MIRA INFORM REPORT
|
Report
Date : |
21.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
ANABOND LIMITED |
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Registered
Office : |
R.S.No.62/2, CAD No.82, Thirubuvanai Village, Mannadipet
Commune, Pondicherry – 605012 |
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Country
: |
India |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
29.02.1984 |
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Com.
Reg. No.: |
59-249 |
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CIN
No.: [Company
Identification No.] |
U99999PY1984PTC000249 |
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TAN
No.: (Tax
Deduction & Collection Account No.) |
CHEA00689D |
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PAN
No.: (Permanent
Account No.) |
AACCA4158Q |
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Legal
Form : |
A closely held public limited liability company |
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Line
of Business : |
Manufacturer of Adhesives and Sealants (Liquid Form),
Lubricants, and Adhesives and Sealants (Paste Form) |
RATING & COMMENTS
|
MIRA’s
Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
700000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established company having fine track.
Directors are reported as experienced, respectable and resourceful
intermediates. Their trade relations are fair. Financial position is good.
Payments are usually correct and as per commitments. The company can be considered good for any normal business
dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered
Office : |
R.S.No.62/2, CAD No.82, Thirubuvanai Village, Mannadipet
Commune, Pondicherry-605 012, India |
|
Tel.
No.: |
91-413-2640869 |
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E-Mail: |
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Website
: |
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Corporate
Office : |
P.B.No.924, 3 A, III Floor, Adyar Bridge Road, Adyar,
Chennai-600 020, Tamilnadu, India |
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|
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Plants: |
Type 2,
36 , VST Campus, Chennai – 600 041, Tamilnadu 83,
Perungudi, Chennai – 600 096, Tamilnadu RS 28/2,
CAD 82, Thirubhuvani Village, Manadipet Commune, Pondicherry – 605 107 Tel No.
91-413-2640868/2640304/2649394 Fax No.
91-413-2640808/2640775 Email : anapropdy@sify.com
Village Baridua, P. O. Amerigong, G. S. Road, 9th
Mile, Dist. Bhoi, Meghalaya No.102, Illalur Village, Chengalpet Taluk, Kancheepuram
District, Tamil Nadu - 603 110 |
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|
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Zonal
Office: |
311, J.
K. Chambers, Sector 17, Vashi, Navi Mumbai – 400 705, Maharashtra |
|
Tel.
No. |
91-22-2789
3500/2789 2711 |
|
Fax
No. |
91-22-2789
2696 |
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|
|
|
Branches: |
Room No.101, Sundara Palace, Tilak Nagar, Dombivili East - 421
201 P-475, II Floor, Keyatala Road (South), Kolkata - 700 029 Phone : 91-33-2466 4447 71, Vazhuduvur Road,
Kondon Palayam, Pondicherry -605009,
Tamilnadu Tel. No. 91-44-24917529/24919493/24917631 Fax. No. 91-44-24919105 133, First Floor, 11th
Cross, Malleswaram, Bangalore - 560 003, Karnataka Tel. No. 91-80-3315822 Fax. No. 91-80-3361072 E-mail. anabond@bgl.vsnl.net.in PH-13, Plot No. 11,
Kailash Co-operative Housing Society, Sector - 16, Kopar Kharine, Navi Mumbai -400 701, Maharashtra Tel. No. 91-22-27549260 Telefax. No. 91-22-27549270 10 B, Aswini Dutta Road,
Mezzanine Floor, Kolkata- 700 029,
West Bengal Tel. No. 91-33-24667766/9074 Fax. No. 91-33-24666946 1951 -E1, Gounder
Complex, Trichy Road, Ramanathapuram, Coimbatore - 641 045 Tel. No. 91-422-2312641 Fax. No. 91-422-2314337 E-mail. vensel_tnd@yahoo.com 102, Sai Bhavan Commercial Complex, Ranjit Nagar, New Delhi -
110 008 Tel. No. 91-11-25700458/7554 Fax. No. 91-11-25708963 E-mail. anamarkedel@usa.net "Anugraha Co-Housing Society", Building -
"B", Wing - 3, Flat No. 37, Mhada, Morewadi, Pimpri, Pune,
Maharashtra Tel. No. 91-20-27440591 Fax. No. 91-20-27128551 |
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Corporate
Office : |
Old No.55, New. No.38, Kamaraj Avenue, Teachers Colony, Adyar,
Chennai- 600 020. |
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Marketing
- Head Office : |
No.15, 2nd Cross Street, Indira Nagar, Adyar, Chennai- 600
020 Phone : 91-44-24402311/12/13 |
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|
