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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

507926

Report Date :

08.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

WELSPUN INDIA LIMITED (w.e.f 12.10.1995)

 

 

Formerly Known As :

WELSPUN POLYESTERS (INDIA) LIMITED

 

 

Registered Office :

Welspun City, Village Versamedi, Anjar, Kutch – 370110, Gujarat 

Tel. No.:

91-2836-661111

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

17.01.1985

 

 

Com. Reg. No.:

04-033271

 

 

Capital Investment / Paid-up Capital :

INR 1004.730 Million

 

 

CIN No.:

[Company Identification No.]

L17110GJ1985PLC033271

 

 

IEC No.:

[Import-Export Code No.]

0389000205

 

 

GSTIN :

[Goods & Service Tax Registration No.]

24AAACW1259N1Z4

 

 

 

TIN No.:

24010400721

 

 

PAN No.:

[Permanent Account No.]

AAACW1259N

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :

Manufacture of Home Textile Products. (Registered Activity)

 

 

No. of Employees :

22375 (Approximately)

 

 

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+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exists

 

 

Comments :

Subject is a part of “Welspun Group” and was incorporated in the year 1985. Subject is engaged in manufacturing of wide range of home textile products, mainly terry towels, bed linen products and rugs.

 

For the financial year 2017, the revenue of the company has increased by 15.44% along with an average profit margin of 5.44%.

 

The rating takes into consideration the healthy financial profile of the company marked by strong networth base along with comfortable debt coverage indicators.

 

Rating also derives strength from company’s established track record of business.

 

The company has its share price trading at around INR 59.80 against the Face Value (FV) of INR 01 on BSE as on 5th May, 2018.   

 

As per the unaudited quarterly financial of December 2017, the company has achieved revenue of INR 11702.100 Million and has reported profit margin of 7.24%

 

Rating revision takes into account of the Target Corporation decided to terminate business with the company for passing off cheap sheets as premium Egyptian cotton. Target Corporation is company’s biggest customer and it accounted for 10% of the company’s total business.

 

Business is active. Payments 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

CARE

Rating

Long Term Bank Facilities = AA

Rating Explanation

High degree of safety and very low credit risk

Date

25.12.2017

 

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

25.12.2017

 

 

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 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 DECLINED

 

Management Non- Cooperative : 91-2836-661111/ 22-66136000 

 

 

LOCATIONS

 

Registered Office :

Welspun City, Village Versamedi, Anjar, Kutch – 370110, Gujarat, India

Tel. No.:

91-2836-661111

Fax No.:

91-2836-279010

E-Mail :

companysecretary_wil@welspun.com

subrata_pal@welspun.com

wttvapi@welspun.com

contact@welspun.com

Website :

http://www.welspun.com

 

 

Factory :

Survey No. 76, Village Morai, Vapi, District Valsad, Gujarat – 396191, India

Tel. No.:

91-260-2437437

Fax No.:

91-260-2437088

 

 

Corporate Office 1 :

Welspun House, 6th Floor, Kamala City, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

Tel. No.:

91-22-66136000/ 24908020

Fax No.:

91-22-24908020/ 21

 

Corporate Office 2 :

Welspun House, 7th Floor,  Kamala Mills Compound,  Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India

 

Corporate Office 3 :

Trade World 'B' Wing, 9th Floor, Kamala Mills Compound Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India

 

Plant 2 :

Survey No. 76, 74, 87, 88, 110, Village and P.O. Morai, Vapi, District Valsad– 396191, Gujarat, India

Tel. No.:

91-260-2437437

Fax No.:

91-260-2437088

 

 

DIRECTORS

 

AS ON 31.03.2018

 

Name :

Mr. Rajesh Rameshkumar Mandawewala

Designation :

Managing Director

Address :

161/171-B, Tanna Residency Bay View, Opposite Sidhivinayak Temple, Prabhadevi, Mumbai-400025, Maharashtra, India

Date of Appointment :

26.10.1989

DIN No.:

00007179

 

 

Name :

Ms. Dipali Balkrishan Goenka

Designation :

Managing Director

Address :

Rocky Isle 46/C, B. Desai Road, Breach Candy, Mumbai-400026, Maharashtra, India

Date of Appointment :

01.04.2013

DIN No.:

00007199

 

 

Name :

Mr. Arun Lalchand Todarwal

Designation :

Director

Address :

81, Shivner 84, Nepean Sea Road, Mumbai-400006, Maharashtra, India

Date of Appointment :

07.12.2012

DIN No.:

00020916

 

 

Name :

Mr. Ram Gopal Sharma

Designation :

Director

Address :

E 707 Lok Sarita, Military Road, Marol, Andheri (East), Mumbai-400059, Maharashtra, India

Date of Appointment :

16.10.2008

DIN No.:

00026514

 

 

Name :

Mr. Balkrishan Gopiram Goenka

Designation :

Director

Address :

Rocky Isle 46/C, B. Desai Road, Breach Candy, Mumbai-400026, Maharashtra, India

Date of Appointment :

17.01.1985

DIN No.:

00270175

 

 

Name :

Mr. Arvind Kumar Singhal

Designation :

Director

Address :

