MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
APEX AUTO LIMITED |
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Registered Office : |
Natraj Mansion, Bistupur, PS Jugsalai East, Singhbhum,
Jamshedpur-831001, Jharkhand |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
08.08.1994 |
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Com. Reg. No.: |
6028 |
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CIN No.: [Company
Identification No.] |
U34201JH1994PLC006028 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RCHA00242E |
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PAN No.: [Permanent
Account No.] |
AABCA3932D |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers of Heavy Fabricated Components of Excavators. |
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 310000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Natraj Mansion, Bistupur, PS Jugsalai East, Singhbhum,
Jamshedpur-831001, Jharkhand, India |
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Tel. No.: |
91-657-2426061 |
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Fax No.: |
91-657-2200010/ 2424526 |
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E-Mail : |
atul@apexautolimited.com,
info@apexautoltd.com, dwd@apexautoltd.com |
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Factory 1 : |
M-1, Phase VII, Tata Kandra Road, Industrial Area, Adityapur,
Jamshedpur-832109, India |
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Tel. No.: |
91-657-408715/ 409041 |
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Fax No.: |
91-657-424526 |
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E-Mail : |
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Factory 2 : |
KIADB, Plot No.195 to 198 and 213 to 216, Belur Industrial Area,
Dharwad-580011, India |
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Tel. No.: |
91-836-486973 |
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Fax No.: |
91-836-436974 |
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E-Mail : |
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Factory 3 : |
Telcon Premises, Block II, KIADB, P B Road, Dharwad-580011, India |
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Tel. No.: |
91-836-3093214 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Atul R. Taunk |
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Designation : |
Managing Director |
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Address : |
25, C H Area East, Bistupur, Jamshedpur-831001, Jharkhand, India |
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Date of Birth/Age : |
04.12.1960 |
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Date of Appointment : |
08.08.1994 |
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Name : |
Mrs. Anahita Taunk |
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Designation : |
Director |
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Address : |
25, C H Area East, Bistupur, Jamshedpur-831001, Jharkhand, India |
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Date of Birth/Age : |
19.09.1961 |
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Date of Appointment : |
08.08.1994 |
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Name : |
Mr. Pesi S Patel |
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Designation : |
Director |
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Address : |
Lyndewode House, Bomanjji Petit Road, Mumbai-400026, Maharashtra |
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Date of Birth/Age : |
31.03.1952 |
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Date of Appointment : |
31.10.2003 |
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Name : |
Ms. Meher H Mehta |
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Designation : |
Director |
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Address : |
Suite No.5, 20A, Park Street, Kolkata-700016, West Bengal |
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Date of Birth/Age : |
20.09.1930 |
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Date of Appointment : |
18.10.1995 |
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Name : |
Mr. Rajesh Adesara |
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Designation : |
Director |
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Address : |
25, C H Area East, Bistupur, Jamshedpur-831001, Singhbhum East,
Jharkhand |
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Date of Birth/Age : |
15.10.1960 |
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Date of Appointment : |
15.09.1998 |
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Date of Ceasing : |
28.12.2004 |
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Name : |
Mr. A K S Kulkarni |
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Designation : |
Director |
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Name : |
Mr. A P S Korati |
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Designation : |
Alternate Director |
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Name : |
Mr. Vipul Kumar Amin |
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Designation : |
Director |
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Address : |
Varsha Villa, Q Road, Bistupur, Jamshedpur-831001, Jharkhand |
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Date of Birth/Age : |
07.08.1960 |
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Date of Appointment : |
30.09.2006 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh Mittal |
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Designation : |
Company Secretary |
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Address : |
Shyam Path, Uliyan, Kadma, Jamshedpur-831005, Jharkhand |
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Date of Birth/Age : |
25.11.1969 |
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Date of Appointment : |
30.06.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Foreign holdings |
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5.86 |
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Bodies Corporate |
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75.14 |
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Directors and relatives of directors |
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11.72 |
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Other top 50 shareholders |
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6.69 |
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Others |
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0.59 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Heavy Fabricated Components of Excavators. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
About 300 |
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Bankers : |
v Union Bank of
India, Bistupur, Jamshedpur
Account No.194 v HDFC Bank
Limited, Jamshedpur v ICICI Bank
Limited, Dharwad v IDBI Bank v UTI Bank
Limited, Trishul, 3rd Floor, Opposite Samartheshwar Temple, Law
Garden Ellisbridge, Ahmedabad-380006, Gujarat, India |
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Facilities : |
Secured Loans
(Rs. In millions) :
Term loan from Union Bank of India, Bistupur, Jamshedpur is secured by
ay of hypothecation of Plant and Machinery and other fixed assets and
