MIRA INFORM REPORT
|
Report No. : |
350106 |
|
Report Date : |
25.11.2015 |
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
|
|
Tel. No.: |
91-33-22310050/51/52 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
27.12.1984 |
|
|
|
|
Com. Reg. No.: |
21-038336 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 131.068 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74950WB1984PLC038336 |
|
|
|
|
IEC No.: |
0288010957 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH6882J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trader, Exporter and Importer of Roll on pilfer proof caps, screw
caps, chemicals, adhesives and metal containers. |
|
|
|
|
No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. Mr. Bharat Begawani, Finance Head has informed that the line of
business of the company has been changed from manufacturing to trading and
products are distributed to group companies. For the financial year 2015, the company has shown downtrend in its
revenue and profit earnings due to change in line of business. The rating reflects company’s healthy financial base marked by adequate
liquidity position and zero debt balance sheet profile. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE RATING |
|
Rating |
Long Term Bank Facilities (Withdraw) = AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
March 2015 |
|
Rating Agency Name |
CARE RATING |
|
Rating |
Short Term Bank Facilities (Withdraw)= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
March 2015 |
Reason for Withdrawal:
Due to the demerger of the company’s business into
Manaksia Aluminium Company Limited (MACL), Manaksia Steels Limited (MSL),
Manaksia Industries Limited (MIL) and Manaksia Coated Metals and Industries
Limited (MCMIL).
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Bharat Bagwani |
|
Designation : |
Finance Head |
|
Contact No.: |
91-33-22310056 |
|
Date : |
21.11.2015 |
LOCATIONS
|
Registered Office : |
8/1, Lal Bazar Street, Bikaner Building, Kolkata – 700001, West Bengal,
India |
|
Tel. No.: |
91-33-22310050/51/52 |
|
Mobile No.: |
91-9830926263 (Mr. Bharat Begwani) |
|
Fax No.: |
91-33-22300336 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Warehouse : |
Survey No. 396, Village Chanrani, Taluka – Anjar, District – Kutch,
Gujarat, India |
|
|
|
|
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 31.03.2015
|
Name : |
Vineet Agarwal |
|
Designation : |
Director |
|
Address : |
391, S N Roy Road, Kolkata - 700038, West Bengal, India |
|
Date of Birth/Age : |
24.03.1976 |
|
Date of Appointment : |
23.11.2014 |
|
DIN No.: |
00441223 |
|
|
|
|
Name : |
Varun Agrawal |
|
Designation : |
Director |
|
Address : |
391, S N Roy Road, Kolkata - 700038, West Bengal, India |
|
Date of Birth/Age : |
09.10.1982 |
|
Date of Appointment : |
23.11.2014 |
|
DIN No.: |
00441271 |
|
|
|
|
Name : |
Suresh Kumar Agrawal |
|
Designation : |
Managing Director |
|
Address : |
391, S N Roy Road, Kolkata - 700038, West Bengal, India |
|
Date of Birth/Age : |
28.07.1953 |
|
Date of Appointment : |
01.01.1998 |
|
DIN No.: |
00520769 |
|
|
|
|
Name : |
Basudeo Agrawal |
|
Designation : |
Whole-Time Director |
|
Address : |
391, S. N. Roy Road, Kolkata - 700038, West Bengal, India |
|
Date of Birth/Age : |
30.05.1949 |
|
Date of Appointment : |
23.11.2014 |
|
DIN No.: |
00438754 |
|
|
|
|
Name : |
Mahabir Prasad Agrawal |
|
Designation : |
Whole-Time Director |
|
Address : |
391, S N Roy Road, Kolkata - 700038, West Bengal, India |
|
Date of Birth/Age : |
05.07.1938 |
|
Date of Appointment : |
