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|
|
MIRA INFORM REPORT
|
Report No. : |
507905 |
|
Report Date : |
08.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
WELSPUN GLOBAL BRANDS LIMITED (w.e.f. 28.05.2013) |
|
|
|
|
Formerly Known
As : |
WELSPUN RETAIL LIMITED (w.e.f. 29.12.2005) WELSPUN HOMETEX LIMITED |
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|
Registered
Office : |
Survey No. 675, Welspun City, Village Varsamedi, Taluka Anjar,
District Kutch – 370110, Gujarat |
|
Tel. No.: |
91-2836-662222 |
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|
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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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 : |
INR 235.290 Million |
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|
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CIN No.: [Company Identification
No.] |
U71210GJ2004PLC045144 |
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IEC No.: [Import-Export Code No.] |
5206022985 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AAACW5582G1Z3 27AABCB5226F1Z0 |
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TIN No: |
27410501164/ 27365216604 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACW5582G AABCB5226F |
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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 of wide range of home textile products, mainly terry towels, bed linen products and rugs. (Registered Activity) |
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No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exists |
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Comments : |
Subject is a subsidiary of “Welspun India Limited”. The company was
incorporated in the year 2004. It is a trader of Terry Towel and Bed Linen Products. For the financial year 2017, the company has achieved 10.03% growth in
its revenue as compared to previous year revenue along with low profit margin
of 0.70%. The healthy financial profile of the company is marked by strong net
worth base along with strong debt coverage indicators due to debt balance
sheet profile. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Fund Based Working Capital : AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
15.12.2017 |
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Non Fund Based Limits : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
15.12.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 08.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management non-cooperative (Tel No.: 91-2836-662222)
LOCATIONS
|
Registered Office : |
Survey No. 675, Welspun City, Village Varsamedi, Taluka Anjar,
District Kutch – 370110, Gujarat, India |
|
Tel. No.: |
91-2836-662222/ 661111 |
|
Fax No.: |
91-2836-279010 |
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E-Mail : |
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|
Website: |
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|
Corporate Office: |
Welspun House, 6th Floor, Kamala City, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66136000/24908000 |
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Fax No.: |
91-22-24908020 |
|
|
|
|
Factory: |
Survey No.:76, Village Morai, Vapi Pardi, Valsad - 369191, Gujarat,
India |
|
Tel. No.: |
91-260-2437437 |
|
Fax No.: |
91-260-2437088 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mrs. Dipali Balkrishan Goenka |
|
Designation : |
Managing Director |
|
Address : |
Rocky Isle 46/C, B. Desai Road, Breach Candy, Mumbai - 400026, Maharashtra, India |
|
Date of Birth/Age : |
13.10.1969 |
|
Date of Appointment : |
30.12.2005 |
|
PAN No: |
AEOPG4886L |
|
Qualification: |
Graduate in Phychology |
|
DIN No.: |
00007199 |
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|
|
|
Name : |
Mr. Rajesh Rameshkumar Mandawewala |
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Designation : |
Director |
|
Address : |
161/171-B, Tanna Residency, Bay View, Opposite Sidhivinayak Temple, Prabhadevi, Mumbai - 400025, Maharashtra, India |