3, Padmini Enclave, Hauz Khas, New Delhi-110016, India

Date of Appointment :

27.01.2014

DIN No.:

00709084

 

 

Name :

Ms. Padma Vinod Betai

Designation :

Nominee Director

Address :

B/503, Park Side-2, Kulupwadi, 5th Floor, Raheja Estate, Borivali (East), Mumbai-400066, Maharashtra, India

Date of Appointment :

22.08.2015

DIN No.:

00937921

 

 

Name :

Mr. Pradeep Narendranath Poddar

Designation :

Additional Director

Address :

Flat No.02, Mont Blanc, 22nd Floor August Kranti Marg, Opposite Kemps Corner, Mumbai-400036, Maharashtra, India 

Date of Appointment :

15.09.2016

DIN No.:

00025199

 

 

KEY EXECUTIVES

 

Name :

Mr. Shashikant B Thorat

Designation :

Company Secretary

Address :

10, Bhaskar Mansion, Sitladevi Temple Road, Mahim (West), Mumbai-400016, Maharashtra, India

Date of Appointment :

01.08.2009

PAN No.:

ADEPT8362M

 

 

Name :

Mr. Altaf Abdulaziz Jiwani

Designation :

Chief Financial Officer

Address :

10/1003, Upohar Luxury, Chakgaria, Kolkata-700094, West Bengal, India

Date of Appointment :

02.02.2015

PAN No.:

AAIPJ1592Q

 

 

Name :

Mr. Ramchndra Gore

Designation :

Finance Department

 

 

The Stakeholders’ Relationship, Share Transfer and Investor Grievance Committee :

·         Mr. Apurba Kumar Dasgupta

·         Mr. Balkrishan Goenka

·         Mr. Rajesh Mandawewala

 

 

Corporate Social Responsibility Committee :

·         Mr. Ram Gopal Sharma

·         Mr. Rajesh Mandawewala

·         Ms. Dipali Goenka

 

 

Audit Committee :

·         Mr. Ram Gopal Sharma

·         Mr. Apurba Kumar Dasgupta

·         Mr. Arun Todarwa

 

 

Nomination and Remuneration Committee :

·         Mr. Apurba Kumar Dasgupta

·         Mr. Ram Gopal Sharma

·         Mr. Arun Todarwal

 

 

SHAREHOLDING PATTERN

 

As on 31.03.2018

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

(A) Promoter & Promoter Group

688040933

68.48

(B) Public

316684217

31.52

Grand Total

1004725150

100.00


 

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of

A1) Indian

0.00

Individuals/Hindu undivided Family

35,38,000

0.35

Radhika Balkrishaan Goenka

20,08,600

0.20

Dipali Balkrishan Goenka

750400

0.07

Balkrishan Gopiram Goenka

490660

0.05

B K Goenka                                                                

193320

0.02

Balkrishan Gopiram Goenka

93990

0.01

Rajesh R Mansawewala

1030

0.00

Any Other (Specify)

684502933

68.13

Prasert Multiventure Pvt Ltd

679078913

67.59

Welspun Tradewel Limited

5424020

0.54

Sub Total A1

688040933

68.48

A=A1+A2

688040933

68.48

 

STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER

 

Category & Name of the Shareholders

 

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a % of

B1) Institutions

0.00

Mutual Funds/

59343395

5.91

Dsp Blackrock Small Cap Fund

44197843

4.40

Aditya Birla Sun Life Trustee Pvt. Ltd

11885600

1.18

Alternate Investment Funds

3201410

0.32

Foreign Portfolio Investors

92156512

9.17

Lazard Emerging Markets Small Cap Equity Trust

10601740

1.06

Financial Institutions/ Banks

624418

0.06

Any Other (Specify)

140

0.00

Sub Total B1

155325875

15.46

B2) Central Government/ State Government(S)/ President Of India

0.00

Central Government/ State Government(S)/ President Of India

845746

0.08

Sub Total B2

845746

0.08

B3) Non-Institutions

0.00

Individual Share Capital Upto INR 0.200 Million

85139098

8.47

Individual Share Capital In Excess Of INR 0.200 Million

20291830

2.02

Any Other (Specify)

55081668

5.48

Bodies Corporate

42058219

4.19

Clearing Members

2353916

0.23

Director Or Director's Relatives

2510

0.00

Huf

3775010

0.38

Non-Resident Indian (Nri)

5506128

0.55

Trusts

31825

0.00

Unclaimed Or Suspense Or Escrow Account

1354060

0.13

Sub Total B3

160512596

15.98

B=B1+B2+B3

316684217

31.52

 

BUSINESS DETAILS

 

Line of Business :

Manufacture of Home Textile Products. (Registered Activity)

 

 

Products / Services :

(NIC Code)

Product / Services Description

139

Manufacture of other textiles

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

22375 (Approximately)

 

 

Bankers :

·         Andhra Bank

·         Allahabad Bank

·         Bank of Baroda

·         Bank of India

·         Canara Bank

·         Central Bank of India

·         Corporation Bank

·         ICICI Bank

·         Indian Bank Limited

·         Indian Overseas Bank

·         State Bank of Hyderabad

·         State Bank of India

·         State Bank of Patiala

·         State Bank of Travancore

·         Tamilnad Mercantile Bank

·         Union Bank of India

·         Vijaya Bank

·         Yes Bank Limited

·         Punjab National Bank, PNB, Ilaco House, Sir P.M. Road, Fort, Mumbai -400013, Maharashtra, India

