MIRA INFORM REPORT
|
Report Date : |
05.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAJRATAN GLOBAL WIRE LIMITED |
|
|
|
|
Registered
Office : |
“Rajratan House” 11/2, Dhenu Market, Indore – 452003 Madhya Pradeseh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.09.1988 |
|
|
|
|
Com. Reg. No.: |
10-004778 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 43.518 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27106MP1988PLC004778 |
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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 Carbon Steel Wire. |
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|
|
|
No. of
Employees: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is normal and acceptable for
business dealing. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for normal 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a quarter
of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of Amway
India was arrested by the Andhra Pradesh Police in connection with a complaint
against the direct selling firm. This is the second time that he has been taken
into custody. A year, ago the Kerala Police had arrested Pinckney and two
company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB+ (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
March 10, 2014 |
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 DENIED BY
|
Name : |
Mr. Chattarsingh |
|
Designation : |
Office Executive |
|
Contact No.: |
91-731-2546401 |
|
Date : |
04.07.2014 |
LOCATIONS
|
Registered Office : |
“Rajratan House” 11/2, Dhenu Market, Indore – 452003 Madhya Pradesh, India |
|
Tel. No.: |
91-731-2546401 / 3928171 |
|
Fax No.: |
91-731-2542534 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Factory : |
Plot No. 200 –A and B, Sector I, Industrial Area, Pithampur, District
Dhar (Madhya Pradesh) India |
|
Tel. No.: |
91-7292-253375 / 252904 / 253429 |
|
Fax No.: |
91-7292-253357 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sunil Chordia |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. S.S Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.D. Nagar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Abhishek Dalmia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chandrashekar Bobra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Sangita Chordia |
|
Designation : |
Whole time Director |
|
Date of Appointment : |
05.05.2010 |
|
|
|
|
Name : |
Mr. Deepesh Trivedi |
|
Designation : |
C.O.O and Executive Director |
|
|
|
|
Name : |
Mr. P. S. Ravi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Surendra Singh Maru |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sunil Chordia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ghanshyam Rathi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mukesh Kumar Verma |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Jaya Gurnani |
|
Designation : |
Company Secretary |
|
Name : |
Mr. Chattarsingh |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
1546190 |
35.53 |
|
|
1164301 |
26.75 |
|
|
2710491 |
62.28 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2710491 |
62.28 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1000 |
0.02 |
|
|
1000 |
0.02 |
|
|
|
|
|
|
1078262 |
24.78 |
|
|
|
|
|
|
367649 |
8.45 |
|
|
190405 |
4.38 |
|
|
3993 |
0.09 |
|
|
1378 |
0.03 |
|
|
624 |
0.01 |
|
|
1991 |
0.05 |
|
|
1640309 |
37.69 |
|
Total Public shareholding (B) |
1641309 |
37.72 |
|
|
|
|
|
Total (A)+(B) |
4351800 |
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) |
4351800 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Carbon Steel Wire. |
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Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tyre bed Wire/Steel Wire |
MT |
NA |
30000 |
29227.642 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
NOTE : LONG TERM
BORROWINGS The Outstanding of Long Term Borrowings are net of installment due
within next 12 months aggregating to Rs.51.950 Millions (Previous year Rs.70.138 Millions) which
are classified as current liabilities. SECURITY: Term loans outstanding Rs.94.589 Millions (Previous year Rs.73.881
Millions) are secured by way of an equitable mortgage of immovable properties ranking pari passu amongst the
lenders and by a first charge by way of hypothecation of all the company's
movable machinery, present and future,
subject to prior charges created in favour of Company's Bankers on the stock
of raw materials, goods in process,
finished and manufactured goods and Book Debts towards security for working
capital facilities. Term loans are also
secured by personal guarantee of the Managing Director. Terms of
Repayment of Long Term Borrowings
SHORT TERM
BORROWINGS Security: A. Loans repayable on demand from State Bank of India,
Indore and IDBI Bank Limited, Indore are Working Capital Loans and are
secured by hypothecation of company’s stock and book debts, present and
