1. Summary Information
|
|
|
Country |
|
|
Company Name |
MANAKSIA LIMITED |
Principal Name 1 |
Mr. Basant Kumar Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. Ajay Kumar Chakraborty |
|
|
|
Registration # |
21-038336 |
|
Street Address |
8/1, |
||
|
Established Date |
27.12.1984 |
SIC Code |
-- |
|
Telephone# |
91-33-22435053/ 54/ 56 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-33-22428470/ 22200336 |
Business Style 2 |
Marketer |
|
Homepage |
Product Name 1 |
Roll on Pilfer Proof Caps |
|
|
# of employees |
5000 (Approximately) |
Product Name 2 |
Screw Caps |
|
Paid up capital |
Rs.131,068,100/-
|
Product Name 3 |
Adhesives and Metal Containers |
|
Shareholders |
Promoter and Promoter Group - 62.95% Public shareholding - 37.05% |
Banking |
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
29 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
-- |
MINL Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3,874,145,000 |
Current Liabilities |
3,020,781,000 |
|
Inventories |
2,185,513,000 |
Long-term Liabilities |
1,382,154,000
|
|
Fixed Assets |
3,126,821,000 |
Other Liabilities |
604,616,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
5,007,551,000 |
|
Invest& other Assets |
1,032,920,000 |
Retained Earnings |
5,080,780,000 |
|
|
|
Net Worth |
5,211,848,000 |
|
Total Assets |
10,219,399,000 |
Total Liab. & Equity |
10,219,399,000 |
|
Total Assets (Previous Year) |
10,153,153,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
11,774,919,000 |
Net Profit |
275,080,000 |
|
Sales(Previous yr) |
10,841,367,000 |
Net Profit(Prev.yr) |
73,107,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MANAKSIA LIMITED (w.e.f.
04.12.2003) |
|
|
|
|
Formerly Known
As : |
HINDUSTAN SEALS LIMITED |
|
|
|
|
Registered
Office : |
8/1, Lal Bazar Street, Bikaner Building, Kolkata – 700001, West Bengal
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.12.1984 |
|
|
|
|
Com. Reg. No.: |
21-038336 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.131.068 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74950WB1984PLC038336 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALM04946E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH6882J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Marketer of Roll on Pilfer Proof
Caps, Screw Caps, Chemicals, Adhesives and Metal Containers. |
|
|
|
|
No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 20840000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. The rating reflects diversified lines of business with reputed client base,
strong presence in the overseas market, decent financial performance and
comfortable capital structure. Directors are reported to be experienced and respectable businessmen. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA (Long Term Bank Facilities) |
|
Rating Explanation |
High degree of safety and lowest credit
risk. |
|
Date |
November 08, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and low credit
risk. |
|
Date |
November 08, 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 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3500 sq. ft. |
|
Location : |
Rented |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
Name : |
Mr. Ajay Kumar Chakraborty |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Debabrata B Guha |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. Kali Kumar Chaudhari |
|
Designation : |
Director |
|
|
|
|
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 |
|
|
|
|
Name : |
Mrs. Smita Khaitan |
|
Designation : |
Director |
|
|
|
|
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 30.12.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
41255940 |
62.95 |
|
|
41255940 |
62.95 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
41255940 |
62.95 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
19208 |
0.03 |
|
|
193763 |
0.30 |
|
|
212971 |
0.32 |
|
|
|
|
|
|
15689212 |
23.94 |
|
|
|
|
|
|
6597901 |
10.07 |
|
|
1523803 |
2.33 |
|
|
254223 |
0.39 |
|
|
204173 |
0.31 |
|
|
50050 |
0.08 |
|
|
