MIRA
INFORM REPORT
|
Report Date : |
05.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ANJANI TECHNOPLAST LIMITED |
|
|
|
|
Registered Office : |
G-126, Vikas Puri, Delhi-110018 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
29.02.1988 |
|
|
|
|
Com. Reg. No.: |
55-30784 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U01401DL1988PLC030784 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELA13649G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AACCA3104G |
|
|
|
|
Legal Form : |
A closely held
public limited company |
|
|
|
|
Line of Business : |
Subject is
engaged in the business of plastic thermoforming, injection moulding, sheet extrusion,
manufacturing of safety, security and ballistic protection products like
Bullet proof Jackets, vests, helmets and podiums etc. and special purpose
machines & moulds |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed company having satisfactory track. Trade relations
are fair. Financial position is good. Payments are usually correct and as per
commitments. The company is doing well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
G-126, Vikas Puri, Delhi-110018, India |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Factory : |
6A, Sector-40/41, Greater Noida, India |
|
Tel. No.: |
91-120-3921600 |
|
Fax No.: |
91-120-3921659 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
A-4, Hosiery
Complex, Phase – II Extension, Noida – 201304, Uttar Pradesh, India |
|
Tel. No.: |
91-120-3041100 |
|
Fax No.: |
91-120-2568174/3041174 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Factory 2 : |
A-1, Industrial Estate, Bazpur Road, Kashipur, Uttarakhand, India |
|
Tel. No.: |
91-5947-262788 |
|
Fax No.: |
91-5947-262788 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
B-25, Sector-9, Gautam Budh Nagar, India |
|
Tel. No.: |
91-120-4348446/ 432 |
|
Fax No.: |
91-120-4348446 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
400 Galleria Parkway, Ste 1500, Atlanta, GA 30339, USA |
|
Tel. No.: |
+1678-392-1213 |
|
Fax No.: |
+1 678-302-7300 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Raj Kishor Gupta |
|
Designation : |
Managing Director |
|
Address : |
A-97, Sector-31, Noida-201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
06.01.1963 |
|
Date of Appointment : |
29.02.1988 |
|
|
|
|
Name : |
Mrs. Lavina Gupta |
|
Designation : |
Whole-time Dirctor |
|
Address : |
A-97, Sector-31, Noida-201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
18.08.1966 |
|
Date of Appointment : |
04.10.1991 |
|
|
|
|
Name : |
Mr. Satguru Saran |
|
Designation : |
Director |
|
Address : |
A-97, Sector-31, Noida-201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
04.08.1939 |
|
Date of Appointment : |
20.09.1997 |
|
|
|
|
Name : |
Mr. Atul Kumar Jain |
|
Designation : |
Director |
|
Address : |
KM-167, Kavi Nagar, Ghaziabad-201001, Uttar Pradesh, India |
|
Date of Birth/Age : |
14.11.1960 |
|
Date of Appointment : |
25.03.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Kumar |
|
Designation : |
Secretary |
|
Address : |
183-C, Shipra Suncity, Indirapuram, Ghaziabad-201010, Uttar Pradesh,
India |
|
Date of Birth/Age : |
12.07.1975 |
|
Date of Appointment : |
06.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
R K Gupta |
|
390750 |
|
Lavina Gupta |
|
173000 |
|
Veena Saran |
|
4000 |
|
Sat Guru |
|
2000 |
|
Nipun Gupta |
|
7000 |
|
Sanjay Kumar Gupta |
|
5000 |
|
Sapna Gupta |
|
5000 |
|
Kanchan Gupta |
|
5000 |
|
Anuradha Gupta |
|
1500 |
|
Saloni Saran |
|
5000 |
|
Raghav Gupta |
|
2500 |
|
Radhika Gupta |
|
5000 |
|
Bhuvnesh Gupta |
|
100000 |
|
Nooraj Ral |
|
62600 |
|
Sankalp Finance Sector Private Limited |
|
550000 |
|
R K Gupta and Son (HUF) |
|
377400 |
|
K R Capitals Private Limited |
|
552500 |
|
Satyavati Gupta |
|
51750 |
|
Total |
|
2300000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
|
Bodies Corporate (Not mentioned above) |
|
20.17 |
|
Directors or relatives of directors |
|
40.51 |
|
Other top fifty(50) shareholders (other than listed above) |
|
39.32 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in the business of plastic thermoforming, injection moulding, sheet
extrusion, manufacturing of safety, security and ballistic protection
products like Bullet proof Jackets, vests, helmets and podiums etc. and
special purpose machines & moulds |
|
|
|
|
Products : |
|
GENERAL
INFORMATION
|
No. of Employees : |
200 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountant |
|
Address : |
402, Pragati House, 47-48, Nehru Place, New Delhi, Delhi-110019, India |
|
Tel. No.: |
91-5278-2964752/2965752 |
|
Mobile No.: |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000000 |
Equity Shares |
Rs. 10/- each |
Rs. 80.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6097930 |
Equity Shares |
Rs. 10/-
each |
Rs. 60.979
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
60.979 |
37.000 |
23.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
1.000 |
|
|
3] Reserves & Surplus |
185.345 |
56.247 |
36.945 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
246.324 |
93.247 |
60.945 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
283.607 |
150.571 |
62.489 |
|
|
2] Unsecured Loans |
17.023 |
34.336 |
34.195 |
|
|
TOTAL BORROWING |
300.630 |
184.907 |
96.684 |
|
|
DEFERRED TAX LIABILITIES |
12.114 |
12.045 |
13.995 |
|
|
|
|
|
|
|
|
TOTAL |
559.068 |
290.199 |
171.624 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
361.193 |
120.195 |
74.699 |
|
|
Capital work-in-progress |
31.901 |
5.326 |
11.160 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
67.639
|
88.255 |
55.832 |
|
|
Sundry Debtors |
134.347
|
59.617 |
44.560 |
|
|
Cash & Bank Balances |
48.552
|
20.683 |
10.391 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
56.165
|
31.618 |
16.713 |
|
Total
Current Assets |
306.703
|
200.173 |
127.496 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
138.745
|
33.571 |
40.151 |
|
|
Provisions |
1.984
|
1.924 |
1.588 |
|
Total
Current Liabilities |
140.729
|
35.495 |
41.739 |
|
|
Net Current Assets |
165.974
|
164.678 |
85.757 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
|
|
|
|
|
|
|
|
TOTAL |
559.068 |
290.199 |
171.624 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
992.662 |
354.514 |
278.863 |
|
|
Other Income |
43.385 |
7.568 |
11.273 |
|
|
Total Income |
1036.047 |
362.082 |
290.136 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
81.012 |
17.277 |
16.783 |
|
|
Provision for Taxation |
0.000 |
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
81.012 |
17.277 |
16.783 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
347.450 |
81.542 |
83.803 |
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
731.269 |
253.916 |
198.074 |
|
|
Purchases made for re-sale |
0.000 |
0.000 |
0.237 |
|
|
Consumption of stores and spares parts |
5.383 |
5.928 |
9.959 |
|
|
Increase/(Decrease) in Finished Goods |
5.266 |
[24.438] |
[18.504] |
|
|
Salaries, Wages, Bonus, etc. |
28.479 |
25.181 |
16.034 |
|
|
Managerial Remuneration |
1.757 |
1.757 |
1.184 |
|
|
Payment to Auditors |
0.271 |
0.120 |
0.076 |
|
|
Interest |
30.560 |
15.402 |
7.782 |
|
|
Insurance Expenses |
2.428 |
1.796 |
1.613 |
|
|
Power & Fuel |
24.304 |
14.421 |
15.046 |
|
|
Depreciation & Amortization |
12.307 |
6.404 |
5.443 |
|
|
Other Expenditure |
113.011 |
44.318 |
36.409 |
|
Total Expenditure |
955.035 |
344.805 |
273.353 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
7.82
|
4.77 |
5.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.16
|
4.87 |
6.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.12
|
5.39 |
8.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.19 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
2.36 |
2.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
5.64 |
3.05 |
LOCAL AGENCY
FURTHER INFORMATION
BUSINESS:
The company has
carried commercial production since 1988 with the core activity with Plastic Thermoforming
as the key activity but later on the company have ambitiously expanded its
scope by adding Plastic Sheet extrusion, Injection Moulding, Machines and
Moulds manufacturing and Ballistic Protection Products.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified
|
10035826 |
|
Corporate
identity number of the company |
U01401DL1988PLC030784 |
|
Name of the
company |
ANJANI TECHNOPLAST LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
G-126, Vikas Puri, Delhi-110018, India |
|
Type of charge |
Book Debts Movable Property Immovable
Property Any interest in
Immovable Property Others |
|
Particular of charge
holder |
Oriental Bank of Commerce, 7, Mahhilla Colony, Gandhi Nagar,
Delhi-110031, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
Agreement to Secure Credit/ Loan Facilities (Loan Doc. 13) |
|
Date of
instrument Creating the charge |
15.05.2008 |
|
Amount secured by
the charge |
Rs. 356.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest The borrower
shall pay interest for CC 2% of PLR(Present PLR is @13.25% p.a.) I.E 11.25%
p.a Calculated on Daily balance and charged on monthly rest. In case of
default penal interest @ 2% p.a. will be liable over the normal interest. Terms of
Repayment The Credit Facility
has been sanctioned for a period of one year and thereafter it will be
reviewed. The repayment will be made on demand as and when called for by the
bank Margin For CC 25% For P/C 25% For Guarantee –
10% Extent and
Operation of the charge The Borrower has
agreed to provide security to the bank for due repayment of money’s advanced
by the bank and all the costs, charges, expenses and other moneys due and
payable by the borrower pursuant to the said credit facilities. Others Total Limits for
Rs. 356.100 Millions , CR includes , CC Limit Rs. 70.000 Millions, L/C. Rs.
