MIRA INFORM REPORT

Report No. :	349554
Report Date :	18.11.2015

IDENTIFICATION DETAILS

Name :	BEDMUTHA INDUSTRIES LIMITED (w.e.f. 20.05.2010)
Formerly Known As :	BEDMUTHA WIRE COMPANY LIMITED
Registered Office :	A 32, Sinnar Taluka Industrial Co-operative Estate (STICE), Musalgaon, Sinnar, Nashik - 422 103, 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
IEC No.:	3101003318
TAN No.: [Tax Deduction & Collection Account No.]	NSKB00965G
PAN No.: [Permanent Account No.]	AABCB3313M
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Exporter of all types of Galvanised Wires and Black Wires.
No. of Employees :	577 (Approximately)

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

Maximum Credit Limit:	3485000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
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	Long Term Bank Facilities=BB- (Suspended)
Rating Explanation	Inadequate credit quality and high credit risk.
Date	18.11.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A4+ (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 31-03-2015.

INFORMATION DENIED

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

LOCATIONS

Registered Office:	A 32, Sinnar Taluka Industrial Co-operative Estate (STICE), Musalgaon, Sinnar, Nashik - 422 103, 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
Corporate Office:	B-301/302, Sai Classic, Off Palm Acres, Gavanpada Mulund (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-21634422/ 21637674/75
Fax No.:	91-22-21631667
Factory 1:	Plot No. A-31 to 35/57,Sinnar-Shirdi Road, Stice, Musalgaon, Sinner, District Nashik – 422103, Maharashtra, India
Tel. No.:	91-2551-240069
Fax No.:	91-2551-240482
Factory 2 :	Plot No.A-70,71,72, Sinnar-Shirdi Road, Stice, Musalgaon, Sinner, District Nashik – 422103, Maharashtra, India
Tel. No.:	91-2551-240420
Fax No.:	91-2551-240482
Factory 3:	Plot No. B-113, Sinnar-Shirdi Road, Stice, Musalgaon, Sinner, District Nashik – 422103, Maharashtra, India
Tel. No.:	91-2551-240367
Fax No.:	91-2551-240482
Factory 4 :	Plot No. B-140, Stice, Musalgaon, Sinner, District Nashik - 422103, Maharashtra, India
Tel. No.:	91-2551-240068
Fax No.:	91-2551-240482
Factory 4 :	Plot No. E-1, MIDC, Phase-2, Naradana, Taluka Sindkheda, District Dhule, Maharashtra, India
Tel. No.:	91-2562-262625
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 and Whole Time Director

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) and 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 :

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 30.09.2015

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	12883051	61.26
Bodies Corporate	1453560	6.91
Sub Total	14336611	68.17
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	14336611	68.17
(B) Public Shareholding
(1) Institutions
(2) Non-Institutions
Bodies Corporate	1815601	8.63
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	2505920	11.92
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	2213031	10.52
Any Others (Specify)	160448	0.76
Clearing Members	74861	0.36
Non Resident Indians	85587	0.41
Sub Total	6695000	31.83
Total Public shareholding (B)	6695000	31.83
Total (A)+(B)	21031611	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	21031611	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Exporter of all types of Galvanised Wires and Black Wires.
Products :	ACSR Core Wires Cable Armouring Wires and Strips Stay Wires and Earth Wires M.S. and H.B. Wires Spring Steel Wires Rolling Quality Wires P.C. Wire and P.C. Strand Wires Rope Wires Barbed Wire Chain Link Fencings Wire Nails Binding Wires
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 :

577 (Approximately)

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	1791.022	1118.189
Short-term borrowings
Working Capital Loans	596.407	462.815
Demand Loan	3.696	3.944
Total	2391.125	1584.948

LONG-TERM BORROWINGS:

Term loans amounting to Rs.22.32 (March 31, 2014 : Rs.18.562 Million) {inclusive of Rs.2.232 Million (March 31, 2014 : Rs.15.731 Million) grouped under Note No. 8 ; 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 and Funded Interest Term Loan amounting to Rs.1507.728 Million (March 31, 2014 : Rs.1235.876 Million ) {inclusive of Rs.Nil (March 31, 2014 : Rs.124.900 Million) grouped under Note No. 8 are secured by first pari-passu / equitable mortgage on entire block of assets of the company situated at Plot No. E 1, Nardana Industrial Estate, Dhule, Gat no. 232,237,29, Rasegaon, Taluka Dindori, Nashik and personal guarantee of promoter directors