24065139 |
36.72 |
|
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 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of Roll on Pilfer Proof
Caps, Screw Caps, Chemicals, Adhesives and Metal Containers. |
||||||||
|
|
|
||||||||
|
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) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Allahabad Bank ·
Bank of Baroda ·
DBS Bank Limited ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Standard Chartered Bank ·
State Bank of India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
131.068 |
131.068 |
|
(b) Reserves & Surplus |
|
5080.780 |
4805.700 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
5211.848 |
4936.768 |
|
|
|
|
|
|
(3) Foreign Currency Monetary Item Translation Account |
|
0.000 |
(31.100) |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1071.027 |
789.057 |
|
(b) Deferred tax liabilities (Net) |
|
481.014 |
482.500 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
67.558 |
60.469 |
|
Total Non-current Liabilities (4) |
|
1619.599 |
1332.026 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
311.127 |
598.184 |
|
(b) Trade payables |
|
2252.811 |
2744.804 |
|
(c) Other current
liabilities |
|
767.970 |
510.578 |
|
(d) Short-term provisions |
|
56.044 |
61.893 |
|
Total Current Liabilities (5) |
|
3387.952 |
3915.459 |
|
|
|
|
|
|
TOTAL |
|
10219.399 |
10153.153 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3125.999 |
3104.056 |
|
(ii) Intangible Assets |
|
0.822 |
4.212 |
|
(iii) Capital
work-in-progress |
|
339.470 |
366.356 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
693.450 |
694.307 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
22.467 |
79.540 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
4182.208 |
4248.471 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2185.513 |
2269.761 |
|
(c) Trade receivables |
|
2420.761 |
1952.673 |
|
(d) Cash and cash
equivalents |
|
20.346 |
9.937 |
|
(e) Short-term loans and
advances |
|
1410.571 |
1672.311 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
6037.191 |
5904.682 |
|
|
|
|
|
|
TOTAL |
|
10219.399 |
10153.153 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
131.068 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4732.593 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
4863.661 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1385.329 |
|
|
2] Unsecured Loans |
|
|
265.782 |
|
|
TOTAL BORROWING |
|
|
1651.111 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSACTION DEFERENCE ACCOUNT |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
467.500 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6982.272 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3223.194 |
|
|
Capital work-in-progress |
|
|
273.977 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
693.050 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSACTION DEFERENCE ACCOUNT |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2505.464
|
|
|
Sundry Debtors |
|
|
1808.446
|
|
|
Cash & Bank Balances |
|
|
34.820
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1380.429
|
|
Total
Current Assets |
|
|
5729.159
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2518.290
|
|
|
Other Liabilities |
|
|
135.733
|
|
|
Provisions |
|
|
283.085
|
|
Total
Current Liabilities |
|
|
2937.108
|
|
|
Net Current Assets |
|
|
2792.051
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6982.272 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
11774.919 |
10841.367 |
|
|
|
Other Income |
|
489.821 |
570.755 |
|
|
|
TOTAL (A) |
|
12264.740 |
11412.122 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed (Including
Trading Goods) |
|
8903.457 |
8105.120 |
|
|
|
Employee benefits expenses |
|
412.388 |
382.452 |
|
|
|
Other Expenses |
|
1688.296 |
1657.203 |
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
|
71.774 |
234.109 |
|
|
|
Exceptional Items |
|
258.514 |
394.587 |
|
|
|
TOTAL (B) |
|
11334.429 |
10773.471 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
930.311 |
