MIRA INFORM REPORT

Report No. :	337770
Report Date :	22.08.2015

IDENTIFICATION DETAILS

Name :	BEDMUTHA INDUSTRIES LIMITED (w.e.f. 20.05.2010)
Formerly Known As :	BEDMUTHA WIRE COMPANY LIMITED
Registered Office :	A-32, Stice, Sinnar, Nashik - 422103, Maharashtra
Tel. No.:	91-253-2351291
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	23.08.1990
Com. Reg. No.:	11-057863
Capital Investment / Paid-up Capital :	Rs.210.316 Million
CIN No.: [Company Identification No.]	L31200MH1990PLC057863
TAN No.: [Tax Deduction & Collection Account No.]	NSKB00965G
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of Steel Wires and Wire Products.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (32)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject was incorporated in the year 1990. It is a manufacturer and exporter of steel wires and wire products. Subject is an established company having moderate track record. For the financial year ended 2015, company possesses moderate operational performance and it has incurred loss from its operational activities. Rating further constrained on account of company’s, moderate financial risk profile and unfavorable gap between trade payables to its receivables. However, trade relations are reported as fair. Payments are reported to be slow but correct. In view of operational loss, 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.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BB - Long Term Bank Facilities (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	18.11.2014

Rating Agency Name	CARE
Rating	A4+ Short Term Bank Facilities (Suspended)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	18.11.2014

Reason for suspension-Absence of requisite information

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 31-03-2013.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (TEL No. 91-253-2351291)

LOCATIONS

Registered Office:	A-32, Stice, Sinnar, Nashik - 422103, Maharashtra, India
Tel. No.:	91-2551-240320/ 240481/ 240631/ 240068/ 240069 /240482
Fax No.:	91-2251-240482
E-Mail :	cbgupta@bedmutha.com cs@bedmutha.com bedmutha_nsk@sancharnet.in shital@bedmutha.com bwcl.sales@bedmutha.com
Website:	www.bedmutha.com
Location :	Owned
Head Office/ :	Plot No. A-70/71/72, Stice, Musalgaon, Sinner, District Nashik - 422103, Maharashtra, India
Factory 1:	Plot No. A-31 to 35/57, Stice, Sinner, Nashik – 422103, Maharashtra, India
Factory 2 :	Plot No. B-113, Stice, Musalgaon, Sinner, District Nashik - 422103, Maharashtra, India
Factory 3:	Plot No. B-140, Stice, Musalgaon, Sinner, District Nashik - 422103, Maharashtra, India
Factory 4 :	Plot No. E-1, MIDC, Phase-2, Naradana, Taluka Sindkheda, District Dhule, Maharashtra, India
Head Office:	D-11, MIDC, Street No. 10, Satpur, Nashik - 422007, Maharashtra, India.
Tel. No.:	91-253-2351291/ 2353156
Fax No.:	91-253-2351293
Branch Offices :	Located at · New Delhi · Pune · Aurangabad · Nagpur · Ahmedabad · Lucknow · Angul · Baroda · Indore · Nashik · Mumbai · Navi Mumbai

DIRECTORS

AS ON: 31.03.2014

Name :

Mr. Kachardas Ratanchand Bedmutha

Designation :

Chairman

Address :

D-11, MIDC, Satpur, Nashik - 422007, Maharashtra, India

Date of Birth/Age :

10.04.1936

Date of Appointment :

14.11.2009

DIN:

01724420

Name :

Mr. Vijay Kachardas Vedmutha

Designation :

Managing Director

Address :

J-58, Palm Acers Society Mulund (East), Mumbai - 400080, Maharashtra, India

Date of Birth/Age :

05.08.1964

Qualification:

MBA

Date of Appointment :

14.11.2012

DIN:

00716056

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31200MH1990PLC057863	BEDMUTHA INDUSTRIES LIMITED	Managing director	14/11/2012	23/08/1990	-	Active	NO
2	U74140MH2006PTC166457	KRBTA - UNISON CONSULTANCY PRIVATE LIMITED	Director	22/12/2006	22/12/2006	-	Active	NO
3	U45200MH2007PTC167533	BEDMUTHA SONS REALTY VENTURES PRIVATE LIMITED	Director	03/02/2007	03/02/2007	-	Active	NO
4	U45200MH2007PTC167532	KAMALASHA INFRASTRUCTURE AND ENGINNERING PRIVATE LIMITED	Director	03/02/2007	03/02/2007	19/11/2009	Active	NO
5	U15410MH1986PLC038601	SUPPLYCO FOODS (INDIA) LIMITED	Additional director	14/05/2011	14/05/2011	14/09/2013	Active	NO