Working Capital Term Loan amounting to Rs.280.953 Million (March 31, 2014 : ` Nil ) are secured by second 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, Plot No. E 1, Nardana Industrial Estate, Dhule, Gat no. 232,237,29, Rasegaon, Taluka Dindori, Nashik and personal guarantee of promoter directors

Vehicle Loans amounting to Rs.3.859 Million ( March 31, 2014 : Rs.5.239 Million ) {inclusive of Rs.1.519 Million (March 31, 2014 : Rs.0.859 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.2.229 Million (March 31, 2014 : Rs. 8.235 Million) is repayable in 60 monthly instalments. Last instalment due in June 2015

Term loan amounting to Rs.467.800 Million (March 31, 2014 : Rs.457.800 Million) is repayable in 30 Structured Quarterly Instalments. Last instalment due in March 2024.

Term loan amounting to Rs.410.164 Million (March 31, 2014 : Rs.265.216 Million ) is repayable in 30 Quarterly Instalments. Last instalment due in March 2024.

Term loan amounting to Rs.129.223 Million (March 31, 2014 : Rs.117.002 Million) is repayable in 30 Quarterly Instalments. Last instalment due in March 2024.

Term loan amounting to Rs.301.635 Million (March 31, 2014 : Rs.255.050 Million) is repayable in 30 Quarterly Instalments. Last instalment due in March 2024.

Term loan amounting to Rs.1.841 Million (March 31, 2014 : Rs. 140.809 Million) is repayable in 22 Quarterly Instalments. Last instalment due in March 2024.

Funded Interest Term loan amounting to Rs.9.611 Million (March 31, 2014 : Rs. Nil) is repayable in 18 Quarterly Instalments. Last instalment due in March 2020.

Working Capital Term loan amounting to Rs.93.800 Million (March 31, 2014 : Rs. Nil) is repayable in 30 structured Quarterly Instalments. Last instalment due in March 2024.

Funded Interest Term loan amounting to Rs.8.799 Million (March 31, 2014 : Rs. Nil) is repayable in 18 Quarterly Instalments. Last instalment due in March 2020.

SHORT-TERM BORROWINGS

Working Capital loans amounting to Rs.596.407 Million (March 31, 2014 Rs.462.815 Million) are secured by way of hypothecation of Current Assets and extention of second pari passu charge on the movable and non-movable fixed assets excluding windmill and vehicles.

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

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:	· Bedmutha Sons Reality Ventures Private Limited · Bedmutha Agro Farms · Kamal Wire Products · K.R. Bedmutha Techno Associates Private Limited · Elme Plast Company · Usha's Chemicals · Kreepa Steel Industries · Bedmutha Chemicals Private Limited
Associates:	· Ashoka Pre-con Private Limited (49%)
Subsidiary Company:	· Kamalasha Infrastructure and Engineering Private Limited (54.75%)

CAPITAL STRUCTURE

As on 31.03.2015

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

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

PARTICULAR	As at 31st March 2015
Name of Shareholder	No. of Shares	% of Holding
Ajay Kachardas Vedmutha	3426464	16.29
Vijay Kachardas Vedmutha	3377232	16.06
Kachardas Ratanchand Vedmutha	2289973	10.89
Vinita Ajay Vedmutha	1272148	6.05
Bedmutha Sons Reality Ventures Private Limited	1262475	6.00
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	1057.816	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	1268.132	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	600.103	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	5499.988	4245.272	3348.612
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1003.229	1021.705	1009.210
(ii) Intangible Assets	0.000	2.593	3.548
(iii) Capital work-in-progress	2073.462	1432.161	594.569
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	62.589	40.090	39.438
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	50.860	80.486	153.934
(e) Other Non-current assets	15.796	23.694	34.020
Total Non-Current Assets	3205.936	2600.729	1834.719
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	914.557	491.353	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	362.962	310.582
(f) Other current assets	290.524	199.361	124.423
Total Current Assets	2294.052	1644.543	1513.893
TOTAL	5499.988	4245.272	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	71.959	11.167	0.000
	TOTAL EARNINGS	71.959	11.167	0.000
	IMPORTS
	Raw Materials	1256.945	386.992	373.169
	Plant and Machinery	171.257	71.010	390.932
	TOTAL IMPORTS	1428.202	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	8.952	141.644	26.812
Cash generated from operations	124.264	217.276	(136.689)
Net cash flow from operating activity	294.354	388.877	50.855

