MIRA
INFORM REPORT
|
Report Date : |
24.08.2013 |
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, Lal Bazar Street, Bikaner Building, Kolkata – 700001, West Bengal
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
27.12.1984 |
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Com. Reg. No.: |
21-038336 |
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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 Exchange. |
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Line of Business
: |
Manufacturer and Marketer of Roll on Pilfer Proof
Caps, Screw Caps, Chemicals, Adhesives and Metal Containers. |
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|
No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 19700000 |
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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 reputed company having a good track
record. Profit of the company has increased in 2013. Financial position of the company appears to be sound. Fundamentals of
the company are strong and healthy. 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 dealing at usual
trade terms and conditions. Note: Latest financial of 2013 we taken from external source (Website)
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
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 |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in existence.
Kodak, the inventor of the digital camera had to wind up its operations, HMV,
the British entertainment retailing company and Borders, once the second
largest bookstore have shut down due to their inability to evolve their
business models with the changing time. Readers’ Digest, Thomson Register are
no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
ECB Term Loan: AA (Withdrawn) |
|
Rating Explanation |
High Credit quality rating and low credit
risk |
|
Date |
13.06.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Non Convertible debenture: AA (Withdrawn) |
|
Rating Explanation |
High Credit quality rating and low credit
risk |
|
Date |
13.06.2013 |
Reason for withdrawn:- Company has fully repaid the amount and non
amount outstanding under facility as on date.
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 Office : |
8/1, Lal Bazar Street, Bikaner Building, Kolkata – 700001, West
Bengal, India |
|
Tel. No.: |
91-33-22435053/ 54/ 56/ 22310050/ 51/ 52 |
|
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 : |
Located
at: ·
Plot No. 125B, Shree Venkatesh Co-Op Industrial
Area, Ida, Vill- Bollaram, District Medak, Andhra Pradesh, India ·
161/2, Village Khutli , Via Khanvel, Dudhni Road,
Silvassa, Dadra and Nagar Haveli, India ·
Plot No.25 and 24A, Anrich Industrial Estate,
Bollaram, Medak, (KPL), Andhra Pradesh, India ·
45-C, Phase-I, Jedimetla, R R District, SRO,
Medak, · 15, B K Pal Temple Road, Belur, Howrah - 711202, Karnataka, India ·
·
Plot No. 125A, Shree Venkatesh Co-Op Industrial
Area, Ida, Vill- Bollaram, District Medak, Andhra Pradesh, India ·
12, Duffer Street, Liluah, Howrah - 711 204,
West Bengal, India ·
Survey No. 396, Chandrani, Taluka Anjar, District
Kutch, Gujarat, India ·
Brahmanpara, P S Haripal, Plot no. 138,
Batsonaa, District : Hooghly, West Bengal, India · Plot No. 471, Birsinghapur , P O and P S Barjora - 722 202, Barjora, District: Bankura, West Bengal, India ·
4, Garden Reach Road, Slipway-III, Pan Bazar,
Shalimar, West Bengal, India · Village and P O : Bhuniya Raichak, Haldia - 721 635, West Bengal, India · EPIP, Amingoan, North Guwahati - 31, India · Plot No. 15, New Industrial Area – II, Mandideep District Raisen - 462046, Madhya Pradesh, India ·
Plot No. 16, New Industrial Area-II, Mandideep,
District Raisen, Madhya Pradesh, India ·
9 and 12 AI, New Industrial Area-II, Mandideep,
District Raisen, Madhya Pradesh, India |
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Branches : |
Located
at ·
Bangalore ·
Hyderabad ·
·
Chennai ·
Mumbai |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Mr. Rabindra Nath Sengupta |
|
Designation : |
Chairman |
|
Address : |
20/4, Northern
Avenue, Kolkata – 700037, West Bengal, India |
|
Date of Birth/Age : |