19.12.2006 |
|
DIN No.: |
00524341 |
|
|
|
|
Name : |
Ajay Kumar Chakraborty |
|
Designation : |
Director |
|
Address : |
W2a-101, Wellington Estate, DLF City Phase V, Gurgaon - 122009, Haryana, India |
|
Date of Appointment : |
18.09.2004 |
|
DIN No.: |
00133604 |
|
|
|
|
Name : |
Smita Khaitan |
|
Designation : |
Director |
|
Address : |
Flat-5, UB, 31/41, Binova Bhave Road, Kolkata - 700038, West Bengal, India |
|
Date of Appointment : |
19.12.2006 |
|
DIN No.: |
01116869 |
|
|
|
|
Name : |
Kali Kumar Chaudhuri |
|
Designation : |
Director |
|
Address : |
40, Jubilee Park, 1st Floor, Flat- 1B, LB-83/10, Kolkata - 700033, West Bengal, India |
|
Date of Appointment : |
01.02.2002 |
|
DIN No.: |
00206157 |
|
|
|
|
Name : |
Sunil Kumar Agrawal |
|
Designation : |
Director |
|
Address : |
391 S N Roy Road, Kolkata, 700038, West Bengal, India |
|
Date of Appointment : |
02.09.2000 |
|
DIN No.: |
00091784 |
KEY EXECUTIVES
|
Name : |
Raj Kumar Banthia |
|
Designation : |
Secretary |
|
Address : |
38A/1, Sultan Alam Road, Kolkata Municipal Corporation, Charu Market, Kolkata - 700033, West Bengal, India |
|
Date of Appointment : |
15.10.2014 |
|
PAN No: |
AEIPB8286R |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
41255940 |
62.95 |
|
|
41255940 |
62.95 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
41255940 |
62.95 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
19208 |
0.03 |
|
|
300 |
0.00 |
|
|
19508 |
0.03 |
|
|
|
|
|
|
15917266 |
24.29 |
|
|
|
|
|
|
5418299 |
8.27 |
|
|
2774724 |
4.23 |
|
|
148313 |
0.23 |
|
|
84899 |
0.13 |
|
|
63414 |
0.10 |
|
|
24258602 |
37.02 |
|
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 |
|
Total
(A)+(B)+(C) |
65534050 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader, Exporter and Importer of Roll on pilfer proof caps, screw
caps, chemicals, adhesives and metal containers. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Credit (30/60/90 days) |
|
|
|
|
Purchasing : |
Credit (30/60/90 days) |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
No. of Employees : |
5000 (Approximately) |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
SRB and Associates Chartered Accountants |
|
Address : |
Kolkata, West |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Companies
: |
|
|
|
|
|
Entities where KMP
and Relatives have significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 140.000 Million |
|
1,250,000 |
Preference Shares |
Rs. 20/- each |
Rs. 25.0000 Million |
|
|
Total |
|
Rs. 165.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65,534,050 |
Equity Shares |
Rs. 2/- each |
Rs. 131.068
Million |
|
|
|
|
|
(a) Details of
aggregate number of shares, alloted without payment being received in cash,
alloted as bonus shares and bought back, if any, for the period of fi ve years
immediately preceeding the Balance Sheet date:
4,000,000 Equity Shares of Face Value of Rs. 2/- each were bought back and extinguished in the year 2010-11.
(b) Reconciliation of
the shares outstanding is set out below:
|
Name of
Shareholders |
31.03.2015 |
|
|
No. of Shares |
% of Holdings |
|
|
Basudeo Agarwal |
9500115 |
14.50 |
|
Suresh Kumar Agarwal |
9402740 |
14.35 |
|
Mahabir Prasad Agarwal |
5448245 |
8.31 |
|
Basant Kumar Agrawal |
-- |
-- |
|
|
|
|
(c) Reconciliation of
the shares outstanding is set out below:
|
Particulars |
2014-15 No. Of Shares |
|
Equity Share |
|
|
At the beginning of the period |
65534050 |
|
Outstanding at the
end of the period |
65534050 |
(f) The Company is not
a Subsidiary Company.
