MIRA
INFORM REPORT
|
Report Date : |
03.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
BEDMUTHA INDUSTRIES LIMITED |
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Formerly Known
As : |
BEDMUTHA WIRE COMPANY LIMITED (w.e.f. 23.09.1997) |
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Registered
Office : |
A/31-35 and 57, Stice Taluka Industrial Co-operative Estate,
Musalgaon, Sinnar, Nashik-422103,
Maharashtra. |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
23.08.1990 |
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Com. Reg. No.: |
11-057863 |
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Capital
Investment / Paid-up Capital : |
Rs. 210.316 Millions |
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CIN No.: [Company Identification
No.] |
L31200MH1990PLC57863 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKB00965G |
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Legal Form : |
Public Limited Liability Company. The Company Shares are Listed to the
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Importer of steel wires. |
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No. of Employees
: |
500 (In Office 10) (In Factory 490) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Krishna |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-21637674 |
|
Date : |
30.11.2011 |
LOCATIONS
|
Registered Office/ Factory : |
A/31-35 and 57, Stice Taluka Industrial Co-operative Estate,
Musalgaon, Sinnar, Nashik-422103,
Maharashtra, India |
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Tel. No.: |
91-2551-240481 |
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Fax No.: |
91-2251-240482 |
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E-Mail : |
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Website: |
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Corporate Office : |
B 301/302, Sai Classic, Off Palm Acres, Gavanpada Mulund East,
Mumbai-400081, |
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Tel. No.: |
91-22-21634422/21637674/75 |
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Fax No.: |
91-22-21631667 |
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Sales Office: |
D-11, MIDC, Street No. 10, Satpur, Nashik-422007, |
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Tel. No.: |
91-253-2351291/92 |
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Fax No.: |
91-253-2351293 |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Vijay Kachardas Vedmutha |
|
Designation : |
Managing Director |
|
Address : |
J-58, Palm Acers Society Mulund (East), Mumbai-400080, |
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Date of Birth/Age : |
05.08.1964 |
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Date of Appointment : |
23.08.1990 |
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Name : |
Mr. Ajay Kachardas Vedmutha |
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Designation : |
Director |
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Address : |
D-11, MIDC, Satpur, Nashik-422007, |
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Date of Birth/Age : |
10.02.1967 |
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Date of Appointment : |
23.08.1990 |
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Name : |
Mr. Kachardas Ratanchand Bedmutha |
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Designation : |
Chairman |
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Address : |
D-11, MIDC, Satpur, Nashik-422007, |
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Date of Birth/Age : |
10.04.1936 |
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Date of Appointment : |
14.11.2009 |
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|
Name : |
Mr. Narayan Marotrao Kadu |
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Designation : |
Independent Director |
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Address : |
205, Mangal Murti Apartment, Dharampeth, |
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Date of Birth/Age : |
28.04.1949 |
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Date of Appointment : |
14.11.2009 |
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|
Name : |
Mr. Shital Vijay Nahar |
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Designation : |
Independent Director |
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Address : |
80/2, Swojas Paradise, Sakalnagar, Aundh, Pune – 411007, |
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Date of Birth/Age : |
15.06.1971 |
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Date of Appointment : |
29.07.2008 |
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|
Name : |
Mr. Balasubramanian Achutharaman |
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Designation : |
Independent Director |
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Address : |
69, |
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Date of Birth/Age : |
05.01.1949 |
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Date of Appointment : |
14.11.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Shankar Amrukar |
|
Designation : |
Secretary |
|
Address : |
7, Gagan Bharari Society, Ramdas Swami Nagar, Gandhinagar,
Nashik-422006, |
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Date of Birth/Age : |
31.03.1984 |
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Date of Appointment : |
23.09.2009 |
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Name : |
Mr. Krishna |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
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|
10798167 |
51.34 |
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|
118200 |
5.32 |
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|
11916367 |
56.66 |
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Total
shareholding of Promoter and Promoter Group (A) |
11916367 |
56.66 |
|
(B)
Public Shareholding |
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|
|
|
|
|
|
|
418803 |
1.99 |
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|
418803 |
1.99 |
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|
|
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|
6128254 |
29.14 |
|
|
|
|
|
|
725804 |
3.45 |
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|
1080221 |
5.14 |
|
|
762162 |
3.62 |
|
|
2789 |
0.01 |
|
|
759373 |
3.61 |
|
|
8696441 |
41.35 |
|
Total
Public shareholding (B) |
9115244 |
43.34 |
|
Total
(A)+(B) |
21031611 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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|
- |
- |
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Total
(A)+(B)+(C) |
21031611 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Manufacturer and Importer of steel wires. |
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Products : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Indonesia |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Wire Drawing and Stranding* |
MT |
# 60000 |
41005 |
|
Galavanised Section* |
MT |
@ 33550 |
27410 |
‘*’ the production
figures includes the captive consumption and job work.
