MIRA
INFORM REPORT
|
Report Date : |
02.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
MAN INDUSTRIES INDIA LIMITED |
|
|
|
|
Registered
Office : |
101, Man House, Opposite Pawan Hans, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
19.05.1988 |
|
|
|
|
Com. Reg. No.: |
11-047408 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 285.515 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1988PLC047408 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM20899E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM2675G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Large Diameter Carbon Steel Line Pipes. |
|
|
|
|
No. of Employees
: |
Information Declined By The Management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26530000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There seems drastic dip in the profit of the company during 2014
however net worth of the company is satisfactory. General financial position
of the company is normal and acceptable for business dealing Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Bank Loan: BBB+ |
|
Rating Explanation |
Moderate degree of safety, it carry moderate credit risk |
|
Date |
17.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Bank Loan: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
17.06.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
Management non co-operative
Tel No.: 91-22-66477500
LOCATIONS
|
Registered/
Corporate Office : |
101, Man House, Opposite Pawan Hans, S.V.
Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
|
Tel. No.: |
91-22-66477500/ 26108888 |
|
Fax No.: |
91-22-66477600/ 01/ 66477613 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
1, Chandrageet, 120, S. V. Road, Andheri (West), Mumbai - 400058,
Maharashtra, India |
|
Tel. No.: |
91-22-26201365-8 |
|
Fax No.: |
91-22-26203561 |
|
E-Mail : |
|
|
|
|
|
Central Office : |
Man House, 15 PU 3, Scheme 54, A. B. Road, Indore – 452008, Madhya
Pradesh, India |
|
Tel. No.: |
91-731-559070/ 71 / 72 / 73 |
|
Fax No.: |
91-731-557891/ 92 |
|
|
|
|
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), India Tel. No : 91-2836-275751/ 275752 Fax No.: 91-2836-275750 |
|
|
|
|
Delhi : |
902, 9th Floor, Indraprakash
Building, 21 Barakhamba Road, New Delhi – 110 001, India
|
|
Tel No: |
91-11-23359405/ 23314473
|
|
Fax No: |
91-11-23731920
|
|
Email : |
mandelhi@maninds.org
|
|
|
|
|
United Kingdom : |
No.54, Colum Road,
Cathy’s, Cardiff 103, Wales. (UK) |
|
Tel No: |
0044 7775905222 |
|
|
|
|
|
LOB 16, Office No.16241,
P.O Box- 18737, Jebeli Ali, UAE |
|
Tel / Fax : |
97165724626 / 4616 |
|
E-Mail : |
|
|
|
|
|
|
AU-30-E, AU Tower Gold, Jumeira Lakes Towers, Dubai – UAE |
|
Tel No: |
+ 971 4 4327909 |
|
Fax No: |
+ 971 4 4328219 |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Ramesh C. Mansukhani |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. Nikhil Mansukhani |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Ashok Gupta |
|
Designation : |
Director and Chief
Financial Officer |
|
|
|
|
Name : |
Mr. Kirit Damania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pramod K. Tandon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dhananjay
Datar |
|
Designation : |
Independent
Director |
KEY EXECUTIVES
|
Name : |
Mr. Mangesh Nabar |
|
Designation : |
Senior Vice President, Marketing and Business Development |
|
|
|
|
Name : |
Mr. Krishna Gopal Mantri |
|
Designation : |
Senior Vice President, Corporate Affairs |
|
|
|
|
Name : |
Krishna Kumar Purohit |
|
Designation : |
Director - Operations |
|
|
|
|
Name : |
Mr. Lalit Tolwani |
|
Designation : |
Senior Vice President, Operations |
|
|
|
|
Name : |
