MIRA INFORM REPORT
|
Report Date : |
14.04.2011 |
Note : The Given Name of the company is APOLLO
COMPUTING LABORATORIES PRIVATE LIMITED.
IDENTIFICATION DETAILS
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Name : |
APOLLO COMPUTING LABORATORIES PRIVATE
LIMITED |
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Registered
Office : |
12-13-197/403-405, Pavanianasuya, Toer, Tarnaka, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
13.10.1995 |
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Com. Reg. No.: |
022007 |
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CIN No.: [Company Identification
No.] |
U72200AP1995PTC022007 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Electronics Systems. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 290000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as pert commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Registered Office : |
12-13-197/403-405, Pavanianasuya, Toer, Tarnaka, |
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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 Office : |
No. 14, |
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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 : |
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DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Baddam Jaipal Reddy |
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Designation : |
Managing Director |
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Address : |
12-13-274, Lane No. 8, Street No. 2,, Tarnaka, Secunderabad- 500017 |
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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. Baddam Mahipal Reddy, |
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Designation : |
Director |
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Address : |
12-13-274, Lane No. 8, Street No. 2,, Tarnaka, Secunderabad- 500017 |
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Date of Birth/Age : |
06.06.1965 |
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Date of Appointment : |
13.10.1995 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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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. Prameela Reddy |
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160 |
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B. Preeti Reddy |
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40 |
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Total |
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1500000 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronics Systems. |
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GENERAL INFORMATION
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Bankers : |
State Bank Of India,
Nacharam, I A Branch, Hyderabad – 500076, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V.S. Reddy Associated Chartered Accountant |
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Address : |
305, Srinilaya Estate, 3rd Floor, Ammerrpet, |
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Tel. No.: |
91-40-23747572 / 2374028 |
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CAPITAL STRUCTURE
AS ON 31.03.2010
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 |
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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 |
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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 |
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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 |
56.567 |
47.653 |
41.098 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
71.567 |
62.653 |
56.098 |
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LOAN FUNDS |
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1] Secured Loans |
54.782 |
54.226 |
40.396 |
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2] Unsecured Loans |
2.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
56.782 |
54.226 |
40.396 |
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DEFERRED TAX LIABILITIES |
0.145 |
0.224 |
0.240 |
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TOTAL |
128.494 |
117.103 |
96.734 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.562 |
39.249 |
39.872 |
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Capital work-in-progress |
19.901 |
8.261 |
0.057 |
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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 |
58.524
|
46.834 |
18.854 |
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Sundry Debtors |
13.471
|
17.919 |
17.838 |
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Cash & Bank Balances |
1.584
|
0.925 |
3.330 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
25.040
|
39.703 |
46.929 |
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Total
Current Assets |
98.619
|
105.381 |
86.951 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Other Current Liabilities |
23.368
|
32.690 |
26.951 |
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Provisions |
4.220
|
3.098 |
3.195 |
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Total
Current Liabilities |
27.588
|
35.788 |
30.146 |
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Net Current Assets |
71.031
|
69.593 |
56.805 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
128.494 |
117.103 |
96.734 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
130.927 |
78.417 |
57.504 |
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Other Income |
14.754 |
14.935 |
4.591 |
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TOTAL (A) |
145.681 |
93.352 |
62.095 |
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Less |
EXPENSES |
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Cost of Raw material Consumed |
80.960 |
55.265 |
18.993 |
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Salaries, wages and other benefits to Employees |
16.789 |
16.215 |
14.868 |
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Manufacturing, Administrative, Selling Expenses |
17.603 |
16.817 |
18.118 |
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Increase/(Decrease) in Stock |
9.708 |
(11.490) |
(3.650) |
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TOTAL (B) |
125.060 |
76.807 |
48.329 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20.621 |
16.545 |
13.766 |
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Less |
FINANCIAL
EXPENSES (D) |
5.386 |
5.030 |
2.297 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.235 |
11.515 |
11.469 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.898 |
1.884 |
1.874 |
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PROFIT BEFORE
TAX (E-F) (G) |
13.337 |
9.631 |
9.595 |
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Less |
TAX (I) |
4.423 |
3.077 |
3.161 |
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PROFIT AFTER TAX
(G-I) (J) |
8.914 |
6.554 |
6.434 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
47.653 |
41.098 |
34.664 |
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BALANCE CARRIED
TO THE B/S |
56.567 |
47.653 |
40.098 |
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Earnings Per
Share (Rs.) |
5.94 |
4.36 |
4.28 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.11
|
7.02 |
10.36 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.18
|
12.28 |
16.68 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.79
|
6.65 |
7.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.15 |
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.17
|
1.43 |
1.25 |
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Current Ratio (Current Asset/Current Liability) |
|
3.57
|
2.94 |
2.88 |
LOCAL AGENCY FURTHER INFORMATION
Form : 8
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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 |
12-13-197/403-405,
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This form is for |
Modification of
charge |
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Type of charge |
Immovable
property Book debts Movable property (not
being pledge) Floating charge |
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Particular of
charge holder |
State Bank Of
India, Nacharam, I A Branch, Hyderabad – 500076, |
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Nature of
instrument creating charge |
1. Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
limit. 2. Supplemental
Agreement of loan for increase in the Overall Limit. 3. Supplemental
Deed of Guarantee for increase in overall limit. 4. Letter
regarding the grant of Individual limits within the overall limit. 5. Memorandum for
Recording Extension of Mortgage by deposit of title deeds covering enhanced
limits and/or creation of equitable
mortgage on additional properties. |
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Date of
instrument Creating the charge |
06/12/2010 |
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Amount secured by
the charge |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : a) CC (Hyp.) -
5.25% above Base Rate (Present Rate 7.60%) = 12.85% p.a. at monthly rests. b) TL 2 - 6.00%
above Base Rate (Present Rate 7.60%) = 13.60% p.a. at monthly rests. Terms of repayment : CC(Hyp) : On
Demand SME Credit Plus :
On Demand SME Care : On Demand BG & LC : On Demand TL - 2 : 20 Quarterly installments of
Rs. 1.750 millions commencing from October 2011 interest to be services as
and when applied i.e monthly at present. Margin : RM - Domestic -
25%, Imported - Nil, SIP - 25%, FG - 25%, Receivables
(Cover 60 days) - 40%, BG - 20% Letter of Credit
@ 20% Extent and operation of the charge : The charge
extends and operates as Security for the due repayment of the total
facilities to the tune of Rs. 242.600 millions sanctioned by the Bank to the
company, along with interest, penal interest, thereon. Other : Nil |
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Short particulars
of the property charged (Including location of the property) |
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Date of
instrument modifying the charge |
13/08/2010 |
|
Particulars of
the present modification |
Modification is
being filed for enhancement of credit limits to Rs.242.600 millions. The
enhanced limits are as follows: Fund Based: CC(Hyp) : Rs. 40.000 millions, SME
Credit plus: Rs. 2.500 millions, SME Care: Rs. 3.800 millions, TL-1: Rs. 11.000 millions, TL-2: Rs. 35.000
millions, Car Loan-1: Rs. 0.100 millions, Car Loan-2: Rs. 0.200 millions. Non Fund Based:
BG: Rs. 120.000 millions, LC: Rs. 30.000 millions. |
Fixed Assets :
- Land
- Computers
- Vehicles
- Furniture and Fixtures
- Office Equipments
- Office Buildings
- Generator
- Plant and Machinery
- Air Conditioner
- Factory Buildings
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. 44.20 |
|
|
1 |
Rs. 72.26 |
|
Euro |
1 |
Rs. 63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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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 |
|
48 |
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.