|
Date of Birth/Age : |
05.05.1962 |
|
Date of Appointment : |
07.12.2012 |
|
Qualification: |
CA |
|
DIN No.: |
00007179 |
|
|
|
|
Name : |
Mr. Atul Manubhai Desai |
|
Designation : |
Director |
|
Address : |
C/62, Vellard View, 14, Tardeo Road, Haji Ali, Mumbai - 400034, Maharashtra, India |
|
Date of Birth/Age : |
27.01.1950 |
|
Qualification: |
BSC, LLB Attorney at Law |
|
Date of Appointment : |
07.12.2012 |
|
DIN No.: |
00019443 |
|
|
|
|
Name : |
Mr. Arun Lalchand Todarwal |
|
Designation : |
Director |
|
Address : |
81, Shivner, 84, Nepean Sea Road, Mumbai-400006, Maharashtra, India |
|
Date of Birth/Age : |
16.06.1957 |
|
Date of Appointment : |
07.12.2012 |
|
Qualification: |
CA |
|
DIN No.: |
00020916 |
|
|
|
|
Name : |
Mrs. Revathy Ashok |
|
Designation : |
Director |
|
Address : |
139/6-2 Domlur Layout, Sharadamma Layout, Bangalore-560071, Karnataka, India |
|
Date of Birth/Age : |
16.01.1959 |
|
Qualification: |
B.S.C. from Bangalore University, PGDM from IIM |
|
Date of Appointment : |
07.12.2012 |
|
DIN No.: |
00057539 |
|
|
|
|
Name : |
Mr. Balkrishan Gopiram Goenka |
|
Designation : |
Director |
|
Address : |
Rocky Isle 46/C, B, Desai Road Breachcandy, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
15.08.1966 |
|
Qualification: |
Commerce Graduate |
|
Date of Appointment : |
07.12.2012 |
|
DIN No.: |
00270175 |
|
|
|
|
Name : |
Mr. Viswanathan Hariharan Kollengode |
|
Designation : |
Director |
|
Address : |
Flat No.4, Kalyani Uttam Society, ST Anthony Road, Chembur, Mumbai-400071, Maharashtra, India |
|
Date of Birth/Age : |
11.05.1962 |
|
Qualification: |
Cost and Works Accountant |
|
Date of Appointment : |
30.08.2011 |
|
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 Birth/Age : |
01.03.1989 |
|
Date of Appointment : |
18.05.2015 |
|
PAN No.: |
AAHPT2639Q |
|
|
|
|
Name : |
Mr. Mukesh Rambabu Khandelwal |
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Designation : |
Chief Finance Officer |
|
Address : |
A-404, Saileela, Anand Nagar, Dahisar (East), Mumbai - 400068, Maharashtra, India |
|
Date of Birth/Age : |
06.10.1961 |
|
Date of Appointment : |
20.05.2014 |
|
Qualification: |
CA |
|
PAN No.: |
ACVPK1804H |
|
|
|
|
Name : |
Uday Sohoni |
|
Designation : |
Company Secretary |
|
Address : |
E/82, Mayflower, Gabriel Street, Mahim, Mumbai – 400016, Maharashtra, India |
|
Email: |
MAJOR SHAREHOLDERS
As on 20.09.2017
|
Names of Shareholders (Equity
Shares) |
|
No. of Shares |
|
Welspun India Limited, India |
|
23065497 |
|
Bennett, Coleman and Company Limited, India |
|
463909 |
|
Dipali Goenka |
|
1 |
|
Balkrishan Goenka |
|
1 |
|
Welspun Fintrade Private Limited, India |
|
1 |
|
Welspun Mercantile Limited, India |
|
1 |
|
Welspun Wintex Limited, India |
|
1 |
|
Krishiraj Trading Limited, India |
|
1 |
|
Total |
|
23529412 |
|
Names of Shareholders (0% Redeemable Cumulative Preference Share) |
|
No. of Shares |
|
Welspun India Limited, India |
|
13464800 |
|
Total |
|
13464800 |
|
Names of Shareholders (0% Redeemable Preference Share) |
|
No. of Shares |
|
Welspun India Limited, India |
|
1389575 |
|
Total |
|
1389575 |
|
Names of Shareholders (1% Redeemable Cumulative Preference Share) |
|
No. of Shares |
|
Welspun India Limited, India |
|
1000000 |
|
Total |
|
1000000 |
Equity Share Break up (Percentage of Total Equity)
As on 20.09.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
0.0000085 |
|
Promoters (Body corporate) |
98.02837827 |
|
Public/Other than promoters (Body corporate) |
1.97161323 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in trading of wide range of home textile products, mainly terry towels, bed linen products and rugs. (Registered Activity) |
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Products / Services
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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 |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Price Waterhouse LLP Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
