MIRA INFORM REPORT

Report Date :

24.06.2013

IDENTIFICATION DETAILS

Name :	APEX CORPORATION INDIA PRIVATE LIMITED
Registered Office :	C/O T.B Hazra, 36/18, Chatterjee Bagan, Banerjee, Para Road, West Putiary, Kolkata - 700041, West Bengal
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	14.03.2007
Com. Reg. No.:	21-114141
Capital Investment/ Paid-up Capital:	Rs.17.295 Millions
CIN No.: [Company Identification No.]	U51109WB2007PTC114141
Legal Form :	Private Limited Liability Company
Line of Business :	Wholesaler and Supplier of Industrial Automation, Minning Equipments, Atlas Copco Compressors, Portable Compressors and Drilling Machines
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 171000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears to be a dip in the profits of the company in recent times. However, overall financial position and networth of the company is stable. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	C/O T.B Hazra, 36/18, Chatterjee Bagan, Banerjee, Para Road, West Putiary, Kolkata - 700041, West Bengal, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	apex_wheels@satyam.net.in info@apexcorporation.net
Website :	http://www.apexcorporation.net
Administrative Office :	10, Avtar Building, Near Ram Mandir, Main Road, Bistupur, Jameshepur – 831001, Jharkhand, India
Tel. No.:	91-657-2320969/ 2320807/ 2320918/ 2435486
Fax No.:	91-657-2320918
E-Mail :	apexwheels@gmail.com
Branch Office :	Hotel Yuvraj Building, Doranda, Ranchi – 834003, Jharkhand, India
Tel. No.:	91-651-2482296
E-Mail :	apexwheels@gmail.com

DIRECTORS

As on: 29.09.2012

Name :

Mr. Gian Taneja

Designation :

Director

Address :

33, North West, Circuit House Area, Bistupur, Jamshedpur - 831 001, Jharkhand, India

Date of Birth/Age :

15.04.1947

PAN No.:

ABTPT2730J

Voter ID No.:

BR/50/292/342257

Date of Appointment :

14.03.2007

DIN No.:

00923553

Other Directorships :

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	U51109WB2007PTC114141	APEX CORPORATION INDIA PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
2	U45200JH2008PTC013173	APEX MINING AND CONSTRUCTION PRIVATE LIMITED	Director	26/05/2008	26/05/2008	-	Active	NO

Name :

Ms. Aruna Taneja

Designation :

Director

Address :

33, North West, Circuit House Area, Bistupur, Jamshedpur - 831 001, Jharkhand, India

Date of Birth/Age :

15.11.1955

PAN No.:

AALPT9712H

Voter ID No.:

BR/50/292/342258

Date of Appointment :

14.03.2007

DIN No.:

00923555

Other Directorships :

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	U51109WB2007PTC114141	APEX CORPORATION INDIA PRIVATE LIMITED	Director	14/03/2007	14/03/2007	-	Active	NO
2	U45200JH2008PTC013173	APEX MINING AND CONSTRUCTION PRIVATE LIMITED	Director	26/05/2008	26/05/2008	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 29.09.2012

Names of Shareholders	No. of Shares
Gian Taneja	92850
Aruna Taneja	10000
Vivekanand Tiwary	2100
Apex Minig and Construction Private Limited, India	68000
Total	172950

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Bodies corporate	39.32
Directors or relatives of directors	59.47
Others	1.21
Total	100.00

BUSINESS DETAILS

Line of Business :

Wholesaler and Supplier of Industrial Automation, Minning Equipments, Atlas Copco Compressors, Portable Compressors and Drilling Machines

GENERAL INFORMATION

Customers :

· Usha Martin

· Tata Steel Growth Shop

· Tata Toyo

· Tata Steel Tata Motor

· NTPC

· JUSCO

· JMT Auto Limited

· India Resources Limited

· ACC

No. of Employees :

Not Available

Bankers :

· Deutsche Bank

· State Bank of India, SBI RBO, Tee Kay Complex, Tinplate Chowk, Golmuri, Jamshedpur - 831003, Jharkhand, India

· Standard Chartered Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Term Loan with Tata Motors Finance Limited (Secured against Tata Nano Car)	0.251	0.000
SHORT TERM BORROWINGS
Cash Credit Facilities from State Bank of India- Jugsalai Branch
Stocks-WCD Loan a/c. No. 31633243988	0.000	74.339
Book Debts A/c. No. 30168779977	17.705	8.851
Stock in Trade A/c. No. 30168772814	11.869	19.179
Standard Chartered Bank-A/c. No. 52205842344	0.000	-0.657
Duesch Bank- Bangalore A/c. No. 2046563000	10.175	8.916
State Bank of India-Doranda Branch- CA.No.30187066678	2.469	0.000
Total	42.469	110.628

Banking Relations :	--
Auditors :
Name :	B. Gupta and Company Chartered Accountants
Address :	Bari Mansion, Bistupur, Jamshedpur – 831001, Jharkhand, India
PAN No.:	AACFG2208A

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Share	Rs.100/- each	Rs.50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
172950	Equity Share	Rs.100/- each	Rs.17.295 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17.295	17.295
(b) Reserves & Surplus	25.704	17.305
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	42.999	34.600
(3) Non-Current Liabilities
(a) long-term borrowings	0.251	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	4.300	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	4.551	0.000
(4) Current Liabilities
(a) Short term borrowings	42.218	110.628
(b) Trade payables	53.288	79.672
(c) Other current liabilities	5.227	2.823
(d) Short-term provisions	12.373	8.228
Total Current Liabilities (4)	113.106	201.351
TOTAL	160.656	235.951
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1.719	2.172
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	0.384	0.379
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2.103	2.551
(2) Current assets
(a) Current investments	16.816	32.269
(b) Inventories	17.324	16.829
(c) Trade receivables	101.772	172.801
(d) Cash and cash equivalents	0.325	2.913
(e) Short-term loans and advances	10.000	0.025
(f) Other current assets	12.316	8.563
Total Current Assets	158.553	233.400
TOTAL	160.656	235.951