01.01.1939 |
|
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, S. N. Roy
Road, Kolkata – 700038, West Bengal, India |
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Date of Birth/Age : |
13.02.1945 |
|
Date of Appointment : |
01.01.2002 |
|
|
|
|
Name : |
Mr. Ajay Kumar Chakraborty |
|
Designation : |
Chairman |
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|
Name : |
Mr. Debabrata B Guha |
|
Designation : |
Executive Director |
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|
Name : |
Dr. Kali Kumar Chaudhari |
|
Designation : |
Director |
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|
Name : |
Mr. Mahabir Prasad Agarwal |
|
Designation : |
Director |
|
Address : |
39/1, S. N. Roy
Road, Kolkata – 700038, West Bengal, India |
|
Date of Birth/Age : |
05.07.1938 |
|
Date of Appointment : |
05.09.1995 |
|
|
|
|
Name : |
Mr. Nadia Basak |
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Designation : |
Director |
|
Address : |
144/56, Dharmtolla
Road, Salkia, Howrah – 711106, West Bengal, India |
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Date of Birth/Age : |
13.01.1951 |
|
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, S. N. Roy
Road, Kolkata – 700038, West Bengal, India |
|
Date of Birth/Age : |
11.12.1961 |
|
Date of Appointment : |
02.09.2000 |
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|
|
|
Name : |
Mr. Suresh Kumar Agarwal |
|
Designation : |
Executive Director |
|
Address : |
39/1, S. N. Roy
Road, Kolkata – 700038, West Bengal, India |
|
Date of Birth/Age : |
28.07.1953 |
|
Date of Appointment : |
01.01.1998 |
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|
|
|
Name : |
Mr. Sushil Kumar Agarwal |
|
Designation : |
Executive Director |
|
Address : |
39/1, S. N. Roy
Road, Kolkata – 700038, West Bengal, India |
|
Date of Birth/Age : |
17.11.1960 |
|
Date of Appointment : |
01.01.1998 |
KEY EXECUTIVES
|
Name : |
Mr. Anubhav Maheshwari |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
41255940 |
62.95 |
|
|
41255940 |
62.95 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
41255940 |
62.95 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
19208 |
0.03 |
|
|
212057 |
0.32 |
|
|
231265 |
0.35 |
|
|
|
|
|
|
|
|
|
|
15362602 |
23.44 |
|
|
|
|
|
|
|
|
|
|
6942193 |
10.59 |
|
|
1592303 |
2.43 |
|
|
149747 |
0.23 |
|
|
85649 |
0.13 |
|
|
64098 |
0.10 |
|
|
24046845 |
36.69 |
|
|
|
|
|
Total Public
shareholding (B) |
24278110 |
37.05 |
|
|
|
|
|
Total (A)+(B) |
65534050 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
65534050 |
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 : |
|
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 : |
5000 (Approximately) |
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Bankers : |
·
Allahabad Bank ·
Axis Bank Limited ·
Citibank, N.A. ·
DBS Bank Limited ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Standard Charted Bank ·
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
SRB and Associates Chartered Accountants |
|
Address : |
Kolkata, West |
|
|
|
|
Associates : |
· Arena Machineries Limited · Solex Chemicals Private Limited **** |
|
|
|
|
Subsidiaries : |
·
MINL Limited ·
Dynatech Industries Ghana Limited ·
Euroasian Steels LLC (Subsidiary of Euroasian
Ventures FZE) ·
Mark Steels Limited ·
Jebba Paper Mills Limited (Subsidiary of MINL
Limited) ·
Manaksia Aluminium Company Limited ·
Manaksia Coated Metals and Industries Limited ·
Manaksia Ferro Industries Limited ·
Manaksia Overseas Limited ·
Manaksia Steels Limited ·
Manaksia Industries Limited* ·
UNI Metals FZE ·
Solex Chemicals Private Limited *** |
* Became subsidiary w.e.f. 01.04.2011
*** Ceased to be a Subsidiary w.e.f 18.08.2011
**** Ceased to be an Associate’s w.e.f 22.03.2012
CAPITAL STRUCTURE
(AS ON 31.03.2012)
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 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
131.068 |
131.068 |
|
(b) Reserves & Surplus |
|
4805.700 |
4732.593 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
4936.768 |
4863.661 |
|
|
|
|
|
|
(3) Foreign Currency Monetary Item Translation Account |
|
(31.100) |
0.000 |
|
|
|
|
|
|
