MIRA
INFORM REPORT
|
Report Date : |
02.04.2012 |
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Tel. No.: |
91-22-66477500 |
IDENTIFICATION DETAILS
|
Name : |
MAN INDUSTRIES ( |
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Registered
Office : |
102, Man House, Opposite Pawan Hans, S.V.
Road, Vile Parle (West), Mumbai – 400 052, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
19.05.1988 |
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Com. Reg. No.: |
11-047408 |
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Capital
Investment / Paid-up Capital : |
Rs.276.424 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1988PLC047408 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20899E |
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PAN No.: [Permanent Account No.] |
AAACM2675G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
The Company is engaged in manufacturer and exporter of
large diameter carbon steel line pipes for various high pressure transmission
applications for gas, crude oil, petrochemical products and potable water. |
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No. of Employees
: |
2555
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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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 21998000 |
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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 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) |
|
|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
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
|
Registered/ Corporate Office : |
102, Man House, Opposite Pawan Hans, S.V.
Road, Vile Parle (West), Mumbai – 400 052, Maharashtra, India |
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Tel. No.: |
91-22-66477500 / 2610 8888 |
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Fax No.: |
91-22-66477600 / 01 |
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E-Mail : |
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Website : |
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Administrative Office : |
1, Chandrageet, 120, S. V. Road, Andheri (West), Mumbai - 400 058, |
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Tel. No.: |
91-22-26201365-8 |
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Fax No.: |
91-22-26203561 |
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E-Mail : |
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Central Office : |
Man House, 15 PU 3, Scheme 54, |
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Tel. No.: |
91-731-559070/ 71 / 72 / 73 |
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Fax No.: |
91-731-557891/ 92 |
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Factory : |
Pipe and
Coating Division (Pithampur):-
Plot No. 257/258 B, Sector No. 1, Pithampur Industrial Area, District
: Dhar, Pithampur - 454775, Tel. No. 91-7292-253666/253659/253291 Fax No.: 91-7292-253257 PIPE AND COATING
COMPLEX (ANJAR):- (EXPANSION PROJECT) Village : Khedoi, Tel. No : 91-2836-275751/ 275752 Fax No.: 91-2836-275750 |
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902, 9th Floor,
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Tel No: |
91-11-23359405/ 23314473
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Fax No: |
91-11-23731920
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Email : |
mandelhi@maninds.org
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No 54, Colum Road,
Cathy’s, Cardiff cf10 3ej, Wales. ( |
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Tel No: |
0044 7775905222 |
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LOB 16, Office No.16241,
P.O |
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Tel / Fax : |
97165724626 / 4616 |
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E-Mail : |
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AU-30-E, AU Tower Gold, |
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Tel No: |
+ 971 4 4327909 |
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Fax No: |
+ 971 4 4328219 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. R. C.
Mansukhani |
|
Designation : |
Executive Chairman |
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Name : |
Mr. J. C.
