MIRA
INFORM REPORT
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Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
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Name : |
MAN INDUSTRIES ( |
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Registered
Office : |
101, Man House, Opposite Pawan Hans, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.05.1988 |
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Com. Reg. No.: |
11-047408 |
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Capital Investment
/ Paid-up Capital : |
Rs.298.835 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1988PLC047408 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20899E |
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PAN No.: [Permanent Account No.] |
AAACM2675G |
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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 Exporter of Large Diameter Carbon Steel Line Pipes. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 28000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. There is a dip in the sales turnover of the company during 2013 as
compared to previous year. However, overall financial position seems to be
decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Bank Loan: BBB+ |
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Rating Explanation |
Moderate credit quality and average credit
risk |
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Date |
10.01.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Bank Loan: A2 |
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Rating Explanation |
Strong degree of safety and low credit risk.
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Date |
10.01.2014 |
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
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rajiv Davi |
|
Designation : |
Finance Executive |
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Contact No.: |
91-22-66477500 |
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Date : |
26.02.2014 |
LOCATIONS
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Registered/
Corporate Office : |
101, Man House, Opposite Pawan Hans, S.V.
Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
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Tel. No.: |
91-22-66477500/ 26108888 |
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Fax No.: |
91-22-66477600/ 01/ 66477613 |
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E-Mail : |
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Website : |
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Administrative Office : |
1, Chandrageet, 120, S. V. Road, Andheri (West), Mumbai - 400058,
Maharashtra, India |
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Tel. No.: |
91-22-26201365-8 |
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Fax No.: |
91-22-26203561 |
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E-Mail : |
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Central Office : |
Man House, 15 PU 3, Scheme 54, A. B. Road, Indore – 452008, Madhya Pradesh,
India |
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Tel. No.: |
91-731-559070/ 71 / 72 / 73 |
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Fax No.: |
91-731-557891/ 92 |
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Factory : |
Pipe and
Coating Division (Pithampur)
Plot No. 257/258 B, Sector No. 1, Pithampur Industrial Area, District :
Dhar, Pithampur - 454775, Madhya Pradesh, India Tel. No. 91-7292-253666/253659/253291 Fax No.: 91-7292-253257 PIPE AND COATING
COMPLEX (ANJAR):- (EXPANSION PROJECT) Village : Khedoi, Mundra Highway, Taluka : Anjar, District : Kutch
(Gujarat) Tel. No : 91-2836-275751/ 275752 Fax No.: 91-2836-275750 |
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Delhi : |
902, 9th Floor, Indraprakash Building, 21 Barakhamba Road,
New Delhi – 110 001, India
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Tel No: |
91-11-23359405/ 23314473
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Fax No: |
91-11-23731920
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Email : |
mandelhi@maninds.org
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United Kingdom : |
No.54, Colum Road,
Cathy’s, Cardiff cf10 3ej, Wales. (UK) |
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Tel No: |
0044 7775905222 |
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LOB 16, Office No.16241, P.O
Box- 18737, Jebeli Ali, UAE |
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Tel / Fax : |
97165724626 / 4616 |
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E-Mail : |
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AU-30-E, AU Tower Gold, Jumeira Lakes Towers, Dubai – UAE |
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Tel No: |
+ 971 4 4327909 |
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Fax No: |
+ 971 4 4328219 |
DIRECTORS
(AS ON 31.03.2013)
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Name : |
Mr. Ramesh C. Mansukhani |
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Designation : |
Executive Chairman |