(g) No Shares has
been reserved for issue under options and contracts/commitments for the sale of
shares/ disinvestment
(h) Terms/rights
attached to each class of shares
Equity Shares:
The Company has only one class of equity shares having a par value of Rs.2/-. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive any of the remaining assets of the
company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
131.068 |
131.068 |
131.068 |
|
(b) Reserves & Surplus |
670.752 |
735.763 |
5080.780 |
|
(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) |
801.820 |
866.831 |
5211.848 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
1071.027 |
|
(b) Deferred tax liabilities (Net) |
(1.936) |
3.824 |
481.014 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
12.640 |
11.404 |
67.558 |
|
Total Non-current
Liabilities (3) |
10.704 |
15.228 |
1619.599 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
1337.276 |
|
(b) Trade
payables |
0.000 |
0.000 |
1226.662 |
|
(c) Other
current liabilities |
13.756 |
15.043 |
767.970 |
|
(d) Short-term
provisions |
2.492 |
3.648 |
56.044 |
|
Total Current
Liabilities (4) |
16.248 |
18.691 |
3387.952 |
|
|
|
|
|
|
TOTAL |
828.772 |
900.750 |
10219.399 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
29.515 |
41.296 |
3125.999 |
|
(ii)
Intangible Assets |
4.136 |
2.812 |
0.822 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
339.470 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
367.504 |
369.504 |
693.450 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.253 |
5.461 |
22.467 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
404.408 |
419.073 |
4182.208 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
31.050 |
0.000 |
0.000 |
|
(b)
Inventories |
0.647 |
0.000 |
2185.513 |
|
(c) Trade
receivables |
46.410 |
1.227 |
2420.761 |
|
(d) Cash and
cash equivalents |
19.256 |
29.675 |
20.346 |
|
(e)
Short-term loans and advances |
327.001 |
450.775 |
1410.571 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
424.364 |
481.677 |
6037.191 |
|
|
|
|
|
|
TOTAL |
828.772 |
900.750 |
10219.399 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
6.411 |
5707.240 |
11836.651 |
|
|
Other Income |
236.244 |
266.793 |
489.451 |
|
|
TOTAL |
242.655 |
5974.033 |
12326.102 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3.487 |
4256.940 |
8965.190 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
(14.552) |
71.774 |
|
|
Employees benefits expense |
73.596 |
223.497 |
412.388 |
|
|
Other expenses |
65.019 |
935.695 |
1687.925 |
|
|
Exceptional Items |
0.000 |
0.000 |
258.514 |
|
|
TOTAL |
142.102 |
5401.580 |
11395.791 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
100.553 |
572.453 |
930.311 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2.004 |
160.202 |
369.771 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
98.549 |
412.251 |
560.540 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
8.839 |
115.236 |
216.946 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
89.710 |
297.015 |
343.594 |
|
|
|
|
|
|
|
Less |
TAX |
16.004 |
66.963 |
68.514 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
73.706 |
230.052 |
275.080 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
6.411 |
3896.406 |
7717.711 |
|
|
TOTAL EARNINGS |
6.411 |
3896.406 |
7717.711 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
3315.300 |
6554.105 |
|
|
Stores & Spares |
NA |
16.070 |
35.492 |
|
|
Capital Goods |
NA |
0.000 |
0.025 |
|
|
TOTAL IMPORTS |
NA |
3331.370 |
6589.622 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.12 |
3.51 |
4.20 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
130.291 |
119.979 |
283.500 |
|
Cash generated from operations |
1178.020 |
1206.082 |
1769.355 |
|
Net cash flows from (used in) operations |
1136.739 |
1159.850 |
1759.558 |
QUARTERLY RESULTS
(Rs.