Mansukhani |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. J. L. Mansukhani |
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Designation : |
Whole Time Director |
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Name : |
Mr. Kirit Damania |
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Designation : |
Director |
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Name : |
Mr. A V Rammurty |
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Designation : |
Director (w.e.f 14.02.2011) |
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Name : |
Mr. P.K. Tandon |
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Designation : |
Director (w.e.f 14.02.2011) |
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Name : |
Mr. Nikhil Mansukhani |
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Designation : |
Director (w.e.f 23.11.2011) |
KEY EXECUTIVES
|
MANAGEMENT TEAM : |
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Name : |
Mr. Harjit Singh Bedi |
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Designation : |
Director – Technical |
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Name : |
Mr. Sanjiv Dheer |
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Designation : |
Chief Operating Officer |
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Name : |
Mr. Bimal Desai |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. K. G. Mantri |
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Designation : |
Senior Vice President – Corporate Affairs |
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Name : |
Mr. Umesh Rastogi |
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Designation : |
Senior Vice President – Business Development and Technical
Services |
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Name : |
Mr. S. K. Shrivastava |
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Designation : |
Senior Vice President – Operations |
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Name : |
Mr. Ashit Mittal |
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Designation : |
Senior Vice President – Marketing and Business Development |
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Name : |
Mr. Abhilesh Ojha |
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Designation : |
Vice President – Finance & Accounts |
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Name : |
Mr. Pankaj Nigam |
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Designation : |
Vice President – Marketing |
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Name : |
Mr. Anil Kumar Sahu |
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Designation : |
Vice President – Marketing and Business Development |
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Name : |
Mr. Birendra Kumar Sinha |
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Designation : |
Vice President – Commercial |
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Name : |
Mr. Rajesh D. Parte |
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Designation : |
Group Company Secretary and Head-Legal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
16293027 |
32.05 |
|
|
3613336 |
7.11 |
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|
19906363 |
39.16 |
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|
|
|
|
|
10560785 |
20.78 |
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|
10560785 |
20.78 |
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Total
shareholding of Promoter and Promoter Group (A) |
30467148 |
59.94 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
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|
11800 |
0.02 |
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|
6300 |
0.01 |
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|
2244191 |
4.42 |
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|
537658 |
1.06 |
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|
|
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|
|
|
|
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|
8584191 |
16.89 |
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|
|
|
|
5256024 |
10.34 |
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|
2874329 |
5.65 |
|
|
|
|
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|
396154 |
0.78 |
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|
315925 |
0.62 |
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|
132692 |
0.26 |
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|
2000 |
0.00 |
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|
17561315 |
34.55 |
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Total Public
shareholding (B) |
20361264 |
40.06 |
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Total (A)+(B) |
50828412 |
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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|
4456462 |
8.06 |
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|
4456462 |
8.06 |
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Total
(A)+(B)+(C) |
55284874 |
100.00 |
%20LIMITED%20%20-%20175486%2002-Apr-2012_files/image002.gif){kind=small}
%20LIMITED%20%20-%20175486%2002-Apr-2012_files/image003.gif){kind=small}
%20LIMITED%20%20-%20175486%2002-Apr-2012_files/image004.gif){kind=small}
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in manufacturer and exporter of
large diameter carbon steel line pipes for various high pressure transmission
applications for gas, crude oil, petrochemical products and potable water. |
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Products : |
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PRODUCTION STATUS
As On 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
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Pipe Division |
MT |
1000000 |
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Particulars |
Unit |
Production
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Coating/ Beveling |
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In |
MT |
296209.447 |
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In Overseas |
MT |
20142.000 |
GENERAL INFORMATION
|
No. of Employees : |
2555 (Approximately) |
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Bankers : |
·
State Bank of Commercial Branch, ·
Bank of Mumbai Main Branch, Fort,
Mumbai, · ICICI Bank Limited Mumbai Main Branch, Fort,
