MIRA INFORM REPORT

 

 

Report Date :

26.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MAN INDUSTRIES (INDIA) LIMITED

 

 

Formerly Known As :

MAN ALUMINIUM LIMITED

 

 

Registered Office :

102, Man House, Opp. Pawan Hans, S.V. Road, Vile Parle (W), Mumbai – 400 052, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

19.05.1988

 

 

Com. Reg. No.:

11-47408

 

 

Capital Investment / Paid-up Capital :

Rs.267.674 millions

 

 

 

CIN No.:

[Company Identification No.]

L99999MH1988PLC047408

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMM20899E

 

 

PAN No.:

[Permanent Account No.]

AAACM2675G

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturing of Submerged Arc Welded Pipes, Aluminium Extruded Sections / Profiles and Spirally Welded Tubes and Pipes.

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (63)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 19000000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and a reputed company having fine track. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered normal for 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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Amit

Designation :

Finance Manager

Contact No.:

91-22-66477500

Date :

20.06.2011

 

 

LOCATIONS

 

Registered/ Corporate Office :

102, Man House, Opp. Pawan Hans, S.V. Road, Vile Parle (W), Mumbai – 400 052, Maharashtra, India

Tel. No.:

91-22-66477500 / 2610 8888

Fax No.:

91-22-66477600 / 01

E-Mail :

enquiry@maninds.org

man-sec@maninds.org

sujal.sharma@maninds.org

rajesh.parte@maninds.org

Website :

http://www.mangroup.com

 

 

Administrative Office :

1, Chandrageet, 120, S. V. Road, Andheri (West), Mumbai - 400 058, Maharashtra, India

Tel. No.:

91-22-26201365-8

Fax No.:

91-22-26203561

E-Mail :

maninds@giasbm01.vsnl.net.in

manindia@bom4.vsnl.net.in

Website :

http://www.mangroup.com

 

 

Central Office :

Man House, 15 PU 3, Scheme 54, A. B. Road, Indore – 452 008, Madhya Pradesh, India

Tel. No.:

91-731-559070/ 71 / 72 / 73

Fax No.:

91-731-557891/ 92

E-Mail :

manindia@bom4.vsnl.net.in

Website :

http://www.mangroup.com

 

 

Overseas Offices :

Located at UK and UAE

 

 

Factory  :

Pipe and Coating Division (Pithampur):-

Plot No. 257/258 B, Sector No. 1, Pithampur Industrial Area, District : Dhar, Pithampur - 454775, Madhya Pradesh, India

Tel. No. 91-7292-253666/253659/253291

Fax No.: 91-7292-253257

 

PIPE AND COATING COMPLEX (ANJAR):- (EXPANSION PROJECT)

Village : Khedoi, Mundra Highway, Taluka : Anjar, District : Kutch (Gujarat)

Tel. No : 91-2836-275751/ 275752

Fax No.: 91-2836-275750

 

 

Delhi Office

902, 9th Floor, Indraprakash Building, 21 Barakhamba Road, New Delhi – 110 001, India

Tel No:

91-11-23359405/ 23314473

Fax No:

91-11-23731920

Email :

mandelhi@maninds.org

 

 

United Kingdom

No 54, Colum Road, Cathy’s,Cardiff cf10 3ej, Wales. (UK)  

Tel No:

0044 7775905222

 

 

Dubai :

LOB 16, Office No.16241, P.O Box- 18737, Jebeli Ali, UAE

Tel / Fax :

97165724626 / 4616

E-Mail :

mangroup@emirates.net.ae

 

 

Dubai :

AU-30-E, AU Tower Gold, Jumeira Lakes Towers, Dubai – UAE

Tel No:

+ 971 4 4327909

Fax No:

+ 971 4 4328219

 

 

DIRECTORS

 

(AS ON 31.03.2010)

 

Name :

Mr. R. C. Mansukhani

Designation :

Chairman

 

 

Name :

Mr. J. C. Mansukhani

Designation :

Managing Director

 

 

Name :

Mr. J. L.  Mansukhani

Designation :

Director

 

 

Name :

Mr. Sudatta Mandal

Designation :

Director

 

 

Name :

Mr. Kirit Damania

Designation :

Director

 

 

Name :

Mr. Vijay G. Kalantri

Designation :

Director

 

 

Name :

Mr. Vijay Ranchan

Designation :

Director

 

 

Name :

Mr. Sudatta Mandal

Designation :

Director (Nominee Exim Bank)

 

 

KEY EXECUTIVES

 

Name :

Mr. Anil Cherian

Designation :

Company Secretary

 

 

Name :

Mr. Sujal Sharma

Designation :

Company Secretary

 

 

Management Team:

·         Mr. Sunil Trehan – Chief Executive and Executive Director

·         Mr. Harjit Singh Bedi – Director – Technical

·         Mr. Ajay Jain Director – Finance

·         Mr. K. G. Mantri Senior Vice President – Corporate Affairs

·         Mr. Lalit Tolwani Senior Vice President – Operations

·         Mr. S. K. Srivastava Senior Vice President – Operations

·         Mr. Anuj Nigam Senior Vice President – Commercial

·         Mr. Shashikant Modi Senior Vice President – Business Development

·         Mr. Umesh Rastogi Vice President – Business Development and Technical Services

·         Mr. D. K. Jethani Vice President – Works

·         Mr. Pankaj Nigam Vice President – Marketing

·         Mr. Rajesh Saxena Asst. Vice President – Procurement

·         Mr. K. R. Patidar Asst. Vice President – Works

·         Mr. Sanjay Sohani Asst. Vice President – Project and Maintenance

·         Mr. Abhilesh Ojha Senior General Manager – Accounts and Taxation

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Category of Shareholder

Total No. of Shares

% of total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

Description: http://bseindia.com/images/clear.gif(1) Indian

 

 

Description: http://bseindia.com/images/clear.gifIndividuals / Hindu Undivided Family

16,064,144

29.06

Description: http://bseindia.com/images/clear.gifBodies Corporate

4,163,336

7.53

Description: http://bseindia.com/images/clear.gifSub Total

20,227,480

36.59

Description: http://bseindia.com/images/clear.gif(2) Foreign

 

