MIRA
INFORM REPORT
|
Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
MANAKSIA LIMITED (w.e.f.
04.12.2003) |
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Formerly Known
As : |
HINDUSTAN SEALS LIMITED |
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Registered
Office : |
8/1, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.12.1984 |
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Com. Reg. No.: |
21-38336 |
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Capital
Investment / Paid-up Capital : |
Rs.131.068 Millions |
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CIN No.: [Company Identification
No.] |
L74950WB1984PLC038336 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALM04946E |
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PAN No.: [Permanent Account No.] |
AAACH6882J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Marketer of Roll on Pilfer Proof
Caps, Screw Caps, Chemicals, Adhesives and Metal Containers. |
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|
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No. of Employees
: |
2569 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessman. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 Office : |
8/1, |
|
Tel. No.: |
91-33-22435053 / 54 / 56 / 22310050 / 51 / 52 |
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Fax No.: |
91-33-22428470 / 22200336 / 22300336 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. ft. |
|
Location : |
Rented |
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Factory : |
Bankura Plot
No. 471, Birsinghapur , P O and P S Barjora - 722 202, Barjora, District:
Bankura, West Ph:
+91 3241 256032/34 Fax:
+91 3241 256088 Email:
bankura@manaksia.com
Ph: +91 3224 219004 Email: haldia@manaksia.com Kalitara Ph: +91 33
26552810 Fax: +91 33
26553980 Email: kalitara@manaksia.com
Silvassa Belur
15, Ph: +91 33 26541085 Email: belur@manaksia.com Liluah Ph: +91 33 26540653 Email: liluah@manaksia.com Tarakeshwar Ph: +91 3212 242266 Email: tarakeshwar@manaksia.com
Ph: +91 7480 232285 Fax: +91 7480 233279 Email: bhopal@manaksia.com Kutch Ph: +91-2836-299138/9 Fax : +91-2836-296709 Email: kutch@manaksia.com
·
Plot No. 125B, Shree Venkatesh Co-Op Industrial
Area, Ida, Vill- Bollaram, Dist. Medak, ·
161/2, Village Khutli , Via Khanvel, ·
Plot no.25 and 24A, Anrich Industrial Estate,
Bollaram, Medak, (KPL), ·
45-C, Phase-I, Jedimetla, R R District, SRO,
Medak, ·
·
4, ·
Vill and P.O Bhunia Raichak, Haldia, West ·
Plot No. 16, New Industrial Area-II, Mandideep,
Dist: Raisen, ·
9 and 12 AI, New Industrial Area-II, Mandideep,
Dist: Raisen, |
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Warehouse : |
9/3, |
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Area : |
10000 sq. ft. |
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Location : |
Rented |
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Branch Office
: |
38, Sundar Nagar, |
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Tel. No.: |
91-40-23714327 / 23703451 / 0732 |
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Fax No.: |
91-40-23702584 |
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E-Mail : |
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Branches : |
Located
at ·
·
·
Chennai ·
Mumbai |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Rabindra Nath Sengupta |
|
Designation : |
Chairman |
|
Address : |
20/4, Northern
Avenue, Kolkata – 700 037, West |
|
Date of Birth/Age : |
01.01.1939 |
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Date of Appointment : |
01.01.2002 |
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Name : |
Mr. Basant Kumar Agarwal |
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Designation : |
Managing Director |
|
Address : |
39/1, |
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Date of Birth/Age : |
13.02.1945 |
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Qualification : |
B. Com |
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Date of Appointment : |
01.01.2002 |
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Name : |
Mr. Ajay Kumar Chakraborty |
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Designation : |
Director |
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Name : |
Mr. D B Guha |
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Designation : |
Executive Director |
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Name : |
Dr. Kali Kumar Chaudhari |
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Designation : |
Director |
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Name : |
Mr. Mahabir Prasad Agarwal |
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Designation : |
Director |
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Address : |
39/1, |
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Date of Birth/Age : |
05.07.1938 |
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Date of Appointment : |
05.09.1995 |
|
List of other directorship held : |
·
Vinayak Enclave and Developer Private Limited ·
Godson Exports Private Limited ·
Newmech Manufacturing Company Private Limited ·
Manaksia Steels Limited ·
Solex Chemicals Private Limited |
|
