Madhav Copper Limited

MNS Credit Management Group (P) Ltd.
906, DLF Tower-A, Jasola District Centre,

New Delhi-110025, India
www.mnscredit.com
(Credit Solutions Beyond Expectations)
REPORT- MADHAV COPPER LIMITED

Report Date: December 13, 2023 Currency: Indian Rupee (INR)
MNS Unique Identifier: IN2901980 Today’s Exchange Rate: INR 1 = USD 0.012012
REPORT AT A GLANCE
BASIC INFORMATION
Company Name MADHAV COPPER LIMITED
Former Name MADHAV COPPER PRIVATE LIMITED
Address Plot No.2107/d, Office No.202 & 203, 2nd Floor D & I
Excelus, Opp. Home School, Waghawadi Road,
Bhavnagar 364001, Gujarat
Legal Form Indian Public Listed Company
Registration Date November 19, 2012
BRIEF OF OPERATIONS
Nature of Industry Metal & Metal Products
Business Category Manufacturer/ Importer/ Exporter/ Supplier
Product Descriptions Copper Busbars, Strips & Rods, Paper Insulated
Copper Conductor, etc.
Number of Employees Approx. 46
CAPITALIZATION
Authorized Capital INR 1,500,000,000.00
Paid Up Capital INR 135,714,000.00
Net Worth (March, 2023) INR 397,945.00 Thousand
Major Share Holding OTHERS
FINANCIAL SUMMARY(Latest Available)

Turnover (March, 2023) INR 0.00 Thousand
Net Profit / (Loss) (March, 2023) INR (44,144.00) Thousand
Cash Profit (March, 2023) INR (21,640.00) Thousand
Debt Equity Ratio 0.02
Current Ratio 1.42
RATINGS / RISK INDEX / PAYMENT TREND
Credit Rating
N.A.
Risk: N.A Payment Trend : N.A
SUMMARIZED COMMENTS
We recommend business dealing with the subject on secured basis only, initially for few transactions and thereafter,
looking into the conduct of the account, unsecured credit limit can be considered.
Page 1 of 26 Report on M/s. MADHAV COPPER LIMITED

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DETAILED REPORT
COMPANY IDENTIFICATION DETAILS

Correct Name of Company : MADHAV COPPER LIMITED
Former Name : MADHAV COPPER PRIVATE LIMITED
Registered Office : Plot No.2107/d, Office No.202 & 203, 2nd Floor D & I Excelus,
Opp. Home School, Waghawadi Road, Bhavnagar 364001,
Gujarat
City/ Province : Bhavnagar
Telephone No. : +91- 278-3001034/ 2564765
Mobile Number : +91- 9655932033 / 9727303434 / 9898889989
: info@madhavcopper.com, marketing@madhavcopper.com,
Email Id.
mcopper2013@gmail.com
Website : http://www.madhavcopper.com
Industry : Metal & Metal Products
Nature of Activity : Manufacturer/ Importer/ Exporter/ Supplier

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FORMER NAME DETAILS

Business Entity Name : MADHAV COPPER PRIVATE LIMITED
Effective Date of Change to existing name : August 17,2016
WEBSITE DETAILS
Website : http://www.madhavcopper.com
Status : Normal-Operational
Country of Registration : India
Ownership Type : Registered ownership by Subject Business Entity
OFFICIAL COMPANY DATA

Legal Form : Indian Public Listed Company
Listed / Unlisted : Listed
Legal Form-Abbreviation : LTD
Corporate Identity Number (CIN) : L27201GJ2012PLC072719
ROC Code : Ahmedabad
Registration Date : November 19, 2012
Issuing Authority : Registrar of Companies(ROC)
License Status : License exists-Normal
Operational Status of Business : Normal
Company Certified : ISO 9001 : 2015, ISO 14001: 2015 & ISO 45001 : 2018
Authorized Capital : INR 1,500,000,000.00
Paid-up Capital : INR 135,714,000.00
Date of Last AGM : September 23, 2023
Date of Last Balance Sheet : March 31, 2023
Financial Types : Standalone
Company Status (For e-Filing) : Active

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OTHER LICENSES DETAILS

Issuing Authority : Income Tax Department
License Name : Permanent Account No (PAN)
License Number : AAICM2859A
Issuing Authority : Central Board of Indirect Taxes and Customs

License Name : Goods and Services Tax (GST)
License Number : 24AAICM2859A1ZP
License Date : July 01, 2017
Issuing Authority : Central Board of Indirect Taxes and Customs

License Name : Goods and Services Tax (GST)
License Number : 33AAICM2859A1ZQ
License Date : July 01, 2017
Issuing Authority : Legal Entity Identifier India Ltd

