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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516604

Report Date :

26.06.2018

 

IDENTIFICATION DETAILS

 

Name :

APAR INDUSTRIES LIMITED (w.e.f. 08.10.1999)

 

 

Formerly Known As :

GUJARAT APAR POLYMER LIMITED

 

 

Registered Office :

301, Panorama Complex,  R. C. Dutt Road, Alkapuri, Vadodara – 390007, Gujarat

Tel. No.:

91-265-2331935

 

 

Country :

India

 

 

Financials (as on) :

31.03.2018

 

 

Date of Incorporation :

28.09.1989

 

 

Capital Investment / Paid-up Capital :

INR 382.700 Million

 

 

CIN No.:

[Company Identification No.]

L91110GJ1989PLC012802

 

 

IEC No.:

[Import-Export Code No.]

0389059471

 

 

PAN No.:

[Permanent Account No.]

AAACG1840M      

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACG1840M3ZJ

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :

The Company’s Operations Predominantly relate to Manufacture of Conductors, Transformers/Specialty Oils and Power/ Telecom Cables. (Registered Activity)

 

 

No. of Employees :

1274 (Approximately) [AS ON 31.03.2017]

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1989. It is a manufacturer of conductors, transformer/specialty oils and power/telecom cables.

 

As per the FY 2018, the company has achieved revenue growth of 18.02% as compared to the previous year along with an average profit margin of 2.56% recorded from its business operations.

 

The company possesses sound financial profile marked by healthy net worth base along with sound gearing and debt protection metrics due to comfortable debt balance sheet profile.

 

Ratings continue to draw strength from established market position of the company in the product segments it operates backed by diversified revenue profile and well experienced management team of the company.

 

Payments seems to be regular and as per commitments.

 

In view of healthy financial base, the company can be considered good for normal business dealings at usual trade terms and conditions.

 

Note: Uniflex Cables Limited got amalgamated with Apar Industries Limited on 13th September 2012.

 

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

 

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long Term Borrowing – A+

Rating Explanation

Adequate degree of safety and low credit risk

Date

21.12.2017

 

Rating Agency Name

CARE

Rating

Short Term Borrowing – A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

21.12.2017

 

 

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 31-03-2018.

 

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 26.06.2018

 

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

 

INFORMATION DENIED

 

Management Non-Cooperative (Tel. No.: 91-265-2339906)

 

 

LOCATIONS

 

Registered Office:

301, Panorama Complex,  R. C. Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India

Tel. No.:

91-265-2331935/ 2339906/2306537/22820409/25263400/2323175

Mobile No.:

91-9969027630 (Mr. Pradhir)

Fax No.:

91-265-2330309

E-Mail :

aisbmby@bom3.vsnl.net.in

com_sec@apar.com

corporate@apar.com

Website :

http://www.apar.com

Location :

Owned

 

 

Corporate Office :

Building No.5, Corporate Park, Near Swastik, Apar House, Sion-Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

Tel. No.:

91-2

2-25263400/67800400

Fax No.:

91-22-25246326

 

 

Specialty Oils Manufacturing Facility 1 :

Rabale – Navi Mumbai

18, TT.C. M.I.D.C. Industrial Area, Near Rabale Telephone Exchange,
Thane Belapur Road, Rabale, Navi Mumbai - 400 701, Maharashtra, India

Tel. No.:

91-22 - 27694756

Fax No.:

91-22 - 27694757

E-Mail :

apar_thane@apar.com

 

 

Specialty Oils Manufacturing Facility 2 / Al:

Silvassa – D. and NH

Survey No.148 / 1 – 148 /3/1, Silvassa - Rakholi Road, Village - Kudacha, Silvassa - 396 230 (U.T. of Dadra Nagar Haveli) India

Tel. No.:

91-260 - 2630193 / 2630194 / 2630282 / 2630961

E-Mail :

aparsil@apar.com

 

 