Chairman / Member of the Committees of the Board of the Companies on
which he is a Director : |
Manaksia Limited Member, Audit
Committee Member, Share
Transfer Grievance Committee |
|
|
|
|
Name : |
Mr. Nadia Basak |
|
Designation : |
Director |
|
Address : |
144/56, |
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Date of Birth/Age : |
13.01.1951 |
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Date of Appointment : |
11.05.2001 |
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|
|
|
Name : |
Mrs. Smita Khaitan |
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Designation : |
Director |
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|
|
Name : |
Mr. Sunil Kumar Agarwal |
|
Designation : |
Executive Director |
|
Address : |
39/1, |
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Date of Birth/Age : |
11.12.1961 |
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Date of Appointment : |
02.09.2000 |
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|
|
|
Name : |
Mr. Suresh Kumar Agarwal |
|
Designation : |
Executive Director |
|
Address : |
39/1, |
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Date of Birth/Age : |
28.07.1953 |
|
Date of Appointment : |
01.01.1998 |
|
Chairman / Member of the Committees of the Board of the Companies on
which he is a Director : |
Manaksia Limited Member, Audit
Committee Member, Share
Transfer Grievance Committee |
|
|
|
|
Name : |
Mr. Sushil Kumar Agarwal |
|
Designation : |
Executive Director |
|
Address : |
39/1, |
|
Date of Birth/Age : |
17.11.1960 |
|
Date of Appointment : |
01.01.1998 |
|
List of other directorship held : |
·
Agrim Steel and Industries Limited ·
Mansa Natural Resources Private Limited |
KEY EXECUTIVES
|
Name : |
Mr. Anubhav Maheshwari |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Navneet Manaksia |
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Designation : |
Vice President-Management Information Systems and Administration |
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|
Name : |
Mr. Nitin Didwania |
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Designation : |
Co-Company Secretary |
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Name : |
Mr. Sandeep Sultania |
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Designation : |
Chief Compliance Officer and Co-Company Secretary |
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Name : |
Mr. Dilip Patodia |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Anirudha Guha |
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Designation : |
Vice President-Human Resources |
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Name : |
Mr. Varun Agrawal |
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Designation : |
Vice President-Marketing-Aluminium |
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|
Name : |
Mr. L. K. Nawar |
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Designation : |
Vice President-Marketing |
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|
Name : |
Mr. Kalyan Lahiri |
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Designation : |
Vice President-Corporate Affairs |
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|
|
|
Name : |
Mr. Santosh Agrawal |
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Designation : |
Vice President-Procurement |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2011)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
41,255,940 |
62.95 |
|
|
41,255,940 |
62.95 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
41,255,940 |
62.95 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
19,208 |
0.03 |
|
|
310,665 |
0.47 |
|
|
329,873 |
0.50 |
|
|
|
|
|
|
|
|
|
|
15,380,349 |
23.47 |
|
|
|
|
|
|
|
|
|
|
6,750,823 |
10.30 |
|
|
1,693,293 |
2.58 |
|
|
|
|
|
|
123,772 |
0.19 |
|
|
44,830 |
0.07 |
|
|
78,942 |
0.12 |
|
|
23,948,237 |
36.54 |
|
|
|
|
|
Total Public
shareholding (B) |
24,278,110 |
37.05 |
|
|
|
|
|
Total (A)+(B) |
65,534,050 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
65,534,050 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of Roll on Pilfer Proof
Caps, Screw Caps, Chemicals, Adhesives and Metal Containers |
||||||||
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||||||||
|
Products : |
·
Ropp Closures ·
Crown Closures ·
Metal Containers ·
Mosquito Repellent Coils ·
Coil Stands ·
Aluminium Division ·
Steel Division
|
PRODUCTION STATUS
(AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
“Aluminium Rolled’ Product |
MT |
36000.000 |
24683.359 |
|
Aluminium Alloy Ingot |
MT |
12000.000 |
5064.819 |
|
Colour Coated Sheets |
MT |
60000.000 |
28385.501 |
|
Steel Coils and Sheets |
MT |
30000.000 |
14076.953 |
|
Cold Rolled Steel Sheets |
MT |
50000.000 |
51393.695 |
|
Crown Closures |
Nos. (In 100 Gross) |
322395.810 |
184347.500 |
|
PP Caps |
Nos. (In 1000 Pcs |
1701100.000 |
690339.177 |
|
Metal Containers |
Nos. (In 1000 sets) |
59600.000 |
9443.450 |
|
Plastic Closures |
Nos. (In Million Pcs) |
588.000 |
145.987 |
|
Corrugated Box |
Nos. (In 1000 Pcs |
6000.000 |
3638.679 |
|
Mosquito Coils |
Nos. (In Million Pcs) |
2988.064 |
612.805 |
NOTES
·
Installed capacities have been certified by the Management
and accepted as correct by the Auditors.
