MIRA
INFORM REPORT
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Report Date : |
13.06.2011 |
IDENTIFICATION DETAILS
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Name : |
MANAKSIA LIMITED (w.e.f.
04.12.2003) |
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Formerly Known As : |
HINDUSTAN SEALS LIMITED |
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Registered Office : |
8/1, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.12.1984 |
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Com. Reg. No.: |
21-38336 |
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Capital
Investment / Paid-up Capital : |
Rs.139.068 Millions |
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CIN No.: [Company Identification No.] |
L74950WB1984PLC038336 |
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TAN No.: [Tax Deduction & Collection Account No.] |
CALM04946E |
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PAN No.: [Permanent Account No.] |
AAACH6882J |
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Legal Form : |
Closely held public limited liability company |
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Line of Business : |
Manufacturer and Marketer of Roll on Pilfer Proof Caps,
Screw Caps, Chemicals, Adhesives and Metal Containers. |
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No. of Employees : |
950 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 20625000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessman. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
8/1, |
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Tel. No.: |
91-33-22210050 / 22435053/54/56 |
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Fax No.: |
91-33-22428470 / 22200336 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. ft. |
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Location : |
Rented |
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Head Office : |
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Tel. No.: |
91-33-22210050 – 2 / 222435053/5054/5556/6055 |
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Fax No.: |
91-33-22200336 / 22428470 |
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E-Mail : |
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Website : |
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Factory : |
Ř Plot # 125, Sri Venkateshwara Co-operative Industrial Estate, Bollaram, Taluka Narsapur, Medak, Andhra Pradesh, India
Bankura Plot
No. 471, Birsinghapur , P O and P S Barjora - 722 202, Barjora, District:
Bankura, West Ph:
+91 3241 256032/34 Fax:
+91 3241 256088 Email:
bankura@manaksia.com
Ph: +91 3224 219004 Email: haldia@manaksia.com Kalitara Ph: +91 33
26552810 Fax: +91 33
26553980 Email: kalitara@manaksia.com
Silvassa Belur
15, Ph: +91 33 26541085 Email: belur@manaksia.com Liluah Ph: +91 33 26540653 Email: liluah@manaksia.com Tarakeshwar Ph: +91 3212 242266 Email: tarakeshwar@manaksia.com
Ph: +91 7480 232285 Fax: +91 7480 233279 Email: bhopal@manaksia.com Kutch Ph: +91 2836
249139 Email: kutch@manaksia.com Overseas Units
Ř
Manaksia Industries ( 21/23, PO Box :-
9024, Ikeja, Tel No :- 01-4529135/4529137/4528760 Fax No :- 01-4529136 E-mail :- manaksia@cyberspace.net.ng
Ř Dynatech Industries Limited Plot No 138, Batsonna, Accra-Tema Motorway Industrial Area
Ř
Crescent Industries ( Ward No. 6,
Opposite “Purnavedan Adalat”, Biratnagar-6, |
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Warehouse : |
9/3, |
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Area : |
10000 sq. ft. |
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Location : |
Rented |
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Branches : |
Ż W-113, Flat No. S3-S4, 2nd Floor, Greater Kailash II, New Delhi-110048, Tel No :- 91-11-26232488/2485, 26437648 Fax No :- 91-11-26437640 E-mail :- manaksia@del3.vsnl.net.in
Ż
38, 17th Cross, Malleswaram, Tel. 91-80-23347443/23314445 Fax. 91-80-23312458 E-mail. manaksia@bgl.vsnl.net.in
Ż 14,
Chennai - 600 004, Tel. 91-44-28531275/6287 Fax. 91-44-28550114 E-mail. manaksia@md3.vsnl.net.in
Ż 38,
Sunder Nagar, Tel. 91-40-32703451/0732 Fax. 91-40-23702584 E-mail. manaksia@hd2.dot.net.in
Ż 24,
Damji Shamji Industrial Complex, Mumbai - 400
093, Tel. 91-22-28326201/28393310/28213698 Fax. 91-22-28391654 E-mail. manaksia@bom5.vsnl.net.in |
DIRECTORS
As on 28.12.2010
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Name : |
Mr. Basant Kumar Agarwal |
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Designation : |
Managing Director |
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Address : |
39/1, |
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Date of Birth/Age : |
13.02.1945 |
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Qualification : |
B. Com |
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Experience : |
32 Years |
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Date of Appointment : |
01.01.2002 |
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Name : |
Mr. Mahabir Prasad Agarwal |
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Designation : |
Director |
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Address : |
39/1, |
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Date of Birth/Age : |
05.07.1938 |
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Date of Appointment : |
05.09.1995 |
