MIRA
INFORM REPORT
|
Report No. : |
347263 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN SYNTEX LIMITED |
|
|
|
|
Registered
Office : |
Survey No.
394(P), Saily, Silvassa, |
|
Tel. No.: |
91-02638-40599 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
31.03.1983 |
|
|
|
|
Com. Reg. No.: |
56-000045 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.392.396 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999DN1983PLC000045 |
|
|
|
|
IEC No.: |
0390027146 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTW00080D MUMW02090E MUMM25361A |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACW0489L |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of polyester texturized filament yarn, Nylon filament
yarn. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4100000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject was established in the year 1983 engaged in the business of
manufacturer specialty polyester filament yarn, and dyed yarns. It is also
engaged in marketing, sales and distribution of home textiles. For the financial year ended 2015, revenue of the company has declined
by 6.84% but it has maintained profitability margins at 5.10% during the year
under a review. Rating draw comfort from company’s strong positioning in Indian nylon
yarn market and leadership position in the Indian BCF yarn market backed by
its resourcefulness of the promoters. Rating also takes into account of satisfactory financial profile
supported by adequate net worth base along with modest liquidity position and
sound debt protection indicators. However, rating strength partially offset by company’s exposure to
risk of fluctuation in raw material prices and foreign exchange currency. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of aforesaid, 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 |
|
Rating |
Long Term Bank Facilities = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
27.08.2015 |
|
Rating Agency Name |
CARE RATING |
|
Rating |
Short Term Bank Facilities = A1 |
|
Rating Explanation |
Very strong degree of safety and carry low credit risk. |
|
Date |
27.08.2015 |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Ms. Sangita Chandale |
|
Designation : |
Account Officer |
|
Contact No.: |
91-9870079734 |
|
Date : |
28.10.2015 |
LOCATIONS
|
Registered Office : |
Survey No.
394(P), Saily, Silvassa, Union Territory of
Dadra and Nagar Haveli, Daman and Diu – 396230, India |
|
Tel. No.: |
91-260-2640599/2640596 |
|
Mobile No.: |
91-9870079734 (Ms. Sangita Chandale) |
|
Fax No.: |
91-260-2640597 |
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E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Corporate Office : |
9th Floor, Trade World, “B” Wing, Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel No.: |
91-22-24908000/ 01/ 02/ 03 /04/ 66136000 |
|
Fax No.: |
91-22-24908020/ 21 |
|
E-Mail : |
|
|
Website : |
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|
|
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|
Factory 2 : |
Palghar Plant: Plot No.12, 13, 14/15, Dewan Industrial Estate, Palghar, District
Thane, Maharashtra, India |
|
Tel. No.: |
91-952525-252772/ 252662 |
|
Fax No.: |
91-952525-250749 |
|
|
|
|
Marketing Office : |
3001/3002, 3rd Floor, Jash Tex and Yarn Market, 1-Ring Road,
Surat - 395002, Gujarat, India |
|
Tel. No.: |
91-261-2327863/ 2336125 |
|
Fax No.: |
91-261-2312604 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Rajesh Rameshkumar Mandawewala |
|
Designation : |
Director |
|
Address : |
B – 171, Tanna Residency, Bay View Veer Savarkar Marg, Opposite
Siddhivinayak Temple, Prabhadevi, Mumbai – 400025, Maharashtra, India. |
|
Date of Birth/Age : |
05.05.1962 |
|
Date of Appointment : |
16.07.1991 |
|
|
|
|
Name : |
Mr. Atul Desai |
|
Designation : |
Director |
|
Address : |
C – 62, 14, Vellard View, Tardeo Road, Haji Ali, Prabhadevi, Mumbai –
400034, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1950 |
|
Date of Appointment : |
29.01.2002 |
|
|
|
|
Name : |
Mr. Mohan Krishna Tandon |
|
Designation : |
Director |
|
Address : |
Flat No. 205, Challenger Tower 4, Samta Nagar, Thakur Village,
Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
28.09.1941 |
|
Date of Appointment : |
31.01.2004 |
|
|
|
|
Name : |
Viswanathan Hariharan Kollengode |
|
Designation : |
Director |
|
Address : |
Flat No.4,Kalyani Uttam Society, St Anthony Road , Chembur, Mumbai – 400071, Maharashtra, India |
|