Mr. Umesh Rastogi |
|
Designation : |
Vice President, Business Development and Technical Services |
|
|
|
|
Name : |
Mr. Ashok Sarkar |
|
Designation : |
Vice President, Business Development and Marketing |
|
|
|
|
Name : |
Mr. Sanjay Sohani |
|
Designation : |
Vice President, Operations and Electricals |
|
|
|
|
Name : |
Mr. Paresh Pandhakarne |
|
Designation : |
Vice president, HR and Admin |
|
|
|
|
Name : |
Mr. Manoj Koul |
|
Designation : |
Assistant Vice President – Legal and Secretarial |
|
|
|
|
BOARD
COMMITTEES : |
|
|
Audit
Committee: |
Mr. Kirit N. Damania (Chairman) Mr. Pramod Tandon Mr. Dhananjay Datar |
|
|
|
|
Shareholders/ Investors Grievance
Committee : |
Mr. Pramod Tandon (Chairman) Mr. Kirit N. Damania Mr. Dhananjay Datar |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21953915 |
38.45 |
|
|
8464345 |
14.82 |
|
|
30418260 |
53.27 |
|
|
|
|
|
|
|
|
|
|
1791071 |
3.14 |
|
|
1791071 |
3.14 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
32209331 |
56.41 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9036 |
0.02 |
|
|
19711 |
0.03 |
|
|
911682 |
1.60 |
|
|
5109816 |
8.95 |
|
|
0 |
0.00 |
|
|
|
|
|
|
6050245 |
10.60 |
|
|
|
|
|
|
|
|
|
|
7411385 |
12.98 |
|
|
|
|
|
|
|
|
|
|
5551224 |
9.72 |
|
|
799613 |
1.40 |
|
|
|
|
|
|
5081257 |
8.90 |
|
|
633872 |
1.11 |
|
|
300143 |
0.53 |
|
|
1818181 |
3.18 |
|
|
2329061 |
4.08 |
|
|
18843479 |
33.00 |
|
|
|
|
|
Total Public
shareholding (B) |
24893724 |
43.59 |
|
|
|
|
|
Total (A)+(B) |
57103055 |
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) |
57103055 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Large Diameter Carbon Steel Line Pipes. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information Declined By The Management |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
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 |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rohira Mehta and Associates Chartered
Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Associate Company : |
·
Man Global FZC, UAE |
|
|
|
|
Subsidiaries : |
·
Man Infraprojects Limited ·
Man Overseas Metal DMCC ·
Man USA incorporation |
|
|
|
|
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 : |
·
Seven Star Wellness Private Limited ·
Man Finance Limited ·
Ardeuir Apparel Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized 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 |
|
|
|
|
|
|
57103055 |
Equity Shares |
Rs.10/- each |
Rs.285.515
Millions |
|
|
|
|
|
THE DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% SHARES
|
PARTICULAR |
AS ON 31.03.2014 |
|
|
|
% Held |
No. of Shares |
|
Jagdishchandra Jhamaklal Mansukhani |
18.70 |
10680097 |
|
Rameshchandra
Mansukhani |
17.97 |
10262026 |
|
Orange Mauritius Investments Limited |
7.80 |
4456462 |
|
Man Finance
Private Limited |
6.83 |
3900000 |
RECONCILIATION OF SHARES
OUTSTANDING AT THE BEGINNING AND AT THE END OF THE YEAR
|
PARTICULAR |
Nos. of Shares |
|
Outstanding at the beginning of the period |
59767055 |
|
Add/ (Less): Changes during the year |
- |
|
Reduction during the year |
2664000 |
|
Outstanding at the end of the period |
57103055 |
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
285.515 |
298.835 |
276.424 |
|
(b) Reserves & Surplus |
6347.074 |
6824.447 |
6172.894 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
6632.589 |
7123.282 |
6449.318 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3097.606 |
2985.675 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
536.772 |
525.878 |
489.582 |
|
(c) Other long term liabilities |
8.039 |
33.422 |
54.180 |
|
(d) long-term provisions |
131.396 |
129.303 |
120.559 |