QUARTERLY RESULTS

PARTICULARS	30.06.2015	30.09.2015
	1^st Quarter	2^nd Quarter
Net Sales	1016.090	1148.410
Total Expenditure	1024.980	1106.030
PBIDT (Excl OI)	(8.890)	42.380
Other Income	25.850	7.560
Operating Profit	16.960	49.940
Interest	65.220	80.050
Exceptional Items	NA	NA
PBDT	(48.260)	(30.110)
Depreciation	25.730	31.080
Profit Before Tax	(73.990)	(61.190)
Tax	(11.650)	NA
Provisions and contingencies	NA	NA
Profit After Tax	(62.340)	(61.190)
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	(62.340)	(61.190)

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.12.95/-

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
Current Maturities of Long-Term Debts	26.812	141.644	8.952
Total borrowings	1119.140	1831.028	2496.960
Debt/Equity ratio	0.896	1.444	2.047

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	No
8	Designation of contact person	No
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	Yes
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	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS REVIEW

The financial year ended 31st March, 2015 turned out to be tougher year in the series of last two financial years of slow growth. The sudden drop in the commodity prices in the later half of the year was traumatic, affecting the overall economy in all segments across, giving loss on account of inventory carrying and material in transit affecting the bottom line severely for nearly all sectors. The interest rate throughout the year remained nearly unchanged causing liquidity issue in the economy causing low demand and curtailed consumption across the sector to which there company caters its services. There new project at Nardana, Dhule started in phase manner but could not generate sufficient cash flow to meet its interest obligation, to have correction to this liquidity mismatch. We approached there consortium bankers to restructure the loans to overcome the mismatch in cash flow, which was affected due to slow pace of the market both in prices and demand for the product.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

INDUSTRY STRUCTURE AND DEVELOPMENT

The Financial Year 2014-15 turned out to be a year of sluggish growth in line with the last two financial years. Their Company falls under the category of iron and steel, a major contributor in the GDP number of the country. The overall growth of steel was very slow on account of low demand throughout the world. There was price pressure due to steel and coal mine issue in our country and falling price scenario for iron ore worldwide on account of demand issue. There was substantial rise of import of steel (more than 50%) during the Financial Year 2014-15 affecting the domestic industry and due t no demand from infrastructure segment, automobile segment capacity utilization was a major concern for alland also to there company.

This condition of low demand, high interest seems to persist during the current financial year also which may affect the industry as a whole. The country is hoping for lowering of interest by central bank and infrastructure spending cycle by the government which if done in time may lead to revival of the domestic economy and can grow faster than the world.

BUSINESS OVERVIEW

The financial year ended 31st March, 2014 turned out to be one tougher year in the series of last 2 financial years of slow growth. The sudden drop in commodity prices in later half of the year was shock, affecting the overall economy in all segment across, giving loss on account of inventory carrying and material in transit affecting the bottom line severely for nearly all sectors. The interest rate throughout the year remained nearly unchanged causing liquidity issue in the economy causing low demand and curtailed the consumption across the sector to which our company caters its services.

There new project started in phase manner but could not generate sufficient cash flow to meet the repayment and its interest obligation. So to have connection to this liquidity mismatch, we approached our consortium bankers to restructure the loans to overcome the mismatch in cashflow, being affected by the slowness in the market both in prices and demand for the product.

With this background the performance of the company during the Financial year 2014-15 is detailed herein.

FINANCIAL PERFORMANCE

This report, Management’s Discussion and Analysis, provides an overview of the financial position and results of activities of Bedmutha Industries Limited (“the Company”) for the year ended 31st March, 2015. It has been prepared by Management and is required supplemental information to the financial statements and the footnotes that follow this section.

The income from operations for the year has increased to Rs.3271.748 Million as compared to Rs.2262.942 Million in the previous year reflecting growth of 44.58 %. The Earning Per Share (EPS) works out to be (Rs.4.12) per share.

OUTLOOK

The macro economic outlook was looking to be good but it did not turn out to be so, though there was strong government at centre. The expected big bang reforms did not go through and the same continued during the current Financial Year 2015-16 also. We are optimistic about the growth story of India so is the world, we appreciate the efforts of the government to put the economy on track but the growth/ demand can only come if the investment cycle is initiated in the economy which is possible if interest rate are brought down and government starts spending cycle in the infrastructure segment.

They look forward to positive steps towards GST Bill which kickstart the positive sentiments of the people and the promises getting fulfilled as promised by the government.

The near term picture of the economy looks weak with lot of hope for future and they, too, believe to do best in the given situation by putting our best efforts.