#’ Installed
capacity of wire drawing i.e. 60000 MT is arrived by assuming maximum sizes of wire
which the machines can produce. However during the year 2010-11, the sizes of
the wire produced were of thinner sizes. The installed capacity of the plant
based on average sizes drawn during the year is 46707 MT, hence the capacity
utilisation of the plant during the year 2010-11 is 88%
@’ Installed
capacity of Galvanised wire i.e. 33550 MT is arrived by assuming maximum sizes
of wire which the machines can produce. However during the year 2010-11, the sizes
of the wire galvanised were of thinner sizes. The installed capacity of the
plant based on average sizes drawn during the year is 30800 MT, hence the
capacity utilisation of the plant during the year 2010-11 is 89%
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
500 (In Office 10) (In Factory 490) (Approximately) |
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Bankers : |
·
Punjab National Bank, Ravivar Karnaja Branch,
Nashik-422001, Maharashtra, India. ·
Bank of India ·
Andhra Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Patil Hiren Jajoo and Company Chartered Accountant |
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Address : |
1 and 4, D Wing, Niwas Plaza, Behind HDFC House, Sharanpur – Trimbak,
Link Road, Nashik-422005, Maharashtra, India. |
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Associates : |
·
Ashoka Pre-con Private Limited |
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Subsidiaries : |
·
Kamalasha Infrastructure and Engineering Private
Limited |
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Enterprises over which Key Management Personnel and their relatives
exercise significant influence with whom transactions have been taken place
during the year : |
·
Bedmutha Sons Reality Ventures Private Limited ·
Bedmutha Agro Farms ·
Kamal Wire Products ·
K.R. Bedmutha Techno Associates Private Limited ·
Elme Plast Company ·
Kreepa Steel Industries ·
Usha Chemicals |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
21031611 |
Equity Shares |
Rs.10/- each |
Rs. 210.316
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
210.316 |
120.274 |
89.958 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Share Capital Suspense |
0.000 |
0.000 |
0.000 |
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4] Reserves & Surplus |
1021.835 |
167.866 |
106.498 |
|
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5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1232.151 |
288.140 |
196.456 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
331.400 |
714.954 |
381.554 |
|
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2] Unsecured Loans |
104.511 |
105.733 |
91.887 |
|
|
TOTAL BORROWING |
435.911 |
820.687 |
473.441 |
|
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DEFERRED TAX LIABILITIES |
35.306 |
31.569 |
22.013 |
|
|
|
|
|
|
|
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TOTAL |
1703.368 |
1140.396 |
691.910 |
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
600.912 |
335.745 |
240.018 |
|
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Capital work-in-progress |
35.887 |
25.235 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
24.530 |
21.225 |
1.915 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
429.541
|
412.481
|
161.196 |
|
|
Sundry Debtors |
365.852
|
336.935
|
216.574 |
|
|
Cash & Bank Balances |
123.111
|
65.579
|
68.346 |
|
|
Other Current Assets |
110.746
|
114.826
|
53.923 |
|
|
Loans & Advances |
286.315
|
224.067
|
86.520 |
|
Total
Current Assets |
1315.565
|
1153.888 |
586.559 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
315.373
|
327.394 |
|
|
|
Other Current Liabilities |
27.732
|
38.901
|
|
|
|
Provisions |
18.843
|
50.782
|
38.168 |
|
Total
Current Liabilities |
361.948
|
417.077 |
142.964 |
|
|
Net Current Assets |
953.617
|
736.811
|
443.595 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
88.422 |
21.380 |
6.382 |
|
|
|
|
|
|
|
|
TOTAL |