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: |
CIN No.: L17110GJ1985PLC033271
CIN No.: U51901MH2017PTC291358 |
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Subsidiary companies |
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Enterprises which
are owned, or have
significant influence of or are partners with Key management personnel and
their relatives: |
|
CAPITAL STRUCTURE
As on: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23529412 |
Equity Shares |
INR 10/- each |
INR 235.290 Million |
|
|
|
|
|
As on 20.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
14000000 |
0% Redeemable Cumulative Preference Shares |
INR 10/- each |
INR 140.000 Million |
|
2500000 |
0% Redeemable Preference Shares |
INR 10/- each |
INR 25.000 Million |
|
|
Total |
|
INR 425.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23529412 |
Equity Shares |
INR 10/- each |
INR 235.290 Million |
|
13464800 |
0% Redeemable Cumulative Preference Shares |
INR 10/- each |
INR 134.650 Million |
|
1389575 |
0% Redeemable Preference Shares |
INR 10/- each |
INR 13.900 Million |
|
|
Total |
|
INR 383.840
Million |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
235.290 |
235.290 |
235.290 |
|
(b) Reserves & Surplus |
2946.500 |
1878.520 |
1072.740 |
|
(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) |
3181.790 |
2113.810 |
1308.030 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
778.450 |
718.360 |
664.250 |
|
(b) Deferred tax liabilities (Net) |
794.310 |
413.100 |
216.300 |
|
(c) Other long term
liabilities |
17.980 |
13.430 |
5.920 |
|
(d) long-term provisions |
21.920 |
21.370 |
20.000 |
|
Total Non-current
Liabilities (3) |
1612.660 |
1166.260 |
906.470 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1836.970 |
2390.380 |
796.720 |
|
(b) Trade
payables |
7114.240 |
4062.300 |
4082.940 |
|
(c) Other
current liabilities |
131.010 |
90.550 |
64.460 |
|
(d) Short-term
provisions |
66.210 |
73.070 |
51.110 |
|
Total Current
Liabilities (4) |
9148.430 |
6616.300 |
4995.230 |
|
|
|
|
|
|
TOTAL |
13942.880 |
9896.370 |
7209.730 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11.620 |
10.640 |
9.150 |
|
(ii)
Intangible Assets |
19.810 |
11.550 |
11.490 |
|
(iii)
Capital work-in-progress |
10.730 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
696.770 |
700.250 |
698.950 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.990 |
5.160 |
2.510 |
|
(e) Other
Non-current assets |
239.870 |
319.610 |
304.880 |
|
Total Non-Current
Assets |
981.790 |
1047.210 |
1026.980 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1160.820 |
1041.860 |
1386.050 |
|
(c) Trade
receivables |
8572.770 |
5749.190 |
2438.290 |
|
(d) Cash
and cash equivalents |
52.950 |
170.980 |
57.080 |
|
(e)
Short-term loans and advances |
3.810 |
0.220 |
2.160 |
|
(f) Other
current assets |
3170.740 |
1886.910 |
2299.170 |
|
Total
Current Assets |
12961.090 |
8849.160 |
6182.750 |
|
|
|
|
|
|
TOTAL |
13942.880 |
9896.370 |
7209.730 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
51644.200 |
46936.620 |
44169.760 |
|
|
Other Income |
4047.780 |
3713.710 |
36.450 |
|
|
TOTAL |
55691.980 |
50650.330 |
44206.210 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
50793.810 |
45605.130 |
40303.330 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(118.990) |
344.210 |
(139.050) |
|
|
Employees benefits
expense |
539.290 |
462.140 |
328.850 |
|
|
CSR
expenditure |
0.000 |
0.000 |
6.630 |
|
|
Exceptional
items |
394.570 |
12.590 |
10.760 |
|
|
Other expenses |
3078.940 |
2749.290 |
2419.630 |
|
|
TOTAL |
54687.620 |
49173.360 |
42930.150 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1004.360 |
1476.970 |
1276.060 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
383.040 |
437.830 |
501.980 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
621.320 |
1039.140 |
774.080 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
9.470 |
7.830 |
8.250 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
611.850 |
1031.310 |
765.830 |
|
|
|
|
|
|
|
Less |
TAX |