·
The Ministry of Corporate Affairs, Government of
India vide its General Notification No.S.O.301 (E) dated. 8th
February, 2011 issued under Section 211(3) of the Companies Act, 1956 has
exempted certain classes of companies from disclosing certain information in
their Profit and Loss account. The Company being an "Export Oriented
Company" is entitled to the exemption. Accordingly, disclosures mandated
by paragraph 3(i)(a),3(ii)(a), 3(ii)(b) and 3(ii)(d) of Part II, Schedule VI to
the Companies Act,1956 have not been provided.
·
The Ministry Of Corporate Affairs, Government of
India, Vide General Circular No.2 and 3 dated 8th February 2011 and 21st
February 2011 respectively has granted a general exemption from compliance with
section 212 of the Companies Act,1956, subject to fulfillment of conditions
stipulated in the circular. The Company has satisfied the conditions stipulated
in the circular and hence is entitled to the exemption
GENERAL INFORMATION
|
No. of Employees : |
2569 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
Citibank, N.A. ·
DBS Bank Limited ·
EXIM Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Standard Charted Bank ·
State Bank of ·
Allahabad Bank New Market Branch,
Kolkata, West ·
ICICI Bank Corporation Limited 20, (Account Number :–
C/A – 51/40) ·
UCO Bank New Market Branch,
3 and 4, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
SRB and Associates Chartered Accountants |
|
Address : |
Kolkata, West |
|
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|
|
Parent Company : |
A Manaksia Group Company |
|
|
|
|
Associates : |
Arena Machineries Limited |
|
|
|
|
Subsidiaries : |
·
MINL Limited ·
Dynatech Industries Ghana Limited ·
Euroasian Ventures FZE ·
Euroasian Steels LLC (Subsidiary of Euroasian
Ventures FZE) ·
Mark Steels Limited ·
Solex Chemicals Private Limited ·
·
Jebba Paper Mills Ltd (Subsidiary of MINL
Limited) ·
Manaksia Aluminium Co Limited ·
Manaksia Coated Metals and Industries Limited ·
Manaksia Ferro Industries Limited ·
Manaksia Overseas Limited ·
Manaksia Steels Limited ·
Manaksia Global Limited * |
* The Holding
-Subsidiary relationship ceased to exist as on 31st March 2011
** Resigned as
Executive Director w.e.f. Close of business hours of 30th March, 2011.
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
Rs.2/-each |
Rs.140.000 Millions |
|
1250000 |
Preference Shares |
Rs.20/-each |
Rs.25.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.165.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
69534050 |
Equity Shares |
Rs.2/-each |
Rs.139.068
Millions |
|
4000000 |
Less : Equity shares bought back |
Rs.2/-each |
Rs.8.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.131.068 Millions |
NOTES
·
192,500 Equity Shares of Rs.10/- each were allotted
for cash.
·
7,500 Equity Shares of Rs.10/- each were allotted pursuant
to a contract for consideration other than cash.
·
508,396 Equity Shares of Rs.10/- each were allotted
as fully paid up pursuant to scheme of amalgamation without payment being
received in cash.
·
13,445,614 Equity Shares of Rs.10/- each were allotted
as fully paid up bonus shares by capitalisation of General Reserve.
·
3,347,200 Equity Shares of Rs.10/- each held by
erstwhile transferor companies were cancelled pursuant to the scheme of
amalgamation without payment made in cash.
·
During financial year 2006-07, the Company
sub-divided 10,806,810 Equity share of the nominal value of Rs.10/- each fully
paid-up in the capital of the Company into five Equity shares of Rs.2/- each
fully paid-up.
