MIRA
INFORM REPORT
|
Report No. : |
346546 |
|
Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN GLOBAL BRANDS LIMITED (w.e.f. 28.05.2013) |
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Formerly Known
As : |
WELSPUN HOMETEX LIMITED (w.e.f. 14.12.2004) WELSPUN RETAIL LIMITED |
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Registered
Office : |
Survey No. 675, |
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Mobile No.: |
91-260-2437437 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.12.2004 |
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Com. Reg. No.: |
04-045144 |
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Capital
Investment / Paid-up Capital : |
Rs. 403.840 Million |
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CIN No.: [Company Identification
No.] |
U71210GJ2004PLC045144 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACW5582G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in trading in home textile products |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and well-established company having fine track. The rating reflects company’s steady growing scale of revenue, as well
as profitability and capital structure over the years. Further, the rating also takes into consideration company’s above
average financial profile with negligible debt and strong debt protection
metrics. The ratings continue to draw comfort from the resourceful promoters
(i.e., Welspun group) and extensive experience of the management, Welspun
leading position in home textiles segment with global reach, its
well-diversified products portfolio, strong brand image and established
relationship with large global retail chains. Trade relations are fair. Payment terms are reported to be regular and
as per commitments. In the view of experienced promoters, subject can be considered normal
for business dealings at usual trade terms and conditions. Note: WELSPUN GLOBAL BRANDS LIMITED with CIN No. L51100GJ2000PLC037204
was established in the year 2000 has been amalgamated with WELSPUN INDIA
LIMITED in the year 2012 and after amalgamation WELSPUN GLOBAL BRANDS LIMITED
(CIN No. L51100GJ2000PLC37204) is no more in existence. WELSPUN RETAIL LIMITED which was originally incorporated as WELSPUN
HOMETEX LIMITED in the year 2004 with CIN No U71210GJ2004PLC045144 has
changed its name WELSPUN GLOBAL BRANDS LIMITED. |
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 |
INDIA RATING |
|
Rating |
Long Term Issuer Rating IND (AA-) |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
10TH February 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.: 91-260-2437437)
LOCATIONS
|
Registered Office : |
Survey No. 675, Welspun City, Village Varsamedi, Anjar, District Kutch
– 370110, Gujarat, India |
|
Tel. No.: |
91-260-2437437 |
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Fax No.: |
91-260-2437088 |
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E-Mail : |
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Factory: |
Survey No.:76, VILLAGE MORAI, VAPI PARDI, VALSAD 369191, GUJRAT |
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Tel. No.: |
91-260-2437437 |
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Fax No.: |
91-260-2437088 |
DIRECTORS
AS ON: 11.09.2014
|
Name : |
Mr. Rajesh Rameshkumar Mandawewala |
|
Designation : |
Director |
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Address : |
161/171-B, Tanna Residency, Bay View, Opposite Sidhivinayak Temple, Prabhadevi, Mumbai - 400025, Maharashtra, India |
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Date of Birth/Age : |
05.05.1962 |
|
Date of Appointment : |
07.12.2012 |
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DIN No.: |
00007179 |
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Name : |
Mrs. Dipali Balkrishan Goenka |
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Designation : |
Managing Director |
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Address : |
Rocky Isle 46/C, B. Desai Road, Breach Candy, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1969 |
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Date of Appointment : |
30.12.2005 |
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DIN No.: |
00007199 |
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|
Name : |
Mr. Atul Manubhai Desai |
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Designation : |
Director |
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Address : |
C/62, Vellard View, 14, Tardeo Road, Haji Ali, Mumbai - 400034, Maharashtra, India |
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Date of Birth/Age : |
27.01.1950 |
