MIRA INFORM REPORT
|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAM RATNA WIRES LIMITED |
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|
|
|
Registered
Office : |
Ram Ratna House, Victoria Mill Compound, Oasis Complex,
Pandurang Budhakar Marg, Worli, Mumbai – 400013, Maharashtra |
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|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
21.07.1992 |
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Com. Reg. No.: |
11-067802 |
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Capital Investment
/ Paid-up Capital : |
Rs. 110.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300MH1992PLC067802 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14507D |
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|
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PAN No.: [Permanent Account No.] |
AAACR2638C |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Enameled Wires and Strips. |
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|
|
|
No. of Employees
: |
605 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2179000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a satisfactory track record. Profitability of the company appears to be decent. General financial
position of the company appears to be sound and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March 19, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3 |
|
Rating Explanation |
Moderate degree of safety and high credit
risk. |
|
Date |
March 19, 2013 |
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 (PARTIAL DETAILS)
|
Name : |
Ms. Lata Kotian |
|
Designation : |
Account Manager |
|
Contact No.: |
91-24924144/ 263 |
|
Date : |
16.11.2013 |
LOCATIONS
|
Registered Office : |
Ram Ratna House, Victoria Mill Compound, Oasis Complex, Pandurang
Budhakar Marg, Worli, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-24924144/ 24949009 |
|
Fax No.: |
91-22-24910819 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
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|
|
|
Corporate Office : |
305/A, Windsor Plaza, R.C. Dutt Road, Alkapuri, Vadodara –
390007, Gujarat, India |
|
Tel. No.: |
91-265-2321891/ 2/ 3 |
|
Fax No.: |
91-265-2321894 |
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|
|
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Factory 1 : |
Survey No. 212/2, Near Dadra Check Post, Village Dadra, Silvassa
- 396193, U.T. of Dadra and Nagar Haveli, India |
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Factory 2 : |
Salasar Copper Survey No. 142/2, Madhuban Dam Road, Village Rakholi,
Silvassa - 396240, U.T. of Dadra and Nagar Haveli, India |
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|
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Factory 3 : |
Salasar Copper (Unit -2) Survey No. 212/2, Near Dadra Check Post, Village Dadra,
Silvassa - 396193, U.T. of Dadra and Nagar Haveli, India |
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Branch Offices : |
Located at: · Ahmedabad · Amritsar · Bangalore · Bhubaneshwar · Chandigarh · Chennai · Coimbatore · Guwahati · Indore · Jaipur · Jalandhar · Ernakulam · Kolkata · Lucknow · Ludhiana · Madurai · Mangalore · Delhi · Patiala · Pune · Rajkot · Sangrur · Secundrabad · Silvassa · Surat ·
Vadodara |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rameshwarlal Kabra |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Tribhuvanprasad Kabra |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Mahendra Kumar Kabra |
|
Designation : |
Director |
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Date of Birth/Age : |
13.05.1957 |
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Qualification : |
Licentiate Mechanical Engineer, Industrialist |
|
Experience : |
He has over 25 years of experience in the wire industry. He has
knowledge of extrusion line, insulation and enamelled wire. He has
successfully led many projects and has been an inspiration for his team
members. |
|
Date of Appointment : |
21.07.1992 |
|
Other Directorship : |
· RR Kabel Limited · Ram Ratna Research and Holdings Private Limited · Ram Ratna Infrastructure Private Limited · World Electrical Hub Private Limited · RR Switchgear Private Limited · Ram Ratna Electricals Limited · MEW Electricals Limited · Global Electrical Factory (India) Limited · Jag-Bid Finvest Private Limited · Kabel Buildcon Solutions Private Limited · RSquare Reality Private Limited · RR Parkon Private Limited |
|
|
|
|
Name : |
Mr. Satyanarayan Loya |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.04.1930 |
|
Qualification : |
Consultant (Marketing and Finance) |
|
Experience : |
He was associated with a renowned group in textile and paper industry
for over 50 years. |
|
Date of Appointment : |
29.09.1993 |
|
