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|
MIRA INFORM REPORT
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Report No. : |
487601 |
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Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
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Name : |
BEDMUTHA INDUSTRIES LIMITED (w.e.f. 20.05.2010) |
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Formerly Known
As : |
BEDMUTHA WIRE COMPANY LIMITED |
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Registered
Office : |
A 32, Sinnar Taluka Industrial Co-operative Estate (STICE), Musalgaon, Sinnar, 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) : |
31.03.2017 |
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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 : |
INR 245.316 Million |
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CIN No.: [Company Identification
No.] |
L31200MH1990PLC057863 |
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IEC No.: |
3101003318 |
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GSTIN : |
27AABCB3313M1ZT |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCB3313M |
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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
: |
· Manufacture of wire of steel by cold drawing or stretching. · Manufacture and exporter of Copper from ore, and other copper products and alloys. [Registered activity and also confirmed by management] |
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No. of Employees
: |
613 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 1744000 |
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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 incorporated in the year 1990 and is
having moderate track. It produces wire and wire products which includes galvanized wires,
cable armor wires, ACSR wires, wire nails, earth wires, stay wires, spring
steel wires, barbed wires etc. For the financial year 2017, the company has increased its revenue
from operation but reported losses. Rating remains constrained on account of continuously losses incurred
by the company, high working capital requirements along with huge borrowing
recorded and intensely competitive nature of the industry. However, rating weakness is partially offset by company’s established
track record of business operations and promoters extensive industry
experience. Trade relations are reported to be fair. Business is active. Payment
terms are slow but correct. The company can be considered for business dealings 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 22.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Subodh Bidve |
|
Designation : |
Finance Manager |
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Contact No.: |
91-9370239991 |
LOCATIONS
|
Registered Office : |
A 32, Sinnar Taluka Industrial Co-operative Estate (STICE), Musalgaon, Sinnar, Nashik – 422103, Maharashtra, India |
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Tel. No.: |
91-2551-240320/ 240481/ 240631/ 240068/ 240069 /240482 |
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Mobile No.: |
91-9370239991 (Mr. Subodh Bidve) |
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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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Corporate
Office: |
B-301/302, Sai Classic, Off. Palm Acres, Gavanpada, Mulund (East),
Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-21634422 / 21634422 / 21637674 / 21637675 |
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Fax No.: |
91-22-21631667 |
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Factory 1 : |
Plot No. A - 70, 71, 72, Sinnar-Shirdi Road, STICE,
Musalgaon, Sinnar, Nashik – 422103, Maharashtra, India |
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Tel. No.: |
91-2551-240420 |
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Fax No.: |
91-2551-240482 |
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Factory 2 : |
Plot No. A31 to A 35 and 57, Sinnar-Shirdi Road, STICE, Musalgaon, Sinnar,
Nashik – 422103, Maharashtra, India |
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Tel. No.: |
91-2551-240069 |
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Fax No.: |
91-2551-240482 |
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Factory 3 : |
Plot No. B-113, Sinnar-Shirdi Road, STICE, Musalgaon,
Sinnar, Nashik – 422103, Maharashtra, India |
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Tel. No.: |
91-2551-240367 |
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Fax No.: |
91-2551-240482 |
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Factory 4 : |
Plot No. B-140, Sinnar-Shirdi Road, STICE, Musalgaon,
Sinnar, Nashik – 422103, Maharashtra, India |
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Tel. No.: |
91-2551-240068 |
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Fax No.: |
91-2551-240482 |
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Factory 5 : |
Plot No.E-1, MIDC Nardana, Phase-II, Waghadi-Khurd,
Taluka: Shindkheda, District: Dhule,
Maharashtra, India |
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Tel. No.: |
91-2562-262625 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Kachardas Ratanchand Bedmutha |
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Designation : |
Chairman and Whole Time Director |
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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 No.: |