638.651 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
369.771 |
320.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
560.540 |
318.394 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
216.946 |
209.187 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
343.594 |
109.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
68.514 |
36.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
275.080 |
73.107 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
61.059 |
2.952 |
|
|
|
|
|
|
|
|
|
|
Transfer from
Exchange Fluctuation Reserve |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
|
0.000 |
0.000 |
|
|
|
Debenture Redemption Reserves |
|
0.000 |
15.000 |
|
|
|
Dividend on Equity Shares |
|
0.000 |
0.000 |
|
|
|
Tax on Dividend |
|
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
336.139 |
61.059 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of Goods and Services
(F.O.B. Value including Freight Realised) |
|
7717.711 |
5978.685 |
|
|
|
Interest income from Subsidiary Companies |
|
34.319 |
24.672 |
|
|
|
Dividend income from Subsidiary Company |
|
378.293 |
396.739 |
|
|
|
Interest Income from Customer |
|
0.038 |
0.000 |
|
|
TOTAL EARNINGS |
|
8130.361 |
6400.096 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Other Purchases |
|
6554.105 |
6298.947 |
|
|
|
Spares Parts and Chemicals |
|
35.492 |
61.537 |
|
|
|
Capital Goods |
|
0.025 |
0.638 |
|
|
TOTAL IMPORTS |
|
6589.622 |
6361.122 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
-EPS after exceptional items |
|
4.20 |
1.12 |
|
|
|
-EPS before exceptional items |
|
8.14 |
7.14 |
|
|
|
PARTICULARS |
|
|
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales |
|
|
9319.812 |
|
|
|
Other Income |
|
|
101.327 |
|
|
|
TOTAL |
|
|
9421.139 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ Decrease in Stocks |
|
|
(424.591) |
|
|
|
Excise Duty on Stocks |
|
|
20.804 |
|
|
|
Raw Material and Components Consumed (Including Trading Goods) |
|
|
7090.050 |
|
|
|
Manufacturing, Administrative, Selling and Other Expenses |
|
|
1823.324 |
|
|
|
Director’s Remuneration |
|
|
2.547 |
|
|
|
TOTAL |
|
|
8512.134 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
|
909.005 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST |
|
|
255.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
653.160 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
201.526 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
|
|
(10.781) |
|
|
|
|
|
|
|
|
|
Less |
LOSS ON |
|
|
56.050 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIPONAL
ITEM |
|
|
5.805 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
|
400.560 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
|
102.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
|
|
298.560 |
|
|
|
|
|
|
|
|
|
Less |
SHORT / (EXCESS
PROVISION FOR TAXATION FOR EARLIER YEARS |
|
|
5.968 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
0.773 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
30.000 |
|
|
|
Dividend on Preference Share |
|
|
0.000 |
|
|
|
Dividend on Equity Shares |
|
|
163.835 |
|
|
|
Tax on Dividend |
|
|
26.578 |
|
|
|
Transfer from Exchange Fluctuation Reserve |
|
|
(20.000) |
|
|
|
Transfer to Debenture Redemption Reserve |
|
|
90.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
2.952 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods and Services
(F.O.B. Value including Freight Realised) |
|
|
5500.190 |
|
|
|
Interest income from Subsidiary Companies |
|
|
8.015 |
|
|
|
Dividend income from Subsidiary Company |
|
|
27.365 |
|
|
TOTAL EARNINGS |
|
|
5535.570 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
|
|
40.264 |
|
|
|
Raw Materials, components and other purchases |
|
|
5118.998 |
|
|
|
Spares parts and chemicals |
|
|
35.268 |
|
|
TOTAL IMPORTS |
|
|
5194.530 |
|
|
|
|
|
|
|
|
|
|
EPS before Prior
Period and Exceptional items |
|
|
5.17 |
|
|
|
EPS after Prior
Period and Exceptional items |
|
|
4.41 |
|
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 |
3.17
|
|
|
|
|
|
|
|