Other Directorship : |
· RR Kabel Limited · Kabel Buildcon Solutions Private Limited · Pap-Print (India) Private Limited |
|
|
|
|
Name : |
Mr. Mukund Chitale |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.11.1949 |
|
Qualification : |
B. Com., F.C.A Practising Chartered Accountant |
|
Experience : |
He is a practicing Chartered Accountant since 1973. He was President
of ICAI during 1997-98, a member of the Central Council of ICAI during 1985-98
and Chairman of WIRC of ICAI during 1984-85. He was a Member of the
International Auditing Practices Committee of the International Federation of
Accountants during 1998- 2000. He was appointed as Chairman of the National
Advisory Committee on Accounting Standards by the Ministry of Corporate
Affairs in 2011. He has also been a Member of various Committees set up by SEBI, RBI
and the Central Government. He is presently a Member of – i) Governing Council of Banking Codes and Standards Board of India; ii) Group for Amalgamation of Urban Cooperative Banks. He is an Independent Director on the Boards of various companies. He
is also connected with various social organizations. |
|
Date of Appointment : |
28.12.2005 |
|
Other Directorship : |
· ASREC (India) Limited · Essel Propack Limited · ONGC Petro Additions Limited · ONGC Mangalore Petrochemicals Limited · Foseco India Limited · Itz Cash Card Limited · Larsen and Toubro Limited · Principal PNB Asset Management Company Private Limited · Larsen and Toubro Infotech Limited · L and T General Insurance Company Limited |
|
|
|
|
Name : |
Dr. Ajai Singh |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Naveen Kumar Mandhana |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Sandeep Jhanwar |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. R. Kannan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Prashant Deshpande (w.e.f. 06.11.2012) |
|
Designation : |
Additional Director |
|
Date of Birth/Age : |
19.02.1945 |
|
Qualification : |
B.E. (Elec.), M.B.A., P.G. – Power Systems |
|
Experience : |
He has over 40 years of experience in the Electrical Industry. |
|
Date of Appointment : |
06.11.2012 |
KEY EXECUTIVES
|
Name : |
Ms. Lata Kotian |
|
Designation : |
Account Manager |
|
|
|
|
Name : |
Mr. Ramesh Chamadia |
|
Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of
Shareholder |
Total No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
||
|
|
8571800 |
38.96 |
|
|
6087554 |
27.67 |
|
|
14659354 |
66.63 |
|
|
||
|
|
1400000 |
6.36 |
|
|
1400000 |
6.36 |
|
Total shareholding of Promoter and Promoter Group (A) |
16059354 |
73.00 |
|
(B) Public Shareholding |
||
|
|
||
|
|
3600 |
0.02 |
|
|
3600 |
0.02 |
|
|
||
|
|
323035 |
1.47 |
|
|
||
|
|
3023424 |
13.74 |
|
|
2576206 |
11.71 |
|
|
14381 |
0.07 |
|
|
14381 |
0.07 |
|
|
5937046 |
26.99 |
|
Total Public shareholding (B) |
5940646 |
27.00 |
|
Total (A)+(B) |
22000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
22000000 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Mahendra Kumar Kabra |
1867966 |
8.49 |
|
2 |
Rameshwarlal Kabra HUF |
1241000 |
5.64 |
|
3 |
Umadevi Tribhuvanprasad Kabra |
1095000 |
4.98 |
|
4 |
Kirti Shreegopal Kabra |
982200 |
4.46 |
|
5 |
Shreegopal Rameshwarlal Kabra |
703268 |
3.20 |
|
6 |
Mahesh Kabra |
602800 |
2.74 |
|
7 |
Rajesh Kabra |
531000 |
2.41 |
|
8 |
Tribhuvanprasad Rameshwarlal Kabra |
435466 |
1.98 |
|
9 |
Vidhi Kabra |
305000 |
1.39 |
|
10 |
Sumeet Kabra |
273100 |
1.24 |
|
11 |
Hemlata Kabra |
195200 |
0.89 |
|
12 |
Rameshwarlal Kabra |
105200 |
0.48 |
|
13 |
Asha Kabra |
96800 |
0.44 |
|
14 |
Ratnidevi Kabra |
65800 |
0.30 |
|
15 |
Priti Saboo |
40000 |
0.18 |
|
16 |
Hemant Kabra |
32000 |
0.15 |
|
17 |
Ram Ratan Research and Holdings Private Limited |
3400000 |
15.45 |
|
18 |
Jag Bid Finvest Private Limited |
737686 |
3.35 |
|
19 |
Ram Ratan Electricals Private Limited |
500000 |
2.27 |
|
20 |
Mew Electricals Private Limited |
400000 |
1.82 |
|
21 |
R R Kabel Limited |
802428 |
3.65 |
|
22 |
Rsquare Realty Private Limited |
108340 |
0.49 |
|
23 |
Ram Ratna Infrastructure Private Limited |
99100 |
0.45 |
|
24 |
Kabel Buildcon Solutions Private Limited |
40000 |
0.18 |
|
25 |
TMG Global FZCO |
1400000 |
6.36 |
|
|
Total |
16059354 |
73.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as |
|
|
1 |
Lata Shyam Parwaney |
638635 |
2.90 |
|
|
|
Total |
638635 |
2.90 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Enameled Wires and Strips. |
|
|
|
|
Brand Names : |
R R Cables |
GENERAL INFORMATION
|
No. of Employees : |
605 (Approximately) |
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Bankers : |
· State Bank of India · Corporation Bank · Allahabad Bank · Standard Chartered Bank · Kotak Mahindra Bank Limited ·
Yes Bank Limited |
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|