Aluminium Conductors Manufacturing Facility :

Silvassa – D. and NH

 

Survey No.144.1 and 148 / 1 – 148 / 3, Silvassa - Rakholi Road, Village - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India

Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961

 Email: aparsil@apsar.com

 

Nalagarh – HP

Khasra No. 467, Hadbast No. 101, Muuza Beer Plassi, Tehsil. Nalagarh, 
P.O. Manjhauli (Jagatkhana),   District Solan - 174 101, Himachal Pradesh, India  

Tel. No.: 91-1795 - 265389 / 200384

Email: apar_nalagarh@apar.com

 

 

Cables Division  Manufacturing :

Plot No.158 to 163, GIDC, Umbergaon, District Valsad - 396171, Gujarat, India

Tel. No.:

91-260-2562412/2563412

Fax No.:

91-260-2562950/2562954

E-Mail :

cable.production@apar.com

 

 

Head Office/ Cables Division Marketing/ Branch Office 1 :

12/13, Jyoti Wire House, 23A Shah Industrial Estate, Off. Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India

Tel. No.:

91-22-26740001/2/3

Fax No.:

91-22-26740600

E-Mail :

info.cable@apar.com

 

 

Branch Office 2 :

201-202, Bezzola Complex, A Wing, 2nd Floor, Sion Trombay Road, Chembur, Mumbai – 400071, Maharashtra, India

 

 

Branch Office  3 :

Jyoti Wire Industrial Estate, 12/13, 1st Floor, 23 A Shah Industrial Estate, Off Veera Desai Road, Andheri (West), Mumbai- 400053, Maharashtra, India

 

 

Branch Office 4 :
  • North

 

301,306 and 307, BMC House, N-1, Block Middle Circle, Connaught Circus,
New Delhi – 110001, India

 

 

Branch Office  5 :

·         West

 

-       137 / 138, 13th Floor, Jolly Maker Chamber II, Nariman Point, Mumbai - 400021, India. Nariman Point (Finance)

 

-       12/13, Jyoti Wire House, 23A Shah Industrial Estate, off. Veera Desai road, Andheri (West), Mumbai – 400053, Andheri (Cables Marketing)

 

-       301, Panorama Complex, R. C. Dutt Road, Vadodara - 390007, Gujarat , Vadodara (Conductors Marketing)

 

-       Flat No.303, Welworth Regency, Survey No.24/3, Near Shivaji Nagar S.T. Stand, Pune – 411055, Maharashtra, India

 

 

 

Branch Office  6 :

·         South

 

-       Flat No. 907, 9th Floor, Babu Khan Estate, Basheerbagh, Hyderabad – 500001, India

 

-       Door Old No. 43, New No. 63, 53rd Street, Ashok Nagar, Chennai – 600083, India

 

-       No.27,’Srinilaya”, III Main, 10th Cross margoza Road, Malleshwaram, Bangalore – 560003, Karnataka, India

 

 

Branch Office  7 :

·         East

 

-       Flat No.24, Gulmohar Building, 6C Middelton Street, Kolkata - 700071. India

 

 

 

Branch Office  8 :

·         Central

 

-       F-3, Shivasan Appartment, Plot No. 239/240, Trilanga E-8, Arera Colony, Bhopal – 462039, India

 

 

DIRECTORS

 

As on 31.03.2018

 

Name :

Mr. Kushal Narendra Desai

Designation :

Managing Director

Address:

Gitanjali Gardens, 8th Floor, 68-E, Nepean Sea Road, Rungta Lane, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

21.02.1967

Qualification :

B.Sc. Hons., (Ele. Engg.) USA, B.S. Eco. Hons., (Wharton), United States of America

Date of Appointment :

01.01.2012

DIN No.:

00008084

 

 

Name :

Mr. Chaitanya Narendra Desai

Designation :

Managing Director

Address:

Gitanjali Gardens, 8th Floor, 68-E, Nepean Sea Road, Rungta Lane, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

