MIRA
INFORM REPORT
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Report Date : |
24.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ANJANI SYNTMETICS LIMITED |
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Registered Office : |
140 Saijpur GoplaPurpirana road, Piplej, Ahmedabad Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.06.1984 |
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Com. Reg. No.: |
007048 |
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CIN No.: [Company
Identification No.] |
L11711GJ1984PLC007048 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA01071A |
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PAN No.: [Permanent
Account No.] |
AABCA2789E |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturing, Production and
distribution of Synthetic fabric |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 18000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and contract |
LOCATIONS
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Registered Office : |
252, New Cloth Market, Ahmedabad-380002 |
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E-Mail : |
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Website : |
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Corporate Office : |
202, Kaivanna. Nr. Panchvati Circle, Ellisbridge Ahmedabad- 380 006,
Gujarat, India |
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Tel. No.: |
91-79-26462955, 26462956 |
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Fax No.: |
91-79-26462960 |
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Factory 1 : |
140, Saijpur-Gopalpur, Pirora road, Piplej, Ahmedabad – 382405,
Gujarat, India |
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Tel. No.: |
91-79-25715544 / 45 /46 / 47 |
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Fax No.: |
91-79-25715553 |
DIRECTORS
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Name : |
Sri Subhakaran T. Agarwal |
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Designation : |
Director |
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Name : |
Sri. Vasudev S. Agarwal |
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Designation : |
Director |
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Name : |
Sri Purushottam R. Agarwal |
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Designation : |
Director |
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Name : |
Sri Mahavirprasad Dalmia |
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Designation : |
Director |
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Name : |
Sri Bhoorsing B. Parihar |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters |
26,51,770 |
74.14 |
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Resident Individuals |
5,26,897 |
14.73 |
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Bodies Corporate |
3,96,633 |
11.09 |
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Non Resident Indian |
1,400 |
00.04 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Production and
distribution of Synthetic fabric |
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Products : |
Printed Fabrics |
GENERAL INFORMATION
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No. of Employees : |
About 500 |
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Bankers : |
Bank of Baroda |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nahta Jain and Associates Chartered Accountants |
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Associates/Subsidiaries : |
Anjani fabrics Limited Gujarat Investa Limited Anunay Fab Private Limited Kiriti Overseas Nimisha Overseas Goyal Associates Anjani India S.K. Enterprises |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs. 10/-(each) |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3576700 |
Equity Shares |
Rs. 10/-(each) |
Rs.35.767 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
44.887 |
44.886 |
44.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
47.239 |
36.445 |
23.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
92.126 |
81.331 |
68.400 |
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LOAN FUNDS |
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1] Secured Loans |
50.881 |
52.037 |
37.600 |
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2] Unsecured Loans |
4.137 |
47.070 |
07.800 |
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TOTAL BORROWING |
55.018 |
99.107 |
45.400 |
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DEFERRED TAX LIABILITIES |
3.891 |
2.870 |
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TOTAL |
151.035 |
183.308 |
113.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
57.876 |
43.310 |
38.700 |
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Capital work-in-progress |
0.000 |
0.000 |
0.800 |
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INVESTMENT |
11.266 |
15.816 |
15.800 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
223.800 |
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Sundry Debtors |
0.000
|
0.000 |
95.400 |
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Cash and Bank Balance |
0.000
|
0.000 |
4.300 |
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Other Current Assets |
242.628
|
295.355 |
0.000 |
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Loans & Advances |
20.145
|
20.857 |
7.900 |
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Total
Current Assets |
262.773
|
316.212 |
331.400 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
180.880
|
192.368 |
272.200 |
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Provisions |
0.000
|
0.000 |
01.300 |
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Total
Current Liabilities |
180.880
|
192.368 |
273.500 |
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Net Current Assets |
81.893
|
123.844 |
57.900 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.338 |
00.600 |
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TOTAL |
151.035 |
183.308 |
113.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
1069.636 |
971.373 |
691.200 |
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Other Income |
2.199 |
0.561 |
03.700 |
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Variation in stock |
(14.104) |
(2.763) |
29.100 |
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Total Income |
1057.731 |
969.171 |
724.000 |
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Profit/(Loss) Before Tax |
18.694 |
20.496 |
05.600 |
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Provision for Taxation |
7.814 |
7.557 |
00.200 |
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Profit/(Loss) After Tax |
10.880 |
12.939 |
05.400 |
