MIRA
INFORM REPORT
|
Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
APPLE
INTERNATIONAL ENGINEERING WORKS PRIVATE LIMITED |
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|
|
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Registered Office : |
Survey
No. 62, (Part) Plot No. 23, Near Burnashell Petrol Pump, Valiv Village, Vasai
(E), Thane-401208, Maharashtra, India |
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Country : |
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Financials (as on) : |
31-03.3005 |
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Date of Incorporation : |
04.04.2000 |
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Com. Reg. No.: |
125610 |
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CIN No.: [Company
Identification No.] |
U28113MH2000PTC125610
|
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|
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA12321B
/ MUMA18883E / MUMA19130G |
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PAN No.: [Permanent
Account No.] |
AADFA1278P |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer
Of Brass Copper, Aluminium, Zinc, Bronze, Galvanised Metals, Steel Etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
948356 |
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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 company having satisfactory track. Registry records are
misplaced in transit due to merger of the company with the subject. No
subsequent financials could be available. The company
is doing well. Its trade relations are fair. Payments are correct and as per
commitments. The
company can considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ factory : |
Survay No. 62 (Part), Plot No.
23, Near Burmashell Petrol Pump, |
|
Tel. No.: |
91-250-2481645 |
|
Mobile
No. : |
91
9326006337 (Mr Vivek Desai) |
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Fax No.: |
91-250-2481644 |
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E-Mail : |
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Website : |
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Sales
Office : : |
'A'Wing, 2nd Floor, |
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Tel.
No.: |
91-22-2432
3000 |
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Fax
No.: |
91-22-2430
3131 |
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Mobile
No. : |
91
9322905474 |
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E-Mail
: |
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|
|
|
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Factory
1 : |
B - 19, Shankar Tekri, Udyognagar, |
|
Tel.
No.: |
91-288-3096432/560753 |
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Mobile
No. : |
91
9375376288 (Mr. Suvidh.Mehta) |
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E-Mail
: |
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Factory
2 : |
A2/12, |
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Tel.
No.: |
91-260-3098089 |
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E-Mail
: |
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Branches
: |
Steinweg 1b, A-4050 Traun |
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Tel.
No.: |
91-43-7229-72580 |
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Fax
No.: |
91-43-7229-72580 |
DIRECTORS
|
Name : |
Mr.
Rajesh Sanghvi |
|
Designation : |
Chairman
|
|
Address : |
89,
Sanghvi Sadan, Shivaji park, |
|
Date of Appointment : |
04.04.2000 |
|
|
|
|
Name : |
Mr.
Divesh Sanghvi |
|
Designation : |
Director
|
|
Address : |
A
Wing, 2nd Floor, Mhatre Pen Building, Senapati Bapat Marg, Dadar
(W), Mumbai- 4000028 |
|
Tel No. : |
91-22-24323000 |
|
Fax No. : |
91-22-24303131 |
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Date of Appointment : |
04.04.2000 |
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|
|
|
Name : |
Mr.
Kiran Patel |
|
Designation : |
Director
|
|
Address : |
7/335,
Sion Jai Ambe Co- Op.Society, Sardar Nagar No. 1, Sion – Koliwada, Mumbai –
400 044 |
|
Date of Appointment : |
04.04.2000 |
|
|
|
|
Name : |
Smita
Sanghvi |
|
Designation : |
Director
|
|
Date of Appointment : |
04.04.2000 |
MAJOR
SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names
of Shareholders |
No. of Shares |
|
Mr
Rajesh M. Sanghvi |
76,16,854 |
|
Mr Rajesh
M. Sanghvi Karta Of Rajesh M. Sanghvi |
8,15,811 |
|
Mrs.
Smita R Sanghvi |
2,715 |
|
Mranjuta
M Sanghvi |
2,715 |
|
Mr
Rajesh M. Sanghvi Karta Of Manhar Sanghvi |
5,06,430 |
|
Mr
Rushab A. Doshi |
2,715 |
|
Mrs.
Radhika Vinod Shah |
2,715 |
|
Mr. Rajesh
M. Sanghvi As Father And Natural Gauardian Of Neil Sanghvi |
2,616 |
|
Mr.
Rajesh M Sanghvi As Father And Natural Guardian Of Ashna Sanghvi |
2,615 |
|
Mr.
Divvesh M. Sanghvi |
1,196 |
|
Mr.
Nilesh Hemani As Father And Natural Guardian Of Dhruti Hemani |
2,616 |
|
Mr
Nilliesh Hemani As Father And Natural Guardian Of Priyal Hemani |
2,616 |
|
Mr
Devang D. Doshi |
150 |
|
Mr
Manish H. Desai |
150 |
|
Mr
Mehul J. Doshi |
150 |
|
Mr.
Atul L. Oza |
150 |
|
Mr. Devyesh
Sanghvi As Fatheer And Natural Guardian Of Srushit Sanghvi |
2,615 |
|
Mr.
Devyesh Sanghvi As Fatheer And Natural Guardian Of Nisarg Sanghvi |
2,615 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Electrical Products, Hardware and Sanitary Fittings, Aluminium Profile and
Components |
|
|
|
|
Products : |
Electrical
Products, Hardware and Sanitary Fittings |
|
|
|
|
Brand Name: |
‘APPLE’ |
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Exports to : |
Middle
East, South East Asia, |
GENERAL INFORMATION
|
|
|
|
Auditors : |
Rajiv
Sheth and Associates Chartered
Accountants |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 120.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
8967444 |
Equity
Shares |
Rs. 10/- each |
Rs. 89.674 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
89.674 |
89.674 |
|
|
2] Share Application Money |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
147.415 |
121.785 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
|
|
NETWORTH |
237.089 |
211.459 |
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
83.278 |
57.670 |
|
|
2] Unsecured Loans |
0.330 |
19.863 |
|
|
TOTAL BORROWING |
83.608 |
77.533 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
|
|
|
|
|
|
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TOTAL |
320.698 |
288.993 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
84.882 |
87.861 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
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|
|
|
|
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INVESTMENT |
80.458 |
80.458 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
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|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
37.816 |
33.219 |
|
|
Sundry Debtors |
46.745 |
36.076 |
|
|
Cash & Bank Balances |
0.236 |
50.104 |
|
|
Other Current Assets |
84.556 |
12.730 |
|
|
Loans & Advances |
21.704 |
14.451 |
|
Total Current Assets |
191.057
|
146.58 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities |
35.976 |
26.467 |
|
|
Provisions |
0.000 |
0.000 |
|
Total Current Liabilities |
35.976 |
26.467 |
|
|
Net Current Assets |
155.081
|
120.113 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.277 |
0.56054.947 |
|
|
|
|
|
|
|
TOTAL |
320.698 |
288.993 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
Sales
Turnover |
260.187 |
179.856 |
230.000 |
|
|
Other Income |
16.265 |
35.022 |
|
|
|
Total
Income |
276.452 |
214.878 |
|
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
31.467 |
25.582 |
|
|
|
Provision for Taxation |
10.200 |
5.036 |
|
|
|
Profit/(Loss) After Tax |
21.267 |
20.546 |
|
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
142.545 |
90.373 |
|
|
|
Purchases made for re-sale |
5.947 |
22.324 |
|
|
|
Salaries, Wages, Bonus, etc. |
4.643 |
5.078 |
|
|
|
Managerial Remuneration |
0.000 |
0.120 |
|
|
|
Payment to Auditors |
0.238 |
0.106 |
|
|
|
Interest |
1.674 |
2.452 |
|
|
|
Insurance Expenses |
0.562 |
0.336 |
|
|
|
Power & Fuel |
0.000 |
0.000 |
|
|
|
Other Expenditure |
89.376 |
68.506 |
|
|
Total
Expenditure |
244.985 |
189.296 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
PAT /
Total Income |
(%) |
7.69
|
9.56 |
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.09
|
14.22 |
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.40
|
10.91 |
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.12 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
0.49 |
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.31
|
1.22 |
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2003 (Estimated) |
31.03.2002 (Estimated) |
|
Sales Turnover [including other
income] |
230.000 |
200.000 |
|
|
|
|
KEY
RATIOS
|
PARTICULARS |
31.03.2003 |
31.03.2002 |
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
0.23
|
0.30 |
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
7.68
|
7.08 |
LOCAL AGENCY FURTHER INFORMATION
Old
Register Office : 303, Vandana Apartments, Malvani, Malad (W), Mumbai - 400095,
As per
website
The company manufacturing plant,
one of the largest of its kind in
The range of products has over the past years become synonymous with Brass and
Copper Electrical Accessories in the International markets of the Middle East,
South East Asia, Australia,
They sell some of the Products under the
Brand name of "APPLE". They hope you will join those who have
discovered APPLE's outstanding record and its commitment to the value of
Quality and Professional Service. The Watchword for us is APPLELITE.
- Brass Cable Glands of Various types
with related accessories.
- Tinned Copper Cable Terminal Ends,
Cable Lugs, Cable Shoes, Inline Connectors and Links.
- Brass Electrical Components /
Fittings
- Earthing Rods / Plates &
Accessories.
- Brass Conduit Fittings like Bushes and
Adaptors.
- Crimping Tools
- Switch Socket Boxes.
- Split Bolt Connectors / Line
Tapes.
- Earthing Clamps.
- Metal Components.
- Screw Sleeves / Connectors.
- Plumbing & Sanitary Fittings.
- Brass Builders Hardwares &
Furniture Fittings.
- Special Products.
- Components to your Drawing &
Specification.
Business
They are
at Apple strive to render quality products to the customers for which they regularly update
ourselves in the area of quality control, production techniques, latest
technologies, and venture products etc.
They are targeting Joint Venture's as a route for Apple's future growth in a
major way. The general direction
for Joint Venture's is as follows :
- Tie-up for Technology
- Marketing tie-up for the host country
& foreign markets.
- Financing arrangements through
intermediation and rating upgradation using third party sources.
They are also very keen on establishing a life time relationship with overseas
companies by collaborations for transfer of technologies, setting up of
manufacturing plants etc.
They also welcome any enquiries regarding Distributorship, Sole Selling Agents
for selling the products in any
particular Country. Intrested parties feel free to contact us.
Products
Brass Cable
Glands of Various Types with related
Accessories
Cable Lugs, Terminal Ends,
Shoes, Inline Connectors and Links
Brass Electrical
Components / Fittings
Earthing Rods
/ Plates & Accessories
Brass Conduit
Fittings like Bushes, Adaptors
Split Bolt Connectors /
Line Taps
Cable
Management System, Stamping, Turning, Metal Enclosures Brass Cable Gland,
Terminal Ends, Lugs Connectors Copper Earthing Rods, Lightning Protection
System, Steel Screws, Brass Plumbing Sanitary Bathroom Fittings Glands, Hose,
Electrical components Fittings Accessories, Brass fittings, Conduit Fittings,
brass components, Adaptors, Brass Screws, Hardware, Fasteners
Brass Cable Glands of Various Types
with related Accessories
Earthing Rods
/ Plates & Accessories
Swaged Earth
Rods (250 Microns)
Copper Bonded Earth Plates / Latice
Copper
Tape Clip /
Saddles, Square Clamps
Brass Conduit
Fittings like Bushes, Adaptors
Split Bolt Connectors / Line Taps
Brass
Electrical Components / Fittings
Quality Policy
Apple International shall strive to delight
the customer by continuously improving the quality of its products and services
through
1. Development and involvement of employees and vendors
2. Continuous upgradation of Technology, Process and Systems.
The company offer brass fitting components like Brass cable glands, cable glands kits, cable glands accessories, cable coppers lugs, copper cable lugs terminals, brass earth roads earthling clamps, earthing rods and equipments, fasteners, neural link bars, battery terminals, plumbing and sanitary fittings, cable connectors, cable links, metal components, electrical fittings turned parts and accessories.
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 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. 45.97 |
|
|
1 |
Rs. 80.51 |
|
Euro |
1 |
Rs. 58.58 |
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 |
|
--PROFITABILIRY |
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 |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry
similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/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 |