MIRA
INFORM REPORT
|
Report Date : |
29.10.2013 |
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, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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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 |
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Maximum Credit Limit : |
USD 20840000 |
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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 an established company having a fine track record. Sales and profit of the company has increased in 2013. Financial position of the company appears to be sound. Fundamentals
are strong and healthy. Trade relations reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered good for business dealing 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 – 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 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been named
the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $
24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali
expenditure by 40 % and on average spend nearly 25 % of their monthly salary on
Diwali, according to a survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Commercial Paper) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
August 2013 |
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.25 and 24A, Anrich
Industrial Estate, Bollaram, Medak,
(KPL), Andhra Pradesh, India · 15, B K Pal Temple Road, Belur, Howrah - 711202, Karnataka, India ·
12, Duffer Street, Liluah,
Howrah - 711204, 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 - 722202, Barjora, District: Bankura, West Bengal, India · Village and P O : Bhuniya Raichak, Haldia - 721635, West Bengal, India · EPIP, Amingoan, North Guwahati - 31, India · Plot No. 15, New Industrial Area – II, Mandideep District Raisen - 462046, Madhya Pradesh, India ·
1438/1, Virndavan
Society, (Behind Dan Tourist Hotel), Tokherhada,
Silvassa-396230, Union Territory |
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|
|
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Branch Office
: |
Located at: ·
Bangalore ·
Hyderabad ·
·
Chennai ·
Mumbai |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Basant Kumar Agarwal |
|
Designation : |
Managing Director |
|
Address : |
39/1, S. N. Roy
Road, Kolkata – 700038, West Bengal, India |
|
Date of Birth/Age : |
13.02.1945 |
|
Date of Appointment : |
01.01.2002 |
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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 |
|
Designation : |
Director |
|
Address : |
144/56, Dharmtolla Road, Salkia, Howrah – 711106, West Bengal, India |
|
Date of Birth/Age : |
13.01.1951 |
|
Date of Appointment : |
11.05.2001 |
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|
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|
Name : |
Mrs. Smita Khaitan |
|
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 |
|
|
|
|
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 |
|
|
|
|
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 30.09.2013
|
Category of
Shareholder |
No. of Shares |
% of 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 |
|
|
212558 |
0.32 |
|
|
231766 |
0.35 |
|
|
|
|
|
|
15668225 |
23.91 |
|
|
|
|
|
|
6648016 |
10.14 |
|
|
1523803 |
2.33 |
|
|
206300 |
0.31 |
|
|
154774 |
0.24 |
|
|
51526 |
0.08 |
|
|
24046344 |
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 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
65534050 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to 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 ·
Bank of Baroda ·
DBS Bank Limited ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Standard Chartered Bank ·
State Bank of India |
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Facilities : |
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
SRB and Associates Chartered Accountants |
|
Address : |
Kolkata, West |
|
|
|
|
Subsidiaries : |
·
MINL Limited ·
Dynatech Industries
Ghana Limited ·
Euroasian Ventures FZE ·
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 ·
Mark Steels Limited (Subsidiary of Manaksia Ferro Industries Limited) ·
Euroasian Steels LLC
(Subsidiary of Euroasian Ventures FZE) ·
Uni Metals FZE* |
|
|
|
|
Associates : |
·
Arena Machineries Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
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 |
|
|
|
|
|
|
65534050 |
Equity Shares |
Rs.2/- each |
Rs. 131.068
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
131.068 |
131.068 |
131.068 |
|
(b) Reserves & Surplus |
5080.780 |
4805.700 |
4732.593 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
5211.848 |
4936.768 |
4863.661 |
|
|
|
|
|
|
(3) Foreign Currency Monetary Item Translation Account |
0.000 |
(31.100) |
0.000 |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1071.027 |
789.057 |
1001.149 |
|
(b) Deferred tax liabilities (Net) |
481.014 |
482.500 |
467.500 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
67.558 |
60.469 |
50.590 |
|
Total Non-current Liabilities (4) |
1619.599 |
1332.026 |
1519.239 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
311.127 |
598.184 |
463.345 |
|
(b) Trade payables |
2252.811 |
2744.804 |
2497.983 |
|
(c) Other current
liabilities |
767.970 |
510.578 |
328.187 |
|
(d) Short-term provisions |
56.044 |
61.893 |
246.495 |
|
Total Current Liabilities (5) |
3387.952 |
3915.459 |
3536.010 |
|
|
|
|
|
|
TOTAL |
10219.399 |
10153.153 |
9918.910 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3125.999 |
3104.056 |
3215.580 |
|
(ii) Intangible Assets |
0.822 |
4.212 |
7.614 |
|
(iii) Capital
work-in-progress |
339.470 |
366.356 |
273.977 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
693.450 |
694.307 |
693.050 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.467 |
79.540 |
77.411 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4182.208 |
4248.471 |
4267.632 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2185.513 |
2269.761 |
2505.464 |
|
(c) Trade receivables |
2420.761 |
1952.673 |
1808.446 |
|
(d) Cash and cash
equivalents |
20.346 |
9.937 |
34.820 |
|
(e) Short-term loans and
advances |
1410.571 |
1672.311 |
1302.548 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
6037.191 |
5904.682 |
5651.278 |
|
|
|
|
|
|
TOTAL |
10219.399 |
10153.153 |
9918.910 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11774.919 |
10841.367 |
9319.812 |
|
|
|
Other Income |
489.821 |
570.755 |
45.276 |
|
|
|
TOTAL (A) |
12264.740 |
11412.122 |
9365.088 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed (Including
Trading Goods) |
8903.457 |
8105.120 |
7142.620 |
|
|
|
Employee benefits expenses |
412.388 |
382.452 |
321.489 |
|
|
|
Other Expenses |
1688.296 |
1657.203 |
1478.918 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
71.774 |
234.109 |
(424.591) |
|
|
|
Exceptional Items |
258.514 |
394.587 |
(70.097) |
|
|
|
TOTAL (B) |
11334.429 |
10773.471 |
8448.339 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
930.311 |
638.651 |
916.749 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
369.771 |
320.257 |
314.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
560.540 |
318.394 |
602.086 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.946 |
209.187 |
201.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
343.594 |
109.207 |
400.560 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
68.514 |
36.100 |
107.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
275.080 |
73.107 |
292.592 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
61.059 |
2.952 |
0.773 |
|
|
|
|
|
|
|
|
|
|
Transfer from
Exchange Fluctuation Reserve |
0.000 |
0.000 |
20.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
0.000 |
0.000 |
30.000 |
|
|
|
Debenture Redemption Reserves |
0.000 |
15.000 |
90.000 |
|
|
|
Dividend on Equity Shares |
0.000 |
0.000 |
163.835 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
26.578 |
|
|
BALANCE CARRIED
TO THE B/S |
336.139 |
61.059 |
2.952 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods and Services
(F.O.B. Value including Freight Realised) |
7717.711 |
5978.685 |
5500.190 |
|
|
|
Interest income from Subsidiary Companies |
34.319 |
24.672 |
8.015 |
|
|
|
Dividend income from Subsidiary Company |
378.293 |
396.739 |
27.365 |
|
|
|
Interest Income from Customer |
0.038 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
8130.361 |
6400.096 |
5535.570 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Other Purchases |
6554.105 |
6298.947 |
5118.998 |
|
|
|
Spares Parts and Chemicals |
35.492 |
61.537 |
35.268 |
|
|
|
Capital Goods |
0.025 |