Date of Appointment : |
31.07.2015 |
|
DIN No.: |
00391263 |
|
|
|
|
Name : |
Abhishek Rajesh Mandawewala |
|
Designation : |
Whole-Time Director |
|
Address : |
161/171-B, Tanna Residency, Bay View, Veer Sawarkar Road, Opp. Sidhivinayak Temple, Mumbai – 400025, Maharashtra, India |
|
Date of Appointment : |
31.07.2015 |
|
DIN No.: |
00737785 |
|
|
|
|
Name : |
Bhalchandra Anant Kale |
|
Designation : |
Whole-Time Director |
|
Address : |
C-3, Gajanan 509, 139 Tps II, Lt. Dilip Gupte Marg, Mahim, Mumbai – 400016, Maharashtra, India |
|
Date of Appointment : |
30.10.2010 |
|
DIN No.: |
01770073 |
|
|
|
|
Name : |
Mala Arun Todarwal |
|
Designation : |
Director |
|
Address : |
81 Shivner, 84 Nepean Sea Road, Malbar Hill, Mumbai – 400 006, Maharashtra, India |
|
Date of Appointment : |
01.08.2014 |
|
DIN No.: |
06933515 |
KEY EXECUTIVES
|
Name : |
Ms. Sangita Chandale |
|
Designation : |
Account Officer |
|
|
|
|
Name : |
Bhaskar Chittaranjan Sen |
|
Designation : |
CFO |
|
Address : |
105, Satyam, Sion Circle, Mumbai – 400022, Maharashtra, India |
|
Date of Appointment : |
01.08.2014 |
|
PAN No.: |
AGLPS7669G |
|
|
|
|
Name : |
Mr. K. N. Kapasi |
|
Designation : |
Company Secretary |
|
Address : |
502, Ridhi Apartment, Ashok Nagar, Kandivali (East, Mumbai – 400101, Maharashtra, India |
|
Date of Birth/Age : |
18.07.1955 |
|
Date of Appointment : |
19.10.2012 |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
35429 |
0.09 |
|
|
27470277 |
70.01 |
|
|
27505706 |
70.10 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
27505706 |
70.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
105 |
0.00 |
|
|
235302 |
0.60 |
|
|
194550 |
0.50 |
|
|
21662 |
0.06 |
|
|
451619 |
1.15 |
|
|
|
|
|
|
1960209 |
5.00 |
|
|
|
|
|
|
3153416 |
8.04 |
|
|
5006940 |
12.76 |
|
|
1161678 |
2.96 |
|
|
235459 |
0.60 |
|
|
405820 |
1.03 |
|
|
4302 |
0.01 |
|
|
516097 |
1.32 |
|
|
11282243 |
28.75 |
|
Total Public
shareholding (B) |
11733862 |
29.90 |
|
Total (A)+(B) |
39239568 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
39239568 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of polyester texturized filament yarn, Nylon filament
yarn. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
USA ·
Turkey ·
Vietnam ·
Australia ·
European Countries |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Belgium ·
Singapore ·
Malaysia ·
Vietnam ·
USA ·
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, L/C and Credit (30/60/90 days) |
|
|
|
|
Purchasing : |
Cash, L/C and Credit (30/60/90 days) |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
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|
Facilities : |
(Rs.
In Million)
|
||||||||||||||||||||||||||||||
|
Auditors : |
|
|
Name : |
MGB and Company Chartered
Accountants |
|
Address : |
Jolly Bhavan
No.2, 1st Floor, 7, New Marine Lines, Churchgate, Mumbai – 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-66332330 |
|
Fax No.: |
91-22-66351545 |
|
E-Mail : |
|
|
PAN No.: |
|
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Other related parties with whom transactions have taken place during
the year or balances outstanding as on the last day of the year: |
·
Welspun India Limited ·
Welspun Corp Limited ·
Welspun Retail Limited ·
Welspun Steel Limited ·
Welspun Wintex Limited ·
Welspun Realty Private Limited ·
Goodvalue Polyplast Limited ·
Welspun Fintrade Limited ·
Welspun USA Inc. ·
Welspun Zucchi Textiles Private Limited ·
Krishiraj Trading Limited ·
Welspun Captive Power Generation Limited |
|
|
|
|
Enterprises which are owned, or have significant influence, of or are
partners with key management personnel and their relatives: |
·
Welspun India Limited ·
Welspun Corp Limited ·
Welspun Global Brands Limited ·
Welspun Steel Limited ·
Welspun Wintex Limited ·
Mertz Securities Limited ·
Welspun Realty Private Limited ·
Goodvalue
Polyplast Limited ·
Krishiraj Trading Limited ·
Welspun Fintrade Private Limited ·
Welspun Captive Power Generation Limited ·
Welspun Zucchi Textiles Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,20,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 920.000 Million |
|
2,80,00,000 |
Convertible Cumulative Preference Shares |
Rs.10/- each |
Rs. 280.000 Million |
|
|
Total |
|
Rs. 1200.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,92,39,568 |
Equity Shares |
Rs.10/- each |
Rs. 392.396
Million |
|
|
|
|
|
a) Reconciliation of the equity shares outstanding at the beginning and at the end of year.