75.000 Millions CR, B/G Rs. 35.000 Milions and Term Loan I – Rs. 36.100
Millions CR, Term Loan- II- Rs. 105.300 Millions and term loan – III Rs.
34.700 Millions |
|
Short particulars
of the property charged |
Hypothecation of
Stock of raw materials, Stock min process, finished goods, stores and spares
and receivables on parry pasu with other banks and receivables Document of Title
of Goods in case of L/C on D. P Basis and Hypothecation of Charge over the
goods in case of L/C on D. P Basis and Hypothecation of charge over the goods
in case of L/C on D.A Basis Equity Mortgage
on the Pari Passu basis with state bank of India and ICICI Bank of the Land
and Building At A-4, Phase-II Extension, Hosiery Complex, Noida and Plot No.
B-25, Sector-9, Noida |
|
Date of latest
modification prior to the present modification |
16.01.2007 |
|
Particulars of
the present modification |
Total Credit
facilities have been enhanced to Rs. 356.100 Millions |
FIXED ASSETS:
- Land-Leasehold
- Building
- Plant and Machinery
- Furniture and Fixtures
- Electrical Installations
- Office Equipments
- Vehicles
- Computers
- Mould and Dies
- Tools and Implements
- Air Conditioners
- Staff Bus
- Fire Fighting Equipments.
AS PER WEBSITE
Profile:
Established in 1988, Subject has become a well know name
today in the field of plastic products, precision engineering component
manufacturing, and ballistic protection. Subject’s pioneering spirit and its
engineering capabilities have been the key factors in its growth and
diversifications. Starting as a Thermoforming unit subject extended its
capabilities in plastics to include plastic sheet extrusion, injection molding
and compression molding. Its modern machine shop and state-of-the-art tool room
established subject as a quality manufacturer of precision engineering
components and Dies and Molds.
Subject’s pioneering spirit became evident when it entered the field of
personal ballistic protection products by bringing the world's lightest and
strongest material to India, and when it became the first company in India to
manufacture 5-axis CNC Water Jet Cutting Machine.
Subject is now organized in three divisions- Component Manufacturing, Machine
Tools and Ballistic Protection. "All
Under One Roof" and "Concept to Finish" philosophies have
guided subject in building its engineering capabilities and a competent
engineering team. Their areas of expertise include:
- Thermoforming
- Extrusion
- Sheet Metal Stamping
- Injection Molding
- Compression Molding
- Dies & Molds Manufacturing
- Engineering Assemblies
- Machine Manufacturing
- Engineering Design Solutions
- Bullet Proofing Solutions and Products (Ballistic Protection)
Having a large state-of-the-art manufacturing set-up with
over 350 Industrial Machines, 500
employees and 350,000 sq. feet of covered area spread over Four Locations in North India, subject
is serving customers in White Goods, Material Handling, Electrical Products and
Machine Tools industries in addition to various Government Agencies in India
and Overseas. Subject has even established a subsidiary in the United States to
meet its growth needs in the region. They also provide variety of cnc machine
tools, machine tool shop, mini machine tools, milling machine tools, cnc
machining center, cnc milling machines, cnc milling etc.
At Subject the corporate ethos revolves around one goal - Customer Delight. Subject is an
ethical company committed to maintain a value system it can be proud of. They
maintain high standards in manufacturing quality and customer service and their
manufacturing processes are certified by TUV Suddeuschland for ISO 9001:2000.
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 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.42.40 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.66.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|