·
15,500,000 Equity Shares of Face Value Rs.2/- each
were allotted through public issue at a premium of Rs.158/- per Equity share
·
4,000,000 Equity Shares of Face Value of Rs.2/-
each were bought back and extinguished during the current financial year
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 |
131.068 |
139.068 |
139.068 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4732.593 |
5017.145 |
4960.504 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4863.661 |
5156.213 |
5099.572 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1385.329 |
1140.904 |
1475.625 |
|
|
2] Unsecured Loans |
265.782 |
254.774 |
254.674 |
|
|
TOTAL BORROWING |
1651.111 |
1395.678 |
1730.299 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSACTION DEFERENCE ACCOUNT |
0.000 |
9.369 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
467.500 |
452.000 |
438.200 |
|
|
|
|
|
|
|
|
TOTAL |
6982.272 |
7013.260 |
7268.071 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3223.194 |
3120.447 |
3143.744 |
|
|
Capital work-in-progress |
273.977 |
379.058 |
292.396 |
|
|
|
|
|
|
|
|
INVESTMENT |
693.050 |
1046.079 |
1133.154 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSACTION DEFERENCE ACCOUNT |
0.000 |
0.000 |
60.675 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2505.464
|
1552.645
|
1179.321 |
|
|
Sundry Debtors |
1808.446
|
2074.409
|
1364.716 |
|
|
Cash & Bank Balances |
34.820
|
37.918
|
23.642 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1380.429
|
494.580
|
700.367 |
|
Total
Current Assets |
5729.159
|
4159.552
|
3846.497 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2518.290
|
1202.139
|
832.289 |
|
|
Other Liabilities |
135.733
|
232.600
|
148.709 |
|
|
Provisions |
283.085
|
257.137
|
228.022 |
|
Total
Current Liabilities |
2937.108
|
1691.876
|
1209.020 |
|
|
Net Current Assets |
2792.051
|
2467.676
|
2637.477 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED REVENUE EXPENDITURE |
0.000 |
0.000 |
0.625 |
|
|
|
|
|
|
|
|
TOTAL |
6982.272 |
7013.260 |
7268.071 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
9319.812 |
8363.257 |
8677.428 |
|
|
|
Other Income |
101.327 |
150.652 |
128.781 |
|
|
|
TOTAL |
9421.139 |
8513.909 |
8806.209 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Stocks |
(424.591) |
(152.288) |
44.072 |
|
|
|
Excise Duty on Stocks |
20.804 |
8.068 |
(5.634) |
|
|
|
Raw Material and Components Consumed (Including Trading Goods) |
7090.050 |
5879.653 |
6437.151 |
|
|
|
Manufacturing, Administrative, Selling and Other Expenses |
1823.324 |
1760.098 |
1322.382 |
|
|
|
Director’s Remuneration |
2.547 |
3.668 |
3.762 |
|
|
|
TOTAL |
8512.134 |
7499.199 |
7801.733 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
909.005 |
1014.710 |
1004.476 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
255.845 |
384.430 |
378.678 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
653.160 |
630.280 |
625.798 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
201.526 |
194.681 |
191.794 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
(10.781) |
9.764 |
20.832 |
|
|
|
|
|
|
|
|
|
Less |
LOSS ON |
56.050 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIPONAL
ITEM |
5.805 |
109.234 |
112.604 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
400.560 |
316.601 |
300.568 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
102.000 |
68.800 |
62.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
298.560 |
247.801 |
238.568 |
|
|
|
|
|
|
|
|
|
Less |
SHORT / (EXCESS PROVISION
FOR TAXATION FOR EARLIER YEARS |
5.968 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.773 |
2.571 |
3.615 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
25.000 |
25.000 |
|
|
|
Dividend on Preference Share |
0.000 |
0.000 |
0.546 |
|
|
|
Dividend on Equity Shares |
163.835 |
166.882 |
152.975 |
|
|
|
Tax on Dividend |
26.578 |
27.717 |
26.091 |
|
|
|
Transfer from Exchange Fluctuation Reserve |
(20.000) |
0.000 |
20.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
90.000 |
30.000 |
15.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2.952 |
0.773 |
2.571 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods and Services
(F.O.B. Value including Freight Realised) |
5500.190 |
5199.568 |
6065.412 |
|
|
|
Interest income from Subsidiary Companies |
8.015 |
0.000 |
0.000 |
|
|
|
Dividend income from Subsidiary Company |
27.365 |
27.903 |
31.151 |
|
|
TOTAL EARNINGS |
5535.570 |
5227.471 |
6096.563 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
