MIRA INFORM REPORT
|
Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEDMUTHA INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
BEDMUTHA WIRE COMPANY LIMITED (w.e.f. 23.09.1997) |
|
|
|
|
Registered
Office : |
A/31-35 and 57, Stice Taluka Industrial Co-operative Estate,
Musalgaon, Sinnar, Nashik-422103, Maharashtra |
|
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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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 |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31200MH1990PLC57863 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKB00965G |
|
|
|
|
Legal Form : |
A 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. |
|
|
|
|
No. of Employees
: |
500 (In Office 10) (In Factory 490) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4910000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record.
Company has been successful in wiping at the loss incurred during 2012.
However, the profitability position is deteriorating year on year. Trade relations are fair. Business is active. Payments are recorded as
slow but correct. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Krishna |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-22-21637674 |
LOCATIONS
|
Registered Office/ Factory : |
A/31-35 and 57, Stice Taluka Industrial Co-operative Estate,
Musalgaon, Sinnar, Nashik-422103, Maharashtra,
India |
|
Tel. No.: |
91-2551-240481 |
|
Fax No.: |
91-2251-240482 |
|
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, |
|
Tel. No.: |
91-22-21634422/21637674/75 |
|
Fax No.: |
91-22-21631667 |
|
|
|
|
Sales Office: |
D-11, MIDC, Street No. 10, Satpur, Nashik-422007, |
|
Tel. No.: |
91-253-2351291/92 |
|
Fax No.: |
91-253-2351293 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Kachardas Ratanchand Bedmutha |
|
Designation : |
Chairman |
|
Address : |
D-11, MIDC, Satpur, Nashik-422007, |
|
Date of Birth/Age : |
10.04.1936 |
|
Date of Appointment : |
14.11.2009 |
|
|
|
|
Name : |
Mr. Vijay Kachardas Vedmutha |
|
Designation : |
Managing Director |
|
Address : |
J-58, Palm Acers Society Mulund (East), Mumbai-400080, |
|
Date of Birth/Age : |
05.08.1964 |
|
Date of Appointment : |
23.08.1990 |
|
|
|
|
Name : |
Mr. Ajay Kachardas Vedmutha |
|
Designation : |
Joint Managing Director |
|
Address : |
D-11, MIDC, Satpur, Nashik-422007, |
|
Date of Birth/Age : |
10.02.1967 |
|
Date of Appointment : |
23.08.1990 |
|
|
|
|
Name : |
Mr. Narayan Marotrao Kadu |
|
Designation : |
Independent Director |
|
Address : |
205, Mangal Murti Apartment, Dharampeth, |
|
Date of Birth/Age : |
28.04.1949 |
|
Date of Appointment : |
14.11.2009 |
|
|
|
|
Name : |
Mr. Shital Vijay Nahar |
|
Designation : |
Independent Director |
|
Address : |
80/2, Swojas Paradise, Sakalnagar, Aundh, Pune – 411007, |
|
Date of Birth/Age : |
15.06.1971 |
|
Date of Appointment : |
29.07.2008 |
|
|
|
|
Name : |
Mr. Balasubramanian Achutharaman |
|
Designation : |
Independent Director |
|
Address : |
69, |
|
Date of Birth/Age : |
05.01.1949 |
|
Date of Appointment : |
14.11.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Krishna |
|
Designation : |
Accounts Department |
|
|
|
|
Name : |
Mr. Chandan Kshirsagar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12394451 |
58.93 |
|
|
1118200 |
5.32 |
|
|
13512651 |
64.25 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
13512651 |
64.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
251000 |
1.19 |
|
|
251000 |
1.19 |
|
|
|
|
|
|
2582291 |
12.28 |
|
|
|
|
|
|
2631307 |
12.51 |
|
|
1674619 |
7.96 |
|
|
379743 |
1.81 |
|
|
300149 |
1.43 |
|
|
79594 |
0.38 |
|
|
7267960 |
34.56 |
|
Total Public shareholding (B) |
7518960 |
35.75 |
|
Total (A)+(B) |
21031611 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21031611 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Importer of Steel Wires. |
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Products : |
|
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
utilization of the plant during the year 2010-11 is 88%.