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 |
1.95 |
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 AND HALF YEAR ENDED 30TH SEPTEMBER 2013
(RS. IN MILLIONS)
|
Particulars |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
||
|
30th September 2013 |
30th June, 2013 |
30th September 2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
Part - I |
|
|
|
|
1. Income from Operations |
|
|
|
|
(a) Net
Sales/Income from Operations
(Net of Excise Duty) |
2897.829 |
2766.061 |
5663.890 |
|
(b) Other Operating
Income |
18.361 |
24.979 |
43.340 |
|
Total Income from Operation |
2916.190 |
2791.040 |
5707.230 |
|
|
|
|
|
|
2. Expenses |
|
|
|
|
(a) Cost of materials
consumed |
2267.934 |
1989.006 |
4256.940 |
|
(b} Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(15.368) |
42.818 |
(14.550) |
|
(c] Employee benefits
expense |
99.387 |
99.396 |
198.783 |
|
(d) Depreciation and
amortization expense |
55.661 |
56.090 |
111.751 |
|
(c) Other expenses |
358.852 |
448.790 |
834.632 |
|
Total Expenses |
27541.456 |
2636.100 |
5387.556 |
|
|
|
|
|
|
3. Profit/(Loss) from
Operations before Other Income, finance cost* and Exceptional Items (1-2) |
164.734 |
154.940 |
319.674 |
|
|
|
|
|
|
4. Other income |
112.769 |
83.569 |
196.338 |
|
|
|
|
|
|
6. Profit/(Loss) from
ordinary activities before finance costs and exceptional Items (3+4) |
277.503 |
238.509 |
516.012 |
|
|
|
|
|
|
6. Finance Costs |
66.187 |
93.354 |
159.541 |
|
|
|
|
|
|
7. Profit/(Loss) from ordinary
activities after finance costs but before exceptional items (5-6) |
211.316 |
145.155 |
356.471 |
|
|
|
|
|
|
8. Exceptional Hems |
44.393 |
18.239 |
62.632 |
|
|
|
|
|
|
9. Profit/(Loss) from
ordinary activities before tax (7-8) |
166.923 |
126.916 |
293.839 |
|
|
|
|
|
|
10. Tax Expense |
41.797 |
53.789 |
95.586 |
|
|
|
|
|
|
11. Net Profit/(Loss) for
the period (9-10) |
125.126 |
73.127 |
198.253 |
|
|
|
|
|
|
12. Minority Interest |
-- |
-- |
-- |
|
|
|
|
|
|
13. Net Profit/(Loss)
after taxes, minority Interest and Share of Profit/(Loss) |
125.126 |
73.127 |
198.253 |
|
|
|
|
|
|
14. Paid-up Equity Share
Capital (Pace Value per share : Rs.2/- |
131.068 |
131.068 |
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 |
1.91 |
1.12 |
3.03 |
|
|
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
Number of shares |
24278110 |
24278110 |
24278110 |
|
Percentage of
Shareholding |
37.05% |
37.05% |
37.05% |
|
|
|
|
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
Pledged /encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as
a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
Non-encumbered |
|
|
|
|
Number of shares |
41255940 |
41255940 |
41255940 |
|
Percentage of shares (as
a % of the total shareholding of promoter and promoter group] |
100% |
100% |
100% |
|
Percentage of shares (as a
% of the total share capital of the company) |
62.95% |
62.95% |
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 17 17 Nil |
UNAUDITED SEGMENT WISE REVENUE, RESULT AND CAPITAL
EMPLOYED FOR THE QUARTER ENDED 30TH JUNE 2013
(Rs. In Millions)
|
Particulars |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
||
|
30th September 2013 |
30th June, 2013 |
30th September 2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenue (Not of Taxes) |
|
|
|
|
a) Packaging Products |
455.896 |
444.987 |
900.883 |
|
b) Mosquito Coil |
212.597 |
158.148 |
370.745 |
|
c) Metal Products |
2162.345 |
2084.228 |
4246.573 |
|
d) Others |
116.920 |
106.820 |
223.740 |
|
Total |
2947.758 |
2794.183 |
5741.941 |
|
|
|
|
|
|
Less : Inter Segment
Revenue |
31.568 |
3.143 |
34.711 |
|
|
|
|
|
|
Net Segment Revenue |
2916.190 |
2791.040 |
5707.230 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Segment Results
(Profit/Loss) before Interest and Tax]: |
|
|
|
|
a] Packaging Products |
42.789 |
32.193 |
74.982 |
|
b] Mosquito Coil |
16.153 |
15.464 |
31.617 |
|
c] Metal Products |
148.584 |
98.055 |
246.639 |
|
d] Others |
37.482 |
51.826 |
89.308 |
|
Total |
245.008 |
197.538 |
442.546 |
|
|
|
|
|
|
Less: Interests |
66.187 |
93.354 |
159.541 |
|
|
178.821 |
104.184 |
283.005 |
|
|
|
|
|
|
Add: Interests (Income) |
13.454 |
15.013 |
28.467 |
|
|
192.275 |
119.197 |
311.472 |
|
|
|
|
|
|
Less: Other Un-Allocable expenditure net of
un-allocable (Income) |
(190.041) |
(25.958) |
(44.999) |
|
|
|
|
|
|
Total Profit before
Exceptional Items and Tax |
211.316 |
145.155 |
336.471 |
|
Less: Exceptional hems |
44.393 |
18.239 |
62.632 |
|
|
|
|
|
|
Total Profit before Tax |
166.923 |
126.916 |
239.839 |
|
|
|
|
|
|
Capital Employed (Segment Assets – Segment Liabilities) |
|
|
|
|
a] Packaging Products |
1368.287 |
1290.813 |
1368.287 |
|
b] Mosquito Coil |
676.456 |
740.922 |
676.456 |
|
c] Metal Products |
3070.486 |
2987.661 |
3070.486 |
|
d] Others |
1634.607 |
552.156 |
680.798 |
|
e] Invest men is, Unallocable and
Projects in Progress |
6749.836 |
2777.537 |
1634.607 |
|
|
|
|
|
|
Total |
7430.634 |
8349.089 |
7430.634 |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs. In Millions)
|
Sr. No.: |
Particulars |
As at 30.09.2013 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
131.068 |
|
|
(b) Reserves & Surplus |
5147.957 |
|
|
Sub-Total of Shareholder’s Fund |
5279.025 |
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
842.882 |
|
|
(b) Deferred tax liabilities (net) |
501.600 |
|
|
(c) long-term provisions |
58.138 |
|
|
Sub-Total Non-current Liabilities |
1402.620 |
|
3 |
Current Liabilities |
|
|
|
(a) Short term borrowings |
570.124 |
|
|
(b) Trade payables |
2109.618 |
|
|
(c) Other current liabilities |
880.242 |
|
|
(d) Short-term provisions |
55.255 |
|
|
Sub-Total Current Liabilities |
3615.239 |
|
|
TOTAL-EQUITY AND LIABILITY |
10296.884 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
3474.792 |
|
|
(b) Non-current Investments |
693.450 |
|
|
(c) Long-term Loan and Advances |
21.958 |
|
|
Sub-Total Non-Current Assets |
4190.200 |
|
2 |
Current assets |
|
|
|
(a) Current investments |
73.500 |
|
|
(b) Inventories |
2280.324 |
|
|
(c) Trade receivables |
2802.693 |
|
|
(d) Cash and cash equivalents |
28.339 |
|
|
(e) Short-term loans and advances |
921.828 |
|
|
Sub-Total Current Assets |
6106.684 |
|
|
TOTAL ASSETS |
10296.884 |
Note:
1. 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 November 12, 2013.
2. Limited Review of the above financial results has been carried out by
Statutory Auditors of the Company.
3. In view of the ultimate usage of the paper products for packaging purpose
and the commonalities between the two products namely packaging paper and
packaging products, the two actually form part of the same economic segment.
Accordingly, the Board has decided that on consolidation basis the two segments
be shown as a single segment i.e. Packaging Segment and as such previous period
figures have been regrouped.
4. Due to continued volatility in the value of Rupee against the US Dollar and
other foreign currencies during the quarter, the loss arising out of foreign
exchange fluctuations items has been considered as exceptional Item.
5. In terms of the requirements of Clause 24(f) of the Listing Agreement read
with SEBI Circular dated February 04, 2013 and Circular dated May 21, 2013, the
Company has received Observation letter dated August 02, 2013 from National
Stock Exchanges 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, 1956, 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 I.e.
October 01, 2013 Into four wholly owned subsidiary companies namely Manaksia
Aluminium Company Limited, Manaksla Steels Limited, Manaksla Industries Limited
and Manaksia Coated Metals and Industries Limited The Company has submitted the
Scheme to Hon'ble High Court, Calcutta and is subject to requisite approvals,
including sanction of Hon'ble High Court.
6. Figures for the previous periods are re-stated /re-grouped/ 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.62.45 |
|
UK Pound |
1 |
Rs.102.01 |
|
Euro |
1 |
Rs.84.35 |
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 |
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.