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 : |
14.11.2012 |
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DIN No.: |
00716056 |
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Name : |
Mr. Ajay Kachardas Vedmutha |
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Designation : |
Joint Managing Director and Chief Financial Officer |
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Address : |
D-11, MIDC, Satpur, Nashik – 422007, Maharashtra, India |
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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 : |
13.11.2014 |
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DIN No.: |
01726879 |
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PAN No.: |
ACNPV6589N |
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Name : |
Mrs. Vinita Ajay Vedmutha |
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Designation : |
Whole time Director and Chief Executive
Officer |
|
Address : |
D-11, MIDC, Satpur, Nashik – 422007, Maharashtra,
India |
|
Date of Appointment : |
26.11.2015 |
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DIN No.: |
01729366 |
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PAN No.: |
ACMPV2727M |
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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) and CAIIB |
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Date of Appointment : |
14.08.2014 |
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DIN No.: |
02807124 |
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Name : |
Mrs. Vandana Prashant Sonwaney |
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Designation : |
Independent Director |
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Address : |
Ganga Sharan Bungalow, Opposite Vasant Market, Canada Corner, Nashik – 422008, Maharashtra, India |
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Date of Birth/Age : |
15.06.1971 |
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Date of Appointment : |
30.12.2014 |
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DIN No.: |
06955363 |
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Name : |
Mr. Vasant Joshi Balawantrao |
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Designation : |
Independent Director |
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Address : |
Vasanti Abhay CHS, Manekshaw Nagar, Dwarka,
Nashik – 422011, Maharashtra, India |
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Date of Appointment : |
26.11.2015 |
|
DIN No.: |
07348931 |
KEY EXECUTIVES
|
Name : |
Mr. Prashant Satish Paradkar |
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Designation : |
Company Secretary |
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Address : |
Plot No. A-70,71,72, Sinnar Shirdi Road, Stice Musalgaon,
Sinnar, District: Nashik – 422103, Maharashtra, India |
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Date of Appointment : |
14.11.2016 |
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PAN No.: |
AUOPP5214F |
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Name : |
Vinita Ajay Vedmuth |
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Designation : |
CEO(KMP) |
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Address : |
D-11, MIDC Satpur, Nashik - 422 007, Maharashtra, India |
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Date of Appointment : |
13.11.2014 |
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PAN No.: |
ACMPV2727M |
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Name : |
Ajay Kachardas Vedmutha |
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Designation : |
Cfo(Kmp) |
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Address : |
D-11, MIDC Satpur, Nashik – 422007, Maharashtra, India |
|
Date of Appointment : |
13.11.2014 |
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PAN No.: |
ACNPV6589N |
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|
Name : |
Mr. Subodh Bidve |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS
AS ON 31.12.2017
|
Category of
shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
17632883 |
71.88 |
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(B) Public |
6898728 |
28.12 |
|
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Grand Total |
24531611 |
100.00 |
|
Statement
showing shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu Undivided Family |
13892545 |
56.63 |
|
|
Ajay Kachardas Vedmutha |
3476464 |
14.17 |
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|
Divya Ajay Vedmutha |
11039 |
0.04 |
|
|
Kamalabhai Kachardas Bedmutha |
1277313 |
5.21 |
|
|
Kachardas Ratanchand Bedmutha |
2341973 |
9.55 |
|
|
Usha Vijay Vedmutha |
1662475 |
6.78 |
|
|
Vinita Ajay Vedmutha |
1672148 |
6.82 |
|
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Vijay Kachardas Vedmutha |
3427232 |
13.97 |
|
|
Yash Vijay Vedmutha |
23901 |
0.10 |
|
|
Any Other (Specify) |
3603560 |
14.69 |
|
|
Bedmutha Sons Realty Ventures Private Ltd, |
3239898 |
13.21 |
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|
K R Bedmutha Techno Assoicates Private Ltd. |
363662 |
1.48 |
|
|
Sub Total A1 |
17496105 |
71.32 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
17496105 |
71.32 |
STATEMENT
SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
|||
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto Rs. 2 Lacs |
3245784 |
13.23 |
|
|
Individual share capital in excess of Rs. 2 Lacs |
1781411 |
7.26 |
|
|
Any Other (specify) |
2008311 |
8.19 |
|
|
Clearing Members |
187739 |