License Name : Legal Entity Identifier (LEI)
License Number : 335800BGSENW8JJWC281
License Date : June 07, 2021
STOCK EXCHANGE LISTING DETAILS

Stock Symbol/No. : MCL
Stock Exchange : National Stock Exchange of India (NSE)
Date of Listing : August 19, 2020
REGULATORY CHECKS STATUS

Reserve Bank of India (RBI) : Nil as per Public Records
Central Bureau of Investigation (CBI) : Nil as per Public Records

Securities and Exchange Board of India (SEBI) : Nil as per Public Records
Debt Recovery Tribunals (DRT) : Nil as per Public Records
BIFR Status : Nil as per Public Records
Corruption/ Money Laundering / Terrorism Activities : Nil as per Public Records
TransUnion CIBIL Limited : Nil as per Public Records
National Company Law Tribunal (NCLT) : Nil as per Public Records
Insolvency and Bankruptcy Board of India : Nil as per Public Records

Ministry of Corporate Affairs : Nil as per Public Records
Note: Nil entries imply that no information / record is found in respect of the subject.
LOCATION OFFICES / WORKS
Branch Office Locations : Sonali Chali, Jayraj Complex, Hdfc Bank, Shop No. 1,
Ahmedabad 382415, Gujarat
37-a, Gks Nagar, P. N. Palayam, Coimbatore 641037, Tamil

Nadu

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Plant Locations : Plot No. 5 B/b, 346-47, Near Kobdi, Bhavnagar- Talaja
Highway, Bhavnagar 364050, Gujarat
Tel No. +91-9925650101/ 9925650102
NATURE OF BUSINESS
Business Activity : To carry on the business as manufacturer, importer, exporter
and supplier of Metal & Metal Products.
Product Descriptions : Copper Busbars, Strips & Rods, Paper Insulated Copper
Conductor, Magnet Wire, Kapton Insulated Copper
Conductor, Copper Profiles, Super Enameled And
Submersible Wires, Copper Fabricated Components, Earthing
Rods, Silver Bearing Copper Alloys, etc.
BANKS & NON-BANKING FINANCIAL INSTITUTIONS

Bankers & Non Banking Financial Institutions : BANK OF BARODA
HDFC BANK LIMITED
MAIN CHARGES /MORTGAGES WITH REGISTRY

Financial Institutions Date of instrument Amount Secured
Form for Registration Type of Charge
/ Bank creating the charge by the charge
Immovable property or
any interest there in
Book debts Movable
INR 123,000.00
Bank Of Baroda Modification of charge property (not being November 01, 2018
Thousand
pledge) Goodwill
Others (Plant &
Machinery)
Hdfc Bank Limited Creation of charge Vehicles February 09, 2018 INR 800.00 Thousand

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AUDITOR
Name : NIRAV PATEL & CO.
(Chartered Accountants)
ID No. : AAMFN7729B
Address : 408/409, Swara Parklane, B/h Joggers Park, Atabhai Road,
Bhavnagar
REGISTRAR & SHARE TRANSFER AGENT

Name : Bigshare Services Pvt Ltd
Email Id : investor@bigshareonline.com
Contact No. : +91-22-62638200
: No S6-2, 6th Flr, Pinnacle Business Park, Mahakali Caves Rd,
Address
Andheri E, Mumbai 400093, Maharashtra
COMPANY SECRETARY
Name : Ms. Sneha Parth Langaliya
ID No. : AQOPJ6355R
BOARD OF DIRECTORS
Name : Ms. Divya Arvindbhai Monpara
Designation : Director
Date of Birth (DOB) : March 24, 1993
Date of Appointment (DOA) : November 19, 2012
Nationality : Indian
Director Identification Number (DIN) : 06396970
ID No. : BDOPM7351N
Directorship in other Companies : N.A
Address : 2701, PATEL PARK, MUNI DERI AIRPORT ROAD BHAVNAGAR
364001 GUJARAT
Name : Mr. Rohitbhai Bhikhabhai Chauhan

Designation : Managing Director
Date of Birth (DOB) : May 28, 1982
ID No. : AIFPC1953K
Address : UMARIA, TAL: TALAJA, DIST.BHAVNAGAR BHAVNAGAR
364150 GUJARAT
Name : Mr. Chaitnya Bhanubhai Doshi

Date of Birth (DOB) : February 26, 1955
Date of Appointment (DOA) : September 01, 2016
ID No. : ABOPD1248E