@’ Installed
capacity of Galvanized 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 galvanized were of thinner sizes. The installed capacity of
the plant based on average sizes drawn during the year is 30800 MT, hence the
capacity utilization of the plant during the year 2010-11 is 89%.
GENERAL INFORMATION
|
No. of Employees : |
500 (In Office 10) (In Factory 490) (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Patil Hiren Jajoo and Company Chartered Accountant |
|
Address : |
1 and 4, D Wing, Niwas Plaza, Behind HDFC House, Sharanpur – Trimbak,
Link Road, Nashik-422005, Maharashtra, India |
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|
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Associates/Subsidiaries : |
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Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21031611 |
Equity Shares |
Rs.10/- each
|
Rs.210.316
Millions |
NOTES:
DETAILS OF SHARES HELD BY SHAREHOLDERS HOLDING MORE THAN 5% OF THE
AGGREGATE SHARES IN THE COMPANY
|
PARTICULAR |
AS ON 31.03.2012 |
|
|
Name of Shareholder |
No. of Shares |
% of Holding |
|
Ajay Kachardas Vedmutha |
3263059 |
15.52 |
|
Vijay Kachardas Vedmutha |
3263059 |
15.52 |
|
Kachardas Ratanchand Vedmutha |
2003357 |
9.53 |
|
Vinita Ajay Vedmutha |
1180148 |
5.61 |
|
Bedmutha Sons reality ventures Private Limited |
1118200 |
5.32 |
|
Usha Vijay Vedmutha |
1105148 |
5.25 |
DETAILS OF SHARES
ISSUED OTHER THAN CASH
33,49,488 Equity
Shares of Rs. 10 each fully paid were issued as Bonus Shares in ratio of 1 : 1
on 27th March 2008. 22,96,862 Equity Shares of Rs. 10 each fully paid up issued
on 5th December 2008, to Shareholders of Shriram Wire Private Limited, Kamdhenu
Wire Private Limited and Ajay Wire Products Private Limited pursuant to Scheme
of amalgamation. 30,06,850 Equity Shares of Rs. 10 each fully paid were issued
as Bonus Shares in ratio of 1:3 on 31st October 2009.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
210.316 |
210.316 |
120.274 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1017.481 |
1021.835 |
167.866 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1227.797 |
1232.151 |
288.140 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
480.293 |
291.721 |
714.954 |
|
|
2] Unsecured Loans |
237.781 |
103.373 |
105.733 |
|
|
TOTAL BORROWING |
718.074 |
395.094 |
820.687 |
|
|
DEFERRED TAX LIABILITIES |
30.186 |
35.306 |
31.569 |
|
|
|
|
|
|
|
|
TOTAL |
1976.057 |
1662.551 |
1140.396 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
606.458 |
600.913 |
335.745 |
|
|
Capital work-in-progress |
124.246 |
35.886 |
25.235 |
|
|
|
|
|
|
|
|
INVESTMENT |
29.134 |
24.531 |
21.225 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
513.235
|
429.541 |
412.481
|
|
|
Sundry Debtors |
416.391
|
365.852 |
336.935
|
|
|
Cash & Bank Balances |
76.842
|
54.549 |
65.579
|
|
|
Other Current Assets |
289.719
|
258.388 |
114.826
|
|
|
Loans & Advances |
344.002
|
295.656 |
224.067
|
|
Total
Current Assets |
1640.189
|
1403.986 |
1153.888 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
366.364
|
317.844 |
327.394 |
|
|
Other Current Liabilities |
57.606
|
66.078 |
38.901
|
|
|
Provisions |
0.000
|
18.843 |
50.782
|
|
Total
Current Liabilities |
423.970
|
402.765 |
417.077 |
|
|
Net Current Assets |
1216.219
|
1001.221 |
736.811
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
21.380 |
|
|
|
|
|
|
|
|
TOTAL |
1976.057 |
1662.551 |
1140.396 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2087.463 |
1900.255 |
1495.037 |
|
|
|
Other Income |
28.431 |
24.759 |
3.110 |
|
|
|
TOTAL (A) |
2115.894 |
1925.014 |
1498.147 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1639.445 |
1468.118 |
|
|
|
|
Purchase of Stock-in-Trade |
83.254 |
103.913 |
|
|
|
|
Manufacturing and Operating Cost |