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Name : |
Mr. Nikhil Mansukhani |
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Designation : |
Director |
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Name : |
Mr. Ashok Gupta |
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Designation : |
Director |
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Name : |
Mr. Kirit Damania |
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Designation : |
Director |
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Name : |
Mr. A V Rammurty |
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Designation : |
Director |
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Name : |
Mr. Pramod K. Tandon |
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Designation : |
Director |
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Name : |
Mr. Tara Sankar
Bhattacharya |
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Designation : |
Independent
Director |
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Name : |
Mr. Dhananjay
Datar |
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Designation : |
Independent
Director |
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Name : |
Mr. Girish
Matalani |
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Designation : |
Independent
Director |
KEY EXECUTIVES
|
Name : |
Mr. Mangesh Nabar |
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Designation : |
Senior Vice President, Marketing and Business Development |
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Name : |
Mr. Krishna Gopal Mantri |
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Designation : |
Senior Vice President, Corporate Affairs |
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Name : |
Mr. Prasad Duvvuri |
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Designation : |
Senior Vice President, Business Strategy |
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Name : |
Mr. Lalit Tolwani |
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Designation : |
Senior Vice President, Operations |
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Name : |
Mr. Umesh Rastogi |
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Designation : |
Vice President, Business Development and Technical Services |
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Name : |
Mr. Pankaj Nigam |
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Designation : |
Vice President, Marketing |
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Name : |
Mr. Sanjay Sohani |
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Designation : |
Vice President, Operations and Electricals |
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Name : |
Mr. Dilip Jethani |
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Designation : |
Vice President, Works |
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Name : |
Mr. Rishikesh Vyas |
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Designation : |
Group Company Secretary and Compliance Officer |
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BOARD COMMITTEES
: |
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Audit
Committee: |
Mr. Kirit N. Damania (Chairman) Mr. A. V. Rammurly Mr. Pramod Tandon Mr. Dhananjay Datar |
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Shareholders/ Investors Grievance
Committee : |
Mr. Pramod Tandon (Chairman) Mr. Kirit N. Damania Mr. A. V. Rammurly |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21553915 |
37.75 |
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|
6864345 |
12.02 |
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|
28418260 |
49.77 |
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|
|
|
|
|
|
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|
1791071 |
3.14 |
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|
1791071 |
3.14 |
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|
Total
shareholding of Promoter and Promoter Group (A) |
30209331 |
52.90 |
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|
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|
(B) Public
Shareholding |
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|
|
|
|
|
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|
9179 |
0.02 |
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|
9500 |
0.02 |
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|
911682 |
1.60 |
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|
5029816 |
8.81 |
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|
0 |
0.00 |
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|
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|
5960177 |
10.44 |
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|
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|
|
|
|
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|
10393576 |
18.20 |
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|
|
|
|
|
|
|
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|
4797276 |
8.40 |
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|
441035 |
0.77 |
|
|
|
|
|
|
5301660 |
