Rajratan Global Wire Ltd.

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1 September 24, 2012 CMP Rs BSE Code BSE ID RAJGLOWIR High/Low 1Y (Rs.) 178.0/ Average Volume (3M) 134 Market Cap (Rs. Cr.) 54 Shareholding % Jun-12 Mar-12 Promoters DIIs # FIIs # - - Public & Others Stock Chart ( Relative to Sensex) Sep Mar Sep-12 RGWL Sensex Stock Performance (%) 1M 6M 1Yr Rajratan Sensex Financials FY10 FY11 FY12 Revenue Y-o-Y 16.3% 18.8% 14.5% EBITDA Y-o-Y 50.8% -1.5% -4.6% Net Profit Y-o-Y LP 5.6% -51.8% EPS (Dil.) EBITDA Margin 13.3% 11.0% 9.2% Net Profit Margin 3.5% 3.1% 1.3% P/E(x) 8.7x 8.2x 17.1x Financial year ends at March 31. All figures in Rs. crore except for per share data # FIIs- Foreign Institutional Investors # DIIs- Domestic Institutional Investors PL - Profit to Loss LP - Loss to Profit Rajratan Global Wire Ltd. Company Overview Incorporated in the year 1988, Rajratan Global Wire Limited (RGWL) is engaged in the business of manufacturing and selling of high carbon steel wires in India. The company s specializes in Automotive Tyre Bead Wire and high quality Spring & Rope Wires. Besides this, the company also manufactures pre-stressed concrete wires and strands that have extensive usage in the construction purposes. The company is based in Indore and has most modern factory at Pithampur, which is just 25 km away from Indore. The constant strive for quality, excellence and progress has paved the path for the company to achieve a leadership position in Tyre Bead Wire business in the country within a short span of time. Besides holding a strong foothold in the domestic market, the company has stepped towards globalization through formation of a 100% subsidiary company Rajratan Thai Wire Co. Ltd. (RTWL) in Thailand, wherein the company has started an ultra-modern facility to produce Automotive Tyre Bead Wire. Swaraj Technocrafts Pvt. Ltd. is Indian subsidiary company of RGWL. RGWL is an ISO TS (2002) certified company for its entire range of automotive tyre bead wires. Company Fundamentals Total revenue increased on improved sales realization RGWL reported total revenue of Rs crore for FY12, 14.5% higher than Rs crore reported in the previous year. This rise can be primarily attributed to increase in net sales realization from company s standalone operations as well its foreign subsidiary. Profit Margins from operations plunged during FY11 The overall profitability of the Company during the year under review has been adversely affected due to unfavourable market conditions prevailing for a major part of the year. Increase in raw material costs, along with rise in employee costs and other expenditure, dragged the EBITDA margin by bps to 9.2% from 11.0% in the previous financial year. Rise in depreciation and interest costs affected the NPM: Increase in depreciation and interest expenses by 9.1% and 28.1%, respectively, over the previous year impacted the Net Profit of the company drastically. It plunged by 51.8%, from Rs. 6.8 crore in FY11 to Rs. 3.3 crore in FY12. Net profit Margin (NPM) also fell by bps to 1.3%. Rise in global competition, delays in getting approvals from prime customers and flood in Thailand highly impacted the bottom-line of the company s Thailand based subsidiary - RTWL. Key Strengths - Constant quest for quality, excellence and progress. - Prime industrial location of the plant. Iron & Steel Products - State-of-art plant facilitates production of high value steel wires with precise product characteristics. - ISO TS (2002) certified for its entire range of automotive tyre bead wires. Initiative of the BSE Investors Protection Fund -1-

2 Company Business Rajratan Global Wire Limited (RGWL) was incorporated on September 9, 1988 to set up a steel wire drawing unit in a centrally declared backward area of Pithampur, near Indore. In April 1990, the land was acquired from Madhya Pradesh Audyogik Kendra Vikas Nigam. Later in January 1991, the company acquired plant and machinery to manufacture High Carbon wires and the commercial production commenced in March The company specializes in automotive tire bead wire, spring and rope wires are other specialty products of the Company. The company has mainly two type of products 1. Tyre Bead Wire and 2. Prestressed Concrete (PC) wires Tyre Bead Wire* Tyre Bead Wire is a high carbon bronze coated steel wire used in all tyres. The main function of bead wire is to hold the tyre on the rim and to resist the action of the inflated pressure, which constantly tries to force it off. It produces a range of sizes of bead wire. The bead is the crucial link through which the vehicle load is transferred from rim to the tyre. It significantly affects the safety, strength, and the durability of tyres. Prestressed Concrete (PC) Wire & Strands Increase in demand for high carbon Prestressed Concrete (PC) wires prompted the promoters decided to set up a separate unit to manufacture different types of PC wires and strands. The use of high tensile steel in prestressing concrete results in considerable saving of cement and steel. These pre-stressed concrete wires and strands are used in the construction of bridges, silos, buildings, dams, atomic reactor vessels, stadia, airport hangars, and runways, as well as in the manufacturing of mass produced components, such as railway sleepers, water pipes, electricity poles, beams, hollow, and solid (extruded) slabs. PC wires manufactured by RGWL can be classified as under As Drawn - This wire is mostly used for the manufacture of prestressed concrete pipes. Drawn, Straightened and Stress-relieved - It is used in pre-tensioning and post-tensioning operations for mass produced small components as well as prestressed constructions at site. Stranded, Straightened and Stress-relieved These are being increasingly used because of larger prestressing loads that are possible. Strands also afford a better mechanical bond with concrete as compared to single wires. During the year, while the revenue from the bead wire segment inched up considerably by 16.0% Y-o-Y to Rs crore from Rs crore in FY11, the revenue from wire drawings machines & tools segment witnessed a significant fall of 28.5% in its revenue from Rs.6.1 crore in FY11 to Rs. 4.3 crore in FY12. Revenue (Rs. Crore) Bead Wire Wire Drawing Machine Tools FY12 FY11 % Change FY12 FY11 % Change External Sales Inter Segment Sales Total Revenue Source: Company's Annual Report The company has got two subsidiaries: Swaraj Technocrafts Pvt Ltd. (STPL) and Rajratan Thai Wire Co. Ltd. (RTWL). While the former is based in Indore the later is STPL is located in Thailand. With constant focus on product innovation and upgradation, the company has emerged as one of the leading manufacturers of High Carbon Steel Wire in India lately. Besides acquiring a strong foothold in the domestic market, the company is making efforts to gain wide acceptance in the foreign market as well. * Company Website Initiative of the BSE Investors Protection Fund -2-

