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MIRA
INFORM REPORT
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Report Date : |
14.05.2007 |
IDENTIFICATION DETAILS
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Name : |
APOLO INDUSTRIAL CORPORATION ( |
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Registered Office : |
10365, Gali Pathshala Wall, Manak Puran Karol Bagh, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1969 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Supplier and Exporter of Auto Electrical parts Products as
O.E. Ms and Ancillary Units |
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 4400 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
10365, Gali Pathshala Wall, Manak Puran Karol Bagh, |
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Tel. No.: |
91-11-2361694 / 23536337 / 27254046 ® |
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Fax No.: |
91-11-23616946 / 23556337 / 23616949 |
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E-Mail : |
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Website : |
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Area : |
90 Sq. mtrs. (2 Floors) |
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Location : |
Owned |
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Factory : |
L – 108, Sector – 5, Bhwana industrial Area, (Production likely to the start with in 2 – 3 months.) |
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Area : |
90 Sq. mtrs. (3 Floors) |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. B K Aggarwal |
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Designation : |
Proprietor |
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Date of Birth/Age : |
60 years |
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Qualification : |
Graduate |
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Experience : |
35 years |
KEY EXECUTIVES
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Name : |
Mr. Rahul Aggarwal |
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Designation : |
Key Executive |
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Address : |
109 (GF) Block – b-6, Ashok Vihar, |
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Tel. No.: |
91-11-27254046 |
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Mobile No.: |
91-9810070782 |
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Date of Birth/Age : |
26 years |
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Qualification : |
Graduate |
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Experience : |
5 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Supplier and Exporter of Auto Electrical parts Products
as O.E. Ms and Ancillary Units |
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Products : |
Automotive Light Holders
Other Automotive Electrical Parts
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Exports to : |
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Terms : |
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Selling : |
Cash or Credit (30 days) |
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Purchasing : |
Cash or Credit (30 days) |
PRODUCTION STATUS
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Installed Capacity, Actual Production |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
50 |
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Bankers : |
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Facilities : |
Overdraft Facility of Rs. 0.300 million from Inderprastha Co-operative
Bank Limited, Model Basti, |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.100 millions |
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Borrowed : |
- |
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Total : |
Rs. 1.100 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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11.000 |
10.000 |
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Profit for the year |
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13% |
NA |
Expected Sales (2007-08) : Rs. 15.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website details Attached:
Incepted in 1969, Subject is a manufacturer, supplier and
exporter of various auto electrical parts, meter assemblies and plug adapters.
The company manufactures and exports excellent quality of holders, door
switches, lights, adaptors, fuse boxes, switches and wiring harness. It has
more than three decades of valuable experience in the manufacture and export of
auto electrical parts and has earned an enviable reputation in both the
domestic and international markets.
Concern is a professionally managed company that is highly
customer focused and dedicated to supplying quality products & services at
reasonable & competitive prices. Concern supplies its range of products to
O.E.M's and auto ancillary units while it being a brand name also supplies its
products in the name of its buyers.
Infrastructure
They have a state-of-the art production unit
that is well equipped with latest technology and sophisticated machines. Their
workforce comprises of 2 highly efficient and skilled engineers along with
professionals, experts and personnel. Their professionals contribute
comprehensive knowledge to meet their clients’ specifications and maximize
their satisfaction. Based on market research and feedback from clients, their
R&D department works to engineer products that are innovative and unique.
They also conduct regular training programs for constant technology
upgradation. The separate tool room facilities are arranged for every single
unit viz., improvement in production and quality. All the associated units are full
fledged with individual tool rooms to support the tools and tooling facility.
Apart from these a centralized tool room facility, drawing and design section
is utilized by the research and development section for its analytical and
research purposes.
Quality
At subject, quality is part of mindset of
every team member and that helps the company to achieve prestigious position in
the global markets. Since Quality is the key to a customer satisfaction, they
at their state-of-the-art development factory subject the finished goods to
various rounds of rigorous routine checkup in order to be at par with the
international standards.
Their customer satisfaction rate ensures that the products of their company are
technically and professionally complete, delivered on schedule and serviced in
a manner that meets or exceeds expectations of the customers. To this end, the
company has identified its quality objectives very clearly.
Advantage
Because their team is fully qualified and
efficient, they have stripped out many of those costly overheads; their more
traditional competitors have to bear. These are passed directly onto their
customers in the form of greatly reduced service prices. Their profit mainly
comes from their satisfactory service based the long term and strategic
partnership with their customers.
Clients
Over the last three decades, they have
established a huge clientele base. They have an export turnover of about 2
crores with 50% produce being exported. They have successfully occupied a
leading position among the top notch companies of the world. They export their
wide range of products at both domestic and international level with the Middle-East
being one of their main areas of operations.
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Automotive
Electrical Products
They supply a wide range of products to
OEM's and auto ancillary units and their components includes a range of sturdy,
and durable products encompassing a wide range of goods includes Tail Light
Holders, Automotive Head Light Holders, Fuse Boxes, Door Switches, Meter
Assemblies, etc.
Automotive
Headlight Holders
They manufacture and export a wide range of premium quality Auto Parts such as
headlight holders. These are made of high quality sheet metal and other durable
components
Tail Light Holders
Their automotive tail light holders have lights which have been fixed strongly
inside these holders to easily guide one through the dark passages as well as
provide a safe and smooth driving. Our tail light holders are highly durable
and have a special sensing device which alerts the vehicle at your back to
maintain a considerable distance as well as it provides reminders to vehicles
behind about one's move.
Meter and Dash
Board Holders
Manufactured from heavy duty composite material, our meter and dash board
holders absorb shock and prevent the automobile. These meter and dash board
holders are completely safe and firmly hold the part to which they have been
attached. Easy to fit in these dash boards enables the driver to drive the
automobile smoothly as steering is attached to it.
Two Wheelers
Headlight Holders
Manufactured from sheet, brass, terminal and strips, our head light holders are
strong and durable. They emit good light by holding the bulb in its place. Easy
to fit on bikes, scooters and scooties these head light holders provide the
perfect solution for everyday automobile light problems. It can easily
withstand the everyday wear and tear and provides a long lasting performance.
Electrical
Switches
They manufacture and export precision and sturdy range of electrical switches.
Developed from high quality techniques, their auto parts are innovative,
versatile and performance driven. Available in various sizes they can be fitted
into heavy automobiles. Manufactured with perfection and precision their auto
parts include:
- Suspension
Parts
- Transmission
Parts
- Chassis Parts
- Hand
accelerator
Door Switches
Their range of door switches have been tested and tried under harsh conditions
such as:
- Rough Weather
- Rough Roads
- Heat
- Water
Carrying tons of loads each day, the
commercial vehicles are the lifeline of any city and they provide maintenance
free spare parts to ensure their running.
Dashboard and Roof
Lights
Over the years, their dashboard and roof lights have earned repute for their
customized designs and exceptional durability. These are known for their high
quality and reliable service, flexibility and strength.
Meter Assemblies
They manufacture meter assemblies in accordance with the international standards.
Their meter assemblies can easily be fitted on three wheelers which are used
for hiring purposes. Durable and highly efficient, these meter assemblies
provide a long lasting performance along with quick services. They also
manufacture meter assemblies according to customers’ specifications and
requirements.
Fuse Boxes
Their team of skilled technicians develops heavy-duty fuse boxes to use with
different types of fuses. These fuses come with automotive primary wire. Their
fuse boxes provide easy control for car circuits. These can be custom designed
as per client's specifications
Plug Adapters
Portable, compact and light in weight, their plug adapters are ideal for
automobiles. It ensures a direct and continuous flow of current, thus charging
the vehicle even when one is on road and keeps it running smoothly. Easy to
charge and hassle free their plug adapters are completely safe.
Other Automotive
Parts
Efficiency and durability are their major aims, based on them; they manufacture
automotive parts form high quality materials which can easily withstand wear
& tear as well as high temperatures. Their automotive parts include: swivel
coupler, right angle coupler, tension brace, push pull bracket, stampings,
wheel hub, etc. They also very well outperform on rough roads. Shock absorbing
they are easily available in different sizes. Their automobile parts fit well
inside the automobiles and vehicles.
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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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.87 |
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1 |
Rs. 80.99 |
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Euro |
1 |
Rs. 55.39 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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