15.07.1971

Qualification :

B.Sc (Hons.) (Chem. Engg.) USA, B.S. Eco. (Hons.) (Wharton), United States of America

Date of Appointment :

29.05.1993

DIN No.:

00008091

 

 

Name :

Mr. Rajesh Sehgal

Designation :

Additional Director

Address:

B 2602, Eldora Hillside Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Appointment :

24.04.2017

DIN No.:

00048482

 

 

Name :

Mr. Fattechand Bhagwandas Virani

Designation :

Director

Address:

1002, "A" Wing, Retreat Towers, Opposite Shyamal Row- Houses, Scheme - 1, Off 132' Ring Road, Satellite, Ahmedabad – 380015, Gujarat, India  

Date of Birth/Age :

26.06.1945

Qualification :

B. E. (Chemical Engineering), M. S. (Chemical Engineering) (USA), MBA (USA)

Date of Appointment :

27.07.2001

Other Directorships:-

1. Dyna Cybertech Services Private Limited

2. Uniflex Cables Limited

DIN No.:

00062278

 

 

Name :

Mr. Suyash Saraogi

Designation :

Director

Address:

Flat No. 404, B Wing, Sumer Towers, New Prabhadevi Road, Prabhadevi, Mumbai – 400025, Maharashtra, India 

Date of Appointment :

30.05.2014

DIN No.:

00727967

 

 

Name :

Ms. Nina Pradip Kapasi

Designation :

Director

Address:

1 and 3 Kesar Kunj, 405, Telang Road, Matunga, Mumbai – 400019, Maharashtra, India 

Date of Appointment :

30.05.2014

DIN No.:

02856816

 

 

KEY EXECUTIVES

 

Name :

Mr. Sanjaya R Kunder

Designation :

Company Secretary

Address:

B-4, 303, Silver Park, Mira - Bhayander Road, Mira Road (East), Thane – 401107, Maharashtra, India 

Date of Appointment :

18.06.2007

PAN No.:

ACVPK1531F

 

 

Name :

Mr. Vivek Chandrakant Diwadkar

Designation :

Chief Financial Officer

Address:

Jitmatra A-4, Durgesh Saaz, Kasheli, Bhiwandi, Thane – 421302, Maharashtra, India 

Date of Appointment :

30.05.2014

PAN No.:

AAGPD1690P

 

 

Name :

Mr. Pradhir

Designation :

Manager

 

 

Audit Committee:

·         Dr. N.K. Thingalaya [Chairman upto 23.05.2017]

·         Mr. F.B. Virani

·         Mr. Rajesh Sehgal

·         Mr. Kushal N. Desai

·         Mr. Suyash Saraogi

·         Ms. Nina Kapasi  (w.e.f 30.05.2017)

 

 

SHAREHOLDING PATTERN

 

As on 31.03.2018

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)

(A) Promoter & Promoter Group

2,21,80,558

57.96

 

(B) Public

1,60,88,061

42.04

 

Grand Total

3,82,68,619

100.00

 

 

-

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Total nos. shares held

A1) Indian

 

Individuals/Hindu undivided Family

2,00,03,550

2,00,03,550

 

Kushal Narendra Desai

91,87,974

91,87,974

 

Chaitanya Narendra Desai

91,03,656

91,03,656

 

Smt. Maithili N. Desai

 

Rishabh K. Desai

6,081

6,081

 

Gaurangi K. Desai

3,200

3,200

 

Noopur Kushal Desai

17,02,139

17,02,139

 

Jinisha C. Desai

500

500

 

Any Other (specify)

21,77,008

21,77,008

 

Kushal Chaitanya N. Desai Family Trust - Trustee Smt. M. N. Desai

72,634

72,634

 

Chaitanya N. Desai Family Trust - Trustee Smt. M. N. Desai

95,238

95,238

 

Apar Corporation Private Limited

1,09,529

1,09,529

 

Scope Private Limited

324

324

 

Maithili N. Desai Family Private Trust - Trustee Mr. K. N. Desai & Mr. C. N. Desai

98,983

98,983

 

Maithili Trusteeeeship Services Private Limited.

