MIRA INFORM REPORT
|
Report No. : |
325722 |
|
Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
|
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,
Maharashtra |
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Tel. No.: |
91-253-2351291 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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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 Million |
|
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|
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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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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3600000 |
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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 is constrained on account of company’s moderate financial
risk profile and thin profitability margins of the company. However, trade relations are fair.
Business is active. Payments are reported to be slow but correct. He 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 |
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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 |
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|
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Rating Agency Name |
CARE |
|
Rating |
A4+ (Short Term Bank Facilities) |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
18.11.2014 |
Reason for suspension-Absence of requisite information
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 BY
MANAGEMENT NON CO-OPERATIVE (TEL No. 91-253-2351291)
LOCATIONS
|
Registered Office: |
A-32, Stice, Musalgaon, Sinner, Nashik - 422103, Maharashtra, India |
|
Tel. No.: |
91-2551-240320/ 240481/ 240631/ 240068/ 240069 /240482 |
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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 Office / 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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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 |
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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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DIN: |
01724420 |
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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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DIN: |
00716056 |
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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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DIN: |
01726879 |
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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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DIN: |
02807124 |
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|
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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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DIN: |
00490921 |
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|
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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 |
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Name : |
Mrs. Vandana Prashant Sonwaney |
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Designation : |
Director |
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Address : |
Ganga Sharan Bungalow, Opposites Vasant Market, Canada Corner, Nashik, Nashik - 422008, Maharashtra, India |
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Date of Birth/Age : |
15.06.1971 |
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Date of Appointment : |
13.11.2014 |
|
DIN: |
06955363 |
KEY EXECUTIVES
|
Name : |
Ms. Aditi Gajanan Bhavsar |
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Designation : |
Company Secretary |
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Address : |
A-18 Shree Shrushti CHS, Opposites K. C. College of Engineering, Thane-400603, Maharashtra, India |
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Date of Appointment : |
13.02.2014 |
|
PAN No.: |
AOEPB8624H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
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|
12840480 |
61.05 |
|
|
1453560 |
6.91 |
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|
14294040 |
67.96 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
14294040 |
67.96 |
|
(B) Public Shareholding |
||
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|
|
|
|
|
|
|
|
|
1811761 |
8.61 |
|
|
|
|
|
|
2457564 |
11.69 |
|
|
2281089 |
10.85 |
|
|
187157 |
0.89 |
|
|
85985 |
0.41 |
|
|
101172 |
0.48 |
|
|
6737571 |
32.04 |
|
Total Public shareholding (B) |
6737571 |
32.04 |
|
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 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21031611 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Steel Wires and Wire Products. |
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Products : |
Steel Wires and Wire Products. |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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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 : |
LONG-TERM BORROWINGS: 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 & 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 |
|
Auditors : |
|
|
Name : |
Patil Hiran Jajoo and Company Chartered Accountants |
|
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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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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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 |
|
|
|
|
Associates: |
Ashoka Pre-con Private Limited (49%) |
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|
|
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Subsidiary Company: |
Kamalasha Infrastructure and Engineering Private Limited (54.75%) |
CAPITAL STRUCTURE
AS ON 31.03.2014
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 |
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 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 |
210.316 |
210.316 |
210.316 |
|
(b) Reserves & Surplus |