9.28 |
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|
1330915 |
2.33 |
|
|
280276 |
0.49 |
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|
1818181 |
3.18 |
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|
1872288 |
3.28 |
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|
20933547 |
36.66 |
|
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|
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Total Public
shareholding (B) |
26893724 |
47.10 |
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|
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Total (A)+(B) |
57103055 |
100.00 |
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
57103055 |
100.00 |
%20LIMITED%20-%20256241_MIRA%2028-Feb-2014_files/image002.gif){kind=small}
(1) Indian%20LIMITED%20-%20256241_MIRA%2028-Feb-2014_files/image003.gif){kind=small}
Individuals / Hindu Undivided Family%20LIMITED%20-%20256241_MIRA%2028-Feb-2014_files/image004.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 Million %20LIMITED%20-%20256241_MIRA%2028-Feb-2014_files/image006.gif)
Shareholding
belonging to the category "Promoter and Promoter Group"
|
l.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|||
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|||
|
1 |
Rameshchandra Mansukhani |
1,02,62,026 |
17.97 |
8074700 |
78.69 |
14.14 |
17.97 |
|
2 |
Jagdish Jamaklal Mansukhani |
1,05,80,097 |
18.53 |
9009000 |
85.15 |
15.78 |
18.53 |
|
3 |
JPA Solutions Private Limited |
18,84,942 |
3.30 |
1425000 |
75.60 |
2.50 |
3.30 |
|
4 |
Man Finance Limited |
23,00,000 |
4.03 |
2300000 |
100.00 |
4.03 |
4.03 |
|
5 |
Man Global Limited |
18,45,012 |
3.23 |
1845000 |
100.00 |
3.23 |
3.23 |
|
6 |
Priyal Mansukhani |
2,15,979 |
0.38 |
200000 |
92.60 |
0.35 |
0.38 |
|
7 |
Nikhil Rameshchandra Mansukhani |
12,50,000 |
2.19 |
0 |
0.00 |
0.00 |
2.19 |
|
8 |
Deepadevi Rameshchandra Mansukhani |
9,05,604 |
1.59 |
905000 |
99.93 |
1.58 |
1.59 |
|
9 |
Man Steel and Power Limited |
8,34,391 |
1.46 |
0 |
0.00 |
0.00 |
1.46 |
|
10 |
Anita Jagdishchand Mansukhani |
1,580 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
11 |
Jagdish Jamaklal Mansukhani |
57,500 |
0.10 |
0 |
0.00 |
0.00 |
0.10 |
|
12 |
Rameshchandra Mansukhani |
72,200 |
0.13 |
0 |
0.00 |
0.00 |
0.13 |
|
|
Total |
3,02,09,331 |
52.90 |
23758700 |
78.65 |
41.61 |
52.90 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total
No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
1 |
Orange Mauritius Investments Limited |
4456462 |
7.80 |
7.80 |
|
|
2 |
Mangal Keshav Capital Limited |
4798007 |
8.40 |
8.40 |
|
|
3 |
Heena Mansukhani |
1872288 |
3.28 |
3.28 |
|
|
4 |
Nippon Investment and Finance Company Private Limited |
1875000 |
3.28 |
3.28 |
|
|
5 |
Kobe Steel Limited |
1818181 |
3.18 |
3.18 |
|
|
6 |
Arcadia Share and Stock Brokers Private Limited |
1175647 |
2.06 |
2.06 |
|
|
7 |
United India Insurance Company Limited |
645881 |
1.13 |
1.13 |
|
|
|
Total |
16641466 |
29.14 |
29.14 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Mangal Keshav Capital |
4798007 |
8.40 |
8.40 |
|
|
2 |
Orange Mauritius Investments Limited |
4456462 |
7.80 |
7.80 |
|
|
|
Total |
9254469 |
16.21 |
16.21 |
DETAILS OF LOCKED-IN
SHARES
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Nikhil Mansukhani |
5,00,000 |
0.88 |
|
|
Total |
5,00,000 |
0.88 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Large Diameter Carbon Steel Line Pipes. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India Commercial Branch, Indore and Overseas Branch, Mumbai, Maharashtra, India · Bank of Baroda Mumbai Main Branch, Fort, Mumbai, Maharashtra, India · ICICI Bank Limited Mumbai Main Branch, Fort, Mumbai, Maharashtra, India ·
Axis
Bank Fort Branch,
Mumbai, Maharashtra, India · Corporation Bank IFB, Fort, Mumbai,
Maharashtra, India · Union Bank of India Fort, Mumbai
Maharashtra, India ·
Bank of
India Andheri, Mumbai,
Maharashtra, India · IDBI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Rohira Mehta and Associates Chartered
Accountants |
|
Address : |
Mumbai, |
|
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Associate Company : |
·
Man Global FZC, UAE |
|
|
|
|
Subsidiaries : |
·
Man Infraprojects Limited ·
Man Overseas Metal DMCC |
|
|
|
|
Subsidiary of
Man Infraprojects Limited : |
· Merino Shelters Private Limited |
|
|
|
|
Enterprises
Controlled or significantly influenced by key management personnel or their relatives
with whom transaction have occurred : |
·
JPA Holdings Private Limited ·
Seven Star Wellness Private Limited ·
Man (U.K.) Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
Rs.5/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59767055 |
Equity Shares |
Rs.5/- each |
Rs.298.835
Millions |
|
|
|
|
|
NOTE:
THE DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
% Held |
No. of Shares |
|
Rameshchandra
Mansukhani |
17.17 |
10262026 |
|
Jagdishchandra Jhamaklal Mansukhani |
14.39 |
8597648 |
|
Orange Mauritius Investments Limited |
7.46 |
4456462 |
|
The Bank of NewYork (GDR) |
-- |
-- |
The Company on 30 November, 2012 has converted 44,56,462 nos. of GDRs in
44,56,462 nos. of equity shares.
