MIRA
INFORM REPORT
|
Report Date : |
17.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
APARNA ENTERPRISES LIMITED |
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Registered
Office : |
201, 2nd Floor, Astral Heights, 6-3-352/283, Road
No.1, Banjara Hills, RDI,
Hyderabad-500 034, Andhra Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.12.1994 |
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Com. Reg. No.: |
01-18950 |
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CIN No.: [Company Identification No.] |
U51109AP1994PLC018950 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA01879D |
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Legal Form : |
A Closely held public limited liability company |
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Line of Business
: |
Distributor of Building Material |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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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 1500000 |
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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 an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per 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
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Govindra |
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Designation : |
Senior Finance |
|
Date : |
15.01.2011 |
LOCATIONS
|
Registered Office : |
201, 2nd Floor, Astral Heights, 6-3-352/283, Road
No.1, Banjara Hills, RDI,
Hyderabad-500 034, |
|
Tel. No.: |
91-40-23357760/61/62/63 |
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Mobile No.: |
91-9951604461 (Mr. Hari) |
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Fax No.: |
91-40-23357764 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Location : |
Owned |
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|
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Showroom : |
Located At: ·
Ameerpet, ·
Vikrampuri, Secunderabad ·
L. B. Nagar, ·
Miyapur, |
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Branch Office: |
Located At: ·
·
·
Tirupathi |
DIRECTORS
As on 25.09.2010
|
Name : |
Mr. S. Subrahmanyam Reddy |
|
Designation : |
Managing Director |
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Address : |
43/c, MLAs Colony, Road No.12, Banjara Hills, |
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Date of Birth/Age : |
20.06.1961 |
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Qualification : |
B. Com |
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Date of Appointment : |
13.12.1994 |
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Name : |
Mrs. S. Padma Reddy |
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Designation : |
Director |
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Address : |
43/c, MLAs Colony, Road No.12, Banjara Hills, |
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Date of Birth/Age : |
17.01.1962 |
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Date of Appointment : |
13.12.1994 |
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Name : |
Ms. S. Aparna Reddy |
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Designation : |
Director |
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Address : |
43/c, MLAs Colony, Road No.12, Banjara Hills, |
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Date of Birth/Age : |
25.04.1987 |
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Qualification : |
B. Com |
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Date of Appointment : |
23.11.2005 |
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Name : |
Mr. K L S S Sita Rama Raju |
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Designation : |
Director |
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Address : |
P No 137, Road No 71, Nava Nirman Nagar, Jubilee Hills, Hyderabad –500
033, Andhra Pradesh, India |
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Date of Birth/Age : |
14.02.1961 |
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Date of Appointment : |
27.06.1998 |
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Name : |
Mr. P Aswin Reddy |
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Designation : |
Director |
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Address : |
House No 10A,Road No 10c, MLA & MP Colony, Jubilee Hills,
Hyderabad-500 033, |
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Date of Birth/Age : |
17.02.1985 |
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Date of Appointment : |
28.08.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Govindra |
|
Designation : |
Senior Finance |
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|
Name : |
Mr. Hari |
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Designation : |
Purchase Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
S. Subrahmanyam Reddy |
|
6355800 |
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S. Subrahmanyam Reddy (HUF) |
|
268000 |
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S. Padma Reddy |
|
374100 |
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S. Aparna Reddy |
|
1251500 |
|
C Venkateswara Reddy |
|
100 |
|
P G K Raju |
|
100 |
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K L S |
|
100 |
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B V Sreenivas Reddy |
|
100 |
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D |
|
100 |
|
K Chandra Sekar |
|
100 |
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Total |
|
8250000 |
As on 25.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
99.00 |
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Other
top fifty shareholders |
|
1.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributor of Building Material |
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Terms : |
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Selling : |
Cash and Credit (30 to 60 to 90 days) |
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Purchasing : |
Cash and Credit (30 to 60 to 90 days) |
PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ready Mix
Concrete |
CU. M |
1152000 |
390778 |
|
Cement
Blocks |
Nos. |
264000 |
2220030 |
|
Fly Ash
Bricks |
Nos. |
16500000 |
5370785 |
|
uPVC windows and Doors |
Pcs. |
27750 |
20457 |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
ING Vysya Bank Limited, 22, M |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Lalith Prasad and Company Chartered Accountants |
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Address : |
402, Golden Green Apartments, 6-3-542/1, Erramanzil Colony,
Punjagutta, Hyderabad-500 034, |
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Associates/Subsidiaries : |
·
Aparna
Constructions and Estates Private
Limited ·
Aparna
Constructions and Estates Private
Limited ·
Aparna
Infra Private Limited |
CAPITAL STRUCTURE
As on 25.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- Each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8250000 |
Equity Shares |
Rs.10/- Each |
Rs.82.500
millions |
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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|
|
|
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1] Share Capital |
82.500 |
82.500 |
82.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
304.821 |
237.665 |
134.512 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
387.321 |
320.165 |
217.012 |
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LOAN FUNDS |
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|
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1] Secured Loans |
546.263 |
704.173 |
356.297 |
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2] Unsecured Loans |
0.099 |
0.065 |
0.275 |
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TOTAL BORROWING |
546.362 |
704.238 |
356.572 |
|
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DEFERRED TAX LIABILITIES |
28.922 |
22.824 |
7.398 |
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|
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TOTAL |
962.605 |
1047.227 |
580.982 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
553.423 |
599.265 |
339.815 |
|
|
|
389.801
|
427.102 |
325.421 |
|
|
|
943.224 |
1026.367 |
665.236 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
18.885 |
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|
|
|
|
|
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INVESTMENT |
179.609 |
221.977 |
20.477 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
78.017
|
97.613 |
40.683 |
|
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Sundry Debtors |
205.427
|
170.526 |
114.007 |
|
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Cash & Bank Balances |
1.364
|
2.284 |
2.904 |
|
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Other Current Assets |
34.609
|
58.518 |
15.357 |
|
|
Loans & Advances |
70.384
|
98.161 |
152.470 |
|
Total
Current Assets |
389.801
|
427.102 |
325.421 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
103.448
|
76.009 |
67.938 |
|
|
Other Current Liabilities |
37.368
|
89.305 |
25.114 |
|
|
Provisions |
20.784
|
37.858 |
33.304 |
|
Total
Current Liabilities |
161.600
|
203.172 |
126.356 |
|
|
Net Current Assets |
228.201
|
223.930 |
199.065 |
|
|
|
|
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|
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MISCELLANEOUS EXPENSES |
1.372 |
2.055 |
2.740 |
|
|
|
|
|
|
|
|
TOTAL |
962.605 |
1047.227 |
580.982 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
1685.038 |
2244.982 |
1503.174 |
|
|
|
Other Income |
50.100 |
49.402 |
8.857 |
|
|
|
TOTAL (A) |
1735.138 |
2294.384 |
1512.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of Materials. |
404.900 |
396.016 |
398.236 |
|
|
|
Consumption of Materials |
637.805 |
1028.541 |
622.857 |
|
|
|
Manufacturing & Other Expenses |
151.678 |
253.814 |
110.939 |
|
|
|
Payments to employees |
98.202 |
95.050 |
34.221 |
|
|
|
Administration & Selling Expenses |
223.907 |
272.750 |
189.808 |
|
|
|
Miscellaneous Expenses Written off |
0.685 |
0.685 |
0.685 |
|
|
|
Increase/( Decrease) in Stock |
6.274 |
(13.037) |
(11.449) |
|
|
|
TOTAL (B) |
1523.451 |
2033.819 |
1345.297 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
211.687 |
260.565 |
166.734 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
78.165 |
72.839 |
36.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
133.522 |
187.726 |
130.514 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
40.120 |
31.984 |
14.768 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
93.402 |
155.742 |
115.746 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
26.247 |
52.587 |
41.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
67.155 |
103.155 |
74.598 |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
236.306 |
133.153 |
58.555 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
303.461 |
236.306 |
133.153 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.14 |
12.50 |
- |
|
Expected Sales (2010-2011) : Rs.2500.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.87
|
4.50 |
4.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.54
|
6.94 |
7.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.90
|
15.17 |
17.40 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.49 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.83
|
2.83 |
2.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41
|
2.10 |
2.58 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
103.448
|
76.009 |
67.938 |
Note:
Registered office of the company has been shifted from 109,
Sreenilaya Estate8-3-945, Yellareddyguda, Hyderabad-500 072 Andhra Pradesh,
OPERATIONS:
During the year, the Company has achieved a gross turnover of Rs.1685.000 millions as against Rs.2245.000 millions for the previous year by recording a decrease in turnover by Rs.559.900 millions and recording a downfall of 24.94% over the previous year.
The Profits have come down from Rs.155.700 millions to 93.400 millions by showing significant decrease over the previous year.
FUTURE OUTLOOK:
As the company's revenue is predominantly from construction
materials business, which was severely hit last year as the real estate sector
restrained with the slowdown in the global economy but is likely to improve
this year with signs of recovery in the real estate in Andhra Pradesh. The
company is expanding the business of Ready Mix Concrete and Fly Ash Bricks by
starting new plants at
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51109AP1994PLC018950 |
|
Name of the
company |
APARNA
ENTERPRISES LIMITED |
|
Address of the
registered office or of the principal place of business in |
201, 2nd Floor, Astral Heights, 6-3-352/283, Road
No.1, Banjara Hills, RDI,
Hyderabad-500 034, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90115479 |
|
Type of charge |
Book Debts Movable Property Floating Charge Others all fixed assets
of the company |
|
Particular of
charge holder |
ING Vysya Bank Limited, 22, M |
|
Nature of description
of the instrument creating or modifying the charge |
charge release
letter for closure of account no 737046004310 and release of property
documents mortgaged to bank bearing plot no 31,32,33 in Anrich Industrial
estates, Bolarum village, Jinaram Mandal, Medak Dist. |
|
Date of
instrument Creating the charge |
23.06.2010 |
|
Amount secured by
the charge |
Rs.340.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest no change in
terms and conditions Terms of
Repayment no change in
terms and conditions Margin no change Extent and
Operation of the charge no change |
|
Short particulars
of the property charged |
Entire Stocks like
Tiles,Metals,Cement,Bricks,Sand etc and movable fixed assets (Including
Vehicles) of the company at Entire Book Debts
of the company both present and future. Document of title
to goods and goods purchased under the LC,accepted bills of exchange etc. Lien on deposits
and CG of Company |
|
Particulars of
the present modification |
the over all
limits are reduced to 340 milllions and the collateral property mortgaged to
Bank vide industrial plot nos 31,32,33 Anrich Industrial Estates, Bolaram
village, jinnaram Mandal , Medak Dist are released consequent to the closure
of Loan Ac No 737046004310. |
Fixed Assets:
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles-Business use
Trade Reference:
·
Mahalakshmi Profiles
Private Limited,
·
Akash Tiles Private
Limited
·
Sun Technologies, Andhra
Pradesh
Website Details:
Profile:
Subject a 20 year old company with an excellent track record
in distribution of building materials and is one of the largest Tile
Distribution companies in
With its own exclusive showrooms in all the major cities of Andhra Pradesh and more than 20,000 sq. mts of centralised warehouse facility, the company has established itself as a major building material supplier and continues to expand and diversify.
The company is promoted by Mr. SS Reddy, a marketing
professional ably assisted by a team of qualified and experienced
professionals. The company has diversified into construction of luxury
residential space, in and around
The company has now four major divisions under its fold:
· RMC
· Tiles Trading
· Allied Concrete Products
· uPVC
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.45.30 |
|
|
1 |
Rs.71.73 |
|
Euro |
1 |
Rs.60.40 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--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 |
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.