Monitoring Agency Report for quarter ended March 31, 2025 for utilisation of funds received for preferential allotment
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Manaksia Coated Metals & Industries has submitted the Monitoring Agency Report from CARE Ratings for the quarter ended March 31, 2025, covering the use of Rs. 134.55 crore raised via a preferential issue of convertible warrants on January 30, 2025. Of the Rs. 58.99 crore received till March-end, the company utilized Rs. 58.99 crore: Rs. 18.31 crore for repaying unsecured loans, Rs. 37.73 crore for working capital, Rs. 2.72 crore for general corporate purposes, and Rs. 0.23 crore for issue expenses. The remaining Rs. 75.56 crore is yet to be raised/deployed. The monitoring agency confirmed no deviation from the stated objects, but flagged that funds were routed through the company's cash credit account rather than spent directly, making tracking harder, and that no invoices were shared for general corporate purpose payments.
This is a routine compliance filing, but it shows the company has deployed only about 44% of the planned Rs. 134.55 crore so far, with Rs. 57.27 crore still pending for working capital use. The monitoring agency's notes on opaque fund routing and lack of GCP invoices are minor governance red flags, though no deviation from objects was reported.