MIRA INFORM REPORT

Report Date :

02.07.2012

IDENTIFICATION DETAILS

Name :	BHARAT APEX INDUSTRIES LIMITED
Registered Office :	44, Navjeevan Vihar, New Delhi -110017
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.03.2000
Com. Reg. No.:	55 -104089
Capital Investment/ Paid-up Capital:	Rs.10.000 Millions
CIN No.: [Company Identification No.]	U74899DL2000PLC104089
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Pre Air Heaters
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 82000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Profitability appears to be low. However, trade relations are reported as 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	44, Navjeevan Vihar, New Delhi -110017, India
Tel. No.:	Not Available
Fax No.:	Not Available
Factory Head Office/Factory:	Plot no. 10, Sector -6, Mathura Road, Haryana, Faridabad, India
Sales Office:	E-45/2 Okhla Industrial Area –II New Delhi – 110020, India
Tel. No.:	91-11-26386790
Fax No.:	91-11-26389567
Email No.:	engg@bharatpex.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Sharad Maheshwari

Designation :

Director

Address :

44, Nav Jeevan Vihar, New Delhi, Delhi – 110017, India

Date of Birth/Age :

27.01.1963

Date of Appointment :

20.06.2001

Din No.:

00484952

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL2000PLC104089	BHARAT APEX INDUSTRIES LIMITED	Director	20/06/2001	20/06/2001	-	Active	NO
2	L25192WB1965PLC026390	CONTINENTAL PROFILES LTD	Whole-time director	1/4/2011	1/8/2006	-	Active	NO

Name :

Mr. Nil Moni Sinha

Designation :

Director

Date of Appointment :

31.08.2009

Din No.:

01153696

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140DL1981PTC012794	MEGA TECHNOBIZ CONSULTANTS PRIVATE LIMITED	Director	24/01/1992	24/01/1992	-	Active	NO
2	U74899DL2000PLC104089	BHARAT APEX INDUSTRIES LIMITED	Director	31/08/2009	31/08/2009	-	Active	NO

Name :

Mr. Om Prakash Dewan

Designation :

Director

Address :

H-9/4 Malviya Nagar, New Delhi, Delhi – 110017, India

Date of Birth/Age :

01.04.1941

Date of Appointment :

30.09.2011

Din No.:

00460828

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1995PTC065952	ALTEZZA CONSULTANTS PRIVATE LIMITED	Director	29/10/2005	29/10/2005	-	Active	NO
2	U74899DL1993PTC054169	SHRI DAUJI IMPEX PRIVATE LIMITED	Director	3/1/2007	3/1/2007	-	Active	NO
3	L74899DL1994PLC059770	INNOVATIVE FINVEST LIMITED	Director	30/11/2007	30/11/2007	-	Active	NO
4	U74899DL2000PLC104089	BHARAT APEX INDUSTRIES LIMITED	Director	30/09/2011	22/07/2008	-	Active	NO
5	U29197DL2004PLC127673	BHARAT ENVIFILTER LIMITED	Director	22/08/2008	22/08/2008	-	Active	NO

Name :

Mr. Dinulescu S..A. Chris – Mariaje

Designation :

Director

Address :

Prinses Marijkelaan 34, 2264 CN, Leidschendam, The Netherlands

Date of Birth/Age :

24.10.1974

Date of Appointment :

01.12.2004

Name :

Mr. Dinulescu Mircea

Designation :

Director

Address :

Groen Van Prinsterer, Rlaaan -37 227I Em, Voorburg, The Netherlands

Date of Birth/Age :

05.06.1945

Date of Appointment :

18.03.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Anand Prakash Malhotra	10
Om Prakash Chauhan	10
Ram Naresh Tripathi	10
Nil Moni Sinha	50
Pratibha	2000
Sharad Maheshwari	5400
Euro Apex B.V., Netherlands,	50000
Supria Maheshwari	250
Sapna Maheshwari	760
Innovative Finvest Limited, India	16930
Mayank Maheshwari	10
Rajesh Maheshwari	2460
M/S J.K.Builders and Property Developers Limited, India	15000
Shyam Manohar Maheshwari	7110
Total	100000

As 04.10.2011

Names of Allottees	No. of Shares
Shyam Manohar Maheshwari	37500
Total	37500

AS ON 30.09.2011

Equity Shares Break –up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	31.93
Directors or relatives of directors	16.03
Other top fifty shareholders	2.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pre Air Heaters

Products :

Product Description	Item Code No.
Heat Exchanger	8419.1
Valves	8481.8
Part Of Heat Exchanger	8419.1
Trading Of Fabricated Structure.	8419.1

GENERAL INFORMATION

Customers:	· IOCL – Barauni  through ITT – Kirchner Italia. · Rashtriya Chemicals and Fertilisers, Thal through Larsen and Toubro · HFCL – Namrup, through Larsen and Toubro Limited, · Kochi Refinery Limited, Kochi · CPCL – Chennai through Technip KT India · BPCL – Mumbai through Larsen and Toubro Mumbai · IOCL – Mathura through Technip KT – India · IOCL – Panipat through Larsen and Toubro Mumbai · Suzuki Metals through Bachmann India · MRPL - Mangalore Refinery Petrochemicals Limited-India · BRAZIL – Prosint Quimica S/A · SEAL/LINDE – ABB Alstom Power through Chem Weld s.r.o
No. of Employees :	Not Available
Bankers :	Central Bank of India, Janpath, New Delhi -110001,India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Rajiv Bansal and Associates Chartered Accountant
Address :	506, Prabhat Kiran, 17, Rajendra Palace, New Delhi – 110008, India
Tel. No.:	91-11-41538009
Mobile No.:	91-9312665171
Fax No.:	91-11-41538009
E-Mail :	bansal_rba@yahoo.com
Pan N.:	AAEFR0120N

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Share	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
137500	Equity Share	Rs.100/- each	Rs.13.750 Millions

As On 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs.100/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs.100/- each	Rs.10.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		10.000	4.007	4.007
2] Share Application Money		0.000	3.000	3.000
3] Reserves & Surplus		10.375	7.825	3.472
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		20.375	14.832	10.479
LOAN FUNDS
1] Secured Loans		11.015	0.000	0.000
2] Unsecured Loans		10.441	7.048	4.389
TOTAL BORROWING		21.456	7.048	4.389
DEFERRED TAX LIABILITIES		0.043	0.082	0.092
TOTAL		41.874	21.962	14.960
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23.935	20.089	0.876
Capital work-in-progress		8.549	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	57.471	23.693	9.748
	Cash & Bank Balances	3.954	8.822	6.895
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.723	26.674	23.733
Total Current Assets		81.148	59.189	40.376
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	72.365	51.235	16.201
	Other Current Liabilities	1.113	7.182	12.018
	Provisions	1.361	1.484	0.658
Total Current Liabilities		74.839	59.901	28.877
Net Current Assets		6.309	(0.712)	11.499
MISCELLANEOUS EXPENSES		3.081	2.585	2.585
TOTAL		41.874	21.962	14.960

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	121.773	183.311	110.074
		Other Income	0.866	2.752	1.615
		TOTAL (A)	122.639	186.063	111.689
Less	EXPENSES
		Purchase	109.250	166.281	99.376
		Employee Cost	1.298	1.455	1.278
		Selling and Administrative Expense	5.312	10.178	6.239
		TOTAL (B)	115.860	177.914	106.893
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6.779	8.149	4.796
Less	BANK CHARGES AND INTEREST (D)		2.532	2.296	2.192
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.247	5.853	2.604
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.555	0.248	0.080
	PROFIT BEFORE TAX (E-F) (G)		3.692	5.605	2.524
Less	TAX (H)		1.180	1.225	0.521
	PROFIT AFTER TAX (G-H) (I)		2.512	4.380	2.003
Less	TAX RELATES TO EARLIER YEARS		0.000	0.038	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7.825	3.472	1.498
	PROFIT BEFORE DIFFERED TAX LIABILITY		10.337	7.814	3.501
Less/ Add	DIFFERED TAX LIABILITY		0.038	0.010	0.029
	BALANCE CARRIED TO THE B/S		10.375	7.824	3.472
	Earnings Per Share (Rs.)		25.12	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.05	2.35	1.79
Net Profit Margin (PBT/Sales)	(%)	3.03	3.06	2.29
Return on Total Assets (PBT/Total Assets}	(%)	3.51	7.07	6.12
Return on Investment (ROI) (PBT/Networth)		0.18	0.38	0.24
Debt Equity Ratio (Total Liability/Networth)		7.73	4.51	3.17
Current Ratio (Current Asset/Current Liability)		1.08	0.99	1.40

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	-
Major Suppliers	No
Major Customers	Yes
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

Form : 8

Corporate identity number of the company	U74899DL2000PLC104089
Name of the company	BHARAT APEX INDUSTRIES LIMITED
Address of the registered office or of the principal place of business in India of the company	F-460, Sarita Vihar, New Delhi – 110094 India Email: companysdirector@yahoo.co.in
This form is for	Creation of charge
Type of charge	· Movable property (not being pledge)
Particular of charge holder	Central Bank of India, Janpath, New Delhi -110001, India Email: jkscond@gmail.com
Nature of instrument creating charge	Hypothecation Agreement for Letter of credit facility.
Date of instrument Creating the charge	10.06.2010
Amount secured by the charge	Rs.5.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest Interest/Commission as per Bank's norms Terms of repayment As per Sanction terms. Margin 10% Extent and Operation of the charge: The Company's assets as mentioned are hypothecated to secure Letter of Credit facility of Rs.5.000 Millions granted by the Bank to the Borrower.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the Borrower's stocks consisting of raw materials, WIP & finished goods, consumable stores,& their allied products, spares etc. situated at the Borrower's godown at Faridabad or wherever else.

FIXED ASSETS:

· Land

· Plant and Machinery

· Computer

· Vehicle

AS PER WEB SITE DETAILS

Subject is the operating arm of APEX Group in India serving directly the customers in the Indian sub-continent and undertaking contracting works for both domestic and international customers. Subject was established as a collaborative joint venture between Euro-APEX and Indian partners.

The company provides a full range of services, including sales, design, project management, supply and after-sales services as per the APEX Group philosophy. APEX proprietary products supplied by Subject are fully in design and quality conformance with APEX Groups’ world-wide standards.

The company operates through multiple sales locations in India, fabrication carried out near Delhi, and head-quarters in New Delhi.

The company, in the short time since its’ inception has already established a proud track-record. Its customers include L and T, Kochi Refineries, Itt-Kirchner Italy, Iocl, Technip Kti, etc. thru which products have been supplied to prestigious projects of Indian Oil, Bharat Petroleum, Chennai Petrochem, RCF, HFCL, under third party inspection of Engineers India Limited, Lloyds Register, PDIL, BVQI, and Indian Boiler Regulator.

Subject has local references for supply of the complete range of APEX equipment, i.e. full parameters range in plate-type exchangers (carbon steel, alloy steel and stainless steel), glass-coated tube exchangers, carbon steel steam coils, Economizers, duct-work and supports.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.56.31
UK Pound	1	Rs.88.06
Euro	1	Rs.70.91

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--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	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		31

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.