MIRA
INFORM REPORT
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Report Date : |
22.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
THE ANUP ENGINEERING LIMITED |
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Registered Office : |
Behind 66 KV Elec. Sub Station, Odhov Road, Ahmedabad – 382415, Gujarat,
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.11.1962 |
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Com. Reg. No.: |
1170 |
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CIN No.: [Company
Identification No.] |
L99999GJ1962PLC001170 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA00478C |
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PAN No.: [Permanent
Account No.] |
AAACT5733A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business : |
Manufacturers of Chemicals and Pharmaceutical Machineries and Plants, Centrifuges for the Chemicals Industries, Centrifuges for Laundry Purpose, Water Purification Plants, Dairy Machineries, Soda Ash Plants, Chlorine Gas Tonne Containers, Expansion Joints and Expansion Bellows, etc. |
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 156000 |
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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 and reputed company meeting its normal commitments
timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Behind 66 KV Elec. Sub Station, Odhov Road, Ahmedabad – 382415, Gujarat,
India |
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Tel. No.: |
91-79-22870622/ 22872823 |
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Fax No.: |
91-79-22870642 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. mtr |
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Location : |
Leased |
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Factory : |
P B No. 1158, Ahmedabad – 380 002, Gujarat, India |
DIRECTORS
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Name : |
Mr. Samveg A. Lalbhai |
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Designation : |
Chairman |
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Address : |
'Shalimar', Shahibaug, Ahmedabad – 380 004, Gujarat, India |
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Name : |
Mr. Arun P. Sheth |
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Designation : |
Director |
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Address : |
11, Amrakadam, Near Super Society, Satellite Road, Inside Ramdev Tekra, Ahmedabad, Gujarat, India |
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Name : |
Mr. Pankaj Sudhakar Sheth |
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Designation : |
Director |
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Address : |
278, Manekbag Soc. Near Manekbag Hall Ambawadi, Ahmedabad – 380 015, Gujarat, India |
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Name : |
Mr. Chandrakant T. Parikh |
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Designation : |
Director |
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Address : |
Vrundavan Behind Civil Hospital, Shahibaug, Ahmedabad – 380 004, Gujarat, India |
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Name : |
Mr. Shreyas Chinubhai Sheth |
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Designation : |
Director |
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Name : |
Mr. Vinod R. Shah |
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Designation : |
Director |
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Address : |
6, Dhaval Co. Op. Soc. I, Opp. St. Xavier’s School, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Chemicals and Pharmaceutical Machineries and Plants, Centrifuges for the Chemicals Industries, Centrifuges for Laundry Purpose, Water Purification Plants, Dairy Machineries, Soda Ash Plants, Chlorine Gas Tonne Containers, Expansion Joints and Expansion Bellows, etc. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
Consultants v Engineers India Limited v UHDE India Limited v Jacob H&G Limited v Kvaerner Powergas India Limited v Toyo Engineering Limited v Linde - West Germany End Clients Pharma Industries: v Ranbaxy Laboratories Limited v DSM Anti-Infectives India Limited v Max GB v Aventis Crop science v Hochest Pharmaceuticals Limited v Lupin Laboratories Limited Petrochemicals and
Refineries: Indian Oil Corporation Limited - Panipat/Haldia/Gauhati/Vadodara Kochi Refineries Hindustan Petroleum Corporation Limited - Vaizag Bharat Petroleum Corporation Limited Mahul, Mumbai Reliance Petrochemicals Industries - Hazira Narmada Chematur Petrochemicals - Bharuch Indian Petrochemicals Corporation Limited Baroda/ Nagothane Gas v Gas Authority of India Limited v Oil and Natural Gas Corporation Limited v Reliance Industries v Oil India Limited Fertilizers: v Gujarat State Fertilizer Company Limited v Gujarat Narmada Valley Fertilizer Company Limited v Rashtriya Chemicals and Fertilizers Limited v Indian Farmers Fertilizer Co. Op. Limited Chemicals Dyes and Intermediates: v Atul Limited. - Valsad v National Organic Chemicals Limited. - Mumbai v Herdilia Chemicals Limited. - Mumbai v Shriram Vinyl and Chemicals Limited. - Kota, Bharuch Pulp and Paper: v J.K. Industries Limited - raigadh and Kota v Hindustan Paper Corporation Limited Naongaon - Meghalaya Power Plants: v Nuclear Power Corporation Limited - Tarapur, Hyderabad, Kota, Chennai v ALSTOM v National Thermal Power Corporation Limited Others: v Bharat Heavy Electricals Limited - Bhopal, Hyderabad, Trichi, Hardwar v Andhra Sugars Limited - Tanaku, A.P. v HEG Limited - Bhopal v I S R O v D R D C |
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No. of Employees : |
1800 |
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Bankers : |
Bank of Baroda |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dalal and Shah Chartered Accountants, |
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Address : |
49-55, Apollo Street, Fort, Mumbai – 400 001, Maharashtra, India |
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Associates : |
v Anil Starch and Member Companies of Lalbhai Group. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50,00,000 |