Mumbai, ·
Axis
Bank · Corporation Bank IFB, Fort, Mumbai, Maharashtra, India ·
Union
Bank of Fort, ·
Bank of
Andheri, Mumbai, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Rohira Mehta and Associates Chartered
Accountants |
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Address : |
Mumbai, |
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Subsidiary : |
Man Infraprojects
Limited |
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Wholly Owned Subsidiary : |
·
Merino
Shelters Private Limited ·
Man
USA Inc. ·
Man
Overseas Metals DMCC |
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Related Parties : |
·
JPA Holdings Private Limited ·
Man Aluminum Limited (till 24.12.2009) ·
Man Global FZC, UAE ·
Man Features Private Limited ·
Man ( |
CAPITAL STRUCTURE
As On 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.5/- each |
Rs.350.000 millions |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55284874 |
Equity Shares |
Rs.5/- each |
Rs.276.424
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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
276.424 |
267.674 |
266.424 |
|
|
2] Share Application Money |
4.375 |
19.688 |
0.000 |
|
|
3] Reserves & Surplus |
5218.787 |
4365.093 |
3812.262 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5499.586 |
4652.455 |
4078.686 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
41.234 |
1247.179 |
1614.745 |
|
|
2] Unsecured Loans |
1790.460 |
1836.945 |
2030.000 |
|
|
TOTAL BORROWING |
1831.694 |
3084.124 |
3644.745 |
|
|
DEFERRED TAX LIABILITIES |
521.644 |
545.396 |
527.062 |
|
|
|
|
|
|
|
|
TOTAL |
7852.924 |
8281.975 |
8250.493 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3863.863 |
4146.444 |
4353.131 |
|
|
Capital work-in-progress |
2.275 |
75.541 |
126.709 |
|
|
|
|
|
|
|
|
INVESTMENT |
342.047 |
338.232 |
426.577 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5284.412
|
2722.546
|
2340.499
|
|
|
Sundry Debtors |
3736.705
|
1561.757
|
5191.510
|
|
|
Cash & Bank Balances |
3811.027
|
3566.160
|
1895.726
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1908.194
|
2659.073
|
2811.192
|
|
Total
Current Assets |
14740.338
|
10509.536 |
12238.927 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
10334.333
|
5784.122
|
3741.107
|
|
|
Other Current Liabilities |
|
|
|
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
11108.090
|
6812.759
|
8932.617
|
|
|
Net Current Assets |
3632.248
|
3696.777
|
3306.310
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
12.491 |
24.981 |
37.766 |
|
|
|
|
|
|
|
|
TOTAL |
7852.924 |
8281.975 |
8250.493 |
|
%20LIMITED%20%20-%20175486%2002-Apr-2012_files/image005.gif){kind=small}
%20LIMITED%20%20-%20175486%2002-Apr-2012_files/image006.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15242.730 |
14736.908 |
18829.273 |
|
|
|
Other Income |
1071.560 |
506.000 |
|
|
|
|
TOTAL (A) |
16314.290 |
15242.908 |
18829.273 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
12124.169 |
11038.743 |
14222.148 |
|
|
|
Increase/(Decrease) in Finished Goods |
(983.600) |
267.389 |
510.992 |
|
|
|
Salaries, Wages, Bonus, etc. |
434.364 |
365.711 |
400.961 |
|
|
|
Operating and Other Expenditure |
3160.685 |
1827.691 |
2184.286 |
|
|
|
TOTAL (B) |
14735.618 |
13499.534 |
17318.387 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1578.672 |
1743.374 |
1510.886 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
194.326 |
369.751 |
449.463 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1384.346 |
1373.623 |
1061.423 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
391.524 |
368.154 |
349.941 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
992.822 |
1005.469 |
711.482 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
73.222 |
334.574 |
237.215 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
919.600 |
670.895 |
474.267 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2382.607 |
1892.580 |
1565.328 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
91.959 |
67.089 |
47.427 |
|
|
|
Proposed Dividend |
110.570 |
93.686 |
79.927 |
|
|
|
Corporate Dividend Tax |
18.364 |
15.924 |
13.584 |
|
|
|
Profit and Loss Appropriation |
(11.856) |
4.169 |
6.077 |
|
|
BALANCE CARRIED
TO THE B/S |
3093.170 |
2382.607 |
1892.580 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1225.219 |
6126.280 |
10437.557 |
|
|
TOTAL EARNINGS |
1225.219 |
6126.280 |
10437.557 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11519.783 |
5619.370 |
8235.813 |
|
|
|
Capital Goods |
0.000 |
36.935 |
584.310 |
|
|
|
Others |
24.679 |
48.390 |
99.225 |
|
|
TOTAL IMPORTS |
11544.462 |
5704.695 |
8919.348 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.63 |
12.41 |
8.90 |
|
%20LIMITED%20%20-%20175486%2002-Apr-2012_files/image007.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 (1st
Quarter) |
30.09.2011 (2nd
Quarter) |
31.12.2011 (3rd
Quarter) |
|
Net Sales |
4834.200 |
4456.400 |
4981.200 |
|
Total Expenditure |
4308.300 |
3906.400 |
4418.800 |
|
PBIDT (Excl OI) |
525.900 |
550.000 |
562.400 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
525.900 |
550.000 |
562.400 |
|
Interest |
79.800 |
71.500 |
62.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
446.100 |
478.500 |
499.500 |
|
Depreciation |
97.100 |
99.000 |
97.200 |
|
Profit Before Tax |
349.000 |
379.500 |
402.300 |
|
Tax |
113.200 |
122.100 |
127.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
235.800 |
257.400 |
274.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
235.800 |
257.400 |
274.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
5.64
|
4.40
|
2.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.51
|
6.82
|
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.34
|
6.86
|
4.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.22
|
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.35
|
2.13
|
2.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.54
|
1.37 |
LOCAL AGENCY FURTHER INFORMATION
RESULTS OF
OPERATIONS
Net sales and other income for the standalone entity
increased to Rs.16314.300 millions from Rs.15242.900 millions in the previous
year; an increase of 7.03%. The operating profit (PBDIT) witnessed a decrease
of 9.45% from Rs.1743.400 millions in 2009-10 to Rs.1578.700 millions in
2010-11. The profit after tax (PAT) showed a robust growth of 37.07% at
Rs.919.600 millions from Rs.670.900 millions in the previous year.
