MIRA INFORM REPORT
|
Report Date : |
11.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
APACHE FOOTWEAR INDIA PRIVATE LIMITED |
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Registered
Office : |
Apache Sez, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.02.2006 |
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Com. Reg. No.: |
01-049219 |
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CIN No.: [Company Identification
No.] |
U19202AP2006PTC049219 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturers and Distributors of all kinds of Footwear’s. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1938300 |
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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 an established company having moderate track. There appears
a huge accumulated losses recorded by the company. Trade relations are fair.
Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Apache Sez, |
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Tel. No.: |
91-86-23308888 |
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E-Mail : |
DIRECTORS
AS ON 17.09.2010
|
Name : |
Mr. To Tim Kau |
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Designation : |
Director |
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Address : |
Flat G – 11/F Block 5, Lynwood Court, Lingswood Villas, Tin Shui Wai,
Hong Kong |
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Date of Birth/Age : |
24.07.1965 |
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Date of Appointment : |
20.02.2006 |
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Name : |
Mr. Tsai Chao Sung |
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Designation : |
Director |
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Address : |
No 14-2 Lane 633, |
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Date of Birth/Age : |
15.10.1955 |
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Date of Appointment : |
20.02.2006 |
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Name : |
Mr. Chin Yung Cheni |
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Designation : |
Director |
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Address : |
No 2, Alley 2 Lane 403 Section 3, |
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Date of Birth/Age : |
16.07.1963 |
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Date of Appointment : |
20.02.2006 |
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Name : |
Mr. Chen Ching Lang |
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Designation : |
Director |
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Address : |
No |
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Date of Birth/Age : |
05.03.1954 |
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Date of Appointment : |
01.04.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.09.2010
|
Names of Shareholders |
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No. of Shares |
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Apache Investment Holding Pte Limited, |
|
22058899 |
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Hong Kong Apache Footwear Limited, |
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1 |
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Total |
|
22058900 |
AS ON 17.09.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Distributors of all kinds of Footwear’s. |
GENERAL INFORMATION
|
Bankers : |
HDFC Bank Limited, HDFC Bank Housesnapati Bapat Marg, Lower Parel
West, Mumbai – 400013, |
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Facilities : |
--- |
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Banking Relations
: |
--- |
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Auditors : |
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Name : |
Kuriachan and Nova Chartered Accountant |
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Address : |
Flat No.3, R – 42, Old No. R – 17, Lakshman Manere, 6th |
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Tel. No.: |
91-44-26261855/26201840 |
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E-Mail : |
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Associates/Subsidiaries : |
--- |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22058900 |
Equity Shares |
Rs.10/- each |
Rs. 220.589
Millions |
|
|
Share Application Money Received Pending for Allotment |
|
Rs. 69.620
Millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
290.209 |
196.249 |
898.922 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
868.922 |
771.562 |
0.000 |
|
|
4] (Accumulated Losses) |
(674.542) |
(708.173) |
(349.830) |
|
|
NETWORTH |
484.589 |
259.638 |
549.092 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
484.589 |
259.638 |
549.092 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1028.784 |
900.684 |
870.385 |
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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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|
|
|
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Inventories |
257.685
|
205.033 |
193.384 |
|
|
Sundry Debtors |
15.738
|
18.003 |
161.964 |
|
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Cash & Bank Balances |
151.630
|
26.502 |
43.666 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.644
|
14.589 |
10.027 |
|
Total
Current Assets |
443.697
|
264.127 |
409.043 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
987.892
|
905.146 |
729.892 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.000
|
0.027 |
0.444 |
|
Total
Current Liabilities |
987.892
|
905.173 |
730.336 |
|
|
Net Current Assets |
(544.195)
|
(641.046) |
(321.293) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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TOTAL |
484.589 |
259.638 |
549.092 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1649.430 |
1484.200 |
52.750 |
|
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Other Income |
177.930 |
3.130 |
1.860 |
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TOTAL (A) |
1827.360 |
1487.330 |
54.610 |
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Less |
EXPENSES |
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|
|
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Office Expenses |
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|
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Administrative Expenses |
1679.830 |
1754.840 |
73.310 |
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Advertising Expenses |
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TOTAL (B) |
1679.830 |
1754.840 |
73.310 |
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|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
147.530 |
(267.510) |
(18.700) |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
147.530 |
(267.510) |
(18.700) |
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
113.900 |
90.830 |
7.730 |
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PROFIT BEFORE
TAX (E-F) (G) |
33.630 |
(358.340) |
(26.430) |
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Less |
TAX (I) |
0.000 |
0.000 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
33.630 |
(358.340) |
(26.430) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(708.170) |
(349.830) |
(8.550) |
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|
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|
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BALANCE CARRIED
TO THE B/S |
(674.540) |
(708.170) |
(34.980) |
|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
1.52 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.84
|
(24.09) |
(48.39) |
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Net Profit Margin (PBT/Sales) |
(%) |
2.03
|
(24.09) |
(50.10) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.57
|
(135.66) |
(6.46) |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
(1.38) |
(0.04) |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.03
|
1.86 |
1.33 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.44
|
0.29 |
0.56 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office address of the company has been sifted from,
Apache Sez,
Performances:
The Company has
achieved an export turnover of INR 1649.430 million as compared to the previous
year turnover of INR 1484.190 million registering an increase of 10.02% in the
export turnover. The net result was a net profit of INR 33.630 million. The net
profit was mainly on account of receipt of a sum of INR 68.530 million from the
Government of Andhra Pradesh towards subsidy for undertaking a training
programme for the employees. The company is yet to wipe out the accumulated
losses. The Directors are hopeful of achieving better results in the coming
years.
Fixed Assets:
- Leased Land Development
- Building
- Vehicle
- Software’s
- Computers
- Electrical Fittings
- Plant and Machinery
- Office Equipment
- Other Fixed Assets
|
Corporate
identity number of the company |
U19202AP2006PTC049219 |
|
Name of the
company |
APACHE FOOTWEAR
INDIA PVT LTD |
|
Address of the
registered office or of the principal place of business in |
APACHE SEZ, TADA MANDAL TADA Andhra Pradesh 524401 |
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
HDFC Bank Housesenapati
Bapat Marg, Lower Parel W, Mumbai – 400013, |
|
Nature of
instrument creating charge |
Letter of
Hypothecation of Stocks, Book Debts and Machinery dated 29th October, 2009. |
|
Date of
instrument Creating the charge |
29.10.2009 |
|
Amount secured by
the charge |
80.000 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: Any such rate as may be advised to the
Company from time to time in respect of the credit facilities. Terms of Repayment: Repayable on Demand. Margin: As may be prescribed by the Bank from time to time for the credit
facilities. Extent and Operation of the charge:
Hypothecation by way of Exclusive
First Charge in favour of HDFC Bank Ltd on all all the Stock in trade, Book
Debts and movable Plant & Machinery of the Company both present and
future. |
|
Short particulars
of the property charged |
1) Hypothecation
by way of Exclusive First Charge in favour of HDFC Bank Ltd on all all the
Stock in trade, Book Debts and movable Plant & Machinery of the Company
as described in the Attachment. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.02 |
|
Euro |
1 |
Rs.63.40 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.