future and by a second charge on all the immovable properties of the company
and plant and machinery, machinery spares, tools and accessories and other
movables both present and future. Such advances are also secured by personal
guarantees of the Managing Director. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Fadnis and Gupte Chartered Accountants |
|
Address : |
Indore, Madhya Pradesh, India |
|
|
|
|
Name : |
Mr. Phichat Phruksarojanakum Chartered Accountants |
|
Address : |
B1, Auditing Group Company Limited, Thailand, 55/113 Moo.9, Town Plus
Kaset-Nawamin, Klong Kum, Beung Kum, Bangkok-10240 |
|
|
|
|
Companies /Entitles
under the control of Key Management Personnel |
·
Rajratan Resources Private Limited ·
Rajratan Investment Limited ·
Cee Cee Engineering Industries Private Limited |
|
|
·
|
|
Subsidiary: |
·
Rajratan Thai Company Limited, Thailand ·
Swaraj Technocraft Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs. 80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4351800 |
Equity Shares |
Rs.10/- each |
Rs. 43.518
Millions |
Note:
|
Par Value Per Share |
Rs. 10 |
Reconciliation of Number of Shares
|
Shares outstanding as at 1st April 2012 /
1st April 2011 |
4351800 |
|
Shares outstanding at the end of the year |
4351800 |
The company has only one class of shares
having a par value of Rs.10/- per share. Each holder of equity share is
entitled to one vote per share. The company declares and pays dividend in
Indian rupees. The dividend proposed by the Board of Directors is subject to
the approval by the shareholders of the company in the ensuing Annual General
Meeting. In the event of liquidation of the company, the holders of equity
shares will be entitled to receive any of the remaining assets of the company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders. During the
year ended 31st March 2013, the amount of per share dividend recognized as
distributions to equity shareholders is Rs.1. per Share (Previous Year Rs.1.2
per Share). The total dividend appropriation for the year ended March 31, 2013
amounts to Rs.5.058 Million including Corporate Dividend Distribution Tax of
Rs.0.706 Million (Previous Year Rs.6.110 Million including Corporate
Dividend Distribution Tax Rs.0.888 Million).
|
List of shareholders holding more than 5% of the total number of
shares issued by the Company : |
As at 31st
March-2013 |
|
Name of the share holder |
No. of Shares |
|
Rajratan Investment Limited |
782881 |
|
Utkal Investment Limited |
625200 |
|
Rajratan Resources Private Limited |
381420 |
|
Mrs. Sangita Chordia |
558100 |
|
Mr. Sunil Chordia |
479390 |
|
Mr. Y
ashovardhan Chordia |
268000 |
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 |
43.518 |
43.518 |
43.518 |
|
(b) Reserves & Surplus |
658.192 |
595.240 |
542.036 |
|
(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) |
701.710 |
638.758 |
585.554 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
94.589 |
73.881 |
88.871 |
|
(b) Deferred tax liabilities
(Net) |
87.594 |
89.567 |
86.869 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
182.183 |
163.448 |
175.740 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
416.849 |
479.542 |
354.069 |
|
(b) Trade payables |
193.871 |
105.370 |
18.372 |
|
(c) Other current liabilities |
63.402 |
87.811 |
69.478 |
|
(d) Short-term provisions |
6.971 |
7.049 |
9.163 |
|
Total
Current Liabilities (4) |
681.093 |
679.772 |
451.082 |
|
|
|
|
|
|
TOTAL |
1,564.986 |
1,481.978 |
1,212.376 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
443.637 |
465.330 |
461.180 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
2.774 |
12.216 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
239.046 |
239.046 |
239.046 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
80.280 |
71.475 |
8.715 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
765.737 |
788.067 |
708.941 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
40.000 |
0.000 |
0.000 |
|
(b) Inventories |
111.445 |
131.059 |
115.981 |
|
(c) Trade receivables |
510.619 |
456.566 |
328.820 |
|
(d) Cash and cash equivalents |
62.154 |
25.642 |
7.046 |
|
(e) Short-term loans and
advances |
74.223 |
79.887 |
51.558 |
|
(f) Other current assets |
0.808 |
0.757 |
0.030 |
|
Total
Current Assets |
799.249 |
693.911 |
503.435 |
|
|
|
|
|
|
TOTAL |
1,564.986 |
1,481.978 |
1,212.376 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1968.355 |
1825.514 |
1613.707 |
|
|
|
Other Income |
10.941 |
7.040 |
2.626 |
|
|
|
TOTAL (A) |
1979.296 |
1832.554 |
1616.333 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1222.044 |
1186.181 |
1029.422 |
|
|
|
Purchase of Stock-in-Trade |
123.499 |
75.328 |
60.812 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
10.959 |
3.749 |
(25.785) |
|
|
|
Employee benefit expenses |
91.612 |
84.619 |
70.601 |
|
|
|
Other expenses |
309.970 |
282.759 |
265.606 |
|
|
|
TOTAL (B) |
1758.084 |
1632.636 |
