MIRA
INFORM REPORT
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Report Date : |
30.05.2007 |
IDENTIFICATION DETAILS
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Name : |
APOLLO SOYUZ ELECTRICALS PRIVATE LIMITED |
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Registered Office : |
EL- 74/75,MIDC, Electric Zone, Mahape, Navi Mumbia;400701, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.03.1997 |
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Com. Reg. No.: |
106456 |
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CIN No.: [Company
Identification No.] |
U31100MH1997PTC106456 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA24968G |
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PAN No.: [Permanent
Account No.] |
AAACA9778Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Transformer, Chokes, Reactors, Control Panel |
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 76208 |
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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 records. 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 conditons |
LOCATIONS
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Registered Office : |
EL- 74/75, MIDC, Electric Zone, Mahape, Navi Mumbia;400701, |
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Tel. No.: |
91-22-27619711 / 14 / 16 |
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Fax No.: |
91-22-279619507 |
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E MAIL: |
DIRECTORS
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Name : |
Mr. RamRatana M. Jalani |
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Designation : |
Director |
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Address : |
306, Ramgopal Ind. Estate, Dr. R.P.Road, Mulund (west), Mumbai:4000080 |
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Date of Birth/Age : |
58 Years |
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Name : |
Mr. Girdhar R. Jalani |
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Designation : |
Director |
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Address : |
306, Ramgopal Ind. Estate, Dr. R.P.Road, Mulund (west), Mumbai:4000080 |
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Date of Birth/Age : |
39 Years |
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Name : |
Mr. Devprakash R. Jalani |
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Designation : |
Director |
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Address : |
306, Ramgopal Ind. Estate, Dr. R.P.Road, Mulund (west), Mumbai:4000080 |
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Date of Birth/Age : |
35 Years |
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Name : |
Mr. Shridhar Prabhakar Patwardhan |
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Designation : |
Additional Director |
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Address : |
House No:3, ajinkya Vishnu Nagar, ambhaji Road, Naupada, Thane;400602,
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Date of Birth/Age : |
23.07.1940 |
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Date of Appointment : |
26.07.2006 |
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Name : |
Mr. Ghasiram Gulabdas Jalani |
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Designation : |
Director |
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Address : |
B-1306, |
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Date of Birth/Age : |
1309.1952 |
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Date of Appointment : |
26.07.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. RamRatana M. Jalani |
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1000 |
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Mr. Girdhar R. Jalani |
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1000 |
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Mr. Devprakash R. Jalani |
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10 |
Equity Share Breakup:
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Category |
Percentage |
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Director or relatives of Directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Transformer, Chokes, Reactors, Control Panel |
GENERAL INFORMATION
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No. of Employees : |
Around 100 |
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Bankers : |
UTI Bank Limited-
Branch Office at Dheeraj Baug, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Adukia and Associates Chartered Accountants |
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Address : |
1/3, Meridien Apartments, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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800000 |
Equity shares |
Rs.10/- each |
Rs.8.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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610000 |
Equity shares |
Rs.10/- each |
Rs.6.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
6.100 |
5.200 |
3.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.952 |
4.869 |
0.551 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
19.052 |
10.069 |
4.351 |
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LOAN FUNDS |
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1] Secured Loans |
67.154 |
55.332 |
18.677 |
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2] Unsecured Loans |
24.880 |
16.380 |
23.039 |
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TOTAL BORROWING |
92.034 |
71.712 |
41.716 |
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DEFERRED TAX LIABILITIES |
0.678 |
0.491 |
0.348 |
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TOTAL |
111.764 |
82.272 |
46.415 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.214 |
14.144 |
10.507 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
34.786
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32.186 |
19.806 |
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Sundry Debtors |
69.413
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50.800 |
19.789 |
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Cash & Bank Balances |
1.205
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0.863 |
1.200 |
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Other Current Assets |
0.000
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1.482 |
0.848 |
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Loans & Advances |
5.274
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1.268 |
0.615 |
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Total
Current Assets |
110.678
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86.599 |
42.258 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
17.880
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18.195 |
6.539 |
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Provisions |
0.795
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0.415 |
0.019 |
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Total
Current Liabilities |
18.675
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18.610 |
6.558 |
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Net Current Assets |
92.003
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67.989 |
35.700 |
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MISCELLANEOUS EXPENSES |
0.547 |
0.139 |
0.208 |
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TOTAL |
111.764 |
82.272 |
46.415 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
169.736 |
136.448 |
NA |
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Other Income |
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Total Income |
169.736 |
136.448 |
NA |
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Profit/(Loss) Before Tax |
5.679 |
1.274 |
NA |
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Provision for Taxation |
0.000 |
0.000 |
NA |
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Profit/(Loss) After Tax |
5.679 |
1.274 |
NA |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
164.056 |
135.173 |
NA |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
5.759 |
3.654 |
NA |
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Depreciation & Amortization |
2.368 |
1.391 |
NA |
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Total Expenditure |
172.183 |
140.218 |
NA |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
3.34 |
0.93 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
3.34 |
0.93 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.37 |
1.26 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.29 |
0.12 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.98
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1.84 |
1.50 |
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Current Ratio (Current Asset/Current Liability) |
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5.92
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4.65 |
6.44 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
APOLLO SOYUZ
ELECTRICALS PRIVATE LIMITED |
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Presented By |
Mr. Girdhar
Jalani Managing Director,
Apollo Soyuz Electrical Private Limited, and Mr. N. , Asst. Vice Presuident,
UTI Bank Limited , Thane(West) Branch |
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1) Date and description of instrument creating the change |
Memorandum of Entry- Deposits of documents of title for Equitable Mortgage
of Property dated |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 16.000
Millions on Invoice bill discounting and Rs. 2.230 Millions on Term Loan
Aggregating to Rs. 9.230 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 |
Immovable
property admeasuring about 1600 sq. mtrs.or thereabout situated lying and
being at plot No;EL 74-75 within the village limits of mahape, Taluka and Registration
Sub building and structures constructed/ to be constructed thereon and all
plant and machinery, attached to the earth or permanently fastened to any
thing attached to the earth. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Invoice Bill
Discounting Rs.16.000 Millions Tenure- One Year, Usage Period –Maximum 90
days Interest 9.5% p.a payable up front, margin 25% Term loan
Rs.2.230 Millions to be repaid in 4 half yearly installments of Rs.0.670
Millions interest 13.5%p.a with monthly rest. Penal interest 4% p.a for the
overdue period. Other terms and
conditions as per the sanction letter enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
UTI Bank Limited Dhiraj
Baug, LBS Marg, Near |
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6) Date and brief description of instrument modifying the charge |
Memorandum of
Entry (Extension of Equitable Mortgage) dated 30.08.2005 |
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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. |
The original
charge created on First
Modification dated 29.09.2004 registered on By way of the
first modification, the total of the facilities was increased to Rs.39.730
Millions Now modified vide
second modification dated 30.08.2005 by creating a charge on the personal
property of the director at Thane and more
Particularly described in the second schedule in additions to the
company’s property already been charged and as mentioned in that Schedule to
avail following additional credit facilities along with the earlier
facilities:
The entire amount
of the invoice bill discounting is restricted t bills relating to L and T
Siements and Emersons Network Power ( The aggregate of
the earlier facilities and th new one-= Rs. 55.230 Millions. Together gte
interest costs, charges and expenses and all the monies that may become
payable by the company. Other terms and conditions as mentioned in the
sanction letter and Memorandum of the sanction letter and Memorandum of
Entry. |
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Corporate
identity number of the company |
U31100MH1997PTC106456 |
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Name of the
company |
APOLLO SOYUZ
ELECTRICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
EL- 74/75, midc, Electric Zone, Mahape, Navi Mumbia;400701,
Maharashtra, , |
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This form is for |
Modification of
charge |
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Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
UTI Bank Limited-
Branch Office at Dheeraj Baug, |
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Nature of
instrument creating charge |
-- |
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Date of
instrument Creating the charge |
-- |
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Amount secured by
the charge |
Rs.18.230
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
-- |
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Description of the
property charged indicating whether it is a charged on |
Immovable
Properties, Plant and Machinery and Furniture and fixture and Others |
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Particulars of
the property charged |
Immovable property
in the form of the land together with building and structures constructed or
to be constructed thereon and all the plant and machinery as already
mentioned in the schedules to the agreement which are attached to the
agreement |
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Charge identification
number of the charge to be modified |
90155443 |
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.40.45 |
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1 |
Rs.80.30 |
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Euro |
1 |
Rs.54.37 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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 |
|
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 |
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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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