mortgage of immovable property of the company situated at Jamshedpur and
Dharwad. Working capital loan from Union Bank of India, Bistupur, Jamshedpur is
secured by way of hypothecation of stock in trade, book debts and other
current assets and Personal Guarantee of directors. Vehicle loan are secured by hypothecation of respective vehicles and Personal
Guarantee of Directors. Unsecured Loans
:
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S K Naredi & Company Chartered Accountants |
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Address : |
Virdi Niwas, Bistupur, Jamshedpur-831001 |
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Associates/Subsidiaries : |
v Antique Vinimay
Private Limited v Apex Track
Solutions Private Limited v ]Kats Holdings
Private Limited v Regent Resorts and
Properties Private Limited v Starline
Enterprises v United
Engineering Services |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 millions |
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1000000 |
10% Redeemable Preference Shares |
Rs.10/- each |
Rs.10.000 millions |
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Total |
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Rs.80.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4778900 |
Equity Shares |
Rs.10/- each |
Rs.47.789
millions |
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853700 |
10% Redeemable Preference Shares |
Rs.10/- each |
Rs.8.537
millions |
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Total |
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Rs.56.326 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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56.326 |
36.326 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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21.677 |
14.479 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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78.003 |
50.805 |
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LOAN FUNDS |
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1] Secured Loans |
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112.209 |
33.760 |
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2] Unsecured Loans |
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28.923 |
20.925 |
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TOTAL BORROWING |
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141.132 |
54.685 |
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DEFERRED TAX LIABILITIES |
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19.151 |
12.068 |
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TOTAL |
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238.286 |
117.558 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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205.763 |
100.545 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.200 |
0.200 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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43.644 |
21.560 |
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Sundry Debtors |
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16.199 |
5.680 |
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Cash & Bank Balances |
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6.272 |
5.517 |
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Other Current Assets |
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3.975 |
4.260 |
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Loans & Advances |
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5.316 |
3.095 |
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Total
Current Assets |
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75.406 |
40.112 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.328 |
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Provisions |
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Total
Current Liabilities |
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44.823 |
24.328 |
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Net Current Assets |
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30.583 |
15.784 |
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MISCELLANEOUS EXPENSES |
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1.740 |
1.029 |
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TOTAL |
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238.286 |
117.558 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover |
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286.052 |
171.290 |
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Other Income |
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2.204 |
0.296 |
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Total Income |
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288.256 |
171.586 |
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Profit/(Loss) Before Tax |
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18.829 |
13.230 |
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Provision for Taxation |
|
8.559 |
4.783 |
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Profit/(Loss) After Tax |
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10.270 |
8.447 |
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Total Earnings |
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24.364 |
3.438 |
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Total Imports |
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27.271 |
24.364 |
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Expenditures : |
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Cost of Goods Sold |
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230.938 |
133.318 |
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Administrative Expenses |
|
18.392 |
9.090 |
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Interest |
|
10.330 |
8.170 |
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Depreciation & Amortization |
|
9.767 |
7.778 |
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Total Expenditure |
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269.427 |
158.356 |
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QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.03.2006 (Full year) |
|
Sales Turnover |
146.800 |
171.200 |
466.200 |
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Other Income |
0.400 |
1.000 |
2.800 |
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Total Income |
147.200 |
172.200 |
469.000 |
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Total Expenditure |
120.700 |
140.200 |
385.300 |
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Operating Profit |
26.500 |
32.000 |
83.700 |
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Interest |
5.200 |
5.500 |
21.500 |
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Gross Profit |
21.300 |
26.500 |
62.200 |
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Depreciation |
6.600 |
6.600 |
23.300 |
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Tax |
0.000 |
0.000 |
11.700 |
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Reported PAT |
14.700 |
19.900 |
27.200 |
200606 Quarter 1
Result has been calculated by Capita line and not published by the company.