248.730 |
374.290 |
273.410 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
363.120 |
657.020 |
492.420 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
46594.760 |
43353.280 |
35925.970 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
15.43 |
27.92 |
20.92 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.320 |
3.070 |
13.590 |
|
Cash generated from operations |
971.700 |
(833.120) |
2248.830 |
|
Net cash flows from (used in) operations |
760.960 |
(1114.390) |
2018.790 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
60.59 |
44.71 |
20.15 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
6.02 |
8.16 |
18.12 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
51.12 |
32.51 |
36.98 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.87 |
1.42 |
0.92 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
23.82 |
66.56 |
61.82 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.71 |
0.74 |
0.79 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.82 |
1.47 |
1.13 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
2.88 |
3.13 |
3.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.01 |
0.01 |
0.02 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.62 |
3.37 |
2.54 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.70 |
1.40 |
1.11 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.60 |
6.64 |
6.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
11.41 |
31.08 |
37.65 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.42 |
1.34 |
1.24 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
1.29 |
1.18 |
0.96 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.23 |
0.21 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
11.13 |
13.23 |
6.27 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.42 |
1.34 |
1.24 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
235.290 |
235.290 |
235.290 |
|
Reserves & Surplus |
1072.740 |
1878.520 |
2946.500 |
|
Net
worth |
1308.030 |
2113.810 |
3181.790 |
|
|
|
|
|
|
long-term borrowings |
664.250 |
718.360 |
778.450 |
|
Short term borrowings |
796.720 |
2390.380 |
1836.970 |
|
Current maturities of
long-term debts |
13.590 |
3.070 |
2.320 |
|
Total
borrowings |
1474.560 |
3111.810 |
2617.740 |
|
Debt/Equity
ratio |
1.127 |
1.472 |
0.823 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
44169.760 |
46936.620 |
51644.200 |
|
|
|
6.264 |
10.030 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
44169.760 |
46936.620 |
51644.200 |
|
Profit /(Loss) |
492.420 |
657.020 |
363.120 |
|
|
1.11% |
1.40% |
0.70% |
LEGALS
FILE
City Civil Court, Mumbai
Case
Details
Case
Type: NOTICE OF MOTION
Filing Number: 110813/2017Filing Date: 07-10-2017
Registration Number: 103483/2017Registration Date: 07-10-2017
CNR Number: MHCC01-010049-2017
Case
Status
First
Hearing Date: 11th October 2017
Next Hearing Date: 21st February 2018
Stage of Case: NM FOR HEARING
Court Number and Judge: 4-COURT 4 ADDL SESSIONS JUDGE
Petitioner
and Advocate
1) Lily Packers Pvt Ltd - Suit Stamp No.10735 of
2017
Advocate- Jay Legal Consultants
Respondent
and Advocate
1) 1. Welspun India Ltd 2.Welspun Global Brands Ltd
Acts
|
Under Act(s) |
Under Section(s) |
|
C.P.C.- Interlocutory Order |
9 |
History of Case Hearing
|
Registration Number |
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
103483/2017 |
COURT 4 ADDL SESSIONS JUDGE |
12-10-2017 |
NM ARGUMENTS P.H. |
|
|
103483/2017 |
COURT 4 ADDL SESSIONS JUDGE |
13-10-2017 |
NM ORDERS |
|
|
103483/2017 |
COURT 4 ADDL SESSIONS JUDGE |
13-11-2017 |
NM ORDERS |
|
|
103483/2017 |
COURT 4 ADDL SESSIONS JUDGE |
13-11-2017 |
08-01-2018 |
NM REPLYREJOINDER |
|
103483/2017 |
COURT 4 ADDL SESSIONS JUDGE |
08-01-2018 |
22-01-2018 |
NM REPLYREJOINDER |
|
103483/2017 |
COURT 4 ADDL SESSIONS JUDGE |
24-01-2018 |
NM FOR HEARING |
|
|
103483/2017 |
COURT 4 ADDL SESSIONS JUDGE |
24-01-2018 |
30-01-2018 |
ORDER |
|
103483/2017 |
COURT 4 ADDL SESSIONS JUDGE |
30-01-2018 |
21-02-2018 |
NM FOR HEARING |
City
Civil Court, Mumbai
Case
Details
Case
Type: SUIT
Filing Number: 110735/2017Filing Date: 06-10-2017