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List of other directorship held : |
«
Vinayak Enclave and Developer Private Limited «
Godson Exports Private Limited «
Newmech Manufacturing Company Private Limited «
Manaksia Steels Limited «
Solex Chemicals Private Limited |
|
Chairman / Member of the Committees of the Board of the Companies on
which he is a Director : |
Manaksia Limited Member, Audit
Committee Member, Share
Transfer Grievance Committee |
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Name : |
Mr. Suresh Kumar Agarwal |
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Designation : |
Director |
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Address : |
39/1, |
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Date of Birth/Age : |
28.07.1953 |
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Date of Appointment : |
01.01.1998 |
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Chairman / Member of the Committees of the Board of the Companies on
which he is a Director : |
Manaksia Limited Member, Audit
Committee Member, Share
Transfer Grievance Committee |
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Name : |
Mr. Sushil Kumar Agarwal |
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Designation : |
Director |
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Address : |
39/1, |
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Date of Birth/Age : |
17.11.1960 |
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Date of Appointment : |
01.01.1998 |
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List of other directorship held : |
«
Agrim Steel and Industries Limited «
Mansa Natural Resources Private Limited |
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Name : |
Mr. Sunil Kumar Agarwal |
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Designation : |
Director |
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Address : |
39/1, |
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Date of Birth/Age : |
11.12.1961 |
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Date of Appointment : |
02.09.2000 |
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Name : |
Mr. Rabindra Nath Sengupta |
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Designation : |
Chairman |
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Address : |
20/4, Northern
Avenue, Kolkata – 700 037, West |
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Date of Birth/Age : |
01.01.1939 |
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Date of Appointment : |
01.01.2002 |
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Name : |
Mr. Nadia Basak |
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Designation : |
Director |
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Address : |
144/56, |
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Date of Birth/Age : |
13.01.1951 |
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Date of Appointment : |
11.05.2001 |
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Name : |
Mr. Debabrata Guha |
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Designation : |
Director |
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Address : |
172, Block ‘H’,
Shakshi, New Alipore, Kolkata – 700 053, West |
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Date of Birth/Age : |
10.08.1931 |
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Date of Appointment : |
15.05.2001 |
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Name : |
Dr. Kali Kumar Chaudhari |
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Designation : |
Director |
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Name : |
Mr. Ajay Kumar Chakraborty |
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Designation : |
Director |
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Name : |
Mrs. Smita Khaitan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Anubhav Maheshwari |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of
Promoter and Promoter Group |
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41,255,940 |
62.95 |
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|
41,255,940 |
62.95 |
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Total shareholding of
Promoter and Promoter Group (A) |
41,255,940 |
62.95 |
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(B) Public
Shareholding |
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|
19,208 |
0.03 |
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|
424,309 |
0.65 |
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443,517 |
0.68 |
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|
|
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15,168,998 |
23.15 |
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|
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6,806,269 |
10.39 |
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|
1,721,801 |
2.63 |
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|
137,525 |
0.21 |
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|
69,567 |
0.11 |
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|
67,958 |
0.10 |
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23,834,593 |
36.37 |
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Total Public
shareholding (B) |
24,278,110 |
37.05 |
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Total (A)+(B) |