|
Equity Shares |
2015 |
|
|
No.
of Shares |
Amount
|
|
|
At the beginning of the year |
39,239,568 |
3923.96 |
|
Movements during the year |
-- |
-- |
|
Outstanding at the end of the year |
39,239,568 |
3923.96 |
b) Terms / rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 10 per share. All issued shares rank pari-passu and have same voting rights per share. The Company declares and pays dividend in Indian Rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Details of shares
held by holding company
|
Equity Shares |
2015 |
|
|
No. of Shares |
Percentage (%) Holding |
|
|
Krishiraj Trading Limited, |
25,356,132 |
64.62 % |
d) Details of shareholders holding more than 5% shares
in the Company
|
Equity Shares |
2015 |
|
|
No. of Shares |
Percentage (%) Holding |
|
|
Krishiraj Trading Limited, |
25,356,132 |
64.62 % |
|
IFCI Limited |
1749947 |
4.46 % |
(e) No bonus shares have
been issued and no shares bought back during five years preceding 31 March
2015.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
392.396 |
392.396 |
392.396 |
|
(b) Reserves & Surplus |
1071.300 |
737.243 |
682.962 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1463.696 |
1129.639 |
1075.358 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1276.310 |
1159.015 |
954.967 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
67.022 |
58.779 |
66.182 |
|
Total Non-current Liabilities (3) |
1343.332 |
1217.794 |
1021.149 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
451.474 |
699.146 |
815.449 |
|
(b) Trade payables |
580.809 |
710.112 |
565.523 |
|
(c) Other current
liabilities |
470.499 |
473.143 |
536.359 |
|
(d) Short-term provisions |
71.940 |
179.208 |
36.399 |
|
Total Current Liabilities (4) |
1574.722 |
2061.609 |
1953.730 |
|
|
|
|
|
|
TOTAL |
4381.750 |
4409.042 |
4050.237 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2047.244 |
2090.979 |
1347.003 |
|
(ii) Intangible Assets |
1.735 |
1.978 |
1.641 |
|
(iii) Capital
work-in-progress |
183.199 |
70.877 |
624.128 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.017 |
121.702 |
150.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
336.737 |
196.312 |
149.593 |
|
(e) Other Non-current assets |
0.000 |
44.757 |
49.141 |
|
Total Non-Current Assets |
2568.932 |
2526.605 |
2322.306 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
215.560 |
20.000 |
0.000 |
|
(b) Inventories |
650.796 |
782.778 |
737.545 |
|
(c) Trade receivables |
321.482 |
454.647 |
412.115 |
|
(d) Cash and cash
equivalents |
221.222 |
108.073 |
78.728 |
|
(e) Short-term loans and
advances |
337.614 |
418.097 |
381.991 |
|
(f) Other current assets |
66.144 |
98.842 |
117.552 |
|
Total Current Assets |
1812.818 |
1882.437 |
1727.931 |
|
|
|
|
|
|
TOTAL |
4381.750 |
4409.042 |
4050.237 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
8348.623 |
8963.815 |
7761.182 |
|
|
Other Income |
31.023 |
31.423 |
25.047 |
|
|
TOTAL |
8379.646 |
8995.238 |
7786.229 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
5088.085 |
6132.489 |
5175.112 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
72.611 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
89.557 |
(4.625) |
24.599 |
|
|
Employees benefits expense |
433.054 |
388.368 |
337.589 |
|
|
Other expenses |
1900.218 |
1848.673 |
1681.498 |
|
|
TOTAL |
7510.914 |
8364.905 |
7291.409 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
868.732 |
630.333 |
494.820 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
239.164 |
238.965 |
186.470 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
629.568 |
391.368 |
308.350 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
202.022 |
191.104 |
148.104 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
427.546 |
200.264 |
160.246 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
3.359 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
427.546 |
196.905 |
160.246 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
1729.207 |
2050.960 |
1870.200 |
|
|
TOTAL EARNINGS |
1729.207 |
2050.960 |
1870.200 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1716.795 |
1619.541 |
1183.612 |
|
|
Stores & Spares |
128.127 |
123.143 |
485.150 |
|
|
Capital Goods |
65.943 |
125.992 |
120.870 |
|
|
TOTAL IMPORTS |
1910.865 |
1868.676 |
1789.632 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.90 |
5.02 |
6.23 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
249.983 |
238.500 |
199.294 |
|