Equity shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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14,00,000 |
Equity shares |
Rs. 10/- each |
Rs. 14.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
14.000 |
14.000 |
14.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.200 |
4.200 |
(10.800) |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.200 |
18.200 |
3.200 |
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LOAN FUNDS |
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1] Secured Loans |
45.600 |
28.300 |
21.900 |
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2] Unsecured Loans |
74.000 |
65.000 |
61.600 |
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TOTAL BORROWING |
119.600 |
93.300 |
83.500 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
150.800 |
111.500 |
86.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
22.700 |
5.500 |
5.100 |
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Capital work-in-progress |
1.700 |
0.000 |
0.000 |
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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 |
125.200
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53.900 |
57.500 |
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Sundry Debtors |
83.100
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68.900 |
44.700 |
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Cash & Bank Balances |
5.100
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3.100 |
2.100 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.900
|
11.500 |
17.400 |
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Total
Current Assets |
234.300
|
137.400 |
121.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
108.300
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35.200 |
51.400 |
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Provisions |
1.600
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2.600 |
0.900 |
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Total
Current Liabilities |
109.900
|
37.800 |
52.300 |
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Net Current Assets |
124.400
|
99.600 |
69.400 |
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MISCELLANEOUS EXPENSES |
2.000 |
6.400 |
12.200 |
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TOTAL |
150.800 |
111.500 |
86.700 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
362.000 |
352.000 |
344.000 |
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Other Income |
4.600 |
8.600 |
18.200 |
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Total Income |
366.600 |
360.600 |
362.200 |
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Profit/(Loss) Before Tax |
18.000 |
24.200 |
55.800 |
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Provision for Taxation |
4.800 |
9.200 |
16.700 |
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Profit/(Loss) After Tax |
13.200 |
15.000 |
39.100 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
72.100 |
38.500 |
33.200 |
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Administrative Expenses |
14.700 |
21.600 |
7.200 |
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Raw Material Consumed |
236.500 |
178.000 |
169.600 |
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Excise Duty |
45.900 |
47.900 |
47.200 |
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Increase/(Decrease) in Finished Goods |
(59.700) |
10.900 |
14.100 |
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Employees Cost |
15.100 |
9.700 |
6.900 |
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Interest |
5.100 |
4.000 |
7.000 |
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Power & Fuel |
7.100 |
7.400 |
5.100 |
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Depreciation & Amortization |
2.600 |
1.300 |
1.000 |
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Other Expenditure |
9.200 |
17.100 |
15.100 |
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Total Expenditure |
348.600 |
336.400 |
306.400 |
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KEY RATIOS
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
4.31 |
8.26 |
0.00 |
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Long Term Debt-Equity Ratio |
0.00 |
0.14 |
0.00 |
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Current Ratio |
1.03 |
0.98 |
0.99 |
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TURNOVER RATIOS |
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Fixed Assets |
5.84 |
6.83 |
5.26 |
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Inventory |
4.04 |
6.32 |
5.28 |
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Debtors |
4.76 |
6.20 |
10.49 |
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Interest Cover Ratio |
4.53 |
7.05 |
6.67 |
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Operating Profit Margin(%) |
7.10 |
8.38 |
13.87 |
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Profit Before Interest And Tax Margin(%) |
6.38 |
8.01 |
13.58 |
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Cash Profit Margin(%) |
4.36 |
4.63 |
8.37 |
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Adjusted Net Profit Margin(%) |
3.65 |
4.26 |
8.08 |
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Return On Capital Employed(%) |
18.20 |
29.62 |
48.95 |
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Return On Net Worth(%) |
53.44 |
93.17 |
198.57 |
LOCAL AGENCY FURTHER
INFORMATION
As Per Website
Details
Subject is one of the leading manufactures of process equipment in India.
Subject is group company of, Arvind Mills of Lalbhai Group,Which is having substantial equity stake in Anup.
Subject is located at Odhav Road which is at a distance of 6 Kms. from
Ahmedabad Railway Station and 10 Kms.
from the Ahmedabad Air Port.
The Works are spread over an area of 40,500 Sq.Yrds. out of which 18,760
Sq.Yrds. covered area is under the Crane Hook.
The Product Range
Design and Manufacturing of Shell Tubes type heat
exchangers, reboilers and condensers as per international codes and under third
party inspection.
Design and Manufacturing of Reactors, autoclaves and Columns
for: Refineries, Fertilizers, Petrochemicals, Power, ISSRO and Chemical
Industries as per international codes and under third party inspection.