0.77 |
|
|
Bodies Corporate |
1359066 |
5.54 |
|
|
SRI GBK RESOURCES PRIVATE LTD |
299345 |
1.22 |
|
|
NRI – Repat |
145795 |
0.59 |
|
|
NRI – Non- Repat |
15614 |
0.06 |
|
|
HUF |
300097 |
1.22 |
|
|
Sub Total B3 |
7035506 |
28.68 |
|
|
B=B1+B2+B3 |
7035506 |
28.68 |
BUSINESS DETAILS
|
Line of Business : |
· Manufacture of wire of steel by cold drawing or stretching. · Manufacture and exporter of Copper from ore, and other copper products and alloys. [Registered activity and also confirmed by management] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Advance Payment and L/C |
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Purchasing : |
Advance Payment and L/C |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers and Manufacturer
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No. of Employees : |
613 (Approximately) |
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Bankers : |
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Facilities : |
(INR
In Million)
|
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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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Membership No.: |
103246 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates : |
Ashoka Pre-con Private Limited [CIN - U26940MH2008PTC187764] |
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Subsidiary Company
: |
Kamalasha Infrastructure and Engineering Private Limited [CIN - U45200MH2007PTC167532] |
|
|
|
|
Enterprises over
which Key Managerial Personnel and their relatives exercise significant
influence with whom transactions have been taken place during the year : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24531611 |
Equity Shares |
INR 10/- each |
INR 245.316 Million |
|
|
|
|
|
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
company
|
Name of
Shareholders |
31.03.2017 |
|
|
No. of Share |
% of Holding |
|
|
Ajay Kachardas Vedmutha |
3476464 |
14.17 |
|
Vijay Kachardas Vedmutha |
3427232 |
13.97 |
|
Kachardas Ratanchand Bedmutha |
2341973 |
9.55 |
|
Vinita Ajay Vedmutha |
1672148 |
6.82 |
|
Usha Vijay Vedmutha |
1662475 |
6.78 |
|
Bedmutha Sons Reality Ventures Private Limited |
3239898 |
13.21 |
|
Kamalabhai Kachardas Bedmutha |
127731 |
5.21 |
The reconciliation of
the number of shares outstanding is set out below:
|
Particulars |
No. of Shares |
|
Equity Shares at the beginning of the year |
21031611 |
|
Add : Equity Shares issued against Preferential Warrants |
3500000 |
|
Equity Shares at the end of the year |
24531611 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET – STANDALONE
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
245.316 |
210.316 |
210.316 |
|
(b) Reserves &
Surplus |
365.327 |
706.145 |
1009.303 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
13.563 |
0.000 |
|
Total Shareholders’ Funds
|
610.643 |
930.024 |
1219.619 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2537.705 |
2263.021 |
1887.904 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
11.649 |
|
(c) Other long term
liabilities |
276.176 |
375.138 |
518.712 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities |
2813.881 |
2638.159 |
2418.265 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1247.087 |
973.740 |
600.103 |
|
(b) Trade payables |
1545.906 |
1340.920 |
1190.858 |
|
(c) Other current
liabilities |
340.450 |
207.540 |
71.144 |
|
(d) Short-term provisions |
6.923 |
2.178 |
0.000 |
|
Total Current Liabilities
|
3140.366 |
2524.378 |
1862.105 |
|
|
|
|
|
|
TOTAL |
6564.890 |
6092.561 |
5499.989 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2410.007 |
2648.297 |
1003.229 |
|
(ii) Intangible Assets |
0.720 |
0.960 |
0.000 |
|
(iii) Capital
work-in-progress |
827.039 |
580.226 |
2073.462 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
72.020 |
64.379 |
62.589 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.691 |
20.687 |
50.861 |
|
(e) Other Non-current
assets |
0.075 |
7.993 |
15.796 |
|
Total Non-Current Assets |
3332.552 |
3322.542 |
3205.937 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
3.893 |
0.000 |
|
(b) Inventories |
1003.989 |
950.038 |
914.557 |
|
(c) Trade receivables |
1374.660 |
1027.716 |
671.082 |
|
(d) Cash and cash
equivalents |
233.853 |
171.103 |
250.489 |
|
(e) Short-term loans and
advances |
142.587 |
202.754 |
167.400 |
|
(f) Other current assets |
477.249 |
414.515 |
290.524 |
|
Total Current Assets |
3232.338 |
2770.019 |
2294.052 |
|
|
|
|
|
|
TOTAL |
6564.890 |
6092.561 |
5499.989 |
PROFIT
& LOSS ACCOUNT – STANDALONE
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
6986.568 |
5003.857 |
3214.723 |
|
|
|
|
Other Income |
39.152 |
52.903 |
41.760 |
|
|
|
|
TOTAL |
7025.720 |
5056.760 |
3256.483 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
3720.912 |
2697.773 |
2121.949 |
|
|
|
|
Purchases of Stock-in-Trade |
2080.612 |
1439.075 |
746.843 |
|
|
|
|
Manufacturing and Operating Cost |
665.298 |
450.890 |
252.556 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(114.119) |
(21.553) |
(233.936) |
|
|
|
|
Employees benefits expense |
160.605 |
113.628 |
56.011 |
|
|
|
|
Other expenses |
170.978 |
177.255 |
103.924 |
|
|
|
|
TOTAL |
6684.286 |
4857.068 |
3047.347 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
341.434 |
199.692 |
209.136 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
573.268 |
405.178 |
227.055 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(231.834) |
(205.486) |
(17.919) |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/ AMORTISATION |
291.134 |