Registration Number: 102343/2017Registration Date: 23-10-2017
CNR Number: MHCC01-009978-2017
Case
Status
First
Hearing Date: 13th November 2017
Next Hearing Date: 22nd January 2018
Stage of Case: NM REPLYREJOINDER
Court Number and Judge: 4-COURT 4 ADDL SESSIONS JUDGE
Petitioner
and Advocate
1) Lily Packers Pvt Ltd
Advocate- Joy Legal Consultants
Respondent and Advocate
1) 1. Welspun India Ltd 2.Welspun Global Brands Ltd
3.Welspun USA INC
2) 4.Radiant Pack 5.Global Packers 6.Udit Packaging Pvt. Ltd. 7.Costco
Wholesale Corporation
Acts
|
Under Act(s) |
Under Section(s) |
|
C.P.C.- Non-Interlocutory Order |
9 |
History of Case Hearing
|
Registration Number |
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
102343/2017 |
COURT 4 ADDL SESSIONS JUDGE |
27-11-2017 |
NM REPLYREJOINDER |
|
|
102343/2017 |
COURT 4 ADDL SESSIONS JUDGE |
04-12-2017 |
NM FOR HEARING |
|
|
102343/2017 |
COURT 4 ADDL SESSIONS JUDGE |
06-12-2017 |
NM ARGUMENTS P.H. |
|
|
102343/2017 |
COURT 4 ADDL SESSIONS JUDGE |
12-12-2017 |
NM ORDERS |
|
|
102343/2017 |
COURT 4 ADDL SESSIONS JUDGE |
05-01-2018 |
NM REPLYREJOINDER |
|
|
102343/2017 |
COURT 4 ADDL SESSIONS JUDGE |
22-01-2018 |
NM REPLYREJOINDER |
City Civil Court, Mumbai
Case
Details
Case
Type: NOTICE OF MOTION
Filing Number: 111610/2017Filing Date: 30-10-2017
Registration Number: 103697/2017Registration Date: 30-10-2017
CNR Number: MHCC01-010714-2017
Case
Status
First
Hearing Date: 13th November 2017
Next Hearing Date: 21st February 2018
Stage of Case: NM FOR HEARING
Court Number and Judge: 4-COURT 4 ADDL SESSIONS JUDGE
Petitioner
and Advocate
1) Lily Packers Pvt Ltd
Advocate- Joy Legal Consultants
Respondent
and Advocate
1) 1. Welspun India Ltd 2.Welspun Global Brands Ltd
3.Welspun USA INC
Acts
|
Under Act(s) |
Under Section(s) |
|
C.P.C.- Interlocutory Order |
9 |
History of Case Hearing
|
Registration Number |
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
103697/2017 |
COURT 4 ADDL SESSIONS JUDGE |
13-11-2017 |
08-01-2018 |
NM REPLYREJOINDER |
|
103697/2017 |
COURT 4 ADDL SESSIONS JUDGE |
08-01-2018 |
22-01-2018 |
NM REPLYREJOINDER |
|
103697/2017 |
COURT 4 ADDL SESSIONS JUDGE |
24-01-2018 |
NM FOR HEARING |
|
|
103697/2017 |
COURT 4 ADDL SESSIONS JUDGE |
24-01-2018 |
30-01-2018 |
NM FOR HEARING |
|
103697/2017 |
COURT 4 ADDL SESSIONS JUDGE |
30-01-2018 |
21-02-2018 |
NM FOR HEARING |
City Civil Court, Mumbai
Case
Details
Case
Type: CHAMBER SUMMONS
Filing Number: 113550/2017Filing Date: 14-12-2017
Registration Number: 102024/2017Registration Date: 14-12-2017
CNR Number: MHCC01-012759-2017
Case
Status
First
Hearing Date: 05th January 2018
Next Hearing Date: 21st February 2018
Stage of Case: C/S HEARING
Court Number and Judge: 4-COURT 4 ADDL SESSIONS JUDGE
Petitioner
and Advocate
1) Lily Packers Pvt Ltd
Advocate- Joy Legal Consultants
Respondent and Advocate
1) 1. Welspun India Ltd 2.Welspun Global Brands Ltd
3.Welspun USA INC
Acts
|
Under Act(s) |
Under Section(s) |
|
C.P.C.- Interlocutory Order |
9 |
History of Case Hearing
|
Registration Number |
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
102024/2017 |
COURT 4 ADDL SESSIONS JUDGE |
05-01-2018 |
22-01-2018 |
C/S REPLY |
|
102024/2017 |
COURT 4 ADDL SESSIONS JUDGE |
24-01-2018 |
C/S HEARING |
|
|
102024/2017 |
COURT 4 ADDL SESSIONS JUDGE |
24-01-2018 |
30-01-2018 |
C/S HEARING |
|
102024/2017 |
COURT 4 ADDL SESSIONS JUDGE |
30-01-2018 |
21-02-2018 |
C/S HEARING |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
The Company is public limited company incorporated on December 14, 2004 and domiciled in India. The address of its registered office is “9th Floor, “B” Wing, Trade World, Senapati Bapat Marg, Kamala Mills Compound, Lower Parel, Mumbai - 400013, Maharashtra. The Company is engaged in trading of wide range of home textile products, mainly terry towels, bed linen products and rugs in International markets and on a smaller scale in domestic market. The financial statements were authorized for issue by the board of directors on April 25, 2017.