40.264 |
132.109 |
13.537 |
|
|
|
Raw Materials, components and other purchases |
5118.998 |
4929.447 |
5423.892 |
|
|
|
Spares parts and chemicals |
35.268 |
11.348 |
8.431 |
|
|
TOTAL IMPORTS |
5194.530 |
5072.904 |
5445.860 |
|
|
|
|
|
|
|
|
|
|
EPS before Prior
Period and Exceptional items |
5.17 |
5.28 |
5.34 |
|
|
|
EPS after Prior
Period and Exceptional items |
4.41 |
3.56 |
3.42 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2171.410 |
2776.800 |
2925.360 |
|
Total Expenditure |
2033.480 |
2588.050 |
2872.240 |
|
PBIDT (Excl OI) |
137.930 |
188.750 |
53.120 |
|
Other Income |
98.090 |
136.830 |
121.110 |
|
Operating Profit |
236.020 |
325.580 |
174.230 |
|
Interest |
59.170 |
75.090 |
75.830 |
|
Exceptional Items |
(0.700) |
(150.570) |
(173.530) |
|
PBDT |
176.150 |
99.920 |
(75.120) |
|
Depreciation |
52.430 |
52.770 |
52.680 |
|
Profit Before Tax |
123.720 |
47.150 |
(127.800) |
|
Tax |
29.000 |
12.000 |
(20.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
94.710 |
35.150 |
(107.400) |
|
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 |
94.710 |
35.150 |
(107.400) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.17
|
2.91
|
2.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.30
|
3.79
|
3.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.47
|
4.35
|
4.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.06
|
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.94
|
0.60
|
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
2.46
|
3.18 |
LOCAL AGENCY FURTHER INFORMATION
FINANCE
All financial commitments
including payment of loan installments were met in time within the year. The
borrowing costs during the year saw a noticeable decrease which resulted on
account of better utilisation of working capital facilities.
The lenders
continued to rate the Company as a prime customer.
CHANGES IN SHARE CAPITAL
Pursuant to the
resolution passed by the Board of Directors of the Company and in accordance
with the provisions of the Companies Act, 1956 and the Securities and Exchange
Board of India (Buy Back of Securities) Regulations, 1998 to optimise return to
the shareholder and to enhance overall shareholder value, the Company had made
a Public Announcement to Buy -Back upto maximum 40,00,000 Equity shares at a
maximum price of Rs.200/- per share. The Company bought back and extinguished
40,00,000 Equity shares from the open market using electronic trading
facilities of Bombay Stock Exchange Limited (BSE) and National Stock Exchange
Limited (NSE) at an aggregate consideration of Rs.401.400 millions. Consequently
the paid up capital of the Company has reduced from 6,95,34,050 Equity Shares
to 6,55,34,050 Equity Shares of Rs.2/- each.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW OF OPERATIONS
RESULTS
During the year,
the revenue of the Company grew from Rs.8363.300 millions to Rs.9319.800
millions on a standalone basis and from Rs.13011.700 millions to Rs.14332.800
millions, on a consolidated basis. The large fiscal deficits in the Global
market, coupled with slow economic growth created unsettling conditions for
business. This was reflected in the financial results of the Company also
during the year. The net profit of the Company on a standalone basis increased
from Rs.247.800 millions to Rs.298.600 millions but on a consolidated basis
fell from Rs.1318.500 millions to Rs.1133.200 millions. In order to reward the
shareholders adequately, the Company has proposed a dividend of 125%, an
increase from last year's dividend payout of 120%.
BUSINESS
Subject's business
consists of packaging products and value added metal products: both aluminium
and steel. It is an outsourced manufacturer of mosquito repellent coils and
vaporizers. The Company through subsidiary companies manufactures value added
products and operates a paper mill in
ECONOMIC OVERVIEW
The Global
economic and financial situation is recovering slowly. The Industrial output growth
plunged to 6.3% in the beginning of current financial year in
INDUSTRY STRUCTURE AND DEVELOPMENTS
The global steel
industry has been on a roller coaster since 2007. Timely intervention by the
government of the major economies by providing stimulus packages to overcome
economic crisis, effectively push future steel demand. During 2010 the global
demand for crude steel has rebounded to the earlier levels of 2008 as
investments in infrastructure and other steel intensive projects increased.