(4) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
789.057 |
1001.149 |
|
(b) Deferred tax liabilities (Net) |
|
482.500 |
467.500 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
60.469 |
50.590 |
|
Total Non-current
Liabilities (4) |
|
1332.026 |
1519.239 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
598.184 |
463.345 |
|
(b)
Trade payables |
|
2747.898 |
2497.983 |
|
(c)
Other current liabilities |
|
507.484 |
328.187 |
|
(d) Short-term
provisions |
|
61.893 |
246.495 |
|
Total Current
Liabilities (5) |
|
3915.459 |
3536.010 |
|
|
|
|
|
|
TOTAL |
|
10153.153 |
9918.910 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3104.056 |
3215.580 |
|
(ii)
Intangible Assets |
|
4.212 |
7.614 |
|
(iii)
Capital work-in-progress |
|
366.356 |
273.977 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
694.307 |
693.050 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
79.540 |
77.411 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
4248.471 |
4267.632 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
2269.761 |
2505.464 |
|
(c)
Trade receivables |
|
1952.673 |
1808.446 |
|
(d) Cash
and cash equivalents |
|
9.937 |
34.820 |
|
(e)
Short-term loans and advances |
|
1672.311 |
1302.548 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
5904.682 |
5651.278 |
|
|
|
|
|
|
TOTAL |
|
10153.153 |
9918.910 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
139.068 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
5017.145 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
5156.213 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1140.904 |
|
|
2] Unsecured Loans |
|
|
254.774 |
|
|
TOTAL BORROWING |
|
|
1395.678 |
|
|
Foreign Currency Monetary Item Transaction
Deference Account |
|
|
9.369 |
|
|
DEFERRED TAX LIABILITIES |
|
|
452.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7013.260 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3120.447 |
|
|
Capital work-in-progress |
|
|
379.058 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1046.079 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
Foreign Currency Monetary Item Transaction Deference Account |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1552.645
|
|
|
Sundry Debtors |
|
|
2074.409
|
|
|
Cash & Bank Balances |
|
|
37.918
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
494.580
|
|
Total
Current Assets |
|
|
4159.552
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1202.139
|
|
|
Other Liabilities |
|
|
232.600
|
|
|
Provisions |
|
|
257.137
|
|
Total
Current Liabilities |
|
|
1691.876
|
|
|
Net Current Assets |
|
|
2467.676
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
DEFERRED REVENUE EXPENDITURE |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7013.260 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
10841.367 |
9319.812 |
8363.257 |
|
|
|
Other Income |
570.755 |
45.276 |
150.652 |
|
|
|
TOTAL (A) |
11412.122 |
9365.088 |
8513.909 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed (Including
Trading Goods) |
8105.120 |
7142.620 |
|
|
|
|
Changes in Inventories of finished Goods, Work in Progress and Stock
in Trade |
234.109 |
(424.591) |
|
|
|
|
Employee Benefit Expense |
382.452 |
321.489 |
|
|
|
|
Other Expenses |
1657.203 |
1478.918 |
|
|
|
|
Exceptional Items |
394.587 |
(70.097) |
|
|
|
|
TOTAL (B) |
10773.471 |
8448.339 |
7618.197 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
638.651 |
916.749 |
895.712 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
320.257 |
314.663 |
384.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
318.394 |
602.086 |
511.282 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
209.187 |
201.526 |
194.681 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
109.207 |
400.560 |
316.601 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
36.100 |
107.968 |
68.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
73.107 |
292.592 |
247.801 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.952 |
0.773 |
NA |
|
|
|
|
|
|
|
|
|
|
Transfer from
Exchange Fluctuation Reserve |
0.000 |
20.000 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
0.000 |
30.000 |