1400.656 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
221.212 |
199.918 |
215.677 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
85.350 |
76.917 |
60.363 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
135.862 |
123.001 |
155.314 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
37.309 |
35.770 |
33.412 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
98.553 |
87.231 |
121.902 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.543 |
27.918 |
41.342 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
68.010 |
59.313 |
80.560 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
149.754 |
106.551 |
43.627 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.000 |
10.000 |
10.000 |
|
|
|
Dividend |
4.352 |
5.222 |
6.528 |
|
|
|
Tax on Dividend |
0.706 |
0.888 |
1.109 |
|
|
BALANCE CARRIED
TO THE B/S |
210.706 |
149.754 |
106.551 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
FOB Value of Export |
85.052 |
118.918 |
156.358 |
|
|
|
Interest received from Rajratan
Thai Wire Company Limited |
3.408 |
0.999 |
0.000 |
|
|
|
TOTAL |
88.460 |
119.917 |
156.358 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
159.234 |
0.110 |
8.655 |
|
|
|
Components Stores & Spares |
0.397 |
0.507 |
0.000 |
|
|
|
Capital Goods |
0.000 |
0.989 |
1.377 |
|
|
|
Trading Goods |
112.142 |
39.339 |
44.376 |
|
|
TOTAL IMPORTS |
271.773 |
40.945 |
54.408 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.63 |
13.63 |
18.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.44 |
3.24 |
4.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.01 |
4.78 |
7.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
7.45 |
7.09 |
12.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.14 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.02 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
43.518 |
43.518 |
43.518 |
|
Reserves & Surplus |
542.036 |
595.240 |
658.192 |
|
Net
worth |
585.554 |
638.758 |
701.710 |
|
|
|
|
|
|
long-term borrowings |
88.871 |
73.881 |
94.589 |
|
Short term borrowings |
354.069 |
479.542 |
416.849 |
|
Total
borrowings |
442.940 |
553.423 |
511.438 |
|
Debt/Equity
ratio |
0.756 |
0.866 |
0.729 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
1613.707 |
1825.514 |
1968.355 |
|
|
|
13.125 |
7.825 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
1613.707 |
1825.514 |
1968.355 |
|
Profit/(Loss) After Tax |
80.560 |
59.313 |
68.010 |
|
|
4.99% |
3.25% |
3.46% |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10243835 |
11/03/2011 * |
45,000,000.00 |
IDBI BANK LTD. |
SPECIALISED
CORPORATE BRANCH, UPPER GROUND FLOOR, |
B09767625 |
|
2 |
10075655 |
29/07/2013 * |
720,100,000.00 |
STATE BANK OF
INDIA |
SPECIALIZED MID
CORPORATE BRANCH, KHANDELWAL CHAM |
B82855735 |
|
3 |
90204077 |
11/09/2008 * |
22,506,560.00 |
MADHYA PRADESH
STATE INDUSTRIAL DEVELOPMENT CORPOR |
AVN TOWER,
I,II,III FLOOR, PLOT NO. 192, ZONE I, |
A45807773 |
|
4 |
90205945 |
26/11/2013 * |
490,000,000.00 |
IDBI Bank
Limited |
SPECIALISED
CORPORATE BRANCH, UPPER GROUND FLOOR, |
B92289842 |
* Date of charge
modification
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances from related parties |
9.359 |
5.702 |
|
Other loans and advances |
5.386 |
9.403 |
|
|
|
|
|
Total |
14.745 |
15.105 |
FINANCIAL HIGHLIGHTS
Financial The Indian
economy grew by a sluggish five percent during the year, the slowest in last 10
years. The Industry has been struggling with issues like higher inflation,
higher interest rates and persistent political gridlock.
Despite the declining
growth rate and economic issues, during the year, the company has performed
well. The Company reported growth on standalone basis of about 8% over the
previous year. This growth was outcome of various factors including improved
productivity, product quality and superior product mix. During the year, the
company carried out various improvement oriented activities like waste
elimination, 'Sanchayani' for cost reduction, quality drive, safety measures
for workmen and employees welfare activities etc. Because of higher involvement
of employees, these activities turned out to be successful for the Company resulting
in enhanced overall efficiencies.
The Net revenue from
standalone activity of company during the year is Rs.1979.297 Millions as compared to Rs. 1832.554 Millions in the previous year. The Profit before tax is
Rs.98.553 Millions as against Rs.87.231 Millions in the previous year. And the Net revenue from
consolidated activity of company is Rs.2538.740 Millions as compared to Rs.2523.627 Millions in the previous year. However, due to substantial loss
in subsidiary company at Thailand, consolidated Profit before tax reduced to
Rs.8.913 Millions as against Rs.60.998 Millions in the previous year.
PROSPECTS AND OUTLOOK
The Company continued its efforts
to strengthen its relationship with customers both in domestic and
international market during the year.