205.417 |
101.979 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
(522.968) |
(410.903) |
(119.898) |
||
|
|
|
|
|
|
||
|
Less |
TAX |
0.000 |
(11.649) |
(34.298) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS) AFTER
TAX |
(522.968) |
(399.254) |
(85.600) |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
F.O.B. Value of Exports |
209.656 |
100.109 |
71.959 |
|
|
|
TOTAL EARNINGS |
209.656 |
100.109 |
71.959 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
193.634 |
941.057 |
1256.945 |
|
|
|
|
Plant and Machinery |
2.518 |
21.363 |
171.257 |
|
|
|
TOTAL IMPORTS |
196.152 |
962.420 |
1428.202 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
(21.32) |
(18.98) |
(4.07) |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
207.666 |
93.620 |
8.952 |
|
Cash generated from operations |
2.099 |
(280.127) |
124.264 |
|
Net cash flows from (used in) operations |
309.705 |
(108.960) |
294.354 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st
Quarter |
2st Quarter
|
|
Net sales |
|
1693.690 |
1452.810 |
|
Total Expenditure |
|
1750.780 |
1732.330 |
|
PBIDT (Excluding Other Income) |
|
(57.090) |
(279.520) |
|
Other income |
|
65.610 |
97.830 |
|
Operating Profit |
|
8.520 |
(181.690) |
|
Interest |
|
131.830 |
151.210 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(123.310) |
(332.900) |
|
Depreciation |
|
65.870 |
66.760 |
|
Profit Before Tax |
|
(189.180) |
(399.650) |
|
Tax |
|
NA |
NA |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit after tax |
|
(189.180) |
(399.650) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(189.180) |
(399.650) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
71.82 |
74.97 |
76.19 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.08 |
4.87 |
4.79 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
97.26 |
118.31 |
151.51 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.34 |
0.21 |
0.23 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.11 |
0.06 |
0.07 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.86 |
0.79 |
0.68 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
6.20 |
3.48 |
2.04 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
5.14 |
2.71 |
1.53 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
5.30 |
3.47 |
2.52 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.60 |
0.49 |
0.92 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(7.49) |
(7.98) |
(2.66) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(7.97) |
(6.55) |
(1.56) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(85.64) |
(42.93) |
(7.02) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.03 |
1.10 |
1.23 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.71 |
0.72 |
0.74 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.09 |
0.15 |
0.22 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
15.43 |
15.39 |
11.83 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.03 |
1.10 |
1.23 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 28.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
210.316 |
210.316 |
245.316 |
|
Reserves & Surplus |
1009.303 |
706.145 |
365.327 |
|
Share Application money
pending allotment |
0.000 |
13.563 |
0.000 |
|
Net worth |
1219.619 |
930.024 |
610.643 |
|
|
|
|
|
|
long-term borrowings |
1887.904 |
2263.021 |
2537.705 |
|
Short term borrowings |
600.103 |
973.740 |
1247.087 |
|
Current Maturities of
Long term debt |
8.952 |
93.620 |
207.666 |
|
Total borrowings |
2496.959 |
3330.381 |
3992.458 |
|
Debt/Equity ratio |
2.047 |
3.581 |
6.538 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
3214.723 |
5003.857 |
6986.568 |
|
|
|
55.654 |
39.624 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
3214.723 |
5003.857 |
6986.568 |
|
Profit |
(85.600) |
(399.254) |
(522.968) |
|
|
(2.66%) |
(7.98%) |
(7.49%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
245.316 |
210.316 |
|
(b) Reserves &
Surplus |
|
387.233 |
696.794 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
13.563 |
|
(3) Minority Interest |
|
37.079 |
67.230 |
|
Total Shareholders’ Funds
|
|
669.628 |
987.903 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2538.216 |
2263.682 |
|
(b) Deferred tax liabilities
(Net) |
|
0.333 |
0.313 |
|
(c) Other long term
liabilities |
|
251.426 |
348.607 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities |
|
2789.975 |
2612.602 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1247.087 |
973.740 |
|
(b) Trade payables |
|
1621.330 |
1343.390 |
|
(c) Other current
liabilities |
|
382.262 |
232.430 |
|
(d) Short-term provisions |
|
8.375 |
4.601 |
|
Total Current Liabilities
|
|
3259.054 |
2554.161 |
|
|
|
|
|
|
TOTAL |
|
6718.657 |
6154.666 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
2412.700 |
2653.034 |
|
(ii) Intangible Assets |
|
1.087 |
1.394 |
|
(iii) Capital
work-in-progress |
|
827.039 |
578.323 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
50.143 |
44.242 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
159.051 |
111.296 |
|
(e) Other Non-current
assets |
|
0.075 |
7.993 |
|
Total Non-Current Assets |
|
3450.095 |
3396.282 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
3.893 |
|
(b) Inventories |
|
1024.493 |
964.467 |
|
(c) Trade receivables |
|
1361.801 |
980.271 |
|
(d) Cash and cash
equivalents |
|
248.169 |
187.721 |
|
(e) Short-term loans and
advances |
|
152.490 |
198.878 |
|
(f) Other current assets |
|
481.609 |
423.154 |
|
Total Current Assets |
|
3268.562 |
2758.384 |
|
|
|
|
|
|
TOTAL |
|
6718.657 |
6154.666 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