They manufacture Dished Ends up to 5500 mm diameter and up
to 22 mm thick in different shapes like
Torispherical, Ellipsoidal, Hemispherical, Toriconical
Material: SA 516 Gr.70
ID : 2800 mm
Shell Thk: 25 mm
Anup manufactures cylinders for hazardous gases.
v Bottom
Discharge Centrifuge
v Top
Discharge Centrifuge
v Peeler
type centrifuge
Up to 1000 mm dia and two plies as per EJMA & ASME In
CS, SS and Alloy steel
Textiles / Yarns / Garments
The Arvind Mills was set up with the pioneering effort of the Lalbhai
brothers in 1931. With the best of technology and business acumen, Arvind has
become a true Indian multinational, having chosen to invest strategically,
where demand has been high and quality required has been superlative. Today,
The Arvind Mills Limited is the flagship company of Rs.20 billion (US$ 500
million) Lalbhai Group.
Arvind Mills has set the pace for changing global customer demands for textiles
and has focused its attention on select core products. Such a focus has enabled
the company to play a dominant role in the global textile arena. With its
presence across the textile value chain, the company endeavors to be a one-stop
shop for leading garment brands.
Forevision and Technology has brought Arvind to be one of the top three
producers of Denim in the world, and on its way becoming the Global Textile Conglomerate.
Arvind is already making its presence felt in Shirting's, Knits and Khakis
fabrics apart from being all set to create ripples in the ready to wear
Garments world over.
The company is a subsidiary of The Arvind Mills Limited. The principal
business segments of the company include manufacturing and marketing of Voiles
fabrics, Bottomweight fabric (khakis) and Yarn. The company operates through its
divisions viz: Arvind Intex (with both ring and open end yarn manufacturing
under one roof), Arvind Cotspin (manufacturing 100% cotton yarn and double yarn
in a wide range of counts and varieties) and Ankur Textiles (manufacturing
of Voiles)
Arvind Brands, a group company, manages various brands owned by Arvind.
These include Flying Machine, Newport and Ruf and Tuf in Jeans and Excalibur in
Shirts. This company services entire Domestic market in India apart from
exports in the neighboring countries.
Apart from these owned brands, the company has licenses from reputed
International brands like Arrow, Lee, Wrangler and Tommy Hilfiger for the
Indian market. The management out of their office at Bangalore, India manages
the entire retailing (including manufacturing, branding, logistics, marketing
and sales).
For any queries, you may write to:
Arvind Brands Limited
Du Parc Trinity, 8th Floor, 17, M. G. Road, Bangalore
– 560001, Karnataka,
India
Tel: +91-80-22973131
The Rs. 6000.000 millions Atul Products, set up in 1947, is one of the
Asia's largest and greenest chemical complexes. The company has grown to become
India's largest dyestuffs manufacturer, making and marketing over 250 varieties
of chemical and intermediates, from basic commodity chemicals to specialty
intermediate required for the agrochemical, defense, dyestuff, leather, paper,
pharmaceutical and textile industries. Atul exports to more than 50 countries.
A group company with the business ranging from Textile clothing to
Filter Aids to Perlite Products.
For more details, please contact at:
Mr Shreyas C Sheth
Amol Dicalite Limited
301, Akshay, 53, Shrimal Society, Navrangpura Society, Ahmedabad –
380009, Gujarat, India
Tel: 91-79-26443331
Fax: 91-79-26569103
It is one of the leading Engineering companies engaged in manufacturing
process equipment for Chemicals, Refineries, Petrochemicals, Pharmaceuticals,
Fertilizers, Drugs and Allied Industries. The company is equipped with
Laboratory to carry out various destructive and non-destructive tests apart
from an independent quality control department. The company undertakes design
and manufacture of equipment's to meet the requirements of national and
international codes such as ASME, BS-5500, TEMA, EJMA, IBR, IS2825 etc for
design, manufacturing and testing apart from any other specific quality
requirements specified by the customer. Equipment and components are
manufactured out of carbon steel, stainless steel, monel, inconel, cupronickle,
aluminum alloys, clad sheets, quenched and tempered steels, etc.
Director’s Report
Operations:
The
Directors are pleased to report that during the year the company achieved
turnover of Rs. 323.458 millions as against Rs. 304.101 millions during the
year 2005-06. Profit of the company slightly reduced from Rs. 26.355 millions
to Rs. 19.956 millions during the year. This was because of much needed
renovation of factory premises and plant. Further, margins were affected during
the year because of increased cost of Raw Materials, Labour and other
inputs.
Prospects:
Economic indicators during the year are still positive except the prices of
petroleum products. Momentum of improvement in the industrial environment is
continued and the directors are hopeful that the same will be maintained during
the year. As the past losses are wiped out, the company will be able to manage
the Working Capital Funds in a better way. This would improve the strength of
the Company. The directors are confident that the performance of the company
during the current year will also be satisfactory. Order book position and
inquiry base during the year is encouraging.
Fixed Assets
v Leasehold Land
v Buildings
v Machinery
v Electric Installations
v Tube Well
v Furniture
v Dead Stock
v Drawings
v Vehicles
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 :
The 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.
The 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. 42.71 |
|
UK Pound |
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 68.02 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|