 

Description: http://bseindia.com/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

9,818,059

17.76

Description: http://bseindia.com/images/clear.gifSub Total

9,818,059

17.76

Total shareholding of Promoter and Promoter Group (A)

30,045,539

54.35

(B) Public Shareholding

 

 

Description: http://bseindia.com/images/clear.gif(1) Institutions

 

 

Description: http://bseindia.com/images/clear.gifMutual Funds / UTI

11,800

0.02

Description: http://bseindia.com/images/clear.gifFinancial Institutions / Banks

755,500

1.37

Description: http://bseindia.com/images/clear.gifInsurance Companies

2,244,191

4.06

Description: http://bseindia.com/images/clear.gifForeign Institutional Investors

790,359

1.43

Description: http://bseindia.com/images/clear.gifAny Others (Specify)

2,800

0.01

Description: http://bseindia.com/images/clear.gifForeign Financial Institutions

2,800

0.01

Description: http://bseindia.com/images/clear.gifSub Total

3,804,650

6.88

Description: http://bseindia.com/images/clear.gif(2) Non-Institutions

 

 

Description: http://bseindia.com/images/clear.gifBodies Corporate

7,939,556

14.36

Description: http://bseindia.com/images/clear.gifIndividuals

 

 

Description: http://bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

5,356,724

9.69

Description: http://bseindia.com/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

2,774,053

5.02

Description: http://bseindia.com/images/clear.gifAny Others (Specify)

907,890

1.64

Description: http://bseindia.com/images/clear.gifClearing Members

449,392

0.81

Description: http://bseindia.com/images/clear.gifNon Resident Indians

323,806

0.59

Description: http://bseindia.com/images/clear.gifForeign Corporate Bodies

132,692

0.24

Description: http://bseindia.com/images/clear.gifTrusts

2,000

-

Description: http://bseindia.com/images/clear.gifSub Total

16,978,223

30.71

Total Public shareholding (B)

20,782,873

37.59

Total (A)+(B)

50,828,412

91.94

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

Description: http://bseindia.com/images/clear.gif(1) Promoter and Promoter Group

-

-

Description: http://bseindia.com/images/clear.gif(2) Public

4,456,462

8.06

Description: http://bseindia.com/images/clear.gifSub Total

4,456,462

8.06

Total (A)+(B)+(C)

55,284,874

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing of submerged Arc Welded Pipes, Aluminium Extruded Sections / Profiles and Spirally Welded Tubes and Pipes.

 

 

Products :
Item Code No

 
Product Description

7305

Submerged Arc Welded Pipes

7610

Aluminium Extruded Sections / Profiles

 

 

Exports :

 

Countries :

Middle East and UK

 

 

Imports :

 

Countries :

Europe and UK

 

 

GENERAL INFORMATION

 

Suppliers :

·         Amin Machinery

·       Anukampa Salt and Chemicals

·       Carbonic Industries

·       Dwekam Electrodes

·       Geeta Machnies

·       Hydmark Applicon

·         Malwa Tools Private Limited

·         Motiwale Engineering

·         Rainbow Rub Tech

 

 

Customers :

·         Gas Authority of India Limited

·         Indian Oil corporation Limited

·         Bharat Petroleum Corporation Limited

·         Hindustan Petroleum Corporation Limited

·         ONGC, India.

·         Engineers India Limited

·         Reliance Industries Limited

·         Essar Constructions Limited

·         Larsen and Toubro Limited

·         Bharat Heavy Electricals Limited

·         Mangalore Refineries and Petrochemicals Limited

·         Adani Ports Limited

·         Various Water Supply Boards.

·         Petrojet, Egypt.

·         ENPPI, Egypt.

·         S.C.O.T., Syria.

·         Sonatrach, Algeria.

·         Petrodar, Sudan.

·         Shell Global International B.V.

·         Saipem, Italy.

·         Boskalis Int., Netherlands.

·         Hyundai Engg., Korea.

·         PT. J. Ray McDermott.

·         NIGC, Iran.

·         NIOEC, Iran.

·         NIOC-Pedec, Iran.

·         NOC and SOC, Iraq.

·         S.C.O.P., Iraq.

·         PDO, Oman.

·         Qatar Petroleum, Qatar.

·         NMDC, Abu Dhabi.

·         NPCC, Abu Dhabi.

·         Adma Opco, UAE.

·         Saudi Aramco, Saudi Arabia.

·         KOC, Kuwait

·         KOC-Saudi Texaco JO, Kuwait.

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :

·         State Bank of India

Commercial Branch, Indore And Overseas Branch, Mumbai, Maharashtra, India

 

·         State Bank of Indore

P. Y. Road, Indore, Madhya Pradesh, India

 

·         Bank of Baroda

Mumbai Main Branch, Fort, Mumbai, Maharashtra, India

 

·         ICICI Bank Limited

Mumbai, Maharashtra, India

 

·         Axis Bank

Fort Branch, Mumbai, Maharashtra, India

 

·         Bank of India

Andheri Branch, Mumbai, Maharashtra, India

 

·         HSBC Bank

 

·         Barclays Bank

Worli Branch, Mumbai, Maharashtra, India

 

·         Corporation Bank

IFB, Fort, Mumbai, aharashtra, India

 

·         ABN Amro Bank

Nariman Point, Mumbai, Maharashtra, India

 

·         Union Bank of India

Fort, Mumbai Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2010

(Rs. In Millions)

From Financials institutions and Bank

 

Working Capital Loans

 

Cash Credit/ WCDL/FCNR-B

656.026

 

 

Term Loan

 

Rupee Term Loans

343.750

Foreign currency Term Loans

247.403

 

 

Total

1247.179

 

Note:

 

Term Loans from Banks and Financial Institutions are secured by way of first pari-passu charge on fixed assets and second pari-passu charge on movable assets of the Company.

 

Working Capital facilities by banker’s are secured by first pari-passu charge on all the movable assets and second pari-passu charge on the immovable assets of the Company.