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Date of Appointment : |
07.12.2012 |
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DIN No.: |
00019443 |
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Name : |
Mr. Arun Lalchand Todarwal |
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Designation : |
Director |
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Address : |
81, Shivner, 84, Nepean Sea Road, Mumbai-400006, Maharashtra, India |
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Date of Birth/Age : |
16.06.1957 |
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Date of Appointment : |
07.12.2012 |
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DIN No.: |
00020916 |
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Name : |
Mrs. Revathy Ashok |
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Designation : |
Director |
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Address : |
139/6-2 Domlur Layout, Sharadamma Layout, Bangalore-560071, Karnataka, India |
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Date of Birth/Age : |
16.01.1959 |
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Date of Appointment : |
07.12.2012 |
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DIN No.: |
00057539 |
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Name : |
Mr. Balkrishan Gopiram Goenka |
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Designation : |
Director |
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Address : |
Rocky Isle 46/C, B, Desai Raod Breachcandy, Mumbai-400026, Maharashtra, India |
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Date of Birth/Age : |
15.08.1966 |
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Date of Appointment : |
07.12.2012 |
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DIN No.: |
00270175 |
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Name : |
Mr. Viswanathan Hariharan Kollengode |
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Designation : |
Director |
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Address : |
Flat No.4, Kalyani Uttam Society, ST Anthony Road, Chembur, Mumbai-400071, Maharashtra, India |
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Date of Birth/Age : |
11.05.1962 |
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Date of Appointment : |
30.08.2011 |
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DIN No.: |
00391263 |
KEY EXECUTIVES
|
Name : |
Ms. Nidhi Manas Tanna |
|
Designation : |
Company Secretary |
|
Address : |
101, Windermere, North Avaenue Road, Santacruz(West), Mumbai -400054, Maharashtra, India |
|
Date of Appointment : |
18.05.2015 |
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PAN No.: |
AAHPT2639Q |
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Name : |
Mr. Mukesh Rambabu Khandelwal |
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Designation : |
Chief Executive Officer |
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Address : |
A-404, Saileela, Anand Nagar,, Dahisar(East), Mumbai - 400068, Maharashtra, India |
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Date of Appointment : |
20.05.2014 |
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PAN No.: |
ACVPK1804H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 11.09.2014
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
Balkrishan Goenka |
|
1 |
|
Dipali Goenka |
|
1 |
|
Welspun Mercantile Limited, India |
|
1 |
|
Welspun Fintrade Private Limited, India |
|
1 |
|
Welspun Wintex limited, India |
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1 |
|
Krishiraj Trading limited, India |
|
1 |
|
Welspun India Limited, India |
|
23065497 |
|
Bennett, Coleman and Company Limited, India |
|
463909 |
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Total |
|
23529412 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Welspun India Limited, India |
|
16854375 |
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Total |
|
16854375 |
Equity Share Break up (Percentage of Total Equity)
AS ON: 11.09.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in trading in home textile products |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
· State Bank of Bikaner and Jaipur, Welspun House, Ground Floor, Kamala Mills Compound, Lower Parel,, Mumbai - 400013, Maharashtra, India · State Bank of Hyderabad, Corporate Finance Branch, C-11, 1ST Floor, Mittal Towers, 210, Nariman Point, Mumbai - 400021, Maharashtra , India · IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India · The Industrial Development Bank of India Limited. Venkatesh Chambers, Ghanshyam Talwatkar Marg, Post Box No. 714, Fort, Mumbai - 400001, Maharashtra, India |