SUBSIDARIES
As of today, the Company has the following Subsidiaries
1. Man Infra Projects Limited. (Incorporated in
2. Man Overseas Metal DMCC (Incorporated in UAE)
3. Merino Shelters Private Limited (Incorporated in
4. Man USA Inc. (Incorporated in
All the Subsidiaries are duly incorporated under the
respective companies act in the respective country’s jurisdiction.
MANAGEMENT DISCUSSION AND
ANALYSIS
GLOBAL ECONOMIC CONDITIONS
The 21st century is seeing a fundamental reshaping of the way business, society and government operate. In recent times, the economic crisis and its repercussions have accelerated the shift of economic power from the developed to the emerging nations.
Investments from developed economies have typically flown into emerging markets, which offer more dramatic growth and strong returns. However, some of these markets are associated with high volatility and socio-political tensions, giving rise to new set of investment risk. In addition, growing consumption demand in emerging markets is depriving up commodity prices, both crude oil and other raw materials which is expected to impede the global economic recovery in the medium term.
OVERVIEW OF INDIAN
ECONOMY
The Indian economy witnessed a higher growth in GDP of
8.5% for the year 2010-11 over a growth of 8% in 2009-2010.
A strong rebound in agriculture and continued momentum in
some sectors of manufacturing and construction enabled the economy to achieve a
higher growth in 2010-11.
In 2011-12, the projected growth rate is in the range of
8% to 8.5%.
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:
- Water, sewerage, petroleum products
- Gases and other high pressure applications
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:
- Operating Cost is least in Pipeline transportation and it is most suited mode of transportation for conversion of energy.
- Cost of Transportation is least, for large volumes and overlong leads.
- Pipeline transportation is highly environment friendly. Its impact on environments during the stages of construction, operation and mountainous is negligible, compared to other modes.
- Safety is an intrinsic feature of pipeline transportation. Vagaries of nature like floods, breaches etc. do no disrupt pipeline transport systems.
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. US,
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
kms of pipelines in coming years.
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 on the global as well as domestic front due to various reasons stated above, the future for Pipeline business will always be bright.
MAN has set up its Anjar Plant at strategic location in the coastal belt of the country. This enables us to minimize transportation costs 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 us to reduce transportation costs on export orders as well as inland transportation costs on imported raw materials such as steel plates and coils. Their ability to provide anticorrosion and cement mortar coatings further enables us to reduce transportation costs.
Exports have been an important source of their growth. With the growing opportunities in the domestic sector coupled with the government thrust on pipeline infrastructure, they are keen to capitalize on the same. They also intend to continue to focus on their international markets thereby making their presence felt in the domestic as well as international markets. 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.
Their 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 emerging markets like
With the oil prices shooting upwards, they see a significant activities happening in the E and P area across the global. The demand for LSAW pipes is also picking up. With the 8.5% approx growth of Indian economy, demand for oil and gas infrastructure is key to ensure momentum. It provides a significant domestic opportunity for the Indian pipe players.