PERFORMANCE AND
OUTLOOK:
During the year, the Company’s total revenue increased to INR 55691.98 million, a growth of 9.95% over the previous year. Profit before exceptional item and tax is INR 1006.42 million i.e. 3.59% lower than last year. Exceptional Items of INR 394.57 million is towards claims, exports incentives, legal fees and other related expenses relating to the traceability issue. Profit for the year is INR 363.12 million i.e. 44.73% lower than the previous year. The Company has been continuously striving to increase its efficiency and productivity.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Non-current
Borrowings |
|
|
|
Loans repayable on demand from others |
0.000 |
2.320 |
|
Liability component of compound financial instruments |
778.450 |
716.040 |
|
Total |
778.450 |
718.360 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G84036375 |
100169430 |
ICICI BANK LIMITED |
28/03/2018 |
- |
- |
400000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
2 |
C48770275 |
10558660 |
State Bank of Bikaner and jaipur |
28/03/2015 |
- |
- |
485000000.0 |
Welspun House,Kamala Mills CompoundLower Parel, MumbaiMumbaiMH400013IN |
|
3 |
B98335433 |
10395081 |
State Bank of Bikaner and Jaipur |
07/12/2012 |
04/03/2014 |
- |
4648900000.0 |
Welspun House, Kamala CitySenapati Bapat Marg, Lower Parel,MUMBAIMH400013IN |
|
4 |
C69027399 |
10060398 |
IDBI Bank Limited |
05/07/2007 |
21/07/2011 |
28/10/2015 |
430000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
5 |
C69026300 |
10113706 |
IDBI Bank Limited |
01/07/2008 |
- |
28/10/2015 |
120000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
6 |
C69028306 |
10046840 |
IDBI Bank Limited |
11/04/2007 |
- |
28/10/2015 |
100000000.0 |
Venkatesh Chambers, Ghanshyam Talwatkar Marg,Post Box No. 714, FortMumbaiMH400001IN |
|
7 |
C58480070 |
10553144 |
STATE BANK OF HYDERABAD |
11/02/2015 |
- |
07/07/2015 |
213500000.0 |
Corporate Finance Branch, C-11, 1st Floor,Mittal Towers, 210, Nariman Point,MumbaiMH400021IN |
|
8 |
C00950956 |
10429899 |
STATE BANK OF BIKANER AND JAIPUR |
30/05/2013 |
- |
27/03/2014 |
279800000.0 |
WELSPUN HOUSE, GROUND FLOORKAMALA MILLS COMPOUND, LOWER PAREL,MUMBAIMH400013IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Disputed Sales Tax Liabilities |
21.260 |
21.140 |
|
Income Tax Liabilities |
112.590 |
99.130 |
|
Claims against the Company not acknowledged as debts |
48.510 |
48.510 |
|
Total |
182.360 |
168.780 |
FIXED ASSETS
Tangible assets
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Leasehold improvements
- Office equipment
- Computer equipments
Intangible assets
- 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 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
|
INR |
|
US Dollar |
1 |
INR 67.11 |
|
|
1 |
INR 90.85 |
|
Euro |
1 |
INR 80.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
PNM |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.