MIRA INFORM REPORT
|
Report Date : |
3rd May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
NATH BROS EXIM
INTERNATIONAL LIMITED |
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Registered Office : |
102-A, Bangla Sahib Marg,
New Delhi – 110 001, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
16th
May, 1971 |
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CIN No.: |
U52110DL1971PLC005626 |
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Com. Reg. No.: |
20-5626 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
DELN05389B |
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PAN No.: (Permanent Account No.) |
AAACN0495R |
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Legal Form : |
Private limited liability of the company. |
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Line of Business : |
Manufacturer
and Exporter of Woven Ladies Garments |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company but at present it is not faring well. It is a family
owned closely held public limited company. Directors are well experienced in
their line of business and they are resourceful. Their trade relations are
reported as fair. Payments are reported as slow and delayed. The
company can be considered for business dealings, preferably on safe and
secured trade terms and conditions |
LOCATIONS
|
Registered Office : |
102-A, Bangla Sahib Marg,
New Delhi – 110 001, India |
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Tel. No.: |
91-11-23363901/91-11-23742676 |
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E-Mail : |
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Website : |
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Area : |
Owned
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Branch: |
C-51, Sector 57, Noida,
Uttar Pradesh, India |
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Tel. No.: |
91-120-2581025/2581112/2420366 |
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Fax No.: |
91-120-2581112 |
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E-Mail : |
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Website : |
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Area : |
Owned
– 2 acres |
DIRECTORS
|
Name : |
Mr. Vishwa nath |
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Designation : |
Managing
Director |
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Date of Birth/Age |
20th
November, 1951 |
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Address : |
36,
Hanuman Road, New Delhi-110001, India |
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|
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Name : |
Mr. Sri Nath |
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Designation : |
Director
|
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Date of Birth : |
1st
January, 1923 |
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Experience : |
36
years |
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Address : |
36,
Hanuman Road, New Delhi-110001, India |
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Date of Appointment : |
16th
March, 1971 |
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|
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|
Name : |
Mr. Yogeshwar Nath |
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Designation : |
Director
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Date of Birth : |
13th
April, 1949 |
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Address : |
36,
Hanuman Road, New Delhi-110001, India |
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Date of Appointment : |
16th
May, 1971 |
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|
|
|
Name : |
Mrs. Anjala Nath |
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Designation : |
Director
|
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Date of Birth : |
17th
November, 1950 |
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Address : |
36,
Hanuman Road, New Delhi-110001, India |
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Date of Appointment : |
3rd
November, 1972 |
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|
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|
Name : |
Mrs. Poonam Nath |
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Designation : |
Director
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Date of Birth : |
20th
September, 1952 |
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Address : |
36,
Hanuman Road, New Delhi-110001, India |
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Date of Appointment : |
1st
March, 1976 |
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|
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|
Name : |
Mr. Vidur Nath |
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Designation : |
Director
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Date of Birth : |
1st
August, 1978 |
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Address : |
36,
Hanuman Road, New Delhi-110001, India |
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Date of Appointment : |
29th
September, 1997 |
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|
|
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Name : |
Mrs.
Pirul Puri |
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Designation : |
Director |
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Date of Birth : |
30th
December 1976 |
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Address : |
C-508,
Defence Colony, New Delhi-110024 |
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Date of Appointment : |
29th
September, 1976 |
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Name : |
Mr.
Achla Gupta |
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Designation : |
Director
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Date of Birth : |
14th
September 1950 |
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Address : |
B-49,
Sector 36, Noida |
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Date of Appointment : |
28th
June, 2004 |
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|
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Name : |
Mr.
Kunal Gupta |
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Designation : |
Director |
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Date of Birth : |
16th
May 1980 |
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Address : |
B-49,
Sector 36, Noida |
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Date of Appointment : |
28th
June, 2004 |
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|
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|
Name : |
Mr.
Atul Gupta |
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Designation : |
Director |
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Date of Birth : |
19th
November 1951 |
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Address : |
B-49,
Sector 36, Noida |
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Date of Appointment : |
28th
June, 2004 |
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|
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|
Name : |
Mrs.
Deepika Nath |
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Designation : |
Director
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Date of Birth : |
26th
September, 1979 |
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Address : |
36,
Hanuman Road, New Delhi-110001, India |
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Date of Appointment : |
11th
July, 2005 |
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|
|
|
Name : |
Mr.