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Facilities : |
Note: The working capital loan which includes cash credits and packing credit from banks, are secured by hypothecation of traded goods, book debts and other current assets and charge on Fixed assets of the company |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
7th Floor, Tower A Wing 1, Business Bay, Airport Road, Yerwada Pune-411006 India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFP9359C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
Welspun India Limited (L17110GJ1985PLC033271) |
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Subsidiary Company: |
· Welspun Mauritius · Welspun Holdings Private Limited · Welspun UK Limited · Welspun USA Inc. |
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Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
· Christy Lifestyle LLP (Christy LLP ) · Besa Developers And Infrastructure Private Limited (U45400MH2008PTC178773) · Welspun Tradings Limited (U72200GJ2001PLC039513) · Rmg Alloy Steel Limited (L27100GJ1993PLC020358) · Welspun Corp Limited (L27100GJ1995PLC025609) · Welspun Energy Private Limited (U51909GJ2002PTC041136) · Welspun Energy Up Private Limited (U40300MH2010PTC211286) · Welspun Foundation For Health And Knowledge · Welspun Logistics Limited · Welspun Maxsteel Limited (U27100GJ2008PLC064145) · Welspun Projects Limited (L45201GJ1994PLC023920) · Welspun Realty Private Limited (U70109MH2007PTC168489) · Welspun Solar AP Private Limited (U40109MH2008PTC178769) · Welspun Solar Madhya Pradesh Private Limited (U40106MH2010PTC206275) · Welspun Steel Limited (U27109GJ2004PLC044249) · Welspun Syntex Limited (L99999DN1983PLC000045) · Welspun Urja India Limited (U40109MH2006PLC165964) · Welspun Zucchi Textiles Limited (U18101MH1997PLC107982) · Welspun Finance Limited (L65910dl1987plc019341) · Welspun Developers And Infrastructure Limited (U70200MH1998PLC117426) · Welspun Orissa Steel Private Limited (U45400OR2007PTC015831) · Mertz Securities Limited (U67120MH1994PLC078799) |
CAPITAL STRUCTURE
As on 11.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Million |
|
17500000 |
Preference shares |
Rs.10/- each |
Rs. 175.000 Million |
|
|
Total |
|
Rs. 425.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23529412 |
Equity Shares |
Rs.10/- each |
Rs. 235.294 Million |
|
16854375 |
Preference shares |
Rs.10/- each |
Rs. 168.544 Million |
|
|
Total |
|
Rs. 403.838
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 |
403.840 |
403.640 |
379.740 |
|
(b) Reserves & Surplus |
3351.710 |
2141.420 |
1042.330 |
|
(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) |
3755.550 |
2545.060 |
1422.070 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
8.110 |
13.000 |
2.790 |
|
(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 |
28.740 |
22.320 |
21.920 |
|
Total Non-current Liabilities (3) |
36.850 |
35.320 |
24.710 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1330.720 |
867.850 |
867.230 |
|
(b) Trade payables |
2536.780 |
1821.450 |
2696.260 |
|
(c) Other current
liabilities |
293.890 |
697.060 |
78.210 |
|
(d) Short-term provisions |
12.650 |
25.520 |
392.500 |
|
Total Current Liabilities (4) |
4174.040 |
3411.880 |
4034.200 |
|
|
|
|
|
|
TOTAL |
7966.440 |
5992.260 |
5480.980 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11.740 |
10.590 |
19.440 |
|
(ii) Intangible Assets |
15.740 |
20.260 |
12.530 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
697.770 |
562.560 |
561.080 |
|
(c) Deferred tax assets (net) |
52.250 |
301.130 |
532.140 |
|
(d) Long-term Loan and Advances |
77.870 |
235.760 |
127.750 |
|
(e) Other Non-current assets |
124.350 |
133.070 |
0.330 |
|
Total Non-Current Assets |
979.720 |
1263.370 |
1253.270 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1246.990 |
1074.280 |
715.040 |
|
(c) Trade receivables |
2585.940 |
1629.310 |
1496.170 |
|
(d) Cash and cash
equivalents |
66.330 |
122.670 |
219.930 |
|
(e) Short-term loans and
advances |
1739.210 |
1556.650 |
1794.870 |
|
(f) Other current assets |
1348.250 |
345.980 |
1.700 |
|
Total Current Assets |
6986.720 |
4728.890 |
4227.710 |
|
|
|
|
|
|
TOTAL |
7966.440 |
5992.260 |
5480.980 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
36638.180 |
31083.580 |
25662.000 |
|
|
|
Other Income |
56.370 |
4.110 |
41.680 |
|
|
|
TOTAL (A) |
36694.550 |
31087.690 |
25703.680 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
32295.640 |
27823.600 |
23375.740 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(172.710) |
(360.560) |
46.040 |
|
|
|
Employees benefits expense |
229.220 |
210.540 |
238.530 |
|
|
|
Extra-ordinary Item |
