1. Summary Information
|
|
|
Country |
India |
|
Company Name |
MAN INDUSTRIES ( |
Principal Name 1 |
Mr. Ramesh
C. Mansukhani |
|
Status |
Good |
Principal Name 2 |
Mr. Jagdish C. Mansukhani |
|
|
|
Registration # |
11-047408 |
|
Street Address |
101/102, Man House, Opposite Pawan Hans,
S.V. Road, Vile Parle (West), Mumbai – 400 052, Maharashtra |
||
|
Established Date |
19.05.1988 |
SIC Code |
-- |
|
Telephone# |
91-22-66477500 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-66477600 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Large Diameter Carbon Steel Line Pipes |
|
|
# of employees |
2555
[Approximately] |
Product Name 2 |
-- |
|
Paid up capital |
Rs.276.424
Millions |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter Group 54.52%, Public Shareholding 45.48% |
Banking |
State
Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
25 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (54) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates/
Subsidiaries |
UAE |
Man Global FZC |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,907,911,000 |
Current Liabilities |
5,085,794,000 |
|
Inventories |
1,602,137,000 |
Long-term Liabilities |
2,302,326,000 |
|
Fixed Assets |
3,479,944,000 |
Other Liabilities |
1,186,457,000 |
|
Deferred Assets |
000 |
Total Liabilities |
8,574,577,000 |
|
Invest& other Assets |
3,033,903,000 |
Retained Earnings |
6,172,894,000 |
|
|
|
Net Worth |
6,449,318,000 |
|
Total Assets |
15,023,895,000 |
Total Liab. & Equity |
15,023,895,000 |
|
Total Assets (Previous Year) |
18,961,014,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales/ Total Income |
17,017,045,000 |
Net Profit |
1,019,957,000 |
|
Sales(Previous yr)/ Total Income |
15,242,730,000 |
Net Profit(Prev.yr) |
919,600,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAN INDUSTRIES ( |
|
|
|
|
Registered
Office : |
101/102, Man House, Opposite Pawan Hans,
S.V. Road, Vile Parle (West), Mumbai – 400 052, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.05.1988 |
|
|
|
|
Com. Reg. No.: |
11-047408 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.276.424
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
: |
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. |
|
|
|
|
No. of Employees
: |
2555
[Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 25700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB+ [Cash Credit] |
|
Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation it carry moderate credit risk. |
|
Date |
October 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered/ Corporate Office : |
