MIRA
INFORM REPORT
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Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
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Name : |
BEDMUTHA INDUSTRIES LIMITED (w.e.f. 20.05.2010) |
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Formerly Known
As : |
BEDMUTHA WIRE COMPANY LIMITED |
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Registered
Office : |
A-32, Stice, Musalgaon, Sinner, Nashik - 422103, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
23.08.1990 |
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Com. Reg. No.: |
11-057863 |
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Capital
Investment / Paid-up Capital : |
Rs. 210.316 Millions |
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CIN No.: [Company Identification
No.] |
L31200MH1990PLC057863 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKB00965G |
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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 and Exporter of Steel Wires and Wire Products. |
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No. of Employees
: |
680 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 5000000 |
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Status : |
Moderate |
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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 moderate track record. The rating reflects moderate financial risk profile marked by
increased in external borrowing over a year and high working capital
intensive nature of business operation. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales in
the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term bank facilities: “BB+” |
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Rating Explanation |
Moderate risk of default and high credit risk. |
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Date |
09.07.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: “A4” |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
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Date |
09.07.2013 |
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
|
Name : |
Mr. A. K. Jain |
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Designation : |
Marketing Manager |
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Contact No.: |
91-9324442516 |
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Date : |
12.03.2014 |
LOCATIONS
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Registered Office: |
A-32, Stice, Musalgaon, Sinner, Nashik - 422103, Maharashtra, India |
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Tel. No.: |
91-2551-240481/ 240631/ 240068/ 240069 |
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Mobile No.: |
91-9324442516 (Mr. A. K. Jain) |
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Fax No.: |
91-2251-240482 |
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E-Mail : |
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Website: |
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Location : |
Owned |
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Factory 1 : |
Plot No. A-31 to 35/57, Stice, Sinner, Nashik – 422103,
Maharashtra, India |
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Factory 2 : |
Plot No. A-70/71/72, Stice, Musalgaon, Sinner, District Nashik - 422103, Maharashtra, India |
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Factory 3 : |
Plot No. B-113, Stice, Musalgaon, Sinner, District Nashik - 422103, Maharashtra, India |
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Factory 4 : |
Plot No. B-140, Stice, Musalgaon, Sinner, District Nashik - 422103, Maharashtra, India |
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Factory 5 : |
Plot No. E-1, MIDC, Phase-2, Naradana, Taluka Sindkheda, District Dhule, Maharashtra, India |
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Corporate/ Head Office: |
D-11, MIDC, Street No. 10, Satpur, Nashik - 422007, Maharashtra,
India. |
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Tel. No.: |
91-253-2351291/ 2353156 |
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Fax No.: |
91-253-2351293 |
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Branches: |
Located at · New Delhi Pune Aurangabad Nagpur Ahmedabad Lucknow Angul Baroda Indore Nashik Mumbai Navi Mumbai |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Kachardas Ratanchand Bedmutha |
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Designation : |
Chairman |
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Address : |
D-11, MIDC, Satpur, Nashik - 422007, Maharashtra, India |
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Date of Birth/Age : |
10.04.1936 |
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Date of Appointment : |
14.11.2009 |
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Name : |
Mr. Vijay Kachardas Vedmutha |
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Designation : |
Managing Director |
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Address : |
J-58, Palm Acers Society Mulund (East), Mumbai - 400080, Maharashtra,
India |
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Date of Birth/Age : |
05.08.1964 |
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Qualification: |
MBA |
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Date of Appointment : |
23.08.1990 |
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Name : |
Mr. Ajay Kachardas Vedmutha |
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Designation : |
Joint Managing Director |
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Address : |
D-11, MIDC, Satpur, Nashik-422007, Maharashtra, Indias |
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Date of Birth/Age : |
10.02.1967 |
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Qualification: |
Mechanical Engineer |
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Date of Appointment : |
23.08.1990 |
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Name : |
Mr. Narayan Marotrao Kadu |
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Designation : |
Independent Director |
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Address : |
205, Mangal Murti Apartment, Dharampeth, |
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Date of Birth/Age : |
28.04.1949 |
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Qualification: |
M.Sc. (Agri) & CAIIB |
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Date of Appointment : |
14.11.2009 |
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Name : |
Mr. Balasubramanian Achutharaman |
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Designation : |
Independent Director |
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Address : |
69, Pacchaippa College Hostel Road, Chatpet, Chennai, Tamilnadu, India |
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Date of Birth/Age : |
05.01.1949 |
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Qualification: |
Chartered Accountant |
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Date of Appointment : |
14.11.2009 |
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Name : |
Mr. Shital Vijay Nahar |
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Designation : |
Independent Director |
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Address : |
80/2, Swojas Paradise, Sakalnagar, Aundh, Pune – 411007, |
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Date of Birth/Age : |
15.06.1971 |
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Qualification: |
B.E.(Computer) |
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Date of Appointment : |
29.07.2008 |
KEY EXECUTIVES
|
Name : |
Mr. A. K. Jain |
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Designation : |
Marketing Manager |
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Name : |
Mr. Chandan Kshirsagar |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
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|
|
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|
12537922 |
59.61 |
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|
1449475 |
6.89 |
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|
13987397 |
66.51 |
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|
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Total shareholding of Promoter and Promoter Group (A) |
13987397 |
66.51 |
|
(B) Public Shareholding |
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|
|
|
|
|
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|
251000 |
1.19 |
|
|
251000 |
1.19 |
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|
|
|
|
|
2241533 |
10.66 |
|
|
|
|
|
|
2579804 |
12.27 |
|
|
1791407 |
8.52 |
|
|
180470 |
0.86 |
|
|
96622 |
0.46 |
|
|
83848 |
0.40 |
|
|
6793214 |
32.30 |
|
Total Public shareholding (B) |
7044214 |
33.49 |
|
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 |
|
Total (A)+(B)+(C) |
21031611 |
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 |
Ajay Kachardas Vedmutha |
33,74,897 |
16.05 |
|
2 |
Asha Rasik Shetiya |
1,77,150 |
0.84 |
|
3 |
Devendra Desarda |
15,780 |
0.08 |
|
4 |
Kachardas Ratanchand Bedmutha |
21,23,079 |
10.09 |
|
5 |
Kamalabhai Kachardas Bedmutha |
7,87,440 |
3.74 |
|
6 |
Madanlal Desarda |
19,000 |
0.09 |
|
7 |
Nayansukh Ratanchand Bedmutha |
26,030 |
0.12 |
|
8 |
Rasik Motilal Shetiya |
1,28,217 |
0.61 |
|
9 |
Sudhir Nayansukh Bedmutha |
1,500 |
0.01 |
|
10 |
Usha Vijay Vedmutha |
12,50,134 |
5.94 |
|
11 |
Vijay Kachardas Vedmutha |
33,77,232 |
16.06 |
|
12 |
Vimal Nayansukh Bedmutha |
7,315 |
0.03 |
|
13 |
Vinita Ajay Vedmutha |
12,50,148 |
5.94 |
|
14 |
Bedmutha Sons Realty Ventures Private Limited |
12,39,898 |
5.90 |
|
15 |
K R Bedmutha Techno Associates Private Limited |
2,09,577 |
1.00 |
|
|
Total |
1,39,87,397 |
66.51 |
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 |
Siddharth Agrawal |
221727 |
1.05 |
|
|
2 |
Almighty Finance and Investment Private Limited |
238018 |
1.13 |
|
|
3 |
Aristro Capital Markets Limited |
232885 |
1.11 |
|
|
4 |
Aristro Fincorp Private Limited |
670635 |
3.19 |
|
|
5 |
Margo Engineers Private Limited |
238774 |
1.14 |
|
|
6 |
Top Moral Capital Investment Limited |
251000 |
1.19 |
|
|
|
Total |
1853039 |
8.81 |
|
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel Wires and Wire Products. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· South Africa Srilanka Dubai |
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Imports : |
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Products : |
Raw Materials and Machinery |
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Countries : |
· Belgium Ukraine Korea China |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Wire Drawing and Stranding* |
MT |
# 60000 |
41005 |
|
Galavanised Section* |
MT |
@ 33550 |
27410 |
‘*’ the production figures
includes the captive consumption and job work.