698.568 |
5005.417 |
|
|
Other Income |
43.288 |
53.636 |
|
|
TOTAL |
7029.856 |
5059.053 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials Consumed |
3720.912 |
2697.773 |
|
|
Purchases of Stock-in-Trade |
2080.612 |
1439.075 |
|
|
Manufacturing and Operating Cost |
664.629 |
448.803 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(120.194) |
(31.876) |
|
|
Employees benefits expense |
163.627 |
122.770 |
|
|
Other expenses |
173.876 |
179.889 |
|
|
TOTAL |
6683.462 |
4856.434 |
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
346.394 |
202.619 |
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
573.445 |
405.316 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(227.051) |
(202.697) |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
291.970 |
206.298 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(519.021) |
(408.995) |
|
|
|
|
|
|
Less |
TAX |
1.493 |
(11.102) |
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX BEFORE SHARE OF RESULTS OF ASSOCIATES AND MINORITY INTEREST |
(520.514) |
(397.893) |
|
|
|
|
|
|
Less: |
MINORITY INTEREST |
1.110 |
0.616 |
|
|
|
|
|
|
Add : |
Share in Profit
/ (Loss) of Associates |
(1.740) |
(11.742) |
|
|
|
|
|
|
|
PROFIT / (LOSS) FOR THE YEAR |
(523.365) |
(398.096) |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(21.33) |
(18.93) |
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 |
Yes |
|
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) |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
SUMMARY OF
OPERATIONS/STATE OF THE COMPANY’S AFFAIRS
During the year, the total revenue from Standalone operations of the Company increased by 39.62%, from INR 5003.857 Million to INR 6986.568 Million. The company has earned profit of INR 341.400 Million before Finance Cost, depreciation and taxes but incurred loss of INR 523.000 Million after taxes as compared to previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic and Industry
Overview
The World Bank in its latest Global Economic Prospects, projects India’s growth at 7.5 per cent in 2018 and 7.7 per cent in 2019. Observing that India’s growth is forecast to increase to 7.2 per cent in FY2017 and accelerate to 7.7 per cent by 2019, which is slightly below previous projections. In both the years, the forecast has been downgraded by 0.3 per cent and 0.1 percentage points compared to the January 2017 forecast.
Being a core sector, steel industry tracks the overall economic growth in the long term. Also, steel demand, being derived from other sectors like automobiles, consumer durables and infrastructure, its fortune is dependent on the growth of these user industries. The Indian steel sector enjoys advantages of domestic availability of raw materials and cheap labour. Iron ore is also available in abundant quantities. This provides major cost advantage to the domestic steel industry.
India’s steel sector posted a robust 11% growth in production in 2016-17 at 101.2 MT even as domestic consumption remained anemic mainly due to poor offtake from the end-use segments like construction, automobiles and white goods sectors. India's steel output grew by 7.4 per cent year-on-year in 2016, and is expected to reach an average annual growth of 8.9 per cent between 2017-2021.The steel output has been estimated to grow to 128.6 million tons (MT) in 2021 from 88.4 MTs in 2017 and the share in global output would rise to 7.7 per cent by 2021 from 5.4 per cent in 2017.
The Rating Agency ICRA has recently observed that even as India’s steel consumption growth remained weak in the current fiscal due to continued weakness in the key end-user industries, 2017-18 points to a favourable demand outlook for the steel sector in the medium-term.
India’s steel imports contracted by 38.5 per cent in 11M FY17 on the back of various trade protection measures including anti-dumping duty, safeguard duty and minimum import price. This decline in steel imports has coincided with a strong growth in steel exports by domestic mills, supported by an improvement in the pricing scenario in international markets.
With the new Government at the center, we have been witnessing series of radical and transformational reforms - Demonetization, Real Estate Regulator Bill (RERA), FDI relaxations, GST, Benami Transactions (Prohibition) Amendment Act, Change in Accounting standards IFRS - all coming in a row and in quick succession.
INDUSTRY STRUCTURE AND
DEVELOPMENT
India was the world’s third-largest steel producer in 2016. The growth in the Indian steel sector has been driven by domestic availability of raw materials such as iron ore and cost-effective labour. Consequently, the steel sector has been a major contributor to India’s manufacturing output.
The Indian steel industry is very modern with state-of-the-art steel mills. It has always strived for continuous modernization and up-gradation of older plants and higher energy efficiency levels.
India’s crude steel production grew by 7.4 per cent year-on-year to 95.6 Million Tonnes (MT) in 2016. Total production of crude steel during February 2017 grew by 8.5 per cent year-on-year to 8.08 MT.
India’s steel exports grew 150.0 per cent year-on-year to 0.75 MT in February 2017, while steel imports declined 46 per cent year-on-year to 0.49 MT. Total consumption of finished steel grew by 3.4 per cent year-on-year to 76.22 MT during April 2016-February 2017. Driven by rising infrastructure development and growing demand for automotives, steel consumption is expected to reach 104 MT by 2017.