1703.368 |
1140.396 |
691.910 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1897.451 |
1495.037 |
1467.893 |
|
|
|
Other Income |
4.712 |
3.110 |
0.646 |
|
|
|
TOTAL (A) |
1902.163 |
1498.147 |
1468.539 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material, Manufacturing and Others |
1662.887 |
1170.629 |
1190.155 |
|
|
|
Personnel Cost |
45.412 |
31.983 |
19.774 |
|
|
|
Administrative and selling expenses |
41.821 |
41.687 |
37.287 |
|
|
|
Miscellaneous Expenses Written Off |
4.390 |
4.500 |
1.794 |
|
|
|
Loss on |
0.081 |
0.000 |
1.084 |
|
|
|
Foreign exchange rate difference |
(9.106) |
(7.136) |
41.527 |
|
|
|
TOTAL (B) |
1745.485 |
1241.663 |
1291.621 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
156.678 |
256.484 |
176.918 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
61.842 |
66.897 |
42.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
94.836 |
189.587 |
134.148 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.067 |
36.440 |
26.703 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
48.769 |
153.147 |
107.445 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.237 |
53.008 |
37.411 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
26.532 |
100.139 |
70.034 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
160.198 |
97.208 |
37.654 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend (Inclusive Dividend Tax) |
0.000 |
7.080 |
10.480 |
|
|
|
Amount Utilised for Bonus Shares |
0.000 |
30.069 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
186.730 |
160.198 |
97.208 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
423.875 |
416.336 |
355.081 |
|
|
|
Plant and Machinery |
0.429 |
0.000 |
18.867 |
|
|
TOTAL IMPORTS |
424.304 |
416.336 |
373.948 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.64 |
-- |
5.83 |
|
Expected Sales (2011-2012) : Rs. 2000.000 Millions
The above information has been parted by Mr. Krishna.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.39
|
6.68
|
4.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.57
|
10.24
|
7.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.54
|
10.28
|
13.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.53
|
0.55 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.68
|
4.41
|
3.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.63
|
2.77
|
4.10 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
No |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
No |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
Yes |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
No |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
OPERATIONS :
The Company’s
standalone income for the Financial Year, which comprises of income from the
operations and other income, increased by 26.96% to Rs.1902.100 millions as
compared to Rs.1498.100 millions for the previous year. The consolidated income
increased by 30.64% i.e., Rs. 2149.600 millions for the year, as compared to
Rs.1645.400 millions of the previous year. The Overall Capacity utilization was
88%. The Company has consciously been following a policy of steady growth in
production over the years.
However, on account
of the increased cost of raw materials and other inputs, the Company could
achieve Operating Profit (PBIDT)
of Rs. 94.900 millions, (4.54% of the sales) as compared to Rs.189.500 millions
(11.30% of the sales) in the previous year.
MANAGEMENT’S
DISCUSSIONS AND ANALYSIS
COMPANY OVERVIEW
Subject is a major
player in the wire industry servicing the needs of its customers across India.
It is one of the leading producers of steel wires in India. A wealth of
experience and expertise in the wire industry coupled with latest technology
has enabled Subject to meet the specifications and requirements of customers
time and again. It manufactures a wide range of wires catering to the needs of
various industry segments such as Automobile, Infrastructure, Power,
Agriculture etc. The products are well established across the markets of India.