Cash generated from operations |
1004.330 |
487.778 |
(113.049) |
|
Net cash flow from (used in) operation |
911.659 |
463.268 |
(142.450) |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
30.06.2015 Unaudited |
|
Net Sales |
1945.500 |
|
Total Expenditure |
1704.690 |
|
PBIDT (Excl OI) |
240.810 |
|
Other Income |
8.640 |
|
Operating Profit |
249.450 |
|
Interest |
49.620 |
|
Exceptional Items |
NA |
|
PBDT |
199.830 |
|
Depreciation |
51.410 |
|
Profit Before Tax |
148.420 |
|
Tax |
30.470 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
117.950 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
117.950 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.12 |
2.20 |
2.06 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.41 |
7.03 |
6.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.18 |
4.75 |
4.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.18 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.18 |
1.64 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
0.91 |
0.88 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 121.85/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
392.396 |
392.396 |
392.396 |
|
Reserves & Surplus |
682.962 |
737.243 |
1071.300 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1075.358 |
1129.639 |
1463.696 |
|
|
|
|
|
|
long-term borrowings |
954.967 |
1159.015 |
1276.310 |
|
Short term borrowings |
815.449 |
699.146 |
451.474 |
|
Current Maturities of Long
Term Debt |
199.294 |
238.500 |
249.983 |
|
Total
borrowings |
1969.710 |
2096.661 |
1977.767 |
|
Debt/Equity
ratio |
1.832 |
1.856 |
1.351 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7761.182 |
8963.815 |
8348.623 |
|
|
|
15.495 |
(6.863) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7761.182 |
8963.815 |
8348.623 |
|
Profit |
160.246 |
196.905 |
427.546 |
|
|
2.06% |
2.20% |
5.12% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
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 |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---- |
|
33 |
Market information |
---- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Inter-corporate deposits from related parties |
250.340 |
0.000 |
|
|
|
|
|
Total |
250.340 |
0.000 |
|
|
|
|
CORPORATE INFORMATION
Subject is a Company incorporated under the Companies Act,
1956. Subject was established in 1983. Since its inception, it has grown
manifold and today is amongst the largest manufacturers and exporters of
Polyester Texturised Filament Yarn, Nylon Filament Yarn and Bulk Continuous
Filament Yarn from India.
OPERATIONS
During the year, Net sales and services and Gross Profit before Interest and Depreciation were of Rs. 8348.600 Million and Rs. 868.700 Million respectively as compared to Rs. 8963.800 Million and Rs. 630.300 Million respectively for the previous year. Net sales and services of the Company have been reduced by 6.86 % but net profit has increased by 117% over the previous year
Exports during the financial year 2014-15 were of Rs. 1850.000 Million as compared to Rs. 2140.000 Million during the previous year.
Turnover of the Company is reduced due to reduction in price of raw materials and finished goods following slash in price of crude oil. Concentration on high margin products, development of new products and production of BCF yarn coupled with reduction in prices of raw materials following slash in price of crude oil has increased profitability of the Company.
The Company has received in house R and D recognition for Rakholi and Palghar R and D Centers from Department of Scientific and Industrial Research.
India Rating & Research vide their letter dated May 13 2015 has assigned a Long term issuer rating and working capital facilities of INDIA-; outlook stable.
EXPANSION
The Company proposes to double its existing BCF manufacturing capacity, increase capacity of Dyeing vessel, install Nylon mother yarn line, add laboratory equipment, etc. at an estimated project cost of Rs. 700.000 Million which is proposed to be financed by way of internal accruals of Rs. 230.000 Million and term loan of Rs. 470.000 Million. Approvals of Banks for the term loan have been received. Implementation of the project is commenced and is likely to be completed by the end of 30th April 2016.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE,
SCENARIO & DEVELOPMENT
The Indian textiles industry is set for strong growth, buoyed by strong domestic consumption as well as export demand.