 

Unsecured Loans

31.03.2010

(Rs. In Millions)

Foreign Currency Convertible Bonds

1790.460

From Bank

46.485

 

 

Total

1836.945

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Rohira Mehta and Associates

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Membership :

Confederation of Indian Industry.

 

 

Associates/Subsidiaries :

·         MAN Group of Companies

·         Man Infraprojects Limited

·         Merino Shelters Private Limited

·         Man USA Inc.

·         Man Overseas Metals DMCC

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

70000000

Equity Shares

Rs.5/- each

Rs.350.000 millions

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

53534874

Equity Shares

Rs.5/- each

Rs.267.674 millions

 

Of the Above Equity Shares:

 

13461540 equity shares of Rs.5/- each issued on March 22, 2006 as underlying shares to the Global Depository Receipt each representing one equity shares.


 

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

267.674

266.424

266.424

2] Share Application Money

19.688

0.000

0.000

3] Reserves & Surplus

4365.093

3812.262

3395.541

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4652.455

4078.686

3661.965

LOAN FUNDS

 

 

 

1] Secured Loans

1247.179

1614.745

1026.842

2] Unsecured Loans

1836.945

2030.000

2068.209

TOTAL BORROWING

3084.124

3644.745

3095.051

DEFERRED TAX LIABILITIES

545.396

527.062

421.296

 

 

 

 

TOTAL

8281.975

8250.493

7178.312

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4146.444

4353.131

2825.509

Capital work-in-progress

75.541

126.709

1052.079

 

 

 

 

INVESTMENT

338.232

426.577

333.822

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
2722.546
2340.499

2783.148

 

Sundry Debtors
1561.757
5191.510

2165.499

 

Cash & Bank Balances
3566.160
1895.726

1162.259

 

Other Current Assets
0.000
0.000

0.000

 

Loans & Advances
2659.073
2811.192

2635.379

Total Current Assets
10509.536

12238.927

8746.285

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditor
5784.123

8260.252

4635.801

 

Other Current Liabilities & Provisions
1028.636

672.365

1193.843

Total Current Liabilities
6812.759
8932.617

5829.644

Net Current Assets
3696.777
3306.310

2916.641

 

 

 

 

MISCELLANEOUS EXPENSES

24.981

37.766

50.261

 

 

 

 

TOTAL

8281.975

8250.493

7178.312

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

15242.908

18829.273

15000.752

 

 

TOTAL                                     (A)

15242.908

18829.273

15000.752

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

11038.743

14222.148

11576.835

 

 

Increase/(Decrease) in Finished Goods

267.389

510.992

0.000

 

 

Salaries, Wages, Bonus, etc.

365.711

400.961

327.338

 

 

Operating and Other Expenditure

1827.691

2184.286

1413.960

 

 

TOTAL                                     (B)

13499.534

17318.387

13318.133

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1743.374

1510.886

1682.619

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

369.751

449.463

314.189

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1373.623

1061.423

1368.430

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

368.154

349.941

281.724

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1005.469

711.482

1086.706

 

 

 

 

 

Less

TAX                                                                  (H)

334.574

237.215

374.577

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

670.895

474.267

712.129

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1892.580

1565.328

--

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

67.089

47.427

--

 

 

Proposed Dividend

93.686

79.927

--

 

 

Corporate Dividend Tax

15.924

13.584

--

 

 

Profit and Loss Appropriation

4.169

6.077

--

 

BALANCE CARRIED TO THE B/S

2382.607

1892.580

--

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

6126.280

10437.557

9493.928

 

TOTAL EARNINGS

6126.280

10437.557

9493.928

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

5619.370

8235.813

8590.375

 

 

Capital Goods

36.935

584.310

534.506

 

 

Others

48.390

99.225

22.687

 

TOTAL IMPORTS

5704.695

 8919.348

9147.568

 

 

 

 

 

 

Earnings Per Share (Rs.)

12.41

8.90

--

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

(1st Quarter)

30.09.2010

(2nd Quarter)

31.12.2010

(3rd Quarter)

31.03.2011

(4th Quarter)

 

30.06.2011

(5th Quarter)

30.09.2011

(6th Quarter)

Net Sales

3326.500

4185.500

4398.600

4403.600

4834.200

4456.400

Total Expenditure

2812.800

3664.800

3855.600

4402.400

4308.300

3906.400

PBIDT (Excl OI)

513.700

520.700

543.000

1.200

525.900

550.000

Other Income

0.000

0.000

0.000

16.000

0.000

0.000

Operating Profit

513.700

520.700

543.000

17.200

525.900

550.000

Interest

81.500

57.100

71.800

0.000

79.800

71.500

Exceptional Items

0.000

0.000

0.000

0.000

0.000

0.000

PBDT

432.200

463.600

471.200

17.200

446.100

478.500

Depreciation

99.200

95.100

99.500

97.700

97.100

99.000

Profit Before Tax

333.000

368.500

371.700

(80.500)

349.000

379.500

Tax

110.600

114.200

115.000

(266.700)

113.200

122.100

Provisions and contingencies

0.000

0.000

0.000

0.000

0.000

0.000

Profit After Tax

222.400

254.300

256.700

186.200

235.800

257.400

Extraordinary Items

0.000

0.000

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

0.000

0.000

Net Profit

222.400

254.300

256.700

186.200

235.800

257.400

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
4.40

2.52

4.75

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
6.60

3.78

7.24

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
6.86

4.29

9.39

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.22

0.17

0.30

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.13

2.19

1.59

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.54

1.37

1.50

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY:-

 

Subject was incorporated on 19th May, 1988 at Mumbai in Maharashtra under the name and style of Man Aluminium Limited having Company Registration Number 47408.

 

Subsequently, the name of the company was changed to the present.

 

Man Industries India (MIIL), manufacturer of SAW pipes, Spiral pipes and Aluminium extrusions is part of Mumbai based 'The Man Group'. 

 
Even though MIIL, which commenced its operations with manufacture of aluminium extrusions, the company's diversification into manufacture of SAW/Spiral pipes is presently contributing more to the company's turnover than the aluminium extrusion division. 

