MIRA
INFORM REPORT
|
Report Date : |
31.08.2014 |
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) : |
31.03.2014 |
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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 (64) |
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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 |
|
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 fine track
record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA (Long Term Bank Facilities) |
|
Rating Explanation |
High degree of safety and lowest credit
risk. |
|
Date |
28 April, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and low credit
risk. |
|
Date |
28 April, 2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative
Contact No.: 91-33-22435053
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 |
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Fax No.: |
91-33-22428470/ 22200336/ 22300336 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. ft. |
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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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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 |
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Date of Birth/Age : |
13.02.1945 |
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Date of Appointment : |
01.01.2002 |
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DIN No. : |
00520558 |
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Name : |
Mr. Ajay Kumar Chakraborty |
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Designation : |
Chairman |
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DIN No. : |
00133604 |
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Name : |
Mr. Debabrata
B Guha |
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Designation : |
Executive Director |
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DIN No. : |
00790197 |
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Name : |
Dr. Kali Kumar Chaudhari |
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Designation : |
Director |
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DIN No. : |
00206157 |
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|
Name : |
Mr. Mahabir
Prasad Agarwal |
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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 |
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DIN No. : |
00524341 |
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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 |
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Date of Appointment : |
11.05.2001 |
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DIN No. : |
00441153 |
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Name : |
Mrs. Smita Khaitan |
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Designation : |
Director |
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DIN No. : |
01116869 |
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|
Name : |
Mr. Sunil
Kumar Agarwal |
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Designation : |
Executive
Director |
|
Address : |
39/1, S. N. Roy Road, Kolkata – 700038, West Bengal,
India |
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Date of Birth/Age : |
11.12.1961 |
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Date of Appointment : |
02.09.2000 |
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|
00091784 |
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|
Name : |
Mr. Suresh
Kumar Agarwal |
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Designation : |
Executive
Director |
|
Address : |
39/1, S. N. Roy Road, Kolkata – 700038, West Bengal,
India |
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Date of Birth/Age : |
28.07.1953 |
|
Date of Appointment : |
01.01.1998 |
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DIN No. : |
00520769 |
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|
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|
Name : |
Mr. Sushil
Kumar Agarwal |
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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 |
|
DIN No. : |
00091793 |
KEY EXECUTIVES
|
Name : |
Mr. Anubhav Maheshwari |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total
No. of Shares |
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(A)
Shareholding of Promoter and Promoter Group |
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|
|
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|
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|
41255940 |
62.95 |
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|
41255940 |
62.95 |
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|
Total
shareholding of Promoter and Promoter Group (A) |
41255940 |
62.95 |
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(B)
Public Shareholding |
|
|
|
|
|
|
|
|
19208 |
0.03 |
|
|
533004 |
0.81 |
|
|
552212 |
0.84 |
|
|
|
|
|
|
15764603 |
24.06 |
|
|
|
|
|
|
6236697 |
9.52 |
|
|
1410000 |
2.15 |
|
|
314598 |
0.48 |
|
|
253558 |
0.39 |
|
|
61040 |
0.09 |
|
|
23725898 |
36.20 |
|
Total
Public shareholding (B) |
24278110 |
37.05 |
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|
|
|
|
Total
(A)+(B) |
65534050 |
100.00 |
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(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 : |
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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 ·
HDFC Bank Limited ·
Standard Chartered Bank ·
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
SRB and Associates Chartered Accountants |
|
Address : |
Kolkata, West |
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|
|
|
Subsidiaries : |
·
MINL Limited ·
Dynatech Industries Ghana Limited ·
Euroasian Ventures FZE ·
Jebba Paper Mills Limited (Subsidiary of MINL
Limited) ·
Manaksia Aluminium Co Limited ·
Manaksia Coated Metals & 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) |
|
|
|
|
Associates : |
·
Arena Machineries Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
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 |
|
|
|
|
|
Details of
aggregate number of shares, alloted without payment being received in
cash,alloted as bonus shares and bought back, if any,
for the period of
five years immediately preceeding the Balance Sheet date:
4,000,000 Equity Shares of Face Value of Rs. 2/- each were bought back
and extinguished in the year 2010-11.
Details of shareholders holding more than 5% shares in the Company
|
Particulars |
31.03.2014 |
|
|
|
No. of shares |
% holding |
|
Basudeo Agrawal |
8,224,385 |
12.55 |
|
Suresh Kumar
Agrawal |
8,127,010 |
12.40 |
|
Mahabir Prasad
Agrawal |
4,172,515 |
6.37 |
|
Basant Kumar Agrawal |
3383130 |
5.16 |
Reconciliation of the shares outstanding is set out below:
|
Particulars |
31.03.2014 |
|
|
No. of shares |
|
Equity Shares |
|
|
At the beginning of the period |
65534050 |
|
Outstanding at the end of the period |
65534050 |
The Company is not
a Subsidiary Company.
g) No Shares has been reserved for issue under options and contracts/commitments
for the sale of shares/disinvestment
Terms/rights attached to each class of shares
Equity Shares:
The Company has
only one class of equity shares having a par value of Rs.2/-. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive any of the remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
131.068 |
131.068 |
131.068 |
|
(b) Reserves & Surplus |
5321.975 |
5080.780 |
4805.700 |
|
(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) |
5453.043 |
5211.848 |
4936.768 |
|
|
|
|
|
|
(3) Foreign Currency Monetary Item Translation Account |
0.000 |
0.000 |
(31.100) |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
714.008 |
1071.027 |
789.057 |
|
(b) Deferred tax liabilities (Net) |
489.565 |
481.014 |
482.500 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
61.937 |
67.558 |
60.469 |
|
Total Non-current Liabilities (4) |
1265.510 |
1619.599 |
1332.026 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2469.074 |
1337.276 |
598.184 |
|
(b) Trade payables |
1376.284 |
1226.662 |
2744.804 |
|
(c) Other current liabilities |
780.331 |
767.970 |
510.578 |
|
(d) Short-term provisions |
36.240 |
56.044 |
61.893 |
|
Total Current Liabilities (5) |
4661.929 |
3387.952 |
3915.459 |
|
|
|
|
|
|
TOTAL |
11380.482 |
10219.399 |
10153.153 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3092.779 |
3125.999 |
3104.056 |
|
(ii) Intangible Assets |
2.972 |
0.822 |
4.212 |
|
(iii) Capital
work-in-progress |
402.580 |
339.470 |
366.356 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
693.450 |
693.450 |
694.307 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
26.962 |
22.467 |
79.540 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4218.743 |
4182.208 |
4248.471 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2844.362 |
2185.513 |
2269.761 |
|
(c) Trade receivables |
3100.909 |
2420.761 |
1952.673 |
|
(d) Cash and cash
equivalents |
194.017 |
20.346 |
9.937 |
|
(e) Short-term loans and
advances |
1022.451 |
1410.571 |
1672.311 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
7161.739 |
6037.191 |
5904.682 |
|
|
|
|
|
|
TOTAL |
11380.482 |
10219.399 |
10153.153 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
12136.536 |
11836.651 |
10841.367 |
|
|
|
Other Income |
293.091 |
489.451 |
570.755 |
|
|
|
TOTAL (A) |
12429.627 |
12326.102 |
11412.122 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed (Including
Trading Goods) |
9284.108 |
8965.190 |
8105.120 |
|
|
|
Employee benefits expenses |
387.040 |
412.388 |
382.452 |
|
|
|
Other Expenses |
1732.017 |
1687.925 |