#’ Installed
capacity of wire drawing i.e. 60000 MT is arrived by assuming maximum sizes of
wire which the machines can produce. However during the year 2010-11, the sizes
of the wire produced were of thinner sizes. The installed capacity of the plant
based on average sizes drawn during the year is 46707 MT; hence the capacity
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
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Customers : |
End Users |
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No. of Employees : |
680 (Approximately) |
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Bankers : |
· Punjab National Bank Bank of India Andhra Bank Bank of Baroda Export Import Bank Of India |
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Facilities : |
NOTE LONG TERM
BORROWINGS NATURE OF
SECURITY Term loans amounting to Rs. 45.257 Millions (March 31, 2012 : Rs. 82.578 Millions are secured by first pari-passu / equitable mortgage on entire block of assets of the company situated at Plant 1, A 32-35 & 57, STICE, Sinnar, Nashik 422103, Plant 2, A 70-72, STICE, Sinnar, Nashik 422 103, Plant 3, B113, STICE, Sinnar, Nashik 422103, Plant 4, B 140, STICE, Sinnar, Nashik 422 103, and the personal guarantee of Promoter Directors and others. Term loans amounting to Rs. 576.495 Millions (March 31, 2012 : Rs. 59.309 and Letter of Credit amounting to Rs. 57.909 Millions ( March 31, 2012 : Rs. Nil ) are secured by first pari-passu / equitable mortgage on entire block of assets of the company situated at Plant 1, A 32-35 & 57, STICE, Sinnar, Nashik 422103, Plant 2, A 70-72, STICE, Sinnar, Nashik 422 103, Plant 3, B113, STICE, Sinnar, Nashik 422103, Plant 4, B 140, STICE, Sinnar, Nashik 422 103, Gat no. 232,237,29, Rasegaon, Taluka Dindori, Nahsik, Plot No. E 1, Nardana Industrial Estate, Dhule, and personal guarantee of promoter directors Vehicle Loans amounting to Rs. 2.857 Millions ( March 31, 2012 : Rs. 2.913 Millions ) are secured by the way of hypothecation of Vehicle purchased thereunder. TERMS OF
REPAYMENT Term loan amounting to Rs. 8.030 Millions (March 31, 2012 : Rs. 15.230 Millions) is repayable in 28 quarterly instalments. Last instalment due in May 2014 Term loan amounting to Rs. 8.441 Millions (March 31, 2012 : Rs. 14.442 Millions) is repayable in 60 monthly instalments. Last instalment due in June 2015 Term loan amounting to Rs. 15.556 Millions (March 31, 2012 : Rs. 20.862 Millions) is repayable in 60 monthly instalments. Last instalment due in June 2015 Term loan amounting to Rs. 0.983 Millions (March 31, 2012 : Rs. 5.846 Millions) is repayable in 60 monthly instalments. Last instalment due in April 2013
Term loan amounting to Rs. 9.235 Millions (March 31, 2012 : Rs. 13.737 Millions) is repayable in 60 monthly instalments. Last instalment due in May 2015 Term loan amounting to Rs. 3.012 Millions (March 31, 2012 : Rs. 7.598 Millions) is repayable in 60 monthly instalments. Last instalment due in March 2014 Term loan amounting to Rs. 107.329 Millions (March 31, 2012 : Rs. 24.309 Millions) is repayable in 24 Structured Quarterly Instalments. Last instalment due in June 2019 Term loan amounting to Rs. 146.916 Millions (March 31, 2012 : Rs. 35.000 Millions) is repayable in 24 Quarterly Instalments. Last instalment due in June 2019