65,534,050 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
65,534,050 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionsBUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of Roll on Pilfer Proof
Caps, Screw Caps, Chemicals, Adhesives and Metal Containers |
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Products : |
Ż
Ropp Closures Ż
Crown Closures Ż
Metal Containers Ż
Mosquito Repellent Coils Ż
Coil Stands Ż
Aluminium Division Ż
Steel Division
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Exports to : |
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Imports from : |
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Terms : |
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Selling : |
Contract, L/C or Credit terms. |
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Purchasing : |
Contract, L/C or Credit terms. |
PRODUCTION STATUS
(As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
“Aluminium Rolled’ Product |
MT |
36000.000 (36000.000) |
22658.873 (28652.871) |
|
Aluminium |
|
12000.000 |
2014.487 |
|
Aluminium Alloy Ingot |
MT |
(12000.000) |
(4305.295) |
|
Colour Coated Sheets |
MT |
60000.000 (60000.000) |
16320.756 (7195.636) |
|
Steel Coils and Sheets |
MT |
30000.000 (30000.000) |
14624.534 (7638.329) |
|
Cold Rolled Steel Sheets |
MT |
50000.000 (50000.000) |
44500.397 (38540.788) |
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Crown Closures |
Nos. (In 100 Gross) |
322395.810 (322395.810) |
197084.650 (154321.610) |
|
Caps |
Nos. (In 1000 Pcs |
1701100.000 (1701100.000) |
619804.250 (578109.559) |
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Metal Containers |
Nos. (In 1000 sets) |
59600.000 (59600.000) |
8139.100 (10274.650) |
|
Plastic Closures |
Nos. (In Million Pcs) |
588.000 (588.000) |
105.266 (116.953) |
|
Corrugated Box |
Nos. (In 1000 Pcs |
6000.000 (2300.000) |
4764.205 (2154.932) |
|
Mosquito Coils |
Nos. (In Million Pcs) |
2988.064 (2988.064) |
700.582 (339.332) |
GENERAL INFORMATION
|
Suppliers : |
·
Balai Paper Products ·
Bharat Tube Corporation ·
Biecco Lawrie Limited ·
Bongaigoan Refinery and Petrochem Limited ·
Chemplast ·
Coates Coatings ·
Coates of ·
Electrical Lines ·
Hindalco Industries Limited ·
Indian Aluminium Company Limited ·
Kamani Packaging Industries ·
National Aluminium Company Limited ·
National Organic Chemical Industries Limited ·
N. K. Gossain and Company Private Limited ·
Nobel Synthetic Limited ·
Novel Corrugators Private Limited ·
Pidilite Industries Limited ·
Poly Packaging, Kolkata ·
·
Shri Rajeshwari Packwell Private Limited ·
Synthetic and Polymer Industries ·
The Tinplate Company of ·
Vimal Roller Flour Mills ·
West Bengal Chemical Industries Limited |
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Customers : |
Manufacturers |
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No. of Employees : |
950 (Approximately) |
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Bankers : |
Ř Allahabad
Bank New
Market Branch, Kolkata, Ř ICICI Bank
Corporation Limited 20, (Account
Number :– C/A – 51/40) Ř UCO Bank
New
Market Branch, 3 and 4, West «
Axis Bank Limited «
Citibank, N.A. «
DBS Bank Limited «
HDFC Bank Limited «
ICICI Bank Limited «
Standard Charted Bank «
State Bank of |
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Facilities : |
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Banking Relations : |
---- |
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Auditors : |
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Name : |
SRB and Associates Chartered Accountants |
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Address : |
Kolkata, West |
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Parent Company : |
A Manaksia Group Company |
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Associates : |
«
Arena Machineries Limited «
Mariaksia Steels Limited «
Agrim Steel Industries Limited «
AGR Capital Markets Limited «
Maxell Securities Limited «
Rainbow Manufacturin Company Private Limited |
|
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|
Subsidiaries : |
«
MINL Limited «
Dynatech Industries Ghana Limited «
Euroasian Ventures FZE «
Mark Steels Limited «
«
Solex Chemicals Private Limited «
Manaksia Global Limited «
Jebba Peper Mills Limited (Subsidiary of MINL
Limited) «
Euroasian Steels Limited (Subsidiary of Euroasian
Ventures FZE) «
Manaksia Worldwide Corporation (Subsidiary of
Manaksia Global Limited) |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
70000000 |
Equity Shares |
Rs.2/-each |
Rs.140.000 Millions |
|
1250000 |
Preference Shares |
Rs.20/-each |
Rs. 25.000 Millions |
|
|
Total |
|
Rs. 165.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
69534050 |
Equity Shares |
Rs.2/-each |
Rs.139.068
Millions |
|
|
|
|
|
Notes:
i) 192,500 Equity Shares of Rs. 10/- each were allotted for cash.
ii) 7,500 Equity Shares of Rs. 10/- each were allotted persuant to a contract for consideration other than cash.
iii) 508,396 Equity Shares of Rs. 10/- each were allotted as fully paid up persuant to scheme of amalgamation without payment being received in cash.
iv) 13,445,614 Equity Shares of Rs. 10/- each were allotted as fully paid up bonus shares by capitalisation of General Reserve.
v) 3,347,200 Equity Shares of Rs. 10/- each held by erstwhile transferor companies were cancelled pursuant to the scheme of amalgamation without payment made in cash.