1657.203 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
(64.579) |
71.774 |
234.109 |
|
|
|
Exceptional Items |
3.424 |
258.514 |
394.587 |
|
|
|
TOTAL (B) |
11342.010 |
11395.791 |
10773.471 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1087.617 |
930.311 |
638.651 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
337.781 |
369.771 |
320.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
749.836 |
560.540 |
318.394 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
224.921 |
216.946 |
209.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
524.915 |
343.594 |
109.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
152.650 |
68.514 |
36.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
372.265 |
275.080 |
73.107 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
336.139 |
61.059 |
2.952 |
|
|
|
|
|
|
|
|
|
|
Transfer from
Exchange Fluctuation Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
0.000 |
0.000 |
0.000 |
|
|
|
Debenture Redemption Reserves |
0.000 |
0.000 |
15.000 |
|
|
|
Dividend on Equity Shares |
131.070 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
577.334 |
336.139 |
61.059 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods and Services
(F.O.B. Value including Freight Realised) |
8632.428 |
7717.711 |
5978.685 |
|
|
|
Interest income from Subsidiary Companies |
12.161 |
34.319 |
24.672 |
|
|
|
Dividend income from Subsidiary Company |
201.198 |
378.293 |
396.739 |
|
|
|
Interest Income from Customer |
Nil |
0.038 |
0.000 |
|
|
TOTAL EARNINGS |
8845.787 |
8130.361 |
6400.096 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Other Purchases |
6990.858 |
6554.105 |
6298.947 |
|
|
|
Spares Parts and Chemicals |
30.900 |
35.492 |
61.537 |
|
|
|
Capital Goods |
Nil |
0.025 |
0.638 |
|
|
TOTAL IMPORTS |
7021.758 |
6589.622 |
6361.122 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-EPS after exceptional items |
5.68 |
4.20 |
1.12 |
|
|
|
-EPS before exceptional items |
5.73 |
8.14 |
7.14 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.99 |
2.23 |
0.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.33 |
2.90 |
1.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.10 |
3.74 |
1.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.06 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.58 |
0.26 |
0.28 |
|
|
|
|
|
|
|
Current Ratio Current Asset/Current Liability) |
|
1.54 |
1.78 |
1.51 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
131.068 |
131.068 |
131.068 |
|
Reserves & Surplus |
4,805.700 |
5,080.780 |
5,321.975 |
|
Net
worth |
4,936.768 |
5,211.848 |
5,453.043 |
|
|
|
|
|
|
long-term borrowings |
789.057 |
1,071.027 |
714.008 |
|
Short term borrowings |
598.184 |
1337.276 |
2,469.074 |
|
Total
borrowings |
1,387.241 |
1,382.154 |
3,183.082 |
|
Debt/Equity
ratio |
0.281 |
0.265 |
0.584 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
10841.367 |
11836.651 |
12136.536 |
|
|
|
9.180 |
2.534 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operations |
10841.367 |
11836.651 |
12136.536 |
|
Profit/(Loss) After Tax |
73.107 |
275.080 |
372.265 |
|
|
0.67% |
2.32% |
3.07% |
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
|
Particulars |
Rs.
In Millions 31.03.2014 |
Rs.