The Ministry of Steel is facilitating setting up of an industry-driven Steel Research and Technology Mission of India (SRTMI) in association with public and private sector steel companies to spearhead R&D activities in the iron and steel industry with an initial corpus of INR 2000.000 Million.
FINANCIAL PERFORMANCE
The financial performance of the company shows weakness even after infusion of funds by the promoters during the year. The loss of the company has increased during the year as compared to the previous year. There are various reasons behind the increase in the loss; the Nardana plant has successfully started its production which has impact on the fixed cost and variable cost of the company. There is 48.09% increase in the manufacturing and operating cost of the company and 41.48% finance cost of the company. But the capacity utilization has not reach at the break-even point. As a mega project, the company has installed better quality machineries with high standards which need skilled employees to run the machineries and the same increased the employee cost of the company during the year. This will be mitigated as the capacity utilization increases, for which the company is making all the efforts.
Looking at the growth graph of revenue there is 38.33%
increase in the revenue as compared to previous year. Also the company has good
orders in hand and is able to fulfill its commitment in the near future with advanced
machineries. Hopefully the revenue graph will rise year by year and the company
will overcome from its weak financial structure in future with better capacity
utilization.
OUTLOOK
Steel industry and its associated mining and metallurgy sectors have seen a number of major investments and developments in the recent past. Despite temporary challenges, country's long-term outlook for steel sector continues to be bright. India's steel sector has now risen to be the third-largest producer of crude steel in the world and we expect the domestic steel demand to grow by about six per cent in FY17. Steel wire is sub-segment of steel Industry.
Steel wire finds its application in power segment, automobile, housing, agriculture etc. we expect growth in the above segment. Thus, steel wire industry too has to grow, but this all depends on the capital expenditure by public and private sector which is moving slowly on account of financial constrains in lending by the financial institution in immediate future.
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2017 |
As
on 31.03.2016 |
|
LONG TERM
BORROWING |
|
|
|
From WMDC / DIC |
71.769 |
82.486 |
|
From Directors |
(0.077) |
11.133 |
|
From Others |
0.900 |
0.900 |
|
Total |
72.592 |
94.519 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G01243518 |
100018798 |
EXPORT IMPORT BANK OF INDIA |
20/02/2016 |
- |
- |
395400000.0 |
44, SHANKARSHETH ROADPUNEMH411037IN |
|
2 |
C14301964 |
10342072 |
PUNJAB NATIONAL BANK |
30/01/2012 |
18/06/2014 |
- |
2000000000.0 |
MID-CORPORATE BRANCHKALYANI NAGARPUNEMH411006IN |
|
3 |
Y10266711 |
90165464 |
PUNJAB NATIONAL BANK |
19/07/2002 |
- |
- |
177200000.0 |
RAVIWAR KARANJA BRANCHNASHIKMHIN |
|
4 |
C65756140 |
80044144 |
PUNJAB NATIONAL BANK |
27/04/2002 |
10/09/2015 |
- |
6469700000.0 |
MID-CORPORATE BRANCHKALYANI NAGARPUNEMH411006IN |
|
5 |
A25234121 |
90164248 |
PUNJAB NATIONAL BANK BANK OF INDIA ANDHRA BANK |
27/04/2002 |
09/10/2007 |
- |
206000000.0 |
RAVIVAR KARANJANASHIKNASHIKMH422001IN |
|
6 |
C74406992 |
80044145 |
PUNJAB NATIONAL BANK |
27/04/2002 |
05/12/2015 |
- |
6469700000.0 |
MID- CORPORATE BRANCHKALYANI NAGARPUNEMH411006IN |
|
7 |
A29081791 |
90165451 |
PUNJAB NATIONAL BANK- LEAD BANKERS |
27/04/2002 |
29/03/2007 |
- |
315140000.0 |
RAVIVAR KARANJA BRANCHNASHIKMH422001IN |
|
8 |
B59638973 |
80007669 |
BANK OF INDIA |
15/05/2000 |
30/06/2006 |
05/10/2012 |
45500000.0 |
MULUND EAST BRANCH, LOKMANYA TILAK MARG,MULUND (EAST),MUMBAIMH400081IN |
|
9 |
B59638395 |
80007666 |
BANK OF INDIA |
09/05/2000 |
30/06/2006 |
05/10/2012 |
45500000.0 |
MULUND EAST BRANCH, LOKMANYA TILAK MARG,MULUND (EAST), MULUND (EAST)MUMBAIMH400081IN |
|
10 |
B59277814 |
90160905 |
MAHARASHTRA STATE FINANCIAL CORPORATION |
20/11/1996 |
- |
17/09/2012 |
1500000.0 |
NEW EXCELSIOR CINEMA BLDG.FORTBOMBAYMH400001IN |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND HALF YEAR ENDED ON 30TH
SEPTEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Quarter ended |