3 Industry Overview The company belongs to the iron and steel products industry. The business segment which contributes a significant portion of the company s revenue is the bead wire segment. In India, the steel wire business is fragmented among many other manufacturing businesses. In the midst of various wire products, bead wire as a product, is much more consolidated. The growth in demand of the product has a high positive correlation with the growth in tyre industry. The tyre industry, in turn, is an integral part of the automobile sector and thus its fortune is intertwined with the growth in the auto sector as a whole. With elevating masses, growing technological advancements and economical resources, India is increasingly been considered as one of the most favored global business destination. Also it is worth considering that the Indian auto market is growing with an immense thrust and is consistently striving to match the pace of major automobile industrial nations like China, Japan, the U.S. and Germany. Among many sectors, the auto sector is the one where India lagged behind most of the industrial nations few years earlier and has evolved to become one of the largest selling markets today taking cues from increasing aspirations of the growing population. Be it passenger cars, commercial vehicles, two-wheelers or three-wheelers, automobile sales are decent indicators of a country s overall economy. Besides generating employment, the automobile industry also augments opportunities for the auto equipments and parts sector, including the tyre industry and thus the auto bead wire industry as well. Thus, following the footsteps of robust domestic demand in the Indian automobiles industry owing to increasing per capital income, infrastructural development and growing urbanization in India, the domestic auto bead wire industry has also witnessed a significant growth in recent years. India is known as an appetizer of invention and auto bead wire industry is no exception to this. The company under review has even emerged as the largest market share holder in the auto bead wire industry in India, helped by its continuous focus on innovation. However, factors like rise in fuel prices, rise in raw material and other input costs, inflation and auto interest rates have been affecting the auto industry and thus limiting the growth of the industry during the financial year Road transport constitutes a vital part of a country s infrastructure. With growing population and rapidly increasing industrialization, more and more people are availing road transports in India to commute. Thus, with considerable growth in automobile sales and steady improvement in the road infrastructure, the auto bead wire industry is likely to achieve high growth, going ahead. Competitor Analysis We have compared RGWL with its close peers in the iron & steel products industry. Company Year End CMP M Cap Revenue EBIT Margin EPS P/E Rajratan Global Wire Ltd. Mar % Bedmutha industries Ltd. Mar % Source: BSE, Capitaline, Market cap and Revenue in Rs. crore. CMP and M Cap as of 24 th Sep 12 Initiative of the BSE Investors Protection Fund -3-

4 Summary Financials Particulars (Rs crore) FY10 FY11 FY12 Net Sales Other Op. Revenue Total Revenue Growth (%) 16.3% 18.8% 14.5% Cost of Goods Sold Gross Profit Employee Costs Other Expenditure EBITDA Growth (%) 50.8% -1.5% -4.6% Depreciation EBIT Profit Finance cost Other Income Exceptional Items PBT Growth (%) 287.2% -2.4% -45.1% Income Tax Profit after Tax Extra Ordinary Items 0.0 (0.0) (0.0) Net Profit Growth (%) LP 5.6% -51.8% Rep. Basic EPS Rep. Diluted EPS Equity Capital Face value Ratio Analysis FY10 FY11 FY12 Margins EBITDA Margin (%) 13.3% 11.0% 9.2% Net Profit Margin (%) 3.5% 3.1% 1.3% Valuation P/E (x) P/BV (x) Profitability ROCE (%)* % 20.2% RONW(%) 14.8% 13.5% 6.0% Solvency Ratio Debt/ Equity Ratio (x) Interest Cover (x) *Bifurcation between Long Term and Short Term Debt is not available for FY10 PL - Profit to Loss; LP - Loss to Profit Initiative of the BSE Investors Protection Fund -4-

5 Contact Details: ICRA Online Limited Disclaimer All information contained in this document has been obtained by ICRA Online Limited from sources believed by it to be accurate and reliable. Although reasonable care has been taken to ensure that the information herein is true, such information is provided 'as is' without any warranty of any kind, a nd ICRA Online Limited in particular, makes no representation or warranty, express or implied, as to the accuracy, timeliness or completeness of any such information. All information contained herein must be construed solely as statements of opinion, and ICRA Online Limited shall not be liable for any losse s incurred by users from any use of this document or its contents in any manner. Opinions expressed in this document are not the opinions of our holding company and of the subsidiary companies and should not be construed as any indication of credit rating or grading of ICRA for any instruments that have been issued o r are to be issued by any entity. Published on behalf of BSE Investors' Protection Fund BSE Investor s Protection Fund First Floor, P J Towers, Dalal Street, Mumbai. Tel: /34 Initiative of the BSE Investors Protection Fund -5-

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