Extra Ordinary Items have not been calculated for the Quarter
200609 Quarter 2
Notes: EPS is Basic 1.The above results were taken on record by the
Board of Directors at their meeting held on 31st October,2006.
KEY RATIOS
|
PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
|
3.56 |
4.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
6.53 |
7.71 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.70 |
9.40 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.24 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.38 |
1.55 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.68 |
1.65 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.2.75 |
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Low |
Rs.2.75 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Corporation identity number or foreign company registrations number of the company |
U34201JH1994PLC006028 |
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Name of the company |
APEX AUTO LIMITED |
|
Address |
Natraj Mansion, Bistupur, PS Jugsalai East, Singhbhum,
Jamshedpur-831001, Jharkhand, India |
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This Form is for |
Creation of Charge |
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Type of Charges |
Immovable property Book debts Movable property |
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Particular of the charge holder |
State Bank of India SME Branch, Adityapur, Jamshedpur-831013, Jharkhand, India |
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Nature or description of the instrument creating charge |
Agreement of hypothecation of goods and assets. Agreement of mortgage. |
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Date of the instrument creating charge |
02.01.2007 |
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Amount Secure by the charge |
Rs.216.600 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest 1% below SBAR on cash credit Rs.50.000 millions and term loan Rs.58.600 millions. 2.5% below SBAR on export packing credit Rs.20.000 millions and FBD Rs.18.000 millions. Non fund based limit : Rs.50.000 millions and LC Rs.20.000 millions Terms of repayment Term loan in 14 quarterly installments from March 2007 upto June 2010 Margin Cash Credit 25% BG and LC 10% Extent and Operation of Charge Cash Credit :1st charge over all fixed assets including Plant and Machinery of the company. Equitable mortgage of immovable property. |
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Description of the property charge whether it is a charge on |
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Modification charge Charge identification number of the charge to be modified |
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Date of instrument modifying the charge |
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Particulars of the Property charged |
Cash Credit : 1st charge on all current assets Term Loan : Pari passu charge over all fixed assets including Plant and Machinery of the company. Equitable mortgage of immovable property at M 1,2,3, Phase VII, Industrial Area, Adityapur, Jamshedpur and KIADB Plot No.195-198, 213-216, Belur Industrial Estate, Dharwad, Karnataka |
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Name of the company |
APEX AUTO
LIMITED |
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Presented By |
Mr. Atul Taunk, Managing
Director |
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1) Date and description of instrument creating the change |
28.09.2005. Term loan agreement |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.97.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All plant and machinery and other fixed assets financed by UTI Bank through this term loan documents attached. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest : Tem Loan 2% below Banks PLR. Repayable in six years. All other terms as per the loan documents attached. |
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5) Name and Address and description of the person entitled to the charge. |
UTI Bank Limited Bisturpur, Jamshedpur |
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6) Date and brief description of instrument modifying the charge |
02.02.2006. deed of hypothecation of current assets |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Total assets are additionally secured by hypothecation of all current assets of the company by way of second charge (first charge in favour of Union bank of India). All other in terms will remain same. |
Operations,
Turnover and Profit
During the year company has invested more than Rs.110 millions on
expansion programmes. The company has added new machineries and shed in its Jamshedpur
and Dharwad units. During the year Company’s relations with its principal
customer Telcon further strengthened the third manufacturing unit of the
company was also commissioned following a new concept of plant in Plant at
Dahrwad. For this new unit Telcon has provided land, building and other
necessary infrastructure inside their plant in Dharwad and the company ahs
invested in machinery and utilizing the plant for production of Telcon’s
completer requirement of Boom and Arms.