Company is setting
up a Green Field Project for Wire and Wire Products
Revenue of the
company comprises of Manufacturing and sale of Wire, sale of Power, profits
from its Subsidiary and Associate Companies and interest income from surplus
funds.
ECONOMIC AND INDUSTRY OVERVIEW:
The optimism that
was prevailing at the beginning of the fiscal year 2010-11 did not materialize
fully during the year as various developments in the different segments in the
economy, more particularly the inflation were not favorable since the second
quarter. The expected reigning in of inflation did not take place which in turn
called for stringent monetary and fiscal measures. In addition, extensive
floods in Australia, political instability in certain oil producing countries
and consequential increase in fuel prices, partial deregulation of petroleum
products in India had cascading effect on steel related industries. All these
dampened the growth momentum and led to curtailment in expenditure on capital
goods and infrastructure spending.
FINANCIAL PERFORMANCE REVIEW
REVENUE
The Company’s
standalone income, which comprises of income in the form of operating, and
other income increased by 26.96% to Rs.1902.100 millions as compared to Rs.
1498.100 millions of the previous year. The consolidated income increased by
30.64 % i.e. Rs. 2149.600 millions for current year as compared to Rs 1645.400
millions of the previous year.
FUTURE OUTLOOK
The Company
aspires to be the most trusted and respected name in Wires and infrastructure
in India. They seek to attain a transnational presence that would be
competitive.
After carefully
carrying out due-diligence and satisfactory evaluation of the relevant
parameters, the company will foray into areas considered beneficial to the
interests of all stakeholders.
FIXED ASSETS:
- Land
- Buildings
- Plant and
Machinery
- Office
Equipments
- Vehicles
- Goodwill
- Furniture and
Fixtures
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE PERIOR ENDED 30TH SEPTEMBER
2011
(Rs. In Millions)
|
Particulars |
3 Months Ended 30.09.2011 Unaudited |
3 Months Ended 30.06.2011 Unaudited |
For the period Ended 30.09.2011 Unaudited |
|
Income |
|
|
|
|
a) Net Sales / Income from Operations |
493.104 |
543.612 |
1036.716 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(22.704) |
(8.169) |
(30.872) |
|
(b) Consumption of Raw Materials |
464.805 |
456.273 |
921.079 |
|
(c) Purchase of traded goods |
2.547 |
51.790 |
54.338 |
|
(d) Employees Cost |
11.790 |
11.600 |
23.390 |
|
(e) Administrative and Selling Expenses |
11.509 |
8.722 |
20.231 |
|
(f) Depreciation |
13.007 |
8.220 |
21.228 |
|
(g) Other Expenditure |
2.588 |
0.626 |
3.215 |
|
Total Expenditure |
483.544 |
529.063 |
1012.607 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
9.560 |
14.549 |
24.109 |
|
Other Income |
0.396 |
0.664 |
1.060 |
|
Profit/(Loss) before Interest and Exceptional items |
9.956 |
15.213 |
25.169 |
|
Interest |
15.984 |
13.872 |
29.856 |
|
Profit / (Loss) after interest before Exceptional items |
(6.027) |
1.341 |
(4.687) |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
(6.027) |
1.341 |
(4.687) |
|
Tax Expenses |
(1.680) |
(0.297) |
(1.977) |
|
Net Profit/(Loss) From Ordinary activities after Tax |
(4.347) |
1.637 |
(2.710) |
|
Extraordinary Items |
-- |
-- |
-- |
|
Net Profit/(Loss) for the period |
(4.347) |
1.637 |
(2.710) |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
210.316 |
210.316 |
210.316 |
|
Reserves (Excluding Revaluation Reserves) |
1017.236 |
1021.581 |
1017.236 |
|
Earning Per Share |
|
|
|
|
-Basic and Diluted EPS before Extraordinary items |
(0.21) |
0.08 |
(0.13) |
|
-Basic and Diluted EPS after Extraordinary items |
(0.21) |
0.08 |
(0.13) |
|
Public Share Holding |
|
|
|
|
- Number of Shares |
9115544.00 |
9115544.00 |
9115544.00 |
|
- Percentage of shareholding |
43.34 |
43.34 |
43.34 |