1057.817 |
1039.381 |
1017.481 |
|
(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) |
1268.133 |
1249.697 |
1227.797 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1222.625 |
704.098 |
213.510 |
|
(b) Deferred tax liabilities (Net) |
47.594 |
39.836 |
30.186 |
|
(c) Other long term
liabilities |
522.464 |
123.094 |
1.876 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
1792.683 |
867.028 |
245.572 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
466.759 |
388.230 |
648.920 |
|
(b) Trade payables |
518.102 |
785.368 |
221.872 |
|
(c) Other current
liabilities |
194.996 |
57.489 |
55.863 |
|
(d) Short-term
provisions |
4.600 |
0.800 |
0.000 |
|
Total Current
Liabilities (4) |
1184.457 |
1231.887 |
926.655 |
|
|
|
|
|
|
TOTAL |
4245.273 |
3348.612 |
2400.024 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1021.705 |
1009.210 |
602.135 |
|
(ii) Intangible Assets |
2.593 |
3.548 |
4.323 |
|
(iii) Capital
work-in-progress |
1432.161 |
594.569 |
124.246 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
40.089 |
39.438 |
29.134 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
80.486 |
153.934 |
155.233 |
|
(e) Other
Non-current assets |
23.694 |
34.020 |
109.370 |
|
Total Non-Current
Assets |
2600.728 |
1834.719 |
1024.441 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
491.354 |
429.702 |
513.235 |
|
(c) Trade receivables |
494.557 |
543.650 |
416.388 |
|
(d) Cash and cash
equivalents |
96.310 |
105.536 |
170.115 |
|
(e) Short-term loans
and advances |
362.963 |
310.582 |
188.772 |
|
(f) Other current
assets |
199.361 |
124.423 |
87.073 |
|
Total Current Assets |
1644.545 |
1513.893 |
1375.583 |
|
|
|
|
|
|
TOTAL |
4245.273 |
3348.612 |
2400.024 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2218.961 |
2148.443 |
2087.463 |
|
|
|
Other Income |
72.821 |
25.500 |
28.431 |
|
|
|
TOTAL (A) |
2291.782 |
2173.943 |
2115.894 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
1221.289 |
1634.055 |
1639.446 |
|
|
|
Purchase of Stock-in-Trade |
519.530 |
22.158 |
83.254 |
|
|
|
Manufacturing and Operating Cost |
214.292 |
244.490 |
203.311 |
|
|
|
Employee Benefit Expenses |
40.238 |
38.761 |
47.020 |
|
|
|
Other Expenses |
71.284 |
59.436 |
45.722 |
|
|
|
Changes in inventories of finished goods work in progress and stock in
trade |
(14.964) |
(20.297) |
(35.244) |
|
|
|
TOTAL (B) |
2051.669 |
1978.604 |
1983.509 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
240.113 |
195.339 |
132.385 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
147.328 |
97.291 |
92.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
92.785 |
98.048 |
39.515 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
73.910 |
63.255 |
51.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
18.875 |
34.793 |
(11.613) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.844 |
11.954 |
(8.209) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
13.031 |
22.839 |
(3.404) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
206.165 |
183.326 |
186.730 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
219.196 |
206.165 |
183.326 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
|
F.O.B. Value of Exports |
11.167 |
0.000 |
0.000 |
|
|
|
TOTAL EARNINGS |
|
|
|
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
386.992 |
373.169 |
180.644 |
|
|
|
Plant and Machinery |
71.010 |
390.932 |
83.088 |
|
|
TOTAL IMPORTS |
458.002 |
764.101 |
263.732 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
0.62 |
1.09 |
(0.16) |
|
|
|
- Diluted |
0.62 |
1.09 |
(0.16) |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
Unaudited 30.06.2014 |
Unaudited 30.09.2014 |
Unaudited 31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Revenue |
572.570 |
609.050 |
769.610 |
|
Other Income |
6.830 |
26.530 |
2.580 |
|
Total Income |
579.400 |
635.580 |
772.190 |
|
Expenditure |
(509.320) |
(557.700) |
(711.670) |
|
Interest |
(42.140) |
(3.970) |
(69.890) |
|
PBDT |
27.950 |
23.910 |
(9.370) |
|
Depreciation |
(23.230) |
(19.200) |
(33.050) |
|
PBT |
4.720 |
4.710 |
(42.420) |
|
Tax |
28.710 |
(37.850) |
21.540 |
|
Net Profit |
33.420 |
(33.140) |
(20.890) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.59 |
1.06 |
-0.16 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
10.82 |
9.09 |
6.34 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.68 |
1.28 |
(0.52) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.03 |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liabilities /Networth) |
|
1.44 |
0.90 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.23 |
1.48 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
210.316 |
210.316 |
210.316 |
|
Reserves & Surplus |
1017.481 |
1039.381 |
1057.817 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1227.797 |
1249.697 |
1268.133 |
|
|
|
|
|
|
long-term borrowings |
213.51 |
704.098 |
1222.625 |
|
Short term borrowings |
648.92 |
388.23 |
466.759 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
37.093 |
26.842 |
141.644 |
|
Total
borrowings |
899.523 |
1119.170 |
1831.028 |
|
Debt/Equity
ratio |
0.733 |
0.896 |
1.444 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2087.463 |
2148.443 |
2218.961 |
|
|
|
2.921 |
3.282 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2087.463 |
2148.443 |
2218.961 |
|
Profit/Loss |
(3.404) |
22.839 |
13.031 |
|
|
(0.16%) |
1.06% |
0.59% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
PERFORMANCE REVIEW
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:
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
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
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
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 |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
From WMDC / DIC |
103.536 |
105.074 |
|
From Others |
0.900 |
0.900 |
|
Total |
104.436 |
105.974 |
Instalments falling due in repsect of all the above Loans up to 31st March 2014 has been grouped under "Current
Maturities of long term debt
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 |
INDEX OF CAHREGS:
|
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 |
* Date
of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ON 31.12.2014
[RS.