Pursuant to conversion of all the outstanding GDRs listed at Dubai Stock
Exchange Limited and communication from Dubai Financial Service Authority
regarding cessation of listing, the GDRs stand delisted from Dubai Stock
Exchange Limited.
RECONCILIATION OF
SHARES OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR
|
PARTICULAR |
Nos. of Shares |
Value of Shares |
|
Outstanding at the beginning of the period |
55284874 |
276.424 |
|
Add/ (Less): Changes during the year |
4482181 |
22.411 |
|
Outstanding at the end of the period |
59767055 |
298.835 |
The company, in
the previous five years, has not allotted any bonus shares, fully paid up
shares pursuant to contract(s) without payment being received in cash and has
not bought back any shares.
The Company has
only one class of equity shares having par value of Rs.5/- per share. Each
shareholder is entitled to one vote per share.
FINANCIAL DATA
[All figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders’ Funds |
|
|
|
|
(a) Share Capital |
298.835 |
276.424 |
276.424 |
|
(b) Reserves & Surplus |
6824.447 |
6172.894 |
5218.787 |
|
© Money received against share
warrants |
0.000 |
0.000 |
4.375 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
7123.282 |
6449.318 |
5499.586 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2985.675 |
0.000 |
1790.460 |
|
(b) Deferred tax liabilities (Net) |
525.878 |
489.582 |
521.644 |
|
(c)Other long term liabilities |
33.422 |
54.180 |
24.824 |
|
(d) long-term provisions |
129.303 |
120.559 |
119.811 |
|
Total Non-current Liabilities (3) |
3674.278 |
664.321 |
2456.739 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2376.594 |
2302.326 |
9199.672 |
|
(b) Trade payables |
2235.898 |
3212.813 |
1162.227 |
|
(C) Other current
liabilities |
660.110 |
2201.493 |
174.567 |
|
(d) Short-term provisions |
208.637 |
193.625 |
605.345 |
|
Total Current Liabilities (4) |
5481.239 |
7910.257 |
11141.811 |
|
|
|
|
|
|
TOTAL |
16278.799 |
15023.896 |
19098.136 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3933.854 |
3479.944 |
3863.863 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
32.643 |
9.305 |
2.275 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
189.246 |
702.178 |
298.645 |
|
(C) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
888.488 |
249.634 |
297.186 |
|
(e) Other Non-current assets |
529.855 |
361.921 |
383.368 |
|
Total Non-Current Assets |
5574.086 |
4802.982 |
4845.337 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
107.059 |
2322.421 |
1543.402 |
|
(b) Inventories |
1727.025 |
1602.137 |
5284.412 |
|
(c) Trade receivables |
2983.500 |
2985.044 |
3520.765 |
|
(d) Cash and cash
equivalents |
1687.462 |
1077.655 |
2311.027 |
|
(e) Short-term loans and
advances |
3935.611 |
2126.280 |
1453.631 |
|
(f) Other current assets |
264.056 |
107.377 |
139.562 |
|
Total Current Assets |
10704.713 |
10220.914 |
14252.799 |
|
|
|
|
|
|
TOTAL |
16278.799 |
15023.896 |
19098.136 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
14618.171 |
17017.045 |
15882.554 |
|
|
|
Other Income |
791.029 |
340.169 |
860.548 |
|
|
|
TOTAL (A) |
15409.200 |
17357.214 |
16743.102 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
10035.289 |
11269.115 |
12619.562 |
|
|
|
Purchases of Trade goods |
0.000 |
80.272 |
35.040 |
|
|
|
Employee Benefits Expense |
425.499 |
468.414 |
447.456 |
|
|
|
Other Expenses |
1819.383 |
2341.640 |
2927.794 |
|
|
|
Changes in
Inventories of Finished Goods and Stock in Process |
338.205 |
984.530 |
(983.600) |
|
|
|
Exceptional
Items |
540.695 |
48.867 |
0.000 |
|
|
|
TOTAL (B) |
13159.071 |
15192.838 |
15046.252 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2250.129 |
2164.376 |
1696.850 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
441.274 |
269.631 |
300.012 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1808.855 |
1894.745 |
1396.838 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
387.532 |