 
The company promoted by Rameshchandra Mansukhani and incorporated on March 19, 1988 has its aluminium extrusion plant at Pithampur, Madhya Pradesh. The pipes division of the company which include both Saw Pipe manufacturing facility and Spiral Pipe and Coating also located at Pithampur, MP near to the aluminium extrusion plant.  

 
The company has Collaboration agreement with Chr. Haeusler, Switzerland for API-grade longitudinally welded SAW pipes. The SAW pipe division at Pithampur, which commenced production in Dec.'95 and having an installed capacity of 50,000 tpa can manufacture pipes of diameters between 18 inches and 54 inches and thicknesses between 6 mm and 25.4 mm and of lengths upto 12 mtr.  


The company tapped the Capital Market in Aug '89 to part finance its project to manufacture 4000 tpa of aluminium extrusions in Pithampur and this project commenced commercial production in May 1990. Again in Aug 1994 the company came out with right issue to part finance its project involving expansion of aluminium extrusion capacity and diversification into manufacture of SAW Pipes.  

 
The capacity of the aluminium extrusion plant was expanded by putting up an imported 1100-tpa press which started production in Oct.'95. The expansion-cum-diversification was part-financed by a rights-cum-public issue in Aug.'94. The company proposed two new projects for P E Coating of Pipes and Spiral Pipe Mill within the existing vicinity of its saw pipes plant at Pithampur is going in full swing and the commercial production was expected by October, 1998. 

 
The Company's Spiral Pipe Project was commissioned and commercial production was started in April 99. Company also completed diversification of pipe division. The Company had set up a 3-Layer Poly Ethylene Coating Plant at Pithampur for coating of pipes manufactured inhouse and also carry out job work of coating of pipes. The production was started as per the schedule. 

 
The company is now eligible to bid for major trunk line projects both in domestic and as well in international level as it has upgraded its facilities to meet international standards. Further the company has also got certified with ISO 9002.

 

Achievements made by the Man Group :

 

·         An ISO 9001/14001/18001 Company

·         Largest Exporters to Europe of Aluminium Extrusions

·         American Petroleum Institute (API) Certification

·         Certified by Engineers India Limited (EIL)

·         Government recognized “Export House” status.

·         Recipient of Export Excellence Award 1993 and 1994

·         Recipient of Management Excellence Award in 1995

·         Recipient of Rajeev Ratna Award in 1994

·         Recipient of EEPC Award in 1996 and 1999

·         Recipient of “Niryat Shree” Award of FIEO for 2001-2002

 

RESULTS OF OPERATIONS:

 

Net sales and other income for the standalone entity changed to Rs.15242.900 Millions from Rs.18829.300 Millions in the previous year – a decline of 19.04%. The operating profit (PBDIT) witnessed an increase of 15.39% from Rs.1510.900 Millions in 2008-09 to Rs.1743.400 Millions in 2009-10. The profit after tax (PAT) showed a robust growth of 41.45% at Rs.670.900 Millions from Rs.474.300 Millions in the previous year.

 

SUBSIDIARIES:

 

As of today, the Company has the following Subsidiaries:-

 

1. Man Infraprojects Limited. (Incorporated in India)

 

2. Man USA INC (Incorporated in USA)

 

3. Man Overseas Metal DMCC (Incorporated in UAE)

 

4.  Merino  Shelters  Private Limited (Incorporated in India).  It  is  the subsidiary  of Man Infraprojects Limited and by virtue of Section 4 of  the Companies Act, 1956 it becomes subsidiary of the Company.

 

FUTURE OUTLOOK:

 

The Company has current order book position of approx. Rs.20000.000 Millions. The company is in the bidding stage for many projects both in International and domestic market for supplying pipes worth Rs.50000.000 Millions.

 

The company currently boasts of a total manufacturing capacity of one million tons divided equally between HSAW and LSAW.

 

Securing orders approx. Rs.20000.000 Millions clearly displays the strong credentials of the company among its large clientele. The Company has done well in the recent past and they are confident of charting out a strong growth trajectory in the near future too. The Company has also participated in several bids globally and expects the growth trend in orders to continue in the coming quarters.

 

LISTING AND DEMAT OF SHARES:

 

The equity shares of the Company are listed with  Bombay  Stock  Exchange Limited and National Stock Exchange Limited and the GDRs of the Company are listed with NASDAQ Dubai.

 

As  on  31st  March,  2010,  51,505,974  Equity  shares  of  the   Company, representing 96.21% of its issued capital, were held in dematerialized form and  the balance 3.79% representing 20,28,900 shares were held in  physical form.

 

MANAGEMENT'S DISCUSSION AND ANALYSIS

 

MACRO-ECONOMIC SCENARIO:

 

The global economy has revived to a large extent from one of the most extreme recessions in the last 75 years. Although the impact in India was lower due to limited exposure to global economy and strong demand by the domestic consumption.

 

India is again back on the growth track with a GDP growth rate of 8.6% registered in the last quarter of 2009-10.

 

With the revival in the Domestic and Global economy, oil prices are picking up resulting into increase of exploration activities, which has led to the demand for the Pipes. Strong order book of the Indian Pipe manufacturing companies signals towards the same.

 

BUSINESS REVIEW:

 

Today pipes are the most preferred mode of transport for liquids and  gases globally. Different types of pipes are used for different applications and uses. The types  of pipes also differ on the  product  being  transported through it.

 

Pipes are generally used for transporting the following products:

 
 

Being  the most economical and dependable mode of supply, pipeline  can  be considered  as  the  long-term infrastructure solution to  the  problem  of product  transport. Major advantages of this mode over other modes are as under:

 

 

 

 
 

GLOBAL INDUSTRY OVERVIEW:

 

Pipeline systems are recognized as both the safest transportation mode and the most economical way of distributing the vast quantities of oil and natural gas from production fields to refineries and from refineries to consumers. In comparison to railroad, they have lower operating cost per unit and also higher capacity.