However, economic uncertainty in both European and US markets remains a matter
of concern in the industry. The devastating effect of the earthquake in
The demand for
aluminium is expected to increase in 2011 spurred by growing consumption in the
BRIC (
The global
packaging industry is growing fast. Rapid growth in packaging usage in fast
growing economies have resulted in new opportunities for the packaging
industry. However, rising input cost is also a concern for the industry.
SEGMENT-WISE PERFORMANCE
METAL PRODUCTS SEGMENT
The value-added
metal products manufactured by the Company are the principal contributor to the
revenues and profits for the Company and its subsidiaries.
The metals segment
as a whole contributed to 78% of revenue and 81% of profits before interest and
tax.
STEEL PRODUCTS
Steel is a significant
barometer of economic development of a country. The demand for steel in the
world stems from growth and development of the sectors that are end users of
steel such as manufacturing, housing, infrastructure, automobile, etc.
The Steel division
of Company has geared itself to cater to the increasing global demands.
Subject
manufactures and sells value added steel products comprising Cold rolled sheets
used in interior and exterior panels of automobiles, buses and commercial
vehicles, Galvanised Corrugated Sheets which find use in the rural housing
sector and factory sheds and Galvanised Plain Sheets, used in the manufacture
of containers and water tanks. The Company has a steel cold rolling plant in
Haldia for the manufacture of Cold Rolled Coils and Sheets, and a Galvanized
steel plant at Bankura,
Despite the
challenging economic scenario, the positive performance of the Company in this
segment contributed significantly to its overall performance.
ALUMINIUM PRODUCTS
The worldwide
demand for aluminium products is increasing year by year. Aluminium Industry in
The Company has
aluminium plants at Bankura and Haldia in West Bengal and in Kutch,
FUTURE OUTLOOK
The Company is in
the process of consolidating the existing projects and expansion that it had
undertaken in the past and also continues to explore new business
opportunities.
FIXED ASSETS:
Tangible
Assets
·
Land
·
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Electric Generator
·
Computer
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
Intangible
Assets
·
Computer Software
BUSINESS
DESCRIPTION
Subject is engaged in manufacturing packaging products and value-added
metal products both aluminium and steel. It is an outsourced manufacturer of mosquito
repellent coils and vaporizers. It operates a paper mill in
BOARD OF DIRECTORS
Mr. Rabindra Nath
Sengupta - Non-Executive Independent Chairman
Mr. Rabindra Nath Sengupta serves as Non-Executive Independent Chairman
of the Board of company. He has a Masters degree in economics and is a
certified associate of Indian Institute of Bankers (CAIIB). He worked with
State Bank of
Mr. Sushil Kumar
Agrawal Executive Director
Mr. Sushil Kumar Agrawal serves as an Executive Director of company. He
is a commerce graduate from
Education
Commerce,
Mr. Sunil Kumar
Agrawal - Executive Director
Mr. Sunil Kumar Agrawal is an Executive Director of company with effect from
January 01, 2011. He is a commerce graduate from
Education
Commerce,
Mr. Mahabir Prasad
Agrawal Non-Executive Director
Mr. Mahabir Prasad Agrawal serves as Non-Executive Director of company.
He is a commerce graduate. He has been associated with the Company since
graduation and commands over forty (40) years of experience in the packaging
industry. He has been associated with the Company as a director since 1995.
Presently, he is a non executive director of the Company
Mr. Nadia Basak -
Non-Executive Director
Mr. Nadia Basak serves as Non-Executive Director of company. He served
as Whole Time Director of the Company till March 30, 2011. He was a
Non-Executive Director the Company. He has been associated with the Company
since incorporation in the year 1984. He has pioneered all the technical
advancements made by the Company in its products and method of manufacture. He
was the head of a team which resolves all technical issues associated with
implementation of new projects.
Mr. Ajay Kumar
Chakraborty - Non-Executive Independent Director
Mr. Ajay Kumar Chakraborty serves as Non-Executive Independent Director
of company. He is a post graduate in commerce, company secretary, cost
accountant and a law graduate. He has 43 years of experience in the fields of
finance, banking, treasury, legal, secretarial, personnel and administration,
government statutory audit, direct and indirect taxes. He worked as the Company
Secretary and Chief Law Officer of BHEL for six years. He was the head of
finance of BHEL for five years and has also served in the capacity of the
Executive Director of BHEL before superannuating in April 2005. He is a
fellow/member of the Institute of Administrative Management, New Delhi and the
Institute of Secretarial Management, Calcutta, associate member of British
Institute of Management, London, member of Institute of Internal Auditor,
U.S.A., member of Indian Council of Arbitration, member of International
Chamber of Commerce, ICC Paris, Delhi Chapter and associate member of All India
Management Association, New Delhi. He has been associated with the Company
since 2004 and is presently an Independent Director of the Company.