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
- |
- |
- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
- Percentage of shares(as a % of the total share capital of the company) |
- |
- |
- |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
11916067.00 |
11916067.00 |
11916067.00 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
56.66 |
56.66 |
56.66 |
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE PERIOR ENDED 30TH SEPTEMBER
2011
(Rs. In millions)
|
Particulars |
30.09.2011 Unaudited |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
210.316 |
|
2] Reserves & Surplus |
1018.649 |
|
LOAN FUNDS |
501.943 |
|
DEFERRED TAX LIABILITIES |
36.741 |
|
|
|
|
TOTAL |
1767.649 |
|
|
|
|
FIXED ASSETS [Net Block] |
614.511 |
|
INVESTMENT |
26.620 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
442.201 |
|
Sundry Debtors |
410.787 |
|
Cash & Bank Balances |
71.071 |
|
Other Current Assets |
109.818 |
|
Loans & Advances |
360.473 |
|
Total Current
Assets |
1394.350 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
388.663 |
|
Provisions |
0.631 |
|
Total Current
Liabilities |
389.294 |
|
Net Current
Assets |
1005.056 |
|
|
|
|
Miscellaneous
Expenditure |
94.462 |
|
|
|
|
TOTAL |
1767.649 |
Notes :-
- The above Consolidated
results were reviewed by the Audit Committee and were approved and taken
on record by the Board of Directors in its meeting held on 9th
November 2011 and has been subjected to the limited review from the
Statutory Auditors.
- The company
is mainly engaged in the business of manufacturing of wires. In accordance
with the provision of AS-17, segment reporting is not applicable.
- During the
quarter, investor complaints :
|
O/s at beginning
of the Quarter |
Complaints
received Quarter |
Complaints
resolved in Quarter |
O/s on end of
the Quarter |
|
Nil |
Nil |
Nil |
Nil |
- The unaudited
standalone results along with unaudited consolidated financial results are
being forwarded to the Stock Exchange (BSE and NSE) for uploading on their
respective websites.
- This being
the fourth quarterly results after the Initial Public Offering, the
figures of the corresponding quarter ended September 30, 2010 have not
been provided.
- Disclosure as per Clause 43 of the
Listing Agreement for the quarter ended on September 30, 2011.
The
utilization of issue proceeds from IPO (Rs.918.430 Millions) is as follows:
(Rs. In Millions)
|
Particulars of
Fund Utilization for |
Amount to be
utilized as per prospectus |
Actual
Utilization |
|
Expansion Project |
849.440 |
258.210 |
|
General Corporate Purpose |
17.500 |
0.000 |
|
Share Issue Expenses |
54.200 |
39.490 |
|
Total |
921.140 |
297.700 |
As on September 30, 2011, unutilized funds in the company amounting to Rs.620.729
Millions have been temporarily invested in companies Cash Credit account and
interest bearing ICD’s and given advance to parties for purchase of fixed
asset.
- The figures
of the corresponding periods have been regrouped / reclassified. Wherever necessary,
to make them comparable.
- Unaudited key
standalone financial information of the company is given below
(Rs.
In Millions)
|
Particulars |
Unaudited
Quarter Ended 30.09.2011 |
Unaudited
Quarter Ended 30.09.2011 |
Unaudited Period
Ended 30.09.2011 |
|
Total Revenue |
543.962 |
594.254 |
1138.216 |
|
Profit Before Tax |
(6.027) |
1.341 |
(4.687) |
|
Profit After Tax |
(4.347) |
1.637 |
(2.710) |
WEB SITE DETAILS
BUSINESS
DESCRIPTION
Subject is an India-based steel wire manufacturer. The Company
manufactures range of wires for a range of industry segments, such as
automobile, infrastructure, power and agriculture. It is also engaged in the
manufacture of energy saving devices, distribution box, control panel and
engineering, procurement and construction (EPC) contract for infrastructure
project. The Company has two segments: Wire and Wire Products and Consultancy.
The steel wire products manufactured by the Company include stay and earth
wire, chain link fencing wire, high carbon rope wire, high carbon spoke wire,
wire nails, stiching wire, binding wire, spring steel wire, aluminum conductor,
steel reinforced (ACSR) core wire, cable armour wire, flat wire, barbed wires,
musical prestressed concrete (PC) strand and low relaxation prestressed
concrete (LRPC) wire. The Company’s subsidiary is Kamalasha Infrastructure and
Engineering Private Limited. For the nine months ended 31 December 2010,
Subject revenues totaled RS1.51B. Net income totaled RS53.4M. Results are not
comparable as the Company has not reported its corresponding prior year
financials. Bedmutha Industries Limited is a steel wire manufacturers in
Western India located in Nashik. The Company has a wide range of wire &
wire products - Galvanized wires, Cable Armour wires, ACSR wires etc
MANAGEMENT
KACHARDAS
RATANCHAND BEDMUTHA
Mr. Kachardas Ratanchand Bedmutha serves as Executive Chairman of the
Board of Bedmutha Industries Limited. He is an Engineer by qualification. He is
a founder of Bedmutha Industries Limited (BIL).Under his able leadership the
BIL has grown from single product to multiproduct group. Mr. K.R. Bedmutha has
worked with companies such as Birla Group, Heavy Engineering Corporation and
Indian Tools, etc before venturing in the industry. He is the member of
Institution of Engineers (India), Indian Institute of Industrial Engineers, and
Institute of Works Managers (London), Board of National Safety Council and
Industrial Safety and Health Association. Mr. Bedmutha promoted Bedmutha
Industries Limited in 1990 along with his sons. He has promoted other group
companies 'M/s.Elme Plast, 'M/s. Kamal Wires' K.R.Bedmutha Techno Associates
etc
ACHUTARAMAN
BALASUBRAMANIAN
Mr. Achutaraman Balasubramanian serves as Non-Executive Independent
Director of Bedmutha Industries Limited. He is B Sc, FCA by qualification. He
started his career with MIs Sunder and Company, Chartered Accountants, Chennai
and later joined M/s Wandleside National Conductors Limited (a Subsidiary of Vollas
Limited), and served them for more than 4 years. He has worked with Punjab
National Bank for 27 years. He joined the bank in 1981 as Manager (Credit) and
rose to the position of General Manager. He has worked in Head Office in
various capacities and has been closely associated with appraisal of credit
proposals. During his tenure with the Bank he has been associated with all
types of industrial as well as other types of borrowal accounts. He joined the
company on November 14, 2009 as an Independent Director.
NARAYAN MAROTRAO
KADU
Mr. Narayan Marotrao Kadu serves as Non-Executive Independent Director
of Bedmutha Industries Limited. He is M Sc. CAIIB by qualification. He has
worked with Punjab National Bank for around 32 years. He joined the bank in 1977
as Technical Officer and rose to the post of Assistance General Manager. He has
'Worked in various capacities while he was with the Bank. He has handled many
branches and has been posted as Regional Manager of Rajkot Region, Gujarat,
Pune Region, Maharashtra as well as Indore Region, MP for over 8 years. During
his tenure with the bank he was associated with all types of industrial as well
as other types of borrowal accounts. He joined the company on November 14, 2009
as an Independent Director
SHITAL VIJAY NAHAR
Mr. Shital Vijay Nahar serves as Non-Executive Independent Director of
Bedmutha Industries Limited. He is a B.E. Compuler and Diploma In Electrical
Engg by qualification. He is a past President of Computer and Media Dealers
Association (CMDA) and is currently a member in advisory capacity. He is
engaged in the business of computer hardware, networking and latest technology
applications.