Six Month ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
1452.805 |
1549.444 |
3002.249 |
|
Other Income |
97.834 |
65.605 |
163.438 |
|
Total
Revenue |
1550.638 |
1615.049 |
3165.687 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
1110.778 |
1041.314 |
2152.093 |
|
Purchase of Stock in Trade |
128.689 |
290.677 |
419.366 |
|
Manufacturing and Operating Cost |
182.781 |
165.675 |
348.456 |
|
Changes in inventories of finished goods and
work-in-progress |
229.231 |
21.018 |
250.250 |
|
Employee benefits expense |
40.580 |
45.895 |
86.474 |
|
Finance Costs |
151.205 |
131.829 |
283.033 |
|
Depreciation and Amortization expenses |
66.759 |
65.869 |
132.627 |
|
Other Expenditure |
40.265 |
41.952 |
82.218 |
|
Total
Expenses |
1950.288 |
1804.229 |
3754.517 |
|
|
|
|
|
|
Profit
before exceptional items and tax |
(399.650) |
(189.180) |
(588.830) |
|
Exceptional Items |
|
-- |
-- |
|
Profit
before tax |
(399.650) |
(189.180) |
(588.830) |
|
Tax Expenses |
|
|
|
|
Current Tax |
-- |
-- |
-- |
|
Deferred Tax |
-- |
-- |
-- |
|
Tax in respect of earlier year |
-- |
-- |
-- |
|
Profit/(Loss)
for the period |
(399.650) |
(189.180) |
(588.830) |
|
Other
Comprehensive Income for the period |
|
|
|
|
a)
Items that will not be classified to
Profit or Loss |
(42.72) |
(1.85) |
(4.457) |
|
b)
Items that will not be classified to
Profit or Loss |
(42.72) |
(1.85) |
(4.457) |
|
Total
Comprehensive Income for the period |
(403.922) |
(189.366) |
(593.288) |
|
Paid-up equity share capital, Equity shares of INR 10/- each |
245.316 |
245.316 |
245.316 |
|
Earning
Per Share |
|
|
|
|
Basic |
(16.29) |
(7.71) |
(24.00) |
|
Diluted |
(16.29) |
(7.71) |
(24.00) |
SEGMENT WISE REVENUE, RESULTS AND SEGMENT ASSETS
AND SEGMENT LIABILITIES FOR THE QUARTER ENDED AND HALF
YEAR ENDED AS ON 30TH SEPTEMBER 2017.
(INR In Million)
|
Particulars |
Quarter
Ended |
Quarter
Ended |
Half
Ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
1. Segment
Revenue |
|
|
|
|
a)
Steel |
864.360 |
1040.856 |
1905.216 |
|
b)
Copper |
574.068 |
465.487 |
1039.555 |
|
c)
EPC projects |
14.377 |
43.101 |
57.478 |
|
d)
Others |
0.000 |
0.000 |
0.000 |
|
Total segment
revenue |
1452.805 |
1549.444 |
3002.249 |
|
Less: Inter – segment
revenue |
-- |
-- |
-- |
|
Total income
from operations (net sales) |
1452.805 |
1549.444 |
3002.249 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Steel |
(259.197) |
(66.398) |
(325.595) |
|
b)
Copper |
39.312 |
26.817 |
66.128 |
|
c)
EPC projects |
(28.590) |
(17.858) |
(46.446) |
|
d)
Others |
0.029 |
0.087 |
0.116 |
|
Total segment
results |
(248.445) |
(57.352) |
(305.797) |
|
(Add)/Less:
Finance Costs |
151.205 |
131.829 |
283.033 |
|
Total Profit
Before Tax |
(399.650) |
(189.181) |
(588.830) |
|
Tax Expense |
-- |
-- |
-- |
|
Total Segment
results |
(399.650) |
(189.181) |
(588.830) |
|
|
|
|
|
|
SEGMENT ASSETS |
|
|
|
|
a)
Steel |
5019.864 |
5749.264 |
5019.864 |
|
b)
Copper |
935.913 |
770.925 |
935.913 |
|
c)
EPC projects |
333.704 |
85.626 |
333.704 |
|
d)
Others |
28.410 |
28.242 |
28.410 |
|
Total |
6317.891 |
6634.057 |
6317.891 |
|
|
|
|
|
|
SEGMENT LIABILITIES |
|
|
|
|
a)
Steel |
5548.966 |
5859.502 |
5548.966 |
|
b)
Copper |
635.172 |
511.253 |
635.172 |
|
c)
EPC projects |
69.406 |
(34.831) |
69.406 |
|
d)
Others |
16.207 |
16.143 |
16.207 |
|
Total |
6269.751 |
6352.067 |
6269.751 |
STATEMENT OF
UNAUDITED STANDALONE ASSETS AND LIABILITIES AS ON 30.09.2017
(INR in Million)
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
Unaudited |
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
245.316 |
|
(b) Reserves & Surplus |
|
|
(197.176) |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(d)
Share Application Money Pending Allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds |
|
|
48.140 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
2551.467 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
135.605 |
|
(d) long-term provisions |
|
|
5.585 |
|
Total
Non-current Liabilities |
|
|
2692.657 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1523.603 |
|
(b) Trade payables |
|
|
1694.424 |
|
(c) Other current liabilities |
|
|
281.524 |
|
(d) Short-term provisions |
|
|
77.543 |
|
Total
Current Liabilities |
|
|
3577.094 |
|
|
|
|
|
|
TOTAL |
|
|
6317.891 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
2300.372 |
|
(ii) Intangible Assets |
|
|
0.600 |
|
