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Bedmutha Industries Ltd.

BSE: 533270 | NSE: BEDMUTHA | Series: NA | ISIN: INE844K01012 | SECTOR: Steel - Medium & Small

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Sep 21, 15:40
18.70 -0.45 (-2.35%)
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    18.75 (500)

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    19.95 (100)

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Sep 21, 15:40
19.00 -0.10 (-0.52%)
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Annual Report

For Year :
2018 2016 2015 2014 2013

Chairman's Speech


Dear Shareholders,

It gives me a pleasure to present the 28th Annual Report of Bedmutha Industries Limited

Though the financials are showing a negative picture than the previous year and is consistently showing losses, but lot of steps are initiated by the Management to revive the whole performance of the Company in coming years by taking few bold steps which will yield results in the future.

Consolidating the business operations: the operation of plant 1, 3 and 4 have been closed down after the incident of tilting of the factory building in July 2017. This action of closing has helped to reduce fixed cost and in improvement of product contribution by shifting the product to new plant at Nardana.

Marketing activities for value added product namely wire rope, retail galvanized wire initiated by setting up dealer and distributor, enhancing the penetration of rope in European market, completing the trial supplies to USA market, getting the approvals of reputed elevator manufacturers an OEM buyers. reducing the working capital cycle from as high as 203 days in March 2015, 136 days in March 2017 to 80 days in March 2018.

The workforce has been streamlined in line with capacity utilization rather than having full strength. Though the capacity utilization is underutilized, this has become possible due to effective for casting both in terms of market demand and the available resources mainly working capital funds.

Due to proactive planning, knowing the constraint of funds lot of capacity has been kept utilized by involving the customers to feed the raw material by explaining transparently the temporary crisis the Company is going through.

The morale of the employees has been kept high by continuous communication of the issues the Company is passing through and showing the hope for better future which is likely to follow once the Resolution Plan submitted by the Company is accepted by the Lenders.

Crisis as said bring the best among the team members, the said energy is being fell in the Company.

The problem of cash flow mismatch was being proactively and transparently being shared with the Lenders and this transparency from the Company has resulted into full co-operation from Lenders to work out a long term strategy to restructure the whole debt of the Company. The plan for the same is submitted to the Lenders in line with the RBI circular of 12th February 2018, once accepted will be the turning point for the Company. Since the plan has been worked out very religiously, to be out performed than what has been projected.

Despite the present circumstances we countered during the year, our performance represents signs of maturing corporate responsibility exhibited by the resilience to face the multiple agencies audit during the year and keeping the operation at optimum level, by working on out of box solutions.

I am proud to say the team of employees and Board of Directors have exhibited the full support in this testing time and this strength gives me all the hope that future of your Company has to be bright.

I am aware we have to prove the real owners “You - The Shareholders” that we are back.

With Best Regards,

Vijay Vedmutha

Chairman and Managing Director

DIN: 00716056