·         IDBI Bank Limited, IDBI Tower WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

·         Export Import Bank of India, Center One Building, Floor 21, World Trade Center, Complex, Cuffe Parade, Mumbai- 400005, Maharashtra, India

·         State Bank of Bikaner and Jaipur, Welspun House, Ground Floor, Kamala Mills Compound Senapati Bapat Marg, Lower Parel, Mumbai-400013, Maharashtra, India

 

 

Facilities :

 

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

LONG-TERM BORROWINGS

 

 

Measured at amortised cost:

 

 

Term Loans From Banks

 

 

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company.

1022.360

1234.500

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company.

538.060

608.390

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company.

213.980

222.660

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company.

3087.550

3357.430

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company.

1003.190

1078.370

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company. FCNR (B) Dollar loan amounting to `

239.77 million as on March 31, 2015 has been converted into Rupee loan during the year.

208.210

230.290

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovableproperties and second pari passu charge over current assets of the Company.

7956.650

7546.260

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company.

3226.630

2392.960

Rupee term loan is secured by first pari

passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company.

715.890

46.400

Rupee term loan is secured by first pari passu charge over the present and future fixed assets, all movable and immovable properties and second pari passu charge over current assets of the Company

2417.270

12.130

UNSECURED LOANS :

 

 

Loans from Others

 

 

Loan from Hewlett Packard India

Financial Services Private Limited

--

6.320

Loan from Banks

--

40.310

Total Non-current borrowings

20389.79

16776.020

Less : Current maturities of long-term debt (included in Note 10 (b) )

(1010.450)

(800.450)

Less : Interest accrued but not due

(included in Note 10 (b)

(134.870)

(80.740)

Non-current borrowings (as per balance sheet)

19244.470

15894.830

 

 

 

SHORT TERM BORROWING

 

 

Measured at amortised cost

 

 

- Working Capital Loans from Banks

4479.950

4489.340

Unsecured

 

 

Measured at amortised cost

 

 

- Working Capital Loans from Banks

314.980

43.150

- Supplier financing

2335.040

3,448.310

- Commercial Paper

 

 

Total current borrowings

7129.970

8969.340

Less : Interest accrued but not due

(1.230)

0.000

Total

7128.74

8969.340

 

 

LONG-TERM BORROWINGS

The rate of interest on the Non-current borrowings in the table above are in the range of 10.75 % to 11.37% (March 31, 2016: 10.60% to 11.75% and March 31, 2015: 10.40% to 12.75%). These loans are eligible for Central and State Government Interest Subsidies/ Rebates.

 

SHORT TERM BORROWING

i) The working capital loans, which includes cash credit and packing credit from banks, are secured by hypothecation of raw materials, stock-in-process, finished goods, semi-finished goods, stores, spares and book debts and other current financial assets of the Company and second charge on entire fixed assets of the Company.

 

(ii) The bills of the vendors evidencing supply of material are discounted on presentation and the vendors are directly paid by the banks and the Company bears the discounting charge upfront. Later on the due date (depending on the tenor of financing), the Company pays the discounting bank the principal amount. This financing is unsecured and therefore there is no hypothecation against stock or debtors

 

(iii) Commercial paper is an unsecured short term debt instrument issued by the Company generally for 90 days to meet the regular working capital requirements.

 

Auditors :

 

Name :

Price Waterhouse LLP

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai-400028, Maharashtra, India

Tel. No.:

91-22-66691500

Mobile No.:

91-22-66547804/ 07

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding (with effect from March 31, 2017)           

  • Prasert Multiventures Private Limited (CIN No. U51901MH2017PTC291358)
  • Krishiraj Trading Limited

 

 

Subsidiaries :
  • Anjar Integrated Textile Park Developers (CIN No. U74120GJ2011PTC064912)
  • Besa Developers and Infrastructure Private Limited (CIN No. U45400MH2008PTC178773)
  • Christy 2004 Limited (UK)
  • Christy Home Textiles Limited (UK)
  • Christy Lifestyle LLC (USA)
  • Christy UK Limited (UK)
  • Christy Welspun GmbH (Germany)
  • CHT Holdings Limited (UK)
  • E. R. Kingsley (Textiles) Limited (UK)
  • Novelty Home Textiles S.A. de C.V. (Mexico)
  • Welspun Anjar SEZ Limited (CIN No. U22210GJ1995PLC027871)
  • Welspun Captive Power Generation Limited (CIN No. U40100GJ2010PLC060502)
  • Welspun Flooring Limited (CIN No U17291GJ2016PLC086292)
  • Welspun Global Brands Limited (CIN No. U71210GJ2004PLC045144) (GSTIN No - 24AAACW5582G1Z9)
  • Welspun Holdings Private Limited (Cyprus)
  • Welspun Home Textiles UK Limited (UK)
  • Welspun Mauritius Enterprises Limited
  • Welspun UK Limited (UK)
  • Welspun USA, Inc. (USA)
  • Welspun Zucchi Textiles Limited (CIN No. U18101MH1997PLC107982)