203.310 |
158.382 |
|
|
|
|
Employee Benefit Expenses |
47.021 |
45.412 |
1241.663 |
|
|
|
Other Expenses |
45.724 |
32.715 |
|
|
|
|
Changes in inventories of finished goods work in progress and stock in
trade |
(35.245) |
(67.526) |
|
|
|
|
TOTAL (B) |
1983.509 |
1741.014 |
1241.663 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
132.385 |
184.000 |
256.484 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
92.870 |
84.774 |
66.897 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39.515 |
99.226 |
189.587 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.128 |
50.457 |
36.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(11.613) |
48.769 |
153.147 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(8.209) |
22.237 |
53.008 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(3.404) |
26.532 |
100.139 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
160.198 |
97.208 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend (Inclusive Dividend Tax) |
NA |
0.000 |
7.080 |
|
|
|
Amount Utilized for Bonus Shares |
NA |
0.000 |
30.069 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
186.730 |
160.198 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
180.644 |
423.875 |
416.336 |
|
|
|
Plant and Machinery |
83.088 |
0.429 |
0.000 |
|
|
TOTAL IMPORTS |
263.732 |
424.304 |
416.336 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
(0.16) |
1.64 |
8.33 |
|
|
|
- Diluted |
(0.16) |
1.64 |
8.33 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
554.000 |
512.800 |
504.900 |
576.800 |
|
Total Expenditure |
514.300 |
515.900 |
454.900 |
493.500 |
|
PBIDT (Excl OI) |
39.700 |
(03.100) |
50.000 |
83.300 |
|
Other Income |
05.700 |
05.800 |
06.300 |
07.700 |
|
Operating Profit |
45.500 |
02.600 |
56.200 |
91.000 |
|
Interest |
27.300 |
27.000 |
22.100 |
20.900 |
|
PBDT |
18.200 |
(24.400) |
34.200 |
70.100 |
|
Depreciation |
13.500 |
14.000 |
14.100 |
21.600 |
|
Profit Before Tax |
04.700 |
(38.400) |
20.100 |
48.500 |
|
Tax |
02.700 |
(31.900) |
05.800 |
35.400 |
|
Profit After Tax |
02.000 |
(06.500) |
14.300 |
13.100 |
|
Net Profit |
02.000 |
(06.500) |
14.300 |
13.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.16)
|
1.37 |
6.68
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.55)
|
2.57 |
10.24
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.52)
|
2.43 |
10.28
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.04 |
0.53
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.58
|
0.32 |
2.85
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.87
|
3.48 |
2.77
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
From WMDC / DIC |
104.903 |
102.473 |
|
From Others |
0.900 |
0.900 |
|
Buyers Credit Arrangements |
131.978 |
0.000 |
|
TOTAL
|
237.781 |
103.373 |
PROJECT
IMPLEMENTATION:
Pursuant
to the provisions of Section 61 of the Companies Act,1956 and other applicable
rules, regulations, guidelines and other statutory provisions which were then in
force, the members of the Company, in the 21st Annual General
Meeting held on 12th August 2011, have accorded their consent to
vary the terms referred to in the Prospectus of the Company dated 05th
October 2010, fled with the Registrar of Companies, Maharashtra, Mumbai (the
prospectus) including to vary and / or revise the utilization of the proceeds
of the Initial Public Offering (IPO) of the Equity Shares allotted in pursuance
of the said prospectus and to utilize the proceeds from the IPO including, but
not limited to, change in allocation intended for implementation of identified
projects and towards any other project(s) considered beneficial to the Company
including change in location, changes in amount and / or schedule of deployment
for the projects and/or also for general corporate purposes, as the case may
be.