|
Total Non-current Liabilities (3) |
3773.813 |
3674.278 |
664.321 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1087.282 |
2376.594 |
2302.326 |
|
(b) Trade payables |
3625.565 |
2235.168 |
3212.813 |
|
(c) Other current
liabilities |
446.595 |
613.448 |
2201.493 |
|
(d) Short-term provisions |
213.094 |
256.029 |
193.625 |
|
Total Current Liabilities (4) |
5372.536 |
5481.239 |
7910.257 |
|
|
|
|
|
|
TOTAL |
15778.938 |
16278.799 |
15023.896 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4031.815 |
3933.854 |
3479.944 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
19.276 |
32.643 |
9.305 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
190.096 |
189.246 |
702.178 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
267.024 |
888.488 |
249.634 |
|
(e) Other Non-current assets |
498.125 |
529.855 |
361.921 |
|
Total Non-Current Assets |
5006.336 |
5574.086 |
4802.982 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
15.924 |
107.059 |
2322.421 |
|
(b) Inventories |
1154.149 |
1727.025 |
1602.137 |
|
(c) Trade receivables |
2825.055 |
2983.500 |
2985.044 |
|
(d) Cash and cash
equivalents |
1784.320 |
1687.462 |
1077.655 |
|
(e) Short-term loans and
advances |
4787.904 |
3935.611 |
2126.280 |
|
(f) Other current assets |
205.250 |
264.056 |
107.377 |
|
Total Current Assets |
10772.602 |
10704.713 |
10220.914 |
|
|
|
|
|
|
TOTAL |
15778.938 |
16278.799 |
15023.896 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10052.849 |
14618.171 |
17017.045 |
|
|
|
Other Income |
308.012 |
796.988 |
340.169 |
|
|
|
TOTAL (A) |
10360.861 |
15415.159 |
17357.214 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7138.267 |
9945.779 |
11269.115 |
|
|
|
Purchases of Stock-in-Trade |
1222.038 |
0.000 |
80.272 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(199.576) |
338.205 |
468.414 |
|
|
|
Employees benefits expense |
376.906 |
425.499 |
2341.640 |
|
|
|
Other expenses |
965.236 |
1914.853 |
984.530 |
|
|
|
Exceptional items |
0.000 |
540.695 |
48.867 |
|
|
|
TOTAL (B) |
9502.871 |
13165.031 |
15192.838 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
857.990 |
2250.128 |
2164.376 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
417.637 |
441.274 |
269.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
440.353 |
1808.854 |
1894.745 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
317.698 |
387.531 |
401.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
122.655 |
1421.323 |
1493.198 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
33.705 |
413.909 |
473.241 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
88.950 |
1007.414 |
1019.957 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3935.900 |
3935.900 |
3093.170 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Profit and loss appropriations |
(13.000) |
6.300 |
(53.303) |
|
|
|
Transfer to General Reserve |
6.700 |
100.700 |
101.996 |
|
|
|
Proposed Dividend |
57.100 |
119.500 |
110.570 |
|
|
|
Provision For Taxations – Dividend |
9.700 |
20.300 |
17.937 |
|
|
BALANCE CARRIED
TO THE B/S |
4725.000 |
4696.500 |
3935.927 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3794.900 |
10993.800 |
13752.429 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2326.630 |
8843.692 |
7588.931 |
|
|
|
Others |
82.893 |
109.289 |
15.129 |
|
|
TOTAL IMPORTS |
2409.523 |
8952.981 |
7604.060 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.56 |
17.32 |
18.45 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Millions) |
|
|
|
30.06.2014 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
2309.900 |
|
Total Expenditure |
|
|
|
2245.600 |
|
PBIDT (Excl OI) |
|
|
|
64.300 |