In Milion)
|
PARTICULARS |
30.06.2015 Unaudited 1st
Quarter |
30.09.2015 Unaudited
2nd
Quarter |
|
Net Sales |
14.590 |
42.190 |
|
Total Expenditure |
33.850 |
38.060 |
|
PBIDT (Excl OI) |
(19.260) |
4.130 |
|
Other Income |
295.270 |
5.520 |
|
Operating Profit |
276.010 |
9.650 |
|
Interest |
1.400 |
0.550 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
274.610 |
9.100 |
|
Depreciation |
2.020 |
1.770 |
|
Profit Before Tax |
272.590 |
7.330 |
|
Tax |
43.580 |
4.820 |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
229.010 |
2.510 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
229.010 |
2.510 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1149.68 |
4.03 |
2.32 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
1568.44 |
10.03 |
7.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.45 |
55.91 |
3.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.34 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.16 |
0.14 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
26.12 |
25.77 |
1.78 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 45.75/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
131.068 |
131.068 |
131.068 |
|
Reserves & Surplus |
5080.780 |
735.763 |
670.752 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5211.848 |
866.831 |
801.820 |
|
|
|
|
|
|
long-term borrowings |
1071.027 |
0.000 |
0.000 |
|
Short term borrowings |
1337.276 |
0.000 |
0.000 |
|
Current Maturities of Long
Term Debt |
283.500 |
119.979 |
130.291 |
|
Total
borrowings |
2691.803 |
119.979 |
130.291 |
|
Debt/Equity
ratio |
0.516 |
0.138 |
0.162 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
11836.651 |
5707.240 |
6.411 |
|
|
|
(51.783) |
(99.888) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
11836.651 |
5707.240 |
6.411 |
|
Profit |
275.080 |
230.052 |
73.706 |
|
|
2.32% |
4.03% |
1149.68% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10435250 |
10/05/2013 |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B78929221 |
|
2 |
10425596 |
03/04/2014 * |
1,200,000,000.00 |
State Bank of India |
Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA |
C05325832 |
|
3 |
10379119 |
23/12/2013 * |
620,000,000.00 |
BANK OF BARODA |
India Exchange Place Branch, 4, India Exchange Place, KOLKATA, West Bengal - 700001, INDIA |
B96573597 |
|
4 |
10379121 |
23/12/2013 * |
80,000,000.00 |
BANK OF BARODA |
India Exchange Place Branch, 4, India Exchange Place, KOLKATA, West Bengal - 700001, INDIA |
B96746623 |
|
5 |
10379122 |
10/05/2013 * |
365,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE BRANCH, 4 INDIA EXCHANGE BRANCH, KOLKATA, West Bengal - 700001, INDIA |
B78808573 |
|
6 |
10379362 |
23/12/2013 * |
635,000,000.00 |
BANK OF BARODA |
India Exchange Place Branch, 4, India Exchange Place, KOLKATA, West Bengal - 700001, INDIA |
B96572904 |
|
7 |
10331788 |
23/12/2013 * |
1,445,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17 R N MUKHERJEE ROAD, West Bengal - 700001, INDIA |
B96589866 |
|
8 |
10173781 |
10/07/2014 * |
400,000,000.00 |
STANDARD CHARTERED BANK |
19, NETAJI SUBHAS ROAD, KOLKATA, West Bengal - 700001, INDIA |
C13803481 |
|
9 |
90254392 |
01/12/2005 * |
6,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LTD |
IDBI HOUSE 44, SHAKESPEARE SARANI, KOLKATA, West Bengal - 700017, INDIA |
- |
|
10 |
90252884 |
23/12/2013 * |
2,775,000,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal - 700016, INDIA |
B96129887 |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INTRODUCTION
The Hon’ble Calcutta High Court, vide its order dated March 24, 2014 (certified copy received by the Company on November 19, 2014), had approved the Scheme of Arrangement between Manaksia Limited and Manaksia Steels Limited, Manaksia Industries Limited, Manaksia Coated Metals and Industries Limited and Manaksia Aluminium Company Limited and their respective shareholders for demerger and transfer of undertakings of Manaksia Limited (transferor company) into the 4 (Four) Transferee Companies viz. Manaksia Steels Limited, Manaksia Industries Limited, Manaksia Coated Metals and Industries Limited and Manaksia Aluminium Company Limited under Sections 391 to 394 of the Companies Act, 1956. The Scheme became effective from 23rd November, 2014 with the appointed date of 1st October, 2013.
ECONOMIC OVERVIEW
Financial Year 2014-15 witnessed volatile markets as economies around the world found themselves at various points in the economic cycle, with monetary easing being the predominant theme across many geographies. However, growth remained subdued globally, as adverse factors more than offset oil price decline, the quantitative easing in Europe and the growth in South-East Asia.
According to the International Monetary Fund, the global economy is expected to grow at 3.4% in Financial Year 2015-16. This is due to the fact that slowdown in production in China and Russia is expected to be more than offset by recovery of the developed economies and growth in South-East Asia. However, currency movements and interest rates continue to be risks for growth in many regions.
Developed economies are expected to grow moderately. Economic growth in South Asia is expected to be driven by strong consumption and increasing investment in the region. India is expected to be a major contributor to this growth as it is set to double its economic size by 2019. China witnessed its slowest growth during 2014 in the last 25 years. The lower growth trend in China has adversely impacted commodity markets. China’s waning demand and resultant rise in exports poses a risk to leveraging improving domestic demand in South Asia and Europe. Further, movement of currencies against USD would also have a significant impact on the movement of global prices of commodities
Financial Year 2014-15 saw a growing Indian economy, even as advanced and emerging economies grappled with uncertainty and slower growth. Economic growth in India peaked in the second quarter of the fiscal at 8.2% but remained moderate in the third and fourth quarter at around 7.5%. Cyclical macro parameters like inflation, current account deficit have improved during the year due to domestic as well as external factors. Indian rupee was one of the best performers in the world, registering a 4% decline in value as against the USD compared to the rest of the world grappling with devaluation of their currencies.
The Indian economy is in the midst of significant structural
change and is expected to embark on a sustained economic growth cycle.
According to World Bank, India is set to be the world’s fastest growing major
economy in the Financial Year 2015-16 at 7.5% and gradually move up to 8% in
the next two financial years. However, this economic growth will depend on
steady implementation of reforms aimed to improve productivity and
competitiveness. Government initiatives like ‘Make in India’ will stimulate
manufacturing growth while its focus on infrastructure should revive the
investment cycle. This should help India grow while being fiscally prudent.
States are also expected to play a key part in GDP growth due to their
increased finances via greater share of government taxes.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Manaksia Limited intends to engage itself in trading in the products from the respective industrial sectors, the structure and development of which are as below:
STEEL:
Steel is the barometer of economic development of a country. Steel demand in the world stems from growth and development of the sectors that are end users of steel such as manufacturing, housing, infrastructure, automobile etc.
The Indian steel industry has entered into a new development stage from 2007-08, riding high on the resurgent economy and rising demand for steel. Rapid rise in production has resulted in India becoming the 3rd largest producer of crude steel in 2015 and the country continues to be the largest producer of sponge iron or DRI in the world.
As against this, China’s steel production grew only 0.9% to 822.7 million tonnes against 7.5% in the previous year and it stepped up exports to India by as much as 232% to 3.611 million tonnes in 2014-15 underpinning the concern of the Indian steel industry that arrival of such large quantities of metal from a single foreign source will leave a good portion of domestic capacity idle, besides unsettling the market here.
In a bid to protect domestic producers from surging imports from countries such as China and Russia, the government recently raised import duty to 10 per cent from 7.5 percent on flat steel and to 7.5 percent from 5 percent for long steel products, to stem the flood of imports.
ALUMINIUM:
Global Aluminum demand growth normalized to around 5% in 2012, after a sharp growth in the preceding two years on the back of global recovery from the 2009 crisis. World’s leading manufacturer Alcoa has projected demand growth to be in the region of 7% in 2014-15. In 2014-15, China, North America’s and Europe’s growth was in the region of 7.5%, 3.5% and 1% respectively.
The principal user segment in India for aluminium continues to be electrical and electronics sector followed by the automotive and transportation, building and construction, packaging, consumer durables, industrial and other applications including defence.
Demand for aluminium is estimated to grow at 6%-8% per annum. Also, demand for the metal is expected to pick up as the scenario improves for user industries, like power, infrastructure and transportation.
The demand for aluminium has been strong in recent years. However aluminium industry being cyclical in nature, it could see a downturn in demand with the recent slowdown being witnessed in Indian and world economies.
OVERVIEW OF
OPERATIONS
RESULTS
During the year, the revenue of Company stood at Rs. 242.655 million, as compared to Rs. 5974.033 million during the previous year ended March 31, 2014 (which includes the turnover of the pre-demerged undertakings of Manaksia Limited for the period April 1 to September 30, 2014). During the year, the Company earned a net profit of Rs. 73.706 million as compared to a profit of Rs. 230.052 million during previous year ended on March 31, 2014 (which includes the profit of the pre-demerged undertakings of Manaksia Limited for the period April 1 to September 30, 2014).