0.638 |
40.264 |
|
|
TOTAL IMPORTS |
6589.622 |
6361.122 |
5194.530 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-EPS after exceptional items |
4.20 |
1.12 |
4.33 |
|
|
|
-EPS before exceptional items |
8.14 |
7.14 |
3.29 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
|
|
1st
Quarter |
|
Net Sales |
2791.000 |
|
Total Expenditure |
2580.000 |
|
PBIDT (Excl OI) |
211.000 |
|
Other Income |
83.600 |
|
Operating Profit |
294.600 |
|
Interest |
93.400 |
|
Exceptional Items |
(18.200) |
|
PBDT |
183.000 |
|
Depreciation |
56.100 |
|
Profit Before Tax |
126.900 |
|
Tax |
53.800 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
73.100 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
73.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.24
|
0.64 |
3.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.92
|
1.01 |
4.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.74
|
1.20 |
4.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.02 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.27
|
0.28 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
1.51 |
1.60 |
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 |
Yes |
|
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) |
Yes |
|
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 Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Deferred Payment Liabilities (Under Sales Tax deferment Scheme –
Interests Free) |
279.527 |
276.715 |
|
Short Term
Borrowings |
|
|
|
Other Loans and
Advances |
|
|
|
From Bank |
|
|
|
- Rupee Loan |
100.000 |
300.000 |
|
|
|
|
|
TOTAL |
379.527 |
576.715 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10434979 |
10/05/2013 |
370,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
B78808029 |
|
2 |
10435250 |
10/05/2013 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL
W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B78929221 |
|
3 |
10425596 |
19/03/2013 |
1,450,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, KOLKATA, 24, PARK
STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B75096933 |
|
4 |
10379119 |
10/05/2013 * |
480,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE
BRANCH, KOLKATA, WEST BENGAL - 700001, INDIA |
B78811130 |
|
5 |
10379121 |
10/05/2013 * |
60,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE
BRANCH, KOLKATA, WEST BENGAL - 700001, INDIA |
B78809308 |
|
6 |
10379122 |
10/05/2013 * |
365,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE
BRANCH, KOLKATA, WEST BENGAL - 700001, INDIA |
B78808573 |
|
7 |
10379362 |
10/05/2013 * |
605,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE
BRANCH, KOLKATA, WEST BENGAL - 700001, INDIA |
B78811924 |
|
8 |
10331788 |
10/05/2013 * |
955,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17 R N
MUKHERJEE ROAD, |
B78770450 |
|
9 |
10262311 |
10/05/2013 * |
400,000,000.00 |
DBS BANK LIMITED |
4A NANDLAL BASU SARANI, KOLKATA, WEST
BENGAL - 700001, INDIA |
B78905528 |
|
10 |
10173781 |
10/05/2013 * |
140,000,000.00 |
STANDARD CHARTERED BANK |
19 N.S. ROAD, KOLKATA, WEST BENGAL -
700001, INDIA |
B78929015 |
|
11 |
90254392 |
01/12/2005 * |
6,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA
LIMITED |
IDBI HOUSE 44, SHAKESPEARE SARANI,
KOLKATA, WEST BENGAL - 700017, INDIA |
- |
|
12 |
90252884 |
08/05/2013 * |
2,775,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, KOLKATA, 24, PARK
STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B78819851 |
|
13 |
80019882 |
29/06/2011 * |
510,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER
PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B18932996 |
|
14 |
80019788 |
30/11/2006 * |
950,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, GUJARAT - 390015, INDIA |
- |
|
* Date of charge modification |
||||||
NATURE OF BUSINESS
There has been no change in the nature of the business of the Company and
its subsidiary companies during the year.
SUBSIDIARY
COMPANIES AND CONSOLIDATED FINANCIAL STATEMENT
During the year,
the Company has made equity investments by subscribing to additional 30,00,000 Equity
Shares of Rs 10 each in its wholly owned subsidiary
company, Manaksia Ferro Industries Limited. Further,
subsequent to the transfer of shares, Mark Steels Limited, a wholly owned
subsidiary company has become step down subsidiary company w.e.f.