The most significant change in the Indian textiles industry has been the advent of man-made fibres (MMF). India has successfully placed its innovative range of MMF textiles in almost all the countries across the globe.
India is the bright spot on the “cloudy global horizon” and Asia’s third largest Economy.
Recent policy reforms and improved business confidence have provided a booster shot to economic activity. While India's growth rate is expected to improve from 7.2 per cent in last fiscal to 7.5 per cent this year
The textiles sector has witnessed a spurt in investment during the last five years. The industry (including dyed and printed) attracted foreign direct investment (FDI) worth `6,710.94 crore (US$ 1.11 billion) during April 2000 to February 2014.
Man-made fibres includes manufacturing of clothes using fiber or filament synthetic yarns. It is produced in the large power loom factories. They account for the largest sector of the textile production in India. This sector provides employment to about 4.8 million people.
Installed capacity of Polyester filament yarn has marginally increased from 2058 million kg. during the year 2009-10 to 2118 million kg. in 2014- 15 (upto December 2014). Production however has been reduced from 1434.88 million kg. during the year 2009-10 to 1213.06 kg. during the year 2013-14 and 873 million kg during 2014-15 (upto December 2014)
Installed capacity of Nylon filament yarn is at the same level at 32 million kg since 2009-10; production was decreased from 30.35 million kg during the year 2009-10 to 23.98 million kg during the year 2013-14.
The textile industry holds significant presence in Indian economy. The size of the industry is currently estimated to be over $120 billion. It contributes around 14% in industrial production, 4% of the country’s GDP and 12% of the country’s merchandise exports.
At just 5.2 per cent share of global trade, the Indian textile industry ranks second in the world, far behind China. The Indian textiles and apparel industry is expected to grow to a size of US$ 223 billion by 2021, according to a report by the experts
The dramatic fall in global crude prices is a big boost for India as it can bring down the country's annual oil import bill by about USD 50 billion.
This welcome development enhances disposable income which will increase consumer demand for other goods and services, reduce input cost of businesses which will increase margins and help enthuse investment demand. This will also aid Government finances by reducing the energy subsidy burden.
The continued fall in crude oil prices over recent months has however led to domestic synthetic yarn makers incurring stock and margin losses. The fall in prices of petrochemicals, including key polyester yarn raw material such as monoethylene glycol (MEG) and purified terephthalic acid (PTA) has forced yarn makers to reduce prices. Adding to the problem for synthetic yarn makers is the sluggish demand from mills.
In the short run, growth will receive a boost from lower oil prices, from likely monetary policy easing facilitated by lower inflation and lower inflationary expectations.
Medium-term prospects will be conditioned by the “balance sheet syndrome with Indian characteristics,” which has the potential to hold back rapid increases in private sector investment.
The new government has undertaken a number of new reform measures whose cumulative impact could be substantial. India's apparels, home textiles and technical textiles segments are expected to double their market size.
PRODUCT WISE
PERFORMANCE
The Company manufactures Partially Oriented Yarn (POY), Texturised yarn/ Dyed yarn.
Revenue from POY were of Rs. 1267.700 Million as compared to Rs. 1214.000 Million of previous year, from Texturised Yarn/Dyed yarn were of Rs. 7524.300 Million as compared to Rs. 8190.700 Million of previous year.