Term loan amounting to Rs. 222.500 Millions (March 31, 2012 : Nil)is repayable in 24 Quarterly Instalments. Last instalment due in June 2019 Term loan amounting to Rs. 94.750 Millions (March 31, 2012 : Nil) is repayable in 24 Quarterly Instalments. Last instalment due in June 2019 Term loan amounting to Rs. 5.000 Millions (March 31, 2012 : Nil) is repayable in 24 Quarterly Instalments. Last instalment due in December 2019 Vehicle loan amounting to Rs. 1.171 Millions (March 31, 2012 : Rs. 1.404) is repayable in 59 monthly instalments. Last instalment due in February 2017 Vehicle loan amounting to Rs. 0.328 Million (March 31, 2012 : Rs. 0.413 Million) is repayable in 45 monthly instalments. Last instalment due in December 2014 Vehicle loan amounting to Rs. 0.335 Million (March 31, 2012 : Rs. 0.427 Million) is repayable in 45 monthly instalments. Last instalment due in November 2014 Vehicle loan amounting to Rs. 0.700 Million (March 31, 2012 : Rs. Nil) is repayable in 84 monthly instalments. Last instalment due in February 2020
Vehicle loan amounting to Rs. 0.329 Million (March 31, 2012 : Rs. 0.419 Million) is repayable in 45 monthly instalments. Last instalment due in October 2014 SHORT TERM BORROWINGS ***Working Capital loans amounting to Rs. 384.730 Millions (March 31, 2012: Rs. 372.455 Millions) and Buyers Credit Arrangements amounting to Rs. 111.537 Millions (March 31, 2012 : Rs. 131.979 Millions) and Letter of Credit amounting. to Rs. 251.482 Millions (March 31, 2012 : Rs. 131.979) are secured by way of hypothecation of Current Assets and extention of second pari passu charge on the movable and non-movable fixed assets excluding windmill and vehicles. ##Buyers Credit Arrangement amounting to Rs. 64.792 Millions (March 31, 2012 : Rs. Nil ) and Letter of Credit amounting to Rs. 142.216 Millions ( March 31, 2012 : Rs. Nil ) are secured by first pari-passu / equitable mortgage on entire block of assets of the company situated at Plant 1, A 32-35 and 57, STICE, Sinnar, Nashik 422103, Plant 2, A 70-72, Stice, Sinnar, Nashik 422 103, Plant 3, B113, STICE, Sinnar, Nashik 422103, Plant 4, B 140, STICE, Sinnar, Nashik 422 103, Gat no. 232,237,29, Rasegaon, Taluka Dindori, Nashik, Plot No. E 1, Nardana Industrial Estate, Dhule, and personal guarantee of promoter directors **Demand loan is secured by way hypothecation of Fixed
Deposit Reciepts of Rs. 3.800 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Patil Hiran Jajoo and Company Chartered Accountants |
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Address : |
401, 4th Floor, Rushiraj Regency, Opposite Mama Mungi Karyalay, Near Vidya Vikas Circle, Gangapur Road, Nashik – 422005, Maharashtra, India |
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Tel. No. : |
91-253-2572680/ 81/ 82 |
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Fax No. : |
91-253-2572682 |
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E-Mail : |
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Website: |
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Enterprises over which
Key Management Personnel and their relatives exercise significant influence
with whom transactions have been taken place during the year: |
· Bedmutha Sons Reality Ventures Private Limited Bedmutha Agro Farms Kamal Wire Products K.R. Bedmutha Techno Associates Private Limited Elme Plast Company Kreepa Steel Industries Bedmutha Chemicals Private Limited |
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Associates: |
Ashoka Pre-con Private Limited (49%) |
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Subsidiary Company: |
Kamalasha Infrastructure and Engineering Private Limited (54.75%) |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
|
|
|
|
|
NOTE
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the company
|
PARTICULAR |
As at 31st
March 2013 |
|
|
Name of Shareholder |
No. of Shares |
% of Holding |
|
Ajay Kachardas Vedmutha |