Name :

Mr. Ajay Kachardas Vedmutha

Designation :

Managing Director

Address :

D-11, MIDC, Satpur, Nashik-422007, Maharashtra, Indias

Date of Birth/Age :

10.02.1967

Qualification:

Mechanical Engineer

Date of Appointment :

14.11.2012

DIN:

01726879

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31200MH1990PLC057863	BEDMUTHA INDUSTRIES LIMITED	Managing director	14/11/2012	23/08/1990	-	Active	NO
2	U31200MH1994PTC077820	AJAY WIRE PRODUCTS PRIVATE LIMITED	Director	19/04/1994	19/04/1994	-	Amalgamated	NO
3	U45200MH2007PTC167533	BEDMUTHA SONS REALTY VENTURES PRIVATE LIMITED	Director	03/02/2007	03/02/2007	-	Active	NO
4	U45200MH2007PTC167532	KAMALASHA INFRASTRUCTURE AND ENGINNERING PRIVATE LIMITED	Director	03/02/2007	03/02/2007	-	Active	NO
5	U73200MH2008PTC187503	PRECRETE TECHNOLOGIES PRIVATE LIMITED	Director	14/10/2008	14/10/2008	-	Active	NO
6	U26940MH2008PTC187764	ASHOKA PRE-CON PRIVATE LIMITED	Director	24/10/2008	24/10/2008	-	Active	NO

Name :

Mr. Narayan Marotrao Kadu

Designation :

Director

Address :

205, Mangal Murti Apartment, Dharampeth, Khare Town, Nagpur – 440010, Maharashtra, India

Date of Birth/Age :

28.04.1949

Qualification:

M.Sc. (Agri) & CAIIB

Date of Appointment :

14.08.2014

DIN:

02807124

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31200MH1990PLC057863	BEDMUTHA INDUSTRIES LIMITED	Director	14/08/2014	14/11/2009	-	Active	NO

Name :

Mr. Balasubramanian Achutharaman

Designation :

Nominee Director

Address :

69, Pacchaippa College Hostel Road, Chatpet, Chennai, Tamilnadu, India

Date of Birth/Age :

05.01.1949

Qualification:

Chartered Accountant

Date of Appointment :

14.08.2014

DIN:

00490921

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U67190MH2004PTC149084	PRINCIPAL RETIREMENT ADVISORS PRIVATE LIMITED	Nominee director	23/06/2006	23/06/2006	15/12/2006	Active	NO
2	U65999MH2002PLC134884	ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED	Nominee director	27/07/2006	27/07/2006	14/07/2007	Active	NO
3	L27109AP1982PLC003518	NELCAST LIMITED	Director	24/07/2010	31/10/2009	-	Active	NO
4	U40102KA2000PLC026255	METCAN PACKS LIMITED	Nominee director	09/11/2009	09/11/2009	21/03/2011	Active	NO
5	L31200MH1990PLC057863	BEDMUTHA INDUSTRIES LIMITED	Director	14/08/2014	14/11/2009	-	Active	NO
6	L28931TN1986PLC012728	Butterfly Gandhimathi Appliances Limited	Director	01/08/2014	14/11/2011	-	Active	NO

Name :

Mr. Shital Vijay Nahar

Designation :

Independent Director

Address :

80/2, Swojas Paradise, Sakalnagar, Aundh, Pune – 411007, Maharashtra, India

Date of Birth/Age :

15.06.1971

Qualification:

B.E.(Computer)

Date of Appointment :

29.07.2008

Name :

Mrs. Vandana Prashant Sonwaney

Designation :

Director

Address :

Ganga Sharan Bungalow, Opposites Vasant Market, Canada Corner, Nashik, Nashik - 422008, Maharashtra, India

Date of Birth/Age :

15.06.1971

Date of Appointment :

30.12.2014

DIN:

06955363

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L31200MH1990PLC057863	BEDMUTHA INDUSTRIES LIMITED	Director	30/12/2014	05/07/2014	-	Active	NO
2	U31200MH1994PLC080208	CG LUCY SWITCHGEAR LIMITED	Director	27/03/2015	23/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Aditi Gajanan Bhavsar
Designation :	Company Secretary
Address :	A-18 Shree Shrushti CHS, Opposites K. C. College of Engineering, Thane-400603, Maharashtra, India
Date of Appointment :	13.02.2014
PAN No.:	AOEPB8624H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.06.2015

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	12848111	61.09
Bodies Corporate	1453560	6.91
Sub Total	14301671	68.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	14301671	68.00
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1880108	8.94
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2448268	11.64
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2242922	10.66
Any Others (Specify)	158642	0.75
Clearing Members	71115	0.34
Non Resident Indians	87527	0.42
Sub Total	6729940	32.00
Total Public shareholding (B)	6729940	32.00
Total (A)+(B)	21031611	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	21031611	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of Steel Wires and Wire Products.
Products :	Steel Wires and Wire Products.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Punjab National Bank
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Bank of India

· Andhra Bank

· Bank of Baroda

· Export Import Bank Of India

Facilities :

Secured Loan	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
Term Loan from Banks	NA	1118.189
Short-term borrowings
Working Capital Loans	NA	462.815
Demand Loan	NA	3.944
Total	NA	1584.948

LONG-TERM BORROWINGS: (As on 31.03.2014)

Term loans amounting to Rs.18.562 Million (March 31, 2013: Rs.45.257 Million) {inclusive of Rs.15.731 Million (March 31, 2013 : Rs.25.922 Million); Current Maturities for Long Term Debts} 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, and the personal guarantee of Promoter Directors and others.

Term loans amounting to Rs.1235.876 Million (March 31, 2013: Rs.576.495 Million) {inclusive of Rs.124.900 Million (March 31, 2013 :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, Nahsik, Plot No. E 1, Nardana Industrial Estate, Dhule, and personal guarantee of promoter Directors

Vehicle Loans amounting to Rs.5.239 Million (March 31, 2013: Rs.2.857 Million) {inclusive of Rs.0.859 Million (March 31, 2013: Rs.0.556 Million) grouped under Note No. 8; Current Maturities for Long Term Debts} are secured by the way of hypothecation of Vehicle purchased thereunder.

Terms of Repayment:

Term loan amounting to Rs.0.830 Million (March 31, 2013: Rs.8.030 Million) is repayable in 28 quarterly instalments. Last instalment due in May 2014

Term loan amounting to Rs.4.701 Million (March 31, 2013: Rs.8.441 Million) is repayable in 60 monthly instalments. Last instalment due in June 2015

Term loan amounting to Rs.8.235 Million (March 31, 2013: Rs.15.556 Million) is repayable in 60 monthly instalments. Last instalment due in June 2015

Term loan amounting to Rs.4.797 Million (March 31, 2013: Rs.9.235 Million) is repayable in 60 monthly instalments. Last instalment due in May 2015

Term loan amounting to Rs.117.002 Million (March 31, 2013: Rs.107.329 Million) is repayable in 22 Structured Quarterly Instalments. Last instalment due in June 2019

Term loan amounting to Rs.265.216 Million (March 31, 2013: Rs.146.916 Million) is repayable in 22 Quarterly Instalments. Last instalment due in March 2020,

Term loan amounting to Rs.457.800 Million (March 31, 2013: Rs.222.500 Million) is repayable in 22 Quarterly Instalments. Last instalment due in June 2019

Term loan amounting to Rs.255.050 Million (March 31, 2013: Rs.94.750 Million) is repayable in 22 Quarterly Instalments. Last instalment due in June 2019

Term loan amounting to Rs.140.809 Million (March 31, 2013: Rs.5.000 Million) is repayable in 22 Quarterly Instalments. Last instalment due in December 2019

Vehicle loan amounting to Rs.0.917 Million (March 31, 2013: Rs.1.171 Million) is repayable in 59 monthly instalments. Last instalment due in February 2017

Vehicle loan amounting to Rs.0.231 Million (March 31, 2013: Rs.0.328 Million) is repayable in 45 monthly instalments. Last instalment due in December 2014

Vehicle loan amounting to Rs.0.142 Million (March 31, 2013: Rs.0.335 Million) is repayable in 45 monthly instalments. Last instalment due in November 2014