21.390 |
103.220 |
853.840 |
|
|
|
Other expenses |
3019.240 |
2184.320 |
2478.950 |
|
|
|
TOTAL
(B) |
35392.780 |
29961.120 |
26993.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
1301.770 |
1126.570 |
(1289.420) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
403.010 |
473.290 |
346.850 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION
(C-D) (E) |
898.760 |
653.280 |
(1636.270) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
9.000 |
11.360 |
42.740 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
889.760 |
641.920 |
(1679.010) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
318.710 |
231.010 |
(523.490) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-I) (J) |
571.050 |
410.910 |
(1155.520) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
31457.820 |
27834.820 |
23255.620 |
|
|
|
Interest |
9.450 |
0.000 |
6.660 |
|
|
TOTAL EARNINGS |
31467.270 |
27834.820 |
23262.280 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.25 |
17.42 |
(49.11) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
2.410 |
2.790 |
12.850 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
88.500 |
518.700 |
417.860 |
|
Net cash flow from operating activity |
(67.940) |
395.100 |
315.290 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.56 |
1.32 |
(4.50) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.55 |
3.62 |
(5.02) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.33 |
12.52 |
(38.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.25 |
(1.18) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.36 |
0.35 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.67 |
1.39 |
1.05 |
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 |
379.740 |
403.640 |
403.840 |
|
Reserves & Surplus |
1042.330 |
2141.420 |
3351.710 |
|
Net worth |
1422.070 |
2545.060 |
3755.550 |
|
|
|
|
|
|
long-term borrowings |
2.790 |
13.000 |
8.110 |
|
Short term borrowings |
867.230 |
867.850 |
1330.720 |
|
Current Maturities Of
Long-Term Debts |
12.850 |
2.790 |
2.410 |
|
Total borrowings |
870.020 |
880.850 |
1338.830 |
|
Debt/Equity ratio |
0.612 |
0.346 |
0.356 |
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) |
|
Sales |
25662.000 |
31083.580 |
36638.180 |
|
|
|
21.127 |
17.870 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
25662.000 |
31083.580 |
36638.180 |
|
Profit/ Loss |
(1155.520) |
410.910 |
571.050 |
|
|
(4.50%) |
1.32% |
1.56% |
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 |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered Office of the company has been shifted from “Survey No 76, Village Moraivapi District Valsaad-396191, Gujarat, India to the present address w.e.f. 31.12.2012.
GENERAL INFORMATION:
The Company was incorporated on December 14, 2004 and is engaged in trading in home textile products mainly in the international markets and on a smaller scale in the domestic market. The composite scheme of arrangement (the "Scheme") between the Company (Formerly known as Welspun Retail Limited, Second Transferee Company), Welspun Global Brands Limited (Transferor Company) and Welspun India Limited (First Transferee Company) was approved by the High Court of Gujarat at Ahmedabad by its order dated November 26, 2012. The order has been filed with the Registrar of Companies on December 7, 2012. Pursuant to the Scheme, the name of the Company has been changed from Welspun Retail Limited to Welspun Global Brands Limited. The Company has received a fresh certificate of incorporation consequent upon change of name dated May 28, 2013 from the Registrar of Companies, Gujarat, Dadra and Nagar Havelli.
PRESS RELEASE
GUJARAT HC APPROVES
WELSPUN INDIA LTD, WELSPUN GLOBAL BRANDS LTD MERGER
The Gujarat High Court has approved the merger of Welspun India Limited. and Welspun Global Brands Limited. Also, following the court's recent approval order, Welspun Global Brands Limited has been merged into Welspun India Limited. even as the former's international distribution business will now be taken care by Welspun India Limited.’s subsidiary – Welspun Retail Limited.
"While Welspun Global Brands Limited. has been merged with Welspun India Limited., Welspun Retail Limited.- a subsidiary is being re-christened as Welspun Global Brands Limited. The subsidiary will now look after both domestic and international retail distribution, supply and warehousing while the parent company Welspun India Limited. will look after manufacturing. From the shareholder’s perspective, it is a win-win situation since they would get to own manufacturing, distribution and retail operations of the company," said Dipali Goenka, Managing Director - Welspun Global Brands Limited.