Mr. Kali Kumar
Chaudhuri - Non-Executive Independent Director
Dr. Kali Kumar Chaudhuri serves as Non-Executive Independent Director of
company. He has a Master degree in science and is a Doctorate in anthropology
from the
Education
PHD Anthropology,
M Science,
Mr. Debabrata B.
Guha - Executive Director
Mr. Debabrata B. Guha serves as Executive Director of company. He was a
Non-Executive Director of the Company. He is a commerce graduate. He has
exposure in areas like material management as well as distribution network of
the consumer products.He has been associated with the Company since 1990 and
was associated with Reckitt Coleman Limited (now Reckitt Benckiser (India)
Limited) prior to joining the Company. He was also the director of Indian
Institute of Material Management. At present, he is actively involved with the
Federation of Madhya Pradesh Chamber of Commerce and Industries, Confederation
of Indian Industries, western region, Madhya Pradesh and Association of
Industries, Mandideep, Madhya Pradesh.
Mrs. Smita Khaitan
- Non-Executive Independent Director
Mrs. Smita Khaitan serves as Non-Executive Independent Director of
company. She holds a Bachelor of law degree from the
Education
LLB ,
PRESS RELEASE
Manaksia enters
into share purchase agreement with Aura Chem
Manaksia board to
consider dividend
Resignation of
Director
Indian IPOs:
Fleecing by pricing
Now
that the stock markets are seeing some buoyancy, shrewd promoters are whetting
their knives to slaughter gullible investors. A large number of companies are
planning to enter capital market. Quite a few of them could belong to
businessmen looking for an opportunity to dump their equity on investors at
fancy prices. Even now, many people think that subscribing to public issues of
new companies is a safe way of making money in the stock markets. They would do
well to remember an old Gujarati proverb: cheats never starve in a place full
of greedy people.
The
recent experience of primary market investors, who 'luckily' got an allotment,
should be an eye opener for all those who are planning to subscribe to initial
public offerings of new companies.
Even
in a year when the stock market was booming, people investing in new issues
have lost anything between Rs30-40 billions. In the fiscal year ended 31 March
2011, while the Sensex gained 11 per cent, the BSE's IPO index which measures
returns on the recently listed companies lost as much as 14 per cent! The loss
would have been substantially higher but for the high price maintained by some
of the illustrious issues like Coal
As
many as 61 companies hit the primary market in the 2010-11 fiscal. Out of them,
more than 40 entities are now trading way below their issue prices. Some of
these scrips have lost so much ground that investors with weak hearts and small
means may lose confidence in investing in stock markets. Take just a few
examples. Aster Silicates has today no buyers at Rs24 as against the issue
price of Rs118, suggesting erosion of 81 per cent of the investment made in it.
C and C Communications, Den Networks, Thinksoft Global, Technocraft Industries,
Saamya Biotech, Orient Green Power, Manaksia, Gokul Refoils & Solvents and
Goenka Diamond and Jewels are all now available at less than half their issue
price. If you lose half or more of your investment in less than a year, you
could be forgiven for vowing never to visit that place again, even if it
happens to be the ever alluring stock market. As is well-known, when the stock
markets are booming, greedy promoters rush to the market to raise funds. Wily
merchant bankers help them in pricing the issues at very high premiums. Both
know that when the market is in a euphoric mood, anything can sell at any
price. And there is nobody to ask them why they are bent on fleecing the
investing public.
It
is now clear that the so called book-building system has failed to build any
healthy structure in the Indian capital market. The price discovery mechanism
based on it has become an instrument for filling coffers of promoters by
looting the public. Free pricing of issues was regarded as part of the free
market economy that the country embraced in the post-reform period. No
allowance was made for market imperfections and market manipulation. Investors
are now paying for that failure.
The
time has come to put an end to this legalised loot by evolving a fair, rational
and objective pricing formula for new issues, in line with the pattern followed
during the regime of the Controller of Capital issues. This plea to Sebi, the
capital market regulator, is not new. Till it is heeded, investors need to be
on guard. Better be safe than sorry.
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.