101/102, Man House, Opposite Pawan Hans,
S.V. Road, Vile Parle (West), Mumbai – 400 052, Maharashtra,
India |
|
Tel. No.: |
91-22-66477500 / 2610 8888 |
|
Fax No.: |
91-22-66477600 / 01 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
1, Chandrageet, 120, S. V. Road, Andheri (West), Mumbai - 400 058, |
|
Tel. No.: |
91-22-26201365-8 |
|
Fax No.: |
91-22-26203561 |
|
E-Mail : |
|
|
|
|
|
Central Office : |
Man House, 15 PU 3, Scheme 54, |
|
Tel. No.: |
91-731-559070/ 71 / 72 / 73 |
|
Fax No.: |
91-731-557891/ 92 |
|
|
|
|
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 |
|
|
|
|
|
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. ( |
|
Tel No: |
0044 7775905222 |
|
|
|
|
|
LOB 16, Office No.16241,
P.O |
|
Tel / Fax : |
97165724626 / 4616 |
|
E-Mail : |
|
|
|
|
|
|
AU-30-E, AU Tower Gold, |
|
Tel No: |
+ 971 4 4327909 |
|
Fax No: |
+ 971 4 4328219 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Ramesh
C. Mansukhani |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Jagdish C.
Mansukhani |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr. J. L. Mansukhani |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Kirit Damania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A V Rammurty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pramod K. Tandon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nikhil Mansukhani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harjit Singh Bedi |
|
Designation : |
Director – Technical |
KEY EXECUTIVES
|
Name : |
Mr. Sanjiv Dheer |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. Ashok Gupta |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. K. G. Mantri |
|
Designation : |
Senior Vice President – Corporate Affairs |
|
|
|
|
Name : |
Mr. Umesh Rastogi |
|
Designation : |
Senior Vice President – Business Development and Technical
Services |
|
|
|
|
Name : |
Mr. Ashit Mittal |
|
Designation : |
Senior Vice President – Marketing and Business Development |
|
|
|
|
Name : |
Mr. Abhilesh Ojha |
|
Designation : |
Vice President – Finance & Accounts |
|
|
|
|
Name : |
Mr. Pankaj Nigam |
|
Designation : |
Vice President – Marketing |
|
|
|
|
Name : |
Mr. Anil Kumar Sahu |
|
Designation : |
Vice President – Marketing and Business Development |
|
|
|
|
Name : |
Mr. Sanjay Sohani |
|
Designation : |
Vice President – Operations and Electricals |
|
|
|
|
Name : |
Mr. Dilip Jethani |
|
Designation : |
Vice President – Works |
|
|
|
|
Name : |
Mr. Rishikesh Vyas |
|
Designation : |
Group Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
16254977 |
27.20 |
|
|
7589634 |
12.70 |
|
|
23844611 |
39.90 |
|
|
|
|
|
|
8741070 |
14.63 |
|
|
8741070 |
14.63 |
|
Total shareholding of Promoter and Promoter Group (A) |
32585681 |
54.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11800 |
0.02 |
|
|
6300 |
0.01 |
|
|
911682 |
1.53 |
|
|
4459313 |
7.46 |
|
|
0 |
0.00 |
|
|
5389095 |
9.02 |
|
|
|
|
|
|
6953899 |
11.64 |
|
|
|
|
|
|
4502458 |
7.53 |
|
|
3547061 |
5.93 |
|
|
6788861 |
11.36 |
|
|
2008309 |
3.36 |
|
|
265679 |
0.44 |
|
|
1850873 |
3.10 |
|
|
2664000 |
4.46 |
|
|
21792279 |
36.46 |
|
Total Public shareholding (B) |
27181374 |
45.48 |
|
Total (A)+(B) |
59767055 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
59767055 |
0.00 |
%20LIMITED%20-%20218138%2022-Apr-2013_files/image003.gif){kind=small}
%20LIMITED%20-%20218138%2022-Apr-2013_files/image004.gif){kind=small}
%20LIMITED%20-%20218138%2022-Apr-2013_files/image005.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. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
|
Pipe Division |
MT |
1000000 |
|
Particulars |
Unit |
Production
|
|
Coating/ Beveling |
|
|
|
In |
MT |
296209.447 |
|
In Overseas |
MT |
20142.000 |
GENERAL INFORMATION
|
No. of Employees : |
2555
[Approximately] |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Commercial Branch, Indore and Overseas Branch, Mumbai, Maharashtra, India · Bank of Baroda, Mumbai Main Branch, Fort, Mumbai, Maharashtra, India · ICICI Bank Limited, Mumbai Main Branch, Fort, Mumbai, Maharashtra, India ·
Axis
Bank, Fort Branch, Mumbai, Maharashtra, India · Corporation Bank, IFB, Fort, Mumbai, Maharashtra, India · Union Bank of India, Fort, Mumbai Maharashtra, India ·
Bank of
India, Andheri, Mumbai, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rohira Mehta and Associates Chartered
Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Associates/Subsidiaries : |
·
Man Infraprojects Limited ·
Man USA Inc ·
Man Overseas Metal DMCC ·
Merino Shelters Private Limited Subsidiary of Man
Infraprojects Limited ·
Man Global FZC, UAE |
|
|
|
|
Related Parties : |
·
JPA Holdings Private Limited ·
Man Futures Private Limited ·
Man Realty Limited ·
Man (U.K.) Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.5/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
55284874 |
Equity Shares |
Rs.5/- each |
Rs.276.424
Millions |
NOTE:
THE DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES
|
PARTICULAR |
AS ON 31.03.2012 |
AS ON 31.03.2011 |
||
|
|
% Held |
No. of Shares |
% Held |
No. of Shares |
|
Jagdishchandra Jhamaklal Mansukhani |
18.79 |
10386309 |
18.89 |
10441847 |
|
Rameshchandra Mansukhani |
18.56 |
10262026 |
18.69 |
10334226 |
|
The Bank of NewYork (GDR) |
8.06 |
4456462 |
8.06 |
4456462 |
RECONCILIATION OF
SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR
|
PARTICULAR |
Nos. of Shares |
Value of Shares |
|
Outstanding at the beginning of the period |
55284874 |
276.424 |
|
Add : |
|
|
|
Shares issued on conversion of warrants |
-- |
-- |
|
Outstanding at the end of the period |
55284874 |
276.424 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
276.424 |
276.424 |
267.674 |
|
|
2] Share Application Money |
0.000 |
4.375 |
19.688 |
|
|
3] Reserves & Surplus |
6172.894 |
5218.787 |
4365.093 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6449.318 |
5499.586 |
4652.455 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2302.326 |
41.234 |
1247.179 |
|
|
2] Unsecured Loans |
0.000 |
1790.460 |
1836.945 |
|
|
TOTAL BORROWING |
2302.326 |
1831.694 |
3084.124 |
|
|
DEFERRED TAX LIABILITIES |
489.582 |
521.644 |
545.396 |
|
|
|
|
|
|
|
|
TOTAL |
9241.226 |
7852.924 |
8281.975 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3479.944 |
3863.863 |
4146.444 |
|
|
Capital work-in-progress |
9.305 |
2.275 |
75.541 |
|
|
|
|
|
|
|
|
INVESTMENT |
3024.598 |
342.047 |
338.232 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1602.137
|
5284.412
|
2722.546
|
|
|
Sundry Debtors |
2985.044
|
3736.705
|
1561.757
|
|
|
Cash & Bank Balances |
1077.655
|
3811.027
|
3566.160
|
|
|
Other Current Assets |
469.298
|
0.000
|
0.000
|
|
|
Loans & Advances |
2375.914
|
1908.194
|
2659.073
|
|
Total
Current Assets |
8510.048
|
14740.338 |
10509.536 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3212.813
|
10334.333
|
5784.122
|
|
|
Other Current Liabilities |
1872.981
|
|
|
|
|
Provisions |
696.875
|
|
|
|
Total
Current Liabilities |
5782.669
|
11108.090
|
6812.759
|
|
|
Net Current Assets |
2727.379
|
3632.248
|
3696.777
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
12.491 |
24.981 |
|
|
|
|
|
|
|
|
TOTAL |
9241.226 |
7852.924 |
8281.975 |
|
%20LIMITED%20-%20218138%2022-Apr-2013_files/image006.gif){kind=small}
%20LIMITED%20-%20218138%2022-Apr-2013_files/image007.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17017.045 |
15242.730 |
14736.908 |
|
|
|
Other Income |
340.168 |
1071.560 |
506.000 |
|
|
|
TOTAL (A) |
17357.213 |
16314.290 |
15242.908 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11269.115 |
-- |
-- |
|
|
|
Purchases of Trade goods |
80.272 |
-- |
-- |
|
|
|
Employee Benefits Expense |
468.414 |
-- |
-- |
|
|
|
Other Expenses |
2390.507 |
-- |
-- |
|
|
|
Changes in
Inventories of Finished Goods and Stock in Process |
984.530 |
-- |
-- |
|
|
|
Cost of Goods Sold |
-- |
12124.169 |
11038.743 |
|
|
|
Salaries, Wages, Bonus, etc. |
-- |
434.364 |
365.711 |
|
|
|
Operating and Other Expenditure |
-- |
3160.685 |
1827.691 |
|
|
|
Increase/(Decrease) in Finished Goods |
-- |
(983.600) |
267.389 |
|
|
|
TOTAL (B) |
15192.838 |
14735.618 |
13499.534 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2164.375 |
1578.672 |
1743.374 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
269.631 |
194.326 |
369.751 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1894.744 |
1384.346 |
1373.623 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
401.546 |
391.524 |
368.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1493.198 |
992.822 |
1005.469 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
473.241 |
73.222 |
334.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1019.957 |
919.600 |
670.895 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3093.170 |
2382.607 |
1892.580 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
101.996 |
91.959 |
67.089 |
|
|
|
Proposed Dividend |
110.570 |
110.570 |
93.686 |
|
|
|
Provision For Taxations – Dividend |
17.937 |
0.000 |
0.000 |
|
|
|
Corporate Dividend Tax |
0.000 |
18.364 |
15.924 |
|
|
|
Profit and Loss Appropriations |
(53.303) |
(11.856) |
4.169 |
|
|
BALANCE CARRIED
TO THE B/S |
3935.927 |
3093.170 |
2382.607 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13752.429 |
1225.219 |
6126.280 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7588.931 |