BUSINESS
DESCRIPTION
Subject is an India-based company. The Company is engaged in
manufacturer and exporter of large diameter carbon steel line pipes for various
high pressure transmission applications for gas, crude oil, petrochemical
products and potable water. The Company has manufacturing facilities for
longitudinal submerged arc welded (LSAW) and helically submerged arc welded
(HSAW) line pipes and also for various types of anti-corrosion coating systems.
The Company’s subsidiaries include Man Infra Projects Limited, Man USA Inc.,
Man Overseas Metal DMCC, and Merino Shelters Private Limited. For the six months
ended 30 September 2010, Man Industries (
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
Rs. in Millions |
|
|
Guarantees / Letter of Credit outstanding |
6839.310 |
7979.713 |
|
Excise Duty / Service Matters |
199.936 |
417.822 |
|
Entry Tax / Sales Tax Matter |
55.557 |
57.146 |
|
Income Tax Matters |
8.224 |
8.621 |
|
Estimated amount of contract remaning to be executed on capital account (net of advances) |
0.000 |
35.500 |
|
Corporate Guarantee Issued |
2868.000 |
2157.400 |
|
Legal Cases |
|
|
|
Prime Pipe International |
70.930 |
0.000 |
|
Prime Pipe International & Bank of Tokyo & Mitsubishi* (Attorney Fees & Costs) |
156.083 |
0.000 |
*The Company is contesting the same
UDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2011
Particulars |
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
(Rs. in millions) |
||
|
Quarter Ended |
None Month Ended |
|
|
1. Gross Sales / Income from operations |
4996.000 |
4599.900 |
14467.400 |
|
Less: Excise Duty |
14.800 |
83.500 |
195.500 |
|
Total Income |
4981.200 |
4456.400 |
14271.900 |
|
2.
Total Expenditure |
|
|
|
|
a) (Increase)/ Decrease in stock |
717.100 |
60.700 |
1283.300 |
|
b) Consumption of raw materials |
2870.700 |
3125.800 |
8983.800 |
|
c) Staff Cost |
108.000 |
119.900 |
346.400 |
|
d) Other expenditure |
723.000 |
600.000 |
2020.100 |
|
3. Interest & Financial Cost |
62.900 |
71.500 |
214.100 |
|
4. Depreciation |
97.200 |
99.000 |
293.300 |
|
5. Profit before tax |
402.300 |
379.500 |
1130.900 |
|
6. Provision for taxation |
|
|
|
|
a) Deferred |
(8.100) |
(12.600) |
(24.700) |
|
b) Current |
135.600 |
134.700 |
387.600 |
|
7.
Net Profit |
274.800 |
257.400 |
768.000 |
|
8.
Cash Profit |
363.900 |
343.800 |
1036.600 |
|
9. Paid up equity share capital (Face value of Rs.10/- per
share) |
276.400 |
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 |
4.97 |
4.66 |
13.89 |
|
12.
Cash EPS (Rs.) |
6.58 |
6.22 |
18.75 |
|
13. Non-Promoters shareholding |
|
|
|
|
Number of shares |
24817726 |
25239335 |
24817726 |
|
Percentage of shareholding |
44.89% |
45.65% |
44.89% |
|
Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
8086900 |
9853000 |
8086900 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
26.54% |
31.13% |
26.54% |
|
Percentage of shares (as a % of total share capital of the
company) |
14.63% |
16.92% |
14.63% |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
22380248 |
20692599 |
22380248 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
73.46% |
68.87% |
73.46% |
|
Percentage of shares (as a % of total share capital of the
company) |
40.48% |
37.43% |
40.48% |
Notes:
1.The above results were reviewed by the audit committee and approved by
the board of director at their meeting held on 7th February 2012 and
have undergone limited review by the statutory auditors of the company
2 .The companies have outstanding foreign currency related transaction
at the end of the quarter. The unrealized loss of Rs.531.600 millions as on 31st
December 2011 shall be recognized as and when falls due.