5th March 2013. These decisions were made keeping in mind the business
opportunities available. In absence of viable business opportunities and the
then prevailing global economic conditions, the Company during the year had
closed the operations of UNI Metals FZE, a wholly owned subsidiary company at Sharjah U.A.E.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
ECONOMIC OVERVIEW
The sluggish
growth in the global economy, persisting problems in the Euro-zone coupled with
current account deficits have adversely affected the economic momentum of the
country. High debt burdens and austerity measures initiated by advanced
economies and their cascading adverse effect on the growth of emerging markets
remains the primary risk facing the economy worldwide. Comparative strengthening
of US dollar and other major cross currencies led to a steep fall in Rupee
value and the same further aggravated the economic scenario of the country.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Steel Industry
is considered as the backbone of the economy and is often indicative of global
economic progress. The Eurozone crises has pushed
regional economies in Europe and U.K. into recession and the depressed
conditions are expected to continue over a short to medium term period. The
economic woes in Europe, Japan and U.S. have resulted in weaker demand for
imports and heightened volatility in capital flows and commodity prices,
besides discouraging investment activity. The Chinese economic growth has been
subdued, compared to robust growth levels in earlier years, which also played a
significant role in affecting the margins of the Industry. However, the global
steel demand is expected to improve gradually in 2013 and emerging and
developing economies like India and China would continue to play a significant
role to drive growth in the Industry.
In Aluminium Industry, prices are principally dependent on
world-wide demand and supply forces along with other factors. Aluminium is one of the largest consumed base metals in the
world. The movement of Aluminium prices on London
Metal Exchange was volatile, reflecting that prices would remain under pressure
and outlook of the global economy, would remain fragile. The glut in the market
and slow down of the Chinese economy has exhibited decline in aluminum prices.
However, aluminium demand is not too weak, despite
high level of inventories, and this demand will be further buoyed in coming
years, due to an expected increase in consumption of the metal in Power,
Packaging and Transportation sectors.
The global packaging
industry is growing fast. Rapid growth in packaging usage in fast growing
economies has resulted in new opportunities for the packaging sector. However,
rising input costs is a concern for this industry.
BUSINESS
Business of the
Company mainly consists of value added steel and aluminium
products and packaging products. It is also an outsourced manufacturer of
mosquito repellant coils. The Company, through subsidiary companies,
manufactures value added metal products and operates a paper mill at Nigeria,
while manufacturing steel roofing sheets in Ghana. The Company also has MS
Ingot and steel long products manufacturing facilities at Georgia, CIS.
OVERVIEW OF
OPERATIONS
RESULTS
During the year, due
to innovating, resulting in better price realization and improved market
penetration, the revenue of the Company grew from Rs.
10841.400 Millions to Rs. 11774.900 Millions, on a
standalone basis and from Rs.19438.000 Millions to Rs.
20765.800 Millions, on a consolidated basis. Inspite
of inflationary pressure on costs and the weakening rupee, the operational
performance of the Company has improved, as is reflected from the net profit of
the Company, which on a standalone basis has increased from Rs.
73.100 Millions to Rs. 275.100 Millions and on
consolidated basis from Rs.1189.800 Millions to Rs.
1702.300 Millions. The increase in secured borrowings is due to availment of cheaper term loan which has been utlised to make pre-payment of high cost borrowings and
meeting normal capital expenditure at various units of the Company.
METAL PRODUCTS
SEGMENT
Value-added metal
products manufactured by the Company are the principal contributor to the
revenues and profits for the Company and its subsidiary companies.
The metals segment as a whole, contributed to 81% of revenue and 79% of
profits before interest and tax.
(A)
STEEL PRODUCTS
The Steel industry
is basically driven by changes in domestic and global market trends. The prices
are influenced by trends in Raw Material prices and demand-supply conditions
amongst others. 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 manufacture
of Cold Rolled Coils and Sheets and continuous Galvanizing plants at Bankura and Haldia. Both the
plants have a strong Quality Management System with in-house testing facilities
and are ISO 9001:2008 certified. The Company has a facility at Kutch for further value addition of Steel and Aluminium Products where Galvanized Steel Sheets and Cold
Rolled Aluminium Sheets are pre-painted /colour coated and sold to construction, housing, consumer
durable and other industries. The Company is also in the process of setting up
an Oven Baked Colour Coating facility at its unit in Haldia. The Company has also facilities for Roll Forming/ Profiling
for direct supply to projects for industrial roofing as a part of such value
addition.
During the period,
increase in production output, coupled with better market penetration, improved
operating efficiency and curtailment of various overhead costs have improved
the performance of the Company in this segment and has contributed
significantly to the overall profitability of the Company.
