MIRA
INFORM REPORT
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Report Date : |
19.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
APOLLO COMPUTING LABORATORIES PRIVATE LIMITED |
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Registered Office : |
12-13-197/403 – 405, Pavani Anasuya Tower,
Tarnaka, Hyderabad – 500 017, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
13.10.1995 |
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Com. Reg. No.: |
01-022007 |
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CIN No.: [Company
Identification No.] |
U72200AP1995PTC022007 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA01774D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Hardware and Software Development |
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 190000 |
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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. Trade relations are fair.
Business is active. Payments
are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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LOCATIONS
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Registered Office : |
12-13-197/403 – 405, Pavani Anasuya Tower,
Tarnaka, Hyderabad – 500 017, India. |
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Tel. No.: |
91-40- 27018179, 27003180, |
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Fax No.: |
91-40-27017523 |
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E-Mail : |
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Website : |
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Branch : |
No.14, Tamare Kannan
Road, Ulsoor, Bangalore – 560 008. India |
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Tel. No.: |
91-80-25366129, 25364792 |
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Fax No.: |
91-80-25511145 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Baddam Padma Reddy |
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Designation : |
Director |
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Address : |
1 – 19, Pagidipalli Village, Bhuvanagiri Mandal, Nalgonda District
Pagidipalli Village, Andhra Pradesh 508127, India |
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Name : |
Mr. Jaipal Reddy Baddam |
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Designation : |
Director |
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Address : |
12.13-274, Lane No. 8, Street No. 2, Tarnka, Secunderabad 500017,
Andhra Pradesh, India |
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Date of Birth/Age : |
02.01.1960 |
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Date of Appointment : |
10.07.1996 |
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Name : |
Mr. Mahipal Reddy Baddam |
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Designation : |
Director |
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Address : |
12-13-328, Flat No. 302, Sai Sadan Apartments, Tarnaka, Secunderabad
500017, Andhra Pradesh, India |
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Date of Birth/Age : |
06.06.1965 |
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Date of Appointment : |
13.10.1995 |
KEY EXECUTIVES
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Name : |
SGS Company Secretaries |
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Designation : |
Company Secretary |
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Address : |
308, Krishna Plaza, 3rd floor, H. No. 6-2-953, Khairatabad,
Hyderabad 500004, Andhra Pradesh, India |
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Tel. No. : |
91-40-23324477 |
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Fax No. : |
91-9848199770 |
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E-mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Baddam Jaipal Reddy |
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1199840 |
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Baddam Mahipal Reddy |
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299960 |
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B. Lalithamma |
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200 |
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Total |
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1500000 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Hardware and Software Development |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Ø
State Bank
of India Nacharam
Industrial Area Branch, Nacharam, Hyderabad 500076, Andhra Pradesh, India |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
V. S. Reddy Associates Chartered Accountants |
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Address : |
305, Srinilaya Estate, 3rd Floor, Ameerpet, Hyderabad
500073, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1510000 |
Equity Shares |
Rs. 10/- each |
Rs. 15.100 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs. 10/-
each |
Rs. 15.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.000 |
15.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
34.664 |
25.980 |
18.407 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
49.664 |
40.980 |
33.407 |
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LOAN FUNDS |
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1] Secured Loans |
15.826 |
3.421 |
1.466 |
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2] Unsecured Loans |
0.000 |
0.000 |
3.559 |
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TOTAL BORROWING |
15.826 |
3.421 |
5.025 |
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DEFERRED TAX LIABILITIES |
0.274 |
0.278 |
0.000 |
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TOTAL |
65.764 |
44.679 |
38.432 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.030 |
9.888 |
8.289 |
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Capital work-in-progress |
0.000
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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 |
[0.341] |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.824
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16.014 |
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Sundry Debtors |
42.149
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9.575 |
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Cash & Bank Balances |
0.968
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0.208 |
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Other Current Assets |
0.000
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0.000 |
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Loans & Advances |
17.542
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19.623 |
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Total
Current Assets |
66.483
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45.420 |
45.547 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.621
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Provisions |
5.128
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4.470 |
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Total
Current Liabilities |
11.749
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10.629 |
15.063 |
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Net Current Assets |
54.734
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34.791 |
30.484 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.764 |
44.679 |
38.432 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
71.880 |
52.481 |
40.489 |
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Other Income |
0.536 |
0.369 |
0.341 |
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Total Income |
72.416 |
52.850 |
40.830 |
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Profit/(Loss) Before Tax |
14.092 |
13.130 |
6.898 |
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Provision for Taxation |
5.408 |
5.558 |
2.273 |
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Profit/(Loss) After Tax |
8.684 |
7.572 |
4.625 |
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Earnings in Foreign Currency : |
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Export Earnings |
16.572 |
NA |
NA |
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Expenditures : |
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Manufacturing Expenses |
10.635 |
8.656 |
9.355 |
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Personal Expenses |
8.513 |
8.705 |
0.000 |
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Raw Material Consumed |
29.474 |
12.233 |
23.875 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
7.239 |
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Interest |
1.274 |
0.281 |
0.640 |
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Depreciation & Amortization |
1.715 |
1.368 |
1.204 |
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Increased/Decrease in Stock |
6.713 |
8.477 |
[8.381] |
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Total Expenditure |
58.324 |
39.720 |
33.932 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
11.99
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14.32 |
11.32 |
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Net Profit Margin (PBT/Sales) |
(%) |
19.60
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25.01 |
17.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.18
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23.73 |
12.81 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.32 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.55
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0.34 |
0.60 |
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Current Ratio (Current Asset/Current Liability) |
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5.65
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4.27 |
3.02 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Modification of charge |
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Charge
identification number of the charge to be modified |
90119006 |
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Corporate
identity number of the company |
U72200AP1995PTC022007 |
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Name of the
company |
APOLLO COMPUTING
LABORATORIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
12-13-197/403 – 405, Pavani Anasuya Tower,
Tarnaka, Hyderabad – 500 017, India. |
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Type of charge |
Ø
Book Debts Ø
Movable Property Ø
Floating
Charge Ø
Immovable
Property |
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Particular of
charge holder |
State Bank of
India Nacharam
Industrial Area Branch, Nacharam, Hyderabad 500076, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
29.01.2007 |
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Amount secured by
the charge |
Rs. 52.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
interest 13.00% p.a. [b] Terms of
repayment Repayable on
demand [c] Margin Cash Credit [hypothecation]
and SME Credit plus 25% Letter of Credit
and bank guarantee – 20% [d] Extent and
operation of the charge
All the above
charges are created to cover the credit facilities of Rs. 52.000 Millions |
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Short particulars
of the property charged |
Ø
Stocks and
receivables of the company are hypothecated Ø
Equitable
mortgage of flat nos. G-5, 305, 403, 404 and 405, Pavani Anasuya Towers,
Tarnaka, Hyderabad Ø
Equitable
mortgage of acres 46.15 guntas of agro land at Gudur Village, Bibi Nagar,
Nalgonda All the above
charges are created to cover the credit facilities of Rs. 52.000 Millions |
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Date of latest
modification prior to the present modification |
07.11.2006 |
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Particulars of
the present modification |
Limits enhanced
as follows [ Rs. In Millions]
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Name of the company |
APOLLO COMPUTING
LABORATORIES PRIVATE LIMITED |
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Presented By |
B. Jaipal Reddy |
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1) Date and description of instrument creating the change |
05.08.2000 General Agreement for grant of small industrial advances and
hypothecation of the movables, book debts and other assets, ancillary one for
hypothecation of stocks and book debts.
Ancillary 6 LC’s and BG’s Agreement with power of attorney clause. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Amount
in Millions CC
Hypothecation
5.000 LC’s
5.000 BG 10.000
----------------- Total 20.000
----------------- |
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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 |
Hypothecation of
all movable book debts and other assets whether present, future restrictions
against creation of any further charge thereon for all indebtedness
and liabilities of the borrower to the Bank present and future
agreement to mortgage in favour of Bank Company properties at G5, 305, 403,
404 and 405 at Pavani Anasuya Tower, Tarnaka, Hyderabad |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Interest rate
1.75% above SBAR 13.00% Margin 25% |
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5) Name and Address and description of the person entitled to the
charge. |
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6) Date and brief description
of instrument modifying the charge |
NA |
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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 limits has
been enhanced as follows: Rs. In
Millions
Ø The Plant and machinery installed at 12-13-197/403 – 405,
Pavani Anasuya Tower, Tarnaka, Hyderabad – 500 017, India and No. 14, first
floor, Tamare Kannan Road, Bangalore interest rate 1.50% above SBAR 12.00% Ø The existing
charge already created on the assets of the company was extended to cover the
enhancement limit. Ø All the
remaining terms and conditions are same. |
Fixed Assets
Ø
Land
Ø
Computers
Ø
Vehicles
Ø
Furniture and Fixtures
Ø
Office Equipment
Ø
Generator
Ø
Plant and Machinery
Ø
Air Conditioner
Contingent Liabilities not provided for
Ø Guarantees given by Bank : Rs. 15.100 Millions
AS PER WEBSITE DETAILS:
PROFILE
Subject
established in 1992 at Hyderabad
has been involved in the Manufacturing of Electronic Systems in the domain of
embedded computing for the National Programmes of AGNI-II, LCA, Torpedoes,
Space & Remote Sensing. The Projects have been successfully completed,
qualified for Military standards and are functioning in the systems. These
efforts have resulted in evolving a core competence in the embedded computing
domain with the emphasis on engineering & quality assurance for meeting
Military standards. Parallelly, specialised products have been designed &
developed by ACL in these areas and are being widely used in the Defence & Aerospace sectors.
ACL has a Team of Experienced Scientists in the design, development,
management & quality assurance of the Defence & Aerospace Projects,
supported by Engineers with domain specific experience. The Design &
Development Activity focuses on Embedded
Computing, Test Systems and Digital Communication. The emphasis &
the goal of ACL is to participate & contribute in the National Projects of
Defence & Aerospace and in the related indigenisation Programmes by
ploughing back the rich experience gained earlier in these domains.
Their Approach:
Ø
To design products that take advantage of latest state-of-the-art
technologies.
Ø
To provide high quality, high-performance & innovative products
(both Hardware and software).
Ø
To provide incrementally expandable, scalable, modular, and up gradable
computing solutions.
Ø
To provide cost-effective solutions for turnkey projects using open
systems.
Ø
To under take quantity production.
Ø
To provide training in the emerging technologies
Ø
To play a role in the indigenisation programs of
Defence & Aerospace.
With proven expertise and experience, they
help to solve the problems more quickly.
They encourage their people to strive for nothing short of excellence
and thus they will come up with a solution to the need that optimizes the
cost/performance requirements.
Subject has a Team of Experienced Scientists in the
design, development, management & quality assurance of the Defence &
Aerospace Projects, supported by Engineers with domain specific experience. The
Design & Development Activity focuses on Embedded Computing, Test Systems and Digital Communication.
The emphasis & the goal of ACL is to participate & contribute in the
National Projects of Defence & Aerospace and in the related indigenisation
Programmes by ploughing back the rich experience gained earlier in these
domains.
Objectives
Ø
Design products that take advantage of
State of the Art Technology
Ø
Develop innovative, high quality, high
performance Products
Ø
Provide modular, scalable, expandable,
and upgradeable solutions
Ø
Provide cost effective solutions for turnkey
projects
Ø
Provide training in the emerging
technologies
Ø
Undertake Quantity production
Ø
Play a role in the indigenisation
programs of Defence & Aerospace
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. 39.66 |
|
UK Pound |
1 |
Rs. 77.79 |
|
Euro |
1 |
Rs. 58.22 |
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 |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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. |
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 |
|