 

Currently there is an overcapacity in the global system but Large Global Companies like El Paso, Trans Canada and Kinder Morgan has plans to invest billions of dollars in several mega projects over the next few years which augur well with the demand led growth. As per global consultancy, Simdex, March 2010 report the Global future pipeline demand is seen at more than 200,000 kms in the next five years. New demand is primarily emerging from Asia, Middle Eastern markets such as Iran, Iraq, UAE, Qatar, etc along with markets in Africa such as Algeria, Libya, Nigeria, etc. This is on account of setting up of basic Oil and Gas transportation infrastructure in these regions.

 

Owing to the low cost manufacturing capabilities with world class quality standards, Indian pipe producers are poised to benefit significantly from robust global demand.

 

DOMESTIC INDUSTRY OVERVIEW:

 

The Indian Large Diameter Pipe industry is among the world’s top three manufacturing hubs after Japan and Europe. Indian Line Pipe Industry is approximately USD 5 Billion in size. Currently, there is an overcapacity in the domestic system also but India is still way behind in terms of Pipeline density, which stands at 3 km/1000 sq. kms as compared to 50km/1000 sq. kms in USA, UK and China, providing ample scope for complete utilization of the existing facilities and further capacity expansion. Given the demand of gas in India, India needs around 15,000 kms of pipelines in coming years.

 

India is witnessing a spurt in construction of pipelines as the domestic gas availability is poised to increase two-fold over the next four years. The government is also planning to build national gas highways. Recently announced NELP VIII also provides thrust to the growing demand for the pipeline infrastructure.

 

Moreover, water and irrigation offers a very strong business opportunity for Indian pipe manufacturers. The 11th five-year plan envisages around US$83bn of investments in irrigation and water supply and sanitation over FY08–12E.

 

Indian Domestic Sector itself provides huge opportunities for line pipe sector. As Gas has become the ‘FUTURE FUEL’ construction of pipeline infrastructure has become inevitable. Indian Pipe Manufacturers are well poised to capitalize on the available domestic opportunities.

 

FUTURE OUTLOOK:

 

In view of the excessive demand for Pipelines due to various reasons stated above, the future for Pipeline business will always be bright.

 

MAN has set up its Anjar Plant at such strategic location in the coastal belt of the country. This enables them to minimize transportation cost by strategically catering to their customers from their facilities depending on the geographical location of the project. Their Anjar facilities, located  in close  proximity  to  the  Mundra and Kandla ports,  enable  them to  reduce transportation cost on export orders as well as inland transportation  cost on  imported raw materials such as steel plates and coils. Their ability to provide anticorrosion and cement mortar coatings further enables them to reduce transportation costs.

 

Exports have been an important source of their growth and they intend to continue to focus on their international markets. A significant part of  their exports of SAW pipes are for use in the energy industry in oil and  natural gas exploration and transportation and in oil refineries in the Middle East and various African and South-East Asian countries. In financial year 2008-09 sales  in  their  international markets comprised  55.08%  of  their  gross revenues.  They intend to continue to leverage their quality products  and  their long-standing   relationships  and  credentials  with   their   international customers to further develop their international markets.

 

The capacity is divided equally between LSAW and HSAW, which gives a strategic advantage of stability in performance of the Company in case of any shift in demand from one segment to the other.

 

They also  intend  to  further  strengthen  their  presence  in  strategically important  international markets, such as in the Middle East and  in  North and  South  America, which have significant oil and gas reserves  and  high potential  for  large  pipeline projects. They have established a regional office  in  the U.A.E. and intend to focus on projects in the  Middle  East region as well as in certain African countries. In pursuing their strategies, they seek to identify markets where they believe they can provide cost advantages to their customers.

 

CONTINGENT LIABILITIES NOT PROVIDED IN RESPECT OF:

 

PARTICULARS

31.03.2010

(Rs. in Millions)

 

 

Guarantees / Letter of Credit outstanding

7979.713

Excise Duty / Service Tax Matters

417.822

Entry Tax / Sales Tax Matters

57.146

Income Tax Matters

8.621

Estimated amount of contract remaining to be executed on capital account

(net of advances)

35.500

Corporate Guarantee Issued

2157.400

 

 

Total

10656.202

 
 
 

DIRECTORS’ PROFILE

 

Brief resume of all the Directors, nature of their expertise in specific functional areas and names of companies in which they hold directorships, memberships/chairmanships of Board Committees and their shareholding in the Company are provided below:

 

Mr. Rameshchandra Mansukhani

 

Mr. Rameshchandra Mansukhani, aged 54 is a promoter of the Company. He is Director of the Company since incorporation. He has done Post Graduation in Economics and LLB. He has career spanning of over 20 years of contribution in the field of manufacturing. He has created a successful business set up in UK, UAE and India. He is also very active in keeping up the welfare activities and social obligations. He holds 10,334,226 shares of the Company in his name as on 31st March, 2010. He is on the board of following companies:

 

• Man Infraprojects Limited

• Merino Shelters Private Limited

• Man Global Limited (Formerly Mansukhani Builders Private Limited)

• Man Overseas Metals DMCC

 

Mr. Jagdishchandra Mansukhani

Mr. Jagdishchandra Mansukhani aged 51 is a Graduate in Arts. He is Director of the Company since incorporation. He has career spanning of over 20 years of contribution in the field of manufacturing. He is an efficient and enthusiastic young entrepreneur as well with enormous capacity to work hard and had played a significant role in the exponential growth of the Man Group. He holds 9,910,007 Company in his name as on 31st March, 2010. He is on the board of following companies:

 

• Man Infraprojects Limited

• Merino Shelters Private Limited

• JPA Holdings Private Limited

• Man Overseas Metal DMCC

 

Mr. J. L. Mansukhani

Mr. J. L. Mansukhani aged 77 is a business man and industrialist. He has been involved in the construction, metal trading and steel industry for over five decades. He holds 810,831 shares of the Company in his name as on 31st March, 2010. He has been on the Company’s Board since its incorporation in 1988. He is on the Board of Man Infraprojects Limited.