11519.783 |
5619.370 |
|
|
|
Capital Goods |
0.000 |
0.000 |
36.935 |
|
|
|
Others |
15.129 |
24.679 |
48.390 |
|
|
TOTAL IMPORTS |
7604.060 |
11544.462 |
5704.695 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
18.45 |
16.63 |
12.41 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3263.700 |
4803.700 |
4182.800 |
|
Total Expenditure |
2753.600 |
4246.300 |
3590.600 |
|
PBIDT (Excl OI) |
510.100 |
557.400 |
592.200 |
|
Other Income |
16.700 |
514.600 |
(28.500) |
|
Operating Profit |
526.800 |
1072.000 |
563.700 |
|
Interest |
112.600 |
129.200 |
107.000 |
|
Exceptional Items |
0.000 |
(349.300) |
(44.600) |
|
PBDT |
414.200 |
593.500 |
412.100 |
|
Depreciation |
90.200 |
100.100 |
98.400 |
|
Profit Before Tax |
324.000 |
493.400 |
313.700 |
|
Tax |
65.500 |
176.700 |
78.000 |
|
Profit After Tax |
258.500 |
316.700 |
235.700 |
|
Net Profit |
258.500 |
316.700 |
235.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.88
|
5.64
|
4.40
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.77
|
6.51
|
6.82
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.45
|
5.34
|
6.86
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.18
|
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.35
|
0.33
|
0.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.33
|
1.54
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Bonds |
|
|
|
Foreign Currency Convertible Bonds |
0.000 |
1790.460 |
|
TOTAL
|
0.000 |
1790.460 |
RESULTS OF
OPERATIONS:
Net sales and
other income for the standalone entity increased to Rs.17357.214 Millions from
Rs. 16774.302 Millions in the previous year; an increase of 3.48%. The
operating profit (PBDIT) witnessed an increase of 27.76 % from Rs.1684.360
Millions in 2010-11 to Rs.2151.885 Millions in 2011-12. The profit after tax
(PAT) showed a growth of 10.92 % at Rs.10.200 Millions from Rs.9.196 Millions
in the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS:
GLOBAL SOCIO ECONOMIC
ENVIRONMENT:
The year commenced
with several challenges both on the domestic and international fronts. The
global economic environment, which has been weak at best throughout the year,
turned sharply adverse in September 2011 owning to the turmoil in the euro zone
and questions about the outlook on the US economy provoked by rating agencies.
Jasmine revolution sparked in Arab countries and Africa resulted in
extraordinary volatility in crude oil. Besides uncertainty in policy making on
the domestic front coupled with Tsunami in Japan have posed quite a few unique
challenges. Growth in Indian economy is expected to remain strong, although the
momentum in industrial activity is not as it should be due to persistent high
inflation and resultant high interest rates. Company’s Strategic and
Competitive Advantage:
The Company 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 time and is one of the leading
manufacturers of the large diameter Carbon Steel SAW pipes offering total
solutions to its valued and reputed clients globally. The Anjar Plant’s
location in the vicinity of Mundra and Kandla seaports has provided a
competitive edge to the Company in the global market. The Company has recently
commissioned its third HSAW production line at Anjar. This is the first ever
mill in India which can produce pipes upto 30 mm thickness in X-80 grade steel.
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.
FINANCIAL OVERVIEW
FOR THE YEAR 2011-12:
The Company
revenues have shown an increase of 6.39% to Rs. 17357.200 Millions for Year
ended on 31st March 2012, as compared to Rs. 16314.200 Millions for the
corresponding period of previous year. The Company’s operating Profit has shown
an increase of 27.75% to Rs. 2151.900 Millions for Year ended on 31st
March 2012, as compared to Rs. 1684.400 Millions for the corresponding period
of previous year. The Company has done extremely well during the year and has
posted highest ever net profit of Rs. 1020.000 Millions in its 25 years history
thereby registering a growth of 11% approx. in comparison to corresponding
period of previous year and resulting into an EPS of Rs. 18.45 per Share.
They have
considerably reduced their Debt-Equity ratio to 0.10 thereby de-leveraging the
company to provide financial stability in the prevailing turbulent and challenging
financial environment. Also the company has made an enviable track record of
uninterrupted profit since inception and consistent dividend payment for more
than a decade. The management is expecting further growth in the current
financial year. The recent strategic partnership with Kobe Steel is expected to
add value to their business growth in coming years.
GLOBAL INDUSTRY OVERVIEW:
Currently there is
an overcapacity in the global system but Large Global clients have plans to
invest billions of dollars in several mega projects over the next few years
which augur well with the demand led growth. Middle East, West Asia, Africa,
South East Asia, Australia and the domestic market would be key volume drivers
for Indian Pipe Manufacturers. These geographies account for over 40% of the
total global demand of Line SAW Pipes. 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 with
Japan and Europe. Indian Line Pipe Industry is approximately USD 5 Billion in
size. Currently, there is some 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, the country needs around
17,000 kms of pipelines in the coming years. India is witnessing a spurt in
construction of pipelines as the domestic gas availability is poised to
increase twofold over the next four years as Gas has become the ‘FUTURE FUEL’,
therefore construction of pipeline infrastructure has become inevitable. Indian
Pipe Manufacturers are well poised to capitalize on the available domestic
opportunities. 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
sector.
FUTURE OUTLOOK:
In view of the
healthy demand for Pipelines on the global as well as domestic front, the
future for Pipeline industry appears bright. In order to meet rising energy
needs, there is an need to develop and improve oil and gas distribution in
India as well as globally. International pipeline projects like the TAPI
(Turkmenistan-Afghanistan-Pakistan-India), IPI (Iran-Pakistan-India) Gas
pipeline, Bangladesh-India Onshore gas pipeline and imports from Myanmar are in
the offing. As per global consultancy, Simdex 2011 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. Increased focus on Shale Gas
exploration will give major boost to the pipeline industry. Also it is said to
be the biggest energy innovation of the decade. It has become increasingly
important source of natural gas in the USA, Canada, Europe, Asia and Australia.
Although many other nations are pursuing shale gas, commercial success is so
far limited to US and Canada. 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 are keen to increase the utilization of their existing
capacities of both LSAW and HSAW.
ACCREDITATIONS AND
AWARDS:
·
ISO 9001, 14001, 18001 certification for all
divisions.
·
American Petroleum Institute (API) certification.
·
Certified by ENGINEERS INDIA LIMITED (EIL)
·
Recipient of EEPC AWARD for 2008-09
·
Recipient of GAIL AWARD in 2010-11
CONTINGENT LIABILITIES NO PROVIDED IN RESPECT OF:
|
PARTICULARS |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Guarantees / Letter of Credit Outstanding |
12921.162 |
6839.310 |
|
Excise Duty / Service Tax Matters |
259.580 |
199.936 |
|
Entry Tax / Sales Tax Matters |
73.936 |
55.557 |
|
Income Tax Matters |
18.465 |
8.224 |
|
Corporate Guarantee issued |
0.000 |
2868.000 |
|
Legal
Cases* |
|
|
|
- Midcontinent Express Pipeline LLC, USA |
263.314 |
0.000 |
|
- Prime Pipe International USA |
94.568 |
70.930 |
|
- Prime Pipe International and Bank of
Tokyo & Mitsubishi |
0.000 |
156.083 |
|
TOTAL |
13631.025 |
10198.040 |
|
NOTE: * The company has appealed against the
same. |
||
FIXED ASSETS:
· Land
· Factory Building
· Office Premises
· Plant and Machinery
· Dies and Patterns
· Office Equipment
· Electrical Equipment
· Furniture and Fixtures
· Vehicles
· Computer
· Windmill
· Garden
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED ON 31ST
DECEMBER, 2012
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income from Operations |
4115.500 |
4471.500 |
11798.300 |
|
|
Other Operating Income |
67.300 |
332.200 |
451.900 |
|
|
Total Income From Operations (Net) |
4182.800 |
4803.700 |
12250.200 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
2817.500 |
3629.100 |
8742.800 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
294.100 |
(101.000) |
231.100 |
|
|
Employee
benefits expenses |
104.400 |
116.500 |
329.100 |
|
|
Depreciation
and amortization expenses |
98.400 |
100.100 |
288.700 |
|
|
Other
expenses |
374.600 |
601.700 |
1287.500 |
|
|
Total Expenses |
3689.000 |
4346.400 |
10879.200 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
493.800 |
457.300 |
1371.000 |
|
|
|
|
|
|
|
4. |
Other
Income |
(28.500) |
514.600 |
502.800 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
465.300 |
971.900 |
1873.800 |
|
|
|
|
|
|
|
6. |
Interest |
107.000 |
129.200 |
348.800 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
358.300 |
842.700 |
1525.000 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
(44.600) |
(349.300) |
(393.900) |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
313.700 |
493.400 |
1131.100 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
78.000 |
176.700 |
320.200 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