They Company enjoys the
status of preferred bead wire supplier to Indian Tyre Companies because of the
superior quality and service. Considering supplies from Thailand into Indian
market, they command the highest market share in India. As Indian market is
expected to grow further and radial tyre production is going to increase in
coming years; it is expected that the Company will be in a strong position to
further increase its market share.
SUBSIDIARY COMPANIES
Rajratan Thai Wire Company Limited, Thailand (RTWL):
The period has been tough
for RTWL as the revenues recorded at Rs.615.887 Millions as compared to Rs.735.266 Millions previous year. The business in Thailand is
affected due to continuing global economic slow down which kept the margins
under pressure. This coupled with other external and internal factors adversely
affected supplies. The company has taken adequate corrective action to address
internal factor and results have started becoming visible. Now onwards, the
management focus is on training Thai staff and entrusting more responsibilities
on them. The management strongly feels that with continuous focus on quality of
product, we shall gain better market share in Thailand as we are the only local
supplier of Bead wire in Thailand.
Swaraj Technocrafts Private Limited, Indore (STPL):
The Company recorded top line growth of 49% and achieved revenue of Rs.64.507 Millions as compared to Rs.43.291 Millions in previous year. The Profit before tax increased from Rs.0.184 Million to Rs.1.857 Millions. During the year, Swaraj Technocrafts Private Limited. made all the supplies to outside customers because neither holding company nor its associate at Thailand made major investments. It is expected that current year would also be better considering the orders in hand with Swaraj Technocrafts Private Limited.
CONTINGENT LIABILITY:
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
(a) Claims against the company
not acknowledged as debt; |
Nil |
Nil |
|
(b) Guarantees; |
|
|
|
(i) Bank Guarantee |
11.000 |
1.000 |
|
(ii) Corporate Guarantee for
the credit facilities availed by M/s, Rajratan Thai wire company limited. Thailand the Wholly Owned
subsidiary of the company. |
US$ 17.50
Million |
US$ 17.50
Million |
|
(c) Other money for which the company is contingently liable Income Tax
and Excise appeals for which no provision is considered required as the
company is hopeful of successful outcome in the appeals |
0.584 |
0.584 |
STATEMENT
AUDITED FINANCIAL RESULT FOR QUARTER AND YEAR ENEDED ON 31.03.2014
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from Operations (Net of Excise Duty) |
602.040 |
573.482 |
2318.447 |
|
|
b) Other Operating Income |
1.140 |
0.074 |
2.119 |
|
|
Total Income from
Operations (Net) |
603.180 |
573.556 |
2320.566 |
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed (including direct project cost) |
309.344 |
315.414 |
1242.506 |
|
|
|
b) Purchase of Stock in trade |
125.416 |
65.546 |
404.948 |
|
|
c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade |
(6.755) |
5.300 |
(1.013) |
|
|
d) Employee Benefits Expense |
25.627 |
25.166 |
99.272 |
|
|
e) Depreciation and Amortisation Expense |
10.215 |
9.488 |
38.560 |
|
|
f) Other Expenses |
96.003 |
94.028 |
354.330 |
|
|
Total Expenses |
559.850 |
514.942 |
2138.603 |
|
3 |
Profit / (Loss) from
Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
43.330 |
58.614 |
181.963 |
|
4 |
Other Income |
1.012 |
4.243 |
10.632 |
|
5 |
Profit / (Loss)
before Finance Cost and Exceptional Items (3+4) |
44.342 |
62.857 |
192.595 |
|
6 |
Finance Costs |
21.366 |
25.673 |
88.816 |
|
7 |
Profit / (Loss)
after Finance cost but before Exceptional Items (5-6) |
22.976 |
37.184 |
103.779 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit / (Loss)
before Tax (7+8) |
22.976 |
37.184 |
103.779 |
|
10 |
Tax Expense |
7.899 |
10.434 |
31.396 |
|
11 |
Net Profit / (Loss)
after Tax (9-10) |
15.077 |
26.750 |
72.383 |
|
12 |
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss)
for the Period (11+12) |
15.077 |
26.750 |
72.383 |
|
14 |
Share profit of
associates |
0.000 |
0.000 |
0.000 |
|
15 |
Minority interest |
0.000 |
0.000 |
0.000 |
|
16 |
Net Profit / (Loss)
for the Period |
15.077 |
26.750 |
72.383 |
|
Paid Up Equity Share Capital (Face Value of the share – Rs. 10/- each) |
43.518 |
43.518 |
43.518 |
|
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
725.484 |
0.000 |
725.484 |
|
|
17 |
Earnings Per Share (EPS) (in Rs.) |
|
|
|
|
|
a) Basic |
3.46 |
6.15 |
16.63 |
|
|
b) Diluted |
3.46 |
6.15 |
16.63 |