33,54,897 |
15.95% |
|
Vijay Kachardas Vedmutha |
33,41,593 |
5.89% |
|
Kachardas Ratanchand Vedmutha |
21,00,829 |
9.99% |
|
Vinita Ajay Vedmutha |
12,30,148 |
5.85% |
|
Bedmutha Sons Reality Ventures Private Limited |
11,87,108 |
5.64% |
|
Usha Vijay Vedmutha |
12,30,134 |
5.85% |
Details of shares
issued other than cash
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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
210.316 |
210.316 |
210.316 |
|
(b) Reserves & Surplus |
1,039.381 |
1,017.481 |
1,021.835 |
|
(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) |
1,249.697 |
1,227.797 |
1,232.151 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
762.008 |
213.510 |
187.380 |
|
(b) Deferred tax liabilities (Net) |
39.836 |
301.186 |
35.306 |
|
(c) Other long term liabilities |
0.194 |
1.876 |
1.875 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
802.038 |
516.572 |
224.561 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
958.458 |
648.920 |
207.714 |
|
(b) Trade payables |
279.598 |
221.872 |
317.844 |
|
(c) Other current
liabilities |
57.490 |
55.863 |
64.203 |
|
(d) Short-term provisions |
0.800 |
0.000 |
18.843 |
|
Total Current Liabilities (4) |
1,296.346 |
926.655 |
608.604 |
|
|
|
|
|
|
TOTAL |
3,348.081 |
2,671.024 |
2,065.316 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,009.210 |
602.135 |
595.722 |
|
(ii) Intangible Assets |
3.548 |
4.323 |
5.191 |
|
(iii) Capital
work-in-progress |
594.569 |
124.246 |
35.886 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
39.441 |
29.134 |
24.531 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
153.934 |
155.233 |
149.910 |
|
(e) Other Non-current assets |
34.021 |
109.370 |
88.422 |
|
Total Non-Current Assets |
1,834.723 |
1,024.441 |
899.662 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
429.702 |
513.235 |
429.541 |
|
(c) Trade receivables |
543.649 |
416.388 |
365.852 |
|
(d) Cash and cash
equivalents |
105.535 |
170.115 |
54.549 |
|
(e) Short-term loans and
advances |
310.047 |
188.772 |
145.746 |
|
(f) Other current assets |
124.425 |
87.073 |
169.966 |
|
Total Current Assets |
1,513.358 |
1,375.583 |
1,165.654 |
|
|
|
|
|
|
TOTAL |
3,348.081 |
2,400.024 |
2,065.316 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2148.443 |
2087.463 |
1900.255 |
|
|
|
Other Income |
25.500 |
28.431 |
24.759 |
|
|
|
TOTAL (A) |
2173.943 |
2115.894 |
1925.014 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1634.056 |
1639.446 |
1468.118 |
|
|
|
Purchase of Stock-in-Trade |
22.158 |
83.254 |
103.913 |
|
|
|
Manufacturing and Operating Cost |
244.490 |
203.311 |
158.382 |
|
|
|
Employee Benefit Expenses |
38.761 |
47.020 |
45.412 |
|
|
|
Other Expenses |
59.436 |
45.722 |
32.715 |
|
|
|
Changes in inventories of finished goods work in progress and stock in
trade |
(20.297) |
(35.244) |
(67.526) |
|
|
|
TOTAL (B) |
1978.604 |
1983.509 |
1741.014 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
195.339 |
132.385 |
184.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
97.291 |
92.870 |
84.774 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
98.048 |
39.515 |
99.226 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
63.255 |
51.128 |
50.457 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
34.793 |
(11.613) |
48.769 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.954 |
(8.209) |
22.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
22.839 |
(3.404) |
26.532 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
183.326 |
186.730 |
160.198 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
206.165 |
183.326 |
186.730 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