Grish Cuanora Agrawal |
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Designation : |
Director
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Date of Birth : |
3rd
May, 1940 |
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Address : |
K
– 24 D, Havz Kuas, New Delhi – 110001 |
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Date of Appointment : |
16th
May, 1971 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
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|
Mrs. Anjala Nath |
300 |
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|
General Commercial Limited |
12000 |
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Total |
12,300 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Woven Ladies Garments |
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Agencies Held : |
Ř
VSE Limited Ř
HCL Info Systems
Limited |
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Exports to : |
U.S.A.,
U.K, Germany, France, Europe, Canada and UAE |
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Imports from : |
Germany,
China, Japan France and Italy |
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Terms : |
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Selling : |
L/C,
Credit (80 days) terms |
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Purchasing : |
L/C,
Credit (80 days) or CAD terms. |
PRODUCTION STATUS
|
Particulars |
Unit |
|
|
Actual Production |
|
Garment |
Pcs |
|
|
115.951.00 |
|
Cults |
Pcs |
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|
10.848.00 |
GENERAL INFORMATION
|
Customers : |
Wholesalers
and End Users |
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No. of Employees : |
390
-- 40 persons in office and 350 persons in factory |
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Bankers : |
Ř
Indian Overseas Bank Parliament Street, New Delhi - 110 001 |
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Banking Relations : |
Satisfactory |
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Auditors : |
Grish and Company Chartered Accountant 42/1
Connaught Place, New Delhi - 110 001 |
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Tel. No.: |
91-11-23342398/23365038 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
0.123 |
0.123 |
0.123 |
|
2] Reserves & Surplus |
85.195 |
93.663 |
91.489 |
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NETWORTH |
85.318 |
93.786 |
91.612 |
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|
|
|
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LOAN FUNDS |
|
|
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|
1] Secured Loans |
30.601 |
3.644 |
4.638 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
TOTAL
BORROWING |
30.601 |
3.644 |
4.638 |
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|
|
|
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TOTAL
|
115.919 |
97.430 |
96.250 |
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
52.143 |
51.890 |
56.142 |
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
INVESTMENTS |
11.935 |
9.438 |
9.646 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
12.722 |
15.352 |
|
Sundry Debtors |
|
13.241 |
8.476 |
|
Cash & Bank Balances |
|
14.720 |
12.316 |
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Other Current Assets |
|
0.965 |
1.167 |
|
Loans & Advances |
|
3.662 |
2.809 |
|
Total
Current Assets |
|
45.310 |
40.120 |
|
Less : |
|
|
|
|
Current Liabilities and Provisions |
|
9.208 |
9.658 |
|
Total
Current Liabilities |
|
9.208 |
9.658 |
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Net Current Assets |
51.841 |
36.101 |
30.462 |
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|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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GRAND TOTAL
|
115.919 |
97.430 |
96.250 |
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
83.433 |
80.999 |
107.955 |
|
|
|
|
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Profit/(Loss) Before Tax
|
(8.424) |
9.758 |
(5.605) |
Provision for Taxation
|
0.000 |
6.879 |
(7.199) |
Profit/(Loss) After Tax
|
(8.424) |
2.879 |
(12.804) |
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|
|
|
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Export Value
|
79.880 |
87.274 |
59.954 |
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|
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Import Value
|
23.300 |
15.275 |
11.488 |
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|
|
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Total Expenditure
|
83.233 |
8.120 |
1.207 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
(10.09)
|
3.554 |
(11.860) |
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|
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Net Profit Margin
(PBT/Sales) |
(%) |
(10.09)
|
12.047 |
(5.191) |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
(--)
|
9.150 |
(5.292) |
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|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
(0.09)
|
0.104 |
(`0.090) |
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|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
--
|
0.137 |
0.156 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
--
|
4.920 |
4.154 |
LOCAL AGENCY FURTHER INFORMATION
It exports Woven Garments.
It
imports raw material
It is in trade terms with :-
Ř
HCL Info Systems Limited
Ř
Trade Winds Import, New
Port USA
Ř
Cargo Home Shop, UK
|
Name
of the Company |
NATH BROS EXIM
INTERNATIONAL LIMITED |
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Presented
By |
Mr.