Vehicle loan amounting to Rs.0.588 Million (March 31, 2013: Rs.0.335 Million) is repayable in 84 monthly instalments. Last instalment due in February 2020

Vehicle loan amounting to Rs.0.225 Million (March 31, 2013: Rs.0.329 Million) is repayable in 45 monthly instalments. Last instalment due in October 2014

Vehicle loan amounting to Rs.1.212 Million (March 31, 2013: Rs. Nil) is repayable in 48 monthly instalments. Last instalment due in September 2017

Vehicle loan amounting to Rs.1.727 Million (March 31, 2013: Rs. Nil) is repayable in 48 monthly instalments. Last instalment due in March 2017

SHORT-TERM BORROWINGS

***Working Capital loans amounting to Rs.462.815 Million (March 31, 2013: Rs.384.730 Million) are secured by way of hypothecation of Current Assets and extension of second pari passu charge on the movable and non-movable fixed assets excluding windmill and vehicles.

**Demand loan is secured by way hypothecation of Fixed Deposit Receipts of Rs.3.800 Million

Banking Relations :	--
Auditors :
Name :	Patil Hiran Jajoo and Company Chartered Accountants
Address :	401, 4^th Floor, Rushiraj Regency, Opposite Mama Mungi Karyalay, Near Vidya Vikas Circle, Gangapur Road, Nashik – 422005, Maharashtra, India
Tel. No. :	91-253-2572680/ 81/ 82
Fax No. :	91-253-2572682
E-Mail :	info@patilhiranjajoo.com
Website:	www.patilhiranjajoo.com
Memberships :	--
Collaborators :	--
Enterprises over which Key Management Personnel and their relatives exercise significant influence with whom transactions have been taken place during the year: (As on 31.03.2014)	· 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
Associates: (As on 31.03.2014)	· Ashoka Pre-con Private Limited (49%)
Subsidiary Company: (As on 31.03.2014)	· Kamalasha Infrastructure and Engineering Private Limited (54.75%)

CAPITAL STRUCTURE

As on 31.03.2015

Authorised Capital : NA

Issued, Subscribed & Paid-up Capital : Rs.210.316 Million

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs.250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
21031611	Equity Shares	Rs.10/- each	Rs.210.316 Million

NOTE

Details of shares held by shareholders holding more than 5% of the aggregate shares in the company

PARTICULAR	As at 31st March 2014
Name of Shareholder	No. of Shares	% of Holding
Ajay Kachardas Vedmutha	3410753	16.22
Vijay Kachardas Vedmutha	3377232	16.06
Kachardas Ratanchand Vedmutha	2191841	10.42
Vinita Ajay Vedmutha	1272148	6.05
Bedmutha Sons Reality Ventures Private Limited	1250134	5.94
Usha Vijay Vedmutha	1239898	5.90

Details of shares issued other than cash

3006850 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 Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	210.316	210.316	210.316
(b) Reserves & Surplus	1009.303	1057.817	1039.381
(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)	1219.619	1268.133	1249.697
(3) Non-Current Liabilities
(a) long-term borrowings	1887.904	1222.625	704.098
(b) Deferred tax liabilities (Net)	11.649	47.594	39.836
(c) Other long term liabilities	514.604	522.464	123.094
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	2414.157	1792.683	867.028
(4) Current Liabilities
(a) Short term borrowings	600.104	466.759	388.230
(b) Trade payables	1194.965	518.102	785.368
(c) Other current liabilities	71.144	194.996	57.489
(d) Short-term provisions	0.000	4.600	0.800
Total Current Liabilities (4)	1866.213	1184.457	1231.887
TOTAL	5499.989	4245.273	3348.612
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3076.691	1021.705	1009.210
(ii) Intangible Assets	0.000	2.593	3.548
(iii) Capital work-in-progress	0.000	1432.161	594.569
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	62.589	40.089	39.438
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	50.861	80.486	153.934
(e) Other Non-current assets	15.796	23.694	34.020
Total Non-Current Assets	3205.937	2600.728	1834.719
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	914.557	491.354	429.702
(c) Trade receivables	671.082	494.557	543.650
(d) Cash and cash equivalents	250.489	96.310	105.536
(e) Short-term loans and advances	167.400	362.963	310.582
(f) Other current assets	290.524	199.361	124.423
Total Current Assets	2294.052	1644.545	1513.893
TOTAL	5499.989	4245.273	3348.612