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Overseas Operations : |
Dusit Court, 14 Soi Wattanawong, Rajprarop Road, Makasan,
Rajtavi, Bangkok- 10400, Thailand. A-09-09, Menara Megah, Jalan Kolam Air 51200, Kuala Lumpur,
Malaysia. |
DIRECTORS
|
Name : |
J. Vijayakumar |
|
Designation
: |
Director |
|
Address
: |
41/2D, Athreya Apartment, 2nd Main Road, Gandhi
Nagar, Adyar, Chennai – 600020 |
|
Date
of Birth/Age : |
7th September, 1951 |
|
Date
of Appointment : |
24th February, 1984 |
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|
|
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Name : |
A.V.Ramanujam |
|
Designation
: |
Director |
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Address
: |
20, 1 Main Road, Ceebros Apartment, III Floor, Flat
No.C-2, Gandhi Nagar, Chennai-600 020, India |
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Date
of Birth/Age : |
14th April, 1951 |
|
Date
of Appointment : |
24th February, 1984 |
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|
|
|
Name : |
Ashok Ahuja |
|
Designation
: |
Director |
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Address
: |
H-34, Kirti Nagar, New Delhi 110 015 |
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Date
of Birth/Age : |
10th June, 1956 |
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Date
of Appointment : |
30th September, 1999 |
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|
|
Name : |
Mr. Bernard Syiem |
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Designation
: |
Director |
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Address
: |
G.S. Road, 9th Mile, Baridua Village, District
– RI – Bhol, Amerigog, Meghalaya – 781023 |
|
Date
of Birth/Age : |
12th August, 1968 |
|
Date
of Appointment : |
15th December, 2004 |
MANAGEMENT
|
Mr.
K. Adhinarayanan |
Vice
President (Research & Development) |
|
Mr. V.
Lakshminarayanan |
Finance
Controller |
|
Mr. J. V.
Sreedhar |
Head –
Speciality Coatings |
|
Mr.
Lawrence D’souza |
Head –
International Business |
|
Mr. E.
Srinivasan |
Head –
Domestic Business |
SHAREHOLDERS
|
Names of Shareholders |
No. of
Shares |
|
Mr. A. V. Ramanujam |
21473 |
|
Mr. V. J. Lakshmibai |
46715 |
|
Mr. Vishan Ahuja |
5260 |
|
Mr. N. Balasami |
4023 |
|
Mrs. Margaret |
2324 |
|
Mr. J Vijay Kumar |
3641 |
|
Mr. C A Thiagarajan |
1216 |
|
Mr. E Srinivasan |
6065 |
|
Mr. Lawrence D’Souza |
5782 |
|
Mr. J V Sreedhar |
5344 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer of Adhesives and Sealants (Liquid Form),
Lubricants, and Adhesives and Sealants (Paste Form) |
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|
|
|
Products
: |
Ř Adhesives - 35069910 Ř Lubricants – 32081020 Ř Sealants - 32141000 Anaerobic Adhesives & Sealants Ř Thread Locker Ř Bearing Retainer Ř Pipe Sealants Ř Liquid Gaskets Ř RTV Silicone Sealants Ř Single Part RTV
Sealants Ř Two Part RTV Potting
Compounds Ř Silicone Grease Speciality Products Ř Anti Seize Compound Ř Maintenance Spray
& Products Ř UV Curing Coatings
& Lacquers Ř Surface Temperature
Indicating Products Ř Polyurethane Products Ř Brake Shoe Bonding
Adhesives Long After Glow Products Ř Nanoparticle Coating
Products Ř Cyanoacrylate
Adhesives Ř Epoxy Ř Single Part Heat Cure
Epoxy Ř Two Part Epoxy Rubber Based Ř Synthetic Rubber
Sealant Ř Non Curing Mastic Ř
Butyl Tapes |
GENERAL INFORMATION
|
Customer:
|
Maruti
Udhyog Limited Ford
India Limited Hindustan
Motors Limited Ashok
Leyland Limited TVS
Limited TATA
Engineering & Locomotive Company Limited Tractors
and Farm Equipments Limited Premier
Automobiles Limited Hyundai
Motor India Limited Eicher
Motors Limited Bajaj
Auto Limited Punjab
Tractors Limited Hero Honda
India Limited Mahindra
and Mahindra Limited Enfield
India Limited Bharat
Earth Movers Limited Kalyani
Brakes Limited BPL
Limited Onida
Savak Limited Samtel
Color Limited Timex
Watches Limited Salora
Speaker Limited TVS
Cherry SPIC
Limited Lucas TVS
Limited Bharat
Heavy Electrical Limited |
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Bankers
: |
Indian Overseas Bank, C & I Credit Branch, “Auras
Corporate Center” 98-A, Dr. Radhakrishnan Salai, Mylapore, Chennai - 600004 Indus Ind Bank Limited |
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Facilities : |
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Banking Relations : |
Good |
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Auditors
: |
R. Srivatsan and Company Chartered Accountants, |
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Address: |
Old No. 23, New No. 2, 1ST Cross Street, Sastri
Nagar, Cheenai – 600020 |
|
Tel.