It
was stated in the said Annual General Meeting that the Company has acquired
lands at Rashegaon in Tehsil Dindori, Dist. Nashik and Nardana, M.I.D.C. ,
Dist. Dhulia and the company will decide one of these locations or any other
location where such benefit is available and the Company proposes to utilize
such land for the Mega Project. Accordingly, the directors took a decision to
implement the Project at Nardana MIDC.
GREENFIELD
PROJECT AT NARDANA:
During
last year they had embarked upon the expansion program and came out with maiden
IPO which was well received by investors and oversubscribed by more than 7
times. Their company has received the Mega Project status from Government of
Maharashtra and in response to the same; they had dovetailed the Project
envisaged in IPO along with the Mega Project. As explained Due to change in
Government Policy they had to reshift our Project from Rasegaon in District
Nashik to Nardana MIDC in District Dhulia. The total Project cost is now Rs.
3110.000 Millions and that a consortium of Banks have sanctioned a Term Loan of
Rs.2000.000 Millions for this Green Field Project. Thus the Financial Closure
is achieved.
The
Company has already acquired 50.26 acre land in MIDC Nardana, and has taken the
possession in November 2011. The work of site development activity was
commenced in January 2012 and the same got completed in May 2012. Now the work
of construction of factory premises is in full swing. The company is hopeful,
that, barring unforeseen circumstances phase-1 of the project, i.e. High speed
Galvanizing Line for manufacture of wire products will be operational early
next year and the total project would be completed by the third quarter of the
next calendar year.
MILESTONES ACHIEVED TILL JULY 2012:
I. Land Acquired and Possession taken
II. Land development activity completed.
III. Boundary wall construction in progress.
IV. Important statutory approvals obtained.
V. Renowned consultants appointed.
VI. Building construction work started.
VII. Majority Plant and Machinery identified order placed.
VIII. Market development activities initiated.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
INDUSTRY STRUCTURE AND DEVELOPMENT
ECONOMIC ENVIRONMENT AND INDUSTRY OVERVIEW:
After a smart recovery in 2010, growth in global economic output slowed down considerably in 2011. As per the International Monetary Fund’s report in April 2012, a growth rate of 5.3% was recorded in 2010 against a forecast of 4.4% at the beginning of the year, while global output is estimated to have grown by only 3.9% in 2011, with growth in advanced economies slowing down to 1.6% in 2011 against 3.2% in 2010 primarily due to the sovereign debt crisis in the euro zone, contraction of Japanese economy and sluggish recovery in the USA.
As
per the RBI's First Quarter Review of Monetary Policy 2012-13 released on 31st
July 2012, the growth projections of Indian economy for the current year
(2012-13) has been revised downwards from 7.3 per cent to 6.5 per cent in view
of monsoon has been deficient and uneven so far and also due to the fact that
the industrial production for April-May 2012 suggest that industrial activity
remains weak. Significant downside risks to this baseline forecast include the
outlook for global commodity prices especially crude oil, and slippage on the
fiscal front which could stoke inflation and unsustainable current account
deficit levels.
INDIAN
STEEL WIRE INDUSTRIES:
Established
in India in 1920s, the Steel Wire Industry has progressed remarkably and has
successfully developed and manufactured various types of high carbon, alloy
steel and special steel wires in addition to mild steel wires. The industry has
become versatile enough to meet the requirements of numerous consuming sectors.
This sophistication has been possible due to continuous and well-planned R
& D efforts on part of the manufacturers.
The
Steel Wire Industry in India is quite competitive in its production costs
compared to other developed and developing countries. This cost competitiveness
needs to be maintained by adoption of new and clean technologies, with lower
specific energy consumption and which generate much lesser pollutants. We need
to automate processes and focus on product quality and packaging to produce
wires internationally acceptable.