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Expenditures : |
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Raw Material |
0.000 |
0.000 |
529.000 |
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Excise Duty |
0.000 |
0.000 |
07.400 |
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Power and Fuel |
0.000 |
0.000 |
35.100 |
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Selling and Administration |
0.000 |
0.000 |
08.800 |
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Employee Cost |
0.000 |
0.000 |
03.100 |
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Miscellaneous Expenses |
0.000 |
0.000 |
02.700 |
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Interest and Financial Charges |
0.000 |
0.000 |
03.800 |
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Cost of Goods Sold |
799.052 |
644.790 |
120.500 |
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Manufacturing Expenses |
212.048 |
271.046 |
0.000 |
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Administrative Expenses |
10.068 |
14.670 |
0.000 |
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Financial Expenses |
7.477 |
9.679 |
0.000 |
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Depreciation & Amortization |
10.389 |
8.487 |
08.000 |
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Total Expenditure |
1039.034 |
948.672 |
718.400 |
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SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2006 |
|
Type |
|
|
Full Year |
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Sales Turnover |
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|
861.200 |
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Other Income |
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|
00.500 |
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Total Income |
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|
861.700 |
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Total Expenditure |
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|
820.900 |
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Operating Profit |
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|
40.800 |
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Interest |
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|
08.200 |
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Gross Profit |
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|
32.600 |
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Depreciation |
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|
13.700 |
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Tax |
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|
06.200 |
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Reported PAT |
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|
12.700 |
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Dividend (%) |
|
|
00.000 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Type |
1st Qtr |
2nd Qtr |
3rd Qtr |
|
Sales Turnover |
221.100 |
329.400 |
259.300 |
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Other Income |
00.000 |
00.000 |
02.400 |
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Total Income |
221.100 |
329.400 |
261.700 |
|
Total Expenditure |
210.500 |
313.400 |
245.800 |
|
Operating Profit |
10.600 |
16.000 |
15.900 |
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Interest |
02.900 |
02.200 |
04.100 |
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Gross Profit |
07.700 |
13.800 |
11.800 |
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Depreciation |
05.700 |
04.800 |
07.300 |
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Tax |
00.000 |
00.000 |
00.000 |
|
Reported PAT |
02.000 |
09.000 |
04.500 |
Notes:
200606 Quarter 1 --------------- Notes EPS is Basic & Diluted 1. Above financial results were reviewed by Audit Committee and approved by board of director in their meting held as on July 31, 2006. 2. Statutory Auditor have carried out limited review of these financial results. 3. Provision for Income Tax, Deferred Tax and Fringe Benefit Tax shall be made at the and of year. 4. Company has only one business segment Textile fabric as primary segment. 5. Previous year figures have been regroup and rearrange wherever necessary.
.
200609 Quarter 2 --------------- Notes: 1. Above financial results were reveiewed by Audit Committee and approved by board of director in their meeting held as on 31st October 2006. 2. Statutory Auditors have carried out limited review of teses financial results. 3. Provision for Income Tax, Deferred tax and Fringe Benefit Tax shall be made at the end of year. 4. Company has only one business segment 'Textile fabric as primary segment'. 5. Previous year figures have been regroup and rearrange wherever necessary. 6. During this quarter company has started direct export of bedlinen/madeups to Europe. 7. Sale for the current quarter have been increased by 31%.
200612 Quarter 3 --------------- Notes 1. Above financial results were reviewed by Audit Committee and approved by board of director in their meting held as on January 31, 2007. 2. Statutory Auditor have carried out limited review of these financial results. 3. Provision for Income Tax, Deferred Tax and Fringe Benefit Tax shall be made at the end of year. 4. Company has only one business segment Textile fabric as primary segment. 5. Previous year figures have been regroup and rearrange wherever necessary.n
KEY RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Debt-Equity Ratio |
0.89 |
0.97 |
0.75 |
|
Long Term Debt-Equity Ratio |
0.40 |
0.49 |
0.44 |
|
Current Ratio |
1.24 |
1.20 |
1.19 |
|
TURNOVER RATIOS |
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|
|
|
Fixed Assets |
7.58 |
7.78 |
5.93 |
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Inventory |
7.86 |
5.10 |
4.71 |
|
Debtors |
8.18 |
8.39 |
8.91 |
|
Interest Cover Ratio |
3.39 |
3.10 |
1.92 |
|
Operating Profit Margin(%) |
3.35 |
3.97 |
2.21 |
|
Profit Before Interest And Tax Margin(%) |
2.37 |
3.10 |
1.06 |
|
Cash Profit Margin(%) |
1.99 |
2.20 |
1.71 |
|
Adjusted Net Profit Margin(%) |
1.02 |
1.33 |
0.55 |
|
Return On Capital Employed(%) |
15.56 |
20.58 |
6.28 |
|
Return On Net Worth(%) |
12.62 |
17.33 |
5.70 |
STOCK PRICES
|
Face Value |
Rs. |
|
High |
Rs.20.80 |
|
Low |
Rs.19.70 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATING PERFORMANCE
The working of the company has resulted in a profit before tax of
As.18.694 Millions compared to As. 20.497 Millions of the earlier year. Tax
provision for the year is Rs.7.021 Millions. The profit after tax for the year
is Rs.11.673 Millions. Adding this to the brought forward profit of Rs.22.999
Millions, a sum of Rs.33.879 Millions has been taken to the Balance Sheet.