No.: |
91-44-24466781/24911292, 2446-8589/2446 8142 |
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Fax.
No.: |
91-44-24466781 |
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E-Mail.: |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs. 100/- |
Rs. 40.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
230031 |
Equity Shares |
Rs. 100/- |
Rs. 23.003 millions |
|
|
Advance Against Shares |
|
Rs. 15.553 Millions |
|
|
Total |
|
Rs. 38.556 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
38.556 |
23.029 |
|
2] Reserves & Surplus |
|
97.562 |
66.549 |
NETWORTH
|
|
136.118 |
89.578 |
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
31.734 |
38.486 |
|
2] Unsecured Loans |
|
5.704 |
5.304 |
TOTAL BORROWING
|
|
37.438 |
43.790 |
|
|
|
|
|
|
TOTAL |
|
173.556 |
133.368 |
|
|
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|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
68.619 |
49.308 |
|
|
|
|
|
|
INVESTMENTS |
|
22.861 |
15.811 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Inventories |
|
39.252 |
38.969 |
|
Sundry Debtors |
|
85.516 |
65.276 |
|
Cash & Bank Balances |
|
5.681 |
7.776 |
|
Other Current Assets |
|
0.000 |
0.000 |
|
Loans & Advances |
|
30.437 |
19.132 |
|
Total Current Assets |
|
160.886 |
131.153 |
|
Less:
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
Current Liabilities |
|
66.131 |
54.692 |
Provisions
|
|
13.316 |
9.170 |
Total Current Liabilities
|
|
79.447 |
63.862 |
|
Net Current Assets |
|
81.439 |
67.291 |
|
|
|
|
|
|
Miscellaneous Expenditure |
|
0.637 |
0.958 |
|
|
|
|
|
|
TOTAL |
|
173.556 |
13.368 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
406.827 |
342.097 |
275.792 |
|
|
|
|
|
Net Profit Before Tax
|
19.220 |
19.155 |
8.729 |
Provision for Taxation
|
4.100 |
1.400 |
0.300 |
Net Profit After Tax
|
15.120 |
17.755 |
8.429 |
|
|
|
|
|
Export
Value
|
3.004 |
3.014 |
NA |
|
|
|
|
|
Import
Value
|
51.253 |
40.929 |
NA |
|
|
|
|
|
Total Expenditure
|
387.606 |
322.942 |
267.062 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
3.71 |
5.19 |
3.05
|
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
4.72 |
5.59 |
3.16
|
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
8.37 |
10.61 |
--
|
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.14 |
0.21 |
--
|
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
0.85 |
1.20 |
--
|
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.02 |
2.05 |
--
|
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets:
- Land
- Building
- Plant & Machinery
- Motor Cycles
- Furniture & Fixture
- Type Writers
- Calculator
- Office Equipment
- Computer
Projects:
HTPB
Project completed the trial production successfully with at the anticipated
yield and for the financial year 2006 already the work order for Rs. 17.200
Millions has been received from advance technology production of 20000 kgs HTPB
The company has established its Third manufacturing facility
at Meghalaya at an estimated cost of Rs. 12.500 Millions unit has commenced
effective from Meghalaya Plant
The specialty coating division in which the company had
already invested Rs. 17.600 Millions over the past few year Television cabinet
coating thereby obtaining major orders from established TV manufacturer for the
FY 2005-06 The sale revenue from this line of product for this year is expected
to be over Rs. 14.000 Millions. Also the paint Division part of SCD has
achieved major orders for industrial paints from Automotive and Heavy/Special
Equipment Manufacturer
Profile
Anabond
was established in the year 1979, for the development and manufacture of
Engineering Adhesives and Sealants. Anabond is the first Indian company to
manufacture Anaerobic Adhesives & Sealants, RTV Silicone Sealants and
Single component epoxies.