 

Mr. Kirit N. Damania

 

Mr. Kirit N. Damania, aged 77 is leading solicitor in Mumbai and is a senior partner in Kirit N. Damania and Company, Advocate and Solicitors. He is a Director of the Company since 11th July 1989. He is not holding any shares in the Company. Mr. Kirit N. Damania is the Chairman of the Audit Committee of the Company. He is on the Board of folowing companies:

 

• Living Room Life Style Limited

• Kirit Damania Investment and Consultancy Private Limited

 

Mr. Vijay G. Kalantri

 

Mr. Vijay G. Kalantri, aged 61 years is an industrialist and President of AIAI. He is on the board of many corporates in India and having wide experience of more than 25 years in various industries. He is not holding any shares of the Company. Mr. Kalantri is a member of the Audit Committee. He is holding Directorship in the following Companies:

 

• Balaji Infra Projects Limited

• Hindustan Housing Finance and Development Corporation Limited

• VIP Industries Limited

• Vindyachal Hydro Power Limited

• Zicom Electronic Security System Limited

• Shree Ram Urban Infrastructure Limited

• Dighi Port Limited

• Dighi Project Development Company Limited

• S. Kumar Nationwide Limited

• Soverign Diamonds Limited

• Gannon Dukerley and Company Limited

• Dighi Rail Infrastructure Limited

• Goenka Diamond and Jewals Limited

• Courier Publications Private Limited

• Laqshya Media Private Limited

 

He is also member of the Audit Committee of the following Companies:

 

• S. Kumar Nationwide Limited

• VIP Industries Limited

• Zicom Electronic Security Systems Limited

 

Mr. Suddatta Mandal

 

Mr. Suddatta Mandal aged 42 holds Bachelors degree in Engineering and a Masters degree in Business Administration. He is working with EXIM Bank and has corporate experience of approximately 15 years. He is not holding any shares of the Company. He is a nominee of EXIM Bank on the Board and was appointed in 2005. He is on the Board of Malladi Drugs and Pharmaceuticals Limited.

 

Mr. Ramesh Chandra Jindal

 

Mr. Ramesh Chandra Jindal aged 62 has over 30 years experience in Oil and Gas Industry. He has an expertise in Construction, Operations, Projects, Engineering, Materials and Maintenance Function. He was appointed as Director of the Company on 16th May, 2008. He is not holding any shares of the Company.

 

Mr. R.C. Jindal, Director – Operations has resigned from the Board w.e.f. 31st July, 2009

 
 
 
UNAUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 30TH SEPTEMBER 2011
 
(Rs. in millions)
Particulars
 
Quarter Ended on
30.09.2011
(Review)
 
 
Half Year Ended
30.09.2011
(Review)

1. Gross Sales / Income from operations

 
4539.900
 
9471.400

Less: Excise Duty 

83.500
 
180.700

Total Income

 
4456.400
 
9290.700

2. Total Expenditure

 
3906.400
 
8214.800

a) (Increase)/ Decrease in stock 

60.700
 
566.200

b) Consumption of raw materials

 
3125.800
 
6113.100

c) Staff Cost 

119.900
 
238.400

d) Other expenditure

 
600.000
 
1297.100

3. Interest & Financial Cost 

71.500
 
151.200

4. Depreciation 

99.000
 
196.100

5. Profit before tax 

379.500
 
728.600

6. Provision for taxation 

122.100
 
235.400

a) Deferred 

[12.600]
 
[16.600]

b) Current 

134.700
 
252.000

7. Net Profit 

257.400
 
493.200

8. Cash Profit 

343.800
 
672.700

9. Paid up equity share capital (Face value of Rs.10/- per share)

 
276.400
 
276.400

10. Reserves excluding revaluation reserves as per balance sheet of previous accounting year

 
--
 
--

11. Basic Earning per share (EPS) for the period/ year  

4.66
 
8.92

12. Cash EPS (Rs.) 

6.22
 
12.17

13. Non-Promoters shareholding 

 
 
 

Number of shares

 
25239335
 
25239335

Percentage of shareholding

 
45.65%
 
45.65%

Promoters and Promoters group Shareholding-

 
 
 
 

a) Pledged /Encumbered

 
 
 
 

Number of shares

 
9353000
 
9353000

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

 
31.13%
 
31.13%

Percentage of shares (as a % of total share capital of the company)

 
16.92%
 
16.92%

b) Non  Encumbered

 
 
 
 

Number of shares

 
20692539
 
20692539

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

 
68.87%
 
68.87%

Percentage of shares (as a % of total share capital of the company)

 
37.43%
 
37.43%
 
 
 
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER 2011
 
(Rs. In Millions)

Particulars

 

 
30.09.2011

Shareholders Funds 

 

a) Capital

 
276.400

b) Share warrant application money 

4.400

c) Reserve and Surplus 

5709.600

 

 
 

Loan Funds 

2750.800

Deferred Tax liabilities (Liability) 

505.000

 

 
 

Total

 
9246.200

 

 
 

Fixed Assets

 
3672.100

Investments 

794.400

Current Assets, loans and advances 

 

a) Inventories 

3004.200

b) Sundry Debtors 

4171.100

c) Cash and bank balances 

1112.100

d) Loans and advances 

3609.800

Less : Current liabilities and provisions 

7123.800

Miscellaneous Expenses 

6.300

Total 

9246.200
 
 
 
NOTES:
 
1) The above Results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors at their meeting held on 14th November, 2011 and have undergone “Limited Review” by the Statutory Auditors of the company.
 
2) The company has outstanding foreign currency related transactions at the end of the quarter. The un-realized loss of Rs. 310.200 Millions as on 30th September 2011 shall be recognized as and when falls due.
 
3) There were 0 complaints pending at  the beginning of the quarter, 18 were received during the quarter, 18 resolved and 0 complaints were pending at the end of the quarter.
 
4) The Subsidiaries results shall be consolidated at the end of the year.
 
5) Previous period figures have been re-grouped and re-arranged wherever necessary.
 
6) Company has only one segment i.e. steel pipes. 
 