 

 

Enterprises over which Key Management Personnel or relatives of such personnel exercise significant influence or control and with whom transactions have taken place during the year :
  • Welspun Corp Limited (WCL)
  • Welspun Steel Limited (WPSL)
  • Welspun Tradings Limited (WTL)
  • Welspun Wintex Limited (WWL)
  • Welspun Mercantile Limited (WML)
  • Welspun Logistics Limited (WLL)
  • AYM Syntex Limited (AYMSL) (Formerly known as Welspun Syntex Limited) (WSL)
  • Welspun Realty Private Limited (WRPL)
  • Mertz Estates Limited (MEL) (Formerly known as Mertz Securities Limited) (MSL)
  • Wel-treat Enviro Management Organisation Limited (WEMO)
  • Welspun Projects Limited ( WPL)
  • Methodical Investment and Trading Company Private Limited (MITCPL)
  • Welspun Finance Limited (WFL) Welspun Foundation for Health and Knowledge (WFHK)
  • Welspun Infra Developers Limited (WIDL)
  • Technopak Advisors Private Limited (TAPL)
  • Welspun Enterprises Limited (WENL)
  • WS Trading and Holding Private Limited (WTHPL)
  • WS Alloy Holding Private Limited (WAHPL)

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1555000000

Equity Shares

INR 1/- each

INR 1555.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1004725150

Equity Shares

INR 1/- each

INR 1004.730  Million

 

 

 

 

 

Note:

 

The Board of Directors of the Company at its meeting held on February 2, 2016 has approved the sub-division of equity shares of the Company having a face value of INR 10 per share into 10 equity shares having a face value of INR1 each. This has been approved by the shareholders at their meeting held on March 4, 2016.

 

Shares held by holding company and subsidiary of holding company (Holding company as defined in Ind AS-24: “Related Party Disclosure”)

 

Equity Shares :

31.03.2017

 

Number of Shares

Amount (INR Million)

Prasert Multiventure Private Limited (PMPL) (with effect from March 30, 2017) (Refer note below)

679078913

679.08

 

679078913

679.08

 

Note: Change in holding company during the year

 

1. MGN Agro Properties Private Limited (up to March 29, 2017)

2. Krishiraj Trading Limited (KTL) (up to September 27, 2016)

 

 

Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company

 

Equity Shares :

31.03.2017

 

Number of Shares

Amount (INR Million)

Krishiraj Trading Limited

679078913

67.59

 

679078913

67.59

 

 

Rights, preferences and restrictions attached to equity shares

Equity Shares:

The company has one class of equity shares having a par value of ` 1 per share (March 31, 2016: INR 1, March 31, 2015: INR 10) each shareholder is eligible for one vote per share held. The dividend, in case proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

 

(iv) Shares allotted as fully paid up pursuant to contract(s) without payment being received in cash

(During 5 years immediately preceding March 31, 2017)

 

10475496 equity shares of INR 10 each fully paid were issued in January 2013 to the erstwhile shareholders of Welspun Global Brands Limited (Formerly known as Welspun Retail Limited) pursuant to the composite scheme of arrangement between Welspun Global Brands Limited, the Company and Welspun Retail Limited without payment being received in cash.

 

(v) Shares reserved for issue under options

 

Information relating to Welspun India Limited Employee Stock Option Plan, including details of options issued, exercised and lapsed during the financial year and options outstanding at the end of the reporting period is set out in note 32.

 

 

 

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1004.730

1004.730

1004.600

(b) Reserves & Surplus

21005.350

17991.850

13910.870

(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)

22010.080

18996.580

14915.470

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

19244.470

15894.830

12786.030

(b) Deferred tax liabilities (Net)

1652.500

1327.550

838.950

(c) Other long term liabilities

2278.150

1862.620

1781.770

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

23175.120

19085.000

15406.750

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

7128.740

8969.340

9916.990

(b) Trade payables

6194.580

3626.360

2521.780

(c) Other current liabilities

3118.610

2942.310

5756.080

(d) Short-term provisions

850.460

0.000

0.000

Total Current Liabilities (4)

17292.390

15538.010

18194.850

 

 

 

 

TOTAL

62477.590

53619.590

48517.070

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

29974.160

26384.660

18955.760

(ii) Intangible Assets

116.430

101.950

31.120

(iii) Capital work-in-progress

479.220

1810.950

1533.500

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

7231.460

6839.570

6394.850

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.660

1.460

35.360

(e) Other Non-current assets

515.010

1046.900

1311.280

Total Non-Current Assets

38316.940

36185.490

28261.870

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

1018.180

77.250

920.270

(b) Inventories

8980.970

8116.350

7816.800

(c) Trade receivables

7397.800

3625.120

3866.030

(d) Cash and cash equivalents

1044.040

617.500

2666.240

(e) Short-term loans and advances

2.480

4.210

5.740

(f) Other current assets

5717.180

4993.670

4980.120

Total Current Assets

24160.650

17434.100

20255.200

 

 

 

 