373.169 |
180.644 |
423.875 |
|
|
|
Plant and Machinery |
390.932 |
83.088 |
0.429 |
|
|
TOTAL IMPORTS |
764.101 |
263.732 |
424.304 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
1.09 |
(0.16) |
1.64 |
|
|
|
- Diluted |
1.09 |
(0.16) |
1.64 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
751.800 |
338.800 |
377.500 |
|
Total Expenditure |
1753.700 |
(511.100) |
278.200 |
|
PBIDT (Excl OI) |
(1001.900) |
849.800 |
99.300 |
|
Other Income |
10.300 |
750.700 |
0.800 |
|
Operating Profit |
(991.600) |
1600.600 |
100.100 |
|
Interest |
592.300 |
1346.200 |
3.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(1584.000) |
254.400 |
96.700 |
|
Depreciation |
113.800 |
138.400 |
141.000 |
|
Profit Before Tax |
(1697.700) |
115.900 |
(44.400) |
|
Tax |
0.000 |
158.300 |
13.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(1697.700) |
(42.300) |
(57.800) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(1697.700) |
(42.300) |
(57.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.05
|
(0.16)
|
1.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.62
|
(0.56)
|
2.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.28
|
(0.52)
|
2.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
(0.01)
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.82
|
0.70
|
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17
|
1.48
|
1.92 |
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 |
210.316 |
210.316 |
210.316 |
|
Reserves & Surplus |
1021.835 |
1017.481 |
1039.381 |
|
Net
worth |
1,232.151 |
1,227.797 |
1,249.697 |
|
|
|
|
|
|
Long-term borrowings |
187.380 |
213.510 |
762.008 |
|
Short term borrowings |
207.714 |
648.920 |
958.458 |
|
Total
borrowings |
395.094 |
862.430 |
1,720.466 |
|
Debt/Equity
ratio |
0.321 |
0.702 |
1.377 |
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) |
|
Sales |
1900.255 |
2087.463 |
2148.443 |
|
|
|
9.852 |
2.921 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1900.255 |
2087.463 |
2148.443 |
|
Profit |
26.532 |
(3.404) |
22.839 |
|
|
1.40% |
(0.16%) |
1.06% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long term debts |
26.812 |
37.093 |
39.679 |
|
|
|
|
|
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
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 |
10342072 |
12/11/2013 * |
2,000,000,000.00 |
PUNJAB NATIONAL BANK |
KALYANINAGAR, PUNE - 411006, MAHARASHTRA, INDIA |
B90982588 |
|
2 |
90165464 |
19/07/2002 |
177,200,000.00 |
PUNJAB NATIONAL BANK |
RAVIWAR KARANJA BRANCH, NASHIK, MAHARASHTRA, INDIA |
- |
|
3 |
90164248 |
09/10/2007 * |
206,000,000.00 |
PUNJAB NATIONAL BANK BANK OF INDIA ANDHRA BANK |
RAVIVAR KARANJA, NASHIK, NASHIK - 422001, MAHARASHTRA, INDIA |
A25234121 |
|
4 |
90165451 |
29/03/2007 * |
315,140,000.00 |
PUNJAB NATIONAL BANK- LEAD BANKERS |
RAVIVAR KARANJA BRANCH, NASHIK - 422001, MAHARASHTRA, INDIA |
A29081791 |
|
5 |
80044144 |
30/01/2012 * |
1,025,700,000.00 |
PUNJAB NATIONAL BANK |
KALYANINAGAR, PUNE - 411006, MAHARASHTRA, INDIA |
B33248261 |
|
6 |
80044145 |
30/01/2012 * |
1,025,700,000.00 |
PUNJAB NATIONAL BANK |
KALYANINAGAR, PUNE - 411006, MAHARASHTRA, INDIA |
B33131574 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From WMDC / DIC |
105.074 |
104.771 |
|
From Others |
0.900 |
0.900 |
|
Total |
105.974 |
105.671 |
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 5th October, 2010, filed 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 utilise 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 utilise such land for the Mega Project. Accordingly, the directors took a decision to implement the Project at Nardana MIDC.