In Millions 31.03.2013 |
|
Long Term
Borrowings |
|
|
|
Deferred Payment Liabilities (Under Sales Tax deferment Scheme –
Interests Free) |
264.008 |
279.527 |
|
Short Term
Borrowings |
|
|
|
Other Loans and
Advances |
|
|
|
From Bank |
|
|
|
- Rupee Loan |
250.000 |
100.000 |
|
|
|
|
|
TOTAL |
514.008 |
379.527 |
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10435250 |
10/05/2013 |
250,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B78929221 |
|
2 |
10425596 |
03/04/2014 * |
1,200,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, KOLKATA, 24, PARK STREET, KOLK |
C05325832 |
|
3 |
10379119 |
23/12/2013 * |
620,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
PLACE BRANCH, 4, INDIA EXCHANGE PL |
B96573597 |
|
4 |
10379121 |
23/12/2013 * |
80,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
PLACE BRANCH, 4, INDIA EXCHANGE PL |
B96746623 |
|
5 |
10379122 |
10/05/2013 * |
365,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
BRANCH, 4 INDIA EXCHANGE BRANCH, K |
B78808573 |
|
6 |
10379362 |
23/12/2013 * |
635,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE
PLACE BRANCH, 4, INDIA EXCHANGE PL |
B96572904 |
|
7 |
10331788 |
23/12/2013 * |
1,445,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL
FINANCE BRANCH, 17 R N MUKHERJEE ROAD, |
B96589866 |
|
8 |
10262311 |
10/05/2013 * |
400,000,000.00 |
DBS BANK LTD. |
4A NANDLAL BASU
SARANI, KOLKATA, WEST BENGAL - 700001, INDIA |
B78905528 |
|
9 |
10173781 |
10/07/2014 * |
400,000,000.00 |
STANDARD CHARTERED
BANK |
19, NETAJI
SUBHAS ROAD,, KOLKATA, WEST BENGAL - 700001, INDIA |
C13803481 |
|
10 |
90254392 |
01/12/2005 * |
6,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LTD |
IDBI HOUSE 44,
SHAKESPEARE SARANI, KOLKATA, WEST |
- |
NATURE OF BUSINESS
There has been no change in the nature of the business of the Company
and its subsidiary companies during the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
ECONOMIC OVERVIEW
The sluggish
growth of large emerging economies due to currency volatility, weak
manufacturing sectors and failure to implement structural reforms continued, to
drag the growth of otherwise buoyant economies. The accelerating business
investments, stabilizing credit conditions and decreasing uncertainties have
provided growth momentum to the developed economies, which may result in
retreating of capital flows from developed economies.
Despite
a period of slow growth, high inflation, fiscal deficits, external imbalances,
political uncertainty and poor business confidence - the domestic economy, due
to a competitive exchange rate supported by foreign investment policies and
better use of the considerable assets available has an opportunity to restore.
However, the geopolitical risks in terms of unrest in Europe and political
instability in West Asia would be a hindrance to the recovery of the global
economy.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Steel Industry is considered as the
backbone of the economy and is often indicative of global economic progress. In
the past, Euro-zone problem, economic stagnation or slow growth in developed
economies and a cooling of emerging economies took a toll on the industry.
However, the global demand for steel has improved during the period especially
in the developed countries which would provide greater export opportunities for
manufacturers from emerging economies like ours. The emerging markets are
projected to exhibit a moderate growth. The margins of steel producers would
continue to be under pressure, given the high cost of steel production and
their limited ability to pass on the increase in costs.
In
the 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. During the year under review, the prices of
Aluminium world wide had witnessed a steep decline due to subdued global demand
and oversupplies from China. Since supply outpaced demand, it led to a rise in
inventory levels thereby affecting the price realization. The domestic economy
too, suffered on account of monetary tightening and subdued investment and
growth climate with the industry/ GDP growth slowing down considerably.
However, the domestic growth as also improvement in price realization is
expected in anticipation of robust global growth, improving export
competitiveness and an improved domestic geo-political scenario.
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 your 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, the revenue of the Company grew from Rs.11836.700 Millions to
`Rs.12136.500 Millions, on a standalone basis. On consolidated basis, the
revenue of the Company was Rs.20310.500 Millions in comparison to Rs.21090.700
Millions of the previous year. However, 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 increased from `Rs.275.100 Million to
Rs.372.300 Million and on consolidated basis from Rs. 1702.300 Million to Rs.