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended (Unaudited) |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
1641309 |
1641309 |
1641309 |
|
|
- Percentage of Shareholding |
37.72% |
37.72% |
37.72% |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
450000 |
450000 |
450000 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
16.60% |
16.60% |
16.60% |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
10.34% |
10.34% |
10.34% |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
2260491 |
2260491 |
2260491 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
83.40% |
83.40% |
83.40% |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
51.94% |
51.94% |
51.94% |
INVESTOR COMPLAINTS
|
PARTICULARS |
QUARTER ENDED 31.03.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
disposed off during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENTS ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
|
|
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
43.518 |
|
(b) Reserves & Surplus |
|
|
725.484 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Minority Interest |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
769.002 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
47.343 |
|
(b) Deferred tax liabilities (Net) |
|
|
84.259 |
|
Total
Non-current Liabilities (3) |
|
|
131.602 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
443.058 |
|
(b) Trade payables |
|
|
284.373 |
|
(c) Other current liabilities |
|
|
62.206 |
|
(d) Short-term provisions |
|
|
13.858 |
|
Total
Current Liabilities (4) |
|
|
803.495 |
|
|
|
|
|
|
TOTAL |
|
|
1,704.099 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
428.873 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.339 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
341.563 |
|
(c) Goodwill Consolidation |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
32.002 |
|
Total
Non-Current Assets |
|
|
802.777 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
148.532 |
|
(c) Trade receivables |
|
|
656.409 |
|
(d) Cash and Bank Balance |
|
|
|
|
(i) Cash and cash equivalents |
|
|
0.381 |
|
(ii) Other Bank Balance |
|
|
9.193 |
|
(e) Short-term loans and
advances |
|
|
86.646 |
|
(f) Other current assets |
|
|
0.161 |
|
Total
Current Assets |
|
|
901.322 |
|
|
|
|
|
|
TOTAL |
|
|
1,704.099 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
1. |
Segment Revenue |
|
|
|
|
|
Bead Wire Segment |
602.040 |
573.482 |
2318.447 |
|
|
Wire Drawing Machinery and Tools |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
602.040 |
573.482 |
2318.447 |
|
|
|
|
|
|
|
|
Less: Inter Segment
Revenue |
|
|
|
|
|
Bead Wire Segment |
|
|
|
|
|
Wire Drawing Machinery and Tools |
|
|
|
|
|
|
|
|
|
|
|
Net Sales/Income
From Operations |
602.040 |
573.482 |
2318.447 |
|
|
|
|
|
|
|
1. |
Segment Revenue |
|
|
|
|
|
Bead Wire Segment |
44.342 |
62.857 |
192.595 |
|
|
Wire Drawing Machinery and Tools |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
44.342 |
62.857 |
192.595 |
|
|
|
|
|
|
|
|
Less: Interest and Finance cost |
21.366 |
25.673 |
88.816 |
|
|
|
|
|
|
|
|
TOTAL PROFIT
BEFORE TAX |
22.976 |
37.184 |
103.779 |
|
|
|
|
|
|
|
3. |
CAPITAL EMPLOYED |
|
|
|
|
|
(Segment
Assets-Segment Liabilities) |
|
|
|
|
|
Bead Wire Segment |
-- |
-- |
769.002 |
|
|
Wire Drawing Machinery and Tools |
-- |
-- |
0.000 |
|
|
TOTAL |
|
|
769.002 |
NOTES:
- The above result have been
reviewed by the Audit Committee and taken en record by Board of Directors
in Its meeting held on 28th May 2014.
- The consolidate financial
result of Rajan Global Wire Company Limited and its subsidiaries
"Rajralan Thai Wire Limited Swaraj Technocrats Private Limited.
- Windmill” is not a rep
enable segment as per AS-17 "segment Reporting: As the power
generated by windmill is exclusively used for captive consumption in bead
wire, the financial result of' Windmill' segment have been Included In
'Bead wire" segment.
- 4,50,000 equity shares are
pledged/encumbered, for raising leans for the Company.
- Previous period figures have
been "regrouped, reworked, wherever necessary
FIXED ASSETS:
·
Free hold Land
·
Lease hold Land
·
Site Development
·
Factory Building and Shed
·
Plant and Machinery
· E.T.P and Machinery
· Electrical Installation
· Office Equipment
· Furniture and Fixtures
· Vehicles
· Computer Peripherals
· ERP Software
·
Capital Work in Progress
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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 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.59.79 |
|
UK Pound |
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.