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Address : B/7, KARTIKEY NAGAR-4, B/H. SWAMINARAYAN TEMPLE,
VASNA ROAD VADODARA 390007 GUJARAT
Name : Mr. Nileshbhai Natubhai Patel

Designation : Chairman Cum Whole Time Director
Date of Birth (DOB) : July 23, 1980
ID No. : AGRPP3258L
Address : 927-A/2, OPP. MUNI DAIRY, B/H. PATEL PARK NEW ARIPORT
ROAD BHAVNAGAR 364001 GUJARAT
Name : Ms. Dinal Lakhani

Date of Birth (DOB) : July 08, 1992
Date of Appointment (DOA) : June 04, 2020
ID No. : AHPPL6549M
Address : 16, RAMJIMANDIR STREET, JUNA RATANPARA VALLABHIPUR
364310 GUJARAT
Name : Mr. Jaysukh Bhanabhai Dabhi

Date of Birth (DOB) : October 28, 1979
Date of Appointment (DOA) : May 19, 2021
ID No. : AMJPD3644G
Address : B-5624, 7, KALVIBID, NANDANVAN SOCIETY, BHAVNAGAR
364002 GUJARAT
KEY EXECUTIVES / MANAGEMENT TEAM

Name : Mr. Kamlesh Bhaktibhai Solanki
Designation : Chief Financial Officer (cfo)
ID No. : AIHPS9809A
Name : Mr. Rohitbhai Bhikhabhai Chauhan

Designation : Managing Director
ID No. : 06396973
Name : Mr. Nileshbhai Natubhai Patel

Designation : Chairman Cum Whole Time Director
ID No. : 05319890

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OTHER COMPANY DETAILS

Number of Employees : Approx. 46
Purchasing Terms Domestic : Cash on delivery (COD) Credit - Secured with Post-dated
cheque 30-60 days.
Purchasing Terms International : Letter of Credit (At-sight) Telegraphic Transfer (T/T) -

Received at time of transaction.
Selling Terms Domestic : Cash on delivery (COD) Credit - Secured with Post-dated
cheques 30-60 days.
Selling Terms International : Letter of Credit (At-sight) Telegraphic Transfer (T/T) -

Received at time of transaction.
Good are Imported From : China, Japan
CAPITAL HISTORY
Particulars Amount in INR

Authorized Capital 1,500,000,000.00
Paid-up Capital 135,714,000.00
Date Authorized Capital - History

September 23, 2023 1,500,000,000.00
Date Paid-up Capital - History

September 23, 2023 135,714,000.00
September 30, 2023 135,714,000.00
CAPITALIZATION STRUCTURE
Authorized Capital:
No. of Shares Type Value Amount in INR.
300,000,000 Equity Shares INR 5/- each. 1,500,000,000.00
Total 1,500,000,000.00
Issued Capital:
No. of Shares Type Value Amount in INR.
Total
Subscribed Capital:
No. of Shares Type Value Amount in INR
Total
Paid-up Capital:
No. of Shares Type Value Amount in INR
27,142,800 Equity Share INR 5/- each. 135,714,000.00
Total 135,714,000.00
EQUITY SHAREHOLDING PATTERN AS ON SEPTEMBER 30, 2023

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Shareholders Name No of Equity Shares % Share Holding
INDIVIDUALS/HINDU UNDIVIDED FAMILY (PROMOTERS) 18,005,200 66.34

RESIDENT INDIVIDUALS HOLDING NOMIAL SHARE CAPITAL
6,654,851 24.52
UP TO RS. 2 LAKHS
RESIDENT INDIVIDUALS HOLDING NOMINAL SHARE CAPITAL
1,832,558 6.75
IN EXCESS OF RS. 2 LAKHS
NON RESIDENT INDIANS (NRIS) 171,087 0.63
BODY CORPORATE (PROMOTERS) 157,220 0.58
OTHERS (PUBLIC/OTHER THAN PROMOTERS) 321,884 1.19
Total 27,142,800 100
MAJOR SHAREHOLDING PATTERN AS ON SEPTEMBER 30, 2023

Shareholders Name No of Equity Shares % Share Holding
Mr. Nileshbhai Natubhai Patel 2,700,000 9.95

Mr. Rohitbhai Bhikhabhai Chauhan 6,840,000 25.20
Ms. Divya Arvindbhai Monpara 1,800,000 6.63
OTHERS 15,802,800 58.22