TOTAL

62477.590

53619.590

48517.070

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

56393.350

48850.120

44034.870

 

Other Income

719.300

1183.670

944.170

 

TOTAL

57112.650

50033.790

44979.040

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

27519.360

21743.500

21796.260

 

Purchases of Stock-in-Trade

554.090

247.320

60.040

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(1120.060)

17.840

(700.310)

 

Employees benefits expense

4643.560

3904.150

3253.320

 

Other expenses

11101.970

10263.060

9242.980

 

 

4605.560

0.000

0.000

 

TOTAL

47304.480

36175.870

33652.290

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

9808.170

13857.920

11326.750

 

 

 

 

 

Less

FINANCIAL EXPENSES

871.860

1539.220

1806.370

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

8936.310

12318.700

9520.380

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

4663.240

3257.510

2662.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

4273.070

9061.190

6857.480

 

 

 

 

 

Less

TAX

1207.560

2578.000

1756.120

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3065.510

6483.190

5101.360

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Revenue from Exports on FOB basis

138.370

61.100

166.610

 

Commission on Corporate Guarantee

7.99

23.730

30.850

 

TOTAL EARNINGS

146.36

84.830

197.460

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

4487.390

1770.170

1584.140

 

Components and Stores parts

439.350

485.630

401.930

 

Capital Goods

2821.150

6059.050

2942.030

 

Packing Material

33.430

33.950

29.230

 

TOTAL IMPORTS

7781.320

8348.800

4957.330

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

3.05

6.45

5.08

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

 

 

 

Rupee Term Loans from Banks

1009.120

795.460

4471.210

From Financial Institutions

0.000

0.000

22.500

From Others

3.650

4.990

4.420

Total

1012.770

800.450

4498.130

Cash Flow Generated from Operations

7225.680

15508.700

7864.240

Net Cash Flow From Operating Activities

6516.860

13662.100

6441.880

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

 (Unaudited)

30.09.2017

 (Unaudited)

31.12.2017

 (Unaudited)

 

1st  Quarter

2nd  Quarter

3rd  Quarter

Net Sales

13293.300

12591.900

11702.100

Total Expenditure

10890.100

10509.400

9551.700

PBIDT (Excl OI)

2403.200

2082.500

2150.400

Other Income

117.200

111.000

193.000

Operating Profit

2520.400

2193.500

2343.400

Interest

236.900

197.600

212.900

Exceptional Items

NA

NA

NA

PBDT

2283.500

1995.900

2130.500

Depreciation

1095.800

1197.900

1184.300

Profit Before Tax

1187.700

798.000

946.200

Tax

309.300

210.900

98.500

Provisions and contingencies

NA

NA

NA

Profit After Tax

878.400

587.100

847.700

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

878.400

587.100

847.700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

47.88

27.09

32.05

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

7.62

13.48

11.39

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

80.54

60.19

42.11

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

1.09

1.71

1.45

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.32

0.49

0.55

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.58

0.59

0.64

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

1.20

1.31

1.52

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.79

0.82

1.22

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.39

1.49

1.38

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

11.25

9.00

6.27

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

 ((PAT / Sales) * 100)

%

5.44

13.27

11.58

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

4.91

12.09

10.51

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

13.93

34.13

34.20

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.40

1.12

1.11

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.88

0.60

0.68

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.35

0.35

0.31

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

26.25

24.75

22.60

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.40

1.12

1.11

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 01/-

Market Value

INR 59.80/-

 

 

 

 

FINANCIAL ANALYSIS

[all figures are 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

1004.600

1004.730

1004.730

Reserves & Surplus

13910.870

17991.850

21005.350

Share Application money pending allotment

0.000

0.000

0.000

Net worth

14915.470

18996.580

22010.080

 

 

 

 

Long Term borrowings

12786.030

15894.830

19244.470

Short Term borrowings

9916.990

8969.340

7128.740

Current Maturities of Long term debt

4498.130

800.450

1012.770

Total borrowings

27201.150

25664.620

27385.980

Debt/Equity ratio

1.824

1.351

1.244

 

 

 

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

44034.870

48850.120

56393.350

 

 

10.935

15.442

 

 

 

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

44034.870

48850.120

56393.350

Profit

5101.360

6483.190

3065.510

 

11.58%

13.27%

5.44%

 

 

ABRIDGED BALANCE SHEET [CONSOLIDATED]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

100.473

100.473

(b) Reserves & Surplus

 

2296.675

1869.576

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

2397.148

1970.049

 

 

 

 

Non-Controlling Interest

 

35.527

41.196

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

2016.016

1792.196

(b) Deferred tax liabilities (Net)

 

216.780

132.764

(c) Other long term liabilities

 

233.159

191.009

(d) long-term provisions

 

2.192

2.137

Total Non-current Liabilities (3)

 

2468.147

2118.106

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

1172.077

1353.261

(b) Trade payables

 

751.733

665.230

(c) Other current liabilities

 

418.538

400.626

(d) Short-term provisions

 

85.146

0.647

Total Current Liabilities (4)

 

2427.494

2419.764

 

 

 

 

TOTAL

 