300

300

 

Maithili N. Desai Family Private Trust No. 2 - Trustee Maithili Trusteeship Services Private Limited.

18,00,000

18,00,000

 

Sub Total A1

2,21,80,558

2,21,80,558

 

A2) Foreign

 

A=A1+A2

2,21,80,558

2,21,80,558

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

Total no. shares held

Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)

B1) Institutions

0.00

 

Mutual Funds/

81,65,282

21.34

 

HDFC Trustee Company Limited - 1. HDFC Prudence Fund 2. HDFC Small Cap Fund

30,10,750

7.87

 

Reliance Capital Trustee Company Limited 1. Reliance Diversified Power Sector Fund 2. Reliance Smal Cap Fund

23,68,341

6.19

 

L and T Mutual Fund Trustee 1. L and T India Prudence Fund 2. L and T Emerging Businesses Fund

9,55,985

2.50

 

Foreign Portfolio Investors

28,21,686

7.37

 

Goldman Sachs India Fund Limited

11,33,091

2.96

 

Raiffeisen-Eurasien-Aktien

5,80,000

1.52

 

Financial Institutions/ Banks

61,304

0.16

 

Any Other (specify)

30

0.00

 

Sub Total B1

1,10,48,302

28.87

 

B2) Central Government/ State Government(s)/ President of India

0.00

 

Central Government/ State Government(s)/ President of India

47,962

0.13

 

Sub Total B2

47,962

0.13

 

B3) Non-Institutions

0.00

 

Individual share capital upto INR 0.200 Million

28,30,469

7.40

 

Individual share capital in excess INR 0.200 Million

5,71,950

1.49

 

Any Other (specify)

15,89,378

4.15

 

Bodies Corporate

11,52,189

3.01

 

Kedia Securities Private Limited

4,25,191

1.11

 

Non-Resident Indian (NRI)

1,91,764

0.50

 

HUF

1,76,706

0.46

 

Clearing Members

68,719

0.18

 

Sub Total B3

49,91,797

13.04

 

B=B1+B2+B3

1,60,88,061

42.04

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company’s Operations Predominantly relate to Manufacture of Conductors, Transformers/Specialty Oils and Power/ Telecom Cables. (Registered Activity)

 

 

Products / Services :

NIC Code

Product Description

2710

Transformer and Specialty Oils

7614

AAC/AAAC/ACSR Conductors

8544

Power / Telecom Cable

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

1274 (Approximately)

 

 

Bankers :

·         Union Bank of India

·         IDBI Bank Limited

·         Bank of Baroda

·         Credit Agricole – Corporate and Investment Bank

·         Syndicate Bank

·         ICICI Bank Limited

·         Axis Bank Limited

·         Kotak Mahindra Bank Limited

·         State Bank of India

·         Bank of India

 

 

Facilities :

SECURED LOANS

31.03.2018

INR In Million

31.03.2017

INR In Million

Long Term Borrowings

 

 

Foreign currency loan from banks

NA

148.800

Rupees Term Loan from bank

NA

198.900

Short Term Borrowings

 

 

Working capital loans from banks

 

 

Packing Credit loan in foreign currency from banks

NA

730.500

Total

NA

1078.200

 

Notes:

 

Long Term Borrowings

 

Rupee term loans and foreign currency loan from banks are secured as under:

 

-The Foreign Currency term loan from Credit Agricole CI Bank, Singapore, is secured by exclusive charge on the assets acquired by the Company with the proceeds of the facility.

 

-The Foreign Currency term loan from Union Bank of India, Hong Kong, is secured by first charge by way of equitable mortgage by deposit of title deeds of Company’s Athola properties and exclusive hypothecation charge on the assets acquired by the Company with the proceeds of the facility situated at other locations.