401.547 |
404.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1421.323 |
1493.198 |
992.823 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
413.909 |
473.241 |
73.223 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1007.414 |
1019.957 |
919.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3935.927 |
3093.170 |
2382.608 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.700 |
101.996 |
91.960 |
|
|
|
Proposed Dividend |
119.500 |
110.570 |
110.570 |
|
|
|
Provision For Taxations – Dividend |
20.300 |
17.937 |
18.364 |
|
|
|
Profit and Loss Appropriations |
0.000 |
(53.303) |
(11.856) |
|
|
BALANCE CARRIED
TO THE B/S |
4702.841 |
3935.927 |
3093.170 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10993.827 |
13752.429 |
1225.219 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8843.692 |
7588.931 |
11519.783 |
|
|
|
Others |
109.289 |
15.129 |
24.679 |
|
|
TOTAL IMPORTS |
8952.981 |
7604.060 |
11544.462 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
17.32 |
18.45 |
16.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.54
|
5.88
|
5.49
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.72
|
8.77
|
6.25
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.85
|
10.43
|
5.28
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.23
|
0.18
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.52
|
0.10
|
0.45
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.29
|
1.28
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
276.424 |
276.424 |
298.835 |
|
Reserves & Surplus |
5,218.787 |
6,172.894 |
6,824.447 |
|
Net
worth |
5,495.211 |
6,449.318 |
7,123.282 |
|
|
|
|
|
|
long-term borrowings |
1,790.460 |
0.000 |
2,985.675 |
|
Short term borrowings |
9,199.672 |
2,302.326 |
2,376.594 |
|
Total
borrowings |
10,990.132 |
2,302.326 |
5,362.269 |
|
Debt/Equity
ratio |
2.000 |
0.357 |
0.753 |
%20LIMITED%20-%20256241_MIRA%2028-Feb-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
15,882.554 |
17,017.045 |
14,618.171 |
|
|
|
7.143 |
-14.097 |
%20LIMITED%20-%20256241_MIRA%2028-Feb-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
15,882.554 |
17,017.045 |
14,618.171 |
|
Profit |
919.600 |
1,019.957 |
1,007.414 |
|
|
5.79% |
5.99% |
6.89% |
%20LIMITED%20-%20256241_MIRA%2028-Feb-2014_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM DEBT DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long term debt |
0.000 |
1790.460 |
41.233 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CORPORATE INFORMATION
The company is a
public company domiciled in India and incorporated under the provisions of the Companies
Act, 1956. The company is engaged in the business of manufacturing and beveling
of submerged arc welded pipes.
RESULTS OF
OPERATIONS:
Net sales and
other income for the standalone entity decrease to Rs.15409.200 Millions from
Rs.17357.200 Millions in the previous year - a decline of 11.22%. The operating
profit (PBDIT) witnessed an increase of 4.57 % from Rs.2151.900 Millions in
2011-12 to Rs.2250.100 Millions in 2012-13. The profit after tax (PAT) showed a
decline of 1.23 % at Rs.1007.400 Millions from Rs.1020.000 Millions in the
previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS:
OVERVIEW
The following
operating and financial review is intended to convey the management's perspective
on the financial condition and on the operating performance of the Company as
at the end of the Financial Year 2012-13. The following discussion of the
Company's financial condition and result of operations should be read in
juxtaposition with the Company's financial statements, schedules and notes
thereto and the other information included elsewhere in the Annual Report. The
Company's financial statements have been prepared in compliance with the
requirements of the Companies Act, guidelines issued by the Securities and
Exchange Board of India (SEBI) and the Generally Accepted Accounting Principles
(GAAP) in India.