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Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V.C. Darak and
Associates Chartered Accountants |
|
Tel. No.: |
91-22-26161646 |
|
Fax No.: |
91-22-26161650 |
|
|
|
|
Consultant : |
|
|
Name : |
Preeti Khanna and
Company Practicing
Company Secretary |
|
Tel. No.: |
91-22-27703848 |
|
|
|
|
Entities over which Key Management and their relatives are able to
exercise control or significant influence : |
· MEW Electricals Limited · Ram Ratna Electricals Limited · Ram Ratna International · RR Kabel Limited · RR-Imperial Electricals Limited- Bangladesh · TMG Global FZCO · Ram Ratna Infrastructure Private Limited · Ram Ratna Research & Holdings Private Limited ·
Kabel Buildcon Solutions Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30,000,000 |
Equity Shares |
Rs. 5/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,000,000 |
Equity Shares |
Rs. 5/- each |
Rs. 110.000
Millions |
|
|
|
|
|
Reconciliation of the number of equity shares outstanding is set out
below
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Equity Shares outstanding at the beginning of the year |
22,000,000 |
22,000,000 |
|
Equity Shares issued during the year |
-- |
-- |
|
Equity Shares bought back during the year |
-- |
-- |
|
Equity Shares outstanding at the end of the year |
22,000,000 |
22,000,000 |
The details of Shareholders holding more than 5% Equity Shares#
|
Name of Shareholder |
31.03.2013 |
|
|
|
No. of Shares |
% of Holding |
|
Ram Ratna Research and Holdings Private Limited |
3,400,000 |
15.45 |
|
Mahendra kumar Kabra |
1,867,966 |
8.49 |
|
TMG Global FZCO |
1,400,000 |
6.36 |
|
Rameshwarlal Kabra – As Karta of Rameshwarlal Kabra (HUF) |
1,241,000 |
5.64 |
# As per the of the Company, including it’s register of members.
Terms/ rights
attached to Equity Shares
The Company has
only one class of shares referred to as equity shares having face value of `
5/- per share. Each holder of equity shares is entitled to one vote per share.
The dividend proposed by Board of Directors is subject to approval of the
Shareholders in the ensuing Annual General Meeting, except in the case of
interim dividend.
As per the
Companies Act, 1956 the holders of equity shares will be entitled to receive
remaining assets of the Company, after the distribution of all preferential
amounts in the event of the liquidation of the Company. The distribution will
be in proportion to the number of equity shares held by the Shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
110.000 |
110.000 |
110.000 |
|
(b) Reserves & Surplus |
434.863 |
367.103 |
335.417 |
|
(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) |
544.863 |
477.103 |
445.417 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
122.848 |
132.770 |
152.410 |
|
(b) Deferred tax liabilities (Net) |
40.526 |
42.749 |
38.220 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
2.122 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
165.496 |
175.519 |
190.630 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1070.925 |
925.352 |
622.536 |
|
(b)
Trade payables |
245.875 |
52.199 |
47.603 |
|
(c)
Other current liabilities |
86.809 |
121.502 |
103.563 |
|
(d)
Short-term provisions |
31.492 |
24.474 |
169.873 |
|
Total
Current Liabilities (4) |
1435.101 |
1123.527 |
943.575 |
|
|
|
|
|
|
TOTAL |
2145.460 |
1776.149 |
1579.622 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
464.818 |
470.931 |
439.809 |
|
(ii)
Intangible Assets |
0.053 |
0.218 |
0.382 |
|
(iii)
Capital work-in-progress |
0.093 |
0.000 |
18.222 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
20.619 |
14.675 |
4.388 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
46.223 |
38.460 |
150.247 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
531.806 |
524.284 |
613.048 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
224.862 |
141.405 |
131.489 |
|
(c)
Trade receivables |
1228.373 |
975.737 |
772.220 |
|
(d)
Cash and cash equivalents |
52.081 |
38.341 |
17.493 |
|
(e)
Short-term loans and advances |
78.801 |
77.316 |
45.372 |
|
(f)
Other current assets |
29.537 |
19.066 |
0.000 |
|
Total
Current Assets |
1613.654 |
1251.865 |
966.574 |
|
|
|
|
|
|
TOTAL |
2145.460 |
1776.149 |
1579.622 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
6855.034 |
5603.124 |
4990.191 |
|
|
|
Other Income |
8.936 |
10.639 |
3.944 |
|
|
|
TOTAL (A) |
6863.970 |
5613.763 |
4994.135 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6263.011 |
5073.742 |
4482.124 |
|
|
|
Purchases of Stock in Trade |
6.207 |
0.000 |
0.000 |
|
|
|
Changes in Inventories |
(67.994) |
36.285 |
36.480 |
|
|
|
Employee Benefits Expenses |
99.164 |
71.119 |
65.189 |
|
|
|
Other Expenses |
258.601 |
209.195 |
168.244 |
|
|
|
TOTAL (B) |
6558.989 |
5390.341 |