In the Prospectus, the Company had proposed to manufacture LRPC wire and Spring Steel wire. The Company will carry out the manufacture of Spring steel wire and defer the manufacture of LRPC wire in future, in view of the changed market conditions and due to recent development in the economy and industry. If the market conditions and demand turn around, the Company will immediately start manufacturing of LRPC wire. The cost of Mega Project after changed policy is around 311 Cr. The Company succeeded in sanctioning consortium finance from bankers of term loan of Rs. 2000.000 Millions. The Company is utilizing the fund generated through IPO in procuring high speed galvanizing line, wire drawing lines and machinery for manufacture of various wire products envisaged under the Mega Project.
The greenfield project at Naradana is on the verge of Completion, the construction of factory building is completed except with few minor things. The Company has imported German technology based advance machineries and installation of machineries has been completed under the supervisions of German technician. The Company has recruited the well qualified and experienced employees for the Mega Project, the recruitment of manpower for different activities at the project site is in process. The Company has started the trial production at phase – 1 of the project i.e. high speed galvanizing line for manufacture of wire products. Due to some unavoidable circumstances the implementation of the project is delayed, but the management of the company is taking vigorous efforts to start the project at the earliest possible. Barring unforeseen situation, the entire project will be operational by the end of financial year 2013-14.
For smooth functioning of activities at all the locations of the Company and considering the huge flow of information the management of the Company had decided to switch to ERP Accordingly the Company has purchased the appropriate software which enables the management to take decisions on real time basis. ERP implementation is in process and its results are encouraging.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND OUTLOOOK
The year 2012-13 was marked by global uncertainties and slowdown in the Indian economy. The auto sector has slowedmuch lower growth causing auto ancillaries to taper down capital investment during the year. This had adverse impact on the sale of spring steel wire, MS wire and patented black wire, sales to the auto sector. The power sector had performed satisfactory during the year and it is expected that the demand from the power sector will further increase in the coming financial years. The uncertain business scenario is likely to be continued during the financial year 2013-14 due to lack of clarity in the government policy and challenging business environment.
SEGMENT REVIEW
Manufacturing of steel wire is the only segment of the Company. The Company do not have any other segment along with manufacturing of steel wire. The Company mainly focuses on four different sectors namely automobile, power, retail and infrastructure.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Counter Guarantees given against Bank Guarantees. |
24.208 |
23.753 |
|
Corporate Guarantee given on behalf of Subsidiary Company, Kamalasha Infrastructure and Engineering Private Limited |
0.000 |
20.822 |
|
Corporate Guarantee given on behalf of Associate Company, Ashoka Pre-con Private Limited |
0.000 |
9.020 |
|
Income Tax Department, Nashik (A.Y. 2004-05) (Reassessment u/s 148 |
0.000 |
No demand notice received from Income Tax |
|
Income Tax Department, Nashik (A.Y. 2009-10) |
0.000 |
0.623 |
|
Assistant Commissioner of Sales Tax (BST), Sales Tax Office, Nashik. (Financial Year 1999-2000) |
0.046 |
-- |
|
Custom Excise and Service Tax Appellate Tribunal, Bombay (A.Y.2004-2005) |
8.876 |
8.417 |
FIXED ASSETS
v
Tangible
Assets
Land
Leasehold
Land
Freehold
Factory
Buildings
Plant
and Machinery
Furniture
and Fixtures
Office
Equipment
Vehicles
Computer
Equipment
Electrical
Installations
Kalamboli
Office and Staff Quarter
v
Intangible Assets
Goodwill
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 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.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.