7328.316

6549.115

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

3501.107

3155.912

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

56.354

183.200

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

2.877

3.860

(c) Deferred tax assets (net)

 

70.216

73.041

(d)  Long-term Loan and Advances

 

0.365

0.662

(e) Other Non-current assets

 

268.198

334.859

Total Non-Current Assets

 

3899.117

3751.534

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

122.855

24.652

(b) Inventories

 

1281.002

1104.636

(c) Trade receivables

 

960.061

849.901

(d) Cash and cash equivalents

 

162.811

124.298

(e) Short-term loans and advances

 

0.629

0.443

(f) Other current assets

 

901.841

693.651

Total Current Assets

 

3429.199

2797.581

 

 

 

 

TOTAL

 

7328.316

6549.115

 

 

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

5770.455

5296.783

 

Other Income

 

950.640

717.506

 

TOTAL

 

6721.095

6014.289

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

2856.158

2302.555

 

Purchases of Stock-in-Trade

 

377.815

329.408

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(194.375)

27.406

 

Employees benefits expense

 

637.298

536.663

 

Other expenses

 

1380.252

1135.165

 

 

 

464.752

 

 

TOTAL

 

5521.900

4331.197

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

1199.195

1683.092

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

158.258

236.803

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

1040.937

1446.289

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

505.424

371.824

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

535.513

1074.465

 

 

 

 

 

Less

TAX

 

173.139

325.349

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

362.374

749.116

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

3.56

7.33

 

LEGAL CASE

 

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) Radiant Pack 5.Global Packers 6.Udit Packaging Pvt. Ltd. 7.Costco Wholesale Corporation

2)                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

13-11-2017

27-11-2017

NM REPLYREJOINDER

102343/2017

COURT 4 ADDL SESSIONS JUDGE

27-11-2017

04-12-2017

NM FOR HEARING

102343/2017

COURT 4 ADDL SESSIONS JUDGE

04-12-2017

06-12-2017

NM ARGUMENTS P.H.

102343/2017

COURT 4 ADDL SESSIONS JUDGE

06-12-2017

12-12-2017

NM ORDERS

102343/2017

COURT 4 ADDL SESSIONS JUDGE

12-12-2017

05-01-2018

NM REPLYREJOINDER

102343/2017

COURT 4 ADDL SESSIONS JUDGE

05-01-2018

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

Lily Packers Pvt Ltd

Advocate- Joy Legal Consultants Respondent and Advocate

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

22-01-2018

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

22-01-2018

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

 

HIGH COURT OF GUJARAT

 

SPECIAL CIVIL APPLICATION No. 20593 of 2016

 

Status : PENDING

( Converted from : C/ST/20512/2016 )

CCIN No : 001021201620593

Last Listing Date:

27/02/2018

 

 

Coram

HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY

HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

 

S.NO.

Name of the Petitioner

Advocate On Record

1
2

GUJARAT POLLUTION CONTROL BOARD
GUJARAT COASTAL ZONE MANAGEMENT AUTHORITY

VIRAL K SHAH for: Petitioner(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 - 2

S.NO.

Name of the Respondant

Advocate On Record

1
2
3
4
5
7
8

NATIONAL GREEN TRIBUNAL, WESTERN ZONE BENCH
UNION OF INDIA - REGIONAL OFFICER
STATE OF GUJARAT COLLECTOR
KANDLA JUTH MACHIMAR SAHAKARI MANDLI LTD.
M/S WELSPUN INDIA LTD.

NOTICE SERVED for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1
NOTICE SERVED BY DS for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 4 - 5 , 7 - 8
DS AFF.NOT FILED (N) for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1 - 5 , 7 - 8
MR DEVANG VYAS for :Respondent(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

 

 

Presented On

: 08/12/2016

Registered On

: 09/12/2016

Bench Category

: DIVISON BENCH

District

: KACHCHH

Case Originated From

: THROUGH HIS/HER/THEIR ADVOCATE

Listed

: 12 times

Stage Name

: NOTICE & ADJOURNED MATTERS

 

Office Details

 

S. No.

Filing Date

Document Name

Advocate Name

Court Fee on Document

Document Details

1

08/12/2016

VAKALATNAMA

VIRAL K SHAH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

5

VIRAL K SHAH(5210) for P:1 - 2

2

08/12/2016

MEMO OF PETITION/APPEAL/SUIT

VIRAL K SHAH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

200

VIRAL K SHAH(5210), for P:1 - 2

3

09/12/2016

ADVANCE COPY OF PETITION

MR DEVANG VYAS ADVOCATE
for RESPONDENT(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 2

0

MR DEVANG VYAS(2794) for R:2

4

13/01/2017

AFFIDAVIT OF DS

VIRAL K SHAH ADVOCATE
for PETITIONER(s) http://gujarathc-casestatus.nic.in/gujarathc/images/arrow1.png 1

0

VIRAL K SHAH(5210) for P:1

Court Proceedings

 

S. No.

Notified Date

CourtCode

Board Sr. No.

Stage

Action

Coram

1

09/12/2016

1

163

ADMISSION (PER COURT MATTERS)

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

2

13/12/2016

1

38

URGENT ADMISSION (ADJOUNRED MATTERS)

HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

3

13/01/2017

1

116

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

4

13/02/2017

1

149

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

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HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

5

07/03/2017

1

171

URGENT ADMISSION (ADJOUNRED MATTERS)

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HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

6

12/04/2017

1

-

URGENT ADMISSION (ADJOUNRED MATTERS)

HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

7

03/05/2017

1

211

URGENT ADMISSION (ADJOUNRED MATTERS)

NEXT DATE

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8

21/06/2017

1

56

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26/07/2017

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67

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30/08/2017

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119

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27/09/2017

1

104

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21/11/2017

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37

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18/01/2018

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81

NOTICE & ADJOURNED MATTERS

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27/02/2018

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-

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HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

Available Orders

 

S. No.

Case Details

Judge Name

Order Date

CAV

Judgement

Download

1

SPECIAL CIVIL APPLICATION/20593/2016

HONOURABLE THE CHIEF JUSTICE MR. R.SUBHASH REDDY 

HONOURABLE MR.JUSTICE VIPUL M. PANCHOLI

13/12/2016

N

ORDER

Download

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

No

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

GENERAL INFORMATION

 

The Company is a public limited company which is listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) and is incorporated and domiciled in India. The address of its registered office is “Welspun City”, Village Versamedi, Taluka Anjar, District Kutch, Gujarat - 370110, India. The Group is a leading manufacturer of wide range of home textile products, mainly terry towels, bed linen products and rugs. These Group’s consolidated financial statements were approved for issue by the board of directors on April 25, 2017.

 

BUSINESS OVERVIEW

 

The company is part of the US$ 2.3 billion Welspun Group, is one of the world’s largest home textile manufacturers. Serves a wide consumer cross-section globally by offering a spectrum of home textile products in Bath, Bedding and Flooring solutions. The Company offers unique innovations in products and experiences to its customers through various combinations of brands, products, technologies and channels.

 

With a distribution network in more than 50 countries, the Company is the largest exporter of home textile products from India. The Company supplies to 17 of the Top 30 global retailers from its world - class manufacturing facilities at Anjar and Vapi, both in Gujarat, India.

 

About 95% of WIL’s revenue is derived from exports to various countries across the globe, due to the Company’s strong presence in key markets, such as USA, Canada and UK. Today, the Company has a 20% market share in towels and 11% in bed linen in the US; and is present across every major store in UK. However, as part of its diversification strategy, the Company is continuously working on increasing its footprint in newer geographies including Continental Europe, Japan, Australia and the Middle East and particularly, in the Indian market.

 

Around 16% of the Company’s revenue is contributed by its own brands (such as Christy, Spaces, Wel home and Tilt). Also, the Company holds coveted merchandise licenses such as Wimbledon, Disney, Minions, Royal Ascot, Manchester City and FCB. The Company’s strong and consistent emphasis on innovation is evident in the number of patents (26 global patents, inclusive of pending patents) and trademarks, in its portfolio. Currently, about 36% of WIL’s total revenue comes from innovative products developed by the Company.

 

INDEX OF CHARGE:

 

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Amount

Address

1

G74649773

100115058

IDBI TRUSTEESHIP SERVICES LIMITED

19/07/2017

11/01/2018

2750000000.0

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE,MUMBAIMH400001IN

2

G41934704

100048662

IDBI TRUSTEESHIP SERVICES LIMITED

02/09/2016

28/03/2017

4140000000.0

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,BALLARD ESTATE, MUMBAIMH400001IN

3

G13169529

100052307

IDBI BANK LIMITED

25/08/2016

-

1140000000.0

IDBI TOWERWTC COMPLEXCUFFE PARADE, MUMBAIMA400005IN

4

G08955510

100043057

IDBI TRUSTEESHIP SERVICES LIMITED

15/07/2016

-

1460000000.0

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARGBALARD ESTATE, MUMBAI-400001IN

5

C78400983

10619336

State Bank of Bikaner and Jaipur

29/01/2016

-

1200000000.0

WELSPUN HOUSE, GROUND FLOOR, KAMALA MILLS COMPOUNDSENAPATI BAPAT MARG, LOWER PAREL, MUMBAI-00013IN

6

C80605553

10582385

IDBI TRUSTEESHIP SERVICES LIMITED

22/07/2015

19/02/2016

4850000000.0

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARGBALARD ESTATE, MUMBAI-400001IN

7

C52803137

10567877

Export Import Bank of India

17/04/2015

-

1460000000.0

CENTER ONE BUILDING, FLOOR 21, WORLD TRADE CENTERCOMPLEX, CUFFE PARADE, 400005IN

8

C51051860

10563879

IDBI Bank Limited

26/03/2015

-

750000000.0

IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI-400005IN

9

C49891856

10561058

TAMILNAD MERCANTILE BANK LIMITED

18/03/2015

-

220000000.0

UNIT NO. 25, 26, 27, LAXMI PLAZA, LAXMI INDUSTRIALESTATE, NEW LINK ROAD, ANDHERI WEST MUMBAIMH400053IN

10

C35320555

10533799

YES BANK LIMITED

15/11/2014

-

750000000.0

NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,DR, A. B. ROAD, WORLI, MUMBAI MH400018IN

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Excise, Customs and Service Tax Matters

310.900

330.79

Income Tax Matters

162.940

19.660

Stamp Duty Matter

4.740

4.460

Sales Tax

51.640

55.610

Claims against Company not acknowledged as debts

52.240

3.730

 

(a) It is not practicable to estimate the timing of cash outflows, if any, in respect of the above pending resolution of the respective proceedings.