vi) During financial year 2006-07 the Company sub-divided 10806810 equity share of the nominal value of Rs.10/- each fully paid-up in the capital of the Company into five equity shares of Rs.2/- each fully paid-up.
vii) 15,500,000 Equity Shares of Face Value Rs. 2/- each were alloted through public issue at a premium of Rs.158/- per Equity share
As on 28.12.2010
Authorised Capital : Rs. 165.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 134.231 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
139.068 |
139.068 |
162.808 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5017.145 |
4960.504 |
5085.749 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5156.213 |
5099.572 |
5248.557 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1140.904 |
1475.625 |
1575.177 |
|
|
2] Unsecured Loans |
254.774 |
254.674 |
267.737 |
|
|
TOTAL BORROWING |
1395.678 |
1730.299 |
1842.914 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSACTION DEFERENCE ACCOUNT |
9.369 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
452.000 |
438.200 |
410.700 |
|
|
|
|
|
|
|
|
TOTAL |
7013.260 |
7268.071 |
7502.171 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
FIXED ASSETS [Net Block] |
3120.447 |
3143.744 |
3238.197 |
|
|
Capital work-in-progress |
379.058 |
292.396 |
250.084 |
|
|
|
|
|
|
|
|
INVESTMENT |
1046.079 |
1133.154 |
1923.445 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSACTION DEFERENCE ACCOUNT |
0.000 |
60.675 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1552.645
|
1179.321 |
1179.321 |
|
|
Sundry Debtors |
2074.409
|
1364.716 |
1364.716 |
|
|
Cash & Bank Balances |
37.918
|
23.642 |
23.642 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
494.580
|
700.367 |
700.367 |
|
Total
Current Assets |
4159.552
|
3846.497 |
3268.046 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1202.139
|
832.289 |
|
|
|
Other Liabilities |
232.600
|
148.709 |
965.271 |
|
|
Provisions |
257.137
|
228.022 |
214.203 |
|
Total
Current Liabilities |
1691.876
|
1209.020 |
1179.474 |
|
|
Net Current Assets |
2467.676
|
2637.477 |
2088.572 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED REVENUE EXPENDITURE |
0.000 |
0.625 |
1.873 |
|
|
|
|
|
|
|
|
TOTAL |
7013.260 |
7268.071 |
7502.171 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8363.257 |
8677.428 |
7318.069 |
|
|
|
Other Income |
84.252 |
128.781 |
84.499 |
|
|
|
TOTAL |
8447.509 |
8806.209 |
7402.568 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Stocks |
(152.288) |
44.072 |
(202.192) |
|
|
|
Excise Duty on Stocks |
8.068 |
(5.634) |
1.759 |
|
|
|
Raw Material and Components Consumed (Including Trading Goods) |
5879.653 |
6437.151 |
5380.101 |
|
|
|
Manufacturing, Administrative, Selling and Other Expenses |
1760.098 |
1322.382 |
1246.596 |
|
|
|
Director’s Remuneration |
3.668 |
3.762 |
3.612 |
|
|
|
TOTAL |
7499.199 |
7801.733 |
6429.876 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
948.310 |
1004.476 |
972.692 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
318.030 |
378.678 |
302.748 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
630.280 |
625.798 |
669.944 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
194.681 |
191.794 |
168.430 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
9.764 |
20.832 |
0.741 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIPONAL
ITEM |
109.234 |
112.604 |
21.156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
316.601 |
300.568 |
479.617 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
68.800 |
62.000 |
91.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
247.801 |
238.568 |
388.317 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.571 |
3.615 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
25.000 |
25.000 |
NA |
|
|
|
Dividend on Preference Share |
0.000 |
0.546 |
NA |
|
|
|
Dividend on Equity Shares |
166.882 |
152.975 |
NA |
|
|
|
Tax on Dividend |
27.717 |
26.091 |
NA |
|
|
|
Transfer to Exchange Fluctuation Reserve |
0.000 |
20.000 |
NA |
|
|
|
Transfer to Debenture Redemption Reserve |
30.000 |
15.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
0.773 |
2.571 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods and Services
(F.O.B. Value including Freight Realised) |
5199.568 |
6065.412 |
3839.751 |
|
|
|
Consultancy Fees |
0.285 |
0.000 |
0.000 |
|
|
|
Dividend income from Subsidiary Company |
27.903 |
31.151 |
46.477 |
|
|
TOTAL EARNINGS |
5227.756 |
6096.563 |
3886.228 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
132.109 |
13.537 |
2.942 |
|
|
|