(iii) Capital work-in-progress |
|
|
881.362 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
78.954 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and
Advances |
|
|
121.099 |
|
(e) Other Non-current assets |
|
|
249.542 |
|
Total
Non-Current Assets |
|
|
3631.929 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.980 |
|
(b) Inventories |
|
|
670.332 |
|
(c) Trade receivables |
|
|
1132.135 |
|
(d) Cash and cash equivalents |
|
|
261.998 |
|
(e) Short-term loans and advances |
|
|
15.701 |
|
(f) Other current assets |
|
|
604.816 |
|
Total Current Assets |
|
|
2685.962 |
|
|
|
|
|
|
TOTAL |
|
|
6317.891 |
Note:
1. The above 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 December 13, 2017.
2. This Statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 in accordance with Ind AS 101 "First time adoption of Indian Accounting Standards". Beginning 1st April, 2017, the Company has for the first time adopted Ind AS with the transition date of 1st April 2016.
The format for Unaudited Quarterly Results as prescribed in SEBI's circular
CIR/CFD/CMD/15/2015 dated 30th November, 2015 has been modified to comply with
requirements of SEBI's circular dated 5th July, 2016, Ind AS and Schedule
III(Division II) to the Companies Act, 2013 applicable to Companies that are
required to comply with Ind AS.
The Company has opted for standalone financial results for the quarter and half
year ended 30th September, 2017 and the Statement does not include Results for
previous year ended 31st March, 2017 as the same is not mandatory as per SEBI
circular no. CIR/CFD/FAC/62/2016 dated 5th July, 2016.
The Ind AS compliant corresponding figures in the previous year have not been
subjected to limited review/audit. However, the Company's management has
exercised necessary due diligence to ensure that such financial results provide
a true and fair view of its affairs.
The Financial results have been prepared in accordance with the recognition and
measurement principles laid down in the Ind AS 34, Interim Financial Reporting.
The Impact of transition has been accounted for in opening reserves and the
comparative period has been restated accordingly. However, the opening balance
sheet as at April 1, 2016 and the results for the subsequent periods would get
finalized along with the annual financial statements for the year ending March,
2018.
3. The management has decided to stop the production from Plant I of the Company situated at Sinnar, Nashik, due to the safety of workers as the old shed of Plant I is not safe. After a detailed inspection at plant I it was observed that, it is too risky to work under the Shed of plant I.
The management has started the production facilities at Nardana Plant and
shifted the work load of plant I to the newly established plant at Nardana,
Dhule which is well sufficient to handle the excess work load.
Plant III and IV, small units have also discontinued the production as it is
more advantageous to discontinue the production at these locations.
Due to this, WIP and some consumables inventory that was at factory premises
has become obsolete due to its non usability and now present as scrap item and
are valued at NRV due to which the cost of consumption during the period has
increased to the tune of Rs. 1,325.61 Lakhs.
4.
The Company has five
segments mainly:
i Wire & Wire Products
ii Copper Products
iii Consultancy *
iv Windmill
v EPC Projects
*As regards the Consultancy / Contracting
activities of the Company, the same are carried out in the name of M/S K.R.
Bedmutha & Techno Associates.
(During the period, No significant revenue was
generated in Consultancy & Windmill, Hence no separate segment reporting is
done.)
5.
During the Quarter,
investor complaints ;
i. O/s at the beginning of the quarter : Nil
,
ii. Complaints received and resolved in the
quarter : Nil,
iii. O/s at the end of the Quarter : Nil
6.
The standalone results
are being forwarded to the Stock Exchanges (BSE and NSE) for uploading on their
respective websites and on Company’s website.
7.
Previous periods
figures have been re-grouped and re-arranged as and when necessary
FIXED ASSETS:
·
Land
·
Computer
·
Furniture and Fixture
·
Vehicles
·
Office Equipment
·
Electric Installation
·
Plant and Machinery
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.89 |
|
|
1 |
INR 88.60 |
|
Euro |
1 |
INR 78.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.