GLOBAL SOCIO
ECONOMIC ENVIRONMENT:
Post the financial
crisis in 2008, most of the economies took the stimulus route to bring growth
on track. On the back of these strong stimulus measures, the world economy
staged a smart turnaround in 2009 and 2010. The global economic scenario in FY
2012-13 continued to be fraught with challenges. Major economies witnessed
slower growth and the Eurozone was full of uncertainty. As the year progressed,
business environment remained difficult and operating in such a testing
environment proved challenging. However, since 2011, the world economy is
getting weighed down by the financial crisis in Europe and general slowdown in
developed countries including United States. In India, while the external
causes did trigger the slowdown, internal dynamics impacted the economy much
more. Indian economy started feeling the heat from 2011 due to inflation increasingly
going out of control. The stimulus led domestic consumption coupled with supply
side constraints resulted in high inflation in the country for a prolonged
period of time. While, monetary policy was tightened to control the runaway
inflation, the external headwinds as well as political bottlenecks and lack of
infrastructure investments continued to put pressure on growth. The slowdown
especially in 2012-13 has been across the board, with no sector of the economy
remaining unaffected. Inspite the challenges being faced, India still remains
one of the fastest growing economies of the world.
FUTURE OUTLOOK:
The Future Outlook
for the Pipe Industry looks good as there has been increasing project
clearances which had been held up on various fronts. The scenario both in the
Domestic market and the International market appears to be bright for the
Indian Pipe manufacturers. Simdex reports 941 projects with an estimated
pipeline length of 298145 Kilometers of value USD 461 Billion approximately is
planned globally for transmission of Oil, Gas, Petroleum Products. The major
thrust markets shall be the U.S., Canada, Mexico, Europe, Asia, Africa,
Australia. Major Pipelines like TAPI, IPI, TANAP and TAP now getting active.
This brings better opportunities in the Export for pipe manufacturing companies
as there is still a great need to develop infrastructure for transportation of
Gas and Water This would spruce the
demand for Line Pipes for the Indian manufacturers.
ACCREDITATIONS
AND AWARDS
· ISO 9001, 14001, 18001 certification for all divisions.
· American Petroleum Institute (API) certification.
· Certified by ENGINEERS INDIA LTD. (EIL)
· Recipient of EEPC AWARD
· Recipient of GAIL AWARD
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Guarantees/letter of credit outstanding |
3018.610 |
12921.162 |
|
Excise Duty/Service Tax Matters |
161.380 |
259.580 |
|
Custom Matters(a) |
2357.178 |
0.000 |
|
Entry Tax/Sales Tax Matters |
91.231 |
73.936 |
|
Income Tax Matters |
42.582 |
18.465 |
|
Legal Cases(b) |
|
|
|
- Midcontinent express pipeline LLC, USA |
280.964 |
263.314 |
|
- Prime pipe international USA |
73.162 |
94.567 |
|
- Bank of Tokyo and Mitsubushi |
0.000 |
0.000 |
|
Total |
6025.107 |
13631.024 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2013
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales / Income from operations (Net of Excise Duty) |
2996.200 |
1460.900 |
5888.900 |
|
|
Other Operating Income |
157.400 |
120.300 |
521.800 |
|
|
Net Sales/Income
from Operations |
3153.600 |
1581.200 |
6410.700 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
3121.900 |
1297.900 |
5566.900 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress and
Stock In Trade |
(494.900) |
8.000 |
(418.300) |
|
|