OUTLOOK
The Company is in the process of doubling capacity of BCF yarn, increasing capacity of texturized yarn, mother yarn, constant development of new products, R & D work in master batch, concentration on products yielding high margins are expected to increase margins of profits.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10582811 |
10/07/2015 |
197,600,000.00 |
Karur Vyasya Bank |
954, Appasaheb
Marathe Marg,, Prabhadevi,, Mumbai |
C60194396 |
|
2 |
10568014 |
20/04/2015 |
250,000,000.00 |
IDBI Bank Limited |
NARIMAN POINT
BRANCH, 224, "A" WING,, MITTAL COUR INDIA |
C52977808 |
|
3 |
10567679 |
03/08/2015 * |
120,000,000.00 |
CENTRAL BANK OF INDIA |
CFB BRANCH, MMO BUILDING, 1ST FLOOR, M. G. ROAD, Maharashtra - 400023, INDIA |
C63692354 |
|
4 |
10567889 |
03/08/2015 * |
200,000,000.00 |
IDBI Bank Limited |
NARIMAN POINT BRANCH, 224, "A" WING, MITTAL COURT, NARIMAN POINT, Mumbai, Maharashtra - 400021, INDIA |
C65370108 |
|
5 |
10561057 |
28/03/2015 |
183,500,000.00 |
STATE BANK OF BIKANER & JAIPUR |
WELSPUN HOUSE,
GROUND FLOOR, KAMALA MILLS COMPOU LOWER PAREL, Maharashtra -
400013, |
C49931322 |
|
6 |
10554563 |
03/08/2015 * |
150,000,000.00 |
Karur Vyasya Bank |
954, Appasaheb Marathe Marg,, Prabhadevi, Mumbai, Maharashtra - 400025, INDIA |
C65521940 |
|
7 |
10523718 |
03/09/2014 |
1,235,500,000.00 |
Bank of Baroda |
Corporate Financial
Service Branch, First floor, INDIA |
C25532292 |
|
8 |
10434375 |
20/06/2013 |
715,400,000.00 |
STATE BANK OF BIKANER & JAIPUR |
WELSPUN HOUSE,
GROUND FLOOR, KAMALA MILLS COMPOU LOWER PAREL, Maharashtra -
400013, |
B78535796 |
|
9 |
10434382 |
30/12/2013 * |
150,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
GROUND FLOOR,
WELSPUN HOUSE, KAMALA MILLS COMPOU INDIA |
B95161246 |
|
10 |
10414631 |
04/03/2013 |
942,500,000.00 |
Bank of Baroda |
Corporate Financial
Service Branch, First floor, INDIA |
B71756605 |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
Part I |
|
|
|
1. |
Income from
Operations |
|
|
|
a)
Net Sales / Income from Operations |
1928.397 |
|
|
b)
Other Operating Income |
17.100 |
|
|
Total
Income from Operations (net) |
1945.497 |
|
2. |
Expenditure |
|
|
|
a)
Cost of materials consumed |
1125.881 |
|
|
b)
Purchase of stock-in-trade |
-- |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(26.172) |
|
|
d)
Employee benefits expense |
116.620 |
|
|
e)
Depreciation and amortisation expense |
51.414 |
|
|
f) Power and Fuel Charges |
0.000 |
|
|
g)
Other expenses |
488.345 |
|
|
Total Expenses |
1756.088 |
|
3. |
Profit/ (Loss) from
Operations before Other Income, Exchange gain/(loss), Finance costs and
Exceptional items (1-2) |
189.407 |
|
4. |
Other Income |
8.635 |
|
5. |
Profit /(Loss) from
Ordinary activities before finance costs and Exceptional items (3+4a+4b) |
198.042 |
|
6. |
Finance Costs |
49.621 |
|
7. |
Profit / (Loss) from ordinary activities
after Finance costs but before Exceptional items (5-6) |
148.422 |
|
8. |
Exceptional items |
-- |
|
9. |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
148.422 |
|
10. |
Tax expenses |
30.472 |
|
11. |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
117.950 |
|
12. |
Extraordinary
items |
-- |
|
13. |
Net Profit /
(Loss) for the period (11+12) |
117.950 |
|
14. |
Paid-up equity share capital (Face Value of Rs. 10 per share) |
392.396 |
|
15. |
Reserve excluding Revaluation reserve |
|
|
16. |
Earnings Per Share (EPS) before and after extraordinary items (of Rs.
10/- each) a) Basic b) Diluted |
3.01 3.01 |
|
|
|
|
|
Part II |
|
|
|
A. |
PARTIULARS OF SHAREHOLDINGS |
|
|
|
Public
Shareholding |
|
|
|
- Number of Shares |
11733862 |
|
|
- Percentage of Shareholding |
29.90% |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
Nil |
|
|
b) Non
Encumbered |
|
|
|
- Number of Shares |
27505706 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
70.10% |
|
PARTICULARS |
For the quarter ended 30th June 2015 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
Nil |
FIXED ASSETS
·
Freehold Land
·
Building
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixture
·
Equipments
·
Computers
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 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 |
|
UK Pound |
1 |
Rs. 99.36 |
|
Euro |
1 |
Rs. 71.25 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.