BARAKHAMBA ROAD,, NEW DELHI, |
C43136522 |
|
2 |
10452838 |
21/09/2013 |
2,150,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, ALLAHABAD BANK BLDG,, |
B86522182 |
|
3 |
10449706 |
07/09/2013 |
2,171,400,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,, |
B85180818 |
|
4 |
10428917 |
14/05/2013 |
2,175,600,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B76197706 |
|
5 |
10406011 |
19/02/2013 |
1,650,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B68912336 |
|
6 |
10413075 |
21/01/2013 |
900,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B67024976 |
|
7 |
10393281 |
09/11/2012 |
2,528,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, |
B61857488 |
|
8 |
10385714 |
08/11/2012 |
816,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B61818332 |
|
9 |
10385715 |
08/11/2012 |
1,360,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, |
B61818449 |
|
10 |
10246969 |
07/06/2011 * |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BA |
B17438524 |
* Date of charge modification
FIXED ASSETS:
- Land and Buildings
- Plant and Machinery
- Office and other Equipments
- Furniture and Fixtures
- Leasehold Improvements
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.100.94 |
|
Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
---- |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.