 

(b) The Group does not expect any reimbursements in respect of the above contingent liabilities.

 

Excise, Customs, Service Tax and Sales Tax Matters

The Group has ongoing disputes with Indian tax authorities mainly relating to availment of cenvat credit and input tax credit on certain items. As of March 31, 2017, the Group has demands from various indirect tax authorities in Indian jurisdiction, which are being contested by the Group on appeal amounting to

INR 362.540 million.

 

Income Tax Matters

The Group has ongoing disputes with Indian Income tax authorities relating to tax treatment of certain items. These mainly includes disallowed expenses, tax treatment of certain expenses claimed by the Group as deductions, and computation of, or eligibility of, certain tax incentives or allowances. As of March 31, 2017 the Group has contingent liability in respect of demands from direct tax authorities in India which are amounting to INR 162.940 million.

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED DECEMBER 2017

(INR In million)

Particulars

Quarter ended

Quarter ended

Nine Months Ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited

Income from Operations

 

 

 

Revenue from Operations

11702.100

12591.900

37587.300

Other Income

193.000

111.000

421.200

Total Income from operations (net)

11895.100

12702.900

38008.500

 

 

 

 

Expenses

 

 

 

(a) Cost of Material Consumed

5653.200

5547.300

18211.800

(b) Purchase of stock in trade

63.700

114.600

220.100

(c) Changes in inventories of finished goods, work in progress and stock in trade

233.300

918.400

647.400

(d) Excise duty

0.000

0.000

192.800

(e) Employee benefit expenses

1194.900

1251.200

3675.300

(f) Depreciation and amortization expenses

1184.300

1197.900

3478.000

(g) Other Expenses

2406.600

2677.900

8003.800

(f) Finance costs

212.900

197.600

647.400

Total Expenses

10948.900

11904.900

35076.600

Profit/ (Loss) from before Exceptional items

946.200

798.000

2931.900

Exceptional items

0.000

0.000

0.000

Profit/ (Loss) before tax

946.200

798.000

2931.900

Income Tax Expenses

 

 

 

Current Tax

12.100

214.100

677.300

Deferred Tax

86.400

(3.200)

(58.600)

Total Tax Expenses

98.500

210.900

618.700

Net Profit/ (Loss) for the period

847.700

587.100

2313.200

Other comprehensive income, net of income tax 

1.100

(3.500)

(3.800)

Total comprehensive income for the period

848.800

583.600

2309.400

Paid- up Equity Share Capital (share – INR 1)

1004.700

1004.700

1004.700

Earnings per share

 

 

 

Basic

0.84

0.59

2.30

Diluted

0.84

0.59

2.30

 

Note:

 

The above financial results for the quarter and nine months ended on December 31. 2017 were reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on February 13, 2018. The Statutory Auditors have carried out a Limited Review of the above financial results for the quarter and nine months ended on December 31, 2017.


2. During the previous year. the Company had made provision towards Exceptional Items (refund to the customers. inventory write-down. legal fees etc.) relating to the traceability Issue. The Company has reassessed the outstanding provision/ liability as at quarter ended December 31 2017 and no significant additional provision is considered necessary.


3. Relating to the traceability Issue. five putative class action suits were filed In USA against the Company and its subsidiary viz. Welspun USA Ind by certain consumers. out of which four putative class action suits were consolidated In one of the courts during the quarter ended December 31. 2016 and are proceeding as a single putative class action. The plaintiff for a fifth putative class action suit filed a notice of voluntary dismissal without prejudice during the quarter ended September 30 2017. For the aforesaid consolidated putative class action suit still pending. the court has set deadlines for class discovery and the filing of a class certification motion The Company, Welspun USA Inc. and the other defendants In the consolidated action have filed motions to dismiss the consolidated putative class action suit and to strike the class allegations The court proceedings are in a preliminary stage and it cannot be determined at present whether the consolidated putative class action suit will be permitted to proceed as a class action and therefore the monetary impact, if any. of the final outcome of the law suit ‘Is currently unascertainable. 


4. The Company is principally engaged in a single business segment viz., Home Textiles based on nature of products. risks, returns and the internal business reporting system.


5. Figures for the previous periods / year are re—arranged / re-grouped. wherever necessary.

  

 

FIXED ASSETS

 

·         Freehold Land

·         Buildings

·         Leasehold Improvements

·         Plant and Machinery

·         Vehicles

·         Furniture and Fixtures

·         Office Equipment

·         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 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

INR

US Dollar

1

INR 67.10

UK Pound

1

INR 90.85

Euro

1

INR 80.12

 

 

INFORMATION DETAILS

 

Information Gathered by :

SUP

 

Analysis Done by :

VRS

 

 

Report Prepared by :

TRUP

 

 

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

YES

--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)

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

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

·