MIRA
INFORM REPORT
|
Report Date : |
26.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
APT CONTROLS AND APPLIANCES PRIVATE LIMITED |
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Registered Office : |
4, Sagar, Swapna Nagari, Near Model Town, Behind Veena Nagar, Mulund
West, Mumbai – 400080, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
14.11.1991 |
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Com. Reg. No.: |
11-63990 |
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CIN No.: [Company
Identification No.] |
U29190MH1991PTC063990 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA22220C / MUMA20298F |
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IEC |
0303016728 |
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PAN No.: [Permanent
Account No.] |
AAACA5384Q |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, supplier and
exporter of temperature controller equipment. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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. |
Small |
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Maximum Credit Limit : |
USD 2000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having moderate track. Trade
relations are fair. Payments are slow but correct. The company can be considered for small business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Sujesh Yatheendradas |
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Designation : |
Marketing Executive |
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Contact No.: |
91-9967036170 |
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Date : |
22.09.2008 |
LOCATIONS
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Registered Office : |
4, Sagar, Swapna Nagari, Near Model Town, Behind Veena Nagar, Mulund
West, Mumbai – 400080, Maharashtra, India |
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Tel. No.: |
91-22-25673478 / 25673592 |
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Fax No.: |
91-22-25641626 |
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E-Mail : |
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Website : |
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Area : |
300 sq. ft. [Leased] |
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Factory : |
Gala No. 120 & 121,"I" Building, Udyog Vihar
Industries Estate, Vithalwadi (W), Ulasnagar, Thane - 421
003, Maharashtra, India |
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Tel. No.: |
91-251-2557986 / 2551753 |
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Mobile No. : |
91-9821643112 / 9967036170 |
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Fax No.: |
91-251-2557986 / 2551753
/ 2556340 |
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E-Mail : |
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Area : |
Above 3000 sq. ft. [Owned] |
DIRECTORS
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Name : |
Mr. Yateendradas Damodaran Kunnath |
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Designation : |
Director |
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Address : |
B5/701, Mohan Regency Adharwadi Near, Shree Complex, Kalyan [West],
Thane – 421301, Maharashtra, , India |
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Date of Birth/Age : |
01.10.1947 |
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Qualification : |
Engineer |
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Date of Appointment : |
14.11.1991 |
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Name : |
Mr. Gunasekaran Kkarsu Thirunayu |
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Designation : |
Director |
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Address : |
A / 202, Sagar Swapna Nagari, Behind Veena Nagar, Mulund [West],
Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
20.07.1950 |
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Qualification : |
Advocate |
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Date of Appointment : |
14.11.1991 |
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Name : |
Mr. Venugopalan Govindan Kandom-Kumarthy |
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Designation : |
Director |
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Address : |
Flat No. 19, Mangal Ashish, Opposite Rameshwar Darshan, Badlapur [East],
Thane – 421503, Maharashtra, India |
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Date of Birth/Age : |
10.05.1951 |
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Qualification : |
Engineer |
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Date of Appointment : |
14.11.1991 |
KEY EXECUTIVES
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Name : |
Mr. Sujesh Yatheendradas |
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Designation : |
Head Business Development |
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Mobile No. : |
91-9967036170 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 29.09.2005
|
Names of Shareholders |
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No. of Shares |
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Yateendradas Damodaran Kunnath |
|
6050 |
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Savitri Yatheendradas |
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1000 |
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Venugopalan Govindan Kandom-Kumarthy |
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1000 |
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Radhadevi Venugopalan |
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50 |
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Pravinchandra Chandulal Parikh |
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200 |
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Rita Pravinchandra Parikh |
|
50 |
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Gunasekaran Kkarsu Thirunayu |
|
350 |
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Kantimati Gunasekaran |
|
100 |
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Premlal P. Erat |
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200 |
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Vijayan Krishnan Thekkootukrayla |
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750 |
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Vijayan Sarojadevi |
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250 |
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Total |
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10000 |
AS ON 29.09.2007
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, supplier and
exporter of temperature controller equipment. |
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Products : |
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Exports : |
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Products : |
Thermostats |
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Countries : |
Middle East Countries |
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Imports : |
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Countries : |
Taiwan and Japan [Expected in this year] |
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Terms : |
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Selling : |
Credit [60 days] |
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Purchasing : |
L/C and Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
OEM’s - ABB Limited - Schneider Electric India
Limited - Siemens Limited |
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No. of Employees : |
18 |
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Bankers : |
Corporation Bank 1st
Floor, Gurugovend House, Opposite Purnima Theatre, Murbad Road, Kalyan –
421301, Thane Saraswat
Co-operative Bank Limited, Eknath Apartments, M. G. Road, Mulund Road, Mumbai |
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Facilities : |
C/C Rs. 2.000 Millions from Corporation Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. G. Naik and Company Chartered Accountants |
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Address : |
Ground Floor, B Wing, Raj Darshan, Opposite Plant Form No. 1, Thane –
West, Thane – 400602, Maharashtra, India |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.300 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.225 |
0.288 |
0.279 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.325 |
0.388 |
0.379 |
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LOAN FUNDS |
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1] Secured Loans |
1.077 |
1.316 |
0.685 |
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2] Unsecured Loans |
0.539 |
0.626 |
0.720 |
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TOTAL BORROWING |
1.616 |
1.942 |
1.405 |
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DEFERRED TAX LIABILITIES |
0.019 |
0.037 |
0.043 |
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TOTAL |
1.960 |
2.367 |
1.827 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.741 |
0.721 |
0.363 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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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 |
0.000
|
0.000 |
0.830 |
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Sundry Debtors |
1.772
|
2.786 |
1.713 |
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Cash & Bank Balances |
0.009
|
0.039 |
0.070 |
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Other Current Assets |
0.995
|
0.551 |
0.018 |
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Loans & Advances |
0.061
|
0.157 |
0.088 |
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Total
Current Assets |
2.837
|
3.533 |
2.719 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.628
|
1.637 |
1.024 |
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Provisions |
0.000
|
0.260 |
0.241 |
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Total
Current Liabilities |
1.628
|
1.897 |
1.265 |
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Net Current Assets |
1.209
|
1.636 |
1.454 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1.960 |
2.367 |
1.827 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Total Income |
|
9.458 |
6.870 |
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Profit/(Loss) Before Tax |
|
[0.634] |
2.246 |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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[0.634] |
2.246 |
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Expenditures : |
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Interest |
|
0.196 |
0.190 |
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Depreciation & Amortization |
|
0.189 |
0.137 |
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Other Expenditure |
|
9.707 |
4.297 |
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Total Expenditure |
|
10.092 |
4.624 |
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Sales (2007-08) : Rs.12.000 Millions
Expected Sales (2008-09) : Rs.22.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
[6.70]
|
32.69 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
[6.70]
|
32.69 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[17.72]
|
52.80 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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[1.95]
|
5.79 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.98
|
9.89 |
7.04 |
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Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.86 |
2.15 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Details |
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Existence
Verification |
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Name |
APT Controls And Appliances Private Limited |
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Statutory
Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AAACA5384Q |
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Service Tax Registration |
27250032160V – Date 01.04.2006 |
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Current Account Number |
Corporation Bank |
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Account Since |
C/C – 70005 |
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Trade
Affiliations |
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SSI Registration |
112400023 |
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Standards &
Certifications |
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Quality Management Systems |
ISO 9000 : 2001, 1156 Dated 10.04.2007 to 09.04.2000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
APT CONTROLS AND
APPLIANCES PRIVATE LIMITED |
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Presented By |
Corporation Bank, Kalyan – 421301, Thane |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation of Vehicles dated 14.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.400 Million
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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 |
Vehicle namely
Brand New INDICA DLS E3 Supplied by Fortune Cars, purchased or to be
purchased of the Borrower, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure the due
repayment of Term Loan granted by the Bank to the Borrower Repayment by way
of monthly instalments Rs. 8291/- each
commencing from December, 2005 |
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5) Name and Address and description of the person entitled to the charge. |
Corporation Bank 1st
Floor, Gurugovend House, Opposite Purnima Theatre, Murbad Road, Kalyan –
421301, Thane |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
AS PER
WEBSITE
Profile
Few professionals started this company in 1991 and continue
to be managed by the same professionals. The company has earned good reputation
for quality, timely delivery and service wherever required.
Continual process of improvement is a way of life at Apt. They do everything to
ensure that their customers only receive products that meet the highest quality
standards making Apt a perfect and ideal partner. Superior quality materials,
cutting-edge technology and highly specialized personnel allow for precise
monitoring of all the individual parts, both before and after assembly. The
company has been awarded the D&B certification and ISO 9001: 2000
certification in recognition of its excellence in Quality Management System.
Each individual staff member at Apt personally contributes
to these achievements
Through rigorous development of new technologies, and the
expansion and improvement of production Apt has furthered its high position in
the world market
Quality of products made and supplied by the company is well appreciated by
customers like ABB, AREVA, BAJAJ, L&T, MTS, SCHNIEDER, SIEMENS and other
MNCs.
Application Areas
-Electric water heaters
-Geysers
-Water baths
-Oil baths
-Space heating in switchboards
Panels
-HVAC (heating, ventilating & conditioning)
Infrastructural Facility
Infrastructural facility has the required their
state-of-the-art infrastructural facility comprises of the following sections
for economical and faster production:
1. Sophisticated manufacturing unit
2. Well equipped research & development wing
3. Latest quality checking unit
4. In-house design unit (CAD/CAM)
Their infrastructural facility allows them to fabricate their range of
equipment along with proper kind of testing to ensure they are at par with
international standards. Their regular investment in upgradation of their
infrastructure helps in increased productivity and greater quality year after
year.
Team
They have employed a team of professionals with expertise in
various fields. Their ambitious personnel put their knowledge and skill sets to
the test to achieve the best result for their customers growth. Their team of
professionals comprises of the following:
-Designers
-Engineers & technicians
-Electricians
-Researchers
-Quality auditors
-Sales & marketing
Research & Development
Research activities are instrumental in enhancing the
quality of products and equipment. They engage themselves in continuous research
activities through their research and development unit. Latest developments and
trends in the industry are incorporated in their production methods. They spend
4% of their turnover in R&D.
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.46.25 |
|
UK Pound |
1 |
Rs.85.92 |
|
Euro |
1 |
Rs.68.11 |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
39 |
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 |
|