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	3214.723	2218.961	2148.443
	Other Income	41.760	72.821	25.500
	TOTAL (A)	3256.483	2291.782	2173.943
Less	EXPENSES
	Cost of Materials Consumed	2121.949	1221.289	1634.055
	Purchases of Stock-in-Trade	746.843	519.530	22.159
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(233.936)	(14.964)	(20.297)
	Manufacturing and Operating Cost	252.556	214.292	244.490
	Employees benefits expense	56.011	40.238	38.761
	Other expenses	103.924	71.284	59.436
	TOTAL (B)	3047.347	2051.669	1978.604
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	209.136	240.113	195.339
Less	FINANCIAL EXPENSES (D)	227.055	147.328	97.291
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(17.919)	92.785	98.048
Less	DEPRECIATION/ AMORTISATION (F)	101.979	73.910	63.255
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(119.898)	18.875	34.793
Less	TAX (H)	(34.298)	5.844	11.954
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	(85.600)	13.031	22.839
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD (K)	219.196	206.165	183.326
	Balance Carried to the B/S (J+K+L-M)	133.596	219.196	206.165
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	11.167	0.000
	TOTAL EARNINGS	NA	11.167	0.000
	IMPORTS
	Raw Materials	NA	386.992	373.169
	Plant and Machinery	NA	71.010	390.932
	TOTAL IMPORTS	NA	458.002	764.101
	Earnings / (Loss) Per Share (Rs.)	4.07	0.62	1.09

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	141.644	26.812
Cash generated from operations	NA	217.276	(136.689)
Net cash flow from operating activity	NA	388.877	50.855

QUARTERLY RESULTS

PARTICULARS	Unaudited 30.06.2015
Type	1^st Quarter
Net Sales	1016.090
Total Expenditure	1024.980
PBIDT (Excl OI)	(8.890)
Other Income	25.850
Operating Profit	16.960
Interest	65.220
Exceptional Items	0.000
PBDT	(48.260)
Depreciation	25.730
Profit Before Tax	(73.990)
Tax	(11.650)
Provisions and contingencies	0.000
Profit After Tax	(62.340)
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	(62.340)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	(2.66)	0.59	1.06
Operating Profit Margin (PBIDT/Sales)	(%)	6.51	10.82	9.09
Return on Total Assets (PBT/Total Assets}	(%)	(2.21)	0.68	1.28
Return on Investment (ROI) (PBT/Networth)		(0.10)	0.01	0.03
Debt Equity Ratio (Total Liabilities /Networth)		2.04	1.44	0.90
Current Ratio (Current Asset/Current Liability)		1.23	1.39	1.23

STOCK PRICES

Face Value	Rs.10.00
Market Value	Rs.13.75

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	210.316	210.316	210.316
Reserves & Surplus	1039.381	1057.817	1009.303
Net worth	1249.697	1268.133	1219.619
long-term borrowings	704.098	1222.625	1887.904
Short term borrowings	388.230	466.759	600.104
Total borrowings	1119.140	1831.028	2488.008
Debt/Equity ratio	0.896	1.444	2.040

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2148.443	2218.961	3214.723
		3.282	44.875

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	2148.443	2218.961	3214.723
Profit	22.839	13.031	(85.600)
	1.06%	0.59%	(2.66%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

Case Details

Bench:- Bombay

LITIGATION DETAILS
Presentation Date:-10.09.2014
Lodging No. : CPL/650/2014 Filing Date:- 10.09.2014 Reg. No.: CP/240/2015 Reg Date:- 18.03.2015
Petitioner:	M/S WHITE PETROLEUM INDUSTRIES	Respondent:-	M/S BEDMUTHA INDUSTRIES LIMITED. CIN NO.
Petn.Adv:-	MOLINA P. THAKUR	Resp. Adv.:	K D SHAH (0)
District:-	MUMBAI
Bench:-	SINGLE	Category:-	COMPANY PETITION U/SEC 433,434,439 COMPANIES ACT
Status:-	Pre-Admission	Stage:-	FOR ADMISSION (ORIGINAL SIDE MATTERS)
		Stage:-	FOR ACCEPTANCE
Last Coram:-	HON’BLE SHRI JUSTICE S.J. KATHAWALLA
Act. :	Companies Act & Rules 1956		Under Section:- 433 434

PERFORMANCE REVIEW (AS ON 31.03.2014)

PROJECT IMPLEMENTATION

The green field project at Nardana is on the verge of completion. During the course of implementation, they divided the project into 3 phases. PHASE 1 - Pickling, Wire drawing and Galvanizing; PHASE 2 - Tyre bead plant and copper plant.