UNSECURED LOAN

Particular	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Long-term Borrowings
From WMDC / DIC	95.982	103.536
From Others	0.900	0.900
Total	96.882	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 30.09.2015

(Rs. In Million)

PARTICULARS	30.09.2015	30.06.2015	30.09.2015
	[Unaudited]	[Unaudited]	[Unaudited]
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	1148.414	1016.085	2164.499
(b) Other Operating Income	0.000	0.000	0.000
Total income from operations (net)	1148.414	1016.085	2164.499
Expenses
(a) Cost of materials consumed	746.314	641.234	1387.548
(b) Purchases of stock-in trade	240.099	227.152	467.251
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(53.727)	(2.372)	(56.099)
(d) Manufacturing and Operating Cost	106.102	73.781	179.883
(e) Employee benefits expense	16.706	19.331	36.036
(f) Depreciation and Amortization Expenses	31.079	25.733	56.813
(g) Other Expenses	50.545	65.841	116.386
Total expenses	1137.118	1050.700	2187.818
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2)	1129.600	(34.615)	(23.319)
Other Income	7.561	25.850	33.411
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4)	18.857	(8.765)	10.092
Finance Costs	80.049	65.222	145.271
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6)	(61.191)	(73.987)	(135.179)
Exceptional items	0.000	0.000	0.000
Profit/ (Loss) from ordinary activities before tax (7+8)	(61.191)	(73.987)	(135.179)
Tax expenses	0.000	(11.649)	(11.649)
Net Profit / (Loss) from ordinary activities after tax (9-10)	(61.191)	(62.338)	(123.530)
Extraordinary item (net of tax expense)	0.000	0.000	0.000
Net Profit / (Loss) for the period (11-12)	(61.191)	(62.338)	(123.530)
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
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):
(a) Basic	2.91	2.96	5.87
(b) Diluted	2.91	2.96	5.87
PARTICULARS OF SHAREHOLDING
A. Public Shareholding
- Number of shares	6695000	672940	6695000
- Percentage of shareholding	31.83%	32.00%	31.83%
Promoters and Promoter group shareholding
a) Pledged / Encumbered
- Number of shares	Nil	Nil	Nil
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group)	Nil	Nil	Nil
- Percentage of shares (as a % of the total Share Capital of the Company)	Nil	Nil	Nil
b) Non Encumbered
- Number of shares	14336611	14301671	14336611
- 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)	68.17%	68.00%	68.17%
Total Number of Shares	21031611	21031611	21031611

STATEMENT OF ASSETS AND LIABILITIES

SOURCES OF FUNDS	Six months ended 31.09.2015 (Unaudited)
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	210.316
(b) Reserves & Surplus	925.046
Total Shareholders’ Funds (1) + (2)	1135.362
(3) Non-Current Liabilities
(a) long-term borrowings	2042.549
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	550.57
Total Non-current Liabilities (3)	2593.206
(4) Current Liabilities
(a) Short term borrowings	885.897
(b) Trade payables	1184.935
(c) Other current liabilities	92.710
(d) Short-term provisions	0.431
Total Current Liabilities (4)	2163.973
TOTAL	5892.541
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets	3585.309
(b) Non-current Investments	63.329
(c) Deferred tax assets (net)	26.271
(d) Long-term Loan and Advances	50.861
(e) Other Non-current assets	11.847
Total Non-Current Assets	3386.756
(2) Current assets
(a) Current investments	0.000
(b) Inventories	886.811
(c) Trade receivables	923.328
(d) Cash and cash equivalents	171.272
(e) Short-term loans and advances	172.738
(f) Other current assets	351.636
Total Current Assets	2505.785
TOTAL	5892.541

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2015	31.03.2014
Counter Guarantees given against Bank Guarantees.	1,258.02	10.970
Assistant Commissioner of Sales Tax (BST), Sales Tax Office, Nashik. (Financial Year 1999-2000)	0.046	0.046
Custom Excise & Service Tax Appellate Tribunal, Bombay (A.Y.2004-2005)	8.876	8.876
The Commissioner of Income Tax (Appeals) - 1 Nashik (A.Y. 2011-2012)	1.426	1.426
Income tax Appellate Tribunal - Pune (A.Y. 2009-2010)	Income tax Appellate Tribunal - Pune (A.Y. 2009-2010)	0.623
The Commissioner of Income Tax (Appeals) - 1 Nashik (A.Y. 2012-13)	0.412	NA
Total Ministry of Corporate Affairs, FY 2010-11 and FY 2011-12	Amount not ascertained	NA

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.65.98
UK Pound	1	Rs.100.10
Euro	1	Rs.70.34

INFORMATION DETAILS

Information Gathered by :	GYA
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.