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CURRENT LIABILITIES
(INR in Thousand)
Particulars March 31, 2023 March 31, 2022 March 31, 2021
Short Term Borrowing
Working capital loans from banks 3,506.00 64,746.00 8,660.00
Total (I) 3,506.00 64,746.00 8,660.00
Trade Payables
Others 580,579.00 579,778.00 778,798.00
Total (II) 580,579.00 579,778.00 778,798.00
Other Current Liabilities
Current Maturity of Long Term Debt 259.00 7,047.00 13,171.00
Other Current Liabilities 4,183.00 4,183.00 3,672.00
Advance From Customers 12,025.00 11,906.00 994.00
Statutory Liabilities 24,975.00 24,352.00 857.00
Current tax liabilities 0.00 0.00 16,814.00
Total (III) 41,442.00 47,488.00 35,508.00
Short term Provisions
Provision for Expense 1,634.00 1,307.00 3,130.00
Total (IV) 1,634.00 1,307.00 3,130.00
Grand Total 627,161.00 693,319.00 826,096.00
LOAN FUNDS & FINANCIAL FACILITIES

(INR in Thousand)
SECURED LOANS
Term loans from banks 0.00 0.00 6,885.00
Total (A) 0.00 0.00 6,885.00
UNSECURED LOANS
Intercorporate borrowings 3,669.00 1,000.00 0.00
Loans taken for property, plant and equipment 249.00 583.00 771.00
Deposits from directors 2,700.00 0.00 0.00
Total (B) 6,618.00 1,583.00 771.00
Grand Total 6,618.00 1,583.00 7,656.00
FIXED ASSETS (NET BLOCK)

(INR in Thousand)
Tangible Assets
Land 11,173.00 11,173.00 3,131.00
Buildings 22,585.00 24,959.00 25,899.00
Plant and equipment 70,182.00 86,287.00 107,145.00
Furniture and fixtures 3,796.00 5,068.00 6,679.00
Vehicles 3,502.00 5,092.00 6,814.00
Office equipment 292.00 529.00 961.00
Computer equipments 475.00 1,287.00 2,365.00

www.mnscredit.com
Total 112,005.00 134,395.00 152,994.00

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FINANCIAL HIGHLIGHTS
(INR in Thousand)
Sales 0.00 1,222,524.00 3,833,474.00
Other Income 2,065.00 16,936.00 3,024.00
Total Income (A) 2,065.00 1,239,460.00 3,836,498.00
Cost of Materials Consumed 9,625.00 1,123,623.00 2,979,783.00
Purchase of Stock-in-Trade 0.00 27,587.00 861,388.00
Change in Inventories of Finished Goods, work-
0.00 28,341.00 (177,157.00)
in-Progress and stock-in-trade
Employee Benefit Expense 5,125.00 11,683.00 11,103.00
Other Expenses 11,895.00 29,819.00 67,075.00
Less: Expenses (B) 26,645.00 1,221,053.00 3,742,192.00
Profit/ (Loss) before Finance Costs and
depreciation, Amortization and Impairment (24,580.00) 18,407.00 94,306.00
interest & Tax (A-B)
Less/ (Add): Depreciation and amortization
22,504.00 28,820.00 26,315.00
expense
Less/ (Add): Financial Costs 5,661.00 8,693.00 8,278.00
Profit/(Loss) before Exceptional Items and
(52,745.00) (19,106.00) 59,713.00
Tax
Less/ (Add): Prior Period Items (6.00) (220.00) (1,135.00)
Profit/(Loss) before Taxation (52,739.00) (18,886.00) 60,848.00
Less/ (Add): Tax Expenses (8,595.00) 5,511.00 16,161.00
Profit/(Loss) after Taxation (44,144.00) (24,397.00) 44,687.00