Today Anabond in Products include Anaerobics, Epoxies, RTV Silicones,
Polyurethanes, Rubber Based (Chloro & Butyl), Acrylic, Solvent Based
Adhesive, Cyanoacrylate, Specialty Coatings etc with more than 300 products.
These products are used as a raw material for the manufacturing industry or for
the service of different processing industries. Their adhesives find diverse
spectrum of applications in products right from Disposable Syringes to space
vehicles.
Anabond still remains to be the largest manufacturer and supplier of liquid
gaskets for Indian automobile engine & transmission in India.
Features
· Two
decades of expertise in design and manufacture of Adhesives, Sealants &
Coatings.
· Total
Commitment towards Quality & Service- An ISO 9001 company.
· Dedicated
staff & personalized attention.
· Serving
satisfactorily to a wide cross section of industries.
· Manufacturing
facility at Chennai & Pondicherry.
· With
wide network of offices and dealership points
What Anabond Offers
· A
wide range of Adhesives and Sealants for automobile building.
· Products
of at Consistent Quality at competitive Prices.
· Products
manufactured through stringent process & quality procedures.
Conforming to ATMs
(Anabond Test Methods traceable to ASTM,
DIN & JIS etc)
· Reliable
deliveries.
· Tailor
made grades to suit individual need of CUSTOMER.
· Personalized,
efficient service at Customer's doorstep.
Joint
Ventures / Collaborations
A joint
venture with US based
company M/s. Essex Speciality Products Inc., (Dow Automotive), Michigan, has been signed and a
new company has been formed in the name of M/s. Anabond Essex India (Private) Limited,
and it is manufacturing Paint Shop, Body shop, Trim shop and Direct Glazing
Sealants for Automobile manufacturing companies. This Company has obtained QS 9000.
They have collaborated with Taoka Chemical
Company Limited, Japan
(A Group of Sumitomo Company) for manufacturing Cyanoacrylate Adhesive in the
name of Anabond
Taoka India Private Limited.
DRDO-Ministry of Defense
100% funded for manufacturing and supplying of products for
their Missile programme.
Anabond
Limited has entered in to a Joint Venture with Stedman Pharmaceuticals Private
Limited in the name of M/s. Anabond
Stedman Pharma Research Private Limited for manufacturing and marketing Dental composites in Domestic and
International Markets. These Dental Composites are used
by Dentists for restorative and bonding applications in Dentistry. The
Technology Know-how has developed by Sree Chitra Tirunal Institute for Medical Sciences and Technology,
Thiruvananthapuram.
Anabond
Limited has started a new company viz., Anadocs
IT Solutions Private Limited, a one stop IT solution provider,
specialize in Multimedia Solutions, ERP Solutions, Internet Software Solutions,
Web Design and Development, E-Commerce Solutions and Custom Programming.
Anadocs offers migration to creative, open, advanced, flexible, secure,
reliable & highly adopted platform.
Anabond is
also in the process of obtaining manufacturing licenses from world leaders in
the field of specialty adhesives and sealants. The key focus is on the
requirements of the Indian automotive and electronic sectors.
The company’s product range includes:
Goals
& Principles
Anabond's goal is to create a
prudent organization, which evolves continuously and thus grows both
horizontally and vertically. Through this growth, it adds value for its
shareholders, customers and the employees.
Anabond is an open and
straightforward organization. People feel free to develop new approaches and
fields of growth. It is a self-learning organization, wherein people are
encouraged to come out with newer ideas, even if it is against management's
perceived and practiced methodologies.
It is also an organization where
people at all levels feel happy to be associated with and are at ease at work
and where people do listen to any suggestion from any quarter of the
organization without any barrier.
In a prudent organization people do
and are encouraged to learn and everyone feels from the heart to teach
something to their peers and subordinates.
This process ensures that
shareholders automatically get their value for their investment.
Expansion, diversification and
upgradation are not goals; it is the consequence of the association of such
like minded people.
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
records 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 records 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.44.64 |
|
UK Pound |
1 |
Rs.86.51 |
|
Euro |
1 |
Rs.58.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP
CAPITAL |
1~10 |
6 |
|
OPERATING
SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT
LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
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 |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |