MIRA
INFORM REPORT
|
Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAM
RATNA WIRES LIMITED |
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Registered Office : |
Ram |
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Country : |
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Financials (as on) : |
31.03.2014 |
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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 |
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CIN No.: [Company Identification No.] |
L31300MH1992PLC067802 |
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TAN No.: [Tax Deduction & Collection Account No.] |
MUMR14507D |
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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 : |
Information
declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba
(46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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. Overall financial position of the
company is above average. Trade relations are reported to be
fair. Business is active. Payments are reported to be 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
N E W
S
Verdict Implications : Apex court
order may alter coal import dynamics. Traders go slow on talks over coal supply
contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the Chennai head of
the Registrar of Companies, the ministry of corporate affairs arm that ensures
that companies file all the information required by the Companies Act is the
latest manifestation of a messy fight between a father and his adopted son for
the control of Rs 40000 mn business empire. The Central Bureau of Investigation
arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M
Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue guidance.
COO Rao says attrition still an area of concern and it would take a few more
quarters to bring down levels to 13-15 %.
DHL to invest Euro 100 mn in
India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy stake in
BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines Ltd grounded in
October 2012 under the weight of heavy debt and accumulated losses, recently
approached the Delhi high court for relief in two separate cases. The airline
challenged a notice by Punjab & National Bank alleging that It had wilfully
defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements
under the listing agreements with the Stock Exchanges.
OnMobile likely to sack another 300
employees. The lay-offs follow a spate of senior-level exits over the past two
years, starting with of its founder. The overall lay-offs could number around
600 and are driven by the need to cut costs, says a former employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit
risk. |
|
Date |
March 26, 2014 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
March 26, 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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative [Contact No.: 91-22-24924144]
LOCATIONS
|
Registered Office : |
Ram Ratna House, Victoria Mill
Compound, Oasis Complex, Pandurang Budhakar Marg, Worli, Mumbai – 400013,
Maharashtra, India |
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Tel. No.: |
91-22-24924144/ 24949009 |
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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 |
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Tel. No.: |
91-265-2321891/ 2/ 3 |
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Fax No.: |
91-265-2321894 |
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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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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 31.03.2014
|
Name : |
Mr. Rameshwarlal Kabra |
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Designation : |
Chairman |
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Name : |
Mr. Tribhuvanprasad Kabra |
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Designation : |
Managing Director |
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Name : |
Mr. Mahendra Kumar Kabra |
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Designation : |
Director |
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Date of Birth/Age : |
13.05.1957 |
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Qualification : |
Licentiate Mechanical Engineer,
Industrialist |
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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 |
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|
|
Name : |
Mr. Satyanarayan Loya |
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Designation : |
Director |
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Date of Birth/Age : |
05.04.1930 |
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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 |
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|
|
Name : |
Mr. Mukund Chitale |
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Designation : |
Director |
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Date of Birth/Age : |
16.11.1949 |
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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 |
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Name : |
Dr. Ajai Singh |
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Designation : |
Director |
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|
Name : |
Mr. Naveen Kumar Mandhana |
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Designation : |
Director |
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Name : |
Mr. Sandeep Jhanwar |
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Designation : |
Director |
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Name : |
Mr. R. Kannan |
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Designation : |
Director |
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|
Name : |
Mr. Prashant Deshpande (w.e.f.
06.11.2012) |
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Designation : |
Additional Director |
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Date of Birth/Age : |
19.02.1945 |
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Qualification : |
B.E. (Elec.), M.B.A., P.G. – Power
Systems |
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Experience : |
He has over 40 years of experience
in the Electrical Industry. |
|
Date of Appointment : |
06.11.2012 |
|
|
|
|
Name : |
Kirtidevi Kabra ( w.e.f. 29th
July, 2014 ) |
|
Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Mr.
Ramesh Chamadia |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
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|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
8571800 |
38.96 |
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|
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 |
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|
3600 |
0.02 |
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|
|
|
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|
342441 |
1.56 |
|
|
|
|
|
|
3022442 |
13.74 |
|
|
2557706 |
11.63 |
|
|
14457 |
0.07 |
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|
14457 |
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 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
22000000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
SHAREHOLDING BELONGING TO THE
CATEGORY "PROMOTER AND PROMOTER GROUP"
|
No. |
Name of the Shareholder |
Details of Shares held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Mahendra Kumar Kabra |
18,67,966 |
8.49 |
8.49 |
|
2 |
Rameshwarlal Kabra HUF |
12,41,000 |
5.64 |
5.64 |
|
3 |
Umadevi Tribhuvanprasad Kabra |
10,95,000 |
4.98 |
4.98 |
|
4 |
Kirti Shreegopal Kabra |
9,82,200 |
4.46 |
4.46 |
|
5 |
Shreegopal Rameshwarlal Kabra |
7,03,268 |
3.20 |
3.20 |
|
6 |
Mahesh Kabra |
6,02,800 |
2.74 |
2.74 |
|
7 |
Rajesh Kabra |
5,31,000 |
2.41 |
2.41 |
|
8 |
Tribhuvanprasad Rameshwarlal Kabra |
4,35,466 |
1.98 |
1.98 |
|
9 |
Vidhi Kabra |
3,05,000 |
1.39 |
1.39 |
|
10 |
Sumeet Kabra |
2,73,100 |
1.24 |
1.24 |
|
11 |
Hemlata Kabra |
1,95,200 |
0.89 |
0.89 |
|
12 |
Rameshwarlal Kabra |
1,05,200 |
0.48 |
0.48 |
|
13 |
Asha Kabra |
96,800 |
0.44 |
0.44 |
|
14 |
Ratnidevi Kabra |
65,800 |
0.30 |
0.30 |
|
15 |
Priti Saboo |
40,000 |
0.18 |
0.18 |
|
16 |
Hemant Kabra |
32,000 |
0.15 |
0.15 |
|
17 |
Ram Ratan Research & Holdings Private Limited |
34,00,000 |
15.45 |
15.45 |
|
18 |
Jag Bid Finvest Private Limited |
7,37,686 |
3.35 |
3.35 |
|
19 |
Ram Ratan Electricals Private Limited |
5,00,000 |
2.27 |
2.27 |
|
20 |
Mew Electricals Private Limited |
4,00,000 |
1.82 |
1.82 |
|
21 |
R R Kabel Limited |
8,02,428 |
3.65 |
3.65 |
|
22 |
Rsquare Realty Private Limited |
1,08,340 |
0.49 |
0.49 |
|
23 |
Ram Ratna Infrastructure Private Limited |
99,100 |
0.45 |
0.45 |
|
24 |
Kabel Buildcon Solutions Private Limited |
40,000 |
0.18 |
0.18 |
|
25 |
TMG Global FZCO |
14,00,000 |
6.36 |
6.36 |
|
|
Total |
1,60,59,354 |
73.00 |
73.00 |
SHAREHOLDING BELONGING TO THE
CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES
|
No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Lata Shyam Parwaney |
638635 |
2.90 |
2.90 |
|
|
|
Total |
638635 |
2.90 |
2.90 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Enameled Wires and Strips. |
|
|
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|
Brand Names : |
R
R Cables |
GENERAL INFORMATION
|
No. of Employees : |
Information
decliened by the management. |
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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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Facilities : |
NOTE : LONG-TERM
BORROWINGS Foreign Currency Loan
Term Loan is secured by way of first pari passu charge with the
consortium lenders over the existing immovable properties (excluding
immovable property at Rakholi, Silvassa) and the present and future movable fixed
assets of the Company and pari passu second charge with the consortium
lenders over the present and future current assets of the Company and further
secured by personal guarantees of some Directors and a relative of Directors. Interest on External Commercial Borrowing ( ECB ) is hedged through
Interest rate swap @ 5.51%. Vehicle Loans are secured by way of hypothecation of specific vehicle. SHORT TERM BORROWINGS The Secured Loans are pari passu secured by first charge with the
consortium lenders over the entire Current asets, present and future, such as
stock, book debts, etc. and pari passu second charge with the consortium
lenders over the existing immoveable properties (excluding immoveable
property at Rakholi, Silvassa) and the present and future moveable fixed
assets of the Company and further secured by personal guarantees of some
Directors and a relative of Directors. |
|
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Banking Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
V.C.
Darak and Associates Chartered
Accountants |
|
Tel. No.: |
91-22-26161646 |
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Fax No.: |
91-22-26161650 |
|
|
|
|
Consultant : |
|
|
Name : |
Preeti
Khanna and Company Practicing
Company Secretary |
|
Tel. No.: |
91-22-27703848 |
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|
Entities over
which Key Management and their relatives are able to exercise control or
significant influence : |
·
MEW Electricals Limited ·
RR Kabel Limited ·
Ram Ratna International ·
Ram Ratna Research and Holdings Private Limited ·
Ram Ratna Infrastructure Private Limited ·
Kabel Buildcon Solutions Private Limited ·
Ram Ratna Electricals Limited |
|
|
|
|
Joint
Venture : |
RR-Imperial Electricals Limited- Bangladesh |
CAPITAL STRUCTURE
AS ON 31.03.2014
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 |
31.03.2014 |
31.03.2013 |
|
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 |
31.03.2014 |
|
|
|
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a)
Share Capital |
110.000 |
110.000 |
110.000 |
|
(b)
Reserves & Surplus |
484.852 |
434.863 |
367.103 |
|
(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) |
594.852 |
544.863 |
477.103 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
120.225 |
122.848 |
132.770 |
|
(b) Deferred tax liabilities (Net) |
39.572 |
40.526 |
42.749 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.702 |
2.122 |
0.000 |
|
Total Non-current Liabilities (3) |
163.499 |
165.496 |
175.519 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
957.326 |
1070.925 |
925.352 |
|
(b) Trade payables |
218.133 |
245.875 |
52.199 |
|
(c) Other current liabilities |
104.522 |
86.809 |
121.502 |
|
(d) Short-term provisions |
27.952 |
31.492 |
24.474 |
|
Total Current Liabilities (4) |
1307.933 |
1435.101 |
1123.527 |
|
|
|
|
|
|
TOTAL |
2066.284 |
2145.460 |
1776.149 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
459.871 |
464.818 |
470.931 |
|
(ii) Intangible Assets |
0.051 |
0.053 |
0.218 |
|
(iii) Capital work-in-progress |
0.000 |
0.093 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
25.191 |
20.619 |
14.675 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
65.586 |
46.223 |
38.460 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
550.699 |
531.806 |
524.284 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
91.627 |
224.862 |
141.405 |
|
(c) Trade receivables |
1229.829 |
1228.373 |
975.737 |
|
(d) Cash and cash equivalents |
38.446 |
52.081 |
38.341 |
|
(e) Short-term loans and advances |
133.174 |
78.801 |
77.316 |
|
(f) Other current assets |
22.509 |
29.537 |
19.066 |
|
Total Current Assets |
1515.585 |
1613.654 |
1251.865 |
|
|
|
|
|
|
TOTAL |
2066.284 |
2145.460 |
1776.149 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from Operations |
6985.949 |
6855.034 |
5603.124 |
|
|
|
Other
Income |
11.248 |
10.109 |
10.639 |
|
|
|
TOTAL (A) |
6997.197 |
6865.143 |
5613.763 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Materials Consumed |
6233.492 |
6263.011 |
5073.742 |
|
|
|
Purchases
of Stock in Trade |
0.000 |
6.207 |
0.000 |
|
|
|
Changes
in Inventories |
95.838 |
(67.994) |
36.285 |
|
|
|
Employee
Benefits Expenses |
120.015 |
99.164 |
71.119 |
|
|
|
Other
Expenses |
258.254 |
259.774 |
209.195 |
|
|
|
TOTAL (B) |
6707.599 |
6560.162 |
5390.341 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
289.598 |
304.981 |
223.422 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
128.806 |
128.346 |
105.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX, DEPRECIATION
AND AMORTISATION (C-D) (E) |
160.792 |
176.635 |
117.668 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
52.752 |
50.256 |
46.612 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX (E-F) (G) |
108.040 |
126.379 |
71.056 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.747 |
39.442 |
20.193 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX (G-H) (I) |
69.293 |
86.937 |
50.863 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
328.243 |
264.983 |
235.897 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed
Dividend |
16.500 |
16.500 |
16.500 |
|
|
|
Corporate
Tax on Proposed Dividend |
2.804 |
2.677 |
2.677 |
|
|
|
Transfer
to General Reserve |
3.500 |
4.500 |
2.600 |
|
|
BALANCE CARRIED TO THE B/S |
374.732 |
328.243 |
264.983 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
value of Sale of Goods |
556.632 |
220.160 |
0.000 |
|
|
|
FOB
value of Sale of Machines |
0.000 |
0.000 |
5.403 |
|
|
TOTAL EARNINGS |
556.632 |
220.160 |
5.403 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw
Materials |
2757.405 |
670.109 |
530.716 |
|
|
|
Components
and Spare Parts |
2.246 |
5.770 |
3.569 |
|
|
|
Capital
Goods |
24.553 |
6.279 |
35.768 |
|
|
TOTAL IMPORTS |
2784.204 |
682.158 |
570.053 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
3.15 |
3.95 |
2.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.99 |
1.27
|
0.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.55 |
1.84
|
1.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.29 |
5.95
|
4.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.23
|
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.81 |
2.19
|
2.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.12
|
1.11 |
FINANCIAL ANALYSIS
[all figures are in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
110.000 |
110.000 |
110.000 |
|
Reserves & Surplus |
367.103 |
434.863 |
484.852 |
|
Net worth |
477.103 |
544.863 |
594.852 |
|
|
|
|
|
|
long-term borrowings |
132.770 |
122.848 |
120.225 |
|
Short term borrowings |
925.352 |
1070.925 |
957.326 |
|
Total borrowings |
1058.122 |
1193.773 |
1077.551 |
|
Debt/Equity ratio |
2.218 |
2.191 |
1.811 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5603.124 |
6855.034 |
6985.949 |
|
|
|
22.343 |
1.910 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
5603.124 |
6855.034 |
6985.949 |
|
Profit |
50.863 |
86.937 |
69.293 |
|
|
0.91% |
1.27% |
0.99% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBT
|
Particulars |
31.03.2014 (Rs. In
Millions) |
31.03.2013 (Rs. In
Millions) |
31.03.2012 (Rs. In
Millions) |
|
Current maturities of long term
borrowings |
|
|
|
|
Foreign
Currency Loan |
7.512 |
6.799 |
3.197 |
|
Vehicle
Loans |
0.571 |
0.513 |
0.000 |
|
Rupee
Loans |
0.000 |
0.000 |
52.204 |
|
Deposits |
21.510 |
2.240 |
3.673 |
|
|
|
|
|
|
Total |
29.593 |
9.552 |
59.074 |
|
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 |
|
PRESENTATION DATE
10.02.2014 |
|
Lodging No: ITXAL/319/2014
Filing Date: 10.02.2014 Reg.
No.: ITXA/391/2014 Reg. Date:
28.02.2014 |
|
Petitioner: COMMISSIONER OF INCOME TAX Respondent: M/S. RAM RATNA
WIRES LIMITED Petn. Adv SHEHNAZ (SHEROO) VISPY BHARUCHA (DA) Resp.Adv: RAHUL K HAKANI AND NEELAM C. JADHAV (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission Category:
TAX APPEALS Last Date: 10.10.2014
Stage: FOR ADMISSION Last Coram: ACCORDING TO SITTING LIST ACCORDING TO SITTING
LIST |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260 A |
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
|
Particulars |
31.03.2014 (Rs. In
Millions) |
31.03.2013 (Rs. In
Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Deposits Relative |
55.368 |
40.000 |
|
Others |
35.855 |
40.097 |
|
Loan
from Directors |
0.000 |
0.000 |
|
Inter
Corporate Loans |
17.401 |
24.851 |
|
SHORT
TERM BORROWINGS |
|
|
|
Foreign Currency Loans From
Banks |
65.716 |
167.125 |
|
Rupee Loans Short Term Loans From
Banks |
0.000 |
0.000 |
|
From
Financial Institution |
79.065 |
97.389 |
|
From
Director |
30.076 |
0.000 |
|
Inter
Corporate Loans |
5.000 |
0.000 |
|
|
|
|
|
Total |
288.481 |
369.462 |
|
Note : LONG-TERM BORROWINGS Other Unsecured Loans carry
interest rates from 11% to 13% with tenure more than two years. SHORT TERM BORROWINGS For the Unsecured Loans, personal
guarantees have been given by some Directors and a relative of Directors. |
||
COMPANY
OVERVIEW
The Company is engaged in the
business of manufacturing engineering goods such as Enamelled Copper Wire and
Strips, Enamelled Alluminium Wire, Submersible Winding Wire, Fibre Glass
Covered Copper Wire and Strips, Paper Covered Copper Wire and Strips.
OPERATIONS
AND FINANCIAL REVIEW
The
global scenario during the year 2013-14 continued to improve marginally but was
short on expectations. Deceleration in industrial output and exports weakened
India’s economic growth significantly. Financial Year 2013-14 proved to be a
challenging year for the Company. Inspite of the constraints, your 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 13570 MTs material altogether (ECW, BCS, ECS+,
SWW, EAW).
During
the Financial Year 2013-14, the Company posted sales and other income of
Rs.6997.197 Millions as against Rs.6865.143 Millions in the previous year and
registered a net profit after tax of Rs.69.293 Millions as against the previous
year’s net profit of Rs.86.937 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
A) INDUSTRY STRUCTURE
The Company manufactures Winding Wires and Strips which are major
inputs to Electrical rotating Machines and equipment like, Generators, Motors,
Electric pumps, Mixers, Grinders, Fans ; And Static Equipments like,
Transformers of all types, inverters, UPS, chokes, coils, relays, etc. It is
one item which is used directly or indirectly in all sectors of Economy
including, Agriculture, Industry, Railways, Mining, Defense , Electric Power
generation, Transmission and distribution ; And for end use by power consumers
, Electronics and communication, Space application and satellite networks,
Trade and commerce , Educational institutions , infrastructural developments
etc. Almost 40% of Winding wires manufactured in India is consumed for repair
and rewinding of Electrical equipments. Substantial Quantity of Winding wires
have been manufactured in unorganized sector by Small Scale Industries spread
across the length and breadth of their Country.
B) DEVELOPMENT, MODERNIZATION AND EXPANSION
Despite the continued decline in growth of Indian Electrical
Industry during 2013-2014 and a meager growth of 4.7% in GDP, during FY 2013-2014,
the Company has maintained and even slightly exceeded its production in FY
2013-2014 over that of previous financial year. The company continues to give
prominence to production of more value added item like Alluminium enamelled
winding wires. The Company continues to import sophisticated Wire enamelling
machines
and equipments, especially for Salasar copper unit -2 plant
located at Dadra, Silvassa, in line with its strategy of Market oriented
development in production, modernization and expansion.
C) OUTLOOK
As
their are aware, Winding Wires and Strips are
input to the Electrical Industry, the Growth of which is linked to the Power
Sector. It is also a fact that, electricity has become an essential item for
human beings after food, clothing and shelter
for modern living. During 12th Plan period (2012- to 2017), additional capacity
in power generation to the level of 90,000 MW was planned earlier.
One
of the top priorities of the new Government at the centre is Energy and power
sector. Therefore, rapid expansion and additional capacity in power generation
is expected. This will boost our per capita consumption of Electricity, which
at present is very much below the world average. Further, the growing
purchasing power of both rural and urban
Indians of their 1.25 billion population, coupled with Infrastructural
development including rural and urban housing,
will add to the demand for Electrical equipments and Domestic appliances which
will boost the demand for Winding wires and strips;
And therefore, future outlook for winding wire is bright.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 (Rs. In
Millions) |
31.03.2013 (Rs. In
Millions) |
|
Bank
Guarantees given |
90.200 |
116.500 |
|
Bill
Discounting |
24.432 |
40.364 |
|
Income
Tax Demands |
7.680 |
7.249 |
|
Excise
|
66.600 |
67.040 |
|
Service
Tax Demands |
0.895 |
2.143 |
|
|
|
|
|
Total |
189.807 |
233.296 |
STATEMENT OF UNAUDITED RESULT FOR
THE QUARTER YEAR ENDED 30TH JUNE 2014
(Rs. In
Millions)
|
Particulars |
|
|
Quarter
Ended |
|
|
|
30.06.2014 |
|
|
|
|
|