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.995
2] Share Application Money		0.000
3] Reserves & Surplus		10.500
4] (Accumulated Losses)		0.000
NETWORTH		23.495
LOAN FUNDS
1] Secured Loans		28.120
2] Unsecured Loans		0.000
TOTAL BORROWING		28.120
DEFERRED TAX LIABILITIES		0.000
TOTAL		51.615
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2.282
Capital work-in-progress		0.000
INVESTMENT		1.097
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	14.217
	Sundry Debtors	84.051
	Cash & Bank Balances	3.640
	Other Current Assets	14.838
	Loans & Advances	6.790
Total Current Assets		123.536
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	67.725
	Other Current Liabilities	2.568
	Provisions	5.150
Total Current Liabilities		75.443
Net Current Assets		48.093
MISCELLANEOUS EXPENSES		0.143
TOTAL		51.615

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	361.007	435.063	292.640
		Other Income	6.436	3.655	1.822
		TOTAL (A)	367.443	438.718	294.462
Less	EXPENSES
		Cost of materials consumed	319.760	400.566
		Employee benefit expenses	12.193	12.168
		Other expenses	10.665	9.227
		Extraordinary Items	0.072	0.072
		TOTAL (B)	342.690	422.033	284.272
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		24.753	16.685	10.190
Less	FINANCIAL EXPENSES (D)		11.731	6.278	3.644
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		13.022	10.407	6.546
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.478	0.525	0.525
	PROFIT BEFORE TAX (E-F) (G)		12.544	9.882	6.021
Less	TAX (H)		4.145	3.077	1.927
	PROFIT AFTER TAX (G-H) (I)		8.399	6.805	4.094
	TOTAL IMPORTS		NA	145.460	NA
	Earnings Per Share (Rs.)		48.56	39.35	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.29	1.55	1.39
Net Profit Margin (PBT/Sales)	(%)	3.47	2.27	2.06
Return on Total Assets (PBT/Total Assets}	(%)	7.81	4.19	4.79
Return on Investment (ROI) (PBT/Networth)		0.29	0.29	0.26
Debt Equity Ratio (Total Debt/Networth)		0.99	3.20	1.20
Current Ratio (Current Asset/Current Liability)		1.40	1.16	1.64

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

FINANCIAL RESULT

The Profit and Loss Account of the company shows a Net Profit amounting to Rs.12.616 Millions before provision of income tax and Rs.8.399 Millions after provision of current taxes.

Bankers Charges Report as per Registry

Corporate identity number (CIN) or foreign company registration number of the company	U51109WB2007PTC114141
Name of the company	APEX CORPORATION INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	C/O T.B Hazra, 36/18, Chatterjee Bagan, Banerjee, Para Road, West Putiary, Kolkata - 700041, West Bengal, India E-mail: apex_wheels@satyam.net.in
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10054786
Type of charge	· Book debts · Movable property (not being pledge)
Particular of charge holder	State Bank of India, SBI RBO, Tee Kay Complex, Tinplate Chowk, Golmuri, Jamshedpur - 831003, Jharkhand, India E-mail: roshan.tiru@sbi.co.in
Nature of instrument creating charge	1. SME-1 (Arrangement Letter) 2. SME-4 (agreement of loan cum hypothecation) 3. Sanction letter. 4. Board resolution.
Date of instrument Creating the charge	28.08.2012
Amount secured by the charge	Rs.49.500 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest For working capital limit @ 3.75% above base rate, present base rate=10.00% per annum with monthly rests. For letter of credit and bank guarantee usual charges. Terms of Repayment Cash credit- repayable on demand. Margin For cash credit on stocks 25.00%. For cash credit book debts 40.00%. (cover period 90 days) for letter of credit and bank guarantee 25.00%cash margin. Extent and Operation of the charge 1. first charge by way of hypothecation over entire stock of industrial, electrical, and office equipments like compressors, power tools, photocopiers, fax/telefax, cameras e.t.c . first charge by way of hypothecation over book debts, bills, receivables, consumables, stores, spares and finished goods.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the current assets including bookdebts, receivables and stock of goods of the company located at the Godowns At 10, Awtar Building, Main Road, Bistupuir, Jamshedpur 831001 or any where else
Date of instrument modifying the charge	16.02.2011
Particulars of the present modification	Total facilities enhanced to Rs 49.500 Millions from Rs.116.800 Millions. Details of credit facilities : cash credit(stocks) Rs 15.000 Millions, cash credit (b debts) Rs 250.00 Millions, FLC Rs 2.500 Millions and BG Rs 7.000 Millions.

FIXED ASSETS

· Accent Honda Car

· Honda City Car

· Maruti AC800 Car

· Tata NANO Cars

· Motor Cycles

· Computers

· Printer

· Photo Copier Machine

· Type Writer Machine

· Fax Machine

· Generator

· UPS

· Air Conditioners

· Refregirator

· Shoe Polish M/c

· Office Equipment

· Coffee Tea Machine

· Furniture and Fixtures

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 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 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.59.35
UK Pound	1	Rs.92.11
Euro	1	Rs.78.59

INFORMATION DETAILS

Report Prepared by :

VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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