PHASE 3 - wire rope plant. This division of project into phases was made consciously so as to spread the investment evenly, as the pace of the economy was quite slow and there were minor setbacks from the financial institution to release the term loans.

As per the plan, PHASE 1 has become operational. Product trial run (PTR) started in November 2013 which continued till March 2014; PHASE 2 which constitutes ‘Tyre bead line’ is under commissioning and PTR of copper project is expected by July end.

PHASE 3 - the machinery is under dispatch by the equipment supplier and is expected at site by 1st week of August 2014 and they plan to start PTR by October 2014.

They have declared the partial Commercial Operational Date (COD) as on 30th June, 2014 i.e. 1st Quarter of 2014-15 for PHASE 1 and full COD in 4th Quarter.

The products from PHASE 1 have been well accepted by the market. They expect to utilize full capacity from September 2014. The project has got delayed on account of both unforeseen situation and our planned strategy in certain cases due to bad economy during the financial year 2013-14.

The Company faced unforeseen circumstances. There was heavy rainfall in September 2013 and cyclone in February 2014, due to which the whole erection and commissioning activity got delayed by 60 days at site, since the dedicated electrical line became haywire and therefore got disrupted. At the same time, the Company also faced hindrances from financial institution in way of disbursement. However, on a positive note, the entire PHASE 2 and PHASE 3 will be completed shortly and the project will thus, get completed soon. The volatility in dollar during the period has caused increase in the cost of imported equipment by 20 percent. In spite of all these odds

MANAGEMENT DISCUSSION AND ANALYSIS REPORT: (AS ON 31.03.2014)

INDUSTRY STRUCTURE AND DEVELOPMENT

India’s economic growth is contingent upon the growth of the various manufacturing sectors, especially the Indian iron and steel industry. Consumption of steel is taken to be an indicator of economic development. The Company is a leading manufacturer and exporter of G I Wire, ACSR Wire, Stay/Guy/Earth Wire 71937 Wire Strands, spring steel wire, Tire bead wire, Wire for ropes etc. and various types of wire and wire products. It manufactures galvanized and ungalvanised iron and steel wires.

While iron and steel continues to have a stronghold in traditional sectors such as construction, housing and ground transportation, it is increasingly used in auto sector, power sector and infrastructure industries. India occupies a central position on the global steel map, with the establishment of global scale capacities by players, continuous modernization and upgradation of older plants, improving energy efficiency and backward integration into global raw material sources. Iron and Steel are manufactured as globally tradable products with no major trade barriers across national boundaries to be seen currently. There are also no inherent resource related constraints, which may significantly affect the production of the same or their capacity creation to respond to such demand increases in the global market. Even the government policy restrictions have been negligible worldwide and even if there are any, the same are related to specific conditions in the market and have always been temporary. Therefore, the industry in general and at a global level is unlikely to throw up substantive competition issues in any national policy framework.

BUSINESS OVERVIEW (AS ON 31.03.2014)

The financial Year ended 31st March, 2014, proved to be a challenging year, with Indian economy witnessing sustained slowdown across sections marginally better than 2012-13 but still far away from above 8% growth between 2004to2011. The recovery of the economy during the Financial Year 2013-14 was mostly from agriculture sector on account of good rainfall, whereas in all other sectors’, it was negative or stagnant.

The last financial year also saw the rupee in free fall due to worsening current account deficit. The continuation of elevated levels of inflation was a cause of concern for the economy. This stickiness in inflation did not provide much room for RBI to reduce the interest and help the economy to boost.

This overall sluggish environment has also affected their sales and the bottom line, though they could maintain the same top line as last financial year. There was huge pressure on margins, due to raw material prices on higher side on account of volatile rupee and slackness in demand caused the pressure on the margins. The factors affecting the Company’s growth are rise in fuel cost; zinc, one of the important raw materials is linked to LME and there was a rising trend in the prices of goods, the volatile USD and the depreciating value of Rupee. With this background, the performance of the company.