Assets
- Plant and machinery
- Factory Building
- Elecric Instalation
- Air Condition
- Computer
- Cycle
- Furniture
- Tel;ephone and Fax
- Motor Car
- Office Equipments
- Tubewell
- Vechiles
- Water Pollutions
- Road
- Television
- Zerox
Anjani Synthetics Limited is an infrastructure based textile processing house to process high quality fabrics.
With the philosophy and objective of client satisfaction, their organization strives to offer top most quality along with on-time deliveries at competitive prices. Their complete range of products includes Bed Sheets, Dress material, shirting, Scarves, Flannel, Curtains, Seersucker and many more.
They value and believe in business transparency and maintaining ethical long lasting association with their clients.
They are proud of implementing state-of-art infrastructure, which is the foundation stone of any successful process house, with the focus towards providing accurate and vibrant state-of-art products to all clients. They have never compromised on the investment in any new technology.
Their latest machineries comprise of:
Printing
1 - Rotary 48" - 8 Colours
2 - Rotary 72" - 12 Colours
2 - Rotary 84" - 12 Colours
1 - Rotary 120" - 12 Colours
2 - Flat Belt 60 " - 10 Colours
Finishing
3 Hot Air Stenter 72"
1 Hot Air Stenter 100"
1 Hot Air Stenter 125"
1 Zero Zero ( Shrinking range ) 72"
1 Zero Zero ( Shrinking range ) 120"
Additional Machinery
Sheer Sucker
Raising
Shering Machine
Pitching Machine
mercerizer
Jet
Stitching
100 Juki Stitching Machines
6 Overlook Machines
5 Button Machines
5 Button Whole Machines
5 Layer Cutting Machines
Steam Ironic Plant
They had all the latest machinery like mercerizer, Jet, Singeing, Calender, Peach, Raising etc.
They can show you how their designs will look on their
products before they produce anything just so that you can see exactly what you
are buying. They can offer you irresistible textile prints, designs, and color
combinations.
All products are manufactured under strict supervision and are checked at each
stage of production, right from inspection of raw materials to the finished
product, be it in the form of fabric, garments, bed and table linens, curtains
and made up’s.
Their winning stroke has been their flexibility and constant learning to give
new and better finishes as well as qualities everyday. Their R&D has always
been a prime strength in achieving better results.
Goods are packed as per THE requirements of international packing standards.
They manufacture the following Items .
Fabrics
Processed
100% Cotton
100% Rayon '
100% Polyester
PC Blended
PV Blended
They
Print
Vat Discharge
Reactive
Pigment
Disperse
Burn Out
Acid
Tie-Dye
They
Bleach
Kier
Boil
Pressure Jigger
Open Jigger
J.Box
Soft Flow
Mercerising
Dyeing
Cold
Pad Batch
Jigger Dyeing
Soft Flow Dyeing
Omrey Dyeing
F.D., Dyeing
They are specialised in Micro Twill Peach printed / dyed fabric & also in Micro Twill Flannel Printed / dyed fabric.
Lavish the bedroom with elegant and classic luxury beddings. They have large collection of best quality designer beddings with single and double bed sheets, bed spreads, pillow covers, and kids bedding. Their soft and comfortable bed sheets are available in intricate designs with lovely colors to decorate the bed room and give you ease and comfort. They give maximum attention to details and workmanship to their luxury bed sheets.
Their bed sheets make use of eco-friendly dyes which does not cause skin allergies. These bed sheets are made out of pure neutral colors. They have bed linens in different variety of materials including cotton, flannel, satin, and silk bed sheets.
They offer you extensive range of fashionable dress materials suitable for office wear, party wear, bridal dress materials, and for other occasions. Their dress materials are available for classical Indian wear including salwar kameez, Punjabi suit, Sharara, and churidar with lovely kurta and dupatta carrying different traditional designs.
Their classical collection of dress materials includes both ethnic and trendy western dress materials. The dress fabric is available in lovely shades of vivid colors and beautiful dainty designs. They provide fashionable dress materials intricate designs with flattering designer cuts and style to compliment women of all age. The soft fabric will make you feel comfortable for all seasons.
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.43.14 |
|
UK Pound |
1 |
Rs.84.71 |
|
Euro |
1 |
Rs.87.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--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
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|