NA |
|
|
|
Debenture Redemption Reserves |
15.000 |
90.000 |
NA |
|
|
|
Dividend on Equity Shares |
0.000 |
163.835 |
NA |
|
|
|
Tax on Dividend |
0.000 |
26.578 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
61.059 |
2.952 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods and Services
(F.O.B. Value including Freight Realised) |
5978.685 |
5500.190 |
5199.568 |
|
|
|
Interest income from Subsidiary Companies |
24.672 |
8.015 |
0.000 |
|
|
|
Dividend income from Subsidiary Company |
396.739 |
27.365 |
27.903 |
|
|
TOTAL EARNINGS |
6400.096 |
5535.570 |
5227.471 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
|
|
|
|
|
|
|
Raw Materials, Components and Other Purchases |
6298.947 |
5118.998 |
4929.447 |
|
|
|
Spares Parts and Chemicals |
61.537 |
35.268 |
11.348 |
|
|
|
Capital Goods |
0.638 |
40.264 |
132.109 |
|
|
TOTAL IMPORTS |
6361.122 |
5194.530 |
5072.904 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-EPS after exceptional items |
1.12 |
4.33 |
-- |
|
|
|
-EPS before exceptional items |
7.14 |
3.29 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
5th Quarter |
|
Net Sales |
2587.100 |
3039.900 |
2984.100 |
3163.800 |
2791.000 |
|
Total Expenditure |
2434.900 |
2865.600 |
2807.600 |
2967.900 |
2580.000 |
|
PBIDT (Excl OI) |
152.200 |
174.300 |
176.500 |
196.000 |
211.000 |
|
Other Income |
181.600 |
116.900 |
130.300 |
61.000 |
83.600 |
|
Operating Profit |
333.800 |
291.300 |
306.800 |
257.000 |
294.600 |
|
Interest |
70.200 |
87.700 |
88.400 |
123.500 |
93.400 |
|
Exceptional Items |
(145.400) |
(45.200) |
(23.900) |
(44.000) |
(18.200) |
|
PBDT |
118.200 |
158.300 |
194.500 |
89.500 |
183.000 |
|
Depreciation |
54.100 |
54.500 |
54.500 |
54.000 |
56.100 |
|
Profit Before Tax |
64.200 |
103.900 |
140.100 |
35.500 |
126.900 |
|
Tax |
16.900 |
24.700 |
29.000 |
(2.100) |
53.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
47.300 |
79.200 |
111.100 |
37.600 |
73.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
47.300 |
79.200 |
111.100 |
37.600 |
73.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.64
|
3.12 |
2.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.01
|
4.30 |
3.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.20
|
4.47 |
6.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.08 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28
|
0.30 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.60 |
2.46 |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN 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 LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Deferred Payment Liabilities (Under Sales Tax deferment Scheme –
Interests Free) |
276.715 |
259.165 |
|
Short Term
Borrowings |
|
|
|
Other Loans and Advances |
|
|
|
From Bank - Rupee Loan |
300.000 |
0.000 |
|
|
|
|
|
Total |
576.715 |
259.165 |
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
ECONOMIC OVERVIEW
The turmoil in the
Global economy, coupled with domestic monetary tightening, high level of crude
prices and inflation had adversely affected the economic momentum of the
country. The high interest rate and rising input cost with pressure of domestic
policies slowed economic reforms resulting in the Country’s growth expansion to
a nine year low of 6.5% p.a.
INDUSTRY STRUCTURE AND DEVELOPMENTS
Steel is a
significant barometer of economic development of a country. The Steel industry
is basically driven by changes in domestic and global market trends. The prices
are influenced by trends in raw material prices, demand-supply conditions
amongst others. 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. During the second half of the
Financial year under review, the Global economy entered into an uneven and
uncertain territory on account of Financial turbulence in Euro Zone, weak demand
in United States and political turmoil in Middle East/ North Africa, which had
an overall impact on the growth of the Steel Industry. Weak Global steel demand
and slowing growth in Asia had sent the global Steel prices plummeting. The
demand for Steel is expected to improve in the current financial year, on
recovery demand from end markets.