 

-The rupees term loan from ING Vysya Bank Limited (now Kotak Mahindra Bank) is secured by first charge by way of equitable mortgage by deposit of title deed of Company’s Khatalwad properties and hypothecation of movable plant and machinery at Khatalwad excluding movable machinery hypothecated to ECB Lenders.

 

Terms of repayment of term loan :

 

-In respect of Rupee Term Loan from Bank in 10 quarterly installments till September, 2019, 9 installments of INR 33.300 Million each and last of INR 33.400 Million

 

-In respect of Foreign Currency Term Loans from Union Bank of India, Hongkong; in May 2016 INR 106.000 million; in May 2017 INR 116.700 million; in May 2018 INR 148.800 million.

 

The Group does not have any continuing default as on the Balance Sheet date in repayment of loans and interest.

 

Short Term Borrowings

 

Working capital loans from banks (secured) INR 1489.000 Million are secured by :

 

(i) Hypothecation of specified stocks, specified book debts of the Company.

 

(ii) First charge by way of equitable mortgage by deposit of title deeds of Company’s specified immovable properties, both present and future.

 

 

 

Auditors :

 

Name :

Sharp and Tannan

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Subsidiary Companies : [AS ON 31.03.2017]

 
  • Petroleum Specialties Pte. Limited, Singapore
  • Quantum Apar Speciality Oil Pty. Limited (subsidiary of Petroleum Specialities Pte. Limited)
  • Petroleum Specialities FZE, Sharjah (100% subsidiary of Petroleum Specialities Pte. Limited)
  • Apar Transmission and Distribution Projects Private Limited (CIN No. U74999GJ2016PTC093485)

 

 

Entities over which  significant influence is exercised by key management personnel / individuals having significant influence : [AS ON 31.03.2017]

 
  • Apar Corporation Private Limited
  • Scope Private Limited and its’ subsidiaries, viz.

a)Apar Investment ( Singapore ) Pte. Limited

b) Apar Investment Inc.

  • Apar Technologies Private Limited
  • Apar Technologies Pte. Limited
  • Chaitanya N. Desai Family Private Trust
  • Maithili N. Desai Family Private Trust
  • Kushal Chaitanya N. Desai Family Trust
  • Chaitanya N. Desai Family Trust
  • Catalis World Private Limited
  • Gayatri Associates
  • Maithili Trusteeship Services Private Limited
  • Kushal N. Desai Family Private
  • Narendra D. Desai Family Private Trust

 

 

CAPITAL STRUCTURE

 

As on 31.03.2018

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : INR 382.700 Million

 

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

101998750

Equity Shares

INR 10/- each

INR 1020.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

38268619

Equity Shares

INR 10/- each

INR 382.700 Million

 

 

 

 

 

Reconciliation of the number of shares outstanding at the beginning and at the end of the year

 

 

March 31, 2017

Equity Shares

No. of shares

INR Million

Outstanding at the beginning of the year

38496769

0.000

Issued (Buyback) during the year

(228150)

1.635

Outstanding at the end of the year

38268619

38.497

 

Terms/rights attached to equity shares

 

i) The Company has one class of equity shares having a par value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

ii) During the year ended 31st March 2017, recommended dividend for the financial year 2016 -17 @ INR 10/- per share aggregating to INR 460.600 Million (including dividend tax INR 77.900 Million) on 38268619 Equity shares of INR 10 each fully paid

 

iv)In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

Equity shares of INR. 10/- each fully paid

March 31, 2017

No. of shares

% of holdings in the class

Dr. N. D. Desai

7271761

19.00%

Kushal N. Desai

6415899

16.76%

Chaitanya N. Desai

6403970

16.73%

Templeton Strategic Emerging Markets Fund III, L.D.C.