Construction Cost |
-- |
-- |
-- |
|
|
Employee Benefits Expenses |
94.600 |
81.400 |
274.700 |
|
|
Depreciation and Amortization Expenses |
80.900 |
80.300 |
237.700 |
|
|
Other Expenditure |
261.300 |
100.400 |
572.700 |
|
|
f) Total Expenditure |
3063.800 |
1568.000 |
6233.700 |
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
89.800 |
13.200 |
177.000 |
|
4. |
Other Income |
61.900 |
95.400 |
199.200 |
|
5. |
Profit
from Ordinary Activities before Finance Cost and Exceptional Items (3-4) |
151.700 |
108.600 |
376.200 |
|
6. |
Finance Cost |
117.700 |
86.300 |
290.100 |
|
7. |
Profit
from Ordinary Activities before Finance Cost but before Exceptional Items
(3-4) |
34.000 |
22.300 |
86.100 |
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
34.000 |
22.300 |
86.100 |
|
10. |
Tax Expense |
10.000 |
7.200 |
24.200 |
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
24.000 |
15.100 |
61.900 |
|
12. |
Extraordinary Item |
-- |
-- |
-- |
|
13. |
Net
Profit for the period (11-12) |
24.000 |
15.100 |
61.900 |
|
14 |
Share of Profit / (loss) of Associates |
-- |
-- |
-- |
|
15 |
Minority interest |
-- |
-- |
-- |
|
16 |
Net
Profit / (loss) after taxes, minority interest and share of profit / (loss)
of associates |
24.000 |
15.100 |
61.900 |
|
17. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
285.500 |
285.500 |
285.500 |
|
18. |
Reserves Excluding Revaluation Reserve |
|
|
|
|
19. |
Earning
Per Share (EPS) (Rs.5/-)-Not Annualised Basic & Diluted |
0.42 |
0.26 |
1.08 |
|
|
Earning
Per Share (EPS) (Rs.5/-)-Not Annualised Basic & Diluted |
0.42 |
0.26 |
1.08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
26893724 |
28557996 |
26893724 |
|
|
- Percentage of Shareholding |
47.10% |
50.01% |
47.10% |
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
23758700 |
23742345 |
23758700 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
78.65% |
83.17% |
78.65% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
41.61% |
41.58% |
41.61% |
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
6450631 |
4802714 |
6450631 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
21.35% |
16.83% |
21.35% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
11.30% |
8.41% |
11.30% |
|
Particulars
|
31.12.2013 |
|
Pending at the beginning of the quarter |
11 |
|
Received during the quarter |
42 |
|
Disposed of during the quarter |
53 |
|
Remaining unresolved at the end of the quarter |
-- |
Note:
The above un-audited Financials were reviewed by the Audit Committee and approved by the Board of Directors of the Company in their meeting held on February 14, 2014.
Previous period figures have been regrouped and rearranged wherever necessary.
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
|
S. No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10393477 |
29/11/2012 |
19,900,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, INDIA |
B64718737 |
|
2 |
10363370 |
09/06/2012 |
1,000,000,000.00 |
ICICI BANK
LIMITED |
Landmarkrace Cource
Circle, Alkapuri, Vadodara, Gujarat - 390007, India |
B42775023 |
|
3 |
10355080 |
12/12/2012 * |
2,987,380,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Bldg.,
Ground Floor, 17, R. Kamani Marg, Ballard Estate,, Mumbai, Maharashtra -
400001, India |
B65585002 |
|
4 |
80012745 |
02/05/2012 * |
17,400,000,000.00 |
STATE BANK OF
INDIA |
Overseas Branch,
World Trade Centre, Post Box No. 16094, Cuffe Parade, Mumbai, Maharashtra -
400005, India |
B39435193 |
* Date of charge modification
FIXED ASSETS:
· Land
· Factory Building
· Office Premises
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipment
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.