|
Other Income |
|
|
|
153.500 |
|
Operating Profit |
|
|
|
217.800 |
|
Interest |
|
|
|
92.700 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
125.100 |
|
Depreciation |
|
|
|
89.500 |
|
Profit Before Tax |
|
|
|
35.600 |
|
Tax |
|
|
|
4.000 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
31.600 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
31.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.86 |
6.54 |
5.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.22 |
9.72 |
8.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.79 |
8.85 |
10.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.20 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.63 |
0.75 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01 |
1.95 |
1.29 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
276.424 |
298.835 |
285.515 |
|
Reserves & Surplus |
6172.894 |
6824.447 |
6347.074 |
|
Net worth |
6449.318 |
7123.282 |
6632.589 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
2985.675 |
3097.606 |
|
Short term borrowings |
2302.326 |
2376.594 |
1087.282 |
|
Total borrowings |
2302.326 |
5362.269 |
4184.888 |
|
Debt/Equity ratio |
0.357 |
0.753 |
0.631 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
17017.045 |
14618.171 |
10052.849 |
|
|
|
(14.097) |
(31.230) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
17017.045 |
14618.171 |
10052.849 |
|
Profit |
1019.957 |
1007.414 |
88.950 |
|
|
5.99% |
6.89% |
0.88% |
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 |
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 |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM
BORROWINGS: |
|
|
|
FROM BANK |
|
|
|
Rupee loans |
265.749 |
0.000 |
|
Total |
265.749 |
0.000 |
INDEX OF CHARGES:
|
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,, BA |
B64718737 |
|
2 |
10363370 |
09/06/2012 |
1,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI - 390007, VADODARA, GUJARAT, INDIA |
B42775023 |
|
3 |
10355080 |
12/12/2012 * |
2,987,380,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND
FLOOR, 17, R.KAMANI MARG,, BA |
B65585002 |
|
4 |
80012745 |
02/05/2012 * |
17,400,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH,
WORLD TRADE CENTRE,, POST BOX NO |
B39435193 |
RESULTS OF OPERATIONS
Net sales and other income for the standalone entity decreased to Rs.10360.900 Millions from Rs. 15415.200 Millions in the previous year – a decline of 32.79%. The operating profit (PBDIT) witnessed a decrease of 62.81 % from Rs. 2250.100 Millions in 2012-13 to Rs.836.800 Millions in 2013-14. The profit after tax (PAT) showed a decline of 91.17 % at Rs.89.000 Millions from Rs.1007.400 Millions in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS 2013-14
COMPANY OVERVIEW
The company is one of the largest manufacturers and exporters of large diameter Carbon Steel Line Pipes. It has state of the art manufacturing facilities with the total combined capacity of 1 Million Tonnes and dedicated to highest Operating and Quality standards, environment protection and Occupational Health & Safety Standards. Company’s plants are situated at Prime strategic locations in the vicinity of the ports. It has also installed 7 MW windmills in Gujarat. The Company facilities also hold internationally accepted quality standards laid down by the American Petroleum Institute (API) which is a mandatory requirement for the production of high pressure line pipes for hydro carbon applications. More than 10,000 kilometers of line Pipes have been supplied by the Company worldwide. The Line Pipes are used for Oil and Gas transmission, Oil Exploration and Refining, Water and Sewage transportation.