1864.100 Million. Improved and consistent operations across all geographies,
despite weak market conditions, led to a significantly improved overall
performance 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:
|
Particulars |
31.03.2014 (Rs. In
Millions) |
31.03.2013 (Rs. In
Millions) |
|
Claims against the company/disputed liabilities
not acknowledged as Debts |
|
|
|
1) Excise duty demands under appeal |
78.893 |
73.861 |
|
2) Sales tax and Entry tax demand under appeal |
25.726 |
10.102 |
|
3) Income tax demands under appeal |
7.775 |
7.353 |
|
4) Excise duty liability on goods exported pending submission of proof
of export. |
38.889 |
3.072 |
|
5) Custom Duty |
0.866 |
0.000 |
|
6) Service Tax |
12.489 |
7.248 |
|
7) Municipal Tax |
11.124 |
11.124 |
|
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 |
Nil |
260.544 |
STATEMENT OF UNAUDITED
RESULT FOR THE QUARTER YEAR ENDED 30TH JUNE 2014
(RS. IN MILLIONS)
|
Particulars |
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
30.06.2014 |
|
|
|
|
|
Unaudited |
|
Part - I |
|
|
|
|
1. Income from Operations |
|
|
|
|
(a) Net
Sales/Income from Operations
(Net of Excise Duty) |
|
|
2910.435 |
|
(b) Other Operating
Income |
|
|
36.556 |
|
Total Income from Operation |
|
|
2946.991 |
|
|
|
|
|
|
2. Expenses |
|
|
|
|
(a) Cost of materials
consumed |
|
|
2241.862 |
|
(b} Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
|
|
25.098 |
|
(c] Employee benefits
expense |
|
|
93.261 |
|
(d) Depreciation and
amortization expense |
|
|
91.093 |
|
(c) Other expenses |
|
|
415.863 |
|
Total Expenses |
|
|
2867.177 |
|
|
|
|
|
|
3. Profit/(Loss) from
Operations before Other Income, finance cost* and Exceptional Items (1-2) |
|
|
79.814 |
|
|
|
|
|
|
4. Other income |
|
|
79.190 |
|
|
|
|
|
|
6. Profit/(Loss) from
ordinary activities before finance costs and exceptional Items (3+4) |
|
|
159.004 |
|
|
|
|
|
|
6. Finance Costs |
|
|
71.182 |
|
|
|
|
|
|
7. Profit/(Loss) from ordinary
activities after finance costs but before exceptional items (5-6) |
|
|
87.822 |
|
|
|
|
|
|
8. Exceptional Hems |
|
|
23.818 |
|
|
|
|
|
|
9. Profit/(Loss) from
ordinary activities before tax (7-8) |
|
|
64.004 |
|
|
|
|
|
|
10. Tax Expense |
|
|
--- |
|
|
|
|
|
|
11. Net Profit/(Loss) for
the period (9-10) |
|
|
64.004 |
|
|
|
|
|
|
12. Minority Interest |
|
|
-- |
|
|
|
|
|
|
13. Net Profit/(Loss)
after taxes, minority Interest and Share of Profit/(Loss) |
|
|
64.004 |
|
|
|
|
|
|
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 |
|
|
0.98 |
|
|
|
|
|
|
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% |
|
B |
INVESTOR
COMPLAINTS : Pending at the beginning of the quarter Received during the quarter Disposed of during the quarter Remaining unresolved at the end of the quarter |
Nil 1 1 Nil |
UNAUDITED SEGMENT WISE REVENUE, RESULT AND CAPITAL
EMPLOYED FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
|
|
|
|
|
|
Quarter Ended |
|
|
|
|
30.06.2014 |
|
|
|
|
|
Unaudited |
|
Segment Revenue (Not of Taxes) |
|
|
|
|
a) Packaging Products |
|
|
358.293 |
|
b) Mosquito Coil |
|
|
70.966 |
|
c) Metal Products |
|
|
2207.254 |
|
d) Others |
|
|
310.845 |
|
Total |
|
|
2947.358 |
|
|
|
|
|
|
Less : Inter Segment
Revenue |
|
|
0.367 |
|
|
|
|
|
|
Net Segment Revenue |
|
|
2946.991 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Segment Results
(Profit/Loss) before Interest and Tax]: |
|
|
|
|
a] Packaging Products |
|
|
19.176 |
|
b] Mosquito Coil |
|
|
(17.386) |
|
c] Metal Products |
|
|
87.727 |
|
d] Others |
|
|
82.201 |
|
Total |
|
|
171.718 |
|
|
|
|
|
|
Less: Interests |
|
|
71.182 |
|
|
|
|
100.536 |
|
|
|
|
|
|
Add: Interests (Income) |
|
|
13.558 |
|
|
|
|
|
|
|
|
|
|
|
Less: Other Un-Allocable expenditure net of