SEGMENT-WISE
PERFORMANCE:
Manufacturing
of steel wire is the only segment of the Company. The Company does not have any
other segment along with manufacture of steel wire.
FUTURE
OUTLOOK:
The
steel wire industry is a basic infrastructure industry producing various types
of steel wires, which have high-end critical applications in infrastructure,
auto industry, power distribution, defence and other critical industries.
Growth of this industry is directly linked to the growth of the infrastructure,
automobile and power sectors. It is seen that this wire industry has been
growing about 5-6% during last two years. The demand of wires is expected to
increase in leaps and bounds in the years to come. Out of the total steel
consumed in India wire constitutes only 5%. However, if pace of development
picks up the domestic consumption of wires will increase from 2%-3% to 7%-8% of
the steel consumption.
The
industry caters to both the domestic and export markets. To accelerate growth
there is an need to devise policies that will increase the export of wires. If
such policies can be put in place, the wire industry has potential to grow at a
rate much higher than the current rate of 5-6% per annum.
With
the growth in steel production India is projected to be a net exporter of steel
in the near future. The abundant availability of raw materials will provide a
tremendous growth opportunities for the steel wire industry.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
|
Particulars |
31.03.2012 [Rs. in millions] |
31.03.2011 [Rs. in millions] |
|
Counter Guarantees given against Bank Guarantees |
23.753 |
20.229 |
|
Corporate Guarantee given on behalf of Subsidiary Company, Kamalasha Infrastructure and Engineering Private Limited |
20.822 |
279.300 |
|
Corporate Guarantee given on behalf of Associate Company, Ashoka Pre-con Private Limited |
9.020 |
45.080 |
|
Income Tax Department- Tax Deducted at Sources, Nashik (A.Y. 2008-09) |
0.000 |
0.070 |
|
Income Tax Department, Nashik (A.Y. 2004-05) |
0.000 |
2.733 |
|
Income Tax Department, Nashik (A.Y. 2009-10) |
0.623 |
0.000 |
|
Custom Excise and Service Tax Appellate Tribunal, Bombay (A.Y.2004-2005) |
8.417 |
8.417 |
FIXED ASSETS:
- Land
- Buildings
- Plant and Machinery
- Office Equipments
- Vehicles
- Goodwill
- Furniture and Fixtures
STATEMENT OF
UNAUDITED/AUDITED RESULTS FOR THE QUARTER / YEAR ENDED MARCH 31, 2013
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2012 Audited
|
31.12.2012 Unaudited
|
31.03.2013 Audited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
576.636 |
504.718 |
2147.295 |
|
|
Other Operating
Income |
0.123 |
0.175 |
1.148 |
|
|
Total Income From Operations (Net) |
576.759 |
504.893 |
2148.443 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
385.396 |
373.751 |
1634.055 |
|
|
Purchase
of stock in trade |
19.031 |
2.043 |
22.158 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(2.452) |
10.863 |
(20.296) |
|
|
Manufacturing
and operating cost |
66.524 |
52.462 |
244.490 |
|
|
Employee
benefits expenses |
7.864 |
6.426 |
38.761 |
|
|
Depreciation
and amortization expenses |
21.620 |
14.101 |
63.255 |
|
|
Other
expenses |
17.109 |
9.385 |
59.436 |
|
|
Total Expenses |
515.092 |
469.031 |
2041.859 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
61.667 |
35.862 |
106.584 |
|
|
|
|
|
|
|
4. |
Other
Income |
7.726 |
6.261 |
25.500 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
69.393 |
42.123 |
132.084 |
|
|
|
|
|
|
|
6. |
Interest |
20.926 |
22.078 |
97.291 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
48.467 |
20.045 |
34.793 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
48.467 |
20.045 |
34.793 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
35.354 |
5.785 |
11.954 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
13.113 |
14.260 |
22.839 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
13.113 |
14.260 |