The scheme of arrangement under sections 391 to 394 of the Companies Act, 1956, was approved by Justice R M Chhayya on Monday.
"On the facts and in the circumstances, the Court finds that the Scheme of
Arrangement is not prejudicial to the interest of the members of the petitioner
Companies or to the public interest. The Scheme is thus sanctioned. It is,
however, observed that the Transferor Company will preserve its books of
accounts, papers and shall not dispose of the without the prior permission of
Central Government u/s. 396A of the Companies Act, 1956.," the court
ordered.
Welspun India Limited had approached the High Court early this year seeking
permission for the scheme of arrangement in the nature of merger. Based on the
court order meetings of the equity shareholders, secured creditors and
unsecured creditors of the petitioner company were held on August 4, 2012 where
the scheme was approved by the requisite majority of the equity shareholders,
secured creditors and the unsecured creditors of the company.
On its part, Welspun India Limited on Tuesday informed Bombay Stock Exchange
saying, "In the matter of the Composite Scheme of Arrangement between the
Company, Welspun Global Brands Limited and Welspun Retail Limited approved by
the Board of Directors of the Company on May 07, 2012 (Scheme), note that the Honourable
High Court of Gujarat at Ahmedabad has passed an order approving the Scheme on
November 26, 2012. Thus, the Company Petition no. 177 of 2012 filed by the
Company stands approved."
Meanwhile, the Rs 3,000 crore textile business expects to peg a CAGR of over 20
per cent for its topline and 35-40 per cent for its bottomline for the fiscal
year ending March 31, 2013.
UNSECURED LOAN
|
Particular |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Other loans and advances, others |
8.110 |
0.000 |
|
Loans and advances from related parties |
0.000 |
13.000 |
|
Total |
8.110 |
13.000 |
INDEX OF CAHREGS:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10558660 |
28/03/2015 |
485,000,000.00 |
State Bank of Bikaner and jaipur |
Welspun House, Kamala Mills Compound, Lower Parel, Mumbai, Mumbai - 400013, Maharashtra, INDIA |
C48770275 |
|
2 |
10553144 |
11/02/2015 |
213,500,000.00 |
State Bank of Hyderabad |
Corporate Finance Branch, C-11, 1st Floor, Mitta l Towers, 210, Nariman Point, Mumbai - 400021, Maharashtra , INDIA |
C45650488 |
|
3 |
10395081 |
04/03/2014 * |
4,648,900,000.00 |
State Bank of Bikaner and Jaipur |
Welspun House, Kamala City, Senapati Bapat Marg, Lower Parel, MUMBAI -400013, Maharashtra, INDIA |
B98335433 |
|
4 |
10113706 |
01/07/2008 |
120,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA |
A41984006 |
|
5 |
10060398 |
21/07/2011 * |
430,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, Maharashtra, INDIA |
B18174722 |
|
6 |
10046840 |
11/04/2007 |
100,000,000.00 |
The Industrial Development Bank of India Limited |
Venkatesh Chambers, Ghanshyam Talwatkar Marg, Post Box No. 714, Fort, Mumbai - 400001 , Maharashtra, INDIA |
A13739321 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Disputed Sales Tax Liabilities |
7.120 |
7.970 |
|
Disputed Stamp Duty Liabilities |
0.000 |
2.240 |
|
Claims against the Company not acknowledged as debts [d] Excise, Customs and Service Tax Matters |
48.510 |
51.660 |
|
Excise, Customs and Service Tax Matters - |
0.000 |
4.360 |
|
Others: Arrears of dividend on 980,392, 8% Redeemable Preference shares of Rs.10 each, fully paid-up (Including Dividend distribution tax) |
0.000 |
3.650 |
FIXED ASSETS:
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipment
· Leasehold improvements
· Computer 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 records 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.65.15 |
|
|
1 |
Rs.100.53 |
|
Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.