IN MILLIONS]
|
PARTICULARS |
3 Months Ended |
9 Months Ended |
|
|
31.12.2014 [Unaudited] |
30.09.2014 [Unaudited] |
31.12.2014 [Unaudited] |
|
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
769.606 |
609.046 |
1951.223 |
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
Total income from operations (net) |
769.606 |
609.046 |
1951.223 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
528.237 |
575.434 |
1587.332 |
|
(b) Purchases of stock-in trade |
165.104 |
12.687 |
178.497 |
|
(c) Changes in inventories of finished goods.
work-in-progress and stock in trade |
(114.891) |
(143.819) |
(322.648) |
|
(d) Employee benefits expense |
14.005 |
11.171 |
35.371 |
|
(e) Depreciation and Amortization Expenses |
33.048 |
19.203 |
75.482 |
|
(f) Other Expenses |
37.358 |
25.723 |
81.549 |
|
(g)Manufaturing |
81.857 |
76.505 |
218.585 |
|
Total expenses |
744.718 |
576.904 |
1854.168 |
|
Profit/ (Loss) from operations before other Income,
finance costs and exceptional Items (1-2) |
24.888 |
32.142 |
97.055 |
|
Other Income |
2.581 |
26.532 |
36.097 |
|
Profit/ (Loss) from operations before other income,
finance costs and exceptional items (3+4) |
27.469 |
58.674 |
133.152 |
|
Finance Costs |
69.892 |
53.965 |
166.153 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items (5-6) |
(42.423) |
4.709 |
(33.001) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
(42.423) |
4.709 |
(33.001) |
|
Tax expenses |
(21.536) |
37.852 |
(12.391) |
|
Net Profit / (Loss) from ordinary activities after tax
(9-10) |
(20.887) |
(33.143) |
(20.610) |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
(20.887) |
(33.143) |
(20.610) |
|
Share of profit' (loss) of associates |
0.000 |
0.000 |
0.000 |
|
Minority Interest |
0.000 |
0.000 |
0.000 |
|
Net Profit/ (Loss) after taxes, minority interest and share
of profit/(loss) of associates (13+14+15) |
(20.887) |
(33.143) |
(20.610) |
|
Paid up equity share capital (Face Value of Rs 10/-each) |
210.316 |
210.316 |
210.316 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
1055.839 |
1052.970 |
1055.839 |
|
Earnings per share (before extraordinary items) of Rs.10/-
each (not annualized): |
|
|
|
|
(a) Basic |
(0.99) |
(1.58) |
(0.98) |
|
(b) Diluted |
(0.99) |
(1.58) |
(0.98) |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
A. Public Shareholding |
|
|
|
|
- Number of shares |
6766370 |
6797804 |
6766370 |
|
- Percentage of shareholding |
32.17 |
32.32 |
32.17 |
|
Promoters and Promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
0.000 |
0.000 |
0.000 |
|
- Percentage of shares (as a % of the total shareholding
of Promoter & Promoter group) |
0.000 |
0.000 |
0.000 |
|
- Percentage of shares (as a % of the total Share Capital
of the Company) |
0.000 |
0.000 |
0.000 |
|
b) Non Encumbered |
|
|
|
|
- Number of shares |
14265241 |
14233807 |
14265241 |
|
- Percentage of shares (as a % of the total shareholding
of Promoter & Promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a % of the total Share Capital
of the Company) |
67.83 |
67.68 |
67.83 |
|
|
PARTICULARS |
3
Months Ended 31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the Quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
NIL |
Note:
1. The above unaudited Standalone results were reviewed by the Audit Committee, thereafter were approved and taken on record by the Board of Directors in its meeting held on February 12, 2015.
2. The Company is initially engaged in the business of manufacturing of wires.
In accordance with the provision of AS-17, segment reporting is not applicable.
3. As on December 31, 2014 the Company has fully deployed the IPO Funds for
Expansion project under implementation.
The utilization of issue proceeds from IPO (Rs. 918.430 Millions) is as follows:
(Rs. in Millions)
|
Particulars of Fund
Utilization for |
Amount to be utilized as per
prospectus |
Actual Utilization |
|
Expansion Projects |
849.440 |
878.940 |
|
General Corporate
Purpose |
17.500 |
0.000 |
|
Share Issue
Expenses |
54.200 |
39.490 |
|
Total |
921.140 |
918.430 |
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.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
3 |
|
--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 |
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 |
|
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.