235.700 |
316.700 |
810.900 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
235.700 |
316.700 |
810.900 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.5/- Each) |
298.800 |
285.500 |
298.800 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
|
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
3.94 |
5.55 |
13.57 |
|
|
b) Basic
and diluted EPS after extraordinary items |
3.94 |
5.55 |
13.57 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
27181374 |
26271885 |
27181374 |
|
|
-
Percentage of Shareholding |
45.48 |
46.01 |
45.48 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
9885441 |
6530377 |
9885441 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
30.34 |
21.18 |
30.34 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
16.54 |
11.44 |
16.54 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
22700240 |
24300793 |
22700240 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
69.66 |
78.82 |
69.66 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
37.98 |
42.56 |
37.98 |
|
PARTICULARS |
3 MONTHS ENDED 30.06.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
30 |
|
Disposed of during the quarter |
30 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. In current financial year, the company has completed with the requirement
of AS 11 issued by “The Institute of Chartered Accountants of India” and
accordingly recognized MTM loss of Rs.137.262 Millions as other income in the
quarter ended December 2012. However, the figures of corresponding previous
quarter are unchanged.
2. Exceptional items includes provision for diminution in value of
investment in Man Infraprojects Limited. Due to continues losses, the
management has provided for additional amount of Rs.44.600 Millions towards
diminution in the carrying cost of its investments.
3. The above un-audited financials were reviewed by the audit committee and
approved by the board of directors of the company in their meeting held on 15th
February, 2013
4. The matter being Sub-Judice before company law board, Mumbai (the board),
the accounts are subject to further directions to be passed, if any by the
board.
5. Previous period figures have been re-grouped and re-arranged wherever
necessary.
PRESS RELEASE:
MAN INDUSTRIES
BAGS EEPC’S STAR PERFORMER AWARD
MUMBAI, SEPTEMBER 11, 2012:
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 2010-11.
The award was
received by Mr. Ashit Mittal, Sr. Vice President- Marketing and Business
Development of Man Industries from Mr. Manohar Parrikar, Chief Minister of Goa
at a ceremony held on September 8 in Goa.
Commenting on the
award Mr. R.C. Mansukhani Chairman, Man Industries (India) Limited said, “We
are honoured to be the recipient of this award for the third consecutive year.
This award provides an excellent platform for a corporate to showcase best
practices followed in the industrial segment. Receiving the EEPC award for the
third time in a row will certainly inspire everyone in the group to achieve
further excellence on 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 corporate, 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
POSTS HIGHEST EVER PROFIT, MAINTAINS 40 PERCENT DIVIDEND
MUMBAI, AUGUST 28, 2012:
Man Industries
(India) Limited, one of the leading large diameter pipe manufacturing company
has reported highest ever net profit at Rs 1020.000 Millions for the financial
year ended March 31, 2012, registering an increase of 11 per cent as compared
to Rs 920.000 Millions in the corresponding period a year ago. The company has
also announced 40 per cent dividend for its shareholders, alike the previous
fiscal. The company has clocked a total turnover at Rs 17020.000 Millions,
registering a growth at 7.14 per cent as compared to Rs 15880.000 Millions in
the previous year.
The company has
maintained its Y-o-Y track record of strong financial performance in the
financial year 2011-12, amidst challenging period for the industry and economy
across the country.
Addressing the
shareholders at the 24th Annual General Meeting of the company held here, Mr. R
C Mansukhani, Chairman, Man Industries (India) Limited said, “We have done
extremely well during the year under review. The company posted highest ever
profit in 2011-12 in its 25 years history. We are expecting further growth in
the current financial year. Our current order book stands at Rs. 11000.000
Millions which is to be executed within the next 7-8 months. Our recent
strategic partnership with Kobe Steel is expected to add value to our business
growth in coming years.”
The AGM has
approved the reappointment of Mr. P K Tandon as Director of the Company.
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).
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.54.03 |
|
|
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.