The company’s turnover increased by 67%, but profit before interest,
depreciation and tax was increased by 33.40% and profit after current tax was
increased by 42.75% over previous year due to higher interest and substantial
rise in steel cost and other manufacturing expenses.
Company’s fixed assets include Factory Shed and Building, Plant and
Machinery, Furniture, D G Set, Electrical Installation, Office Equipments,
Tools and Implements, Vehicles, Computer and Electronics, Borewell and Capital
work in progress.
Contingent
Liability
Gratuity :
The liability towards Gratuity was not provided for as the same is not
ascertainable and will be charged upon payment thereof.
Contracts :
Estimated amount of Contracts remaining to be executed on Capital
account and not provided for (Net of Advances) Rs.2.030 millions (Previous year
: Rs.7.125 millions)
Export Obligation :
The company is under obligation to export worth Rs.185.676 millions (USD
4005950) ineight years against assets imported under EPCG license during the
year.
Sales Tax Demand :
The commercial Tax Department has made a demand of Rs.0.579 millions for
the year 2003-04 against company’s Jamshedpur unit and the company is
preferring an appeal against the same.
Subject was incorporated in Aug.'94 as a private limited
company and was subsequently converted into a public limited company in
Jun.'95. It was promoted by Atul Taunk, Bikash Mukherjee, Anahita A Taunk and
Meher Mehta.
The company set up a project to manufacture components for earth moving
machineries with an installed capacity of 2100 tpa, at Jamshedpur, Bihar. The
company's main customer is the TELCO, which will be taking the entire
production. In Apr.'96, the company issued 12,01,600 equity shares to the
public, of Rs 10 each for cash at par aggregating Rs 12.016 millions, to
part-finance its project.
The company is an ancillary to TELCO. The company embarked upon setting up its
project only after obtaining the consent of TELCO. So, the sale of the
company's products is assured.
Website Details :
Subject is a publicly quoted company with a number of
shareholders, both Indian and Foreign. Promoted by Mr. Atul Taunk in 1995 with
a modest capital outlay of Rs. 34.200 millions, Subject today has a capital
outlay of Rs. 120.000 millions. A growth of over 350% per annum. Achieved by
producing thousands of dynamically stressed machined components for the
construction equipment industry.
The raison d'etre of Subject is that the emerging scenario
in post liberalized India indicated that the nation was poised to go in for
massive infrastructure building: roads, super highways, ports, power projects,
and so on. This would put immense pressure on manufacturers of earth-moving
equipment. Subject eases the load on them by supporting the industry with precision
engineered sub-assemblies and major assemblies that can go directly into their
equipment, such as revolving frames, main frames, booms, arms, dozers, buckets,
and so on.
As a case in point, we're proud to have been entrusted with the
single share of business for all major fabrications that go into the making of
TATA Hitachi's top selling excavators, the EX-60. Over the last 5 years, we
have fabricated more than 10,000 components of this particular model
alone.</DIV< td>
Why Apex
Aristotle - Greek inventor of the Science of Logic -
recommends studying the theory of 'The 4 Becauses' before making your choice
Why Apex for your Machined fabrication ?
The 1st because deals with what is it made of ?
Subject uses only prime quality steel sheets and plates
procured from leading players in the industry - Tata Steel and SAIL.
The 2nd because deals with how is it made ?
Subject has state of art Material Processing facilities
including Indias largest laser cutting machine. And excellent Production
Engineering systems set up by a highly experienced and technically qualified
team of engineers.
The 3rd because deals with what is made ?
Based on our customer's drawings and design, Subject
manufactures dynamically stressed machined fabrications conforming to all the
specifications laid down by the customer.
The 4th because deals with why is it made thus ?
Subject follows the first three precepts so that the end
customer gets a world-class product which will withstand the ultimate test of
time.
Produts
v
Dozer
Blade
v
Loader Bucket
v Narrow
Bucket
v Back
Hoe Main
Frame
v Boom
v Arm
v Counter
Weight
v Heavy
Duty Bucket
v
Revolving Frame
v
Track Frame
CMT REPORT
(Corruption, Money Laundering & Terrorism)
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|