(B)
ALUMINIUM PRODUCTS
The Company has aluminium plants at Bankura and Haldia in West Bengal and at Kutch,
Gujarat, with reliable quality management systems and ISO 9001:2008 accreditions. Aluminium coils /
sheets are being increasingly used in construction and in the manufacture of
white goods, automobiles, utensils, pilfer proof closures, 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 at both its plants
at Haldia and Kutch for use
in automobiles, consumer durables, machinery manufacturing industries and
supplying mostly to Original Equipment Manufacturers.
The Company,
through continuous cost effective measures has been able to reduce its overhead
costs and through change in product-mix, has been able to improve its price
realization. However, relatively less price realization on the back of lower
London Metal Exchange (LME) prices has impacted the profitability of the
Company in this segment.
PACKAGING PRODUCTS
SEGMENT
Overall reduction
in costs, coupled with better price realization and product diversification has
helped in improving the performance of the Company in this segment.
MOSQUITO COIL
SEGMENT
The continuous
efforts of the Company to reduce overhead costs along with better efficiencies
and enhanced productivity, has helped in improving the performance of the
Segment
PAPER SEGMENT
Introduction of
new product quality line and reduction of various overhead costs in the Segment
has contributed significantly to the performance of the Company in the Segment.
ENGINEERING AND
OTHERS SEGMENT
The various initiatives /measures undertaken by the Company has helped
in improving the performance of the Segment
FUTURE OUTLOOK
The Company
continues to explore new business possibilities and is confident to overcome
the present situation with expected changes in the global Economy
FINANCE COST
Finance Cost, on a
standalone basis, increased to Rs. 369.800 Millions
from Rs. 320.200 Millions during the year. On a
consolidated basis, such finance cost has reduced from Rs.
592.700 Millions to Rs. 547.200 Millions. The reasons
for increase in finance cost are primarily attributable, among other factors,
to increase in turnover of the Company and also for availing working capital
borrowings in rupee, instead of in foreign currency, to minimise
exposure in foreign currency. However, due to better management of funds and
availability of alternate source of funds, the borrowings cost has reduced on
consolidated basis.
FIXED ASSETS
FIXED ASSETS:
Tangible
Assets
·
Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Electric Generator
·
Computer
·
Office Equipment
·
Furniture and Fixtures
·
Vehicles
Intangible
Assets
·
Computer Software
CONTINGENT LIABILITIES:
(Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Claims against the company/disputed liabilities
not acknowledged as Debts |
|
|
|
1) Excise duty demands under appeal |
73.861 |
60.095 |
|
2) Sales tax and Entry tax demand under appeal |
10.102 |
9.873 |
|
3) Income tax demands under appeal |
7.353 |
7.353 |
|
4) Excise duty liability on goods exported pending submission of proof
of export. |
3.072 |
2.750 |
|
5) Custom Duty |
0.000 |
1.515 |
|
6) Service Tax |
7.248 |
5.192 |
|
7) Municipal Tax |
11.124 |
4.999 |
|
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 |
260.544 |
473.091 |
STATEMENT OF UNAUDITED
RESULT FOR THE QUARTER ENDED 30TH JUNE 2013
(RS. IN MILLIONS)
|
Particulars |
Standalone |
|
Quarter Ended |
|
|
30th June, 2013 |
|
|
|
Unaudited |
|
Part - I |
|
|
1. Income from Operations |
|
|
(a) Net
Sales/Income from Operations
(Net of Excise Duty) |
2766.061 |
|
(b) Other Operating
Income |
24.979 |
|
Total Income from Operation |
2791.040 |
|
|
|
|
2. Expenses |
|
|
(a) Cost of materials
consumed |
1989.006 |