Raw Materials, components and other purchases |
4929.447 |
5423.892 |
3143.559 |
|
|
|
Spares parts and chemicals |
11.348 |
8.431 |
3.952 |
|
|
TOTAL IMPORTS |
5072.904 |
5445.860 |
3150.453 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (Rs.) |
5.28 |
5.34 |
7.06 |
|
|
|
Earnings Per Share (Rs.) |
3.56 |
3.42 |
6.68 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2394.440 |
2615.040 |
1843.200 |
2467.140 |
|
Total Expenditure |
2076.240 |
2403.250 |
1664.630 |
2368.010 |
|
PBIDT (Excl OI) |
318.200 |
211.790 |
178.570 |
99.130 |
|
Other Income |
8.500 |
13.070 |
33.890 |
19.850 |
|
Operating Profit |
326.700 |
224.860 |
212.460 |
118.980 |
|
Interest |
80.870 |
25.470 |
70.150 |
53.340 |
|
Exceptional Items |
(0.370) |
(37.400) |
0.190 |
(13.500) |
|
PBDT |
245.460 |
162.000 |
142.500 |
52.130 |
|
Depreciation |
49.700 |
50.530 |
50.170 |
51.130 |
|
Profit Before Tax |
195.760 |
111.470 |
92.330 |
1.000 |
|
Tax |
50.000 |
11.000 |
18.50 |
22.50 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
145.760 |
100.470 |
73.820 |
(21.490) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
145.760 |
100.470 |
73.820 |
(21.490) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.93
|
2.71 |
5.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.78
|
3.46 |
6.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.35
|
4.30 |
7.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.60
|
0.58 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.46
|
3.18 |
2.77 |
LOCAL AGENCY FURTHER INFORMATION
Results:
The net profits of the Company grew from Rs 238.600 Millions to Rs 247.800 Millions on a standalone basis and
from Rs 1063.100 Millions to Rs 1315.300 Millions, on a consolidated basis. Some effects of the global economic meltdown during the previous fiscal were reflected in the financial results of the Company during the year. Total income on a standalone basis fell from Rs 8806.200 Millions to Rs 8447.500 Millions, and on a consolidated basis fell from Rs 13964.200 Millions to Rs 1,3120.900 Millions. The earnings before interest, tax and depreciation (EBITDA) fell from Rs 1004.500 Millions to Rs 948.300 Millions on a standalone basis, though the same increased from Rs 2576.000 Millions to Rs 2619.900 Millions on a consolidated basis. In order to reward the shareholders adequately, the Company has proposed a dividend of 120% an increase from last year’s dividend payout of 110%.
Business
Manaksia’s business consists of manufacturing of metal, packaging
products, value added metal products both aluminium and steel and as outsourced
manufacturer of mosquito repellant coils and vaporizers. The manufacturing
operations are presently carried on in
Economic Overview
Global economy seems to be expanding after the shock suffered during the last fiscal. Indian economy, however has just felt the blow of the global economic recession and the real economic growth has seen a fall, followed by lower exports, capital outflow and corporate restructuring. In order to sustain the economic growth during the time of this recession, the Government of India announced stimulus packages to prop up economic growth.
Industry Structure and Developments
The Company continues to operate in packaging, steel and aluminium industry and household insecticide segments. In the packaging segment, the Company operates mainly in the metal/plastic caps and containers segments. In the household insecticides segment, the Company is a contract manufacturer for mosquito repellants. The Company manufactures value added metal products in both steel and aluminium, mostly used in the construction, engineering and transportation segments. The year saw some growth in these segments as compared to the previous year.
The Company also operates in the value added metal segment
and metal packaging and paper segments in
The Company has set up a Steel Long Product Manufacturing facility at Georgia comprising of Steel Melting capacity of 1,00,000 MT which has already been commissioned and at present is under trial production producing about 2000 MT per month. Out of the envisaged Steel Rolling capacity of 2,00,000 MT the first phase of 1,00,000 MT per annum has already been commissioned and is under trial production, producing about 2000 MT per month. The second phase of the Steel Rolling capacity would be undertaken shortly.
Segment-wise performance
Metals Division
The value-added metal products manufactured by the Company are the principal contributor to the revenues and profits for the Company and its Subsidiary Companies.