Aluminum is one of
the most consumed base metals. The Aluminium Industry is power intensive and
there is a trend of continuous increase in power tariff. The demand for
Aluminium has been affected due to weakness in the global economy, particularly
due to European sovereign-debt crises and subdued aluminum imports from China.
However, the demand of the metal is expected to increase in the emerging and
developing economies.
The global
packaging industry is growing fast. Rapid growth in packaging usage in fast
growing economies has resulted in new opportunities for the packaging industry.
However, rising input cost is a concern for the industry.
BUSINESS
Manaksia’s business
consists of packaging products and value added metal products: both aluminium
and steel. It is an outsourced manufacturer of mosquito repellant coils. The
Company, through subsidiary companies manufactures value added products and
operates a paper mill in Nigeria, manufactures steel roofing sheets in Ghana.
The Company also has a steel long product manufacturing facility at Georgia.
RESULTS
During the year,
the revenue of the Company grew from Rs.9319.800 Millions to Rs.10841.400
Millions on a standalone basis and from Rs.14332.800 Millions to Rs.19438.000
Millions, on a consolidated basis. The increase in costs of raw materials and
other input costs without increase in the sale realizations had squeezed the
margins, thereby affecting the overall profitability. Further fluctuation in
the rupee dollar exchange has adversely impacted the performance of the
Company, as reflected in the financial results of the Company during the year
under review. The net profit of the Company on a standalone basis decreased
from Rs.292.600 Millions to Rs.73.100 Millions while the net profit on a
consolidated basis increased from Rs.1127.300 Millions to Rs.1189.800 Millions.
The total secured debt of the Company has reduced primarily on account of
part-payment of long term liabilities and non-availment of some of the working
capital facilities due to better management of available funds.
METAL PRODUCTS SEGMENT
Value-added metal
products, manufactured by the Company are principal contributors to the
revenues and profits for the Company and its subsidiary companies.
The metals segment as a whole contributed to 81% of revenue and 78 % of
profits before interest and tax.
STEEL PRODUCTS
The Steel division
of Company has geared itself to cater to the increasing global demands. The
major thrust of the Company is to adopt the best modern technology, which in
addition to being cost effective, would be energy efficient and environment
friendly.
Manaksia
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, West Bengal. Both the plants have a strong
Quality Management System with in-house testing facilities and are ISO
9001:2008 certified. The Company has also put up a new facility at Kutch,
Gujarat for further value addition of Steel Products where Cold Rolled
Galvanized Sheets are pre-painted/colour coated and sold to construction,
housing, consumer durables and other industries. The Company has also facility
for Roll Forming/Profiling for direct supply to projects for Industrial roofing
as a part of value addition.
An improvement in
operating efficiency, coupled with new marketing initiatives have improved the
performance of the Company in this segment and has contributed significantly to
the overall profitability of the Company.
ALUMINIUM PRODUCTS
The Company has
aluminium plants at Bankura and Haldia in West Bengal and at Kutch in Gujarat,
with a reliable quality management system and ISO 9001:2008 accreditation.
Aluminium coils/ sheets are being increasingly used in construction and in the
manufacture of white goods, automobiles, utensils, pilfer proof closure,
railway coaches, electrical items, industrial machinery and ship/ boat
building. In addition to manufacturing plain aluminium coils and sheets, the
division also manufactures corrugated, profiled and patterned aluminium sheets.
The Company is also manufacturing various grades of Aluminium Alloy Ingots for
application in automobiles, consumer durables, machinery manufacturing and
supplying mostly to Original Equipment Manufacturers.
Increase in input
costs and relatively less price realization on the back of a lower London Metal
Exchange (LME) has impacted the profitability of the segment. The volatility in
the commodity prices on the LME has also adversely impacted the performance. In
addition to focus on value added products by improving market penetration, the
Company has taken initiatives for reducing the escalating costs.
PACKAGING PRODUCTS
SEGMENT
Increase in the
costs of raw materials have put pressure on the margins and therefore impacted
the overall profitability and performance of the segment. Further efforts have
been initiated for product diversification through widening of the product
horizon and improving the existing product portfolios.
