MIRA
INFORM REPORT
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Report Date : |
20.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ANJANI SYNTHETICS LIMITED |
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Registered Office : |
202, Kaivanna, Near Panchvati Circle, Ellisbridge Ahmedabad- 380 006,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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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 : |
Public Limited Liability company The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturers
of woven, dyed and printed fabrics for apparel, bedding and furnishing
applications, from cotton, silk, polyester and blends. |
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 936000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are fair. Payments are reported as slow. General financials position is
satisfactory. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Pannalal/ Mr. Buddharam |
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Designation : |
Accounts Officer |
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Date : |
19.12.2008 |
LOCATIONS
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Registered Office : |
202, Kaivanna, Near 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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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
252, New Cloth Market, Ahmedabad-380002 |
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Factory : |
140, Saijpur-Gopalpur, Pirana 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 : |
Mr. Subhakaran T. Agarwal |
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Designation : |
Chairman |
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Name : |
Mr. Vasudev S. Agarwal |
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Designation : |
Managing Director |
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Name : |
Mr. Purushottam R. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Mahavirprasad Dalmia |
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Designation : |
Director |
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Name : |
Mr. Bhoorsing B. Parihar |
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Designation : |
Director |
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Name : |
Mr. Manoj Lunia |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2008
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters |
6070940 |
56.21 |
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Resident Individuals |
3855902 |
35.70 |
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Bodies Corporate |
870281 |
8.06 |
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Non Resident Indian/ OCB’s |
3877 |
0.04 |
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Total |
10801000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of woven, dyed and printed fabrics for apparel, bedding and furnishing
applications, from cotton, silk, polyester and blends. |
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Products : |
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Exports : |
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Countries : |
Germany, Russia |
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Imports : |
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Products : |
Machine Parts, Chemicals |
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Countries : |
China, Japan, Singapore |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Credit 30 days |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
About 1800 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Nahta Jain and Associates Chartered Accountants |
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Address : |
Ahmedabad |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10801000 |
Equity Shares |
Rs.10/- each |
Rs.108.010 Millions |
Of the above 5400500 shares of Rs.10/- each were issued as fully paid
Bonus Shares by capitalization of profit as well as out of balance lying in
Share premium a/c
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
108.010 |
54.005 |
54.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
79.280 |
103.839 |
92.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
187.290 |
157.844 |
146.600 |
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LOAN FUNDS |
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1] Secured Loans |
457.226 |
200.289 |
102.300 |
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2] Unsecured Loans |
100.806 |
11.178 |
13.600 |
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TOTAL BORROWING |
558.032 |
211.467 |
115.900 |
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DEFERRED TAX LIABILITIES |
4.319 |
4.056 |
0.000 |
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TOTAL |
749.641 |
373.367 |
262.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
146.975 |
141.471 |
97.700 |
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Capital work-in-progress |
0.000 |
0.000 |
11.700 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
268.597
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184.051 |
131.200 |
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Sundry Debtors |
538.096
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244.997 |
145.600 |
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Cash and Bank Balance |
4.776
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2.790 |
1.900 |
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Other Current Assets |
0.112
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0.039 |
0.000 |
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Loans & Advances |
35.374
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24.553 |
15.500 |
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Total
Current Assets |
846.955
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456.430 |
294.200 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
226.818
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208.016 |
134.800 |
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Provisions |
18.250
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16.518 |
6.300 |
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Total
Current Liabilities |
245.068
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224.534 |
141.100 |
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Net Current Assets |
601.887
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231.896 |
153.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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Preliminary Expenses |
0.779 |
0.000 |
0.000 |
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TOTAL |
749.641 |
373.367 |
262.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
1957.747 |
1150.298 |
861.200 |
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Other Income |
1.598 |
0.451 |
0.500 |
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Total Income |
1959.345 |
1150.749 |
861.700 |
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Profit/(Loss) Before Tax |
52.057 |
30.129 |
18.800 |
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Provision for Taxation |
19.452 |
12.530 |
6.300 |
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Profit/(Loss) After Tax |
32.605 |
17.599 |
12.500 |
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Expenditures : |
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Increase/ decrease in stock |
(49.007) |
(62.713) |
11.700 |
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Cost of Material Used |
1614.856 |
914.715 |
633.100 |
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Manufacturing Expenses |
226.218 |
189.740 |
85.500 |
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Administrative Expenses |
46.278 |
30.297 |
10.100 |
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Financial Expenses |
42.358 |
19.764 |
9.700 |
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Depreciation & Amortization |
26.585 |
28.817 |
13.700 |
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Other Expenses |
0.000 |
0.000 |
79.100 |
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Total Expenditure |
1907.288 |
1120.620 |
842.900 |
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QUARTERLY RESULTS
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PARTICULARS |
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30.06.2008 |
30.09.2008 |
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Type |
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1st Quarter |
2nd Quarter |
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Sales Turnover |
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422.000 |
650.200 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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422.000 |
650.200 |
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Total Expenditure |
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392.900 |
622.400 |
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Operating Profit |
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29.100 |
27.800 |
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Interest |
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10.000 |
11.800 |
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Gross Profit |
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19.100 |
16.000 |
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Depreciation |
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6.200 |
7.000 |
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Tax |
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2.600 |
1.400 |
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Reported PAT |
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10.300 |
7.600 |
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.66
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1.53 |
1.45 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.66
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2.62 |
2.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.24
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5.04 |
4.66 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.19 |
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.29
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2.76 |
1.75 |
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Current Ratio (Current Asset/Current Liability) |
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3.46
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2.03 |
2.09 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
The company
established its operation in year 1984 in Ahmedabad with a view to produce
world class textiles, made up and home textiles for international market and today
it has earned name in the market for its quality products. The strength lies in
exceptional management team, trained and dedicated work force with continuously
upgrading human resources skill. Anjani has become textile processing company
with a breadth of manufacturing a technical capability as deep as any found in
industry today. Integrity quality and value in conjunction with cutting edge
technology create Anjani’s Proven formula for customer satisfactory.
OPERATIONS REVIEW:
During the year, the Company's total Income was Rs.2008.352 millions as
compared to Rs. 1213.463 millions of the previous year. The company has earned
net profit of Rs.32.605 millions after providing for depreciation of Rs.26.585
millions and taxation (Current tax) of Rs.18.000 millions for the year ended
31st March, 2008.
DIVIDEND:
Yours Directors have declared interim dividend @ 5% on equity shares amounting
to Rs.2.700 millions during the year 2007-08.
FIXED ASSETS:
- Plant and machinery
- Factory Building
- Electric Installation
- Air Condition
- Computer
- Cycle
- Furniture
- Telephone and Fax
- Motor Car
- Office Equipments
- Tube well
- Vehicles
- Water Pollutions
- Road
- Television
- Xerox
WEBSITE DETAILS:
Subject 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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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43 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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