Monitoring Agency Report for quarter ended 30.06.2025
MANAKCOAT · price
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Awaiting price reaction for this filing.
CARE Ratings, acting as the Monitoring Agency, has submitted its report on the use of proceeds from Manaksia Coated Metals & Industries' Preferential Issue of convertible warrants, totaling Rs. 134.55 crore, issued on January 30, 2025. Of the Rs. 116.49 crore received, the company has utilized Rs. 115.14 crore by June 30, 2025, leaving Rs. 1.35 crore in monitoring accounts and Rs. 19.41 crore still unutilized. Deployment went toward working capital (Rs. 77.74 cr of Rs. 95 cr proposed), repayment of unsecured loans (Rs. 33.18 cr of Rs. 35 cr), general corporate purposes (Rs. 3.98 cr of Rs. 4.30 cr), and issue expenses (Rs. 0.24 cr of Rs. 0.25 cr). The agency reported no deviation from stated objects, but flagged that funds were routed through the company's cash credit account instead of being spent directly from the monitoring account, and that the company did not share invoices for GCP payments or pre-define GCP items in its EGM notice or board resolution.
This is a routine compliance filing with no negative deviation declared, so the immediate impact on the stock is limited. However, the monitoring agency's notes about opaque fund tracking (cash credit routing) and weak GCP disclosure documentation are mild governance red flags that investors should monitor, along with the Rs. 19.41 crore of unutilized proceeds still pending deployment.