|
(b} Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
42.818 |
|
(c] Employee benefits
expense |
99.396 |
|
(d) Depreciation and
amortization expense |
56.090 |
|
(c) Other expenses |
448.790 |
|
Total Expenses |
2636.100 |
|
|
|
|
3. Profit/(Loss) from
Operations before Other Income, finance cost* and Exceptional Items (1-2) |
154.940 |
|
|
|
|
4. Other income |
83.569 |
|
|
|
|
6. Profit/(Loss) from ordinary
activities before finance costs and exceptional Items (3+4) |
238.509 |
|
|
|
|
6. Finance Costs |
93.354 |
|
|
|
|
7. Profit/(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
145.155 |
|
|
|
|
8. Exceptional Hems |
18.239 |
|
|
|
|
9. Profit/(Loss) from
ordinary activities before tax (7-8) |
126.916 |
|
|
|
|
10. Tax Expense |
53.789 |
|
|
|
|
11. Net Profit/(Loss) for
the period (9-10) |
73.127 |
|
|
|
|
12. Minority Interest |
-- |
|
|
|
|
13. Net Profit/(Loss)
after taxes, minority Interest and Share of Profit/(Loss) |
73.127 |
|
|
|
|
14. Paid-up Equity Share
Capital (Pace Value per share : Rs.2/- |
131.068 |
|
|
|
|
15. Reserves excluding Revolution
Reserve as per balance sheet of previous accounting year |
-- |
|
|
|
|
16. Earning* per share of
Rs.2/- each (Not Annualised): |
|
|
Basic and Diluted |
1.12 |
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING |
|
|
Public shareholding |
|
|
Number of shares |
24278110 |
|
Percentage of
Shareholding |
37.05% |
|
|
|
|
Promoters and Promoter Group Shareholding |
|
|
Pledged /encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a
% of the total shareholding of promoter and promoter group) |
Nil |
|
Percentage of shares (as
a % of the total share capital of the company) |
Nil |
|
|
|
|
Non-encumbered |
|
|
Number of shares |
41255940 |
|
Percentage of shares (as a
% of the total shareholding of promoter and promoter group] |
100% |
|
Percentage of shares (as
a % of the total share capital of the company) |
62.95% |
UNAUDITED SEGMENT WISE REVENUE, RESULT AND CAPITAL
EMPLOYED FOR THE QUARTER ENDED 30TH JUNE 2013
|
Particulars |
Standalone |
|
Quarter Ended |
|
|
30th June, 2013 |
|
|
|
Unaudited |
|
Segment Revenue (Not of Taxes) |
|
|
a) Packaging Products |
444.987 |
|
b) Mosquito Coil |
158.148 |
|
c) Metal Products |
2084.228 |
|
d) Paper
Products |
-- |
|
e) Others |
106.820 |
|
Total |
2794.183 |
|
|
|
|
Less : Inter Segment
Revenue |
3.143 |
|
|
|
|
Net Segment Revenue |
2791.040 |
|
|
|
|
Segment Results |
|
|
Segment Results
(Profit/Loss) before Interest and Tax]: |
|
|
a] Packaging Products |
32.193 |
|
b] Mosquito Coil |
15.464 |
|
c] Metal Products |
98.055 |
|
d] Paper Products |
-- |
|
e] Others |
51.826 |
|
Total |
197.538 |
|
|
|
|
Less: Interests |
93.354 |
|
|
104.184 |
|
|
|
|
Add: Interests (Income) |
15.013 |
|
|
119.197 |
|
|
|
|
Less: Other Un-Allocable expenditure net of
un-allocable (Income) |
(25.958) |
|
|
|
|
Total Profit before
Exceptional Items and Tax |
145.155 |
|
Less: Exceptional hems |
18.239 |
|
|
|
|
Total Profit before Tax |
126.916 |
|
|
|
|
Capital Employed (Segment Assets – Segment Liabilities) |
|
|
a] Packaging Products |
1290.813 |
|
b] Mosquito Coil |
740.922 |
|
c] Metal Products |
2987.661 |
|
d] Paper Products |
-- |
|
e] Others |
552.156 |
|
F] Invest men is, Unallocable
and Projects in Progress |
2777.537 |
|
|
|
|
Total |
8349.089 |
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.
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 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] 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.61.50 |
|
UK Pound |
1 |
Rs.99.49 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
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 |
YES |
|
--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.