22.839 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
210.316 |
210.316 |
210.316 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.62 |
0.68 |
1.09 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.62 |
0.68 |
1.09 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
7265353 |
7679824 |
7265353 |
|
|
-
Percentage of Shareholding |
34.54 |
36.52 |
34.54 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
13766258 |
13351787 |
13766258 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
65.46 |
63.48 |
65.46 |
STANDALONE STATEMENT OF ASSETS
AND LIABILITIES
Rs. in Millions
|
PARTICULARS |
31.03.2013 |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
210.316 |
|
Reserve & surplus |
1039.381 |
|
Sub-total
- Shareholders' funds |
1249.697 |
|
Non - current liabilities |
|
|
Long term borrowings |
762.007 |
|
Deferred tax liability (net) |
39.836 |
|
Long term provisions |
0.193 |
|
Sub-total
- Non-current liabilities |
802.036 |
|
Current liabilities |
|
|
Short term borrowings |
958.458 |
|
Trade payables |
279.598 |
|
Other current liabilities |
57.489 |
|
Short term provisions |
0.800 |
|
Sub-total
- Current liabilities |
1296.345 |
|
|
|
|
Total -
Equity & Liabilities |
3348.078 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
1607.326 |
|
Non-current investment |
39.438 |
|
Long term loans & advances |
153.934 |
|
Other non-current assets |
34.020 |
|
Sub-total
- Non-current Assets |
1834.718 |
|
Current
assets |
|
|
Inventories |
429.702 |
|
Trade receivables |
543.650 |
|
Cash & bank balances |
105.536 |
|
Short term loans & advances |
310.047 |
|
Other current assets |
124.425 |
|
Sub-total
- Current Assets |
1513.360 |
|
|
|
|
Total –
Assets |
3348.078 |
NOTES:
- The above
audited consolidated results were reviewed by the audit committee,
thereafter were approved and taken on record by the board of directors in
its meeting held on 16th May 2013
- The company
is mainly engaged in the business of manufacturing of wire in accordance
with the provision of AS-17, segment reporting is not applicable.
- During the
quarter, investor complaints:
i) O/s at the
beginning of the quarter: Nil, ii) complaints received and resolved in the
quarter: Nil, iii) O/s at the end of the quarter: Nil
- The audited
standalone result along with audited consolidated financial results are
being forwarded to the stock exchanges (BSE and NSE) for uploading on
their respective websites and company’s website.
- Disclosure as
per clause 43 of the listing agreement for the quarter ended on March 31,
2013
The utilization of
issue proceeds from IPO (Rs.918.430 Millions) is as follows:
Rs. in Millions
|
Particulars of Fund Utilization For |
Amount |
Actual |
|
Expansion Project |
849.440 |
647.126 |
|
General Corporate Purpose |
17.500 |
0.000 |
|
Share Issue Expenses |
54.200 |
39.490 |
|
TOTAL |
921.140 |
686.616 |
As on March 31, 2012,
unutilized funds in the company amounting to Rs.231.814 Millions have been
temporarily invested in companies cash credit account, interest bearing ICD’s,
for the expansion project at Sinnar Unit and given advance to parties for
purchase of fixed assets.
- The figure
for the quarter end March 31, 2013 being balancing figures between the
audited figures arrived at based on audited result of the full financial
year and the published year to date unaudited gigures for nine months
ended December 31, 2012.
- Unaudited key
standalone financial information of the company is given below:
Rs. in Millions
|
Particular |
Quarter Ended 31.03.2013 |
Quarter Ended 31.12.2012 |
Year Ended 31.03.2013 |
|
|
Audited |
Unaudited |
Audited |
|
Total Revenue |
576.759 |
504.893 |
2148.443 |
|
Profit / Loss Before Tax |
48.467 |
20.045 |
34.793 |
|
Profit / Loss After Tax |
13.113 |
14.260 |
22.839 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.74 |
|
|
1 |
Rs.84.17 |
|
Euro |
1 |
Rs.72.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.