FINANCIAL PERFORMANCE (AS ON 31.03.2014)

The income from operations for the year has increased to Rs 2262.942 Million as compared to Rs. 2202.886 Million In the previous year reflecting a growth of 2.73 %. The Earning per Share (EPS) works out to be Rs. 0.52 Per share.

OUTLOOK (AS ON 31.03.2014)

The macro-economic environment has shown offshoots of recovery, specifically in the second half of 2013-14. Most of the indicators in the developed markets point to the growth stability, which in turn should support the developing and emerging markets. Even in India, there are signs that the growth has bottomed out with the marginal improvement recorded in the latter half of 2013-14. Going forward, the key to a sustainable recovery would be reviving the investments especially in the private sector through continued efforts to clear the stalled projects. It would be interesting to watch out for the key policy actions from the new Central Government as this would be crucial for reviving the critical growth drivers in the economy.

A matter of concern on the horizon is the latest set of reports on possibility of increased chances of weak economic conditions in India. In the international markets, political stability would be crucial for recovery in some of the key markets where the Company operates.

As always, the Company looks forward to do well in the year ahead and is optimistic of its abilities to address the set of opportunities and challenges that the coming year will present.

UNSECURED LOAN

Particular	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From WMDC / DIC	NA	103.536
From Others	NA	0.900
Total	NA	104.436

INDEX OF CHARGES

S. NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10342072	18/06/2014 *	2,000,000,000.00	PUNJAB NATIONAL BANK	MID-CORPORATE BRANCH, KALYANI NAGAR, PUNE - 411006, MAHARASHTRA, INDIA	C14301964
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	18/06/2014 *	5,515,900,000.00	PUNJAB NATIONAL BANK	MID-CORPORATE BRANCH, KALYANI NAGAR, PUNE - 411006, MAHARASHTRA, INDIA	C15762446
6	80044145	18/06/2014 *	5,515,900,000.00	PUNJAB NATIONAL BANK	MID-CORPORATE BRANCH, KALYANI NAGAR, PUNE - 411006, MAHARASHTRA, INDIA	C14323901

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

PARTICULARS	30.06.2015
	[Unaudited]
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	1016.085
(b) Other Operating Income	0.000
Total income from operations (net)	1016.085
Expenses
(a) Cost of materials consumed	641.234
(b) Purchases of stock-in trade	227.152
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(2.372)
(d) Manufacturing and Operating Cost	73.781
(e) Employee benefits expense	19.331
(f) Depreciation and Amortization Expenses	25.733
(g) Other Expenses	65.841
Total expenses	1050.700
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	(34.615)
Other Income	25.850
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	(8.765)
Finance Costs	65.222
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	(73.987)
Exceptional items	0.000
Profit/ (Loss) from ordinary activities before tax (7+8)	(73.987)
Tax expenses	(11.649)
Net Profit / (Loss) from ordinary activities after tax (9-10)	(62.338)
Extraordinary item (net of tax expense)	0.000
Net Profit / (Loss) for the period (11-12)	(62.338)
Paid up equity share capital (Face Value of Rs 10/-each)	210.316
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):
(a) Basic	2.96
(b) Diluted	2.96
PARTICULARS OF SHAREHOLDING
A. Public Shareholding
- Number of shares	672940
- Percentage of shareholding	32.00%
Promoters and Promoter group shareholding
a) Pledged / Encumbered
- Number of shares	Nil
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	Nil
- Percentage of shares (as a % of the total Share Capital of the Company)	Nil
b) Non Encumbered
- Number of shares	14301671
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	100.00%
- Percentage of shares (as a % of the total Share Capital of the Company)	68.00%

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Counter Guarantees given against Bank Guarantees.	10.970
Assistant Commissioner of Sales Tax (BST), Sales Tax Office, Nashik. (Financial Year 1999-2000)	0.046
Custom Excise & Service Tax Appellate Tribunal, Bombay (A.Y.2004-2005)	8.876
The Commissioner of Income Tax (Appeals) - 1 Nashik (A.Y. 2011-2012)	1.426
Income tax Appellate Tribunal - Pune (A.Y. 2009-2010)	0.623
Total	21.941

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, 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.65.82
UK Pound	1	Rs.103.38
Euro	1	Rs.74.26

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	-
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--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		32

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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.