4752.037 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
304.981 |
223.422 |
242.098 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
128.346 |
105.754 |
60.902 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
176.635 |
117.668 |
181.196 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
50.256 |
46.612 |
36.905 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
126.379 |
71.056 |
144.291 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
39.442 |
20.193 |
49.577 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
86.937 |
50.863 |
94.714 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
264.983 |
235.897 |
176.837 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
16.500 |
16.500 |
22.000 |
|
|
|
Corporate Tax on
Proposed Dividend |
2.677 |
2.677 |
3.654 |
|
|
|
Transfer to General
Reserve |
4.500 |
2.600 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
328.243 |
264.983 |
235.897 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Sale of Goods |
220.160 |
0.000 |
0.000 |
|
|
|
FOB value of Sale of Machines |
0.000 |
5.403 |
0.000 |
|
|
TOTAL EARNINGS |
220.160 |
5.403 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
670.109 |
530.716 |
395.597 |
|
|
|
Components and Spare Parts |
5.770 |
3.569 |
2.097 |
|
|
|
Capital Goods |
6.279 |
35.768 |
100.654 |
|
|
TOTAL IMPORTS |
682.158 |
570.053 |
498.348 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.95 |
2.31 |
4.31 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1685.800 |
1699.800 |
|
Total Expenditure |
|
1628.400 |
1645.500 |
|
PBIDT (Excl OI) |
|
57.400 |
54.200 |
|
Other Income |
|
1.500 |
2.500 |
|
Operating Profit |
|
59.000 |
56.800 |
|
Interest |
|
28.100 |
27.900 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
30.900 |
28.800 |
|
Depreciation |
|
12.900 |
13.600 |
|
Profit Before Tax |
|
18.000 |
15.300 |
|
Tax |
|
4.500 |
7.100 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
13.500 |
8.200 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
13.500 |
8.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.27
|
0.91 |
1.90 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.84
|
1.27 |
2.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.95
|
4.03 |
9.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.15 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.19
|
2.22 |
1.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.11 |
1.02 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current maturities of long term borrowings |
|
|
|
|
Foreign Currency
Loan |
6.799 |
3.197 |
0.000 |
|
Vehicle Loans |
0.513 |
0.000 |
0.000 |
|
Rupee Loans |
0.000 |
52.204 |
53.668 |
|
Deposits |
2.240 |
3.673 |
0.000 |
|
|
|
|
|
|
Total |
9.552 |
59.074 |
53.668 |
|
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 |
Yes |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No:
CEXAL/10/2013 Filing Date:
10.01.2013 Reg. No.:
CEXA/52/2013 Reg. Date: 21.03.2013 |
|
Petitioner: COMMISSIONER OF CENTRQAL EXCISE, CUSTOM Respondent: M/S. RAM
RATNA WIRES LIMITED Petn. Adv : PRADEEP S. JETLY District: OUTSIDE MAHARASHTRA |
|
Bench: DIVISION Status: Pre-Admission
Category: CENTRAL EXCISE APPEAL (CEXA) Last Date: 28.02.2013
Stage: FOR REJECTION [ORIGINAL SIDE MATTERS] Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
Act: Central Excise and Salt Act
UNDER SECTION: 35G |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10279719 |
08/11/2011 * |
1,022,600,000.00 |
STATE BANK OF INDIA LEAD BANK |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B27527548 |
|
2 |
80002392 |
12/01/2013 * |
1,045,200,000.00 |
STATE BANK OF INDIA LEAD BANK |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B66269663 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits Relative |
40.000 |
40.000 |
|
Others |
40.097 |
35.389 |
|
Loan from Directors |
0.000 |
20.000 |
|
Inter Corporate Loans |
24.851 |
15.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Foreign Currency Loans From Banks |
167.125 |
114.473 |
|
Rupee Loans Short Term Loans From Banks |
0.000 |
82.500 |
|
From Financial Institution |
97.389 |
0.000 |
|
|
|
|
|
Total |
369.462 |
307.362 |
OPERATIONS AND
FINANCIAL REVIEW
The global scenario during the year 2012-13 continued to improve
marginally but was short on expectations. Deceleration in industrial output and
exports weakened India’s economic growth significantly. Financial Year 2012-13
proved to be a challenging year for the Company. In spite of the constraints,
the Company performed reasonably well. Better financial performance was
achieved through several internal initiatives namely higher capacity
utilization, thrust on sale of value added products and effective cost
reduction measures. The Company achieved a record production of 13,393 MTs
material altogether (ECW, BCS, ECS+, SWW, EAW).