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BALANCE SHEETS
(INR in Thousand)
EQUITY AND LIABILITIES
Shareholders’ Funds
Share Capital 135,714.00 135,714.00 135,714.00
Reserves & Surplus 262,231.00 306,375.00 330,772.00
Total (A) 397,945.00 442,089.00 466,486.00
Non-Current Liabilities
Long Term Borrowings 6,618.00 1,583.00 7,656.00
Deferred Tax Liabilities 0.00 7,100.00 1,620.00
Other Long Term Liabilities 2,006.00 2,460.00 1,021.00
Total (B) 8,624.00 11,143.00 10,297.00
Current Liabilities
Short Term Borrowings 3,506.00 64,746.00 8,660.00
Trade Payables 580,579.00 579,778.00 778,798.00
Other Current Liabilities 41,442.00 47,488.00 35,508.00
Short Provision 1,634.00 1,307.00 3,130.00
Total (C) 627,161.00 693,319.00 826,096.00
Total (A+B+C) 1,033,730.00 1,146,551.00 1,302,879.00
ASSETS
Fixed Assets
Tangible 112,005.00 134,395.00 152,994.00
Tangible Capital Work in Progress 26,071.00 26,035.00 16,193.00
Total (I) 138,076.00 160,430.00 169,187.00
Non-Current Assets
Long Term Investment 1,733.00 7,054.00 11,460.00
Long Term Loans and Advance 3,098.00 2,956.00 506.00
Deferred Tax Assets 2,213.00 0.00 0.00
Total (II) 7,044.00 10,010.00 11,966.00
Current Assets
Inventories 336,623.00 346,248.00 494,706.00
Short Term Loans And Advances 2,854.00 3,591.00 17,524.00
Trade Receivables 288,594.00 364,952.00 362,953.00
Cash And Bank Balances 2,211.00 3,847.00 3,214.00
Other Current Assets 258,328.00 257,473.00 243,329.00
Total (III) 888,610.00 976,111.00 1,121,726.00
Total (I+II+III) 1,033,730.00 1,146,551.00 1,302,879.00
Note: The 2023 turnover is nil. As per director's report the production of the company was non-operative. The company
has incurred a loss in current financial year as compared to substantial profit of previous two financial year. Proceedings
have been initiated by State GST Department against the Company alleging wrongful GST credit issues as claimed by the
GST Department.

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KEY FINANCIAL RATIO
1. PROFITABILITY RATIOS
Net Profit Margin

(2,137.72) (1.97) 1.16
(PAT / Total Income)(%)
PBT/ Sales (%) 0.00 (1.54) 1.59
Return on Capital Employed

(5.10) (1.65) 4.67
(PBT/Total Assets) (%)
Return on Investment (ROI)

(0.13) (0.04) 0.13
(PBT/Net worth)
2. LEVERAGE RATIO
Debt Equity Ratio

0.02 0.01 0.02
(Loan Liability/Net worth)
3. SOLVENCY RATIO
Current Ratio
1.42 1.41 1.36
(Current Asset/Current Liability)
SUMMARIZED FINANCIALS - AN OVERVIEW
REGARDING: BALANCE SHEETS
NET WORTH
Year Ended (INR in Thousand)
March 31, 2023 397,945.00
March 31, 2022 442,089.00
March 31, 2021 466,486.00
NET WORTH
March 31, 2023 397945.00
March 31, 2022 442089.00
March 31, 2021 466486.00
DEBT EQUITY RATIO

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Year Ended
March 31, 2023 0.02
March 31, 2022 0.01
March 31, 2021 0.02
DEBT EQUITY RATIO
Year Ended
March 31, 2023 0.02)
March 31, 2022 0.01
March 31, 2021 0.02

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CURRENT RATIO
Year Ended
March 31, 2023 1.42
March 31, 2022 1.41
March 31, 2021 1.36
REGARDING: PROFIT & LOSS A/C
OPERATING REVENUE (PBIDT)

March 31, 2023 (24,580.00)
March 31, 2022 18,407.00
March 31, 2021 94,306.00
OPERATING REVENUE (PBIDT)
March 31, 2023 -24580.00
March 31, 2022 18407.00
March 31, 2021 94306.00

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PROFIT BEFORE TAX (PBT)

March 31, 2023 (52,739.00)
March 31, 2022 (18,886.00)
March 31, 2021 60,848.00
PROFIT BEFORE TAX (PBT)
March 31, 2023 -52739.00
March 31, 2022 -18886.00
March 31, 2021 60848.00
PROFIT AFTER TAX (PAT)

March 31, 2023 (44,144.00)
March 31, 2022 (24,397.00)
March 31, 2021 44,687.00
PROFIT AFTER TAX (PAT)
March 31, 2023 -44144.00
March 31, 2022 -24397.00
March 31, 2021 44687.00

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AUDITORS REPORTS/COMMENTS
As per Auditor's Report, the accounts give a true and fair view, as per the accounting principles generally accepted, of the
state of affairs in the case of Balance sheet and, Profit or Loss in the case of Profit & Loss Accounts. Auditor's Report is
Unqualified i.e. Clean.
RATING BY CREDIT RATING AGENCIES
Rating Facility
Rating Rating Instrument Description As On Date
Agency Amount
B- (Stable/Issuer Not INR. 80,000
CRISIL Cash Credit Stable 07/09/2023
Cooperating/Migrated from B/Negative) Million
B- (Stable/Issuer Not Proposed Long Term INR. 100,000
CRISIL Stable 07/09/2023
Cooperating/Migrated from B/Negative) Bank Loan Facility Million