Unaudited |
|
Part - I |
|
|
|
|
1. Income from Operations |
|
|
|
|
(a)
Net Sales/Income from
Operations (Net of Excise Duty) |
|
|
1836.593 |
|
(b) Other Operating Income |
|
|
39.473 |
|
Total Income from Operation |
|
|
1876.066 |
|
|
|
|
|
|
2. Expenses |
|
|
|
|
Cost of materials consumed |
|
|
1755.837 |
|
Purchases of Stock in Trade |
|
|
0.000 |
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
|
(87.491) |
|
Employee benefits expense |
|
|
30.908 |
|
Power and fuel |
|
|
34.880 |
|
Freight |
|
|
16.288 |
|
Depreciation and amortization expense |
|
|
22.573 |
|
Other expenses |
|
|
20.723 |
|
Total Expenses |
|
|
1793.718 |
|
|
|
|
|
|
3. Profit/(Loss) from Operations before Other
Income, finance cost* and Exceptional Items (1-2) |
|
|
82.348 |
|
4. Other income |
|
|
7.432 |
|
6. Profit/(Loss) from ordinary activities before
finance costs and exceptional Items (3+4) |
|
|
89.780 |
|
6. Finance Costs |
|
|
39.706 |
|
7. Profit/(Loss) from ordinary activities after
finance costs but before exceptional items (5-6) |
|
|
50.074 |
|
8. Exceptional Hems |
|
|
-- |
|
9. Profit/(Loss) from ordinary activities before
tax (7-8) |
|
|
50.074 |
|
10. Tax Expense |
|
|
|
|
Short provision of earlier years tax |
|
|
(0.022) |
|
Current year’s tax |
|
|
21.662 |
|
Differed tax |
|
|
(4.163) |
|
11. Net Profit/(Loss) for the period (9-10) |
|
|
32.597 |
|
12. Minority Interest |
|
|
--- |
|
13. Net Profit/(Loss) after taxes, minority Interest
and Share of Profit/(Loss) |
|
|
32.597 |
|
14. Paid-up Equity Share Capital (Pace Value per
share : Rs.1/- |
|
|
110.000 |
|
15. Reserves excluding Revolution Reserve as per
balance sheet of previous accounting year |
|
|
|
|
|
|
|
|
|
16. Earning* per share of Rs.1/- each (Not Annualised): |
|
|
|
|
Basic
and Diluted EPS before Extraordinary items |
|
|
1.48 |
|
Basic
and Diluted EPS after Extraordinary items |
|
|
1.48 |
|
|
|
|
|
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
Number of shares |
|
|
5940646 |
|
Percentage of Shareholding |
|
|
27.00 |
|
|
|
|
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
Pledged
/encumbered |
|
|
|
|
Number of shares |
|
|
Nil |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
|
|
Nil |
|
Percentage of shares (as a % of the total share
capital of the company) |
|
|
Nil |
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
Number of shares |
|
|
16059354 |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group] |
|
|
100.00 |
|
Percentage of shares (as a % of the total share
capital of the company) |
|
|
73.000 |
|
B |
INVESTOR COMPLAINTS : |
Quarter
Ended 30.06.2014
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
-- |
|
|
Disposed
of during the quarter |
-- |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTE :
·
The
above financial results as reviewed by the Audit Committee were taken on record
by the Board of Directors at it's meeting held on July 29, 2014.
·
The
Company is operating in one segment only i.e. Enamelled Wire and Strips.
·
Depreciation
for the quarter is charged on the basis of Schedule II of the Companies Act,
2013, consequent there to the quantum of depreciation is higher by Rs.0.910
Million.
·
Previous
period / year figures have been regrouped / reclassified, wherever necessary,
to make them comparable with the figures of the current period.
FIXED ASSETS:
·
Land - Free Hold
Factory
Buildings
Residential
Buildings
Plant
& Machineries
Electrical
Installations
Furniture
& Fixtures
Office
and Other Equipment
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, 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 records exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 61.24 |
|
UK
Pound |
1 |
Rs. 98.67 |
|
Euro |
1 |
Rs. 77.97 |
INFORMATION DETAILS
|
Information Gathered by : |
NYA |
|
|
|
|
Analysis done by: |
SUM |
|
|
|
|
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 |
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 |
|
46 |
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.