un-allocable (Income) |
|
|
48.993 |
|
|
|
|
|
|
Total Profit before
Exceptional Items and Tax |
|
|
65.101 |
|
Less: Exceptional hems |
|
|
(22.721) |
|
|
|
|
|
|
Total Profit before Tax |
|
|
87.822 |
|
|
|
|
|
|
Capital Employed (Segment Assets – Segment Liabilities) |
|
|
|
|
a] Packaging Products |
|
|
1173.282 |
|
b] Mosquito Coil |
|
|
675.883 |
|
c] Metal Products |
|
|
2843.844 |
|
d] Others |
|
|
1031.245 |
|
e] Invest men is, Unallocable and
Projects in Progress |
|
|
1828.937 |
|
|
|
|
|
|
Total |
|
|
7553.191 |
(Rs. In Millions)
Note:
1 The financial results of the
Company for the Quarter ended
30th June 2014 have been reviewed
and recommend and by the Audit Committee and approved by the Board of Directors
of the Company in their respective
meetings held on 11th August 2014.
2 Limited Review af the above financial
resuits has been carded out by Statutory
AuditMs of tbe Company.
3 Vie Figures for the quarter ended 31st March 2014 are the Bafancing figures beWm audited fiute in respect d the full financed year ended 31st March
2014 and the unaudited puMished year-to-date figure as on 3% December 2013, being the date of the end d the third
quarter of the financial year which
was subjected to limited review.
4
Effective from April 1,2014, the Company has charged depreciation based on the
revised remaining useful life of the assets as per the requirement of Schedule tt of the Companies Act,
2013. Due to above, depreciation charge for the quarter ended June 30,
2014 is higher by Rs. 34.138 Millions and the profit for
the quarter is lower by the same amount.
5 The
shareholders of the Company in the Court Convened Meeting held on 7th January
2014, pursuant to the directives dated 43th November 2023 of Han'ble High at Calcutta, have approved with requisite majority the Scheme of
Arrangement (Scheme) under provisions of Sections 391 to 394 of the Companies Act, 1956 (Act) for demerger of the Aluminium, Steel, Packaging and Coated
Metals & Mosquito Coif undertakings of Vle Company on a going-concern basis w.e.f. appointed date ire. 1st October 2013 into four whol!y owned subsidiary companies namely Manaksia
Aluminium Company Limited, Manaksia Steels Limited, Manaksia Industries Limited and Manakia Coated Metals &
Industries Limited respectively.
in terms of the requirement of
the Scheme, the shareholders of the Campany, pursuant to the provisions of Section 78 read with Sections 501 to 103 of the Act, in Extra Ordinary
General Meeting held on 7th January 2014 have also approved by requisite
majority, reduction in Securities Premium Reserve Account In compliance with
the requirements of SEBI Circular dated 4th February 2013 read with Circular
dated 21st May 2013, the Scheme
has also been approved by the
pubic shareholders on 21st January 2014 through postai kltot and e-voting by rnajqifty. .The Hon'ble High Court at Calcutta has vide its order dated 24 03.2014
approved the Scheme and has given directiorls to aqubicate the stamp duty
payable on the order which at
the present is pending with the office of the Collector of Stamp
Revenue, Kolkata. The Scheme would become effective from the appointed date i.e.
Ist October 2013 after receipt of the order of the
Hon'ble High Court at Calcutta after payment of adjudicated stamp duty and filing of the same with Registrar of Companies, West Bengai.
"
6.The
quarterly results have been prepared
on a going-concern basis without considering the effect of the Scheme of Arrangement
(Scheme) .
7. Figures for the previous period are Re-arranged, wherever considered necessary.
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.60.47 |
|
UK Pound |
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.