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Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL Ratings failed to receive NDSs from MCL, which
restricts CRISIL Ratings' ability to take a forward looking view on the entity's credit quality. Further, non-sharing of NDS by
issuers may reflect operational issues faced by issuers in some cases. On the other hand, it may be a beginning of a
general non-cooperation and may extend to non-submission of other information.
CRISIL Ratings believes that rating action on MCL is consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the rating on bank facilities of MCL migrated to 'CRISIL B-/Stable Issuer Not Cooperating' from
'CRISIL B/Negative'

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PAYMENT RECORDS / BEHAVIOUR

Payment Trend: N.A
Indicator in Poor Zone (P): Poor

Stricter (preferably secured) payment terms and close supervision of the account recommended.
Indicator in Normal Zone (N): Normal

Generally adheres to payment schedule but needs reminders for payment.
Indicator in Good Zone (G): Good

Will need follow up from time to time
Indicator in Strong Zone (S): Strong

Likely to adhere to payment Schedule on its own.
The payment behavior gauge indicates how fast the subject may pay its creditors based on information provided to MNS
from its trade payment programme, county courts and financial statements
COMPETITORS
Name of Competitors : Citizen Metalloys Limited, India
Chandresh Cooper Private Limited, India
Nilang Wires And Cables Private Limited, India

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CREDIT EVALUATION
Risk: N.A
Rating: NOT RATED

Points Allocated: N.A.

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CREDIT RATING EXPLANATION

Credit Evaluation is done on following basis:-
Key Parameters:
1 Financial Status covering various ratios, particularly liquidity ratios
2 Turnover / Profitability / Cash Flows / Cash Profit
3 Assets- Nature, Class & Quality
4 Liabilities- Nature & Class including Bank facilities
5 Promoters / Management Background
6 Operations Size
7 Payment Track Record
8 Litigations against the subject
9 Industry Scenario / Competitive Strength
10 Market Reputation / Perception
Risk Status
High 76-100
Medium 51-75
Normal 26-50
Low 0-25
Rating Status
AA Excellent 76-100
A Good 60-75
BB Satisfactory 51-59
B Average 26-50
C Not Satisfactory 0-25
D Newly Incorporated New Incorporation / Insufficient Data
E Not Rated Rating Suspended
Rating Status -Explanation
AA-Excellent : Subject company is operating at efficient level with sound financial standing and other favourable
factors; therefore business dealings subject to taking normal precautions are absolutely safe and
recommended.
A-Good : Subject company is operating satisfactorily with good financial standing and other parameters;
therefore business dealings of reasonable amount, subject to taking all precautions are safe and
recommended.
BB-Satisfactory : Subject company is operating at reasonably satisfactory level with moderate financial standing
and other parameters; therefore business dealings subject to taking normal precautions are
recommended.
B-Average : Subject company is operating at an average level with moderate financial standing and other
parameters; therefore it is recommended to have preferably normal business dealings.
C-Not Satisfactory : Subject company is not operating satisfactorily; therefore it is recommended to have only secured
business dealings against collateral security.
D-Newly Incorporated Subject company has been recently established, therefore it is recommended to have secured
: business dealings against collateral security, having proper mortgageability / realisability.
E-Not Rated : Rating Suspended
Dormant : Subject company is dormant; therefore it is recommended, not to have business dealings in the
normal course except when liquid securities are available or credit is under irrevocable letter of
credit.
Untraceable : Need additional information to locate and further investigate on the subject company.
Note: The credit rating status depends upon all parameters disclosed above, thereby explanation varies from case to case
basis.

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LITIGATION SEARCH (LAST 3 YEARS)

Supreme court of India
Status : Nil as per Public Records
Case No. : N.A
Petitioner : N.A
Filing Date : N.A
Category : N.A
High Court of Gujarat:
Status : Nil as per Public Records
Case No. : N.A
Petitioner : N.A
Filing Date : N.A
Category : N.A
PRESS/MEDIA/NEWS
Source From Status
Times of India Record Found
Indian Express Nil as per Public Records
The Hindu Nil as per Public Records
The Sandesh Nil as per Public Records
Other Sources Record Found
Name : Times of India

Link : https://timesofindia.indiatime s.com/city/ahmedabad/gujarat-b illing-scam-linked-to-past-fra
uds/articleshow/100114900.cms? from=mdr
Date : May 10, 2023
Detail : Gujarat: Billing scam linked to past frauds?
Name : Other Sources

Link : https://www.taxscan.in/wrongfu l-availment-of-itc-gujarat-hc- orders-to-continue-provisional -attachment-till-
conclusion-of -adjudication-proceedings/2699 46/
Date : April 18, 2023
Wrongful Availment of ITC: Gujarat HC Orders to Continue Provisional Attachment Till Conclusion of Adjudication
Detail :
Proceedings [Read Order]

Link : https://www.vibesofindia.com/g ujarat-high-court-grants-bail- to-137-crore-gst-scam-accused- nilesh-patel/
Date : August 10, 2022
Detail : Gujarat HC Grants Bail To Nilesh Patel Of Madhav Copper Ltd In 137 Cr GST Scam

Link : https://timesofindia.indiatime s.com/city/ahmedabad/sgst-dept -raids-nine-metal-scrap-trader s-in-
surat/articleshow/1037028 30.cms?from=mdr
Date : September 16, 2023
Detail : SGST dept raids nine metal, scrap traders in Surat

Link : https://www.moneylife.in/artic le/25-percentage-of-fake-billi ng-in-aadhaar-gst-scam-done-in -gujarat-
report/70740.html

www.mnscredit.com
Date : May 12, 2023

Detail : 25% of Fake Billing in Aadhaar-GST Scam Done in Gujarat: Report

Link : https://indianexpress.com/arti cle/cities/ahmedabad/absconder -held-in-bhavnagars-rs-762-cro re-gst-billing-
scam-7788212/
Date : February 24, 2022
Detail : Absconder held in Bhavnagarâs Rs 762-crore GST billing scam

Link : https://www.opindia.com/2021/0 8/gujarat-fake-bills-scam-mast ermind-mohammad-abbas-rafiqali -arrested/
Date : August 04, 2021
Detail : Gujarat: Mastermind of fake GST bills scam Mohammad Abbas Rafiqali arrested from Bhavnagar

Link : https://timesofindia.indiatime s.com/city/ahmedabad/surat-rai ds-reveal-rs-861cr-bogus-billi ng-
scam/articleshow/103743090. cms?from=mdr
Date : September 18, 2023
Detail : Surat raids reveal Rs 861cr bogus billing scam

www.mnscredit.com
INDUSTRY SCENARIO
Metal industries are the indispensable part of an economy; they form the backbone of industrial development of any
country. Besides, iron and steel industry, heavy engineering and machine tools industries are the main dealers of metals.
These industries have witnessed a phenomenal growth and produces a whole range of capital goods and consumer
durables. Additionally, a number of other government measures have stimulated the growth of the steel industry, coming
in the form of an unrestricted external trade, low import duties, and an easy tax structure. India continually posts
phenomenal growth records in steel production.
India has emerged as the fourth largest steel producing nation in the world, as per the recent figures release by World
Steel Association in April 2011. In 2010, India was the 5th largest producer, after China, Japan, USA and Russia had
recorded a growth of 11.3% in steel production as compared to 2009. Overall domestic crude steel production grew at a
compounded annual growth rate of 8.4% during 2005-06 to 2009-10. The Indian steel industry accounted for around 5% of
the world's total production in 2010.
Total crude steel production in India for 2010-11 was around 69 million tonnes and it's expected that the crude steel
production in capacity in the country will increase to nearly 110 million tonne by 2012-13. Further, if the proposed
expansion plans are implemented as per schedule, India may become the second largest crude steel producer in the world
by 2015-16.
The demand for steel in the country is currently growing at the rate of over 8% and it is expected that the demand would
grow over by 10% in the next five years. However, the steel intensity in the country remains well below the world levels.
Our per capita consumption of steel is around 110 pounds as compared to 330 Pounds for the global average. This
indicates that there is a lot of potential for increasing the steel consumption in India.
Immense growth potential in Indian Steel Sector
• Domestic crude steel production grew at a compounded annual growth rate of 8.4% in the last few years.
• Crude steel production capacity of the country is projected to be around 110 million tonne by 2012-13.
• 222 Memorandum of Understandings (MOU) have been signed with various states for planned capacity of around 276
million tonnes by 2019-20.
• Investments at stake are to the tune of $187 billion in the Steel sector.
• Increase in the demand of steel in India is expected to be 14% against the global average of 5-6% due to its strong
domestic economy, massive infrastructure needs and expansion of industrial production.
• Demand of steel in the major industries like infrastructure, construction, housing, automotive, steel tubes and pipes,
consumer durables, packaging and ground transportation.
• Target for $ 1 trillion of investments in infrastructure during the 12th Five Year Plan.
• Infrastructure projects (like Golden Quadrilateral and Dedicated Freight Corridor) will give boost to the demand in the
steel sector in near future.
• Projected New Greenfield & up-gradation of existing Airport shall keep the momentum up.
• Increased demand of specialized steel in hi-tech engineering industries such as power generation, automotive
petrochemicals, fertilizers etc.
FOREX RATES (APPROX.)

US $ = INR 79.43 SG $ = INR 57.57
GBP = INR 95.99 AUD = INR 55.31
Euro = INR 80.93 CAD = INR 61.62

www.mnscredit.com
OTHER INFORMATIONS
About Company:-
MCL was set up as a private limited company in 2012 and reconstituted as a public limited company in 2017. Promoted by
Mr Nilesh N Patel, Mr Rohit B Chauhan, and Ms Divya A Monapara, Bhavnagar (Gujarat)-based MCL manufactures and
trades in enameled and submersible wires. It is a part of the Madhav group.
Stock Exchange Information:

Listed on Stock Exchange Code Latest Price in INR
National Stock Exchange (NSE) MCL 34.45
(Sources from-others)
END OF REPORT
This report, based on reliable information (both reported and collected from various sources) and prepared with utmost
care, is given without any specific objective of the person using it. Banks / financial institutions / other users are advised to
strictly follow their respective credit guidelines on various aspects in this regard while sanctioning any credit/other facility.
MNS does not at all accept any direct/consequential loss arising from this report.


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MNS Credit Management Group (P) Ltd.

906, DLF Tower-A, Jasola District Centre,

(Credit Solutions Beyond Expectations)

REPORT- MADHAV COPPER LIMITED

FINANCIAL SUMMARY(Latest Available)

Risk: N.A Payment Trend : N.A

Page 1 of 26 Report on M/s. MADHAV COPPER LIMITED

(Credit Solutions Beyond Expectations)

COMPANY IDENTIFICATION DETAILS

Page 2 of 26 Report on M/s. MADHAV COPPER LIMITED

(Credit Solutions Beyond Expectations)

FORMER NAME DETAILS

OFFICIAL COMPANY DATA

Page 3 of 26 Report on M/s. MADHAV COPPER LIMITED

(Credit Solutions Beyond Expectations)

OTHER LICENSES DETAILS

Issuing Authority : Central Board of Indirect Taxes and Customs

Issuing Authority : Central Board of Indirect Taxes and Customs

Issuing Authority : Legal Entity Identiﬁer India Ltd

STOCK EXCHANGE LISTING DETAILS

REGULATORY CHECKS STATUS

Central Bureau of Investigation (CBI) : Nil as per Public Records

TransUnion CIBIL Limited : Nil as per Public Records

National Company Law Tribunal (NCLT) : Nil as per Public Records

Insolvency and Bankruptcy Board of India : Nil as per Public Records

LOCATION OFFICES / WORKS

37-a, Gks Nagar, P. N. Palayam, Coimbatore 641037, Tamil

Page 4 of 26 Report on M/s. MADHAV COPPER LIMITED

(Credit Solutions Beyond Expectations)

BANKS & NON-BANKING FINANCIAL INSTITUTIONS

HDFC BANK LIMITED

MAIN CHARGES /MORTGAGES WITH REGISTRY

Page 5 of 26 Report on M/s. MADHAV COPPER LIMITED

(Credit Solutions Beyond Expectations)

REGISTRAR & SHARE TRANSFER AGENT

Name : Mr. Rohitbhai Bhikhabhai Chauhan

Name : Mr. Chaitnya Bhanubhai Doshi

Page 6 of 26 Report on M/s. MADHAV COPPER LIMITED

(Credit Solutions Beyond Expectations)

Directorship in other Companies : N.A

Name : Mr. Nileshbhai Natubhai Patel

Name : Ms. Dinal Lakhani

Name : Mr. Jaysukh Bhanabhai Dabhi

KEY EXECUTIVES / MANAGEMENT TEAM

Name : Mr. Rohitbhai Bhikhabhai Chauhan

Name : Mr. Nileshbhai Natubhai Patel

Page 7 of 26 Report on M/s. MADHAV COPPER LIMITED

(Credit Solutions Beyond Expectations)

OTHER COMPANY DETAILS

Purchasing Terms International : Letter of Credit (At-sight) Telegraphic Transfer (T/T) -

Selling Terms International : Letter of Credit (At-sight) Telegraphic Transfer (T/T) -

Good are Imported From : China, Japan

Particulars Amount in INR

Date Authorized Capital - History

Date Paid-up Capital - History

EQUITY SHAREHOLDING PATTERN AS ON SEPTEMBER 30, 2023

Page 8 of 26 Report on M/s. MADHAV COPPER LIMITED

(Credit Solutions Beyond Expectations)

Shareholders Name No of Equity Shares % Share Holding