While sales have increased in the steel segment, there has been fall in the sales in the Alumnimum segment due to cascading effect of the global meltdown.
The metals segment as a whole contributed to 75% of revenue and 73% of profits before interest and tax.
Aluminium Products
The domestic sales have improved in comparison to the previous year. The de-bottlenecking and downstream finishing equipment at the Haldia facility helped in improving the domestic margins. However, the impact of the Global recession was seen in the export division resulting in decrease in sales as compared to the previous year. Colour coated Metal Coils and Sheets Despite the poor economic conditions, performance in this segment (both steel and aluminium) was encouraging.
Galvanised Steel
Better price realization and improved demands both in international and domestic markets significantly contributed to the top line in this product segment.
Price realization of Aluminum Value Added Products
As the table below shows, there was a marked fall in LME price of aluminum from 2008-09 to 2009-10. However, the dollar has weakend in terms of Indian Rupee and the rupee value of aluminum on a average, fell about 20.70%.
Packaging Products
The renewed focus on this segment during the year under review has yielded positive results. In this segment, revenues for the year increased from Rs 985.900 Millions to Rs 1134.100 Millions on a standalone basis and from Rs 1457.100 Millions to Rs 1593.100 Millions on a consolidated basis. Earnings before interest and taxes on a standalone basis increased from Rs 110.000 Millions to Rs 126.200 Millions, while on a consolidated basis it went up from Rs 240.000 Millions to Rs 250.900 Millions. The segment contributed to 12% of consolidated revenue and 11% of consolidated profit before interest and taxes. Further efforts have been initiated towards widening the product horizon and improvement of existing product portfolios.
Mosquito Repellants
Revenues increased from Rs 315.500 Millions to Rs 622.000 Millions during the year and profits before interest and taxes went up from a loss of Rs 21.700 Millions to a profit of Rs 45.600 Millions. The increase in revenue is attributable to cost effective utilization of resources and on back to back increase in the turnover of the principal. The segment contributed to 5% of total revenue and 2% of profits.
Future Outlook
The Company is now in the process of consolidating the various projects and expansions that it had undertaken in the last several years.
Internal Control Systems
The Company had implemented ERP system SAP in the previous
year and presently it covers all the manufacturing locations of the Company in
Contingent
Liabilities not provided for in respect of:
(Rs. in
Millions)
|
|
|
31.03.2009 |
31.03.2008 |
|
1) |
Excise duty demands under appeal |
253.321 |
223.740 |
|
2) |
Sales tax and Entry tax demand under appeal. |
9.325 |
14.155 |
|
3) |
Income tax demands under appeal. |
7.353 |
10.291 |
|
4) |
Excise duty liability on goods exported pending submission of proof of
export. |
0.03 |
2.616 |
|
5) |
Custom Duty |
2.729 |
4.642 |
|
6) |
Service Tax |
0.460 |
- |
|
7) |
Civil |
0.058 |
0.058 |
|
8) |
Municipal Tax |
10.385 |
11.069 |
|
9) |
Demand by Haldia Development Authority towards Land Premium |
33.250 |
- |
|
10) |
Stamp Duty for Registration of Land |
4.945 |
- |
FIXED ASSETS:
«
Land
«
«
Building
«
Plant and Machinery
«
Electrical Installation
«
Electric Generator
«
Computer
«
Office Equipment
«
Furniture and Fixtures
«
Vehicles
«
Computer Software
WEBSITE DETAILS :
VISION
To emerge as an Indian multinational and deliver exceptional quality products
and services across the globe.
They will pursue the vision through the following:
Customers
Achieve a lasting partnership through an unwavering
commitment to excellence in everything they do.
Employees
Trust, respect and empower the employees to help them
achieve their goals.
Stakeholders
Work with concern and well being for the various
stakeholders - by sharing the responsibility of their economic, social, physical
and cultural environments.
MILESTONES
From Hindusthan Seals
to Manaksia Limited - a journey through time
2008: The Company
declares their IPO.
2005-06: Commencement of
commercial production at
2004-05: Expansion of product
horizon at
Aluminium Alloy Ingots set up.
2003-04: Manufacture of
Mosquito Coils starts at
Hindusthan Seals Limited the
second largest manufacturer of mosquito coils in the world.
Hindusthan Seals Limited renamed Manaksia Limited.
Trial production starts in
Aluminium Rolling Mill at Haldia.