ENGINEERING
SEGMENT
Lower orders affected the turnover of the segment.
MOSQUITO COILS
SEGMENT
The Company has,
in addition to the curtailments in overhead cost, taken various initiatives to
increase the overall efficiency and productivity. This is reflected by the
improved profitability and performance of the segment.
PAPER SEGMENT
Improved Market
penetration, coupled with enhanced capacity utilization and better price
realization contributed significantly to the increased revenue and
profitability.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In
Millions) |
|
|
Claims against the company/disputed liabilities
not acknowledged as Debts |
|
|
|
1) Excise duty demands under appeal |
60.095 |
54.043 |
|
2) Sales tax and Entry tax demand under appeal |
9.873 |
40.986 |
|
3) Income tax demands under appeal |
7.353 |
7.373 |
|
4) Excise duty liability on goods exported pending submission of proof
of export. |
2.750 |
3.583 |
|
5) Custom Duty |
1.515 |
1.515 |
|
6) Service Tax |
5.192 |
5.192 |
|
7) Municipal Tax |
4.999 |
6.790 |
|
8) Demand by Haldia Development Authority towards Land Premium |
33.250 |
33.250 |
|
9) Stamp Duty for Registration of Land |
4.945 |
4.945 |
|
|
|
|
|
B) Guarantees |
|
|
|
1) Guarantees in favour of banks/institutions against facilities granted to subsidiaries |
473.091 |
1484.613 |
STATEMENT OF UNAUDITED RESULT FOR
THE QUARTER ENDED 30TH JUNE 2013
(RS. IN MILLIONS)
|
Particulars |
Standalone |
|||
|
Quarter Ended |
Year Ended |
|||
|
30th June, 2013 |
3st March, 2013 |
30th June, 2013 |
31st March, 2013 |
|
|
|
Unaudited |
Audited |
Unaudited |
Audited |
|
Part - I |
|
|
|
|
|
1. Income from Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations (Net
of Excise Duty) |
2766.061 |
3160.803 |
2583.538 |
11763.165 |
|
(b)
Other Operating Income |
24.979 |
20.399 |
17.780 |
73.486 |
|
Total Income from Operation |
2791.040 |
3181.202 |
2601.318 |
11836.681 |
|
|
|
|
|
|
|
2. Expenses |
|
|
|
|
|
(a) Cost
of materials consumed |
1989.006 |
2375.465 |
1924.919 |
8965.190 |
|
(b}
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
42.818 |
26.733 |
31.937 |
71.774 |
|
(c]
Employee benefits expense |
99.396 |
128.937 |
93.149 |
412.388 |
|
(d)
Depreciation and amortization expense |
56.090 |
53.975 |
54.065 |
216.946 |
|
(c)
Other expenses |
448.790 |
454.115 |
399.108 |
1688.295 |
|
Total Expenses |
2636.100 |
3039.225 |
2503.178 |
11354.593 |
|
|
|
|
|
|
|
3.
Profit/(Loss) from Operations before Other Income, finance cost* and
Exceptional Items (1-2) |
154.940 |
141.977 |
98.140 |
482.058 |
|
|
|
|
|
|
|
4. Other
income |
83.569 |
61.003 |
181.625 |
498.921 |
|
|
|
|
|
|
|
6.
Profit/(Loss) from ordinary activities before finance costs and exceptional
Items (3+4) |
238.509 |
202.980 |
279.765 |
971.879 |
|
|
|
|
|
|
|
6.
Finance Costs |
93.354 |
123.503 |
70.168 |
369.771 |
|
|
|
|
|
|
|
7.
Profit/(Loss) from ordinary activities after finance costs but before
exceptional items (5-6) |
145.155 |
79.477 |
209.597 |
602.108 |
|
|
|
|
|
|
|
8.
Exceptional Hems |
18.239 |
43.995 |
145.422 |
258.514 |
|
|
|
|
|
|
|
9.
Profit/(Loss) from ordinary activities before tax (7-8) |
126.916 |
35.482 |
64.175 |
343.594 |
|
|
|
|
|
|
|
10. Tax
Expense |
53.789 |
(2.086) |
16.900 |
68.514 |
|
|
|
|
|
|
|
11. Net
Profit/(Loss) for the period (9-10) |
73.127 |
37.568 |
47.275 |
275.080 |
|
|
|
|
|
|
|
12.
Minority Interest |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. Net
Profit/(Loss) after taxes, minority Interest and Share of Profit/(Loss) |
73.127 |
37.568 |
47.275 |
275.080 |
|
|
|
|
|
|
|
14. Paid-up Equity Share
Capital (Pace Value per share : Rs.2/- |
131.068 |
131.068 |
131.068 |
131.068 |
|
|
|
|
|
|
|
15. Reserves excluding
Revolution Reserve as per balance sheet of previous accounting year |
-- |
-- |
-- |
5080.776 |
|
|
|
|
|
|
|
16. Earning* per share of
Rs.2/- each (Not Annualised): |
|
|
|
|
|
Basic and Diluted |
1.12 |
0.57 |
0.72 |
4.20 |
|
|
|
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
Public shareholding |
|
|
|
|
|
Number of shares |
24278110 |
24278110 |
24278110 |
24278110 |
|
Percentage of
Shareholding |
37.05% |
37.05% |
37.05% |
37.05% |
|
|
|
|
|
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
|
Pledged /encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
Nil |
|
Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
Nil |
|
Percentage of shares (as
a % of the total share capital of the company) |
Nil |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
|
Number of shares |
41255940 |
41255940 |
41255940 |
41255940 |
|
Percentage of shares (as
a % of the total shareholding of promoter and promoter group] |
100% |
100% |
100% |
100% |
|
Percentage of shares (as
a % of the total share capital of the company) |
62.95% |
62.95% |
62.95% |
62.95% |
UNAUDITED SEGMENT WISE REVENUE, RESULT AND CAPITAL
EMPLOYED FOR THE QUARTER ENDED 30TH JUNE 2013
|
Particulars |
Standalone |
|||
|
Quarter Ended |
Year Ended |
|||
|
30th June, 2013 |
3st March, 2013 |
30th June, 2013 |
31st March, 2013 |
|
|
|
Unaudited |
Audited |
Unaudited |
Audited |
|
Segment Revenue (Not of Taxes) |
|
|
|
|
|
a) Packaging Products |
444.987 |
658.008 |
358.769 |
1431.146 |
|
b) Mosquito Coil |
158.148 |
459.861 |
207.620 |
1104.258 |
|
c) Metal Products |
2084.228 |
1990.350 |
2080.509 |
9196.619 |
|
d) Paper
Products |
-- |
-- |
-- |
-- |
|
e) Others |
106.820 |
99.285 |
30.810 |
322.109 |
|
Total |
2794.183 |
3207.504 |
2677.708 |
12054.132 |
|
|
|
|
|
|
|
Less :
Inter Segment Revenue |
3.143 |
26.302 |
76.390 |
217.481 |
|
|
|
|
|
|
|
Net
Segment Revenue |
2791.040 |
3181.202 |
2601.318 |
11836.651 |
|
|
|
|
|
|
|
Segment
Results |
|
|
|
|
|
Segment
Results (Profit/Loss) before Interest and Tax]: |
|
|
|
|
|
a] Packaging Products |
32.193 |
42.477 |
18.331 |
85.533 |
|
b] Mosquito Coil |
15.464 |
48.269 |
40.799 |
136.646 |
|
c] Metal Products |
98.055 |
99.780 |
92.658 |
415.027 |
|
d] Paper Products |
-- |
-- |
-- |
-- |
|
e] Others |
51.826 |
36.133 |
2.862 |
110.981 |
|
Total |
197.538 |
226.659 |
154.650 |
748.187 |
|
|
|
|
|
|
|
Less: Interests |
93.354 |
123.503 |
70.168 |
369.771 |
|
|
104.184 |
103.156 |
84.482 |
378.416 |
|
|
|
|
|
|
|
Add: Interests (Income) |
15.013 |
24.265 |
19.751 |
94.071 |
|
|
119.197 |
127.421 |
104.233 |
472.487 |
|
|
|
|
|
|
|
Less: Other Un-Allocable
expenditure net of un-allocable (Income) |
(25.958) |
47.944 |
(105.364) |
(129.621) |
|
|
|
|
|
|
|
Total
Profit before Exceptional Items and Tax |
145.155 |
79.477 |
209.597 |
602.108 |
|
Less:
Exceptional hems |
18.239 |
