MIRA
INFORM REPORT
|
Report Date : |
09.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
APOLLO DESIGN APPAREL PARKS LIMITED |
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Registered
Office : |
382, N.M. Joshi Marg, Chinchpokli, Mumbai – 400011, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.11.2007 |
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Com. Reg. No.: |
11-195397 |
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Capital
Investment / Paid-up Capital : |
Rs.56.500 Millions |
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CIN No.: [Company Identification
No.] |
U17291MH2007GOI195397 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA38310G |
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PAN No.: [Permanent Account No.] |
AAHCA0613R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of Textile Goods. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3000000 |
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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.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Navin Jain |
|
Designation : |
Finance Controller |
|
Date : |
06.05.2011 |
LOCATIONS
|
Registered Office : |
382, N.M. Joshi Marg, Chinchpokli, Mumbai – 400011, |
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Tel. No.: |
91-22-22011118 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
DIRECTORS
As on 18.09.2010
|
Name : |
Mr. Vijay Laxminarayan Biyani |
|
Designation : |
Director |
|
Address : |
305, Jeevan Vihar, Manav Mandir Road, Malabar Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
04.07.1959 |
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Date of Appointment : |
22.12.2007 |
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DIN No. : |
00005827 |
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Name : |
Mr. Sunil Gopikishan Biyani |
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Designation : |
Director |
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Address : |
304, Jeevan Vihar, Manav Mandir Road, Malabar Road, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
24.10.1969 |
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Date of Appointment : |
22.12.2007 |
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DIN No. : |
00006583 |
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Name : |
Mr. Chandra Prakash Toshniwal |
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Designation : |
Director |
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Address : |
A-603, Great Eastern Link, |
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Date of Birth/Age : |
29.09.1966 |
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Date of Appointment : |
22.12.2007 |
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DIN No. : |
00036303 |
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Name : |
Mr. |
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Designation : |
Director |
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Address : |
N-4, 2nd Floor, Jungpura Extension, |
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Date of Birth/Age : |
26.05.1951 |
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Date of Appointment : |
12.11.2007 |
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DIN No. : |
00227784 |
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Name : |
Mr. Ravinder Kumar Sharma |
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Designation : |
Director |
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Address : |
1035, Sector A, Pocket B and C, Vasant Kunj, |
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Date of Birth/Age : |
18.11.1955 |
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Date of Appointment : |
12.11.2007 |
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DIN No. : |
01882634 |
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Name : |
Mr. Vasant Dinkar Zope |
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Designation : |
Director |
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Address : |
C-11, Kanchan Sheetal CHS, Chheda Nagar, Chembur, Mumbai – 400089, |
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Date of Birth/Age : |
07.05.1951 |
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Date of Appointment : |
22.12.2007 |
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DIN No. : |
01975221 |
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Name : |
Mr. Brijendra Kumar Mishra |
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Designation : |
Director |
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Address : |
117/N/11, A-One Market, Kakadeol, |
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Date of Birth/Age : |
02.01.1959 |
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Date of Appointment : |
22.12.2008 |
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DIN No. : |
02510840 |
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Name : |
Mr. Pradeep Motilal Bidri |
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Designation : |
Director |
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Address : |
A-201, Vriddhi Kalyan Complex, Yari Road, Versova, Andheri (West),
Mumbai – 400061, Maharashtra, India |
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Date of Birth/Age : |
13.04.1956 |
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Date of Appointment : |
13.08.2009 |
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DIN No. : |
02737653 |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra Jayantilal Gandhi |
|
Designation : |
Secretary |
|
Address : |
12D, 15, Estee Apartment, 3rd Floor, Saibaba Nagar,
Borivali (West), Mumbai – 400092, |
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Date of Birth/Age : |
12.03.1973 |
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Date of Appointment : |
08.06.2010 |
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PAN No. : |
AGQPG9274Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 18.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
National Textile Limited ( |
|
2881494 |
|
Sharma Desraj Ravinder Kumar |
|
1 |
|
Subramanian K. |
|
1 |
|
Singh Ajit Shamsher Bahadur |
|
1 |
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|
1 |
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Pantaloon Retail ( |
|
2203500 |
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SBPL Infrastructure Limited ( |
|
508500 |
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Sri Navdurga Textile Processors Private Limited ( |
|
56500 |
|
Mishra R. Brijendra |
|
1 |
|
Bidri M. Pradeep |
|
1 |
|
Total |
|
5650000 |
As on 18.09.2010
|
Category |
Percentage |
|
Bodies corporate |
49.00 |
|
Government Companies |
51.00 |
|
Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Textile Goods. |
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Products : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
R.S. Gupta and Company Chartered Accountant |
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Address : |
5A/19, |
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Tel. No.: |
91-11-23242478 |
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Fax No.: |
91-11-23283480 |
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Holding Company : |
National Textile Corporation Limited CIN No. : U74899DL1968PLC004866 |
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Joint Venture : |
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Subsidiary : |
Goldmohur Design and Apparel Park Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5650000 |
Equity Shares |
Rs.10/-each |
Rs.56.500
Millions |
Note :
2881500 Equity Shares are held by National
Textile Corporation Limited, Holding Company Out of these Shares 2831500 Equity
Shares of Rs.10/- each fully paid up issued pursuant to acquisition and
transfer of undertaking of Apollo Textile Mill unit of National Textile
Corporation Limited without payment being received in cash.
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 |
|
|
|
|
|
1] Share Capital |
56.500 |
56.500 |
35.736 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
689.132 |
657.766 |
164.106 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
745.632 |
714.266 |
199.842 |
|
|
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 |
0.012 |
0.031 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
745.644 |
714.297 |
199.842 |
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|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.100 |
0.963 |
0.989 |
|
|
Capital work-in-progress |
0.579 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.130 |
0.149 |
|
|
Sundry Debtors |
241.882
|
728.683 |
0.000 |
|
|
Cash & Bank Balances |
400.456
|
4.408 |
164.304 |
|
|
Other Current Assets |
1.911
|
2.877 |
34.119 |
|
|
Loans & Advances |
206.495
|
39.253 |
6.488 |
|
Total
Current Assets |
850.744
|
775.351 |
205.060 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7.099 |
1.113 |
1.273 |
|
|
Other Current Liabilities |
12.614
|
0.006 |
0.000 |
|
|
Provisions |
86.066
|
60.898 |
5.011 |
|
Total
Current Liabilities |
105.779
|
62.017 |
6.284 |
|
|
Net Current Assets |
744.965
|
713.334 |
198.776 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.077 |
|
|
|
|
|
|
|
|
TOTAL |
745.644 |
714.297 |
199.842 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2096.290 |
1094.358 |
0.000 |
|
|
|
Other Income |
29.333 |
47.670 |
15.607 |
|
|
|
TOTAL (A) |
2125.623 |
1142.028 |
15.607 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/(Decrease) in Stock |
0.131 |
0.018 |
(0.149) |
|
|
|
Purchases |
2029.581 |
1055.460 |
0.149 |
|
|
|
Employee Remuneration and Benefits |
3.045 |
0.774 |
0.000 |
|
|
|
Manufacturing, Administrative and Other Expenses |
4.452 |
3.381 |
2.004 |
|
|
|
Preliminary Expenses written off |
0.000 |
0.078 |
0.019 |
|
|
|
Prior period Income / (Expenses) |
0.009 |
(0.553) |
0.000 |
|
|
|
TOTAL (B) |
2037.218 |
1059.158 |
2.023 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
88.405 |
82.870 |
13.584 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.001 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
88.405 |
82.869 |
13.584 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.018 |
0.026 |
0.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
88.387 |
82.843 |
13.539 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
30.580 |
29.479 |
5.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
57.807 |
53.364 |
8.528 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.262 |
8.528 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
8.707 |
6.189 |
0.000 |
|
|
|
Dividend |
22.600 |
22.600 |
0.000 |
|
|
|
Tax on Dividend |
3.841 |
3.841 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
51.921 |
29.262 |
8.528 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.23 |
11.38 |
2.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.72
|
4.67 |
54.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.22
|
7.57 |
-- |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.39
|
10.67 |
6.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.14
|
0.09 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.04
|
12.50 |
32.63 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS DETAILS
:
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors for Expenses |
1.567 |
1.113 |
0.690 |
|
Creditors for Purchases |
5.532 |
0.000 |
0.013 |
|
Creditors for Others |
0.000 |
0.000 |
0.570 |
|
Total |
7.099 |
1.113 |
1.273 |
PERFORMANCE :
Performance of the company for the financial year ended 31.3.2010 has
shown growth and sales/total income as well as profit after tax, Total income
reached at Rs. 2125.500 Millions as compared to Rs. 1142.000 Millions of the previous
year. Profit after tax has also registered increase with Rs. 5180.000 Millions
as compared to Rs. 53.400 Millions of the previous year. It may be noted that
due to various constraints including legal complications of Heritage case, the
envisaged world class garment manufacturing facilities by the company could not
started. However, company has taken prudent decision of implementing an
alternate business plan of creating garment manufacturing facilities in the
existing structure after suitable repairs/renovations and installing imported
plant and machineries. Alternate business plan has been implemented and company
started commercial production. To ensure earnings company has also carried out
trading activities through-out the year.
INDUSTRY OUTLOOK :
The global economic recession has adversely affected the textile
Industry both globally and in
The situation has been compounded by issues like high raw material cost,
high transactional costs, lower productivity, high interest rates, etc., that
are keeping manufacturing costs at a high level. The Government has announced
some incentives to assist the sector. These have had a limited impact so far
may he a need for further relaxations.
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.44.78 |
|
|
1 |
Rs.73.42 |
|
Euro |
1 |
Rs.65.27 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
|
46 |
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.