3. There were complaints pending at the beginning of the quarter 20 were
received during the quarter 20 resolved and 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 whenever
necessary
6. Company has only one segment i.e. Steel pipes
FIXED ASSETS:
· Land
·
· Office Premises
· Plant and Machinery
· Dies and Patterns
· Office Equipment
· Electrical Equipment
· Furniture and Fixtures
· Vehicles
· Computer
· Windmill
· Garden
BOARD OF DIRECTOR
RAMESH C.
MANSUKHANI EXECUTIVE CHAIRMAN OF THE BOARD
Mr. Ramesh C. Mansukhani is Executive Chairman of the Board
of Subject. Mr. R.C. Mansukhani is a promoter the Company. He is Director to
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 business set up in
JAGDISH C.
MANSUKHANI EXECUTIVE VICE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR
Mr. Jagdish C. Mansukhani is Vice Chairman of the Board, Managing Director of Subject. He has been appointed as Managing Director of the Company effective November 24, 2011. He is a Graduate in Arts. He is Director of the Company since incorporation. He has over 20 years of contribution in the field of manufacturing. He is on the board of following companies: Man Aluminium Limited, Man Infraprojects Limited, JPA Holdings Private Limited, Man USA Inc and Man Overseas Metals, DMCC.
KIRIT N. DAMANIA
NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Kirit N. Damania is Non-Executive Independent Director of Subject. Mr. Kirit N. Damania is solicitor in Mumbai and is senior partner in Kirit N. Damania and Company, Advocate and Solicitors. He is a Director of the Company since 11th July 1989. Mr. Kirit N. Damania is the Chairman of the Shareholders/Investors Grievance Committee and of the Audit Committee of the Company. He is on the Board of Living Room Life Style Limited and Kirit Damania Investment and Consultancy Private Limited.
NIKHIL MANSUKHANI
NON-EXECUTIVE DIRECTOR
Mr. Nikhil Mansukhani is Non-Executive Director of Subject,
since November 23, 2011. He is a graduate from
ANNAVARAPU VENKAT
RAMMURTY NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Annavarapu Venkat Rammurty is Non-Executive Independent
Director of Subject, since February 14, 2011. He is a post-graduate in Science;
he has an overall 40 years of experience in Journalism and Banking. After a
decade with Times Group, he made a mid-career switch to banking joining
Industrial Development Bank of
PRAMOD KUMAR
TANDON NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. Pramod Kumar Tandon is Non-Executive Independent Director of Subject, since February 14, 2011. Mr. Pramod Kumar Tandon holds an M. Sc Tech. degree and has an experience of around 40 years
PRESS RELEASE
Man Industries (
Man Industries (India) Limited announced that it has received export
orders worth approximately INR 5000.000 Millions (INR5 Billion) from Middle
East for supply of large diameter pipes for Oil and Gas sector.
Man Industries (
Dec 05, 2011
Man Industries (India) Limited announced that it has received export orders
worth approximately INR5.15 billion from South East Asia for supply of large
diameter pipe of Oil and Gas sector.
Man Industries (
May 24, 2011
Man Industries (India) Limited announced that the Board of Directors of the
Company at its meeting held on May 24, 2011, inter alia, has considered and
approved the payment of Dividend of 40% that is INR2 per equity share of INR5
each for financial year 2010-2011, subject to the approval of shareholders at
the Annual General Meeting.
Man Industries (
May 19, 2011
Man Industries (
Man Industries (
Apr 08, 2011
Man Industries (India) Limited announced that it has received orders worth INR 5500.000
Millions (INR5.5 billion) from various domestic as well international clients
for supply of large dia meter pipes for Oil and Gas Sector. These orders are to
be executed over a period of next 12 to 15 months.
Man Industries (
Mar 04, 2011
Man Industries (India) Limited announced that the Board of Directors of the
Company vide a resolution passed by circulation on March 04, 2011, has approved
the allotment of 500000 Equity Shares of INR5 each at a premium of INR30 per
equity share, pursuant to conversion of 500000 number of warrants allotted to
the person forming part of promoters group, as per Board Resolution dated
September 04, 2009.
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. 51.15 |
|
|
1 |
Rs. 81.79 |
|
Euro |
1 |
Rs. 68.34 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.