MIRA
INFORM REPORT
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Report Date : |
10.07.2007 |
IDENTIFICATION DETAILS
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Name : |
NOBLE RESOURCES AND TRADING INDIA PRIVATE LIMITED |
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Registered Office : |
1A, Vandhna, 11 Tolstoy Marg, |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
06.05.1991 |
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Com. Reg. No.: |
55-44223 |
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CIN No.: [Company
Identification No.] |
-- |
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TAN No.: [Tax
Deduction & Collection Account No.] |
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PAN No.: [Permanent
Account No.] |
-- |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in Agricultural Raw Materials and Commodities, Mineral and
Natural Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 an old company having moderate track. Financial position is
under severe pressure. It has huge accumulated losses. Payments are reported
as slow and delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions. |
LOCATIONS
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Registered Office : |
1A, Vandhna, 11 Tolstoy Marg, |
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Tel. No.: |
91-11-23313225 |
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Fax No.: |
91-11-23731220 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
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Branches : |
D-41, ground Floor, Defence Colony, |
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Tel. No.: |
91-11-41553601 / 41553604 |
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Fax No.: |
91-11-41436046 |
DIRECTORS
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Name : |
Mr. Wilhelmus Diederik De Blank, Foreigner |
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Designation : |
Director |
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Address : |
Flat C, 44/F, Tower 3, 14 Trengunter Path, |
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Date of Birth/Age : |
18.07.1963 |
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Date of Appointment : |
23.08.2002 |
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Name : |
Mr. Natarajan Venkatesan |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 302A, 2 Sankara Colony, P L Lokhande Marg, Mumbai – 400043, |
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Date of Birth/Age : |
30.06.1954 |
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Date of Appointment : |
01.12.1998 |
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Name : |
Mr. Gary Mize, Foreigner |
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Designation : |
Director |
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Address : |
Sutite 4205, The Atrium Pacific place Apartments, 88 Queensway, |
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Date of Birth/Age : |
06.01.1951 |
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Date of Appointment : |
06.01.2004 |
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Date of Ceasing : |
30.11.2005 |
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Name : |
Mr. Sundaram Lakshminarayanan |
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Designation : |
Director |
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Address : |
380-C, Gayathri Apartments, Sector 9, Rohini, |
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Date of Birth/Age : |
07.03.1960 |
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Date of Appointment : |
30.11.2005 |
KEY EXECUTIVES
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Name : |
Jasleen Virdi |
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Designation : |
Company Secretary–in–Practice |
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Address : |
Mohinder Puri and Company, 1 H, Vandhna, 11 Tolstoy Marg, |
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Tel No. : |
91-11-41522121 / 41522122 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Sasia Invest Private Limited |
64115 |
49.00 |
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Stelmont Group Limited |
66717 |
50.99 |
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Sharad Mathur |
5 |
0.00 |
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Anuradha Malhan |
8 |
0.01 |
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Total |
130845 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading in Agricultural Raw Materials and Commodities, Mineral and
Natural Products. |
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Products : |
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Exports : |
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Countries : |
South America and |
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Imports : |
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Products : |
Edible Oil, Soybean, Petro Chemical and Pulses |
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Countries : |
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Terms : |
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Purchasing : |
On DP ad LC Basis |
GENERAL INFORMATION
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Bankers : |
Standard Chartered Bank, M |
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Facilities : |
Cash Credit : USD 9 Million [or equivalent INR] as per Hypothecation
agreement dated June 30, 2005. It is secured against hypothecation of all the stock in trade both
present and future consisting of raw materials, finished goods, goods in
process of manufacturing and other merchandise whatsoever being movable
properties now or at any time hereafter belonging to the subject company. All the present and future book debts, outstanding moneys receivables,
claims and bills. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R P Malhan and Company Chartered Accountants [Mr. Vikas Vig, Partner, M. No. 16920] |
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Address : |
1 A & C, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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160,000 |
Equity Shares |
Rs. 100/- each |
Rs. 16.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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130,845 |
Equity Shares |
Rs. 100/- each |
Rs. 13.085
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2005 |
31.12.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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13.084 |
13.084 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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[107.329] |
[24.518] |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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[94.245] |
[11.434] |
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LOAN FUNDS |
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1] Secured Loans |
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605.440 |
90.190 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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605.440 |
90.190 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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511.195 |
78.756 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.707 |
6.031 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.516 |
0.516 |
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Deferred Revenue Expenditure |
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2.264 |
4.314 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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763.032 |
125.529 |
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Sundry Debtors |
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7.285 |
8.508 |
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Cash & Bank Balances |
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6.727 |
46.800 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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809.593 |
155.137 |
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Total
Current Assets |
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1586.637 |
335.974 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1068.914 |
255.081 |
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Provisions |
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15.015 |
12.998 |
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Total
Current Liabilities |
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1083.929 |
268.079 |
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Net Current Assets |
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502.708 |
67.895 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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511.195 |
78.756 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.12.2005 |
31.12.2004 |
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Sales Turnover |
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1675.184 |
1855.208 |
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Commission |
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6.914 |
19.634 |
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Other Income |
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47.774 |
40.373 |
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Total Income |
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1729.872 |
1915.215 |
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Profit/(Loss) Before Tax |
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[82.306] |
0.375 |
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Provision for Taxation |
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0.505 |
8.850 |
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Profit/(Loss) After Tax |
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[82.811] |
[8.475] |
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Earnings in Foreign Currency : |
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Total Earnings |
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1069.230 |
731.212 |
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Imports : |
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Total Imports |
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276.412 |
69.284 |
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Expenditures : |
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Purchased |
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2363.660 |
1509.344 |
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Administrative and Other Expenses |
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57.243 |
83.522 |
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Deferred Expenses Written Off |
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2.050 |
2.740 |
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Financial Charges |
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24.588 |
19.738 |
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Depreciation & Amortization |
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1.603 |
1.276 |
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Total Expenditure |
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2449.144 |
1616.620 |
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KEY RATIOS
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PARTICULARS |
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31.12.2005 |
31.12.2004 |
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PAT / Total Income |
(%) |
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[4.79] |
[0.44] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[4.91] |
0.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[5.19] |
[2.44] |
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Return on Investment (ROI) (PBT/Networth) |
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87.87 |
74.12 |
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Current Ratio (Current Asset/Current
Liability) |
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1.46 |
1.25 |
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Quick Ratio |
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0.76 |
0.79 |
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Debt Equity Ratio (Total Liability/Networth) |
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[6.42] |
[7.89] |
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Current Liabilities / Networth |
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[11.50] |
[23.45] |
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Fixed Assets / Networth |
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[0.06] |
[0.53] |
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Average Collection Days |
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1.59 |
1.67 |
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Account Receivables Turnover |
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229.95 |
218.05 |
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Inventory Turnover |
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2.20 |
14.78 |
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Assets Turnover |
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293.53 |
307.61 |
LOCAL AGENCY FURTHER INFORMATION
The subject was originally incorporated on May 6, 1991 as “Andagro
Services Private Limited” and the subject has changed its present name as “Noble
Resources and Trading India Private Limited” with effect from August 31, 2006
as per registry records vide SRN A02611507 dated August 31, 2006.
Fixed Assets
- Office Equipments
- Computers
- Vehicles
- 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,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.41 |
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1 |
Rs.81.37 |
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Euro |
1 |
Rs.54.98 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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23 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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