FUTURE OUTLOOK
They expect global energy demand to remain strong in the near future. The Line Pipe Business is showing visible signs of significant revival. Strong demand expected from “New Markets” like South America, Africa and Australia will keep the sentiments buoyant. Indian Companies are best placed to win large projects therby exploiting robust global demand due to low cost of manufacturing and high productivity. With robust economic recovery expected to continue in China, India, and other non-OECD nations, it is no surprise the Asia/ Pacific accounts for the highest number of new and planned pipelines. Middle East continues to see substantial increase in Oil & Gas production and demand which could lead to more pipeline projects. Domestic demand is expected to remain robust over the next 5 years due to Govt. impetus to improve Oil and Gas as well as Water infrastructure. India has announced plans to double its natural gas pipeline network. More than 15000 kms of new pipelines are planned to develop a national gas grid by 2017. In addition to the Oil and Gas network, there are big domestic projects coming up in water sector majorly related to river linking, Water supply and lift irrigation across the country which augurs well for the Line Pipe Industry. Thrust on Shale Gas exploration globally, Increase in refining capacity, Inter-regional oil & gas demand supply mismatch are resulting in need of transnational pipeline infrastructure which will further boost the prospects for the company. With the current drive of Indian Government for becoming the energy sufficient and efficient country, the gas pricing issue is expected to resolve very soon which will enhance the productivity of existing as well as marginal Oil Fields thereby boosting demand for more pipeline infrastructure. Despite challenging markets, the Company have been outperforming due to seasoned and conservative approach towards financial leveraging. There are bright indications that these Global and Domestic positive demand outlook will help the Company in improving the performance in the coming financial years. With the recent plant up gradation and demand uptick, the companies look forward for a robust performance from 2014-15 onwards.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
Rs in Millions |
||
|
Quarter ended |
||||
|
as on 30.06.2014 |
||||
|
(Unaudited) |
||||
|
1 |
(a) Net Sales/Income from Operations |
2116.600 |
||
|
|
(b)Other Operating Income |
193.300 |
||
|
|
Total Income
From Operations (Net) |
2309.900 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Materials Consumed |
1004.400 |
|
|
|
(b) |
Purchases of Stock-in-Trade |
641.300 |
|
|
|
(c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
339.600 |
|
|
|
(d) |
Employees benefits expense |
94.400 |
|
|
|
(e) |
Depreciation and amortization expense |
89.500 |
|
|
|
(f ) |
Other expenses |
165.900 |
|
|
|
|
TOTAL (B) |
2335.100 |
|
|
|
|
|
||
|
3 |
Profit from operation before other income, interest and other
exceptional items(1-2) |
(25.200) |
||
|
4 |
Other Income |
153.500 |
||
|
5 |
profit before interest and exceptional items(3+4) |
128.300 |
||
|
6 |
Interest |
92.700 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
35.600 |
||
|
8 |
Exceptional Items |
-- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
35.600 |
||
|
10 |
Tax Expenses |
4.000 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
31.600 |
||
|
12 |
Extra Ordinary Items |
-- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
31.600 |
||
|
14 |
Paid-up Equity Share Capital Rs.5/ per share |
285.500 |
||
|
15 |
Reserves excluding revaluation reserves |
|
||
|
16 |
Earning Per
Share |
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
0.55 |
||
|
(b) |
Basic and diluted EPS after Extraordinary
items for the period, for the year to date and for the previous year(not to
be annualised) |
0.55 |
||
|
17 |
Public
Shareholding |
|
||
|
|
Number of Shares |
24893724 |
||
|
|
Percentage of Shareholding |
43.59% |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
21628700 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
67.15% |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
37.88% |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
10580631 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
32.85% |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
18.53% |
||
|
|
Particulars |
3 months ended 30.06.2014 |
||
|
|
INVESTOR
COMPLAINTS |
|
||
|
|
Pending at the beginning of the quarter |
-- |
||
|
|
Received during the quarter |
60 |
||
|
|
Disposed off during the quarter |
60 |
||
|
|
Remaining unresolved at the end of the quarter |
-- |
||
|
Notes: |
|
1.
The unaudited financial results were review by
the audit committee and approved at the meeting of the board of directors of
the company held on 13th August, 2014. Auditors have carried out a
limited review of the financials for the quarter ended 30th June,
2014. 2.
The financials of Man Industries Limited, a
wholly owned subsidiary and Merion shelters Private limited, step down
subsidiary are not consolidated for quarter ended 30th June 2014
in view of the scheme of arrangement
filed with the humble Mumbai High Court. 3.
Effective from 1st April 2014, the
useful life of fixed assets have been revises in accordance with schedule OO
of the companies Act, 2013. 4.
Previous period figures have been re-grouped and
re-arranged wherever necessary. |
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 judgment 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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.