2002-03: Mark Steels Limited,
a wholly owned subsidiary of Hindusthan Seals Limited for setting up an
integrated steel complex at
Purulia, inaugurates manufacturing facilities of 100 TPD of sponge iron.
Metal profiling line set up
through a subsidiary, Dynatech Industries Ghana Limited at
2001-02: Facilities for manufacture of Mosquito Coils set up at
Manufacture of Corrugated
Cardboard Boxes commences at
Commercial Production at
Facilities for manufacture of
value-added Aluminium products and Continuous Galvanising Line set up at
Bankura.
2000: Facilities for
manufacture of Mosquito Coils set up at Bankura.
Hindusthan Seals Limited - the
largest manufacturer of ROPP caps and closures in
1999: Manufacturing unit
set up at Bankura for manufacture of ROPP caps and mosquito coil stands.
Facilities for manufacture
of Mosquito Coils set up at
1997-98: New Unit of Manaksia Closures Private Limited for
manufacture of crown closures set up at
New factory of Manaksia
Crowns Private Limited set up at Silvassa for manufacture of crown closures.
Facilities for printing of metal
sheets and manufacture of stands for mosquito coils set up at Liluah.
Manaksia Crowns Private Limited,
Manaksia Closures Private Limited and Kunststoff Polymers Private
Limited merged with Hindusthan
Seals Limited.
1996: Manaksia
Industries Private Limited commences business initially though trading
operations and then
manufacturing of ROPP caps and
crown closures start.
1995: Overseas
operations visualised at
Limited.
1994: Auro
Enterprises Private Limited, Manaksia Containers Private Limited, R.K.
Aluminium Private Limited
and Mandwara Polymer Chemie
Private Limited are merged with Hindusthan Seals Limited.
1991-92: Kunststoff Polymers Private Limited commences manufacture
of Expanded Polyethylene wads at
1989-90: Manaksia Crowns
Private Limited commences manufacture of ROPP caps and crowns at
1988-89: Operations commence at Mandwara Polymer Chemie Private
Limited factory at Haripal for the
manufacture of printing ink,
lacquers and varnishes.
Work for setting up of new
factories of Manaksia Closures Private Limited and Kunststoff Polymers
Private Limited, starts at
1986-87: Facilities of Manaksia Crowns Private Limited for
manufacture of Crown Closures and facilities of Auro
Enterprises Private Limited for
manufacture of PP caps and printing of metal sheets, set up at
1984-85: Hindusthan Seals Limited incorporated as a public limited
company in December 1984 to take over the
assets of the proprietorship
firm Hindusthan Seals. First Directors, Shri B.K. Agrawal, Shri S.K. Agrawal
and Shri B.D. Agrawal. Shares of the Company are
listed in the Calcutta Stock Exchange.
Kunststoff Polymers Private
Limited, Auro Enterprises Private Limited, Manaksia Crowns Private
Limited, Manaksia Closures
Private Limited, Mandwara Polymer Chemie Private Limited incorporated as
private limited companies.
1982-83: The Delhi Branch of
Hindusthan Seals set up.
R.K. Aluminium Private Limited
commences business in rolling of stainless steel.
Manaksia Containers Private Limited commences
business in manufacture of PP caps and metal
containers.
Aluminium and Allied
Products, a proprietorship firm set up by Shri Sunil Kumar Agrawal for
manufacture of stainless steel
utensils at 114/99,
1980-81: R.K. Aluminium Private Limited incorporated for
installation of rolling mill for stainless steel at 114/99,
Manaksia Containers Private
Limited incorporated for manufacture of ROPP caps and metal containers
at 15,
The Hyderabad Branch of
Hindusthan Seals set up.
1979: Shri B.K.
Agrawal and others incorporate a private limited company under the name and
style of
Manaksia
The
1978:
ROPP caps at 211,
Hindusthan Sheets and Metal
Works, a proprietorship firm set up by Shri B.D. Agrawal for manufacture
of ROPP caps at 211,
Hind Supply and Manufacturing
Corporation, a proprietorship firm set up by Shri S.K. Agrawal for
manufacture of ROPP caps at 211,
The Bangalore Branch of
Hindusthan Seals set up.
1972: Shri Basant
Kumar Agrawal, an entrepreneur and visionary par excellence sets up Hindusthan
Seals, a
proprietorship firm at 95/1,
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
|
1 |
Rs.72.93 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.