MIRA
INFORM REPORT
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Report No. : |
305587 |
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Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
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Name : |
THE ANUP ENGINERRING LIMITED |
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Registered
Office : |
Behind 66 KV Elec. Sub-Station, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.11.1962 |
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Com. Reg. No.: |
04-001170 |
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Capital Investment
/ Paid-up Capital : |
Rs. 34.000 Millions |
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CIN No.: [Company Identification
No.] |
L99999GJ1962PLC001170 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges (Listed on Ahmedabad Stock Exchange) |
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Line of Business
: |
Subject is engaged in manufacturing and fabrication of process equipments required for Chemicals, Petrochemicals, Pharmaceuticals, Fertilizers, Drugs and other allied industries. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A+ (SO) |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk |
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Date |
8 August 2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A1+ (SO) |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk |
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Date |
8 August 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-79-22872823)
LOCATIONS
|
Registered Office / Factory : |
Behind 66 KV Elec. Sub-Station, Odhov Road, Ahmedabad – 382415,
Gujarat, India |
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Tel. No.: |
91-79-22870622 |
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Fax No.: |
91-79-22870642 |
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E-Mail : |
DIRECTORS
AS ON 19.09.2014
|
Name : |
Mr. Samvegbhai Arvindbhai Lalbhai |
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Designation : |
Director |
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Address : |
Shalimar, Shahibag, Ahmedabad – 380004, Gujarat, India |
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Date of Birth/Age : |
04.06.1961 |
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Date of Appointment : |
30.09.1995 |
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DIN No. : |
00009278 |
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Name : |
Mr. Shreyas Chinubhai Sheth |
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Designation : |
Director |
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Address : |
4, Ruchir-ll Bunglow, Opposite Nehru Foundation Judges Bungalow Road, Vastrapur,
Ahmedabad – 680054, Gujarat, India |
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Date of Birth/Age : |
16.06.1957 |
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Date of Appointment : |
28.03.1987 |
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DIN No. : |
00009350 |
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Name : |
Mr. Pankaj Sudhakar Sheth |
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Designation : |
Director |
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Address : |
278, Manekbaug Society, Near Manekbag Hall Ahmedabad – 380015,
Gujarat, India |
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Date of Birth/Age : |
25.11.1941 |
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Date of Appointment : |
26.06.1984 |
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DIN No. : |
00181029 |
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Name : |
Mr. Chandrakant Parikh |
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Designation : |
Director |
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Address : |
302 ”142 – Park West” Near Mann Party Plot, Opposite Jhanvi Bunglows,
Bodakdev, Ahmedabad – 380059, Gujarat, India |
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Date of Birth/Age : |
16.08.1927 |
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Date of Appointment : |
28.03.1987 |
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DIN No. : |
00730461 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Arvind Limited, India |
300000 |
88.24% |
As on 19.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Public Financial
Companies |
2.75 |
|
Nationalised or
other banks |
1.33 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.12 |
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Bodies corporate |
90.17 |
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Directors or relatives of Directors |
0.67 |
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Other top fifty shareholders |
3.02 |
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Others |
1.94 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing and fabrication of process equipments required for Chemicals, Petrochemicals, Pharmaceuticals, Fertilizers, Drugs and other allied industries. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: Not Available
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Sorab S Engineer and Company Chartered Accountants |
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Address : |
381 Ismail Building Dr. D Naoroji Road, Fort, Mumbai – 400001, Maharashtra, India |
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PAN No.: |
AAAFS5191E |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
Arvind Limited |
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Fellow Subsidiary
company: |
· Arvind Accel Limited · Asman Investments Limited |
CAPITAL STRUCTURE
As on 19.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
340000 |
Equity Shares |
Rs.100/- each |
Rs. 34.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
34.000 |
34.000 |
34.000 |
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(b) Reserves & Surplus |
456.654 |
344.101 |
294.710 |
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(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
490.654 |
378.101 |
328.710 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
2.051 |
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(b) Deferred tax liabilities
(Net) |
29.938 |
28.881 |
28.671 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.806 |
3.113 |
2.948 |
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Total
Non-current Liabilities (3) |
32.744 |
31.994 |
33.670 |
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(4) Current Liabilities |
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(a) Short term borrowings |
242.873 |
101.983 |
224.611 |
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(b) Trade payables |
167.484 |
77.130 |
88.758 |
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(c) Other current liabilities |