-

-

HDFC Trustee Company Limited - HDFC Prudence fund

3083150

8.06%

 

Shares reserved for issue under options

 

There are no shares reserved for issue under options and contracts / commitments for the sale of shares / disinvestment.

 

Scheme of Amalgamation of Apar Lubricants Limited (ALL)

 

At the hearing held on 23rd October, 2015, the Honorable High Court of Gujarat at Judicature at Ahmedabad have sanctioned the Scheme of Amalgamation of Apar Lubricants Limited (ALL) (wholly-owned subsidiary of the Company) with Apar Industries Limited (AIL) w.e.f. 1st January, 2015 (being the appointed date). The effective date of the Scheme is 10th November, 2015, being the date on which Certified Copy of the High Court Order and the Scheme filed with Registrar of Companies, Gujarat.

 

Pursuant to the Scheme :

 

i)              The Authorized Share Capital of AIL enhanced by INR 100 Million and now stands at INR 1.019 Million divided into 101998750 Equity Shares of INR 10 each

ii)             The ALL stand dissolved without winding-up; and

iii)            The Scheme has accordingly been given effect to in the financial statements with effect from the appointed date. All the assets and liabilities excluding fixed assets of ALL have been transferred to the Company at the book value as recorded in books of Transferor Company. Fixed assets have been recorded at its estimated market value. The Company has followed ‘Purchase Method’ of accounting as per the Accounting Standard (AS) 14 ‘Accounting for Amalgamations’

iv)            The scheme of amalgamation is followed as per the court order hence goodwill is not tested for impairment, instead amortization of goodwill is carried out as laid down in court scheme

v)             The net loss INR 0.000 Million of the Transferor Company from the appointed date i.e. 1st January, 2015 till 31st March, 2015 has been transferred to the surplus in Statement of profit and loss in the books of the company, thereby adjusting opening reserves. This loss has been arrived at after charging amortization of Goodwill of INR 4.400 Million (net of tax) for the relevant period.

 

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2018

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

382.700

382.700

385.000

(b) Reserves & Surplus

9812.900

9097.800

7220.300

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

10195.600

9480.500

7605.300

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1058.000

347.700

602.800

(b) Deferred tax liabilities (Net)

329.600

443.400

295.400

(c) Other long term liabilities

25.200

25.200

29.500

(d) long-term provisions

46.400

43.400

35.400

Total Non-current Liabilities (3)

1459.200

859.700

963.100

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1697.500

1864.700

2638.000

(b) Trade payables

24256.700

17040.500

13896.300

(c) Other current liabilities

2304.000

3744.000

2662.400

(d) Short-term provisions

10.300

9.200

8.500

Total Current Liabilities (4)

28268.500

22658.400

19205.200

 

 

 

 

TOTAL

39923.300

32998.600

27773.600

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5376.100

4580.500

3848.400

(ii) Intangible Assets

18.100

95.400

335.800

(iii) Capital work-in-progress

190.700

267.300

0.000

(iv) Intangible assets under development

0.000

10.200

0.000

(v) Goodwill

47.600

0.000

0.000

(b) Non-current Investments

2.800

2.700

2.600

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

332.600

2032.500

1802.100

Total Non-Current Assets

5967.900

6988.600

5988.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

1185.700

1092.400

(b) Inventories

11413.800

9353.600

7659.500

(c) Trade receivables

16770.300

12359.900

10695.600

(d) Cash and cash equivalents

2353.500

966.600

894.500

(e) Short-term loans and advances

150.400

147.000

141.300

(f) Other current assets

3267.400

1997.200

1301.400

Total Current Assets

33955.400

26010.000

21784.700

 

 

 

 

TOTAL

39923.300

32998.600

27773.600

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2018

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

56359.100

47755.800

50243.600

 

Other Income

109.200

158.000

99.200

 

TOTAL

56468.300

47913.800

50342.800

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

41602.200

34975.700

37356.600

 