VIJAY
KACHARDAS VEDMUTHA
Mr. Vijay Kachardas Vedmutha serves as Managing
Director, Executive Director of Bedmutha Industries Limited. He is Industrial
and Production Engineer by qualification. He has done MBA with specialization
in Finance. He is a member of 'Institution of Engineers India'. 'Associate
Member of Institute of Valuer's (India), 'Institute of Surveyors and Loss of
Assessors', 'Associate Member of the Society of Non-destructive Tester
Institute' and 'Indian Institute of Plant Engineers'. He joined the company in
1985 and oversees the Marketing and Finance operations of the company.
NILESH
AMRUTKAR
Mr. Nilesh Amrutkar is the Company Secretary
of Bedmutha Industries Limited. He has completed his Company Secretary from
ICSI. Prior to joining the Company, he has done his apprenticeship with S.
Anantha and Company and was responsible for handling corporate law matters and
secretarial matters. He joined the Company on September 11, 2009. He is
responsible for secretarial and legal matters.
NEWS
ICRA REAFFIRMS RATING OF BEDMUTHA INDUSTRIES' BANK
FACILITIES
01 October 2011
India, October 01 -- Credit rating agency,
ICRA has reaffirmed the long-term rating of BB and short-term rating of A4
assigned to the term loans, fund based facilities and non-fund based facilities
of Bedmutha Industries (BIL) aggregating to Rs 807.500 millions. The long-term
rating has a stable outlook. The reaffirmation of ratings takes into account
the successful completion of the company's IPO (Initial Public Offering) in
October 2010 thereby strengthening its net worth size, its established track
record in the wire manufacturing business, healthy growth in production levels
with regular increase in production capacities and a reputed and
well-diversified customer profile. Bedmutha Industries is leading steel wire
manufacturers in western India located in Nashik. The company started its
commercial production in the year 1992, by setting up first Galvanized Wire
plant at Nashik with an installed capacity of 3600 MTPA.
ICRA CONFIRMS RATINGS ON BANK FACILITIES OF
BEDMUTHA INDUSTRIES
30 September 2011
30
September 2011 - ICRA on Friday affirmed its BB long-term and A4 short-term
ratings on the bank facilities of Indian wire manufacturer Bedmutha Industries
Limited (NSE:BEDMUTHA).
The
outlook on the long-term rating is "stable".
The
agency said the move reflected the successful completion of the company's
initial public offering (IPO) last October, which has strengthened its net
worth size, healthy production growth, diversified customer base and
established track record.
The
ratings are weakened by steep drops in profitability measures in recent
quarters due to subdued market conditions, the level of competition in the
industry as well as the business' high working capital intensity.
ICRA
also noted that it has taken into account the corporate guarantees provided by
Bedmutha Industries to its subsidiaries and associate companies.
ICRA UPHOLDS RATINGS ON BEDMUTHA INDUSTRIES' BANK
FACILITIES
30 September 2011
September
30, 2011 - ICRA on Friday affirmed its BB long-term and A4 short-term ratings on
the bank facilities of Indian wire manufacturer Bedmutha Industries Limited
(NSE:BEDMUTHA).
The
outlook on the long-term rating is "stable".
The
agency said the move reflected the successful completion of the company's
initial public offering (IPO) last October, which has strengthened its net
worth size, healthy production growth, diversified customer base and
established track record.
The
ratings are weakened by steep drops in profitability measures in recent
quarters due to subdued market conditions, the level of competition in the
industry as well as the business' high working capital intensity.
ICRA
also noted that it has taken into account the corporate guarantees provided by
Bedmutha Industries to its subsidiaries and associate companies.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 51.35 |
|
|
1 |
Rs. 80.50 |
|
Euro |
1 |
Rs. 69.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.