43.995 |
145.422 |
258.514 |
|
|
|
|
|
|
|
Total
Profit before Tax |
126.916 |
35.482 |
64.175 |
343.594 |
|
|
|
|
|
|
|
Capital Employed (Segment Assets – Segment Liabilities) |
|
|
|
|
|
a] Packaging Products |
1290.813 |
1363.415 |
1275.788 |
1363.415 |
|
b] Mosquito Coil |
740.922 |
779.473 |
719.774 |
779.473 |
|
c] Metal Products |
2987.661 |
2647.243 |
2202.171 |
2647.243 |
|
d] Paper Products |
-- |
-- |
-- |
-- |
|
e] Others |
552.156 |
523.034 |
401.751 |
523.034 |
|
F] Invest men is, Unallocable and Projects
in Progress |
2777.537 |
2056.679 |
2731.000 |
2056.679 |
|
|
|
|
|
|
|
Total |
8349.089 |
7369.844 |
7330.484 |
7369.844 |
NOTE:
·
The working
results have been reviewed and recommended by the Audit Committee and approved
by the Board of Directors of the Company in their respective meetings held on 1
3th August 2013.
·
Limited Review
of the above financial results has been carried out by Statutory Auditors of
the Company.
·
The Figures for
the quarter ended 31st March 2013 are the balancing figures between
audited figure in respect of the full financial year ended 31st
March 2013 and the unaudited published year-to-date figure as on 31st
December 2012, being the date of the end of the third quarter of the financial
year which was subjected to limited review.
·
Due to continued
and unexpected depreciation in the value of Rupee against the US Dollar and
other foreign currencies resulting from volatile global market during the
quarter under review, the loss arising out of foreign exchange fluctuations
items has been considered as exceptional item.
·
In terms of the
requirements of Clause 24(f) of the Listing Agreement read with SEBI Circular
dated 4th February 2013 and Circular dated 21st May 2013, the Company has
received Observation letter dated 2nd August 2013 from National Stock Exchange
of India Limited (NSE) and letter dated 5th August 2013 from Bombay Stock
Exchange Limited (BSE) on the Revised Draft Scheme of Arrangement (Scheme)
under Section 391 to 394 of the Companies Act, 1 956, for demerger of the
Aluminium, Steel, Packaging and Coated Metals and Mosquito Coil undertakings of
the Company on a going-concern basis w.e.f. appointed date 1st October 2013
into four wholly owned subsidiary companies namely Manaksia Aluminium Company
Limited. Manaksia Steels Limited, Manaksia Industries Limited and Manaksia
Coated Metals and Industries Limited. The Company is in the process of
submitting the Scheme to Hon'ble High Court, Calcutta for its approval.
·
The Board in its
meeting held on 13th August 2013 has declared an interim dividend of
Rs.2 per equity share.
·
Figures for the
previous periods are re-stated /re-grouped/ re-arranged , wherever considered
necessary.
·
Standalone and
Consolidated Audited Financial results of the Company for the quarter ended 30th
June 2013 is available at Company's website www.manaksia.com
and websites of all Stock Exchanges where the Equity shares of the Company are
listed.
FIXED ASSETS:
Tangible
Assets
·
Land
·
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Electric Generator
·
Computer
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
Intangible
Assets
·
Computer Software
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 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 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.63.46 |
|
|
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
69 |
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.