179.928 |
69.719 |
67.541 |
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(d) Short-term provisions |
38.342 |
4.948 |
0.000 |
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Total
Current Liabilities (4) |
628.627 |
253.780 |
380.910 |
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TOTAL |
1152.025 |
663.875 |
743.290 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
210.114 |
222.923 |
238.026 |
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(ii) Intangible Assets |
3.717 |
4.272 |
0.546 |
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(iii) Capital work-in-progress |
0.000 |
0.432 |
0.000 |
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(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
2.381 |
8.579 |
13.811 |
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(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
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Total
Non-Current Assets |
216.212 |
236.206 |
252.383 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
384.350 |
141.520 |
170.289 |
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(c) Trade receivables |
457.938 |
250.751 |
289.658 |
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(d) Cash and cash equivalents |
42.723 |
24.270 |
19.251 |
|
(e) Short-term loans and
advances |
44.551 |
11.128 |
11.709 |
|
(f) Other current assets |
6.251 |
0.000 |
0.000 |
|
Total
Current Assets |
935.813 |
427.669 |
490.907 |
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TOTAL |
1152.025 |
663.875 |
743.290 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Income |
1045.952 |
734.471 |
740.017 |
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Other Income |
4.966 |
7.024 |
4.561 |
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TOTAL (A) |
1050.918 |
741.495 |
744.578 |
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Less |
EXPENSES |
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Cost of Materials
Consumed |
655.304 |
403.037 |
340.663 |
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Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(65.396) |
0.197 |
116.992 |
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Employees benefits
expense |
71.125 |
64.484 |
60.812 |
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Other expenses |
185.931 |
165.680 |
175.420 |
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TOTAL (B) |
846.964 |
633.398 |
693.887 |
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Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
203.954 |
108.097 |
50.691 |
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Less |
FINANCIAL EXPENSES (D) |
9.264 |
17.918 |
27.680 |
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PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
194.690 |
90.179 |
23.011 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
21.221 |
20.179 |
20.459 |
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PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
173.469 |
70.000 |
2.552 |
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Less |
TAX (H) |
60.916 |
20.610 |
1.392 |
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PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
112.553 |
49.390 |
1.160 |
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Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
337.097 |
287.707 |
286.547 |
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Balance Carried to the
B/S (I+J) |
449.650 |
337.097 |
287.707 |
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Earnings / (Loss) Per
Share (Rs.) |
331.04 |
145.27 |
3.41 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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Net Profit Margin (PAT / Sales) |
(%) |
10.76 |
6.72 |
0.16 |
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Operating Profit Margin (PBDIT/Sales) |
(%) |
19.50 |
14.72 |
6.85 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.06 |
10.55 |
0.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.35 |
0.19 |
0.01 |
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Debt Equity Ratio (Total Debt /Networth) |
|
0.49 |
0.27 |
0.69 |
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Current Ratio (Current Asset/Current Liability) |
|
1.49 |
1.69 |
1.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
34.000 |
34.000 |
34.000 |
|
Reserves & Surplus |
294.710 |
344.101 |
456.654 |
|
Net worth |
328.710 |
378.101 |
490.654 |
|
|
|
|
|
|
long-term borrowings |
2.051 |
0.000 |
0.000 |
|
Short term borrowings |
224.611 |
101.983 |
242.873 |
|
Total borrowings |
226.662 |
101.983 |
242.873 |
|
Debt/Equity ratio |
0.690 |
0.270 |
0.495 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
740.017 |
734.471 |
1045.952 |
|
|
|
-0.749 |
42.409 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
740.017 |
734.471 |
1045.952 |
|
Profit |
1.160 |
49.390 |
112.553 |
|
|
0.16% |
6.72% |
10.76% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long-term debt |
0.000 |
0.223 |
23.070 |
|
Total |
0.000
|
0.223 |
23.070 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last three
years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
OPERATIONS:
During the year under report Turnover of the Company jumped to Rs. 1057.600 Millions as against Rs. 741.500 Millions in the previous year. Profit before interest, depreciation and tax doubled to Rs. 204.000 Millions as against Rs. 108.100 Millions in the previous year. Profit for the year after providing for interest, depreciation and Tax increased more than two times from Rs. 49.400 Millions during the previous year to Rs. 112.600 Millions during the under report. This was made possible with the conscious efforts of the management on all fronts-entering in to export market, improved product mix, aggressive purchase management and effective control over working capital including advances from customers, inventory, creditors and debtors. All these efforts made significant contribution towards improving profitability of the company.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Intercorporate borrowings |
8.502 |
8.503 |
|
Total |
8.502 |
8.503 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80024467 |
30/01/2014 * |
805,000,000.00 |
BANK OF BARODA |
CFS BRANCH, FIRST FLOOR,
BOB TOWERS, OPP. NCC GROUND, LAW GARDEN, ELLISBRIDGE, AHMEDABAD,
Gujarat |
B96556246 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Office building
· Factory building
· Plant and equipment
· Factory equipments [
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Other equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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 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. 61.74 |
|
|
1 |
Rs. 92.71 |
|
Euro |
1 |
Rs. 69.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.