 
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2011
 
(Rs. in millions)
Particulars
 
Quarter Ended on
31.03.2011
 
 
Year Ended on  
31.03.2011
 

1. Gross Sales / Income from operations

 
4421.300
 
16441.500

Less: Excise Duty 

17.700
 
127.200

Total Income

 
4403.600
 
16314.300

2. Total Expenditure

 
4402.400
 
14735.600

a) (Increase)/ Decrease in stock 

(450.200)
 
(983.600)

b) Consumption of raw materials

 
2982.800
 
12124.200

c) Staff Cost 

102.800
 
434.400

d) Other expenditure

 
1766.900
 
3160.700

3. Interest & Financial Cost 

(16.000)
 
194.300

4. Depreciation 

97.700
 
391.500

5. Profit before tax 

(80.500)
 
992.800

6. Provision for taxation 

(266.800)
 
73.100

a) Deferred 

(13.000)
 
(23.800)

b) Current 

(253.800)
 
96.800

7. Net Profit 

186.200
 
919.700

8. Cash Profit 

271.000
 
1287.500

9. Paid up equity share capital (Face value of Rs.10/- per share)

 
276.400
 
276.400

10. Reserves excluding revaluation reserves as per balance sheet of previous accounting year

 
--
 
5218.800

11. Basic Earning per share (EPS) for the period/ year  

3.50
 
17.26

12. Cash EPS (Rs.) 

5.09
 
24.16

13. Non-Promoters shareholding 

 
 
 

Number of shares

 
23587438
 
23587438

Percentage of shareholding

 
42.67
 
42.67

Promoters and Promoters group Shareholding-

 
 
 
 

a) Pledged /Encumbered

 
 
 
 

Number of shares

 
24074500
 
24074500

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

 
75.95
 
75.95

Percentage of shares (as a % of total share capital of the company)

 
43.55
 
43.55

b) Non  Encumbered

 
 
 
 

Number of shares

 
7622936
 
7622936

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

 
24.05
 
24.05

Percentage of shares (as a % of total share capital of the company)

 
13.78
 
13.78
 
 
 
STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH 2011 (Rs. in Millions)
 
Particulars
 
Standalone

 

 
31.03.2011
 
31.03.2010

Shareholders Funds 

 
 
 

a) Capital

 
276.400
 
267.700

b) Share warrant application money 

4.400
 
19.700

c) Reserve and Surplus 

5218.800
 
4365.100

 

 
 
 
 

Loan Funds 

1831.700
 
3084.100

Minority Interest

 
--
 
--

Deferred Tax liabilities (Liability) 

521.600
 
545.400

 

 
 
 
 

Total

 
7852.900
 
8282.000

 

 
 
 
 

Fixed Assets

 
3866.100
 
4222.000

Investments 

342.000
 
338.200

Current Assets, loans and advances 

 
 
 

a) Inventories 

5284.400
 
2722.500

b) Sundry Debtors 

3736.700
 
1561.800

c) Cash and bank balances 

3811.000
 
3566.200

d) Loans and advances 

1908.200
 
2659.100

Less : Current liabilities and provisions 

11108.100
 
6812.800

Deferred tax liabilities (Assets)

 
--
 
--

Miscellaneous Expenses 

12.500
 
25.000

Total 

7852.900
 
8282.000
 
 
NOTES:
 
1) The audited Financial Results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors of the Company held on 24th May, 2011.
 
2) The above audited consolidated Financial Results for the year ended March 31, 2011, have been prepared from the audited consolidated financial statements prepared in accordance with the principles of consolidation set out in the Accounting Standard AS-21 on Consolidated Financial Statements.
 
3) The company operates in a single primary business segment i.e. Pipes
 
4) The company has outstanding foreign currency related transactions at the end of the quarter. The un-realized profit of Rs.331.400 millions as on March 31, 2011 shall be recognised as and when falls due.
 
5) Board of Directors recommended a tlividend of 40% i.e. Rs. 2 per share for the year 2010-11 subject to approval by the shareholders of the Company.
 
6) The consolidated financial results for the year 201 0-11 as indicated in above table includes results of subsidiary Man Infraprojects Limited (including its subsidiary), and wholly owned subsidiaries i.e. Man Overseas Metal DMCC, but does not includes proportionate interest in joint venture company i.e. Man Global FZC.
 
7) There were Nil complaints pending at the beginning of the quarter, 21 were received during the quarter, 21 resolved and Nil complaints were pending at the end of the quarter.
 
8) The SLP filed by Central Excise Dept against the Company has been rejected by H’ble Supreme Court, accordingly Company has received Rs.630.923 millions during the year out of which Rs.558.646 millions has been received in the quarter ending March 31, 2011 towards excise rebate which has been accounted as income for the Year.
 
9) The H’ble Judge (Arbitrations and Meditations), 133rd court Judicial District, Harris County, Texas court has passed ruling dated 12.03.2011 against Company and has awarded USD 23,921,800 (Rs.1094.968 millions) in damages and the same has been write off as liquidated damages in Profit and Loss account
 
 

FIXED ASSETS:

 

·         Land

·         Factory Building

·         Office Premises

·         Plant and Machinery

·         Dies and Patterns

·         Office Equipment

·         Electrical Equipment

·         Furniture and Fixtures

·         Vehicles

·         Computer

·         Windmill

·         Garden

 

WEBSITE DETAILS

 

Subject is a member of The Man Group, UK. The organization has been expanding, integrating and growing at the speed of light the fulfill the ambition of its Global excellence. Commissioning of its Anjar Line Pipe and Coating Complex in the State of Gujarat on the West-Coast of India in the year 2005 had been a major milestone in the path of progress of the Group.

 

The Man Group has a track record of over 32 Years as a successful trading organization and now over 16 Years as an ambitious and fast growing manufacturer of Aluminum Extrusion Products and Large Dia. Line Pipes. With strategic investments and continuous growth, Man Industries (India) Limited has emerged out as a prominent player in the league of world-class manufacturers of Line Pipe and Coating Systems in a short span of eight years of its entry into the Global market.

 

The group under the leadership of Mr. R C Mansukhani and Mr. J C Mansukhani is committed to quality products and also treasures its employees who make it happen. Its vast organisational strength comprises of dedicated and skilled teammates whose core competence lies in making a good products, a better one.