During the Financial Year 2012-13, the Company posted sales and other
income of Rs.6863.970 Millions, as against Rs.5613.763 Millions in the previous
year, an increase of 22 % and registered a net profit after tax of Rs. 86.937
Millions as against the previous year’s net profit of Rs. 50.862 Millions.
EXPANSION PLAN
The modernization and expansion plan as envisaged by the Company at its
Units for increasing the production capacity, widening the product range and
improving production processes is a continuous one and is being taken from time
to time as required.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY SCENARIO
INDUSTRY STRUCTURE
The Company manufactures winding wires and related products. It is one
item which is used directly or indirectly in all sectors of Indian Economy
like, Agriculture, Industry, Railways, Mining, Defence, Electric Power
Generation, Transmission, Distribution and end use by Power Consumers,
Electronics and Communication, Space Application and Satellite Net Works, Trade
and Commerce, Educational Institutions, Infrastructural Developments, etc.
Further, substantial quantity (around 40%) of winding wire manufactured in
India is consumed for repair and rewinding of Electrical Equipments.
DEVELOPMENT,
MODERNIZATION and EXPANSION
In line with the Company’s philosophy of Technological up gradation,
expansion and diversification of products, the company continues to import
sophisticated wire enamelling machinery and ancillaries. The Company has
widened and extended the range of enamelled copper wire production from 5 Swg
to 47 Swg. The Financial year (FY) 2012-2013 recorded highest ever production
in it’s main product i.e. enamelled copper wire. In copper strip both bare and
enamelled, the Company has increased its production compared to the previous
year. With extensive market research, the Company has already identified more
value added products like Submersible Winding Wire, Aluminium Winding Wire,
especially in Indian context and therefore, almost doubled their production in
FY 12-13 as compared to the previous year. Other diversified products include
Paper Covered Wires and Strips, Fiber Glass Covered Wires and Strips which are
at present at a very low level of production.
OUTLOOK
Winding Wires and Strips are inputs to the Electrical Industry, the growth
of which is linked to the Power Sector. Unlike the 10th and 11th Plan, in FY
2012-2013, the beginning of 12th Plan (April2012- March2017) witnessed a
slowdown in growth of Power Sector and decline in GDP growth to the level of
around 5.3%. Consequently and due to Global economic slowdown and other
factors, Indian Electrical Equipment Industry has registered a negative growth
in FY 2012-2013 for the first time in the last ten years.
Electricity has become an essential item for mankind after food, clothing
and shelter for modern living. This is evident from the growth of Power Sector
during the 10th and 11th Plan period in India.
The expected capacity addition during 12th Plan period is 75,785 MW.
This will boost their per capita consumption of electricity which at present is
very much below the world average. Also the growing purchasing power of both
rural and urban Indians of their 1.21 billion population, coupled with
Infrastructural development including rural and urban housing will add to the
requirement for domestic electrical appliances and equipments which will boost
the demand for winding wire. Therefore, future outlook for winding wire seems
to be bright.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank Guarantees given |
116.500 |
16.500 |
|
Bill Discounting |
40.364 |
67.228 |
|
Income Tax Demands |
7.249 |
5.864 |
|
Excise / Service Tax Demands |
69.183 |
66.807 |
|
|
|
|
|
Total |
233.296 |
156.399 |
FIXED ASSETS:
· Land - Free Hold
· Factory Buildings
· Residential Buildings
· Plant & Machineries
· Electrical Installations
· Furniture & Fixtures
· Office and Other Equipments
· Vehicles
· ERP Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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] 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. 63.06 |
|
|
1 |
Rs. 101.15 |
|
Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.