Purchases of Stock-in-Trade

870.500

791.000

681.800

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

61.000

(638.700)

537.200

 

Excise Duty

1201.700

0.000

0.000

 

Employees benefits expense

1187.700

1047.400

902.700

 

Transfer to capital Asset

(24.000)

0.000

(4.800)

 

Other expenses

7510.400

7372.800

7192.800

 

TOTAL

52409.500

43548.200

46666.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

4058.800

4365.600

3676.500

 

 

 

 

 

Less

FINANCIAL EXPENSES

1349.300

1136.600

1573.300

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

2709.500

3229.000

2103.200

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

495.900

434.500

376.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

2213.600

2794.500

1726.300

 

 

 

 

 

Less

TAX

773.100

971.300

569.300

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

1440.500

1823.200

1157.000

 

 

 

 

 

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

4372.000

2741.800

2184.500

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

NA

200.000

150.000

 

Dividend

NA

(10.230)

449.700

 

Capital Redemption Reserve

NA

2.300

0.000

 

Tax on Dividend

NA

0.930

0.000

 

Total

NA

193.000

599.700

 

 

 

 

 

 

Balance Carried to the B/S

5812.500

4372.000

2741.800

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

Export of goods calculated on FOB basis

NA

12529.700

15417.000

 

 

Deemed Exports

NA

1214.300

1149.000

 

 

Dividend from subsidiaries

NA

0.000

0.000

 

 

Other Earnings

NA

422.700

565.000

 

TOTAL EARNINGS

NA

14166.700

17131.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

23408.400

22284.400

 

 

Stores & Spares

NA

22.800

33.300

 

 

Capital Goods

NA

202.000

127.300

 

TOTAL IMPORTS

NA

23633.200

22445.000

 

 

 

 

 

 

Earnings Per Share (INR)

37.64

47.38

40.78

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2018

31.03.2017

31.03.2016

Current Maturities of Long term debt

NA

379.700

481.400

Cash generated from operations

NA

3105.000

4009.700

Net cash flow from (used in) operations

NA

NA

4023.400

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Average Collection Days

(Sundry Debtors / Income * 365 Days)

108.61

94.47

77.70

 

 

 

 

Account Receivables Turnover

( Income / Sundry Debtors)

3.36

3.86

4.70

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

208.46

173.90

133.34

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.36

0.47

0.48

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.73

0.88

0.88

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.73

0.70

0.71

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.27

0.23

0.43

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

2.77

2.39

2.53

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.55

0.52

0.55

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

3.01

3.84

2.34

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2018

31.03.2017

31.03.2016

Net Profit Margin

[(PAT / Sales) * 100]

%

2.56

3.82

2.30

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

3.61

5.53

4.17

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

14.13

19.23

15.21

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2018

31.03.2017

31.03.2016

Current Ratio

(Current Assets / Current Liabilities)

1.20

1.15

1.13

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.80

0.74

0.74

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.26

0.29

0.27

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

7.20

5.78

8.42

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.20

1.15

1.13

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 715.25/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Share Capital

385.000

382.700

382.700

Reserves & Surplus

7220.300

9097.800

9812.900

Share Application money pending allotment

0.000

0.000

0.000

Net worth

7605.300

9480.500

10195.600

 

 

 

 

long-term borrowings

602.800

347.700

1058.000

Short term borrowings

2638.000

1864.700

1697.500

Total borrowings

3240.800

2212.400

2755.500

Debt/Equity ratio

0.426

0.233

0.270

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Sales

50243.600

47755.800

56359.100

 

 

(4.951)

18.015

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2016

31.03.2017

31.03.2018

 

INR In Million

INR In Million

INR In Million

Sales

50243.600

47755.800

56359.100

Profit

1157.000

1823.200

1440.500

 

2.30%

3.82%

2.56%

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

No

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

GENERAL INFORMATION [AS ON 31.03.2017]

 