Vishwa Nath |
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||||||||
|
1)
Date and description of instrument creating the change |
Letter
of Hypothecation dated 19.03.2001 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
15.000 Millions |
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3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Raw Material semi finished goods Hypothecation
of Book Debts and other current assets both present and future Hypothecation
of machines and other fixed assets both present and future |
||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Letter
of Credit facilities for Rs. 15.000 Millions and other terms and conditions
as per letter of hypothecation dated 19.03.2001 |
||||||||
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5)
Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank,
Rarliment Street, New Delhi - 110001 |
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6)
Date and brief description of
instrument modifying the charge |
As
per Letter of Hypothecation dated 9.1.2002 |
||||||||
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Packing
credit Loan of Rs. 2.000 Millions granted in additional to letter of credit
facilities Rs. 10.000 Millions and letter credit facilities Rs. 15.000
Millions other terms & conditions reaming uncharged |
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Name
of the Company |
NATH BROS EXIM
INTERNATIONAL LIMITED |
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Presented
By |
Mr.
Vishwa Nath |
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|
||||||||
|
1)
Date and description of instrument creating the change |
Letter
of Hypothecation dated 19.03.2001 |
||||||||
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
15.000 Millions |
||||||||
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Raw Material semi finished goods Hypothecation
of Book Debts and other current assets both present and future Hypothecation
of machines and other fixed assets both present and future |
||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Letter
of Credit facilities for Rs. 15.000 Millions and other terms and conditions
as per letter of hypothecation dated 19.03.2001 |
||||||||
|
5)
Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank,
Rarliment Street, New Delhi - 110001 |
||||||||
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6)
Date and brief description of
instrument modifying the charge |
As
per Letter of Hypothecation dated 31.12.2001 |
||||||||
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7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Letter
of credit facilities of Rs. 10.000 Millions granted in additional to letter
of credit facilities and letter credit facilities Rs. 15.000 Millions other
terms & conditions reaming uncharged
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Name
of the Company |
NATH BROS EXIM
INTERNATIONAL LIMITED |
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Presented
By |
Mr.
Vishwa Nath |
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|
||||||||
|
1)
Date and description of instrument creating the change |
Letter
of Hypothecation dated 19.03.2001 |
||||||||
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
15.000 Millions |
||||||||
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Raw Material semi finished goods Hypothecation
of Book Debts and other current assets both present and future Hypothecation
of machines and other fixed assets both present and future |
||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Letter
of Credit facilities for Rs. 15.000 Millions and other terms and conditions
as per letter of hypothecation dated 19.03.2001 |
||||||||
|
5)
Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank,
Rarliment Street, New Delhi - 110001 |
||||||||
|
6)
Date and brief description of
instrument modifying the charge |
As
per Letter of Hypothecation dated 5.02.2002 |
||||||||
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Packing
credit Loan of Rs. 2.000 Millions enchanged to Rs. 4.000 Raw
Material, Work in progress, Finished Goods, Plant & machinery |
||||||||
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|
||||||||
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Name
of the Company |
NATH BROS EXIM
INTERNATIONAL LIMITED |
||||||||
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Presented
By |
Mr.
Vishwa Nath |
||||||||
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|
|
||||||||
|
1)
Date and description of instrument creating the change |
Letter
of Hypothecation dated 19.03.2001 |
||||||||
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
15.000 Millions |
||||||||
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of Raw Material semi finished goods Hypothecation
of Book Debts and other current assets both present and future Hypothecation
of machines and other fixed assets both present and future |
||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Letter
of Credit facilities for Rs. 15.000 Millions and other terms and conditions
as per letter of hypothecation dated 19.03.2001 |
||||||||
|
5)
Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank,
Rarliment Street, New Delhi - 110001 |
||||||||
|
6)
Date and brief description of
instrument modifying the charge |
NA |
||||||||
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
NA |
||||||||
|
|
|
||||||||
|
Name
of the Company |
NATH BROS EXIM
INTERNATIONAL LIMITED |
||||||||
|
Presented
By |
Mr.
Vishwa Nath |
||||||||
|
|
|
||||||||
|
1)
Date and description of instrument creating the change |
Letter of Hypothecation
dated 3.01.2001 |
||||||||
|
2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
3.000 Millions |
||||||||
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Export
Collection Bills
|
||||||||
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Interest
@ 10% with quarterly rests and other terms as per letter of hypothecation
dated 3.01.2001 |
||||||||
|
5)
Name and Address and description of the person entitled to the charge. |
Indian Overseas Bank, Rarliment
Street, New Delhi - 110001 |
||||||||
|
6)
Date and brief description of
instrument modifying the charge |
NA |
||||||||
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the details
of the modification. |
NA |
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 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.44.86 |
|
UK
Pound |
1 |
Rs.82.84 |
|
Euro |
1 |
Rs.56.77 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |