MIRA
INFORM REPORT
|
Report Date : |
03.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
APEX INDUSTRIES PRIVATE LIMITED |
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Registered
Office : |
52, Dada Colony, Industrial Area, Jalandhar – 144 004, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.11.1985 |
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Com. Reg. No.: |
16-6542 |
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Capital Investment
/ Paid-up Capital : |
Rs.0.700 million |
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CIN No.: [Company Identification
No.] |
U51909PB1985PTC006542 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDA00106B |
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PAN No.: [Permanent Account No.] |
AABCA5082G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Machine Tools Accessories. |
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No. of Employees
: |
25 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 9000 |
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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. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for small to mediocre 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 |
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Risk Category |
ECGC
Classification |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Aranbari |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-181-2290586 |
|
Date : |
26.07.2011 |
LOCATIONS
|
Registered Office/Factory : |
52, Dada Colony, Industrial Area, Jalandhar – 144 004, |
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Tel. No.: |
91-181-2290586/2290631/3290687 |
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Fax No.: |
91-181-2290421 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. R M Ahluwalia |
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Designation : |
Director |
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Address : |
359, Lajpat Nagar, Jalandhar, |
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Date of Birth/Age : |
20.02.1965 |
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Date of Appointment : |
22.02.1996 |
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DIN No. : |
01227034 |
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Name : |
Mrs. Rashmi Ahluwalia |
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Designation : |
Director |
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Address : |
359, Lajpat Nagar, Jalandhar, |
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Date of Birth/Age : |
08.07.1969 |
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Date of Appointment : |
22.02.1996 |
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DIN No. : |
01126099 |
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Name : |
Mrs. Santosh Ahluwalia |
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Designation : |
Director |
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Address : |
359, Lajpat Nagar, Jalandhar, |
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Date of Birth/Age : |
02.04.1943 |
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Date of Appointment : |
22.02.1996 |
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DIN No. : |
01123545 |
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Name : |
Mr. S C Ahluwalia |
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Designation : |
Managing Director |
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Address : |
359, Lajpat Nagar, Jalandhar, |
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Date of Birth/Age : |
01.01.1937 |
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Date of Appointment : |
22.02.1998 |
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Date of Ceasing : |
09.02.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
R M Walia |
|
4455 |
|
Santosh Walia |
|
960 |
|
Rashmi Walia |
|
1585 |
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Total |
|
7000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Machine Tools Accessories. |
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Products : |
·
Clamps and Clamping
Elements ·
Machine Vice ·
Bench Vice |
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Exports : |
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Products : |
Machine Tools |
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Countries : |
·
·
·
Singapore etc. |
GENERAL INFORMATION
|
No. of Employees : |
25 Approximately |
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Bankers : |
·
Punjab National Bank Jalandhar, ·
State
Bank of Industrial Area branch, Jalandhar, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K Bhagat and Company Chartered Accountant |
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Address : |
16-Brij Nagar, Jalandhar – 144 001, |
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Tel. No.: |
91-181-2282829 / 2212471 (O) / 2282830 / 2212470 (R) |
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Mobile No.: |
91-9814203435 |
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Associates/Subsidiaries : |
Apex Industries |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000 |
Equity Shares |
Rs.100/- each |
Rs.0.700
million |
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 |
0.700 |
0.700 |
0.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.602 |
0.689 |
2.610 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
2.302 |
1.389 |
3.310 |
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|
LOAN FUNDS |
|
|
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
5.880 |
6.505 |
6.948 |
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TOTAL BORROWING |
5.880 |
6.505 |
6.948 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.182 |
7.894 |
10.258 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.287 |
1.034 |
0.888 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1.202
|
1.839 |
1.806 |
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Sundry Debtors |
7.674
|
7.885 |
4.612 |
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Cash & Bank Balances |
6.249
|
4.886 |
6.060 |
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Other Current Assets |
2.543
|
1.888 |
1.185 |
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Loans & Advances |
0.000
|
0.000 |
0.008 |
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Total
Current Assets |
17.668
|
16.498 |
13.671 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
7.692
|
6.597 |
3.861 |
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Other Current Liabilities |
3.081
|
|
0.000 |
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Provisions |
0.000
|
3.041 |
0.440 |
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Total
Current Liabilities |
10.773
|
9.638 |
4.301 |
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Net Current Assets |
6.895
|
6.860 |
9.370 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.182 |
7.894 |
10.258 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
|
34.547 |
33.375 |
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NET PROFIT |
|
0.913 |
0.689 |
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Particulars |
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|
31.03.2011 |
|
Sales Turnover (Approximately) |
|
|
35.000 |
The above information has been parted by Mr. Aranbari
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.23
|
11.62 |
3.40 |
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Current Ratio (Current Asset/Current Liability) |
|
1.64
|
1.71 |
3.18 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
·
Varma Engineering
FORM 8
|
Name of the company |
M/S. APEX INDUSTRIES
PRIVATE LIMITED |
|
Presented By |
Managing Director
of Mr. S C Walia |
|
1) Date and description of instrument creating the change |
22.08.1996 Cash Credit
Agreement of Rs.0.600 million for Working Capital. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.600 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 |
Hypothecation of
Stocks, Machine Tools and Hand tools, whether Raw or in process of
Manufacturer and all articles manufactured there from which now or hereafter from
time to time during the security shall be brought into stored or be in or
about the borrowers godown’s 52- Dada Colony, Industrial Area, Jalandhar. |
|
4) List of the terms and conditions and extent and operation of the charge. |
The interest @
1.5% above SBAR Minimum 17.5% p.a. effective ROI 18.25% p.a. with interest
Tax, shall be calculated on the daily balance payable by the borrower to the
Bank and charged in account on the last working day of each month in
accordable with the practice of Bank. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Industrial Area
branch, Jalandhar. |
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6) Date and brief description of instrument modifying the charge |
NIL |
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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. |
NIL |
FIXED ASSETS
·
Air Conditioner
·
Car
·
Computer
·
Fans
·
Furniture and Fixtures
·
Generator Set
·
Mobile Set
·
Motor Cycle
·
Office Equipment
·
Pager Machine
·
Refrigerator
·
Scooter
·
Typewriters
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.44.23 |
|
|
1 |
Rs.72.09 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.