FUTURE OUTLOOK
The Company is taking all possible steps to improve its performance. The Company is also exploring various avenues for improving its bottomline. The company is also making certain strategic changes which would result in further reduction of costs thereby contributing to the profitability in the years to come.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
Sales tax under appeal |
31.041 |
|
Income tax demands under appeal |
9.204 |
|
Excise duty liability on goods exported pending submission
of proof of export |
5.521 |
|
Service Tax |
8.865 |
|
|
|
|
Total |
54.631 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH SEPTEMBER 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
Half year ended |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
Part I |
|
|
|
|
|
1. |
Income from Operation |
|
|
|
|
|
(a) Net Sales / Income
from Operations |
24.615 |
14.507 |
39.122 |
|
|
(b) Other operating
income |
17.575 |
0.085 |
17.660 |
|
|
Total Income from Operations |
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of materials
consumed |
20.390 |
14.223 |
34.613 |
|
|
b) Purchase of
stock-in-trade |
-- |
-- |
-- |
|
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
-- |
-- |
-- |
|
|
d) Employee benefits
expense |
2.484 |
8.365 |
10.849 |
|
|
e) Depreciation and
amortisation expense |
1.768 |
2.024 |
3.792 |
|
|
f) Power and Fuel Charges |
-- |
-- |
-- |
|
|
g) Other expenses |
15.186 |
11.262 |
26.448 |
|
|
Total Expenses |
39.828 |
35.874 |
75.702 |
|
3. |
Profit/ (Loss) from Operations before Other
Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2) |
2.362 |
(21.282) |
(18.920) |
|
4. |
Other Income |
5.516 |
295.270 |
300.786 |
|
5. |
Profit /(Loss) from Ordinary activities before finance costs and
Exceptional items (3+4a+4b) |
7.878 |
273.988 |
281.866 |
|
6. |
Finance
Costs |
0.545 |
1.400 |
1.945 |
|
7. |
Profit
/ (Loss) from ordinary activities after Finance costs but before Exceptional
items (5-6) |
7.333 |
272.588 |
281.866 |
|
8. |
Exceptional
items |
--- |
--- |
--- |
|
9. |
Profit/
(Loss) from ordinary activities before tax (7+8) |
7.333 |
272.588 |
281.866 |
|
10. |
Tax
expenses |
4.819 |
43.577 |
48.396 |
|
11. |
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
2.514 |
229.011 |
231.525 |
|
12. |
Extraordinary items |
--- |
--- |
--- |
|
13. |
Net Profit / (Loss) for the period (11+12) |
2.514 |
229.011 |
231.525 |
|
14. |
Paid-up equity share
capital (Face Value of Rs. 5 per share) |
131.068 |
131.068 |
131.068 |
|
15. |
Reserve excluding
Revaluation reserve |
|
|
|
|
16. |
Earnings Per Share (EPS) before
and after extraordinary items (of Rs. 5/- each) a) Basic b) Diluted |
0.04 |
3.49 |
3.53 |
|
|
|
|
|
|
|
Part II |
|
|
|
|
|
A. |
PARTIULARS
OF SHAREHOLDINGS |
|
|
|
|
|
Public Shareholding |
|
|
|
|
|
- Number of Shares |
24278110 |
24278110 |
24278110 |
|
|
- Percentage of
Shareholding |
37.05 |
37.05 |
37.05 |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) 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 |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of Shares |
41255940 |
41255940 |
41255940 |
|
|
- Percentage of Shares
(as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares
(as a % of the Total Share Capital of the Company) |
62.95 |
62.95 |
62.95 |
|
PARTICULARS |
For the quarter ended 30th SEPTEMBER 2015 |
|
B INVESTORS
COMPLAINTS |
|
|
Pending at
the beginning of the quarter |
Nil |
|
Received
during the quarter |
24 |
|
Disposed
during the quarter |
24 |
|
Remaining unresolved
at the end of the quarter |
Nil |
FIXED ASSETS
- Land
- Building
- Plant and
Equipments
- Computer
- Office
Equipments
- Furniture and
Fixture
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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. 66.38 |
|
UK Pound |
1 |
Rs. 100.45 |
|
Euro |
1 |
Rs. 70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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.