Apar Industries Limited, founded by Late Shri. Dharmsinh D. Desai in the year 1958 is one among the best established companies in India, operating in the diverse fields of electrical and metallurgical engineering. Over the ensuing years it has been offering value added products and services in Power Transmission Conductors, Petroleum Specialities and Power and Telecom Cables.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2018

INR In Million

31.03.2017

INR In Million

Short Term Borrowings

 

 

Packing credit loan in foreign currency from Banks

NA

626.400

Buyer's credit in foreign currency

NA

507.800

Total

NA

1134.200

 

 

INDEX OF CHARGE:

 

Charges Registered

SNo

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

C65597148

10593886

KOTAK MAHINDRA BANK LIMITED

16/09/2015

-

-

500000000.0

27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN

2

C45265717

10552476

ING VYSYA BANK LIMITED

25/02/2015

-

-

500000000.0

Plot No. C-12, 'G' Block, 8th Floor,BKC, Bandra (East),MumbaiMH400051IN

3

B75406249

10426504

Union Bank of India

15/05/2013

-

-

330000000.0

Overseas Branch, Union Bank Bhavan, Ground Floor,239, Vidhan Bhavan Marg, Nariman Point,MumbaiMH400021IN

4

G59328054

10348687

VISTRA ITCL (INDIA) LIMITED

22/03/2012

24/10/2017

-

39750000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN

5

G80428774

10133842

VISTRA ITCL (INDIA) LIMITED

15/12/2008

19/03/2018

-

39750000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMa400051IN

6

G89626238

10449812

Union Bank of India

17/09/2013

-

30/05/2018

330000000.0

Overseas Branch, Union Bank Bhavan,239, Vidhan Bhavan Marg, Nariman Point,MumbaiMH400021IN

7

G09733072

10317838

Credit Agricole Corporate and Investment Bank

14/11/2011

-

15/08/2016

250400000.0

168, Robinson Road,#22-01, Capital Tower,SingaporeNA068912SG

8

C03866241

10131264

IL & FS TRUST COMPANY LIMITED

12/11/2008

28/07/2010

21/04/2014

1100000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN

9

C03865615

10105169

IL & FS TRUST COMPANY LIMITED

12/05/2008

28/07/2010

21/04/2014

1100000000.0

IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN

10

B83601567

10035254

Syndicate Bank

15/12/2006

-

12/08/2013

472500000.0

Nariman Point Branch,Nariman Point,MumbaiMH400021IN

 

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land Freehold

·         Leasehold Building

·         Plant and Machinery

·         Furniture and Fixture

·         Motor Vehicles

 

 

PRESEE RELEASE

 

 

APAR INDUSTRIES ENTERS A JV TO MARKET AUTO LUBRICANTS

 

Apar Industries has entered into a 40:60 joint venture (JV) with PPS Motors Private Ltd. (PMPL) and incorporated a company in the name of "Ampoil Apar Lubricants Private Limited" (AALPL).

 

Apar will be marketing lubricants under the AMPOIL brand, owned by PMPL. The focus will be to sell lubricants to the state government, central government, public sector or semi-government, defence and original equipment manufacturers. There is no impact on management and control of the company.

 

This is a positive development as Apar has expertise in marketing auto lubes since 2007. The company has a licensing agreement with ENI, Italy for its ENI brand. Auto Lubes is a part of Transformer and Specialty oils segment, which had sales of Rs1,825cr (35% of FY17 sales). Auto lubes contributed 12% to the segment sales.

 

Apar is currently trading at Rs818, up by Rs 2.95 or 2.89% from its previous closing of Rs795.05 on the BSE.

 

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

INR

US Dollar

1

INR 67.97

UK Pound

1

INR 90.00

Euro

1

INR 78.61

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRY

 

 

Report Prepared by :

JYO

 

 

SCORE FACTORS

 

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

YES

--OTHER MERIT FACTORS

YES/NO

              YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

 

 

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.