 

 

MILE STONES

 

1988                
Company incorporated by Mansukhani family. Aluminium Extrusion Plant started.
 

1994                
Entered into MoU with Haeusler of Switzerland for its first SAW pipe plant at Pithampur.
 

1996                
Established LSAW pipe plant with capacity of 50,000 TPA at Pithampur
 

1999                
HSAW pipe plant with capacity of 50,000 TPA; increased LSAW capacity to 135,000 TPA.
 

2001                
Coating plant for PE and CTE coating with capacity of 2mn and 1.6mn sq. mtr. respectively.
 

2005                
New USD 39mn pipe and coating complex with 365,000 TPA LSAW and 50,000 TPA HSAW capacity.
 

2006                
GDR of USD 35mn issued and listed at Dubai Stock Exchange.
7 MW windmills installed in Gujarat for Captive consumption.
 

2007                
Company bagged a prestigious order of approx. USD 225 million from USA. Two new production lines of 200, 000 MT each for HSAW. 
FCCB of USD 50 million issued and listed at Singapore Stock Exchange.
 

2008                
Launched Man Infraprojects Limited to enter Real Estate, Hospitality and Infrastructure Sector.
 

2009                
Company bagged three orders aggregating INR 20900.000 millions from the clients based in Middle East and India.
 

PRESS RELEASES:

 

MAN INDUSTRIES Q2 NET PROFIT AT RS. 257.400 MILLIONS

 

Mumbai, November 14, 2011 -. MAN Industries (India) Limited, one of the leading pipe manufacturing companies has reported net profit at Rs. 257.400 Millions during the quarter ended September 30, 2011, registering a marginal growth of 1.22 per cent as compared to Rs. 254.300 Millions in the corresponding period a year ago.

 

The company’s board during its meeting held today took on record the un-audited financial results for the quarter ended September 30, 2011. The company has reported Net Sales at Rs. 4456.400 Millions for the quarter ended September 30, 2011, as compared to the corresponding Net Sales of Rs. 4356.700 Millions for the quarter ended September 30, 2010.

 

Commenting on the results Mr. R.C.Mansukhani Chairman of the company said, “The results are in line with our expectations despite global headwinds. However, the business outlook remains intact”.

 

The earning per share of the company is Rs. 4.66/ Share during the quarter ended September 30, 2011.

 

Highlights for the quarter ended September 30, 2011 vs September 30, 2010.

 

(Rs. In Millions)

Sr. No.

Particular

Q2 September

30th, 2011

Q2 September

30th, 2010

1

Net Income From Sales

4456.400

4356.700

2

PAT

257.400

254.300

3

EPS (Rs.)

4.66

4.64

4

Cash EPS (Rs.)

6.22

6.36

 

 

About MAN Group

 

MAN Industries (India) Limited, an ISO 9001 / 14001 / 18001 accredited Company, is a leading manufacturer of SAW Pipes (Line Pipes) and Coating Systems for highpressure Oil and Gas applications with a potential production capacity of approximately one million MT of SAW pipes per annum.

 

The shares of the Company are listed with Bombay Stock Exchange and National Stock Exchange and the GDRs of the Company are listed with Dubai International Financial Exchange (DIFX).

 

 

MAN INDUSTRIES BAGS EEPC’S STAR PERFORMER AWARD

 

Mumbai, November 10, 2011: MAN Industries (India) Limited, one of the leading Large Diameter Pipe manufacturing companies in the country, has been honoured as star performer by Engineering Export Promotion

Council (EEPC), India - Western Region, for its outstanding contribution to engineering exports during the year 2008-09.

 

Reserve Bank Deputy Governor H R Khan presented the award at a ceremony held here recently.

 

Commenting on the award Mr. R.C. Mansukhani Chairman, Man Industries (India) Limited said, “We are delighted to receive this award. This recognition comes as a great encouragement for our accomplishments from one of the highest bodies in the country and from the Ministry of Industries itself. We are sure that this recognition will certainly inspire everyone in the group to achieve further excellence at the export front.” The Engineering Export Promotion Council is an apex industry body set up by the Ministry of Commerce. EEPC awards are presented every year to corporates, which show outstanding achievements in different categories.

 

About MAN Group

 

MAN Industries (India) Limited, an ISO 9001 / 14001 / 18001 accredited Company, is a leading manufacturer of SAW Pipes (Line Pipes) and Coating Systems for high-pressure Oil and Gas applications with a potential production capacity of approximately one million MT of SAW pipes per annum.

 

The shares of the Company are listed with Bombay Stock Exchange and National Stock Exchange and the GDRs of the Company are listed with Dubai International Financial Exchange (DIFX).

 

MAN Industries reports 37% increase in FY11 profit

 

Announcement / Corporate May 24, 2011, 16:30 IST

MAN Industries (India) Limited, one of the leading Large Diameter pipe manufacturing companies has reported a net profit of Rs 919.7 millions for the financial year ended March 31, 2011, as compared to Rs 670.900 millions in the last year, registering a rise of 37% per cent on standalone basis. 

The company’s board during its meeting held today took on record the audited financial results for the year ended March 31, 2011. 

The company has reported Net Sales at Rs.1631crore for the financial year ended March 31, 2011 as compared to Rs.15240 millions of the previous year. Earnings per share (EPS) for the FY 11 stood at Rs 17.26 as compared to Rs 12.59 in the previous year. 

Net sales stood at Rs 4400 millions during the quarter ended March 31, 2011 as against Rs 4530 millions reported in the same period last fiscal.Net profit for the quarter ended March 31, 2011 is down to Rs 186.200 millions, as against Rs 301.700 millions posted in the same period last fiscal year. Earnings per Share (EPS) for the quarter stood at Rs 3.50 as compared to Rs 5.66 in the corresponding period of last year. 

Commenting on the results RC Mansukhani Chairman of the company said: “We have done exceedingly well so far. Considering our current order book of Rs 15000 millions, we are optimistic of our future growth. We have been aggressively bidding for new orders in domestic as well as international markets and hopeful of winning the orders in the year ahead.”

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]             INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]             Court Declaration :

No 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.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--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

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

63

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)         Ownership background (20%)                  Payment record (10%)

Credit history (10%)                 Market trend (10%)                                 Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.